The Filing Desk

Western Union

WU · NYSE · Financials · Financials, fiscal 2016 to 2025

WU · Last close · October 26, 2026
$6.21
Value Western Union yourself

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%.

THE WESTERN UNION COMPANY Latest fiscal year ended December 31, 2025 10-K filed February 20, 2026 · 0001193125-26-061340 Updated
Revenue
$4.1B
3.8%
Operating margin
18.7%
1.5 pts
Net income
$500M
46.5%
Free cash flow
$505M
37.0%
Return on capital
24.0%
11.0 pts
Market cap
$1.9B
Oct 26 close
P/E
5.1x
On $1.22 EPS, 4 qtrs

Operating margin is operating income as a share of revenue. Free cash flow is cash from operations minus capital spending. Return on capital is after-tax operating income as a share of the money invested in the business: debt plus equity, minus cash. Market cap is the last closing share price times the latest diluted share count, so it is approximate. P/E is the last close divided by diluted earnings per share over the last four quarters, or the latest fiscal year where the quarters aren't available; there is none when the company made a loss.

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.

Its biggest risks, as it describes them

  • A drop in customer confidence in Western Union or in money transfer services generally.
  • Rules and regulatory changes that could cut its fees, profit margins or foreign exchange spreads.
  • Legal limits, political and economic instability and weak infrastructure in some countries where it operates.
  • Credit, liquidity and fraud risks from its agents, customers, businesses and payment processors.
  • Being able to adopt new technology and win acceptance for new products as customer needs and rules change.
From Western Union's annual report on Form 10-K, filed February 20, 2026, in our words; the 10-K has the full description and every risk factor. Updated with each new 10-K.

Charts show fiscal years, from the 10-K filings.

Revenue and margins

Revenue
US$ billions, fiscal years
Margins
Percent of revenue
GrossOperatingNetFree cash flow

Net income and earnings per share

From fiscal 2016 to 2025, earnings per share grew 12.9% a year and net income 7.8% a year, as buybacks cut the share count by 34%.

Net income
US$ billions, fiscal years; loss years in red.
Diluted earnings per share
US$ per share, fiscal years, restated for any stock splits; loss years in red.

Returns on capital

Return on capital and on equity
Percent. Return on capital is after-tax operating income over the money invested in the business (debt plus equity, minus cash); return on equity is net income over shareholders' equity. Both use the average of opening and closing balances.
Return on capitalReturn on equity

Cash flow

Free cash flow
US$ billions. Cash from operations minus capital expenditure; negative years in red.

Payouts and share count

Dividends and buybacks
US$ billions, cash paid in each fiscal year
DividendsShare buybacks
Diluted share count
Weighted-average diluted shares, millions

Valuation

Two ways to value Western Union yourself, both starting from its filings: a discounted cash flow model and the price-to-earnings method.

Discounted cash flow (DCF)

A discounted cash flow (DCF) model values a business as the cash it may generate in future, discounted back to today. The starting figures come from Western Union's 10-K (or, for net cash and shares, its latest 10-Q) and the assumptions are yours: start from one of three example scenarios, then change any figure to see what it implies for a share, and how that compares with the last share price.

Value per share on three example scenarios, from Western Union's fiscal 2025 free cash flow of $505M, net cash of −$1.6B at December 31, 2025 and 328 million diluted shares, from its filings. The scenarios are fitted to Western Union: the base scenario's growth in years 1 to 5 is its revenue growth over the last 3 years, -3.3% a year, kept between 0% and 20%; the cautious and optimistic ones are lower and higher, and growth in years 6 to 10 is halfway to the long-run rate. The base scenario's discount rate is 11%: 9% for a business of moderate risk (Transaction & Payment Processing Services), plus 1 point as a smaller company, worth $1.9B, plus 1 point for unsteady results (revenue fell in two of the last five years); the cautious and optimistic ones use a point more and a point less. Select one to load it into the calculator. These are the model's arithmetic on those assumptions, not a forecast or a price target.

From the filings
Cash from operations minus capital spending in fiscal 2025.
Cash and short-term investments minus debt and finance leases at December 31, 2025. Negative means net debt.
Weighted-average diluted shares in fiscal 2025.
Your assumptions
Start from
Fitted to Western Union's own revenue growth, as above. Cautious: growth of -2% then 0% a year, 2% after year 10, a 12% discount rate. Base: growth of 0% then 1% a year, 2.5% after year 10, a 11% discount rate. Optimistic: growth of 2% then 2.5% a year, 3% after year 10, a 10% discount rate.
Long-run growth forever after year 10. Usually close to inflation, and always below the discount rate.
The yearly return an investor wants for the risk. A higher rate gives a lower value.
Value per share on these assumptions
—
—
Last close, October 26, 2026
$6.21
Value on these assumptions, against the last close
—

