Detailed financial statements for The Western Union Company (WU): income statement, balance sheet and cash-flow summary. Track margins, debt, liquidity and profitability trends year over year: ten fiscal years free and up to 20 with Premium.
Western Union operates as a global financial services provider, specializing in fund transfers and diverse payment solutions. The company's operations are divided into two main segments: Consumer-to-Consumer and Business Solutions. The Consumer-to-Consumer division enables individuals to send money to other individuals, primarily leveraging an extensive network of independent agents and sub-agents.
Analysis Summary
The Western Union Company reported revenue of $4.04B in the most recent fiscal year, growing at a 5-year CAGR of -3.5%. Net income reached $499.6M, with a -7.7% 5-year CAGR.
Trailing-twelve-month margins: gross margin 32.0%, operating margin 14.5%, net margin 8.3%. Free cash flow grew at -11.4% CAGR over 5 years.
At $6.59 (closing price, November 4, 2026), WU trades at a P/E of 6.28 and an ROE of 36.35%. Market capitalisation stands at $2.1B.
Balance sheet quality for WU: debt-to-equity ratio of 0.00, current ratio of 17.35 over the last 12 months, net debt of $22.0M at the end of the last fiscal year. A debt-to-equity below 1.0 typically signals conservative capital structure, while a current ratio above 1.5 indicates comfortable short-term liquidity.
Cash flow quality is decent: free cash flow of $392.9M represents 79% conversion of reported net income. High conversion (above 90%) suggests earnings translate cleanly into cash; lower conversion may indicate working capital tightness or accounting timing differences.
Income Statement (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $5.42B | $5.52B | $5.59B | $5.29B | $4.83B | $5.07B | $4.48B | $4.36B | $4.21B | $4.04B |
| Cost of Revenue | $3.27B | $3.35B | $3.30B | $3.09B | $2.83B | $2.90B | $2.63B | $2.67B | $2.62B | $2.88B |
| Gross Profit | $2.16B | $2.17B | $2.29B | $2.21B | $2.01B | $2.17B | $1.85B | $1.69B | $1.59B | $1.16B |
| Research & Development | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Selling, General & Admin | $1.67B | $1.23B | $1.17B | $1.27B | $1.04B | $1.05B | $964.2M | $867.8M | $863.4M | $742.8M |
| Operating Expenses | $1.67B | $1.70B | $1.17B | $1.27B | $1.04B | $1.05B | $964.2M | $867.8M | $863.4M | $375.5M |
| Operating Income | $483.7M | $473.4M | $1.12B | $934.0M | $967.3M | $1.12B | $884.9M | $817.5M | $725.8M | $784.2M |
| EBITDA | $757.4M | $752.5M | $1.41B | $1.73B | $1.20B | $1.25B | $1.29B | $1.03B | $917.5M | $934.3M |
| Interest Expense | $152.5M | $142.1M | $149.6M | $152.0M | $118.5M | $105.5M | $101.0M | $105.3M | $119.8M | $143.2M |
| Pre-tax Income | $341.7M | $347.5M | $991.4M | $1.32B | $855.1M | $935.4M | $1.01B | $745.8M | $618.6M | $625.7M |
