Euronet第二季收入11億美元增3.2% 純利跌至7760萬美元

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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 10-Q 
 
 
 

☑

QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
 

For the quarterly period ended June 30, 2026
OR 
☐

TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
 

 
For the transition period from
 
to

Commission File Number: 001-31648
EURONET WORLDWIDE, INC.

(Exact name of registrant as specified in its charter)
Delaware

74-2806888

(State or other jurisdiction of incorporation or organization)
(I.R.S. Employer Identification No.)

11400 Tomahawk Creek Parkway, Suite 300 
 

Leawood,

Kansas

66211

(Address of principal executive offices)
(Zip Code)

(913) 327-4200
(Registrant’s telephone number, including area code)
 
(Former name, former address and former fiscal year, if changed since last report)
Securities registered pursuant to Section 12(b) of the Act: 
Title of each class
Trading Symbol(s)
Name of each exchange on which registered

Common Stock

EEFT

Nasdaq Global Select Market

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☑ No ☐
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☑ No ☐
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act. 
 
Large accelerated filer 

 
Accelerated filer 


Non-accelerated filer 

 
Smaller reporting company
☐

 
 
Emerging growth company
☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. 

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☑
 
On July 30, 2026, Euronet Worldwide, Inc. had 37,403,595 shares of common stock outstanding.
 

 

EURONET WORLDWIDE, INC. AND SUBSIDIARIES
Table of Contents

 
 
Page

 
 

PART I—FINANCIAL INFORMATION
 

Item 1.
Financial Statements (unaudited)
1

 
Consolidated Balance Sheets as of June 30, 2026 and December 31, 2025
1

 
Consolidated Statements of Operations for the Three and Six Months Ended June 30, 2026 and 2025
2

 
Consolidated Statements of Comprehensive Income (Loss) for the Three and Six Months Ended June 30, 2026 and 2025
3

 
Consolidated Statements of Changes in Equity for the Three and Six Months Ended June 30, 2026 and 2025
4

 
Consolidated Statements of Cash Flows for the Six Months Ended June 30, 2026 and 2025
6

 
Notes to the Unaudited Consolidated Financial Statements
7

Item 2.
Management's Discussion and Analysis of Financial Condition and Results of Operations
28

Item 3.
Quantitative and Qualitative Disclosures About Market Risk
43

Item 4.
Controls and Procedures
44

PART II—OTHER INFORMATION
 

Item 1.
Legal Proceedings
45

Item 1A.
Risk Factors
45

Item 2.
Unregistered Sales of Equity Securities and Use of Proceeds 
46

Item 5
Other Information
47

Item 6.
Exhibits
47

 
Signatures 
48

 

 PART I—FINANCIAL INFORMATION
 
ITEM 1. FINANCIAL STATEMENTS (UNAUDITED)
EURONET WORLDWIDE, INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
(In millions, except share and per share data)  
 
 
As of

 
 
June 30, 2026

 
 
December 31, 2025

 
 
(unaudited)

 
 
 

ASSETS

 
 
 
 
 

Current assets:

 
 
 
 
 

Cash and cash equivalents

$

1,196.7

 
$

1,040.3

ATM cash 

 
987.2

 
 
650.3

Restricted cash

 
36.8

 
 
23.2

Settlement assets

 
1,425.3

 
 
1,910.4

Trade accounts receivable, net of credit losses of $8.8 and $8.2

 
363.9

 
 
334.5

Prepaid expenses and other current assets

 
321.7

 
 
311.5

Total current assets

 
4,331.6

 
 
4,270.2

Operating right of use lease assets

 
149.9

 
 
153.9

Property and equipment, net of accumulated depreciation of $718.4 and $702.7

 
371.8

 
 
375.3

Goodwill

 
1,022.8

 
 
1,042.3

Acquired intangible assets, net of accumulated amortization of $281.5 and $266.4

 
243.9

 
 
261.2

Other assets, net of accumulated amortization of $103.4 and $96.9

 
284.2

 
 
297.8

Convertible notes receivable

 
88.9

 
 
