NCR Voyix Corp
For the period ended Mar 31, 2026. Filed May 7, 2026.
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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.
Mar 31, 2026 · Filed May 7, 2026
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 2025-09-30; filed 2025-11-06.
0000070866-25-000088
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsCurrent report: 10-Q
Period ended 2026-03-31; filed 2026-05-07.
0000070866-26-000017
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 141 previous paragraphs and 119 current paragraphs.
57 unchanged; 44 reworded; 16 added; 39 removed; 1 previous and 2 current paragraphs rearranged.
Tables are not compared: 28 previous and 16 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 (16)
Current report
NCR Voyix is a global platform-powered leader in unified commerce for shopping and dining, empowering our customers to deliver quality experiences to consumers through our cloud-based platform, microservices-based applications and comprehensive service offerings.
Current report
Following the Spin-Off and Digital Banking Sale, we now manage and operate in two reportable segments: Retail and Restaurants.
Current report
FINANCIAL HIGHLIGHTS
Current report
The following were highlights for the first quarter of 2026:
Current report
•Revenue of $606 million, down 1% compared to the prior year period
Current report
•Adjusted EBITDA of $78 million, up 5% compared to the prior year period
Current report
Our strategy is to advance our position as the platform-powered leader in unified commerce for shopping and dining at a time when consumer expectations for seamless, personalized and frictionless experiences continue to rise across both retail and restaurant environments. Today’s consumers expect to shop, order, pay and receive service effortlessly, whether online, in store, curbside or through mobile channels. They increasingly favor brands that deliver speed, consistency and convenience at every interaction. These heightened expectations have placed pressure on retailers and restaurants to modernize their operations and adopt technologies that can support real-time engagement and continuous innovation across digital and physical touchpoints. Guided by our mission to make the consumer experience seamless, we focus on delivering integrated, scalable solutions that enable restaurants and retailers to differentiate their brands and operate more efficiently in a rapidly evolving commerce landscape. By combining hardware, software, services and payments into a unified suite of offerings, we can deliver to customers an end-to-end value proposition that we believe is difficult to match. As the adoption of our platform and solutions accelerates, we expect to strengthen customer relationships, enhance recurring revenue streams and broaden monetization opportunities across our Voyix Commerce Platform. To achieve our goals, we are focused on: (i) delivering a modern suite of Software-as-a-Service (“SaaS”) solutions, (ii) expanding adoption of our integrated payment solutions, (iii) scaling our differentiated services offerings and (iv) investing in innovation to further expand our platform capabilities.
Current report
Global Trade, Macroeconomic Environment
Current report
The U.S. and other global markets currently are experiencing increased volatility due to the effects of, among other things, recent changes in imposed or threatened tariffs and other trade policy changes by the U.S. and other countries, escalating geopolitical and civil conflicts, including, but not limited to, Eastern Europe and the Middle East, inflationary pressures, such as increasing prices for goods and services, changing fiscal and/or monetary policies in the U.S. and elsewhere, and fluctuating currency exchange rates, elevated unemployment rates, global shortages of microchips and other technology components, primarily driven by the adoption of artificial intelligence technologies, and, in some locations around the world, decreased economic conditions that indicate the potential for near-term recessions or slowdowns.
Current report
Given our geographic presence and the multinational composition of our customer base, our business and financial performance could be impacted by the evolving global economic landscape. We are subject to a variety of risks posed by the current macroeconomic environment, and we are continuously monitoring the direct and indirect impacts of these circumstances. U.S. foreign trade policy continues to evolve under the current presidential administration, including the announcement of a number of new tariffs in the wake of the U.S. Supreme Court’s February 2026 decision to uphold a ruling that invalidated certain tariffs previously imposed. It is currently unknown if these tariffs will remain in place, be expanded or be removed, and we do not know whether foreign countries will adopt retaliatory trade policies in response to these new tariffs. As a result of these developments, we do not know the full extent of the impact of the recently invalidated tariffs or of the new tariffs recently imposed, and there is much uncertainty surrounding the long-term effects that they will have on economic conditions within the U.S. and elsewhere.
