The Western Union Company

Latest Results (09.01.2026):

The Western Union Company reported results for the third quarter of 2025. GAAP revenue was $1.03 billion (flat year-over-year), with adjusted revenue (excluding Iraq) down about 1%. GAAP diluted EPS was $0.43 and adjusted EPS was $0.47. The company cited strong growth in Branded Digital and Consumer Services while Consumer Money Transfer (CMT) revenues and some retail channels slowed.

Revenue overview

GAAP revenue: $1.03 billion (0% YoY). Adjusted revenue excluding Iraq declined ~1% year-over-year, reflecting mixed performance across segments and regions.

Profitability and EPS

GAAP diluted EPS: $0.43 (down from $0.78 prior year, which included a $0.40 IRS settlement benefit). Adjusted EPS: $0.47 (up from $0.46 prior year). GAAP operating margin improved to 20% from 16%; adjusted operating margin was 20% vs 19% prior year.

Segment performance — Consumer Money Transfer (CMT)

CMT revenue: $878.0 million, down 6% reported. On an adjusted basis excluding Iraq, CMT revenue declined ~7% and transactions declined ~2%. Branded Digital within CMT grew: revenue +7% and transactions +12%, representing 29% of CMT revenue and 38% of CMT transactions in Q3.

Segment performance — Consumer Services

Consumer Services revenue grew 49% (reported and adjusted), driven by Travel Money expansion (including the Eurochange acquisition) and higher Argentina bill-pay revenue; CS operating margin was ~22% in the quarter.

Income statement and costs

Operating income rose to $201.9 million (+22% YoY) aided by cost efficiencies (SG&A down 14%). Net income was $139.6 million (down 47% YoY) due mainly to the prior-year tax settlement benefit. Interest expense increased to $37.0 million.

Balance sheet and cash flow highlights

Cash & cash equivalents: $947.8 million; settlement assets: $3,267.5 million; total assets: $7,784.0 million. Borrowings were $2,592.2 million. Nine‑month cash from operations was $408.3 million; nine‑month share repurchases totaled $208.5 million and dividends paid $234.6 million.

Taxes and one-offs

GAAP effective tax rate was a 17% provision in Q3 (prior year benefited from IRS settlement producing a large tax benefit). The adjusted effective tax rate for the quarter was 12% versus 8% in the prior year period.

Corporate actions and risks

The company signed a definitive sale agreement for its Russian assets subject to regulatory approvals. Management reiterated ongoing restructuring and redeployment programs and noted exposure to macro and regulatory risks (foreign exchange, Argentina inflation, immigration policy, etc.).

2025 outlook

Full-year 2025 guidance unchanged: GAAP revenue $4.085–$4.185 billion (adjusted $4.035–$4.135 billion); GAAP EPS $1.45–$1.55 (adjusted EPS $1.65–$1.75); GAAP operating margin 18–20% (adjusted 19–21%); expected GAAP tax rate 19–21%, adjusted 13–15%.