NCR Voyix Corporation

For Q1 2026, total revenue decreased 1% to $606 million. Adjusted EBITDA increased 5% to $78 million, with margin expanding 80 basis points to 12.9%. Non-GAAP EPS increased 25% to $0.10 per share, while GAAP EPS was a loss of $0.04 per share. Retail revenue increased 2% to $427 million and restaurant revenue declined 6% to $179 million. Retail adjusted EBITDA increased 20% to $78 million with margin at 18.3%, while restaurant adjusted EBITDA decreased 8% to $54 million. Embedded VCP contracts ended the quarter at 21 signed deals with $293 million of remaining deal value, up 75% year over year and 15% sequentially. Adjusted free cash flow before restructuring was $71 million, and the company ended the quarter with net leverage of 2.1x. Full-year 2026 guidance was updated after the Japan banking divestiture to revenue of $2.188 billion to $2.303 billion and adjusted EBITDA of $432 million to $447 million. Management said pro forma revenue implies roughly a decline of 2% to 3% to growth of 3%, and adjusted EBITDA growth of about 3% to 7% year over year. The company also reiterated that 2026 revenue seasonality should be broadly consistent with 2025, with EBITDA growth more weighted to Q4.

Jim Kelly framed the quarter as evidence that the company’s transition to a software- and services-led model is gaining traction. He highlighted early momentum in VCP applications, more customer demos, and signed contracts that he said are starting to show up in revenue and should continue to ramp. He also emphasized portfolio simplification through divestitures, the ODM transition, and capital returns, saying the company has already returned capital via repurchases and debt reduction and expects more progress by year-end.

Brian Webb-Walsh said results were in line with expectations and tied to the company’s restructuring and divestiture actions. He cited $606 million of revenue, $78 million of adjusted EBITDA, 12.9% adjusted EBITDA margin, and non-GAAP EPS of $0.10; GAAP EPS was a loss of $0.04 due to ODM implementation costs. He also noted $71 million of adjusted free cash flow before restructuring, $41 million of restructuring in the quarter, $36 million of CapEx, approximately 9 million common shares repurchased, and net leverage of 2.1x. For the full year, he reiterated a roughly 21% tax rate, CapEx similar to 2025, and $90 million of cost actions for 2026.

Analysts pressed management on the cadence of the year, the timing of VCP revenue conversion, and the size and durability of the remaining contract value. Management said the new contracts are mostly 5-year agreements that will ramp as deployments roll out, with some revenue already in the P&L this year and more to come over time. They also emphasized that VCP wins are coming from a mix of new logos, existing customers accelerating upgrades, and renewals, while noting that some older bespoke products will eventually be end-of-serviced, which they said could spur additional growth later this year.