Concentrix (CNXC) Q4 2025 earnings summary

Executive summary

• Achieved sequential revenue growth each quarter in 2025, with full-year revenue of $9.83 billion, exceeding guidance and maintaining a three-year CAGR of 15.8% driven by demand for intelligent transformation solutions.

• Focused on evolving toward high-value, technology-enabled services, with significant investments in AI, automation, and expanding offerings, positioning for ongoing growth and free cash flow into 2026.

• Strengthened client relationships, with 98% of top 50 clients using multiple solutions and high single-digit growth in adjacent offerings.

• Successfully navigated geopolitical, tariff, and natural disaster challenges, maintaining strong client satisfaction and operational resilience.

• Fiscal 2025 included a non-cash goodwill impairment charge of $1.52 billion, resulting in a net loss for the year.

Financial highlights

• Q4 2025 revenue was $2.55 billion, up 4.3% year-over-year and 3.1% constant currency, above guidance.

• Q4 non-GAAP operating income was $323.2 million (12.7% margin), adjusted EBITDA $378.6 million (14.8% margin), and non-GAAP net income $192 million ($2.95 EPS).

• Full-year non-GAAP operating income was $1.254 billion (12.8% margin), adjusted free cash flow $626 million (up 32% YoY), and $258 million returned to shareholders.

• Ended year with $327 million cash, $4.31 billion net debt, and $1.6 billion liquidity.

• Cash flow from operations reached $807 million for the year.

Outlook and guidance

• FY 2026 revenue guidance: $10.035–$10.18 billion, implying 1.5–3% constant currency growth.

• Full-year non-GAAP operating income expected at $1.24–$1.29 billion; non-GAAP EPS $11.48–$12.07.

• Adjusted free cash flow expected to rise to $630–$650 million.

• Q1 2026 revenue guidance: $2.475–$2.5 billion, 1.5–2.5% constant currency growth.

• Sequential margin improvement expected in the second half of 2026 as duplicate costs are removed.