The Western Union Company
Cross-Border Payments and Financial ServicesFounded 1851- Updated June 2026
Reviewed by Swet Parvadiya
Last reviewed: June 2026
CorpDigest
The Western Union Company
Financial Performance
Last reviewed: June 2026 · By Swet Parvadiya
Revenue
$4.21B
Market Cap
$2.3B
Net Income
$934M
Employees
9,600
Revenue of $4.21 billion in 2024 was roughly flat with $4.15 billion in 2023, before declining to an estimated $4.05 billion in 2025 — a trajectory that reflects digital competition gradually compressing transaction volume from the physical agent network while digital consumer growth partially offsets it. Net income of $934 million in 2024 on $4.21 billion in revenue implies a net margin of 22 percent — high for a financial services company at this revenue level, and a reflection of the pricing power that Western Union's physical network still commands in cash-based remittance markets where alternatives are limited. The market capitalization of $2.32 billion against $934 million in net income implies a price-to-earnings multiple below three — one of the lowest of any profitable large-cap company. That discount reflects the market pricing in sustained long-term revenue decline as digital alternatives gain share in the higher-margin corridors and the physical network becomes increasingly concentrated in lower-income, lower-margin markets. The $600 million B2B sale to Village Capital in 2023 simplified the portfolio and generated capital, but it also removed a diversification stream. The company now depends almost entirely on consumer remittances — a segment under direct price pressure from Wise, Remitly, and bank digital wallets in every major corridor where digital infrastructure is available to both senders and recipients.
Revenue Trend Analysis
YoY Change
-3.8%
2-Year CAGR
-1.2%
Peak Year
2024
Trend
Mostly Growing
The Western Union Company has reported revenue across 3 fiscal years, compounding at -1.2% annually over 2 years. The most recent year saw a 3.8% decline versus the prior year. Revenue peaked in 2024 at $4.2B. Out of 2 reported periods, 1 showed growth and 1 showed a decline.
| Fiscal Year | Revenue | Net Income | YoY Change |
|---|---|---|---|
| FY2025 | $4.0B | — | -3.8% |
| FY2024 | $4.2B | $934M | +1.4% |
| FY2023 | $4.2B | — | — |
Source: SEC EDGAR filings, annual earnings releases, and verified financial disclosures.
Click any row to see year details.
Western Union reported revenue of approximately $4.21 billion for fiscal year 2023, with fiscal 2024 results trending toward roughly $4.2 billion in a relatively flat year. The consumer money transfer business contributed the overwhelming majority of revenue, with fees and foreign exchange margins on cross-border remittances sent through approximately 600,000 agent locations and through the Western Union Digital online and mobile channel. Western Union Digital has grown as a share of revenue as the company invests in account-based services while traditional retail cash-to-cash volumes have been pressured by digital-first competitors including Wise, Remitly, PayPal's Xoom and Revolut. Revenue has been on a long-running gradual decline from peaks above $5 billion in the early 2010s, reflecting fee compression, foreign exchange margin pressure and share loss in some corridors to digital challengers and the rise of bank-led real-time payment systems including Zelle in the United States and UPI in India. The 2022 pullout from Russia after the Russia-Ukraine war removed a meaningful corridor. The market capitalization sits at approximately $2.32 billion, well below the historical peak above $20 billion in the years immediately after the 2006 First Data spinoff. CEO Devin McGranahan leads the company from Denver.
Western Union carries a market capitalization of approximately $2.32 billion, well below the historical peak above $20 billion in the years immediately after the September 2006 spinoff from First Data Corporation. The valuation compression over nearly two decades reflects the long-running structural pressures on the cross-border consumer remittance business including fee competition from digital-first challengers Wise, Remitly, PayPal's Xoom, Revolut and WorldRemit, the rise of bank-led real-time payment systems including Zelle in the United States and UPI in India that displace cash for some domestic transfers, and the secular decline of the cash-to-cash transaction model in send corridors where smartphone penetration has improved. Revenue of approximately $4.21 billion in 2023 has been declining gradually from peaks above $5 billion in the early 2010s. The company has responded with cost cuts, share repurchases, dividend payments and investment in Western Union Digital under CEO Devin McGranahan, who took the role in January 2022 succeeding longtime CEO Hikmet Ersek. The market capitalization-to-revenue ratio reflects investor concerns about long-term competitive positioning even though Western Union's approximately 600,000-agent global network remains the largest in the industry and the brand carries strong recognition in cash-out corridors.
Western Union's revenue has declined gradually over the past decade from peaks above $5 billion in the early 2010s to approximately $4.21 billion in 2023, with fiscal 2024 trending toward roughly $4.2 billion. The decline reflects multiple structural pressures simultaneously affecting the cross-border consumer remittance business. Fee compression from digital-first competitors including Wise, Remitly, PayPal's Xoom and WorldRemit has forced Western Union to lower prices on competitive corridors. Foreign exchange margin compression has eroded a previously high-margin source of revenue. The rise of bank-led real-time payment systems including Zelle in the United States, UPI in India and Pix in Brazil has displaced some transactions that previously moved through money transfer operators. The Walmart MoneyGram partnership era ended several years ago and reshaped some corridor competition. The 2022 pullout from Russia after the Russia-Ukraine war removed a meaningful corridor. CEO Devin McGranahan, who took the role in January 2022, has prioritized Western Union Digital growth, cost reductions and capital return to shareholders to manage through the slow erosion while preserving the agent network. The market capitalization at approximately $2.32 billion reflects the cumulative pressure.
Western Union returns capital to shareholders through quarterly dividend payments and ongoing share repurchases, with the combined annual capital return often consuming the majority of free cash flow given the slow revenue decline. The dividend has been a feature of the stock since shortly after the September 2006 First Data spinoff and has been maintained through cyclical and structural challenges, including the COVID-19 pandemic that briefly disrupted cross-border remittance flows in 2020. Share repurchases have reduced the share count meaningfully over the past decade, helping to support per-share metrics even as total revenue declined gradually from peaks above $5 billion in the early 2010s to approximately $4.21 billion in 2023. The dividend yield has been elevated as the stock price has fallen, pushing the market capitalization to approximately $2.32 billion well below the post-spin peak above $20 billion. The strategy reflects management's view under CEO Devin McGranahan, who took the role in January 2022, that operating cash flow should be returned to shareholders rather than redeployed into large new business lines. Capital expenditure has been disciplined, focused on Western Union Digital platform investments and compliance and risk management technology rather than expansion.
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CorpDigest. "The Western Union Company Revenue & Financials." CorpDigest, https://corpdigest.com/company/western-union/financials.<div style="font-family:system-ui,sans-serif;font-size:14px;line-height:1.5;border:1px solid #e2e8f0;border-radius:8px;padding:12px 16px;max-width:520px"><strong>The Western Union Company reported $4B in revenue (FY2025).</strong><br>Source: <a href="https://corpdigest.com/company/western-union/financials" target="_blank" rel="noopener">CorpDigest — The Western Union Company financials</a></div>