88.0

Total assets

$

6,493.1

 
$

6,488.7

LIABILITIES AND EQUITY

 
 
 
 
 

Current liabilities:

 
 
 
 
 

Settlement obligations

$

1,425.3

 
$

1,910.4

Trade accounts payable

 
252.3

 
 
268.7

Accrued expenses and other current liabilities

 
461.7

 
 
494.9

Current portion of operating lease obligations

 
55.8

 
 
54.9

Short-term debt obligations and current maturities of long-term debt obligations

 
826.2

 
 
983.2

Income taxes payable

 
77.5

 
 
82.6

Deferred revenue

 
61.4

 
 
60.0

Total current liabilities

 
3,160.2

 
 
3,854.7

Debt obligations, net of current portion

 
1,826.8

 
 
1,037.6

Operating lease obligations, net of current portion

 
97.1

 
 
100.6

Deferred income taxes

 
75.9

 
 
78.3

Other long-term liabilities

 
87.8

 
 
95.0

Total liabilities

 
5,247.8

 
 
5,166.2

Equity:

 
 
 
 
 

Euronet Worldwide, Inc. stockholders’ equity:

 
 
 
 
 

Preferred Stock, $0.02 par value. 10,000,000 shares authorized; none issued

 
—

 
 
—

Common Stock, $0.02 par value. 90,000,000 shares authorized; shares issued 67,823,718 and 67,635,309

 
1.4

 
 
1.4

Additional paid-in-capital

 
1,579.8

 
 
1,549.8

Treasury stock, at cost, shares issued 30,424,534 and 28,305,376

 
(2,577.6)
 
 
(2,425.4)

Retained earnings

 
2,358.4

 
 
2,243.4

Accumulated other comprehensive loss

 
(132.1)
 
 
(61.7)

Total Euronet Worldwide, Inc. stockholders’ equity

 
1,229.9

 
 
1,307.5

Noncontrolling interests

 
15.4

 
 
15.0

Total equity

 
1,245.3

 
 
1,322.5

Total liabilities and equity

$

6,493.1

 
$

6,488.7

 
See accompanying notes to the unaudited consolidated financial statements.
 
1

EURONET WORLDWIDE, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited, in millions, except share and per share data)
 
 
 
 Three Months Ended June 30, 

 
 
 Six Months Ended June 30, 

 
 
2026

 
 
2025

 
 
2026

 
 
2025

Revenues

$

1,108.4

 
$

1,074.3

 
$

2,120.2

 
$

1,989.8

Operating expenses:

 
 
 
 
 
 
 
 
 
 
 

Direct operating costs, exclusive of depreciation

 
639.6

 
 
620.6

 
 
1,257.0

 
 
1,181.6

Salaries and benefits

 
193.3

 
 
173.5

 
 
383.2

 
 
337.6

Selling, general and administrative

 
98.4

 
 
87.8

 
 
191.0

 
 
170.8

Depreciation and amortization

 
40.0

 
 
33.8

 
 
79.9

 
 
66.0

Total operating expenses

 
971.3

 
 
915.7

 
 
1,911.1

 
 
1,756.0

Operating income

 
137.1

 
 
158.6

 
 
209.1

 
 
233.8

Other income (expense):

 
 
 
 
 
 
 
 
 
 
 

Interest income

 
4.8

 
 
6.2

 
 
8.9

 
 
11.5

Interest expense

 
(20.6)
 
 
(28.2)
 
 
(34.7)
 
 
(47.6)

Foreign currency exchange gain (loss), net

 
(0.2)
 
 
(5.7)
 
 
8.2

 
 
(23.8)

Other gains (losses), net

 
3.2

 
 
0.4

 
 
(0.9)
 
 
2.9

Other income (expense), net

 
(12.8)
 
 
(27.3)
 
 
(18.5)
 
 
(57.0)

Income before income taxes

 
124.3

 
 
131.3

 
 
190.6

 
 
176.8

Income tax expense

 
(46.7)
 
 
(33.6)
 
 
(75.7)
 
 
(40.7)

Net income

 
77.6

 
 
97.7

 
 
114.9

 
 
136.1

Net loss attributable to noncontrolling interests

 
(0.2)
 
 
(0.1)
 
 
(0.0)
 
 
(0.1)

Net income attributable to Euronet Worldwide, Inc.

