Revenue growth remains under pressure with a 1.8% year-over-year contraction in 2026Q1, while structural constraints keep operating margins at a thin 2.0%.
| 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 |
|---|
| Sales/Revenue | 2.68B | 2.69B | 2.83B | 3.18B | 3.17B | 3.69B | 6.21B | 6.92B | 6.41B | 6.52B | 6.54B | 6.37B | 6.59B | 6.12B | 5.73B | 5.29B | 4.71B | 4.61B | 5.32B | 4.97B | 4.58B | 4.56B | 5.98B | 5.6B | 5.58B | 5.92B | 5.96B | 6.2B | 6.5B | 6.59B | 6.96B |
| Revenue Growth % | -2.05% | -4.92% | -11.08% | 0.13% | -14.03% | -40.52% | -10.24% | 7.96% | -1.7% | -0.41% | 2.67% | -3.31% | 7.64% | 6.86% | 8.3% | 12.31% | 2.15% | -13.23% | 6.94% | 8.47% | 0.46% | -23.78% | 6.9% | 0.23% | -5.61% | -0.7% | -3.82% | -4.75% | -1.27% | -5.37% | -14.69% |
| Cost of Goods Sold | 2.04B | 2.05B | 2.25B | 2.51B | 2.49B | 2.77B | 4.68B | 4.99B | 4.73B | 4.66B | 4.72B | 4.9B | 4.86B | 4.38B | 4.08B | 4.34B | 3.72B | 3.73B | 4.13B | 3.93B | 3.65B | 3.63B | 4.37B | 4.06B | 4B | 4.12B | 4.09B | 3.95B | 4.22B | 4.41B | 5B |
| COGS % of Revenue | - | 76.4% | 79.51% | 78.95% | 78.45% | 74.95% | 75.45% | 72.22% | 73.85% | 71.53% | 72.21% | 76.95% | 73.72% | 71.58% | 71.29% | 82.03% | 78.99% | 80.85% | 77.74% | 79.07% | 79.77% | 79.48% | 72.99% | 72.6% | 71.58% | 69.68% | 68.67% | 63.72% | 64.86% | 66.9% | 71.77% |
| Gross Profit | 630M | 634M | 579M | 669M | 684M | 925M | 1.52B | 1.92B | 1.68B | 1.85B | 1.82B | 1.47B | 1.73B | 1.74B | 1.65B | 951M | 990M | 883M | 1.18B | 1.04B | 927M | 936M | 1.62B | 1.53B | 1.59B | 1.79B | 1.87B | 2.25B | 2.29B | 2.18B | 1.97B |
| Gross Margin % | 23.54% | 23.6% | 20.49% | 21.05% | 21.55% | 25.05% | 24.55% | 27.78% | 26.15% | 28.47% | 27.79% | 23.05% | 26.28% | 28.42% | 28.71% | 17.97% | 21.01% | 19.15% | 22.26% | 20.93% | 20.23% | 20.52% | 27.01% | 27.4% | 28.42% | 30.32% | 31.33% | 36.28% | 35.14% | 33.1% | 28.23% |
| Gross Profit Growth % | - | 9.5% | -13.45% | -2.19% | -26.05% | -39.3% | -20.67% | 14.69% | -9.7% | 2.04% | 23.76% | -15.18% | -0.46% | 5.78% | 72.98% | -3.94% | 12.12% | -25.36% | 13.75% | 12.19% | -0.96% | -42.08% | 5.35% | -3.34% | -11.54% | -3.91% | -16.95% | -1.66% | 4.81% | 10.94% | 64.38% |
| Operating Expenses | 527M | 608M | 616M | 798M | 734M | 899M | 1.3B | 1.31B | 1.21B | 1.18B | 1.2B | 1.27B | 1.27B | 1.07B | 897M | 1.1B | 841M | 786M | 861M | 821M | 773M | 816M | 1.38B | 1.4B | 1.4B | 1.61B | 1.66B | 2.17B | 2.18B | 2.2B | 1.84B |
| OpEx % of Revenue | - | 22.63% | 21.8% | 25.11% | 23.13% | 24.35% | 20.99% | 18.94% | 18.92% | 18.09% | 18.4% | 19.96% | 19.34% | 17.54% | 15.65% | 20.77% | 17.85% | 17.04% | 16.2% | 16.52% | 16.87% | 17.89% | 23.11% | 25.08% | 25.03% | 27.18% | 27.89% | 35.02% | 33.57% | 33.39% | 26.37% |
