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UNITED STATES SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q



☒	QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
	For the quarterly period ended September 30, 2025



☐	TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
	For the transition period from to

Commission File Number: 001-32903

THE WESTERN UNION COMPANY

(Exact name of registrant as specified in its charter)



Delaware (State or Other Jurisdiction of Incorporation or Organization)		20-4531180 (I.R.S. Employer Identification No.)
	7001 EAST BELLEVIEW AVENUE Denver, Colorado 80237 (Address of principal executive offices)

Registrant’s telephone number, including area code: (866) 405-5012

Securities registered pursuant to Section 12(b) of the Act:



Title of each class	Trading symbol	Name of each exchange on which registered
Common Stock, $0.01 Par Value	WU	The New York Stock Exchange

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b‑2 of the Exchange Act.

Large accelerated filer ☒ Accelerated filer☐ Non-accelerated filer ☐

Smaller reporting company ☐ Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b‑2 of the Exchange Act). Yes ☐ No ☒

As of October 17, 2025, 317,844,905 shares of the registrant’s common stock were outstanding.

Table of Contents

THE WESTERN UNION COMPANY

INDEX


		PAGE NUMBER
PART I—FINANCIAL INFORMATION

Item 1.	Financial Statements (Unaudited)	3

	Condensed Consolidated Statements of Income for the three and nine months ended September 30, 2025 and 2024	3

	Condensed Consolidated Statements of Comprehensive Income for the three and nine months ended September 30, 2025 and 2024	4

	Condensed Consolidated Balance Sheets as of September 30, 2025 and December 31, 2024	5

	Condensed Consolidated Statements of Cash Flows for the nine months ended September 30, 2025 and 2024	6

	Condensed Consolidated Statements of Stockholders’ Equity for the three and nine months ended September 30, 2025 and 2024	8

	Notes to Condensed Consolidated Financial Statements	10

Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	33

Item 3.	Quantitative and Qualitative Disclosures About Market Risk	46

Item 4.	Controls and Procedures	46

	Review Report of Independent Registered Public Accounting Firm (PCAOB ID: 42)	47

PART II—OTHER INFORMATION

Item 1.	Legal Proceedings	48

Item 1A.	Risk Factors	48

Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	48

Item 3.	Defaults Upon Senior Securities	48

Item 4.	Mine Safety Disclosures	48

Item 5.	Other Information	48

Item 6.	Exhibits	49

Table of Contents

PART I

FINANCIAL INFORMATION

Item 1. Financial Statements

THE WESTERN UNION COMPANY

CONDENSED CONSOLIDATED STATEMENTS OF INCOME

(Unaudited)

(in millions, except per share amounts)


	Three Months Ended						Nine Months Ended
	September 30,						September 30,
	2025			2024			2025			2024
Revenues	$	1,032.6		$	1,036.0		$	3,042.3		$	3,151.5
Expenses:
Cost of services		643.2			653.6			1,905.2			1,958.8
Selling, general, and administrative		187.5			217.5			565.1			645.0
Total expenses		830.7			871.1			2,470.3			2,603.8
Operating income		201.9			164.9			572.0			547.7
Other income/(expense):
Interest income		2.4			2.8			5.9			9.6
Interest expense		(37.0	)		(32.2	)		(106.3	)		(89.4	)
Other income, net		0.3			0.2			3.0			3.0
Total other expense, net		(34.3	)		(29.2	)		(97.4	)		(76.8	)
Income before income taxes		167.6			135.7			474.6			470.9
Provision for/(benefit from) income taxes (Note 12)		28.0			(129.1	)		89.4			(77.6	)
Net income	$	139.6		$	264.8		$	385.2		$	548.5
Earnings per share:
Basic	$	0.43		$	0.78		$	1.17		$	1.61
Diluted	$	0.43		$	0.78		$	1.17		$	1.61
Weighted-average shares outstanding:
Basic		322.1			338.3			329.5			340.5
Diluted		322.8			339.5			330.5			341.6

See Notes to Condensed Consolidated Financial Statements.

