Revenue growth decelerated to 3.2% in 2026Q2, but the primary concern is the catastrophic gross margin compression to 12.4% from a peak of 43.8%, which has severely eroded operating profitability.
Euronet Worldwide, Inc. (EEFT) annual income statement — 30-year revenue, gross profit & net income history
| 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 |
|---|
| Sales/Revenue | 4.37B | 4.24B | 3.99B | 3.69B | 3.36B | 3B | 2.48B | 2.75B | 2.54B | 2.25B | 1.96B | 1.77B | 1.66B | 1.41B | 1.27B | 1.16B | 1.04B | 1.03B | 1.05B | 917.57M | 629.18M | 531.16M | 381.08M | 204.41M | 74.05M | 64.17M | 52.74M | 41.5M | 11.9M | 5.3M | 1.3M |
| Revenue Growth % | 5.76% | 6.38% | 8.18% | 9.8% | 12.13% | 20.65% | -9.72% | 8.42% | 12.62% | 15% | 10.51% | 6.5% | 17.76% | 11.48% | 9.15% | 11.86% | 0.53% | -1.24% | 13.96% | 45.84% | 18.45% | 39.38% | 86.43% | 176.05% | 15.39% | 21.67% | 27.08% | 248.74% | 124.53% | 307.69% | - |
| Cost of Goods Sold | 3.13B | 2.49B | 3.04B | 2.83B | 2.55B | 1.9B | 1.98B | 1.56B | 1.49B | 1.36B | 1.17B | 1.08B | 1.03B | 838.93M | 763.06M | 740.7M | 675.5M | 678.4M | 703.8M | 623.91M | 435.48M | 370.76M | 264.6M | 133.98M | 29.61M | 28.1M | 24.76M | 22.8M | 9.9M | 8.2M | 800K |
| COGS % of Revenue | - | 58.68% | 76.18% | 76.62% | 75.99% | 63.44% | 79.79% | 56.6% | 58.68% | 60.21% | 59.97% | 61.04% | 62.1% | 59.37% | 60.2% | 63.78% | 65.06% | 65.69% | 67.3% | 68% | 69.21% | 69.8% | 69.43% | 65.54% | 39.99% | 43.79% | 46.94% | 54.94% | 83.19% | 154.72% | 61.54% |
| Gross Profit | 1.25B | 1.75B | 950.3M | 862.3M | 806.4M | 1.1B | 501.86M | 1.19B | 1.05B | 896.17M | 784.07M | 690.41M | 630.67M | 574.24M | 504.54M | 420.6M | 362.7M | 354.3M | 341.9M | 293.66M | 193.71M | 160.4M | 116.48M | 70.43M | 44.44M | 36.07M | 27.98M | 18.7M | 2M | -2.9M | 500K |
| Gross Margin % | 28.51% | 41.32% | 23.82% | 23.38% | 24.01% | 36.56% | 20.21% | 43.4% | 41.32% | 39.79% | 40.03% | 38.96% | 37.9% | 40.63% | 39.8% | 36.22% | 34.94% | 34.31% | 32.7% | 32% | 30.79% | 30.2% | 30.57% | 34.46% | 60.01% | 56.21% | 53.06% | 45.06% | 16.81% | -54.72% | 38.46% |
| Gross Profit Growth % | - | 84.53% | 10.21% | 6.93% | -26.38% | 118.25% | -57.96% | 13.87% | 16.97% | 14.3% | 13.57% | 9.47% | 9.83% | 13.81% | 19.96% | 15.96% | 2.37% | 3.63% | 16.43% | 51.6% | 20.76% | 37.71% | 65.38% | 58.49% | 23.2% | 28.9% | 49.64% | 835% | 168.97% | -680% | - |
| Operating Expenses | 741.8M | 1.22B | 447.1M | 429.7M | 421M | 911.3M | 455.24M | 718.43M | 690.31M | 630.17M | 534.3M | 485.57M | 471.94M | 455.83M | 441.55M | 341.5M | 286.6M | 272.1M | 490.9M | 216.49M | 141.41M | 107.6M | 81.17M | 57.11M | 44.86M | 42.04M | 51.41M | 45.4M | 23.6M | 5.6M | 8.1M |
| OpEx % of Revenue | - | 28.83% | 11.21% | 11.65% | 12.53% | 30.42% | 18.34% | 26.12% | 27.21% | 27.98% | 27.28% | 27.4% | 28.36% | 32.26% | 34.83% | 29.41% | 27.61% | 26.35% | 46.94% | 23.59% | 22.47% | 20.26% | 21.3% | 27.94% | 60.58% | 65.51% | 97.48% | 109.4% | 198.32% | 105.66% | 623.08% |
