Cash flow generation has become highly erratic, with free cash flow swinging to -$38.6M in 2026Q2 and the OCF/NI ratio collapsing to 0.34, indicating poor conversion of reported earnings into cash.
Euronet Worldwide, Inc. (EEFT) cash flow statement — 30-year operating, investing & financing cash flows
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 | Dec'06 | Dec'05 | Dec'04 | Dec'03 | Dec'02 | Dec'01 | Dec'00 | Dec'99 | Dec'98 | Dec'97 | Dec'96 |
|---|
| Cash from Operations | 255.7M | 536.3M | 732.8M | 643.1M | 748.29M | 406.58M | 253.5M | 504.49M | 397.23M | 286.28M | 391.52M | 215.05M | 235.03M | 169.33M | 184.69M | 99.31M | 108.09M | 96.05M | 91.25M | 78.34M | 95.93M | 52.3M | 44.63M | 21.66M | 6.5M | 39K | -16.36M | -20.4M | -22.8M | -6.3M | -2.3M |
| Operating CF Margin % | - | 12.64% | 18.37% | 17.44% | 22.28% | 13.57% | 10.21% | 18.34% | 15.66% | 12.71% | 19.99% | 12.13% | 14.12% | 11.98% | 14.57% | 8.55% | 10.41% | 9.3% | 8.73% | 8.54% | 15.25% | 9.85% | 11.71% | 10.59% | 8.78% | 0.06% | -31.01% | -49.16% | -191.6% | -118.87% | -176.92% |
| Operating CF Growth % | -7325.17% | -26.82% | 13.95% | -14.06% | 84.05% | 60.38% | -49.75% | 27% | 38.76% | -26.88% | 82.06% | -8.5% | 38.8% | -8.32% | 85.99% | -8.12% | 12.53% | 5.26% | 16.48% | -18.34% | 83.43% | 17.17% | 106.09% | 233.27% | 16561.54% | 100.24% | 19.82% | 10.53% | -261.9% | -173.91% | - |
| Net Income | 288.4M | 309.5M | 306.3M | 279.7M | 230.99M | 70.73M | -3.4M | 346.69M | 232.85M | 156.84M | 174.41M | 98.81M | 101.65M | 87.99M | 20.54M | 38.09M | -37.92M | 31.81M | -195.1M | 53.5M | 46.31M | 27.38M | 18.43M | 11.78M | -6.51M | 670K | -49.55M | -33.7M | -31.3M | -8M | -7.6M |
| Depreciation & Amortization | 192.3M | 138.5M | 131.8M | 132.9M | 135.86M | 135.75M | 127.02M | 111.74M | 106.02M | 95.03M | 80.53M | 70.03M | 71.45M | 65.05M | 61.69M | 60.46M | 57.5M | 55.88M | 57.21M | 50.69M | 31.08M | 23.94M | 15.8M | 12.06M | 9.66M | 9.11M | 10.62M | 10.2M | 5.1M | 1.8M | 500K |
| Stock-Based Compensation | 60.6M | 54.9M | 43.9M | 53.7M | 44.1M | 36.5M | 21.95M | 21.44M | 16.76M | 15.62M | 14.98M | 12.8M | 12.9M | 11.46M | 11.82M | 10.76M | 9.29M | 7.93M | 8.55M | 7.74M | 7.42M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Deferred Taxes | 16.5M | 0 | 18.5M | 13.7M | 7.88M | -2.25M | -23.95M | 17.11M | -43.26M | -10.86M | 850K | -5.02M | -5.01M | -6.97M | -6.48M | -251K | -4.08M | -4.18M | -16.4M | -2M | -49K | 2.38M | -440K | 1.39M | -2.49M | 0 | 36K | -2.8M | 0 | 0 | -300K |
| Other Non-Cash Items | -227M | -16.7M | 23.2M | -4.2M | 628.86M | 273.29M | 68.25M | 24.22M | 58.36M | 34.4M | 136.58M | 46.22M | 61.92M | 16.29M | 102.47M | 13.66M | 83.04M | 13.56M | 241.9M | -6.11M | -10.02M | 5.86M | 396K | -11.5M | 7.98M | -8.95M | 29.21M | -1.9M | 0 | -2.6M | 5M |
| Working Capital Changes | -115.7M | 50.1M | 209.1M | 167.3M | -299.41M | -107.48M | 63.63M | -16.72M | 26.5M | -198.09M | -87.73M | -59.02M | -17.08M | -16.64M | -14.25M | -23.41M | 255K | -8.96M | -4.91M | -25.48M | 21.19M | -7.26M | 10.45M | 5.04M | -2.14M | -791K | -6.67M | 5M | 3.4M | 2.5M | 100K |
