Canonical URL: https://giftcard.news/gift-cards/euronet-reports-financial-results-and-expands-digital-gift-card-distribu-fbc4980f18d9/

---
description: Euronet reports epay revenue of $1.188 billion for 2025 and Revolut gift card distribution across 20 countries. Explore the figures and their limits.
title: epay 2025 results and Revolut gift cards in 20 countries
image: https://giftcard.news/images/social/v1/epay-reports-2025-growth-revolut-gift-card-distribution-reaches-20-countries-df2513bf0b1587b9a0900a3f61e15ad3.jpg
---

1. [Home](https://giftcard.news/)
2. [Gift Cards](https://giftcard.news/gift-cards/)

# epay reports 2025 growth as Revolut gift card distribution reaches 20 countries

Euronet reports modest annual growth at epay and a broader Revolut integration, while currency effects and a tough fourth-quarter comparison complicate the picture.

By [Oliver Reed](https://giftcard.news/author/oliver-reed/) February 12, 2026 3 min read 

Share [ ](https://x.com/intent/post?url=https%3A%2F%2Fgiftcard.news%2Fgift-cards%2Feuronet-reports-financial-results-and-expands-digital-gift-card-distribu-fbc4980f18d9%2F%3Futm%5Fsource%3Dx%26utm%5Fmedium%3Dsocial&text=epay%20reports%202025%20growth%20as%20Revolut%20gift%20card%20distribution%20reaches%2020%20countries "X") [ ](https://www.linkedin.com/sharing/share-offsite/?url=https%3A%2F%2Fgiftcard.news%2Fgift-cards%2Feuronet-reports-financial-results-and-expands-digital-gift-card-distribu-fbc4980f18d9%2F%3Futm%5Fsource%3Dlinkedin%26utm%5Fmedium%3Dsocial "LinkedIn") [ ](https://wa.me/?text=epay%20reports%202025%20growth%20as%20Revolut%20gift%20card%20distribution%20reaches%2020%20countries%20https%3A%2F%2Fgiftcard.news%2Fgift-cards%2Feuronet-reports-financial-results-and-expands-digital-gift-card-distribu-fbc4980f18d9%2F%3Futm%5Fsource%3Dwhatsapp%26utm%5Fmedium%3Dsocial "WhatsApp") 

![Official portrait of Michael J. Brown, chairman and CEO of Euronet Worldwide, standing in an office](https://giftcard.news/images/variants/v1/epay-reports-2025-growth-revolut-gift-card-distribution-reaches-20-countries-official-w686.webp) 

[Euronet Worldwide](https://giftcard.news/company/euronet-worldwide/) reported on February 12 that [epay](https://giftcard.news/company/epay/) expanded its [Revolut](https://giftcard.news/company/revolut/) partnership to 20 countries during the fourth quarter of 2025\. The integration brings digital gift cards and prepaid content into the Revolut app, where customers can buy, gift and receive rewards. [\[S01\]](#article-source-1)

## A wider channel within an established relationship

The relationship began well before this update. In May 2021, epay announced an agreement to supply digital content through Revolut, describing a single API connection and a route for its brand partners into mobile financial services. That launch established the infrastructure approach behind the later expansion. [\[S02\]](#article-source-2)

For a gift card brand, placement in a financial app adds another point of discovery alongside a retailer, specialist website or rewards programme. The commercial question is whether that placement creates repeat purchasing and redemption. A distribution announcement establishes access; it does not measure customer adoption.

## What the annual figures show

epay revenue increased 3% in reported dollars, or 1% at constant currency. Operating income rose 5%, while transaction count increased 5%. [\[S01\]](#article-source-1)

The data behind the story 

### epay annual reported revenue

Full years ended December 31\. [\[S01\]](#article-source-1)

 Revenue 

USD million

Tap or hover for details. All values are also available in the data table.

**Source:** [\[S01\]](#article-source-1) Euronet 2025 financial results

Whole epay segment, not gift card sales value or Revolut revenue.

