Free cash flow remains highly unstable, swinging from a negative $284 million in 2025Q2 to a marginal $6 million in 2026Q1, reflecting ongoing operational volatility.
| 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'98 | Dec'97 | Dec'96 |
|---|
| Cash from Operations | -126M | -210M | -132M | 694M | 427M | 1.01B | 641M | 634M | 536M | 744M | 857M | 638M | 523M | 229M | -294M | 351M | 263M | 223M | 396M | 374M | 482M | 514M | 347M | 441M | 247M | 146M | 171M | 607M | -79M | 287M | 368M |
| Operating CF Margin % | - | -7.82% | -4.67% | 21.84% | 13.45% | 27.33% | 10.33% | 9.17% | 8.37% | 11.42% | 13.1% | 10.01% | 7.94% | 3.74% | -5.13% | 6.63% | 5.58% | 4.84% | 7.45% | 7.53% | 10.52% | 11.27% | 5.8% | 7.88% | 4.42% | 2.47% | 2.87% | 9.8% | -1.21% | 4.36% | 5.29% |
| Operating CF Growth % | -127.76% | -59.09% | -119.02% | 62.53% | -57.68% | 57.41% | 1.1% | 18.28% | -27.96% | -13.19% | 34.33% | 21.99% | 128.38% | 177.89% | -183.76% | 33.46% | 17.94% | -43.69% | 5.88% | -22.41% | -6.23% | 48.13% | -21.32% | 78.54% | 69.18% | -14.62% | -71.83% | 868.35% | -127.53% | -22.01% | 144.66% |
| Net Income | 74M | 42M | 957M | -423M | 59M | 98M | -78M | 564M | -86M | 235M | 274M | -174M | 195M | 447M | 481M | -191M | 137M | 61M | 230M | 274M | 382M | 529M | 290M | 58M | -220M | 217M | 178M | 337M | 122M | 7M | -109M |
| Depreciation & Amortization | 223M | 231M | 297M | 559M | 610M | 517M | 364M | 333M | 330M | 354M | 344M | 308M | 284M | 208M | 166M | 128M | 114M | 128M | 109M | 110M | 104M | 113M | 180M | 315M | 328M | 423M | 361M | 358M | 364M | 383M | 385M |
| Stock-Based Compensation | 9M | 0 | 47M | 177M | 125M | 154M | 108M | 107M | 72M | 77M | 61M | 42M | 31M | 41M | 49M | 33M | 21M | 12M | 41M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Deferred Taxes | 5M | 9M | 43M | 140M | 60M | 89M | -112M | -355M | 14M | 173M | 10M | 24M | -125M | 3M | 144M | -130M | -48M | -80M | 0 | -7M | 8M | 80M | -15M | 9M | -27M | 11M | 32M | -187M | 54M | 13M | 241M |
| Other Non-Cash Items | 29M | 34M | -1.54B | -39M | -1M | 66M | 130M | 46M | 253M | -5M | -22M | 42M | -10M | -57M | -123M | 50M | -2M | -6M | -48M | 31M | 10M | -177M | -80M | 1M | 398M | -161M | -8M | -107M | -47M | 4M | -42M |
| Working Capital Changes | -452M | -526M | 65M | 280M | -426M | 85M | 229M | -61M | -47M | -90M | 190M | 396M | 138M | -413M | -1.01B | 461M | 41M | 108M | 64M | -154M | -74M | -15M | -4M | 58M | -232M | -344M | -392M | 206M | -572M | -120M | -107M |
| Change in Receivables | 100M | 54M | -57M | 47M | -216M | 215M | 420M | -144M | -155M | 29M | -89M | 28M | -104M | -136M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Change in Inventory | -59M | -26M | 39M | 9M | -188M | -195M | 168M | 5M | -70M | -68M | -86M | -46M | 77M | 10M | -42M | 4M | -39M | 5M | 25M | -76M | -76M | -13M | -44M | -45M | 18M | 8M | 28M | 85M | 15M | -50M | 182M |
| Change in Payables | 27M | -15M | 0 | 0 | 0 | 0 | 0 | -20M | 198M | -78M | 216M | 8M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Cash from Investing | -120M | -134M | 2.19B | -290M | -387M | -2.83B | -277M | -512M | -474M | -290M | -189M | -209M | -788M | -2.1B | -157M | -1.25B | -211M | -203M | -144M | -167M | -180M | -161M | -83M | -225M | -220M | -233M | -367M | -326M | -186M | -563M | -395M |
| Capital Expenditures | -165M | -165M | -217M | -377M | -377M | -106M | -31M | -329M | -313M | -294M | -227M | -229M | -258M | -226M | -160M | -123M | -126M | -182M | -138M | -112M | -144M | -92M | -165M | -159M | -81M | -141M | -324M | -291M | -287M | -348M | -423M |
