Cash conversion efficiency is highly erratic, evidenced by an operating cash flow to net income ratio that plummeted to -3.25 in 2026Q1, reflecting significant sensitivity to working capital cycles.
| 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 | 412.6M | 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 % | -7239% | -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 | 308.6M | 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 | 146.2M | 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 | 43.9M | 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 | -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 | -7.6M | -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 | -76.7M | 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 | 76.9M | -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 | 4.8M | 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 | -112.6M | -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 | -137.7M | -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 | 3.17% | 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 | 21M | 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 | 4.1M | -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 | -486.4M | -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) | 241.8M | -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) | -699.6M | -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 | -706.9M | -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 | -28.6M | 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 | 93.8M | -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 | 281.8M | 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 % | 6.49% | 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 % | -52.6% | -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 | 6.00 | 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) | 0.91x | 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 | 36.9M | 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 | 86.3M | 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 |
Regulatory FX spread compression
According to quarterly financial data, Euronet's operating cash flow to net income ratio has exhibited extreme volatility, ranging from a negative 3.25 in 2026Q1 to a high of 3.00 in 2025Q4, highlighting a significant disconnect between reported accounting profits and actual cash generation.
The wide variance in the OCF/NI ratio suggests that net income is a poor proxy for the company's underlying cash-generative capacity. Investors should monitor whether this divergence is driven by seasonal working capital swings or more permanent structural issues in how the company recognizes revenue versus collecting cash.
As reported in recent financial statements, Euronet's free cash flow trajectory is highly erratic, with margins swinging from a negative 14.9% in 2026Q1 to a peak of 38.3% in 2024Q3, reflecting the company's heavy reliance on seasonal tourism cycles for cash conversion.
The inability to maintain positive free cash flow across all quarters suggests that the business model requires significant liquidity buffers to manage off-peak periods. This volatility complicates valuation models that rely on normalized free cash flow as a primary metric for intrinsic value.
Based on reported figures, working capital changes have been a primary driver of cash flow volatility, with a massive $209.6 million outflow in 2026Q1 contrasting sharply with a $264.3 million inflow during the 2024Q3 peak, indicating significant sensitivity to transaction timing and settlement cycles.
These large swings suggest that the company's cash position is highly sensitive to the timing of settlement with payment networks and merchant partners. Analysts should investigate whether these fluctuations represent temporary timing differences or a structural increase in the cash required to support the company's payment ecosystem.
Data from recent filings indicates that Euronet has continued to prioritize share repurchases, including $225.8 million in 2025Q4, even during periods where free cash flow generation was inconsistent, suggesting a management preference for returning capital over maintaining a conservative cash buffer.
The commitment to buybacks despite erratic cash flow generation warrants further investigation into the sustainability of this capital allocation strategy. Investors should consider whether this aggressive return of capital may limit the company's flexibility to invest in the REN platform or respond to potential regulatory headwinds.
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.