Euronet closed 2025 with full-year adjusted EPS of $9.61, its fifth straight year of double-digit growth, on $4.2B of revenue, $550M of adjusted operating income and $743M of adjusted EBITDA, despite management calling the fourth quarter one of its toughest operating environments in years. Immigration policy and economic pressure on lower-income consumers weighed on money transfer and epay, where Q4 constant-currency revenue and profits declined, while EFT was the stabilizing engine with revenue up 8% and adjusted EBITDA up 13%. The company closed CoreCard (winning early programs like the Bilt 2.0 and Coinbase One cards), acquired Kyodai, announced CrediaBank's Greek merchant-acquiring business, and returned $388M to shareholders via buybacks. It also launched a money-transfer digital-optimization program (a $20M charge for roughly $40M of run-rate benefit) and guided to 10-15% adjusted EPS growth in 2026.
Thank you, and good morning, everyone, and welcome to Euronet's fourth quarter and full year 2025 earnings conference call. On the call today, we have Mike Brown, our Chairman and CEO, as well as Rick Weller, our CFO. Before we begin, I need to call your attention to the forward-looking statements disclaimer on the second slide of the PowerPoint presentation we'll be making today. Statements made on this call that concern Euronet's or its management's intentions, expectations, or predictions of further performance are forward-looking statements. Euronet's actual results may vary materially from those anticipated in these forward-looking statements as a result of a number of factors that are listed on the second slide of our presentation. In addition, the PowerPoint presentation includes a reconciliation of non-GAAP financial measures we'll be using during the call to their most comparable GAAP measures.
Now, at this time, I'll turn it over to our Chairman and CEO, Mike Brown.
Thank you, and good morning, everyone, and thank you for joining us today. Our fourth quarter 2025 results reflect one of the more challenging operating environments that we have faced in some time. Immigration policy uncertainty and economic stress, especially among lower-income consumers, weighed on growth across all three segments, with the most pronounced impact on Money Transfer and epay. That said, despite the external headwinds that pressured the quarter, we remain excited about the growth initiatives underway across all our segments that will drive business momentum through 2026. We will discuss these items in detail throughout this call. Further, we remain confident in our competitive position, particularly in Money Transfer, where underlying trends continue to outperform broader market dynamics.
I would be remiss not to highlight the resiliency of our EFT segment, which delivered solid growth and once again demonstrated its role as a stabilizing earnings engine. This business continues to evolve beyond its historical reliance on ATM ownership, with an increasing focus on payments infrastructure and merchant acquiring. Stepping back and looking at full-year results, despite a difficult operating backdrop, I'm proud to say that we delivered another year of double-digit EPS growth, consistent with our history as a publicly held company. Looking ahead to 2026, we expect to continue that performance with adjusted EPS growth in the 10%-15% range. Based on our track record and the investments we have made, we are now confident in our ability to deliver another year of double-digit earnings growth. Next slide, please.
In periods of uncertainty, I believe that history does matter, and this chart on slide five shows our ability to consistently deliver top-line growth year-over-year. Euronet has more than three decades of experience in dealing with various economic cycles. We've navigated the economic downturn in 2008 and 2009, demonetization in India, the economic instability in Greece, one of our largest EFT markets, and of course, we navigated COVID, just to name a few. In each of these periods, the diversity and durability of our earnings, our conservative balance sheet management, share repurchases, and thoughtful investment in growth initiatives allowed us not only to withstand the pressure but to emerge stronger, more agile, and with greater market share. You will see these themes emerge as Rick and I talk you through the details of the quarter.
In short, we don't view near-term uncertainty as a reason to adjust our long-term strategy. Instead, we rely on the same principles that have grounded our success for decades: disciplined execution, evolution of our business model, thoughtful capital allocation, and a focus on building assets that compound value over time. Our 2025 execution shows how we put these principles into action. We generated $408 million in adjusted earnings, which allowed us to return approximately $388 million in capital to shareholders in the form of share repurchases, which excludes the shares repurchased to offset the shares issued for the CoreCard acquisition. During the year, we also acquired Kyodai in our Money Transfer segment, and we announced the acquisition of CrediaBank's merchant acquiring business. We expect both of these acquisitions to drive multiyear growth. Next slide, please.
