NCR Voyix Reports Fourth Quarter and Full Year 2025 Results

ATLANTA--( BUSINESS WIRE)--NCR Voyix Corporation (NYSE: VYX) (“NCR Voyix” or the “Company”), a platform-powered leader in unified commerce for shopping and dining, reported financial results today for the three and twelve months ended December 31, 2025.

Fourth Quarter Financial Highlights

Full Year Financial Highlights

“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 payment solutions,” said James G. Kelly, President and Chief Executive Officer. “The work we completed in 2025 enabled the accelerated launch of our suite of cloud-to-edge platform solutions earlier this year and provided a strong foundation for achieving our business and financial objectives. We are now focused on delivering this enhanced offering to restaurants and retailers worldwide to meet rising demand, while continuing to drive operational efficiencies across the Company. As we execute these initiatives, we expect to scale our business and deliver sustainable long-term growth.”

Recent Business Highlights and Additional Information

2026 Outlook

For the full-year 2026, the Company is providing the following outlook:

$ in millions (except EPS)

Range

YoY % Change

Revenue 1

$2,210 - $2,325

(18%) - (13%)

Pro Forma for Hardware Transition Impact 1

(2%) - 3%

Adjusted EBITDA

$440 - $455

4% - 7%

Non-GAAP Diluted EPS 2

$0.93 - $0.96

3% - 6%

Adjusted Free Cash Flow- unrestricted before restructuring 3

$190 - $220

40% - 62%

1 Revenue reflects gross hardware revenue recognition in the first quarter of 2026 and net sales commission revenue recognition for the remaining periods given the projected completion of the Hardware ODM Transition at the end of Q1 2026. The year-over-year change of (13%)-(18%) reflects the impact of the Hardware ODM implementation for Q2 2026 through Q4 2026. To provide a better comparison of the Company’s ongoing performance, the pro forma year-over-year change of (2%)-3% reflects a comparison to pro forma 2025 results, adjusted to apply the pro forma impact of the Hardware ODM implementation in Q2 2025 through Q4 2025.

In this release, we use certain non-GAAP measures. These non-GAAP measures include “Adjusted EBITDA,” “Adjusted Free Cash Flow-Unrestricted,” “Non-GAAP Diluted EPS,” and others with the words “non-GAAP” in their titles. These non-GAAP measures are listed, described and reconciled for historic periods to their most directly comparable GAAP measures under the heading “Non-GAAP Financial Measures” later in this release. With respect to our outlook for full year 2026 for our Adjusted EBITDA, Non-GAAP Diluted EPS and Adjusted Free Cash Flow-Unrestricted, we do not provide a reconciliation to each of their most directly comparable GAAP measure because we are not able to predict with reasonable certainty the reconciling items that may affect the GAAP net income from continuing operations and GAAP cash flow provided by (used in) operating activities without unreasonable effort. The reconciling items are primarily the future impact of special tax items, capital structure transactions, restructuring, pension mark-to-market transactions, acquisitions or divestitures, or other events. These reconciling items are uncertain, depend on various factors and could significantly impact, either individually or in the aggregate, the GAAP measures. The Company also believes such reconciliations would imply a degree of precision that could be confusing or misleading to investors.

