NCR Voyix Corporation

NCR Voyix reported second-quarter results on August 5, with revenue falling 21% year over year to $523 million from $660 million, a decline the company attributes to a deliberate hardware business exit rather than fading demand. Excluding that transition, revenue grew 1%. Software and services revenue rose to $497 million from $493 million, recurring revenue climbed to $435 million from $421 million, and recurring software revenue rose to $211 million from $199 million, while adjusted EBITDA expanded to $98 million from $93 million. Remaining Contract Value tied to the Voyix Commerce Platform reached roughly $286 million as of June 30, up 65% from a year earlier, with platform sites up 10% to 85,000 and payment sites up 2% to more than 8,500; in July the company signed a platform contract with Pizza Ranch covering more than 200 restaurants, and in May it struck a direct partnership with Voyager for fleet card acceptance on Voyix Connect. NCR Voyix swung to a net loss from continuing operations of $1 million versus roughly breakeven a year earlier, diluted EPS from continuing operations stayed negative at $0.03, and non-GAAP diluted EPS was flat at $0.17, while full-year 2026 guidance of $2.19 billion to $2.303 billion implies a reported decline of 13% to 18%.

NCR Voyix has expanded its multi-year agreement with AS Watson, supporting confidence in future commerce platform demand. The stock recently closed at US$8.16, down 67.5% over the past five years and 34.7% over the last year. Despite the deal, NCR Voyix trades at about 26.8 times earnings, above its estimated fair P/E ratio of 17.0 times, suggesting the market is assigning a richer multiple than the model would expect. Broader valuation checks lean cheap, with the company screening as attractively valued on five of six metrics, but the current earnings multiple still sits at a premium to the fair ratio benchmark.

NCR Voyix reported second-quarter results showing a 3% increase in recurring revenue and a 5% rise in adjusted EBITDA after adjusting for its hardware-business transition. On a reported basis, total revenue fell 21% to $523 million, primarily due to the hardware transition completed at the end of the first quarter. The company signed 25 Voyix Commerce Platform customers since mid-2025, with 10 live across more than 2,000 lanes, and remaining contract value for those contracts grew 65% year over year to $286 million. Retail revenue, excluding the hardware impact, rose 4%, while restaurant revenue, excluding hardware, declined 6% amid small and medium-sized business softness and delayed hardware refreshes. NCR Voyix maintained its full-year 2026 outlook, projecting revenue of $2.188 billion to $2.303 billion, adjusted EBITDA of $432 million to $447 million, and adjusted earnings per share of $0.89 to $0.92.