$

77.4

 
$

97.6

 
$

114.9

 
$

136.0

 
 
 
 
 
 
 
 
 
 
 
 

Earnings per share attributable to Euronet Worldwide, Inc. stockholders:

 
 
 
 
 
 
 
 
 
 
 

Basic

$

2.04

 
$

2.31

 
$

2.99

 
$

3.16

Diluted

$

1.71

 
$

2.27

 
$

2.54

 
$

3.08

 
 
 
 
 
 
 
 
 
 
 
 

Weighted average shares outstanding:

 
 
 
 
 
 
 
 
 
 
 

Basic

 
37,869,717

 
 
42,321,267

 
 
38,395,688

 
 
42,999,281

Diluted

 
46,177,113

 
 
42,954,631

 
 
46,586,587

 
 
44,518,132

 
See accompanying notes to the unaudited consolidated financial statements.
 
2

EURONET WORLDWIDE, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)
(Unaudited, in millions)
 
 
 
Three Months Ended June 30,

 
 
Six Months Ended June 30,

 
 
2026

 
 
2025

 
 
2026

 
 
2025

Net income

$

77.6

 
$

97.7

 
$

114.9

 
$

136.1

Translation adjustment

 
(24.5)
 
 
186.0

 
 
(69.9)
 
 
270.0

Comprehensive income

 
53.1

 
 
283.7

 
 
45.0

 
 
406.1

Comprehensive income (loss) attributable to noncontrolling interests

 
(0.3)
 
 
0.1

 
 
0.4

 
 
(0.9)

Comprehensive income attributable to Euronet Worldwide, Inc.

$

52.8

 
$

283.8

 
$

45.4

 
$

405.2

 
See accompanying notes to the unaudited consolidated financial statements.
 
3

 EURONET WORLDWIDE, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY
(Unaudited, in millions, except share data)
  
 
Number of Shares Outstanding

 
 
Common Stock

 
 
Additional
Paid-in Capital

 
 
Treasury Stock

Balance as of December 31, 2024

43,727,615

 
$

1.3

 
$

1,370.1

 
$

(1,755.2)

Net income

—

 
 
—

 
 
—

 
 
—

Other comprehensive income (loss)

—

 
 
—

 
 
—

 
 
—

Stock issued under employee stock plans

108,333

 
 
—

 
 
0.8

 
 
(2.3)

Share-based compensation

—

 
 
—

 
 
11.2

 
 
—

Repurchase of shares

(591,258)
 
 
—

 
 
—

 
 
(59.6)

Balance as of March 31, 2025

43,244,690

 
 
1.3

 
 
1,382.1

 
 
(1,817.1)

Net income

—

 
 
—

 
 
—

 
 
—

Other comprehensive income  (loss)

—

 
 
—

 
 
—

 
 
—

Stock issued under employee stock plans

38,433

 
 
—

 
 
1.5

 
 
0.1

Share-based compensation

—

 
 
—

 
 
14.0

 
 
—

Acquisition

—

 
 
—

 
 
—

 
 
—

Repurchase of shares

(2,287,052)
 
 
—

 
 
—

 
 
(249.6)

Balance as of June 30, 2025

40,996,071

 
 
1.3

 
 
1,397.6

 
 
(2,066.6)

    
 
Number of Shares Outstanding

 
 
Common Stock

 
 
Additional
Paid-in Capital

 
 
Treasury Stock

Balance as of December 31, 2025

39,329,933

 
$

1.4

 
$

1,549.8

 
$

(2,425.4)

Net income (loss)

—

 
 
—

 
 
—

 
 
—

Other comprehensive income (loss)

—

 
 
—

 
 
—

 
 
—

Stock issued under employee stock plans

142,351

 
 
