NCR Voyix Corp
For the period ended Sep 30, 2025. Filed Nov 6, 2025.
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A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Sep 30, 2025 · Filed Nov 6, 2025
VYX$9.75-1.1%Stored close · as of Nov 6, 2026
What changed in Management’s Discussion and Analysis?
Read the current filingPrevious report: 10-Q
Period ended 2025-06-30; filed 2025-08-07.
0000070866-25-000078
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsCurrent report: 10-Q
Period ended 2025-09-30; filed 2025-11-06.
0000070866-25-000088
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsThe baseline is this issuer’s latest earlier reporting period of the same form that was filed before the current report. A previous 10-Q is a different quarter, not a year-over-year comparison. Amendments are excluded.
Compared 138 previous paragraphs and 141 current paragraphs.
85 unchanged; 48 reworded; 7 added; 3 removed; 2 previous and 1 current paragraphs rearranged.
Tables are not compared: 28 previous and 28 current tables excluded. Dates, whitespace, punctuation and numbering changes are ignored; changes to financial figures remain significant.
A changed paragraph is not evidence that risk increased or decreased. An unchanged paragraph does not establish that risk stayed the same.
Added paragraphs (7)
Current report
Revision of previously issued financial statements
Current report
During the third quarter of 2025, the Company identified errors in previously issued financial statements related to the historical pre-Spin-Off operations of NCR Atleos that impact their revenue and certain expense items which were reported as Income (loss) from discontinued operations. The Company evaluated the impact of these errors and concluded that they were immaterial to all previously issued financial statements, individually and in the aggregate. However, the Company is revising the previously issued financial statements to correct these errors, as well as certain previously identified out-of-period adjustments related to the Spin-Off, into the appropriate period (fiscal 2023). The net impact of this revision increases retained earnings (deficit) by $12 million and increases accumulated other comprehensive income (loss) by $10 million at December 31, 2023 as compared to what was previously reported. These adjustments had a corresponding impact on retained earnings (deficit) and accumulated other comprehensive income (loss) presented for each period subsequent to December 31, 2023 in the accompanying statements of changes in shareholders’ equity, as compared to what was previously reported. The revision did not affect the Company’s previously reported balances of continuing operations or cash flows for any reporting period. The Company will decrease Income (loss) from discontinued operations, net of tax, as well as the related net income (loss), for 2023 by $5 million, will revise earnings per share for the immaterial errors, and will reduce the opening equity balance as of December 31, 2022 by $8 million related to the decrease in previously reported Income (loss) from discontinued operations, net of tax, and net income (loss) for 2022, in the revised financial statements to be included within the 2025 Form 10-K.
Current report
•Revenue of $684 million, down 3% compared to the prior year period
Current report
•Adjusted EBITDA of $125 million, up 32% compared to the prior year period
Current report
(7)Represents costs related to certain litigation matters, reflecting the costs of the indemnity and associated legal fees, net of expected indemnity recoveries from NCR Atleos, as discussed in Note 10, “Commitments and Contingencies”.
Current report
Included in Other, net for the three and nine months ended September 30, 2025 are litigation expenses of $22 million, reflecting the costs of the indemnity and associated legal fees, net of expected indemnity recoveries from NCR Atleos. Refer to Note 10, “Commitments and Contingencies” of the Notes to Condensed Consolidated Financial Statements for additional information.
Current report
The Company recognized no income or loss from discontinued operations, net of tax, for the nine months ended September 30, 2025.
Removed paragraphs (3)
Previous report
During the second quarter of 2024, the Company recorded corrections related to the Spin-Off. As of December 31, 2023, total assets were understated by approximately $12 million, total liabilities were overstated by approximately $7 million, and total equity was understated by approximately $19 million, which was included in the “Spin-Off of Atleos” line in the Statements of Changes in Stockholders’ equity (Deficit) for the three months ended June 30, 2024.
Previous report
•Revenue of $666 million, down 8% compared to the prior year period
Previous report
•Adjusted EBITDA of $95 million, up 20% compared to the prior year period
Reworded paragraphs (48)
Previous wording
•Results of operations. This section contains an analysis of our results of operations presented in the accompanying condensed consolidated statements of income by comparing the results for the three and six months ended June 30, 2025 to the results for the three and six months ended June 30, 2024.
Current wording
•Results of operations. This section contains an analysis of our results of operations presented in the accompanying condensed consolidated statements of income by comparing the results for the three and nine months ended September 30, 2025 to the results for the three and nine months ended September 30, 2024.
Previous wording
On August 6, 2024, the Company announced its entry into a commercial agreement with Ennoconn Corporation (“Ennoconn”) to transition its self-checkout and point-of-sale hardware businesses to an outsourced design and manufacturing model including the sale of certain assets relating to these businesses (the “Hardware Business Transition”). Under the terms of the agreement, Ennoconn will design, manufacture, warrant, supply, and ship self-checkout and point-of sale hardware directly to the Company’s customers and the Company will sell hardware to its customers as a sales agent for Ennoconn and continue to provide its point-of sale and self-checkout software as well as key support and maintenance services. As a result of the Hardware Business Transition, the Company will record commission revenue from point-of-sale and self-checkout hardware sales as an agent for Ennoconn on a net basis, excluding the costs paid to Ennoconn. The Company anticipates the Hardware Business Transition will commence during 2025.