Cautionary Statements

This release contains “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995 (the “Act”). Forward-looking statements use words such as “expect,” “target,” “anticipate,” “outlook,” “guidance,” “intend,” “plan,” “confident,” “believe,” “will,” “should,” “would,” “potential,” “positioning,” “proposed,” “planned,” “objective,” “likely,” “could,” “may,” and words of similar meaning, as well as other words or expressions referencing future events, conditions or circumstances. We intend these forward-looking statements to be covered by the safe harbor provisions for forward-looking statements contained in the Act. Statements that describe or relate to the Company’s plans, targets, goals, intentions, strategies, prospects, or financial outlook, including modeling considerations, and statements that do not relate to historical or current fact, are examples of forward-looking statements. Examples of forward-looking statements in this release include, but are not limited to, statements regarding: our expectations regarding our fiscal 2026 performance outlook, our expectations regarding our partnerships with customers and our expectations regarding other strategic initiatives and our growth strategies, our future business model, our expectations regarding value creation, adjusted EBITDA margin, free cash flow generation and our capital allocation strategy. Forward-looking statements are not guarantees of future performance, are subject to assumptions, risks and uncertainties and there are a number of important factors that could cause actual outcomes and results to differ materially from those contemplated by such forward-looking statements. The factors that could cause the Company’s actual results to differ materially include, among others, the following: our ability to successfully execute our growth strategy; our ability to successfully develop new solutions that achieve market acceptance and keep pace with technological developments; our ability to maintain a consistently high level of customer service; our ability to achieve some or all of the expected benefits of our cost reduction initiatives; the success of our strategic relationships with third parties and our ability to integrate with third-party applications and software; risks related to tariffs, sanctions and trade barriers, and the related impact on macroeconomic conditions; the availability or applicability of tariff and duty exemptions to our products; the failure of our acquisitions, divestitures and other strategic transactions or future acquisitions to produce anticipated results; our ability to realize the anticipated cost savings or other benefits related to the Hardware Business Transition with Ennoconn on a timely basis or at all; our ability to perform under our agreements with NCR Atleos; potential indemnification obligations to NCR Atleos or a refusal of NCR Atleos to indemnify us pursuant to agreements executed in the spin-off; our ability to protect our systems and data from cybersecurity threats or other technological risks; risks related to evolving global laws and regulations relating to data privacy, data protection and information security; our ability to protect our intellectual property; extensive competition in our markets; disruptions in our data center hosting and public cloud facilities; risks related to defects, errors, installation difficulties or development delays; the failure of our artificial intelligence capabilities to operate as anticipated; our ability to maintain and update our information technology systems; changes in U.S. or foreign trade policies and domestic and global economic and credit conditions; our ability to retain key employees, or to recruit, develop and retain qualified employees; the inability of third party suppliers to fulfill our needs; risks related to our level or indebtedness; our ability to continue to access or renew financing sources and obtain capital; our failure to maintain effective internal control over financial reporting; and other factors included in “Item 1A-Risk Factors” of our most recent Annual Report on Form 10-K and in other documents that we file with the U.S. Securities and Exchange Commission (“SEC”), which are available at https://www.sec.gov.

Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those set forth in the forward-looking statements. Any forward-looking statement speaks only as of the date on which it is made and should not be relied upon as representing our plans and expectations as of any subsequent date. The Company does not undertake any obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.

Earnings Conference Call

NCR Voyix management will host a conference call and live audio webcast today at 8:00 a.m. Eastern Time to discuss the Company’s results for the fourth quarter. Access to the webcast, along with supplemental financial information, are available on the Investor Relations section of the Company’s website at https://investor.ncrvoyix.com. Participants may access the live call by dialing (800) 715-9871 (United States/Canada Toll-free) or +1 (646) 307-1963 (International Toll) and requesting to be connected to the conference call. A replay of the audio webcast will be archived on the Company’s website following the live event.

About NCR Voyix

NCR Voyix Corporation (NYSE: VYX) is a global platform-powered leader in unified commerce for shopping and dining. Combining a flexible, intelligent platform with end-to-end payments capabilities and services developed through its deep industry experience, NCR Voyix empowers retailers and restaurants to accelerate new possibilities for their operations, experiences and business outcomes. NCR Voyix is headquartered in Atlanta, Georgia, and serves customers in more than 35 countries worldwide. For more information, visit ncrvoyix.com.

Non-GAAP Financial Measures

Non-GAAP Financial Measures. While the Company reports its results in accordance with Generally Accepted Accounting Principles in the United States, or GAAP, in this release the Company also uses the non-GAAP measures listed and described below. The Company’s 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, and the Company encourages investors to review the non-GAAP information presented herein in conjunction with, and as a supplement to, the presentation of GAAP financial measures.

