000007086612/312025Q2FALSE0.750.50http://fasb.org/us-gaap/2025#RestrictedCashCurrenthttp://fasb.org/us-gaap/2025#RestrictedCashCurrentxbrli:sharesiso4217:USDiso4217:USDxbrli:sharesxbrli:purencr:countryncr:segmentncr:numberOfDefendantncr:affiliateCorporationncr:companyutr:Ratencr:currency00000708662025-01-012025-06-3000000708662025-08-010000070866us-gaap:ProductMember2025-04-012025-06-300000070866us-gaap:ProductMember2024-04-012024-06-300000070866us-gaap:ProductMember2025-01-012025-06-300000070866us-gaap:ProductMember2024-01-012024-06-300000070866us-gaap:ServiceMember2025-04-012025-06-300000070866us-gaap:ServiceMember2024-04-012024-06-300000070866us-gaap:ServiceMember2025-01-012025-06-300000070866us-gaap:ServiceMember2024-01-012024-06-3000000708662025-04-012025-06-3000000708662024-04-012024-06-3000000708662024-01-012024-06-3000000708662025-06-3000000708662024-12-3100000708662023-12-3100000708662024-06-300000070866us-gaap:CommonStockMember2024-12-310000070866us-gaap:AdditionalPaidInCapitalMember2024-12-310000070866us-gaap:RetainedEarningsMember2024-12-310000070866us-gaap:AccumulatedOtherComprehensiveIncomeMember2024-12-310000070866us-gaap:NoncontrollingInterestMember2024-12-310000070866ncr:TotalStockholdersEquityMember2024-12-310000070866us-gaap:RetainedEarningsMember2025-01-012025-03-310000070866ncr:TotalStockholdersEquityMember2025-01-012025-03-310000070866us-gaap:AccumulatedOtherComprehensiveIncomeMember2025-01-012025-03-310000070866us-gaap:CommonStockMember2025-01-012025-03-310000070866us-gaap:AdditionalPaidInCapitalMember2025-01-012025-03-310000070866us-gaap:NoncontrollingInterestMember2025-01-012025-03-3100000708662025-01-012025-03-310000070866us-gaap:CommonStockMember2025-03-310000070866us-gaap:AdditionalPaidInCapitalMember2025-03-310000070866us-gaap:RetainedEarningsMember2025-03-310000070866us-gaap:AccumulatedOtherComprehensiveIncomeMember2025-03-310000070866us-gaap:NoncontrollingInterestMember2025-03-310000070866ncr:TotalStockholdersEquityMember2025-03-310000070866us-gaap:AccumulatedOtherComprehensiveIncomeMember2025-04-012025-06-300000070866ncr:TotalStockholdersEquityMember2025-04-012025-06-300000070866us-gaap:CommonStockMember2025-04-012025-06-300000070866us-gaap:AdditionalPaidInCapitalMember2025-04-012025-06-300000070866us-gaap:CommonStockMember2025-06-300000070866us-gaap:AdditionalPaidInCapitalMember2025-06-300000070866us-gaap:RetainedEarningsMember2025-06-300000070866us-gaap:AccumulatedOtherComprehensiveIncomeMember2025-06-300000070866us-gaap:NoncontrollingInterestMember2025-06-300000070866ncr:TotalStockholdersEquityMember2025-06-300000070866us-gaap:CommonStockMember2023-12-310000070866us-gaap:AdditionalPaidInCapitalMember2023-12-310000070866us-gaap:RetainedEarningsMember2023-12-310000070866us-gaap:AccumulatedOtherComprehensiveIncomeMember2023-12-310000070866us-gaap:NoncontrollingInterestMember2023-12-310000070866ncr:TotalStockholdersEquityMember2023-12-310000070866us-gaap:RetainedEarningsMember2024-01-012024-03-310000070866us-gaap:NoncontrollingInterestMember2024-01-012024-03-310000070866ncr:TotalStockholdersEquityMember2024-01-012024-03-310000070866us-gaap:AccumulatedOtherComprehensiveIncomeMember2024-01-012024-03-310000070866us-gaap:CommonStockMember2024-01-012024-03-310000070866us-gaap:AdditionalPaidInCapitalMember2024-01-012024-03-3100000708662024-01-012024-03-310000070866us-gaap:CommonStockMember2024-03-310000070866us-gaap:AdditionalPaidInCapitalMember2024-03-310000070866us-gaap:RetainedEarningsMember2024-03-310000070866us-gaap:AccumulatedOtherComprehensiveIncomeMember2024-03-310000070866us-gaap:NoncontrollingInterestMember2024-03-310000070866ncr:TotalStockholdersEquityMember2024-03-310000070866us-gaap:RetainedEarningsMember2024-04-012024-06-300000070866ncr:TotalStockholdersEquityMember2024-04-012024-06-300000070866us-gaap:AccumulatedOtherComprehensiveIncomeMember2024-04-012024-06-300000070866us-gaap:AdditionalPaidInCapitalMember2024-04-012024-06-300000070866us-gaap:CommonStockMember2024-06-300000070866us-gaap:AdditionalPaidInCapitalMember2024-06-300000070866us-gaap:RetainedEarningsMember2024-06-300000070866us-gaap:AccumulatedOtherComprehensiveIncomeMember2024-06-300000070866us-gaap:NoncontrollingInterestMember2024-06-300000070866ncr:TotalStockholdersEquityMember2024-06-300000070866us-gaap:DisposalGroupDisposedOfBySaleNotDiscontinuedOperationsMemberncr:DigitalBankingSegmentMember2024-08-060000070866srt:RestatementAdjustmentMember2024-04-012024-06-300000070866srt:RestatementAdjustmentMember2024-06-300000070866srt:RestatementAdjustmentMember2023-12-3100000708662023-04-132025-06-3000000708662024-02-290000070866ncr:RepurchaseProgramMember2017-03-310000070866ncr:RepurchaseProgramMember2018-07-310000070866ncr:AmendedAndRestatedRepurchaseProgramMember2025-05-060000070866ncr:RepurchaseProgramMember2025-05-060000070866ncr:RepurchaseProgramMember2025-04-012025-06-300000070866ncr:RepurchaseProgramMember2025-01-012025-06-3000000708662025-07-012025-06-300000070866us-gaap:DisposalGroupDisposedOfByMeansOtherThanSaleNotDiscontinuedOperationsSpinoffMemberncr:NCRAtleosCorporationMember2023-10-022023-10-020000070866us-gaap:ProductMemberus-gaap:DiscontinuedOperationsDisposedOfByMeansOtherThanSaleSpinoffMemberncr:DigitalBankingSegmentMember2024-04-012024-06-300000070866us-gaap:ProductMemberus-gaap:DiscontinuedOperationsDisposedOfByMeansOtherThanSaleSpinoffMemberncr:DigitalBankingSegmentMember2024-01-012024-06-300000070866us-gaap:ServiceMemberus-gaap:DiscontinuedOperationsDisposedOfByMeansOtherThanSaleSpinoffMemberncr:DigitalBankingSegmentMember2024-04-012024-06-300000070866us-gaap:ServiceMemberus-gaap:DiscontinuedOperationsDisposedOfByMeansOtherThanSaleSpinoffMemberncr:DigitalBankingSegmentMember2024-01-012024-06-300000070866us-gaap:DiscontinuedOperationsDisposedOfByMeansOtherThanSaleSpinoffMemberncr:DigitalBankingSegmentMember2024-04-012024-06-300000070866us-gaap:DiscontinuedOperationsDisposedOfByMeansOtherThanSaleSpinoffMemberncr:DigitalBankingSegmentMember2024-01-012024-06-300000070866us-gaap:ProductMemberus-gaap:DiscontinuedOperationsDisposedOfByMeansOtherThanSaleSpinoffMemberncr:SpinOffOfAtleosMember2024-04-012024-06-300000070866us-gaap:ProductMemberus-gaap:DiscontinuedOperationsDisposedOfByMeansOtherThanSaleSpinoffMemberncr:SpinOffOfAtleosMember2025-01-012025-06-300000070866us-gaap:ProductMemberus-gaap:DiscontinuedOperationsDisposedOfByMeansOtherThanSaleSpinoffMemberncr:SpinOffOfAtleosMember2024-01-012024-06-300000070866us-gaap:ServiceMemberus-gaap:DiscontinuedOperationsDisposedOfByMeansOtherThanSaleSpinoffMemberncr:SpinOffOfAtleosMember2024-04-012024-06-300000070866us-gaap:ServiceMemberus-gaap:DiscontinuedOperationsDisposedOfByMeansOtherThanSaleSpinoffMemberncr:SpinOffOfAtleosMember2025-01-012025-06-300000070866us-gaap:ServiceMemberus-gaap:DiscontinuedOperationsDisposedOfByMeansOtherThanSaleSpinoffMemberncr:SpinOffOfAtleosMember2024-01-012024-06-300000070866us-gaap:DiscontinuedOperationsDisposedOfByMeansOtherThanSaleSpinoffMemberncr:SpinOffOfAtleosMember2024-04-012024-06-300000070866us-gaap:DiscontinuedOperationsDisposedOfByMeansOtherThanSaleSpinoffMemberncr:SpinOffOfAtleosMember2025-01-012025-06-300000070866us-gaap:DiscontinuedOperationsDisposedOfByMeansOtherThanSaleSpinoffMemberncr:SpinOffOfAtleosMember2024-01-012024-06-300000070866us-gaap:DiscontinuedOperationsDisposedOfByMeansOtherThanSaleSpinoffMemberncr:SpinOffOfAtleosMember2024-12-310000070866ncr:RetailSegmentMember2024-12-310000070866ncr:RetailSegmentMember2025-01-012025-06-300000070866ncr:RetailSegmentMember2025-06-300000070866ncr:HospitalitySegmentMember2024-12-310000070866ncr:HospitalitySegmentMember2025-01-012025-06-300000070866ncr:HospitalitySegmentMember2025-06-300000070866srt:MinimumMemberus-gaap:CustomerRelationshipsMember2025-06-300000070866srt:MinimumMemberus-gaap:CustomerRelationshipsMember2024-12-310000070866srt:MaximumMemberus-gaap:CustomerRelationshipsMember2025-06-300000070866srt:MaximumMemberus-gaap:CustomerRelationshipsMember2024-12-310000070866us-gaap:CustomerRelationshipsMember2025-06-300000070866us-gaap:CustomerRelationshipsMember2024-12-310000070866srt:MinimumMemberus-gaap:IntellectualPropertyMember2025-06-300000070866srt:MinimumMemberus-gaap:IntellectualPropertyMember2024-12-310000070866srt:MaximumMemberus-gaap:IntellectualPropertyMember2024-12-310000070866srt:MaximumMemberus-gaap:IntellectualPropertyMember2025-06-300000070866us-gaap:IntellectualPropertyMember2025-06-300000070866us-gaap:IntellectualPropertyMember2024-12-310000070866srt:MinimumMemberus-gaap:TradeNamesMember2024-12-310000070866srt:MinimumMemberus-gaap:TradeNamesMember2025-06-300000070866srt:MaximumMemberus-gaap:TradeNamesMember2024-12-310000070866srt:MaximumMemberus-gaap:TradeNamesMember2025-06-300000070866us-gaap:TradeNamesMember2025-06-300000070866us-gaap:TradeNamesMember2024-12-310000070866us-gaap:OperatingSegmentsMemberncr:RetailSegmentsMember2025-04-012025-06-300000070866us-gaap:OperatingSegmentsMemberncr:RestaurantsSegmentMember2025-04-012025-06-300000070866us-gaap:OperatingSegmentsMember2025-04-012025-06-300000070866us-gaap:CorporateNonSegmentMember2025-04-012025-06-300000070866us-gaap:OperatingSegmentsMemberncr:RetailSegmentsMember2024-04-012024-06-300000070866us-gaap:OperatingSegmentsMemberncr:RestaurantsSegmentMember2024-04-012024-06-300000070866us-gaap:OperatingSegmentsMember2024-04-012024-06-300000070866us-gaap:CorporateNonSegmentMember2024-04-012024-06-300000070866us-gaap:OperatingSegmentsMemberncr:RetailSegmentsMember2025-01-012025-06-300000070866us-gaap:OperatingSegmentsMemberncr:RestaurantsSegmentMember2025-01-012025-06-300000070866us-gaap:OperatingSegmentsMember2025-01-012025-06-300000070866us-gaap:CorporateNonSegmentMember2025-01-012025-06-300000070866us-gaap:OperatingSegmentsMemberncr:RetailSegmentsMember2024-01-012024-06-300000070866us-gaap:OperatingSegmentsMemberncr:RestaurantsSegmentMember2024-01-012024-06-300000070866us-gaap:OperatingSegmentsMember2024-01-012024-06-300000070866us-gaap:CorporateNonSegmentMember2024-01-012024-06-300000070866country:US2025-04-012025-06-300000070866country:US2024-04-012024-06-300000070866country:US2025-01-012025-06-300000070866country:US2024-01-012024-06-300000070866ncr:AmericasExcludingUnitedStatesMember2025-04-012025-06-300000070866ncr:AmericasExcludingUnitedStatesMember2024-04-012024-06-300000070866ncr:AmericasExcludingUnitedStatesMember2025-01-012025-06-300000070866ncr:AmericasExcludingUnitedStatesMember2024-01-012024-06-300000070866us-gaap:EMEAMember2025-04-012025-06-300000070866us-gaap:EMEAMember2024-04-012024-06-300000070866us-gaap:EMEAMember2025-01-012025-06-300000070866us-gaap:EMEAMember2024-01-012024-06-300000070866srt:AsiaPacificMember2025-04-012025-06-300000070866srt:AsiaPacificMember2024-04-012024-06-300000070866srt:AsiaPacificMember2025-01-012025-06-300000070866srt:AsiaPacificMember2024-01-012024-06-300000070866ncr:RecurringRevenueMember2025-04-012025-06-300000070866ncr:RecurringRevenueMember2024-04-012024-06-300000070866ncr:RecurringRevenueMember2025-01-012025-06-300000070866ncr:RecurringRevenueMember2024-01-012024-06-300000070866ncr:AllOtherProductsAndServicesMember2025-04-012025-06-300000070866ncr:AllOtherProductsAndServicesMember2024-04-012024-06-300000070866ncr:AllOtherProductsAndServicesMember2025-01-012025-06-300000070866ncr:AllOtherProductsAndServicesMember2024-01-012024-06-300000070866ncr:TermLoanMember2025-06-300000070866ncr:TermLoanMember2024-12-310000070866ncr:TermLoanMember2025-06-300000070866ncr:TermLoanMember2024-12-310000070866us-gaap:RevolvingCreditFacilityMember2025-06-300000070866us-gaap:RevolvingCreditFacilityMember2024-12-310000070866ncr:A5000SeniorNotesDue2028Member2025-06-300000070866ncr:A5000SeniorNotesDue2028Member2024-12-310000070866ncr:A5125NotesDue2029Member2025-06-300000070866ncr:A5125NotesDue2029Member2024-12-310000070866ncr:A5250SeniorNotesDue2030Member2025-06-300000070866ncr:A5250SeniorNotesDue2030Member2024-12-310000070866ncr:CreditAgreementMemberus-gaap:LineOfCreditMember2023-10-160000070866us-gaap:RevolvingCreditFacilityMemberncr:CreditAgreementMemberus-gaap:LineOfCreditMember2023-10-162023-10-160000070866us-gaap:RevolvingCreditFacilityMemberncr:CreditAgreementMemberus-gaap:LineOfCreditMember2023-10-160000070866us-gaap:LetterOfCreditMemberncr:CreditAgreementMemberus-gaap:LineOfCreditMember2023-10-160000070866ncr:TermLoanAFacilityMemberus-gaap:MediumTermNotesMember2023-10-160000070866ncr:TermLoanAFacilityMemberus-gaap:MediumTermNotesMember2023-10-162023-10-160000070866us-gaap:BaseRateMemberncr:NewLoansMemberncr:TermLoansAndRevolvingCreditFacilityMember2023-10-162023-10-160000070866us-gaap:SecuredOvernightFinancingRateSofrMemberncr:NewLoansMemberncr:TermLoansAndRevolvingCreditFacilityMember2023-10-162023-10-160000070866us-gaap:SecuredOvernightFinancingRateSofrMemberncr:NewLoansMembersrt:MinimumMemberncr:TermLoansAndRevolvingCreditFacilityMember2023-10-162023-10-160000070866us-gaap:SecuredOvernightFinancingRateSofrMemberncr:NewLoansMembersrt:MaximumMemberncr:TermLoansAndRevolvingCreditFacilityMember2023-10-162023-10-160000070866us-gaap:BaseRateMemberncr:NewLoansMembersrt:MinimumMemberncr:TermLoansAndRevolvingCreditFacilityMember2023-10-162023-10-160000070866us-gaap:BaseRateMemberncr:NewLoansMembersrt:MaximumMemberncr:TermLoansAndRevolvingCreditFacilityMember2023-10-162023-10-160000070866ncr:PeriodOneMemberncr:CreditAgreementMemberus-gaap:MediumTermNotesMember2023-10-160000070866ncr:PeriodTwoMemberncr:CreditAgreementMemberus-gaap:MediumTermNotesMember2023-10-160000070866ncr:CreditAgreementMembersrt:MaximumMemberus-gaap:MediumTermNotesMember2023-10-160000070866ncr:A5000SeniorNotesDue2028Member2020-08-200000070866ncr:A5250SeniorNotesDue2030Member2020-08-200000070866ncr:A5250SeniorNotesDue2030Memberncr:TwelveMonthPeriodCommencingOctober12028Member2020-08-202020-08-200000070866ncr:A5000SeniorNotesDue2028Memberncr:TwelveMonthPeriodCommencingOctober12024Member2020-08-202020-08-200000070866ncr:A5000And5250SeniorNotesMemberncr:PriorToOctober12023Member2020-08-202020-08-200000070866ncr:A5250SeniorNotesDue2030Memberncr:TwelveMonthPeriodCommencingOnOctober12025Member2020-08-202020-08-200000070866ncr:A5250SeniorNotesDue2030Memberncr:TwelveMonthPeriodCommencingOctober12026Member2020-08-202020-08-200000070866ncr:A5250SeniorNotesDue2030Memberncr:TwelveMonthPeriodCommencingOctober12027Member2020-08-202020-08-200000070866ncr:A5125SeniorNotesDue2029Member2021-04-060000070866ncr:A5125NotesDue2029Member2021-04-060000070866ncr:A5125SeniorNotesDue2029Memberncr:OnOrAfterApril15RedeemedIn2024Member2024-04-152024-04-150000070866ncr:A5125SeniorNotesDue2029Memberncr:OnOrAfterApril15RedeemedIn2025Member2025-04-152025-04-150000070866srt:ScenarioForecastMemberncr:A5125SeniorNotesDue2029Memberncr:OnOrAfterApril15RedeemedIn2026AndThereafterMember2026-04-152026-04-1500000708662024-09-300000070866ncr:A5250SeniorNotesDue2030Member2024-09-300000070866ncr:A5125NotesDue2029Member2024-09-3000000708662024-08-3000000708662024-09-0100000708662024-01-012024-12-310000070866us-gaap:DiscontinuedOperationsDisposedOfByMeansOtherThanSaleSpinoffMemberncr:DigitalBankingSegmentMember2025-04-012025-06-300000070866us-gaap:RestrictedStockUnitsRSUMember2025-03-032025-03-030000070866us-gaap:RestrictedStockUnitsRSUMember2025-01-012025-06-300000070866us-gaap:RestrictedStockUnitsRSUMember2025-06-300000070866ncr:EmployeeStockPurchasePlanMember2025-01-012025-06-300000070866ncr:EmployeeStockPurchasePlanMember2025-06-300000070866ncr:EmployeeStockPurchasePlanMember2025-04-012025-06-300000070866ncr:EmployeeStockPurchasePlanMember2024-04-012024-06-300000070866us-gaap:ForeignPlanMemberus-gaap:PensionPlansDefinedBenefitMember2025-04-012025-06-300000070866us-gaap:ForeignPlanMemberus-gaap:PensionPlansDefinedBenefitMember2025-01-012025-06-300000070866us-gaap:ForeignPlanMemberus-gaap:PensionPlansDefinedBenefitMember2025-06-300000070866country:USus-gaap:PensionPlansDefinedBenefitMemberncr:NCRAtleosCorporationMember2025-01-012025-06-300000070866us-gaap:PostemploymentRetirementBenefitsMember2025-04-012025-06-300000070866us-gaap:PostemploymentRetirementBenefitsMember2025-01-012025-06-300000070866us-gaap:PostemploymentRetirementBenefitsMember2025-06-300000070866ncr:OtherLitigationMember2024-07-020000070866ncr:NCRAtleosCorporationMemberncr:OtherLitigationMember2024-07-020000070866ncr:NCRAtleosCorporationMember2025-01-012025-06-300000070866ncr:FoxRiverSiteMember2025-06-300000070866ncr:FoxRiverSiteMember2024-12-310000070866ncr:KalamazooRiverSiteMember2010-12-310000070866ncr:KalamazooRiverSiteMember2018-03-292018-03-290000070866ncr:KalamazooRiverSiteMember2018-03-290000070866ncr:KalamazooRiverSiteMemberncr:CompanyOneMember2018-03-292018-03-290000070866ncr:KalamazooRiverSiteMemberncr:CompanyTwoMember2018-03-292018-03-290000070866ncr:KalamazooRiverSiteMember2019-12-052019-12-050000070866ncr:KalamazooRiverSiteMember2025-06-300000070866ncr:KalamazooRiverSiteMember2024-12-310000070866us-gaap:ConvertiblePreferredStockMember2025-06-300000070866us-gaap:ConvertiblePreferredStockMember2025-04-012025-06-300000070866us-gaap:ConvertiblePreferredStockMember2024-04-012024-06-300000070866us-gaap:ConvertiblePreferredStockMember2025-01-012025-06-300000070866us-gaap:ConvertiblePreferredStockMember2024-01-012024-06-300000070866us-gaap:ConvertiblePreferredStockMember2023-10-170000070866us-gaap:ConvertiblePreferredStockMember2023-10-172023-10-1700000708662023-10-170000070866us-gaap:ConvertiblePreferredStockMember2024-12-310000070866us-gaap:ConvertiblePreferredStockMember2025-04-012025-06-300000070866ncr:RestrictedStockUnitsRSUsandStockOptionsMember2025-04-012025-06-300000070866us-gaap:ConvertiblePreferredStockMember2024-04-012024-06-300000070866ncr:RestrictedStockUnitsRSUsandStockOptionsMember2024-04-012024-06-300000070866us-gaap:ConvertiblePreferredStockMember2025-01-012025-06-300000070866ncr:RestrictedStockUnitsRSUsandStockOptionsMember2025-01-012025-06-300000070866us-gaap:ConvertiblePreferredStockMember2024-01-012024-06-300000070866ncr:RestrictedStockUnitsRSUsandStockOptionsMember2024-01-012024-06-300000070866us-gaap:ForeignExchangeContractMemberus-gaap:NondesignatedMember2025-06-300000070866us-gaap:ForeignExchangeContractMemberus-gaap:NondesignatedMember2024-12-310000070866us-gaap:NondesignatedMember2024-12-310000070866us-gaap:ForeignExchangeContractMemberus-gaap:OtherExpenseMember2025-04-012025-06-300000070866us-gaap:ForeignExchangeContractMemberus-gaap:OtherExpenseMember2024-04-012024-06-300000070866us-gaap:ForeignExchangeContractMemberus-gaap:OtherExpenseMember2025-01-012025-06-300000070866us-gaap:ForeignExchangeContractMemberus-gaap:OtherExpenseMember2024-01-012024-06-300000070866us-gaap:AccumulatedForeignCurrencyAdjustmentIncludingPortionAttributableToNoncontrollingInterestMember2024-12-310000070866us-gaap:AccumulatedDefinedBenefitPlansAdjustmentIncludingPortionAttributableToNoncontrollingInterestMember2024-12-310000070866us-gaap:AccumulatedGainLossCashFlowHedgeIncludingNoncontrollingInterestMember2024-12-310000070866us-gaap:AociIncludingPortionAttributableToNoncontrollingInterestMember2024-12-310000070866us-gaap:AccumulatedForeignCurrencyAdjustmentIncludingPortionAttributableToNoncontrollingInterestMember2025-01-012025-06-300000070866us-gaap:AccumulatedDefinedBenefitPlansAdjustmentIncludingPortionAttributableToNoncontrollingInterestMember2025-01-012025-06-300000070866us-gaap:AccumulatedGainLossCashFlowHedgeIncludingNoncontrollingInterestMember2025-01-012025-06-300000070866us-gaap:AociIncludingPortionAttributableToNoncontrollingInterestMember2025-01-012025-06-300000070866us-gaap:AccumulatedForeignCurrencyAdjustmentIncludingPortionAttributableToNoncontrollingInterestMember2025-06-300000070866us-gaap:AccumulatedDefinedBenefitPlansAdjustmentIncludingPortionAttributableToNoncontrollingInterestMember2025-06-300000070866us-gaap:AccumulatedGainLossCashFlowHedgeIncludingNoncontrollingInterestMember2025-06-300000070866us-gaap:AociIncludingPortionAttributableToNoncontrollingInterestMember2025-06-300000070866us-gaap:TradeAccountsReceivableMember2025-06-300000070866us-gaap:TradeAccountsReceivableMember2024-12-310000070866ncr:OtherReceivablesMember2025-06-300000070866ncr:OtherReceivablesMember2024-12-31