Current wording
On August 6, 2024, the Company announced its entry into a commercial agreement with Ennoconn Corporation (“Ennoconn”) to transition its self-checkout and point-of-sale hardware businesses to an outsourced design and manufacturing model including the sale of certain assets relating to these businesses (the “Hardware Business Transition”). Under the terms of the agreement, Ennoconn will design, manufacture, warrant, supply, and ship self-checkout and point-of sale hardware directly to the Company’s customers and the Company will sell hardware to its customers as a sales agent for Ennoconn and continue to provide its point-of sale and self-checkout software as well as key support and maintenance services. As a result of the Hardware Business Transition, the Company will record commission revenue from point-of-sale and self-checkout hardware sales as an agent for Ennoconn on a net basis, excluding the costs paid to Ennoconn. The Company anticipates the Hardware Business Transition will commence in January 2026.
Previous wording
The following were significant themes and events for the second quarter of 2025.
Current wording
The following were significant themes and events for the third quarter of 2025.
Previous wording
◦Recurring revenue increased 4% as compared to the prior year period and comprised 63% of total consolidated revenue
Current wording
◦Recurring revenue increased 5% as compared to the prior year period and comprised 62% of total consolidated revenue
Previous wording
◦Software and services revenue was flat compared to the prior year period and comprised 75% of total consolidated revenue
Current wording
◦Software and services revenue decreased 2% compared to the prior year period and comprised 74% of total consolidated revenue
Previous wording
•Net income from continuing operations attributable to NCR Voyix was $1 million, compared with a net loss of $90 million in the prior year period
Current wording
•Net loss from continuing operations attributable to NCR Voyix was $17 million, compared with a net loss of $29 million in the prior year period
Previous wording
Given the multinational nature of our business, we are subject to risks and exposures from the evolving macroeconomic environment, including the effects of increased global inflationary pressures and interest rates, the effects tariffs, fluctuations in foreign currency exchange rates, political economic slowdowns or recessions and geopolitical pressures, including the unknown impacts of current and future trade regulations. We continuously monitor the direct and indirect impacts of these circumstances on our business and financial results, as well as the overall global economy and geopolitical landscape. For example, foreign currency exchange rate fluctuations may negatively impact our financial results during the reporting period. In addition, in April 2025, the U.S. presidential administration announced a baseline tariff of 10% on products imported from all countries and an additional individualized reciprocal tariff on the countries with which the United States has the largest trade deficits. Increased tariffs by the United States have led, and may continue to lead, to the imposition of retaliatory tariffs by foreign governments. Additionally, the U.S. government has announced and rescinded multiple tariffs on several foreign jurisdictions, which has increased uncertainty regarding the ultimate effect of the tariffs on economic conditions. For instance, on July 31, 2025, the U.S. president issued an executive order implementing updated reciprocal tariffs for several dozen countries and the European Union, imposed additional tariffs on other countries, and adjusted, and may continue to adjust, certain tariffs as a result of potential or pending trade deals with the United States. The tariff announcements from U.S. and foreign governments have been uncertain, frequently changing and are likely to continue to change. Current uncertainties about tariffs and their effects on trading relationships may impact macroeconomic conditions in the markets in which we operate. Our core products, self-checkout machines (SCO) and point-of-sale (POS) devices, constitute the majority of our hardware revenue and we believe that the SCO and POS machines that we import into the U.S. generally qualify for certain duty and tariff exemptions. Our remaining hardware products that we import into the U.S., primarily third-party products such as printers and cash drawers as well as service parts, are impacted by the recently announced tariffs applicable to imports from China and other countries. We have taken steps to mitigate part of the impact of these tariffs and are currently analyzing opportunities to further address the impact of these tariffs. We will continue to monitor the situation. Economic pressures on customers and consumers, including the challenges of high inflation and the effects of increased tariffs, may negatively affect our revenue and profitability in the future. The current trade policy environment is expected to continue to evolve and we can give no…
Excerpt shortened here; the source contains the full paragraph.
Current wording
Given the multinational nature of our business, we are subject to risks and exposures from the evolving macroeconomic environment, including the effects of increased global inflationary pressures and interest rates, the effects tariffs, fluctuations in foreign currency exchange rates, political economic slowdowns or recessions and geopolitical pressures, including the unknown impacts of current and future trade regulations. We continuously monitor the direct and indirect impacts of these circumstances on our business and financial results, as well as the overall global economy and geopolitical landscape. For example, foreign currency exchange rate fluctuations may negatively impact our financial results during the reporting period. In addition, in April 2025, the U.S. presidential administration announced a baseline tariff of 10% on products imported from all countries and an additional individualized reciprocal tariff on the countries with which the United States has the largest trade deficits. Increased tariffs by the United States have led, and may continue to lead, to the imposition of retaliatory tariffs by foreign governments. Additionally, the U.S. government has announced and rescinded multiple tariffs on several foreign jurisdictions, which has increased uncertainty regarding the ultimate effect of the tariffs on economic conditions. The tariff announcements from U.S. and foreign governments have been uncertain, frequently changing and are likely to continue to change. Current uncertainties about tariffs and their effects on trading relationships may impact macroeconomic conditions in the markets in which we operate. Our core products, self-checkout machines (SCO) and point-of-sale (POS) devices, constitute the majority of our hardware revenue and we believe that the SCO and POS machines that we import into the U.S. generally qualify for certain duty and tariff exemptions. Our remaining hardware products that we import into the U.S., primarily third-party products such as printers and cash drawers as well as service parts, are impacted by the recently announced tariffs applicable to imports from China and other countries. We have taken steps to mitigate part of the impact of these tariffs and are currently analyzing opportunities to further address the impact of these tariffs. We will continue to monitor the situation. Economic pressures on customers and consumers, including the challenges of high inflation and the effects of increased tariffs, may negatively affect our revenue and profitability in the future. The current trade policy environment is expected to continue to evolve and we can give no assurance regarding the impact to our business of future tariff changes or other changes in trade policies, including the availability of duty and tariff exemptions.
