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Specialty business services · Industrials · Fiscal year ends Dec 31
Western Union reported revenue of $3.9B in the fiscal year ended Dec 2025, down 3.7% from the year before. Operating income was $757M, an operating margin of 19.5%, and net income was $500M. Operating cash flow of $544M less capital expenditure of $39M left free cash flow of $505M. Net debt was $1.7B.
Ranks among the 24 specialty business services companies we cover (1st = best; for debt, the least indebted). Green = top third, red = bottom third.
Last 5 fiscal years
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue | 4,866 | 4,254 | 4,158 | 4,027 | 3,880 |
| Cost of revenue | 2,896 | 2,626 | 2,672 | 2,621 | 2,551 |
| Gross profit | 1,969 | 1,628 | 1,486 | 1,407 | 1,329 |
| Selling, general & admin | 1,051 | 964 | 868 | 863 | 743 |
| Operating income | 1,123 | 885 | 818 | 726 | 757 |
| Interest expense | 106 | 101 | 105 | 120 | 143 |
| Pre-tax income | 935 | 1,009 | 746 | 619 | 626 |
| Income tax | 130 | 98.0 | 120 | −316 | 126 |
| Net income | 806 | 911 | 626 | 934 | 500 |
| Diluted EPS | 1.97 | 2.34 | 1.68 | 2.74 | 1.52 |
| Diluted shares | 409 | 388 | 372 | 341 | 328 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Cash & equivalents | 1,208 | 1,286 | 1,269 | 1,474 | 1,234 |
| Net PP&E | 129 | 110 | 91.4 | 84.2 | 95.0 |
| Goodwill | 2,035 | 2,035 | 2,035 | 2,060 | 2,099 |
| Total assets | 8,824 | 8,496 | 8,199 | 8,371 | 8,306 |
| Long-term debt | 2,750 | 2,450 | 2,150 | 2,950 | 2,885 |
| Total liabilities | 8,468 | 8,019 | 7,720 | 7,402 | 7,348 |
| Shareholders' equity | 356 | 478 | 479 | 969 | 958 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Operating cash flow | 1,045 | 582 | 783 | 406 | 544 |
| Capital expenditure | 37.7 | 31.9 | 22.9 | 37.4 | 38.5 |
| Free cash flow | 1,008 | 550 | 760 | 369 | 505 |
| Depreciation & amortisation | 49.6 | 42.7 | 39.1 | 37.4 | 35.2 |
| Stock-based compensation | 44.3 | 45.5 | 35.9 | 38.9 | 46.6 |
| Share buybacks | 410 | 370 | 308 | 186 | 235 |
| Dividends paid | 382 | 364 | 349 | 322 | 309 |
| Dividend per share | 0.94 | 0.94 | 0.94 | 0.94 | 0.94 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue growth (YoY) | – | −12.6% | −2.3% | −3.1% | −3.7% |
| Operating income growth (YoY) | – | −21.2% | −7.6% | −11.2% | 4.3% |
| EPS growth (YoY) | – | 18.8% | −28.2% | 63.1% | −44.5% |
| Gross margin | 40.5% | 38.3% | 35.7% | 34.9% | 34.3% |
| Operating margin | 23.1% | 20.8% | 19.7% | 18.0% | 19.5% |
| Net margin | 16.6% | 21.4% | 15.1% | 23.2% | 12.9% |
| Return on equityBlank when equity is negative | 226.6% | 190.6% | 130.7% | 96.4% | 52.2% |
| Free cash flow margin | 20.7% | 12.9% | 18.3% | 9.2% | 13.0% |
| Cash conversion (CFO ÷ net income) | 1.30x | 0.64x | 1.25x | 0.43x | 1.09x |
| Interest cover | 10.6x | 8.76x | 7.76x | 6.06x | 5.30x |
| Debt ÷ equity | 7.73x | 5.13x | 4.49x | 3.04x | 3.01x |
| Net debtDebt − cash & equivalents; excludes investments; negative = net cash | 1,542 | 1,164 | 881 | 1,476 | 1,651 |
Standardised figures from the company's XBRL filings with the SEC (10-K, 10-Q). Line items follow US GAAP tags, so a company's own statement layout may differ and some lines show “–” where the company does not report that item. Ratios are calculated from these figures. For education only; not investment advice or a recommendation.