What changed in this filing

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Item 1. Financial Statements

2026-08-04 compared with 2026-05-07 · 213 added, 120 removed, 626 unchanged (35% of the section changed)

4 unchanged sentences

(In millions, except share and per share data)

March 31, 2026

June 30, 2026

December 31, 2025

46 unchanged sentences

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

Three months ended March 31,

Three Months Ended June 30,

Six Months Ended June 30,

Operating expenses:

9 unchanged sentences

Foreign currency exchange gain (loss), net

Other (losses) gains, net

Other gains (losses), net

Other income (expense), net

11 unchanged sentences

(Unaudited, in millions)

Three months ended March 31,

Three Months Ended June 30,

Six Months Ended June 30,

Translation adjustment

Comprehensive (loss) income

Comprehensive income

Comprehensive income (loss) attributable to noncontrolling interests

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

Comprehensive income attributable to Euronet Worldwide, Inc.

See accompanying notes to the unaudited consolidated financial statements.

12 unchanged sentences

Balance as of March 31, 2025

Other comprehensive income (loss)

Stock issued under employee stock plans

Share-based compensation

Repurchase of shares

( 2,287,052 )

Balance as of June 30, 2025

Number of Shares Outstanding

9 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, 2026

EURONET WORLDWIDE, INC.

12 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, 2025

Retained Earnings

8 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, 2026

See accompanying notes to the unaudited consolidated financial statements.

3 unchanged sentences

(Unaudited, in millions)

Three months ended March 31,

Six Months Ended June 30,

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

43 unchanged sentences

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

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.

Euronet Worldwide, Inc.

and its subsidiaries provide electronic payment, transaction-processing and cross-border payment services to financial institutions, merchants, businesses and consumers in more than 200 countries and territories.

The Company’s services include merchant acquiring, automated teller machine transaction processing, point-of-sale and prepaid product distribution, money transfer and foreign exchange services, and card-issuing and payment-processing technology.

Basis of Presentation

9 unchanged sentences

The results of operations for interim periods are not necessarily indicative of the results to be expected for the full year ending December 31, 2026 .

Euronet’s EFT Processing Segment normally experiences its heaviest demand for dynamic currency conversion ("DCC") services during the third quarter of the fiscal year, normally coinciding with the tourism season.

Euronet’s Payments Infrastructure Segment (formerly known as the EFT Segment) normally experiences its heaviest demand for dynamic currency conversion ("DCC") services during the third quarter of the fiscal year, normally coinciding with the tourism season.

The epay Segment is normally impacted by seasonality during the fourth quarter and first quarter of each year due to higher transaction levels during the holiday season and lower levels following the holiday season.

Also, epay sells large loyalty rewards campaigns to retailers, which could be deployed in any given quarter and will impact the activity in that quarter accordingly.

Seasonality in the Money Transfer Segment varies by region of the world.

In most markets, Euronet usually experiences increased demand for money transfer services from the month of May through the fourth quarter of each year, coinciding with the increase in worker migration patterns and various holidays, and its lowest transaction levels during the first quarter of the year.

Seasonality in the Cross-Border Payments Segment (formerly known as the Money Transfer Segment) varies by region.

In many markets, demand for money transfer services generally increases from May through the fourth quarter due to seasonal employment patterns and holidays and is generally lowest during the first quarter.

(2) RECENTLY ISSUED ACCOUNTING PRONOUNCEMENTS

2 unchanged sentences

Clarifying the Effective Date to clarify the effective date of ASU 2024-03.

The amendments require Comprehensive Income to expand income statement expense disclosures and require disclosure in the notes to the financial statements of specified information about certain costs and expenses.

The amendments require additional disclosures of specified categories of expenses intended in the Comprehensive Income presentation.

ASU 2024-03 is required to be adopted for fiscal years commencing after December 15, 2026 and interim reporting periods beginning after December 15, 2027 with early adoption permitted.

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.

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 and completes 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 guidance is effective for annual years beginning after December 15, 2027 and interim reporting, periods within these annual periods, with early adoption permitted.