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

________________________

FORM 10-Q

________________________

(Mark One)


☑			QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934


			For the quarterly period ended June 30, 2025


or


o			TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from ____________ to ____________


			Commission File Number: 001-00395

________________________

NCR VOYIX CORPORATION

(Exact name of registrant as specified in its charter)

________________________


Maryland						31-0387920
(State or other jurisdiction of incorporation or organization)						(I.R.S. Employer Identification No.)

864 Spring Street NW

Atlanta, GA 30308

(Address of principal executive offices) (Zip Code)

Registrant’s telephone number, including area code: (800) 225-5627

Securities registered pursuant to Section 12(b) of the Act:


Title of each class	Trading Symbol(s)	Name of each exchange on which registered
Common Stock, par value $0.01 per share	VYX	New York Stock Exchange

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☑ No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☑ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer

Accelerated filer

☐

Non-accelerated filer

Smaller reporting company

☐

Emerging growth company

☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. o

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☑

As of August 1, 2025, there were approximately 138,234,335 shares of the registrant’s common stock issued and outstanding.

Table of Contents

TABLE OF CONTENTS


PART I. Financial Information

	Description	Page

Item 1.	Financial Statements	3

	Condensed Consolidated Statements of Operations (Unaudited) Three and Six Months Ended June 30, 2025 and 2024	3

	Condensed Consolidated Statements of Comprehensive Income (Loss) (Unaudited) Three and Six Months Ended June 30, 2025 and 2024	4

	Condensed Consolidated Balance Sheets (Unaudited) June 30, 2025 and December 31, 2024	5

	Condensed Consolidated Statements of Cash Flows (Unaudited) Six Months Ended June 30, 2025 and 2024	6

	Condensed Consolidated Statements of Changes in Stockholders’ Equity (Deficit) (Unaudited) Three and Six Months Ended June 30, 2025 and 2024	7

	Notes to Condensed Consolidated Financial Statements (Unaudited)	8

Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	31

Item 3.	Quantitative and Qualitative Disclosures about Market Risk	48

Item 4.	Controls and Procedures	49

PART II. Other Information

	Description	Page

Item 1.	Legal Proceedings	50

Item 1A.	Risk Factors	50

Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	50

Item 5.	Other Information	51

Item 6.	Exhibits	52

	Signatures	53

Table of Contents

Part I. Financial Information

Item 1. FINANCIAL STATEMENTS

NCR Voyix Corporation

Condensed Consolidated Statements of Operations (Unaudited)


In millions, except per share amounts	Three months ended June 30				Six months ended June 30
	2025		2024		2025		2024
Product revenue	$	185	$	244	$	338	$	465
Service revenue	481		478		945		967
Total revenue	666		722		1,283		1,432
Cost of products	170		222		316		409
Cost of services	343		374		679		759
Selling, general and administrative expenses	107		116		222		226
Research and development expenses	32		44		72		91

Total operating expenses	652		756		1,289		1,485
Income (loss) from operations	14		(34)		(6)		(53)

Interest expense	(14)		(41)		(29)		(80)
Other income (expense), net	(3)		(5)		5		(23)
Income (loss) from continuing operations before income taxes	(3)		(80)		(30)		(156)
Income tax expense (benefit)	(4)		10		(11)		5
Income (loss) from continuing operations	1		(90)		(19)		(161)
Income (loss) from discontinued operations, net of tax	(1)		17		2		47
Net income (loss)	—		(73)		(17)		(114)
Net income (loss) attributable to noncontrolling interests	—		—		—		—
Net income (loss) attributable to noncontrolling interests of discontinued operations	—		—		—		(1)
Net income (loss) attributable to NCR Voyix	$	—	$	(73)	$	(17)	$	(113)
Amounts attributable to NCR Voyix common stockholders:
Income (loss) from continuing operations	$	1	$	(90)	$	(19)	$	(161)
Series A convertible preferred stock dividends	(4)		(4)		(8)		(8)
Income (loss) from continuing operations attributable to NCR Voyix common stockholders	(3)		(94)		(27)		(169)
Income (loss) from discontinued operations, net of tax attributable to NCR Voyix common stockholders	(1)		17		2		48
Net income (loss) attributable to NCR Voyix common stockholders	$	(4)	$	(77)	$	(25)	$	(121)
Income (loss) per share attributable to NCR Voyix common stockholders:
Income (loss) per common share from continuing operations
Basic	$	(0.02)	$	(0.65)	$	(0.19)	$	(1.17)
Diluted	$	(0.02)	$	(0.65)	$	(0.19)	$	(1.17)
Net income (loss) per common share
Basic	$	(0.03)	$	(0.53)	$	(0.18)	$	(0.84)
Diluted	$	(0.03)	$	(0.53)	$	(0.18)	$	(0.84)
Weighted average common shares outstanding
Basic	137.9		145.0		138.9		144.3
Diluted	137.9		145.0		138.9		144.3

See Notes to Condensed Consolidated Financial Statements.

