NCR Voyix (VYX) Company Report

James Kelly became CEO in February 2025, following the company's October 2023 split and the $2.5 billion sale of its digital banking asset, which significantly reduced debt to 1.8x for the last quarter. The company is transitioning to a product-first software and services model, with a strong focus on payments.
NCR Voyix is modernizing its core technology with the Voyix Commerce Platform (VCP), a microservices-based architecture that enables rapid development of new functionalities, with some applications constructed in less than three weeks. This new platform is expected to generate 3x-4x higher software maintenance revenue from new applications.
The company is poised to monetize $1.4 trillion in U.S. payments volume, representing 17 billion transactions, currently processed through its point-of-sale systems. New partnerships with commercial fuel providers like Corpay, Comdata, and WEX are expected to add an additional $500 billion in volume.
NCR Voyix maintains a stable enterprise customer base with less than 1% attrition, securing major renewals such as Chipotle (over 4,000 locations) and expanding with new clients, including the largest grocer in a European country.

Nov 19, 2025, 3:40 PM

Transcript

NCR Voyix CEO Discusses Strategic Restructuring, Product Innovation, and Payments Monetization at Conference

VYX

CEO Change

Product Launch

New Projects/Investments

Jim Kelly became CEO in February 2025 after serving as Chairman, following the company's split in October 2023 and the sale of its digital banking asset for $2.5 billion in summer 2024, which reduced debt to 1.8x trailing.
VYX is modernizing its technology with the Voyix Commerce Platform (VCP), a cloud-oriented, microservices-based architecture enabling rapid innovation, as evidenced by new product launches and the renewal with Chipotle for over 4,000 locations.
The company is now monetizing $1.4 trillion in annual payment volume (17 billion transactions) that flows through its point-of-sale systems in the US, including new connections with commercial fuel providers like Corpay, Comdata, and WEX, representing an additional $500 billion.
VYX anticipates $2 billion in revenue (excluding hardware by Q1 2025) and aims to shift its revenue composition from 75% services and 25% software/payments towards a greater software focus, with new VCP-based applications expected to generate 3x-4x higher software maintenance costs.

Nov 19, 2025, 3:40 PM

Transcript

NCR Voyix CEO Discusses Strategic Shift, Product Modernization, and Payments Monetization

VYX

CEO Change

Product Launch

Revenue Acceleration/Inflection

James Kelly became CEO of NCR Voyix in February 2025, having previously served as chairman during the company's split in October 2023. The company significantly improved its balance sheet by selling its digital banking asset for $2.5 billion in summer 2024, reducing its debt to 1.8x trailing EBITDA.
NCR Voyix is focused on modernizing its technology using AI, with new product launches planned for the NRF show in January 2026. A key initiative is the Voyix Commerce Platform (VCP), a new cloud-oriented, Linux-based microservices architecture designed for rapid innovation, which recently secured a renewal with Chipotle across its 4,000+ locations.
The company aims to monetize the $1.4 trillion in US payments volume (part of $2 trillion globally) that flows through its point-of-sale systems via its internal payments company, JetPay. This includes new connections to commercial fuel providers (Corpay, Comdata, WEX) expected to add $500 billion in volume.
NCR Voyix anticipates a strategic shift in its revenue mix, moving away from services (currently 75% of its $2 billion revenue, excluding hardware) towards higher-margin software. New VCP-based applications are projected to command 3X-4X higher software maintenance costs, driving this shift.

Nov 19, 2025, 3:40 PM

Transcript

NCR Voyix Discusses Strategic Transformation, Platform Innovation, and Payments Expansion

VYX

New Projects/Investments

Revenue Acceleration/Inflection

M&A

NCR Voyix has undergone a significant transformation, including the sale of its digital banking business for $2.5 billion, to focus on profitable growth, recurring revenue expansion, and new innovation in its software platform.
The company is launching its Voyix Commerce Platform (VCP), a next-generation solution with a modern microservices architecture and edge infrastructure, designed to accelerate innovation and provide robust enterprise solutions for retail and restaurant customers.
NCR Voyix renewed its Chipotle Relationship for six years and will launch a new suite of retail products at the NRF show in January.
The company is expanding its payments capabilities, which currently touch $1.4 trillion in the U.S. and over $2 trillion globally, and has partnered with Comdata, Corpay, and WEX for fuel payments, accessing 17 billion transactions.

Nov 18, 2025, 5:00 PM

Transcript

NCR Voyix Discusses Transformation, New Platform, and Growth Strategy

VYX

New Projects/Investments

Product Launch

Revenue Acceleration/Inflection

NCR Voyix has undergone a significant transformation, including the spin-off of its ATM business and the sale of its digital banking business for $2.5 billion, which cleaned up the balance sheet and allowed for a clear focus on its software platform.
The company is launching a new suite of retail products at the NRF show in January, built on the Voyix Commerce Platform (VCP), which utilizes modern microservices architecture and edge infrastructure to enhance customer innovation and resilience.
Under CEO Jim Kelly, the company has implemented over 2,000 headcount reductions to right-size the organization and is committed to driving profitable growth and improving margins, with hardware-excluded margins already north of 20%.
NCR Voyix recently renewed its exclusive Chipotle relationship for six years and identifies a substantial opportunity in payments, with over $1 trillion in volume flowing through its network.