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THE WESTERN UNION COMPANY

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

(Unaudited)

(in millions)


	Three Months Ended						Nine Months Ended
	September 30,						September 30,
	2025			2024			2025			2024
Net income	$	139.6		$	264.8		$	385.2		$	548.5
Other comprehensive income, net of reclassifications and tax (Note 9):
Unrealized gains on investment securities		12.1			33.7			32.3			27.9
Unrealized gains/(losses) on hedging activities		10.9			(14.4	)		(53.9	)		(3.4	)
Foreign currency translation adjustments		(1.9	)		1.3			5.9			1.3
Total other comprehensive income/(loss)		21.1			20.6			(15.7	)		25.8
Comprehensive income	$	160.7		$	285.4		$	369.5		$	574.3

See Notes to Condensed Consolidated Financial Statements.

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THE WESTERN UNION COMPANY

CONDENSED CONSOLIDATED BALANCE SHEETS

(Unaudited)

(in millions, except per share amounts)


	September 30,			December 31,
	2025			2024
Assets
Cash and cash equivalents	$	947.8		$	1,474.0
Settlement assets		3,267.5			3,360.8
Property and equipment, net of accumulated depreciation of $468.2 and $454.9, respectively		79.3			84.2
Goodwill		2,087.5			2,059.6
Other intangible assets, net of accumulated amortization of $629.4 and $599.0, respectively		362.9			315.4
Deferred tax asset, net		238.5			265.0
Other assets		800.5			811.5
Total assets	$	7,784.0		$	8,370.5
Liabilities and stockholders' equity
Liabilities:
Accounts payable and accrued liabilities	$	429.7		$	407.9
Settlement obligations		3,267.5			3,360.8
Income taxes payable		54.9			272.2
Deferred tax liability, net		160.6			155.6
Borrowings		2,592.2			2,940.8
Other liabilities		353.7			264.3
Total liabilities		6,858.6			7,401.6

Commitments and contingencies (Note 6)

Stockholders' equity:
Preferred stock, $1.00 par value; 10 shares authorized; no shares issued		—			—
Common stock, $0.01 par value; 2,000 shares authorized; 318.5 shares and 337.9 shares issued and outstanding as of September 30, 2025 and December 31, 2024, respectively		3.2			3.4
Capital surplus		1,102.8			1,070.8
Retained earnings/(accumulated deficit)		(24.4	)		35.2
Accumulated other comprehensive loss		(156.2	)		(140.5	)
Total stockholders' equity		925.4			968.9
Total liabilities and stockholders' equity	$	7,784.0		$	8,370.5

See Notes to Condensed Consolidated Financial Statements.

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THE WESTERN UNION COMPANY

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(Unaudited)

(in millions)


	Nine Months Ended
	September 30,
	2025			2024
Cash flows from operating activities
Net income	$	385.2		$	548.5
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation		26.8			27.6
Amortization		96.6			108.1
Other non-cash items, net		123.5			89.3
Increase/(decrease) in cash, excluding the effects of acquisitions, resulting from changes in:
Other assets		1.7			(55.8	)
Accounts payable and accrued liabilities		(15.5	)		(34.0	)
Income taxes payable		(212.9	)		(403.2	)
Other liabilities		2.9			(8.2	)
Net cash provided by operating activities		408.3			272.3
Cash flows from investing activities
Payments for capitalized contract costs		(20.2	)		(9.7	)
Payments for internal use software		(61.9	)		(59.0	)
Purchases of property and equipment		(18.6	)		(23.1	)
Purchases of settlement investments		(230.7	)		(336.3	)
Proceeds from the sale of settlement investments		75.3			176.6
Maturities of settlement investments		78.1			142.2
Other investing activities		(25.0	)		(24.8	)
Net cash used in investing activities		(203.0	)		(134.1	)
Cash flows from financing activities
Cash dividends and dividend equivalents paid (Note 9)		(234.6	)		(241.9	)
Common stock repurchased (Note 9)		(208.5	)		(182.5	)
Net proceeds from commercial paper		100.0			80.1
Net proceeds from credit facility borrowings		35.9			—
Principal payments on borrowings		(500.0	)		—
Net change in settlement obligations		(129.5	)		(151.3	)
Other financing activities		(0.1	)		(1.2	)
Net cash used in financing activities		(936.8	)		(496.8	)
Net change in cash and cash equivalents, including settlement, and restricted cash		(731.5	)		(358.6	)
Cash and cash equivalents, including settlement, and restricted cash at beginning of period		2,106.9			1,786.2
Cash and cash equivalents, including settlement, and restricted cash at end of period	$	1,375.4		$	1,427.6

See Notes to Condensed Consolidated Financial Statements.

