NICE Ltd. (NICE) Income Statement

29Y historyFree accessUpdated daily

Revenue growth has normalized to 9.5% in 2026Q2, while operating margin has compressed significantly from 22.4% in 2025Q4 to 13.8% in 2026Q2, indicating SG&A expenses are outpacing gross profit growth.

Annual statement

NICE Income Statement

NICE Ltd. (NICE) annual income statement — 29-year revenue, gross profit & net income history

Annual Quarterly

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	Dec'13	Dec'12	Dec'11	Dec'10	Dec'09	Dec'08	Dec'07	Dec'06	Dec'05	Dec'04	Dec'03	Dec'02	Dec'01	Dec'00	Dec'99	Dec'96	Dec'95

Sales/Revenue	3.13B	2.95B	2.74B	2.38B	2.18B	1.92B	1.65B	1.57B	1.44B	1.33B	1.02B	926.87M	1.01B	949.28M	879.01M	793.83M	689.45M	583.12M	624.16M	517.37M	409.64M	311.11M	252.64M	224.26M	162.5M	127.11M	153.16M	123.6M	39.8M	21M
Revenue Growth %	8.76%	7.68%	15.05%	9%	13.54%	16.57%	4.71%	8.96%	8.43%	31.18%	9.57%	-8.38%	6.57%	7.99%	10.73%	15.14%	18.24%	-6.58%	20.64%	26.3%	31.67%	23.14%	12.66%	38%	27.85%	-17.01%	23.92%	210.56%	89.52%	-
Cost of Goods Sold	1.13B	989.25M	909.52M	768.17M	683.69M	624.46M	561.95M	531.77M	496.81M	468.67M	337.73M	303.58M	375.58M	364.95M	351.22M	307.31M	269.07M	237.21M	238.75M	206.34M	174.21M	136.23M	114.31M	106.31M	84.75M	73.77M	74.8M	45.09M	16.8M	10M
COGS % of Revenue	-	33.59%	33.25%	32.31%	31.34%	32.5%	34.1%	33.79%	34.39%	35.18%	33.26%	32.75%	37.13%	38.44%	39.96%	38.71%	39.03%	40.68%	38.25%	39.88%	42.53%	43.79%	45.24%	47.41%	52.15%	58.03%	48.84%	36.48%	42.21%	47.62%
Gross Profit	2.01B	1.96B	1.83B	1.61B	1.5B	1.3B	1.09B	1.04B	947.7M	863.48M	677.81M	623.28M	636.06M	584.34M	527.79M	486.53M	420.38M	345.91M	385.42M	311.03M	235.43M	174.88M	138.34M	117.94M	77.76M	53.34M	78.36M	78.51M	23M	11M
Gross Margin %	64.04%	66.41%	66.75%	67.69%	68.66%	67.5%	65.9%	66.21%	65.61%	64.82%	66.74%	67.25%	62.87%	61.56%	60.04%	61.29%	60.97%	59.32%	61.75%	60.12%	57.47%	56.21%	54.76%	52.59%	47.85%	41.97%	51.16%	63.52%	57.79%	52.38%
Gross Profit Growth %	-	7.14%	13.45%	7.46%	15.49%	19.39%	4.21%	9.97%	9.75%	27.39%	8.75%	-2.01%	8.85%	10.71%	8.48%	15.74%	21.53%	-10.25%	23.92%	32.11%	34.62%	26.42%	17.29%	51.68%	45.78%	-31.93%	-0.19%	241.37%	109.09%	-
Operating Expenses	1.47B	1.31B	1.28B	1.17B	1.16B	1.03B	844.02M	803.43M	750.09M	713.41M	543.63M	457.18M	518.68M	504.06M	480.27M	427.5M	371.32M	307.71M	348.06M	274.49M	205.45M	142.8M	118.31M	113.46M	111.32M	99.35M	89.65M	62.98M	18.7M	11.1M
