NCR Voyix Corporation reported fourth‑quarter 2025 revenue of $720 million, a 6% year‑over‑year increase, and adjusted earnings per share of $0.31, beating consensus estimates of $0.29 by $0.02. The revenue growth was driven by a 6% rise in hardware sales, while the EPS beat was largely attributable to disciplined cost management that preserved margins despite the higher mix of lower‑margin hardware revenue.
Full‑year 2025 results showed revenue of $2.687 billion, a 4.6% decline from $2.818 billion in 2024, and adjusted diluted EPS of $0.90, below the $1.02 reported in the original article. Adjusted EBITDA for the year was $425 million, a 4% increase from $406 million in 2024. The decline in revenue reflects the impact of the company’s transition to a hardware Original Design Manufacturer (ODM) model, which shifts hardware revenue recognition to a commission‑based structure and reduces reported top‑line figures in the short term.
Segment analysis revealed that Retail revenue rose 9% to $508 million, while Restaurant revenue remained flat at $212 million. Recurring revenue increased 1% to $422 million, or 3% when excluding a divestiture, indicating a modest shift toward higher‑margin, subscription‑style income. The mix shift and higher recurring revenue contributed to the improvement in adjusted EBITDA margin, which expanded to 18.1% from 16.4% in the prior year.
Management reiterated its 2026 outlook, projecting revenue of $2.21 billion to $2.33 billion, adjusted EBITDA of $440 million to $455 million, and adjusted diluted EPS of $0.93 to $0.96. The guidance signals confidence in maintaining profitability while the ODM transition is expected to reduce reported revenue in the near term but unlock working capital and margin expansion over the long run.
Investors focused on the impact of the ODM transition on reported revenue and the company’s shift to a recurring‑revenue model. The market reaction was tempered by concerns that the short‑term revenue decline could affect cash flow, even as analysts noted the company’s improving margins and platform growth.
"For the quarter, total revenue increased 6% to $720 million, due to higher hardware sales in the period." – CFO Brian Webb‑Walsh
"Our results for both the fourth quarter and full year were in line with expectations and reflect the significant progress we have made in repositioning the Company to be a platform‑led business supported by our leading service capabilities and integrated payments capabilities." – CEO James Kelly
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