Euronet, the global payments processor and cross-border transfer company, saw its revenue grow 1% YoY to $1.2bn in Q3 2026, although its Cross-Border Payments segment saw slight declines, driven by global macroeconomic uncertainty.
Euronet’s Cross-Border Payments segment – made up of cross-border payments network Dandelion, remittance company Ria and foreign exchange service provider Xe – saw revenues fall 5% YoY (or 4% on a constant-currency basis) to $431m. CFO Rick Weller said pressure from US immigration policy has been “more persistent” than Euronet anticipated, compounded by macro uncertainty and “weakening of most foreign currencies compared to the US dollar”.
The segment’s adjusted EBITDA declined 34% to $43.6m, resulting in a margin of 10%, while operating income fell 37%. Weller explained that these declined more than Cross-Border Payments revenue partially due to $6m in incremental advertising spend to accelerate digital transaction growth.
Off the back of this, Euronet saw digital transactions grow 34% YoY to 8.1 million, while reporting “continued momentum” in its Dandelion cross-border payments platform – partially offsetting the headwinds it experienced in Q2. This is in line with the company’s long-term plan to invest in its digital businesses to drive future growth, outlined during its Investor Day in May. CEO Michael Brown explained that its digital accelerators, including Ria Digital, Xe and Dandelion, grew “approximately 33%” during the first nine months of 2026 – currently “well ahead” of the 23% growth rate for 2026 it outlined during its Investor Day. Brown also shared that Euronet signed Africa-focused digital remittance provider Taptap Send and African digital wallet Safaricom as new Dandelion partners in Q3.
Despite challenges in the quarter, revenue in Euronet’s Payments Infrastructure segment – including its Ren and CoreCard issuing platforms – grew 7% YoY, while revenue from its epay segment – including merchant services and its distribution of branded payments – grew 3%.
Last week, Euronet announced its white-label stablecoin-funded card solution launched in collaboration with Fireblocks, enabling banks, fintechs and other financial institutions to launch their own stablecoin card programmes using Euronet’s Ren and CoreCard issuing platforms – allowing users to spend stablecoins anywhere Visa or Mastercard is accepted.
Following significant headwinds in Q3, Euronet revised its 2026 outlook down from the targets outlined during its Investor Day, now expecting $4.375bn in FY revenue, halving its projected YoY revenue growth to 3%. It has also reduced its projected EBITDA to $725m, giving a FY EBITDA margin of 17%.
