What changed in this filing

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Item 1. Financial Statements

2025-11-04 compared with 2025-08-06 · 160 added, 116 removed, 639 unchanged (30% of the section changed)

4 unchanged sentences

(In millions, except share and per share data)

June 30, 2025

September 30, 2025

December 31, 2024

46 unchanged sentences

(Unaudited, in millions, except share and per share data)

Three Months Ended June 30,

Six Months Ended June 30,

Three Months Ended September 30,

Nine Months Ended September 30,

Operating expenses:

9 unchanged sentences

Foreign currency exchange loss (gain), net

Other gains (losses), net

Other expense, net

Other gains, net

Other income (expense), net

Income before income taxes

10 unchanged sentences

(Unaudited, in millions)

Three Months Ended June 30,

Six Months Ended June 30,

Three Months Ended September 30,

Nine Months Ended September 30,

Translation adjustment

Comprehensive income (loss)

Comprehensive income attributable to noncontrolling interests

Comprehensive income (loss) attributable to Euronet Worldwide, Inc.

Comprehensive income

Comprehensive income (loss) attributable to noncontrolling interests

Comprehensive income attributable to Euronet Worldwide, Inc.

See accompanying notes to the unaudited consolidated financial statements.

7 unchanged sentences

Balance as of December 31, 2023

Net income (loss)

Other comprehensive loss

3 unchanged sentences

Balance as of March 31, 2024

Net income (loss)

Other comprehensive loss

Other comprehensive income (loss)

Stock issued under employee stock plans

3 unchanged sentences

Balance as of June 30, 2024

Other comprehensive income

Stock issued under employee stock plans

Share-based compensation

Repurchase of shares

( 1,000,000 )

Balance as of September 30, 2024

Number of Shares Outstanding

13 unchanged sentences

Balance as of June 30, 2025

Other comprehensive income (loss)

Stock issued under employee stock plans

Share-based compensation

Repurchase of shares, including excise tax

( 1,343,714 )

Capped call, including deferred tax

Balance as of September 30, 2025

EURONET WORLDWIDE, INC.

18 unchanged sentences

Balance as of June 30, 2024

Other comprehensive income

Stock issued under employee stock plans

Share-based compensation

Repurchase of shares

Balance as of September 30, 2024

Retained Earnings

12 unchanged sentences

Balance as of June 30, 2025

Other comprehensive income (loss)

Stock issued under employee stock plans

Share-based compensation

Repurchase of shares, including excise tax

Capped call, including deferred tax

Balance as of September 30, 2025

See accompanying notes to the unaudited consolidated financial statements.

3 unchanged sentences

(Unaudited, in millions)

Six Months Ended June 30,

Nine Months Ended September 30,

Adjustments to reconcile net income to net cash provided by operating activities:

1 unchanged sentence

Share-based compensation

Unrealized foreign exchange loss, net

Unrealized foreign exchange gains (loss), net

Deferred income taxes

Loss on the dissolution of majority owned subsidiary

Amortization of debt issuance costs

11 unchanged sentences

Issuance of convertible notes receivable

Purchases and proceeds of property and equipment

Purchases of property and equipment

Proceeds of property and equipment

Purchases of other long-term assets

5 unchanged sentences

Repayments of credit agreements

Repayment of convertible notes

Proceeds from convertible notes

Debt issuance costs

Repayment of long-term debt

Repayments of capital lease obligations

Net borrowing from short-term debt obligations

Net cash provided by financing activities

Proceeds received from minority interest stockholders

Net cash (used in) provided by financing activities

Effect of exchange rate changes on cash and cash equivalents and restricted cash

45 unchanged sentences

ASU 2023-09 is effective for fiscal years beginning after December 15, 2024, and the Company will adopt the standard in the following fiscal year.

The adoption of this standard is not expected to have a significant impact on the Company's consolidated financial statements and related disclosures.

The adoption of this standard is not expected to have a significant impact on the Company's consolidated financial statements.

In November 2024, the FASB issued ASU 2024-03, Income Statement Reporting Comprehensive Income Expense Disaggregation Disclosures .

7 unchanged sentences

On May 31 , 2025 , Euronet completed the acquisition of a 60 % equity stake in UNIDOS CO.

LTD from multiple shareholders for a consideration of USD 18 million.

LTD from multiple shareholders for a consideration of $ 20.0 million, including a probable earn out of $ 1.6 million.

The effective date of control is June 1 , 2025 .

An additional earn-out payment will be made upon achieving key performance indicators (KPIs) after year one and year two.

The Company allocated $ 9.9 million of the enterprise value to customer relationships, $ 7.9 million to acquired net assets, $ 3.5 million to deferred tax liability, $ 12 million to non-controlling interest and the remaining $ 17.7 million to goodwill.

