Concentrix (CNXC) Q4 2025 earnings summary

Executive summary

• Achieved sequential revenue growth each quarter in 2025, exceeding guidance and delivering $9.83B in revenue, with a three-year CAGR of 15.8% driven by demand for intelligent transformation solutions.

• Focused on evolving to a high-value, technology-enabled transformation partner, investing in AI, automation, and expanding service offerings, with CEO highlighting successful AI-powered solutions and favorable growth outlook.

• Drove significant operational efficiencies, reducing non-billable costs by $100 million and shifting 4% of onshore business offshore.

• Returned $258 million to shareholders and reduced net debt by $184 million.

• Fiscal 2025 included a non-cash goodwill impairment charge of $1,523.3 million, resulting in a net loss for the year.

Financial highlights

• Q4 2025 revenue was $2.55 billion, up 4.3% year-over-year and 3.1% constant currency; full-year revenue was $9.83 billion, up 2.2%.

• Q4 non-GAAP operating income: $323.2 million (12.7% margin); adjusted EBITDA: $378.6 million (14.8% margin); non-GAAP net income: $192 million; non-GAAP EPS: $2.95.

• Full-year non-GAAP operating income: $1.254 billion (12.8% margin); adjusted free cash flow: $626 million, up 32% year-over-year.

• Q4 GAAP net loss due to $1.52 billion non-cash goodwill impairment charge.

• Net debt reduced by $184 million year-over-year to $4.31 billion.

Outlook and guidance

• FY 2026 revenue guidance: $10.035–$10.18 billion, representing 1.5–3% constant currency growth.

• Full-year non-GAAP operating income expected at $1.24–$1.29 billion; non-GAAP EPS: $11.48–$12.07.

• Adjusted free cash flow expected to rise to $630–$650 million in 2026.

• Q1 2026 revenue guidance: $2.475–$2.5 billion; non-GAAP operating income: $290–$300 million; non-GAAP EPS: $2.57–$2.69.

• Sequential margin improvement expected in the second half of 2026 as duplicate costs are removed.