Current report
Gross margin as a percentage of revenue inthe three months ended March 31, 2026 was 21.5% compared to 21.5% inthe three months ended March 31, 2025. Product gross margin was flat in the three months ended March 31, 2026 compared to the three months ended March 31, 2025. Product gross margin for the three months ended March 31, 2026 had decreases in hardware gross margin, offset by improvements in software license gross margin compared to the three months ended March 31, 2025.
Current report
Included in product gross margin were strategic initiative costs of $6 million for the three months ended March 31, 2026 compared to $1 million in the three months ended March 31, 2025. These one-time strategic initiative costs in 2026 relate to costs incurred for the Hardware Business Transition. Service gross margin decreased due to declines in installation services and SaaS solutions gross margins, offset by an increase in professional services, payments processing, hardware maintenance and software maintenance gross margins in the three months ended March 31, 2026 as compared to the three months ended March 31, 2025.
Current report
Selling, general, and administrative expenses were $110 million in the three months ended March 31, 2026, compared to $115 million in the three months ended March 31, 2025. As a percentage of revenue, selling, general and administrative expenses were 18.2% and 18.8% in the three months ended March 31, 2026 and 2025, respectively. The decrease in selling, general and administrative expenses for the three months ended March 31, 2026 compared to the prior year is due to the cost reduction initiatives implemented during the period.
Current report
Retail revenue increased 2% for the three months ended March 31, 2026 compared to the prior year period. The increase in revenue is mainly related to an increase in payment processing, software license, software maintenance, hardware maintenance and hardware revenues, partially offset by a decrease in installation and professional services revenues for non-recurring revenue recognized in the prior year period. Retail recurring revenue grew by 5% when comparing the three months ended March 31, 2026 to the three months ended March 31, 2025.
Current report
Retail Adjusted EBITDA increased 20% for the three months ended March 31, 2026 compared to the prior year period, mainly due to a favorable software revenue mix, and the Company’s cost reduction initiatives implemented during the year.
Current report
Restaurants Adjusted EBITDA decreased 8% for the three months ended March 31, 2026 compared to the prior year period, due to the decrease in revenue, as discussed above.
Removed paragraphs (39)
Previous report
BUSINESS OVERVIEW
Previous report
NCR Voyix is a leading global provider of digital commerce solutions for retail stores and restaurants. Headquartered in Atlanta, Georgia with approximately 14,000 employees across 30 countries, we are a software and services-led technology provider of run-the-store and digital channel capabilities for retail and restaurants, serving businesses of all sizes. Our software platform, which runs in the cloud and includes microservices and APIs that integrate with our customers’ systems, together with our services and hardware offerings enable end-to-end technology-based capabilities for our customers. Our offerings include platform-based software and services for retailers and restaurants, as well as payment acceptance solutions, multi-vendor connected device services, self-checkout (“SCO”) kiosks and related technologies and other self-service technologies. Our solutions are designed to meet the unique needs of retailers and restaurants, ranging from small and medium-sized businesses to multinational enterprises, enabling them to seamlessly transact and engage with their end customers while driving efficiencies within their operations.
Previous report
Out-of-period adjustments
Previous report
In the second quarter of 2024, the Company recorded an out-of-period correction to decrease revenue by $10 million, decrease accounts receivable by $5 million, and increase contract liabilities by $5 million.
Previous report
The Company evaluated the impact of the out-of-period adjustments and concluded they are not material to the consolidated financial statements for any of the periods presented.
Previous report
Revision of previously issued financial statements
Previous 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.
Previous report
Subsequent to the Spin-Off and the Digital Banking Sale, the Company manages and reports the following two segments:
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The following were significant themes and events for the third quarter of 2025.
