NCR Atleos Corp
For the period ended Dec 31, 2025. Filed Feb 27, 2026.
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FY2025 · Filed Feb 27, 2026
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Item 7. Results of Operations
Key Strategic Financial Metrics
The following two tables show our key strategic financial metrics for the years ended December 31, the relative percentage that those amounts represent to total revenue, and the change in those amounts year-over-year.
Recurring revenue as a percentage of total revenue
| Percentage of Total Revenue · Increase (Decrease) | ||||||||
|---|---|---|---|---|---|---|---|---|
| In millions | 2025 | 2024 | 2023 | 2025 | 2024 | 2023 | 2025 v 2024 | 2024 v 2023 |
| Recurring revenue (1) | $3,075 | $3,124 | $2,977 | 70.6% | 72.6% | 71.1% | (2)% | 5% |
| All other products and services | 1,279 | 1,181 | 1,209 | 29.4% | 27.4% | 28.9% | 8% | (2)% |
| Total Revenue | $4,354 | $4,305 | $4,186 | 100.0% | 100.0% | 100.0% | 1% | 3% |
(1)Refer to our definition of Recurring revenue in the section entitled “Non-GAAP Financial Measures and Use of Certain Terms.”
Net income (loss) attributable to Atleos and Adjusted EBITDA(2)as a percentage of total revenue
| Percentage of Total Revenue · Increase (Decrease) | ||||||||
|---|---|---|---|---|---|---|---|---|
| In millions | 2025 | 2024 | 2023 | 2025 | 2024 | 2023 | 2025 v 2024 | 2024 v 2023 |
| Net income (loss) attributable to Atleos | $162 | $80 | $(150) | 3.7% | 1.9% | (3.6)% | 103% | 153% |
| Adjusted EBITDA (2) | $830 | $785 | $738 | 19.1% | 18.2% | 17.6% | 6% | 6% |
(2)Refer to our definition of Adjusted EBITDA in the section entitled “Non-GAAP Financial Measures and Use of Certain Terms.”
Other performance metrics
| In millions, unless otherwise noted | 2025 | 2024 | 2023 |
|---|---|---|---|
| Self-Service Banking | |||
| Annualized recurring revenue(1) | $1,714 | $1,684 | $1,525 |
| Recurring revenue(1) as a % of SSB Revenue | 58% | 61% | 59% |
| Revenue from ATMaaS arrangements | $258 | $194 | $153 |
| Network | |||
| LTM ARPU(1) (in thousands) | $16.2 | $16.1 | $15.1 |
| Network Managed Units(1) (in thousands) | 78.4 | 77.8 | 83.0 |
(1) Refer to our definitions of Annualized recurring revenue, recurring revenue, LTM ARPU and Network Managed Units in the section entitled “Non-GAAP Financial Measures and Use of Certain Terms.”
Non-GAAP Financial Measures and Use of Certain Terms:
Non-GAAP Financial Measures
We supplement the reporting of our financial information determined under generally accepted accounting principles in the United States (“GAAP”) with certain non-GAAP financial measures. Adjusted financial measures should be considered in addition to, and not as an alternative for, our reported results prepared in accordance with GAAP. Our adjusted financial measures do not represent a comprehensive basis of accounting and therefore may not be comparable to similarly titled measures reported by other companies. We believe these measures are useful for investors because they provide a more complete understanding of our underlying operational performance, as well as consistency and comparability with past reports of financial results.
Adjusted Earnings Before Interest, Taxes, Depreciation and Amortization (Adjusted EBITDA)(non-GAAP) and Adjusted EBITDA margin (non-GAAP) are calculated as GAAP Net income (loss) attributable to Atleos plus interest expense, net; plus income tax expense (benefit); plus depreciation and amortization; plus acquisition-related costs; plus pension mark-to-market adjustments and other one-time pension-related costs; plus separation-related costs; plus transformation and restructuring charges, which include integration, severance, divestiture and other exit and disposal costs; plus stock-based compensation expense; plus Voyix legal and environmental indemnification expense; plus other amounts included in Other income (expense), net. Adjusted EBITDA margin is calculated by dividing Adjusted EBITDA by total revenue, and Adjusted EBITDA margin by segment is calculated based on segment Adjusted EBITDA divided by the related segment revenue. We use these non-GAAP measures to evaluate performance consistently from period to period.
