NCR Voyix (VYX) Q1 2026 earnings summary

Executive summary

• Q1 2026 revenue was $606 million, down 1% year-over-year, with recurring revenue up 4% and comprising 69% of total revenue; net loss from continuing operations narrowed to $2 million from $21 million in Q1 2025.

• Adjusted EBITDA rose 5% to $78 million, margin expanded to 12.9%, and non-GAAP EPS increased to $0.10 per share; net loss improvement driven by cost actions and strategic shifts.

• Major strategic actions included the completed spin-off of ATM-focused businesses, sale of the Digital Banking and Japan banking segments, and transition to an ODM hardware model.

• Remaining contract value for platform applications grew 75% year-over-year to $293 million, with 21 new Voyix Commerce Platform contracts signed in Q1.

• Nearly $2.5 billion in net proceeds generated since the ATM business spin-off, enabling share repurchases, debt reduction, and targeted investments.

Financial highlights

• Retail segment revenue increased 2% to $427 million, recurring revenue up 5% to $279 million, and Adjusted EBITDA up 20% to $78 million with margin at 18.3%.

• Restaurant segment revenue declined 6% to $179 million, recurring revenue up 1%, and Adjusted EBITDA down 8% to $54 million.

• Gross margin was 21.5% of revenue; SG&A expenses decreased 4% to $110 million, R&D expenses down 3% to $39 million.

• Adjusted free cash flow before restructuring was $71 million; unrestricted adjusted free cash flow was $30 million.

• Cash and cash equivalents were $232 million; total debt stood at $1.1 billion as of March 31, 2026.

Outlook and guidance

• 2026 revenue guidance is $2.188–$2.303 billion, Adjusted EBITDA of $432–$447 million, and non-GAAP diluted EPS projected at $0.89–$0.92.

• Pro forma revenue change expected to be -2% to +3% YoY, with Adjusted EBITDA growth of 3–7%.

• Adjusted free cash flow (before restructuring) expected at $190–$220 million, up 40–62% YoY.

• EBITDA growth expected to be more weighted to Q4 as sales momentum and cost initiatives build.

• Macroeconomic uncertainty, including tariffs, inflation, and geopolitical risks, may impact future results.