Revenue contracted in every one of the ten quarters reviewed, deepening from -0.1% in 2024Q1 to -29.6% in 2026Q2, while operating margin slid from 7.4% to -8.3% and gross margin oscillated within a thin 12.3%-20.2% band below the 23.0% Maximus peer benchmark.
Conduent Incorporated (CNDT) annual income statement — 12-year revenue, gross profit & net income history
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 |
|---|
| Sales/Revenue | 2.56B | 3.04B | 3.36B | 3.72B | 3.86B | 4.14B | 4.16B | 4.47B | 5.39B | 6.02B | 6.41B | 6.66B | 6.94B |
| Revenue Growth % | -16.73% | -9.36% | -9.83% | -3.53% | -6.81% | -0.55% | -6.81% | -17.17% | -10.45% | -6.02% | -3.81% | -3.98% | - |
| Cost of Goods Sold | 1.69B | 2.49B | 2.73B | 2.89B | 3.02B | 3.14B | 3.21B | 3.49B | 4.18B | 4.98B | 5.5B | 5.98B | 5.8B |
| COGS % of Revenue | - | 81.85% | 81.35% | 77.59% | 78.23% | 75.8% | 77.08% | 78.22% | 77.55% | 82.65% | 85.8% | 89.72% | 83.6% |
| Gross Profit | 331M | 552M | 626M | 834M | 840M | 1B | 954M | 973M | 1.21B | 1.04B | 910M | 685M | 1.14B |
| Gross Margin % | 12.94% | 18.15% | 18.65% | 22.41% | 21.77% | 24.2% | 22.92% | 21.78% | 22.45% | 17.35% | 14.2% | 10.28% | 16.4% |
| Gross Profit Growth % | - | -11.82% | -24.94% | -0.71% | -16.17% | 5.03% | -1.95% | -19.65% | 15.89% | 14.84% | 32.85% | -39.81% | - |
| Operating Expenses | 448M | 610M | 461M | 465M | 677M | 900M | 469M | 487M | 1.03B | 871M | 997M | 1B | 955M |
| OpEx % of Revenue | - | 20.05% | 13.74% | 12.49% | 17.55% | 21.74% | 11.27% | 10.9% | 19.12% | 14.46% | 15.56% | 15.03% | 13.76% |
| Selling, General & Admin | 339M | 412M | 0 | 0 | 440M | 544M | 0 | 0 | 560M | 615M | 686M | 699M | 659M |
| SG&A % of Revenue | - | 13.54% | - | - | 11.4% | 13.14% | - | - | 10.38% | 10.21% | 10.71% | 10.49% | 9.5% |
| Research & Development | 3M | 4M | 6M | 7M | 7M | 4M | 1M | 8M | 11M | 13M | 31M | 52M | 46M |
| R&D % of Revenue | - | 0.13% | 0.18% | 0.19% | 0.18% | 0.1% | 0.02% | 0.18% | 0.2% | 0.22% | 0.48% | 0.78% | 0.66% |
| Other Operating Expenses | 2M | 194M | 455M | 458M | 230M | 352M | 468M | 479M | -5M | 18M | -34M | -38M | 2M |
| Operating Income | -84M | -58M | 165M | 369M | 163M | 102M | 485M | 486M | 180M | 174M | -87M | -316M | 183M |
| Operating Margin % | -3.28% | -1.91% | 4.92% | 9.91% | 4.23% | 2.46% | 11.65% | 10.88% | 3.34% | 2.89% | -1.36% | -4.74% | 2.64% |
| Operating Income Growth % | - | -135.15% | -55.28% | 126.38% | 59.8% | -78.97% | -0.21% | 170% | 3.45% | 300% | 72.47% | -272.68% | - |
| EBITDA | 92M | 136M | 369M | 633M | 393M | 454M | 944M | 945M | 640M | 669M | 526M | 284M | 970M |
| EBITDA Margin % | 3.6% | 4.47% | 11% | 17.01% | 10.19% | 10.97% | 22.68% | 21.16% | 11.87% | 11.11% | 8.21% | 4.26% | 13.98% |
| EBITDA Growth % | -62.45% | -63.14% | -41.71% | 61.07% | -13.44% | -51.91% | -0.11% | 47.66% | -4.33% | 27.19% | 85.21% | -70.72% | - |
| D&A (Non-Cash Add-back) | 176M | 194M | 204M | 264M | 230M | 352M | 459M | 459M | 460M | 495M | 613M | 600M | 787M |
| EBIT | -75M | -112M | -49M | 90M | -43M | 30M | 23M | 31M | -283M | 178M | -1.19B | -505M | 128M |
