NCR Voyix Swings to Loss Amid Post-Spin-Off Revenue Dip

TL;DR

**NCR Voyix's Q3 loss and revenue dip post-spin-off show a company struggling to find its footing, making it a risky bet for short-term gains.**

AI Summary

NCR Voyix Corp (NCRRP) reported a net loss of $19 million for the three months ended September 30, 2025, a significant decline from the net income of $1,082 million in the same period of 2024, primarily due to the absence of income from discontinued operations. Total revenue decreased by 3.4% to $684 million in Q3 2025 from $708 million in Q3 2024, with product revenue falling by $18 million to $200 million and service revenue decreasing by $6 million to $484 million. For the nine months ended September 30, 2025, the company posted a net loss of $36 million, a stark contrast to the $968 million net income in the prior year, largely influenced by the spin-off of NCR Atleos and the sale of Digital Banking. Operating expenses saw a slight reduction to $669 million in Q3 2025 from $692 million in Q3 2024. Cash and cash equivalents significantly decreased to $282 million as of September 30, 2025, from $722 million at December 31, 2024. The company also repurchased $69 million of common stock during the nine months ended September 30, 2025.

Why It Matters

NCR Voyix's shift to a net loss of $19 million in Q3 2025 from a $1,082 million net income in Q3 2024, largely due to discontinued operations, signals a critical transition phase for investors. The 3.4% revenue decline to $684 million reflects challenges in its core product and service segments post-divestitures, impacting future growth prospects. For employees, the Hardware Business Transition to an ODM model with Ennoconn Corporation could reshape operational roles and job security. Customers might experience changes in hardware supply and support as NCR Voyix shifts to a sales agent model, potentially affecting service quality and competitive pricing in the point-of-sale and self-checkout markets.

Risk Assessment

Risk Level: high — The company reported a net loss of $19 million for the three months ended September 30, 2025, a significant drop from a net income of $1,082 million in the prior year, primarily due to the absence of income from discontinued operations. Cash and cash equivalents decreased substantially from $722 million at December 31, 2024, to $282 million at September 30, 2025, indicating a significant reduction in liquidity.

Analyst Insight

Investors should exercise caution and thoroughly evaluate NCR Voyix's long-term strategy post-spin-off and divestitures. Monitor the success of the Hardware Business Transition to the ODM model with Ennoconn and its impact on revenue and profitability before considering any new positions.

Financial Highlights

revenue

$684M

operating Margin

2.3%

net Income

$-19M

eps

$-0.16

cash Position

$282M

revenue Growth

-3.4%

Revenue Breakdown

Key Numbers

• $19M — Net Loss (for Q3 2025, a significant decrease from $1,082M net income in Q3 2024)
• $684M — Total Revenue (for Q3 2025, down 3.4% from $708M in Q3 2024)
• $200M — Product Revenue (for Q3 2025, an $18M decrease from Q3 2024)
• $484M — Service Revenue (for Q3 2025, a $6M decrease from Q3 2024)
• $36M — Net Loss (YTD) (for nine months ended September 30, 2025, compared to $968M net income in prior year)
• $282M — Cash and Cash Equivalents (as of September 30, 2025, down from $722M at December 31, 2024)
• $69M — Common Stock Repurchases (during the nine months ended September 30, 2025)
• 138.2M — Weighted Average Common Shares Outstanding (for Q3 2025, down from 145.4M in Q3 2024)

Key Players & Entities

• NCR Voyix Corp (company) — registrant for 10-Q filing
• NCR Atleos Corporation (company) — ATM-focused business spun off on October 16, 2023
• The Veritas Capital Fund VIII, L.P. (company) — buyer of Digital Banking segment
• Ennoconn Corporation (company) — partner for Hardware Business Transition to ODM model
• $19 million (dollar_amount) — net loss for three months ended September 30, 2025
• $1,082 million (dollar_amount) — net income for three months ended September 30, 2024
• $684 million (dollar_amount) — total revenue for three months ended September 30, 2025
• $708 million (dollar_amount) — total revenue for three months ended September 30, 2024
• $2.45 billion (dollar_amount) — purchase price for Digital Banking Sale
• $282 million (dollar_amount) — cash and cash equivalents as of September 30, 2025