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THE WESTERN UNION COMPANY

SUPPLEMENTAL CASH FLOW INFORMATION

(Unaudited)

(in millions)


	September 30,
	2025		2024
Reconciliation of balance sheet cash and cash equivalents to cash flows:
Cash and cash equivalents on balance sheet	$	947.8	$	1,097.6
Settlement cash and cash equivalents (Note 8)		424.8		327.2
Restricted cash in Other assets		2.8		2.8
Cash and cash equivalents, including settlement, and restricted cash at end of period	$	1,375.4	$	1,427.6

	Nine Months Ended
	September 30,
	2025		2024
Supplemental cash flow information:
Interest paid	$	96.3	$	82.9
Income taxes paid	$	278.1	$	321.7

See Notes to Condensed Consolidated Financial Statements.

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THE WESTERN UNION COMPANY

CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY

(Unaudited)

(in millions)


									Retained			Accumulated
									Earnings/			Other			Total
	Common Stock						Capital		(Accumulated			Comprehensive			Stockholders'
	Shares			Amount			Surplus		Deficit)			Loss			Equity
Balance, December 31, 2024		337.9		$	3.4		$	1,070.8	$	35.2		$	(140.5	)	$	968.9
Net income		—			—			—		123.5			—			123.5
Stock-based compensation		—			—			10.6		—			—			10.6
Common stock dividends and dividend equivalents declared ($0.235 per share)		—			—			—		(80.5	)		—			(80.5	)
Repurchase and retirement of common shares		(7.5	)		(0.1	)		—		(81.6	)		—			(81.7	)
Shares issued under stock-based compensation plans		1.7			—			—		—			—			—
Other comprehensive loss (Note 9)		—			—			—		—			(1.4	)		(1.4	)
Balance, March 31, 2025		332.1			3.3			1,081.4		(3.4	)		(141.9	)		939.4
Net income		—			—			—		122.1			—			122.1
Stock-based compensation		—			—			11.5		—			—			11.5
Common stock dividends and dividend equivalents declared ($0.235 per share)		—			—			—		(77.5	)		—			(77.5	)
Repurchase and retirement of common shares		(8.0	)		(0.1	)		—		(76.4	)		—			(76.5	)
Shares issued under stock-based compensation plans		0.2			—			—		—			—			—
Other comprehensive loss (Note 9)		—			—			—		—			(35.4	)		(35.4	)
Balance, June 30, 2025		324.3			3.2			1,092.9		(35.2	)		(177.3	)		883.6
Net income		—			—			—		139.6			—			139.6
Stock-based compensation		—			—			9.9		—			—			9.9
Common stock dividends and dividend equivalents declared ($0.235 per share)		—			—			—		(77.7	)		—			(77.7	)
Repurchase and retirement of common shares		(6.0	)		—			—		(51.1	)		—			(51.1	)
Shares issued under stock-based compensation plans		0.2			—			—		—			—			—
Other comprehensive income (Note 9)		—			—			—		—			21.1			21.1
Balance, September 30, 2025		318.5		$	3.2		$	1,102.8	$	(24.4	)	$	(156.2	)	$	925.4

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												Accumulated
												Other			Total
	Common Stock						Capital		Accumulated			Comprehensive			Stockholders'
	Shares			Amount			Surplus		Deficit			Loss			Equity
Balance, December 31, 2023		350.5		$	3.5		$	1,031.9	$	(389.1	)	$	(167.3	)	$	479.0
Net income		—			—			—		142.7			—			142.7
Stock-based compensation		—			—			8.7		—			—			8.7
Common stock dividends and dividend equivalents declared ($0.235 per share)		—			—			—		(81.9	)		—			(81.9	)
Repurchase and retirement of common shares		(12.3	)		(0.1	)		—		(156.7	)		—			(156.8	)
Shares issued under stock-based compensation plans		1.4			—			—		—			—			—
Other comprehensive income (Note 9)		—			—			—		—			6.2			6.2
Balance, March 31, 2024		339.6			3.4			1,040.6		(485.0	)		(161.1	)		397.9
Net income		—			—			—		141.0			—			141.0
Stock-based compensation		—			—			10.2		—			—			10.2
Common stock dividends and dividend equivalents declared ($0.235 per share)		—			—			—		(80.4	)		—			(80.4	)
Repurchase and retirement of common shares		(2.0	)		—			—		(26.9	)		—			(26.9	)
Shares issued under stock-based compensation plans		0.2			—			—		—			—			—
Other comprehensive loss (Note 9)		—			—			—		—			(1.0	)		(1.0	)
Balance, June 30, 2024		337.8			3.4			1,050.8		(451.3	)		(162.1	)		440.8
Net income		—			—			—		264.8			—			264.8
Stock-based compensation		—			—			9.5		—			—			9.5
Common stock dividends and dividend equivalents declared ($0.235 per share)		—			—			—		(81.3	)		—			(81.3	)
Repurchase and retirement of common shares		(0.1	)		—			—		(1.7	)		—			(1.7	)
Shares issued under stock-based compensation plans		0.1			—			—		—			—			—
Other comprehensive income (Note 9)		—			—			—		—			20.6			20.6
Balance, September 30, 2024		337.8		$	3.4		$	1,060.3	$	(269.5	)	$	(141.5	)	$	652.7