The initial accounting for this acquisition is complete as of June 30, 2025.

The purchase price was preliminary allocated to the assets acquired and liabilities assumed including identifiable intangible assets based on provisional values at the date of the acquisition.

Additional time is needed to refine and finalize the valuation of assets and liabilities.

The acquisition has been accounted for as a business combination in accordance with US GAAP and the results of operations have been included in the Money Transfer segment.

16 unchanged sentences

(in millions)

September 30, 2025

Settlement assets:

10 unchanged sentences

(in millions)

June 30, 2025

June 30, 2024

September 30, 2025

September 30, 2024

Cash and cash equivalents

4 unchanged sentences

(5) STOCKHOLDERS' EQUITY

Earnings (Loss) Per Share

Basic earnings (loss) per share has been computed by dividing earnings (loss) available to common stockholders by the weighted average number of common shares outstanding during the respective period.

Diluted earnings (loss) per share has been computed by dividing earnings (loss) available to common stockholders by the weighted average shares outstanding during the respective period, after adjusting for the potential dilution of options to purchase the Company’s common stock, assumed vesting of restricted stock units and the assumed conversion of the Company’s convertible debt, if such conversion would be dilutive.

Earnings Per Share

Basic earnings per share has been computed by dividing earnings available to common stockholders by the weighted average number of common shares outstanding during the respective period.

Diluted earnings per share has been computed by dividing earnings available to common stockholders by the weighted average shares outstanding during the respective period, after adjusting for the potential dilution of options to purchase the Company’s common stock, assumed vesting of restricted stock units and the assumed conversion of the Company’s convertible debt, if such conversion would be dilutive.

The following table provides the computation of diluted earnings and diluted weighted average number of common shares outstanding:

(in millions)

Three Months Ended June 30,

Six Months Ended June 30,

Three Months Ended September 30,

Nine Months Ended September 30,

Computation of diluted earnings:

7 unchanged sentences

The table includes all stock options and restricted stock units that are dilutive to the Company's weighted average common shares outstanding during the period.

The calculation of diluted earnings per share excludes stock options or shares of restricted stock units that are anti-dilutive to the Company's weighted average common shares outstanding of approximately 3.9 million and 3.9 million for the three and six months ended June 30, 2025 and 3.1 million and 3.2 million for the three and six months ended June 30, 2024 , respectively.

Euronet issued Convertible Senior Notes ("Convertible Notes") due March 2049 on March 18, 2019.

The calculation of diluted earnings per share excludes stock options or shares of restricted stock units that are anti-dilutive to the Company's weighted average common shares outstanding of approximately 5.2 million and 3.9 million for the three and nine months ended September 30, 2025 and 3.1 million and 3.1 million for the three and nine months ended September 30, 2024 , respectively.

Euronet issued Convertible Senior Notes ("Convertible Notes") due March 2049 (the “2049 Convertible Notes”) and due October of 2030 (the “2030 Convertible Notes”).

The Convertible Notes currently have a settlement feature requiring us upon conversion to settle the principal amount of the debt and any conversion value in excess of the principal value ("conversion premium"), for cash or shares of Euronet's common stock or a combination thereof, at the Company's option.

The Company has stated its intent to settle any conversion of these notes by paying cash for the principal value and issuing common stock for any conversion premium;

however, after adopting ASU 2020-06, 2.8 million incremental shares assumed for conversion of Convertible Notes were initially required to be included in the dilutive earnings per share calculation, if dilutive, regardless of whether the market price trigger had been met.

Incremental shares assumed for conversion of Convertible Notes are required to be included in the dilutive earnings per share calculation, if dilutive, regardless of whether the market price trigger has been met.

Therefore, the Convertible Notes are included in the calculation of diluted earnings per share if their inclusion is dilutive.

The dilutive effect increases the more the market price exceeds the conversion price of $ 188.73 per share.

See Note 10, Debt Obligations, to the consolidated financial statements for more information about the Convertible Notes.

During March 2025, almost all of the Convertible Note holders exercised their right to require the Company to repurchase their notes, and the Company repurchased $ 491.8 million of Convertible Notes leaving $ 33.2 million of Convertible Notes outstanding at June 30, 2025 .

This repurchase reduced the weighted average incremental shares from assumed conversion from 2.8 million in the prior year to 0.2 million for the three months ended June 30, 2025 .

The dilutive effect increases the more the market price exceeds the applicable conversion price for each series of the Convertible Notes.

In August 2025, in connection with the offering of the 2030 Convertible Notes, the Company entered into several Capped Call Options with various counterparties, which cover, subject to anti-dilution adjustments substantially similar to those in the 2030 Convertible Notes, an aggregate of 7.9 million shares of the Company’s common stock, the same number of shares that initially would be issuable upon conversion of the 2030 Convertible Notes.