Table of Contents

NCR Voyix Corporation

Condensed Consolidated Statements of Comprehensive Income (Loss) (Unaudited)


In millions	Three months ended June 30				Six months ended June 30
	2025		2024		2025		2024
Net income (loss)	$	—	$	(73)	$	(17)	$	(114)
Other comprehensive income (loss):
Currency translation adjustments
Currency translation gains (loss)	10		(17)		14		(40)









Other comprehensive income (loss)	10		(17)		14		(40)
Total comprehensive income (loss)	10		(90)		(3)		(154)
Less comprehensive income (loss) attributable to noncontrolling interests:
Net income (loss)	—		—		—		(1)
Currency translation gains (losses)	—		—		—		(1)
Amounts attributable to noncontrolling interests	—		—		—		(2)
Comprehensive income (loss) attributable to NCR Voyix common stockholders	$	10	$	(90)	$	(3)	$	(152)

See Notes to Condensed Consolidated Financial Statements.

Table of Contents

NCR Voyix Corporation

Condensed Consolidated Balance Sheets (Unaudited)


In millions, except per share amounts	June 30, 2025		December 31, 2024
Assets
Current assets
Cash and cash equivalents	$	276	$	722
Accounts receivable, net of allowances of $27 and $26 as of June 30, 2025 and December 31, 2024, respectively	507		532
Inventories	212		208
Restricted cash, current	37		31
Prepaid and other current assets	190		166
Current assets of discontinued operations	—		12
Total current assets	1,222		1,671
Property, plant and equipment, net	181		192
Goodwill	1,523		1,516
Intangibles, net	84		94
Operating lease assets	217		229
Prepaid pension cost	51		47
Deferred income taxes	192		189

Other assets	514		514

Total assets	$	3,984	$	4,452
Liabilities and stockholders’ equity (deficit)
Current liabilities

Accounts payable	$	340	$	324
Payroll and benefits liabilities	95		104
Contract liabilities	205		209
Settlement liabilities	54		47
Other current liabilities	360		724
Current liabilities of discontinued operations	—		12
Total current liabilities	1,054		1,420
Long-term debt	1,099		1,098
Pension and indemnity plan liabilities	164		144
Postretirement and postemployment benefits liabilities	41		41
Income tax accruals	52		52
Operating lease liabilities	238		248
Other liabilities	193		241
Noncurrent liabilities of discontinued operations	—		1
Total liabilities	2,841		3,245
Commitments and Contingencies (Note 10)

Series A convertible preferred stock: par value $0.01 per share, 3.0 shares authorized, 0.3 shares issued and outstanding as of June 30, 2025 and December 31, 2024; redemption amount and liquidation preference of $276 as of June 30, 2025 and December 31, 2024	276		276
Stockholders’ equity (deficit)
NCR Voyix stockholders’ equity (deficit)
Preferred stock: par value $0.01 per share, 100.0 shares authorized, no shares issued and outstanding as of June 30, 2025 and December 31, 2024	—		—
Common stock: par value $0.01 per share, 500.0 shares authorized, 137.9 and 142.1 shares issued and outstanding as of June 30, 2025 and December 31, 2024, respectively	1		1
Paid-in capital	813		866
Retained earnings (deficit)	492		535
Accumulated other comprehensive income (loss)	(439)		(469)
Total NCR Voyix stockholders’ equity (deficit)	867		933
Noncontrolling interests in subsidiaries	—		(2)
Total stockholders’ equity (deficit)	867		931
Total liabilities and stockholders’ equity (deficit)	$	3,984	$	4,452

See Notes to Condensed Consolidated Financial Statements.

Table of Contents

NCR Voyix Corporation

Condensed Consolidated Statements of Cash Flows (Unaudited)


In millions	Six months ended June 30
	2025		2024
Operating activities
Net income (loss)	$	(17)	$	(114)
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:


Depreciation and amortization	118		167
Stock-based compensation expense	18		27
Deferred income taxes	—		(8)

Impairment of other assets	—		5

Loss (gain) on divestiture	—		(14)
Changes in assets and liabilities, net of effects of business acquired:
Receivables	17		61
Inventories	(15)		31
Current payables and accrued expenses	(21)		(52)
Contract liabilities	(14)		41
Employee benefit plans	10		(3)
Other assets and liabilities	(380)		(114)
Net cash provided by (used in) operating activities	$	(284)	$	27
Investing activities
Expenditures for property, plant and equipment	$	(15)	$	(21)

Additions to capitalized software	(66)		(104)

Proceeds from divestiture, net	—		14
Proceeds from disposition of corporate-owned life insurance policies	—		30

Collections on purchased trade receivables	6		—



Net cash provided by (used in) investing activities	$	(75)	$	(81)
Financing activities

Payments on term credit facilities	$	—	$	(8)
Payments on revolving credit facilities	(9)		(374)


Borrowings on revolving credit facilities	9		412




Cash dividend paid for Series A preferred shares dividends	(8)		(8)
Repurchases of common stock	(69)		—
Proceeds from employee stock plans	5		7
Tax withholding payments on behalf of employees	(7)		(9)

Principal payments for finance lease obligations	(7)		(5)

Net cash provided by (used in) financing activities	$	(86)	$	15


Effect of exchange rate changes on cash, cash equivalents and restricted cash	$	5	$	(14)
Increase (decrease) in cash, cash equivalents, and restricted cash	(440)		(53)
Cash, cash equivalents and restricted cash at beginning of period	758		285
Cash, cash equivalents and restricted cash at end of period	$	318	$	232

See Notes to Condensed Consolidated Financial Statements.

Table of Contents

NCR Voyix Corporation

Condensed Consolidated Statements of Changes in Stockholders’ Equity (Deficit) (Unaudited)


	NCR Voyix Stockholders
	Common Stock							Accumulated Other Comprehensive Income (Loss)		Non-Redeemable Noncontrolling Interests in Subsidiaries
In millions	Shares	Amount		Paid-in Capital		Retained Earnings (Deficit)						Total
December 31, 2024	142	$	1	$	866	$	535	$	(469)	$	(2)	$	931
Comprehensive income:
Net income (loss)	—	—		—		(17)		—		—		(17)
Other comprehensive income (loss)	—	—		—		—		4		—		4
Total comprehensive income (loss)	—	—		—		(17)		4		—		(13)
Employee stock purchase and stock compensation plans	1	—		5		—		—		—		5
Series A convertible preferred stock dividends	—	—		—		(4)		—		—		(4)
Spin-Off of NCR Atleos	—	—		—		(18)		16		2		—
Repurchase of NCR Voyix common stock	(5)	—		(62)		—		—		—		(62)
March 31, 2025	138	$	1	$	809	$	496	$	(449)	$	—	$	857
Comprehensive income:
Net income (loss)	—	—		—		—		—		—		—
Other comprehensive income (loss)	—	—		—		—		10		—		10
Total comprehensive income (loss)	—	—		—		—		10		—		10
Employee stock purchase and stock compensation plans	1	—		11		—		—		—		11
Series A convertible preferred stock dividends	—	—		—		(4)		—		—		(4)

Repurchase of NCR Voyix common stock	(1)	—		(7)		—		—		—		(7)
June 30, 2025	138	$	1	$	813	$	492	$	(439)	$	—	$	867


	NCR Voyix Stockholders
	Common Stock							Accumulated Other Comprehensive Income (Loss)		Non-Redeemable Noncontrolling Interests in Subsidiaries
In millions	Shares	Amount		Paid-in Capital		Retained Earnings (Deficit)						Total
December 31, 2023	143	$	1	$	874	$	(421)	$	(429)	$	—	$	25
Comprehensive income:
Net income (loss)	—	—		—		(40)		—		(1)		(41)
Other comprehensive income (loss)	—	—		—		—		(22)		(1)		(23)
Total comprehensive income (loss)	—	—		—		(40)		(22)		(2)		(64)
Employee stock purchase and stock compensation plans	2	—		5		—		—		—		5
Series A convertible preferred stock dividends	—	—		—		(4)		—		—		(4)
Spin-Off of NCR Atleos	—	—		—		2		—		—		2
March 31, 2024	145	$	1	$	879	$	(463)	$	(451)	$	(2)	$	(36)
Comprehensive income:
Net income (loss)	—	—		—		(73)		—		—		(73)
Other comprehensive income (loss)	—	—		—		—		(17)		—		(17)
Total comprehensive income (loss)	—	—		—		(73)		(17)		—		(90)
Employee stock purchase and stock compensation plans	—	—		20		—		—		—		20
Series A convertible preferred stock dividends	—	—		—		(4)		—		—		(4)
Spin-Off of NCR Atleos	—	—		—		23		—		—		23
June 30, 2024	145	$	1	$	899	$	(517)	$	(468)	$	(2)	$	(87)

See Notes to Condensed Consolidated Financial Statements.

Table of Contents

NCR Voyix Corporation

Notes to Condensed Consolidated Financial Statements (Unaudited)

Index to Financial Statements and Supplemental Data



Note 1. Basis of Presentation and Summary of Significant Accounting Policies
Note 2. Discontinued Operations

Note 3. Goodwill and Purchased Intangible Assets
Note 4. Segment Information and Concentrations
Note 5. Debt Obligations
Note 6. Trade Receivables Facility
Note 7. Income Taxes
Note 8. Stock Compensation Plans
Note 9. Employee Benefit Plans
Note 10. Commitments and Contingencies

Note 11. Series A Convertible Preferred Stock
Note 12. Earnings Per Share
Note 13. Derivatives and Hedging Instruments

Note 14. Accumulated Other Comprehensive Income (Loss) (AOCI)
Note 15. Supplemental Financial Information

Table of Contents

NCR Voyix Corporation

Notes to Condensed Consolidated Financial Statements (Unaudited)—(Continued)

1. BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

The accompanying Condensed Consolidated Financial Statements have been prepared by NCR Voyix Corporation (“NCR Voyix”, the “Company”, “we” or “us”) without audit pursuant to the rules and regulations of the U.S. Securities and Exchange Commission (“SEC”) and, in the opinion of management, include all adjustments (consisting of normal, recurring adjustments, unless otherwise disclosed) necessary for a fair statement of the condensed consolidated results of operations, financial position, and cash flows for each period presented. The consolidated results for the interim periods are not necessarily indicative of results to be expected for the full year. The 2024 year-end Condensed Consolidated Balance Sheet was derived from audited financial statements, but does not include all disclosures required by accounting principles generally accepted in the United States (GAAP). These financial statements should be read in conjunction with the Company’s Annual Report on Form 10-K for the year ended December 31, 2024.

Spin-off of NCR Atleos On October 16, 2023, the Company completed its separation of its ATM-focused business, including its self-service banking, payments & network and telecommunications and technology businesses, through the spin-off of its wholly owned subsidiary, NCR Atleos Corporation (“NCR Atleos”), (the “Spin-Off”). The Spin-Off was effected through a pro rata distribution of all outstanding shares of NCR Atleos common stock to holders of NCR Voyix common stock as of the close of business on October 2, 2023 (the “record date”). The Company distributed one share of NCR Atleos common stock for every two common shares of NCR Voyix outstanding as of the record date. Shareholders received cash in lieu of fractional shares of Atleos common stock. The Spin-Off is expected to qualify as a tax-free distribution for U.S. federal income tax purposes. The Company retains no ownership interest in NCR Atleos. The accounting requirements for reporting the Spin-Off of NCR Atleos as a discontinued operation were met when the separation was completed. Accordingly, the financial results for NCR Atleos are presented as net income (loss) from discontinued operations, net of tax on the Consolidated Statements of Operations. Refer to Note 2, “Discontinued Operations” for additional information.

In connection with the Spin-Off, the Company and NCR Atleos entered into various agreements to effect the Spin-Off and provide a framework for the relationship between the Company and NCR Atleos after the Spin-Off. Such agreements include the separation and distribution agreement, as well as the following ongoing agreements: a transition services agreement, tax matters agreement, employee matters agreement, patent and technology cross-license agreement, trademark license and use agreement, master services agreement and various other transaction agreements. Under these agreements, the Company continues to provide certain products and services to NCR Atleos following the Spin-Off and receives certain products and services from NCR Atleos following the Spin-Off.

Sale of Digital Banking On August 6, 2024, the Company entered into a definitive purchase agreement with an affiliate of The Veritas Capital Fund VIII, L.P. (the “Buyer”) pursuant to which the Buyer agreed to purchase the Company’s Digital Banking segment businesses (the “Digital Banking Sale”). On September 30, 2024, the Company completed the Digital Banking Sale pursuant to the purchase agreement. The purchase price for the transaction was $2.45 billion in cash, subject to a post-closing adjustment, as well as contingent consideration of up to an additional $100 million in cash upon the achievement of a specified return on the Buyer’s invested capital at the time of any future sale. The Company records contingent consideration at fair value based on the consideration expected to be transferred, which was estimated to be zero as of June 30, 2025. The accounting requirements for reporting the Digital Banking Sale as a discontinued operation were met when the definitive agreement was signed. Accordingly, the financial results for Digital Banking for the three and six months ended June 30, 2024 are presented as net income (loss) from discontinued operations, net of tax on the Consolidated Statements of Operations. Refer to Note 2, “Discontinued Operations” for additional information. In connection with the Digital Banking Sale, the Company and the Buyer entered into certain agreements, including a transition services agreement, providing for the performance of certain services by the Company for the benefit of the Buyer for a period of time after the Digital Banking Sale.

Transition of Hardware Business to ODM Model On August 6, 2024, the Company announced its entry into a commercial agreement with Ennoconn Corporation (“Ennoconn”) to transition its self-checkout and point-of-sale hardware businesses to an outsourced design and manufacturing model including the sale of certain assets relating to these businesses (the “Hardware Business Transition”). Under the terms of the agreement, Ennoconn will design, manufacture, warrant, supply, and ship self-checkout and point-of sale hardware directly to the Company’s customers and the Company will sell hardware to its customers as a sales agent for Ennoconn and continue to provide its point-of sale and self-checkout software as well as key support and maintenance services. As a result of the anticipated Hardware Business Transition, the Company expects to record commission revenue from point-of-sale and self-checkout hardware sales as an agent for Ennoconn on a net basis, excluding the costs paid to Ennoconn.

Table of Contents

NCR Voyix Corporation

Notes to Condensed Consolidated Financial Statements (Unaudited)—(Continued)

Use of Estimates The preparation of financial statements in accordance with GAAP requires management to make estimates and judgments that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements, and revenue and expenses during the period reported.

Although our estimates contemplate current and expected future conditions, as applicable, it is reasonably possible that actual conditions could differ from our expectations, which could materially affect our results of operations and financial position. In particular, a number of estimates have been and will continue to be affected by macroeconomic pressures and geopolitical challenges. The ultimate impact on our overall financial condition and operating results will depend on supply chain challenges and cost escalations including materials, interest, labor and freight, and any additional governmental and public actions taken in response. As a result, our accounting estimates and assumptions may change over time as a consequence of the effects of these external factors. Such changes could result in future impairments of goodwill, intangible assets, long-lived assets, incremental credit losses on accounts receivable and decreases in the carrying amount of our tax assets.

Evaluation of Subsequent Events The Company evaluated subsequent events through the date that our Condensed Consolidated Financial Statements were issued. Other than the items discussed within the Notes to the Consolidated Financial Statements, no matters were identified that required adjustment to the Condensed Consolidated Financial Statements or additional disclosure.

Reclassifications Certain prior-period amounts have been reclassified in the accompanying Condensed Consolidated Financial Statements and Notes thereto in order to conform to the current period presentation. Reclassifications had no effect on prior year net income or stockholders’ equity.

