What changed in this filing

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Item 1. Financial Statements

2026-05-07 compared with 2025-11-04 · 171 added, 224 removed, 575 unchanged (41% of the section changed)

4 unchanged sentences

(In millions, except share and per share data)

September 30, 2025

March 31, 2026

December 31, 2025

46 unchanged sentences

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

Three Months Ended September 30,

Nine Months Ended September 30,

Three months ended March 31,

Operating expenses:

8 unchanged sentences

Interest expense

Foreign currency exchange loss (gain), net

Other gains, net

Foreign currency exchange gain (loss), net

Other (losses) gains, net

Other income (expense), net

11 unchanged sentences

(Unaudited, in millions)

Three Months Ended September 30,

Nine Months Ended September 30,

Three months ended March 31,

Translation adjustment

Comprehensive income

Comprehensive (loss) income

Comprehensive income (loss) attributable to noncontrolling interests

Comprehensive income attributable to Euronet Worldwide, Inc.

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

See accompanying notes to the unaudited consolidated financial statements.

7 unchanged sentences

Balance as of December 31, 2024

Other comprehensive loss

Stock issued under employee stock plans

Share-based compensation

Repurchase of shares

Balance as of March 31, 2024

Other comprehensive income (loss)

2 unchanged sentences

Repurchase of shares

( 1,000,000 )

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

Balance as of March 31, 2025

Number of Shares Outstanding

2 unchanged sentences

Balance as of December 31, 2025

Other comprehensive income (loss)

Stock issued under employee stock plans

Share-based compensation

Repurchase of shares

Balance as of March 31, 2025

Net income (loss)

Other comprehensive income (loss)

3 unchanged sentences

( 1,397,090 )

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

Balance as of March 31, 2026

EURONET WORLDWIDE, INC.

7 unchanged sentences

Net income (loss)

Other comprehensive loss

Other comprehensive income (loss)

Stock issued under employee stock plans

2 unchanged sentences

Balance as of March 31, 2025

Net income (loss)

Other comprehensive loss

Stock issued under employee stock plans

Share-based compensation

Repurchase of shares

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

2 unchanged sentences

Balance as of December 31, 2025

Net income (loss)

Other comprehensive income (loss)

3 unchanged sentences

Balance as of March 31, 2026

Other comprehensive income (loss)

Stock issued under employee stock plans

Share-based compensation

Repurchase of shares

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)

Nine Months Ended September 30,

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

Three months ended March 31,

Adjustments to reconcile net income to net cash (used in) provided by operating activities:

Depreciation and amortization

2 unchanged sentences

Deferred income taxes

Loss on the dissolution of majority owned subsidiary

Amortization of debt issuance costs

7 unchanged sentences

Changes in noncurrent assets and liabilities

Net cash provided by operating activities

Net cash (used in) provided by operating activities

Cash flows from investing activities:

Acquisitions, net of cash acquired

Issuance of convertible notes receivable

Purchase of convertible notes receivable

Purchases of property and equipment

7 unchanged sentences

Repayments of credit agreements

Proceeds from convertible notes

Debt issuance costs

Repayment of long-term debt

Repayments of capital lease obligations

Net borrowing from short-term debt obligations

Proceeds received from minority interest stockholders

Net cash (used in) provided by financing activities

Net (repayments) borrowing from short-term debt obligations

Net cash provided by financing activities

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

12 unchanged sentences

as the group holding company, which was founded and established in 1994.

Euronet is a leading electronic payments provider.

Euronet offers payment and transaction processing and distribution solutions to financial institutions, retailers, service providers and individual consumers.

Euronet's primary product offerings include comprehensive ATM, point-of-sale ("POS"), card outsourcing, card issuing and merchant acquiring services, electronic distribution of prepaid mobile airtime and other electronic payment products, and international payment services.

Euronet is a global leader in payment processing and cross ‑ border transactions, operating for more than 30 years and now serving clients in over 200 countries and territories.

We support financial institutions, merchants and global brands with technology-driven solutions, while enabling businesses and consumers to send, receive and spend money seamlessly worldwide.

By operating one of the world’s largest independent electronic payment networks spanning merchant acquiring, transaction processing and point ‑ of ‑ sale infrastructure, Euronet enables real ‑ time, digital and cross ‑ border movement of money at global scale.