The Capped Call Options meet the criteria for classification as equity and, as such, are not remeasured each reporting period.

During the third quarter of 2025, the Company paid $ 99.8 million for the Capped Call Options, which was recorded as a reduction to “Additional paid-in capital” within the Company’s consolidated financial statements along with the offsetting associated deferred tax impact of $ 26.0 million.

During March 2025, almost all of the holders of the 2049 Convertible Notes exercised their right to require the Company to repurchase their 2049 Notes, and the Company repurchased $ 491.8 million of the 2049 Convertible Notes leaving $ 33.2 million of the 2049 Convertible Notes outstanding at September 30, 2025 .

The issuance of the 2030 Convertible Notes increased the weighted average incremental shares from assumed conversion from 2.8 million in the prior year to 4.1 million, partially offset by a decrease due to the repurchase of the 2049 Convertible Notes for the three months ended September 30, 2025 .

See Note 10, Debt Obligations, to the consolidated financial statements for more information about the Convertible Notes and the Capped Call Options.

Share repurchases

On September 11, 2024, the Company put a repurchase program in place to repurchase up to $ 350 million in value, but not more than 7.0 million shares of common stock through September 11, 2026.

As of June 30, 2025, no shares were available to be repurchased under this repurchase program.

On September 11, 2024, the Company put a repurchase program in place to repurchase up to $ 350 million in value, but not more than 7.0 million shares of common stock through September 11, 2026.

As of June 30, 2025 , approximately $ 224.8 million in value of additional shares were available to be repurchased under this repurchase program.

As of September 30, 2025 , approximately $ 93.4 million in value of additional shares were available to be repurchased under this repurchase program.

On June 3, 2025, the Company put a repurchase program in place to repurchase up to $ 400 million in value, but not more than 8.0 million shares of common stock through June 3, 2027.

As of June 30, 2025, all shares were available to be repurchased under this repurchase program.

As of September 30, 2025 , all shares were available to be repurchased under this repurchase program.

Repurchases under the programs may take place in the open market or in privately negotiated transactions, including derivative transactions, and may be made under a Rule 10b5-1 plan.

1 unchanged sentence

Accumulated other comprehensive income (loss) consists entirely of foreign currency translation adjustments.

The Company recorded foreign currency translation gains of $ 186.0 million and $ 270.0 million for the three and six months ended June 30, 2025 and losses of $ 10.0 million and $ 55.0 million for the three and six months ended June 30, 2024 , respectively.

There were no reclassifications of foreign currency translation adjustments into the consolidated statements of income for the three and six months ended June 30, 2025 and 2024 .

The Company recorded foreign currency translation adjustment loss of $ 20.7 million and gain of $ 249.3 million for the three and nine months ended September 30, 2025 and gains of $ 87.1 million and $ 32.1 million for the three and nine months ended September 30, 2024 , respectively.

There were no reclassifications of foreign currency translation adjustments into the consolidated statements of income for the three and nine months ended September 30, 2025 and 2024 .

( 6 ) GOODWILL AND ACQUIRED INTANGIBLE ASSETS, NET

A summary of acquired intangible assets and goodwill activity for the six months ended June 30, 2025 is presented below:

A summary of acquired intangible assets and goodwill activity for the nine months ended September 30, 2025 is presented below:

(in millions)

2 unchanged sentences

Foreign currency exchange rate changes

Balance as of June 30, 2025

Of the total goodwill balance of $ 954.9 million as of June 30, 2025 , $ 402.7 million relates to the Money Transfer Segment, $ 480.5 million relates to the EFT Processing Segment and the remaining $ 71.7 million relates to the epay Segment.

Estimated amortization expense on acquired intangible assets with finite lives as of June 30, 2025 , is expected to total $ 10.0 million for the remainder of 2025 , $ 19.2 million for 2026 , $ 17.8 million for 2027 , $ 17.0 million for 2028 , $ 17.0 million for 2029 and $ 17.0 million for 2030 .

Balance as of September 30, 2025

Of the total goodwill balance of $ 949.9 million as of September 30, 2025 , $ 400.1 million relates to the Money Transfer Segment, $ 478.5 million relates to the EFT Processing Segment and the remaining $ 71.3 million relates to the epay Segment.

Estimated amortization expense on acquired intangible assets with finite lives as of September 30, 2025 , is expected to total $ 4.9 million for the remainder of 2025 , $ 19.6 million for 2026 , $ 18.3 million for 2027 , $ 17.8 million for 2028 , $ 17.8 million for 2029 and $ 17.7 million for 2030 .

(7) CONVERTIBLE NOTES RECEIVABLE

The Company loaned a total of $ 60 million to Koin Mobile, LLC and Marker Trax, LLC under two promissory notes (the " 2028 Notes"), which were fully executed on October 19 , 2023 .

