$CNDT Conduent Incorporated | Understand Stock

What Do They Do?

Provides business-process services for commercial clients, government agencies and transportation authorities, covering customer support, public-program administration and transportation payments.

How Do They Make Money?

Clients pay for ongoing business-process services as Conduent provides them; some fees vary with transactions or usage, and some services require payment in advance.

revenue

Segment	Share	How money arrives
Commercial: Usage-based	50% FY2022: 46%	Usage-based
Government: Recurring	30% FY2022: 30%	Recurring
Transportation: Recurring	20% FY2022: 15%	Recurring

Who Are Their Customers?

Commercial clients across industries use Conduent for front- and back-office work; public agencies and transportation authorities use it to administer programs, payments, tolls and fares. Its global sales teams and account managers sell and tailor services to clients.

Do Revenues Turn Into Profits?

No. It lost $170M in FY2025.

Operating income, FY2025

4% of revenue

▼ −18% vs FY2024 ($165M, 5%)

Net income, FY2025

−6% of revenue

▼ Now a loss vs FY2024 ($426M, 13%)

Free cash flow, FY2025

−4% of revenue

▲ +69% (Loss) vs FY2024 (−$78M, −2%)

How Are They Changing?

Since the FY2025 annual report

Latest quarter: Q2 FY2026, the three months to Jun 30, 2026

Revenue: ▼ −12%; vs $603M in Q2 FY2025
Net income: ▲ +190% (Loss); vs −$40M in Q2 FY2025

Commercial: share of revenue vs 60.5% in Q2 FY2025

Aug 10, 2026 Agreed to sell Transit and Tolling businesses and set a financial outlook Agreements: Public Transit to Modaxo for $164 million; Tolling to Quarterhill for $70 million plus 7% equity in Quarterhill; revenue outlook $2,150M–$2,250M and adjusted EBITDA $140M–$170M.

Shrinking. Revenue fell 27% in 4 years, from $4.1B in FY2021 to $3B in FY2025, about 7% a year.

A narrower transportation portfolio The older report included Curbside Management and Public Safety in its transportation portfolio; the latest report says those businesses were divested.

Revenue over time

Commercial: Government: Transportation: Other: Unallocated Costs

$5B$2.5B$0

FY2021 FY2022 FY2023 FY2024 FY2025

Who Do They Compete With?

Competes with Accenture, Cognizant, TTEC, Teleperformance, Genpact, Wipro, EXL Services, Alight, Willis Towers Watson, Gainwell, Optum, Maximus, Leidos, TransCore, Thales, Cubic, and INIT