| Income Tax | $88.5M | $904.6M | $139.5M | $263.1M | $110.8M | $129.6M | $98.0M | $119.8M | -$315.6M | $126.1M |
| Net Income | $253.2M | -$557.1M | $851.9M | $1.06B | $744.3M | $805.8M | $910.6M | $626.0M | $934.2M | $499.6M |
| EPS | $0.52 | -$1.19 | $1.89 | $2.48 | $1.81 | $1.98 | $2.35 | $1.69 | $2.75 | $1.53 |
| EPS (Diluted) | $0.51 | -$1.19 | $1.87 | $2.46 | $1.79 | $1.97 | $2.34 | $1.68 | $2.74 | $1.53 |
| Shares Outstanding (Diluted) | 493.5 M | 467.9 M | 454.4 M | 430.9 M | 415.2 M | 408.9 M | 388.4 M | 371.8 M | 341.1 M | 327.6 M |
Income Statement (Quarterly)
| Year | 2025-Q4 | 2026-Q1 | 2026-Q2 | 2026-Q3 |
|---|---|---|---|---|
| Revenue | $1.01B | $982.7M | $1.01B | $1.01B |
| Gross Profit | $276.6M | $327.8M | $336.5M | $343.0M |
| Operating Income | $196.7M | $123.0M | $132.1M | $130.8M |
| EBITDA | $230.0M | $173.0M | $184.2M | $130.8M |
| Net Income | $114.4M | $64.7M | $76.7M | $78.0M |
| EPS | $0.36 | $0.21 | $0.25 | $0.25 |
| EPS (Diluted) | $0.36 | $0.20 | $0.24 | $0.25 |
Balance Sheet (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $2.07B | $2.10B | $2.22B | $1.82B | $2.12B | $1.21B | $1.29B | $1.27B | $2.11B | $1.64B |
| Short-term Investments | $1.23B | $1.35B | $1.21B | $1.70B | $1.99B | 0 | 0 | 0 | $1.33B | $1.45B |
| Receivables | $1.33B | $1.57B | $1.36B | $1.23B | $1.14B | $1.18B | 0 | 0 | $1.40B | $1.60B |
| Inventory | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Current Assets | $4.81B | $5.20B | $4.95B | $4.95B | $5.51B | $2.63B | $1.55B | $4.96B | $5.17B | $5.00B |
| Property, Plant & Equipment | $220.5M | $214.2M | $270.4M | $386.6M | $339.5M | $293.9M | $110.3M | $91.4M | $245.3M | $290.2M |
| Goodwill | $3.16B | $2.73B | $2.73B | $2.57B | $2.57B | $2.03B | $2.03B | $2.03B | $2.06B | $2.10B |
| Intangible Assets | $664.2M | $586.3M | $598.2M | $494.9M | $505.0M | $417.1M | $457.9M | $380.2M | $315.4M | $356.3M |
| Total Assets | $9.42B | $9.23B | $9.00B | $8.76B | $9.50B | $8.82B | $8.50B | $8.20B | $8.37B | $8.31B |
| Accounts Payable | $1.13B | $718.5M | $564.9M | $601.9M | $500.9M | $450.2M | $464.0M | $453.0M | $407.9M | $408.4M |
| Short-term Debt | 0 | 0 | $1.12B | $745.0M | $580.0M | $575.0M | $480.0M | 0 | 0 | $434.9M |
| Total Current Liabilities | $5.29B | $6.16B | $6.56B | $5.68B | $5.91B | $2.53B | $1.85B | $4.80B | $726.8M | $4.43B |
| Long-term Debt | $2.79B | $3.03B | $2.31B | $2.48B | $2.49B | $2.43B | $2.14B | $2.50B | $2.94B | $2.44B |
| Total Liabilities | $8.52B | $9.72B | $9.31B | $8.80B | $9.31B | $8.47B | $8.02B | $7.72B | $7.40B | $7.35B |
| Retained Earnings | $419.3M | -$965.9M | -$838.8M | -$675.9M | -$543.1M | -$537.2M | -$353.9M | -$389.1M | $35.2M | -$11.5M |
| Total Equity | $902.2M | -$491.4M | -$309.8M | -$39.5M | $186.6M | $355.6M | $477.8M | $479.0M | $968.9M | $957.8M |