Explore the data table 

Scroll left or right to see all columns 

__epay annual reported revenue (USD million)__
| Category | Revenue             |
| -------- | ------------------- |
| 2024     | 1,150.5 USD million |
| 2025     | 1,187.6 USD million |

Scroll left or right to see all columns 

__What the annual figures show__
| epay measure                  | 2024  | 2025  |
| ----------------------------- | ----- | ----- |
| Operating income, USD million | 129.9 | 136.2 |
| Adjusted EBITDA, USD million  | 137.2 | 142.5 |
| Transactions, million         | 4,374 | 4,579 |

Table: Euronet reported figures. Adjusted EBITDA is a non-GAAP measure. A $4.5 million first-quarter payment resolving a multi-year operating tax matter affected operating income and adjusted EBITDA. [\[S01\]](#article-source-1)

These measures answer different questions. Revenue records what the business earns under its accounting policies; operating income includes its operating costs; transaction count describes activity. None should be relabelled as the amount of money consumers loaded onto gift cards. Nor can a segment total isolate the performance of one partner.

## The quarter was less straightforward

Fourth-quarter revenue rose 3% in dollars but fell 2% at constant currency. Euronet attributed the weaker comparison to unusually strong promotional revenue a year earlier. [\[S01\]](#article-source-1)

Reading only the annual percentage would miss that difference. Currency translation can lift a reported dollar comparison even when a constant-currency measure falls. The two views are complementary, and neither establishes how individual brands performed.

## What this means for branded payments

epay operates across physical and digital gift content, mobile top-ups and merchant services. Its own retail materials describe app and online integration, physical cards, digital codes, settlement and back-office support. That breadth explains why a segment result is wider than the gift card market alone. [\[S03\]](#article-source-3)

The update does not identify the 20 countries or disclose Revolut-specific revenue. It also does not establish that 20 countries were newly added during the quarter. [\[S01\]](#article-source-1)

For programme operators, the useful next evidence would be country-level availability, the brands actually offered, purchasing frequency and redemption behaviour. Those measures would help distinguish a larger distribution footprint from stronger customer use. The current announcement supports the former, while leaving the scale of the latter open.

Euronet is led by chairman and CEO [Michael J. Brown](https://giftcard.news/person/michael-j-brown/), pictured in the official company portrait accompanying this article. [\[S04\]](#article-source-4)

## Sources and documents

ExpandCollapse 
* [\[S01\] Fourth quarter and full-year 2025 financial results](https://ir.euronetworldwide.com/news-releases/news-release-details/euronet-reports-fourth-quarter-and-full-year-2025-financial?utm%5Fsource=giftcard.news) — Euronet Worldwide
* [\[S02\] Original Revolut digital services partnership, May 17, 2021](https://epayworldwide.com/wp-content/uploads/2025/08/PR-051721-epay-revolut.pdf?utm%5Fsource=giftcard.news) — epay
* [\[S03\] Prepaid distribution and retail solutions](https://us.epayworldwide.com/our-solutions/major-retail/?utm%5Fsource=giftcard.news) — epay
* [\[S04\] Executive management and official portrait](https://www.euronet.com/about-euronet/executive-management/?utm%5Fsource=giftcard.news) — Euronet Worldwide

## In this article

### Companies

* [Euronet Worldwide](https://giftcard.news/company/euronet-worldwide/)
* [Revolut](https://giftcard.news/company/revolut/)
* [epay](https://giftcard.news/company/epay/)

### People

* [Michael J. Brown](https://giftcard.news/person/michael-j-brown/)

Share [ ](https://x.com/intent/post?url=https%3A%2F%2Fgiftcard.news%2Fgift-cards%2Feuronet-reports-financial-results-and-expands-digital-gift-card-distribu-fbc4980f18d9%2F%3Futm%5Fsource%3Dx%26utm%5Fmedium%3Dsocial&text=epay%20reports%202025%20growth%20as%20Revolut%20gift%20card%20distribution%20reaches%2020%20countries "X") [ ](https://www.linkedin.com/sharing/share-offsite/?url=https%3A%2F%2Fgiftcard.news%2Fgift-cards%2Feuronet-reports-financial-results-and-expands-digital-gift-card-distribu-fbc4980f18d9%2F%3Futm%5Fsource%3Dlinkedin%26utm%5Fmedium%3Dsocial "LinkedIn") [ ](https://wa.me/?text=epay%20reports%202025%20growth%20as%20Revolut%20gift%20card%20distribution%20reaches%2020%20countries%20https%3A%2F%2Fgiftcard.news%2Fgift-cards%2Feuronet-reports-financial-results-and-expands-digital-gift-card-distribu-fbc4980f18d9%2F%3Futm%5Fsource%3Dwhatsapp%26utm%5Fmedium%3Dsocial "WhatsApp") 