OpEx % of Revenue	-	44.49%	46.79%	49.38%	53.29%	53.76%	51.21%	51.05%	51.93%	53.55%	53.53%	49.33%	51.27%	53.1%	54.64%	53.85%	53.86%	52.77%	55.77%	53.05%	50.15%	45.9%	46.83%	50.59%	68.5%	78.16%	58.53%	50.96%	46.98%	52.86%
Selling, General & Admin	1.08B	949.94M	916.41M	851.4M	856.36M	761.6M	587.17M	567.33M	523.98M	490.4M	384.92M	316.17M	349.81M	336.92M	326.3M	294.69M	254.75M	214.32M	245.26M	205.68M	155.65M	110.57M	93.44M	83.54M	64.3M	62.19M	61.36M	42.15M	17.6M	10.4M
SG&A % of Revenue	-	32.25%	33.5%	35.81%	39.26%	39.64%	35.63%	36.05%	36.27%	36.81%	37.9%	34.11%	34.58%	35.49%	37.12%	37.12%	36.95%	36.75%	39.29%	39.75%	38%	35.54%	36.99%	37.25%	39.57%	48.93%	40.06%	34.1%	44.22%	49.52%
Research & Development	393.44M	360.45M	360.61M	322.71M	306.07M	271.19M	218.18M	193.72M	183.83M	181.11M	141.53M	128.49M	148.56M	136.56M	121.39M	109.13M	97.08M	77.38M	78.44M	59.63M	44.88M	30.9M	24.87M	22.83M	17.93M	19.19M	21.5M	13.82M	0	0
R&D % of Revenue	-	12.24%	13.18%	13.57%	14.03%	14.12%	13.24%	12.31%	12.73%	13.6%	13.94%	13.86%	14.69%	14.39%	13.81%	13.75%	14.08%	13.27%	12.57%	11.53%	10.96%	9.93%	9.84%	10.18%	11.03%	15.1%	14.04%	11.19%	-	-
Other Operating Expenses	0	0	2.77M	0	0	0	38.67M	42.38M	38K	-19K	-480K	-425K	-3K	-110K	1.53M	331.18M	288.17M	253.3M	243.43M	215.69M	179.47M	0	0	7.08M	29.09M	17.97M	6.79M	7M	1.1M	700K
Operating Income	537.03M	645.76M	545.95M	435.23M	335.17M	263.91M	242.05M	238.72M	197.62M	150.07M	134.18M	166.11M	111.83M	79.75M	45.63M	59.03M	49.05M	38.2M	37.35M	32.83M	17.1M	32.09M	20.03M	4.49M	-33.56M	-46.01M	-11.29M	15.53M	4.3M	-100K
Operating Margin %	17.14%	21.92%	19.96%	18.31%	15.37%	13.74%	14.69%	15.17%	13.68%	11.27%	13.21%	17.92%	11.05%	8.4%	5.19%	7.44%	7.11%	6.55%	5.98%	6.35%	4.17%	10.31%	7.93%	2%	-20.65%	-36.19%	-7.37%	12.57%	10.8%	-0.48%
Operating Income Growth %	-	18.28%	25.44%	29.85%	27%	9.03%	1.4%	20.8%	31.68%	11.85%	-19.22%	48.54%	40.21%	74.77%	-22.69%	20.34%	28.41%	2.27%	13.76%	92.05%	-46.72%	60.21%	346.36%	113.37%	27.05%	-307.59%	-172.66%	261.23%	4400%	-
EBITDA	783.6M	844.8M	750.97M	602.59M	511.72M	448M	424.07M	411.95M	354.76M	306.37M	211.98M	224.07M	185.17M	171.24M	141.49M	126.15M	106.16M	85.42M	80.09M	63.77M	39.29M	46.05M	35.03M	23.57M	-22.05M	-30.72M	566K	22.54M	5.4M	600K