Adjusted gross margin as a percentage of revenue (non-GAAP) and Adjusted selling, general and administrative expenses as a percentage of revenue (non-GAAP)are calculated utilizing GAAP gross margin and selling, general and administrative expenses, respectively, and excluding, as applicable, acquisition-related costs; one-time pension-related costs; separation-related costs; amortization of acquisition-related intangibles; stock-based compensation expense; transformation and restructuring charges (which includes integration, severance, divestiture and other exit and disposal costs); Voyix legal indemnification expense; and other non-recurring or unusual items. We use these non-GAAP measures to evaluate performance consistently from period to period.
Atleos’ definitions and calculations of these non-GAAP measures may differ from similarly-titled measures reported by other companies and cannot, therefore, be compared with similarly-titled measures of other companies. These non-GAAP measures should not be considered as substitutes for, or superior to, results determined in accordance with GAAP.
Use of Certain Terms
Recurring revenueis 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, processing revenue, interchange and network revenue, Bitcoin-related revenue, and certain professional services arrangements, as well as term-based software license arrangements that include customer termination rights.
Annualized Recurring Revenue (“ARR”)is an operating metric defined as 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. We believe this metric may be useful to investors in evaluating the Company’s achievement of strategic goals related to the conversion of the self-service banking business to recurring revenue streams over time. ARR does not necessarily reflect the pattern of revenue recognition in accordance with GAAP and should not be considered a substitute for GAAP revenue.
Last twelve months average revenue per unit (“LTM ARPU”) is an operating metric for the Network segment defined as total Network segment revenue for the previous twelve months divided by the average Network Managed Units for the previous twelve months. We believe this metric may be useful to investors in evaluating our achievement of strategic goals related to the improved monetization of our ATM fleet over a specified period, excluding the impact of seasonality. LTM ARPU does not represent revenue generated solely by our Network Managed Units, as total Network segment revenue includes revenue generated from other sources.
Network Managed Unitsare all transacting ATMs as of period end, whether Company-owned or Merchant-owned, other than those for which we only provide third-party processing services and those under legacy managed services arrangements.
Reconciliation of Net income (loss) attributable to Atleos (GAAP) to Adjusted EBITDA (Non-GAAP)
| In millions | 2025 | % of Revenue | 2024 | % of Revenue | 2023 | % of Revenue |
|---|---|---|---|---|---|---|
| Net income (loss) attributable to Atleos (GAAP) | $162 | 3.7% | $80 | 1.9% | $(150) | (3.6)% |
| Interest expense, net(1) | 270 | 6.2% | 309 | 7.1% | 90 | 2.2% |
| Interest income | (6) | (0.1)% | (7) | (0.2)% | (5) | (0.1)% |
| Income tax expense | 27 | 0.6% | 44 | 1.0% | 237 | 5.7% |
| Depreciation and amortization expense | 168 | 3.9% | 176 | 4.1% | 151 | 3.6% |
| Acquisition-related amortization of intangibles | 95 | 2.2% | 95 | 2.2% | 98 | 2.3% |
| Stock-based compensation expense | 34 | 0.8% | 38 | 0.9% | 68 | 1.6% |
| Separation costs | 11 | 0.3% | 22 | 0.5% | 170 | 4.1% |
| Acquisition-related costs | 2 | —% | (5) | (0.1)% | — | —% |
| Transformation and restructuring costs | 10 | 0.2% | 22 | 0.5% | 28 | 0.7% |
| Loss on debt extinguishment | — | —% | 24 | 0.6% | — | —% |
| Pension mark-to-market adjustments | 2 | —% | (38) | (0.9)% | 27 | 0.6% |
| Voyix indemnification expense | 51 | 1.2% | 14 | 0.3% | — | —% |
| Other (income) expense items(2) | 4 | 0.1% | 11 | 0.3% | 24 | 0.5% |
| Adjusted EBITDA (Non-GAAP) | $830 | 19.1% | $785 | 18.2% | $738 | 17.6% |
(1)Includes Related party interest expense, net, as presented in the Consolidated Statements of Operations forthe year ended December 31, 2023.