| Change in Receivables | 249.5M | -128.2M | 269.8M | -190.9M | -299.41M | -107.48M | 63.63M | -87.88M | 26.5M | -198.09M | -87.73M | -66.08M | -17.06M | -22.55M | -12.27M | -62.1M | 8.02M | 43K | -21.36M | -12.51M | -29M | -53.94M | -32.37M | -17.96M | 0 | 0 | 0 | 0 | 0 | 0 | -200K |
| Change in Inventory | 0 | 0 | 0 | 0 | -170.73M | -31.9M | -5.33M | 0 | 0 | -11.6M | -6.71M | 7.06M | -19K | 5.92M | -1.98M | 5.48M | 764K | -22.76M | -19.17M | 3.62M | -21.39M | -7.55M | -16.47M | -26.95M | 0 | 0 | 0 | 0 | 0 | 0 | 1M |
| Change in Payables | -357.1M | 242M | -53.9M | 53.6M | 178.05M | -33.22M | 88.69M | 53.55M | 45.56M | 3.84M | 9.71M | 39.63M | 25.77M | 2.26M | 103.28M | 31.93M | 68.61M | -29.48M | -20.11M | 7.54M | 45.3M | 67M | 47.24M | 33.92M | 0 | 0 | 0 | 0 | 0 | 0 | -1.3M |
| Cash from Investing | -154.1M | -137.6M | -223.3M | -157.6M | -453.78M | -98.11M | -105.53M | -229.03M | -132.28M | -101.86M | -136.31M | -193.98M | -153.03M | -69.47M | -69.16M | -124.06M | -55.37M | -39.8M | -21.35M | -439.94M | -26.13M | -139.51M | -25.14M | -29.25M | -4.85M | -2.19M | -2.73M | -9.8M | 2.5M | -39.3M | -1.3M |
| Capital Expenditures | -167.7M | -139M | -117.2M | -94.4M | -104.26M | -92.21M | -97.63M | -131.29M | -112.48M | -97.23M | -87.41M | -74.62M | -63.1M | -40.9M | -46.21M | -49.19M | -33.25M | -35.02M | -43.01M | -38.08M | -20.45M | -18.25M | -8.71M | -5.66M | -4.71M | -2.76M | -3.43M | -8.7M | -9.7M | -7.6M | -1.1M |
| CapEx % of Revenue | 3.83% | 3.28% | 2.94% | 2.56% | 3.1% | 3.08% | 3.93% | 4.77% | 4.43% | 4.32% | 4.46% | 4.21% | 3.79% | 2.89% | 3.65% | 4.24% | 3.2% | 3.39% | 4.11% | 4.15% | 3.25% | 3.43% | 2.29% | 2.77% | 6.36% | 4.29% | 6.5% | 20.96% | 81.51% | 143.4% | 84.62% |
| Acquisitions | 8M | 24.9M | -91.6M | -1.3M | -342.95M | 0 | -1.1M | -94.19M | -12.85M | 0 | -68.27M | -113.97M | -84.7M | -23.24M | -22.34M | -78.69M | -24.42M | -10.12M | 20.6M | -378.68M | -2.07M | -120.69M | -14.25M | -49.45M | 0 | 0 | 0 | 3.7M | 500K | 0 | 0 |
| Investments | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | 5.6M | -23.5M | -14.5M | -61.9M | -6.57M | -5.9M | -6.8M | -3.55M | -19.8M | -4.62M | -48.9M | -119.36M | -89.93M | -28.57M | -22.95M | 3.81M | 2.3M | 4.1M | 1.06M | -3.18M | -3.6M | -576K | -2.17M | 25.86M | -138K | 566K | 693K | -7.2M | -17.3M | 100K | -200K |
| Cash from Financing | 93.8M | -766M | -135.7M | -143.2M | -1.15M | -212.24M | 35.4M | 416.3M | 2.02M | -161.15M | 79.51M | -1.19M | 218.08M | -91.22M | -92.58M | 13.92M | -44.77M | -57.45M | -145.73M | 301.54M | 24.72M | 186.21M | 82.17M | 15.21M | 2M | 3.72M | 11.01M | -10.5M | 67.5M | 50.6M | 5.6M |
| Debt Issued (Net) | 874.9M | -107.5M | 120.3M | 229.4M | 169.58M | 13M | 265.24M | 500.2M | 170.48M | -169.35M | 149.24M | -7.33M | 285.04M | -97.48M | -46.93M | 36.62M | -45.24M | -55.96M | -147.23M | 139.79M | 10.22M | 182.47M | 72.36M | -8.76M | -16M | -3.28M | -3.49M | -12M | 70.4M | -1.3M | 0 |