Previous report
•Revenue of $684 million, down 3% compared to the prior year period
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•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 report
•Adjusted EBITDA of $125 million, up 32% compared to the prior year period
Previous report
As a leading technology company, we seek to maintain our market position by expanding our share of wallet among existing customers and attracting new customers, leveraging our cloud-based, platform-enabled software and services offerings. We believe there is considerable opportunity to grow with new and existing customers as retailers and restaurants are increasingly adopting technology and support services to enhance and transform their operations. As digital adoption becomes increasingly important for businesses to engage with their end-users, we are investing in innovation to attract and retain customers across our retail and restaurant segments. Our ability to create experiences that ultimately improve end-user satisfaction through a combination of innovation and service is a competitive strength of the Company. In order to provide long-term value to all our stakeholders, we set complementary business goals and financial strategies. Execution of these is driven by the following key pillars: (i) focus on our customer needs; (ii) leverage our brand (and global distribution) to enhance our go-to-market; (iii) invest in innovative products and leading managed services; and (iv) allocate our capital strategically through a cost-disciplined approach to operations. We also plan to continue to improve our execution to drive solid returns and to transform our business to enhance value for all stockholders.
Previous report
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.
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(1) The percentage of revenue is calculated for each line item divided by total revenue, except for product gross margin and service gross margin, which are divided by the related component of revenue.
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Revenue by type
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(2)Represents costs incurred as a result of the Spin-Off.
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(3)Represents gains and losses recognized during the three months ended March 31, 2024 due to changes in valuation of the Lebanese pound and the Egyptian pound.
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(4)Represents company identified fraudulent ACH disbursements from a company bank account, net of recoveries. Additional details regarding this item are discussed in Note 1, “Basis of Presentation and Summary of Significant Accounting Policies”.
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(5)Represents expenses to respond to, remediate and investigate the April 13, 2023 cyber ransomware incident, net of insurance recoveries. Additional details regarding this cyber ransomware incident are discussed in Note 1, “Basis of Presentation and Summary of Significant Accounting Policies”.
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Other Performance Metrics
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Annualized Recurring Revenue (“ARR”)ARR is calculated using recurring revenue, excluding software licenses sold as a subscription, for the last three months times four, plus the rolling four quarters for term-based software license arrangements that include customer termination rights. The Company believes this metric may be useful to investors in evaluating the achievement of strategic goals related to the conversion of the Retail and Restaurant businesses to recurring revenue streams over time. ARR is an operating metric and does not necessarily reflect the pattern of revenue recognition in accordance with GAAP and should not be considered a substitute for GAAP revenue. ARR does not have a uniform definition and, therefore, the Company’s definitions may differ from other companies’ definitions of this measure.
Previous report
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 report
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 report
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.
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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 report
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 report
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 report
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.
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Facility. The decrease in interest expense was due to the decrease in total debt outstanding during the comparative prior year periods.
Previous report
Foreign currency fluctuations and foreign exchange contracts within Other income (expense), net, includes a net loss of $15 million due to the impact of changes in the Lebanese pound and the Egyptian pound during the three months ended March 31, 2024. As of March 31, 2024, the operations of Lebanon and Egypt transferred to NCR Atleos; however, we retained certain assets and liabilities under the separation and disclosure agreement which were impacted by the changes in foreign currency fluctuations.
Previous report
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 report
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.
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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 report
The Company recognized no income or loss from discontinued operations, net of tax, for the nine months ended September 30, 2025.
Previous report
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 report
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.
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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 report
The following table summarizes information related to cash flows from discontinued operations related to the Digital Banking Sale and the Spin-Off of NCR Atleos:
Reworded paragraphs (44)
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 nine months ended September 30, 2025 to the results for the three and nine months ended September 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 months ended March 31, 2026 to the results for the three months ended March 31, 2025.
Previous wording
On October 16, 2023, the Company completed the spin-off (“Spin-Off”) of its ATM-focused businesses, including the self-service banking, payments & network and telecommunications and technology businesses, into an independent, publicly traded company, NCR Atleos, on a tax-free basis. Accordingly, the historical financial results of NCR Atleos are reflected as discontinued operations in the Company’s consolidated financial statements. Refer to Note 2, “Discontinued Operations”, in the Notes to Consolidated Financial Statements in Item 1 this Report, for additional information.