(2)Includes certain items reported within Other income (expense), net on the Consolidated Statements of Operations, such as bank fees, the components of pension, post-employment and postretirement expense other than service cost, and the impact of foreign currency exchange rate fluctuations. Prior to 2025, Adjusted EBITDA did not exclude these Other (income) expense items. All periods presented have been recast to reflect the new definition. Certain other amounts reported in Other income (expense), net are separately captured in this reconciliation. As a result, Other (income) expense items as presented does not agree to total Other income (expense), net on the Consolidated Statements of Operations.
Reconciliation of Gross Margin Rate (Gross Margin as a Percentage of Revenue) (GAAP) to Adjusted Gross Margin Rate (Adjusted Gross Margin as a Percentage of Revenue) (Non-GAAP)
| 2025 | 2024 | 2023 | |
|---|---|---|---|
| Gross Margin Rate (GAAP) | 24.4% | 23.7% | 22.2% |
| Plus: Special Items | |||
| Acquisition-related amortization of intangibles | 1.8% | 1.8% | 1.5% |
| Stock-based compensation expense | 0.1% | 0.1% | 0.5% |
| Separation costs | —% | —% | 1.2% |
| Transformation and restructuring | 0.2% | 0.2% | —% |
| Adjusted Gross Margin Rate (Non-GAAP) | 26.5% | 25.8% | 25.4% |
Reconciliation of Selling, General and Administrative Expenses (“SG&A”) as a Percentage of Revenue (GAAP) to Adjusted SG&A as a Percentage of Revenue (Non-GAAP)
| 2025 | 2024 | 2023 | |
|---|---|---|---|
| SG&A as a percentage of revenue (GAAP) | 11.8% | 12.1% | 14.0% |
| Plus: Special Items | |||
| Acquisition-related amortization of intangibles | (0.3)% | (0.4)% | (0.8)% |
| Stock-based compensation expense | (0.6)% | (0.7)% | (1.0)% |
| Separation costs | (0.3)% | (0.5)% | (2.3)% |
| Transformation and restructuring | (0.3)% | (0.2)% | (0.2)% |
| Voyix indemnification expense | (0.5)% | —% | —% |
| Adjusted SG&A as a percentage of revenue (Non-GAAP) | 9.8% | 10.3% | 9.7% |
Consolidated Results
The following table shows our results for the years December 31, the relative percentage that those amounts represent to revenue, and the change in those amounts year-over-year.