Out-of-period adjustments In the second quarter of 2024, the Company recorded an out-of-period correction to decrease revenue by $10 million, decrease accounts receivable by $5 million, and increase contract liabilities by $5 million.

During the second quarter of 2024, the Company recorded corrections related to the Spin-Off. As of December 31, 2023, total assets were understated by approximately $12 million, total liabilities were overstated by approximately $7 million, and total equity was understated by approximately $19 million, which was included in the “Spin-Off of Atleos” line in the Statements of Changes in Stockholders’ equity (Deficit) for the three months ended June 30, 2024.

The Company evaluated the impact of the out-of-period adjustments and concluded they are not material to the consolidated financial statements for any of the periods presented.

Cyber ransomware incident On April 13, 2023, the Company determined that a single data center outage impacting certain of its commerce customers was caused by a cyber ransomware incident. Upon such determination, the Company immediately started contacting customers, enacted its cybersecurity protocol and engaged outside experts to contain the incident and begin the recovery process. The Company concluded that this incident impacted operations for some customers only with respect to specific Aloha cloud-based services and Counterpoint. Our investigation also concluded no financial reporting systems were impacted. As of June 30, 2025, the Company has incurred a cumulative $47 million of expenses related to the cyber ransomware incident and has recovered $36 million under our insurance policies. We are still pursuing insurance recoveries in connection with this matter. We may incur additional costs relating to this incident in the future, including expenses to respond to this matter, payment of damages or other costs to customers or others. At this time we do not believe additional costs incurred as a result of the incident will ultimately have a material adverse effect on our business, results of operations or financial condition; however, we remain subject to risks and uncertainties as a result of the incident.

ACH Disbursements In February 2024, the Company identified fraudulent automated clearing house (“ACH”) disbursements from a Company bank account. The cumulative amount of these disbursements totaled $34 million. As of June 30, 2025, the Company has recovered approximately $16 million of fraudulent disbursements from the Company’s banks and continues to pursue insurance recoveries in connection with this matter.

Repurchases of Common Stock In March 2017, the Board approved a share repurchase program, with no expiration from the date of authorization, that provided for the repurchase of up to $300 million of the Company’s common stock (the “Repurchase Program,” as amended). In July 2018, the Board authorized an incremental $200 million of share repurchases under the Repurchase Program. On May 6, 2025, the Board amended and restated the Repurchase Program to (1) add an incremental $172 million of repurchase authority under the program, taking the total aggregate authority for future repurchases under the program to $200 million, and (2) to expand the repurchase authority to apply to repurchases of the Company’s Series A

Table of Contents

NCR Voyix Corporation

Notes to Condensed Consolidated Financial Statements (Unaudited)—(Continued)

Convertible Preferred Stock, in addition to common stock. During the three and six months ended June 30, 2025, the Company repurchased $7 million and $69 million, respectively, under the Repurchase Program.

Cash, Cash Equivalents, and Restricted Cash The reconciliation of cash, cash equivalents and restricted cash in the Condensed Consolidated Statements of Cash Flows is as follows:


In millions		June 30
	Balance Sheet Location	2025		2024
Cash and cash equivalents	Cash and cash equivalents	$	276	$	203
Short term restricted cash	Restricted cash, current	3		—
Long term restricted cash	Other assets	5		4

Cash included in settlement processing assets	Restricted cash, current	34		24
Total cash, cash equivalents and restricted cash of continuing operations		$	318	$	231
Cash, cash equivalents and restricted cash of discontinued operations		—		1
Total cash, cash equivalents and restricted cash		$	318	$	232

Contract Assets and Liabilities The following table presents the net contract liability balances as of June 30, 2025 and December 31, 2024.


In millions	Location in the Condensed Consolidated Balance Sheet	June 30, 2025		December 31, 2024
Current portion of contract liabilities	Contract liabilities	$	205	$	209
Non-current portion of contract liabilities	Other liabilities	$	14	$	11

During the six months ended June 30, 2025, the Company recognized $140 million in revenue that was included in contract liabilities as of December 31, 2024.

Remaining Performance Obligations Remaining performance obligations represent the transaction price of orders for which products have not been delivered or services have not been performed. As of June 30, 2025, the aggregate amount of the transaction price allocated to remaining performance obligations was approximately $1.1 billion. The Company expects to recognize revenue on over approximately three-quarters of the remaining performance obligations over the next 12 months, with the remainder recognized thereafter. The majority of our professional services are expected to be recognized over the next 12 months but this is contingent upon a number of factors, including customers’ needs and schedules.

The Company has made three elections that affect the value of remaining performance obligations described above. We do not disclose remaining performance obligations for contracts where variable consideration is directly allocated based on usage or when the original expected duration is one year or less. Additionally, we do not disclose remaining performance obligations for contracts where we recognize revenue from the satisfaction of the performance obligation in accordance with the ‘right to invoice’ practical expedient.

Capitalized Software Capitalized development costs for internal-use software and software that will be sold, leased or otherwise marketed were $295 million and $302 million as of June 30, 2025 and December 31, 2024, respectively, presented within Other assets on the Condensed Consolidated Balance Sheets.

Table of Contents

NCR Voyix Corporation

Notes to Condensed Consolidated Financial Statements (Unaudited)—(Continued)

Recent Accounting Pronouncements

Accounting Pronouncements Issued But Not Yet Adopted

In November 2024, the FASB issued ASU 2024-03, Income Statement – Reporting Comprehensive Income – Expense Disaggregation Disclosures (Topic 220): Disaggregation of Income Statement Expenses and ASU 2025-01, Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures (Topic 220): Clarifying the Effective Date. This guidance requires additional disclosure of certain amounts included in the expense captions presented on the Statement of Operations as well as disclosures about selling expenses. The ASU is effective on a prospective basis, with the option for retrospective application, for annual periods beginning after December 15, 2026 and interim reporting periods within annual reporting periods beginning after December 15, 2027. Early adoption is permitted for annual financial statements that have not yet been issued. The Company is in the process of assessing the impact the adoption of this guidance will have on the Company’s financial statement disclosures.

In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures. This guidance requires disclosure of specific categories in the rate reconciliation and provides additional information for reconciling items that meet a specified quantitative threshold. The guidance is effective for fiscal years beginning after December 15, 2024, with early adoption permitted. The Company expects to adopt ASU 2023-09 and conform to the applicable disclosure when it becomes effective for the Annual Report on Form 10-K for the year ending December 31, 2025. Other than the new disclosure requirements, the adoption of this guidance is not expected to have a significant impact on the Company’s consolidated financial statements.

Although there are other new accounting pronouncements issued by the FASB and not yet adopted by or effective for the Company, the Company does not believe any of these accounting pronouncements will have a material impact on its consolidated financial statements.

2. DISCONTINUED OPERATIONS

Digital Banking Sale

On September 30, 2024, the Company completed the Digital Banking Sale. Refer to Note 1, “Basis of Presentation and Summary of Significant Accounting Policies” for additional information. The historical results of the Digital Banking businesses have been presented as discontinued operations for the three and six months ended June 30, 2024. The Company’s presentation of discontinued operations excludes general corporate overhead costs that did not meet the requirements to be presented as discontinued operations.

The following table presents the major categories of income (loss) from discontinued operations related to the Digital Banking Sale:


	Three months ended June 30		Six months ended June 30
	2024		2024
Product revenue	$	12	$	23
Service revenue	142		278
Total revenue	154		301
Cost of products	10		22
Cost of services	79		156
Selling, general and administrative expenses	23		44
Research and development expenses	11		24
Total operating expenses	123		246





Income (loss) from discontinued operations before income taxes	31		55
Income tax expense (benefit)	14		6


Net income (loss) from discontinued operations related to Digital Banking	$	17	$	49

Table of Contents

NCR Voyix Corporation

Notes to Condensed Consolidated Financial Statements (Unaudited)—(Continued)

The following table presents selected financial information related to cash flows from discontinued operations related to the Digital Banking Sale:


In millions	Six months ended June 30
	2024
Net cash provided by/(used in) operating activities	$	90
Net cash provided by/(used in) investing activities	(40)
Net cash provided by/(used in) financing activities	—

Spin-Off of NCR Atleos

On October 16, 2023, the Company completed the Spin-Off of NCR Atleos into an independent publicly traded company. Refer to Note 1, “Basis of Presentation and Summary of Significant Accounting Policies” for additional information regarding the Spin-Off. The historical results of NCR Atleos have been presented as discontinued operations. The Company’s presentation of discontinued operations excludes general corporate overhead costs that did not meet the requirements to be presented as discontinued operations. As of December 31, 2024, there were two countries that had not yet transferred to NCR Atleos. The 2024 presentation of discontinued operations has been updated to reflect the results of operations for these countries. As of March 31, 2025, all historical results of NCR Atleos have been presented as discontinued operations.

The following table presents the major categories of income (loss) from discontinued operations related to the Spin-Off of NCR Atleos:


In millions	Three months ended June 30		Six months ended June 30
	2024		2025(1)		2024
Product revenue	$	—	$	—	$	1
Service revenue	1		—		5
Total revenue	1		—		6
Cost of products	—		—		1
Cost of services	1		—		6
Selling, general and administrative expenses	—		—		1

Total operating expenses	1		—		8
Income from discontinued operations	—		—		(2)

Other income (expense), net	—		—		(1)
Income (loss) from discontinued operations before income taxes	—		—		(3)
Income tax expense (benefit)	—		—		(1)
Net income (loss) from discontinued operations	—		—		(2)
Net income (loss) attributable to noncontrolling interests	—		—		(1)
Net income (loss) from discontinued operations related to NCR Atleos	$	—	$	—	$	(1)

(1)Represents operations of the delayed countries presented as discontinued operations during 2025 through date of separation. All delayed countries were presented as discontinued operations as of March 31, 2025.

Table of Contents

NCR Voyix Corporation

Notes to Condensed Consolidated Financial Statements (Unaudited)—(Continued)

The following table presents the major classes of assets and liabilities of discontinued operations related to the Spin-Off of NCR Atleos:


In millions	December 31, 2024
Assets
Current assets
Cash and cash equivalents	$	2
Accounts receivable, net of allowances	7


Prepaid and other current assets	3
Total current assets	12








Total assets of discontinued operations	$	12

Liabilities
Current liabilities

Accounts payable	$	8

Contract liabilities	2

Other current liabilities	2
Total current liabilities	12





Other liabilities	1
Noncurrent liabilities	1
Total liabilities of discontinued operations	$	13

The following table presents selected financial information related to cash flows from discontinued operations related to the Spin-off of NCR Atleos:


In millions	Six months ended June 30
	2025(1)		2024
Net cash provided by/(used in) operating activities	$	—	$	(7)
Net cash provided by/(used in) investing activities	—		—
Net cash provided by/(used in) financing activities	—		—

Environmental Matters

The costs and insurance recoveries relating to certain environmental obligations associated with discontinued operations, including those relating to the Fox River and Kalamazoo River matters, are presented in Income (loss) from discontinued operations, net of tax, in the Consolidated Statements of Operations. Income (loss) from discontinued operations, net of tax, related to environmental matters was expense of $1 million and income of $2 million for the three and six months ended June 30, 2025, respectively, and zero income or loss for the three and six months ended June 30, 2024. Net cash provided by or used in operating activities of discontinued operations related to environmental obligations was $11 million of cash used in operating activities for the six months ended June 30, 2025 and $3 million of cash provided by operating activities for the six months ended June 30, 2024. Refer to Note 10, “Commitments and Contingencies” for further information.

3. GOODWILL AND PURCHASED INTANGIBLE ASSETS

Goodwill by Segment The carrying amounts of goodwill by segment as of June 30, 2025 and December 31, 2024 are included in the table below. Foreign currency fluctuations are included within other adjustments.


	December 31, 2024												June 30, 2025
In millions	Goodwill		Accumulated Impairment		Total		Additions		Impairment		Other		Goodwill		Accumulated Impairment		Total

Retail	$	1,079	$	(34)	$	1,045	$	—	$	—	$	6	$	1,085	$	(34)	$	1,051
Restaurants	494		(23)		471		—		—		1		495		(23)		472




Total goodwill	$	1,573	$	(57)	$	1,516	$	—	$	—	$	7	$	1,580	$	(57)	$	1,523

Table of Contents

NCR Voyix Corporation

Notes to Condensed Consolidated Financial Statements (Unaudited)—(Continued)

Identifiable Intangible Assets The Company’s purchased intangible assets, reported in Intangibles, net in the Condensed Consolidated Balance Sheets, were specifically identified when acquired, and are deemed to have finite lives. The gross carrying amount and accumulated amortization for the Company’s identifiable intangible assets were as set forth in the table below.


	Amortization Period (in Years)	June 30, 2025				December 31, 2024
In millions		Gross Carrying Amount		Accumulated Amortization		Gross Carrying Amount		Accumulated Amortization
Identifiable intangible assets
Reseller & customer relationships	1 - 20	$	322	$	(274)	$	321	$	(268)
Intellectual property	2 - 8	347		(313)		346		(307)

Tradenames	1 - 10	64		(62)		64		(62)
Total identifiable intangible assets		$	733	$	(649)	$	731	$	(637)

Amortization expense related to identifiable intangible assets for the following periods is:


	Three months ended June 30				Six months ended June 30
In millions	2025		2024		2025		2024
Amortization expense	$	6	$	8	$	12	$	15

The estimated aggregate amortization expense for identifiable intangible assets for the following periods is:


			For the years ended December 31
In millions	Remainder of 2025		2026		2027		2028		2029		2030
Amortization expense	$	13	$	23	$	19	$	9	$	5	$	5

4. SEGMENT INFORMATION AND CONCENTRATIONS

Subsequent to the Digital Banking Sale and the Spin-Off, as described in Note 1, “Basis of Presentation and Summary of Significant Accounting Policies”, the Company manages and reports the following two segments:

•Retail - We offer software-led solutions to customers in the retail industry, leading with digital to connect retail operations end to end to integrate all aspects of a customer’s operations in indoor and outdoor settings from point-of-sale (“POS”), to payments, inventory management, fraud and loss prevention applications, loyalty and consumer engagement. These solutions include retail-oriented technologies such as comprehensive API-point of sale retail software platforms and applications, hardware terminals, self-service kiosks including self-checkout (“SCO”), payment processing and merchant acquiring solutions, and bar-code scanners.

•Restaurants - We offer technology solutions to customers in the restaurant industry, including table-service, quick-service and fast casual restaurants of all sizes, that are designed to improve operational efficiency, increase customer satisfaction, streamline order and transaction processing and reduce operating costs. Our solutions include POS hardware and software solutions, payment processing and merchant acquiring services, installation, maintenance, as well as managed and professional services.

Corporate and Other includes income and expenses related to corporate functions that are not specifically attributable to any of our two individual reportable segments along with certain non-strategic businesses that are considered immaterial operating segment(s), as well as commercial agreements with NCR Atleos.

