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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

Commission File Number: 001-31648

EURONET WORLDWIDE, INC.

(Exact name of registrant as specified in its charter)

Delaware		74-2806888
(State or other jurisdiction of incorporation or organization)		(I.R.S. Employer Identification No.)
11400 Tomahawk Creek Parkway, Suite 300
Leawood,	Kansas	66211
(Address of principal executive offices)		(Zip Code)

(913) 327-4200

(Registrant’s telephone number, including area code)

(Former name, former address and former fiscal year, if changed since last report)

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

Title of each class	Trading Symbol(s)	Name of each exchange on which registered
Common Stock	EEFT	Nasdaq Global Select Market
1.375% Senior Notes due 2026	EEFT26	Nasdaq Global Market

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 ☑

On November 4, 2025, Euronet Worldwide, Inc. had 42,044,681 shares of common stock outstanding.

EURONET WORLDWIDE, INC. AND SUBSIDIARIES

Table of Contents

		Page

PART I—FINANCIAL INFORMATION
Item 1.	Financial Statements (unaudited)	1
	Consolidated Balance Sheets as of September 30, 2025 and December 31, 2024	1
	Consolidated Statements of Operations for the Three and Nine Months Ended September 30, 2025 and 2024	2
	Consolidated Statements of Comprehensive Income (loss) for the Three and Nine Months Ended September 30, 2025 and 2024	3
	Consolidated Statements of Changes in Equity for the Three and Nine Months Ended September 30, 2025 and 2024	4
	Consolidated Statements of Cash Flows for the Nine Months Ended September 30, 2025 and 2024	6
	Notes to the Unaudited Consolidated Financial Statements	7
Item 2.	Management's Discussion and Analysis of Financial Condition and Results of Operations	25
Item 3.	Quantitative and Qualitative Disclosures About Market Risk	40
Item 4.	Controls and Procedures	41
PART II—OTHER INFORMATION
Item 1.	Legal Proceedings	42
Item 1A.	Risk Factors	42
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	43
Item 5	Other Information	44
Item 6.	Exhibits	44
	Signatures	45

PART I—FINANCIAL INFORMATION

ITEM 1. FINANCIAL STATEMENTS (UNAUDITED)

EURONET WORLDWIDE, INC. AND SUBSIDIARIES

CONSOLIDATED BALANCE SHEETS

(In millions, except share and per share data)

	As of
		September 30, 2025		December 31, 2024
		(unaudited)
ASSETS
Current assets:
Cash and cash equivalents	$	1,172.5	$	1,278.8
ATM cash		848.4		643.8
Restricted cash		44.2		9.2
Settlement assets		1,555.9		1,522.7
Trade accounts receivable, net of credit losses of $6.6 and $4.2		297.2		284.9
Prepaid expenses and other current assets		323.2		297.1
Total current assets		4,241.4		4,036.5
Operating right of use lease assets		150.7		132.1
Property and equipment, net of accumulated depreciation of $665.7 and $589.6		366.8		329.7
Goodwill		949.9		859.2
Acquired intangible assets, net of accumulated amortization of $256.8 and $226.5		199.1		188.9
Other assets, net of accumulated amortization of $93.1 and $82.6		279.9		226.7
Convertible notes receivable		87.6		61.4
Total assets	$	6,275.4	$	5,834.5
LIABILITIES AND EQUITY
Current liabilities:
Settlement obligations	$	1,555.9	$	1,522.7
Trade accounts payable		209.5		223.8
Accrued expenses and other current liabilities		455.4		475.7
Current portion of operating lease obligations		54.2		48.3
Short-term debt obligations and current maturities of long-term debt obligations		1,232.0		812.7
Income taxes payable		111.0		86.4
Deferred revenue		55.2		56.4
Total current liabilities		3,673.2		3,226.0
Debt obligations, net of current portion		1,071.3		1,134.4
Operating lease obligations, net of current portion		100.3		87.4
Deferred income taxes		59.9		71.8
Other long-term liabilities		92.1		85.7
Total liabilities		4,996.8		4,605.3
Equity:
Euronet Worldwide, Inc. stockholders’ equity:
Preferred Stock, $0.02 par value. 10,000,000 shares authorized; none issued		—		—
Common Stock, $0.02 par value. 90,000,000 shares authorized; shares issued 64,981,164 and 64,788,755		1.3		1.3
Additional paid-in-capital		1,340.6		1,370.1
Treasury stock, at cost, shares issued 25,289,807 and 21,061,140		(2,198.8)		(1,755.2)
Retained earnings		2,191.9		1,934.0
Accumulated other comprehensive loss		(71.7)		(321.5)
Total Euronet Worldwide, Inc. stockholders’ equity		1,263.3		1,228.7
Noncontrolling interests		15.3		0.5
Total equity		1,278.6		1,229.2
Total liabilities and equity	$	6,275.4	$	5,834.5

See accompanying notes to the unaudited consolidated financial statements.