See Notes to Condensed Consolidated Financial Statements.

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THE WESTERN UNION COMPANY

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(Unaudited)

1. Business and Basis of Presentation

Business

The Western Union Company (“Western Union” or the “Company”) is a leader in cross-border, cross-currency money movement, payments, and digital financial services, empowering consumers, businesses, financial institutions, and governments with fast, reliable, and convenient ways to send money and make payments around the world. The Western Union brand is globally recognized. The Company’s services are available through a network of agent locations in more than 200 countries and territories and also through the Company's or its third-party digital partners' websites and mobile applications marketed under the Company’s brands (“Branded Digital”). Each location in the Company’s agent network is capable of providing one or more of the Company’s services.

The Western Union business consists of the following segments:

•

Consumer Money Transfer - The Consumer Money Transfer segment facilitates money transfers, which are primarily sent from retail agent and owned locations worldwide or through websites and mobile devices. The Company’s money transfer service is provided through one interconnected global network. This service is available for international cross-border transfers and, in certain countries, intra-country transfers.

•

Consumer Services - The Consumer Services segment includes the Company’s bill payment services, money order services, travel money services, media network, prepaid cards, lending partnerships, and digital wallets.

See Note 14 for further information regarding the Company’s segments.

There are legal or regulatory limitations on transferring certain assets of the Company outside of the countries where these assets are located. However, there are generally no limitations on the use of these assets within those countries. Additionally, the Company must meet minimum capital requirements in some countries in order to maintain operating licenses. As of December 31, 2024, the Company's restricted net assets associated with these asset limitations and minimum capital requirements totaled approximately $340 million.

Various aspects of the Company’s services and businesses are subject to United States federal, state, and local regulation, as well as regulation by foreign jurisdictions, including certain banking and other financial services regulations.

Basis of Presentation

The accompanying condensed consolidated financial statements are unaudited and were prepared in accordance with the instructions for Form 10‑Q and Article 10 of Regulation S-X. In compliance with those instructions, certain information and footnote disclosures normally included in annual consolidated financial statements prepared in accordance with generally accepted accounting principles in the United States of America (“GAAP”) have been condensed or omitted.

The unaudited condensed consolidated financial statements in this quarterly report are presented on a consolidated basis and include the accounts of the Company and its majority-owned subsidiaries. Results of operations and cash flows for the interim periods are not necessarily indicative of the results that may be expected for the entire year. All significant intercompany transactions and accounts have been eliminated as of September 30, 2025 and December 31, 2024 and for all periods presented.

In the opinion of management, these condensed consolidated financial statements include all the normal recurring adjustments necessary to fairly present the Company’s condensed consolidated results of operations, financial position, and cash flows as of September 30, 2025 and for all periods presented. These condensed consolidated financial statements

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THE WESTERN UNION COMPANY

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Continued)

(Unaudited)

should be read in conjunction with the Company’s consolidated financial statements within the Company’s Annual Report on Form 10‑K for the year ended December 31, 2024.

Consistent with industry practice, the accompanying Condensed Consolidated Balance Sheets are unclassified due to the short-term nature of the Company’s settlement obligations contrasted with the Company’s ability to invest cash awaiting to pay settlement obligations in long-term investment securities.