—

 
 
(0.8)
 
 
(0.5)

Share-based compensation

—

 
 
—

 
 
14.8

 
 
—

Repurchase of shares

(1,397,090)
 
 
—

 
 
—

 
 
(101.0)

Balance as of March 31, 2026

38,075,194

 
 
1.4

 
 
1,563.8

 
 
(2,526.9)

Net income

—

 
 
—

 
 
—

 
 
—

Other comprehensive income (loss)

—

 
 
—

 
 
—

 
 
—

Stock issued under employee stock plans

30,289

 
 
—

 
 
0.3

 
 
(0.2)

Share-based compensation

—

 
 
—

 
 
15.7

 
 
—

Acquisition

—

 
 
—

 
 
—

 
 
—

Repurchase of shares

(706,299)
 
 
—

 
 
—

 
 
(50.5)

Balance as of June 30, 2026

37,399,184

 
 
1.4

 
 
1,579.8

 
 
(2,577.6)

 
4

 EURONET WORLDWIDE, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY
(Unaudited, in millions, except share data)
 
 
 
 Retained Earnings

 
 
Accumulated Other Comprehensive Loss

 
 
Noncontrolling
Interests

 
 
Total

Balance as of December 31, 2024

$

1,934.0

 
$

(321.5)
 
$

0.5

 
$

1,229.2

Net income (loss)

 
38.4

 
 
—

 
 
—

 
 
38.4

Other comprehensive income (loss)

 
—

 
 
85.0

 
 
(1.0)
 
 
84.0

Stock issued under employee stock plans

 
—

 
 
—

 
 
—

 
 
(1.5)

Share-based compensation

 
—

 
 
—

 
 
—

 
 
11.2

Repurchase of shares

 
—

 
 
—

 
 
—

 
 
(59.6)

Balance as of March 31, 2025

 
1,972.4

 
 
(236.5)
 
 
(0.5)
 
 
1,301.7

Net income (loss)
 
97.6

 
 
—

 
 
0.1

 
 
97.7

Other comprehensive loss

 
—

 
 
185.9

 
 
0.1

 
 
186.0

Stock issued under employee stock plans

 
—

 
 
—

 
 
—

 
 
1.6

Share-based compensation

 
—

 
 
—

 
 
—

 
 
14.0

Acquisition

 
—

 
 
—

 
 
12.0

 
 
12.0

Repurchase of shares

 
—

 
 
—

 
 
—

 
 
(249.6)

Balance as of June 30, 2025

 
2,070.0

 
 
(50.6)
 
 
11.7

 
 
1,363.4

 
 
 
 Retained Earnings

 
 
Accumulated Other Comprehensive Loss

 
 
Noncontrolling
Interests

 
 
Total

Balance as of December 31, 2025

$

2,243.4

 
$

(61.7)
 
$

15.0

 
$

1,322.5

Net income (loss)

 
37.5

 
 
—

 
 
(0.2)
 
 
37.3

Other comprehensive income (loss)

 
—

 
 
(46.1)
 
 
0.7

 
 
(45.4)

Stock issued under employee stock plans

 
—

 
 
—

 
 
—

 
 
(1.3)

Share-based compensation

 
—

 
 
—

 
 
—

 
 
14.8

Repurchase of shares

 
—

 
 
—

 
 
—

 
 
(101.0)

Balance as of March 31, 2026

 
2,280.9

 
 
(107.8)
 
 
15.5

 
 
1,226.9

Net income

 
77.4

 
 
—

 
 
0.2

 
 
77.6

Other comprehensive income (loss)

 
0.1

 
 
(24.3)
 
 
(0.3)
 
 
(24.5)

Stock issued under employee stock plans

 
—

 
 
—

 
 
—

 
 
0.1

Share-based compensation

 
—

 
 
—

 
 
—

 
 
15.7

Acquisition

 
—

 
 
—

 
 
—

 
 
—

Repurchase of shares

 
—

 
 
—

 
 
—

 
 
(50.5)

Balance as of June 30, 2026

 
2,358.4

 
 
(132.1)
 
 
15.4

 
 
1,245.3

 
See accompanying notes to the unaudited consolidated financial statements.
 