EURONET WORLDWIDE, INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF OPERATIONS

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

		Three Months Ended September 30,				Nine Months Ended September 30,
		2025		2024		2025		2024
Revenues	$	1,145.7	$	1,099.3	$	3,135.5	$	2,942.5
Operating expenses:
Direct operating costs, exclusive of depreciation		643.9		634.0		1,825.5		1,748.5
Salaries and benefits		187.4		169.6		525.0		482.3
Selling, general and administrative		84.6		80.6		255.4		231.9
Depreciation and amortization		34.8		32.9		100.8		99.3
Total operating expenses		950.7		917.1		2,706.7		2,562.0
Operating income		195.0		182.2		428.8		380.5
Other income (expense):
Interest income		6.2		6.5		17.7		18.1
Interest expense		(22.5)		(24.2)		(70.1)		(59.2)
Foreign currency exchange loss (gain), net		0.1		27.4		(23.7)		16.4
Other gains, net		1.4		16.5		4.3		17.2
Other income (expense), net		(14.8)		26.2		(71.8)		(7.5)
Income before income taxes		180.2		208.4		357.0		373.0
Income tax expense		(55.1)		(56.8)		(95.8)		(112.0)
Net income		125.1		151.6		261.2		261.0
Net loss attributable to noncontrolling interests		(3.1)		(0.1)		(3.2)		(0.2)
Net income attributable to Euronet Worldwide, Inc.	$	122.0	$	151.5	$	258.0	$	260.8

Earnings per share attributable to Euronet Worldwide, Inc. stockholders:
Basic	$	3.02	$	3.41	$	6.13	$	5.77
Diluted	$	2.75	$	3.21	$	5.84	$	5.45

Weighted average shares outstanding:
Basic		40,331,347		44,416,803		42,109,970		45,221,248
Diluted		44,809,457		47,554,606		44,574,528		48,421,545

See accompanying notes to the unaudited consolidated financial statements.

EURONET WORLDWIDE, INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)

(Unaudited, in millions)

		Three Months Ended September 30,				Nine Months Ended September 30,
		2025		2024		2025		2024
Net income	$	125.1	$	151.6	$	261.2	$	261.0
Translation adjustment		(20.7)		87.1		249.3		32.1
Comprehensive income		104.4		238.7		510.5		293.1
Comprehensive income (loss) attributable to noncontrolling interests		0.5		0.3		(0.4)		0.5
Comprehensive income attributable to Euronet Worldwide, Inc.	$	104.9	$	239.0	$	510.1	$	293.6

See accompanying notes to the unaudited consolidated financial statements.

EURONET WORLDWIDE, INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY

(Unaudited, in millions, except share data)

	Number of Shares Outstanding		Common Stock		Additional Paid-in Capital		Treasury Stock
Balance as of December 31, 2023	45,777,962	$	1.3	$	1,311.6	$	(1,487.7)
Net income	—		—		—		—
Other comprehensive loss	—		—		—		—
Stock issued under employee stock plans	90,812		—		0.7		(0.5)
Share-based compensation	—		—		12.5		—
Repurchase of shares	—		—		—		—
Balance as of March 31, 2024	45,868,774		1.3		1,324.8		(1,488.2)
Net income	—		—		—		—
Other comprehensive income (loss)	—		—		—		—
Stock issued under employee stock plans	38,576		—		1.9		(1.4)
Share-based compensation	—		—		10.2		—
Repurchase of shares	(1,000,000)		—		—		(113.9)
Balance as of June 30, 2024	44,907,350		1.3		1,336.9		(1,603.5)
Net income	—		—		—		—
Other comprehensive income	—		—		—		—
Stock issued under employee stock plans	22,230		—		1.4		—
Share-based compensation	—		—		10.6		—
Repurchase of shares	(1,000,000)		—		—		(102.3)
Balance as of September 30, 2024	43,929,580	$	1.3	$	1,348.9	$	(1,705.8)

	Number of Shares Outstanding		Common Stock		Additional Paid-in Capital		Treasury Stock
Balance as of December 31, 2024	43,727,615	$	1.3	$	1,370.1	$	(1,755.2)
Net income	—		—		—		—
Other comprehensive income (loss)	—		—		—		—
Stock issued under employee stock plans	108,333		—		0.8		(2.3)
Share-based compensation	—		—		11.2		—
Repurchase of shares	(591,258)		—		—		(59.6)
Balance as of March 31, 2025	43,244,690		1.3		1,382.1		(1,817.1)
Net income	—		—		—		—
Other comprehensive income (loss)	—		—		—		—
Stock issued under employee stock plans	38,433		—		1.5		0.1
Share-based compensation	—		—		14.0		—
Acquisition	—		—		—		—
Repurchase of shares	(2,287,052)		—		—		(249.6)
Balance as of June 30, 2025	40,996,071		1.3		1,397.6		(2,066.6)
Net income	—		—		—		—
Other comprehensive income (loss)	—		—		—		—
Stock issued under employee stock plans	39,000		—		2.0		0.4
Share-based compensation	—		—		14.8		—
Repurchase of shares, including excise tax	(1,343,714)		—		—		(132.6)
Capped call, including deferred tax	—		—		(73.8)		—
Balance as of September 30, 2025	39,691,357	$	1.3	$	1,340.6	$	(2,198.8)

EURONET WORLDWIDE, INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY

(Unaudited, in millions, except share data)

		Retained Earnings		Accumulated Other Comprehensive Loss		Noncontrolling Interests		Total
Balance as of December 31, 2023	$	1,627.9	$	(203.2)	$	(0.2)	$	1,249.7
Net income (loss)		26.2		—		—		26.2
Other comprehensive loss		—		(45.0)		—		(45.0)
Stock issued under employee stock plans		—		—		—		0.2
Share-based compensation		—		—		—		12.5
Repurchase of shares		—		—		—		—
Balance as of March 31, 2024		1,654.1		(248.2)		(0.2)		1,243.6
Net income (loss)		83.1		—		0.1		83.2
Other comprehensive loss		0.1		(10.1)		—		(10.0)
Stock issued under employee stock plans		—		—		—		0.5
Share-based compensation		—		—		—		10.2
Repurchase of shares		—		—		—		(113.9)
Balance as of June 30, 2024		1,737.3		(258.3)		(0.1)		1,213.6
Net income		151.5		—		0.1		151.6
Other comprehensive income		—		86.8		0.3		87.1
Stock issued under employee stock plans		—		—		—		1.4
Share-based compensation		—		—		—		10.6
Repurchase of shares		—		—		—		(102.3)
Balance as of September 30, 2024	$	1,888.8	$	(171.5)	$	0.3	$	1,362.0

