NCR Voyix Corporation reported third‑quarter 2025 results that surpassed consensus expectations, with total revenue of $684 million and a non‑GAAP diluted earnings per share of $0.31. The company’s adjusted EBITDA margin expanded to 18.3 % from 13.4 % in the same quarter a year earlier, and it lifted its full‑year 2025 revenue outlook to $2.65 billion–$2.67 billion and EPS guidance to $0.85–$0.90, both higher than the prior guidance of $2.575 billion–$2.65 billion and $0.79, respectively.
Revenue fell 3 % year‑over‑year to $684 million, driven by a 5 % decline in hardware sales that offset a 12 % increase in software and services revenue. The company’s recurring revenue stream grew, with annual recurring revenue (ARR) rising to $1.70 billion and software ARR reaching $798 million, underscoring the shift toward higher‑margin subscription business. The restaurant segment continued to perform strongly, while the retail segment experienced softness in hardware demand, reflecting broader market headwinds in that channel.
The EPS beat of $0.09 per share – a 40.9 % over the consensus estimate of $0.22 – was largely a result of disciplined cost management and a favorable product mix that favored high‑margin software contracts. Margin expansion to 18.3 % was achieved through higher pricing power in the software and services portfolio and operational efficiencies that offset the lower hardware revenue. The company also reported a $0.31 non‑GAAP diluted EPS, beating the $0.22 estimate by $0.09, a significant margin that highlights the effectiveness of its cost‑control initiatives.
Segment analysis shows that the restaurant business remains a key driver of profitability, with strong recurring revenue growth and a renewed six‑year exclusive partnership with Chipotle Mexican Grill that will roll out the next‑generation POS platform across 4,000 restaurants. In contrast, the retail segment’s hardware sales declined, contributing to the overall revenue dip. The company’s focus on platform‑powered unified commerce and the expansion of its payment capabilities are expected to support future growth in both segments.
Management reiterated confidence in the company’s trajectory, with CEO James G. Kelly stating, “We remain focused on accelerating growth and solidifying our leadership in unified commerce. NCR Voyix is the platform‑powered leader serving retail and restaurants, and we will continue to scale our capabilities, execute with discipline, and deliver sustainable long‑term value.” The raised guidance signals management’s belief that the company can sustain higher margins and recurring revenue growth, while the mixed market reaction reflects investor caution over the revenue decline and retail softness despite the strong earnings beat.
The company also disclosed cybersecurity incidents, reporting ransomware‑related expenses of $47 million (with $36 million recovered through insurance) and $34 million of fraudulent ACH disbursements (with $16 million recovered). These incidents represent a financial and operational concern that management is addressing as part of its broader risk management strategy.
The company’s strategic shift away from its Digital Banking segment and the focus on high‑margin software and services, coupled with new partnerships in payment acceptance, position NCR Voyix to capitalize on the growing unified commerce market while mitigating the impact of hardware softness.
The overall narrative shows a company that is successfully transitioning to a subscription‑based model, achieving margin expansion and earnings beats, while acknowledging the headwinds in hardware sales and the need to continue investing in platform capabilities.
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