![Portrait of Oliver Reed](https://giftcard.news/images/variants/v1/oliver-reed-editorial-portrait-w320.webp) 

About the author

## [Oliver Reed](https://giftcard.news/author/oliver-reed/)

Journalist — Industry Deals & Research

Oliver Reed covers industry acquisitions, investment and market research for Gift Card News.

From reading to building

## Your next move in gift cards.

Tell us what you’re building. We’ll help you explore suitable providers.

[Find a provider ](https://giftcard.news/find-a-provider/) 

## Related articles

[Gift Cards](https://giftcard.news/gift-cards/) News 

### [FareHarbor connects Factor4 gift cards to its online booking checkout](https://giftcard.news/gift-cards/fareharbor-factor4-gift-cards-online-booking-checkout/)

[Suzie Elis](https://giftcard.news/author/suzie-elis/) September 17, 2026 2 min 

[Gift Cards](https://giftcard.news/gift-cards/) News 

### [Tillo Powers Military Connect’s Discounted Digital Gift Card Programme](https://giftcard.news/gift-cards/tillo-military-connect-discounted-digital-gift-cards/)

[Suzie Elis](https://giftcard.news/author/suzie-elis/) September 15, 2026 2 min 

[Gift Cards](https://giftcard.news/gift-cards/) News 

### [Kohl’s expands Babies R Us shops and adds lower-priced baby gifts](https://giftcard.news/gift-cards/kohl-s-expands-babies-r-us-shops-and-adds-lower-priced-baby-gifts-8327d70bb56c/)

