# NCR Voyix Corp (VYX)

Informational only - not investment advice.

CIK: 0000070866
SIC: 3578 Calculating & Accounting Machines (No Electronic Computers)
SIC breadcrumb: [Manufacturing](/division/D/) > [Industrial And Commercial Machinery And Computer Equipment](/major-group/35/) > [SIC 3578 Calculating & Accounting Machines (No Electronic Computers)](/industry/3578/)
Latest 10-K filed: 2026-02-26
SEC page: https://www.sec.gov/edgar/browse/?CIK=70866
Filing source: https://www.sec.gov/Archives/edgar/data/70866/000007086626000006/ncr-20251231.htm

## At a glance

FY2025 · period end 2025-12-31 · filed 2026-02-26 · accession 0000070866-26-000006 · source: https://data.sec.gov/api/xbrl/companyfacts/CIK0000070866.json

| Metric | Value | FY | Provenance |
| --- | ---: | ---: | --- |
| Revenue | 2,687,000,000 USD | 2025 | verified |
| Net income | 62,000,000 USD | 2025 | verified |
| Assets | 3,921,000,000 USD | 2025 | verified |
| Free cash flow | -375,000,000 USD | 2025 | computed |
| Net margin | 2.31% | 2025 | computed |
| Operating margin | 0.97% | 2025 | computed |
| Revenue YoY | -4.65% | 2025 | computed |
| ROE | 6.54% | 2025 | computed |

Computed values are grepcent-computed from the verified facts above and may differ from ratios the company itself reports. Free cash flow = operating cash flow − capital expenditures. Net margin = net income ÷ revenue. Operating margin = operating income ÷ revenue. Revenue YoY = FY2025 revenue ÷ FY2024 revenue − 1 (consecutive fiscal years only). ROE = net income ÷ period-end stockholders' equity.

No market price, no rating, no forecast on this site. Not investment advice.

### Peer percentile fingerprint

| Ratio | VYX | Peer median | Percentile | N |
| --- | ---: | ---: | ---: | ---: |
| Net margin | 2.3% | 7.7% | 21 | 110 |
| Operating margin | 1.0% | 13.1% | 14 | 104 |
| Revenue growth | -4.6% | 5.8% | 9 | 111 |
| FCF margin | -14.0% | 9.6% | 4 | 103 |
| ROE | 6.5% | 11.7% | 31 | 108 |
| ROA | 1.6% | 5.6% | 25 | 111 |
| Liabilities / equity | 2.92 | 1.10 | 87 | 108 |
| Current ratio | 1.04 | 2.02 | 13 | 110 |

Percentile = share of the N covered peers reporting that ratio whose value is lower (ties counted half); computed among grepcent-covered companies in SIC major-group 35 Industrial And Commercial Machinery And Computer Equipment, not the whole market. A higher percentile means a higher value of the ratio, not a better company. Ratios with fewer than 8 reporting peers are omitted. Latest reported values per company; fiscal periods may differ. Descriptive arithmetic - not a score, rating, or ranking.

## Selected Fundamentals
| Metric | Value | Unit | FY | Filed |
| --- | ---: | --- | ---: | --- |
| Revenue | 2687000000 | USD | 2025 | 2026-02-26 |
| Net income | 62000000 | USD | 2025 | 2026-02-26 |
| Assets | 3921000000 | USD | 2025 | 2026-02-26 |

## Financials

Annual standardized facts from SEC companyfacts as of latest extracted filing date 2026-02-26. Source: https://data.sec.gov/api/xbrl/companyfacts/CIK0000070866.json. Derived margins, ratios, and free cash flow are computed from the extracted annual SEC facts.

