Western Union
WU NYSE Transaction & Payment Processing Services Financials FY2016–FY2025
Western Union's revenue fell 3.8% to $4.1 billion in fiscal 2025. Its operating margin was 18.7%, up from 17.2% a year earlier. Free cash flow was $505 million, up 37.0%. It paid out $544 million in dividends and buybacks, 108% of free cash flow. The diluted share count fell 4.0%.
About these figures. Western Union's debt is its total borrowings as on its balance sheet; before 2021 its filings tagged no other total.
What Western Union does
Western Union moves money across borders and currencies for consumers, businesses and others. Customers send money through its agent locations in more than 200 countries and territories, at stores it operates, and on Western Union websites and mobile apps, including those of digital partners. It also sells bill payment, money order, travel money, check acceptance and prepaid card services, and is rolling out a digital wallet in some countries.
The company has two segments. Consumer Money Transfer, which is sending money from one consumer to another, is the core of the business. It made up 87% of 2025 revenue, and most of those transfers were across borders. Consumer Services made up 13%. Western Union's revenue comes mainly from the fees customers pay to transfer money, and the amount varies by transaction.
In August 2025 the company agreed to buy International Money Express (Intermex), a money transfer provider focused on the U.S. to Latin America and Caribbean routes, for about $500 million in cash, and expects the deal to close in the second quarter of 2026. In late 2025 it announced a strategy called "Beyond" and plans for a U.S. dollar-backed stablecoin, a digital token pegged to the dollar, to be issued by Anchorage Digital Bank.
- Legal name
- THE WESTERN UNION COMPANY
- Fiscal year ends
- December 31, 2025
- Latest annual report
- 10-K · Feb 20, 2026
- Accession · CIK
- 0001193125-26-061340
0001365135
Revenue and margins
Western Union had $4.1B of revenue in fiscal 2025, down 3.8% on the year before.
Net income and earnings per share
From fiscal 2016 to 2025, diluted EPS grew 12.9% a year. Loss periods are shown in red.
Returns on capital
After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
Cash flow
Free cash flow was $505M in fiscal 2025, 12.5% of revenue. Cash from operations minus capital spending.
Dividends, buybacks and share count
Western Union returned $544M to shareholders in fiscal 2025, 108% of free cash flow. The diluted share count fell 4.0%.
Value Western Union yourself
Change the assumptions and see what they imply per share. These are models, not forecasts or price targets — the answer depends entirely on what you put in.
Discounted cash flow
Value per share
—
Adds net cash of −$1.6B and divides by 327.6M diluted shares. Ten years of cash flows plus a terminal value, discounted to today.
Earnings multiple
Value per share
—
Reference multiples: today 5.2x · peers 12.7x · sector 13.7x.
Balance sheet
Cash, debt and the ratios that show how comfortably Western Union can carry it.
| Fiscal year end | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|
| Cash and short-term investments | $1.2B | $1.3B | $1.3B | $1.5B | $1.2B |
| Debt incl. finance leases | $3.0B | $2.6B | $2.5B | $2.9B | $2.9B |
| Net debt / EBITDA | 1.4x | 1.3x | 1.2x | 1.6x | 1.8x |
| Debt / equity | — | 5.5x | 5.2x | 3.0x | 3.0x |
| Interest coverage | 10.7x | 8.8x | 7.8x | 6.1x | 5.3x |
| Total assets | $8.8B | $8.5B | $8.2B | $8.4B | $8.3B |
| Total liabilities | $8.5B | $8.0B | $7.7B | $7.4B | $7.3B |
| Shareholders' equity | $356M | $478M | $479M | $969M | $958M |
| Net debt (− = net cash) | $1.8B | $1.3B | $1.2B | $1.5B | $1.6B |
Insider trades
Open-market purchases and sales by officers, directors and 10% owners, from Form 4 filings. 'Plan' marks trades under a pre-arranged Rule 10b5-1 plan.
Bought, 12 months
$0.1M
1 insider
Sold, 12 months
$0.2M
2 insiders
Of sales under plans
0%
$0.0M
| Date | Insider | Trade | Shares | Price | Value | Filing |
|---|---|---|---|---|---|---|
| May 1, 2026 | Benjamin Carlton AdamsChief Legal Officer | Sold | 19,924 | $9.23 | $0.2M | Form 4 |
| Apr 28, 2026 | Giovanni AngeliniPresident Europe, Africa, Mepa | Sold | 6,000 | $9.48 | $0.1M | Form 4 |
| Nov 10, 2025 | Giovanni AngeliniPresident Europe, Africa, Mepa | Bought | 10,000 | $8.95 | $0.1M | Form 4 |
Piotroski F-score
Nine pass/fail tests of profitability, funding and efficiency. 8–9 is strong, 0–2 weak.
