Western Union CO (WU) · Nov 4, 2026 · Earnings
Beat — Adjusted EPS $0.42 vs ~$0.34 consensus
Western Union earnings beat adjusted EPS estimates, but revenue fell, margins weakened and the delayed Intermex deal reset 2026 growth expectations.
Western Union is in the early execution phase of its digital-first Beyond turnaround: trying to offset a mature, shrinking retail remittance business with faster digital growth, consumer services and the planned Intermex acquisition. Its published Q3 benchmark was roughly $0.34 of adjusted EPS and $1.02 billion of revenue.
The quarter beat on adjusted EPS, but not because the core business accelerated. Adjusted EPS was $0.42, ahead of the roughly $0.34 consensus, while revenue was $1.009 billion versus the approximately $1.02 billion expected. The filing says, “Adjusted EPS was $0.42 in the third quarter, down from $0.47 in the prior year period.”
| Q3 2026 | Q3 2025 | Consensus | |
|---|---|---|---|
| Revenue (Financial Results) | $1,009.3M (-2%) | $1,032.6M | $1.02B |
| Adjusted EPS (Q3 Financial Results) | $0.42 (-10.6%) | $0.47 | ~$0.34 |
| Adjusted operating margin (Q3 Financial Results) | 18% (-2 pts) | 20% | |
| Branded Digital revenue (Q3 Business Results) | +8% | +7% | |
| 2026 adjusted revenue outlook incl. Intermex (2026 Outlook) | 0% to 1% | 4% to 6% prior guide |
Digital is the credible bright spot, but it is still too small to carry the company. Branded Digital revenue rose 8% and transactions rose 21%; the filing states, “Branded Digital revenue increased 8% on both a GAAP and an adjusted basis, with transaction growth of 21% compared to the prior year period.” 〔0〕 But CMT revenue, the main business, fell 2%, with North American retail still slowing, and the adjusted margin dropped to 18% from 20%. That means the transformation is producing pockets of growth without yet repairing overall revenue quality or profit conversion.
The Intermex delay is the most important change to the forward story. Q2 guidance assumed the acquisition would close on September 1, 2026 and called for 4%–6% adjusted revenue growth; the new outlook is 0%–1% including Intermex and -2%–1% excluding it. The filing says the deal still requires reinstatement of California regulatory approval and can be terminated by either party if it is not completed by November 10, 2026. 〔1〕 EPS guidance edged up to $1.28–$1.38, but that improvement is outweighed by the loss of near-term revenue momentum and the continued dependence on a deal that has not closed.
Bottom line: This is an earnings beat on a lowered bar, not a clean operational recovery. Digital growth is real, but the weaker core business, margin pressure and Intermex uncertainty leave the Beyond turnaround slightly less convincing than before.
Intermex closing deadline or termination right on November 10
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