Nov 18, 2025, 5:00 PM

Transcript

NCR Voyix (VYX) Completes Transformation, Focuses on Software Platform and AI-Driven Innovation

VYX

New Projects/Investments

Revenue Acceleration/Inflection

Layoffs

NCR Voyix (VYX) has undergone a significant transformation, including the spin-off of its ATM business and the sale of its digital banking unit for $2.5 billion last summer, to focus on its core software platform for the retail and restaurant industries.
The company is launching a new suite of products at the NRF show in January, built on the Voyix Commerce Platform (VCP), which features a modern microservices architecture and edge infrastructure designed for faster development, deployment, and innovation for enterprise customers.
VYX is leveraging AI to rapidly modernize its 50 active legacy software applications, enabling new product development in weeks, and has renewed its exclusive Chipotle relationship for six years.
CEO Jim Kelly expects significant growth in software revenue, currently 25% of the company's $2 billion revenue, as customers adopt new applications, and has overseen headcount reductions of over 2,000 people to improve efficiency, with margins already north of 20% excluding hardware.

Nov 18, 2025, 5:00 PM

Transcript

VYX Reports Q3 2025 Results and Updates Full-Year Guidance

VYX

Earnings

Guidance Update

Product Launch

VYX reported Q3 2025 total revenue of $684 million, a 3% decline, while recurring revenue increased 5% to $425 million and adjusted EBIT rose 32% to $125 million.
The company updated its full-year 2025 guidance, expecting revenue between $2.65 billion and $2.67 billion, adjusted EBITDA between $420 million and $435 million, and non-GAAP diluted EPS between $0.85 and $0.90.
Strategic initiatives include the outsourcing of its hardware business beginning in January and a new six-year exclusive agreement with Chipotle to implement Aloha next-generation point-of-sale across 4,000 restaurants worldwide.
VYX also expanded its domestic fuel offering through partnerships with Corpay and WEX, targeting approximately $1.4 trillion in US payment volume, and launched its Voyix Loyalty solution with H-E-B.

Nov 6, 2025, 1:00 PM

Transcript

VYX Announces Q3 2025 Results and Updates FY 2025 Outlook

VYX

Earnings

Guidance Update

For Q3 2025, Adjusted EBITDA was $125 million and Adjusted Free Cash Flow - Unrestricted was $19 million.
For YTD 2025, Adjusted EBITDA reached $295 million and Non-GAAP Diluted EPS was $0.59.
VYX updated its FY 2025 outlook, with Total Revenue now expected to be $2,650 - $2,670 million , Adjusted EBITDA between $420 - $435 million , Non-GAAP Diluted EPS in the range of $0.85 - $0.90 , and Adjusted Free Cash Flow-unrestricted projected at $170 - $175 million.
As of September 30, 2025, Net Debt stood at $823 million with an Adjusted Net Leverage Ratio of 2.0x.

Nov 6, 2025, 1:00 PM

Presentation

NCR Voyix Reports Q3 2025 Results and Updates Full-Year Outlook

VYX

Earnings

Guidance Update

NCR Voyix reported Q3 2025 revenue of $684 million, a decrease from $708 million in the prior year period.
The company's net loss from continuing operations improved to $17 million from a $29 million net loss in the prior year period, and Adjusted EBITDA increased by 32% to $125 million.
Non-GAAP diluted EPS was $0.31 for Q3 2025, compared to $0.01 in the prior year period.
For the full-year 2025, NCR Voyix updated its outlook, projecting Total Revenue between $2,650 million and $2,670 million, Adjusted EBITDA between $420 million and $435 million, and Non-GAAP Diluted EPS between $0.85 and $0.90.

Nov 6, 2025, 11:46 AM

8-K

NCR Voyix CEO Outlines Strategic Shift to Platform and Payments, Operational Efficiencies, and Future Growth

VYX

CEO Change

New Projects/Investments

Share Buyback

Jim Kelly, who became CEO in February 2025, is leading NCR Voyix's transformation from a hardware-focused company to a platform company, emphasizing the launch of cloud-native applications to replace legacy systems.
A significant focus is on the payments opportunity, leveraging the company's existing point-of-sale volume of over $1.3 trillion annually (including $800 billion in the U.S.), by integrating Worldpay and offering end-to-end payment solutions to customers.
Operationally, NCR Voyix aims to complete its ODM transition by Q2 2026, shifting away from gross hardware revenue, and expects to see the impact of its payments strategy and subscription software sales by Q4 2025 at the earliest, with retail revenue inflection by Q2 2026.
The company reduced costs by $240 million in 2024 and anticipates continued margin expansion through automation and the higher-margin software and payments businesses.
Regarding capital allocation, NCR Voyix has completed $125 million in share buybacks and expects buybacks to be a larger focus in 2026, with M&A not being a primary driver.

Sep 10, 2025, 9:25 PM

Transcript

Earnings Transcripts

Quarterly earnings call transcripts for NCR Voyix.

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