		Retained Earnings		Accumulated Other Comprehensive Loss		Noncontrolling Interests		Total
Balance as of December 31, 2024	$	1,934.0	$	(321.5)	$	0.5	$	1,229.2
Net income		38.4		—		—		38.4
Other comprehensive income (loss)		—		85.0		(1.0)		84.0
Stock issued under employee stock plans		—		—		—		(1.5)
Share-based compensation		—		—		—		11.2
Repurchase of shares		—		—		—		(59.6)
Balance as of March 31, 2025		1,972.4		(236.5)		(0.5)		1,301.7
Net income		97.6		—		0.1		97.7
Other comprehensive income (loss)		—		185.9		0.1		186.0
Stock issued under employee stock plans		—		—		—		1.6
Share-based compensation		—		—		—		14.0
Acquisition		—		—		12.0		12.0
Repurchase of shares		—		—		—		(249.6)
Balance as of June 30, 2025		2,070.0		(50.6)		11.7		1,363.4
Net income		122.0		—		3.1		125.1
Other comprehensive income (loss)		(0.1)		(21.1)		0.5		(20.7)
Stock issued under employee stock plans		—		—		—		2.4
Share-based compensation		—		—		—		14.8
Repurchase of shares, including excise tax		—		—		—		(132.6)
Capped call, including deferred tax		—		—		—		(73.8)
Balance as of September 30, 2025	$	2,191.9	$	(71.7)	$	15.3	$	1,278.6

See accompanying notes to the unaudited consolidated financial statements.

EURONET WORLDWIDE, INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF CASH FLOWS

(Unaudited, in millions)

		Nine Months Ended September 30,
		2025		2024
Net income	$	261.2	$	261.0
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization		100.8		99.3
Share-based compensation		39.8		33.3
Unrealized foreign exchange gains (loss), net		23.7		(16.4)
Deferred income taxes		(23.9)		14.0
Loss on the dissolution of majority owned subsidiary		(2.9)		—
Amortization of debt issuance costs		2.8		3.2
Changes in working capital, net of amounts acquired:
Income taxes payable, net		17.2		13.5
Trade accounts receivable, including amounts in settlement assets		144.8		427.7
Prepaid expenses and other current assets, including amounts in settlement assets		(32.0)		52.9
Trade accounts payable, including amounts in settlement obligations		(163.8)		(184.6)
Deferred revenue		(4.9)		(0.5)
Accrued expenses and other current liabilities, including amounts in settlement obligations		29.7		(1.2)
Changes in noncurrent assets and liabilities		(10.6)		(49.7)
Net cash provided by operating activities		381.9		652.5
Cash flows from investing activities:
Acquisitions, net of cash acquired		(9.3)		(91.3)
Issuance of convertible notes receivable		(25.0)		—
Purchases of property and equipment		(93.9)		(83.0)
Proceeds of property and equipment		1.4		—
Purchases of other long-term assets		(10.0)		(10.4)
Other, net		(0.2)		(0.5)
Net cash used in investing activities		(137.0)		(185.2)
Cash flows from financing activities:
Proceeds from issuance of shares		6.0		4.5
Repurchase of shares		(441.9)		(217.6)
Borrowings from credit agreements		6,948.6		5,981.8
Repayments of credit agreements		(7,413.0)		(5,986.3)
Proceeds from convertible notes		1,000.0		—
Debt issuance costs		(23.5)		—
Repayment of long-term debt		(491.8)		—
Capped call		(99.8)		—
Repayments of capital lease obligations		(1.1)		(1.4)
Net borrowing from short-term debt obligations		236.4		404.3
Proceeds received from minority interest stockholders		0.9		—
Other, net		0.3		0.1
Net cash (used in) provided by financing activities		(278.9)		185.4
Effect of exchange rate changes on cash and cash equivalents and restricted cash		236.3		42.1
Increase in cash and cash equivalents and restricted cash		202.3		694.8
Cash and cash equivalents and restricted cash at beginning of period		2,488.2		2,247.0
Cash and cash equivalents and restricted cash at end of period	$	2,690.5	$	2,941.8
Supplemental disclosure of cash flow information:
Interest paid during the period	$	53.7	$	55.3
Income taxes paid during the period	$	104.3	$	74.4

See accompanying notes to the unaudited consolidated financial statements.

EURONET WORLDWIDE, INC. AND SUBSIDIARIES

NOTES TO THE UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS

(1) GENERAL

Organization

Euronet Worldwide, Inc. (the "Company" or "Euronet") was established as a Delaware corporation on December 13, 1996 and succeeded Euronet Holding N.V. 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.

Basis of Presentation

The accompanying unaudited consolidated financial statements have been prepared from the records of the Company, in conformity with accounting principles generally accepted in the U.S. (“U.S. GAAP”) and pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC”). In the opinion of management, such unaudited consolidated financial statements contain all adjustments (consisting only of normal recurring adjustments) necessary to fairly present the consolidated financial position and the results of operations, comprehensive income, changes in equity and cash flows for the interim periods. The unaudited consolidated financial statements should be read in conjunction with the Company's audited consolidated financial statements for the year ended December 31, 2024, including the notes thereto, set forth in the Company's 2024 Annual Report on Form 10-K.