Use of Estimates

The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Actual results could differ from these estimates.

Recently Adopted Accounting Pronouncements

In December 2024, the Company adopted a new accounting standard that requires the Company to expand reportable segment disclosures, primarily through enhanced disclosures about significant segment expenses. The adoption of this standard did not have an impact on the Company's financial position or results of operations. Refer to Note 14 for additional information and the related disclosures.

Accounting Pronouncements Not Yet Adopted

In December 2023, the Financial Accounting Standards Board (the “FASB”) issued a new accounting pronouncement regarding income tax disclosures. The standard requires that public entities disclose more consistent and detailed categories in their statutory to effective income tax rate reconciliations and further disaggregate income taxes paid by jurisdiction. The Company is required to adopt the new standard for its 2025 annual reporting. Management is in the process of preparing to comply with the new disclosure requirements.

In November 2024, the FASB issued a new accounting pronouncement regarding the disclosure of specified information about certain costs and expenses. The standard requires that public entities disclose certain detailed information about the types of expenses included in the expense captions presented within the consolidated statements of income, provide qualitative descriptions for expenses not separately disaggregated quantitatively, and disclose an entity's definition and total amount of selling expenses. The Company is required to adopt the new standard for its 2027 annual reporting and interim periods thereafter, using either a prospective or retrospective approach. Management is currently evaluating the potential impact that the adoption of this standard will have on the Company's disclosures.

In September 2025, the FASB issued a new accounting pronouncement regarding accounting for internal-use software costs. The standard requires that entities capitalize software costs when management has authorized and is committed to funding the software project, and it is probable that the project will be completed and the software will be used to perform the function intended, referred to as the “probable-to-complete recognition threshold.” In evaluating the probable-to-complete recognition threshold, public entities are required to consider whether there is significant uncertainty associated with the software development activities. The Company is required to adopt the new standard for annual and interim periods beginning after December 15, 2027. Management is currently evaluating the potential impact that the adoption of this standard will have on the Company's results of operations, financial position, and disclosures.

2. Revenue

The Company’s revenues are primarily derived from consideration paid by customers to transfer money. These revenues vary by transaction based upon factors such as channel, send and receive locations, the send and receive funding method, the principal amount sent, and, when the money transfer involves different send and receive currencies, the difference between the exchange rate set by the Company to the customer and a rate available in the wholesale foreign exchange market. The Company also offers other consumer services, for which revenue is impacted by similar factors.

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THE WESTERN UNION COMPANY

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Continued)

(Unaudited)

The Company analyzes its different services individually to determine the appropriate basis for revenue recognition. For additional information on the Company's different services, refer to the Company’s consolidated financial statements within the Company’s Annual Report on Form 10‑K for the year ended December 31, 2024.

Revenues from consumer money transfers are included in the Company’s Consumer Money Transfer segment and revenues from consumer bill payment and other services are included in the Company’s Consumer Services segment. See Note 14 for further information on the Company’s segments.

The substantial majority of the Company’s revenue is recognized at a point in time. The following tables represent the disaggregation of revenue earned from contracts with customers by product type and region for the three and nine months ended September 30, 2025 and 2024 (in millions). The regional split of revenue shown in the tables below is based upon where transactions are initiated.


	Three Months Ended September 30, 2025
	Consumer
	Money		Consumer
	Transfer		Services		Total
Regions:
North America	$	315.0	$	38.3	$	353.3
Europe and CIS		255.1		49.8		304.9
Middle East, Africa, and South Asia		134.4		—		134.4
Latin America and the Caribbean		94.2		50.5		144.7
Asia Pacific		48.0		—		48.0
Revenues from contracts with customers	$	846.7	$	138.6	$	985.3
Other revenues (a)		31.3		16.0		47.3
Total revenues	$	878.0	$	154.6	$	1,032.6


	Three Months Ended September 30, 2024
	Consumer
	Money		Consumer
	Transfer		Services		Total
Regions:
North America	$	359.1	$	36.2	$	395.3
Europe and CIS		241.5		14.6		256.1
Middle East, Africa, and South Asia		151.0		0.1		151.1
Latin America and the Caribbean		103.1		36.0		139.1
Asia Pacific		51.8		—		51.8
Revenues from contracts with customers	$	906.5	$	86.9	$	993.4
Other revenues (a)		25.7		16.9		42.6
Total revenues	$	932.2	$	103.8	$	1,036.0