Current wording
On October 16, 2023, the Company completed the spin-off (“Spin-Off”) of its ATM-focused businesses, including our self-service banking, payments & network, and telecommunications and technology businesses, into an independent, publicly traded company, NCR Atleos. Accordingly, the historical financial results of NCR Atleos are reflected as discontinued operations in the Company’s consolidated financial statements. Refer to Note 2, “Discontinued Operations”, in the Notes to Consolidated Financial Statements in Item 1 of this Report, for additional information.
Previous wording
On September 30, 2024, the Company completed the sale of its Digital Banking segment businesses (the “Digital Banking Sale”) to an affiliate of The Veritas Capital Fund VIII, L.P. (the “Buyer”). The purchase price for the transaction was $2.45 billion in cash, subject to a post-closing adjustment, as well as contingent consideration of up to an additional $100 million in cash upon the achievement of a specified return on the Buyer’s invested capital at the time of any future sale. The accounting requirements for reporting the sale of Digital Banking as a discontinued operation were met when the definitive agreement was signed on August 6, 2024. Accordingly, the financial results for Digital Banking are reflected as discontinued operations in the Company’s consolidated financial statements. Refer to Note 2, “Discontinued Operations”, in the Notes to Consolidated Financial Statements in Item 1 of this Report, for additional information.
Current wording
On September 30, 2024, the Company completed the sale of its Digital Banking segment businesses (the “Digital Banking Sale”) to an affiliate of The Veritas Capital Fund VIII, L.P. (the “Buyer”). The purchase price for the transaction was $2.45 billion in cash, subject to a post-closing adjustment, as well as contingent consideration of up to an additional $100 million in cash upon the achievement of a specified return on the Buyer’s invested capital at the time of any future sale. The historical financial results of the Digital Banking segment businesses are reflected as discontinued operations in the Company’s consolidated financial statements.
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 in January 2026.
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 designs, manufactures, warrants, supplies, and ships self-checkout and point-of sale hardware directly to the Company’s customers and the Company sells hardware to its customers as a sales agent for Ennoconn and continues to provide its point-of sale and self-checkout software as well as key support and maintenance services. During the three months ended March 31, 2026, the Company sold inventory to Ennoconn as part of the Hardware Business Transition, and beginning on April 1, 2026, the Company began recording 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.
Previous wording
•Retail - We offer software-led solutions to customers in the retail industry, leading with digital to connect retail operations end to end to integrate all aspects of a customer’s operations in indoor and outdoor settings from point-of-sale (“POS”), to payments, inventory management, fraud and loss prevention applications, loyalty and consumer engagement. These solutions include retail-oriented technologies such as comprehensive API-point of sale retail software platforms and applications, hardware terminals, self-service kiosks including self-checkout (“SCO”), payment processing and merchant acquiring solutions, and bar-code scanners.
Current wording
•Retail - Our Retail segment primarily serves enterprise and mid-market retailers in the convenience, fuel & retail; grocery, drug & mass merchandise; and department & specialty retail industries. Our retail solutions provide end-to-end connectivity to a customer’s operations, including, but not limited to the following operational activities, point-of-sale (“POS”), inventory management, fraud and loss prevention, loyalty and consumer engagement. Additionally, these solutions include open application program interface (“API”) connectivity to retail software platforms and applications, hardware terminals, self-service kiosks, including self-checkout (“SCO”), payment processing and merchant acquiring solutions and barcode scanners.
Previous wording
•Restaurants - We offer technology solutions to customers in the restaurant industry, including table-service, quick-service and fast casual restaurants of all sizes, that are designed to improve operational efficiency, increase customer satisfaction, streamline order and transaction processing and reduce operating costs. Our solutions include POS hardware and software solutions, payment processing and merchant acquiring services, installation, maintenance, as well as managed and professional services.
Current wording
•Restaurants - Our Restaurants segment is focused on serving restaurants and food service establishments including quick-service, table-service and fast casual restaurants of all sizes. Our restaurant solutions include, among others, POS hardware and software solutions, payment processing and merchant acquiring services, installation, maintenance, and managed and professional services. These solutions are designed to help streamline order and transaction processing, increase consumer engagement, increase kitchen productivity and reduce operating costs.