The Company loaned $ 60.0 million to Koin Mobile, LLC and Marker Trax, LLC under two promissory notes (the " 2028 Notes"), which were fully executed on October 19 , 2023 .

Under the terms of the 2028 Notes, interest will accrue on the Notes at 2 % per annum and all unpaid principal and interest will be due and payable on October 18, 2028 if not converted earlier as discussed below.

2 unchanged sentences

The Company has a security interest in all of the assets of Koin Mobile, LLC, Marker Trax, LLC, and Marker Trax Digital, LLC.

The aggregate outstanding principal and accrued interest under the 2028 Notes and the 2030 Note were $ 85.0 million and $ 2.2 million at June 30, 2025 .

The aggregate outstanding principal and accrued interest under the 2028 Notes and the 2030 Note were $ 85.0 million and $ 2.6 million at September 30, 2025 .

The 2028 Notes and the 2030 Note are convertible into preferred equity of Koin Mobile, LLC, Marker Trax, LLC and Marker Trax Digital, LLC, at the option of the Company upon the occurrence of certain events including a qualified equity financing, change in control, achievement of profitability or at the option of the Company at maturity, as defined in the related promissory note purchase agreements.

2 unchanged sentences

(in millions)

June 30, 2025

September 30, 2025

December 31, 2024

6 unchanged sentences

The Company records deferred revenues when cash payments are received or due in advance of the Company's performance.

The decrease in the deferred revenue balance for the six months ended June 30, 2025 is the result of $ 142.7 million of revenues recognized and $ 142.9 million of cash payments received in the current year for which the Company has not yet satisfied the performance obligations.

The decrease in the deferred revenue balance for the nine months ended September 30, 2025 was primarily driven by $ 32.1 million of revenues recognized that were included in the deferred revenue balance as of December 31, 2024 and $ 30.9 million of cash payments received in the current year for which the Company has not yet satisfied the performance obligations.

( 10 ) DEBT OBLIGATIONS

1 unchanged sentence

(in millions)

June 30, 2025

September 30, 2025

December 31, 2024

2 unchanged sentences

0.625% convertible notes, unsecured, due 2030

0.75% convertible notes, unsecured, due 2049

1.375% Senior Notes, due 2026

24 unchanged sentences

Subject to meeting certain customary covenants (as defined in the Credit Facility), the Company is permitted to repurchase common stock and debt.

The Company was in compliance with all debt covenants as of June 30, 2025 .

The Company was in compliance with all debt covenants as of September 30, 2025 .

2049 Convertible Notes

4 unchanged sentences

Almost all of the holders exercised their right to require the Company to repurchase their notes in March 2025 , and we repurchased the tendered 2049 Convertible Notes at that time with a combination of cash on hand and a borrowing under our Credit Facility.

As of June 30, 2025 , $ 33.2 million of the Convertible Notes remain outstanding.

As of September 30, 2025 , $ 33.2 million of the 2049 Convertible Notes remain outstanding.

2030 Convertible Notes

On August 15, 2025, the Company completed the sale of $ 1,000.0 million of Convertible Senior Notes maturing in October 2030 .

("2030 Convertible Notes").

The 2030 Convertible Notes mature in October 2030 unless redeemed or converted prior to such date and are convertible into shares of Euronet common stock at a conversion price of approximately $ 127.04 per share if certain conditions are met (relating to the closing price of Euronet common stock exceeding certain thresholds for specified periods.

The 2030 Convertible Notes will bear interest at a rate of 0.625 % per year, payable semi-annually in arrears on April 1 and October 1 of each year, beginning on April 1, 2026 .

In connection with the issuance of the 2030 Convertible Notes, we recorded $ 23.5 million in debt issuance costs, which will be amortized through October 1, 2030 .

The 2030 Convertible Notes are convertible at the option of the holders at any time prior to the close of business on the business day immediately preceding April 1, 2030 if certain conditions are met.

Capped Call Transactions

In August 2025, in connection with the issuance of the 2030 Convertible Notes, the Company entered into privately negotiated capped call transactions (the “2023 Capped Call Transactions”) with certain of the initial purchasers of the 2030 Convertible Notes or affiliates thereof and other financial institutions (the “Option Counterparties”).

The capped call transactions initially cover, subject to customary anti-dilution adjustments, the number of shares of the Company’s common stock that initially would be issuable upon conversion of the 2030 Convertible Notes.

The Capped call Transactions are net purchased call options in Euronet common stock.

The Capped Call Transactions are separate transactions, entered into by the Company with the Option Counterparties, and are not part of the terms of the 2030 Convertible Notes and will not change the holders’ rights under the 2030 Convertible Notes.

Holders of the 2030 Convertible Notes will not have any rights with respect to the Capped Call Transactions.