These segments represent components of the Company for which separate financial information is available that is utilized on a regular basis by the chief operating decision maker (“CODM”), the CEO. The CODM considers the budget-to-actual and forecast-to-actual variances for revenue and segment Adjusted EBITDA on a periodic basis in assessing segment performance and in allocating the Company’s resources. Adjusted EBITDA is defined as GAAP net income (loss) from continuing operations attributable to NCR Voyix plus interest expense, net; plus income tax expense (benefit); plus depreciation and amortization; plus stock-based compensation expense; plus pension mark-to-market adjustments and other special items, including amortization of acquisition-related intangibles, acquisition-related costs, separation-related costs, cyber ransomware incident recovery costs net of insurance recoveries, fraudulent ACH disbursements costs net of recoveries, foreign currency

Table of Contents

NCR Voyix Corporation

Notes to Condensed Consolidated Financial Statements (Unaudited)—(Continued)

devaluation, transformation and restructuring charges (which includes integration, severance and other exit and disposal costs), and strategic initiative costs, among others. The special items are considered non-operational or non-recurring in nature, so are excluded from the Adjusted EBITDA metric utilized by our CODM in evaluating segment performance and are separately delineated to reconcile back to total reported GAAP net income (loss) from continuing operations attributable to the Company.

Assets are not allocated to segments, and thus are not included in the assessment of segment performance. Consequently, we do not disclose total assets by reportable segment. The accounting policies used to determine the results of the operating segments are the same as those utilized for the condensed consolidated financial statements as a whole. Intersegment sales and transfers are not material.

The following table presents summarized financial information for the Company’s reportable segments for the three months ended June 30, 2025:


In millions	Retail		Restaurants		Total
Revenue by Segment	$	454	$	205	$	659
Other					7
Total Revenue					$	666
Cost of Revenue	322		105
Other segment items(1)	51		32
Segment Adjusted EBITDA	$	81	$	68	$	149

The following table presents summarized financial information for the Company’s reportable segments for the three months ended June 30, 2024:


In millions	Retail		Restaurants		Total
Revenue by Segment	$	517	$	201	$	718
Other					4
Total Revenue					$	722
Cost of Revenue	379		105
Other segment items(1)	51		34
Segment Adjusted EBITDA	$	87	$	62	$	149

(1)Other segment items primarily includes selling, general and administrative expenses and research and development expenses.

The following table presents summarized financial information for the Company’s reportable segments for the six months ended June 30, 2025:


In millions	Retail		Restaurants		Total
Revenue by Segment	$	874	$	396	$	1,270
Other					13
Total Revenue					$	1,283
Cost of Revenue	623		204
Other segment items(1)	105		65
Segment Adjusted EBITDA	$	146	$	127	$	273

The following table presents summarized financial information for the Company’s reportable segments for the six months ended June 30, 2024:


In millions	Retail		Restaurants		Total
Revenue by Segment	$	1,008	$	403	$	1,411
Other					21
Total Revenue					$	1,432
Cost of Revenue	733		212
Other segment items(1)	102		74
Segment Adjusted EBITDA	$	173	$	117	$	290

(1)Other segment items primarily includes selling, general and administrative expenses and research and development expenses.

Table of Contents

NCR Voyix Corporation

Notes to Condensed Consolidated Financial Statements (Unaudited)—(Continued)

The following table reconciles Segment Adjusted EBITDA to Net income (loss) from continuing operations attributable to NCR Voyix:


In millions	Three months ended June 30				Six months ended June 30
	2025		2024		2025		2024
Segment Adjusted EBITDA	$	149	$	149	$	273	$	290
Corporate and other income and expenses not allocated to reportable segments	54		70		103		148

Depreciation and amortization	51		52		101		100
Acquisition-related amortization of intangibles	6		8		12		15
Interest expense	14		41		29		80
Interest income	(1)		(1)		(7)		(3)


Income tax expense (benefit)	(4)		10		(11)		5
Stock-based compensation expense	9		12		18		23
Transformation and restructuring costs(1)	16		50		37		74
Separation costs(2)	—		3		—		8
Loss (gain) on disposal of businesses	—		(7)		—		(14)
Foreign currency devaluation(3)	—		—		—		15
Fraudulent ACH disbursements(4)	—		(1)		—		(2)
Cyber ransomware incident recovery costs(5)	—		(4)		—		(4)
Strategic initiatives(6)	3		6		10		6
Net income (loss) from continuing operations attributable to NCR Voyix	$	1	$	(90)	$	(19)	$	(161)

(1)Represents integration, severance, and other exit and disposal costs which are considered non-operational in nature.

(2)Represents costs incurred as a result of the Spin-Off.

(3)Represents gains and losses recognized during the three months ended March 31, 2024 due to changes in valuation of the Lebanese pound and the Egyptian pound.

(4)Represents Company identified fraudulent ACH disbursements from a Company bank account, net of recoveries. Additional details regarding this item are discussed in Note 1, “Basis of Presentation and Summary of Significant Accounting Policies”.

(5)Represents expenses to respond to, remediate and investigate the April 13, 2023 cyber ransomware incident, net of insurance recoveries. Additional details regarding this cyber ransomware incident are discussed in Note 1, “Basis of Presentation and Summary of Significant Accounting Policies”.

(6)Represents professional fees related to strategic initiatives which are considered non-operational in nature, as well as certain costs incurred related to the Hardware Business Transition.

Revenue is attributed to the geographic area to which the product is delivered or in which the service is provided. The following table presents revenue by geographic area for the Company:


In millions	Three months ended June 30				Six months ended June 30
	2025		2024		2025		2024
United States	$	402	$	429	$	785	$	869
Americas (excluding United States)	45		66		88		130
Europe, Middle East and Africa	153		141		285		274
Asia Pacific	66		86		125		159
Total revenue	$	666	$	722	$	1,283	$	1,432

Table of Contents

NCR Voyix Corporation

Notes to Condensed Consolidated Financial Statements (Unaudited)—(Continued)

The following table presents the recurring revenue and all other products and services revenue that is recognized at a point in time for the Company:


In millions	Three months ended June 30				Six months ended June 30
	2025		2024		2025		2024
Recurring revenue(1)	$	422	$	406	$	829	$	806
All other products and services	244		316		454		626
Total revenue	$	666	$	722	$	1,283	$	1,432

(1) Recurring revenue includes all revenue streams from contracts where there is a predictable revenue pattern that will occur at regular intervals with a relatively high degree of certainty. This includes hardware and software maintenance revenue, cloud revenue, payment processing revenue, and certain professional services arrangements, as well as term-based software license arrangements that include customer termination rights.

5. DEBT OBLIGATIONS

The following table summarizes the Company’s short-term borrowings and long-term debt:


		June 30, 2025			December 31, 2024
In millions, except percentages		Amount		Weighted-Average Interest Rate	Amount		Weighted-Average Interest Rate
Short-Term Borrowings
Current portion of Senior Secured Credit Facility(1)		$	—	—%	$	—	—%


	Total short-term borrowings	$	—		$	—
Long-Term Debt
Senior Secured Credit Facility:
	Term loan facility(1)	$	—	—%	$	—	—%
	Revolving credit facility(1)	—		—%	—		—%
Senior notes:


	5.000% Senior Notes due 2028	650			650
	5.125% Senior Notes due 2029	403			403

	5.250% Senior Notes due 2030	52			52
Deferred financing fees		(6)			(7)





	Total long-term debt	$	1,099		$	1,098

(1)Interest rates are weighted-average interest rates as of June 30, 2025 and December 31, 2024.

Senior Secured Credit Facility On October 16, 2023, the Company entered into a senior secured credit agreement, with certain subsidiaries of the Company party thereto as foreign borrowers, the lenders party thereto and Bank of America, N.A., as administrative agent (in such capacity, the “Administrative Agent”). This credit agreement provides for senior secured credit facilities in an aggregate principal amount of $700 million, comprised of (i) a five-year multicurrency revolving credit facility in the aggregate principal amount of $500 million (including (a) a letter of credit sub-facility in an aggregate principal amount of up to $75 million and (b) a sub-facility in an aggregate principal amount of up to $200 million for borrowings and letters of credit in certain agreed foreign currencies) (the “Revolving Credit Facility,” and the loans thereunder, the “Revolving Loans”) and (ii) a five-year term loan “A” facility in the aggregate principal amount of $200 million (the “Term Loan A Facility,” and the loans thereunder, the “Term A Loans” and, the Term Loan A Facility, together with the Revolving Credit Facility, the “Senior Secured Credit Facilities”).

On September 30, 2024, using a portion of the proceeds from the Digital Banking Sale, the Company repaid all loans outstanding under the Senior Secured Credit Facilities (but did not reduce the principal amount of the commitments under the Revolving Loans).

The Revolving Loans bear interest based on SOFR (or an alternative reference rate for amounts denominated in a currency other than Dollars), or, at the Company’s option, in the case of amounts denominated in Dollars, at a base reference rate equal to the highest of (a) the federal funds rate plus 0.50%, (b) the rate of interest last quoted by the Administrative Agent as its

Table of Contents

NCR Voyix Corporation

Notes to Condensed Consolidated Financial Statements (Unaudited)—(Continued)

“prime rate” and (c) the one-month SOFR rate plus 1.00% (the “Base Rate”), plus, as applicable, a margin ranging from 2.25% to 3.25% per annum for SOFR-based Revolving Loans and ranging from 1.25% to 2.25% per annum for Base Rate-based Revolving Loans, in each case, depending on the Company’s consolidated leverage ratio. The Revolving Credit Facility is not subject to amortization and will mature on the fifth anniversary of the Closing Date.

The obligations under the Revolving Credit Facility are guaranteed by certain of the Company’s material subsidiaries (the “Guarantors”). The obligations under the Revolving Credit Facility and the above described guarantee are secured by a first priority lien and security interest in certain equity interests owned by the Company and the Guarantors in certain of their respective domestic and foreign subsidiaries, and a first priority lien and security interest in substantially all of the assets of the Company and the Guarantors, subject to certain exclusions.

The Revolving Credit Facility contains customary representations and warranties, affirmative covenants, and negative covenants. The negative covenants limit the Company’s and its subsidiaries’ ability to, among other things, incur indebtedness, create liens on the Company’s or its subsidiaries’ assets, engage in fundamental changes, make investments, sell or otherwise dispose of assets, engage in sale-leaseback transactions, make restricted payments, repay subordinated indebtedness, engage in certain transactions with affiliates and enter into agreements restricting the ability of the Company’s subsidiaries to make distributions to the Company or incur liens on their assets.

The Revolving Credit Facility also contains a financial covenant that does not permit the Company to allow its consolidated leverage ratio to exceed (i) in the case of any fiscal quarter ending on or following September 30, 2024 and prior to September 30, 2025, 4.50 to 1.00 and (ii) in the case of any fiscal quarter ending on or following September 30, 2025, 4.25 to 1.00, in each case subject, to (x) increases of 0.25 in connection with the consummation of any material acquisition and applicable to the fiscal quarter in which such acquisition is consummated and the three consecutive fiscal quarters thereafter, and (y) a maximum cap of 5.00 to 1.00.

The Revolving Credit Facility also includes provisions for events of default which are customary for similar financings. Upon the occurrence of an event of default, the lenders may, among other things, terminate the loan commitments, accelerate all loans and require cash collateral deposits in respect of outstanding letters of credit. If the Company is unable to pay or repay the amounts due, the lenders could, among other things, proceed against the collateral granted to them to secure such indebtedness.

Senior Unsecured Notes On August 20, 2020, the Company issued $650 million aggregate principal amount of 5.000% senior unsecured notes due in 2028 (the “5.000% Notes”) and $450 million aggregate principal amount of 5.250% senior unsecured notes due in 2030 (the “5.250% Notes”). Interest is payable on the 5.000% and 5.250% Notes semi-annually in arrears on April 1 and October 1. The 5.000% and 5.250% Notes were sold at 100% of the principal amount and mature on October 1, 2028 and October 1, 2030, respectively.

The Company has the option to redeem the 5.000% Notes, in whole or in part, at any time, at a redemption price of 101.250% and 100% during the 12-month periods commencing on October 1, 2024 and 2025 and thereafter, respectively, plus accrued and unpaid interest to the redemption date.

Prior to October 1, 2025 with respect to the 5.250% Notes, the Company may redeem some or all of such series of Notes by paying a redemption price equal to 100% of the principal amount of the Notes to be redeemed plus the Applicable Premium, as defined in the indenture governing the applicable series of notes, plus accrued and unpaid interest to, but excluding, the redemption date (subject to the right of holders of record of the Notes on the relevant record date to receive interest due on the relevant interest payment date).

The Company has the option to redeem the 5.250% Notes, in whole or in part, at any time on or after October 1, 2025, at a redemption price of 102.625%, 101.750%, 100.875%, and 100% during the 12-month periods commencing on October 1, 2025, 2026, 2027 and 2028 and thereafter, respectively, plus accrued and unpaid interest to the redemption date.

On April 6, 2021, the Company issued $1.2 billion aggregate principal amount of 5.125% senior unsecured notes due 2029 (the “5.125% Notes”). Interest is payable on the 5.125% Notes semi-annually in arrears on April 15 and October 15 of each year. The 5.125% Notes will mature on April 15, 2029.

The Company has the option to redeem the 5.125% Notes, in whole or in part, on or after April 15, 2024, at a redemption price of 102.563%, 101.281% and 100% during the 12-month periods commencing on or after April 15, 2024, 2025 and 2026 and thereafter, respectively, plus accrued and unpaid interest to the redemption date.

Table of Contents

NCR Voyix Corporation

Notes to Condensed Consolidated Financial Statements (Unaudited)—(Continued)

On September 30, 2024, a portion of the proceeds from the Digital Banking Sale were used to settle the Company’s previously announced tender offers to purchase up to $1.2 billion aggregate purchase price, excluding accrued and unpaid interest, of the Company’s senior unsecured notes, subject to prioritized acceptance levels and proration. Pursuant to the terms of the tender offers and the final settlement, the Company purchased approximately $398 million aggregate principal amount of the 5.250% Notes and $797 million aggregate principal amount of the 5.125% Notes.

The senior unsecured notes are the Company’s senior unsecured obligations and are jointly and severally unconditionally guaranteed on a senior unsecured basis by the Company’s domestic material subsidiaries, subject to certain limitations, that guarantee the Company’s Senior Secured Credit Facilities pursuant to supplemental indentures governing each applicable series of senior unsecured notes. The indentures governing the senior unsecured notes contain customary events of default, including, among other things, payment default, exchange default, failure to provide certain notices thereunder and certain provisions related to bankruptcy events. The indentures governing the senior unsecured notes also contains customary high yield affirmative and negative covenants, including negative covenants that, among other things, limit the Company and its restricted subsidiaries’ ability to incur additional indebtedness, create liens on, sell or otherwise dispose of assets, engage in certain fundamental corporate changes or changes to lines of business activities, make certain investments or material acquisitions, engage in sale-leaseback or hedging transactions, repurchase common stock, pay dividends or make similar distributions on capital stock, repay certain indebtedness, engage in certain affiliate transactions and enter into agreements that restrict their ability to create liens, pay dividends or make loan repayments. If the senior unsecured notes are assigned an “investment grade” rating by Moody’s or S&P and no default has occurred or is continuing, certain covenants will be terminated.

Fair Value of Debt The Company utilized Level 2 inputs, as defined in the fair value hierarchy, to measure the fair value of the long-term debt, which, as of June 30, 2025 and December 31, 2024 was $1.08 billion and $1.06 billion, respectively. Management’s fair value estimates were based on quoted prices for recent trades of the Company’s long-term debt, quoted prices for similar instruments, and inquiries with certain investment communities.

