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SEGMENT INFORMATION | 9 Months Ended
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Sep. 30, 2025
SEGMENT INFORMATION |
SEGMENT INFORMATION | (13) SEGMENT INFORMATION Euronet's Chief Executive Officer (CEO) is the Chief Operating Decision Maker (CODM) and is responsible for assessing performance and making resource allocation decisions across the Company's operating segments. The CODM evaluates segment performance primarily based on financial metrics such as revenue, operating income, and other key performance indicators. In making resource allocation decisions, the CODM reviews segment operating income and revenue on a monthly basis to assess profitability and efficiency across segments. Additionally, the CODM considers forecast-to-actual variances in revenue, operating income, and key performance indicators as part of the forecasting process. These measures are used to guide decisions related to capital investments, personnel allocation, and strategic initiatives across the Company’s segments. The CODM also evaluates segment-level profitability and return on assets when making long-term investment decisions and assessing segment performance relative to strategic goals. The accounting policies of the segments are the same as those described in the summary of significant accounting policies. Euronet's reportable operating segments have been determined in accordance with ASC Topic 280, Segment Reporting ("ASC 280"). The Company currently operates in the following three reportable operating segments: 1) Through the EFT Processing Segment, the Company processes transactions for a network of ATMs and POS terminals across Europe, the Middle East, Africa, Asia Pacific and the United States. Euronet provides comprehensive electronic payment solutions consisting of ATM cash withdrawal and deposit services, ATM network participation, outsourced ATM and POS management solutions, credit, debit and prepaid card outsourcing, dynamic currency conversion, domestic and international surcharges and other value added services. Through this segment, the Company also offers a suite of integrated electronic financial transaction software solutions for electronic payment and transaction delivery systems. 2) Through the epay Segment, Euronet provides distribution, processing and collection services for electronic payment products, and prepaid mobile airtime through a network of POS terminals in Europe, the Middle East, Asia Pacific, South America and North America. The epay Segment also provides vouchers and physical gift fulfillment services in Europe. 3) Through the Money Transfer Segment, Euronet provides global money transfers and currency exchange information in retail stores, apps, and websites through Ria Money Transfer, Xe and the Dandelion cross-border real-time payments network. Euronet’s Money Transfer segment offers real-time, cross-border payments to consumers and businesses across 199 countries and territories, enabling banks, fintechs and big tech platforms to integrate an international payments solution into their own platforms. Ria Money Transfer offers real-time international money transfers with a special focus on emerging markets. In addition, Ria offers safe and affordable money transfers through a global network of cash locations and online, serving over 20 million customers annually. Xe offers web and app-based currency information and industry-leading consumer and business cross-border money transfer services. Customers can send money, buy property overseas, and execute other international payments via the Xe website or app. Dandelion offers consumer and business transaction processing and fulfillment with alternative payout channels like bank accounts, cash pick-up and mobile wallets. Dandelion powers cross-border payments for Xe and Ria, as well as third party banks, fintechs, and big tech platforms. In addition, the Company accounts for non-operating activity, share-based compensation expense, certain intersegment eliminations and the costs of providing corporate and other administrative services in the administrative division, "Corporate Services, Eliminations and Other." These services are not directly identifiable with the Company’s reportable operating segments. The following tables present the Company's reportable segment results for the three months and nine months ended September 30, 2025 and 2024:
|  |  | Three Months Ended September 30, 2025
(in millions) |  |  | EFT Processing |  |  | epay |  |  | Money Transfer |  |  | Corporate Services, Eliminations and Other |  |  | Consolidated
Total revenues |  | $ | 409.4 |  | $ | 286.5 |  | $ | 452.4 |  | $ | (2.6) |  | $ | 1,145.7
Operating expenses: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Direct operating costs, exclusive of depreciation |  |  | 194.4 |  |  | 216.3 |  |  | 235.8 |  |  | (2.6) |  |  | 643.9
