Euronet Cuts 2026 Outlook After Cross-Border Profit Drop

The Tip Desk · November 8, 2026 · 4 min read

Cross-Border Payments operating income fell 37% to $37.3 million as the company now targets about $4.375 billion of 2026 revenue.

Euronet Worldwide (EEFT), a global payments processor, revised its 2026 outlook after Cross-Border Payments profit fell 37% and the company said U.S. immigration policy had weighed on the segment longer than expected.

The company now expects approximately $4.375 billion of revenue, approximately $725 million of Adjusted EBITDA and adjusted earnings per share growth of about 10% for the full year, replacing the targets it set at its May Investor Day. It said the revision reflects immigration-related pressure in several key remittance corridors, broader global economic pressures and foreign-exchange conversion rates.

Consolidated revenue in the third quarter was $1,161.1 million, up 1% from a year earlier, or 3% in constant currency. Operating income was $171.6 million. Adjusted EBITDA was $226.1 million. Net income attributable to Euronet was $113.6 million, or $2.53 a share. Adjusted earnings per share were $3.55, down 2% from $3.62.

Chairman and Chief Executive Officer Michael J. Brown said third-quarter results were below the company’s expectations and historical performance. He said the digital accelerators introduced at Investor Day still grew: for the nine months ended September 30, 2026, revenue from those initiatives increased 33% and represented 26% of year-to-date revenues.

Cross-Border Payments revenue was $431.0 million, down 5% from $452.4 million a year earlier, or 4% in constant currency. Operating income was $37.3 million, down 37% from $59.3 million. Adjusted EBITDA was $43.6 million, down 34% from $65.9 million. Total transactions were 45.3 million. Digital transactions were 8.1 million, up 34% from 6.1 million. Network locations were about 654,000. The company said constant-currency revenue was pressured by U.S. immigration policy and global economic uncertainty, partly offset by the digital business and the Dandelion platform. Declines in constant-currency operating income and Adjusted EBITDA were principally the flow-through of the revenue declines and about $6 million of incremental digital investment. On a sequential constant-currency basis, the third-quarter revenue decline of 4% improved slightly from a 5% decline in the second quarter. Pressure persisted primarily in the U.S. market, the company said, with stabilizing to modestly improving trends in recent months.

Payments Infrastructure revenue was $437.9 million, up 7% from $409.4 million, or 9% in constant currency. Operating income was $128.2 million. Adjusted EBITDA was $157.9 million. Installed ATMs were 59,688 as of September 30, 2026, and active ATMs were 58,420. The company said constant-currency revenue growth came from merchant acquiring, Ren sales and the fourth-quarter 2025 CoreCard acquisition, partly offset by weaker discretionary travel spend that reduces international ATM cash withdrawals. Adjusted EBITDA and operating income were affected by cost inflation. Third-quarter adjusted operating income included $1.7 million of additional expense from a timing difference on a cash rebate versus U.S. GAAP purchase-accounting recognition on a prior acquisition, and $4.7 million of extra non-cash purchase-price amortization from CoreCard. Excluding that amortization, constant-currency adjusted operating income would have increased 4%.

epay revenue was $294.7 million, up 3% from $286.5 million, or 5% in constant currency. Operating income was $31.8 million. Adjusted EBITDA was $33.4 million. Transactions were 1,191 million. POS terminals were about 736,000 and retailer locations about 357,000. The company said constant-currency revenue, operating income and Adjusted EBITDA rose on demand for higher-value digital content, merchant acquiring and promotional campaigns.

Corporate and other expense was $25.7 million, up from $23.4 million, primarily on a $1.9 million increase in long-term share-based compensation. Total cash, including ATM cash, unrestricted cash and cash equivalents and restricted cash, was $1,887.9 million as of September 30, 2026. Total indebtedness was $2,177.3 million, down $476.7 million from $2,654.0 million at June 30, 2026, reflecting the seasonal return of ATM cash after the European travel peak and operating cash, partly offset by $50 million of share repurchases of about 690,000 shares. Revolving-credit availability was about $1.1 billion. The company said it remains committed to reducing debt to maintain its investment-grade rating.