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Conduent (CNDT) investor relations material
Conduent Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary7 Nov, 2025
Executive summary
Q3 2025 revenue was $767 million, with adjusted revenue also at $767 million, down 1.8% to 5% year-over-year but meeting guidance; adjusted EBITDA reached $40 million, margin improved to 5.2%, and net loss was $46 million, mainly due to divestitures and lower volumes.
New business signings ACV reached $111 million, with a 9% year-over-year increase in qualified ACV pipeline to $3.4 billion; net ARR activity was $25 million TTM.
Major divestitures in 2024, including BenefitWallet, Curbside Management and Public Safety Solutions, and Casualty Claims Solutions, significantly impacted revenue and profit comparisons.
AI initiatives are driving operational improvements, particularly in fraud reduction and efficiency, with new AI-powered solutions launched and proprietary software licensed to clients.
Debt refinancing was completed, extending maturity, paying off Term Loan A, and supporting financial flexibility; share repurchases totaled 4.7 million shares in Q3.
Financial highlights
Adjusted revenue: $767 million for Q3 2025, down 1.8%–5% year-over-year but up sequentially; adjusted EBITDA: $40 million, margin 5.2%, up from 4.1% in Q3 2024.
GAAP net loss was $(46) million, compared to net income of $123 million in Q3 2024, primarily due to divestiture gains in the prior year.
Adjusted free cash flow was $(54) million, impacted by timing of contract amendments, milestone payments, and funding delays.
Cash balance at quarter-end was $264 million, with $198 million unused credit facility capacity; net leverage ratio increased to 3.2x.
Share repurchases: 4.7 million shares in Q3 at $2.70 average price; $70 million repurchased year-to-date.
Outlook and guidance
FY 2025 adjusted revenue outlook is $3,050 million–$3,100 million, with an exit rate of $3,200 million–$3,300 million.
Adjusted EBITDA margin guidance for FY 2025 is 5.0%–5.5%, targeting approximately 8% at 2025 exit.
Adjusted free cash flow guidance deferred due to state and federal funding challenges and milestone delays.
2026 expectations to be provided with Q4 earnings.
When will delayed government billings convert to cash?
Commercial segment growth beyond largest client
Monetization of AI initiatives beyond cost savings?
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Conduent Inc provides business process services and solutions to government and commercial clients. The company offers services in transaction processing, customer experience, and digital platforms for sectors such as healthcare, transportation, and human resources. The company is headquartered in Florham Park, New Jersey, and its shares are listed on the NASDAQ.
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