EBITDA Margin %	25.01%	28.68%	27.46%	25.35%	23.46%	23.32%	25.73%	26.17%	24.56%	23%	20.87%	24.18%	18.3%	18.04%	16.1%	15.89%	15.4%	14.65%	12.83%	12.32%	9.59%	14.8%	13.86%	10.51%	-13.57%	-24.17%	0.37%	18.23%	13.57%	2.86%
EBITDA Growth %	-3.21%	12.49%	24.63%	17.76%	14.22%	5.64%	2.94%	16.12%	15.79%	44.53%	-5.4%	21.01%	8.14%	21.03%	12.16%	18.83%	24.29%	6.65%	25.6%	62.28%	-14.67%	31.47%	48.57%	206.91%	28.21%	-5526.86%	-97.49%	317.37%	800%	-
D&A (Non-Cash Add-back)	246.57M	199.04M	205.02M	167.36M	176.55M	184.09M	182.03M	173.23M	157.14M	156.3M	77.8M	57.96M	73.35M	91.49M	95.86M	67.12M	57.11M	47.22M	42.74M	30.93M	22.2M	13.96M	15M	19.09M	11.51M	15.29M	11.85M	7M	1.1M	700K
EBIT	562.75M	704.02M	549.12M	461.4M	349.05M	256.39M	254.61M	253.11M	204.77M	145.52M	146.34M	166.11M	110.13M	79.57M	54M	69.81M	58.28M	51.39M	49.2M	36.54M	29.98M	37.47M	23.64M	4.49M	-34.93M	-50.57M	-11.29M	15.53M	4.3M	-100K
Net Interest Income	18.21M	54.47M	59.71M	25.95M	8.69M	-19.35M	-4.66M	-2.61M	-10.51M	-20.63M	3.44M	6.43M	4.44M	4.86M	5.79M	10.24M	9.32M	7.71M	4.2M	0	0	0	0	0	0	0	0	0	0	0
Interest Income	19.32M	54.47M	64.98M	34.07M	18.38M	13.95M	19.14M	20.53M	11.3M	3.69M	6.56M	7.27M	5.62M	6.31M	6.85M	11.51M	9.13M	7.71M	12.55M	0	0	0	0	0	0	0	0	0	0	0
Interest Expense	1.11M	0	5.27M	8.18M	9.69M	33.31M	23.8M	23.14M	21.81M	24.32M	2.2M	66K	73K	182K	103K	930K	3.9M	0	613K	0	0	0	0	0	0	0	0	0	0	0
Other Income/Expense	19.26M	58.26M	58.87M	22.47M	10.16M	-23.29M	-4.86M	-4.44M	-10.9M	-20.41M	10.3M	5.3M	3.77M	3.93M	8.27M	9.86M	8.98M	7.6M	11.24M	14.8M	-3.29M	5.38M	3.61M	2.33M	-1.44M	-5.16M	6.24M	-350K	900K	600K
Pretax Income	556.3M	704.02M	604.83M	457.7M	345.33M	240.62M	237.19M	234.27M	186.72M	129.66M	144.48M	171.41M	115.03M	83.68M	53.9M	68.88M	58.03M	45.8M	48.59M	47.63M	30.99M	37.47M	23.64M	6.81M	-33.63M	-46.6M	-5.05M	15.18M	5.2M	500K
Pretax Margin %	17.76%	23.9%	22.11%	19.25%	15.83%	12.52%	14.39%	14.88%	12.93%	9.73%	14.23%	18.49%	11.37%	8.82%	6.13%	8.68%	8.42%	7.85%	7.78%	9.21%	7.57%	12.04%	9.36%	3.04%	-20.7%	-36.66%	-3.29%	12.28%	13.07%	2.38%
Income Tax	180.11M	91.92M	162.24M	119.4M	79.39M	41.4M	40.84M	48.37M	27.38M	-13.63M	21.41M	30.83M	11.95M	28.41M	-13.99M	11.62M	9.33M	3.04M	9.48M	10.25M	8.59M	902K	2.32M	1.21M	350K	198K	273K	74K	0	200K
Effective Tax Rate %	32.38%	13.06%	26.82%	26.09%	22.99%	17.2%	17.22%	20.65%	14.66%	-10.51%	14.82%	17.99%	10.39%	33.94%	-25.96%	16.87%	16.07%	6.64%	19.51%	21.53%	27.72%	2.41%	9.81%	17.69%	-1.04%	-0.42%	-5.41%	0.49%	0%	40%