Adjusted Earnings Before Interest, Taxes, Depreciation and Amortization (Adjusted EBITDA) and Adjusted EBITDA margin. Adjusted EBITDA is defined as GAAP net income (loss) from continuing operations attributable to NCR Voyix plus interest expense, net; plus income tax expense (benefit); plus depreciation and amortization (excluding acquisition-related amortization of intangibles); plus stock-based compensation expense; plus pension mark-to-market adjustments and other special items, including amortization of acquisition-related intangibles, acquisition-related costs, loss (gain) on disposal of businesses, loss (gain) on extinguishment of debt, separation-related costs, cyber ransomware incident recovery costs net of insurance recoveries, fraudulent ACH disbursements costs net of recoveries, foreign currency devaluation, transformation and restructuring charges (which includes integration, severance and other exit and disposal costs), strategic initiative costs and litigation costs, among others. The Company also uses Adjusted EBITDA margin, which is calculated based on Adjusted EBITDA as a percentage of total revenue. The Company uses Adjusted EBITDA and Adjusted EBITDA margin to evaluate and measure the ongoing performance of its business segments. The Company also uses Adjusted EBITDA and Adjusted EBITDA margin to manage and determine the effectiveness of its business managers and as a basis for incentive compensation. The Company believes that Adjusted EBITDA and Adjusted EBITDA margin provide useful information to investors because they are indicators of the strength and performance of the Company’s ongoing business operations, including its ability to fund discretionary spending such as capital expenditures, strategic acquisitions and other investments. Adjusted EBITDA and Adjusted EBITDA margin should not be considered as substitutes for, or superior to, net income from continuing operations attributable to NCR Voyix or net profit margin, respectively, under GAAP.

Non-GAAP Diluted Earnings Per Share (EPS) and Non-GAAP income (loss) from continuing operations (attributable to NCR Voyix). The Company determines Non-GAAP Diluted EPS and Non-GAAP income (loss) from continuing operations (attributable to NCR Voyix) by excluding, as applicable, pension mark-to-market adjustments, pension settlements, pension curtailments and pension special termination benefits, as well as other special items, including loss (gain) on debt extinguishment, amortization of acquisition related intangibles, stock-based compensation expense, separation-related costs, cyber ransomware incident recovery costs net of recoveries, fraudulent ACH disbursements costs net of recoveries, strategic initiative costs, foreign currency devaluation costs, gains or losses related to the disposal of businesses, litigation costs, legal entity restructuring tax benefit and transformation and restructuring activities, from the Company’s GAAP earnings per share and income (loss) from continuing operations (attributable to NCR Voyix), respectively. Due to the non-operational nature of these pension and other special items, the Company’s management uses these non-GAAP measures to evaluate year-over-year operating performance. The Company believes this measure is useful for investors because it provides a more complete understanding of the Company’s underlying operational performance, as well as consistency and comparability with the Company’s past reports of financial results.

Adjusted free cash flow-unrestricted before restructuring costs. NCR Voyix management uses the non-GAAP measure called “adjusted free cash flow-unrestricted before restructuring costs” to assess the financial performance of the Company. We define adjusted free cash flow-unrestricted as net cash provided by (used in) operating activities less capital expenditures for property, plant and equipment and capitalized software, plus/minus collections of previously sold trade receivables purchased from third parties, restricted cash settlement activity, cash activity related to acceleration projects, cash taxes paid for the Digital Banking Sale, cash activity related to environmental discontinued operations plus acquisition-related items, and pension contributions and settlements, less restructuring, transformation and strategic initiative costs, and expected payments related to certain legal matters (net of recoveries from NCR Atleos).

We believe adjusted free cash flow-unrestricted before restructuring costs provides useful information to investors because it relates the operating cash flows from the Company’s continuing and discontinued operations to the capital that is spent to continue and improve business operations. In particular, adjusted free cash flow-unrestricted before restructuring costs indicates the amount of cash available after capital expenditures for, among other things, investments in the Company’s existing businesses, strategic acquisitions, and repayment of debt obligations. Adjusted free cash flow-unrestricted before restructuring costs does not represent the residual cash flow available for discretionary expenditures, since there may be other non-discretionary expenditures that are not deducted from the measure. Adjusted free cash flow-unrestricted before restructuring costs does not have a uniform definition under GAAP, and therefore the Company’s definitions may differ from other companies’ definitions of these measures. This non-GAAP measures should not be considered a substitute for, or superior to, cash flows from operating activities under GAAP or other GAAP measures.