| CapEx % of Revenue | 6.17% | 6.14% | 7.68% | 11.86% | 11.88% | 2.87% | 0.5% | 4.76% | 4.89% | 4.51% | 3.47% | 3.59% | 3.91% | 3.69% | 2.79% | 2.32% | 2.67% | 3.95% | 2.6% | 2.25% | 3.14% | 2.02% | 2.76% | 2.84% | 1.45% | 2.38% | 5.44% | 4.7% | 4.41% | 5.28% | 6.08% |
| Acquisitions | 20M | 20M | 2.46B | 89M | -15M | -2.47B | -25M | -203M | -160M | -8M | 47M | 19M | -1.65B | -780M | -108M | -1.08B | 0 | -41M | -65M | 0 | 0 | 0 | 68M | 0 | 0 | -6M | -319M | -32M | -274M | 99M | 98M |
| Investments | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | 25M | 11M | -52M | 8M | 5M | -248M | -228M | 20M | -1M | 12M | -9M | 1M | 1.12B | -1.1B | 111M | -38M | -85M | 20M | 59M | -55M | -36M | -69M | -36M | -66M | -140M | -95M | 94M | 162M | 158M | -111M | -54M |
| Cash from Financing | -119M | -175M | -1.56B | -839M | 1M | 2.18B | -514M | -61M | -48M | -434M | -467M | -583M | 284M | 1.36B | 1.13B | 802M | -14M | -288M | -475M | -222M | -177M | -277M | -169M | -76M | 151M | 87M | -7M | -194M | -154M | 62M | 895M |
| Debt Issued (Net) | -13M | -13M | -1.49B | -102M | 76M | 2.29B | -284M | 404M | 168M | -65M | -214M | -371M | 309M | 1.39B | 1.11B | 840M | -5M | -296M | 0 | -1M | 0 | 0 | -1M | -1M | 163M | 41M | -14M | -6M | -11M | 18M | -299M |
| Equity Issued (Net) | -88M | -138M | -56M | 0 | 0 | 0 | -185M | -382M | -246M | -381M | -266M | -1.02B | -28M | 0 | 0 | -70M | -20M | 8M | -477M | -35M | -191M | -277M | -168M | -55M | -15M | 41M | -110M | -269M | -200M | 0 | 0 |
| Dividends Paid | -14M | -15M | -15M | -15M | -15M | -15M | -9M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -1M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Share Repurchases | -95M | -148M | -56M | 0 | 0 | 0 | -185M | -398M | -210M | -350M | -250M | -1B | -28M | 0 | 0 | -70M | -20M | -1M | -494M | -83M | -280M | -415M | -428M | -90M | -66M | -60M | -110M | -269M | -200M | 0 | 0 |
| Other Financing | -4M | -9M | 1M | -722M | -60M | -94M | -36M | -83M | 30M | 12M | 13M | 804M | 3M | -36M | 21M | 33M | 11M | 0 | 2M | -186M | 14M | 0 | 0 | -20M | 3M | 5M | 117M | 81M | 57M | 44M | 1.19B |
| Net Change in Cash | -360M | -516M | 473M | -455M | -9M | 343M | -157M | 31M | -11M | 36M | 172M | -183M | -17M | -541M | 671M | -98M | 45M | -260M | -241M | 5M | 137M | 60M | 111M | 163M | 191M | -12M | -224M | 83M | -398M | -277M | 849M |
| Free Cash Flow | -373M | -375M | -349M | 317M | 50M | 661M | 378M | 305M | 223M | 450M | 630M | 409M | 265M | 3M | -454M | 228M | 137M | 41M | 258M | 262M | 338M | 422M | 182M | 282M | 166M | 5M | -153M | 316M | -366M | -61M | -55M |
| FCF Margin % | -13.94% | -13.96% | -12.35% | 9.97% | 1.58% | 17.9% | 6.09% | 4.41% | 3.48% | 6.91% | 9.63% | 6.42% | 4.02% | 0.05% | -7.92% | 4.31% | 2.91% | 0.89% | 4.85% | 5.27% | 7.38% | 9.25% | 3.04% | 5.04% | 2.97% | 0.08% | -2.57% | 5.1% | -5.63% | -0.93% | -0.79% |
| FCF Growth % | -86.5% | -7.45% | -210.09% | 534% | -92.44% | 74.87% | 23.93% | 36.77% | -50.44% | -28.57% | 54.03% | 54.34% | 8733.33% | 100.66% | -299.12% | 66.42% | 234.15% | -84.11% | -1.53% | -22.49% | -19.91% | 131.87% | -35.46% | 69.88% | 3220% | 103.27% | -148.42% | 186.34% | -500% | -10.91% | 95.84% |
| FCF per Share | -2.68 | -2.66 | -2.41 | 2.25 | 0.37 | 4.76 | 2.94 | 2.10 | 1.88 | 3.54 | 4.88 | 2.44 | 1.55 | 0.02 | -2.77 | 1.42 | 0.85 | 0.26 | 1.54 | 1.43 | 1.85 | 2.23 | 0.95 | 1.47 | 0.83 | 0.03 | -0.78 | 1.57 | -1.79 | -0.31 | -0.27 |
| FCF Conversion (FCF/Net Income) | -5.04x | -5.00x | -0.14x | -1.64x | 7.12x | 10.40x | -8.11x | 1.12x | -6.09x | 3.21x | 3.17x | -3.58x | 2.74x | 0.52x | -0.61x | -1.85x | 1.96x | -6.76x | 1.74x | 1.36x | 1.26x | 0.97x | 1.20x | 7.60x | -1.12x | 0.67x | 0.96x | 1.80x | -0.65x | 41.00x | -3.38x |