Previous wording
Corporate and Other includes income and expenses related to corporate functions that are not specifically attributable to any of our two individual reportable segments, along with certain non-strategic businesses that are considered immaterial operating segment(s), as well as commercial agreements with NCR Atleos.
Current wording
Corporate and Other includes income and expenses related to corporate functions that are not specifically attributable to any of our two individual reportable segments, along with certain non-strategic businesses that are considered immaterial operating segment(s), as well as commercial agreements with NCR Atleos in the prior year.
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◦Recurring revenue increased 5% as compared to the prior year period and comprised 62% of total consolidated revenue
Current wording
◦Recurring revenue increased 4% as compared to the prior year period and comprised 69% of total consolidated revenue
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◦Software and services revenue decreased 2% compared to the prior year period and comprised 74% of total consolidated revenue
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◦Software and services revenue decreased 1% compared to the prior year period and comprised 78% of total consolidated revenue
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. 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.
Current wording
As a result of these uncertainties, we may be impacted in the future within the markets in which we operate. However, 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. Economic pressures on retail and restaurant businesses and on consumers could negatively affect our revenue and profitability in future periods. The current trade policy environment is expected to continue to evolve, but we cannot forecast the impact that these or other changes will have on our business and financial performance.
Previous wording
As previously disclosed, on April 13, 2023 the Company determined that a single data center outage impacting certain of its commerce customers was caused by a cyber ransomware incident. Upon such determination, the Company immediately started contacting customers, enacted its cybersecurity protocol and engaged outside experts to contain the incident and begin the recovery process. The Company concluded that this incident impacted operations for some customers only with respect to specific Aloha cloud-based services and Counterpoint. Our investigation also concluded no financial reporting systems were impacted. As of September 30, 2025, the Company has incurred a cumulative $47 million of expenses related to the cyber ransomware incident and has recovered $36 million under our insurance policies. We are still pursuing insurance recoveries in connection with this matter. We may incur additional costs relating to this incident in the future, including expenses to respond to this matter, payment of damages or other costs to customers or others. At this time we do not believe additional costs incurred as a result of the incident will ultimately have a material adverse effect on our business, results of operations or financial condition; however, we remain subject to risks and uncertainties as a result of the incident.
Current wording
As previously disclosed, in April 2023 we determined that a single data center outage impacting certain of our commerce customers was caused by a cyber ransomware incident. Following investigation, we concluded that this incident impacted operations for some customers only with respect to specific Aloha cloud-based services and Counterpoint. Functionality was fully restored to all impacted customers, and we built a new cloud environment to host the affect applications. As of March 31, 2026, the Company has incurred a cumulative $47 million of expenses related to the cyber ransomware incident and has recovered $37 million under our insurance policies.
Previous wording
In February 2024, the Company identified fraudulent automated clearing house “ACH” disbursements from a Company bank account. The cumulative amount of these disbursements total $34 million. As of September 30, 2025, the Company has recovered approximately $16 million of fraudulent disbursements from the Company’s banks and continues to pursue insurance recoveries in connection with this matter.
Current wording
In February 2024, we identified fraudulent automated clearing house “ACH” disbursements from a Company bank account. As of March 31, 2026, the cumulative amount of these disbursements total $34 million, and we have recovered approximately $16 million of fraudulent disbursements from the Company’s banks. We are pursuing insurance recoveries in connection with this matter; however, there can be no assurance that we will be successful in recovering additional amounts of the unauthorized ACH disbursements from our insurance providers.
Previous 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.
Current wording
The following tables show our results for the three months ended March 31, 2026 and 2025, respectively, 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 nine months ended September 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 months ended March 31, 2026 and 2025, respectively, the relative percentage that those amounts represent to total revenue, and the change in those amounts year-over-year.
Previous wording
(1)Recurring revenue includes all revenue streams from contracts where there is a predictable revenue pattern that will occur at regular intervals with a relatively high degree of certainty. This includes hardware and software maintenance revenue, cloud revenue, payment processing revenue and certain professional services arrangements as well as term-based software license arrangements that include customer termination rights.