Use of Estimates

The preparation of financial statements in conformity with U.S. GAAP requires management to make certain estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the financial statements, as well as the reported amounts of revenues and expenses during the reporting period. Significant items subject to such estimates and assumptions include computing income taxes, estimating the useful lives and potential impairment of long-lived assets and goodwill, as well as allocating the purchase price to assets acquired and liabilities assumed in acquisitions and revenue recognition. Actual results could differ from those estimates. The results of operations for interim periods are not necessarily indicative of the results to be expected for the full year ending December 31, 2025.

Seasonality

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. 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.

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

(3) ACQUISITIONS

Acquisitions 2025

On May 31, 2025, Euronet completed the acquisition of a 60% equity stake in UNIDOS CO. LTD from multiple shareholders for a consideration of $20.0 million, including a probable earn out of $1.6 million. The effective date of control is June 1, 2025. The Company allocated $9.9 million of the enterprise value to customer relationships, $7.9 million to acquired net assets, $3.5 million to deferred tax liability, $12 million to non-controlling interest and the remaining $17.7 million to goodwill. The 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.

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.

(4) SETTLEMENT ASSETS AND OBLIGATIONS

Settlement assets represent funds received or to be received from agents for unsettled money transfers and from merchants for unsettled prepaid transactions. The Company records corresponding settlement obligations relating to accounts payable. Settlement assets consist of cash and cash equivalents, restricted cash, accounts receivable and prepaid expenses and other current assets. The settlement cash held at the Company is primarily generated from the monies remitted by consumers through Company agents and financial institutions in payment of the face value of the payment service or foreign currency purchased and the related fees charged to purchase the currency. The Company uses its cash and cash equivalents to pay the face value of the payment service product upon presentation by the recipient. Cash received by Company agents and merchants generally becomes available to us within two weeks after initial receipt by the business partner. 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. Money transfer accrued expenses represent amounts to be paid to transferees when they request funds. Most agents typically settle with transferees first then obtain reimbursement from us. Money order accrued expenses represent amounts not yet presented for payment. Due to the agent funding and settlement process, accrued expenses to agents represent amounts due to agents for money transfers that have not been settled with transferees.

		As of
(in millions)		September 30, 2025		December 31, 2024
Settlement assets:
Settlement cash and cash equivalents	$	480.8	$	367.2
Settlement restricted cash		144.6		189.2
Accounts receivable, net of credit losses of $41.0 and $31.7		713.3		769.5
Prepaid expenses and other current assets		217.2		196.8
Total settlement assets	$	1,555.9	$	1,522.7
Settlement obligations:
Trade account payables	$	543.5	$	628.2
Accrued expenses and other current liabilities		1,012.4		894.5
Total settlement obligations	$	1,555.9	$	1,522.7

The table below reconciles cash and cash equivalents, restricted cash, ATM cash, settlement cash and cash equivalents, and settlement restricted cash as presented within "Cash and cash equivalents and restricted cash" in the Consolidated Statement of Cash Flows.

	As of
(in millions)		September 30, 2025		December 31, 2024		September 30, 2024		December 31, 2023
Cash and cash equivalents	$	1,172.5	$	1,278.8	$	1,524.1	$	1,254.2
Restricted cash		44.2		9.2		18.9		15.2
ATM cash		848.4		643.8		805.4		525.2
Settlement cash and cash equivalents		480.8		367.2		438.6		327.4
Settlement restricted cash		144.6		189.2		154.8		125.0
Cash and cash equivalents and restricted cash at end of period	$	2,690.5	$	2,488.2	$	2,941.8	$	2,247.0

(5) STOCKHOLDERS' EQUITY

Earnings Per Share

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

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

(in millions)		Three Months Ended September 30,				Nine Months Ended September 30,
		2025		2024		2025		2024
Computation of diluted earnings:
Net income	$	122.0	$	151.5	$	258.0	$	260.8
Add: Interest expense from assumed conversion of convertible notes, net of tax		1.0		1.1		2.1		3.2
Net income for diluted earnings per share calculation	$	123.0	$	152.6	$	260.1	$	264.0

Computation of diluted weighted average shares outstanding:
Basic weighted average shares outstanding		40,331,347		44,416,803		42,109,970		45,221,248
Incremental shares from assumed exercise of stock options and vesting of restricted stock units		366,087		355,985		350,510		418,479
Incremental shares from assumed conversion of convertible debt		4,112,023		2,781,818		2,114,048		2,781,818
Diluted weighted average shares outstanding		44,809,457		47,554,606		44,574,528		48,421,545

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.

Euronet issued Convertible Senior Notes ("Convertible Notes") due March 2049 (the “2049 Convertible Notes”) and due October of 2030 (the “2030 Convertible Notes”). The Convertible Notes currently have a settlement feature requiring us upon conversion to settle the principal amount of the debt and any conversion value in excess of the principal value ("conversion premium"), for cash or shares of Euronet's common stock or a combination thereof, at the Company's option. Incremental shares assumed for conversion of Convertible Notes are required to be included in the dilutive earnings per share calculation, if dilutive, regardless of whether the market price trigger has been met. Therefore, the Convertible Notes are included in the calculation of diluted earnings per share if their inclusion is dilutive. The dilutive effect increases the more the market price exceeds the applicable conversion price for each series of the Convertible Notes.

In August 2025, in connection with the offering of the 2030 Convertible Notes, the Company entered into several Capped Call Options with various counterparties, which cover, subject to anti-dilution adjustments substantially similar to those in the 2030 Convertible Notes, an aggregate of 7.9 million shares of the Company’s common stock, the same number of shares that initially would be issuable upon conversion of the 2030 Convertible Notes. The Capped Call Options meet the criteria for classification as equity and, as such, are not remeasured each reporting period. During the third quarter of 2025, the Company paid $99.8 million for the Capped Call Options, which was recorded as a reduction to “Additional paid-in capital” within the Company’s consolidated financial statements along with the offsetting associated deferred tax impact of $26.0 million.