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THE WESTERN UNION COMPANY

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Continued)

(Unaudited)


	Nine Months Ended September 30, 2025
	Consumer
	Money		Consumer
	Transfer		Services		Total
Regions:
North America	$	979.5	$	112.8	$	1,092.3
Europe and CIS		737.8		93.7		831.5
Middle East, Africa, and South Asia		411.4		0.2		411.6
Latin America and the Caribbean		280.9		146.4		427.3
Asia Pacific		144.9		—		144.9
Revenues from contracts with customers	$	2,554.5	$	353.1	$	2,907.6
Other revenues (a)		81.4		53.3		134.7
Total revenues	$	2,635.9	$	406.4	$	3,042.3


	Nine Months Ended September 30, 2024
	Consumer
	Money		Consumer
	Transfer		Services		Total
Regions:
North America	$	1,089.9	$	112.8	$	1,202.7
Europe and CIS		699.8		36.0		735.8
Middle East, Africa, and South Asia		511.8		0.3		512.1
Latin America and the Caribbean		318.2		89.5		407.7
Asia Pacific		151.5		—		151.5
Revenues from contracts with customers	$	2,771.2	$	238.6	$	3,009.8
Other revenues (a)		88.0		53.7		141.7
Total revenues	$	2,859.2	$	292.3	$	3,151.5

________________________________________

(a)

Includes revenue from investment income generated on settlement assets primarily related to money transfer and money order services, impacts from the Company's foreign currency cash flow hedges, and other sources.

The calculation of basic earnings per share is computed by dividing net income by the weighted-average number of shares of common stock outstanding for the period. Outstanding options to purchase Western Union stock and unvested shares of restricted stock are excluded from basic shares outstanding. Diluted earnings per share reflects the potential dilution that could occur if outstanding stock options at the presented dates are exercised and shares of restricted stock have vested, using the treasury stock method. The treasury stock method assumes proceeds from the exercise price of stock options and the unamortized compensation expense of options and restricted stock are available to acquire shares at an average market price throughout the period, and therefore, reduce the dilutive effect.

Shares excluded from the diluted earnings per share calculation were 17.1 million and 11.3 million for the three months ended September 30, 2025 and 2024, respectively, and 16.1 million and 11.7 million for the nine months ended September 30, 2025 and 2024, respectively. The effect of these shares was anti-dilutive under the treasury stock method, as the assumed proceeds of the options and restricted stock per unit were above the Company's average share price during the periods.

The following table provides the calculation of diluted weighted-average shares outstanding (in millions):

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THE WESTERN UNION COMPANY

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Continued)

(Unaudited)


	Three Months Ended				Nine Months Ended
	September 30,				September 30,
	2025		2024		2025		2024
Basic weighted-average shares outstanding		322.1		338.3		329.5		340.5
Common stock equivalents		0.7		1.2		1.0		1.1
Diluted weighted-average shares outstanding		322.8		339.5		330.5		341.6

4. Acquisitions

Eurochange Limited

On April 7, 2025, the Company acquired the entire share capital of Eurochange Limited (“Eurochange”). The acquisition of Eurochange better enables the Company to deliver accessible financial services to consumers by expanding its travel money services and owned locations in the United Kingdom. Eurochange primarily provides travel money services through a network of owned locations, agent locations, kiosks, and online platforms.

International Money Express, Inc.

On August 10, 2025, the Company entered into an agreement to purchase the entire share capital of International Money Express, Inc. (“Intermex”) for approximately $500 million in cash. This transaction is expected to close in mid- 2026 subject to Intermex stockholder and customary regulatory approvals. Intermex is a leading omnichannel money transfer provider, focused primarily on the United States to Latin America and the Caribbean corridors, through a network of agent retail locations, Intermex-operated stores, its mobile app, and websites.

5. Fair Value Measurements

Fair value, as defined by the relevant accounting standards, represents the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. For additional information on how the Company measures fair value, refer to the Company’s consolidated financial statements within the Company’s Annual Report on Form 10‑K for the year ended December 31, 2024.