| Test | FY23 | FY24 | FY25 |
|---|---|---|---|
| Net income is positive | ✓ | ✓ | ✓ |
| Cash from operations is positive | ✓ | ✓ | ✓ |
| Return on assets rose | ✕ | ✓ | ✕ |
| Cash from operations exceeds net income | ✓ | ✕ | ✓ |
| Debt fell relative to assets | ✓ | ✕ | ✓ |
| Current ratio rose | — | — | — |
| Share count didn't rise | ✓ | ✓ | ✓ |
| Gross margin rose | ✕ | ✕ | ✕ |
| Revenue rose relative to assets | ✓ | ✓ | ✕ |
| F-score | — / 9 | — / 9 | — / 9 |
| Accruals ratio | −1.9% | 6.4% | −0.5% |
| Altman Z'' | — | — | — |
Similar companies
Each company's latest fiscal year. Fiscal years end in different months, so periods don't line up exactly.
| Company | Market cap | Growth | Op. margin | FCF margin | ROIC | P/E | F-score | |
|---|---|---|---|---|---|---|---|---|
| Western Union WU | $2.0B | −3.8% | 18.7% | 12.5% | 24.0% | 5.2x | — | |
| Shift4 FOUR | $50.4M | 25.5% | 8.4% | 14.9% | 6.5% | — | 6 | Compare → |
| Euronet Worldwide EEFT | $3.0B | 6.4% | 12.5% | 10.2% | 29.9% | 10.4x | 7 | Compare → |
| Affirm AFRM | $24.4B | 32.2% | 9.8% | 23.3% | — | 12.7x | — | Compare → |
| Corpay CPAY | $27.1B | 13.9% | 44.0% | 28.7% | 11.5% | 24.9x | 5 | Compare → |
10 years of figures
US$ millions unless stated. Hover a ratio's name for its definition.
| Fiscal year | FY16 | FY17 | FY18 | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|---|---|---|---|---|
| Income statement | ||||||||||
| Revenue | $5.4B | $5.5B | $5.6B | $5.3B | $4.8B | $5.1B | $4.5B | $4.4B | $4.2B | $4.1B |
| Gross profit | $2.2B | $2.2B | $2.3B | $2.2B | $2.0B | $2.2B | $1.8B | $1.7B | $1.6B | $1.5B |
| Operating income | $487M | $476M | $1.1B | $934M | $967M | $1.1B | $885M | $818M | $726M | $757M |
| Interest expense | $153M | $142M | $150M | $152M | $119M | $106M | $101M | $105M | $120M | $143M |
| Pretax income | $342M | $348M | $991M | $1.3B | $855M | $935M | $1.0B | $746M | $619M | $626M |
| Income tax | $88.5M | $905M | $140M | $263M | $111M | $130M | $98.0M | $120M | −$316M | $126M |
| Net income | $253M | −$557M | $852M | $1.1B | $744M | $806M | $911M | $626M | $934M | $500M |
| Diluted EPS | $0.51 | −$1.19 | $1.87 | $2.46 | $1.79 | $1.97 | $2.34 | $1.68 | $2.74 | $1.52 |
| Diluted shares | 0.49B | 0.47B | 0.45B | 0.43B | 0.42B | 0.41B | 0.39B | 0.37B | 0.34B | 0.33B |
| Cash flow | ||||||||||
| Cash from operations | $1.0B | $742M | $821M | $915M | $878M | $1.0B | $582M | $783M | $406M | $544M |
| Capital expenditure | $68.8M | $69.1M | $137M | $48.1M | $36.5M | $37.7M | $31.9M | $22.9M | $37.4M | $38.5M |
| Free cash flow | $973M | $673M | $685M | $867M | $841M | $1.0B | $550M | $760M | $369M | $505M |
| Depreciation and amortization | $263M | $263M | $265M | $258M | $226M | $208M | $184M | $184M | $179M | $165M |
| Stock-based compensation | $41.8M | $43.9M | $47.7M | $48.9M | $41.7M | $44.3M | $45.5M | $35.9M | $38.9M | $46.6M |
| Acquisitions | $0.0M | $24.9M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M |
| Share buybacks | $502M | $503M | $412M | $553M | $240M | $410M | $370M | $308M | $186M | $235M |
| Dividends paid | $312M | $326M | $342M | $341M | $370M | $382M | $364M | $349M | $322M | $309M |