| Total Debt | $2.79B | $3.03B | $3.43B | $3.47B | $3.30B | $3.21B | $2.78B | $2.50B | $3.13B | $3.10B |
| Net Debt | -$513.2M | -$419.6M | $1.9M | -$45.5M | -$812.4M | $2.00B | $1.49B | $1.24B | -$305.9M | $22.0M |
| Working Capital | -$474.5M | -$958.3M | -$1.61B | -$733.3M | -$401.9M | $104.2M | -$304.3M | $156.1M | $4.45B | $566.9M |
Balance Sheet (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|---|---|---|---|
| Cash & Equivalents | $1.37B | $1.64B | $1.48B | $1.36B |
| Total Assets | $7.78B | $8.31B | $8.10B | $7.97B |
| Total Liabilities | $6.86B | $7.35B | $7.19B | $7.05B |
| Total Equity | $925.4M | $957.8M | $910.5M | $914.7M |
| Total Debt | $2.59B | $3.10B | $2.62B | $2.70B |
Cash Flow (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Net Income | $253.2M | -$557.1M | $851.9M | $1.06B | $744.3M | $805.8M | $910.6M | $626.0M | $934.2M | $499.6M |
| Depreciation & Amortization | $263.2M | $262.9M | $264.7M | $257.7M | $225.6M | $208.2M | $183.8M | $183.6M | $179.1M | $165.4M |
| Stock-based Compensation | 0 | 0 | 0 | 0 | $41.7M | 0 | 0 | 0 | 0 | 0 |
| Change in Working Capital | $601.4M | $378.5M | -$346.4M | $36.8M | -$252.1M | -$177.6M | -$346.7M | -$111.4M | -$581.7M | -$281.0M |
| Operating Cash Flow | $1.04B | $742.0M | $821.3M | $914.6M | $877.5M | $1.05B | $581.6M | $783.1M | $406.3M | $543.7M |
| Capital Expenditure | -$229.8M | -$177.1M | -$339.0M | -$127.7M | -$156.8M | -$214.6M | -$208.2M | -$147.8M | -$37.4M | -$150.8M |
| Acquisitions | 0 | -$24.9M | 0 | $711.7M | $49.4M | -$149.1M | $887.2M | 0 | 0 | 0 |
| Stock Repurchased | -$501.6M | -$502.8M | -$412.4M | -$552.6M | -$239.7M | -$409.9M | -$369.9M | -$308.4M | -$186.2M | -$234.6M |
| Dividends Paid | -$312.2M | -$325.6M | -$341.7M | -$340.8M | -$370.3M | -$381.6M | -$364.2M | -$349.0M | -$321.5M | -$309.0M |
| Free Cash Flow | $812.1M | $564.9M | $482.3M | $786.9M | $720.7M | $830.7M | $373.4M | $635.3M | $368.9M | $392.9M |
Cash Flow (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|---|---|---|---|
| Operating Cash Flow | $260.4M | $135.4M | $109.0M | $104.9M |
| Capital Expenditure | -$89.8M | -$29.1M | -$46.8M | -$41.4M |
| Free Cash Flow | $170.6M | $106.3M | $62.2M | $63.5M |
| Dividends Paid | -$75.5M | -$74.4M | -$79.4M | -$73.4M |
| Stock-based Compensation | 0 | 0 | 0 | 0 |
Growth & Margins (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue Growth (YoY) | +1.9% | +1.2% | -5.3% | -8.6% | +4.9% | -11.7% | -2.6% | -3.4% | -4.0% | |
| Net Income Growth (YoY) | -320.0% | +252.9% | +24.2% | -29.7% | +8.3% | +13.0% | -31.3% | +49.2% | -46.5% | |
| EPS Growth (YoY) | -328.8% | +258.8% | +31.2% | -27.0% | +9.4% | +18.7% | -28.1% | +62.7% | -44.4% | |
| Shares Change (YoY) | -5.2% | -2.9% | -5.2% | -3.6% | -1.5% | -5.0% | -4.3% | -8.3% | -4.0% | |
| FCF Growth (YoY) | -30.4% | -14.6% | +63.2% | -8.4% | +15.3% | -55.0% | +70.1% | -41.9% | +6.5% | |
