NCR Voyix Q2 2026 earnings show recurring growth behind the hardware transition

NCR Voyix (NYSE: VYX) reported Q2 2026 revenue of $523 million, down 21% from $660 million, while diluted EPS from continuing operations remained at $(0.03). The reported revenue decline reflected the Hardware Business Transition; on a pro forma comparable basis, revenue increased 1%, recurring revenue grew, and adjusted EBITDA rose to $98 million.

Core financial results

The quarter covered the three months ended June 30, 2026. NCR Voyix’s headline revenue contraction primarily resulted from moving its hardware business from gross revenue recognition to net sales commission revenue, making the reported year-over-year comparison less representative of ongoing operations.

Profitability was mixed by accounting basis. The company recorded a $1 million GAAP loss from continuing operations attributable to NCR Voyix, while adjusted EBITDA increased by about 5% and non-GAAP diluted EPS was unchanged.

The calculated margin comparison uses reported revenue, whose recognition basis changed because of the hardware transition. It therefore should not be interpreted as a fully like-for-like measure of operating improvement.

Hardware transition separates reported revenue from the operating trend

NCR Voyix completed its Hardware Business Transition at the end of Q1 2026. Beginning in the second quarter, relevant hardware activity was recognized as net sales commission revenue rather than gross hardware revenue, reducing reported revenue without an equivalent indication that underlying customer activity fell by 21%.

To improve comparability, the company applied the same transition assumptions to Q2 2025. Under that pro forma presentation, Q2 2026 revenue increased 1% rather than declining 21%. The transition also reduced the reported revenue denominator, which contributed to the sizable increase in calculated adjusted EBITDA margin even though adjusted EBITDA itself rose by only $5 million.

This distinction will remain important when evaluating NCR Voyix’s 2026 results: reported growth reflects the accounting and business-model transition, while pro forma growth is intended to show the ongoing operation on a more comparable basis.

Business mix and platform traction

Software and services generated $497 million, accounting for most of the quarter’s reported revenue and remaining slightly above the prior-year level. Recurring revenue increased to $435 million, led in part by recurring software revenue growth to $211 million.

Voyix Commerce Platform remaining contract value reached approximately $286 million at June 30, up 65% year over year. NCR Voyix noted that this measure includes subscription periods customers may cancel, so the full amount is not guaranteed to become recognized revenue.

The company ended the quarter with 85,000 platform sites, up 10%, and more than 8,500 payment sites, up 2%. It also announced a July agreement to deploy Aloha Next and Voyix Pay at more than 200 Pizza Ranch restaurants, although no contract value or expected financial contribution was disclosed. A May partnership with Voyager expanded Voyix Connect’s fleet-card acceptance capabilities for commercial fuel transactions.

Profitability and capital allocation

NCR Voyix’s adjusted EBITDA reconciliation started with a $1 million GAAP loss from continuing operations attributable to the company. It included $47 million of depreciation and amortization excluding acquisition-related intangible amortization, $20 million of transformation and restructuring costs, $15 million of interest expense, $11 million of stock-based compensation, and $2 million of strategic initiative costs, among other items.

Transformation and restructuring costs increased from $16 million a year earlier, while stock-based compensation rose from $9 million. These items help explain why adjusted EBITDA improved even though the company remained around breakeven under GAAP. NCR Voyix also repurchased $11 million of common stock during the quarter.

2026 guidance

NCR Voyix maintained its full-year 2026 outlook, meaning the second-quarter results did not prompt a change to its previously established ranges. The revenue outlook continues to incorporate gross hardware revenue recognition in Q1 and net sales commission recognition for the rest of the year.

The non-GAAP EPS outlook assumes a 21% effective tax rate and 152 million full-year average diluted shares, including as-if-converted preferred shares and dilutive equity awards. The company did not provide GAAP reconciliations for the adjusted EBITDA, EPS, or cash-flow outlook because the relevant future adjustments cannot be predicted with reasonable certainty.

Management’s view

CEO James G. Kelly said customer engagement remained strong across retail and restaurant customers as they considered a broader range of Voyix Commerce Platform applications. Management is focused on expanding adoption and deployments through product innovation, intelligent automation, and agentic AI, which it believes can support recurring revenue growth over time.

Risks investors need to watch

• Revenue comparability: The shift from gross hardware revenue to net commission recognition creates a large gap between reported and pro forma growth. Investors need to keep the two bases separate when evaluating future quarters.
• Contract conversion: Remaining contract value rose 65%, but it includes cancellable subscription periods. Growth in RCV does not guarantee that the entire $286 million will be recognized as revenue.
• GAAP versus adjusted profitability: NCR Voyix remained slightly loss-making from continuing operations under GAAP despite higher adjusted EBITDA. Transformation, restructuring, and stock-based compensation continued to widen the difference between the two presentations.
• Cash-flow measurement: The maintained cash-flow outlook is an adjusted, unrestricted measure before restructuring costs rather than GAAP operating cash flow or residual cash available for discretionary spending.
• Platform execution: Management’s recurring-growth strategy depends on continued customer adoption, successful deployments, third-party integrations, and the performance and security of newer automation and AI capabilities.

Summary

NCR Voyix’s Q2 2026 headline revenue decline largely reflected the completed hardware business-model transition rather than a comparable contraction in ongoing operations. Recurring software and platform indicators advanced, while adjusted EBITDA improved modestly and GAAP profitability remained near breakeven. The main issues to monitor are comparable revenue growth after the transition, conversion of platform contract value into recognized revenue, the gap between adjusted and GAAP results, and progress toward the maintained 2026 cash-flow outlook.