As I continue my comments on slide six, you can see a quick recap of some of our key accomplishments for 2025. We continued to invest in growth opportunities across all three segments, particularly in areas where we were accelerating our digital strategy. In addition to the acquisitions I previously mentioned, we signed a Ren deal with one of the top 3 U.S. banks. We added Commonwealth Bank of Australia, along with Citi, to our Dandelion portfolio. We continued to expand distribution into digital wallets and epay.... Not only will these deals contribute to our growth, names like these demonstrate that our products are being recognized as market leaders and drive value. The flywheel is definitely turning and gaining momentum. So while we've experienced some pressure from immigration and the economy, we've continued to keep our eye on execution of all our growth initiatives as we enter 2026.
Next slide, please. With that perspective in mind, I want to step back and remind everyone how we think about Euronet at a higher level, as illustrated on slide number seven. As we've discussed in prior calls, our business is built around two core revenue pillars: payment and transaction processing, and cross-border and foreign exchange. What is important is that these two pillars support a huge number of use cases across the globe, that we can serve through our technologies and global network, and they also work together to combine payments, cross-border movement, and FX, resulting in revenue generation, which is meaningfully higher per dollar move than the broad global payments industry. Despite global challenges like the ones I mentioned earlier, the bottom line is that people and businesses will continue to make payments. They will send money, move funds across borders.
Our focus is on ensuring that Euronet remains well-positioned to serve those needs wherever, whenever, and however they may arise. Now, let's go on to slide number eight, and we'll talk about how we furthered this strategy in each of the segments. Of course, I'll start with EFT. I am on slide number eight now. Throughout 2025, EFT continued to deliver consistent growth, earning stability, and cash generation, which was largely the result of the diversity of our products, geographies, and payment channels in the segment. During the fourth quarter, and on the heels of another year of exceptional growth in our merchant acquiring business, where adjusted EBITDA grew 32%, we acquired CrediaBank's merchant acquiring business. This partnership with CrediaBank, which is the fifth-largest bank in Greece, adds to the diversity of products and services in the EFT segment.
Additional mix shift to our digital strategy and is a perfect example of the breadth of services EFT can offer a partner, largely due to our Ren platform and its flexible modern digital payments processing capabilities. This agreement will add another 20,000 merchants to our acquiring portfolio, or nearly a 10% increase as we provide the banking infrastructure for financial services to Credia, including credit, debit, and prepaid card issuing. We will also manage the outsourcing for the branch and off-branch ATMs and provide Credia customers with access to our leading ATM network. Before I wrap up, I'd like to briefly touch on our recent acquisition of CoreCard, which we completed at the end of October. This acquisition aligns well with our objective to expand into high-growth fintech areas, such as credit card issuance and processing.
We view CoreCard as a strong addition to our payments processing pillar, and we are encouraged by the early momentum into new markets, along with its ability to serve a more diversified client base. Since the acquisition, we've seen an expansion in processing relationships across several new programs, including the recently launched and well-publicized Bilt 2.0 credit card, focused on renters and homeowners, excuse me, that allow you to earn points on housing payments, and the Coinbase One Card, which offers rewards paid in Bitcoin. These are just a few of the potential new customers that we are targeting with this innovative platform. As previously stated, our near-term focus is on integrating CoreCard into our product offering for international markets. Over time, this integration will enable more and more comprehensive end-to-end client offering, combining seamless credit card processing with our existing payments capabilities.
Needless to say, at this point, we are pleased with the early customer response. I'd like to pause here to specifically highlight one important point. Our EFT business is evolving from a model, historically centered on ATM ownership to one increasingly focused on payments infrastructure. While ATMs remain an important and cash-generative component of EFT, partnerships like Credia and acquisitions like CoreCard accelerate our capabilities in modern issuing and processing, allowing us to scale software-driven services that support digital transactions and real-time payment flows across our global network. Now, let's go on to slide number nine, and we'll talk about epay. As I mentioned, epay's results were impacted by global macroeconomic pressures. However, despite these challenges, the underlying core epay business continued to perform well in a difficult environment. Throughout the year, we expanded and diversified epay's distribution footprint across both physical and digital channels.
This included growth in our merchant payments processing business, the expansion of our digital content and gaming partnerships, and the launch of our own open loop product in the new market. In the fourth quarter, we delivered strong performance in our gaming-related branded payments business, which makes up 37% of our total branded payments margin. According to industry reports, the global video game market was approximately $290 billion in 2025, and is expected to grow at a 13% CAGR through 2031. We have strategically positioned our branded payment distribution to benefit from the strong growth trends in markets around the world. We also expanded our digital content distribution with Revolut to India and New Zealand as part of their loyalty program. We're now in 20 countries with Revolut and looking to expand further.