| Selling, General & Admin | 373M | 453M | 459M | 659M | 618M | 704M | 1.1B | 1.13B | 960M | 938M | 979M | 1.04B | 1.01B | 871M | 742M | 890M | 685M | 645M | 713M | 684M | 654M | 691M | 1.14B | 1.17B | 1.17B | 1.31B | 1.33B | 1.47B | 1.46B | 1.44B | 1.46B |
| SG&A % of Revenue | - | 16.86% | 16.24% | 20.74% | 19.47% | 19.07% | 17.72% | 16.38% | 14.99% | 14.4% | 14.96% | 16.35% | 15.35% | 14.23% | 12.95% | 16.82% | 14.54% | 13.99% | 13.41% | 13.76% | 14.27% | 15.15% | 19.07% | 20.92% | 20.88% | 22.22% | 22.3% | 23.74% | 22.44% | 21.79% | 20.94% |
| Research & Development | 154M | 155M | 157M | 139M | 116M | 195M | 234M | 259M | 252M | 241M | 225M | 230M | 263M | 203M | 155M | 209M | 156M | 141M | 148M | 137M | 119M | 125M | 242M | 233M | 232M | 293M | 333M | 341M | 360M | 381M | 378M |
| R&D % of Revenue | - | 5.77% | 5.56% | 4.37% | 3.65% | 5.28% | 3.77% | 3.75% | 3.93% | 3.7% | 3.44% | 3.61% | 3.99% | 3.32% | 2.71% | 3.95% | 3.31% | 3.06% | 2.78% | 2.76% | 2.6% | 2.74% | 4.04% | 4.16% | 4.15% | 4.95% | 5.59% | 5.5% | 5.53% | 5.78% | 5.43% |
| Other Operating Expenses | 0 | 0 | 0 | 0 | 0 | 0 | -31M | -82M | 0 | -8M | -8M | -7M | -10M | -2M | -5M | -8M | -2M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Operating Income | 103M | 26M | -37M | -129M | -50M | 26M | 221M | 611M | 191M | 691M | 674M | 135M | 353M | 666M | 748M | -148M | 149M | 97M | 322M | 219M | 154M | 120M | 233M | 130M | 189M | 186M | 205M | 78M | 102M | -19M | 130M |
| Operating Margin % | 3.85% | 0.97% | -1.31% | -4.06% | -1.58% | 0.7% | 3.56% | 8.84% | 2.98% | 10.6% | 10.3% | 2.12% | 5.36% | 10.88% | 13.05% | -2.8% | 3.16% | 2.1% | 6.06% | 4.41% | 3.36% | 2.63% | 3.89% | 2.32% | 3.38% | 3.14% | 3.44% | 1.26% | 1.57% | -0.29% | 1.87% |
| Operating Income Growth % | - | 170.27% | 71.32% | -158% | -292.31% | -88.24% | -63.83% | 219.9% | -72.36% | 2.52% | 399.26% | -61.76% | -47% | -10.96% | 605.41% | -199.33% | 53.61% | -69.88% | 47.03% | 42.21% | 28.33% | -48.5% | 79.23% | -31.22% | 1.61% | -9.27% | 162.82% | -23.53% | 636.84% | -114.62% | 105.48% |
| EBITDA | 326M | 250M | 260M | 430M | 560M | 543M | 585M | 944M | 521M | 1.04B | 1.02B | 443M | 637M | 874M | 914M | -20M | 263M | 225M | 431M | 329M | 258M | 233M | 413M | 445M | 517M | 609M | 566M | 436M | 466M | 364M | 515M |
| EBITDA Margin % | 12.18% | 9.3% | 9.2% | 13.53% | 17.64% | 14.71% | 9.42% | 13.65% | 8.13% | 16.04% | 15.56% | 6.95% | 9.66% | 14.27% | 15.95% | -0.38% | 5.58% | 4.88% | 8.11% | 6.62% | 5.63% | 5.11% | 6.9% | 7.95% | 9.26% | 10.29% | 9.5% | 7.04% | 7.16% | 5.52% | 7.4% |
| EBITDA Growth % | 36.4% | -3.85% | -39.53% | -23.21% | 3.13% | -7.18% | -38.03% | 81.19% | -50.14% | 2.65% | 129.8% | -30.46% | -27.12% | -4.38% | 4670% | -107.6% | 16.89% | -47.8% | 31% | 27.52% | 10.73% | -43.58% | -7.19% | -13.93% | -15.11% | 7.6% | 29.82% | -6.44% | 28.02% | -29.32% | 125.48% |