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

8 unchanged sentences

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, $ 12.0 million to non-controlling interest and the remaining $ 17.7 million to goodwill.

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.

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.

The purchase price was allocated to the assets acquired and liabilities assumed, including identifiable intangible assets, based on their estimated fair values as of the acquisition date.

The acquisition was accounted for as a business combination in accordance with U.S.

GAAP, and the results of operations have been included in the Cross-Border Payments segment since the acquisition date.

CoreCard (USA)

3 unchanged sentences

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.

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

No contingent consideration, escrow, or holdback was recognized.

27 unchanged sentences

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.

Preliminary goodwill of $ 88.4 million reflects anticipated synergies, assembled workforce, and the strategic benefit of integrating CoreCard’s issuing technology into the Company’s platform.

Goodwill primarily represents anticipated synergies, the value of the assembled workforce and the strategic benefits expected from integrating CoreCard’s issuing and processing technology with the Company’s payment platforms.

The merger was intended to qualify as a tax-free reorganization under applicable provisions of the Internal Revenue Code.

Accordingly, the goodwill recognized in the acquisition is not expected to be deductible for income tax purposes.

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.

The purchase price allocation remains preliminary as the Company continues to evaluate certain identifiable intangible assets, working capital accounts, and related deferred taxes within the ASC 805 measurement period.

During the measurement period, the Company recorded an immaterial adjustment to goodwill.

Additional adjustments identified during the remainder of the measurement period may be recorded retrospectively to the acquisition date, with corresponding adjustments to goodwill.

Identifiable Intangible Assets and Estimated Useful Lives

3 unchanged sentences

Intangibles subject to amortization (preliminary, in millions):

Identifiable Intangible Assets and Estimated Useful Lives

(Preliminary — in millions)

14 unchanged sentences

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).

From January 1, 2026 to June 30, 2026, CoreCard contributed revenue of $ 52.0 million, gross margin of $ 29.5 million and operating income of $ 12.0 million to consolidated results (excludes purchase accounting amortization).

(4) SETTLEMENT ASSETS AND OBLIGATIONS

6 unchanged sentences

Receivables from business partners represent funds collected by such business partners that are in transit to the Company.

Settlement obligations consist of accrued expenses for money transfers, content providers, and EFT customer deposits and accounts payable to agents and content providers.

Settlement obligations consist of accrued expenses for money transfers, content providers, and electronic funds transfer customer deposits and accounts payable to agents and content providers.

Money transfer accrued expenses represent amounts to be paid to transferees when they request funds.

3 unchanged sentences

(in millions)

March 31, 2026

June 30, 2026

December 31, 2025

11 unchanged sentences

(in millions)

March 31, 2026

June 30, 2026

December 31, 2025

March 31, 2025

June 30, 2025

December 31, 2024

9 unchanged sentences

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

(in millions)

Three months ended March 31,

(earnings in millions, shares in actual amounts)

Three Months Ended June 30,

Six Months Ended June 30,

Computation of diluted earnings:

Net income attributable to Euronet Worldwide, Inc.

Interest expense from assumed conversion of convertible notes, net of tax

6 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 5.6 million for the three months ended March 31, 2026 and 3.6 million for the three months ended March 31, 2025 , 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 and six months ended June 30, 2026 and 3.9 million for the three and six months ended June 30, 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 March 31, 2026 .

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 .

The issuance of the 2030 Convertible Notes increased the weighted average incremental shares from assumed conversion from 0.2 million and 1.2 million in the three and six months ended June 30, 2025, respectively, to 8.0 million in both the three and six months ended June 30, 2026.

The decrease in the three months ended June 30, 2025 compared to the six months ended June 30, 2025 was due to the repurchase of the 2049 Convertible Notes for the three months ended June 30, 2026 .

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

1 unchanged sentence

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

As of June 30, 2026 , approximately $ 118.4 million in value of additional shares were available to be repurchased under this repurchase program.

On February 24, 2026, the Company put a repurchase program in place to repurchase up to $ 425 million in value, but not more than 10 million shares of common stock.