| Selling, General & Admin | 767.7M | 1.09B | 315.3M | 296.8M | 285.1M | 736.9M | 221.61M | 606.69M | 577.24M | 501.09M | 453.77M | 415.55M | 400.49M | 391.67M | 353.63M | 281.1M | 229.1M | 216.2M | 85.4M | 180.35M | 112.36M | 85.23M | 65.37M | 45.05M | 32.2M | 32.92M | 40.8M | 35.2M | 18.5M | 3.8M | 7.6M |
| SG&A % of Revenue | - | 25.57% | 7.9% | 8.05% | 8.49% | 24.6% | 8.93% | 22.06% | 22.76% | 22.25% | 23.17% | 23.45% | 24.07% | 27.72% | 27.9% | 24.21% | 22.07% | 20.94% | 8.17% | 19.65% | 17.86% | 16.05% | 17.15% | 22.04% | 43.48% | 51.31% | 77.35% | 84.82% | 155.46% | 71.7% | 584.62% |
| Research & Development | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 15.4M | 12M | 2.6M | 2.9M | 2.4M | 4.38M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| R&D % of Revenue | - | - | - | - | - | - | - | - | - | 0.68% | 0.61% | 0.15% | 0.17% | 0.17% | 0.35% | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Operating Expenses | 1000K | 138.5M | 131.8M | 132.9M | 135.9M | 174.4M | 233.62M | 111.74M | 113.07M | 129.09M | 80.53M | 67.42M | 68.56M | 61.76M | 0 | 60.46M | 57.5M | 56.02M | 56.25M | 216.49M | 141.41M | 107.6M | 81.17M | 57.11M | 44.86M | 9.11M | 10.62M | 10.2M | 5.1M | 1.8M | 500K |
| Operating Income | 505.3M | 530M | 503.2M | 432.6M | 385.4M | 184M | 46.62M | 475.19M | 357.91M | 266M | 249.77M | 204.84M | 158.73M | 118.41M | 86.75M | 79.1M | 5.2M | 72.3M | -149M | 77.18M | 52.3M | 52.8M | 35.3M | 13.32M | -419K | -5.97M | -23.43M | -26.7M | -21.6M | -8.5M | -7.7M |
| Operating Margin % | 11.55% | 12.49% | 12.61% | 11.73% | 11.47% | 6.14% | 1.88% | 17.28% | 14.11% | 11.81% | 12.75% | 11.56% | 9.54% | 8.38% | 6.84% | 6.81% | 0.5% | 7% | -14.25% | 8.41% | 8.31% | 9.94% | 9.26% | 6.51% | -0.57% | -9.3% | -44.42% | -64.34% | -181.51% | -160.38% | -592.31% |
| Operating Income Growth % | - | 5.33% | 16.32% | 12.25% | 109.46% | 294.66% | -90.19% | 32.77% | 34.56% | 6.5% | 21.94% | 29.05% | 34.05% | 36.5% | 9.66% | 1421.15% | -92.81% | 148.52% | -293.06% | 47.57% | -0.95% | 49.55% | 165.1% | 3278.28% | 92.98% | 74.53% | 12.25% | -23.61% | -154.12% | -10.39% | - |
| EBITDA | 1.3B | 668.5M | 635M | 565.5M | 521.3M | 319.8M | 173.64M | 586.94M | 463.94M | 361.03M | 330.3M | 274.87M | 230.19M | 183.46M | 148.44M | 139.5M | 62.7M | 128.2M | 127.5M | 127.86M | 83.38M | 76.74M | 51.1M | 25.38M | 9.24M | 3.15M | -12.81M | -16.5M | -16.5M | -6.7M | -7.2M |
| EBITDA Margin % | 29.66% | 15.75% | 15.92% | 15.33% | 15.52% | 10.68% | 6.99% | 21.34% | 18.29% | 16.03% | 16.86% | 15.51% | 13.83% | 12.98% | 11.71% | 12.01% | 6.04% | 12.41% | 12.19% | 13.93% | 13.25% | 14.45% | 13.41% | 12.42% | 12.48% | 4.9% | -24.29% | -39.76% | -138.66% | -126.42% | -553.85% |
| EBITDA Growth % | 93.6% | 5.28% | 12.29% | 8.48% | 63.01% | 84.17% | -70.42% | 26.51% | 28.5% | 9.3% | 20.17% | 19.41% | 25.47% | 23.6% | 6.41% | 122.49% | -51.09% | 0.55% | -0.28% | 53.35% | 8.65% | 50.16% | 101.37% | 174.66% | 193.8% | 124.55% | 22.35% | 0% | -146.27% | 6.94% | - |