Net Income	376.19M	612.1M	442.59M	338.3M	265.94M	199.22M	196.35M	185.9M	159.34M	143.29M	116.92M	258.83M	103.08M	55.27M	67.89M	57.26M	48.71M	42.76M	39.11M	37.38M	22.4M	36.57M	24.55M	7.09M	-33.98M	-46.8M	-5.32M	15.11M	5.2M	300K
Net Margin %	12.01%	20.78%	16.18%	14.23%	12.19%	10.37%	11.91%	11.81%	11.03%	10.76%	11.51%	27.93%	10.19%	5.82%	7.72%	7.21%	7.06%	7.33%	6.27%	7.22%	5.47%	11.75%	9.72%	3.16%	-20.91%	-36.82%	-3.47%	12.22%	13.07%	1.43%
Net Income Growth %	-32.95%	38.3%	30.83%	27.21%	33.49%	1.47%	5.62%	16.67%	11.2%	22.55%	-54.83%	151.11%	86.48%	-18.59%	18.57%	17.57%	13.92%	9.33%	4.62%	66.87%	-38.74%	48.93%	246.28%	120.87%	27.38%	-779.77%	-135.2%	190.56%	1633.33%	-
Net Income (Continuing)	376.19M	612.1M	442.59M	338.3M	265.94M	199.22M	196.35M	185.9M	159.34M	143.29M	123.07M	140.58M	100.15M	52.47M	67.89M	57.26M	48.71M	42.76M	39.11M	37.38M	22.4M	36.57M	21.32M	5.61M	-35.35M	-51.36M	-5.32M	15.11M	5.2M	300K
Discontinued Operations	0	0	0	0	0	0	0	0	0	0	0	118.25M	2.92M	2.8M	0	0	0	0	0	0	0	0	3.24M	0	0	0	0	0	0	0
Minority Interest	0	0	13.42M	13.37M	13.34M	12.87M	24.57M	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
EPS (Diluted)	6.34	9.67	6.76	5.11	4.00	2.98	2.98	2.88	2.52	2.31	1.92	4.22	1.69	0.89	1.09	0.89	0.76	0.68	0.64	0.67	0.43	0.89	0.66	0.21	-1.23	-1.79	-0.21	0.62	0.35	0.03
EPS Growth %	-29.55%	43.05%	32.29%	27.75%	34.23%	0%	3.47%	14.29%	9.09%	20.31%	-54.5%	149.7%	89.89%	-18.35%	22.47%	17.11%	11.76%	6.25%	-4.48%	55.81%	-51.69%	34.85%	214.29%	117.07%	31.28%	-752.38%	-133.87%	77.14%	1066.67%	-
EPS (Basic)	-	9.82	6.97	5.32	4.17	3.15	3.14	2.99	2.60	2.37	1.96	4.35	1.74	0.92	1.11	0.91	0.78	0.70	0.65	0.69	0.45	0.96	0.70	0.22	-1.23	-1.79	-0.21	0.66	0.35	0.03
Diluted Shares Outstanding	59.31M	63.32M	65.51M	66.27M	66.47M	66.9M	65.96M	64.66M	63.31M	62.12M	61.03M	61.28M	60.9M	61.83M	62.26M	64.24M	64.13M	62.49M	61.27M	55.79M	52.1M	41.32M	37.49M	33.77M	27.63M	26.07M	24.74M	24.5M	14.52M	13.33M
Basic Shares Outstanding	58.21M	62.33M	63.48M	63.59M	63.79M	63.19M	62.71M	62.12M	61.39M	60.44M	59.67M	59.55M	59.36M	60.39M	60.91M	62.92M	62.65M	61.4M	60.09M	54.17M	49.78M	38.29M	35.08M	32.23M	27.63M	26.07M	24.74M	23.12M	14.52M	13.33M
Dividend Payout Ratio	-	-	-	-	-	-	-	-	-	6.73%	32.67%	14.77%	37%	52.48%	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	1366.67%