The Company has not made any repurchases under this plan.

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 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 .

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

The Company recorded foreign currency translation adjustments of $ 24.5 million and $ 69.9 million for the three and six months ended June 30, 2026 and $ 186.0 million and $ 270.0 million for the three and six months ended June 30, 2025 , 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, 2026 and 2025 .

( 6 ) GOODWILL AND ACQUIRED INTANGIBLE ASSETS, NET

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

A summary of acquired intangible assets and goodwill activity for the six months ended June 30, 2026 is presented below:

(in millions)

2 unchanged sentences

Foreign currency exchange rate changes

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 .

Balance as of June 30, 2026

Of the total goodwill balance of $ 1,022.8 million as of June 30, 2026 , $ 394.7 million relates to the Cross-Border Payments Segment, $ 557.9 million relates to the Payments Infrastructure Segment and the remaining $ 70.2 million relates to the epay Segment.

Estimated amortization expense on acquired intangible assets with finite lives as of June 30, 2026 , is expected to total $ 19.1 million for the remainder of 2026 , $ 35.9 million for 2027 , $ 23.9 million for 2028 , $ 19.7 million for 2029 , $ 19.7 million for 2030 and $ 18.8 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 $ 3.5 million at March 31, 2026 .

The aggregate outstanding principal and accrued interest under the 2028 Notes and the 2030 Note were $ 85.0 million and $ 3.9 million at June 30, 2026 .

The aggregate outstanding principal and accrued interest under the 2028 Notes and the 2030 Note were $ 85.0 million and $ 3.0 million at December 31, 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.

The convertible notes are accounted for as loans receivable at amortized cost in accordance with Accounting Standards Codification ("ASC") Topic 310, Receivables.

The Company evaluates the collectability of the convertible notes and records an allowance for expected credit losses, when necessary, in accordance with ASC Topic 326, Financial Instruments—Credit Losses, including the guidance in ASC Subtopic 326-20, Financial Instruments—Credit Losses—Measured at Amortized Cost.

Based on its evaluation as of June 30, 2026, the Company concluded that no allowance for expected credit losses was necessary.

(8) ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES

1 unchanged sentence

( in millions)

March 31, 2026

June 30, 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 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.

The decrease in the deferred revenue balance for the six months ended June 30, 2026 was primarily driven by $ 27.6 million of revenues recognized that were included in the deferred revenue balance as of December 31, 2025 and $ 29.0 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)

March 31, 2026

June 30, 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 March 31, 2026 .

The Company was in compliance with all debt covenants as of June 30, 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 March 31, 2026 , $ 33.2 million of the 2049 Convertible Notes remain outstanding.

As of June 30, 2026 , $ 33.2 million of the 2049 Convertible Notes remain outstanding.

2030 Convertible Notes

13 unchanged sentences

1.375 % Senior Notes due 2026

On May 22, 2019, the Company completed the sale of € 600.0 million ($ 669.9 million) aggregate principal amount of Senior Notes that are due in May 2026 (the “Senior Notes”).

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 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.

On May 22, 2019, the Company completed the sale of € 600.0 million ($ 669.9 million) aggregate principal amount of Senior Notes that were due in May 2026 (the “Senior Notes”).

The Senior Notes accrued interest at a rate of 1.375 % per year, payable annually in arrears.

During the second quarter of 2026, the Company repaid the € 600.0 million principal amount outstanding under the Senior Notes upon maturity.

As of June 30, 2026, no amounts were outstanding under the Senior Notes.

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 .

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 March 31, 2026 , was 5.41 %.

On June 15, 2026, the Company entered into an uncommitted demand credit agreement with U.S.

Bank National Association providing for a discretionary, non-revolving credit facility of up to $ 100 million.

The facility may be used solely to provide vault cash for automated teller machines owned by the Company and its wholly owned subsidiaries.

Advances under the facility are made solely at the lender's discretion, are payable on demand, and mature no later than November 15, 2026 , unless extended by the lender.