Previous wording
Additionally, in July 2025, the One Big Beautiful Bill Act (“OBBBA”) was enacted in the U.S. The OBBBA introduces several significant changes, including the permanent extension and modification of certain expiring provisions of the Tax Cuts and Jobs Act. The legislation has multiple effective dates, with certain provisions taking effect in tax year 2025 and others phased in through 2027. We are currently evaluating the impact of the OBBBA on our financial statements.
Current wording
On July 4, 2025, Public Law 119-21, commonly referred to as the One Big Beautiful Bill Act (“OBBBA”), was enacted in the U.S. The OBBBA introduces several significant changes, including the permanent extension and modification of certain expiring provisions of the Tax Cuts and Jobs Act. The legislation has multiple effective dates, with certain provisions taking effect in tax year 2025 and others phased in through 2027. There were no material impacts of the Act on our condensed consolidated financial statements for the three months ended September 30, 2025. We will continue to evaluate the full impact of these legislative changes as more guidance becomes available.
Previous wording
For further discussion of trends, uncertainties and other factors that could affect our operating results, refer to Part I, Item 1A, “Risk Factors”, contained in our 2024 Form 10-K and subsequent filings we make within the SEC.
Current wording
For further discussion of trends, uncertainties and other factors that could affect our operating results, refer to Part I, Item 1A, “Risk Factors”, contained in our 2024 Form 10-K and subsequent filings we make with the SEC.
Previous wording
The following tables show our results for the three and six months ended June 30, the relative percentage that those amounts represent to revenue, and the change in those amounts year-over-year.
Current wording
The following tables show our results for the three and nine months ended September 30, the relative percentage that those amounts represent to revenue, and the change in those amounts year-over-year.
Previous wording
The following tables show our key strategic financial metrics for the three and six months ended June 30, the relative percentage that those amounts represent to total revenue, and the change in those amounts year-over-year.
Current wording
The following tables show our key strategic financial metrics for the three and nine months ended September 30, the relative percentage that those amounts represent to total revenue, and the change in those amounts year-over-year.
Previous wording
Adjusted Earnings Before Interest, Taxes, Depreciation and Amortization (“Adjusted EBITDA”)Our management uses the non-GAAP measure Adjusted EBITDA because it provides useful information to investors as an indicator of strength and performance of the Company’s ongoing business operations, including funding discretionary spending such as capital expenditures, strategic acquisitions, and other investments. We determine Adjusted EBITDA based on GAAP net income (loss) from continuing operations attributable to NCR Voyix plus interest expense, net; plus income tax expense (benefit); plus depreciation and amortization (excluding acquisition-related amortization of intangibles); plus stock-based compensation expense; plus pension mark-to-market adjustments and other special items, including amortization of acquisition-related intangibles, acquisition-related costs, loss (gain) on disposal of businesses, separation-related costs, cyber ransomware incident recovery costs net of insurance recoveries, fraudulent ACH disbursements costs net of recoveries, foreign currency devaluation, transformation and restructuring charges (which includes integration, severance and other exit and disposal costs), and strategic initiative costs, among others. The special items are considered non-operational or non-recurring in nature, so are excluded from the Adjusted EBITDA metric utilized by our chief operating decision maker in evaluating segment performance and are separately delineated to reconcile back to total reported income (loss) from continuing operations attributable to NCR Voyix. This format is useful to investors because it allows analysis and comparability of operating trends. It also includes the same information that is used by our management to make decisions regarding the segments and to assess our financial performance. Refer to the table below for the reconciliations of net income (loss) from continuing operations attributable to NCR Voyix (GAAP) to Adjusted EBITDA (non-GAAP).
Current wording
Adjusted Earnings Before Interest, Taxes, Depreciation and Amortization (“Adjusted EBITDA”)Our management uses the non-GAAP measure Adjusted EBITDA because it provides useful information to investors as an indicator of strength and performance of the Company’s ongoing business operations, including funding discretionary spending such as capital expenditures, strategic acquisitions, and other investments. We determine Adjusted EBITDA based on GAAP net income (loss) from continuing operations attributable to NCR Voyix plus interest expense, net; plus income tax expense (benefit); plus depreciation and amortization (excluding acquisition-related amortization of intangibles); plus stock-based compensation expense; plus pension mark-to-market adjustments and other special items, including amortization of acquisition-related intangibles, acquisition-related costs, loss (gain) on disposal of businesses, loss (gain) on extinguishment of debt, separation- related costs, cyber ransomware incident recovery costs net of insurance recoveries, fraudulent ACH disbursements costs net of recoveries, foreign currency devaluation, transformation and restructuring charges (which includes integration, severance and other exit and disposal costs), strategic initiative costs and litigation costs, among others. The special items are considered non-operational or non-recurring in nature, so are excluded from the Adjusted EBITDA metric utilized by our chief operating decision maker in evaluating segment performance and are separately delineated to reconcile back to total reported income (loss) from continuing operations attributable to NCR Voyix. This format is useful to investors because it allows analysis and comparability of operating trends. It also includes the same information that is used by our management to make decisions regarding the segments and to assess our financial performance. Refer to the table below for the reconciliations of net income (loss) from continuing operations attributable to NCR Voyix (GAAP) to Adjusted EBITDA (non-GAAP).
Previous wording
We believe adjusted free cash flow-unrestricted information is useful for investors because it relates the operating cash flows from the Company’s continuing and discontinued operations to the capital that is spent to continue and improve business operations. In particular, adjusted free cash flow-unrestricted indicates the amount of cash available after capital expenditures for, among other things, investments in the Company’s existing businesses, strategic acquisitions, and repayment of debt obligations. Adjusted free cash flow does not represent the residual cash flow available for discretionary expenditures, since there may be other non-discretionary expenditures that are not deducted from the measure. Adjusted free cash flow-unrestricted does not have a uniform definition under GAAP, and therefore the Company’s definition may differ from other companies’ definitions of this measure. These non-GAAP measures should not be considered a substitute for, or superior to, cash flows from operating activities under GAAP.
