WU NYSE Transaction & Payment Processing Services Financials FY2016βFY2025
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.
Hi! I read Western Unionβs latest annual report (fiscal 2025). Here is what stands out:
Good So-so Weak
Are sales growing?
β3.8%
No. Sales fell 3.8% last year.
Does it make a profit?
12.3%
Yes. It keeps 12.3% of every sale as profit.
Does profit turn into cash?
12.5%
Yes. 12.5% of sales ends up as free cash.
Is debt under control?
1.8x
Keep an eye on it. Repaying its debt would take 1.8 years of operating profit.
How is the share priced?
5.1x
One share costs 5.1 times its yearly profit per share. Typical for its sector: 13.7x.
Rules of thumb on reported numbers. A starting point, not a recommendation.
About these figures. Western Union's debt is its total borrowings as on its balance sheet; before 2021 its filings tagged no other total.
Is it selling more, and how much does it keep?
KIRA Β· Western Union had $4.1B of revenue in fiscal 2025, down 3.8% on the year before. Over five years, revenue changed β3.5% a year on average. Its operating margin was 18.7%, up 1.5Β pts: of every 100 in sales, about 19 is left after running the business.
In plain words: Revenue is all the money customers paid. The margins show how many cents of each dollar of sales are left over at each step: after making the product (gross), after running the business (operating) and after everything, tax included (net).
Revenue
Revenue
Margins, % of revenue
Margins, % of revenue
KIRA Β· Western Union made $500M of net profit in fiscal 2025. From fiscal 2016 to 2025, diluted EPS grew 12.9% a year.
Loss periods are shown in red.
In plain words: Net income is the profit left after every cost and tax. Earnings per share (EPS) splits that profit across every share, so it shows what one share earned.
Net income
Net income
Diluted EPS
Diluted EPS
How much cash comes in, and where does it go?
KIRA Β· Free cash flow was $505M in fiscal 2025, 12.5% of revenue.
Cash from operations minus capital spending.
In plain words: Profit on paper is not the same as cash in the bank. Free cash flow is the cash left after paying to run and maintain the business: the money it can hand back to shareholders, save or invest.
Free cash flow
Free cash flow
Cash from operations vs capital spending
Cash from operations vs capital spending
KIRA Β· Western Union returned $544M to shareholders in fiscal 2025, 108% of free cash flow. The diluted share count fell 4.0%.
In plain words: Companies hand cash back in two ways: dividends (cash paid to shareholders) and buybacks (buying back their own shares, so each remaining share owns a bigger slice).
Dividends and buybacks
Dividends and buybacks
Diluted shares outstanding (annual)
KIRA Β· In the last 12 months, insiders bought $0.1M and sold $0.2M of shares on the open market.
Open-market purchases and sales by officers, directors and 10% owners, from Form 4 filings. βPlanβ marks trades under a pre-arranged Rule 10b5-1 plan.
In plain words: Insiders are the people who run or own a big part of the company. Buying with their own money can signal confidence; selling often has personal reasons, like taxes or diversifying.
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 |
Can it carry its debts, and how well does it use its money?
KIRA Β· Western Union owes $1.6B more than it holds in cash, about 1.8 years of operating profit.
Cash, debt and the ratios that show how comfortably Western Union can carry it.
In plain words: What the company owns and what it owes. More cash than debt is a cushion for bad times; a lot of debt leaves less room when business slows down.
Cash vs debt (incl. leases)
| 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 | β | 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 (β = net cash) | $1.8B | $1.3B | $1.2B | $1.5B | $1.6B |
KIRA Β· Its return on capital was 24.0%: every 100 invested in the business earned about 24 in a year.
After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
In plain words: How much profit the business makes on the money put into it. A higher percentage means each dollar invested works harder.
Return on capital, equity and assets (annual)
Nine pass/fail tests of profitability, funding and efficiency. 8β9 is strong, 0β2 weak.