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

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

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

Share repurchases

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

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.

(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:

		Acquired				Total
		Intangible				Intangible
(in millions)		Assets		Goodwill		Assets
Balance as of December 31, 2024	$	188.9	$	859.2	$	1,048.1
Increases (decreases):
Acquisition		9.9		17.7		27.6
Impairment		—		—		—
Amortization		(14.2)		—		(14.2)
Foreign currency exchange rate changes		14.5		73.0		87.5
Balance as of September 30, 2025	$	199.1	$	949.9	$	1,149.0

Of the total goodwill balance of $949.9 million as of September 30, 2025, $400.1 million relates to the Money Transfer Segment, $478.5 million relates to the EFT Processing Segment and the remaining $71.3 million relates to the epay Segment. Estimated amortization expense on acquired intangible assets with finite lives as of September 30, 2025, is expected to total $4.9 million for the remainder of 2025, $19.6 million for 2026, $18.3 million for 2027, $17.8 million for 2028, $17.8 million for 2029 and $17.7 million for 2030.

(7) CONVERTIBLE NOTES RECEIVABLE

The Company loaned $60.0 million to Koin Mobile, LLC and Marker Trax, LLC under two promissory notes (the "2028 Notes"), which were fully executed on October 19, 2023. Under the terms of the 2028 Notes, interest will accrue on the Notes at 2% per annum and all unpaid principal and interest will be due and payable on October 18, 2028 if not converted earlier as discussed below.

On March, 27, 2025, the Company loaned $25 million to Marker Trax Digital, LLC under a promissory note (the "2030 Note"). Under the terms of the 2030 Note, interest will accrue on the 2030 Note at 2% per annum and all unpaid principal and interest will be due and payable on March 27, 2030 if not converted earlier as discussed below.

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 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.

(8) ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES

Accrued expenses and other current liabilities consist of the following:

	As of
(in millions)		September 30, 2025		December 31, 2024
Accrued expenses	$	326.4	$	322.4
Other tax payables		21.8		22.8
Derivative liabilities		33.3		53.7
Accrued payroll expenses		72.7		75.5
Current portion of capital lease obligations		1.2		1.3
Total	$	455.4	$	475.7

(9) DEFERRED REVENUES

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.

(10) DEBT OBLIGATIONS

Debt obligations consist of the following:

		As of
(in millions)		September 30, 2025		December 31, 2024
Credit Facility:
Revolving credit agreement	$	56.6	$	520.4
Notes:
0.625% convertible notes, unsecured, due 2030		1,000.0		—
0.75% convertible notes, unsecured, due 2049		33.2		525.0

1.375% Senior Notes, due 2026		704.0		621.5

Uncommitted credit agreements		500.5		250.0

Other obligations		37.2		37.7

Total debt obligations		2,331.5		1,954.6
Unamortized debt issuance costs		(28.2)		(7.5)
Carrying value of debt		2,303.3		1,947.1
Short-term debt obligations and current maturities of long-term debt obligations		(1,232.0)		(812.7)
Long-term debt obligations	$	1,071.3	$	1,134.4

Credit Facility

On December 17, 2024, the Company amended its revolving credit agreement (the “Credit Facility”) to increase the facility from $1.25 billion to $1.9 billion and to extend the expiration to December 17, 2029. The amended Credit Facility includes a multi-currency borrowing tranche totaling $1,685 million and a U.S. dollar borrowing tranche totaling $215 million. The amended Credit Facility also removes the credit spread adjustment on SOFR and SONIA borrowings. All other terms remain substantially the same as the existing Credit Facility. The multi-currency tranche of the revolving Credit Facility contains a sublimit of up to $500 million for the issuance of letters of credit, a $75 million sublimit for U.S. dollar swingline loans and a $75 million sublimit for swingline loans in euros or British pounds sterling. The multi-currency tranche of the Credit Facility allows for borrowings in British pounds sterling, euro and U.S. dollars. Subject to certain conditions, the Company has the option to increase the Credit Facility by up to an additional $500 million by requesting additional commitments from existing or new lenders.

Borrowings under the revolving Credit Facility (other than swing line loans) bear interest based on a margin over a secured financing rate or the base rate, as selected by the Company, which varies from 0.875% to 1.375%, in each case based on the Company’s current credit rating. The applicable margin for borrowings under the Credit Facility, based on the Company’s current credit rating is 1.075%. In addition, the Company pays a facility fee on the total commitments made under the revolving Credit Facility, which varies from 0.125% to 0.250%. The current facility fee is 0.175%.

The agreement contains customary affirmative and negative covenants, events of default and financial covenants, including (all as defined in the Credit Facility): (i) a Consolidated Total Leverage Ratio, depending on certain circumstances defined in the Credit Facility, not to exceed a range between 3.5 to 1.0 and 4.5 to 1.0; and (ii) a Consolidated Interest Coverage Ratio of not less than 3.0 to 1.0. 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.

2049 Convertible Notes

On March 18, 2019, the Company completed the sale of $525.0 million of Convertible Senior Notes ("2049 Convertible Notes"). The 2049 Convertible Notes mature in March 2049 unless redeemed or converted prior to such date and are convertible into shares of Euronet common stock at a conversion price of approximately $188.73 per share if certain conditions are met (relating to the closing price of Euronet common stock exceeding certain thresholds for specified periods). Holders of the 2049 Convertible Notes have the option to require the Company to purchase their notes on each of March 15, 2025, March 15, 2029, March 15, 2034, March 15, 2039 and March 15, 2044 at a repurchase price equal to 100% of the principal amount of the 2049 Convertible Notes to be repurchased, plus accrued and unpaid interest to, but excluding, the relevant repurchase date. In connection with the issuance of the 2049 Convertible Notes, the Company recorded $12.8 million in debt issuance costs, which were amortized through March 1, 2025. 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.

