Euronet Revises 2026 Outlook as Cross-Border Pressure Weighs on Q3 Profit

Euronet Worldwide Inc. (NASDAQ: EEFT) revised its 2026 guidance as pressure on its Cross-Border Payments business weighed on third-quarter earnings, offsetting revenue growth in Payments Infrastructure and epay. The company now expects full-year revenue of $4.375 billion, adjusted EBITDA of $725 million and adjusted earnings per share growth of approximately 10%.

For the three months ended September 30, revenue rose 1% to $1.161 billion, or 3% on a constant-currency basis. Adjusted EBITDA fell 8% to $226.1 million, representing a 6% decline at constant currency, while adjusted operating income decreased 13% to $169.9 million.

Adjusted diluted EPS declined 2% to $3.55 from $3.62 a year earlier. Net income attributable to Euronet was $113.6 million, compared with $122.0 million in the third quarter of 2025. GAAP operating income fell 12% to $171.6 million.

Cross-border weakness offsets infrastructure growth

Cross-Border Payments was the main drag on quarterly profitability. Segment revenue declined 5% to $431.0 million, while adjusted operating income fell 37% to $37.3 million and adjusted EBITDA dropped 34% to $43.6 million. On a constant-currency basis, revenue decreased 4%, adjusted operating income fell 35% and adjusted EBITDA declined 32%.

Euronet said the business was pressured by U.S. immigration enforcement measures and indicated that near-term pressure remains, although management said its long-term cross-border strategy is unchanged.

Digital channels continued to expand within the segment. Ria Digital revenue grew 30% and transactions increased 34% during the quarter. Euronet also added Taptap Send and Safaricom as Dandelion partners, purchased Sage integration intellectual property for the Xe infrastructure and launched with BSN bank in Malaysia.

Payments Infrastructure revenue increased 7% to $437.9 million. Adjusted operating income declined 1% to $126.5 million, while adjusted EBITDA rose 2% to $157.9 million. At constant currency, the segment delivered 9% revenue growth, flat adjusted operating income and 4% adjusted EBITDA growth.

During the quarter, the company added 2,750 merchants in Greece and signed payments-related agreements involving Getnet in Spain, Mastercard Payment Gateway Solutions in India, Lafise in Costa Rica and Bancoomeva in Colombia. It also launched Google Pay capabilities for merchants in Greece.

epay revenue rose 3% to $294.7 million, with adjusted operating income and adjusted EBITDA each increasing 3% to $31.8 million and $33.4 million, respectively. Constant-currency growth was 5% for both revenue and adjusted operating income and 6% for adjusted EBITDA. The segment expanded branded payments and digital content distribution through agreements and launches involving NORMA, Tisak, Riot, Epic, Sony, Amazon India and NODWIN Gaming.

Digital expansion and new platforms

Revenue from Euronet’s “digital accelerators” increased 30% in the third quarter and 33% year to date. The category includes Dandelion, Ria Digital, Xe, merchant services, payment processing and real-money gaming solutions. Management said this growth supports a shift toward higher-growth, scalable payment channels.

Euronet also launched OLON, a modular merchant platform designed to combine payment acceptance, operational integrations and value-added services. The platform is intended to support different payment methods, merchant systems and local regulatory requirements across European markets.

Separately, Euronet and Diebold Nixdorf signed a non-binding letter of intent for a global strategic collaboration in ATM outsourcing, subject to definitive agreements. The proposed partnership would combine Euronet’s ATM network and transaction-processing capabilities with Diebold Nixdorf’s ATM technology, banking software and field-service organization.

Capital position and risks

Euronet repurchased approximately 690,000 shares for $50 million during the quarter. At September 30, unrestricted cash stood at $955.4 million, compared with $1.197 billion at June 30, while total debt declined to $2.177 billion from $2.654 billion. The total-debt-to-trailing-12-month adjusted EBITDA ratio decreased to 3.1 times from 3.7 times, and the net leverage ratio fell to 1.7 times from 2.0 times.

The company said its profitable, cash-generative operations provide capacity to invest in growth and return capital to shareholders. However, its outlook remains subject to risks including immigration-policy effects on remittance corridors, currency fluctuations, inflation, geopolitical conflicts, regulatory changes, cybersecurity incidents, competition, partner fees, funding conditions and the company’s ability to integrate acquisitions and renew contracts on profitable terms.