Current wording
We believe adjusted free cash flow-unrestricted information is useful for investors because it relates the operating cash flows from the Company’s operations to the capital that is spent to continue and improve business operations. In particular, adjusted free cash flow-unrestricted indicates the amount of cash available after capital expenditures for, among other things, investments in the Company’s existing businesses, strategic acquisitions, and repayment of debt obligations. Adjusted free cash flow does not represent the residual cash flow available for discretionary expenditures, since there may be other non-discretionary expenditures that are not deducted from the measure. Adjusted free cash flow-unrestricted does not have a uniform definition under GAAP, and therefore the Company’s definition may differ from other companies’ definitions of this measure. These non-GAAP measures should not be considered a substitute for, or superior to, cash flows from operating activities under GAAP.
Previous wording
Total revenue decreased 8% for the three months ended June 30, 2025 compared to the three months ended June 30, 2024. Product revenue for the three months ended June 30, 2025 decreased 24% compared to the three months ended June 30, 2024 due to a decline in SCO and POS hardware revenues, as well as a decline in software license revenues for one-time perpetual license revenue recognized in the prior year. Service revenue for the three months ended June 30, 2025 increased 1% compared to the three months ended June 30, 2024 due to an increase in payments processing revenue and hardware maintenance revenue as compared to the prior year period, offset by a decrease in implementation services revenue and professional services revenue related to one-time revenue recognized in the prior year.
Current wording
Total revenue decreased 3% for the three months ended September 30, 2025 compared to the three months ended September 30, 2024. Product revenue for the three months ended September 30, 2025 decreased 8% compared to the three months ended September 30, 2024 due to a decline in SCO and POS hardware revenues, as well as a decline in software license revenues for one-time license revenue recognized in the prior year. Service revenue for the three months ended September 30, 2025 decreased 1% compared to the three months ended September 30, 2024 due to decreases in one-time implementation services revenue and professional services revenue, offset by an increase in software maintenance revenue, payments processing revenue and hardware maintenance revenue as compared to the prior year period.
Previous wording
Total revenue decreased 10% for the six months ended June 30, 2025 compared to the six months ended June 30, 2024. Product revenue for the six months ended June 30, 2025 decreased 27% compared to the six months ended June 30, 2024 due to a decline in SCO and POS hardware revenues, as well as a decline in software license revenues for one-time perpetual license revenue recognized in the prior year. Service revenue for the six months ended June 30, 2025 decreased 2% compared to the six months ended June 30, 2024 due to decreases in implementation services revenue and professional services revenue related to one-time revenue recognized in the prior year, offset by an increase in payments processing revenue as compared to the prior year period.
Current wording
Total revenue decreased 8% for the nine months ended September 30, 2025 compared to the nine months ended September 30, 2024. Product revenue for the nine months ended September 30, 2025 decreased 21% compared to the nine months ended September 30, 2024 due to a decline in SCO and POS hardware revenues, as well as a decline in software license revenues for one-time license revenue recognized in the prior year. Service revenue for the nine months ended September 30, 2025 decreased 2% compared to the nine months ended September 30, 2024 due to decreases in one-time implementation services revenue and professional services revenue, offset by an increase in payments processing revenue as compared to the prior year period.
Previous wording
Gross margin as a percentage of revenue inthe three months ended June 30, 2025 was 23.0% compared to 17.5% inthe three months ended June 30, 2024. The increase in gross margin as a percentage of revenue was driven by the increase in service gross margin, mainly related to improved margins for cloud services, professional services, software maintenance, payments processing and hardware maintenance in the three months ended June 30, 2025 as compared to the prior period, due in part to the Company’s cost reduction initiative implemented during the second half of 2024. These increases in service gross margin were offset by a decline in product gross margin related to lower hardware-related gross margin in 2025. Additionally, gross margin for the three months ended June 30, 2025 included $1 million of strategic initiative costs, $1 million of stock-based compensation expense, $3 million of transformation and restructuring costs and $3 million of amortization of acquisition-related intangible assets. Gross margin for the three months ended June 30, 2024 included $23 million of transformation and restructuring costs, $3 million of stock-based compensation expense, $1 million of strategic initiative costs and $4 million of amortization of acquisition-related intangible assets, offset by $5 million of net recoveries related to the cyber ransomware incident.
Current wording
Gross margin as a percentage of revenue inthe three months ended September 30, 2025 was 24.3% compared to 23.6% inthe three months ended September 30, 2024. The increase in gross margin as a percentage of revenue was driven by the increase in service gross margin, mainly related to improved margins for cloud services and software maintenance in the three months ended September 30, 2025 as compared to the prior period due to the cost reduction initiative implemented during 2024. These increases in service gross margin were offset by a decline in product gross margin related to lower software license gross margin in 2025. Additionally, gross margin for the three months ended September 30, 2025 included $6 million of transformation and restructuring costs, $2 million of strategic initiative costs, $1 million of stock-based compensation expense and $3 million of amortization of acquisition-related intangible assets. Gross margin for the three months ended September 30, 2024 included $2 million of stock-based compensation expense and $3 million of amortization of acquisition-related intangible assets.