| Metric | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| Revenue |  |  |  |  | 6,207,000,000 | 3,692,000,000 | 3,174,000,000 | 3,166,000,000 | 2,818,000,000 | 2,687,000,000 |
| Net income | 270,000,000 | 232,000,000 | -88,000,000 | 564,000,000 | -79,000,000 | 97,000,000 | 60,000,000 | -428,000,000 | 958,000,000 | 62,000,000 |
| Operating income | 674,000,000 | 691,000,000 | 191,000,000 | 611,000,000 | 221,000,000 | 26,000,000 | -50,000,000 | -134,000,000 | -38,000,000 | 26,000,000 |
| Diluted EPS | 1.71 | 0.97 | -1.16 | 3.36 | -0.86 | 0.62 | 0.32 | -3.16 | 6.52 | 0.30 |
| Operating cash flow | 894,000,000 | 752,000,000 | 572,000,000 | 634,000,000 | 641,000,000 | 1,009,000,000 | 427,000,000 | 694,000,000 | -132,000,000 | -210,000,000 |
| Capital expenditures |  |  |  |  |  |  |  | 377,000,000 | 217,000,000 | 165,000,000 |
| Share buybacks | 250,000,000 | 350,000,000 | 210,000,000 | 96,000,000 | 41,000,000 | 0.00 | 0.00 | 0.00 | 56,000,000 | 74,000,000 |
| Assets | 7,673,000,000 | 7,654,000,000 | 7,761,000,000 | 8,987,000,000 | 8,414,000,000 | 11,641,000,000 | 11,507,000,000 | 4,990,000,000 | 4,452,000,000 | 3,921,000,000 |
| Liabilities | 6,112,000,000 | 6,107,000,000 | 6,489,000,000 | 7,485,000,000 | 7,090,000,000 | 10,108,000,000 | 9,753,000,000 | 4,689,000,000 | 3,245,000,000 | 2,766,000,000 |
| Stockholders' equity | 695,000,000 | 719,000,000 | 395,000,000 | 1,104,000,000 | 1,048,000,000 | 1,256,000,000 | 1,480,000,000 | 25,000,000 | 933,000,000 | 948,000,000 |
| Cash and cash equivalents | 498,000,000 | 537,000,000 | 464,000,000 | 509,000,000 | 338,000,000 | 221,000,000 | 218,000,000 | 256,000,000 | 722,000,000 | 231,000,000 |
| Free cash flow |  |  |  |  |  |  |  | 317,000,000 | -349,000,000 | -375,000,000 |

### Ratios

ROE and ROA use period-end equity/assets. Liabilities / equity uses total liabilities divided by stockholders' equity. Current ratio uses current assets divided by current liabilities when both are reported.

| Metric | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| Net margin |  |  |  |  | -1.27% | 2.63% | 1.89% | -13.52% | 34.00% | 2.31% |
| Operating margin |  |  |  |  | 3.56% | 0.70% | -1.58% | -4.23% | -1.35% | 0.97% |
| Return on equity | 38.85% | 32.27% | -22.28% | 51.09% | -7.54% | 7.72% | 4.05% |  | 102.68% | 6.54% |
| Return on assets | 3.52% | 3.03% | -1.13% | 6.28% | -0.94% | 0.83% | 0.52% | -8.58% | 21.52% | 1.58% |
| Liabilities / equity | 8.79 | 8.49 | 16.43 | 6.78 | 6.77 | 8.05 | 6.59 |  | 3.48 | 2.92 |
| Current ratio | 1.40 | 1.50 | 1.32 | 1.24 | 1.19 | 1.02 | 1.14 | 0.90 | 1.18 | 1.04 |

## As-reported value updates

15 tracked differences above grepcent's stated thresholds were found between the earliest XBRL-filed value and the value currently on file for the same fiscal period.

Ledger: /company/VYX/revisions/


## Quarterly

Quarterly standardized facts from SEC companyfacts as of latest extracted filing date 2026-08-05. Source: https://data.sec.gov/api/xbrl/companyfacts/CIK0000070866.json.