| D&A (Non-Cash Add-back) | 223M | 224M | 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 |
| EBIT | 78M | 29M | -65M | -251M | -32M | -29M | 159M | 538M | 207M | 645M | 549M | 78M | 318M | 657M | 740M | -151M | 138M | -77M | 310M | 219M | 154M | 120M | 274M | 130M | 189M | 186M | 205M | 78M | 102M | -19M | 130M |
| Net Interest Income | -54M | -52M | -149M | -310M | -291M | -257M | -215M | -199M | -171M | -168M | -164M | -168M | -175M | -97M | -36M | -8M | 3M | -4M | 1M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Income | 2M | 8M | 9M | 12M | 13M | 8M | 8M | 5M | 5M | 3M | 4M | 5M | 6M | 6M | 6M | 5M | 5M | 6M | 23M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Expense | 56M | 60M | 158M | 322M | 304M | 265M | 223M | 204M | 176M | 163M | 168M | 173M | 181M | 103M | 42M | 13M | 2M | 10M | 22M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Income/Expense | -148M | -57M | -162M | -416M | -267M | -293M | -280M | -270M | -152M | -209M | -295M | -230M | -216M | -112M | -50M | -16M | -13M | -41M | -34M | 13M | -314M | -14M | 18M | -58M | -58M | -62M | 70M | 157M | 110M | 46M | -20M |
| Pretax Income | -45M | -31M | -199M | -545M | -317M | -267M | -59M | 341M | 39M | 482M | 379M | -95M | 137M | 554M | 698M | -164M | 136M | 56M | 288M | 232M | 159M | 106M | 251M | 72M | 131M | 124M | 275M | 235M | 212M | 27M | 110M |
| Pretax Margin % | -1.68% | -1.15% | -7.04% | -17.15% | -9.99% | -7.23% | -0.95% | 4.93% | 0.61% | 7.4% | 5.79% | -1.49% | 2.08% | 9.05% | 12.18% | -3.1% | 2.89% | 1.21% | 5.42% | 4.67% | 3.47% | 2.32% | 4.19% | 1.29% | 2.35% | 2.1% | 4.61% | 3.79% | 3.26% | 0.41% | 1.58% |
| Income Tax | -105M | -73M | 4M | 184M | 52M | 70M | -53M | -273M | 73M | 242M | 92M | 55M | -48M | 98M | 223M | -66M | -11M | -5M | 58M | 61M | 8M | -210M | -39M | 14M | 3M | -97M | 97M | -102M | 90M | 20M | 219M |
| Effective Tax Rate % | 233.33% | 235.48% | -2.01% | -33.76% | -16.4% | -26.22% | 89.83% | -80.06% | 187.18% | 50.21% | 24.27% | -57.89% | -35.04% | 17.69% | 31.95% | 40.24% | -8.09% | -8.93% | 20.14% | 26.29% | 5.03% | -198.11% | -15.54% | 19.44% | 2.29% | -78.23% | 35.27% | -43.4% | 42.45% | 74.07% | 199.09% |
| Net Income | 74M | 42M | 958M | -423M | 60M | 97M | -79M | 564M | -88M | 232M | 270M | -178M | 191M | 443M | 481M | -190M | 134M | -33M | 228M | 274M | 382M | 529M | 290M | 58M | -220M | 217M | 178M | 337M | 122M | 7M | -109M |
| Net Margin % | 2.77% | 1.56% | 33.9% | -13.31% | 1.89% | 2.63% | -1.27% | 8.16% | -1.37% | 3.56% | 4.13% | -2.79% | 2.9% | 7.23% | 8.39% | -3.59% | 2.84% | -0.72% | 4.29% | 5.51% | 8.34% | 11.6% | 4.85% | 1.04% | -3.94% | 3.67% | 2.99% | 5.44% | 1.88% | 0.11% | -1.57% |
