Revenue growth remains highly inconsistent, fluctuating from a 15.3% contraction in 2023Q4 to a 6.4% expansion in 2026Q1, while gross margins remain constrained between 18.0% and 26.8%.
| Sales/Revenue | 4.42B | 4.35B | 4.32B | 4.19B | 4.13B | 3.55B |
| Revenue Growth % | 4.1% | 0.86% | 3.01% | 1.45% | 16.4% | - |
| Cost of Goods Sold | 3.36B | 3.29B | 3.28B | 3.26B | 3.21B | 2.66B |
| COGS % of Revenue | - | 75.63% | 76.07% | 77.74% | 77.75% | 74.87% |
| Gross Profit | 1.06B | 1.06B | 1.03B | 933M | 919M | 892M |
| Gross Margin % | 24.07% | 24.37% | 23.93% | 22.26% | 22.25% | 25.13% |
| Gross Profit Growth % | - | 2.71% | 10.72% | 1.52% | 3.03% | - |
| Operating Expenses | 834M | 583M | 584M | 662M | 650M | 644M |
| OpEx % of Revenue | - | 13.39% | 13.53% | 15.8% | 15.73% | 18.15% |
| Selling, General & Admin | 518M | 513M | 458M | 585M | 649M | 537M |
| SG&A % of Revenue | - | 11.78% | 10.61% | 13.96% | 15.71% | 15.13% |
| Research & Development | 73M | 70M | 66M | 77M | 64M | 107M |
| R&D % of Revenue | - | 1.61% | 1.53% | 1.84% | 1.55% | 3.01% |
| Other Operating Expenses | 1000K | 0 | 60M | 0 | -63M | 0 |
| Operating Income | 230M | 478M | 449M | 271M | 269M | 248M |
| Operating Margin % | 5.2% | 10.98% | 10.4% | 6.47% | 6.51% | 6.99% |
| Operating Income Growth % | - | 6.46% | 65.68% | 0.74% | 8.47% | - |
| EBITDA | 438M | 755M | 450M | 525M | 528M | 407M |
| EBITDA Margin % | 9.91% | 17.34% | 10.42% | 12.53% | 12.78% | 11.47% |
| EBITDA Growth % | -19.04% | 67.78% | -14.29% | -0.57% | 29.73% | - |
| D&A (Non-Cash Add-back) | 208M | 277M | 1M | 254M | 259M | 159M |
| EBIT | 460M | 459M | 448M | 197M | 188M | 300M |
| Net Interest Income | -139M | -264M | -317M | -90M | -31M | -49M |
| Interest Income | 5M | 6M | 10M | 0 | 0 | 0 |
| Interest Expense | 144M | 270M | 327M | 90M | 31M | 49M |
| Other Income/Expense | -24M | -289M | -310M | -164M | -112M | 3M |
| Pretax Income | 206M | 189M | 139M | 107M | 157M | 251M |
| Pretax Margin % | 4.66% | 4.34% | 3.22% | 2.55% | 3.8% | 7.07% |
| Income Tax | 29M | 27M | 47M | 239M | 50M | 64M |
| Effective Tax Rate % | 14.08% | 14.29% | 33.81% | 223.36% | 31.85% | 25.5% |
| Net Income | 176M | 162M | 91M | -134M | 108M | 186M |
| Net Margin % | 3.98% | 3.72% | 2.11% | -3.2% | 2.61% | 5.24% |
| Net Income Growth % | 50.43% | 78.02% | 167.91% | -224.07% | -41.94% | - |
| Net Income (Continuing) | 177M | 162M | 92M | -132M | 107M | 187M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | -1M | 4M | 3M | -1M | 3M |
| EPS (Diluted) | 2.33 | 2.14 | 1.23 | -1.90 | -4.15 | 2.66 |
| EPS Growth % | 400% | 73.98% | 164.74% | 54.22% | -256.01% | - |
| EPS (Basic) | - | 2.20 | 1.26 | -1.90 | -4.15 | 2.66 |
| Diluted Shares Outstanding | 75.6M | 75.6M | 74.2M | 70.6M | 68.4M | 69.8M |
| Basic Shares Outstanding | 73.6M | 73.5M | 72.2M | 70.6M | 68.4M | 69.8M |
| Dividend Payout Ratio | - | - | - | - | - | - |
Secular cash usage decline
According to quarterly financial disclosures, NATL's revenue growth has fluctuated significantly, ranging from a 15.3% contraction in 2023Q4 to a 6.4% expansion in 2026Q1, suggesting that the company's transition toward recurring service contracts is currently being offset by the inherent lumpiness of hardware-centric revenue cycles.
The inconsistent top-line performance indicates that the firm is struggling to decouple from cyclical ATM hardware refresh cycles. Investors should monitor whether the shift to 'ATM-as-a-Service' models can eventually smooth these revenue swings or if the underlying demand for physical cash infrastructure remains too fragile to support consistent growth.
As reported in recent income statements, NATL's gross margin has hovered between 18.0% and 26.8% over the last ten quarters, reflecting a cost structure heavily burdened by the physical logistics and maintenance requirements of a global ATM fleet that limits potential for rapid margin expansion.
The inability to consistently maintain gross margins above 25% suggests that the company lacks the pricing power typical of pure-play software providers. This margin profile appears to be a direct consequence of the high fixed-cost nature of field service operations, which may remain a persistent drag on profitability.
Based on the provided income statement data, NATL's operating income has exhibited extreme volatility, including negative margins in 2024Q2 and 2025Q2, which indicates that the company has yet to achieve the operational scale necessary to consistently leverage its fixed SG&A and field service overhead.
The erratic nature of operating margins suggests that management is still navigating the complexities of a standalone entity post-spin-off. Without a more stable relationship between gross profit growth and operating expense control, the company may struggle to demonstrate the operating leverage required to justify a premium valuation.
Analysis of the reported figures reveals that NATL's net income has been subject to significant quarterly swings, with net margins fluctuating from a negative 15.0% in 2023Q4 to a positive 7.2% in 2025Q4, largely driven by non-operating items and inconsistent tax or interest impacts.
The wide variance in EPS, ranging from a loss of $2.34 to a gain of $1.09, suggests that reported net income is not yet a reliable indicator of core operational health. Investors should be cautious of these fluctuations, as they may mask the underlying cash-generating capability of the business.
While management emphasizes the utility-like nature of the ATM network, the persistent revenue volatility and low gross margins suggest that the market may be underestimating the long-term risk of secular decline in cash usage, which could permanently impair the company's ability to sustain its current infrastructure.
Short-sellers would likely focus on the potential for margin compression if transaction volumes continue to migrate toward digital alternatives. The reliance on physical cash distribution may represent a structural liability that is not fully captured in current valuation multiples, warranting further investigation into long-term contract retention rates.
Quick answers to the most common questions about buying NATL stock.
For fiscal year 2025, NCR Atleos Corporation (NATL) reported total revenue of $4.35B. This represents a 22.7% increase compared to $3.55B in 2021.
NCR Atleos Corporation (NATL) is profitable, generating $162.0M in net income for the fiscal year ending 2025 with a net profit margin of 3.7%.
NCR Atleos Corporation (NATL) reported an operating income of $478.0M, resulting in an operating profit margin of 11.0%. This margin reflects the operational efficiency of the business before interest and taxes.
NCR Atleos Corporation (NATL) generated $1.06B in gross profit for the year, representing a gross profit margin of 24.4%. This demonstrates the company's core pricing power and production efficiency.