Flow metrics use discrete quarter-length periods from 10-Q/10-Q/A filings. Q4 revenue and net income are derived only when annual FY and nine-month YTD facts exist for the same fiscal year; derived Q4 values are labeled. EPS Q4 is not derived.

| Quarter | End date | Revenue | Net income | Diluted EPS | Method |
| --- | --- | ---: | ---: | ---: | --- |
| 2022-Q3 | 2022-09-30 |  |  | 0.46 | reported discrete quarter |
| 2023-Q1 | 2023-03-31 |  |  | 0.04 | reported discrete quarter |
| 2023-Q2 | 2023-06-30 | 1,986,000,000 |  | 0.11 | reported discrete quarter |
| 2023-Q3 | 2023-09-30 | 2,017,000,000 | -124,000,000 | -0.91 | reported discrete quarter |
| 2023-Q4 | 2023-12-31 |  | -327,000,000 |  | derived Q4 = FY annual - nine-month YTD |
| 2024-Q1 | 2024-03-31 | 862,000,000 | -40,000,000 | -0.31 | reported discrete quarter |
| 2024-Q2 | 2024-06-30 | 876,000,000 | -73,000,000 | -0.53 | reported discrete quarter |
| 2024-Q3 | 2024-09-30 | 711,000,000 | 1,082,000,000 | 7.41 | reported discrete quarter |
| 2024-Q4 | 2024-12-31 | 682,000,000 | -11,000,000 |  | derived Q4 = FY annual - nine-month YTD |
| 2025-Q1 | 2025-03-31 | 617,000,000 | -17,000,000 | -0.15 | reported discrete quarter |
| 2025-Q2 | 2025-06-30 | 666,000,000 | 0.00 | -0.03 | reported discrete quarter |
| 2025-Q3 | 2025-09-30 | 684,000,000 | -19,000,000 | -0.16 | reported discrete quarter |
| 2025-Q4 | 2025-12-31 | 720,000,000 | 98,000,000 |  | derived Q4 = FY annual - nine-month YTD |
| 2026-Q1 | 2026-03-31 | 606,000,000 | -5,000,000 | -0.06 | reported discrete quarter |
| 2026-Q2 | 2026-06-30 | 523,000,000 | 2,000,000 | -0.01 | reported discrete quarter |

## Filed narrative (10-K & 10-Q)

## Business

Verbatim Item 1 Business section from VYX's latest 10-K: [/company/VYX/business/](/company/VYX/business/).

## Risk Factors

Verbatim Item 1A Risk Factors from VYX's latest 10-K: [/company/VYX/risk-factors/](/company/VYX/risk-factors/).

## Latest quarter (10-Q)

Latest 10-Q source: https://www.sec.gov/Archives/edgar/data/70866/000007086626000030/ncr-20260630.htm

Extracted structurally from real Item 2 body heading to real Item 3/4 boundary.
Confidence: high
Filing date: 2026-08-05
Report date: 2026-06-30

Item 2.    MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS (“MD&A”)

The following discussion should be read in conjunction with the Condensed Consolidated Financial Statements and notes thereto included under Item 1. Financial Statements of this Quarterly Report and our Consolidated Financial Statements and notes thereto and related Management’s Discussion and Analysis of Financial Condition and Results of Operations included in our Annual Report on Form 10-K for the year ended December 31, 2025 (the “2025 Form 10-K”).

Our discussion within MD&A is organized as follows:

•Overview. This section contains background information on the Company, a summary of significant events for the quarter, and information regarding strategic initiatives and trends in order to provide context for management’s discussion and analysis of our financial condition and results of operations.

•Results of operations. This section contains an analysis of our results of operations presented in the accompanying condensed consolidated statements of income by comparing the results for the three and six months ended June 30, 2026 to the results for the three and six months ended June 30, 2025.

•Liquidity and capital resources. This section provides an analysis of our cash flows and a discussion of our contractual obligations at June 30, 2026.

OVERVIEW

EXECUTIVE OVERVIEW

NCR Voyix is a global platform-powered leader in unified commerce for shopping and dining, empowering our customers to deliver quality experiences to consumers through our cloud-based platform, microservices-based applications and comprehensive service offerings.

Completion of NCR Atleos Spin-Off Transaction

On October 16, 2023, the Company completed the spin-off (“Spin-Off”) of its ATM-focused businesses, including our self-service banking, payments & network, and telecommunications and technology businesses, into an independent, publicly traded company, NCR Atleos. Accordingly, the historical financial results of NCR Atleos are reflected as discontinued operations in the Company’s consolidated financial statements. Refer to Note 2, “Discontinued Operations”, in the Notes to Consolidated Financial Statements in Item 1 of this Report, for additional information.