| Net Interest Income | -37M | -41M | -75M | -93M | -77M | -54M | -60M | -78M | -112M | -137M | -40M | -69M | -118M |
| Interest Income | 0 | 7M | 0 | 18M | 7M | 1M | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Expense | 52M | 48M | 75M | 111M | 84M | 55M | 60M | 78M | 112M | 137M | 40M | 69M | 118M |
| Other Income/Expense | -68M | -102M | 339M | -701M | -290M | -127M | -624M | -2.25B | -575M | -193M | -1.14B | -258M | -423M |
| Pretax Income | -147M | -160M | 504M | -332M | -127M | -25M | -139M | -1.76B | -395M | -16M | -1.23B | -574M | 10M |
| Pretax Margin % | -5.75% | -5.26% | 15.02% | -8.92% | -3.29% | -0.6% | -3.34% | -39.44% | -7.32% | -0.27% | -19.15% | -8.62% | 0.14% |
| Income Tax | 28M | 10M | 78M | -36M | 55M | 3M | -21M | 172M | 21M | -193M | -244M | -238M | -24M |
| Effective Tax Rate % | -19.05% | -6.25% | 15.48% | 10.84% | -43.31% | -12% | 15.11% | -9.76% | -5.32% | 1206.25% | 19.89% | 41.46% | -240% |
| Net Income | -231M | -170M | 426M | -296M | -182M | -28M | -118M | -1.93B | -416M | 181M | -983M | -414M | -81M |
| Net Margin % | -9.03% | -5.59% | 12.69% | -7.95% | -4.72% | -0.68% | -2.83% | -43.3% | -7.71% | 3.01% | -15.34% | -6.21% | -1.17% |
| Net Income Growth % | -55.03% | -139.91% | 243.92% | -62.64% | -550% | 76.27% | 93.9% | -364.9% | -329.83% | 118.41% | -137.44% | -411.11% | - |
| Net Income (Continuing) | -184M | -170M | 426M | -296M | -182M | -28M | -118M | -1.93B | -416M | 177M | -983M | -336M | 34M |
| Discontinued Operations | -1000K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 4M | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 4M | 4M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | -1.49 | -1.14 | 2.23 | -1.41 | -0.89 | -0.18 | -0.56 | -9.24 | -2.02 | 0.83 | -4.85 | -2.04 | -0.40 |
| EPS Growth % | -52.99% | -151.12% | 258.16% | -58.43% | -394.44% | 67.86% | 93.94% | -357.43% | -343.37% | 117.11% | -137.75% | -410% | - |
| EPS (Basic) | - | -1.14 | 2.28 | -1.41 | -0.89 | -0.18 | -0.56 | -9.24 | -2.02 | 0.84 | -4.85 | -2.04 | -0.40 |
| Diluted Shares Outstanding | 155.29M | 158.42M | 191.13M | 216.78M | 215.89M | 212.72M | 210.02M | 209.32M | 206.06M | 218.07M | 202.68M | 202.63M | 202.63M |
| Basic Shares Outstanding | 155.29M | 149.12M | 182.51M | 216.78M | 215.89M | 212.72M | 210.02M | 209.32M | 206.06M | 204M | 202.68M | 202.63M | 202.63M |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - | - | - | - | - |
Quick answers to the most common questions about buying CNDT stock.
For fiscal year 2025, Conduent Incorporated (CNDT) reported total revenue of $3.04B. This represents a 56.2% decline compared to $6.94B in 2014.
Conduent Incorporated (CNDT) reported a net loss of $170.0M for the fiscal year ending 2025.
Conduent Incorporated (CNDT) reported an operating income of $-58.0M, resulting in an operating profit margin of -1.9%. This margin reflects the operational efficiency of the business before interest and taxes.
Conduent Incorporated (CNDT) generated $552.0M in gross profit for the year, representing a gross profit margin of 18.1%. This demonstrates the company's core pricing power and production efficiency.