Previous wording
Gross margin as a percentage of revenue inthe six months ended June 30, 2025 was 22.4% compared to 18.4% inthe six months ended June 30, 2024. The increase in gross margin as a percentage of revenue was driven by the increase in service gross margin, mainly related to improved margins for professional services, cloud services, payments processing, hardware maintenance, implementation services and software maintenanceinthe six months ended June 30, 2025 as compared to the prior period, due in part to the Company’s cost reduction initiative implemented during the second half of 2024. These increases in service gross margin were offset by a decline in product gross margin related to lower hardware-related gross margin in 2025. Additionally, gross margin for the six months ended June 30, 2025 included $4 million of transformation and restructuring costs, $2 million of strategic initiative costs, $2 million of stock-based compensation expense, $6 million of amortization of acquisition-related intangible assets. Gross margin for the six months ended June 30, 2024 included $31 million of transformation and restructuring costs, $6 million of stock-based compensation expense, $1 million of strategic initiative costs and $7 million of amortization of acquisition-related intangible assets, offset by $5 million of net recoveries related to the cyber ransomware incident.
Current wording
Gross margin as a percentage of revenue inthe nine months ended September 30, 2025 was 23.1% compared to 20.1% inthe nine months ended September 30, 2024. The increase in gross margin as a percentage of revenue was driven by the increase in service gross margin, mainly related to improved margins for cloud services, professional services, payments processing and software maintenanceinthe nine months ended September 30, 2025 as compared to the prior period due to the cost reduction initiative implemented during 2024. These increases in service gross margin were offset by a decline in product gross margin related to lower software license and hardware-related gross margin in 2025. Additionally, gross margin for the nine months ended September 30, 2025 included $10 million of transformation and restructuring costs, $4 million of strategic initiative costs, $3 million of stock-based compensation expense and $9 million of amortization of acquisition-related intangible assets. Gross margin for the nine months ended September 30, 2024 included $31 million of transformation and restructuring costs, $1 million of strategic initiative costs, $8 million of stock-based compensation expense and $10 million of amortization of acquisition-related intangible assets, offset by $5 million of net recoveries related to the cyber ransomware incident.
Previous wording
Selling, general, and administrative expenses were $107 million in the three months ended June 30, 2025, compared to $116 million in the three months ended June 30, 2024. As a percentage of revenue, selling, general and administrative expenses were 16.1% in both the three months ended June 30, 2025 and 2024. The overall decrease in selling, general and administrative expenses during the three months ended June 30, 2025 is related to a decrease in transformation and restructuring and strategic initiative costs in the current year, as well as the Company’s cost reduction initiative implemented during the second half of 2024. Additionally, in the three months ended June 30, 2025, selling, general and administrative expenses included $12 million of transformation and restructuring costs, $2 million of strategic initiative costs, $6 million of stock-based compensation expense and $3 million of amortization of acquisition-related intangible assets. In the three months ended June 30, 2024, selling, general and administrative expenses included $15 million of transformation and restructuring costs, $5 million of strategic initiative costs, $5 million of stock-based compensation expense, $4 million of amortization of acquisition-related intangible assets, $3 million of separation-related costs and $1 million of cyber ransomware incident recovery costs, offset by $1 million of net recoveries related to the fraudulent ACH disbursement matter.
Current wording
Selling, general, and administrative expenses were $111 million in the three months ended September 30, 2025, compared to $113 million in the three months ended September 30, 2024. As a percentage of revenue, selling, general and administrative expenses were 16.2% and 16.0% in the three months ended September 30, 2025 and 2024, respectively. The overall decrease in selling, general and administrative expenses during the three months ended September 30, 2025 is related to the Company’s cost reduction initiative implemented during 2024. Additionally, in the three months ended September 30, 2025, selling, general and administrative expenses included $35 million of transformation and restructuring costs, $2 million of strategic initiative costs, $6 million of stock-based compensation expense and $3 million of amortization of acquisition-related intangible assets. In the three months ended September 30, 2024, selling, general and administrative expenses included $7 million of transformation and restructuring costs, $12 million of strategic initiative costs, $5 million of stock-based compensation expense, $4 million of amortization of acquisition-related intangible assets and $3 million of separation-related costs, offset by $2 million of net recoveries related to the cyber ransomware incident and $2 million of net recoveries related to the fraudulent ACH disbursement matter.
Previous wording
Selling, general, and administrative expenses were $222 million compared to $226 million in the six months ended June 30, 2025 and 2024, respectively. As a percentage of revenue, selling, general and administrative expenses were 17.3% and 15.8% in the six months ended June 30, 2025 and 2024, respectively. The overall decrease in selling, general and administrative expenses during the six months ended June 30, 2025 is related to the Company’s cost reduction initiative implemented during the second half of 2024. Additionally, in the six months ended June 30, 2025, selling, general and administrative expenses included $33 million of transformation and restructuring costs, $8 million of strategic initiative costs, $13 million of stock-based compensation expense and $6 million of amortization of acquisition-related intangible assets. In the six months ended June 30, 2024, selling, general and administrative expenses included $27 million of transformation and restructuring costs, $11 million of stock-based compensation expense, $5 million of strategic initiative costs, $8 million of amortization of acquisition-related intangible assets, $4 million of separation-related costs and $1 million of cyber ransomware incident recovery costs, offset by $2 million of net recoveries related to the fraudulent ACH disbursement matter.
Current wording
Selling, general, and administrative expenses were $333 million compared to $339 million in the nine months ended September 30, 2025 and 2024, respectively. As a percentage of revenue, selling, general and administrative expenses were 16.9% and 15.8% in the nine months ended September 30, 2025 and 2024, respectively. The overall decrease in selling, general and administrative expenses during the nine months ended September 30, 2025 is related to the Company’s cost reduction initiative implemented during 2024. Additionally, in the nine months ended September 30, 2025, selling, general and administrative expenses included $68 million of transformation and restructuring costs, $10 million of strategic initiative costs, $19 million of stock-based compensation expense and $9 million of amortization of acquisition-related intangible assets. In the nine months ended September 30, 2024, selling, general and administrative expenses included $34 million of transformation and restructuring costs, $17 million of strategic initiative costs, $16 million of stock-based compensation expense, $12 million of amortization of acquisition-related intangible assets, $7 million of separation-related costs, offset by $1 million of net recoveries related to the cyber ransomware incident and $4 million of net recoveries related to the fraudulent ACH disbursement matter.