Revolut is one of the fastest-growing fintechs out there, which further demonstrates our global reach, good execution of our digital channel growth strategy, and customer demand for the epay products. Additionally, we broadened our partnership with Lidl Supermarkets, adding digital branded payments in two markets, Italy and France. Finally, we continued to leverage our relationship with the merchants that distribute epay content to offer payment processing. This has allowed epay to grow its merchant payment processing revenue by 21% for the full-year. As we move forward, we will continue to evaluate the business to ensure that epay operates at optimal levels while staying focused on our core strategic initiatives to drive growth across the segment. Now, let's move on to slide number 10, and we'll talk about Money Transfer. Slide 10.
Yeah, thanks, Mike, and good morning, everyone. I'll begin my comments on slide 12, which shows our fourth quarter and year-over-year results on an as-reported basis. Most of the major currencies we operate in strengthened compared to the dollar. To normalize the impact of the currency fluctuations, we have presented our results adjusted for currency on the next slide. On slide 13, as Mike mentioned, adjusted EPS for the fourth quarter was $2.39, reflecting another quarter of double-digit year-over-year earnings growth, even as parts of the business face pressure. With that context, I'll start with the fourth quarter results and then move to the full-year performance.
On a constant currency basis, in the fourth quarter, consolidated revenue increased 1% year-over-year, adjusted operating income declined 6%, and adjusted EBITDA was consistent with the prior year, reflecting macroeconomic and immigration-related pressures in Money Transfer and epay, partially offset by strong performance in EFT, where we delivered double-digit growth in both adjusted operating income and EBITDA. EFT produced another strong quarter, with revenue growing 8%, adjusted operating income increasing 12%, and adjusted EBITDA growing 13%. Money merchant services in the Greek business performed exceptionally well, delivering another strong quarter, with adjusted EBITDA up 32% year-over-year on robust transaction volumes and continued merchant expansion.
Results in the quarter also benefited from continued expansion in Morocco, Egypt, and the Philippines as we deployed additional ATMs, broadened service offerings, and deepened relationships with banks and fintech partners. In epay, revenue declined approximately 2%, while adjusted operating income decreased 7% and adjusted EBITDA declined 8%, reflecting product mix shifts, continued investment in proprietary offerings, and macroeconomic pressures. Promotional activity in our B2B channel was lighter year-over-year, while our core digital content and payment processing businesses remained stable. Money Transfer revenue declined 1% year-over-year, with adjusted operating income down 6% and adjusted EBITDA down 5%. I want to put these headwinds in proper context. The declines we experienced in certain remittance corridors were driven primarily by macroeconomic conditions and immigration-related dynamics affecting senders, with more pressure in the United States and more specifically, Mexico.
Financial pressure remains concentrated among low-income households, which represents the majority of remittance customers. According to the Federal Reserve's most recent survey of household economics and decision-making, inflation and prices remain the top financial challenge facing U.S. customers, and a significant share of lower-income households report difficulty covering monthly expenses and absorbing unexpected costs. What that typically means in practice is not a sharp reduction in support for families abroad, but rather fewer transactions. When budgets are strained by essentials such as rent, food, fuel, and utilities, senders continue to remit, but with less flexibility between paychecks. That shows up first in frequency rather than ticket size. While we saw pressure in transactions, average amount sent increased by 7%-8% year-over-year in the fourth quarter.
According to the Central Bank of Mexico, remittances into Mexico declined approximately 2% in the fourth quarter of 2025, following eight months of decline, ranging from about 2% to 16% compared to the prior year, and were down roughly 5% for the full year. Our Money Transfer results tracked the industry in the fourth quarter, reflecting the same macroeconomic and immigration-related pressures facing U.S. senders. However, while the broader market contracted on a full-year basis, our business delivered a modest increase in remittance volumes for 2025. In our view, that outperformance reflects continued share gains, driven by our expanding digital footprint, corridor diversification, and strong partner network, demonstrating the durability of our platform, even in a softer demand environment.
Consistent with our discussions over the past few quarters, we are very focused on extending our digital strategy in each segment. More specifically, in the Money Transfer segment, where we have consistently produced 30% growth rates in Ria Digital and signed Dandelion agreements with leading financial and fintech institutions. To continue our focus on digital growth, about a year ago, we initiated a process to carefully look at what we could do to drive yet more focus on Money Transfer digital initiatives. This effort is expected to produce approximately $40 million in annual run rate benefit, a portion of which will drop to the bottom line. In that regard, as you saw in our earnings announcement, we recorded a charge of $20 million related to driving the extension of our wholesale, SME, and consumer digital products-...