Basis of Presentation

15 unchanged sentences

(2) RECENTLY ISSUED ACCOUNTING PRONOUNCEMENTS

In November 2023, the FASB issued Accounting Standards Update (“ASU”) 2023-07, Segment Reporting (Topic 280):

Improvements to Reportable Segment Disclosures .

The amended guidance requires incremental reportable segment disclosures, primarily about significant segment expenses.

The amendments also require entities with a single reportable segment to provide all disclosures required by these amendments, and all existing segment disclosures.

The amendments will be applied retrospectively to all prior periods presented in the financial statements and is effective for fiscal years beginning after December 15, 2023, and interim periods in fiscal years beginning after December 15, 2024, with early adoption permitted.

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

In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740):

Improvements to Income Tax Disclosures.

The amended guidance enhances income tax disclosures primarily related to the effective tax rate reconciliation and income taxes paid information.

This guidance requires disclosure of specific categories in the effective tax rate reconciliation and further information on reconciling items meeting a quantitative threshold.

In addition, the amended guidance requires disaggregating income taxes paid (net of refunds received) by federal, state, and foreign taxes.

It also requires disaggregating individual jurisdictions in which income taxes paid (net of refunds received) is equal to or greater than 5 percent of total income taxes paid (net of refunds received).

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.

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

In November 2024, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2024-03, Income Statement Reporting Comprehensive Income Expense Disaggregation Disclosures .

In January 2025, the FASB issued ASU 2025-01, Income Statement Reporting Comprehensive Income-Expense Disaggregation Disclosures (Subtopic 220-40):

3 unchanged sentences

The Company expects to adopt the update for the annual financial statements issued for the year ending December 31, 2027 and is currently evaluating the impact of adopting the standard on the condensed consolidated financial statements.

In September 2025, the FASB issued ASU 2025 ‑ 06, Intangibles—Goodwill and Other—Internal ‑ Use Software (Subtopic 350 ‑ 40), which modernizes the accounting for internal ‑ use software by removing development “project stages” and requiring capitalization to begin when management authorizes funding and it is probable the project will be completed and used as intended.

The ASU also supersedes the existing website development cost guidance and incorporates it into Subtopic 350 ‑ 40.

The guidance is effective for fiscal years beginning after December 15, 2027, with early adoption permitted.

The Company is evaluating the impact of this ASU on its consolidated financial statements.

( 3 ) ACQUISITIONS

Acquisitions 2026

No material acquisitions

Acquisitions 2025

Kyodai (Japan)

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

4 unchanged sentences

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.

Acquisitions 2024

On February 1 , 2024 , Euronet acquired Infinitium Group, a leading regional solutions provider with Payments Authentication services, for a purchase consideration of $ 70.0 million cash and $ 5.0 million of the Company’s common stock to be paid over two installments on February 1 , 2026 and 2027 .

The Company allocated $ 51.0 million of the purchase consideration to customer relationships, $ 5.6 million to acquired net assets, $ 10.2 million to deferred tax liability and the remaining $ 28.6 million to goodwill.

CoreCard (USA)

On October 30, 2025, the Company completed the acquisition of 100 % of the outstanding equity of CoreCard Corporation pursuant to the Agreement and Plan of Merger dated July 30, 2025.

Under the terms of the agreement, each CoreCard common share converted into 0.3142 shares of Euronet common stock, with fractional shares settled in cash at the closing price of Euronet stock on the trading day immediately preceding the acquisition date.

In addition, unvested CoreCard Restricted Stock Units (“RSUs”) vested at closing and were settled in Euronet shares, and outstanding stock options were cash ‑ settled at intrinsic value.

The total purchase consideration was $ 192.7 million and consisted of the fair value of Euronet shares issued, cash in lieu of fractional shares, and cash to settle options and RSU ‑ related withholding obligations.

The transaction has been accounted for as a business combination under ASC 805, and CoreCard ’ s results are included in the Company ’ s EFT Processing Segment beginning on the acquisition date.

No contingent consideration, escrow, or holdback was recognized.

The Company acquired 100 % of CoreCard;

no noncontrolling interest was recognized.

Purchase price allocation

The Company performed a preliminary allocation of the purchase price for CoreCard to the assets acquired and liabilities assumed based on their estimated fair values at the acquisition date.