Previous wording
Research and development expenses were $32 million in the three months ended June 30, 2025, compared to $44 million in the three months ended June 30, 2024. As a percentage of revenue, research and development costs were 4.8% and 6.1% in the three months ended June 30, 2025 and 2024, respectively. The decrease in research and development expenses in the three months ended June 30, 2025 is due to the Company’s cost reduction initiative implemented during the second half of 2024, as well as one-time transformation and restructuring-related costs incurred in the prior year period. In the three months ended June 30, 2025, research and development costs included $2 million of stock-based compensation expense. In the three months ended June 30, 2024, research and development expenses included $2 million of transformation and restructuring costs and $4 million of stock-based compensation expense.
Current wording
Research and development expenses were $40 million in the three months ended September 30, 2025, compared to $38 million in the three months ended September 30, 2024. As a percentage of revenue, research and development costs were 5.8% and 5.4% in the three months ended September 30, 2025 and 2024, respectively. Research and development expenses in the three months ended September 30, 2025 have increased compared to the prior year period as the Company continues to invest in research and development activities related to our platform. In the three months ended September 30, 2025, research and development costs included $3 million of transformation and restructuring costs and $1 million of stock-based compensation expense. In the three months ended September 30, 2024, research and development expenses included $4 million of transformation and restructuring costs and $2 million of stock-based compensation expense.
Previous wording
Research and development expenses were $72 million compared to $91 million in the six months ended June 30, 2025 and 2024, respectively. As a percentage of revenue, these costs were 5.6% and 6.4% in the six months ended June 30, 2025 and 2024, respectively. The decrease in research and development expenses in the six months ended June 30, 2025 is due to the Company’s cost reduction initiative implemented during the second half of 2024, as well as one-time separation-related costs incurred in the prior year period. In the six months ended June 30, 2025, research and development expenses included $3 million of transformation and restructuring costs and $3 million of stock-based compensation expense. In the six months ended June 30, 2024, research and development expenses included $6 million of stock-based compensation expense, $4 million of transformation and restructuring costs and $4 million of separation-related costs.
Current wording
Research and development expenses were $112 million compared to $129 million in the nine months ended September 30, 2025 and 2024, respectively. As a percentage of revenue, these costs were 5.7% and 6.0% in the nine months ended September 30, 2025 and 2024, respectively. The overall decrease in research and development expenses in the nine months ended September 30, 2025 is due to the Company’s cost reduction initiative implemented during 2024, as well as one-time transformation and restructuring costs and separation-related costs incurred in the prior year period. In the nine months ended September 30, 2025, research and development expenses included $6 million of transformation and restructuring costs and $4 million of stock-based compensation expense. In the nine months ended September 30, 2024, research and development expenses included $8 million of transformation and restructuring costs, $8 million of stock-based compensation expense and $3 million of separation-related costs.
Previous wording
Interest expense was $14 million compared to $41 million for the three months ended June 30, 2025 and 2024, respectively. Interest expense is primarily related to our senior unsecured notes and borrowings under the Senior Secured Credit Facility. The decrease in interest expense was due to the decrease in total debt outstanding.
Current wording
Interest expense was $15 million compared to $40 million for the three months ended September 30, 2025 and 2024, respectively. Interest expense is primarily related to our senior unsecured notes and borrowings under the Senior Secured Credit Facility. The decrease in interest expense was due to the decrease in total debt outstanding during the comparative prior year periods.
Previous wording
Interest expense was $29 million compared to $80 million for the six months ended June 30, 2025 and 2024, respectively. Interest expense is primarily related to our senior unsecured notes and borrowings under the Senior Secured Credit Facility. The decrease in interest expense was due to the decrease in total debt outstanding.
Current wording
Interest expense was $44 million compared to $120 million for the nine months ended September 30, 2025 and 2024, respectively. Interest expense is primarily related to our senior unsecured notes and borrowings under the Senior Secured Credit
Previous wording
Other income (expense), net was expense of $3 million and $5 million for the three months ended June 30, 2025 and 2024, respectively, and income of $5 million and expense of $23 million for the six months ended June 30, 2025 and 2024, respectively, with the components reflected in the following table:
Current wording
Other income (expense), net was expense of $23 million and $14 million for the three months ended September 30, 2025 and 2024, respectively, and expense of $18 million and $37 million for the nine months ended September 30, 2025 and 2024, respectively, with the components reflected in the following table:
Previous wording
The decrease in bank-related fees in the three and six months ended June 30, 2025 compared to June 30, 2024 relates to the termination of the trade receivables facility on September 30, 2024. Refer to Note 6, “Trade Receivables Facility” of the Notes to Condensed Consolidated Financial Statements for additional information.
Current wording
The decrease in bank-related fees in the three and nine months ended September 30, 2025 compared to September 30, 2024 relates to the termination of the trade receivables facility on September 30, 2024. Refer to Note 6, “Trade Receivables Facility” of the Notes to Condensed Consolidated Financial Statements for additional information.
Previous wording
Income tax provisions for interim (quarterly) periods are based on an estimated annual effective income tax rate calculated separately from the effect of significant, infrequent, or unusual items. Income tax benefit from continuing operations was $4 million for the three months ended June 30, 2025, compared to income tax expense of $10 million for the three months ended June 30, 2024. The change was primarily driven by a favorable change in discrete tax expenses and benefits, along with a higher valuation allowance in the prior year. These benefits were partially offset by the impact of a lower loss from continuing operations before taxes in the three months ended June 30, 2025 as compared to the prior year period.