Current wording
(1)Recurring revenue includes all revenue streams from contracts where there is a predictable revenue pattern that will occur at regular intervals with a relatively high degree of certainty. This includes hardware and software maintenance revenue, SaaS solutions revenue, payment processing revenue, and certain professional services arrangements as well as term-based software license arrangements that include customer termination rights.
Previous wording
(6)Represents professional fees related to strategic initiatives which are considered non-operational in nature, as well as certain costs incurred related to the Hardware Business Transition.
Current wording
(2)Represents professional fees related to strategic initiatives which are considered non-operational in nature, as well as certain costs incurred related to the Hardware Business Transition.
Previous wording
(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 wording
(3)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 9, “Commitments and Contingencies”.
Previous wording
Adjusted free cash flow-unrestricted NCR Voyix management uses the non-GAAP measure called “adjusted free cash flow-unrestricted” to assess the financial performance of the Company. We define adjusted free cash flow-unrestricted as net cash provided by (used in) operating activities less capital expenditures for property, plant and equipment, less additions to capitalized software, plus/minus collections of previously sold trade receivables purchased from third parties, restricted cash settlement activity, cash activity related to acceleration projects, cash taxes paid for the Digital Banking Sale, cash activity related to environmental discontinued operations plus acquisition-related items, and plus pension contributions and settlements.
Current wording
Adjusted free cash flow-unrestricted NCR Voyix management uses the non-GAAP measure called “adjusted free cash flow-unrestricted” to assess the financial performance of the Company. We define adjusted free cash flow-unrestricted as net cash provided by (used in) operating activities less capital expenditures for property, plant and equipment and capitalized software, plus/minus collections of previously sold trade receivables purchased from third parties, restricted cash settlement activity, cash activity related to environmental discontinued operations, collections on non-operating receivables related to inventory sold for the Hardware Business Transition, plus acquisition-related items, and pension contributions and settlements.
Previous wording
Product revenue includes our hardware and software license revenue streams. Service revenue includes hardware and software maintenance revenue, implementation services revenue, cloud revenue, payments processing revenue as well as professional services revenue.
Current wording
Product revenue includes our hardware and software license revenue streams. Service revenue includes SaaS solutions, software maintenance, professional services, installation services, payment processing and hardware maintenance.
Previous 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.
Current wording
Total revenue decreased 1% for the three months ended March 31, 2026 compared to the three months ended March 31, 2025. Product revenue for the three months ended March 31, 2026 decreased 2% compared to the three months ended March 31, 2025 due to a decline in SCO and POS hardware revenues. Service revenue for the three months ended March 31, 2026 decreased 1% compared to the three months ended March 31, 2025 mainly due to decreases in non-recurring installation services, SaaS solutions and professional services revenues, offset by increases in hardware maintenance, payments processing and software maintenance revenues. Recurring revenue increased 4% for the three months ended March 31, 2026 compared to the three months ended March 31, 2025 primarily driven by payments processing and hardware maintenance revenues.
Previous 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.
Current wording
Research and development expenses were $39 million in the three months ended March 31, 2026, compared to $40 million in the three months ended March 31, 2025. As a percentage of revenue, research and development costs were 6.4% and 6.5% in the three months ended March 31, 2026 and 2025, respectively. Research and development expenses in the three months ended March 31, 2026 have decreased compared to the prior year period due to cost reduction initiatives implemented during the period, including the use of artificial intelligence as a software development tool.
Previous 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
Current wording
Interest expense was $15 million for both the three months ended March 31, 2026 and 2025. Interest expense is primarily related to our senior unsecured notes and borrowings under the Senior Secured Credit Facility.
Previous 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:
Current wording
Other income (expense), net was expense of $7 million and income of $8 million for the three months ended March 31, 2026 and 2025, respectively, with the components reflected in the following table:
Previous wording
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 wording
Included in Other, net for the three months ended March 31, 2026 are strategic initiative costs of $12 million related to the Hardware Business Transition.
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 $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.
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 $39 million for the three months ended March 31, 2026, compared to income tax benefit of $7 million for the three months ended March 31, 2025. The increase in the income tax benefit was primarily driven by changes to the estimated full-year valuation allowance and withholding taxes, changes in the geographic earnings mix, and a higher loss from continuing operations before taxes for the three months ended March 31, 2026, compared to the prior year.