6. TRADE RECEIVABLES FACILITY

Prior to September 30, 2024, the Company maintained a trade receivables facility (the “T/R Facility”) pursuant to which a wholly-owned, bankruptcy-remote subsidiary of the Company (the “U.S. SPE”) and a wholly-owned, bankruptcy remote subsidiary of a Canadian affiliate of the Company (the “Canadian SPE,” and together with the U.S. SPE, the “SPEs”) continuously acquired all of the trade receivables originated by the Company and the Canadian affiliate (and certain other affiliates from time to time party to the T/R Facility). The SPEs in turn either sold or pledged those trade receivables to unaffiliated purchasers party to the T/R Facility (the “Purchasers”). On September 1, 2024, the Company voluntarily repaid a portion of the amounts outstanding under the T/R Facility to reduce the commitment of the Purchasers from $300 million to $252 million and to reacquire all outstanding trade receivables related to the Digital Banking business. On September 30, 2024, the Company used a portion of the proceeds from the Digital Banking Sale to voluntarily pay all remaining amounts outstanding under the T/R Facility. In connection with the payment of such amounts, the Company terminated the T/R Facility and reacquired all of the outstanding trade receivables that had previously been sold by it (and by its affiliates then party to the T/R Facility) to the SPEs (including any outstanding trade receivables that had been further sold on to the Purchasers) and these amounts are included in Accounts receivable, net in the Company’s Condensed Consolidated Balance Sheets. As the T/R Facility was terminated as of September 30, 2024, the outstanding balance sold to the Purchasers and derecognized by the U.S. SPE was zero as of June 30, 2025 and December 31, 2024. Prior to the termination of the T/R Facility, the total outstanding balance of trade receivables sold to the Purchasers could be up to $252 million (or prior to September 1, 2024, up to $300 million) at any one time, which represented the maximum purchase commitment from the Purchasers. The actual outstanding balance of trade receivables that were sold varied based on the level of activity and other factors and could be less than the maximum purchase commitment.

Cash activity related to the termination of the T/R Facility is reflected in Net cash provided by investing activities in the Consolidated Statements of Cash Flows. Prior to the termination of the T/R Facility, continuous cash activity was reflected in Net cash provided by operating activities. The U.S. SPE incurred fees under the T/R Facility, including fees due and payable to the Purchasers. Those fees, which are immaterial, are recorded within Other income (expense), net in the Condensed Consolidated Statements of Operations. In addition, each of the SPEs had provided a full recourse guarantee in favor of the Purchasers of the full and timely payment of all trade receivables sold to them by the U.S. SPE. The guarantee was secured by all the trade receivables owned by each of the SPEs that had not been sold to the Purchasers. The reserve recognized for this recourse obligation historically was not material.

Table of Contents

NCR Voyix Corporation

Notes to Condensed Consolidated Financial Statements (Unaudited)—(Continued)

7. INCOME TAXES

Income tax provisions for interim (quarterly) periods are based on an estimated annual effective income tax rate calculated separately from the effect of significant, infrequent, or unusual items. Income tax benefit from continuing operations was $4 million for the three months ended June 30, 2025, compared to income tax expense of $10 million for the three months ended June 30, 2024. The change was primarily driven by a favorable change in discrete tax expenses and benefits, along with a higher valuation allowance in the prior year. These benefits were partially offset by the impact of a lower loss from continuing operations before taxes in the three months ended June 30, 2025 compared to the prior year.

Income tax benefit was $11 million for the six months ended June 30, 2025 compared to income tax expense of $5 million for the six months ended June 30, 2024. The change was primarily driven by a favorable change in discrete tax expenses and benefits, along with a higher valuation allowance in the prior year. These benefits were partially offset by the impact of a lower loss from continuing operations before taxes in the six months ended June 30, 2025 compared to the prior year.

The Company’s current tax liability was $18 million and $336 million as of June 30, 2025 and December 31, 2024, respectively, presented within Other current liabilities on the Condensed Consolidated Balance Sheets. The decrease in the current tax liability balance as of June 30, 2025 as compared to December 31, 2024 is due to the payment of $284 million of taxes during the three months ended June 30, 2025 related to the Digital Banking Sale.

On July 4, 2025, the One Big Beautiful Bill Act (“OBBBA”) was enacted in the U.S. The OBBBA introduces several significant changes, including the permanent extension and modification of certain expiring provisions of the Tax Cuts and Jobs Act. The legislation has multiple effective dates, with certain provisions taking effect in tax year 2025 and others phased in through 2027. We are currently evaluating the impact of the OBBBA on our financial statements.

8. STOCK COMPENSATION PLANS

As of June 30, 2025, the Company’s stock-based compensation consisted of restricted stock units and employee stock purchase plan. Stock-based compensation expense for the following periods were:


In millions	Three months ended June 30				Six months ended June 30
	2025		2024		2025		2024
Restricted stock units	$	8	$	11	$	16	$	21

Employee stock purchase plan	1		1		2		2
Stock-based compensation expense	9		12		18		23
Tax expense (benefit)	(1)		1		1		—
Stock-based compensation expense (net of tax)	$	8	$	13	$	19	$	23

Stock-based compensation expense is recognized in the Condensed Consolidated Financial Statements based upon fair value.

On March 3, 2025, the Company granted market-based restricted stock units vesting on March 3, 2028. The fair value of the awards was determined based on the grant date fair value and will be recognized over the requisite service period.

The table below details the significant assumptions used in determining the fair value of the market-based restricted stock units granted on March 3, 2025:


Dividend yield	—	%
Risk-free interest rate	3.86	%
Expected volatility	48.34	%

Expected volatility for these restricted stock units is calculated as the historical volatility of the Company’s stock over a period of approximately three years, as management believes this is the best representation of prospective trends. The risk-free interest rate was determined based on a three year U.S. Treasury yield curve in effect at the time of the grant.

As of June 30, 2025, the total unrecognized compensation cost of $65 million related to unvested restricted stock grants is expected to be recognized over a weighted average period of approximately 2.2 years under the endpoint method. As of June 30, 2025, all stock option grants have vested.

Table of Contents

NCR Voyix Corporation

Notes to Condensed Consolidated Financial Statements (Unaudited)—(Continued)

Employee Stock Purchase Plan The Company’s Employee Stock Purchase Plan (“ESPP”) provides employees a 15% discount on stock purchases using a three-month look-back feature where the discount is applied to the stock price that represents the lower of the Company’s closing stock price on either the first day or the last day of each calendar quarter. Participants can contribute between 1% and 10% of their compensation.

For the three months ended June 30, 2025, employees purchased 0.3 million shares, at a discounted price of $8.38. For the three months ended June 30, 2024, employees purchased 0.3 million shares, at a discounted price of $10.50.

9. EMPLOYEE BENEFIT PLANS

Employer Contributions

Pension For the three and six months ended June 30, 2025, the Company contributed $3 million and $6 million, respectively, to its international pension plans. The Company anticipates contributing an additional $6 million to its international pension plans for a total of $12 million in 2025. Following the Spin-Off, NCR Atleos assumed the U.S. and certain international pension plan assets and liabilities, along with the associated deferred costs in accumulated other comprehensive loss, which were previously sponsored by the Company. Pursuant to the terms of the Spin-Off transaction documents, the Company is required to contribute 50% of the annual costs of the U.S. pension plan to NCR Atleos to the extent NCR Atleos contributes more than $40 million on an annual basis beginning with the plan year ending December 31, 2024.

Postemployment For the three and six months ended June 30, 2025, the Company contributed $8 million and $13 million, respectively, to its postemployment plan. The Company anticipates contributing an additional $8 million to its postemployment plan for a total of $21 million in 2025.

10. COMMITMENTS AND CONTINGENCIES

In the normal course of business, the Company is subject to various proceedings, lawsuits, claims and other matters, including, for example, those that relate to the environment and health and safety, labor and employment, employee benefits, import/export compliance, patents or other intellectual property, data privacy and security, product liability, commercial disputes and regulatory compliance, among others. Additionally, the Company is subject to diverse and complex laws and regulations, including those relating to corporate governance, public disclosure and reporting, environmental safety and the discharge of materials into the environment, product safety, import and export compliance, data privacy and security, antitrust and competition, government contracting, anti-corruption, and labor and human resources, which are rapidly changing and subject to many possible changes in the future. Compliance with these laws and regulations, as well as changes in accounting standards, taxation requirements, and federal securities laws among others, may create a substantial burden on, and substantially increase costs to the Company or could have an impact on the Company’s future operating results. The Company has reflected all liabilities when a loss is considered probable and reasonably estimable in the Condensed Consolidated Financial Statements. We do not believe there is a reasonable possibility that losses exceeding amounts already recognized have been incurred, but there can be no assurances that the amounts required to satisfy alleged liabilities from such matters will not impact future operating results. Other than as stated below, the Company does not currently expect to incur material costs related to such matters. However, there can be no assurances that the actual amounts required to satisfy alleged liabilities from various lawsuits, claims, legal proceedings and other matters, including, but not limited to the Kalamazoo River environmental matter and other matters discussed above and below, and to comply with applicable laws and regulations, will not exceed the amounts reflected in the Company’s Condensed Consolidated Financial Statements or will not have a material adverse effect on our consolidated results of operations, capital expenditures, competitive position, financial condition or cash flows.

Other Litigation In November 2015, several participants and beneficiaries in five “nonqualified” deferred compensation retirement plans sponsored by the Company (collectively, the “Plans”) filed a putative class action lawsuit against the Company and other named defendants. The plaintiffs alleged, among other things, that the Company breached the terms of the Plan agreements when, upon termination of the Plans, the Company paid lump sum payments based on mortality tables and actuarial calculations. In September 2017, the court certified a class.

On February 6, 2024, the court entered summary judgment in favor of the plaintiffs, finding that the Company breached the terms of the Plans when it paid the lump sums in lieu of actuarially equivalent replacement life annuities and ordered that the Company provide class members the amount reflecting the difference between the lump sums they received and the cost of the replacement life annuities. The court further ordered the parties to brief as to what the appropriate relief should have been based

Table of Contents

NCR Voyix Corporation

Notes to Condensed Consolidated Financial Statements (Unaudited)—(Continued)

on the benefits due to each Plan participant (the “Requested Relief Order”). On April 16, 2024, the Company filed its position on the Requested Relief Order.

On June 10, 2024, the Court ruled against the Company’s position to the Requested Relief Order, entered a final judgment against the Company, and ordered the Company to calculate the “benefits due” to the Plan participants, including pre-judgment interest, based on the sum that would have been sufficient to allow each participant to purchase a replacement annuity using discount rates prescribed by the Pension Benefit Guaranty Corporation in effect as of the February 25, 2013 termination date.

The Company is contesting this matter vigorously. On July 2, 2024, the Company filed a notice of appeal. Given that an estimate or range of possible loss was not ordered in this equitable judgment and moreover cannot be determined at this time in light of the uncertainty regarding the ultimate form of relief and complexities in the methodology and quantification of loss, if any, the parties stipulated to a $45 million supersedeas bond, which is an amount the Company believes may not be correlated to the actual loss (if any). On September 12, 2024, the supersedeas bond was filed and a stay was issued. The appellate court will hear oral arguments in August 2025. Any amount sustained following an appeal of this matter is subject to an indemnity obligation by NCR Atleos to contribute 50% of any award. The Company has concluded that, as of June 30, 2025, a loss is reasonably possible but that an estimate or range of possible loss cannot be determined at this time given uncertainty regarding the ultimate form of relief and complexities in the methodology and quantification of damages, if any.

Environmental Matters The Company’s facilities and operations are subject to a wide range of environmental protection laws, and the Company has investigatory and remedial activities underway at a number of facilities that it currently owns or operates, or formerly owned or operated, to comply, or to determine compliance, with such laws. Also, the Company has been identified, either by a government agency or by a private party seeking contribution to site clean-up costs, as a potentially responsible party (“PRP”) at a number of sites pursuant to various state and federal laws, including the Federal Water Pollution Control Act, the Comprehensive Environmental Response, Compensation and Liability Act (“CERCLA”) and comparable state statutes. Following the Spin-Off, the Company retains the responsibility to manage the identified environmental liabilities and remediations, subject however to an indemnity obligation by NCR Atleos to contribute 50% of the costs of certain environmental liabilities after an annual $15 million funding threshold is met. Other than the Kalamazoo River matter discussed below, we currently do not anticipate material expenses and liabilities from these environmental matters.

Fox River The Company was one of eight entities that was formally notified by governmental and other entities that it was a PRP for environmental claims (under CERCLA and other statutes) arising out of the presence of polychlorinated biphenyls (“PCBs”) in sediments in the lower Fox River and in the Bay of Green Bay in Wisconsin. The Company was identified as a PRP because of alleged PCB discharges from two carbonless copy paper manufacturing facilities it previously owned, which were located along the Fox River, and carbonless copy paper “broke” the Company allegedly sold to other mills as raw material. In 2017, the Company entered into a Consent Decree with the federal and state governments for the clean-up of the Fox River, which was approved on August 22, 2017 by the federal district court in Wisconsin presiding over this matter. The Consent Decree resolved the Company’s disputes with the enforcement agencies as well as the other PRPs.

All litigation relating to the contribution and enforcement of remediation obligations on the Fox River has been concluded. On October 3, 2022, the Environmental Protection Agency issued the Company a Certificate of Completion certifying that all of the Company’s remedial obligations under the Consent Decree have been completed.

The cost of the Fox River remediation has been shared with three parties (a previous party, API, fully satisfied its obligations in 2016 and is now bankrupt): B.A.T. Industries p.l.c. (“BAT”) as co-obligor, and AT&T Corp. (“AT&T”) and Nokia (as the successor to Lucent Technologies and Alcatel-Lucent USA) as indemnitors. Under a 1998 Cost Sharing Agreement and subsequent 2005 arbitration award (collectively, the “Cost Sharing Agreement”), from 2008 through 2014, BAT paid 60% of the cost of the Fox River clean-up and natural resource damages. Pursuant to a September 30, 2014 funding agreement (the “Funding Agreement”), BAT funded 50% of the Company’s Fox River remediation costs from October 1, 2014 forward. The Funding Agreement also provides the Company contractual avenues for a future payment of, via direct and third-party sources, (1) the difference between BAT’s 60% obligation under the Cost Sharing Agreement on the one hand and their ongoing (since September 2014) 50% payments under the Funding Agreement on the other, and (2) the difference between the amount the Company received under the Funding Agreement and the amount owed to it under the Cost Sharing Agreement for the period from April 2012 through September 2014 (collectively, the “Funding Agreement Receivable”). Pursuant to a 2015 Letter Agreement, the Company’s contractual avenue for direct payment by BAT was effectively stayed pending completion of other unrelated lawsuits by BAT against third-parties. As of June 30, 2025 and December 31, 2024, the Funding Agreement Receivable was approximately $54 million and was included in Other assets in the Condensed Consolidated Balance Sheets. The timing of collection of sums related to the receivable is uncertain and is subject and pursuant to the terms of the Funding

Table of Contents

NCR Voyix Corporation

Notes to Condensed Consolidated Financial Statements (Unaudited)—(Continued)

Agreement and related agreements. This receivable is not taken into account in calculating the Company’s Fox River remaining reserve.

Additionally, under a 1996 Divestiture Agreement, the Company, AT&T and Nokia have mutual several (not joint) responsibility for indemnifying each other for certain environmental matters, including the Fox River and the Kalamazoo River discussed below, after defined dollar expenditures are met. AT&T and Nokia have been reimbursing the Company for certain portions of the amounts paid by the Company for the Fox River matter over the defined threshold for Fox River subject to certain offsets for insurance recoveries and net tax benefits (the “Divestiture Agreement Offsets”), if any. The Divestiture Agreement governs certain aspects of AT&T’s divestiture of the Company and of what was then known as Lucent Technologies. Those companies have generally made the payments requested of them by the Company on an ongoing basis. The Company, AT&T and Nokia are currently discussing a final reconciliation of the Divestiture Agreement Offsets, but the timing for a final reconciliation is uncertain.