FAQ

Risk Factors

• Deterioration in Profitability [high — financial]: The company reported a net loss of $19 million in Q3 2025, a significant drop from a net income of $1,082 million in Q3 2024. This shift is largely due to the absence of income from discontinued operations, highlighting a core business performance decline.
• Reduced Cash Reserves [high — financial]: Cash and cash equivalents decreased substantially from $722 million at the end of 2024 to $282 million as of September 30, 2025. This reduction, coupled with $69 million in stock repurchases, may limit future investment and operational flexibility.
• Declining Revenue Streams [medium — operational]: Total revenue fell by 3.4% to $684 million in Q3 2025. Both product revenue ($200M vs $218M) and service revenue ($484M vs $490M) experienced declines, indicating potential challenges in market demand or competitive positioning.
• Impact of Discontinued Operations [medium — financial]: The significant swing in net income from $1,082 million in Q3 2024 to a $19 million loss in Q3 2025 is heavily influenced by the spin-off of NCR Atleos and sale of Digital Banking. This makes year-over-year comparisons of overall profitability misleading.
• Competitive Pressures [medium — market]: The technology and financial services sectors are highly competitive. Continued pressure from competitors could impact pricing, market share, and the ability to generate revenue growth in core segments.
• Shareholder Returns and Dilution [low — financial]: While the company repurchased $69 million of common stock, the weighted average common shares outstanding decreased from 145.4 million in Q3 2024 to 138.2 million in Q3 2025. Future buybacks or issuances will impact EPS and shareholder value.

Industry Context

NCR Voyix operates in the highly competitive financial technology and business services sectors. The industry is characterized by rapid technological advancements, increasing demand for digital solutions, and evolving regulatory landscapes. Companies are focused on providing integrated hardware, software, and services to financial institutions and businesses, with a trend towards cloud-based solutions and data analytics.

Regulatory Implications

As a provider of financial technology solutions, NCR Voyix is subject to various regulations concerning data privacy, cybersecurity, and financial transactions. Compliance with these regulations is critical to maintaining customer trust and avoiding penalties. Changes in regulatory requirements, particularly in data handling and cross-border transactions, could impact operational costs and business strategies.

What Investors Should Do

1. Monitor core business performance
2. Analyze cash flow trends
3. Evaluate the impact of strategic changes
4. Assess competitive positioning

Key Dates

• 2025-09-30: End of Q3 2025 — Reported net loss of $19M and total revenue of $684M, with cash reserves at $282M.
• 2024-09-30: End of Q3 2024 — Reported net income of $1,082M and total revenue of $708M, with significant income from discontinued operations.
• 2024-12-31: End of Fiscal Year 2024 — Company held $722M in cash and cash equivalents.

Glossary

Discontinued Operations

A component of a business that has been disposed of or is classified as held for sale, and whose results are reported separately from continuing operations. (The absence of income from discontinued operations in Q3 2025 significantly impacted the net income comparison to Q3 2024.)

Weighted Average Common Shares Outstanding

The average number of common shares outstanding over a period, used to calculate earnings per share. (A decrease in this metric from 145.4M to 138.2M in Q3 2025 suggests share repurchases, which can impact EPS.)

Continuing Operations

The ongoing business activities of a company that are expected to continue into the future. (Income (loss) from continuing operations shows the performance of the core, ongoing business segments, which were $(17)M in Q3 2025.)

Other Comprehensive Income (Loss)

Unrealized gains or losses that bypass the income statement but affect equity, such as currency translation adjustments. (NCR Voyix reported a $(7)M currency translation loss in Q3 2025, impacting total comprehensive income.)

Year-Over-Year Comparison

Compared to the prior year's Q3, NCR Voyix reported a significant decline in net income, shifting from $1,082 million to a $19 million loss, largely due to the absence of income from discontinued operations. Total revenue also decreased by 3.4% to $684 million, with both product and service revenues showing slight declines. Operating expenses were reduced slightly, but the overall profitability picture is heavily skewed by the divestitures, making direct year-over-year comparisons of net income misleading for the core business.

