Revenue growth remains mixed between 4.2% and 10.6% over the last ten quarters, while gross margins exhibit extreme sensitivity to product mix, swinging from 16.3% to 43.8%.
| 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 | 4.34B | 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 % | 7.22% | 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 | 2.78B | 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 | 1.56B | 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 % | 36.03% | 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 | 1.04B | 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 | 930.6M | 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 | 3M | 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 | 526.8M | 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 % | 12.14% | 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 | 673M | 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 % | 15.51% | 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 % | 4.23% | 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) | 146.2M | 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 | 548.2M | 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 | -57.2M | -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 | 22M | 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 | 79.2M | 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 | -57.8M | -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 | 469M | 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 % | 10.81% | 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 | 157.1M | 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 % | 33.5% | 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 | 308.6M | 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 % | 7.11% | 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 % | -3.02% | 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) | 311.9M | 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 | 15.5M | 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) | 6.57 | 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 % | 2.36% | 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 | 46.99M | 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 | 46.99M | 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% | - | - | - | - | - | - | - | - | - | - | - |
Regulatory FX spread compression
As reported in recent financial filings, Euronet's revenue growth has exhibited a mixed trajectory, fluctuating between 4.2% and 10.6% over the last ten quarters, heavily influenced by the pronounced third-quarter seasonal peaks inherent to the company's European tourism-dependent EFT and epay business segments.
The revenue profile suggests a reliance on cyclical travel patterns, which complicates the assessment of underlying organic growth durability. Investors should monitor whether the company can sustain mid-single-digit growth during off-peak quarters without relying on inorganic contributions or favorable currency translation effects.
Based on the provided income statement data, Euronet's gross margin has demonstrated significant volatility, ranging from a low of 16.3% in 2026Q1 to a peak of 43.8% in 2025Q3, reflecting the inherent sensitivity of its transaction-based model to shifting product and geographic revenue mixes.
This margin instability suggests that the company's cost structure is highly susceptible to changes in transaction volume and the specific mix of high-margin DCC services versus lower-margin distribution activities. The sharp contraction in recent periods warrants further investigation into whether this represents a permanent shift in pricing power or temporary operational inefficiencies.
According to the company's quarterly income statements, operating income has failed to scale consistently with gross profit, as evidenced by operating margins that swung from 7.1% to 17.0% over the observed period, indicating a lack of predictable operating leverage within the current cost structure.
The significant fluctuations in SG&A expenses relative to gross profit suggest that management may be struggling to optimize fixed costs in response to revenue volatility. This inconsistency implies that the company's profitability is highly sensitive to volume-driven scale, leaving it vulnerable during periods of lower transaction activity.
Financial statements indicate that Euronet's net income is frequently impacted by stock-based compensation, which totaled $15.3 million in 2025Q4 alone, potentially obscuring the true cash-generative capacity of the business when evaluating the consistency of diluted earnings per share across the ten-quarter horizon.
The divergence between net income and operational performance suggests that investors should adjust for non-cash compensation to better understand the underlying earnings power. Furthermore, the wide variance in quarterly EPS, ranging from $0.55 to $3.21, highlights the impact of non-operating items and seasonal cycles on reported bottom-line results.
As highlighted in recent industry analysis, the primary risk to Euronet's income statement is the potential for regulatory intervention in DCC markups, which could permanently compress the high-margin revenue streams that have historically underpinned the company's profitability in its core European EFT segment.
Short-term performance may mask the long-term threat posed by increased transparency mandates, which could force a structural reduction in FX spreads. If regulatory bodies successfully cap these fees, the company may struggle to maintain its current margin profile, necessitating a pivot toward lower-margin volume-based services.
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.