The allocation is subject to change during the measurement period as the Company finalizes the valuation of identifiable intangible assets, working ‑ capital items and income ‑ tax ‑ related balances.

Preliminary CoreCard purchase price accounting at October 30, 2025 (in millions)

Assets acquired

Cash and cash equivalents

Accounts receivable

Taxes receivable

Other current assets

Long‑term investments

Property and equipment

Long‑term deferred tax assets

Other long‑term assets

Right‑of‑use (ROU) lease assets

Identifiable intangible assets

Total assets acquired

Liabilities assumed

Accounts payable

Employee‑related payables

Deferred revenue

Other liabilities

Operating lease liabilities

Other long‑term liabilities

Deferred tax liability

Total liabilities assumed

Net assets recognized (equals consideration transferred)

Preliminary goodwill of $ 88.3 million reflects anticipated synergies, assembled workforce, and the strategic benefit of integrating CoreCard’s issuing technology into the Company’s platform The Plan of Merger was intended to qualify as a "reorganization" within the meaning of Sections 368(a)(1)(A) and 368(a)(2)(E) of the Internal Revenue Code, and that this Plan of Merger will constitute a "plan of reorganization" for purposes of Sections 354 and 361 of the Internal Revenue Code and Treasury Regulations Section 1.368-2(g).

As a result, the acquisition did not create deductible goodwill for tax purposes and Euronet will not amortize goodwill calculated in the valuation.

Measurement ‑ period status

The allocation above is preliminary and subject to change as the Company completes its valuation analyses of identifiable intangible assets, certain working ‑ capital accounts and related deferred taxes within the ASC 805 measurement period.

Any adjustments will be recorded retrospectively to the acquisition date with a corresponding adjustment to goodwill.

Identifiable Intangible Assets and Estimated Useful Lives

The Company noted that the identifiable intangible assets of CoreCard acquired include developed technology, customer relationships, and trade name.

Fair values and useful lives are being finalized;

until completion, the following table presents the aggregate amount and expected categories with preliminary useful ‑ life ranges.

Intangibles subject to amortization (preliminary, in millions):

Identifiable Intangible Assets and Estimated Useful Lives

(Preliminary — in millions)

Fair Value (in millions)

Useful Life (years)

Amortization Method

Straight‑line

CoreCard Platform (Developed Technology)

Straight‑line

Large Individual Customer Relationship

Straight‑line

Other Customer Relationships

Straight‑line

Total Identifiable Intangible Assets

Final category splits and useful lives will be determined based on market ‑ participant assumptions, technology life cycles, and customer attrition analyses.

Updates will be reflected as measurement ‑ period adjustments under ASC 805.

Post-acquisition Results

From October 31, 2025 to December 31, 2025, CoreCard contributed revenue of $ 12.7 million, gross margin of $ 8.0 million and operating income of $ 1.9 million to consolidated results (excludes purchase accounting amortization).

From January 1, 2026 to March 31, 2026, CoreCard contributed revenue of $ 31.1 million, gross margin of $ 14.6 million and operating income of $ 5.1 million to consolidated results (excludes purchase accounting amortization).

(4) SETTLEMENT ASSETS AND OBLIGATIONS

12 unchanged sentences

(in millions)

September 30, 2025

March 31, 2026

December 31, 2025

Settlement assets:

10 unchanged sentences

(in millions)

September 30, 2025

September 30, 2024

March 31, 2026

December 31, 2025

March 31, 2025

December 31, 2024

Cash and cash equivalents

9 unchanged sentences

(in millions)

Three Months Ended September 30,

Nine Months Ended September 30,

Three months ended March 31,

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 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.

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 5.6 million for the three months ended March 31, 2026 and 3.6 million for the three months ended March 31, 2025 , respectively.

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

6 unchanged sentences

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 $ 25.9 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 .

The issuance of the 2030 Convertible Notes increased the weighted average incremental shares from assumed conversion from 2.3 million in the prior year to 8.0 million, partially offset by a decrease due to the repurchase of the 2049 Convertible Notes for the three months ended March 31, 2026 .

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 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 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.

As of March 31, 2026, approximately $ 168.4 million in value of additional shares were available to be repurchased under this repurchase program.

Repurchases under the program 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.

Accumulated Other Comprehensive Income (loss)

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

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 .

