NCR Voyix Corporation
ncr.comWhat Do They Do?
Provides commerce software, payment processing and support services to retailers and restaurants.
10-K for FY2025, filed Feb 26, 2026Our Retail segment primarily serves enterprise and mid-market retailers in the convenience & fuel; grocery, drug & mass merchandise; and…View ↗
Our Restaurants segment is focused on serving restaurants and food service establishments including quick-service, table-service and fast…View ↗
We are a platform-powered leader in unified commerce for shopping and dining, enabling retail and restaurant customers of all sizes to…View ↗
We offer end-to-end omnichannel payment capabilities integrated with our POS and SCO offerings that seek to provide seamless, secure and…View ↗
Given our global presence and deep retail and restaurant service expertise, we believe we are uniquely positioned to offer a comprehensive…View ↗
How Do They Make Money?
Service revenue comes from cloud software subscriptions paid over the contract or by use, payment processing and support; product revenue comes from hardware and on-premise software licenses, charged when hardware ships or software access begins.
10-K for FY2025, filed Feb 26, 2026For hardware products, control is generally transferred when the customer has the ability to direct the use of and obtain substantially all…View ↗
Software licenses may be sold as perpetual licenses or term-based licenses as part of subscription offerings. Perpetual software license…View ↗
SaaS revenue primarily consists of subscription fees for providing customers access to the Company’s platform and cloud-based applications.…View ↗
Payment processing revenue primarily includes processing solutions for credit cards and debit cards. Under these contracts, the Company…View ↗
All other services revenue consists of software maintenance, professional services, installation services and hardware maintenance. When…View ↗
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10-K for FY2025, filed Feb 26, 2026
FY2025 revenue by product or service ↗
$2.7B
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10-K for FY2025, filed Feb 26, 2026
$2.7B ↗
| Segment | Share | Revenue | How money arrives |
|---|---|---|---|
|
Product
Sold outright
10-K for FY2025, filed Feb 26, 2026 |
29%
FY2022: 38%
|
Product, FY2025
$774M Sources
|
Sold outright |
|
Service
Mix
10-K for FY2025, filed Feb 26, 2026 |
71%
FY2022: 62%
|
Service, FY2025
$1.9B Sources
|
Mix |
Who Are Their Customers?
Retailers and restaurants buy through the company’s direct sales teams and through value-added resellers and systems integrators.
10-K for FY2025, filed Feb 26, 2026Our Retail segment primarily serves enterprise and mid-market retailers in the convenience & fuel; grocery, drug & mass merchandise; and…View ↗
Our Restaurants segment is focused on serving restaurants and food service establishments including quick-service, table-service and fast…View ↗
Leveraging our brand recognition and our global distribution network, we target both new and existing customers across a wide variety of…View ↗
10-K for FY2025, filed Feb 26, 2026
Concentrations One customer accounted for approximately 12%, 13% and 16% of our consolidated operating revenues during the years ended…View ↗
Do Revenues Turn Into Profits?
Yes. It kept 2 cents of every revenue dollar as net income in FY2025, but spent more cash than it brought in: free cash flow was −$375M.
10-K for FY2025, filed Feb 26, 2026
$26MView ↗
10-K for FY2025, filed Feb 26, 2026
$62MView ↗
10-K for FY2025, filed Feb 26, 2026
−$375MView ↗
How Are They Changing?
10-Q for Q2 FY2026, filed Aug 5, 2026
Open tableView ↗
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Aug 5, 2026
Maintained its 2026 financial outlook
Sources
8-K, filed Aug 5, 2026
For the full-year 2026, the Company is maintaining its outlook as follows:View ↗
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May 7, 2026
Agreed to sell its Japan bank technology business
The sale is expected to close by the end of 2026; the company updated its full-year outlook to exclude the business.
Sources
8-K, filed May 7, 2026
The Remaining Contract Value for the Company’s Voyix Commerce Platform applications was approximately $293 million as of March 31, 2026, an…View ↗
Shrinking. Revenue fell 62% in 4 years, from $7.2B in FY2021 to $2.7B in FY2025, about 22% a year.
Narrower business focus
The older report included digital banking, ATM networks and self-service banking; the latest focuses on retail and restaurants after the ATM business spin-off and digital-banking sale.
10-K for FY2022, filed Feb 27, 2023 10-K for FY2025, filed Feb 26, 2026NCR Corporation (“NCR”, the “Company”, “we” or “us”) was originally incorporated in 1884 and is a software- and services-led enterprise…View ↗
On October 16, 2023, we completed the spin-off of our ATM-focused business, which included our self-service banking, payments & network…View ↗
We completed the sale of our Digital Banking segment businesses (the “Digital Banking Sale”) to an affiliate of The Veritas Capital Fund…View ↗
Prior to the Spin-Off and Digital Banking Sale, the Company operated a number of reportable segments: Retail, Hospitality, Digital Banking…View ↗
From hardware toward software and services
The older report described a strategy to become a software platform and payments company; the latest says offerings largely consist of software subscriptions and related services, rather than its historically hardware-driven model.
10-K for FY2022, filed Feb 27, 2023 10-K for FY2025, filed Feb 26, 2026In order to provide long-term value to all our stakeholders, we set complementary business goals and financial strategies. NCR is…View ↗
Who Do They Compete With?
Competes with Aptos, Block, Diebold Nixdorf, Fiserv, Flooid, Fujitsu, GK Software, Global Payments, HP, Lightspeed, Olo, Oracle, PAR Technology, Toast, Toshiba Tec, and Qu
10-K for FY2025, filed Feb 26, 2026Our competitors vary by market segment, product, service offering and geographic area. Key competitors include Aptos, Inc., Block Inc.…View ↗
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