The headline GAAP revenue decline masks a stabilizing software/services business with growing recurring revenue and expanding EBITDA margins. The maintained FY2026 outlook suggests management sees the current trajectory as sustainable. Traders should watch for continued RCV growth and platform site expansion as leading indicators of future revenue conversion, and monitor whether the pro forma revenue growth can reach the positive end of the (2%) to 3% guidance range.
Price Chart
Executive Summary
NCR Voyix reported Q2 2026 results with GAAP revenue declining 21% YoY to $523M due to the Hardware Business Transition, though software & services revenue grew slightly to $497M and recurring revenue rose to $435M. Adjusted EBITDA increased 5% to $98M and non-GAAP EPS was flat at $0.17. The company maintained its full-year 2026 outlook, guiding for pro forma revenue change of (2%) to 3% and adjusted EBITDA of $432M-$447M. The headline GAAP revenue decline is significant, but the underlying transition to a higher-margin software/services model shows modest progress, making the overall picture mixed.
Key Facts
- GAAP revenue fell 21% YoY to $523M from $660M, driven by the Hardware Business Transition.
- Software & services revenue was $497M vs $493M in the prior year period.
- Recurring revenue grew to $435M from $421M YoY; recurring software revenue was $211M vs $199M.
- Adjusted EBITDA rose 5% to $98M from $93M; Adjusted EBITDA margin expanded to 18.7% from 14.1%.
- Non-GAAP diluted EPS was flat at $0.17; GAAP diluted EPS from continuing operations was ($0.03).
- Full-year 2026 outlook maintained: revenue $2,188M-$2,303M, adjusted EBITDA $432M-$447M, non-GAAP diluted EPS $0.89-$0.92.
- Remaining Contract Value (RCV) for Voyix Commerce Platform was ~$286M, up 65% YoY.
- Company repurchased $11M of common stock in Q2 2026.
- Long-term debt stood at $1,101M, essentially flat vs year-end 2025.
Financial Impact
GAAP revenue declined $137M (-21%) YoY; adjusted EBITDA increased $5M (+5%) YoY; non-GAAP EPS flat at $0.17.
Risk Factors
- GAAP revenue decline of 21% YoY reflects ongoing business model transition risk and potential customer disruption.
- Restaurants segment revenue declined 23% YoY and segment adjusted EBITDA fell 15%, signaling competitive or demand pressure.
- Long-term debt of $1.1B against a $1.2B market cap represents significant leverage.
- Transformation and restructuring costs of $20M in Q2 2026 (vs $16M in Q2 2025) indicate ongoing cost pressures.
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 5 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0000070866-26-000029 |
| Document: ncr-20260805.htm | 0000070866-26-000029 |
| Document: 0000070866-26-000029-index-headers.html | 0000070866-26-000029 |
| Document: 0000070866-26-000029-index.html | 0000070866-26-000029 |
| Document: 0000070866-26-000029.txt | 0000070866-26-000029 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Aug 5, 2026 11w ago | 8-K | $9.52 $8.98 | ▼ −5.67% | ▼ −5.07% | $7.68 (−19.33%) |
Feb 26, 2026 34w ago | 8-K | $8.24 $6.47 | ▼ −21.48% | ▼ −15.08% | $7.68 (−6.80%) |
US Market Status
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