Key Metrics

Growth RegimeDecelerating

ProfitabilityModerate

Balance SheetFortress

Cash FlowStable

Top Statement Risk

Growth deceleration amid AI disruption

Cloud Transition Matures, Growth Normalizes

Revenue growth has decelerated from a peak of 15.8% in 2024Q4 to a consistent 9.5% in the first half of 2026, suggesting the high-growth phase of the cloud migration may be maturing into a more normalized, sustainable trajectory.

The sequential deceleration from double-digit growth to the mid-single-digit range indicates the initial wave of cloud conversions is likely complete. This shift implies future growth will depend more on net new customer acquisition and upselling AI modules like Enlighten, rather than the mechanical lift from migrating a large legacy installed base. Investors should monitor whether this new growth rate is sufficient to support the company's valuation multiple relative to pure-play SaaS peers.

Gross Margin Compression Signals Cloud Cost Headwinds

Gross margin has contracted by approximately 380 basis points from its 2024Q4 peak of 67.8% to 64.0% in 2026Q2, a trend that may indicate rising cloud infrastructure costs or a less favorable revenue mix as the business scales.

The steady erosion in gross margin is a critical metric to watch, as it suggests the cost of delivering cloud services is not scaling as efficiently as revenue. This could be driven by increased compute costs from AI feature rollouts or a shift toward lower-margin professional services accompanying cloud deployments. A sustained margin at this level would pressure operating profitability unless offset by significant operating leverage in SG&A.

Operating Leverage Erodes as SG&A Outpaces Revenue

Operating margin has compressed from a high of 22.4% in 2025Q4 to 13.8% in 2026Q2, indicating that SG&A expenses are growing faster than gross profit, which may reflect increased investment in sales and marketing to drive the next phase of growth.

The sharp decline in operating margin, despite continued revenue growth, points to a significant ramp in operating expenses. This appears to be a strategic choice to invest in go-to-market capabilities for AI products, but it raises questions about near-term profitability. The lack of operating leverage suggests the company is in an investment phase, and investors should look for evidence that this spending is translating into accelerated cloud bookings or higher net retention rates.

Net Income Volatility Masks Underlying Profitability

Net income has swung dramatically from $187.4M in 2025Q2 to just $46.7M in 2026Q1, a 75% decline, highlighting significant volatility from non-operating items that obscures the core operational earnings power of the business.

The extreme volatility in net income and EPS, which fell 61.7% year-over-year in 2026Q1, suggests that non-operating factors like tax provisions, foreign exchange gains/losses, or one-time items are heavily influencing the bottom line. This makes the reported EPS a less reliable indicator of recurring operational performance. Analysts should focus on operating income as a cleaner measure of the company's fundamental earnings trajectory.

Margin Compression Threatens the Investment Thesis

The simultaneous deceleration in revenue growth and compression in both gross and operating margins presents a challenging narrative, suggesting the company may be sacrificing profitability to maintain growth in an increasingly competitive AI-driven market.

A short-seller would focus on the deteriorating margin profile as evidence that NICE is losing pricing power or facing rising competitive pressure. The trend implies that to win deals against well-funded AI-native competitors, NICE may be forced to offer deeper discounts or incur higher customer acquisition costs. If this margin erosion continues without a corresponding acceleration in growth, it could invalidate the thesis of NICE as a high-quality, durable software compounder.

NICE — Frequently Asked Questions

Quick answers to the most common questions about buying NICE stock.

What was NICE Ltd.'s (NICE) revenue in 2025?

For fiscal year 2025, NICE Ltd. (NICE) reported total revenue of $2.95B. This represents a 13925.7% increase compared to $21.0M in 1995.

Is NICE Ltd. (NICE) profitable?

NICE Ltd. (NICE) is profitable, generating $612.1M in net income for the fiscal year ending 2025 with a net profit margin of 20.8%.

What is NICE Ltd.'s operating profit margin?

NICE Ltd. (NICE) reported an operating income of $645.8M, resulting in an operating profit margin of 21.9%. This margin reflects the operational efficiency of the business before interest and taxes.

What is NICE Ltd.'s gross profit and gross margin?

NICE Ltd. (NICE) generated $1.96B in gross profit for the year, representing a gross profit margin of 66.4%. This demonstrates the company's core pricing power and production efficiency.