The Company has concluded that the 2030 Capped Call Transactions meet the scope exceptions for derivative instruments, and as such, the 2030 Capped Call Transactions meet the criteria for classification in equity and are included as a reduction to additional paid in capital.

1.375 % Senior Notes due 2026

1 unchanged sentence

The Senior Notes accrue interest at a rate of 1.375 % per year, payable annually in arrears commencing May 22, 2020 , until maturity or earlier redemption.

As of June 30, 2025 , the Company has outstanding € 600.0 million ($ 707.2 million) principal amount of the Senior Notes.

As of September 30, 2025 the Company has outstanding € 600.0 million ($ 704.0 million) principal amount of the Senior Notes.

In addition, the Company may redeem some or all of these notes on or after February 22, 2026 at their principal amount plus any accrued and unpaid interest.

Uncommitted Credit Agreements

On June 20 , 2025 , the Company entered into an Uncommitted Loan Agreement, fully drawn and outstanding at June 30, 2025, for the sole purpose of providing vault cash for ATMs, that expires no later than June 19, 2026 .

On June 20 , 2025 , the Company entered into an Uncommitted Loan Agreement for the sole purpose of providing vault cash for ATMs, that expires no later than June 19, 2026 .

The amount of this Uncommitted Line of Credit shall be no more than (i) on or before September 30, 2025, $ 400 million and (ii) on and after October 1, 2025, $ 250 million.

The loan had an outstanding balance of $ 400 million at June 30 , 2025 .

The loan is a Prime Rate Loan, a Daily SOFR Rate Loan plus 1.00 % or shall bear interest at the rate agreed to by the Bank and the Company at the time such loan is made.

The weighted-average interest rate from loan inception date to June 30 , 2025 , was 5.32 %.

On June 27, 2025, the Company entered into an Uncommitted Loan Agreement for $ 300 million, fully drawn and outstanding at June 30, 2025, for the sole purpose of providing vault cash for ATMs, that expires no later than November 30, 2025 .

The loan had an outstanding balance of $ 250 million at September 30 , 2025 .

The loan is a Prime Rate Loan, a Daily Term SOFR Rate Loan plus 1.00 % or shall bear interest at the rate agreed to by the Bank and the Company at the time such loan is made.

The weighted-average interest rate from loan inception date to September 30 , 2025 , was 5.65 %.

On June 27, 2025, the Company entered into an Uncommitted Loan Agreement for $ 300 million for the sole purpose of providing vault cash for ATMs, that expires no later than November 30, 2025 .

The loan had an outstanding balance of $ 150.5 million at September 30, 2025.

The loan is a Prime Rate Loan, a Daily Simple SOFR Rate Loan plus 1.25 % or shall bear interest at the rate agreed to by the Bank and the Borrower at the time such Loan is made.

The weighted-average interest rate from the loan inception date to June 30, 2025 was 5.54 %.

The weighted-average interest rate from the loan inception date to September 30, 2025 was 5.59 %.

On July 28, 2025, the Company entered into an Uncommitted Loan Agreement for $ 100 million, fully drawn and outstanding at September 30, 2025, for the sole purpose of providing vault cash for ATMs, that expires no later than November 30, 2025 .

The loan is a Prime Rate Loan, a Daily Simple SOFR Rate Loan plus 1.00 % or shall bear interest at the rate agreed to by the Bank and the Borrower at the time such Loan is made.

The weighted-average interest rate from the loan inception date to September 30, 2025 was 5.34 %.

Other obligations

2 unchanged sentences

Each advance under this facility shall be made for a term of one month or such other period of up to 12 months.

As of June 30, 2025 $ 23.8 million was borrowed under this facility.

Including the Malaysian facility, there was a total of $ 36.2 million outstanding under our subsidiaries credit lines and overdraft facilities as of June 30, 2025 .

As of September 30, 2025 $ 26.8 million was borrowed under this facility.

Including the Malaysian facility, there was a total of $ 37.2 million outstanding under our subsidiaries credit lines and overdraft facilities as of September 30, 2025 .

Debt Issuance Costs

As of June 30, 2025 , the Company had unamortized debt issuance costs of $ 4.8 million for the Credit Facility and $ 1.1 million for the Senior Notes that will be amortized through October 2027 and May 2026 , respectively.

As of September 30, 2025 , the Company had unamortized debt issuance costs of $ 22.9 million for the 2030 Convertible Notes, $ 4.6 million for the Credit Facility and $ 0.7 million for the Senior Notes that will be amortized through October 2027 and May 2026 , respectively.

(11) DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES

10 unchanged sentences

The Company had foreign currency forward contracts outstanding in the U.S.

with a notional value of $ 677.2 million and $ 281.5 million as of June 30, 2025 and December 31, 2024 , respectively.

with a notional value of $ 382.5 million and $ 281.5 million as of September 30, 2025 and December 31, 2024 , respectively.