Current wording
Income tax provisions for interim (quarterly) periods are based on an estimated annual effective income tax rate calculated separately from the effect of significant, infrequent, or unusual items. Income tax benefit from continuing operations was $6 million for the three months ended September 30, 2025, compared to income tax benefit of $1 million for the three months ended September 30, 2024. The change was primarily driven by a higher valuation allowance in the prior year. This benefit was partially offset by the impact of an unfavorable change in discrete tax expenses and benefits and a lower loss from continuing operations before taxes in the three months ended September 30, 2025, compared to the prior year.
Previous wording
Income tax benefit was $11 million for the six months ended June 30, 2025 compared to income tax expense of $5 million for the six months ended June 30, 2024. The change was primarily driven by a favorable change in discrete tax expenses and benefits, along with a higher valuation allowance in the prior year. These benefits were partially offset by the impact of a lower loss from continuing operations before taxes in the six months ended June 30, 2025 as compared to the prior year period.
Current wording
Income tax benefit was $17 million for the nine months ended September 30, 2025, compared to income tax expense of $4 million for the nine months ended September 30, 2024. The change was primarily driven by a favorable change in discrete tax expenses and benefits, along with a higher valuation allowance in the prior year. These benefits were partially offset by the impact of a lower loss from continuing operations before taxes in the nine months ended September 30, 2025, compared to the prior year.
Previous wording
The Company recognized a loss from discontinued operations, net of tax, of $1 million for the three months ended June 30, 2025, all of which related to the Company’s environmental remediation matters.
Current wording
The Company recognized a loss from discontinued operations, net of tax, of $2 million for the three months ended September 30, 2025, all of which related to the Company’s environmental remediation matters.
Previous wording
The Company recognized income from discontinued operations, net of tax, of $47 million for the six months ended June 30, 2024, of which $49 million related to income from discontinued operations, net of tax, for the Digital Banking Sale and $2 million of expense from discontinued operations, net of tax, for NCR Atleos.
Current wording
The Company recognized income from discontinued operations, net of tax, of $1,111 million for the three months ended September 30, 2024, of which $1,132 million related to income from discontinued operations, net of tax, for the Digital Banking Sale, $2 million related to loss from discontinued operations, net of tax, for NCR Atleos, and $19 million of loss from discontinued operations related to the Company’s environmental remediation matters.
Previous wording
The Company recognized income from discontinued operations, net of tax, of $17 million for the three months ended June 30, 2024, all of which related to income from discontinued operations, net of tax, for the Digital Banking Sale.
Current wording
The Company recognized income from discontinued operations, net of tax, of $1,158 million for the nine months ended September 30, 2024, of which $1,181 million related to income from discontinued operations, net of tax, for the Digital Banking Sale, $4 million of loss from discontinued operations, net of tax, for NCR Atleos and $19 million of loss from discontinued operations related to the Company’s environmental remediation matters.
Previous wording
The Company manages and reports its businesses in the following two segments: Retail and Restaurants. Segments are measured for profitability by the Company’s chief operating decision maker based on revenue and segment Adjusted EBITDA. Refer to the section above entitled “Non-GAAP Financial Measures and Use of Certain Terms” for our definition of Adjusted
Current wording
The Company manages and reports its businesses in the following two segments: Retail and Restaurants. Segments are measured for profitability by the Company’s chief operating decision maker based on revenue and segment Adjusted EBITDA. Refer to the section above entitled “Non-GAAP Financial Measures and Use of Certain Terms” for our definition of Adjusted EBITDA and the reconciliation of net income (loss) from continuing operations attributable to NCR Voyix (GAAP) to Adjusted EBITDA (non-GAAP).
Previous wording
The following tables show our segment revenue and Adjusted EBITDA for the three and six months ended June 30, the relative percentage that those amounts represent to segment revenue, and the change in those amounts year-over-year.
Current wording
The following tables show our segment revenue and Adjusted EBITDA for the three and nine months ended September 30, the relative percentage that those amounts represent to segment revenue, and the change in those amounts year-over-year.
Previous wording
Retail revenue decreased 12% and 13% for the three and six months ended June 30, 2025, respectively, compared to the prior year periods. The decrease in revenue is mainly related to a decrease in hardware revenue and software license revenue, as well as a decrease in implementation services revenue and professional services revenue for one-time revenues recognized in the prior year periods, partially offset by an increase in hardware maintenance revenue. Retail recurring revenue grew by 5% and 4% when comparing the three and six months ended June 30, 2025 to 2024, respectively.
Current wording
Retail revenue decreased 4% and 10% for the three and nine months ended September 30, 2025, respectively, compared to the prior year periods. The decrease in revenue is mainly related to a decrease in hardware revenue and software license revenue, as well as a decrease in implementation services revenue and professional services revenue for one-time revenues recognized in the prior year periods, partially offset by an increase in software maintenance revenue and hardware maintenance revenue. Retail recurring revenue grew by 4% when comparing both the three and nine months ended September 30, 2025 to 2024.
Previous wording
Restaurants revenue increased 2% and decreased 2% for the three and six months ended June 30, 2025, respectively, compared to the prior year periods. The increase in revenue for the three months ended June 30, 2025 is related to an increase in payments processing revenue and hardware maintenance revenue, partially offset by a decline in implementation services revenue and software maintenance revenue as compared to the prior year period. The decrease in revenue for the six months ended June 30, 2025 is due to a decrease in implementation services revenue, software maintenance revenue, hardware revenue and cloud services revenue mainly related to one-time revenue recognized in the prior year period, partially offset by an increase in payments processing revenue as compared to the prior year period. Restaurants recurring revenue grew by 4% and 1% when comparing the three and six months ended June 30, 2025 to 2024, respectively.
