Goldman Sachs Faces Potential End to Apple Partnership: Euronet Acquires CoreCard Amidst Transition Discussions

Goldman Sachs faces potential loss of Apple credit card partnership, which could impact CoreCard's business with Apple. Euronet plans to acquire CoreCard in an all-stock deal valued at $248 million. Goldman Sachs has demonstrated robust financial performance, with strong revenue growth and profitability, but has a moderate level of leverage and warning signs of insider selling and poor financial strength. The company has been diversifying its revenue streams and maintaining operational efficiency, but faces potential inefficiencies and challenges. Goldman Sachs' valuation metrics show a mixed picture, with a P/E ratio close to its 1-year high and a P/S ratio indicating moderate valuation.

In a significant development, JPMorgan Chase is in advanced talks to take over Apple's credit card program, currently managed by Goldman Sachs [1]. The deal, if finalized, would strengthen JPMorgan's position in the U.S. credit card market and align with its strategy to expand retail banking operations.

Meanwhile, Euronet Worldwide Inc. has announced a major strategic acquisition, acquiring CoreCard, a leading U.S.-based provider of card management systems, in an all-stock deal valued at $248 million [2]. This acquisition represents a significant step in Euronet's digital transformation journey and expansion into credit card processing.

Goldman Sachs, which currently manages Apple's credit card program, has shown robust financial performance with strong revenue growth and profitability. However, the company has a moderate level of leverage and warning signs of insider selling, which could impact its financial strength [3]. Despite these challenges, Goldman Sachs has been diversifying its revenue streams and maintaining operational efficiency.

Euronet's acquisition of CoreCard is expected to be accretive to adjusted EPS, with CoreCard forecasting 2025 revenue of $66.8 million and adjusted EBITDA of $16.1 million [2]. This acquisition positions Euronet for accelerated growth in the evolving payments landscape, particularly in credit card processing and digital payment solutions.

The potential loss of Apple's credit card partnership could impact CoreCard's business with Apple, but Euronet's management is confident in the company's growth trajectory and the strategic benefits of the CoreCard acquisition.

References:
[1] https://www.marketscreener.com/news/a-jpmorgan-is-about-to-take-over-applea-s-credit-card-programa--ce7c5fd2de8bf423
[2] https://uk.investing.com/news/company-news/euronet-q2-2025-slides-record-revenue-and-strategic-corecard-acquisition-93CH-4195015
[3] https://seekingalpha.com/news/4476585-euronet-reaffirms-12-percentminus-16-percent-earnings-growth-target-for-2025-as-corecard