Outstanding borrowings bear interest at Daily Simple SOFR plus 1.10 %.

As of June 30, 2026, the Company had $ 100 million outstanding under the facility.

The weighted-average interest rate from loan inception date to June 30, 2026, was 4.72 %.

On June 24, 2026, the Company entered into an uncommitted non-revolving credit facility with Wells Fargo Bank, National Association providing for borrowings of up to $ 300 million.

The facility may be used solely to provide vault cash for automated teller machines owned by the Company and its wholly owned subsidiaries.

The agreement expires on November 30, 2026 , unless terminated earlier by the lender.

As of June 30, 2026, the Company had $ 300 million outstanding under the facility.

Outstanding borrowings bear interest at Daily Simple SOFR plus 1.25 %.

The weighted-average interest rate from loan inception date to June 30, 2026, was 4.87 %.

On June 24, 2026, The Company entered into an Uncommitted Loan Agreement with Bank of America, N.A.

providing for an uncommitted revolving credit facility with a maximum facility of $ 400 million.

The facility may be used solely to provide vault cash for automated teller machines owned by the Company and its wholly owned subsidiaries.

Any advances under the facility are made solely at the discretion of Bank of America, which has no contractual obligation to fund borrowings and may reduce the facility limit, demand repayment of outstanding loans, or terminate the facility at any time.

The agreement expires on June 23, 2027 , unless terminated earlier by the lender.

Loans may be denominated in U.S.

dollars or euros and bear interest at rates based on Prime, Term SOFR, EURIBOR, or other rates agreed between the parties at the time of borrowing.

As of June 30, 2026, the Company had $ 400 million outstanding under the facility.

The weighted-average interest rate from loan inception date to June 30, 2026, was 4.65 %.

Other obligations

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.

On October 9, 2024, the Company completed a line of credit facility of MYR 100 million and an overdraft credit 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 March 31, 2026 $ 24.7 million was borrowed under this facility.

As of June 30, 2026 $ 24.5 million was borrowed under this line of credit 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 .

Including the Malaysian facility, there was a total of $ 31.7 million outstanding under our subsidiaries credit lines and overdraft facilities as of June 30, 2026 .

Debt Issuance Costs

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.

As of June 30, 2026 , the Company had unamortized debt issuance costs of $ 19.6 million for the 2030 Convertible Notes and $ 3.7 million for the Credit Facility that will be amortized through October 2030 and November 2029, 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 $ 549.3 million and $ 532.2 million as of March 31, 2026 and December 31, 2025 , respectively.

with a notional value of $ 422.1 million and $ 532.2 million as of June 30, 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 $ 408.1 million and $ 852.7 million as of March 31, 2026 and December 31, 2025 , respectively, primarily in euro.

The Company had foreign currency forward contracts outstanding with a notional value of $ 297.4 million and $ 852.7 million as of June 30, 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 $ 22.1 million for the three months ended March 31, 2026 and $ 22.8 million for the three months ended March 31, 2025 .

Foreign exchange revenues from Xe's total portfolio of positions were $ 22.1 million and $ 43.5 million for the three and six months ended June 30, 2026 and $ 23.7 million and $ 46.6 million for the three and six months ended June 30, 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 March 31, 2026 and December 31, 2025 was $ 0.9 billion and $ 0.7 billion, respectively.

dollar notional amount of foreign currency derivative customer contracts held by the Company in its Xe operations as of June 30, 2026 and December 31, 2025 was $ 0.8 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

March 31, 2026

June 30, 2026

December 31, 2025

Balance Sheet Location

March 31, 2026

June 30, 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 March 31, 2026 and December 31, 2025 (in millions):

The following tables summarize the gross and net fair value of derivative assets and liabilities as of June 30, 2026 and December 31, 2025 (in millions):

Offsetting of Derivative Assets

As of March 31, 2026

As of June 30, 2026

Gross Amounts of Recognized Assets

6 unchanged sentences

Offsetting of Derivative Liabilities

As of March 31, 2026

As of June 30, 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 months ended March 31, 2026 and 2025 :

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, 2026 and 2025 :

Amount of Gain Recognized in Income on

Derivative Contracts (a)

Three months ended March 31,

Three Months Ended June 30,

Six Months Ended June 30,

(in millions)

14 unchanged sentences

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

March 31, 2026

June 30, 2026

(in millions)

18 unchanged sentences

Other Fair Value Disclosures

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 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 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.