5

EURONET WORLDWIDE, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited, in millions)
 
 
 
Six Months Ended June 30,

 
 
2026

 
 
2025

Net income

$

114.9

 
$

136.1

Adjustments to reconcile net income to net cash (used in) provided by operating activities:

 
 
 
 
 

Depreciation and amortization

 
79.9

 
 
66.0

Share-based compensation

 
30.5

 
 
25.0

Unrealized foreign exchange gains (loss), net

 
(8.2)
 
 
23.8

Deferred income taxes

 
11.3

 
 
(26.6)

Amortization of debt issuance costs

 
3.3

 
 
1.6

Changes in working capital, net of amounts acquired:

 
 
 
 
 

Income taxes payable, net

 
(2.8)
 
 
2.2

Trade accounts receivable, including amounts in settlement assets

 
162.3

 
 
80.8

Prepaid expenses and other current assets, including amounts in settlement assets

 
119.3

 
 
(30.3)

Trade accounts payable, including amounts in settlement obligations

 
(368.5)
 
 
(159.7)

Deferred revenue

 
2.5

 
 
(4.3)

Accrued expenses and other current liabilities, including amounts in settlement obligations

 
(116.5)
 
 
86.0

Changes in noncurrent assets and liabilities

 
(2.0)
 
 
(16.0)

Net cash (used in) provided by operating activities

 
26.0

 
 
184.6

Cash flows from investing activities:

 
 
 
 
 

Acquisitions, net of cash acquired

 
(9.7)
 
 
3.2

Purchase of convertible notes receivable

 
—

 
 
(25.0)

Purchases of property and equipment

 
(64.6)
 
 
(57.8)

Proceeds of property and equipment

 
2.1

 
 
—

Purchases of other long-term assets

 
(5.5)
 
 
(7.1)

Other, net

 
2.0

 
 
(2.2)

Net cash used in investing activities

 
(75.7)
 
 
(88.9)

Cash flows from financing activities:

 
 
 
 
 

Proceeds from issuance of shares

 
(2.3)
 
 
3.5

Repurchase of shares

 
(150.0)
 
 
(310.6)

Borrowings from credit agreements

 
5,351.4

 
 
4,848.0

Repayments of credit agreements 

 
(4,549.3)
 
 
(4,404.0)

Repayment of long-term debt

 
(700.4)
 
 
(491.8)

Repayments of capital lease obligations

 
(0.6)
 
 
(0.7)

Net (repayments) borrowing from short-term debt obligations

 
548.0

 
 
434.8

Net cash provided by financing activities

 
496.8

 
 
79.2

Effect of exchange rate changes on cash and cash equivalents and restricted cash

 
(69.0)
 
 
257.8

Increase in cash and cash equivalents and restricted cash

 
378.1

 
 
432.7

Cash and cash equivalents and restricted cash at beginning of period

 
2,362.8

 
 
2,488.2

Cash and cash equivalents and restricted cash at end of period

$

2,740.9

 
$

2,920.9

Supplemental disclosure of cash flow information:

 
 
 
 
 

Interest paid during the period

$

30.7

 
$

33.3

Income taxes paid during the period

$

70.2

 
$

74.7

 
See accompanying notes to the unaudited consolidated financial statements.
 