Current wording
Restaurants revenue was flat and decreased 1% for the three and nine months ended September 30, 2025, respectively, compared to the prior year periods. The decrease in revenue for the nine months ended September 30, 2025 is due to a decrease in one-time implementation services revenue and professional services revenue, partially offset by an increase in payments processing revenue and hardware maintenance revenue as compared to the prior year period. Restaurants recurring revenue grew by 7% and 3% when comparing the three and nine months ended September 30, 2025 to 2024, respectively.
Previous wording
Retail Adjusted EBITDA decreased 7% and 16% for the three and six months ended June 30, 2025, respectively, compared to the prior year periods, due to the decrease in hardware revenue and lower hardware-related gross margin, as well as lower one-time software revenue in 2025 as compared to the prior year periods.
Current wording
Retail Adjusted EBITDA decreased 17% and 16% for the three and nine months ended September 30, 2025, respectively, compared to the prior year periods, due to lower one-time software and services revenue in the current year and increased costs year over year.
Previous wording
Restaurants Adjusted EBITDA increased 10% and 9% for the three and six months ended June 30, 2025, respectively, compared to the prior year periods, due to favorable software and services revenue mix, as well as cost mitigation actions implemented during the second half of 2024.
Current wording
Restaurants Adjusted EBITDA increased 12% and 10% for the three and nine months ended September 30, 2025, respectively, compared to the prior year periods, due to favorable software and services revenue mix, as well as cost mitigation actions implemented during 2024.
Previous wording
As of June 30, 2025, our cash and cash equivalents totaled $276 million and our total debt was $1.1 billion. Our borrowing capacity under our senior secured credit facilities was $478 million as of June 30, 2025. Our ability to generate positive cash flows from operations is dependent on general economic conditions, and the competitive environment in our industry, and is subject to business and other risk factors, including as detailed in our filings with the SEC. If we are unable to generate sufficient cash flows from operations, or otherwise comply with the terms of our credit facilities, we may be required to seek additional financing alternatives.
Current wording
As of September 30, 2025, our cash and cash equivalents totaled $282 million and our total debt was $1.1 billion. Our borrowing capacity under our senior secured credit facilities was $477 million as of September 30, 2025. Our ability to generate positive cash flows from operations is dependent on general economic conditions, and the competitive environment in our industry, and is subject to business and other risk factors, including as detailed in our filings with the SEC. If we are unable to generate sufficient cash flows from operations, or otherwise comply with the terms of our credit facilities, we may be required to seek additional financing alternatives.
Previous wording
The following table summarizes our cash flows from operating activities, investing activities and financing activities the six months ended June 30, 2025 and 2024. The Consolidated Statements of Cash Flows include the results of continuing and discontinued operations.
Current wording
The following table summarizes our cash flows from operating activities, investing activities and financing activities the nine months ended September 30, 2025 and 2024. The Consolidated Statements of Cash Flows include the results of continuing and discontinued operations.
Previous wording
Operating Activities Cash used in operating activities was $284 million in the six months ended June 30, 2025 compared to cash provided by operating activities of $27 million in the six months ended June 30, 2024. The increase in cash used in operating activities was driven by the payment of taxes related to the Digital Banking Sale of $284 million during the three months ended June 30, 2025, as well as movement in the net working capital accounts and discontinued operations in the prior year.
Current wording
Operating Activities Cash used in operating activities was $270 million in the nine months ended September 30, 2025, compared to cash provided by operating activities of $38 million in the nine months ended September 30, 2024. The increase in cash used in operating activities was driven by the payment of taxes related to the Digital Banking Sale of $284 million, as well as movement in the net working capital accounts.
Previous wording
Capital Expenditures and Other Investing Activities Our principal capital expenditures are for software (purchased and internally developed) and additions to property and equipment. We invested approximately $81 million and $125 million in capital expenditures during the six months ended June 30, 2025 and 2024, respectively. We expect to continue investing in property and equipment, purchased software and internally developed software to support our business. During 2024, the Company paid $300 million to terminate its trade receivables facility and reacquired all of the outstanding trade receivables that had previously been sold by it. The Company collected $6 million of the purchased trade receivables during the six months ended June 30, 2025. Refer to Note 6, “Trade Receivables Facility” of the Notes to Condensed Consolidated Financial Statements for additional information.
Current wording
Capital Expenditures and Other Investing Activities Our principal capital expenditures are for software (purchased and internally developed) and additions to property and equipment. We invested approximately $119 million and $178 million in capital expenditures during the nine months ended September 30, 2025 and 2024, respectively. We expect to continue investing in property and equipment, purchased software and internally developed software to support our business. During 2024, the Company paid $300 million to terminate its trade receivables facility and reacquired all of the outstanding trade receivables that had previously been sold by it. The Company collected $8 million of the purchased trade receivables during the nine months ended September 30, 2025 compared to $7 million during the nine months ended September 30, 2024. Refer to Note 6, “Trade Receivables Facility” of the Notes to Condensed Consolidated Financial Statements for additional information.
Showing the first 40 of 48 pairs. Open the source sections for the rest.
Rearranged current paragraphs (1)
Current report — wording carried from elsewhere
Facility. The decrease in interest expense was due to the decrease in total debt outstanding during the comparative prior year periods.
Rearranged previous paragraphs (2)
Previous report — wording carried elsewhere
The Company recognized income from discontinued operations, net of tax, of $2 million for the six months ended June 30, 2025, all of which related to the Company’s environmental remediation matters.
Previous report — wording carried elsewhere
EBITDA and the reconciliation of net income (loss) from continuing operations attributable to NCR Voyix (GAAP) to Adjusted EBITDA (non-GAAP).