Salaries and benefits |  |  | 46.6 |  |  | 28.0 |  |  | 92.6 |  |  | 20.2 |  |  | 187.4
Selling, general and administrative |  |  | 13.7 |  |  | 9.7 |  |  | 58.1 |  |  | 3.1 |  |  | 84.6
Goodwill impairment |  |  | — |  |  | — |  |  | — |  |  | — |  |  | —
Depreciation and amortization |  |  | 26.6 |  |  | 1.5 |  |  | 6.6 |  |  | 0.1 |  |  | 34.8
Total operating expenses |  |  | 281.3 |  |  | 255.5 |  |  | 393.1 |  |  | 20.8 |  |  | 950.7
Operating income (Loss) |  | $ | 128.1 |  | $ | 31.0 |  | $ | 59.3 |  | $ | (23.4) |  | $ | 195.0
|  |  | Three Months Ended September 30, 2024
(in millions) |  |  | EFT Processing |  |  | epay |  |  | Money Transfer |  |  | Corporate Services, Eliminations and Other |  |  | Consolidated
Total revenues |  | $ | 373.0 |  | $ | 290.3 |  | $ | 438.2 |  | $ | (2.2) |  | $ | 1,099.3
Operating expenses: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Direct operating costs, exclusive of depreciation |  |  | 174.3 |  |  | 223.5 |  |  | 238.4 |  |  | (2.2) |  |  | 634.0
Salaries and benefits |  |  | 41.3 |  |  | 26.2 |  |  | 84.9 |  |  | 17.2 |  |  | 169.6
Selling, general and administrative |  |  | 15.3 |  |  | 9.6 |  |  | 50.8 |  |  | 4.9 |  |  | 80.6
Goodwill impairment |  |  | — |  |  | — |  |  | — |  |  | — |  |  | —
Depreciation and amortization |  |  | 24.8 |  |  | 1.9 |  |  | 6.0 |  |  | 0.2 |  |  | 32.9
Total operating expenses |  |  | 255.7 |  |  | 261.2 |  |  | 380.1 |  |  | 20.1 |  |  | 917.1
Operating income (expense) |  | $ | 117.3 |  | $ | 29.1 |  | $ | 58.1 |  | $ | (22.3) |  | $ | 182.2
|  |  | Nine Months Ended September 30, 2025
(in millions) |  |  | EFT Processing |  |  | epay |  |  | Money Transfer |  |  | Corporate Services, Eliminations and Other |  |  | Consolidated
Total revenues |  | $ | 980.4 |  | $ | 834.0 |  | $ | 1,328.0 |  | $ | ($6.9) |  | $ | 3,135.5
Operating expenses: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Direct operating costs, exclusive of depreciation |  |  | 504.8 |  |  | 629.3 |  |  | 698.3 |  |  | (6.9) |  |  | 1,825.5
Salaries and benefits |  |  | 121.8 |  |  | 78.7 |  |  | 268.7 |  |  | 55.8 |  |  | 525.0
Selling, general and administrative |  |  | 40.9 |  |  | 32.3 |  |  | 172.3 |  |  | 9.9 |  |  | 255.4
Goodwill impairment |  |  | — |  |  | — |  |  | — |  |  | — |  |  | —
Depreciation and amortization |  |  | 76.9 |  |  | 4.8 |  |  | 18.7 |  |  | 0.4 |  |  | 100.8
Total operating expenses |  |  | 744.4 |  |  | 745.1 |  |  | 1,158.0 |  |  | 59.2 |  |  | 2,706.7
Operating income (expense) |  | $ | 236.0 |  | $ | 88.9 |  | $ | 170.0 |  | $ | (66.1) |  | $ | 428.8
|  |  | Nine Months Ended September 30, 2024
(in millions) |  |  | EFT Processing |  |  | epay |  |  | Money Transfer |  |  | Corporate Services, Eliminations and Other |  |  | Consolidated
Total revenues |  | $ | 895.6 |  | $ | 808.3 |  | $ | 1,244.6 |  | $ | (6.0) |  | $ | 2,942.5
Operating expenses: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Direct operating costs, exclusive of depreciation |  |  | 457.9 |  |  | 617.1 |  |  | 679.5 |  |  | (6.0) |  |  | 1,748.5
Salaries and benefits |  |  | 107.5 |  |  | 75.4 |  |  | 248.3 |  |  | 51.1 |  |  | 482.3
Selling, general and administrative |  |  | 38.0 |  |  | 28.5 |  |  | 154.2 |  |  | 11.2 |  |  | 231.9
Goodwill impairment |  |  | — |  |  | — |  |  | — |  |  | — |  |  | —
Depreciation and amortization |  |  | 73.5 |  |  | 5.4 |  |  | 20.0 |  |  | 0.4 |  |  | 99.3
Total operating expenses |  |  | 676.9 |  |  | 726.4 |  |  | 1,102.0 |  |  | 56.7 |  |  | 2,562.0
Operating income (expense) |  | $ | 218.7 |  | $ | 81.9 |  | $ | 142.6 |  | $ | (62.7) |  | $ | 380.5
The following table presents the Company's total assets by reportable segment:
|  |  | Total Assets as of
|  |  | September 30, 2025 |  |  | December 31, 2024
EFT Processing |  | $ | 3,136.4 |  | $ | 2,762.2
epay |  |  | 973.5 |  |  | 1,073.7
Money Transfer |  |  | 1,845.0 |  |  | 1,745.5
Corporate Services, Eliminations and Other |  |  | 320.5 |  |  | 253.1
Total |  | $ | 6,275.4 |  | $ | 5,834.5
The following table presents the Company's revenues disaggregated by segment and region. Sales and usage-based taxes are excluded from revenues. The Company believes disaggregation by segment and region best depicts how the nature, amount, timing, and uncertainty of revenue and cash flows are affected by economic factors. The disaggregation of revenues by segment and region is based on management's assessment of segment performance together with allocation of financial resources, both capital and operating support costs, on a segment and regional level. Both segments and regions benefit from synergies achieved through concentration of operations and are influenced by macro-economic, regulatory and political factors in the respective segment and region.