The foreign currency forward contracts consist primarily in Australian dollars, Canadian dollars, British pounds sterling, euros and Mexican pesos.

In addition, the Company uses forward contracts, typically with maturities from a few days to less than one year, to offset foreign exchange rate fluctuations on certain short-term borrowings that are payable in currencies other than the U.S.

The Company had foreign currency forward contracts outstanding with a notional value of $ 198.0 million and $ 710.4 million as of June 30, 2025 and December 31, 2024 , respectively, primarily in euro.

The Company had foreign currency forward contracts outstanding with a notional value of $ 535.3 million and $ 710.4 million as of September 30, 2025 and December 31, 2024 , respectively, primarily in euro.

Foreign currency exchange contracts - xe Operations

1 unchanged sentence

xe aggregates its foreign currency exposures arising from customer contracts and hedges the resulting net currency risks by entering into offsetting contracts with established financial institution counterparties.

Foreign exchange revenues from xe's total portfolio of positions were $ 23.7 million and $ 46.6 million for the three and six months ended June 30, 2025 , respectively, and $ 22.4 million and $ 43.3 million for the three and six months ended June 30, 2024 , respectively.

Foreign exchange revenues from xe's total portfolio of positions were $ 22.8 million and $ 69.3 million for the three and nine months ended September 30, 2025 , respectively, and $ 23.2 million and $ 66.5 million for the three and nine months ended September 30, 2024 , respectively.

All of the derivative contracts used in the Company's xe operations are economic hedges and are not designated as hedges under ASC 815 .

5 unchanged sentences

The aggregate equivalent U.S.

dollar notional amount of foreign currency derivative customer contracts held by the Company in its xe operations as of June 30, 2025 and December 31, 2024 was $ 1.1 billion and $ 0.9 billion, respectively.

dollar notional amount of foreign currency derivative customer contracts held by the Company in its xe operations as of September 30, 2025 and December 31, 2024 was $ 0.9 billion and $ 0.9 billion, respectively.

The significant majority of customer contracts are written in major currencies such as the euro, U.S.

5 unchanged sentences

Balance Sheet Location

June 30, 2025

September 30, 2025

December 31, 2024

Balance Sheet Location

June 30, 2025

September 30, 2025

December 31, 2024

3 unchanged sentences

Other current liabilities

The following tables summarize the gross and net fair value of derivative assets and liabilities as of June 30, 2025 and December 31, 2024 (in millions):

The following tables summarize the gross and net fair value of derivative assets and liabilities as of September 30, 2025 and December 31, 2024 (in millions):

Offsetting of Derivative Assets

As of June 30, 2025

As of September 30, 2025

Gross Amounts of Recognized Assets

6 unchanged sentences

Offsetting of Derivative Liabilities

As of June 30, 2025

As of September 30, 2025

Gross Amounts of Recognized Liabilities

7 unchanged sentences

Income Statement Presentation

The following table summarizes the location and amount of gains (losses) on derivatives in the Consolidated Statements of Income for the three and six months ended June 30, 2025 and 2024 :

The following table summarizes the location and amount of gains (losses) on derivatives in the Consolidated Statements of Income for the three and nine months ended September 30, 2025 and 2024 :

Amount of Gain Recognized in Income on

Derivative Contracts (a)

Three Months Ended June 30,

Six Months Ended June 30,

Three Months Ended September 30,

Nine Months Ended September 30,

(in millions)

14 unchanged sentences

The following table details financial assets and liabilities measured and recorded at fair value on a recurring basis:

June 30, 2025

September 30, 2025

(in millions)

21 unchanged sentences

The carrying amounts of cash and cash equivalents, trade accounts receivable, trade accounts payable and short-term debt obligations approximate fair values due to their short maturities.

The carrying values of the Company’s revolving credit agreements approximate fair values because interest as of June 30, 2025 was based on the Secured Overnight Financing Rate ("SOFR") that resets at various intervals of less than one year.

The carrying values of the Company’s revolving credit agreements approximate fair values because interest as of September 30, 2025 was based on the Secured Overnight Financing Rate ("SOFR") that resets at various intervals of less than one year.

The Company estimates the fair value of the Convertible Notes and Senior Notes using quoted prices in inactive markets for identical liabilities (Level 2).

As of June 30, 2025 , the fair values of the Convertible Notes and Senior Notes were $ 31.6 million and $ 698.9 million, respectively, with carrying values of $ 33.2 million and $ 707.2 million, respectively.

As of September 30, 2025 , the fair values of the 2049 Convertible Notes, 2030 Convertible Notes and Senior Notes were $ 31.6 million, $ 877.6 million and $ 697.8 million, respectively, with carrying values of $ 33.2 million, $ 1,000 million and $ 704.0 million, respectively.

