Revenue growth collapsed to -1.2% in 2026Q3 from 47.4% in 2024Q2 (Webhelp consolidation effect), while operating income swung from +$118.6M in 2026Q1 to -$910.3M in 2026Q3 and gross margin slid to 34.6%, indicating both non-cash impairment drag and underlying margin pressure.
Concentrix Corporation (CNXC) annual income statement — 8-year revenue, gross profit & net income history
| Metric | TTM | Nov'25 | Nov'24 | Nov'23 | Nov'22 | Nov'21 | Nov'20 | Nov'19 | Nov'18 |
|---|
| Sales/Revenue | 9.97B | 9.83B | 9.62B | 7.11B | 6.32B | 5.59B | 4.72B | 4.71B | 2.46B |
| Revenue Growth % | 2.56% | 2.15% | 35.2% | 12.49% | 13.2% | 18.38% | 0.25% | 91.13% | - |
| Cost of Goods Sold | 6.73B | 6.39B | 6.17B | 4.54B | 4.07B | 3.62B | 3.06B | 2.96B | 1.53B |
| COGS % of Revenue | - | 65.04% | 64.14% | 63.77% | 64.31% | 64.75% | 64.79% | 62.86% | 61.94% |
| Gross Profit | 3.23B | 3.44B | 3.45B | 2.58B | 2.26B | 1.97B | 1.66B | 1.75B | 937.55M |
| Gross Margin % | 32.45% | 34.96% | 35.86% | 36.23% | 35.69% | 35.25% | 35.21% | 37.14% | 38.06% |
| Gross Profit Growth % | - | -0.4% | 33.78% | 14.21% | 14.61% | 18.54% | -4.97% | 86.49% | - |
| Operating Expenses | 3.79B | 2.83B | 2.85B | 1.92B | 1.62B | 1.4B | 1.35B | 1.45B | 792.79M |
| OpEx % of Revenue | - | 28.76% | 29.66% | 26.94% | 25.57% | 25.01% | 28.66% | 30.89% | 32.19% |
| Selling, General & Admin | 2.74B | 2.83B | 2.85B | 1.92B | 1.62B | 1.4B | 1.35B | 1.45B | 792.79M |
| SG&A % of Revenue | - | 28.76% | 29.66% | 26.94% | 25.57% | 25.01% | 28.66% | 30.89% | 32.19% |
| Research & Development | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| R&D % of Revenue | - | - | - | - | - | - | - | - | - |
| Other Operating Expenses | 1000K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Operating Income | -550.98M | 609.54M | 596.39M | 661.33M | 640.19M | 572.4M | 308.76M | 294.33M | 144.76M |
| Operating Margin % | -5.53% | 6.2% | 6.2% | 9.3% | 10.12% | 10.25% | 6.54% | 6.25% | 5.88% |
| Operating Income Growth % | - | 2.21% | -9.82% | 3.3% | 11.84% | 85.39% | 4.9% | 103.32% | - |
| EBITDA | -70.24M | 1.27B | 1.3B | 1.05B | 949.73M | 849.57M | 585.33M | 600.11M | 299.36M |
| EBITDA Margin % | -0.7% | 12.93% | 13.54% | 14.75% | 15.02% | 15.21% | 12.4% | 12.75% | 12.15% |
| EBITDA Growth % | -105.52% | -2.48% | 24.07% | 10.52% | 11.79% | 45.14% | -2.46% | 100.47% | - |
| D&A (Non-Cash Add-back) | 485.34M | 660.43M | 705.85M | 388.3M | 309.54M | 277.18M | 276.57M | 305.78M | 154.6M |
| EBIT | -2.05B | -891.87M | 621.1M | 609.23M | 675.08M | 578.74M | 316.21M | 296.61M | 149.15M |
| Net Interest Income | -278.18M | -290.35M | -321.83M | -201M | -70.08M | -23.05M | -48.31M | -92.2M | -38.24M |
| Interest Income | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Expense | 278.18M | 290.35M | 321.83M | 201M | 70.08M | 23.05M | 48.31M | 92.2M | 38.24M |
| Other Income/Expense | -1.78B | -1.79B | -297.11M | -253.1M | -35.19M | -16.7M | -40.87M | -89.92M | -33.85M |
| Pretax Income | -2.33B | -1.18B | 299.27M | 408.23M | 605M | 555.7M | 267.89M | 204.42M | 110.91M |
| Pretax Margin % | -23.35% | -12.03% | 3.11% | 5.74% | 9.57% | 9.95% | 5.68% | 4.34% | 4.5% |
| Income Tax | 62.9M | 96.7M | 48.06M | 94.39M | 169.36M | 150.12M | 103.08M | 87.25M | 62.64M |
| Effective Tax Rate % | -2.7% | -8.18% | 16.06% | 23.12% | 27.99% | 27.01% | 38.48% | 42.68% | 56.48% |
| Net Income | -2.39B | -1.28B | 251.22M | 313.84M | 435.05M | 405.58M | 164.81M | 117.16M | 48.27M |
| Net Margin % | -23.98% | -13.02% | 2.61% | 4.41% | 6.88% | 7.26% | 3.49% | 2.49% | 1.96% |
| Net Income Growth % | -856.27% | -609.09% | -19.95% | -27.86% | 7.27% | 146.09% | 40.67% | 142.72% | - |
| Net Income (Continuing) | -2.39B | -1.28B | 251.22M | 313.84M | 435.64M | 405.58M | 164.81M | 117.16M | 48.27M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | -39.25 | -20.36 | 3.71 | 5.70 | 8.28 | 7.70 | 3.19 | 2.27 | 0.93 |
| EPS Growth % | -922.2% | -648.79% | -34.91% | -31.16% | 7.53% | 141.38% | 40.53% | 144.09% | - |
| EPS (Basic) | - | -20.36 | 3.72 | 5.72 | 8.34 | 7.78 | 3.19 | 2.27 | 0.94 |
| Diluted Shares Outstanding | 60.91M | 63.01M | 65.07M | 54.01M | 51.74M | 51.91M | 51.6M | 51.6M | 51.7M |
| Basic Shares Outstanding | 60.91M | 63.01M | 64.98M | 53.8M | 51.35M | 51.35M | 51.6M | 51.6M | 51.6M |
| Dividend Payout Ratio | - | - | 33.36% | 20.23% | 12.28% | 3.23% | - | - | - |
Quick answers to the most common questions about buying CNXC stock.
