Conduent Incorporated
Built from real-time financials, refreshed daily. For a full Analyst Grade with bull/bear case, price targets, and qualitative risk analysis, generate a CNDT research report →
Price Chart
About the company
Conduent Incorporated delivers a range of business process services, leveraging expertise in handling high-volume transactions, data analysis, and automated systems across North America, Europe, and other global markets. The company's operations are organized into three primary divisions: Commercial Industries, Government Services, and Transportation. The Commercial Industries segment caters to a diverse array of businesses, furnishing them with tailored business process solutions.
- CEO
- Harsha V. Agadi
- IPO
- 2016
- Employees
- 46,000
- HQ
- Florham Park, NJ, US
Get TickerSpark's AI analysis on CNDT
Create an account to generate AI analysis on any ticker — technical setup, analyst consensus, earnings watch, insider pulse, financial health, and peer context. Ready in about a minute.
Get Pro Access →Already have an account? Log in
Similar companies
Peers in the same neighborhood.
- Market Cap
- $240.40M
- P/E
- -1.02
- PEG
- 0.00
- P/S
- 0.09
- P/B
- 0.36
- EV/EBITDA
- 10.52
- Div Yield
- 0.00%
- Gross Margin
- 16.73%
- Op Margin
- -0.18%
- Net Margin
- -8.17%
- ROE
- -30.45%
- ROIC
- -0.31%
Latest fiscal year · YoY change
- Revenue
- $3.04B-9.4%
- Gross Profit
- $552.00M-11.8%
- Op Income
- $-58,000,000
- Net Income
- $-170,000,000-139.9%
- EPS
- $-1.14-150.0%
- OCF Growth
- -46.0%
- FCF Growth
- -45.3%
- 52W High
- $2.98
- 52W Low
- $1.15
- 50D MA
- $1.51
- 200D MA
- $1.64
- Beta
- 1.44
- RSI (14)
- 49
- Avg Volume
- 1.18M
Earnings call summaries
Pick a quarter — each call distilled into takeaways, results, and a bull vs bear read.
Conduent’s Q2 was broadly in line with expectations, with revenue down on portfolio actions and client roll-offs, but management highlighted stronger pipeline, cost cuts, and a raised full-year outlook tied to divestitures.· August 10, 2026
- Q2 revenue was $531 million, down 11.9% year over year, and adjusted EBITDA was $16 million with a 3% margin, down 80 basis points.
- Commercial revenue fell 13% to $316 million, but Commercial adjusted EBITDA margin improved to 7.6% as cost actions offset pressure.
- Government revenue was $215 million, with margin at 23.7%; management said timing of Medicaid implementation and lost business created a temporary dip.
- Conduent updated 2026 guidance to revenue of $2.15 billion to $2.25 billion and adjusted EBITDA of $140 million to $170 million, midpoint margin 7%.
- The company announced sales of its transit and tolling businesses, expects $234 million in gross proceeds plus a 7% Quarterhill stake, and plans to use most proceeds to reduce debt.
Q2 2026 revenue was $531 million versus $603 million in Q2 2025, down 11.9%. Adjusted EBITDA was $16 million versus $23 million a year ago, and adjusted EBITDA margin was 3%, down 80 basis points year over year. Commercial revenue was $316 million, down 13%, with adjusted EBITDA of $24 million and margin of 7.6%; Government revenue was $215 million, with adjusted EBITDA of $51 million and margin of 23.7%. The company ended Q2 with approximately $240 million in cash and negative adjusted free cash flow of $8 million; adjusted net leverage was 2.1 turns. For 2026, management now expects revenue of $2.15 billion to $2.25 billion and adjusted EBITDA of $140 million to $170 million, midpoint margin 7%.
Harsha Agadi framed the quarter as part of a broader transformation that is “predictable” but still early. He emphasized five priorities: speed and accountability, financial discipline, lower costs, portfolio optimization, and converting pipeline into growth. He sounded constructive on client engagement, AI use cases, and the company’s strategic reset, saying the business is becoming simpler, more focused, and better positioned for sustainable profitable growth.
Giles Goodburn said the quarter reflected transformation-related items, including discontinued operations, stranded costs, and consulting costs tied to efficiency programs. He pointed to $99 million of new business ACV in Q2, $188 million in the first half, a $3 billion qualified pipeline up 11% year over year, and $617 million of TCV renewals in the quarter. On the balance sheet, he cited approximately $240 million of cash, negative adjusted free cash flow of $8 million, 2.6% of revenue in capex, and an adjusted net leverage ratio of 2.1 turns; he also said leverage could move toward a 1x range over the next 18 months to 2 years if transformation benefits continue.
Analysts focused on margin sustainability, leverage targets, AI’s role in growth, client concentration, and the source of cost savings. Management said the long-term margin goal remains above 10% for the business after central SG&A, and Harsha said Government margin improvement is being helped by AI tools and a leadership reset. On leverage, Giles said the post-deal ratio should come down to around 2x and could move closer to 1x over time; Harsha said the $100 million cost program is roughly 60% to 70% headcount and 30% to 40% tech stack related, with more than half already identified.