| Equity Issued (Net) | -606.3M | -658.7M | -251.4M | -370.6M | -166.88M | -229.9M | -223.42M | -59.48M | -159.25M | 7.92M | -77.36M | 4.43M | -55.29M | 12.81M | -39.97M | -13.6M | 2.12M | 2.11M | 1.38M | 167.73M | 14.68M | 8.38M | 9.81M | 23.99M | 17.92M | 5.71M | 14.5M | 600K | 0 | 51.9M | 0 |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -472K | -1.05M | 0 | -2.22M | 0 | -2.8M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Share Repurchases | -609.5M | -667.7M | -268.6M | -378.4M | -175.97M | -229.88M | -241.52M | -74.46M | -177.85M | -3.06M | -77.36M | -6.08M | -66.39M | -1.88M | -42.85M | -16M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 6.5M |
| Other Financing | -174.8M | 200K | -4.6M | -2M | -3.85M | 4.66M | -6.43M | -24.43M | -9.21M | 281K | 7.63M | 1.71M | -11.66M | -6.54M | -5.21M | -9.1M | 574K | -3.6M | 118K | -3.18M | -183K | -4.63M | -1K | -16K | 79K | 1.29M | 0 | 900K | -2.9M | 0 | 5.6M |
| Net Change in Cash | 240.6M | -125.4M | 241.2M | 256.2M | -95.24M | -13.41M | 282.13M | 686.43M | 230.43M | 88.43M | 354.57M | -10.49M | 258.18M | 8.39M | 30.77M | -16.57M | 3.71M | 1.64M | -85.7M | -53.47M | 101.13M | 95.73M | 104.95M | 7.22M | 3.2M | 1.67M | -7.89M | -40.6M | 48.1M | 50.6M | 2.1M |
| Free Cash Flow | 94.9M | 410.8M | 615.6M | 548.7M | 644.03M | 314.37M | 155.88M | 373.2M | 284.75M | 189.04M | 304.11M | 140.43M | 171.93M | 128.43M | 138.48M | 50.12M | 74.83M | 61.03M | 48.23M | 40.25M | 75.47M | 34.05M | 35.92M | 16M | 1.79M | -2.72M | -19.79M | -29.1M | -32.5M | -13.9M | -3.4M |
| FCF Margin % | 2.17% | 9.68% | 15.43% | 14.88% | 19.17% | 10.49% | 6.28% | 13.57% | 11.23% | 8.39% | 15.53% | 7.92% | 10.33% | 9.09% | 10.92% | 4.32% | 7.21% | 5.91% | 4.61% | 4.39% | 12% | 6.41% | 9.43% | 7.83% | 2.41% | -4.23% | -37.51% | -70.12% | -273.11% | -262.26% | -261.54% |
| FCF Growth % | -84.02% | -33.27% | 12.19% | -14.8% | 104.87% | 101.68% | -58.23% | 31.06% | 50.63% | -37.84% | 116.55% | -18.32% | 33.87% | -7.26% | 176.3% | -33.02% | 22.61% | 26.54% | 19.83% | -46.67% | 121.65% | -5.21% | 124.52% | 795.86% | 165.73% | 86.27% | 32.01% | 10.46% | -133.81% | -308.82% | - |
| FCF per Share | 2.06 | 8.97 | 12.80 | 10.63 | 12.05 | 5.87 | 2.96 | 6.80 | 5.21 | 3.43 | 5.63 | 2.60 | 3.19 | 2.47 | 2.69 | 0.97 | 1.47 | 1.19 | 0.99 | 0.86 | 1.79 | 0.93 | 1.07 | 0.56 | 0.08 | -0.12 | -1.21 | -1.92 | -2.15 | -0.84 | -0.33 |
| FCF Conversion (FCF/Net Income) | 0.33x | 1.73x | 2.39x | 2.30x | 3.24x | 5.75x | -74.58x | 1.45x | 1.71x | 1.82x | 2.24x | 2.18x | 2.31x | 1.92x | 9.01x | 2.69x | -2.81x | 3.16x | -0.47x | 1.46x | 2.07x | 1.91x | 2.42x | 1.48x | -1.00x | 0.06x | 0.33x | 0.66x | 0.80x | 0.79x | 0.30x |
| Interest Paid | 34.1M | 0 | 78.3M | 53.2M | 29.1M | 18.5M | 17.32M | 13.13M | 23.55M | 20.46M | 14.44M | 11.8M | 7.68M | 7.72M | 12.5M | 11.88M | 11.59M | 13.89M | 22.12M | 24.11M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Taxes Paid | 29.6M | 0 | 109M | 94.5M | 86.2M | 48.7M | 60.17M | 74.09M | -84.38M | 48.64M | -43.18M | 54.61M | 39.57M | 28.4M | 27.27M | 32.94M | 28.48M | 30.38M | 23.75M | 24.7M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Quick answers to the most common questions about buying EEFT stock.
