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. 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. 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. 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. During the year, we also acquired Kyodai in our Money Transfer segment, and we announced the acquisition of CrediaBank's merchant acquiring business.

We continued to invest in growth opportunities across all three segments, particularly in areas where we were accelerating our digital strategy. 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. 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. 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 went well
  • Delivered a fifth consecutive year of double-digit adjusted EPS growth: full-year adjusted EPS of $9.61 on revenue of $4.2B, adjusted operating income of $550M and adjusted EBITDA of $743M, with consolidated operating margins up roughly 30 basis points.
  • EFT was the stabilizing earnings engine in the fourth quarter, with constant-currency revenue +8%, adjusted operating income +12% and adjusted EBITDA +13%; Greek merchant-services adjusted EBITDA grew 32% year-over-year.
  • Completed and integrated multiple acquisitions: closed CoreCard at the end of October (early wins include the Bilt 2.0 and Coinbase One cards), acquired Kyodai in money transfer, and announced CrediaBank's Greek merchant-acquiring business, adding roughly 20,000 merchants (a nearly 10% increase).
  • Returned $388M to shareholders through buybacks (essentially all adjusted earnings) and launched a money-transfer digital-optimization program expected to deliver about $40M in annual run-rate benefit and 50-75 basis points of segment margin expansion in 2026.
  • Guided to another year of double-digit adjusted EPS growth of 10-15% in 2026.
What went wrong
  • Management called the fourth quarter one of the more challenging operating environments in some time: on a constant-currency basis consolidated revenue rose just 1%, adjusted operating income declined 6%, and adjusted EBITDA was flat, hit by immigration policy and economic stress on lower-income consumers.
  • epay fourth-quarter constant-currency revenue fell about 2%, with adjusted operating income down 7% and adjusted EBITDA down 8%, on product-mix shifts, lighter year-over-year B2B promotional activity, and continued proprietary-product investment.
  • Money-transfer revenue declined 1% with adjusted operating income down 6% and adjusted EBITDA down 5%, as remittance transaction frequency fell (Mexico remittances down roughly 5% for the full year), with pressure concentrated among low-income senders.
  • Recorded a $20M charge tied to the money-transfer digital-optimization initiative, and full-year results softened notably in the second half versus the first as macro and immigration pressures built.

More on Euronet Worldwide, Inc.

Reported 2026-02-12 · figures from the Euronet Worldwide, Inc. Q4 2025 earnings call.

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