The final reconciliation of the Funding Agreement Receivable and the Divestiture Agreement Offsets could result in additional expenditures and liabilities for the Company that could be material. As of June 30, 2025, we have no remaining liability for environmental remedial obligations for the Fox River matter. As of June 30, 2025 and December 31, 2024, the liability subject to final reconciliation with indemnitors under the Divestiture Agreement was approximately $23 million.

Kalamazoo River In November 2010, The United States Environmental Protection Agency (“USEPA”) issued a “general notice letter” to the Company with respect to the Allied Paper, Inc./Portage Creek/Kalamazoo River Superfund Site (“Kalamazoo River site”) in Michigan. USEPA asserted that the site is contaminated by various substances, primarily PCBs, as a result of discharges by various paper mills located along the river. USEPA did not claim that the Company made direct discharges into the Kalamazoo River, and the Company never had facilities at or near the Kalamazoo River site, but USEPA indicated that “NCR may be liable under Section 107 of CERCLA ... as an arranger, who by contract or agreement, arranged for the disposal, treatment and/or transportation of hazardous substances at the Site.” USEPA stated that it “may issue special notice letters to [NCR] and other PRPs for future RI/FS [remedial investigation / feasibility studies] and RD/RA [remedial design / remedial action] negotiations.”

In December 2010, the Company, along with two other defendants, was sued in federal court by three Georgia-Pacific (“GP”) affiliate corporations in a private-party contribution and cost recovery action for alleged pollution at the Kalamazoo River site. On September 26, 2013, the court issued a decision that held the Company was liable as an “arranger” as of at least March 1969. (PCB-containing carbonless copy paper was produced from approximately 1954 to April 1971, and the majority of contamination at the Kalamazoo River site had occurred prior to 1969). In a ruling following a second trial on the allocation of liability issued on March 29, 2018, the court fixed the past cost amount at approximately $50 million (plus interest to be determined) and the Company and GP were each assigned a 40% share of those costs, and the other two companies were assigned 15% and 5% as their allocations. The court entered final judgment in the case on June 19, 2018, in which it indicated that it would not allocate future costs, but would enter a declaratory judgment that the four companies together had responsibility for future costs, in amounts and shares to be determined.

In July 2018, the Company appealed to the United States Court of Appeals for the Sixth Circuit both the 2013 court decision and the 2018 court decision on various legal grounds. The Company filed a bond to stay execution of the judgment pending appeal and execution of the judgment was stayed until the Company filed its dismissal of the appeal on December 31, 2020 pursuant to the Consent Decree noted below.

During the pendency of the Sixth Circuit stay, the Company negotiated a settlement of the Kalamazoo River matter with the USEPA and other government agencies having oversight over the river.

On December 5, 2019, the Company entered into a Consent Decree with the United States Environmental Protection Agency (“USEPA”) and other government agencies having oversight over the Kalamazoo River and the District Court having jurisdiction over this matter approved the Consent Decree later that month. The Consent Decree requires the Company to pay GP a 40% share of past costs, to pay the USEPA and state agencies their past and future administrative costs, and take responsibility for the remediation of a portion, but not all, of the Kalamazoo River. The Consent Decree further required the Company to dismiss the pending Sixth Circuit appeal. The Consent Decree provides the Company protection from other potentially responsible parties, including GP, seeking contribution for their costs associated with the clean-up anywhere on the Kalamazoo River, thereby resolving the allocation of future costs left unresolved by prior litigation.

Table of Contents

NCR Voyix Corporation

Notes to Condensed Consolidated Financial Statements (Unaudited)—(Continued)

The Company believes it has meritorious claims against BAT under the Cost Sharing Agreement, discussed above, for the Kalamazoo River remediation expenses as a so-called “future site.” To date, BAT disputes that the Kalamazoo River is a “future site.” In February 2023, the Company filed an action against BAT in the Southern District of New York seeking a declaration that the Kalamazoo River is indeed a “future site” under the Cost Sharing Agreement. In June 2023, BAT filed an answer asserting counterclaims in the proceedings. On September 14, 2024, the Court entered an opinion stating that the Kalamazoo River is a “future site” within the meaning of the Cost Sharing Agreement. The case remains pending with respect to BAT’s remaining counterclaims and affirmative defenses. In December 2022, the Company met the contractual threshold set forth in the 1996 Divestiture Agreement for the Kalamazoo River matter and as a result also has indemnity or reimbursement claims against AT&T and Nokia.

In November 2023, the USEPA issued a conditional approval for a work plan to remediate one area of the Kalamazoo River (referred to by USEPA as Area 4) for which the Company has remediation responsibility. The conditional approval provided the Company with sufficient information to estimate the cost of the first phase of remediation for this area of the river and necessitated an increase in the Kalamazoo reserve. Subsequently, USEPA provided further clarification about the conditions with respect to completing the second phase of the work plan that could substantially increase the costs of remediation. The Company does not believe the scope of work for this second phase is its responsibility under the Consent Decree or the National Contingency Plan. In March 2024, the Company filed a Notice of Dispute with the USEPA objecting to the scope of work for Area 4 as being inconsistent with the National Contingency Plan and contrary to the requirements of the Consent Decree. In June 2024, the Company reached a tentative agreement with the USEPA that will satisfactorily address the Company’s cost concerns and in October 2024, the Company submitted a work plan to the USEPA for approval. In connection with the submittal of the work plan, an updated engineering estimate was developed, which necessitated an increase in the Kalamazoo reserve. USEPA approval of the submitted work plan remains pending. If an Area 4 work plan cannot be finalized, the costs to remediate Area 4 could increase substantially.

As of June 30, 2025 and December 31, 2024, the total reserve for the Kalamazoo River was $134 million and $148 million, respectively. The reserve is reported on a basis that is net of expected contributions from the Company’s co-obligors and indemnitors, subject to when the applicable threshold is reached. While the Company believes its co-obligors’ and indemnitors’ obligations are as previously reported, the reserve may be adjusted from time to time to reflect changes in our estimates of remediation costs and recoverability from co-obligors and indemnitors with respect to the Kalamazoo River.

As many aspects of the costs of remediation will not be determined for several years (and thus the high end of a range of possible costs for many areas of the site cannot be quantified at this time), the Company has made what it considers to be reasonable estimates of the low end of a range for such costs where remedies are identified, and/or estimates of the costs of investigations and studies for areas of the Kalamazoo River where remedies have not yet been determined, and the reserve is informed by those estimates. The extent of the Company’s potential liability remains subject to many uncertainties, notwithstanding the Consent Decree noted above, particularly in as much as remedy decisions and cost estimates will not be generated until future time periods and as most of the work to be performed will take place through the 2030s. Under other assumptions and estimates for possible costs of remediation, which the Company does not at this point consider to be reasonably estimable or verifiable, it is possible that the reserve the Company has taken to discontinued operations with respect to the Kalamazoo River could more than approximately double the reflected reserve.

Environmental-Related Insurance Recoveries In connection with the Fox River, Kalamazoo River and other environmental sites, through June 30, 2025, the Company has received a combined gross total of approximately $212 million in settlements reached with various of its insurance carriers. Some of the settlements cover not only the Fox River but also other environmental sites; some are limited to either the Fox River or the Kalamazoo River site. Some of the settlements are directed to defense costs and some are directed to indemnity; some settlements cover both defense costs and indemnity. The Company does not anticipate that further material insurance recoveries specific to Kalamazoo River remediation costs will be available in the future.

Environmental Remediation Estimates It is difficult to estimate the future financial impact of environmental laws, including potential liabilities. The Company records environmental provisions when it is probable that a liability has been incurred and the amount or range of the liability is reasonably estimable; in accordance with accounting guidance, where liabilities are not expected to be quantifiable or estimable for a period of years, the estimated costs of investigating those liabilities are recorded as a component of the reserve for that particular site. Provisions for estimated losses from environmental restoration and remediation are, depending on the site, based generally on internal and third-party environmental studies, estimates as to the number and participation level of other PRPs, the extent of contamination, estimated amounts for attorney and other fees, and the nature of required clean-up and restoration actions. Reserves are adjusted as further information develops or circumstances

Table of Contents

NCR Voyix Corporation

Notes to Condensed Consolidated Financial Statements (Unaudited)—(Continued)

change. Management expects that the amounts reserved from time to time will be paid out over the period of investigation, negotiation, remediation and restoration for the applicable sites. The amounts recorded for environmental matters in the Company’s Condensed Consolidated Financial Statements are the estimated gross undiscounted amounts of such liabilities, without deductions for indemnity insurance, third-party indemnity claims or recoveries from other PRPs, except in the event certain criteria supporting the probability of receipt of payment from such third parties is met. For the Fox River and Kalamazoo River sites, as described above, assets relating to the AT&T and Nokia indemnities and the BAT obligations recorded as payments are supported by contractual agreements, public filings, payment history, or other factors.

Guarantees and Product Warranties In the ordinary course of business, the Company may issue performance guarantees on behalf of its subsidiaries to certain of its customers and other parties. Some of those guarantees may be backed by standby letters of credit, surety bonds, or similar instruments. In general, under the guarantees, the Company would be obligated to perform, or cause performance, over the term of the underlying contract in the event of an unexcused, uncured breach by its subsidiary, or some other specified triggering event, in each case as defined by the applicable guarantee. The Company believes the likelihood of having to perform under any such guarantee is remote. As of June 30, 2025 and December 31, 2024, the Company had no material obligations related to such guarantees, and therefore its Condensed Consolidated Financial Statements do not have any associated liability balance.

The Company provides its customers a standard manufacturer’s warranty and records, at the time of the sale, a corresponding estimated liability for potential warranty costs. Estimated future obligations due to warranty claims are based upon historical factors, such as labor rates, average repair time, travel time, number of service calls per machine and cost of replacement parts. When a sale is consummated, the total customer revenue is recognized, provided that all revenue recognition criteria are otherwise satisfied, and the associated warranty liability is recorded using pre-established warranty percentages for the respective product classes. Warranty reserve liabilities are presented in Other current liabilities and Other liabilities in the Consolidated Balance Sheets.

From time to time, product design or quality corrections are accomplished through modification programs. When identified, associated costs of labor and parts for such programs are estimated and accrued as part of the warranty reserve.

In addition, the Company provides its customers with certain indemnification rights, subject to certain limitations and exceptions. In some cases, the Company agrees to defend and indemnify its customers from third-party lawsuits alleging patent or other infringement of Company solutions based on its customers’ use of them. On limited occasions the Company will undertake to indemnify a customer for business, rather than contractual, reasons. From time to time, the Company also enters into agreements in connection with its acquisition and divestiture activities that include indemnification obligations by the Company. The fair value of these indemnification obligations is not readily determinable due to the conditional nature of the Company’s potential obligations, certain limitations to liability and indemnity exclusions that appear in certain of the Company’s agreements, and the specific facts and circumstances involved with each particular agreement. Historically, the Company has not recorded a liability in connection with these indemnifications. From time to time the Company has provided indemnification under these circumstances, none of which has resulted in material liabilities, and the Company expects these indemnities will continue to arise in the future.

Purchase Commitments The Company has purchase commitments for materials, supplies, services, and property, plant and equipment as part of the normal course of business. This includes a long-term service agreement with Accenture, under which many of the Company’s key transaction processing activities and functions are performed.

11. SERIES A CONVERTIBLE PREFERRED STOCK

Holders of Series A Convertible Preferred Stock are entitled to a cumulative dividend at the rate of 5.5% per annum, payable quarterly in arrears. Beginning in the first quarter of 2020, dividends are payable in cash or in-kind at the option of the Company. If the Company does not declare and pay a dividend, the dividend rate will increase to 8.0% per annum until all accrued but unpaid dividends have been paid in full. During the three months ended June 30, 2025 and 2024, the Company paid cash dividends of $4 million. During the six months ended June 30, 2025 and 2024, the Company paid cash dividends of $8 million.

Prior to the close of business on October 17, 2023, the Series A Convertible Preferred Stock was convertible at the option of the holders at any time into shares of common stock at a conversion price of $30.00 per share, or a conversion rate of 33.333 shares of common stock per share of Series A Convertible Preferred Stock. As a result of the Spin-Off, the conversion rate of the Series A Convertible Preferred Stock was adjusted pursuant to its terms to 57.5601 shares of common stock per share of Series

Table of Contents

NCR Voyix Corporation

Notes to Condensed Consolidated Financial Statements (Unaudited)—(Continued)

A Convertible Preferred Stock. As of June 30, 2025 and December 31, 2024, the maximum number of common shares that could be required to be issued upon conversion of the outstanding shares of Series A Convertible Preferred Stock was 15.9 million shares.

12. EARNINGS PER SHARE

Basic earnings per share (“EPS”) is calculated by dividing net income or loss attributable to NCR Voyix, less any dividends (declared or cumulative undeclared), deemed dividends, accretion or decretion, redemption or induced conversion on our Series A Convertible Preferred Stock, by the weighted average number of shares outstanding during the period.

In computing diluted EPS, we evaluate and reflect the maximum potential dilution, for each issue or series of issues of potential common shares in sequence from the most dilutive to the least dilutive. We adjust the numerator used in the basic EPS computation, subject to anti-dilution requirements, to add back the dividends (declared or cumulative undeclared) applicable to the Series A Convertible Preferred Stock. Such add-back would also include any adjustments to equity in the period to accrete the Series A Convertible Preferred Stock to its redemption price, or recorded upon a redemption or induced conversion. We adjust the denominator used in the basic EPS computation, subject to anti-dilution requirements, to include the dilution from potential shares resulting from the issuance of the Series A Convertible Preferred Stock, restricted stock units, and stock options.

The holders of Series A Convertible Preferred Stock, unvested restricted stock units and stock options do not have non-forfeitable rights to common stock dividends or common stock dividend equivalents. Accordingly, the Series A Convertible Preferred Stock, unvested restricted stock units and stock options do not qualify as participating securities. See Note 8, “Stock Compensation Plans”, for share information on the Company’s stock compensation plans.

The components of basic and diluted earnings (loss) per share are as follows:


In millions, except per share amounts	Three months ended June 30				Six months ended June 30
	2025		2024		2025		2024
Numerator:
Income (loss) from continuing operations	$	1	$	(90)	$	(19)	$	(161)
Series A convertible preferred stock dividends	(4)		(4)		(8)		(8)

Income (loss) from continuing operations attributable to NCR Voyix common stockholders	(3)		(94)		(27)		(169)
Income (loss) from discontinued operations, net of tax attributable to NCR Voyix common stockholders	(1)		17		2		48
Net income (loss) attributable to NCR Voyix common stockholders	$	(4)	$	(77)	$	(25)	$	(121)

Denominator:
Basic and diluted weighted average number of shares outstanding	137.9		145.0		138.9		144.3

Basic and diluted earnings (loss) per share:
From continuing operations	$	(0.02)	$	(0.65)	$	(0.19)	$	(1.17)
From discontinued operations	(0.01)		0.12		0.01		0.33
Total basic and diluted earnings per share	$	(0.03)	$	(0.53)	$	(0.18)	$	(0.84)

For the three months ended June 30, 2025, due to the net loss from continuing operations attributable to NCR Voyix common stockholders, potential common shares that would have caused dilution, such as the Series A Convertible Preferred Stock, restricted stock units and stock options, have been excluded from the diluted share count because their effect would have been anti-dilutive. The weighted average outstanding shares of common stock were not adjusted by 15.9 million for the as-if converted Series A Preferred Stock because their effect would have been anti-dilutive. Additionally, weighted average restricted stock units and stock options of 10.0 million were excluded from the diluted share count because their effect would have been anti-dilutive.