| Percentage of Revenue (1) · Increase (Decrease) | ||||||||
|---|---|---|---|---|---|---|---|---|
| In millions | 2025 | 2024 | 2023 | 2025 | 2024 | 2023 | 2025 v 2024 | 2024 v 2023 |
| Product revenue | $1,030 | $993 | $1,030 | 23.7% | 23.1% | 24.6% | 4% | (4)% |
| Service revenue | 3,324 | 3,312 | 3,156 | 76.3% | 76.9% | 75.4% | —% | 5% |
| Total revenue | 4,354 | 4,305 | 4,186 | 100.0% | 100.0% | 100.0% | 1% | 3% |
| Product gross margin | 204 | 153 | 185 | 19.8% | 15.4% | 18.0% | 33% | (17)% |
| Service gross margin | 857 | 867 | 743 | 25.8% | 26.2% | 23.5% | (1)% | 17% |
| Total gross margin | 1,061 | 1,020 | 928 | 24.4% | 23.7% | 22.2% | 4% | 10% |
| Selling, general and administrative expenses | 513 | 521 | 585 | 11.8% | 12.1% | 14.0% | (2)% | (11)% |
| Research and development expenses | 70 | 62 | 80 | 1.6% | 1.4% | 1.9% | 13% | (23)% |
| Income from operations | 478 | 437 | 263 | 11.0% | 10.2% | 6.3% | 9% | 66% |
| Loss on extinguishment of debt | — | (24) | — | —% | (0.6)% | —% | n/m | n/m |
| Interest expense | (270) | (309) | (77) | (6.2)% | (7.2)% | (1.8)% | (13)% | 301% |
| Related party interest expense, net | — | — | (13) | —% | —% | (0.3)% | —% | (100)% |
| Other (expense) income, net | (19) | 21 | (84) | (0.4)% | 0.5% | (2.0)% | (190)% | 125% |
| Income before income taxes | 189 | 125 | 89 | 4.3% | 2.9% | 2.1% | 51% | 40% |
| Income tax expense | 27 | 44 | 237 | 0.6% | 1.0% | 5.7% | (39)% | (81)% |
| Net income (loss) | $162 | $81 | $(148) | 3.7% | 1.9% | (3.5)% | 100% | 155% |
(1) Percentage of revenue is expressed relative to total revenue except for product gross margin and service gross margin, which are expressed relative to the applicable component of revenue.
Revenue
| Percentage of Revenue(1) · Increase (Decrease) | ||||||||
|---|---|---|---|---|---|---|---|---|
| In millions | 2025 | 2024 | 2023 | 2025 | 2024 | 2023 | 2025 v 2024 | 2024 v 2023 |
| Revenue | ||||||||
| Self-Service Banking | $2,881 | $2,685 | $2,577 | 66.2% | 62.4% | 61.6% | 7% | 4% |
| Network | 1,265 | 1,284 | 1,266 | 29.1% | 29.8% | 30.2% | (1)% | 1% |
| T&T | $168 | $194 | $196 | 3.8% | 4.5% | 4.7% | (13)% | (1)% |
| Total segment revenue | $4,314 | $4,163 | $4,039 | 99.1% | 96.7% | 96.5% | 4% | 3% |
| Other(2) | $40 | $142 | $147 | 0.9% | 3.3% | 3.5% | (72)% | (3)% |
| Consolidated revenue | $4,354 | $4,305 | $4,186 | 100.0% | 100.0% | 100.0% | 1% | 3% |
(1)Percentage of revenue is expressed relative to consolidated revenue.
(2)Contains certain immaterial business operations that do not represent a reportable segment, including commerce-related operations in countries that Voyix exited that are aligned to Atleos. Other also includes revenues from commercial agreements with Voyix.
Consolidated revenue for the year ended December 31, 2025 increased 1% compared to the year ended December 31, 2024, primarily driven by $151 million, or 4%, increase in core business segment revenues. Within this consolidated revenue growth rate, Self-Service Banking contributed 5%, offset by a reduction of approximately 2% from the T&T and Network segments compared to the prior year. The consolidated revenue growth rate was also impacted by a 2% expected reduction in other non-core revenues as the Voyix commercial agreements and commerce-related contracts continue to wind down. Growth in total segment revenues was driven by increases in hardware, software and services, including ATMaaS, offset by a slight decrease in transactional revenue.