The Company recorded foreign currency translation adjustments of ($ 45.4 ) million for the three months ended March 31, 2026 and $ 84.0 million for the three months ended March 31, 2025 , respectively.

There were no reclassifications of foreign currency translation adjustments into the consolidated statements of income for the three months ended March 31, 2026 and 2025 .

( 6 ) GOODWILL AND ACQUIRED INTANGIBLE ASSETS, NET

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

A summary of acquired intangible assets and goodwill activity for the three months ended March 31, 2026 is presented below:

(in millions)

2 unchanged sentences

Foreign currency exchange rate changes

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 .

Balance as of March 31, 2026

Of the total goodwill balance of $ 1,031.4 million as of March 31, 2026 , $ 413.0 million relates to the Money Transfer Segment, $ 490.7 million relates to the EFT Processing Segment and the remaining $ 127.7 million relates to the epay Segment.

Estimated amortization expense on acquired intangible assets with finite lives as of March 31, 2026 , is expected to total $ 28.8 million for the remainder of 2026 , $ 36.1 million for 2027 , $ 24.1 million for 2028 , $ 19.9 million for 2029 , $ 19.8 million for 2030 and $ 19.0 million for 2031 .

(7) CONVERTIBLE NOTES RECEIVABLE

4 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 $ 2.6 million at September 30, 2025 .

The aggregate outstanding principal and accrued interest under the 2028 Notes and the 2030 Note were $ 85.0 million and $ 3.5 million at March 31, 2026 .

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)

September 30, 2025

March 31, 2026

December 31, 2025

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 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.

The decrease in the deferred revenue balance for the three months ended March 31, 2026 was primarily driven by $ 17.1 million of revenues recognized that were included in the deferred revenue balance as of December 31, 2025 and $ 20.4 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)

September 30, 2025

March 31, 2026

December 31, 2025

29 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 September 30, 2025 .

The Company was in compliance with all debt covenants as of March 31, 2026 .

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

As of March 31, 2026 , $ 33.2 million of the 2049 Convertible Notes remain outstanding.

2030 Convertible Notes

2 unchanged sentences

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 .

The 2030 Convertible Notes 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 .

10 unchanged sentences

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 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.

As of March 31, 2026 , the Company has outstanding € 600.0 million ($ 693.1 million) principal amount of the Senior Notes.

In addition, the Company may redeem some or all of these notes 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 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 $ 250 million at September 30 , 2025 .

This Uncommitted Line of Credit had a credit limit of $ 400 million on September 30, 2025 and $ 250 million thereafter.

The loan had an outstanding balance of $ 250 million at March 31, 2026.

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 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 %.

The weighted-average interest rate from loan inception date to March 31, 2026 , was 5.41 %.

Other obligations

Certain of our subsidiaries have available credit lines and overdraft facilities to generally supplement short-term working capital requirements, when necessary.

Certain of the Company’s subsidiaries have available lines of credit and overdraft credit facilities that generally provide for short-term borrowings that are used from time to time for working capital purposes.

On October 9, 2024, the Company completed a facility of MYR 100 million and an overdraft facility of MYR 140 million for its Malaysian business.

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 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 .

As of March 31, 2026 $ 24.7 million was borrowed under this facility.

There were no borrowings on the overdraft facility.

Including the Malaysian facility, there was a total of $ 32.8 million outstanding under our subsidiaries credit lines and overdraft facilities as of March 31, 2026 .

Debt Issuance Costs

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.

As of March 31, 2026 , the Company had unamortized debt issuance costs of $ 20.7 million for the 2030 Convertible Notes, $ 4.0 million for the Credit Facility and $ 0.2 million for the Senior Notes that will be amortized through October 2030 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 $ 382.5 million and $ 281.5 million as of September 30, 2025 and December 31, 2024 , respectively.

with a notional value of $ 549.3 million and $ 532.2 million as of March 31, 2026 and December 31, 2025 , 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 $ 535.3 million and $ 710.4 million as of September 30, 2025 and December 31, 2024 , respectively, primarily in euro.

The Company had foreign currency forward contracts outstanding with a notional value of $ 408.1 million and $ 852.7 million as of March 31, 2026 and December 31, 2025 , 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 $ 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.

Foreign exchange revenues from Xe's total portfolio of positions were $ 22.1 million for the three months ended March 31, 2026 and $ 22.8 million for the three months ended March 31, 2025 .