For fiscal year 2025, Concentrix Corporation (CNXC) reported total revenue of $9.83B. This represents a 298.9% increase compared to $2.46B in 2018.
Concentrix Corporation (CNXC) reported a net loss of $1.28B for the fiscal year ending 2025.
Concentrix Corporation (CNXC) reported an operating income of $609.5M, resulting in an operating profit margin of 6.2%. This margin reflects the operational efficiency of the business before interest and taxes.
Concentrix Corporation (CNXC) generated $3.44B in gross profit for the year, representing a gross profit margin of 35.0%. This demonstrates the company's core pricing power and production efficiency.
Key Metrics
Top Statement Risk
Recurring impairments masking erosion
Metrics are mathematically derived from official filings.
Merger-Driven Growth Unravels to Contraction
Revenue growth collapsed from 47.4% in 2024Q2, inflated by the Webhelp consolidation, to -1.2% in 2026Q3, per the company's quarterly income statements. This swing from inorganic boost to outright contraction indicates the acquired revenue base is now shrinking rather than compounding.
The 46-47% growth rates in 2024 appear to reflect the Webhelp consolidation rather than organic demand, and stripping that out leaves a business that decelerated to mid-single digits and has now turned negative. Against peers like TaskUs and IBEX still growing at 9-19%, CNXC's flat trajectory suggests it may be ceding share or that its technology-weighted client mix is uniquely soft. Investors should treat the current low-single-digit run-rate as the more relevant baseline than any post-merger headline figure.
Gross Margin Erodes Toward Mid-Twenties Risk
Gross margin slid from 36.2% in 2024Q3 to 34.6% in 2026Q3, with a dramatic 27.9% print in 2025Q4, based on reported quarterly figures. The compression suggests wage inflation in delivery hubs is outpacing contractual price escalators, a structural concern for a labor-intensive operator.
The 2025Q4 gross margin print of 27.9% is a significant outlier versus the 34-36% band held in adjacent quarters, and while the cause is not disclosed in the data, such a sharp one-period compression may reflect repricing or delivery inefficiency during integration. Excluding that quarter, the drift from 36% to 34.6% still implies roughly 150 basis points of structural erosion over eight quarters. For a business where personnel costs dominate COGS, this trend appears inconsistent with the 'sticky technical workflow' thesis and suggests pricing power is weaker than the moat narrative implies.
Non-Cash Charges Distort Bottom Line
Net income swung from +$115.7M in 2024Q4 to -$1.5B in 2025Q4 and -$988.1M in 2026Q3, while operating income held near $145M until the final quarter, according to SEC-reported financial statements. The disconnect implies write-downs dominate reported losses rather than pure operating deterioration.
The stability of operating income near $145-169M through 2025Q4 despite volatile net income suggests the extreme losses were driven by below-the-line or non-cash items, likely impairment of goodwill and intangibles tied to the Webhelp acquisition. However, the 2026Q3 operating loss of $910.3M breaks that pattern and indicates the charge is now flowing through the operating line, which complicates the 'one-time' framing. Analysts should anchor on adjusted EBITDA and free cash flow rather than GAAP EPS, though the absence of a reported actual EPS figure against a $2.92 consensus materially limits near-term visibility.
2026Q3 Marks Abrupt Profitability Break
Operating income collapsed from $118.6M in 2026Q1 to -$910.3M in 2026Q3, a swing of over $1B in two quarters, as disclosed in Concentrix's quarterly filings. This appears to be the clearest inflection point in the history presented, likely reflecting a large impairment tied to goodwill or intangibles.
The swing from $147M operating income in 2025Q3 to -$910M in 2026Q3, occurring alongside a gross margin that briefly dipped to 27.9% before partially recovering, points more toward a balance-sheet mark-down than a sudden collapse in end-market demand. If this reflects goodwill impairment, it would represent an implicit concession that the acquisition's economics have deteriorated materially from underwriting assumptions. The lasting impact is a weakened equity base, consistent with the reported -37.7% ROE, which may constrain the company's capacity to self-fund the AI and automation investments needed to defend its positioning.
Impairments May Signal Permanent Value Loss
Concentrix posted two multi-billion-dollar loss quarters within four periods while revenue growth turned negative, a combination that warrants scrutiny of whether the Webhelp acquisition's carrying value was ever justified. The persistent sub-3% organic growth alongside a 1.69 debt-to-equity ratio may indicate a structurally impaired franchise.
A short-seller would argue that the combination of contracting revenue, sequential gross margin compression, and two outsized loss quarters points to a franchise whose core economics are impaired rather than merely distorted by accounting noise. The bull case rests on adjusted EBITDA and free cash flow remaining intact, but absent disclosure of actual reported EPS or updated forward guidance, that defense is difficult to substantiate from the data provided. The 1.69 debt-to-equity ratio, if accurate, further constrains the company's ability to absorb another down-cycle without refinancing pressure, and the negative ROE suggests the cost of equity capital is effectively obscured; covenant terms and interest coverage warrant close monitoring if margin recovery stalls.