Euronet Worldwide, Inc. (EEFT) generated $536.3M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Euronet Worldwide, Inc. (EEFT) generated $410.8M in free cash flow in 2025. Free cash flow is the cash left over after capital expenditures, which can be used to pay dividends, repurchase shares, or pay down debt.
Euronet Worldwide, Inc. (EEFT) spent $139.0M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.
In 2025, Euronet Worldwide, Inc. (EEFT) spent $667.7M on share repurchases. This shows the company's commitment to returning capital to its equity investors.
Key Metrics
Top Statement Risk
Volatile cash conversion and margin pressure
Metrics are mathematically derived from official filings.
Cash Conversion Volatility Undermines Earnings Quality
The relationship between net income and operating cash flow is highly erratic, with the OCF/NI ratio swinging from -3.25 in 2026Q1 to 0.34 in 2026Q2, suggesting significant non-cash items and working capital swings are distorting the cash generation profile.
The severe disconnect between net income and operating cash flow, particularly the negative OCF in 2026Q1 despite positive net income, indicates that reported earnings are not a reliable proxy for near-term cash generation. This volatility, coupled with the large stock-based compensation add-back of $30.5M in 2026Q2, suggests that the quality of earnings is low and heavily influenced by accruals and non-cash adjustments, warranting investor scrutiny.
FCF Trajectory Deteriorates Sharply
Free cash flow has swung from a robust $421.1M in 2024Q3 to a negative $38.6M in 2026Q2, with the FCF margin collapsing from 38.3% to -3.5%, indicating a fundamental shift in the company's cash generation ability.
The negative FCF in the most recent quarter is driven by both a collapse in operating cash flow and a significant increase in capital expenditures. This trajectory is inconsistent with the prior period's strong cash generation and suggests that the company's profitability and cash conversion challenges are now materially impacting its ability to produce free cash flow, a key concern for valuation.
Working Capital Swings Drive Cash Flow Volatility
Working capital changes have been a primary driver of operating cash flow volatility, with a massive $264.3M positive swing in 2024Q3 followed by a $209.6M negative swing in 2026Q1, indicating unpredictable cash tied up in operations.
The erratic pattern in working capital, particularly the large negative swings in 2026Q1 and 2024Q1, suggests potential inefficiencies in collections or inventory management, or possibly the impact of acquisitions. This volatility makes it difficult to forecast operating cash flow and indicates that the company's cash cycle is not stable, which is a risk for maintaining consistent free cash flow.
CapEx Intensity Rises Amid Margin Pressure
Capital expenditure as a percentage of revenue has increased to 5.8% in 2026Q2 from a low of 1.7% in 2024Q3, a significant rise that is consuming a larger portion of revenue and contributing to the deterioration in free cash flow.
The increasing capital intensity, especially when combined with the severe margin compression noted in the income statement analysis, suggests that the company is investing heavily in its infrastructure at a time when its profitability is under stress. This raises questions about the return on these investments and whether they are growth-oriented or necessary maintenance to sustain operations.
Aggressive Buybacks Offset by Weak Cash Generation
The company has been a consistent and aggressive buyer of its own shares, spending $150.0M in 2026Q2 and over $1.0B cumulatively over the last ten quarters, a strategy that appears increasingly strained given the recent negative free cash flow.
The sustained share repurchase program, while returning capital to shareholders, is being funded during periods of volatile and sometimes negative free cash flow. This capital deployment strategy may be masking underlying cash generation issues and could become unsustainable if the company's operating cash flow does not recover, potentially forcing a reduction in buybacks or increased borrowing.
What Could Invalidate the Base Case
The cash flow statement obscures the true cost of equity compensation, as the $30.5M SBC add-back in 2026Q2 represents a real economic expense that is excluded from operating cash flow, potentially overstating the company's underlying cash generation.
While stock-based compensation is a non-cash charge for accounting purposes, it is a real cost to shareholders through dilution. The significant and growing SBC expense, which has increased from $10.2M in 2024Q2 to $30.5M in 2026Q2, suggests that the company's reported operating cash flow may not fully reflect the economic cost of its operations. Investors should monitor whether this trend continues, as it could indicate that the company is using equity to compensate employees when cash generation is insufficient.