Sale of Digital Banking Business

On September 30, 2024, the Company completed the sale of its Digital Banking segment businesses (the “Digital Banking Sale”) to an affiliate of The Veritas Capital Fund VIII, L.P. (the “Buyer”). The historical financial results of the Digital Banking segment businesses are reflected as discontinued operations in the Company’s consolidated financial statements.

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Transition of Hardware Business to ODM Model

In August 2024, the Company announced its entry into a commercial agreement with Ennoconn Corporation (“Ennoconn”) to transition its self-checkout and point-of-sale hardware businesses to an outsourced design and manufacturing model, including the sale of certain assets relating to these businesses (the “Hardware Business Transition”). Under the terms of the agreement, Ennoconn designs, manufactures, warrants, supplies, and ships self-checkout and point-of-sale hardware directly to the Company’s customers and the Company sells hardware to its customers as a sales agent for Ennoconn and continues to provide its point-of-sale and self-checkout software as well as key support and maintenance services. During the six months ended June 30, 2026, the Company sold inventory to Ennoconn as part of the Hardware Business Transition, and beginning on April 1, 2026, the Company began recording commission revenue from point-of-sale and self-checkout hardware sales as an agent for Ennoconn on a net basis, excluding the costs paid to Ennoconn.

Our Segments

Following the Spin-Off and Digital Banking Sale, we now manage and operate in two reportable segments: Retail and Restaurants.

•Retail - Our Retail segment serves enterprise and mid-market retailers primarily in the convenience, fuel & retail, grocery, drug & mass merchandise, and department & specialty retail industries. Our retail solutions, including software, services, payments, and hardware offerings, provide end-to-end connectivity within a customer’s operations, including, point-of-sale (“POS”), self-checkout (“SCO”), inventory and supply chain management, fraud and loss prevention, loyalty and consumer engagement.

•Restaurants - Our Restaurants segment is focused on serving restaurants and food service establishments, including quick-service, table-service and fast casual restaurants of all sizes. Our restaurant solutions include, software, payments, hardware, installation, maintenance, and managed and professional services. These solutions are designed to help streamline order and transaction processing, increase consumer engagement, manage the supply chain, increase kitchen productivity and reduce operating costs.

Corporate and Other includes income and expenses related to corporate functions that are not specifically attributable to either of our two reportable segments, along with certain non-strategic businesses that are considered immaterial operating segment(s), as well as commercial agreements with NCR Atleos in the prior year.

FINANCIAL HIGHLIGHTS

The following were highlights for the second quarter of 2026:

•Recurring revenue increased 3% as compared to the prior year period and comprised 83% of total consolidated revenue

•Software and services revenue increased 1% compared to the prior year period and comprised 95% of total consolidated revenue

•Adjusted EBITDA increased 5% compared to the prior year period

STRATEGIC INITIATIVES AND TRENDS    

Our strategy is to advance our position as the platform-powered leader in unified commerce for shopping and dining at a time when consumer expectations for seamless, personalized and frictionless experiences continue to rise across both retail and restaurant environments. Today’s consumers expect to shop, order, pay and receive service effortlessly, whether online, in store, curbside or through mobile channels. They increasingly favor brands that deliver speed, consistency and convenience at every interaction. These heightened expectations have placed pressure on retailers and restaurants to modernize their operations and adopt technologies that can support real-time engagement and continuous innovation across digital and physical touchpoints. Guided by our mission to make the consumer experience seamless, we focus on delivering integrated, scalable solutions that enable restaurants and retailers to differentiate their brands and operate more efficiently in a rapidly evolving commerce landscape. By combining hardware, software, services and payments into a unified suite of offerings, we can deliver to customers an end-to-end value proposition that we believe is difficult to match. As the adoption of our platform and solutions accelerates, we expect to strengthen customer relationships, enhance recurring revenue streams and broaden monetization opportunities across our Voyix Commerce Platform. To achieve our goals, we are focused on: (i) delivering a modern suite of

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Software-as-a-Service (“SaaS”) solutions, (ii) expanding adoption of our integrated payment solutions, (iii) scaling our differentiated services offerings and (iv) investing in innovation to further expand our platform capabilities.