Enhancing the end-to-end customer experience, and deploying targeted marketing investments to accelerate digital customer acquisition and engagement. The net benefit of this investment will meaningfully contribute to an expansion in the Money Transfer segment's operating margins by approximately 50-75 basis points in 2026. Moreover, we will continue to critically evaluate the opportunities to accelerate our Money Transfer digital revenue growth, which will likely require additional investment. We expect that the net benefit of these investments will drive additional growth, as well as contribute to an expansion of our operating margins. This focused approach to accelerate our digital product opportunities to operate, and scale the business to fully leverage the company's strong capabilities, extensive global infrastructure, deep banking relationships, and regulatory expertise, is all designed to translate our advantages into scaled, sustainable growth in digital Money Transfer.
We will share additional details regarding these initiatives in our upcoming quarters. Finally, despite the macroeconomic and immigration-related pressures impacting the fourth quarter, as Mike mentioned, we remain very confident in the underlying earnings power of this business. The momentum we see across EFT, early wins from CoreCard, and the structural cost actions we have taken across the business, including the ongoing optimization project in Money Transfer, giving us increasing confidence going into 2026. As Mike mentioned earlier, based on our current operating trajectory and pipeline of growth initiatives, we anticipate adjusted earnings per share growth to growth of 10%-15% in 2026, with multiple levers to drive performance as volume normalize and investments scale. I'm on slide 14 now.
Turning to the full year, we delivered revenue of $4.2 billion, adjusted operating income of $550 million, and adjusted EBITDA of $743 million, and adjusted earnings per share of $9.61. Essentially, the difference between the fourth quarter and the full year was from the increasing pressure in the second half of the year due to macroeconomic conditions and immigration-related policy decisions across several markets. Despite these headwinds, the diversification of our portfolio, disciplined expense management, and share repurchases we executed during the year enabled us to deliver another year-over-year double-digit earnings growth. I would also highlight that consolidated operating margins expanded by approximately 30 basis points versus the prior year, and we expect that margin trajectory to continue into 2026.
As Mike mentioned earlier, adjusted EPS of $9.61 represented another year of double-digit growth, consistent with our long-term track record. Let's now turn to slide 17 for a few brief comments on the balance sheet. Slide 17 presents a summary of our balance sheet compared to the prior quarter. As you can see, we ended the quarter with $1 billion in unrestricted cash and debt of $2 billion. The decrease in cash is largely due to stock repurchases and debt repayments, partially offset by cash generated from operations. From a capital allocation standpoint, our priorities remain consistent: maintaining a leverage profile aligned with an investment-grade rating, investing in growth opportunities tied to our digital initiatives, and returning excess capital to shareholders through disciplined share repurchases.
In 2025, we repurchased $388 million of our shares, which represents essentially all of our adjusted earnings returned to shareholders through share buybacks. This $388 million does not include the 2.6 million shares repurchased and then reissued for the CoreCard acquisition. We believe this balanced approach, managing our balance sheet while actively deploying capital for growth and shareholder returns, as central to our long-term value creation strategy. With this, I will turn it over to Mike to wrap up the quarter.
Thanks, Rick. Growing this business has never been easy. Over 30 years, we have regularly been met with certain macroeconomic, regulatory, and geopolitical challenges. Even though in the second half of the year we faced stronger macro issues, we are not discouraged.
We have entered the year with a lot of motivation and confidence. We will continue to focus on the areas that we can control, including executing on the growth of digital across all three segments, continuing to grow merchant processing in both EFT and epay, enhancing our banking infrastructure products and services with Ren and CoreCard, adding more branded payment products across more markets with epay, signing more partners and increasing transactions through our Dandelion network, expanding our digital Money Transfer presence, optimizing the business in all three segments, and generating free cash flow and applying and deploying our capital where it makes most sense, whether to deliver growth through acquisitions or repurchasing shares. This strategy has served us well, highlighted by our ability to deliver our fifth consecutive year of double-digit adjusted EPS growth in a difficult environment.
I am confident we can continue to deliver 10%-15% earnings growth in 2026. With that, we'd be happy to take questions. Operator, will you please assist?