| Interest Paid | 0 | 0 | 145M | 365M | 268M | 215M | 196M | 168M | 160M | 159M | 155M | 163M | 170M | 71M | 15M | 5M | 2M | 10M | 22M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Taxes Paid | 0 | 0 | 54M | 92M | 56M | 42M | 82M | 61M | 106M | 98M | 66M | 60M | 75M | 70M | 32M | 55M | 34M | 49M | 108M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Persistent hardware margin compression
As reported in recent financial statements, the relationship between net income and operating cash flow remains highly erratic, with the OCF/NI ratio reaching extreme levels such as 15.45 in 2024Q4, suggesting that GAAP earnings are currently poor proxies for the company's underlying cash-generating capacity.
The significant divergence between net income and operating cash flow indicates that non-cash charges and restructuring-related noise continue to distort the company's true profitability. Investors should monitor whether this volatility stabilizes as the post-spin-off transition matures and the business model shifts toward recurring software revenue.
Based on the provided quarterly data, free cash flow trajectory has been inconsistent, swinging from a negative $284 million in 2025Q2 to a positive $6 million in 2026Q1, reflecting the ongoing difficulty in achieving sustainable cash generation during the company's strategic pivot.
The erratic FCF performance appears to be driven by the heavy reliance on hardware sales and the associated working capital swings. This lack of consistent cash flow generation may limit the company's ability to fund R&D initiatives without further straining its already leveraged balance sheet.
According to recent SEC filings, working capital changes have been a major source of cash flow volatility, including a massive $315 million outflow in 2025Q2, which highlights the operational challenges inherent in managing inventory and receivables across a complex, multi-segment enterprise commerce business.
These significant working capital fluctuations suggest that the company's cash conversion cycle is sensitive to the timing of large-scale enterprise deployments and hardware procurement. The inability to maintain a predictable working capital profile may indicate underlying inefficiencies in supply chain management or customer collection processes.
As reported in financial statements, the company maintains a consistent capital intensity with CapEx/Revenue ratios hovering around 6% to 9%, indicating that the business requires significant ongoing investment to maintain its legacy hardware install base and support its global field service infrastructure.
The persistent level of capital expenditure suggests that the company is still heavily burdened by the maintenance requirements of its legacy assets. This capital intensity may continue to act as a structural headwind to free cash flow expansion until the software-led transition significantly reduces the hardware footprint.
Quick answers to the most common questions about buying VYX stock.
NCR Voyix Corporation (VYX) generated $-210.0M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
NCR Voyix Corporation (VYX) reported negative free cash flow of $375.0M in 2025, indicating capital requirements exceeded cash from operations.
NCR Voyix Corporation (VYX) spent $165.0M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.
In 2025, NCR Voyix Corporation (VYX) returned $15.0M to shareholders via cash dividends and spent $148.0M on share repurchases. This shows the company's commitment to returning capital to its equity investors.