| Dividends and buybacks | $814M | $828M | $754M | $893M | $610M | $792M | $734M | $657M | $508M | $544M |
| Balance sheet | ||||||||||
| Cash and short-term investments | $878M | $838M | $973M | $1.5B | $1.4B | $1.2B | $1.3B | $1.3B | $1.5B | $1.2B |
| Total debt | $2.8B | $3.0B | $3.4B | $3.2B | $3.1B | $3.0B | $2.6B | $2.5B | $2.9B | $2.9B |
| Finance lease liabilities | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M |
| Inventory | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M |
| Property and equipment, net | $221M | $214M | $270M | $236M | $150M | $129M | $110M | $91.4M | $84.2M | $95.0M |
| Total assets | $9.4B | $9.2B | $9.0B | $8.8B | $9.5B | $8.8B | $8.5B | $8.2B | $8.4B | $8.3B |
| Total liabilities | $8.5B | $9.7B | $9.3B | $8.8B | $9.3B | $8.5B | $8.0B | $7.7B | $7.4B | $7.3B |
| Shareholders' equity | $902M | −$491M | −$310M | −$39.5M | $187M | $356M | $478M | $479M | $969M | $958M |
| Margins | ||||||||||
| Gross margin | 39.8% | 39.3% | 41.0% | 41.7% | 41.5% | 42.9% | 41.3% | 38.7% | 37.8% | 37.0% |
| Operating margin | 9.0% | 8.6% | 20.1% | 17.7% | 20.0% | 22.2% | 19.8% | 18.8% | 17.2% | 18.7% |
| EBITDA margin | 13.8% | 13.4% | 24.8% | 22.5% | 24.7% | 26.3% | 23.9% | 23.0% | 21.5% | 22.8% |
| Net margin | 4.7% | −10.1% | 15.2% | 20.0% | 15.4% | 15.9% | 20.4% | 14.4% | 22.2% | 12.3% |
| FCF margin | 17.9% | 12.2% | 12.3% | 16.4% | 17.4% | 19.9% | 12.3% | 17.5% | 8.8% | 12.5% |
| Returns | ||||||||||
| Return on capital | 11.8% | 10.5% | 50.0% | 38.5% | 47.2% | 48.6% | 40.3% | 39.0% | 35.0% | 24.0% |
| Return on equity | 22.0% | — | — | — | — | — | — | 130.9% | 129.0% | 51.9% |
| Return on assets | 2.7% | −6.0% | 9.4% | 11.9% | 8.2% | 8.8% | 10.5% | 7.5% | 11.3% | 6.0% |
| Growth | ||||||||||
| Revenue growth | −1.1% | 1.9% | 1.2% | −5.3% | −8.6% | 4.9% | −11.7% | −2.7% | −3.4% | −3.8% |
| Net income growth | −69.8% | −320.0% | — | 24.2% | −29.7% | 8.3% | 13.0% | −31.3% | 49.2% | −46.5% |
| EPS growth | −68.5% | −333.3% | — | 31.6% | −27.2% | 10.1% | 18.8% | −28.2% | 63.1% | −44.5% |
| FCF growth | −0.4% | −30.9% | 1.7% | 26.6% | −2.9% | 19.8% | −45.4% | 38.3% | −51.5% | 37.0% |
| Share count change | −4.5% | −5.2% | −2.9% | −5.2% | −3.6% | −1.5% | −5.0% | −4.3% | −8.3% | −4.0% |
| Financial health | ||||||||||
| Net debt / EBITDA | 2.5x | 3.0x | 1.8x | 1.5x | 1.4x | 1.4x | 1.3x | 1.2x | 1.6x | 1.8x |
| Debt / equity | 3.1x | — | — | — | — | — | 5.5x | 5.2x | 3.0x | 3.0x |
| Interest coverage | 3.2x | 3.4x | 7.5x | 6.1x | 8.2x | 10.7x | 8.8x | 7.8x | 6.1x | 5.3x |
| Capital allocation | ||||||||||
| Capex / revenue | 1.3% | 1.3% | 2.5% | 0.9% | 0.8% | 0.7% | 0.7% | 0.5% | 0.9% | 1.0% |
| Stock comp / revenue | 0.8% | 0.8% | 0.9% | 0.9% | 0.9% | 0.9% | 1.0% | 0.8% | 0.9% | 1.2% |
| Payouts / FCF | 83.6% | 123.1% | 110.2% | 103.1% | 72.5% | 78.6% | 133.6% | 86.5% | 137.6% | 107.6% |
| Quality scores | ||||||||||
| Accruals ratio | −8.4% | −13.9% | 0.3% | 1.6% | −1.5% | −2.6% | 3.8% | −1.9% | 6.4% | −0.5% |
Source: SEC EDGAR XBRL filings (CIK 0001365135). Data updated October 11, 2026. Quarterly fourth quarters are the full year minus the first nine months. For information only — not investment advice. Check the original filings before relying on any figure.