Use of Certain Terms

The term “recurring revenue” includes 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, cloud revenue, payment processing revenue, and certain professional services arrangements, as well as term-based software license arrangements that include customer termination rights. NCR Voyix’s management considers recurring revenue, and the other operating metrics derived therefrom, to be an important indicator of the predictability of revenue and part of our strategic plan.

The term “annual recurring revenue” or “ARR” is recurring revenue, excluding software licenses (SWL) sold as a subscription, for the last three months times four. In addition, plus the rolling four quarters of term-based SWL arrangements that include customer termination rights.

The term “Software ARR” includes recurring software license revenue, software maintenance revenue, SaaS revenue, standalone hosted contract revenue, professional services recurring revenue and payments revenue.

The term “Software & Services Revenue” includes all software, services and payments revenue and excludes hardware revenue.

The term “platform sites” includes all sites for which we bill for use of our Commerce platform.

The term “payment sites” includes all sites which utilizes NCR Voyix’s payment processing capabilities.

Reconciliation of Net Income from Continuing Operations Attributable to NCR Voyix (GAAP) to Adjusted Earnings

Before Interest, Depreciation, Taxes and Amortization (Adjusted EBITDA)

Three months ended

Twelve months ended

$ in millions

December

31, 2025

December

31, 2024

December

31, 2025

December

31, 2024

Net Income (Loss) from Continuing Operations Attributable to NCR Voyix (GAAP)

(11

)

(201

)

Pension mark-to-market adjustments

(13

)

(12

)

(13

)

(12

)

Depreciation and amortization (excluding acquisition-related amortization of intangibles)

199

206

Acquisition-related amortization of intangibles

Interest expense

134

Interest income

)

Loss (gain) on debt extinguishment

—

)

Income tax expense (benefit)

(56

)

—

(73

)

Stock-based compensation expense

Transformation and restructuring costs

124

125

Separation costs

—

Loss (gain) on disposal of businesses

)

—

)

(14

)

Foreign currency devaluation

—

Fraudulent ACH disbursements

—

)

—

)

Cyber ransomware incident recovery costs

—

)

—

(13

)

Strategic initiatives

Litigation costs

—

Adjusted EBITDA (Non-GAAP)

130

111

425

348

Reconciliation of Diluted Earnings Per Share from Continuing Operations (GAAP) to

Non-GAAP Diluted Earnings Per Share from Continuing Operations (Non-GAAP)

Three months ended

Twelve months ended

$ in millions

December

31, 2025

December

31, 2024

December

31, 2025

December

31, 2024

Diluted Earnings Per Share from Continuing Operations (GAAP) (1)

0.49

(0.10

)

0.16

(1.49

)

Pension mark-to-market adjustments

(0.06

)

(0.05

)

(0.06

)

(0.05

)

Acquisition-related amortization of intangibles

0.04

0.13

0.15

Loss (gain) on debt extinguishment

—

(0.04

)

Stock-based compensation expense

0.05

0.02

0.21

0.22

Transformation and restructuring costs

0.19

0.15

0.58

0.61

Separation costs

—

0.05

Loss (gain) on disposal of businesses

(0.01

)

—

(0.01

)

(0.07

)

Foreign currency devaluation

—

0.08

Fraudulent ACH disbursements

—

(0.01

)

—

(0.02

)

Cyber ransomware incident recovery costs

—

(0.04

)

—

(0.07

)

Strategic initiatives

0.01

0.16

0.08

0.25

Litigation costs

—

0.11

—

Legal entity restructuring tax benefit

(0.42

)

—

(0.42

)