Gross Margin
| Percentage of Revenue · Increase (Decrease) | ||||||||
|---|---|---|---|---|---|---|---|---|
| In millions | 2025 | 2024 | 2023 | 2025 | 2024 | 2023 | 2025 v 2024 | 2024 v 2023 |
| Total gross margin | $1,061 | $1,020 | $928 | 24.4% | 23.7% | 22.2% | 4% | 10% |
Gross margin as a percentage of revenue forthe year ended December 31, 2025 increased to 24.4% compared to 23.7% forthe year ended December 31, 2024. The increase was driven by hardware, as well as ATMaaS growth, and was partially offset by higher vault cash interest expense. Adjusted gross margin as a percentage of revenue (non-GAAP) increased from 25.8% to 26.5% due to the same factors discussed above.
Selling, General and Administrative Expenses
| Percentage of Total Revenue · Increase (Decrease) | ||||||||
|---|---|---|---|---|---|---|---|---|
| In millions | 2025 | 2024 | 2023 | 2025 | 2024 | 2023 | 2025 v 2024 | 2024 v 2023 |
| Selling, general and administrative expenses | $513 | $521 | $585 | 11.8% | 12.1% | 14.0% | (2)% | (11)% |
Selling, general, and administrative expenses for the year ended December 31, 2025 decreased $8 million and 30 basis points to 11.8% of revenue compared to the year ended December 31, 2024. We benefited from a continuous focus on cost optimization efforts, recognized gains on the sale-leaseback of certain owned ATMs associated with ATMasS and Network contracts and incurred lower separation-related costs and stock-based compensation expense. These improvements were partially offset by the pre-Spin-off litigation matter shared with Voyix. Adjusted selling, general and administrative expenses as a percentage of revenue (non-GAAP) decreased from 10.3% to 9.8%, primarily due to decreases in Voyix-related costs and labor costs.
Research and Development Expenses
| Percentage of Total Revenue · Increase (Decrease) | ||||||||
|---|---|---|---|---|---|---|---|---|
| In millions | 2025 | 2024 | 2023 | 2025 | 2024 | 2023 | 2025 v 2024 | 2024 v 2023 |
| Research and development expenses | $70 | $62 | $80 | 1.6% | 1.4% | 1.9% | 13% | (23)% |
Research and development expenses for the year ended December 31, 2025 increased $8 million and 20 basis points to 1.6% of revenue compared to the year ended December 31, 2024, due to an increase in employee-related costs.
Loss on Extinguishment of Debt
| Increase (Decrease) | |||||
|---|---|---|---|---|---|
| In millions | 2025 | 2024 | 2023 | 2025 v 2024 | 2024 v 2023 |
| Loss on extinguishment of debt | $— | $24 | $— | n/m | n/m |
On October 17, 2024, Atleos entered into an Amended Credit Agreement and completed financing transactions that included the refinancing of the Term Loan B Facility. In connection with the transactions, Atleos recorded a loss on extinguishment of debt of $24 million, including the write-off of discount and deferred financing fees of $17 million and a cash redemption premium of $7 million. Refer to Note 4, “Debt Obligations”, for further details on the financing transactions.
Interest Expense and Related Party Interest Expense, Net
| Increase (Decrease) | |||||
|---|---|---|---|---|---|
| In millions | 2025 | 2024 | 2023 | 2025 v 2024 | 2024 v 2023 |
| Interest expense | $270 | $309 | $77 | (13)% | 301% |
| Related party interest expense, net | $— | $— | $13 | —% | (100)% |
Interest expense for the year ended December 31, 2025 decreased $39 million compared to the year ended December 31, 2024. This decrease was driven by a reduction in variable interest rates on our outstanding debt following an amendment and a refinancing of our senior secured credit facility in the fourth quarter of 2024 and third quarter of 2025, respectively, as well as a reduction in the outstanding balance of the Term Loan Facilities. Refer to Note 4, “Debt Obligations”, for additional information on our outstanding debt.