The bull case is that pipeline, sales conversion, and client engagement are improving while the company simplifies itself. Management said the qualified pipeline is $3 billion and growing, new wins are expanding service density, and AI is already reducing manual work and speeding implementation. The transportation divestitures also provide cash to reduce debt and sharpen focus on higher-value businesses.
The bear case is that reported revenue and EBITDA are still declining, and management explicitly said some existing contracts are rolling off while volumes decline in certain programs. The largest Commercial client is still ending in Q3, Government revenue was hit by timing and lost business, and adjusted free cash flow remained negative in the first half. Execution risk remains around turning pipeline into revenue, closing the divestitures by end-2026, and delivering the promised margin improvement and cost savings.
AI summary of the company's earnings call · Paraphrased · Not investment advice
- Free Float
- 89.6%
- Shares Outstanding
- 155.10M
- Float Shares
- 138.92M
of shares held by institutions
193 13F filers
Buy/sell ratio 1.00. Sells can include pre-scheduled 10b5-1 plan sales, not just discretionary selling.
Congressional trading
Senate and House stock disclosures for CNDT, newest first.
| Member | Type | Traded | |
|---|---|---|---|
| Lois FrankelHouse · FL21 | Buy | Jun 15, 18 | Filing → |
Source: public STOCK Act disclosures. Filed weeks after the trade — a lagging signal, not a real-time one.
Top institutional holders
Largest 13F positions, with quarter-over-quarter change.
| Holder | Shares | Δ Quarter |
|---|---|---|
| Neuberger Berman Group LLC | 16.73M | ▲ 1.56M |
| Blackrock, Inc. | 13.83M | ▼ 10.21K |
| Miller Value Partners, LLC | 12.99M | ▲ 2.96M |
| Vanguard Group Inc | 8.72M | ▲ 85.21K |
| Dimensional Fund Advisors LP | 6.78M | ▼ 824.87K |
| Vanguard Capital Management LLC | 6.05M | ▼ 534.28K |
| Blue Owl Capital Holdings LP | 5.04M | 0 |
| Sixth Street Partners Management Company, L.P. | 4.92M | ▲ 4.92M |
| Charles Schwab Investment Management Inc | 4.92M | ▼ 1.56M |
| Geode Capital Management, LLC | 3.92M | ▲ 728.68K |
| Kennedy Capital Management LLC | 3.85M | ▲ 2.03M |
| State Street Corp | 3.29M | ▼ 161.20K |
Held by 124 ETFs
Biggest fund positions in CNDT by dollar value.
Recent insider transactions
Who's buying, who's selling, and how much.
| Date | Insider | Type | Shares |
|---|---|---|---|
| Aug 18, 26 | Novoseletsky Anna Rose | other | 0 |
| Jul 31, 26 | Goodburn Giles Andrew | other | 3,841 |
| Jul 15, 26 | Letier A. Scott | other | 20,353 |
| Jun 1, 26 | Demuyakor Adam | other | 63,698 |
| Jun 1, 26 | Demuyakor Adam | other | 0 |
| Apr 1, 26 | KRAWITZ MICHAEL E | other | 206,766 |
| Apr 1, 26 | KRAWITZ MICHAEL E | other | 413,533 |
| Apr 1, 26 | Goodburn Giles Andrew | other | 187,969 |
| Apr 1, 26 | Goodburn Giles Andrew | other | 375,939 |
| Apr 1, 26 | Abate George Joseph | other | 28,195 |
A “Sell” may be a pre-scheduled 10b5-1 plan sale rather than a discretionary decision — read insider selling with that in mind.
Our CNDT coverage
Recent articles, reports, and earnings notes.
No research on CNDT yet
For a full analyst-grade research report — grades, price targets, financials, chart analysis — generate one on demand.
Generate CNDT report →Conduent Collaborates with Google Cloud to Expand Enterprise AI Strategy and Deliver GenAI-Powered eDiscovery Solution
gurufocus.com · Aug 20
Conduent Collaborates with Google Cloud to Expand Enterprise AI Strategy and Deliver GenAI-Powered eDiscovery Solution
businesswire.com · Aug 20
Conduent: Needs Real Growth To Be Deserving Of A Higher Valuation
seekingalpha.com · Aug 19
Conduent Incorporated (CNDT) Q2 2026 Earnings Call Transcript
seekingalpha.com · Aug 10
Conduent Q2 Earnings Call Highlights
marketbeat.com · Aug 10
Conduent (CNDT) Reports Q2 Loss, Misses Revenue Estimates
zacks.com · Aug 10
Virginia Awards Conduent Contract to Manage and Modernize Medicaid Program Delivery Systems
businesswire.com · Aug 6
Conduent Appoints Anna Novoseletsky as Executive Vice President, General Counsel and Secretary
businesswire.com · Aug 3
Headlines from third-party outlets — TickerSpark isn't affiliated with these sources.