Previous 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.
Current wording
The Company recognized a loss from discontinued operations, net of tax, for the three months ended March 31, 2026 of which $2 million of loss from discontinued operations related to the sale of the Japan Bank Technology Solutions business and $1 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 $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.
Current wording
The Company recognized income from discontinued operations, net of tax, of $4 million for the three months ended March 31, 2025, of which $1 million of income related to the sale of the Japan Bank Technology Solutions business and $3 million of income 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 EBITDA and the reconciliation of net income (loss) from continuing operations attributable to NCR Voyix (GAAP) to Adjusted EBITDA (non-GAAP).
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
Previous 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.
Current wording
The following tables show our segment revenue and Adjusted EBITDA for the three months ended March 31, the relative percentage that those amounts represent to segment revenue, and the change in those amounts year-over-year.
Previous 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.
Current wording
Restaurants revenue decreased 6% for the three months ended March 31, 2026 compared to the prior year period. The decrease in revenue is due to a decrease in SaaS solutions, installation services, hardware and software license revenues due to non-recurring revenue recognized in the prior year period. These decreases in revenue were partially offset by an increase in hardware maintenance in the current year period. Restaurants recurring revenue grew by 1% when comparing the three months ended March 31, 2026 to the three months ended March 31, 2025.
Previous 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.
Current wording
As of March 31, 2026, our cash and cash equivalents totaled $232 million and our total debt was $1.1 billion. Our borrowing capacity under our senior secured credit facilities was $475 million as of March 31, 2026. 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 nine months ended September 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 for both of the three months ended March 31, 2026 and 2025. The Consolidated Statements of Cash Flows include the results of continuing and discontinued operations.
Previous 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.
Current wording
Operating Activities Cash provided by operating activities was $42 million in the three months ended March 31, 2026, compared to cash used in operating activities of $42 million in the three months ended March 31, 2025. The increase in cash provided by operating activities was driven by 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 $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.
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 $36 million and $39 million in capital expenditures during the three months ended March 31, 2026 and 2025, respectively. We expect to continue investing in property and equipment, purchased software and internally developed software to support our business. Additionally, $17 million of cash was collected on the non-operating receivables with Ennoconn from the Hardware Business Transition during the three months ended March 31, 2026.
Previous wording
Financing Activities Financing activities mainly relate to borrowings and repayments under our senior secured credit facilities as well as our unsecured senior notes. Financing activities also included dividends paid on the Series A preferred stock, proceeds from employee stock plans as well as payments made for share repurchases and tax withholding payments on behalf of employees for stock based awards that vested. During the nine months ended September 30, 2025, the Company repurchased $69 million under our share repurchase program.
Current wording
Financing Activities Cash used in financing activities was $18 million in the three months ended March 31, 2026, compared to cash used in financing activities of $74 million in the three months ended March 31, 2025. During the three months ended March 31, 2026, the Company repurchased $9 million under our share repurchase program, compared to $62 million in the three months ended March 31, 2025. Additional financing activities included dividends paid on the Series A preferred stock, proceeds from employee stock plans as well as payments made for share repurchases and tax withholding payments on behalf of employees for stock based awards that vested. Financing activities also includes borrowings and repayments under our senior secured credit facilities as well as our unsecured senior notes.
Previous wording
Net cash provided by or used in operating activities of discontinued operations related to environmental obligations was cash used in operating activities of $17 million for the nine months ended September 30, 2025 and $4 million cash used in operating activities for the nine months ended September 30, 2024.
Current wording
Net cash provided by or used in operating activities of discontinued operations related to the Japan bank technology solutions business was $1 million of cash used in operating activities and $2 million of cash provided by operating activities for the three months ended March 31, 2026 and 2025, respectively. Net cash provided by or used in operating activities of discontinued operations related to environmental obligations was cash used in operating activities of $6 million and $7 million for the three months ended March 31, 2026 and 2025, respectively.