Other (Expense) Income, net
| In millions | 2025 | 2024 | 2023 |
|---|---|---|---|
| Other income (expense), net | |||
| Interest income | $6 | $7 | $5 |
| Foreign currency fluctuations and foreign exchange contracts | (10) | (19) | (43) |
| Employee benefit plans | 12 | 60 | (22) |
| Bank-related fees | (15) | (15) | (14) |
| Voyix environmental indemnification expense | (28) | (14) | — |
| Other, net | 16 | 2 | (10) |
| Total other income (expense), net | $(19) | $21 | $(84) |
For the year ended December 31, 2025, we recorded expense of $19 million compared to income of $21 million in the comparative period. Income related to our company-sponsored defined benefit plans decreased, driven by reductions in the discount rates. Expense related to the Voyix environmental indemnification expense increased due to the acceleration of investigatory and remedial activities at the Kalamazoo River site. These unfavorable impacts were partially offset by the gain on divestiture of a non-core business and a decrease in losses from foreign currency exchange rate movements, primarily in hyperinflationary economies.
Income Taxes
| Increase (Decrease) | |||||
|---|---|---|---|---|---|
| In millions | 2025 | 2024 | 2023 | 2025 v 2024 | 2024 v 2023 |
| Income tax expense | $27 | $44 | $237 | (39)% | (81)% |
Income tax expense for the the twelve months ended December 31, 2025 was $27 million compared to $44 million in the prior year. The change was driven by a lower estimated annual effective income tax rate. Our effective tax rate was 14% in 2025 compared to 35% in 2024. In 2025, our tax rate benefited from $25 million release of valuation allowance offset by $9 million Foreign Derived Intangible Income decrease in benefit compared to prior year. In 2024, our tax rate benefited from $17 million Foreign Derived Intangible Income deduction and $17 million provision to return adjustments, of which $11 million is classified as U.S. tax impact on foreign income. Additionally, in 2024, our tax rate was impacted by an increase in the valuation allowance on U.S. interest expense disallowance carryforward by $32 million.
While we are subject to numerous federal, state and foreign tax audits, we believe that appropriate reserves exist for issues that might arise from these audits. Should these audits be settled, the resulting tax effect could impact the tax provision and cash flows in future periods. During 2026, the Company may resolve certain tax matters in foreign jurisdictions that could have an impact on the effective tax rate.
Segment Financial Results
We manage and report our business in the following segments: Self-Service Banking, Network, and Telecommunications & Technology (“T&T”). Our Chief Operating Decision Maker evaluates segment performance using revenue and Adjusted EBITDA. Refer to the section entitled “Non-GAAP Financial Measures and Use of Certain Terms” for our definition of Adjusted EBITDA and the reconciliation of Net income (loss) attributable to Atleos (GAAP) to Adjusted EBITDA (non-GAAP).
Services revenues include hardware maintenance revenue, transaction services revenue, managed services revenue and ATMaaS revenue. Software revenues include cloud revenue, software license and maintenance revenues, as well as professional services revenues. Transactional revenue includes payments processing revenue, interchange and network revenue and Bitcoin-related revenue. Hardware revenue primarily comprises revenue from sales of ATM hardware.
Self-Service Banking Revenue and Adjusted EBITDA
The following table shows our Self-Service Banking segment revenue by product and segment Adjusted EBITDA for the years ended December 31, the relative percentage that those amounts represent to Self-Service Banking segment revenue and the change in those amounts year-over-year.
| Percentage of Segment Revenue · Increase (Decrease) | ||||||||
|---|---|---|---|---|---|---|---|---|
| In millions | 2025 | 2024 | 2023 | 2025 | 2024 | 2023 | 2025 v 2024 | 2024 v 2023 |
| Revenue | ||||||||
| Services | $1,476 | $1,452 | $1,390 | 51.2% | 54.1% | 53.9% | 2% | 4% |
| Software | 544 | 477 | 406 | 18.9% | 17.8% | 15.8% | 14% | 17% |
| Hardware | 861 | 756 | 781 | 29.9% | 28.1% | 30.3% | 14% | (3)% |
| Total Self-Service Banking revenue | $2,881 | $2,685 | $2,577 | 100.0% | 100.0% | 100.0% | 7% | 4% |
| Total Adjusted EBITDA | $751 | $629 | $626 | 26.1% | 23.4% | 24.3% | 19% | —% |
For the year ended December 31, 2025, Self-Service Banking revenue increased 7% compared to the prior year period. Hardware revenue increased 14%, based on demand related to the industry refresh cycle and newer ATM models. ATMaaS solutions grew 33%, with banks continuing to outsource more software and services.
