NCR Voyix (VYX) Q2 2026 earnings summary

Executive summary

• Revenue for Q2 2026 was $523 million, down 21% year-over-year due to the hardware business transition, but up 1% on a pro forma basis; recurring revenue grew 3% and adjusted EBITDA rose 5% year-over-year.

• Completed spin-off of ATM-focused businesses and sale of Digital Banking segment, now reflected as discontinued operations.

• Transitioned hardware business to an outsourced model with Ennoconn, shifting hardware revenue to a net commission basis.

• Now operates two reportable segments: Retail and Restaurants, focusing on unified commerce solutions.

• Customer engagement is shifting toward enterprise-wide platform transformation, with accelerated deployments and reduced implementation costs through automation and AI.

Financial highlights

• Recurring revenue grew 3% to $435 million, comprising 83% of Q2 revenue; software and services made up 95% of Q2 revenue.

• Adjusted EBITDA increased 5% year-over-year in Q2 to $98 million; adjusted EBITDA margin expanded to 18.7%.

• Gross margin improved to 29.8% from 22.7% a year ago, driven by higher-margin software and service mix.

• Non-GAAP EPS was $0.17 (flat year-over-year); GAAP EPS was a loss of $0.03, impacted by restructuring and transformation costs.

• Adjusted free cash flow was $56 million, benefiting from working capital improvements.

Outlook and guidance

• Full-year 2026 guidance maintained: revenue between $2.188 billion and $2.303 billion, adjusted EBITDA between $432 million and $447 million, and adjusted EPS between $0.89 and $0.92.

• Sequential improvement expected in Q3 and Q4, with Q4 seasonally strongest; margin improvement anticipated as more customers convert to new applications.

• Strategy focuses on expanding SaaS, integrated payments, and services, with continued investment in platform innovation.

• Year-over-year revenue change expected to be (2%) to 3% on a pro forma basis.

• Macroeconomic volatility, inflation, and evolving trade policies present ongoing uncertainties for future performance.