(13) SEGMENT INFORMATION

22 unchanged sentences

In addition, the Company accounts for non-operating activity, share-based compensation expense, certain intersegment eliminations and the costs of providing corporate and other administrative services in the administrative division, "Corporate Services, Eliminations and Other." These services are not directly identifiable with the Company’s reportable operating segments.

The following tables present the Company's reportable segment results for the three months and six months ended June 30, 2025 and 2024 :

Three Months Ended June 30, 2025

The following tables present the Company's reportable segment results for the three months and nine months ended September 30, 2025 and 2024 :

Three Months Ended September 30, 2025

(in millions)

11 unchanged sentences

Operating income (Loss)

Three Months Ended June 30, 2024

Three Months Ended September 30, 2024

(in millions)

11 unchanged sentences

Operating income (expense)

Six Months Ended June 30, 2025

Nine Months Ended September 30, 2025

(in millions)

11 unchanged sentences

Operating income (expense)

Six Months Ended June 30, 2024

Nine Months Ended September 30, 2024

(in millions)

4 unchanged sentences

Operating expenses:

Direct operating costs

Direct operating costs, exclusive of depreciation

Salaries and benefits

6 unchanged sentences

Total Assets as of

June 30, 2025

September 30, 2025

December 31, 2024

7 unchanged sentences

Both segments and regions benefit from synergies achieved through concentration of operations and are influenced by macro-economic, regulatory and political factors in the respective segment and region.

Three Months Ended June 30, 2025

Six Months Ended June 30, 2025

Three Months Ended September 30, 2025

Nine Months Ended September 30, 2025

(in millions)

4 unchanged sentences

North America

Three Months Ended June 30, 2024

Six Months Ended June 30, 2024

Three Months Ended September 30, 2024

Nine Months Ended September 30, 2024

(in millions)

5 unchanged sentences

( 14 ) INCOME TAXES

The Company's effective income tax rate was 25.5 % and 23.0 % for the three and six months ended June 30, 2025 respectively, compared to 32.0 % and 33.5 % for the three and six months ended June 30, 2024 , respectively.

The Company's effective income tax rate for the three and six months ended June 30, 2025 was higher than the applicable statutory income tax rate of 21 % as a result of certain of its foreign earnings being subject to higher local statutory tax rates.

The Company's effective income tax rate for the three and six months ended June 30, 2024 was higher than the applicable statutory income tax rate of 21 % mainly as a result of certain foreign earnings being subject to higher local statutory tax rates and our U.S.

The Company's effective income tax rate was 30.6 % and 26.8 % for the three and nine months ended September 30, 2025 respectively, compared to 27.3 % and 30.0 % for the three and nine months ended September 30, 2024 , respectively.

The Company's effective income tax rate for the three and nine months ended September 30, 2025 was higher than the applicable statutory income tax rate of 21 % as a result of certain of its foreign earnings being subject to higher local statutory tax rates.

The Company's effective income tax rate for the three and nine months ended September 30, 2024 was higher than the applicable statutory income tax rate of 21 % mainly as a result of certain foreign earnings being subject to higher local statutory tax rates and our U.S.

deferred tax activity.

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On July 4, 2025, the One Big Beautiful Bill Act ("OBBBA") was enacted in the U.S.

The OBBBA includes significant provisions, such as the permanent extension of certain expiring provisions of the Tax Cuts and Jobs Act, modifications to the international tax framework, and the restoration of favorable tax treatment for certain business provisions.

The legislation has multiple effective dates, with certain provisions effective in 2025 and others implemented through 2027.

We are currently assessing its impact on our consolidated financial statements.

The Company continues to evaluate the future impact of these tax law changes on its financial statements.

The OBBBA is not currently expected to materially impact the Company’s effective tax rate for 2025.

(15) COMMITMENTS

As of June 30, 2025 , the Company had $ 78.8 million of stand-by letters of credit/bank guarantees issued on the Company's behalf, of which $ 1.7 million are collateralized by cash deposits held by the respective issuing banks.

As of September 30, 2025 , the Company had $ 87.0 million of stand-by letters of credit/bank guarantees issued on the Company's behalf, of which $ 1.7 million are collateralized by cash deposits held by the respective issuing banks.

Under certain circumstances, the Company grants guarantees in support of obligations of subsidiaries.

As of June 30, 2025 , the Company had granted off balance sheet guarantees for cash in various ATM networks amounting to $ 11.8 million over the terms of the cash supply agreements and performance guarantees amounting to approximately $ 43.4 million over the terms of agreements with the Company's customers.

As of September 30, 2025 , the Company had granted off balance sheet guarantees for cash in various ATM networks amounting to $ 12.1 million over the terms of the cash supply agreements and performance guarantees amounting to approximately $ 40.6 million over the terms of agreements with the Company's customers.