Previous wording
Adjusted free cash flow NCR Voyix management uses a non-GAAP measure called “adjusted free cash flow-unrestricted” to assess the financial performance of the Company. We define adjusted free cash flow-unrestricted within the section titled “Non-GAAP Financial Measures and Use of Certain Terms” in Item 2 of this Form 10-Q. The table below reconciles net cash provided by operating activities to NCR Voyix’s non-GAAP measure of adjusted free cash flow-unrestricted for the nine months ended September 30, 2025:
Current wording
Adjusted free cash flow NCR Voyix management uses a non-GAAP measure called “adjusted free cash flow-unrestricted” to assess the financial performance of the Company. We define adjusted free cash flow-unrestricted within the section titled “Non-GAAP Financial Measures and Use of Certain Terms” in Item 2 of this Form 10-Q. The table below reconciles net cash provided by operating activities to NCR Voyix’s non-GAAP measure of adjusted free cash flow-unrestricted for the three months ended March 31, 2026:
Previous wording
Long Term Borrowings The senior secured credit facilities include a term loan facility in an initial aggregate principal amount of $200 million, of which the Company repaid in full as of September 30, 2025. Additionally, the senior secured credit facilities include a five-year revolving credit facility with an aggregate principal amount of $500 million, of which zero was outstanding as of September 30, 2025. The revolving credit facility also contains a sub-facility to be used for letters of credit, and as of September 30, 2025, there were $23 million letters of credit outstanding.
Current wording
Long Term Borrowings The senior secured credit facilities include a term loan facility in an initial aggregate principal amount of $200 million, of which the Company repaid in full as of March 31, 2026. Additionally, the senior secured credit facilities include a five-year revolving credit facility with an aggregate principal amount of $500 million, of which zero was outstanding as of March 31, 2026. The revolving credit facility also contains a sub-facility to be used for letters of credit, and as of March 31, 2026, there were $25 million letters of credit outstanding.
Previous wording
Employee Benefit Plans In 2025, we expect to make contributions of $12 million to our international pension plans and $41 million to our postemployment plan. For additional information, refer to Note 9, “Employee Benefit Plans”, of the Notes to Condensed Consolidated Financial Statements. During the nine months ended September 30, 2025, the Company paid $14 million to NCR Atleos for contributions related to our International pension plans.
Current wording
Employee Benefit Plans In 2026, we expect to make contributions of $12 million to our international pension plans and $21 million to our postemployment plan. For additional information, refer to Note 8, “Employee Benefit Plans”, of the Notes to Condensed Consolidated Financial Statements.
Previous wording
Series A Convertible Preferred Stock As of September 30, 2025, the redemption value of the Series A Preferred Stock was approximately $276 million. Holders of Series A Convertible Preferred Stock are entitled to a cumulative dividend at the rate of 5.5% per annum, payable quarterly in arrears. Beginning in the first quarter of 2020, dividends are payable in cash or in-kind at the option of the Company. During the nine months ended September 30, 2025 and 2024, the Company paid cash dividends of $11 million.
Current wording
Series A Convertible Preferred Stock As of March 31, 2026, the redemption value of the Series A Preferred Stock was approximately $207 million. Holders of Series A Convertible Preferred Stock are entitled to a cumulative dividend at the rate of 5.5% per annum, payable quarterly in arrears. Beginning in the first quarter of 2020, dividends are payable in cash or in-kind at the option of the Company. During the three months ended March 31, 2026 and 2025, the Company paid cash dividends of$3 million and $4 million, respectively.
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Rearranged current paragraphs (2)
Current report — wording carried from elsewhere
EBITDA and the reconciliation of net income (loss) from continuing operations attributable to NCR Voyix (GAAP) to Adjusted EBITDA (non-GAAP).
Current report — wording carried from elsewhere
Summary As of March 31, 2026, our cash and cash equivalents totaled $232 million and our total debt was $1.1 billion, excluding deferred fees. As of March 31, 2026, our borrowing capacity under the revolving credit facility was approximately
Rearranged previous paragraphs (1)
Previous report — wording carried elsewhere
(1) The percentage of revenue is calculated for each line item divided by total revenue, except for Adjusted EBITDA, which are divided by the related component of revenue.