Macroeconomic Trends    

Global Trade, Macroeconomic Environment

The U.S. and other global markets currently are experiencing increased volatility due to the effects of, among other things, recent changes in imposed or threatened tariffs and other trade policy changes by the U.S. and other countries, escalating geopolitical and civil conflicts, including, but not limited to, Eastern Europe and the Middle East, inflationary pressures, such as increasing prices for goods and services (including fuel), changing fiscal and/or monetary policies in the U.S. and elsewhere, and fluctuating currency exchange rates, elevated unemployment rates, global shortages of microchips and other technology components, primarily driven by the adoption of artificial intelligence technologies, and, in some locations around the world, decreased economic conditions that indicate the potential for near-term recessions or slowdowns.

Given our geographic presence and the multinational composition of our customer base, our business and financial performance could be impacted by the evolving global economic landscape. We are subject to a variety of risks posed by the current macroeconomic environment, and we are continuously monitoring the direct and indirect impacts of these circumstances. Economic pressures on retail and restaurant businesses and on consumers could negatively affect our revenue and profitability in future periods. In addition, U.S. foreign trade policy continues to evolve under the current presidential administration, including the announcement of a number of new tariffs subsequent to the U.S. Supreme Court’s February 2026 decision to uphold a ruling that invalidated certain tariffs previously imposed. It is currently unknown if these tariffs will remain in place, be expanded or be removed, and we do not know whether foreign countries will adopt retaliatory trade policies in response to these new tariffs. The current trade policy environment is expected to continue to evolve, but we cannot anticipate the impact that these or other changes will have on our business and financial performance. As a result of these uncertainties, we may be impacted in the future within the markets in which we operate.

As we continue to execute on our strategy to shift to recurring revenue, our revenues and earnings will become more predictable; however, the broader implications of these macroeconomic events on our business, results of operations and overall financial position, particularly in the short term, remain uncertain.

For further discussion of trends, uncertainties and other factors that could affect our operating results, refer to Part I, Item 1A, “Risk Factors”, contained in our 2025 Form 10-K and subsequent filings we make with the SEC.

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Results from Operations

For the three and six months ended June 30, 2026 compared to the three and six months ended June 30, 2025

Consolidated Results

The following tables show our results for the three and six months ended June 30, 2026 and 2025, respectively, the relative percentage that those amounts represent to revenue, and the change in those amounts year-over-year.

[[GREPCENT_TABLE]]
[["","","Three months ended June 30","","Percentage of Revenue (1)","Increase (Decrease)"],["In millions","","2026","","2025","","2026","","2025","","2026 vs 2025"],["Product revenue","","$","27","","","$","185","","","5.2","%","","28.0","%","","(85)","%"],["Service revenue","","496","","","475","","","94.8","%","","72.0","%","","4","%"],["Total revenue","","523","","","660","","","100.0","%","","100.0","%","","(21)","%"],["Product gross margin","","6","","","16","","","22.2","%","","8.6","%","","(63)","%"],["Service gross margin","","150","","","134","","","30.2","%","","28.2","%","","12","%"],["Total gross margin","","156","","","150","","","29.8","%","","22.7","%","","4","%"],["Selling, general and administrative expenses","","112","","","105","","","21.4","%","","15.9","%","","7","%"],["Research and development expenses","","30","","","32","","","5.7","%","","4.8","%","","(6)","%"],["Total operating expenses","","142","","","137","","","27.2","%","","20.8","%","","4","%"],["Income (loss) from operations","","$","14","","","$","13","","","2.7","%","","2.0","%","","8","%"]]
[[/GREPCENT_TABLE]]

[Excerpt truncated for page length; source filing is linked above.]