From time to time, the Company enters into agreements with commercial counterparties that contain indemnification provisions, the terms of which may vary depending on the negotiated terms of each respective agreement.

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 In connection with contracts with financial institutions in the EFT Processing Segment, the Company is responsible for managing the damage to ATMs and theft of ATM network cash.

As of June 30, 2025 , the balance of such cash used in the Company's ATM networks for which the Company was responsible was approximately $ 584.2 million.

As of September 30, 2025 , the balance of such cash used in the Company's ATM networks for which the Company was responsible was approximately $ 606.5 million.

The Company and suppliers maintain insurance policies to mitigate this exposure;

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The Company has obtained surety bonds in compliance with money transfer licensing requirements of the applicable governmental authorities.

To date, the Company is not aware of any significant claims made by the indemnified parties or third parties to guarantee agreements with the Company and, accordingly, no liabilities were recorded as of June 30, 2025 or December 31, 2024 .

(16) LITIGATION AND CONTINGENCIES

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The third-party service provider had the risk of loss based on the terms of the contractual arrangement.

The bank note balance of approximately $ 10 million was moved to other receivables as of June 30, 2025 .

The bank note balance of approximately $ 10.6 million was moved to other receivables as of September 30, 2025 .

At this time the Company has determined that it is probable the bank notes will be recovered from the third-party service provider.

Subsequent events

On July 30, 2025, Euronet entered into a definitive agreement (the “Merger Agreement”) to acquire CoreCard in a stock-for-stock merger transaction that values CoreCard at approximately $ 248 million, or $ 30 per share of CoreCard common stock.

On July 30, 2025, Euronet entered into a definitive agreement (the “Merger Agreement”) to acquire CoreCard in a stock-for-stock merger transaction.

CoreCard is a publicly traded financial technology company based in Norcross, Georgia.

CoreCard specializes in providing technology solutions and processing services.

The transaction has been approved by the boards of directors of both Euronet and CoreCard, and is expected to close in late 2025, subject to approval by CoreCard shareholders and the satisfaction of certain other customary closing conditions, including the expiration or termination of the applicable waiting period under the Hart-Scott-Rodino Antitrust Improvements Act of 1976.

Under the terms of the merger agreement, each share of CoreCard common stock will be exchanged for a number of shares of Euronet common stock equal to an exchange ratio between 0.2783 and 0.3142, calculated as $30 divided by the volume weighted average share price of Euronet common stock over the 15-trading day period ending on and including the second to last trading day prior to the closing date (the “Final Euronet Stock Price”), subject to a floor of $95.48 per share and a ceiling of $107.80 per share.

CoreCard shareholders will receive 0.3142 Euronet shares for each of their CoreCard shares if the Final Euronet Stock Price is at or below $95.48, and 0.2783 Euronet shares for each of their CoreCard shares if the Final Euronet Stock Price is at or above $107.80.

Additional information regarding the CoreCard acquisition is contained in the Company’s Form 8-K that was filed with the SEC on July 31, 2025.

The transaction closed on October 30, 2025.

Under the terms of the Merger Agreement, each share of CoreCard common stock will be exchanged for 0.3142 shares of Euronet common stock.

Additional information regarding the CoreCard acquisition is contained in Amendment No.

1 to the Company’s registration statement on Form S-4 that was filed with the SEC on September 17, 2025.

The Company enters into operating leases for ATM sites, office spaces, retail stores and equipment.

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Future minimum lease payments

Future minimum lease payments under non-cancelable operating leases (with initial lease terms in excess of one year) as of June 30, 2025 are:

As of June 30, 2025

Future minimum lease payments under non-cancelable operating leases (with initial lease terms in excess of one year) as of September 30, 2025 are:

As of September 30, 2025

Maturity of Lease Liabilities (in millions)

9 unchanged sentences

Income Statement Classification

Three Months Ended June 30, 2025

Three Months Ended June 30, 2024

Six Months Ended June 30, 2025

Six Months Ended June 30, 2024

Three Months Ended September 30, 2025

Three Months Ended September 30, 2024

Nine Months Ended September 30, 2025

Nine Months Ended September 30, 2024

Operating lease expense

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Lease Term and Discount Rate of Operating Leases

As of June 30, 2025

As of September 30, 2025

Weighted- average remaining lease term (years)

1 unchanged sentence

The following table presents supplemental cash flow and non-cash information related to leases.

Six Months Ended June 30, 2025

Six Months Ended June 30, 2024

(in millions)

Nine Months Ended September 30, 2025

Nine Months Ended September 30, 2024

Cash paid for amounts included in the measurement of lease liabilities (a)

3 unchanged sentences

Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.

What changed 10-Q

Item 1. Financial Statements