NCR Voyix (VYX) FY2025 results: revenue $2.7 billion, down 4.6% on the year
NCR Voyix Corp. (VYX) reported revenue of $2.7 billion for fiscal 2025, the year ended 31 December 2025, down 4.6% on the year before. Net income was $62 million, down 93.5%, and diluted earnings per share $0.30. The figures are the company's own, from the 10-K it filed with the SEC on 26 February 2026.
Revenue
$2.7 billion
-4.6% on the year
FY2018FY2025
Operating margin
1.0%
-1.3% a year earlier
FY2018FY2025
Net income
$62 million
-93.5% on the year
FY2018FY2025
Diluted EPS
$0.30
-95.4% on the year
FY2018FY2025
this yearthe year beforeHover a bar for its figure.
The year in brief
What management said about the year
Guidance figures: 5 new.
Full-year revenue down 5%: Full-year revenue was $2,687 million, against $2,818 million in 2024. The prior release gave a 2025 total revenue range of $2,650 million to $2,670 million.
Adjusted EBITDA rose year on year: Fourth-quarter adjusted EBITDA was $130 million, against $111 million. Full-year adjusted EBITDA was $425 million, against $348 million, within the prior release's $420 million to $435 million range.
Retail revenue down for the year: Retail revenue was $501 million in the fourth quarter, up 9%, and $1,842 million for the year, down 6%. Retail adjusted EBITDA margin was 19.0% for the year, against 19.6%.
Restaurants adjusted EBITDA up 6%: Restaurants revenue was $212 million in the fourth quarter, flat on the prior year, and $818 million for the year, down 1%. Restaurants adjusted EBITDA was $267 million for the year, up 6%, a 32.6% margin.
Gross margin rose to 25.0%: Total gross margin was $180 million, or 25.0% of revenue, in the fourth quarter, against 21.5%. For the year it was 23.6% of revenue, against 20.5%.
$ million except per share. Read moreFree 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
-210
-132
694
Capital expenditure
165
30.0
130
+450.0%
Free cash flow
-375
-162
564
Free cash flow margin
-14.0%
-5.7%
17.8%
Cash from investing
-134
2,189
-290
Cash from financing
-175
-1,560
-839
Depreciation and amortisation
231
297
559
-22.2%
Share-based compensation
34.0
47.0
177
-27.7%
Buybacks
74.0
56.0
0.0
+32.1%
Diluted shares, weighted
141m
145m
141m
-2.5%
Shares outstanding at period end
138m
142m
143m
-2.7%
Balance sheet
$ million
FY2025
FY2024
FY2023
On the year
Last 8 years
Shareholders' equity
948
933
25.0
+1.6%
Non-controlling interest
0.0
-2.0
0.0
Redeemable equity
207
276
276
-25.0%
Short-term borrowings
0.0
0.0
15.0
Debt
1,105
1,105
2,578
0.0%
Operating lease liabilities
226
248
251
-8.9%
Finance lease liabilities
5.0
3.0
7.0
+66.7%
Other liabilities
1,430
1,889
1,838
-24.3%
Total liabilities and equity
3,921
4,452
4,990
-11.9%
Fixed assets
174
192
207
-9.4%
Goodwill
1,520
1,516
1,519
+0.3%
Intangible assets
83.0
94.0
123
-11.7%
Cash and equivalents
231
722
256
-68.0%
Receivables
470
532
414
-11.7%
Inventory
217
208
250
+4.3%
Other assets
1,226
1,188
2,221
+3.2%
Total assets
3,921
4,452
4,990
-11.9%
10-K for the year ended 31 December 2025, filed 26 February 2026: the filing.