EURONET WORLDWIDE, INC. Goodwill & Intangibles Disclosure
(9) Goodwill and Acquired Intangible Assets, Net
The following table summarizes intangible assets as of December 31, 2025 and 2024:
|
| As of December 31, 2025 |
| As of December 31, 2024 | ||||||||
(in millions) |
| Gross Carrying Amount |
| Accumulated Amortization |
| Gross Carrying Amount |
| Accumulated Amortization | ||||
Customer relationships |
| $ | 395.7 |
| $ | (163.6) |
| $ | 308.7 |
| $ | (132.7) |
Software |
|
| 68.4 |
|
| (57.6) |
|
| 53.8 |
|
| (53.8) |
Trademarks and trade names |
|
| 52.6 |
|
| (41.1) |
|
| 43.3 |
|
| (37.3) |
Non-compete agreements |
|
| 10.9 |
|
| (4.1) |
|
| 9.6 |
|
| (2.7) |
Total |
| $ | 527.6 |
| $ | (266.4) |
| $ | 415.4 |
| $ | (226.5) |
The following table summarizes the goodwill and amortizable intangible assets activity for the years ended December 31, 2025 and 2024:
(in millions) |
| Acquired Intangible Assets |
| Goodwill |
| Total Intangible Assets | |||
Balance as of January 1, 2024 |
| $ | 167.6 |
| $ | 847.5 |
| $ | 1,015.1 |
Increases (decreases): |
|
|
|
|
|
|
|
|
|
Acquisitions (see footnote 6) |
|
| 51.0 |
|
| 50.2 |
|
| 101.2 |
Amortization |
|
| (21.7) |
|
| — |
|
| (21.7) |
Other (primarily changes in foreign currency exchange rates) |
|
| (8.0) |
|
| (38.5) |
|
| (46.5) |
Balance as of December 31, 2024 |
| $ | 188.9 |
| $ | 859.2 |
| $ | 1,048.1 |
Increases (decreases): |
|
|
|
|
|
|
|
|
|
Acquisitions (see footnote 6) |
|
| 79.5 |
|
| 106.3 |
|
| 185.8 |
Amortization |
|
| (22.2) |
|
| — |
|
| (22.2) |
Other (primarily changes in foreign currency exchange rates) |
|
| 15.0 |
|
| 76.8 |
|
| 91.8 |
Balance as of December 31, 2025 |
| $ | 261.2 |
| $ | 1,042.3 |
| $ | 1,303.5 |
Of the total goodwill balance of $1,042.3 million as of December 31, 2025, $401.7 million relates to the Money Transfer Segment, $71.3 million relates to the epay Segment and the remaining $569.3 million relates to the EFT Processing Segment. Amortization expense for intangible assets with finite lives was $22.2 million, $21.7 million, and $24.5 million for the years ended December 31, 2025, 2024 and 2023, respectively. Estimated annual amortization expense on intangible assets with finite lives as of December 31, 2025, is expected to be $37.7 million for 2026, $37.2 million for 2027, $24.3 million for 2028, $20.1 million for 2029, and $20.0 million for 2030.
Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2025 | Feb 26, 2026 | Showing above |
| 2024 | Feb 25, 2025 | |
| 2023 | Feb 22, 2024 | |
| 2022 | Feb 22, 2023 | |
| 2021 | Feb 23, 2022 | |
| 2020 | Feb 22, 2021 | |
| 2019 | Mar 2, 2020 | |
| 2018 | Feb 28, 2019 | |
| 2017 | Mar 1, 2018 | |
| 2016 | Mar 1, 2017 | |
| 2015 | Feb 29, 2016 | |
About Goodwill & Intangibles Disclosures
Goodwill and intangible asset disclosures reveal the premium paid in acquisitions and how management assesses whether that premium retains its value. Since goodwill is no longer amortized under US GAAP, the annual impairment test is the only mechanism that adjusts carrying values downward — making the assumptions behind that test critically important for investors.
Key signals: a history of goodwill impairments suggests management consistently overpays for acquisitions. Watch the gap between reporting unit fair value and carrying amount — when fair value exceeds carrying amount by less than 10-20%, a small decline in business performance could trigger a write-down. For finite-lived intangibles, examine useful life assumptions across customer relationships, technology, and trade names; aggressive estimates inflate near-term earnings. Compare total intangibles-to-total-assets ratios against peers to assess acquisition dependency. Rising goodwill as a percentage of equity can signal balance sheet fragility.