—

Non-GAAP Diluted EPS (1)

0.31

0.21

0.90

(0.12

)

(1) Non-GAAP diluted EPS is determined using the conversion of the Series A Convertible Preferred Stock into common stock in the calculation of weighted average diluted shares outstanding. GAAP EPS is determined using the most dilutive measure, either including the impact of dividends or deemed dividends on the Company’s Series A Convertible Preferred Stock in the calculation of net income or loss available to common stockholders or including the impact of the conversion of the Series A Convertible Preferred Stock into common stock in the calculation of the weighted average diluted shares outstanding. Therefore, GAAP diluted EPS and non-GAAP diluted EPS may not mathematically reconcile.

Three months ended

$ in millions

December

31, 2025

December

31, 2025

Non-GAAP

December

31, 2024

December

31, 2024

Non-GAAP

Income (loss) from continuing operations attributable to NCR Voyix common stockholders

Income (loss) from continuing operations (attributable to NCR Voyix)

(11

)

Dividends on convertible preferred shares

)

—

)

—

Income (loss) from continuing operations attributable to NCR Voyix common stockholders

(14

)

Weighted average outstanding shares:

Weighted average diluted shares outstanding

140.9

144.9

147.6

Weighted as-if converted preferred shares

—

13.8

—

15.9

Total shares used in diluted earnings per share

140.9

154.7

144.9

163.5

Diluted earnings per share from continuing operations

0.49

0.31

(0.10

)

0.21

Twelve months ended

$ in millions

December 31, 2025

Non-GAAP

December 31, 2024

Non-GAAP

Income (loss) from continuing operations attributable to NCR Voyix common stockholders

Income (loss) from continuing operations (attributable to NCR Voyix)

140

(201

)

(20

)

Dividends on convertible preferred shares

(20

)

—

(15

)

—

Income (loss) from continuing operations attributable to NCR Voyix common stockholders

140

(216

)

(20

)

Weighted average outstanding shares:

Weighted average diluted shares outstanding

141.1

144.7

147.5

Weighted as-if converted preferred shares

—

15.3

—

15.9

Total shares used in diluted earnings per share

141.1

156.4

144.7

163.4

Diluted earnings per share from continuing operations

0.16

0.90

(1.49

)

(0.12

)

Three months ended

Twelve months ended

$ in millions

December

31, 2025

December

31, 2024

December

31, 2025

December

31, 2024

Income (loss) from continuing operations (attributable to NCR Voyix)

(11

)

(201

)

Pension mark-to-market adjustments

)

Acquisition-related amortization of intangibles

Loss (gain) on debt extinguishment

—

)

Stock-based compensation expense

Transformation and restructuring costs

100

Separation costs

—

Loss (gain) on disposal of businesses

)

—

)

(12

)

Foreign currency devaluation

—

Fraudulent ACH disbursements

—

)

—

)

Cyber ransomware incident recovery costs

—

)

—

(11

)

Strategic initiatives

Litigation costs

—

Legal entity restructuring tax benefit

(65

)

—

(65

)

—

Non-GAAP income (loss) from continuing operations (attributable to NCR Voyix)

140

(20

)

NCR VOYIX CORPORATION

CONSOLIDATED STATEMENTS OF OPERATIONS

(Unaudited)

(in millions, except per share amounts)

Schedule A

For the Period Ended December 31

Three Months

Twelve Months

2025

2024

2025

2024

Revenue

Product

236

184

774

867

Service

484

494

1,913

1,951

Total Revenue

720

678

2,687

2,818

Cost of products

202

176

686

767

Cost of services

338

356

1,367

1,474

Total gross margin

180

146

634

577

% of Revenue

25.0

21.5

23.6

20.5

Selling, general and administrative expenses

120

119

453

458

Research and development expenses

155

157

Income (loss) from operations

)

(38

)

% of Revenue

2.4

(0.1

1.0

(1.3

Gain (loss) on extinguishment of debt

—

Interest expense

(16

)

(14

)

(60

)

(134

)

