During the second quarter, our results demonstrated the resilience of Euronet's diversified business model and our ability to execute against our long-term growth strategy. Second quarter adjusted EPS increased 10%, marking our fifth consecutive quarter of double-digit earnings growth. Our digital accelerators once again represented our primary growth driver during the quarter, with revenue growing 31% year-over-year for the second quarter and 35% year to date. Finally, we continued to return capital to shareholders, repurchasing about $50 million worth of Euronet shares during the quarter.

Overall, we are pleased with our ability to navigate an evolving macro environment and remain focused on executing our strategy, managing capital prudently and delivering long-term value for the shareholders. Digital accelerators represented 26% of total company revenue year to date, reflecting the continued shift in our business towards higher growth digitally enabled payment channels. As I mentioned, revenue from these products in this quarter grew 31% in the quarter and 35% year-to-date, well above the 23% growth rate outlined at Investor Day. Growth in our non-accelerator businesses was somewhat softer than anticipated, primarily due to the impact of U.S.

Despite these near-term headwinds, these businesses remain highly profitable, cash generative and strategically important, providing the foundation that enables us to invest in higher growth opportunities. We expect the accelerators to remain our fastest-growing revenue category and a key driver of earnings growth and shareholder value creation over the coming years. In merchant services, we expanded on the previously announced acquisition of CrediaBank's merchant services business in Greece. These additions reflect continued demand for our merchant acquiring solutions and reinforce our strong position in growth.

What went well
  • Fifth consecutive quarter of double-digit adjusted EPS growth: adjusted EPS of $2.82, up 10% year-over-year, on $1.1B of revenue, $137M of operating income and $193M of adjusted EBITDA.
  • Digital accelerators (26% of total revenue) grew 31% in the quarter and 35% year-to-date, well above the 23% pace outlined at the May Investor Day, led by Ria Digital, issuing and merchant services.
  • CoreCard drove notable wins: a credit-processing/Ren agreement with Unibanca (one of Peru's leading processors, serving nine banks and displacing the incumbent) plus a deal with U.S. digital bank Upgrade; management credited CoreCard as the difference-maker in the Unibanca win.
  • epay grew revenue 4% with operating income and adjusted EBITDA up about 5%, became the exclusive Visa/Mastercard POS acquirer across 4,000+ dm stores in 14 countries, signed a direct-to-publisher agreement with Capcom, and saw early GTA VI pre-order demand lift PlayStation and Xbox credit sales.
  • Payments infrastructure added 4,200 merchants and grew adjusted EBITDA 6% (operating income +7% excluding CoreCard purchase-price amortization); the company generated about $80M of free cash flow and repurchased roughly 705,000 shares for $50M.
What went wrong
  • Cross-border payments (money transfer) revenue fell 5% and operating income and adjusted EBITDA dropped 35% and 32% respectively, as U.S.-Mexico immigration pressure cut send volumes and a favorable prior-year quarter (a non-recurring Pakistan fee rebate and high-margin FX gains) did not repeat.
  • About 60% of the cross-border profit decline came from lower revenue and related gross profit, with roughly 25% from incremental sales-and-marketing investment behind digital accelerators.
  • ATM transactions were softer than expected early in the travel season, with U.S.-to-Europe airline bookings running about 5-8% below the 2025 peak window and European travelers becoming more selective on discretionary spending.
  • Settling the EUR700M bonds late in May raised interest expense about $1.3M in the quarter and is expected to add roughly $6M for the remainder of the year; epay transactions fell about 11% on a low-value Asia-Pacific product shift (nominal profit impact), and excluding non-cash items consolidated operating income would have declined 9%.

More on Euronet Worldwide, Inc.

Reported 2026-07-30 · figures from the Euronet Worldwide, Inc. Q2 2026 earnings call.

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