## Latest 10-K MD&A (excerpt)

Latest 10-K Item 7 source: https://www.sec.gov/Archives/edgar/data/70866/000007086626000006/ncr-20251231.htm
Complete FY 2025 MD&A: /company/VYX/mda/fy2025/

Extracted structurally from real Item 7 body heading to real Item 7A/8 boundary.
Confidence: high
Filing date: 2026-02-26
Report date: 2025-12-31

Item 7.    MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS (MD&A)

This section should be read in conjunction with the audited Consolidated Financial Statements and related Notes included in Item 8 of Part II of this Report. Management’s Discussion and Analysis of Financial Condition and Results of Operations contains forward-looking statements. See “Forward-Looking Statements” and “Risk Factors” in Item 1A of this Annual Report for a discussion of the uncertainties, risks and assumptions associated with these forward-looking statements that could cause future results to differ materially from those reflected in this section.

Our discussion within MD&A is organized as follows:

•Overview. This section contains background information on the Company, a summary of significant events and initiatives during the year and an overview of trends that impact or may impact our financial performance in order to provide context for management’s discussion and analysis of our financial condition and results of operations.

•Results of operations. This section contains an analysis of our results of operations presented in the accompanying Consolidated Statements of Operations by comparing the results for the year ended December 31, 2025 to the results for the year ended December 31, 2024 as well as a comparison of the results for the year ended December 31, 2024 to the results for the year ended December 31, 2023.

•Liquidity and capital resources. This section provides an analysis of our cash flows and a discussion of our contractual obligations at December 31, 2025.

•Critical accounting estimates. This section contains a discussion of the accounting policies that we believe are important to our financial condition and results of operations and that require judgment and estimates on the part of management in their application. In addition, all of our significant accounting policies, including critical accounting policies, are summarized in Note 1, “Basis of Presentation and Significant Accounting Policies”, in the Notes to Consolidated Financial Statements in Item 8 of Part II of this Report.

SIGNIFICANT THEMES AND EVENTS

As more fully discussed in later sections of this MD&A, the following were highlights for the year ended December 31, 2025:

•Revenue was $2.7 billion, decreased 5% compared to prior year

◦Recurring revenue increased 3% from the prior year and comprised 62% of total consolidated revenue

◦Software and services revenue, decreased 3% from the prior year and comprised 74% of total consolidated revenue

•Adjusted EBITDA of $425 million, increased 22% compared to prior year

EXECUTIVE OVERVIEW

NCR Voyix is a global platform-powered leader in unified commerce for shopping and dining, empowering our customers to deliver quality experiences to consumers through our cloud-based platform, microservices-based applications and comprehensive service offerings.

Completion of NCR Atleos Spin-Off Transaction

On October 16, 2023, the Company completed the spin-off of its ATM-focused businesses, including our self-service banking, payments & network and telecommunications and technology businesses, into an independent, publicly traded company, NCR Atleos. Accordingly, the historical financial results of NCR Atleos are reflected as discontinued operations in the Company’s consolidated financial statements. Refer to Note 2, “Discontinued Operations”, in the Notes to Consolidated Financial Statements in Item 8 of Part II of this Report, for additional information.

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Sale of Digital Banking Business

We completed the sale of our Digital Banking segment businesses (the “Digital Banking Sale”) to an affiliate of The Veritas Capital Fund VIII, L.P. (the “Buyer”) on September 30, 2024. The purchase price for the Digital Banking Sale was $2.45 billion in cash, subject to a post-closing adjustment, as well as contingent consideration of up to an additional $100 million in cash upon the achievement of a specified return on the Buyer’s invested capital at the time of any future sale. The historical financial results of the Digital Banking segment businesses are reflected as discontinued operations in the Company’s consolidated financial statements. Refer to Note 2, “Discontinued Operations”, in the Notes to Consolidated Financial Statements in Item 8 of Part II of this Report, for additional information.

Transition of Hardware Business to ODM Model

In August 2024, the Company announced its entry into a commercial agreement with Ennoconn Corporation (“Ennoconn”) to transition its self-checkout and point-of-sale hardware businesses to an outsourced design and manufacturing model including the sale of certain assets relating to these businesses (the “Hardware Business Transition”). Under the terms of the agreement, Ennoconn will design, manufacture, warrant, supply and ship self-checkout and point-of sale hardware directly to the Company’s customers, and the Company will sell hardware to its customers as a sales agent for Ennoconn and continue to provide its point-of sale and self-checkout software as well as key support and maintenance services. As a result of the Hardware Business Transition, the Company will record commission revenue from point-of-sale and self-checkout hardware sales as an agent for Ennoconn on a net basis, excluding the costs paid to Ennoconn. In January 2026, we announced the commencement of the implementation phase of this new hardware model and began migrating certain aspects of our hardware business to Ennoconn.