Key Metrics
Top Statement Risk
Revenue erosion outpacing cost reduction
Metrics are mathematically derived from official filings.
Revenue Contraction Accelerates Sharply
Conduent's top line declined year over year in every one of the ten quarters reviewed, with the contraction deepening from -0.1% in 2024Q1 to -29.6% in 2026Q2, when revenue reached just $531.0M, according to the company's reported income statements.
The progression from mid-single-digit declines through 2025 to a near-30% drop in 2026Q2 suggests the erosion is no longer a matter of discretionary project timing; the scale of that final decline appears consistent with a structural change in the revenue base rather than demand softness alone, though the provided data does not identify its composition. Sequentially, revenue fell from $723.0M in 2026Q1 to $531.0M, a step-down that may indicate a business mix shift investors should verify against disclosed segment or divestiture activity. Absent an identifiable one-time driver, the implied run-rate trajectory points to continued top-line pressure into coming quarters.
Gross Margin Volatility On A Thin Base
Gross margins have oscillated between 12.3% and 20.2% over ten quarters, printing 18.1% in 2026Q2 versus 12.3% in 2026Q1, a band that sits materially below peer benchmarks of 23.0% for Maximus and 28.2% for Unisys per comparative industry data.
A structural gross margin in the high teens relative to peers suggests limited pricing power in what appears to be a commoditized services mix, leaving profitability highly sensitive to even small volume or input-cost swings. The 580 basis point swing between 2026Q1 and 2026Q2 gross margin is unusually wide for a cost-plus services business and may indicate quarter-specific delivery cost absorption or contract mix effects warranting further investigation. Because gross profit dollars declined from $186.0M in 2024Q1 to $96.0M in 2026Q2, the margin percentage alone understates how much the absolute earnings cushion has eroded.
Past Profits Rested on Non-Operating Items
Conduent reported net income of $216.0M in 2024Q2 and $123.0M in 2024Q3 against operating income of only $35.0M in each quarter, a disconnect implying the bulk of those profits originated below the operating line and did not reflect core earning power.
The persistence of negative net income in all six quarters from 2024Q4 onward, alongside consistently thin operating margins, indicates the earlier earnings were not repeatable and that reported EPS figures from that period likely overstated underlying business economics. Stock-based compensation of $2M to $6M per quarter is modest and does not appear to be the reconciling factor, which instead seems to stem from non-operating gains, tax items, or other one-time entries not detailed in the supplied data. Investors treating the 2024 profit quarters as a baseline for valuation would appear to be extrapolating an anomaly rather than a durable trend.
2024Q4 Breaks The Profitability Streak
The pivotal inflection arrived in 2024Q4, when operating income swung from positive territory across the prior three quarters to -$24.0M on $800.0M of revenue, and net income turned negative at -$12.0M, remaining so in every subsequent period reported.
That quarter did not coincide with an abrupt revenue collapse, as the top line was down 16.1% year over year but roughly in line with the preceding period, suggesting the break was driven more by cost structure inflexibility than by a sudden demand event. The pattern that followed, with operating income recovering modestly through 2025 before falling again to -$44.0M in 2026Q2, implies the company never regained a self-sustaining profit footing and that each recovery proved partial. The lasting impact appears to be a reset in the earnings base from which any recovery case must now be measured.
Cost Cuts Have Not Offset Revenue Loss
Conduent reduced gross costs from $735.0M in 2024Q1 to $435.0M in 2026Q2, yet operating margin still deteriorated from 7.4% to -8.3%, suggesting the expense base has contracted roughly in line with revenue rather than generating the negative operating leverage working against it.
A short-seller framing would emphasize that each dollar of revenue lost has translated into gross profit erosion almost proportionally, with SG&A of $80.0M in 2026Q2 still consuming 83% of the $96.0M gross profit generated, leaving structurally no room for the kind of incremental margin that services peers like Maximus achieve at a 10.6% operating margin. The counter-argument to any recovery thesis is that the 12.3% gross margin print in 2026Q1 may signal deteriorating contract economics rather than a temporary distortion, and the rebound to 18.1% in 2026Q2 does not yet establish a durable trend. Given the reported data does not disclose SG&A for several quarters, the degree of genuine overhead discipline achieved remains an open question that warrants further examination.