2030 Convertible Notes

On August 15, 2025, the Company completed the sale of $1,000.0 million of Convertible Senior Notes maturing in October 2030. ("2030 Convertible Notes"). The 2030 Convertible Notes mature in October 2030 unless redeemed or converted prior to such date and are convertible into shares of Euronet common stock at a conversion price of approximately $127.04 per share if certain conditions are met (relating to the closing price of Euronet common stock exceeding certain thresholds for specified periods. The 2030 Convertible Notes will bear interest at a rate of 0.625% per year, payable semi-annually in arrears on April 1 and October 1 of each year, beginning on April 1, 2026. In connection with the issuance of the 2030 Convertible Notes, we recorded $23.5 million in debt issuance costs, which will be amortized through October 1, 2030. The 2030 Convertible Notes are convertible at the option of the holders at any time prior to the close of business on the business day immediately preceding April 1, 2030 if certain conditions are met.

Capped Call Transactions

In August 2025, in connection with the issuance of the 2030 Convertible Notes, the Company entered into privately negotiated capped call transactions (the “2023 Capped Call Transactions”) with certain of the initial purchasers of the 2030 Convertible Notes or affiliates thereof and other financial institutions (the “Option Counterparties”). The capped call transactions initially cover, subject to customary anti-dilution adjustments, the number of shares of the Company’s common stock that initially would be issuable upon conversion of the 2030 Convertible Notes. The Capped call Transactions are net purchased call options in Euronet common stock. The Capped Call Transactions are separate transactions, entered into by the Company with the Option Counterparties, and are not part of the terms of the 2030 Convertible Notes and will not change the holders’ rights under the 2030 Convertible Notes. Holders of the 2030 Convertible Notes will not have any rights with respect to the Capped Call Transactions. The Company has concluded that the 2030 Capped Call Transactions meet the scope exceptions for derivative instruments, and as such, the 2030 Capped Call Transactions meet the criteria for classification in equity and are included as a reduction to additional paid in capital.

1.375% Senior Notes due 2026

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 September 30, 2025 the Company has outstanding €600.0 million ($704.0 million) principal amount of the Senior Notes. In addition, the Company may redeem some or all of these notes on or after February 22, 2026 at their principal amount plus any accrued and unpaid interest.

Uncommitted Credit Agreements

On June 20, 2025, the Company entered into an Uncommitted Loan Agreement 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. 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%.

Other obligations

Certain of our subsidiaries have available credit lines and overdraft facilities to generally supplement short-term working capital requirements, when necessary. On October 9, 2024, the Company completed a facility of MYR 140 million and an overdraft facility of MYR 100 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.

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.

(11) DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES

The Company is exposed to foreign currency exchange risk resulting from (i) the collection of funds or the settlement of money transfer transactions in currencies other than the U.S. dollar, (ii) derivative contracts written to its customers in connection with providing cross-currency money transfer services and (iii) certain foreign currency denominated other asset and liability positions. The Company enters into foreign currency derivative contracts, primarily foreign currency forwards and cross-currency swaps, to minimize its exposure related to fluctuations in foreign currency exchange rates. As a matter of Company policy, the derivative instruments used in these activities are economic hedges and are not designated as hedges under ASC 815, primarily due to either the relatively short duration of the contract term or the effects of fluctuations in currency exchange rates are reflected concurrently in earnings for both the derivative instrument and the transaction and have an offsetting effect.

Foreign currency exchange contracts - Ria Operations and Corporate

In the United States, the Company uses short-duration foreign currency forward contracts, generally with maturities up to 14 days, to offset the fluctuation in foreign currency exchange rates on the collection of money transfer funds between initiation of a transaction and its settlement. Due to the short duration of these contracts and the Company’s credit profile, the Company is generally not required to post collateral with respect to these foreign currency forward contracts. Most derivative contracts executed with counterparties in the U.S. are governed by an International Swaps and Derivatives Association agreement that includes standard netting arrangements; therefore, asset and liability positions from forward contracts and all other foreign exchange transactions with the same counterparty are net settled upon maturity. 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. 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. dollar. The Company had foreign currency forward contracts outstanding with a notional value of $535.3 million and $710.4 million as of September 30, 2025 and December 31, 2024, respectively, primarily in euro.

Foreign currency exchange contracts - xe Operations

xe writes derivative instruments, primarily foreign currency forward contracts and cross-currency swaps, mostly with counterparties comprised of individuals and small-to-medium size businesses and derives a currency margin from this activity as part of its operations. 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. All of the derivative contracts used in the Company's xe operations are economic hedges and are not designated as hedges under ASC 815. The duration of these derivative contracts is generally less than one year.

The fair value of xe's total portfolio of positions can change significantly from period to period based on, among other factors, market movements and changes in customer contract positions. xe manages counterparty credit risk (the risk that counterparties will default and not make payments according to the terms of the agreements) on an individual counterparty basis. It mitigates this risk by entering contracts with collateral posting requirements and/or by performing financial assessments prior to contract execution, conducting periodic evaluations of counterparty performance and maintaining a diverse portfolio of qualified counterparties. xe does not expect any significant losses from counterparty defaults.

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. The significant majority of customer contracts are written in major currencies such as the euro, U.S. dollar, British pounds sterling, Australian dollar and New Zealand dollar.