Cash flows in years 1 to 10, valued today
—
Everything after year 10, valued today
—
Plus net cash
—
Share of value from after year 10
—
Projected free cash flow
US$ billions. Each column is one year's projected free cash flow, split into what it is worth today and the part removed by discounting.
Value todayRemoved by discounting

How the value changes with two assumptions

Value per share in US$, with the growth rates above. The highlighted cell matches the current assumptions.
How the model works. Free cash flow grows at the first rate for five years and the second rate for five more, and each year is discounted at the discount rate. Everything after year 10 is valued as year-10 cash flow × (1 + growth after year 10) ÷ (discount rate − growth after year 10), discounted back ten years. Net cash is added and the total is divided by diluted shares. The result depends entirely on the assumptions. It is not a forecast, a price target or a recommendation. The last close is the consolidated US closing price, from Databento.

Price-to-earnings (P/E) method

Another common way to value a company is to multiply its earnings per share by a price-to-earnings (P/E) multiple: the number of years of today's earnings an investor pays for a share. A higher multiple usually means investors expect earnings to grow. Choose a multiple, for example from similar companies, to see the value it gives.

Careful. Western Union's P/E today, 5.1×, is less than half the example multiple. A gap that wide usually means one of two things: its latest earnings include large one-off items, such as a tax benefit or a gain on a sale, or investors expect its earnings to fall. Either way the examples can mislead, so they aren't set against the share price. Check the earnings in its latest filings before using them.

Value per share on three example scenarios, from Western Union's earnings per share of $1.22 (over the last four quarters). Each grows earnings for a year at the cash flow scenarios' rates and applies a multiple to next year's earnings: 12.6×, the middle of Western Union's own P/E today, its peers' median and its sector's median (its peers' median) for the base scenario, 20% less and more for the cautious and optimistic ones. The price is brought back a year at 12%, 11% and 10%. Select one to load it into the calculator. These are the model's arithmetic on those assumptions, not a forecast or a price target.

Diluted earnings per share over the four quarters to June 30, 2026, from the 10-Qs and 10-K.
P/E today is the last close divided by the latest earnings per share, the four quarters' where available. Peers: Euronet Worldwide, Affirm, Corpay.
Starts at Western Union's revenue growth over the last 3 years, -3.3% a year, kept between 0% and 20%, as the base scenario does.
Earnings per share in the years ahead, US$
Type your own estimate for any year; the years after it carry on at the growth rate.
Apply the multiple to earnings
A multiple on a future year's earnings gives the price then, brought back to today at the discount rate below.
The yearly return an investor wants for the risk, as in the cash flow model.
Value per share today at this multiple
—
—
Last close, October 26, 2026
$6.21
Value at this multiple, against the last close
—
Western Union's P/E at the last close
5.1×
CompanyLast closeEarnings per shareP/E today
CorpayCPAY$399.72$16.4324.3×
AffirmAFRM$69.49$5.5312.6×
Euronet WorldwideEEFT$63.95$6.2910.2×
Western UnionWU$6.21$1.225.1×
How the P/E method works. Value per share is earnings per share times the multiple. On a future year's earnings, that gives the price in that year, which is brought back to today at the discount rate: price ÷ (1 + discount rate) for each year ahead. It is quick and easy to compare across companies, but it ignores debt and cash, and earnings can swing with one-off gains and charges, so a multiple says most about steady, profitable businesses. Like the cash flow model, the result depends entirely on the assumptions you choose. It is not a forecast, a price target or a recommendation.

Balance sheet

Fiscal year endFY21FY22FY23FY24FY25
Cash and short-term investments1,2081,2861,2691,4741,234
Debt incl. finance leases3,0082,6172,5052,9412,878
Net debt (negative means net cash)1,8001,3311,2361,4671,643
Net debt to EBITDA1.4x1.2x1.2x1.6x1.8x
Debt to equity—5.5x5.2x3.0x3.0x
Interest coverage10.7x8.8x7.8x6.1x5.3x
Current ratio—————
Quick ratio—————
US$ millions unless stated, at each fiscal year end. Net debt to EBITDA is debt minus cash, divided by operating income before depreciation and amortization: roughly how many years of those earnings the net debt equals. Debt to equity is debt as a multiple of shareholders' equity. Interest coverage is operating income divided by interest expense. The current ratio is current assets over current liabilities; the quick ratio leaves out inventory.

Insider trades

Over the 12 months between October 27, 2025 and October 26, 2026, 1 insider bought $89,500 of Western Union shares on the open market, and 2 insiders sold $240,863.