| Net Income Growth % | -92.46% | -95.62% | 326.48% | -805% | -38.14% | 222.78% | -114.01% | 740.91% | -137.93% | -14.07% | 251.69% | -193.19% | -56.88% | -7.9% | 353.16% | -241.79% | 506.06% | -114.47% | -16.79% | -28.27% | -27.79% | 82.41% | 400% | 126.36% | -201.38% | 21.91% | -47.18% | 176.23% | 1642.86% | 106.42% | 95.22% |
| Net Income (Continuing) | 60M | 42M | -203M | -729M | -369M | -337M | -6M | 614M | -34M | 240M | 287M | -150M | 185M | 456M | 140M | -98M | 147M | 61M | 230M | 171M | 382M | 316M | 290M | 58M | 128M | 221M | 178M | 337M | 122M | 7M | -109M |
| Discontinued Operations | -2M | 0 | 1.16B | 306M | 428M | 435M | -72M | -50M | 0 | 0 | 0 | 0 | 10M | 0 | 6M | -93M | 23M | 0 | 0 | 103M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | -2M | 0 | -1M | 3M | 3M | 3M | 4M | 3M | 4M | 6M | 12M | 14M | 30M | 35M | 33M | 28M | 25M | 19M | 20M | 21M | 18M | 22M | 20M | 22M | 27M | 49M | 44M | 264M | 289M |
| EPS (Diluted) | 0.53 | 0.30 | -4.06 | -3.12 | 0.32 | 0.58 | -0.86 | 3.13 | -0.74 | 0.97 | 1.71 | -1.06 | 1.12 | 2.62 | 0.89 | -1.18 | 0.83 | -0.21 | 1.36 | 1.50 | 2.09 | 2.80 | 1.51 | 0.31 | -1.10 | 1.09 | 0.91 | 1.68 | 0.60 | 0.04 | -0.54 |
| EPS Growth % | -94.31% | 107.39% | -30.13% | -1075% | -44.83% | 167.44% | -127.48% | 522.97% | -176.29% | -43.27% | 261.32% | -194.64% | -57.25% | 194.38% | 175.42% | -242.17% | 495.24% | -115.44% | -9.33% | -28.23% | -25.36% | 85.43% | 387.1% | 128.18% | -200.92% | 19.78% | -45.83% | 180% | 1614.29% | 106.48% | 95.2% |
| EPS (Basic) | - | 0.30 | -4.06 | -3.12 | 0.32 | 0.62 | -0.86 | 3.72 | -0.74 | 1.01 | 1.76 | -1.06 | 1.14 | 2.68 | 0.92 | -1.20 | 0.84 | -0.21 | 1.38 | 1.52 | 2.12 | 2.86 | 1.55 | 0.31 | -1.12 | 1.13 | 0.94 | 1.73 | 0.61 | 0.04 | -0.54 |
| Diluted Shares Outstanding | 139M | 141.1M | 144.7M | 140.6M | 136.7M | 139M | 128.4M | 145.2M | 118.4M | 127M | 129.2M | 167.6M | 171.2M | 169.3M | 163.8M | 161M | 161.2M | 158.9M | 167.9M | 182.7M | 182.9M | 189.1M | 191.5M | 191.8M | 199.8M | 199.2M | 196M | 201.2M | 204.2M | 200M | 203.51M |
| Basic Shares Outstanding | 139M | 138.6M | 144.7M | 140.6M | 136.7M | 131.2M | 128.4M | 122.1M | 118.4M | 121.9M | 125.6M | 167.6M | 167.9M | 165.4M | 159.3M | 158M | 159.8M | 158.9M | 165.3M | 180.1M | 180M | 185M | 187.6M | 190M | 195.8M | 193.4M | 190.2M | 195.2M | 202M | 200M | 202.8M |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Persistent hardware margin compression
As indicated by the most recent quarterly data, VYX revenue contracted by 1.8% year-over-year in 2026Q1, continuing a trend of inconsistent top-line performance that reflects the ongoing, difficult transition from legacy hardware-centric sales toward a more sustainable, recurring software-led business model across its core segments.