Other income (expense), net

(33

)

Total interest and other expense, net

(10

)

(57

)

(159

)

Income (loss) from continuing operations before income taxes

(11

)

(31

)

(197

)

% of Revenue

3.1

(1.6

(1.2

(7.0

Income tax expense (benefit)

(56

)

—

(73

)

Income (loss) from continuing operations

(11

)

(201

)

Income (loss) from discontinued operations, net of tax

—

1,158

Net income (loss)

(11

)

957

Net income (loss) attributable to noncontrolling interests of discontinued operations

—

)

Net income (loss) attributable to NCR Voyix

(11

)

958

Amounts attributable to NCR Voyix common stockholders:

Income (loss) from continuing operations

(11

)

(201

)

Dividends on convertible preferred stock

)

(20

)

(15

)

Income (loss) from continuing operations attributable to NCR Voyix common stockholders

(14

)

(216

)

Income (loss) from discontinued operations, net of tax

—

1,159

Net income (loss) attributable to NCR Voyix common stockholders

(14

)

943

Income (loss) per share attributable to NCR Voyix common stockholders:

Income (loss) per common share from continuing operations

Basic

0.50

(0.10

)

0.16

(1.49

)

Diluted (1)

0.49

(0.10

)

0.16

(1.49

)

Net income (loss) per common share

Basic

0.64

(0.10

)

0.30

6.52

Diluted (1)

0.63

(0.10

)

0.30

6.52

Weighted average common shares outstanding

Basic

138.4

144.9

138.6

144.7

Diluted (1)

140.9

144.9

141.1

144.7

(1) Diluted EPS is determined using the most dilutive measure, either including the impact of the dividends and deemed dividends on the Company’s Series A Convertible Preferred Shares in the calculation of net income or loss per common share from continuing operations and net income or loss per common share or including the impact of the conversion of such preferred stock into common stock in the calculation of the weighted average diluted shares outstanding.

NCR VOYIX CORPORATION

REVENUE AND ADJUSTED EBITDA SUMMARY

(Unaudited)

(in millions)

Schedule B

For the Period Ended December 31

Three Months

Twelve Months

2025

2024

Change

2025

2024

Change

Revenue by segment

Retail

501

461

1,842

1,956

Restaurants

212

211

—

818

825

Total segment revenue

713

672

2,660

2,781

Corporate and Other (1)

(27

Total revenue

720

678

2,687

2,818

Adjusted EBITDA by segment

Retail

114

102

350

383

Retail Adjusted EBITDA margin %

22.8

22.1

19.0

19.6

Restaurants

267

251

Restaurants Adjusted EBITDA margin %

31.1

32.2

32.6

30.4

Segment Adjusted EBITDA

180

170

617

634

Segment Adjusted EBITDA margin %

25.2

25.3

23.2

22.8

Corporate and Other (1)

(50

)

(59

)

(15

(192

)

(286

)

(33

Total Adjusted EBITDA

130

111

425

348

Total Adjusted EBITDA margin %

18.1

16.4

15.8

12.3

(1) Corporate and Other includes income and expenses related to corporate functions that are not specifically attributable to any of our two individual reportable segments along with certain non-strategic businesses that are considered immaterial operating segment(s), as well as commercial agreements with NCR Atleos.

NCR VOYIX CORPORATION

CONSOLIDATED BALANCE SHEETS

(Unaudited)

(in millions, except per share amounts)

Schedule C

In millions, except per share amounts

December 31, 2025

December 31, 2024

Assets

Current assets

Cash and cash equivalents

231

722

Accounts receivable, net of allowances of $21 and $26 as of December 31, 2025 and December 31, 2024, respectively

470

532

Inventories

217

208

Restricted cash

Prepaid and other current assets

177

166

Current assets of discontinued operations

—

Total current assets

1,103

1,671

Property, plant and equipment, net

174

192

Goodwill

1,520

1,516

Intangibles, net

Operating lease assets

208

229

Prepaid pension cost

Deferred income taxes

185

189

Other assets

598

514

Total assets

3,921

4,452

Liabilities and stockholders’ equity (deficit)