In plain words: Nine yes/no tests of financial health, one point each. A green tick is a pass: 7 to 9 points is solid, 0 to 3 is weak.
| Test | FY23 | FY24 | FY25 |
|---|---|---|---|
| Net income is positive | β | β | β |
| Cash from operations is positive | β | β | β |
| Return on assets rose | β | β | β |
| Cash from operations exceeds net income | β | β | β |
| Debt fell relative to assets | β | β | β |
| Current ratio rose | β | β | β |
| Share count didn't rise | β | β | β |
| Gross margin rose | β | β | β |
| Revenue rose relative to assets | β | β | β |
| F-score | β / 9 | β / 9 | β / 9 |
| Accruals ratio | β1.9% | 6.4% | β0.5% |
| Altman Z'' | β | β | β |
What does the share cost, and how does it compare?
KIRA Β· At $6.21 a share, the company is worth $1.9B: 5.1 times its earnings of the last four quarters.
Change the assumptions and see what they imply per share. These are models, not forecasts or price targets β the answer depends entirely on what you put in.
In plain words: Move the sliders to try your own guesses about growth. The result is what one share would be worth if those guesses came true. Different guesses give very different answers.
Value per share
β
Adds net cash of β$1.6B and divides by 327.6M diluted shares. Ten years of cash flows plus a terminal value, discounted to today.
Value per share
β
Reference multiples: today 5.2x Β· peers 12.7x Β· sector 13.7x.
KIRA Β· Western Union grew sales faster than 0 of its 4 similar companies. Its P/E is higher than 0 of 2.
Each companyβs latest fiscal year. Fiscal years end in different months, so periods donβt line up exactly.
In plain words: The same numbers for similar companies, so you can tell whether a figure is high or low for this kind of business.
| Company | Market cap | Growth | Op. margin | FCF margin | ROIC | P/E | F-score | |
|---|---|---|---|---|---|---|---|---|
| Western Union WU | $1.9B | β3.8% | 18.7% | 12.5% | 24.0% | 5.1x | β | |
| Shift4 FOUR | $48.1M | 25.5% | 8.4% | 14.9% | 6.5% | β | 6 | Compare β |
| Euronet Worldwide EEFT | $3.0B | 6.4% | 12.5% | 10.2% | 29.9% | 10.2x | 7 | Compare β |
| Affirm AFRM | $24.2B | 32.2% | 9.8% | 23.3% | β | β | β | Compare β |
| Corpay CPAY | $26.5B | 13.9% | 44.0% | 28.7% | 11.5% | 24.3x | 5 | Compare β |
Every number, year by year.
Amounts in USD. Hover a ratioβs name for its definition.
In plain words: Every number we have, year by year. Download it as a spreadsheet if you want to dig deeper.
| 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 | β$316M | $126M |
| Net income | $253M | β$557M | $852M | $1.1B | $744M | $806M | $911M | $626M | $934M | $500M |
| Diluted EPS | $0.51 | β$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 | β$491M | β$310M | β$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% | β10.1% | 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% | β | β | β | β | β | β | 130.9% | 129.0% | 51.9% |
| Return on assets | 2.7% | β6.0% | 9.4% | 11.9% | 8.2% | 8.8% | 10.5% | 7.5% | 11.3% | 6.0% |
| Growth | ||||||||||
| Revenue growth | β1.1% | 1.9% | 1.2% | β5.3% | β8.6% | 4.9% | β11.7% | β2.7% | β3.4% | β3.8% |
| Net income growth | β69.8% | β320.0% | β | 24.2% | β29.7% | 8.3% | 13.0% | β31.3% | 49.2% | β46.5% |
| EPS growth | β68.5% | β333.3% | β | 31.6% | β27.2% | 10.1% | 18.8% | β28.2% | 63.1% | β44.5% |
| FCF growth | β0.4% | β30.9% | 1.7% | 26.6% | β2.9% | 19.8% | β45.4% | 38.3% | β51.5% | 37.0% |
| Share count change | β4.5% | β5.2% | β2.9% | β5.2% | β3.6% | β1.5% | β5.0% | β4.3% | β8.3% | β4.0% |
| 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 | β | β | β | β | β | 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 | β8.4% | β13.9% | 0.3% | 1.6% | β1.5% | β2.6% | 3.8% | β1.9% | 6.4% | β0.5% |
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 β not investment advice. Check the original filings before relying on any figure.