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 September 30, 2025 and December 31, 2024 was $ 0.9 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 March 31, 2026 and December 31, 2025 was $ 0.9 billion and $ 0.7 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

September 30, 2025

March 31, 2026

December 31, 2025

Balance Sheet Location

September 30, 2025

March 31, 2026

December 31, 2025

3 unchanged sentences

Other current liabilities

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):

The following tables summarize the gross and net fair value of derivative assets and liabilities as of March 31, 2026 and December 31, 2025 (in millions):

Offsetting of Derivative Assets

As of September 30, 2025

As of March 31, 2026

Gross Amounts of Recognized Assets

6 unchanged sentences

Offsetting of Derivative Liabilities

As of September 30, 2025

As of March 31, 2026

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 nine months ended September 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 months ended March 31, 2026 and 2025 :

Amount of Gain Recognized in Income on

Derivative Contracts (a)

Three Months Ended September 30,

Nine Months Ended September 30,

Three months ended March 31,

(in millions)

14 unchanged sentences

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

September 30, 2025

March 31, 2026

(in millions)

5 unchanged sentences

Marketable securities

Foreign currency exchange contracts

8 unchanged sentences

Marketable securities

Foreign currency exchange contracts

2 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 September 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 March 31, 2026 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 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.

As of March 31, 2026 , the fair values of the 2049 Convertible Notes, 2030 Convertible Notes and Senior Notes were $ 30.3 million, $ 901.4 million and $ 691.4 million, respectively, with carrying values of $ 33.2 million, $ 1,000.0 million and $ 693.1 million, respectively.

(13) SEGMENT INFORMATION

11 unchanged sentences

Through this segment, the Company also offers a suite of integrated electronic financial transaction software solutions for electronic payment and transaction delivery systems.

2) Through the epay Segment, Euronet provides distribution, processing and collection services for electronic payment products, and prepaid mobile airtime through a network of POS terminals in Europe, the Middle East, Asia Pacific, South America and North America.

The epay Segment also provides vouchers and physical gift fulfillment services in Europe.

3) Through the Money Transfer Segment, Euronet provides global money transfers and currency exchange information in retail stores, apps, and websites through Ria Money Transfer, Xe and the Dandelion cross-border real-time payments network.

Euronet’s Money Transfer segment offers real-time, cross-border payments to consumers and businesses across 199 countries and territories, enabling banks, fintechs and big tech platforms to integrate an international payments solution into their own platforms.

Euronet’s Money Transfer segment offers real-time, cross-border payments to consumers and businesses across more than 200 countries and territories, enabling banks, fintechs and big tech platforms to integrate an international payments solution into their own platforms.

Ria Money Transfer offers real-time international money transfers with a special focus on emerging markets.

5 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 nine months ended September 30, 2025 and 2024 :

Three Months Ended September 30, 2025

The following tables present the Company's reportable segment results for the three months ended March 31, 2026 and 2025 :

Three months ended March 31, 2026

(in millions)

7 unchanged sentences

Selling, general and administrative

Goodwill impairment

Depreciation and amortization

1 unchanged sentence

Operating income (loss)

Three Months Ended September 30, 2024

(in millions)

EFT Processing

Money Transfer

Corporate Services, Eliminations and Other

Total revenues

Operating expenses:

Direct operating costs, exclusive of depreciation

Salaries and benefits

Selling, general and administrative

Goodwill impairment

Depreciation and amortization

Total operating expenses

Operating income (expense)

Nine Months Ended September 30, 2025

(in millions)

EFT Processing

Money Transfer

Corporate Services, Eliminations and Other

Total revenues

Operating expenses:

Direct operating costs, exclusive of depreciation

Salaries and benefits

Selling, general and administrative

Goodwill impairment

Depreciation and amortization

Total operating expenses

Operating income (expense)

Nine Months Ended September 30, 2024

Three months ended March 31, 2025

(in millions)

7 unchanged sentences

Selling, general and administrative

Goodwill impairment

Depreciation and amortization

Total operating expenses

Operating income (expense)

Operating income (loss)

The following table presents the Company's total assets by reportable segment:

Total Assets as of

September 30, 2025

March 31, 2026

December 31, 2025

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 September 30, 2025

Nine Months Ended September 30, 2025

Three months ended March 31, 2026

(in millions)

1 unchanged sentence

Money Transfer

EFT Processing

Money Transfer

North America

Three Months Ended September 30, 2024

Nine Months Ended September 30, 2024

Three months ended March 31, 2025

(in millions)

1 unchanged sentence

Money Transfer

EFT Processing

Money Transfer

North America

( 14 ) INCOME TAXES

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.