STRATEGIC INITIATIVES

Our strategy is to advance our position as the platform-powered leader in unified commerce for shopping and dining at a time when consumer expectations for seamless, personalized and frictionless experiences continue to rise across both retail and restaurant environments. Today’s consumers expect to shop, order, pay and receive service effortlessly, whether online, in store, curbside or through mobile channels. They increasingly favor brands that deliver speed, consistency and convenience at every interaction. These heightened expectations have placed pressure on retailers and restaurants to modernize their operations and adopt technologies that can support real-time engagement and continuous innovation across digital and physical touchpoints. Guided by our mission to make the consumer experience seamless, we focus on delivering integrated, scalable solutions that enable restaurants and retailers to differentiate their brands and operate more efficiently in a rapidly evolving commerce landscape. By combining hardware, software, services and payments into a unified suite of offerings, we can deliver to customers an end-to-end value proposition that is difficult to match. As the adoption of our platform and solutions accelerates, we expect to strengthen customer relationships, enhance recurring revenue streams and broaden monetization opportunities across our Voyix Commerce Platform. To achieve our goals, we are focused on: (i) delivering a modern suite of SaaS solutions, (ii) expanding adoption of our integrated payment solutions, (iii) scaling our differentiated services offerings and (iv) investing in innovation to further expand our platform capabilities.

Ongoing Business Trends

Retail and Restaurants

Within the retail and restaurant industries, businesses around the world are under constant pressure to meet consumer demands for speed, convenience, personalization and security. These companies, in turn, are requiring their technology providers to rapidly enhance and expand their capabilities to meet ever-increasing consumer requirements. As a result, competition in these industries continues to intensify. Today, software and payment companies, in particular, are focused on investing in technology, expanding their use of data and automation and utilizing cutting-edge tools to meet these rising demands.

NCR Voyix serves customers of all sizes, from small- and medium-sized companies to large, blue-chip enterprises, representing some of the world’s leading consumer brands. Many retailers and restaurants are facing challenges to distinguish themselves from their competitors, sparking attempts at differentiation through personalized and seamless consumer experiences to win in their respective markets. Creating differentiated experiences for consumers requires companies to perform advanced data analytics and use other technologies to determine how to best tailor experiences to meet demand and deploy changes rapidly.

We recently introduced our modernized suite of microservices-based applications, natively integrated with our proprietary, cloud-based platform. Within this suite of SaaS applications, we now deliver our next-generation point-of-sale and self-checkout solutions for retail and restaurant customers, which are vital to collect a wide variety of important data points, including, among others, transactional, consumer, inventory, pricing and promotional. We expect to continue to transition customers from legacy solutions to

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these modernized SaaS applications and other innovative offerings, and we believe that this transition will benefit customers by providing end-to-end capabilities, driving value for our customers’ businesses and for consumers.

Our current offerings largely consist of SaaS solutions and related services that are purpose-built to deliver unified commerce capabilities to the shopping and dining industries, which marks a shift in business model from our historical, hardware-driven model. We made this strategic change to our business model in order to deliver solutions to retail and restaurant customers that enable them to provide high-quality consumer experiences, while positioning us to innovate quickly and drive long-term growth opportunities.

Macroeconomic Trends    

Global Trade and Macroeconomic Environment

The U.S. and other global markets currently are experiencing increased volatility due to the effects of, among other things, recent changes in imposed or threatened tariffs and other trade policy changes by the U.S. and other countries, escalating geopolitical and civil conflict, including, but not limited to, Eastern Europe and the Middle East, inflationary pressures, such as increasing prices for goods and services, changing fiscal and/or monetary policies in the U.S. and elsewhere, and fluctuating currency exchange rates, elevated unemployment rates, global shortages of microchips and and other technology components, primarily driven by the adoption of artificial intelligence, and, in some locations around the world, decreased economic conditions that indicate the potential for near-term recessions or slowdowns.