6

EURONET WORLDWIDE, INC. AND SUBSIDIARIES
NOTES TO THE UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS
 
(1) GENERAL
Organization
Euronet Worldwide, Inc. (the "Company" or "Euronet") was established as a Delaware corporation on December 13, 1996 and succeeded Euronet Holding N.V. as the group holding company, which was founded and established in 1994. Euronet Worldwide, Inc. and its subsidiaries provide electronic payment, transaction-processing and cross-border payment services to financial institutions, merchants, businesses and consumers in more than 200 countries and territories. The Company’s services include merchant acquiring, automated teller machine transaction processing, point-of-sale and prepaid product distribution, money transfer and foreign exchange services, and card-issuing and payment-processing technology.
Basis of Presentation
The accompanying unaudited consolidated financial statements have been prepared from the records of the Company, in conformity with accounting principles generally accepted in the U.S. (“U.S. GAAP”) and pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC”). In the opinion of management, such unaudited consolidated financial statements contain all adjustments (consisting only of normal recurring adjustments) necessary to fairly present the consolidated financial position and the results of operations, comprehensive income, changes in equity and cash flows for the interim periods. The unaudited consolidated financial statements should be read in conjunction with the Company's audited consolidated financial statements for the year ended December 31, 2025, including the notes thereto, set forth in the Company's 2025 Annual Report on Form 10-K.
Use of Estimates 
The preparation of financial statements in conformity with U.S. GAAP requires management to make certain estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the financial statements, as well as the reported amounts of revenues and expenses during the reporting period. Significant items subject to such estimates and assumptions include computing income taxes, estimating the useful lives and potential impairment of long-lived assets and goodwill, as well as allocating the purchase price to assets acquired and liabilities assumed in acquisitions and revenue recognition. Actual results could differ from those estimates. The results of operations for interim periods are not necessarily indicative of the results to be expected for the full year ending December 31, 2026.
Seasonality
Euronet’s Payments Infrastructure Segment (formerly known as the EFT Segment) normally experiences its heaviest demand for dynamic currency conversion ("DCC") services during the third quarter of the fiscal year, normally coinciding with the tourism season. The epay Segment is normally impacted by seasonality during the fourth quarter and first quarter of each year due to higher transaction levels during the holiday season and lower levels following the holiday season. Also, epay sells large loyalty rewards campaigns to retailers, which could be deployed in any given quarter and will impact the activity in that quarter accordingly. Seasonality in the Cross-Border Payments Segment (formerly known as the Money Transfer Segment) varies by region. In many markets, demand for money transfer services generally increases from May through the fourth quarter due to seasonal employment patterns and holidays and is generally lowest during the first quarter.

 
7

(2) RECENTLY ISSUED ACCOUNTING PRONOUNCEMENTS
  
In November 2024, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2024-03, Income Statement Reporting Comprehensive Income Expense Disaggregation Disclosures. In January 2025, the FASB issued ASU 2025-01, Income Statement Reporting Comprehensive Income-Expense Disaggregation Disclosures (Subtopic 220-40): Clarifying the Effective Date to clarify the effective date of ASU 2024-03. The amendments require additional disclosures of specified categories of expenses intended in the Comprehensive Income presentation. ASU 2024-03 is required to be adopted for fiscal years commencing after December 15, 2026 and interim reporting periods beginning after December 15, 2027 with early adoption permitted. The Company expects to adopt the update for the annual financial statements issued for the year ending December 31, 2027 and is currently evaluating the impact of adopting the standard on its consolidated financial statements.              
 
In September 2025, the FASB issued ASU 2025‑06, Intangibles—Goodwill and Other—Internal‑Use Software (Subtopic 350‑40), which modernizes the accounting for internal‑use software by removing development “project stages” and requiring capitalization to begin when management authorizes and completes funding and it is probable the project will be completed and used as intended. The ASU also supersedes the existing website development cost guidance and incorporates it into Subtopic 350‑40. The guidance is effective for annual years beginning after December 15, 2027 and interim reporting, periods within these annual periods, with early adoption permitted. The Company is evaluating the impact of this ASU on its consolidated financial statements.                       

 
(3) ACQUISITIONS
 
Acquisitions 2026
 
No material acquisitions
 
Acquisitions 2025
 
Kyodai (Japan)
 
On May 31, 2025, Euronet completed the acquisition of a 60% equity stake in UNIDOS CO. LTD from multiple shareholders for a consideration of $20.0 million, including a probable earn-out of $1.6 million. The effective date of control is June 1, 2025. The Company allocated $9.9 million of the enterprise value to customer relationships, $7.9 million to acquired net assets, $3.5 million to deferred tax liability, $12.0 million to non-controlling interest and the remaining $17.7 million to goodwill. The purchase price was allocated to the assets acquired and liabilities assumed, including identifiable intangible assets, based on their estimated fair values as of the acquisition date. The acquisition was accounted for as a business combination in accordance with U.S. GAAP, and the results of operations have been included in the Cross-Border Payments segment since the acquisition date.
 
