Western Union delivered Q4 2025 adjusted EPS of $0.45, beating the consensus estimate of $0.43 by 4.7%, but revenue of $1.0 billion missed the $1.04 billion estimate by 2.7%. Full year adjusted EPS was $1.75 on revenue of $4.1 billion. Shares dropped approximately 5.5–6.1% on Friday February 20, 2026, as investors weighed the revenue miss against cost-efficiency gains and a relatively upbeat 2026 outlook.
About Western Union
The Western Union Company (NYSE: WU) is a global financial services corporation headquartered in Denver, Colorado, founded in 1851 as the New York and Mississippi Valley Printing Telegraph Company. Today, the company is one of the world’s leading providers of cross-border, cross-currency money movement, payments, and digital financial services, operating across more than 200 countries and territories and nearly 130 currencies.
As of February 2026, Western Union has a market capitalisation of approximately $3.0 billion, a P/E ratio of ~4.1, and employs approximately 8,600 people globally. The company pays a quarterly dividend of $0.235 per share, which translates to an annualised yield of roughly 10.0% with a payout ratio of approximately 41%. Western Union operates primarily through two segments: Consumer Money Transfer (CMT), which handles traditional and digital remittances, and Consumer Services (CS), which includes Travel Money, bill pay, and other financial products. The company’s Branded Digital channel now represents 30% of CMT revenues and 39% of CMT transactions.
Top Financial Highlights
- Q4 GAAP Revenue: $1,008.4 million, down 5% year over year on both a reported and adjusted basis.
- Full Year 2025 GAAP Revenue: $4,050.7 million (≈ $4.1B), down 4% reported, down 2% adjusted excluding Iraq.
- Q4 GAAP Net Income: $114.4 million, down 70% YoY (prior year inflated by a $0.75 tax benefit).
- Full Year Net Income: $499.6 million.
- Q4 GAAP EPS: $0.36; Adjusted EPS: $0.45 (up 12.5% from $0.40 YoY).
- Full Year GAAP EPS: $1.52; Adjusted EPS: $1.75 (up from $1.74).
- Q4 Adjusted Operating Margin: 20%, improved 300 basis points from 17% in the prior year period.
- Full Year Operating Cash Flow: $543.7 million, up from $406.3 million in 2024.
- Consumer Money Transfer (CMT) Q4 Revenue: $871.5 million, down 7% YoY.
- Consumer Services (CS) Q4 Revenue: $136.9 million, up 15% reported / 26% adjusted.
- Branded Digital Q4 Revenue Growth: 7% reported (6% adjusted); transaction growth of 13%.
- Q4 Total Expenses: $823.1 million, down 6% YoY, driven by lower cost of services and SG&A.
- Cash and Cash Equivalents (Dec 31, 2025): $1,234.4 million.
- Shareholder Returns (2025): Approximately $529 million — $305M in dividends + $225M in share repurchases.
- 2026 Outlook: Adjusted revenue growth of 6%–9%; adjusted EPS guidance of $1.75–$1.85 (includes anticipated Intermex acquisition close in Q2 2026).
Beat or Miss?
| Metric | Reported | Consensus Estimate | Difference |
| Q4 Adjusted EPS | $0.45 | $0.43 | Beat by $0.02 (+4.7%) |
| Q4 Revenue | $1.0B | $1.04B | Missed by ~$40M (−2.7%) |
| Q4 CMT Revenue | $871.5M | $889.5M (est.) | Missed by ~$18M |
| Q4 CS Revenue | $136.9M | $147.6M (est.) | Missed by ~$10.7M |
| Q4 Operating Income | $185.3M | $184.5M (est.) | Beat by ~$0.8M |
| Q4 Total Expenses | $823.1M | $859.2M (est.) | Beat by ~$36M (lower costs) |
| FY2026 Revenue Guidance | $4.2B–$4.4B | $4.1B consensus | Above consensus |
| FY2026 EPS Guidance | $1.75–$1.85 (adj.) | $1.79 consensus | In line / slightly above |
The quarter’s story was a clear EPS beat driven by cost discipline, but a top-line miss reflecting continued declines in the legacy retail-based Consumer Money Transfer business, partially offset by double-digit growth in Consumer Services and the branded digital channel.
What Leadership Is Saying?