| Gross Margin | 39.8% | 39.3% | 41.0% | 41.7% | 41.5% | 42.9% | 41.3% | 38.7% | 37.8% | 28.7% |
| Operating Margin | 8.9% | 8.6% | 20.1% | 17.6% | 20.0% | 22.1% | 19.8% | 18.8% | 17.2% | 19.4% |
| EBITDA Margin | 14.0% | 13.6% | 25.1% | 32.7% | 24.8% | 24.6% | 28.9% | 23.7% | 21.8% | 23.1% |
| Net Margin | 4.7% | -10.1% | 15.2% | 20.0% | 15.4% | 15.9% | 20.3% | 14.4% | 22.2% | 12.4% |
| FCF Margin | 15.0% | 10.2% | 8.6% | 14.9% | 14.9% | 16.4% | 8.3% | 14.6% | 8.8% | 9.7% |
| Effective Tax Rate | 25.9% | 260.3% | 14.1% | 19.9% | 13.0% | 13.9% | 9.7% | 16.1% | -51.0% | 20.2% |
Per-Share Data (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| FCF Per Share | $1.65 | $1.21 | $1.06 | $1.83 | $1.74 | $2.03 | $0.96 | $1.71 | $1.08 | $1.20 |
| Dividends Per Share | $0.63 | $0.70 | $0.75 | $0.79 | $0.89 | $0.93 | $0.94 | $0.94 | $0.94 | $0.94 |
| Shares Outstanding (Basic) | 490.2 M | 467.9 M | 451.8 M | 427.6 M | 412.3 M | 406.8 M | 387.2 M | 370.8 M | 340.0 M | 326.6 M |
What to look at in Financial Services
Asset managers, brokers, fintech, exchanges. They are not banks — look at AUM, fees and FCF quality.
- 5y revenue growth — Without growth, there is no long-term value creation
- Operating margin — Good asset managers have >30% margins thanks to scalability
- ROE — Quality financial services have a consistent ROE >15%
- FCF / Net Income — Earnings quality — >90% expected in capital-light businesses
- Debt / Equity — Fintech and brokers with high D/E are time bombs in crises
- P/E vs own 5y — Asset managers have stable multiples in well-known ranges
- Dividend yield + buybacks — These businesses return a lot of capital — look at total yield (div + buybacks)
Profitability
| Return on Equity | 36.35% |
| Return on Invested Capital | 11.69% |
| Return on Assets | 4.13% |
| Gross Margin | 32.01% |
| Operating Margin | 14.52% |
| Net Margin | 8.32% |
Financial Health
| Debt / Equity | 0.00 |
| Current Ratio | 17.35 |
| Piotroski F-Score | 5 |
| Altman Z-Score | 1.13 |
Key Ratios (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| P/E | 41.77 | -15.97 | 9.03 | 10.80 | 12.12 | 9.01 | 5.86 | 7.05 | 3.85 | 6.08 |
| P/B | 11.80 | -18.10 | -24.88 | -289.90 | 48.48 | 20.41 | 11.16 | 9.23 | 3.72 | 3.17 |
| P/S | 1.96 | 1.61 | 1.38 | 2.16 | 1.87 | 1.43 | 1.19 | 1.01 | 0.86 | 0.75 |
| Gross Margin | 39.8% | 39.3% | 41.0% | 41.7% | 41.5% | 42.9% | 41.3% | 38.7% | 37.8% | 28.7% |
| Operating Margin | 8.9% | 8.6% | 20.1% | 17.6% | 20.0% | 22.1% | 19.8% | 18.8% | 17.2% | 19.4% |
| Net Margin | 4.7% | -10.1% | 15.2% | 20.0% | 15.4% | 15.9% | 20.3% | 14.4% | 22.2% | 12.4% |
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Explore sector: Financial Services · Financial - Credit Services
More sections of WU: Overview · Valuation · Estimates · Technical · Ownership
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