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(Unaudited)

The following tables present the Company’s assets and liabilities, which are measured at fair value on a recurring basis, by category (in millions):


	Fair Value Measurement Using				Total
September 30, 2025	Level 1		Level 2		Fair Value
Assets:
Settlement assets:
Measured at fair value through net income:
Money market funds	$	28.1	$	—	$	28.1
Measured at fair value through other comprehensive income (net of expected credit losses recorded through net income):
State and municipal debt securities		—		1,123.0		1,123.0
Asset-backed securities		—		170.0		170.0
Corporate debt securities		—		152.1		152.1
United States government agency mortgage-backed securities		—		4.3		4.3
Other assets:
Derivatives		—		12.7		12.7
Total assets	$	28.1	$	1,462.1	$	1,490.2
Liabilities:
Other liabilities:
Derivatives	$	—	$	43.2	$	43.2
Total liabilities	$	—	$	43.2	$	43.2


	Fair Value Measurement Using				Total
December 31, 2024	Level 1		Level 2		Fair Value
Assets:
Settlement assets:
Measured at fair value through net income:
Money market funds	$	32.6	$	—	$	32.6
Measured at fair value through other comprehensive income (net of expected credit losses recorded through net income):
State and municipal debt securities		—		1,029.0		1,029.0
Asset-backed securities		—		211.2		211.2
Corporate debt securities		—		85.0		85.0
United States government agency mortgage-backed securities		—		7.1		7.1
Other assets:
Derivatives		—		29.5		29.5
Total assets	$	32.6	$	1,361.8	$	1,394.4
Liabilities:
Other liabilities:
Derivatives	$	—	$	3.6	$	3.6
Total liabilities	$	—	$	3.6	$	3.6

There were no material, non-recurring fair value adjustments in the three and nine months ended September 30, 2025. For the three and nine months ended September 30, 2024, non-recurring fair value adjustments were approximately $12 million for impairments related to the Company's assets in Russia. There were no transfers between Level 1 and Level 2 measurements during the three and nine months ended September 30, 2025 and 2024.

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(Unaudited)

Other Fair Value Measurements

The carrying amounts for many of the Company’s financial instruments, including certain cash and cash equivalents, settlement cash and cash equivalents, and settlement receivables and obligations approximate fair value due to their short maturities. The Company’s borrowings are classified as Level 2 within the valuation hierarchy, and the aggregate fair value of these borrowings was based on quotes from multiple banks. Fixed-rate notes are carried in the Company’s Condensed Consolidated Balance Sheets at their original issuance values as adjusted over time to accrete that value to par. As of September 30, 2025, the carrying value and fair value of the Company’s borrowings were $2,592.2 million and $2,586.8 million, respectively (see Note 11). As of December 31, 2024, the carrying value and fair value of the Company’s borrowings were $2,940.8 million and $2,876.7 million, respectively.

6. Commitments and Contingencies

Letters of Credit and Bank Guarantees

The Company had approximately $115 million in outstanding letters of credit and bank guarantees as of September 30, 2025, which were primarily held in connection with regulatory requirements, lease arrangements, and certain agent agreements. The Company expects to renew many of its letters of credit and bank guarantees prior to expiration.

The Company is subject to certain claims and litigation that could result in losses, including damages, fines, and/or civil penalties, which could be significant, and in some cases, criminal charges. The Company regularly evaluates the status of legal matters to assess whether a loss is probable and reasonably estimable in determining whether an accrual is appropriate. Furthermore, in determining whether disclosure is appropriate, the Company evaluates each legal matter to assess if there is at least a reasonable possibility that a material loss or additional material losses may have been incurred. The Company also evaluates whether an estimate of possible loss or range of loss can be made. Unless otherwise specified below, the Company believes that there is at least a reasonable possibility that a loss or additional loss may have been incurred for each of the matters described below.

For those matters that the Company believes there is at least a reasonable possibility that a loss or additional loss may have been incurred and can reasonably estimate the loss or potential loss, the reasonably possible potential litigation losses in excess of the Company’s recorded liability for probable and estimable losses was approximately $30 million as of September 30, 2025. For the remaining matters, management is unable to provide a meaningful estimate of the possible loss or range of loss because, among other reasons: (i) the proceedings are in preliminary stages; (ii) specific damages have not been sought; (iii) damage claims are unsupported and/or unreasonable; (iv) there is uncertainty as to the outcome of pending appeals or motions; (v) there are significant factual issues to be resolved; or (vi) novel legal issues or unsettled legal theories are being asserted.