| D&A (Non-Cash Add-back) | 792M | 138.5M | 131.8M | 132.9M | 135.9M | 135.8M | 127.02M | 111.74M | 106.02M | 95.03M | 80.53M | 70.03M | 71.45M | 65.05M | 61.69M | 60.4M | 57.5M | 55.9M | 276.5M | 50.69M | 31.08M | 23.94M | 15.8M | 12.06M | 9.66M | 9.11M | 10.62M | 10.2M | 5.1M | 1.8M | 500K |
| EBIT | 522.8M | 532.7M | 529.4M | 456M | 360.1M | 222.6M | 153.22M | 475.19M | 364.96M | 300.05M | 249.77M | 204.84M | 158.73M | 117.52M | 86.75M | 84.18M | 5.43M | 82.89M | -164.32M | 108.46M | 76.87M | 52.36M | 37.3M | 13.32M | -419K | -5.97M | -35.45M | -26.7M | -21.6M | -8.5M | -8.1M |
| Net Interest Income | -51M | -61.3M | -56.7M | -40.4M | -35.5M | -37.6M | -35.56M | -34.27M | -36.25M | -30.13M | -26.64M | -22.64M | -9.78M | -8.14M | -15.66M | -15.64M | -17.21M | -22.47M | -25.74M | -21.35M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Income | 20.6M | 23.2M | 23.8M | 15.2M | 2M | 700K | 1.1M | 1.9M | 1.3M | 2.5M | 1.7M | 2.1M | 2.5M | 2M | 3.99M | 5.7M | 3.3M | 3.3M | 10.6M | 16.3M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Expense | 71.6M | 84.5M | 80.5M | 55.6M | 37.5M | 38.3M | 36.6M | 36.1M | 37.7M | 32.4M | 28.6M | 24.9M | 12.2M | 10.14M | 19.65M | 21.5M | 20.5M | 25.7M | 24.5M | 37.6M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -200K |
| Other Income/Expense | -43.3M | -81.8M | -54.3M | -32.2M | -62.74M | -48.33M | -38.45M | -41.39M | -63M | -9.66M | -16.88M | -63.75M | -17.23M | -3.33M | -39.41M | -16.34M | -20.29M | -15.09M | -35.71M | 6.08M | 9.83M | -8.89M | -5.3M | 2.91M | -11.63M | 5.91M | -12.93M | -11.2M | -8.3M | 400K | -200K |
| Pretax Income | 462M | 448.2M | 448.9M | 400.4M | 322.6M | 135.68M | 8.17M | 433.81M | 294.92M | 256.33M | 232.89M | 141.09M | 141.5M | 115.08M | 47.33M | 62.7M | -15.1M | 57.2M | -184.7M | 83.26M | 62.13M | 43.9M | 30M | 16.23M | -12.04M | -9.86M | -48.36M | -37.9M | -29.9M | -8.1M | -7.9M |
| Pretax Margin % | 10.56% | 10.56% | 11.25% | 10.86% | 9.6% | 4.53% | 0.33% | 15.77% | 11.63% | 11.38% | 11.89% | 7.96% | 8.5% | 8.14% | 3.73% | 5.4% | -1.45% | 5.54% | -17.66% | 9.07% | 9.87% | 8.27% | 7.87% | 7.94% | -16.27% | -15.36% | -91.7% | -91.33% | -251.26% | -152.83% | -607.69% |
| Income Tax | 170.2M | 135.2M | 142.6M | 120.9M | 91.85M | 65.09M | 11.47M | 87.11M | 62.78M | 99.39M | 58.8M | 42.6M | 40.02M | 27.73M | 26.94M | 24.7M | 22.9M | 25.8M | 10.2M | 28.06M | 14.84M | 14.98M | 11.52M | 4.25M | -2.31M | -2.03M | 1.19M | -4.2M | 1.4M | -100K | -300K |
| Effective Tax Rate % | 36.84% | 30.17% | 31.77% | 30.19% | 28.47% | 47.97% | 140.44% | 20.08% | 21.29% | 38.78% | 25.25% | 30.19% | 28.28% | 24.1% | 56.91% | 39.39% | -151.66% | 45.1% | -5.52% | 33.7% | 23.89% | 34.11% | 38.39% | 26.16% | 19.19% | 20.6% | -2.46% | 11.08% | -4.68% | 1.23% | 3.8% |
| Net Income | 288.4M | 309.5M | 306M | 279.7M | 231M | 70.7M | -3.4M | 346.8M | 232.8M | 156.9M | 174.4M | 98.8M | 101.6M | 88M | 20.5M | 36.9M | -38.4M | 30.4M | -195M | 53.5M | 46.31M | 27.38M | 18.43M | 14.66M | -6.51M | 670K | -49.55M | -30.9M | -28.4M | -8M | -7.6M |