[Emma Carter](https://giftcard.news/author/emma-carter/) September 14, 2026 2 min

```json
{"@context":"https://schema.org","@graph":[{"@type":"Organization","@id":"https://giftcard.news/#publisher","name":"Gift Card News","url":"https://giftcard.news/","logo":{"@type":"ImageObject","url":"https://giftcard.news/brand/giftcard-news-logo.svg"}},{"@type":"Person","@id":"https://giftcard.news/author/oliver-reed/#person","name":"Oliver Reed","url":"https://giftcard.news/author/oliver-reed/","description":"Oliver Reed covers industry acquisitions, investment and market research for Gift Card News.","jobTitle":"Journalist — Industry Deals & Research","image":{"@type":"ImageObject","url":"https://giftcard.news/images/oliver-reed-editorial-portrait.webp","contentUrl":"https://giftcard.news/images/oliver-reed-editorial-portrait.webp","width":256,"height":256,"caption":"Illustrated portrait representing the Oliver Reed editorial profile."}},{"@type":"ImageObject","url":"https://giftcard.news/images/epay-reports-2025-growth-revolut-gift-card-distribution-reaches-20-countries-official.webp","contentUrl":"https://giftcard.news/images/epay-reports-2025-growth-revolut-gift-card-distribution-reaches-20-countries-official.webp","width":686,"height":950,"@id":"https://giftcard.news/images/epay-reports-2025-growth-revolut-gift-card-distribution-reaches-20-countries-official.webp#image"},{"@type":"NewsArticle","@id":"https://giftcard.news/gift-cards/euronet-reports-financial-results-and-expands-digital-gift-card-distribu-fbc4980f18d9/#article","url":"https://giftcard.news/gift-cards/euronet-reports-financial-results-and-expands-digital-gift-card-distribu-fbc4980f18d9/","headline":"epay reports 2025 growth as Revolut gift card distribution reaches 20 countries","description":"Euronet reports epay revenue of $1.188 billion for 2025 and Revolut gift card distribution across 20 countries. Explore the figures and their limits.","datePublished":"2026-02-12T13:01:22.000Z","dateModified":"2026-02-12T13:01:22.000Z","inLanguage":"en","mainEntityOfPage":{"@id":"https://giftcard.news/gift-cards/euronet-reports-financial-results-and-expands-digital-gift-card-distribu-fbc4980f18d9/#webpage"},"isPartOf":{"@id":"https://giftcard.news/#website"},"isAccessibleForFree":false,"hasPart":{"@type":"WebPageElement","isAccessibleForFree":false,"cssSelector":".reader-restricted"},"image":[{"@type":"ImageObject","url":"https://giftcard.news/images/epay-reports-2025-growth-revolut-gift-card-distribution-reaches-20-countries-official.webp","contentUrl":"https://giftcard.news/images/epay-reports-2025-growth-revolut-gift-card-distribution-reaches-20-countries-official.webp","width":686,"height":950,"@id":"https://giftcard.news/images/epay-reports-2025-growth-revolut-gift-card-distribution-reaches-20-countries-official.webp#image"}],"articleSection":"Gift Cards","keywords":["Euronet Worldwide","Michael J. Brown","Revolut","epay"],"mentions":[{"@type":"Organization","@id":"https://giftcard.news/company/euronet-worldwide/#entity","name":"Euronet Worldwide","url":"https://giftcard.news/company/euronet-worldwide/"},{"@type":"Person","@id":"https://giftcard.news/person/michael-j-brown/#entity","name":"Michael J. Brown","url":"https://giftcard.news/person/michael-j-brown/"},{"@type":"Organization","@id":"https://giftcard.news/company/revolut/#entity","name":"Revolut","url":"https://giftcard.news/company/revolut/"},{"@type":"Organization","@id":"https://giftcard.news/company/epay/#entity","name":"epay","url":"https://giftcard.news/company/epay/"}],"wordCount":515,"citation":["https://ir.euronetworldwide.com/news-releases/news-release-details/euronet-reports-fourth-quarter-and-full-year-2025-financial","https://epayworldwide.com/wp-content/uploads/2025/08/PR-051721-epay-revolut.pdf","https://us.epayworldwide.com/our-solutions/major-retail/","https://www.euronet.com/about-euronet/executive-management/"],"author":[{"@id":"https://giftcard.news/author/oliver-reed/#person"}],"publisher":{"@id":"https://giftcard.news/#publisher"}},{"@type":"WebPage","@id":"https://giftcard.news/gift-cards/euronet-reports-financial-results-and-expands-digital-gift-card-distribu-fbc4980f18d9/#webpage","url":"https://giftcard.news/gift-cards/euronet-reports-financial-results-and-expands-digital-gift-card-distribu-fbc4980f18d9/","name":"epay reports 2025 growth as Revolut gift card distribution reaches 20 countries","description":"Euronet reports epay revenue of $1.188 billion for 2025 and Revolut gift card distribution across 20 countries. Explore the figures and their limits.","inLanguage":"en","isPartOf":{"@id":"https://giftcard.news/#website"},"mainEntity":{"@id":"https://giftcard.news/gift-cards/euronet-reports-financial-results-and-expands-digital-gift-card-distribu-fbc4980f18d9/#article"},"breadcrumb":{"@id":"https://giftcard.news/gift-cards/euronet-reports-financial-results-and-expands-digital-gift-card-distribu-fbc4980f18d9/#breadcrumbs"},"primaryImageOfPage":{"@id":"https://giftcard.news/images/epay-reports-2025-growth-revolut-gift-card-distribution-reaches-20-countries-official.webp#image"}},{"@type":"BreadcrumbList","@id":"https://giftcard.news/gift-cards/euronet-reports-financial-results-and-expands-digital-gift-card-distribu-fbc4980f18d9/#breadcrumbs","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https://giftcard.news/"},{"@type":"ListItem","position":2,"name":"Gift Cards","item":"https://giftcard.news/gift-cards/"},{"@type":"ListItem","position":3,"name":"epay reports 2025 growth as Revolut gift card distribution reaches 20 countries","item":"https://giftcard.news/gift-cards/euronet-reports-financial-results-and-expands-digital-gift-card-distribu-fbc4980f18d9/"}]}]}
```