NCR Voyix (VYX) Q2 2025 earnings summary

Executive summary

• Q2 2025 revenue was $666 million, down 8% year-over-year, with recurring revenue up 4% to 63% of total revenue and net income from continuing operations at $1 million, reversing a $90 million loss in Q2 2024.

• Adjusted EBITDA rose 20% year-over-year to $95 million, with margin expanding to 14.3%, reflecting improved operational efficiency.

• Platform sites grew 16% and payment sites 3% year-over-year, with over 250 new customers added in Q2 and approximately 500 year-to-date.

• Major portfolio changes included the completed spin-off of ATM-focused businesses (NCR Atleos) and the sale of the Digital Banking segment, impacting historical financials and segment reporting.

• Launched and piloted new cloud-based and payment solutions, with further product rollouts planned for Q4 and 2026.

Financial highlights

• Q2 2025 revenue: $666 million, down from $722 million in Q2 2024, with product revenue down 24% to $185 million and service revenue up 1% to $481 million.

• Recurring revenue rose 4% to $422 million, now 63% of total revenue, up 700 basis points year-over-year.

• Adjusted EBITDA for Q2 2025 was $95 million (14.3% margin), up 20% year-over-year.

• Gross margin improved to 23.0% from 17.5% in Q2 2024, driven by higher service margins.

• Adjusted free cash flow was $37 million before $24 million in restructuring and $284 million in taxes from a business sale.

Outlook and guidance

• Full-year 2025 revenue expected between $2.575 billion and $2.65 billion; software and services: $1.995 billion–$2.02 billion; hardware: $580 million–$630 million.

• Adjusted EBITDA guidance is $420 million–$445 million; non-GAAP diluted EPS projected at $0.75–$0.80; adjusted free cash flow at $170 million–$190 million.

• CapEx for the year expected to be about $170 million, with over 80% allocated to software investments.

• Guidance assumes gross hardware recognition and considers current U.S. trade tariffs and mitigation actions.