Western Union (WU) financial statements
Western Union reported revenue of $4.1B in fiscal 2025, down 3.2% a year over 9 years.
Net income was $500M and the operating margin 18.7%, against 9.0% in 2016.
Free cash flow was $420M, and the company returned $309M in dividends and $235M in net buybacks.
The diluted share count fell 34% over the period (buybacks).
Revenue and free cash flow
Fiscal years, $ billions.
Income statement
Fiscal years, from Western Union's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $5.4B | $5.5B | $5.6B | $5.3B | $4.8B | $5.1B | $4.5B | $4.4B | $4.2B | $4.1B |
| Cost of revenue | $3.3B | $3.4B | $3.3B | $3.1B | $2.8B | $2.9B | $2.6B | $2.7B | $2.6B | $2.6B |
| Gross profit | $2.2B | $2.2B | $2.3B | $2.2B | $2.0B | $2.2B | $1.8B | $1.7B | $1.6B | $1.5B |
| Selling, general and admin | $1.7B | $1.2B | $1.2B | $1.3B | $1.0B | $1.1B | $964M | $868M | $863M | $743M |
| Operating income | $487M | $476M | $1.1B | $934M | $967M | $1.1B | $885M | $818M | $726M | $757M |
| Interest expense | $152M | $142M | $150M | $152M | $118M | $106M | $101M | $105M | $120M | $143M |
| Pre-tax income | $342M | $348M | $991M | $1.3B | $855M | $935M | $1.0B | $746M | $619M | $626M |
| Income tax | $88M | $905M | $140M | $263M | $111M | $130M | $98M | $120M | -$316M | $126M |
| Net income | $253M | -$557M | $852M | $1.1B | $744M | $806M | $911M | $626M | $934M | $500M |
| EPS (diluted) | $0.51 | -$1.19 | $1.87 | $2.46 | $1.79 | $1.97 | $2.34 | $1.68 | $2.74 | $1.52 |
| Diluted shares | 494M | 468M | 454M | 431M | 415M | 409M | 388M | 372M | 341M | 328M |
| Gross margin | 39.8% | 39.3% | 41.0% | 41.7% | 41.5% | 42.9% | 41.3% | 38.7% | 37.8% | 37.0% |
| Operating margin | 9.0% | 8.6% | 20.1% | 17.6% | 20.0% | 22.1% | 19.8% | 18.8% | 17.2% | 18.7% |
| Net margin | 4.7% | -10.1% | 15.2% | 20.0% | 15.4% | 15.9% | 20.3% | 14.4% | 22.2% | 12.3% |
Balance sheet
Fiscal years, from Western Union's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and short-term investments | $878M | $838M | $973M | $1.5B | $1.4B | $1.2B | $1.3B | $1.3B | $1.5B | $1.2B |
| Property, plant and equipment | $220M | $214M | $270M | $236M | $150M | $129M | $110M | $91M | $84M | $95M |
| Goodwill | $3.2B | $2.7B | $2.7B | $2.6B | $2.6B | $2.0B | $2.0B | $2.0B | $2.1B | $2.1B |
| Total assets | $9.4B | $9.2B | $9.0B | $8.8B | $9.5B | $8.8B | $8.5B | $8.2B | $8.4B | $8.3B |
| Total liabilities | $8.5B | $9.7B | $9.3B | $8.8B | $9.3B | $8.5B | $8.0B | $7.7B | $7.4B | $7.3B |
| Shareholders' equity | $902M | -$491M | -$310M | -$40M | $187M | $356M | $478M | $479M | $969M | $958M |
| Net debt | -$878M | -$838M | -$973M | -$1.5B | -$1.4B | -$1.2B | -$1.3B | -$1.3B | -$1.5B | -$1.2B |
Cash flow
Fiscal years, from Western Union's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $1.0B | $742M | $821M | $915M | $878M | $1.0B | $582M | $783M | $406M | $544M |
| Capital spending | $122M | $102M | $189M | $81M | $88M | $107M | $136M | $111M | $119M | $124M |
| Free cash flow | $919M | $640M | $633M | $834M | $790M | $938M | $445M | $672M | $288M | $420M |
| Stock-based compensation | $42M | $44M | $48M | $49M | $42M | $44M | $46M | $36M | $39M | $47M |
| Dividends paid | $312M | $326M | $342M | $341M | $370M | $382M | $364M | $349M | $322M | $309M |
| Share buybacks (net) | -$502M | -$503M | -$412M | -$553M | -$240M | -$410M | -$370M | -$308M | -$186M | -$235M |
| Net borrowing | -$430M | $246M | $396M | -$209M | -$165M | -$63M | -$395M | -$115M | $433M | -$108M |
| Free cash flow margin | 17.0% | 11.6% | 11.3% | 15.7% | 16.3% | 18.5% | 9.9% | 15.4% | 6.8% | 10.4% |
| Dividends per share | $0.63 | $0.70 | $0.75 | $0.79 | $0.89 | $0.93 | $0.94 | $0.94 | $0.94 | $0.94 |
Questions
What was Western Union's revenue in 2025?
$4.1B in fiscal 2025, from its 10-K filing.
How much free cash flow does Western Union generate?
$420M in fiscal 2025 (operating cash flow minus capital spending).
From Western Union's annual reports filed with the SEC (XBRL data), standardised by Investingly. Information only, not investment advice.