Current liabilities

Accounts payable

346

324

Payroll and benefits liabilities

104

Contract liabilities

202

209

Settlement liabilities

Other current liabilities

409

724

Current liabilities of discontinued operations

—

Total current liabilities

1,065

1,420

Long-term debt

1,100

1,098

Pension and indemnity plan liabilities

136

144

Postretirement and postemployment benefits liabilities

Income tax accruals

Operating lease liabilities

226

248

Other liabilities

156

241

Noncurrent liabilities of discontinued operations

—

Total liabilities

2,766

3,245

Commitments and Contingencies

Series A convertible preferred stock: par value $0.01 per share, 3.0 shares authorized, 0.2 and 0.3 shares issued and outstanding as of December 31, 2025 and December 31, 2024, respectively; redemption amount and liquidation preference of $207 and $276 as of December 31, 2025 and December 31, 2024, respectively

207

276

Stockholders’ equity (deficit)

NCR Voyix stockholders’ equity (deficit)

Preferred stock: par value $0.01 per share, 100.0 shares authorized, no shares issued and outstanding as of December 31, 2025 and December 31, 2024, respectively

—

Common stock: par value $0.01 per share, 500.0 shares authorized, 138.3 and 142.1 shares issued and outstanding as of December 31, 2025 and December 31, 2024, respectively

Paid-in capital

827

866

Retained earnings (deficit)

559

535

Accumulated other comprehensive loss

(439

)

(469

)

Total NCR Voyix stockholders’ equity (deficit)

948

933

Noncontrolling interests in subsidiaries

—

)

Total stockholders’ equity (deficit)

948

931

Total liabilities and stockholders’ equity (deficit)

3,921

4,452

NCR VOYIX CORPORATION

CONSOLIDATED STATEMENTS OF CASH FLOWS

(Unaudited)

(in millions)

Schedule D

In millions

Twelve months ended December 31

2025

2024

Operating activities

Net income (loss)

968

Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:

Loss (gain) on debt extinguishment

—

)

Depreciation and amortization

231

297

Stock-based compensation expense

Deferred income taxes

Impairment of other assets

Loss (gain) on disposal of property, plant and equipment and other assets

(19

)

—

Loss (gain) on divestiture

)

(1,544

)

Changes in assets and liabilities:

Receivables

(57

)

Inventories

(26

)

Current payables and accrued expenses

(15

)

(115

)

Contract liabilities

(18

)

Employee benefit plans

)

(38

)

Other assets and liabilities

(512

)

169

Net cash provided by (used in) operating activities

(210

)

(121

)

Investing activities

Capital Expenditures

(165

)

(217

)

Proceeds from sale of property, plant and equipment and other assets

—

Proceeds from divestiture, net

2,458

Proceeds from disposition of corporate-owned life insurance policies

—

Termination of trade receivable facility

—

(300

)

Collections on purchased trade receivables

212

Sale (purchase) of intangible assets

—

Net cash provided by (used in) investing activities

(134

)

2,189

Financing activities

Payments on term credit facilities

—

(200

)

Payments on revolving credit facilities

(208

)

(699

)

Payments of senior unsecured notes

—

(1,177

)

Borrowings on revolving credit facilities

208

600

Cash dividend paid for Series A preferred shares dividends

(15

)

(15

)

Repurchases of common stock

(74

)

(56

)

Proceeds from employee stock plans

Redemption of preferred shares

(74

)

—

Tax withholding payments on behalf of employees

)

(12

)

Principal payments for finance lease obligations

(13

)

(14

)

Net cash provided by (used in) financing activities

(175

)

(1,560

)

Cash flows from discontinued operations

Effect of exchange rate changes on cash, cash equivalents and restricted cash

(24

)

Increase (decrease) in cash, cash equivalents, and restricted cash

(515

)

484

Cash, cash equivalents and restricted cash at beginning of period

758

285

Cash, cash equivalents, and restricted cash at end of period

243

769