| Net Margin % | 6.59% | 7.29% | 7.67% | 7.58% | 6.88% | 2.36% | -0.14% | 12.61% | 9.18% | 6.97% | 8.9% | 5.57% | 6.11% | 6.23% | 1.62% | 3.18% | -3.7% | 2.94% | -18.65% | 5.83% | 7.36% | 5.15% | 4.84% | 7.17% | -8.8% | 1.04% | -93.95% | -74.46% | -238.66% | -150.94% | -584.62% |
| Net Income Growth % | -13.32% | 1.14% | 9.4% | 21.08% | 226.73% | 2180.02% | -100.98% | 48.97% | 48.37% | -10.03% | 76.52% | -2.76% | 15.45% | 329.27% | -44.44% | 196.09% | -226.32% | 115.59% | -464.46% | 15.54% | 69.16% | 48.56% | 25.7% | 325.05% | -1072.24% | 101.35% | -60.36% | -8.8% | -255% | -5.26% | - |
| Net Income (Continuing) | 291.8M | 313M | 306.3M | 279.5M | 230.7M | 70.59M | -3.3M | 346.69M | 232.13M | 156.94M | 174.1M | 98.49M | 101.49M | 87.35M | 20.4M | 38.09M | -37.92M | 31.34M | -193.33M | 55.2M | 46M | 28.93M | 18.48M | 11.98M | -9.63M | 751K | -49.57M | -33.7M | -31.3M | -8M | -7.6M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 475K | 0 | 344K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 15.4M | 15M | 500K | -200K | -200K | 43K | 281K | 68K | 169K | 960K | 1.01M | 1.37M | 2.06M | 2.33M | 4.16M | 6.31M | 6.27M | 7.53M | 7.6M | 8.97M | 8.35M | 7.13M | 5.87M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | 6.25 | 6.84 | 6.45 | 5.50 | 4.41 | 1.32 | -0.06 | 6.31 | 4.26 | 2.85 | 3.23 | 1.83 | 1.89 | 1.69 | 0.40 | 0.71 | -0.75 | 0.59 | -3.98 | 0.76 | 1.17 | 0.60 | 0.38 | 0.41 | -0.28 | 0.03 | -3.02 | -2.04 | -1.88 | -0.48 | -0.73 |
| EPS Growth % | -12.86% | 6.05% | 17.27% | 24.72% | 234.09% | 2146.51% | -101.02% | 48.12% | 49.47% | -11.76% | 76.5% | -3.17% | 11.83% | 322.5% | -43.66% | 194.67% | -227.12% | 114.82% | -623.68% | -35.04% | 95% | 57.89% | -7.32% | 246.43% | -1027.15% | 101% | -48.04% | -8.51% | -291.67% | 34.25% | - |
| EPS (Basic) | - | 7.87 | 6.82 | 5.86 | 4.70 | 1.35 | -0.06 | 6.49 | 4.26 | 2.99 | 3.34 | 1.89 | 1.96 | 1.76 | 0.41 | 0.73 | -0.75 | 0.60 | -4.01 | 0.79 | 1.25 | 0.63 | 0.40 | 0.45 | -0.28 | 0.03 | -3.02 | -2.04 | -1.88 | -0.56 | -0.73 |
| Diluted Shares Outstanding | 46.18M | 45.78M | 48.08M | 51.6M | 53.46M | 53.53M | 52.66M | 54.91M | 54.63M | 55.12M | 54M | 54.08M | 53.9M | 52.06M | 51.41M | 51.47M | 50.98M | 51.23M | 48.94M | 46.62M | 42.24M | 36.65M | 33.65M | 28.79M | 23.04M | 22.3M | 16.42M | 15.18M | 15.15M | 16.58M | 10.4M |
| Basic Shares Outstanding | 37.87M | 39.33M | 44.9M | 48.48M | 50.18M | 52.59M | 52.66M | 53.45M | 54.63M | 55.03M | 54M | 53.99M | 53.78M | 51.98M | 51.34M | 50.44M | 50.98M | 50.18M | 48.67M | 45.04M | 36.85M | 34.85M | 31.97M | 26.33M | 23.04M | 19.62M | 16.42M | 15.18M | 15.11M | 14.21M | 10.4M |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - | - | - | - | - | - | 2.3% | - | - | - | - | 5.23% | - | - | - | - | - | - | - | - | - | - | - |
Quick answers to the most common questions about buying EEFT stock.