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

The carrying value of the Company's revolving credit facility approximates fair value because the interest rate is based on the Secured Overnight Financing Rate ("SOFR"), which resets at various intervals of less than one year.

The Company's convertible notes receivable are accounted for as loans receivable at amortized cost in accordance with Accounting Standards Codification ("ASC") Topic 310, Receivables, and are evaluated for expected credit losses in accordance with ASC Topic 326, Financial Instruments—Credit Losses.

The Company believes the carrying value of the convertible notes receivable approximates fair value due to the relatively short-term nature of the instruments and/or because the stated interest rates are consistent with current market rates for similar instruments.

The Company estimates the fair value of the convertible notes receivable using significant unobservable inputs, including assumptions regarding the borrowers' financial condition, expected future cash flows, discount rates and the value of the contractual conversion features.

Accordingly, the estimated fair value of the convertible notes receivable is classified as a Level 3 measurement within the fair value hierarchy.

As of June 30, 2026, the carrying amount and estimated fair value of the convertible notes receivable were both $ 88.9 million.

The Company estimates the fair value of the 2049 Convertible Notes and 2030 Convertible Notes using quoted prices in inactive markets for identical liabilities (Level 2).

As of June 30, 2026 , the fair values of the 2049 Convertible Notes and 2030 Convertible Notes were $ 30.8 million and $ 931.7 million, with carrying values of $ 33.2 million and $ 1,000.0 million respectively.

(13) SEGMENT INFORMATION

6 unchanged sentences

The accounting policies of the segments are the same as those described in the summary of significant accounting policies.

During 2026, the Company updated the names of its reportable operating segments to better align with its current business strategy and external communications.

The changes were limited to the segment names and did not affect the composition of the reportable operating segments, the manner in which the Chief Operating Decision Maker evaluates segment performance, or the presentation of previously reported segment information.

The Company has changed the name of its EFT Processing Segment to Payments Infrastructure and the name of its Money Transfer Segment to Cross-Border Payments.

These name changes more accurately reflect the products and services provided by these segments.

Euronet's reportable operating segments have been determined in accordance with ASC Topic 280, Segment Reporting ("ASC 280").

The Company currently operates in the following three reportable operating segments:

1) Through the EFT Processing Segment, the Company processes transactions for a network of ATMs and POS terminals across Europe, the Middle East, Africa, Asia Pacific and the United States.

1) Through the Payments Infrastructure Segment (formerly EFT Processing Segment), the Company processes transactions for a network of ATMs and POS terminals across Europe, the Middle East, Africa, Asia Pacific and the United States.

Euronet provides comprehensive electronic payment solutions consisting of ATM cash withdrawal and deposit services, ATM network participation, outsourced ATM and POS management solutions, credit, debit and prepaid card outsourcing, dynamic currency conversion, domestic and international surcharges and other value added services.

2 unchanged sentences

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 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.

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

Cross-Border Payments 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 offers real-time international money transfers with a special focus on emerging markets.

In addition, Ria offers safe and affordable money transfers through a global network of cash locations and online, serving over 20 million customers annually.

