We delivered revenue of $1.1 billion, operating income of $195 million, adjusted EBITDA of $245 million, and adjusted earnings per share of $3.62. Revenue growth was below our expectations due to softness in certain areas of the business, which we believe was largely attributable to macroeconomic and policy decisions surrounding immigration around the world. Finally, I want to highlight that our consolidated operating margins expanded by approximately 40 basis points over the prior year quarter. Our EFT segment delivered another good quarter where revenues grew 5%, operating income and adjusted EBITDA each growing 4%.

Our merchant services business in Greece also delivered its strongest quarter since the 2002 acquisition, with operating income up 33% year-over-year, driven by robust transaction volume and continued merchant expansion. Across Europe, travel volumes remained steady through the summer, supported by sustained demand for leisure travel. According to the European Travel Commission's report, overall tourism in Europe grew approximately 3.3% year-over-year. At the same time, Reuters noted that tourism-related sales in Spain grew about 3%, roughly half the pace of the prior year, as visitors curtailed discretionary spending on leisure and dining.

While consumer demand and travel demand remained solid, spending patterns were more selective. Although this remains slightly below our expectations, our broader geographic diversity, steady travel activity, and continued network expansion position us well for sustained growth and resilience heading into year-end. In our epay segment, revenue declined by approximately 5% compared to the prior year, while operating income increased 4% and adjusted EBITDA 2%. The reduction in revenue reflects a shift within our wholesale mobile top-up business, where a high-volume, low-value product exited the portfolio.

What went well
  • Adjusted EPS grew 19% year-over-year to $3.62 (revenue $1.1B, operating income $195M, adjusted EBITDA $245M), keeping the company on track for its 12-16% full-year 2025 earnings growth target, with consolidated operating margins expanding roughly 40 basis points.
  • EFT delivered another good quarter (revenue +5%, operating income and adjusted EBITDA each +4%), led by developing markets such as Morocco, Egypt and the Philippines; the Greek merchant-services business had its strongest quarter since the 2002 acquisition, with operating income up 33% year-over-year.
  • Signed marquee digital deals: a major Dandelion cross-border partnership with Citigroup, a digital-asset infrastructure partnership with Fireblocks, and an IDFC First Bank Ren software-licensing agreement in India; merchant services processed its highest card volume since acquisition and added 7,000 new merchants.
  • Completed a $1 billion convertible bond offering at a 0.625% coupon due 2030 (paying down most of the revolver) and repurchased approximately $130M of stock; management noted about 85% of earnings have been returned via buybacks over the past four years.
  • Money-transfer digital direct-to-consumer transactions grew 32%, and the U.S.-to-Mexico corridor held flat versus a market Reuters estimated was down about 12%, an outperformance of roughly 12 points.
What went wrong
  • Revenue across all three segments came in lighter than expected, which management attributed to broad global economic uncertainty and immigration-policy changes in the U.S. and other countries.
  • epay revenue declined approximately 5% year-over-year as a high-volume, low-value wholesale mobile top-up product exited the portfolio (though operating income still rose 4% and the impact was largely contained to the quarter).
  • Money-transfer operating income and adjusted EBITDA fell 2% and 1% respectively, pressured by softer corridor volumes tied to immigration policy, slower migration inflows, and incremental marketing investment behind digital and Dandelion.
  • Unrestricted cash declined to $1.2 billion, largely due to stock repurchases, and debt stood at $2.3 billion.

More on Euronet Worldwide, Inc.

Reported 2025-10-23 · figures from the Euronet Worldwide, Inc. Q3 2025 earnings call.

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