“Despite a challenging operating environment in 2025, we delivered meaningful progress across the business. We strengthened our Consumer Services offerings, expanded our owned retail footprint, and accelerated our transition to a more digital-first operating model. Looking ahead to 2026, we are confident in our ability to execute against our Beyond strategy as we expand our capabilities, drive operating efficiencies, and position the company for sustainable long-term growth.” – Devin McGranahan, President & CEO
“For the full year, we delivered GAAP revenue of $4.1 billion. Adjusted revenue came in below our outlook, reflecting ongoing industry disruption… In 2025, our full-year adjusted operating margin was 20%, up from 19% in the prior period. Adjusted operating margin in the quarter was 20%, compared to 17% in the prior year, benefiting from our continued cost discipline. For the full year, we delivered adjusted EPS of $1.75, which benefited from higher adjusted operating profit and fewer shares outstanding, offset by higher interest expense, which landed us at the top end of our guidance range.” – Matt Cagwin, Chief Financial Officer
Historical Performance
Western Union YoY Comparison
| Category | Q4 2025 | Q4 2024 | Change (%) |
| Total Revenue | $1,008.4M | $1,058.2M | −4.7% |
| Net Income (GAAP) | $114.4M | $385.7M | −70.3% |
| Total Expenses | $823.1M | $880.1M | −6.5% |
| Operating Income | $185.3M | $178.1M | +4.0% |
| GAAP EPS (Diluted) | $0.36 | $1.13 | −68.1% |
| Adjusted EPS | $0.45 | $0.40 | +12.5% |
| Adjusted Operating Margin | 20% | 17% | +300 bps |
Full Year Comparison
| Category | FY 2025 | FY 2024 | Change (%) |
| Total Revenue | $4,050.7M | $4,209.7M | −3.8% |
| Net Income (GAAP) | $499.6M | $934.2M | −46.5% |
| Total Expenses | $3,293.4M | $3,483.9M | −5.5% |
| Operating Income | $757.3M | $725.8M | +4.3% |
| Operating Cash Flow | $543.7M | $406.3M | +33.8% |
| GAAP EPS (Diluted) | $1.52 | $2.74 | −44.5% |
| Adjusted EPS | $1.75 | $1.74 | +0.6% |
Note: The large GAAP net income and EPS decline is primarily attributable to one-time tax benefits in 2024 — a $0.75 per share benefit from an international reorganization and a $0.40 benefit from an IRS settlement — that did not recur in 2025.
Competitor Performance
Since MoneyGram was taken private in 2024, the two most relevant publicly traded competitors for comparison are Remitly Global (RELY) and Euronet Worldwide (EEFT):
Remitly Global (RELY) — Q4 2025 vs. Q4 2024
| Category | Q4 2025 | Q4 2024 | Change (%) |
| Revenue | $442.2M | $351.9M | +25.6% |
| Net Income | $41.2M | $(5.7)M (loss) | Turned profitable |
| Adjusted EBITDA | $88.6M | $44.7M | +98.2% |
| Active Customers | 9.3M | 7.8M | +19.2% |
Remitly’s full year 2025 revenue reached approximately $1.6 billion (up 29% YoY), and it achieved its first full year of GAAP profitability at $67.9M net income. For 2026, Remitly guides for revenue of $1.94–$1.96 billion (19–20% growth).
Euronet Worldwide (EEFT) — Q4 2025 vs. Q4 2024
| Category | Q4 2025 | Q4 2024 | Change (%) |
| Revenue | $1,108.7M | $1,047.3M | +5.9% |
| Net Income | $51.5M | $45.2M | +13.9% |
| Operating Income | $101.0M | $123.0M (est.) | −17.9% |
| Adjusted EPS | $2.39 | $2.08 (est.) | +14.9% |
Euronet’s full year 2025 revenue was $4,244.2 million (up 6%), with adjusted EPS of $9.61 (up 12% YoY). Euronet’s Money Transfer segment (Ria/Xe) posted full-year revenue of $1,782.4 million (+6%), with direct-to-consumer digital transactions growing 31%.
Competitive Landscape Snapshot
| Metric | Western Union (WU) | Remitly (RELY) | Euronet (EEFT) |
| FY 2025 Revenue | $4.05B | ~$1.6B | $4.24B |
| FY Revenue Growth | −3.8% | +29% | +6% |
| Q4 Revenue Growth | −4.7% | +25.6% | +5.9% |
| Profitability | $499.6M net income | $67.9M net income | $309.5M net income |
| Digital Focus | Branded Digital +7% rev / +13% txns | Digital-native; +19% active users | +31% D2C digital txns |
Western Union’s revenue is contracting while its digital-native competitor Remitly is growing at ~30% and Euronet is growing at ~6%. However, Western Union’s cost-cutting initiatives have stabilized margins and the pending Intermex acquisition is expected to contribute to a return to top-line growth in 2026.
How the Market Reacted?
Western Union shares fell sharply following the Q4 2025 earnings release on February 20, 2026. The stock dropped approximately 5.5% intraday, trading as low as $8.85 after opening at $9.44. Some sources noted the decline reached as much as 6.1% in Friday morning trading. The sell-off was driven primarily by the revenue miss $1.0 billion vs. the $1.04 billion consensus and the continued 7% YoY decline in the core Consumer Money Transfer segment, which overshadowed the adjusted EPS beat and strong cost discipline. Analysts maintained a cautious stance, with the average rating sitting at “Reduce” / “Hold” and a consensus price target of approximately $8.82–$10.00. The forward-looking 2026 guidance, however, provided some support, as management’s revenue outlook of $4.2–$4.4 billion came in above the prior consensus of $4.1 billion, signalling potential top-line stabilisation once the Intermex acquisition closes
Sources