The outcomes of legal actions are unpredictable and subject to significant uncertainties, and it is inherently difficult to determine whether any loss is probable or even possible. It is also inherently difficult to estimate the amount of any loss, and there may be matters for which a loss is probable or reasonably possible but not currently estimable. Accordingly, actual losses may be in excess of the established liability or the range of reasonably possible loss.

Legal Matters

In October 2015, Consumidores Financieros Asociación Civil para su Defensa, an Argentinian consumer association, filed a purported class action lawsuit in Argentina’s National Commercial Court No. 19 against the Company’s subsidiary Western Union Financial Services Argentina S.R.L. (“WUFSA”). The lawsuit alleges, among other things, that WUFSA’s fees for money transfers sent from Argentina are excessive and that WUFSA does not provide consumers with adequate information about foreign exchange rates. The plaintiff is seeking, among other things, an order requiring WUFSA to reimburse consumers for the fees they paid and the foreign exchange revenue associated with money transfers sent from

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(Unaudited)

Argentina, plus punitive damages. The complaint does not specify a monetary value of the claim or a time period. In November 2015, the Court declared the complaint formally admissible as a class action. The notice of claim was served on WUFSA in May 2016, and in June 2016 WUFSA filed a response to the claim and moved to dismiss it on statute of limitations and standing grounds. In April 2017, the Court deferred ruling on the motion until later in the proceedings. The process for notifying potential class members has been completed, and the case is in the evidentiary stage. Due to the stage of this matter, the Company is unable to predict the outcome or the possible loss or range of loss, if any, associated with this matter. WUFSA intends to defend itself vigorously.

In late 2017, three individuals filed a lawsuit against certain alleged Western Union entities (collectively, the “Defendants”) in the Commercial Court in Kinshasa-Gombe in the Democratic Republic of the Congo (“DRC”), which was later joined by three additional individuals. These six individuals (the “Plaintiffs”), including current and/or former DRC government officials, claim that their privacy rights were violated and sought €22.4 million in damages. In 2018, the Commercial Court in Kinshasa-Gombe entered a judgment against the Defendants in the amount of €10.5 million ($12.3 million as of September 30, 2025). In 2019, the Commercial Court in Kinshasa-Gombe entered a judgment against the Company in the amount of €9 million ($10.5 million as of September 30, 2025). The Plaintiffs have previously sought and may continue to attempt to seize funds from the Company’s independent agents in the DRC to satisfy the judgments. The Defendants have learned that certain challenges to the judgments have been denied. The Defendants and the Company intend to continue to challenge both judgments and defend themselves vigorously in these matters.

In addition to the principal matters described above, the Company is a party to a variety of other legal matters that arise in the normal course of the Company’s business. While the results of these other legal matters cannot be predicted with certainty, management believes that the final outcome of these matters will not have a material adverse effect either individually or in the aggregate on the Company’s financial condition, results of operations, or cash flows.

The Company has ownership interests in certain of its agents accounted for under the equity method of accounting. The Company pays these agents commissions for money transfer and other services provided on the Company’s behalf. Commission expense recognized for these agents totaled $10.1 million and $11.3 million for the three months ended September 30, 2025 and 2024, respectively, and $30.6 million and $32.5 million for the nine months ended September 30, 2025 and 2024, respectively.

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(Unaudited)

8. Settlement Assets and Obligations

Settlement assets represent funds received or to be received from agents and others for unsettled money transfers, money orders, and consumer payments. The Company records corresponding settlement obligations relating to amounts payable under money transfers, money orders, and consumer payment service arrangements.

Settlement assets and obligations consisted of the following (in millions):


	September 30, 2025			December 31, 2024
Settlement assets:
Cash and cash equivalents	$	424.8		$	631.6
Receivables from agents and others		1,410.0			1,421.7
Less: Allowance for credit losses		(16.7	)		(24.7	)
Receivables from agents and others, net

Item 1. Financial Statements

1. Business and Basis of Presentation

Business

Basis of Presentation

Use of Estimates

2. Revenue

3. Earnings Per Share

4. Acquisitions

5. Fair Value Measurements

Other Fair Value Measurements

6. Commitments and Contingencies

Letters of Credit and Bank Guarantees

Litigation and Related Contingencies

Legal Matters

7. Related Party Transactions

8. Settlement Assets and Obligations

Western Union CO 10-Q