NCR Voyix (VYX) Q4 2025 earnings summary

Executive summary

• Completed a five-year transformation, modernizing over 50 legacy applications into a unified cloud-to-edge platform, and launched the largest suite of cloud-to-edge applications in January 2026, positioning the business as platform-led with integrated payments and services.

• Strengthened executive leadership, especially in retail and product, and reorganized sales to drive sustainable growth.

• Completed spin-off of NCR Atleos in October 2023 and sold Digital Banking segment for $2.45 billion in September 2024, with historical results recast as discontinued operations.

• Signed major platform agreements with 7-Eleven Philippines, Colruyt Group, and over 200 new customers in Q4 2025, with platform and payment sites up 8% and 4% respectively.

• Transitioned hardware business to an ODM model with Ennoconn, reducing reliance on inventory and third parties, impacting revenue recognition in 2026.

Financial highlights

• Q4 2025 revenue increased 6% year-over-year to $720 million, driven by higher hardware sales; full-year 2025 revenue was $2,818 million, up from $2,687 million in FY 2024.

• Adjusted EBITDA for Q4 was $130 million (up from $111 million), with margin expanding to 18.1%; full-year adjusted EBITDA was $425 million (up from $348 million), margin at 15.8%.

• Non-GAAP EPS for Q4 was $0.31 (up from $0.21); GAAP EPS was $0.49, including a $65 million tax benefit; full-year non-GAAP EPS was $0.90, GAAP EPS $0.16.

• Retail segment Q4 revenue grew 9% to $501 million; restaurant segment Q4 revenue was flat at $212 million.

• Adjusted free cash flow for FY 2025 was $136 million, below expectations due to timing and higher working capital use.

Outlook and guidance

• 2026 reported revenue expected at $2,210–$2,325 million, down 13–18% due to ODM transition; pro forma revenue expected to be down 2% to up 3%.

• Adjusted EBITDA guidance of $440–$455 million, up 4–7% pro forma; non-GAAP EPS of $0.93–$0.96, up 3–6%.

• Margins for both retail and restaurants expected to improve in Q2 with ODM model; adjusted free cash flow forecast at $190–$220 million, up 40–62% year-over-year.