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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 ended March 31, 2026 and 2025 :

Three months ended March 31, 2026

The following tables present the Company's reportable segment results for the three months ended June 30, 2026 and 2025 :

Three Months Ended June 30, 2026

(in millions)

EFT Processing

Money Transfer

Payments Infrastructure

Cross-Border Payments

Corporate Services, Eliminations and Other

7 unchanged sentences

Operating income (loss)

Three months ended March 31, 2025

Three Months Ended June 30, 2025

(in millions)

EFT Processing

Money Transfer

Payments Infrastructure

Cross-Border Payments

Corporate Services, Eliminations and Other

7 unchanged sentences

Operating income (loss)

Six Months Ended June 30, 2026

(in millions)

Payments Infrastructure

Cross-Border Payments

Corporate Services, Eliminations and Other

Total revenues

Operating expenses:

Direct operating costs, exclusive of depreciation

Salaries and benefits

Selling, general and administrative

Depreciation and amortization

Total operating expenses

Operating income (expense)

Six Months Ended June 30, 2025

(in millions)

Payments Infrastructure

Cross-Border Payments

Corporate Services, Eliminations and Other

Total revenues

Operating expenses:

Direct operating costs, exclusive of depreciation

Salaries and benefits

Selling, general and administrative

Depreciation and amortization

Total operating expenses

Operating income (expense)

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

Total Assets as of

March 31, 2026

June 30, 2026

December 31, 2025

EFT Processing

Money Transfer

Payments Infrastructure

Cross-Border Payments

Corporate Services, Eliminations and Other

4 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 March 31, 2026

Three Months Ended June 30, 2026

Six Months Ended June 30, 2026

(in millions)

EFT Processing

Money Transfer

Payments Infrastructure

Cross-Border Payments

Payments Infrastructure

Cross-Border Payments

North America

Three months ended March 31, 2025

Three Months Ended June 30, 2025

Six Months Ended June 30, 2025

(in millions)

EFT Processing

Money Transfer

Payments Infrastructure

Cross-Border Payments

Payments Infrastructure

Cross-Border Payments

North America

( 14 ) INCOME TAXES

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.

The Company's effective income tax rate was 37.6 % and 39.7 % for the three and six months ended June 30, 2026 , compared to 25.6 % and 23.0 % for the three and six months ended June 30, 2025 .

The Company's effective income tax rate for the three and six months ended June 30, 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 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.

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.

(15) COMMITMENTS

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.

As of June 30, 2026 , the Company had $ 124.6 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 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.

As of June 30, 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 $ 70.7 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.

2 unchanged sentences

Such indemnification obligations include the following:

 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 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.

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

As of June 30, 2026 , the balance of such cash used in the Company's ATM networks for which the Company was responsible was approximately $ 935.0 million.

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

 In connection with contracts with financial institutions in the EFT Processing Segment, the Company is responsible for losses suffered by the Company's customers and other parties as a result of the breach of the Company's computer systems, including in particular, losses arising from fraudulent transactions made using information stolen through the Company's processing systems.

 In connection with contracts with financial institutions in the Payments Infrastructure Segment, the Company is responsible for losses suffered by the Company's customers and other parties as a result of the breach of the Company's computer systems, including in particular, losses arising from fraudulent transactions made using information stolen through the Company's processing systems.

The Company maintains 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 March 31, 2026 or December 31, 2025 .

(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.

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.

Since July 2024, the Company has received multiple differing judicial decisions in the Italian court system addressing withholding taxes on certain agency relationships within the Cross-Border Payments 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.

4 unchanged sentences

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

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

The bank note balance of approximately $ 11.0 million was moved to other receivables as of June 30, 2026 .

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

13 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 March 31, 2026 are:

As of March 31, 2026

Future minimum lease payments under non-cancelable operating leases (with initial lease terms in excess of one year) as of June 30, 2026 are:

As of June 30, 2026

Maturity of Lease Liabilities (in millions)

9 unchanged sentences

Income Statement Classification

Three months ended March 31, 2026

Three months ended March 31, 2025

Three Months Ended June 30, 2026

Three Months Ended June 30, 2025

Six Months Ended June 30, 2026

Six Months Ended June 30, 2025

Operating lease expense

5 unchanged sentences

Lease Term and Discount Rate of Operating Leases

As of March 31, 2026

As of June 30, 2026

Weighted- average remaining lease term (years)

2 unchanged sentences

(in millions)

Three months ended March 31, 2026

Three months ended March 31, 2025

Six Months Ended June 30, 2026

Six Months Ended June 30, 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