For fiscal year 2025, Euronet Worldwide, Inc. (EEFT) reported total revenue of $4.24B. This represents a 326376.9% increase compared to $1.3M in 1996.
Euronet Worldwide, Inc. (EEFT) is profitable, generating $309.5M in net income for the fiscal year ending 2025 with a net profit margin of 7.3%.
Euronet Worldwide, Inc. (EEFT) reported an operating income of $530.0M, resulting in an operating profit margin of 12.5%. This margin reflects the operational efficiency of the business before interest and taxes.
Euronet Worldwide, Inc. (EEFT) generated $1.75B in gross profit for the year, representing a gross profit margin of 41.3%. This demonstrates the company's core pricing power and production efficiency.
Key Metrics
Top Statement Risk
Margin compression and earnings volatility
Metrics are mathematically derived from official filings.
Revenue Growth Decelerates Amid Volatility
Euronet's revenue growth has decelerated from a high of 10.5% in 2026Q1 to just 3.2% in 2026Q2, suggesting a potential cooling in transaction volumes or pricing power after a period of stronger expansion.
The sequential deceleration in top-line growth, particularly the sharp drop from 10.5% to 3.2% in the most recent two quarters, indicates the company may be facing a more challenging demand environment or tougher year-over-year comparisons. This trend warrants monitoring to determine if it represents a temporary pause or a more sustained normalization of growth.
Gross Margin Collapse Signals Structural Shift
Gross margin plummeted to 12.4% in 2026Q2 from a peak of 43.8% in 2025Q3, a dramatic compression that appears to be driven by a significant increase in cost of goods sold relative to revenue, fundamentally altering the company's profitability profile.
The extreme volatility in gross margins, swinging from the low 40s to the low teens within a few quarters, suggests a major shift in the business mix, cost structure, or accounting treatment. This level of instability makes it difficult to assess sustainable core profitability and indicates the company's earnings power is highly sensitive to changes in its cost base or revenue composition.
Operating Leverage Erodes with Margin Pressure
Operating income scaled to $137.1M on $1.1B revenue in 2026Q2, but the 12.4% operating margin represents a significant decline from the 17.0% achieved in 2025Q3, indicating that cost growth is outpacing revenue gains and limiting operating leverage.
The deterioration in operating margin despite relatively stable revenue suggests that SG&A and other operating expenses are not being controlled effectively in the face of margin compression at the gross profit level. This implies the company is experiencing negative operating leverage, where incremental revenue is not translating into proportional profit growth.
Net Income Volatility Undermines Earnings Quality
Diluted EPS swung from a loss of $0.83 in 2026Q1 to a profit of $1.71 in 2026Q2, a pattern of extreme volatility that suggests reported earnings are heavily influenced by non-operational factors or inconsistent accounting, reducing their predictive value.
The erratic EPS trajectory, with swings from positive to negative and back, indicates that net income is not being driven by stable, recurring operational performance. Investors should scrutinize the impact of items like stock-based compensation, which was $30.5M in 2026Q2 versus $0 in the prior quarter, and potential non-operating gains or losses that may be distorting the underlying earnings trend.
Margin Compression Challenges Sustainability
The most significant risk to the income statement narrative is the severe and rapid compression in gross and operating margins, which, if sustained, could indicate a fundamental deterioration in the company's competitive position or cost structure that revenue growth alone cannot offset.
Short-sellers would focus on the collapse from a 43.8% gross margin to 12.4% as evidence that the business model is under severe stress, potentially from increased competition, loss of pricing power, or unsustainable cost inflation. The inability to maintain the higher margin levels achieved in mid-2025 suggests the previous profitability may have been an anomaly rather than a new baseline, posing a material risk to future earnings.