CoreCard (USA)
 
On October 30, 2025, the Company completed the acquisition of 100% of the outstanding equity of CoreCard Corporation pursuant to the Agreement and Plan of Merger dated July 30, 2025. Under the terms of the agreement, each CoreCard common share converted into 0.3142 shares of Euronet common stock, with fractional shares settled in cash at the closing price of Euronet stock on the trading day immediately preceding the acquisition date. In addition, unvested CoreCard Restricted Stock Units (“RSUs”) vested at closing and were settled in Euronet shares, and outstanding stock options were cash‑settled at intrinsic value. The total purchase consideration was $192.7 million and consisted of the fair value of Euronet shares issued, cash in lieu of fractional shares, and cash to settle options and RSU‑related withholding obligations. The transaction has been accounted for as a business combination under ASC 805, and CoreCard’s results are included in the Payments Infrastructure Segment beginning on the acquisition date.
 
No contingent consideration, escrow, or holdback was recognized. The Company acquired 100% of CoreCard; no noncontrolling interest was recognized.
 
8

Purchase price allocation

The Company performed a preliminary allocation of the purchase price for CoreCard to the assets acquired and liabilities assumed based on their estimated fair values at the acquisition date. The allocation is subject to change during the measurement period as the Company finalizes the valuation of identifiable intangible assets, working‑capital items and income‑tax‑related balances.
 
Preliminary CoreCard purchase price accounting at October 30, 2025 (in millions)
 
Assets acquired

Fair value

Cash and cash equivalents

$

33.6

Accounts receivable

 
13.7

Taxes receivable

 
2.3

Other current assets

 
5.0

Long‑term investments

 
9.0

Property and equipment

 
3.3

Long‑term deferred tax assets

 
5.9

Other long‑term assets

 
1.1

Right‑of‑use (ROU) lease assets

 
4.2

Identifiable intangible assets

 
69.6

Goodwill

 
88.4

Total assets acquired

$

236.1

 
 
 

Liabilities assumed

 
 

Accounts payable

 
5.8

Employee‑related payables

 
9.9

Deferred revenue

 
3.3

Other liabilities

 
1.0

Operating lease liabilities

 
4.2

Other long‑term liabilities

 
0.4

Deferred tax liability

 
18.8

Total liabilities assumed

$

43.4

 
 
 

Net assets recognized (equals consideration transferred)

$

192.7

 
Goodwill
 
Preliminary goodwill of $88.4 million reflects anticipated synergies, assembled workforce, and the strategic benefit of integrating CoreCard’s issuing technology into the Company’s platform. Goodwill primarily represents anticipated synergies, the value of the assembled workforce and the strategic benefits expected from integrating CoreCard’s issuing and processing technology with the Company’s payment platforms. The merger was intended to qualify as a tax-free reorganization under applicable provisions of the Internal Revenue Code. Accordingly, the goodwill recognized in the acquisition is not expected to be deductible for income tax purposes.
Measurement‑period status
The purchase price allocation remains preliminary as the Company continues to evaluate certain identifiable intangible assets, working capital accounts, and related deferred taxes within the ASC 805 measurement period. During the measurement period, the Company recorded an immaterial adjustment to goodwill. Additional adjustments identified during the remainder of the measurement period may be recorded retrospectively to the acquisition date, with corresponding adjustments to goodwill.
 
Identifiable Intangible Assets and Estimated Useful Lives
 
The Company noted that the identifiable intangible assets of CoreCard acquired include developed technology, customer relationships, and trade name. Fair values and useful lives are being finalized; until completion, the following table presents the aggregate amount and expected categories with preliminary useful‑life ranges.
 
9

Intangibles subject to amort