Balance Sheet Presentation

The following table summarizes the fair value of the derivative instruments as recorded in the Consolidated Balance Sheets as of the dates below

Asset Derivatives

Liability Derivatives

Fair Value

Balance Sheet Location

September 30, 2025

December 31, 2024

Balance Sheet Location

September 30, 2025

December 31, 2024

Derivatives not designated as hedging instruments

Foreign currency exchange contracts

Other current assets

34.5

53.1

Other current liabilities

(33.3)

(53.7)

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

Offsetting of Derivative Assets

As of September 30, 2025		Gross Amounts of Recognized Assets		Gross Amounts Offset in the Consolidated Balance Sheet		Net Amounts Presented in the Consolidated Balance Sheet		Derivatives not offset in the Consolidated Balance Sheet		Net Amounts
Derivatives subject to a master netting arrangement or similar agreement	$	34.5	$	—	$	34.5	$	(20.0)	$	14.5

As of December 31, 2024
Derivatives subject to a master netting arrangement or similar agreement	$	53.1	$	—	$	53.1	$	(22.3)	$	30.8

Offsetting of Derivative Liabilities

As of September 30, 2025		Gross Amounts of Recognized Liabilities		Gross Amounts Offset in the Consolidated Balance Sheet		Net Amounts Presented in the Consolidated Balance Sheet		Derivatives not offset in the Consolidated Balance Sheet		Net Amounts
Derivatives subject to a master netting arrangement or similar agreement	$	(33.3)	$	—	$	(33.3)	$	21.1	$	(12.2)

As of December 31, 2024
Derivatives subject to a master netting arrangement or similar agreement	$	(53.7)	$	—	$	(53.7)	$	31.7	$	(22.0)

See Note 12, Fair Value Measurements, for the determination of the fair values of derivatives.

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:

			Amount of Gain Recognized in Income on Derivative Contracts (a)
			Three Months Ended September 30,				Nine Months Ended September 30,
(in millions)	Location of Gain (Loss) Recognized in Income on Derivative Contracts		2025		2024		2025		2024
Foreign currency exchange contracts - Ria Operations	Foreign currency exchange gain(loss), net	$	0.1	$	1.6	$	1.6	$	(4.0)

(a) The Company enters into derivative contracts such as foreign currency exchange forwards and cross-currency swaps as part of its xe operations. These derivative contracts are excluded from this table as they are part of the broader disclosure of foreign currency exchange revenues for this business discussed above.

See Note 12, Fair Value Measurements, for the determination of the fair values of derivatives.

(12) FAIR VALUE MEASUREMENTS

Fair value measurements used in the unaudited consolidated financial statements are based upon the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The fair value hierarchy distinguishes between (1) market participant assumptions developed based on market data obtained from independent sources (observable inputs) and (2) an entity’s own assumptions about market participant assumptions developed based on the best information available in the circumstances (unobservable inputs). The fair value hierarchy consists of three broad levels, which gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1) and the lowest priority to unobservable inputs (Level 3). The three levels of the fair value hierarchy are described below:

 Level 1 – Unadjusted quoted prices in active markets for identical assets or liabilities.

 Level 2 – Valuations based on quoted prices for similar assets or liabilities, quoted prices in markets that are not active, or other inputs that are observable or can be corroborated by observable data for substantially the full term of the assets or liabilities.

 Level 3 – Unobservable inputs in which little or no market activity exists, therefore requiring an entity to develop its own assumptions about the inputs that market participants would use in pricing.

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

			September 30, 2025
(in millions)	Balance Sheet Classification		Level 1		Level 2		Level 3		Total
Assets
Foreign currency exchange contracts	Other current assets	$	—	$	34.5	$	—	$	34.5
Convertible notes receivable	Convertible notes receivable		—		—		87.6		87.6
Marketable securities	Marketable securities		29.6		—		—		29.6
Liabilities
Foreign currency exchange contracts	Other current liabilities	$	—	$	(33.3)	$	—	$	(33.3)

			December 31, 2024
(in millions)	Balance Sheet Classification		Level 1		Level 2		Level 3		Total
Assets
Foreign currency exchange contracts	Other current assets	$	—	$	53.1	$	—	$	53.1
Convertible notes receivable	Convertible notes receivable		—		—		56.3		56.3
Marketable securities	Marketable securities		26.7		—		—		26.7
Liabilities
Foreign currency exchange contracts	Other current liabilities	$	—	$	(53.7)	$	—	$	(53.7)

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 September 30, 2025 was based on the Secured Overnight Financing Rate ("SOFR") that resets at various intervals of less than one year. The Company estimates the fair value of the Convertible Notes and Senior Notes using quoted prices in inactive markets for identical liabilities (Level 2). As of September 30, 2025, the fair values of the 2049 Convertible Notes, 2030 Convertible Notes and Senior Notes were $31.6 million, $877.6 million and $697.8 million, respectively, with carrying values of $33.2 million, $1,000 million and $704.0 million, respectively.

(13) SEGMENT INFORMATION

Euronet's Chief Executive Officer (CEO) is the Chief Operating Decision Maker (CODM) and is responsible for assessing performance and making resource allocation decisions across the Company's operating segments. The CODM evaluates segment performance primarily based on financial metrics such as revenue, operating income, and other key performance indicators. In making resource allocation decisions, the CODM reviews segment operating income and revenue on a monthly basis to assess profitability and efficiency across segments. Additionally, the CODM considers forecast-to-actual variances in revenue, operating income, and key performance indicators as part of the forecasting process. These measures are used to guide decisions related to capital investments, personnel allocation, and strategic initiatives across the Company’s segments. The CODM also evaluates segment-level profitability and return on assets when making long-term investment decisions and assessing segment performance relative to strategic goals. The accounting policies of the segments are the same as those described in the summary of significant accounting policies.