The revenue trajectory appears challenged as the company navigates the post-spin-off environment, with growth figures frequently dipping into negative territory over the last ten quarters. This suggests that the decline in legacy hardware demand is currently outpacing the incremental gains from software and services, warranting further investigation into the velocity of the cloud conversion strategy.
Based on reported financial statements, VYX gross margins have struggled to maintain momentum, hovering at 21.3% in 2026Q1, which highlights the persistent drag of low-margin hardware sales and the labor-intensive nature of the company's global field service infrastructure within its current operating model.
The inability to consistently push gross margins above the mid-20% range suggests that the company remains tethered to a cost-heavy product mix. Investors should monitor whether the shift toward payment processing attachments can eventually provide the necessary leverage to decouple profitability from hardware-related cost volatility.
According to the income statement data, VYX reported an operating margin of just 2.0% in 2026Q1, demonstrating that the company possesses minimal cushion to absorb operational inefficiencies or revenue shortfalls while maintaining its extensive fixed-cost base required for supporting large-scale enterprise commerce infrastructure.
The erratic nature of operating income, which has swung between negative and positive territory over the last two years, implies that SG&A and R&D expenses are not yet scaling efficiently against gross profit. This lack of operating leverage suggests that the company's profitability is highly sensitive to even minor fluctuations in top-line performance.
As reported in recent filings, VYX net income has experienced extreme fluctuations, including a $1.1 billion gain in 2024Q3 followed by subsequent losses, which suggests that non-operating items and restructuring-related noise continue to mask the underlying earnings power of the core software and services business.
The frequent divergence between operating income and net income indicates that investors should exercise caution when evaluating EPS, as one-time charges and separation-related accounting adjustments appear to be the primary drivers of bottom-line results. This volatility makes it difficult to ascertain a normalized earnings baseline for the company.
Based on the provided financial data, the primary risk to the VYX narrative is that the company may be unable to successfully pivot to a high-margin software model before its legacy hardware business experiences a more severe, structural decline in demand from its enterprise client base.
Short-term margin compression and the reliance on hardware sales suggest that the company's competitive moat may be narrowing against more agile, cloud-native entrants. If the company fails to accelerate its payments attachment rate, the current valuation may be vulnerable to further downward revisions as the market re-evaluates its growth prospects.
Quick answers to the most common questions about buying VYX stock.
For fiscal year 2025, NCR Voyix Corporation (VYX) reported total revenue of $2.69B. This represents a 61.4% decline compared to $6.96B in 1996.
NCR Voyix Corporation (VYX) is profitable, generating $42.0M in net income for the fiscal year ending 2025 with a net profit margin of 1.6%.
NCR Voyix Corporation (VYX) reported an operating income of $26.0M, resulting in an operating profit margin of 1.0%. This margin reflects the operational efficiency of the business before interest and taxes.
NCR Voyix Corporation (VYX) generated $634.0M in gross profit for the year, representing a gross profit margin of 23.6%. This demonstrates the company's core pricing power and production efficiency.