Adjusted EBITDA for the year ended December 31, 2025 increased 19% compared to the prior year period due to profitable growth, including favorable ATMaaS revenue margins, the sale-leaseback of certain owned ATMs used in ATMaaS arrangements and continuous productivity improvements.
Network Revenue and Adjusted EBITDA
The following table shows our Network segment revenue by product and segment Adjusted EBITDA for the years ended December 31, the relative percentage that those amounts represent to Network segment revenue and the change in those amounts year-over-year.
| Percentage of Segment Revenue · Increase (Decrease) | ||||||||
|---|---|---|---|---|---|---|---|---|
| In millions | 2025 | 2024 | 2023 | 2025 | 2024 | 2023 | 2025 v 2024 | 2024 v 2023 |
| Revenue | ||||||||
| Software | 32 | 29 | 24 | 2.5% | 2.3% | 1.9% | 10% | 21% |
| Transactional | 1,233 | 1,255 | 1,242 | 97.5% | 97.7% | 98.1% | (2)% | 1% |
| Total Network revenue | $1,265 | $1,284 | $1,266 | 100.0% | 100.0% | 100.0% | (1)% | 1% |
| Total Adjusted EBITDA | $359 | $403 | $377 | 28.4% | 31.4% | 29.8% | (11)% | 7% |
Network revenue for the year ended December 31, 2025, decreased 1% compared to the prior year period. Withdrawal transactions decreased largely due to U.S. immigration policies, and revenue from Bitcoin was lower from transaction volume declines. These decreases were partially offset by volume increases in certain international markets.
Adjusted EBITDA for the year ended December 31, 2025 decreased 11% compared to the prior year period, driven mainly by an increase in vault cash cost as the amortization of gains on terminated derivatives expired and a decrease in higher margin revenue streams largely attributed to U.S. immigration policies. These impacts were partially offset by gains from the sale-leaseback of certain owned ATMs and ongoing productivity improvements.
Telecommunications & Technology (T&T) Revenue and Adjusted EBITDA
The following table shows our T&T segment revenue by product and segment Adjusted EBITDA for the years ended December 31, the relative percentage that those amounts represent to T&T segment revenue and the change in those amounts year-over-year.
| Percentage of Segment Revenue · Increase (Decrease) | ||||||||
|---|---|---|---|---|---|---|---|---|
| In millions | 2025 | 2024 | 2023 | 2025 | 2024 | 2023 | 2025 v 2024 | 2024 v 2023 |
| Revenue | ||||||||
| Services | $158 | $179 | $184 | 94.0% | 92.3% | 93.9% | (12)% | (3)% |
| Software | 4 | 5 | 5 | 2.4% | 2.6% | 2.6% | (20)% | —% |
| Hardware | 6 | 10 | 7 | 3.6% | 5.1% | 3.5% | (40)% | 43% |
| Total T&T revenue | $168 | $194 | $196 | 100.0% | 100.0% | 100.0% | (13)% | (1)% |
| Total Adjusted EBITDA | $31 | $35 | $33 | 18.5% | 18.0% | 16.8% | (11)% | 6% |
T&T revenue for the year ended December 31, 2025 decreased 13% compared to the prior year period due to decreases in hardware maintenance and installation services revenue, and a decrease in third-party hardware sales driven by a decline in customer projects.
Adjusted EBITDA for the year ended December 31, 2025 decreased 11% compared to the prior year period due to the decrease in revenue described above.
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.