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. 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. 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. Ria Money Transfer 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. Xe offers web and app-based currency information and industry-leading consumer and business cross-border money transfer services. Customers can send money, buy property overseas, and execute other international payments via the Xe website or app. Dandelion offers consumer and business transaction processing and fulfillment with alternative payout channels like bank accounts, cash pick-up and mobile wallets. Dandelion powers cross-border payments for Xe and Ria, as well as third party banks, fintechs, and big tech platforms.

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
(in millions)		EFT Processing		epay		Money Transfer		Corporate Services, Eliminations and Other		Consolidated
Total revenues	$	409.4	$	286.5	$	452.4	$	(2.6)	$	1,145.7
Operating expenses:
Direct operating costs, exclusive of depreciation		194.4		216.3		235.8		(2.6)		643.9
Salaries and benefits		46.6		28.0		92.6		20.2		187.4
Selling, general and administrative		13.7		9.7		58.1		3.1		84.6
Goodwill impairment		—		—		—		—		—
Depreciation and amortization		26.6		1.5		6.6		0.1		34.8
Total operating expenses		281.3		255.5		393.1		20.8		950.7
Operating income (Loss)	$	128.1	$	31.0	$	59.3	$	(23.4)	$	195.0

		Three Months Ended September 30, 2024
(in millions)		EFT Processing		epay		Money Transfer		Corporate Services, Eliminations and Other		Consolidated
Total revenues	$	373.0	$	290.3	$	438.2	$	(2.2)	$	1,099.3
Operating expenses:
Direct operating costs, exclusive of depreciation		174.3		223.5		238.4		(2.2)		634.0
Salaries and benefits		41.3		26.2		84.9		17.2		169.6
Selling, general and administrative		15.3		9.6		50.8		4.9		80.6
Goodwill impairment		—		—		—		—		—
Depreciation and amortization		24.8		1.9		6.0		0.2		32.9
Total operating expenses		255.7		261.2		380.1		20.1		917.1
Operating income (expense)	$	117.3	$	29.1	$	58.1	$	(22.3)	$	182.2

		Nine Months Ended September 30, 2025
(in millions)		EFT Processing		epay		Money Transfer		Corporate Services, Eliminations and Other		Consolidated
Total revenues	$	980.4	$	834.0	$	1,328.0	$	($6.9)	$	3,135.5
Operating expenses:
Direct operating costs, exclusive of depreciation		504.8		629.3		698.3		(6.9)		1,825.5
Salaries and benefits		121.8		78.7		268.7		55.8		525.0
Selling, general and administrative		40.9		32.3		172.3		9.9		255.4
Goodwill impairment		—		—		—		—		—
Depreciation and amortization		76.9		4.8		18.7		0.4		100.8
Total operating expenses		744.4		745.1		1,158.0		59.2		2,706.7
Operating income (expense)	$	236.0	$	88.9	$	170.0	$	(66.1)	$	428.8

		Nine Months Ended September 30, 2024
(in millions)		EFT Processing		epay		Money Transfer		Corporate Services, Eliminations and Other		Consolidated
Total revenues	$	895.6	$	808.3	$	1,244.6	$	(6.0)	$	2,942.5
Operating expenses:
Direct operating costs, exclusive of depreciation		457.9		617.1		679.5		(6.0)		1,748.5
Salaries and benefits		107.5		75.4		248.3		51.1		482.3
Selling, general and administrative		38.0		28.5		154.2		11.2		231.9
Goodwill impairment		—		—		—		—		—
Depreciation and amortization		73.5		5.4		20.0		0.4		99.3
Total operating expenses		676.9		726.4		1,102.0		56.7		2,562.0
Operating income (expense)	$	218.7	$	81.9	$	142.6	$	(62.7)	$	380.5

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

		Total Assets as of
		September 30, 2025		December 31, 2024
EFT Processing	$	3,136.4	$	2,762.2
epay		973.5		1,073.7
Money Transfer		1,845.0		1,745.5
Corporate Services, Eliminations and Other		320.5		253.1
Total	$	6,275.4	$	5,834.5

The following table presents the Company's revenues disaggregated by segment and region. Sales and usage-based taxes are excluded from revenues. The Company believes disaggregation by segment and region best depicts how the nature, amount, timing, and uncertainty of revenue and cash flows are affected by economic factors. The disaggregation of revenues by segment and region is based on management's assessment of segment performance together with allocation of financial resources, both capital and operating support costs, on a segment and regional level. 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
(in millions)		EFT Processing		epay		Money Transfer		Total		EFT Processing		epay		Money Transfer		Total
Europe	$	322.6	$	191.4	$	201.5	$	715.5	$	725.7	$	554.0	$	579.6	$	1,859.3
North America		19.8		43.6		200.5		263.9		58.8		130.9		597.3		787.0
Asia Pacific		57.8		38.8		33.1		129.7		170.7		113.5		99.4		383.6
Other		9.2		12.7		17.3		39.2		25.2		35.6		51.7		112.5
Eliminations		—		—		—		(2.6)		—		—		—		(6.9)
Total	$	409.4	$	286.5	$	452.4	$	1,145.7	$	980.4	$	834.0	$	1,328.0	$	3,135.5

		Three Months Ended September 30, 2024								Nine Months Ended September 30, 2024
(in millions)		EFT Processing		epay		Money Transfer		Total		EFT Processing		epay		Money Transfer	Total
Europe	$	294.2	$	178.2	$	186.1	$	658.5	$	671.5	$	506.3	$

EURONET WORLDWIDE, INC. 10-Q