Key Financial Figures

• $0.01 — ch registered Common Stock, par value $0.01 per share VYX New York Stock Exchange

Filing Documents

• ncr-20250930.htm (10-Q) — 1980KB
• exhibit101jameswise-offerl.htm (EX-10.1) — 28KB
• exhibit311sec302ceocert-93.htm (EX-31.1) — 8KB
• exhibit312sec302cfocert-93.htm (EX-31.2) — 8KB
• exhibit32sec906ceoandcfoce.htm (EX-32) — 8KB
• 0000070866-25-000088.txt ( ) — 10196KB
• ncr-20250930.xsd (EX-101.SCH) — 66KB
• ncr-20250930_cal.xml (EX-101.CAL) — 109KB
• ncr-20250930_def.xml (EX-101.DEF) — 345KB
• ncr-20250930_lab.xml (EX-101.LAB) — 826KB
• ncr-20250930_pre.xml (EX-101.PRE) — 563KB
• ncr-20250930_htm.xml (XML) — 1552KB

Financial Information

PART I. Financial Information Description Page

Financial Statements

Item 1. Financial Statements 3 Condensed Consolidated Statements of Operations (Unaudited) Three and Nine Months Ended September 30, 2025 and 2024 3 Condensed Consolidated Statements of Comprehensive Income (Loss) (Unaudited) Three and Nine Months Ended September 30, 2025 and 2024 4 Condensed Consolidated Balance Sheets (Unaudited) September 30, 2025 and December 31, 2024 5 Condensed Consolidated Statements of Cash Flows (Unaudited) Nine Months Ended Se ptember 30, 2025 and 2024 6 Condensed Consolidated Statements of Changes in Stockholders' Equity (Deficit) (Unaudited) Three and Nine Months Ended Se ptem ber 30, 2025 and 2024 7 Notes to Condensed Consolidated Financial Statements (Unaudited) 9

Management's Discussion and Analysis of Financial Condition and Results of Operations

Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations 35

Quantitative and Qualitative Disclosures about Market Risk

Item 3. Quantitative and Qualitative Disclosures about Market Risk 53

Controls and Procedures

Item 4. Controls and Procedures 54

Other Information

PART II. Other Information Description Page

Legal Proceedings

Item 1. Legal Proceedings 55

Risk Factors

Item 1A. Risk Factors 55

Unregistered Sales of Equity Securities and Use of Proceeds

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 55

Other Information

Item 5. Other Information 56

Exhibits

Item 6. Exhibits 57

Signatures

Signatures 58 2 Table of Contents

Financial Information

Part I. Financial Information

FINANCIAL STATEMENTS

Item 1. FINANCIAL STATEMENTS NCR Voyix Corporation Condensed Consolidated Statements of Operations (Unaudited) In millions, except per share amounts Three months ended September 30 Nine months ended September 30 2025 2024 2025 2024 Product revenue $ 200 $ 218 $ 538 $ 683 Service revenue 484 490 1,429 1,457 Total revenue 684 708 1,967 2,140 Cost of products 168 182 484 591 Cost of services 350 359 1,029 1,118 Selling, general and administrative expenses 111 113 333 339 Research and development expenses 40 38 112 129 Total operating expenses 669 692 1,958 2,177 Income (loss) from operations 15 16 9 ( 37 ) Gain (loss) on extinguishment of debt — 8 — 8 Interest expense ( 15 ) ( 40 ) ( 44 ) ( 120 ) Other income (expense), net ( 23 ) ( 14 ) ( 18 ) ( 37 ) Income (loss) from continuing operations before income taxes ( 23 ) ( 30 ) ( 53 ) ( 186 ) Income tax expense (benefit) ( 6 ) ( 1 ) ( 17 ) 4 Income (loss) from continuing operations ( 17 ) ( 29 ) ( 36 ) ( 190 ) Income (loss) from discontinued operations, net of tax ( 2 ) 1,111 — 1,158 Net income (loss) ( 19 ) 1,082 ( 36 ) 968 Net income (loss) attributable to noncontrolling interests — — — — Net income (loss) attributable to noncontrolling interests of discontinued operations — — — ( 1 ) Net income (loss) attributable to NCR Voyix $ ( 19 ) $ 1,082 $ ( 36 ) $ 969 Amounts attributable to NCR Voyix common stockholders: Income (loss) from continuing operations $ ( 17 ) $ ( 29 ) $ ( 36 ) $ ( 190 ) Series A convertible preferred stock dividends ( 3 ) ( 4 ) ( 11 ) ( 12 ) Income (loss) from continuing operations attributable to NCR Voyix common stockholders ( 20 ) ( 33 ) ( 47 ) ( 202 ) Income (loss) from discontinued operations, net of tax attributable to NCR Voyix common stockholders ( 2 ) 1,111 — 1,159 Net income (loss) attributable to NCR Voyix common stockholders $ ( 22 ) $ 1,078 $ ( 47 ) $ 957 Income (loss) per share attributable to NCR Voyix common stockholders: Income (loss) per common sh

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