DateInsiderTradeSharesPriceValueFiling
May 1, 2026Benjamin Carlton AdamsChief Legal OfficerSold19,924$9.23$183,983Form 4
Apr 28, 2026Giovanni AngeliniPresident Europe, Africa, MepaSold6,000$9.48$56,880Form 4
Nov 10, 2025Giovanni AngeliniPresident Europe, Africa, MepaBought10,000$8.95$89,500Form 4
Open-market purchases and sales by officers, directors and 10% owners, from their Form 4 filings with the SEC: one row per person, day and filing, at the day's average price. Grants, option exercises and shares withheld for tax aren't counted. Insiders buy and sell for many reasons, such as taxes, spreading their savings or a plan set up months earlier, so a trade on its own says little about where a company is heading. For information only, not investment advice. Insider trades at all companies

Piotroski F-score

The F-score counts how many of nine simple tests of profitability, funding and efficiency a company passed in a year (Piotroski, 2000). The more tests passed, the stronger the year: 8 or 9 is strong, 0 to 2 weak. Companies that report no gross profit are scored on the other eight.

TestFY23FY24FY25
Net income is positivePassPassPass
Cash from operations is positivePassPassPass
Return on assets roseFailPassFail
Cash from operations exceeds net incomePassFailPass
Debt fell relative to assetsPassFailPass
Current ratio rose———
Share count didn't risePassPassPass
Gross margin roseFailFailFail
Revenue rose relative to assetsPassPassFail
F-score———
Accruals ratio−1.9%6.4%−0.5%
The accruals ratio is net income minus cash from operations, over average total assets.

Compare

Put Western Union side by side with any other company we cover: revenue, growth, margins, cash flow and returns, with ten years of charts.

Similar companies

CompanyYearRevenue growthOperating marginFree cash flow marginReturn on capitalNet debt to EBITDAF-scoreCompare
Western UnionFY25−3.8%18.7%12.5%24.0%1.8x—
Shift4FY2525.5%8.4%14.9%6.5%4.6x6Compare
Euronet WorldwideFY256.4%12.5%10.2%29.9%0.1x7Compare
AffirmFY2632.1%9.8%23.3%———Compare
CorpayFY2513.9%44.0%28.7%11.5%3.8x5Compare
Each company's latest fiscal year. Fiscal years end in different months, so the periods don't line up exactly. Free cash flow margin is free cash flow as a share of revenue. Net debt to EBITDA is explained under the balance sheet, and the F-score above.

10 years of figures

Fiscal yearFY16FY17FY18FY19FY20FY21FY22FY23FY24FY25
Income statement
Revenue5,4235,5245,5905,2924,8355,0714,4764,3574,2104,051
Revenue growth−1.1%1.9%1.2%−5.3%−8.6%4.9%−11.7%−2.6%−3.4%−3.8%
Gross profit2,1562,1712,2892,2062,0082,1741,8491,6851,5891,500
Research and development——————————
Operating income4874761,1229349671,123885818726757
Net income253−5578521,058744806911626934500
Diluted EPS (US$)0.51−1.191.872.461.791.972.341.682.741.52
Diluted shares (millions)494468454431415409388372341328
Cash flow
Cash from operations1,0427428219158781,045582783406544
Capital expenditure696913748363832233738
Free cash flow9736736858668411,008550760369505
Dividends paid312326342341370382364349322309
Share buybacks502503412553240410370308186235
Acquisitions02500000000
Stock-based compensation42444849424446363947
Balance sheet at fiscal year end
Cash and short-term investments8788389731,4501,4281,2081,2861,2691,4741,234
Debt incl. finance leases2,7863,0343,4343,2293,0673,0082,6172,5052,9412,878
Total assets9,4209,2318,9978,7589,4968,8248,4968,1998,3708,306
Total liabilities8,5179,7239,3078,7989,3108,4688,0187,7207,4027,348
Shareholders' equity902−491−310−40187356478479969958
Margins and ratios
Gross margin39.8%39.3%41.0%41.7%41.5%42.9%41.3%38.7%37.8%37.0%
Operating margin9.0%8.6%20.1%17.6%20.0%22.1%19.8%18.8%17.2%18.7%
Net margin4.7%−10.1%15.2%20.0%15.4%15.9%20.4%14.4%22.2%12.3%
Free cash flow margin17.9%12.2%12.2%16.4%17.4%19.9%12.3%17.4%8.8%12.5%
Return on capital11.8%10.5%50.0%38.5%47.2%48.6%40.3%39.0%35.0%24.0%
Return on equity21.9%——————130.8%129.0%51.9%
Return on assets2.7%−6.0%9.3%11.9%8.2%8.8%10.5%7.5%11.3%6.0%
Net debt to EBITDA2.5x3.0x1.8x1.5x1.4x1.4x1.2x1.2x1.6x1.8x
US$ millions unless stated. Where a later 10-K restated a year, the latest filed figure is shown. Download all figures (CSV, US$ millions)
Source: Western Union's Form 10-K filings, from SEC EDGAR. For information only, not investment advice. The Filing Desk is not affiliated with Western Union.