|  |  | Three Months Ended September 30, 2025 |  |  |  | Nine Months Ended September 30, 2025
(in millions) |  |  | EFT Processing |  |  | epay |  |  | Money Transfer |  |  | Total |  |  |  | EFT Processing |  |  | epay |  |  | Money Transfer |  |  | Total
Europe |  | $ | 322.6 |  | $ | 191.4 |  | $ | 201.5 |  | $ | 715.5 |  |  | $ | 725.7 |  | $ | 554.0 |  | $ | 579.6 |  | $ | 1,859.3
North America |  |  | 19.8 |  |  | 43.6 |  |  | 200.5 |  |  | 263.9 |  |  |  | 58.8 |  |  | 130.9 |  |  | 597.3 |  |  | 787.0
Asia Pacific |  |  | 57.8 |  |  | 38.8 |  |  | 33.1 |  |  | 129.7 |  |  |  | 170.7 |  |  | 113.5 |  |  | 99.4 |  |  | 383.6
Other |  |  | 9.2 |  |  | 12.7 |  |  | 17.3 |  |  | 39.2 |  |  |  | 25.2 |  |  | 35.6 |  |  | 51.7 |  |  | 112.5
Eliminations |  |  | — |  |  | — |  |  | — |  |  | (2.6) |  |  |  | — |  |  | — |  |  | — |  |  | (6.9)
Total |  | $ | 409.4 |  | $ | 286.5 |  | $ | 452.4 |  | $ | 1,145.7 |  |  | $ | 980.4 |  | $ | 834.0 |  | $ | 1,328.0 |  | $ | 3,135.5
|  |  | Three Months Ended September 30, 2024 |  |  |  | Nine Months Ended September 30, 2024
(in millions) |  |  | EFT Processing |  |  | epay |  |  | Money Transfer |  |  | Total |  |  |  | EFT Processing |  |  | epay |  |  | Money Transfer |  |  | Total
Europe |  | $ | 294.2 |  | $ | 178.2 |  | $ | 186.1 |  | $ | 658.5 |  |  | $ | 671.5 |  | $ | 506.3 |  | $ | 520.6 |  | $ | 1,698.4
North America |  |  | 18.9 |  |  | 58.3 |  |  | 201.8 |  |  | 279.0 |  |  |  | 55.1 |  |  | 151.2 |  |  | 577.9 |  |  | 784.2
Asia Pacific |  |  | 55.3 |  |  | 41.5 |  |  | 32.5 |  |  | 129.3 |  |  |  | 157.5 |  |  | 112.1 |  |  | 95.1 |  |  | 364.7
Other |  |  | 4.6 |  |  | 12.3 |  |  | 17.8 |  |  | 34.7 |  |  |  | 11.5 |  |  | 38.7 |  |  | 51.0 |  |  | 101.2
Eliminations |  |  | — |  |  | — |  |  | — |  |  | (2.2) |  |  |  | — |  |  | — |  |  | — |  |  | (6.0)
Total |  | $ | 373.0 |  | $ | 290.3 |  | $ | 438.2 |  | $ | 1,099.3 |  |  | $ | 895.6 |  | $ | 808.3 |  | $ | 1,244.6 |  | $ | 2,942.5

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- Definition The entire disclosure for reporting segments including data and tables. 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