Given our geographic presence and the multinational composition of our customer base, our business and financial performance could be impacted by the evolving global economic landscape. We are subject to a variety of risks posed by the current macroeconomic environment, and we are continuously monitoring the direct and indirect impacts of these circumstances. U.S. foreign trade policy continues to evolve under the current presidential administration, including the recent announcement of a number of new tariffs in the wake of the U.S. Supreme Court’s February 2026 decision to uphold a ruling that invalidated certain tariffs previously imposed. It is currently unknown if these tariffs will remain in place, be expanded or be removed, and we do not know whether foreign countries will adopt retaliatory trade policies in response to these new tariffs. As a result of these developments, we do not know the full extent of the impact of the recently invalidated tariffs or of the new tariffs recently imposed, and there is much uncertainty surrounding the long-term effects that they will have on economic conditions within the U.S. and elsewhere.

As a result of these uncertainties, we may be impacted in the future w

[Excerpt truncated for page length; the complete text is on the linked full-MD&A page.]

Read the full FY 2025 MD&A: /company/VYX/mda/fy2025/
All MD&A years: /company/VYX/mda/


## MD&A history

Prior-year 10-K MD&A spans are extracted from SEC filings with the same bounded parser used for the latest filing. Each year's full verbatim text is on its own sub-page.

- [FY 2024 MD&A](/company/VYX/mda/fy2024/): filed 2025-02-27; accession 0000070866-25-000010 (https://www.sec.gov/Archives/edgar/data/70866/000007086625000010/ncr-20241231.htm)
- [FY 2023 MD&A](/company/VYX/mda/fy2023/): filed 2024-03-14; accession 0000070866-24-000014 (https://www.sec.gov/Archives/edgar/data/70866/000007086624000014/ncr-20231231.htm)
- [FY 2022 MD&A](/company/VYX/mda/fy2022/): filed 2023-02-27; accession 0000070866-23-000008 (https://www.sec.gov/Archives/edgar/data/70866/000007086623000008/ncr-20221231.htm)
- [FY 2021 MD&A](/company/VYX/mda/fy2021/): filed 2022-02-25; accession 0000070866-22-000008 (https://www.sec.gov/Archives/edgar/data/70866/000007086622000008/ncr-20211231.htm)




## Macro cross-references

Indicators mapped to this company's SIC classification (industry 3578 Calculating & Accounting Machines (No Electronic Computers)) by grepcent's deterministic macro-sector crosswalk. A navigational mapping, not a statistical or causal claim.

- [INDPRO](/indicator/INDPRO/): Industrial Production: Total Index
- [TCU](/indicator/TCU/): Capacity Utilization: Total Index
- [PPIACO](/indicator/PPIACO/): Producer Price Index by Commodity: All Commodities
- [GDPC1](/indicator/GDPC1/): Real Gross Domestic Product
- [DGS10](/indicator/DGS10/): Market Yield on U.S. Treasury Securities at 10-Year Constant Maturity
- [FEDFUNDS](/indicator/FEDFUNDS/): Federal Funds Effective Rate
- [CES0500000003](/indicator/CES0500000003/): Average Hourly Earnings of All Employees, Total Private
- [PAYEMS](/indicator/PAYEMS/): All Employees, Total Nonfarm

Macro-to-micro threads including this sector: [Inflation (CPI / PCE / PPI)](/thread/inflation-cpi-pce-ppi/), [US labor market](/thread/us-labor-market/), [Growth & output](/thread/growth-output/), [Money & trade](/thread/money-trade/), [Government finances](/thread/government-finances/), [Sector employment](/thread/sector-employment/), [Industrial orders & inventories](/thread/industrial-orders/), [Trade & external](/thread/trade-external/).

All macro indicators: /indicators/


## For LLMs & downloads

Markdown twin: /company/VYX.md · JSON record: /company/VYX.json · verified financials: /company/VYX/financials.json / /company/VYX/financials.csv · machine TOC for the whole site: /llms.txt