The Company's effective income tax rate was 43.7 % for the three months ended March 31, 2026 , compared to 15.6 % for the three months ended March 31, 2025 .

The Company's effective income tax rate for the three months ended March 31, 2026 was higher than the applicable statutory income tax rate of 21 % as a result of certain foreign earnings being subject to higher local statutory tax rates and our U.S.

deferred tax activity.

The Company's effective income tax rate for the three months ended March 31, 2025 was lower than the applicable statutory income tax rate of 21 %, mainly as a result of our U.S.

deferred tax activity on the repurchase of the 2049 Convertible Notes.

The Organization for Economic Co-operation and Development (“OECD”) Pillar 2 guidelines published to date include transition and safe harbor rules around the implementation of the Pillar 2 global minimum tax of 15 %.

Based on current enacted legislation effective in 2025, the Company does not expect a material impact in 2025.

Based on current legislation, the Company does not expect a material impact in 2026.

The Company is monitoring developments and evaluating the impact these new rules will have on its future income tax provision and effective income tax rate.

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

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 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.

As of March 31, 2026 , the Company had $ 127.3 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 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.

As of March 31, 2026 , the Company had granted off balance sheet guarantees for cash in various ATM networks amounting to $ 11.7 million over the terms of the cash supply agreements and performance guarantees amounting to approximately $ 65.8 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.

3 unchanged sentences

 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 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.

As of March 31, 2026 , the balance of such cash used in the Company's ATM networks for which the Company was responsible was approximately $ 811.1 million.

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

9 unchanged sentences

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 September 30, 2025 or December 31, 2024 .

(16) LITIGATION AND CONTINGENCIES

5 unchanged sentences

These provisions are reviewed at least quarterly and adjusted to reflect the impacts of negotiations, settlements, rulings, advice of legal counsel, and other information and events pertaining to a particular case.

During July 2024, the Company received an adverse judicial decision related to withholding taxes on certain agency relationships in Italy within the Money Transfer Segment, which the Company has appealed.

In January 2025, the Company received a positive judicial decision in the same court related to the same issue but corresponding to a different taxable period.

The Company completed an assessment and concluded that it is reasonably possible that a liability has been incurred, but not probable.

Since July 2024, the Company has received multiple differing judicial decisions at the same tax court addressing withholding taxes on certain agency relationships within the Money Transfer Segment in Italy.

The Company had taken the position that the withholding tax is not applicable after consulting with tax advisors and receiving a tax opinion on September 13, 2010.

The Company, along with the tax advisors, continue to agree with the Company’s prior conclusion.

The Company completed an assessment as required under US GAAP and concluded that it is reasonably possible that a liability has been incurred, but not “probable”.

The principal amount of the agent-based withholding tax could be approximately € 19.4 million for all open periods.

1 unchanged sentence

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

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

The bank note balance of approximately $ 11.0 million was moved to other receivables as of March 31, 2026 .

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.

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

CoreCard specializes in providing technology solutions and processing services.

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.

12 unchanged sentences

Future minimum lease payments

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

Future minimum lease payments under non-cancelable operating leases (with initial lease terms in excess of one year) as of March 31, 2026 are:

As of March 31, 2026

Maturity of Lease Liabilities (in millions)

9 unchanged sentences

Income Statement Classification

Three Months Ended September 30, 2025

Three Months Ended September 30, 2024

Nine Months Ended September 30, 2025

Nine Months Ended September 30, 2024

Three months ended March 31, 2026

Three months ended March 31, 2025

Operating lease expense

5 unchanged sentences

Lease Term and Discount Rate of Operating Leases

As of September 30, 2025

As of March 31, 2026

Weighted- average remaining lease term (years)

2 unchanged sentences

(in millions)

Nine Months Ended September 30, 2025

Nine Months Ended September 30, 2024

Three months ended March 31, 2026

Three months ended March 31, 2025

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