NCR Atleos (NATL) FY2025 results: revenue $4.4 billion, up 1.1% on the year
NCR Atleos Corp. (NATL) reported revenue of $4.4 billion for fiscal 2025, the year ended 31 December 2025, up 1.1% on the year before. Net income was $162 million, up 102.5%, and diluted earnings per share $2.14. The figures are the company's own, from the 10-K it filed with the SEC on 27 February 2026.
this yearthe year beforeHover a bar for its figure.
The year in brief
What management said about the year
- Revenue rose 4% in Q4: Fourth-quarter revenue was $1.15 billion, up 4% year over year. Full-year revenue was $4.35 billion, up 1% from 2024.
- Net income more than doubled: Net income attributable to Atleos was $83 million in the fourth quarter, up 102%, and $162 million for the year, up 103%.
- Self-Service Banking led growth: Self-Service Banking revenue was $782 million in the fourth quarter, up 9%, and $2,881 million for the year, up 7%. Segment adjusted EBITDA rose 19% for the year to $751 million.
- Network returned to growth in Q4: Network revenue was $319 million in the fourth quarter, up 1%, and $1,265 million for the year, down 1%. Network adjusted EBITDA fell 11% for the year to $359 million.
- Hardware drove segment growth: Self-Service Banking hardware grew 14% in 2025, and ATM as a Service grew 33%, the company said.
The four quarters: Q1 FY2025 · Q2 FY2025 · Q3 FY2025 · Q4 FY2025
Income statement (profit and loss)
| $ million | FY2025 | FY2024 | FY2023 | On the year | Last 8 years |
|---|---|---|---|---|---|
| Revenue | 4,354 | 4,305 | 4,191 | +1.1% | |
| Research and development | 70.0 | 62.0 | 80.0 | +12.9% | |
| Selling, general and administrative | 513 | 521 | 585 | -1.5% | |
| Operating income | 478 | 437 | 263 | +9.4% | |
| Operating margin | 11.0% | 10.2% | 6.3% | ||
| Interest expense | 270 | 309 | 90.0 | -12.6% | |
| Pre-tax income | 189 | 125 | 89.0 | +51.2% | |
| Income tax | 27.0 | 44.0 | 237 | -38.6% | |
| Effective tax rate | 14.3% | 35.2% | 266.3% | ||
| Net income | 162 | 80.0 | -150 | +102.5% | |
| Net margin | 3.7% | 1.9% | -3.6% | ||
| Diluted EPS | $2.14 | $1.08 | -$2.12 | +98.1% |
$ million except per share.
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Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.Cash flow
| $ million | FY2025 | FY2024 | FY2023 | On the year | Last 8 years |
|---|---|---|---|---|---|
| Operating cash flow | 356 | 344 | 355 | +3.5% | |
| Capital expenditure | 117 | 87.0 | 108 | +34.5% | |
| Free cash flow | 239 | 257 | 247 | -7.0% | |
| Free cash flow margin | 5.5% | 6.0% | 5.9% | ||
| Cash from investing | -116 | -135 | -316 | ||
| Cash from financing | -253 | -134 | 31.0 | ||
| Depreciation and amortisation | 277 | 287 | 254 | -3.5% | |
| Share-based compensation | 34.0 | 38.0 | 68.0 | -10.5% | |
| Buybacks | 28.0 | 0.0 | 0.0 | ||
| Diluted shares, weighted | 76m | 74m | 71m | +1.9% | |
| Shares outstanding at period end | 74m | 73m | 71m | +1.4% |
Balance sheet
| $ million | FY2025 | FY2024 | FY2023 | On the year | Last 8 years |
|---|---|---|---|---|---|
| Shareholders' equity | 403 | 219 | 219 | +84.0% | |
| Non-controlling interest | -1.0 | 4.0 | 3.0 | ||
| Debt | 2,758 | 2,940 | 3,099 | -6.2% | |
| Operating lease liabilities | 139 | 110 | 109 | +26.4% | |
| Finance lease liabilities | 8.0 | 4.0 | 1.0 | +100.0% | |
| Other liabilities | 2,361 | 2,258 | 2,271 | +4.6% | |
| Total liabilities and equity | 5,668 | 5,535 | 5,702 | +2.4% | |
| Fixed assets | 511 | 474 | 468 | +7.8% | |
| Goodwill | 1,958 | 1,950 | 1,952 | +0.4% | |
| Intangible assets | 498 | 550 | 635 | -9.5% | |
| Securities held for sale or to maturity | 9.0 | 6.0 | n/a | +50.0% | |
| Cash and equivalents | 456 | 419 | 339 | +8.8% | |
| Receivables | 550 | 581 | 707 | -5.3% | |
| Inventory | 342 | 307 | 333 | +11.4% | |
| Other assets | 1,344 | 1,248 | 1,268 | +7.7% | |
| Total assets | 5,668 | 5,535 | 5,702 | +2.4% |
10-K for the year ended 31 December 2025, filed 27 February 2026: the filing.