For the three months ended June 30, 2024, due to the net loss from continuing operations attributable to NCR Voyix common stockholders, shares related to the as-if converted Series A Convertible Preferred Stock of 15.9 million were excluded from the

Table of Contents

NCR Voyix Corporation

Notes to Condensed Consolidated Financial Statements (Unaudited)—(Continued)

diluted share count because their effect would have been anti-dilutive. Additionally, weighted average restricted stock units and stock options of 10.4 million were excluded from the diluted share count because their effect would have been anti-dilutive.

For the six months ended June 30, 2025, due to the net loss from continuing operations attributable to NCR Voyix common stockholders, potential common shares that would have caused dilution, such as the Series A Convertible Preferred Stock, restricted stock units and stock options, have been excluded from the diluted share count because their effect would have been anti-dilutive. The weighted average outstanding shares of common stock were not adjusted by 15.9 million for the as-if converted Series A Preferred Stock because their effect would have been anti-dilutive. Additionally, for the six months ended June 30, 2025, weighted average restricted stock units and stock options of 10.8 million were excluded from the diluted share count because their effect would have been anti-dilutive.

For the six months ended June 30, 2024, due to the net loss from continuing operations attributable to NCR Voyix common stockholders, shares related to the as-if converted Series A Convertible Preferred Stock of 15.9 million were excluded from the dilution share count because their effect would have anti-dilutive. Additionally, for the six months ended June 30, 2024, weighted average restricted stock units and stock options of 10.3 million were excluded from the diluted share count because their effect would have been anti-dilutive.

13. DERIVATIVES AND HEDGING INSTRUMENTS

The Company is exposed to certain risks arising from both our business operations and economic conditions. We principally manage exposures to a wide variety of business and operational risk through management of core business activities.

Interest Rate Risk We manage interest rate risk by managing the amount, sources, and duration of debt funding. The Company has historically used interest rate cap agreements or interest rate swap contracts (“Interest Rate Derivatives”) to manage differences in the amount, timing and duration of known or expected cash payments related to our floating rate-debt agreements.

The Company designates Interest Rate Derivative contracts as cash flow hedges of forecasted transactions when they are determined to be highly effective at inception. Payments and receipts related to Interest Rate Derivatives are included in cash flows from operating activities in the Condensed Consolidated Statements of Cash Flows.

Foreign Currency Exchange Risk A portion of our operations and revenue occur outside the United States and, as such, the Company has exposure to approximately 25 functional currencies. Our results can be significantly impacted, both positively and negatively, by changes in foreign currency exchange rates. The Company seeks to mitigate such impact by hedging its foreign currency transaction exposure using foreign currency forward and option contracts. We do not enter into hedges for speculative purposes. We recognize the gains and losses on these types of hedges in earnings as exchange rates change.

The accounting guidance for derivatives and hedging requires companies to recognize all derivative instruments as either assets or liabilities at fair value in the Condensed Consolidated Balance Sheets. The Company designates foreign exchange contracts as cash flow hedges of forecasted transactions when they are determined to be highly effective at inception.

Table of Contents

NCR Voyix Corporation

Notes to Condensed Consolidated Financial Statements (Unaudited)—(Continued)

The following tables provide information on the location and amounts of derivative fair values in the Condensed Consolidated Balance Sheets:


	Fair Values of Derivative Instruments
	June 30, 2025
In millions	Balance Sheet Location	Notional Amount		Fair Value		Balance Sheet Location	Notional Amount		Fair Value
Derivatives not designated as hedging instruments




Foreign exchange contracts	Prepaid and other current assets			$	—	Other current liabilities			$	—
Total foreign exchange contracts		$	192	$	—		$	99	$	—
Total derivatives not designated as hedging instruments				$	—				$	—


	Fair Values of Derivative Instruments
	December 31, 2024
In millions	Balance Sheet Location	Notional Amount		Fair Value		Balance Sheet Location	Notional Amount		Fair Value




Derivatives not designated as hedging instruments
Foreign exchange contracts	Prepaid and other current assets			$	—	Other current liabilities			$	—
Total foreign exchange contracts		$	89	$	—		$	126	$	—
Total derivatives not designated as hedging instruments				$	—				$	—

The effects of derivative instruments on the Condensed Consolidated Statements of Operations and Condensed Consolidated Statements of Comprehensive Income for the three and six months ended June 30, 2025 and 2024 were as follows:


		Amount of Gain (Loss) Recognized in the Condensed Consolidated Statement of Operations
In millions		Three months ended June 30				Six months ended June 30
Derivatives not Designated as Hedging Instruments	Location of Gain (Loss) Recognized in the Condensed Consolidated Statement of Operations	2025		2024		2025		2024
Foreign exchange contracts	Other income (expense), net	$	1	$	(6)	$	—	$	(12)

Concentration of Credit Risk

The Company is potentially subject to concentrations of credit risk on accounts receivable and financial instruments such as hedging instruments and cash and cash equivalents. Credit risk includes the risk of nonperformance by counterparties. The maximum potential loss may exceed the amount recognized on the Condensed Consolidated Balance Sheets. Exposure to credit risk is managed through credit approvals, credit limits, selecting major international financial institutions as counterparties to hedging transactions and monitoring procedures. The Company’s business often involves large transactions with customers, and if one or more of those customers were to default on its obligations under applicable contractual arrangements, the Company could be exposed to potentially significant losses. However, management believes that the reserves for potential losses are adequate. As of June 30, 2025 and December 31, 2024, we did not have any major concentration of credit risk related to financial instruments.

Table of Contents

NCR Voyix Corporation

Notes to Condensed Consolidated Financial Statements (Unaudited)—(Continued)

14. ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS)

Changes in Accumulated Other Comprehensive Income (Loss) (“AOCI”) by Component


In millions	Currency Translation Adjustments		Changes in Employee Benefit Plans		Changes in Fair Value of Effective Cash Flow Hedges		Total
Balance as of December 31, 2024	$	(468)	$	(1)	$	—	$	(469)
Other comprehensive income (loss) before reclassifications	14		—		—		14
Amounts reclassified from AOCI	—		—		—		—
Net current period other comprehensive (loss) income	14		—		—		14
Spin-Off of NCR Atleos	16		—		—		16
Balance as of June 30, 2025	$	(438)	$	(1)	$	—	$	(439)

Reclassifications Out of AOCI

There were no reclassifications out of AOCI during the three and six months ended June 30, 2025 or 2024.

15. SUPPLEMENTAL FINANCIAL INFORMATION

The components of accounts receivable are summarized as follows:


In millions	June 30, 2025		December 31, 2024
Accounts receivable
Trade	$	502	$	499
Other	32		59
Accounts receivable, gross	534		558
Less: allowance for credit losses	(27)		(26)
Total accounts receivable, net	$	507	$	532

Our allowance for credit losses as of June 30, 2025 and December 31, 2024 was $27 million and $26 million, respectively. We continue to evaluate our reserves in light of the age and quality of our outstanding accounts receivable as well as risks to specific industries or countries and adjust the reserves accordingly. The impact to our allowance for credit losses for the three and six months ended June 30, 2025 was an expense of $3 million and $4 million, respectively. The impact to our allowance for credit losses for the three and six months ended June 30, 2024 was an expense of $4 million. The Company recorded write-offs against the reserve for the three and six months ended June 30, 2025 of $2 million and $3 million, respectively. The Company recorded write-offs against the reserve for the three and six months ended June 30, 2024 of $9 million and $10 million, respectively.

The components of inventory are summarized as follows:


In millions	June 30, 2025		December 31, 2024
Inventories
Work in process and raw materials	$	4	$	6
Finished goods	87		83
Service parts	121		119
Total inventories	$	212	$	208

Table of Contents

Item 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS (“MD&A”)

The following discussion should be read in conjunction with the Condensed Consolidated Financial Statements and notes thereto included under Item 1. Financial Statements of this Quarterly Report and our Consolidated Financial Statements and notes thereto and related Management’s Discussion and Analysis of Financial Condition and Results of Operations included in our Annual Report on Form 10-K for the year ended December 31, 2024 (the “2024 Form 10-K”).

Our discussion within MD&A is organized as follows:

•Overview. This section contains background information on our company, summary of significant themes and events during the quarter as well as strategic initiatives and trends in order to provide context for management’s discussion and analysis of our financial condition and results of operations.

•Results of operations. This section contains an analysis of our results of operations presented in the accompanying condensed consolidated statements of income by comparing the results for the three and six months ended June 30, 2025 to the results for the three and six months ended June 30, 2024.

•Liquidity and capital resources. This section provides an analysis of our cash flows and a discussion of our contractual obligations at June 30, 2025.

OVERVIEW

BUSINESS OVERVIEW

NCR Voyix is a leading global provider of digital commerce solutions for retail stores and restaurants. Headquartered in Atlanta, Georgia with approximately 14,000 employees across 30 countries, we are a software and services-led technology provider of run-the-store and digital channel capabilities for retail and restaurants, serving businesses of all sizes. Our software platform, which runs in the cloud and includes microservices and APIs that integrate with our customers’ systems, together with our services and hardware offerings enable end-to-end technology-based capabilities for our customers. Our offerings include platform-based software and services for retailers and restaurants, as well as payment acceptance solutions, multi-vendor connected device services, self-checkout (“SCO”) kiosks and related technologies and other self-service technologies. Our solutions are designed to meet the unique needs of retailers and restaurants, ranging from small and medium-sized businesses to multinational enterprises, enabling them to seamlessly transact and engage with their end customers while driving efficiencies within their operations.

Completion of NCR Atleos Spin-Off Transaction

On October 16, 2023, the Company completed the spin-off (“Spin-Off”) of its ATM-focused businesses, including the self-service banking, payments & network and telecommunications and technology businesses, into an independent, publicly traded company, NCR Atleos, on a tax-free basis. Accordingly, the historical financial results of NCR Atleos are reflected as discontinued operations in the Company’s consolidated financial statements. Refer to Note 2, “Discontinued Operations”, in the Notes to Consolidated Financial Statements in Item 1 this Report, for additional information.

Sale of Digital Banking Business

On September 30, 2024, the Company completed the sale of its Digital Banking segment businesses (the “Digital Banking Sale”) to an affiliate of The Veritas Capital Fund VIII, L.P. (the “Buyer”). The purchase price for the transaction was $2.45 billion in cash, subject to a post-closing adjustment, as well as contingent consideration of up to an additional $100 million in cash upon the achievement of a specified return on the Buyer’s invested capital at the time of any future sale. The accounting requirements for reporting the sale of Digital Banking as a discontinued operation were met when the definitive agreement was signed on August 6, 2024. Accordingly, the financial results for Digital Banking are reflected as discontinued operations in the Company’s consolidated financial statements. Refer to Note 2, “Discontinued Operations”, in the Notes to Consolidated Financial Statements in Item 1 of this Report, for additional information.

Table of Contents

Transition of Hardware Business to ODM Model

On August 6, 2024, the Company announced its entry into a commercial agreement with Ennoconn Corporation (“Ennoconn”) to transition its self-checkout and point-of-sale hardware businesses to an outsourced design and manufacturing model including the sale of certain assets relating to these businesses (the “Hardware Business Transition”). Under the terms of the agreement, Ennoconn will design, manufacture, warrant, supply, and ship self-checkout and point-of sale hardware directly to the Company’s customers and the Company will sell hardware to its customers as a sales agent for Ennoconn and continue to provide its point-of sale and self-checkout software as well as key support and maintenance services. As a result of the Hardware Business Transition, the Company will record commission revenue from point-of-sale and self-checkout hardware sales as an agent for Ennoconn on a net basis, excluding the costs paid to Ennoconn. The Company anticipates the Hardware Business Transition will commence during 2025.

Out-of-period adjustments

In the second quarter of 2024, the Company recorded an out-of-period correction to decrease revenue by $10 million, decrease accounts receivable by $5 million, and increase contract liabilities by $5 million.

The Company evaluated the impact of the out-of-period adjustments and concluded they are not material to the consolidated financial statements for any of the periods presented.

Cyber Ransomware Incident

As previously disclosed, on April 13, 2023 the Company determined that a single data center outage impacting certain of its commerce customers was caused by a cyber ransomware incident. Upon such determination, the Company immediately started contacting customers, enacted its cybersecurity protocol and engaged outside experts to contain the incident and begin the recovery process. The Company concluded that this incident impacted operations for some customers only with respect to specific Aloha cloud-based services and Counterpoint. Our investigation also concluded no financial reporting systems were impacted. As of June 30, 2025, the Company has incurred a cumulative $47 million of expenses related to the cyber ransomware incident and has recovered $36 million under our insurance policies. We are still pursuing insurance recoveries in connection with this matter. We may incur additional costs relating to this incident in the future, including expenses to respond to this matter, payment of damages or other costs to customers or others. At this time we do not believe additional costs incurred as a result of the incident will ultimately have a material adverse effect on our business, results of operations or financial condition; however, we remain subject to risks and uncertainties as a result of the incident.

ACH Disbursements

In February 2024, the Company identified fraudulent automated clearing house “ACH” disbursements from a Company bank account. The cumulative amount of these disbursements total $34 million. As of June 30, 2025, the Company has recovered approximately $16 million of fraudulent disbursements from the Company’s banks and continues to pursue insurance recoveries in connection with this matter.

Table of Contents

Our Segments

Subsequent to the Spin-Off and the Digital Banking Sale, the Company manages and reports the following two segments:

Corporate and Other includes income and expenses related to corporate functions that are not specifically attributable to any of our two individual reportable segments, along with certain non-strategic businesses that are considered immaterial operating segment(s), as well as commercial agreements with NCR Atleos.

EXECUTIVE OVERVIEW

The following were significant themes and events for the second quarter of 2025.

•Revenue of $666 million, down 8% compared to the prior year period

◦Recurring revenue increased 4% as compared to the prior year period and comprised 63% of total consolidated revenue

◦Software and services revenue was flat compared to the prior year period and comprised 75% of total consolidated revenue

•Net income from continuing operations attributable to NCR Voyix was $1 million, compared with a net loss of $90 million in the prior year period

•Adjusted EBITDA of $95 million, up 20% compared to the prior year period

STRATEGIC INITIATIVES AND TRENDS

As a leading technology company, we seek to maintain our market position by expanding our share of wallet among existing customers and attracting new customers, leveraging our cloud-based, platform-enabled software and services offerings. We believe there is considerable opportunity to grow with new and existing customers as retailers and restaurants are increasingly adopting technology and support services to enhance and transform their operations. As digital adoption becomes increasingly important for businesses to engage with their end-users, we are investing in innovation to attract and retain customers across our retail and restaurant segments. Our ability to create experiences that ultimately improve end-user satisfaction through a combination of innovation and service is a competitive strength of the Company. In order to provide long-term value to all our stakeholders, we set complementary business goals and financial strategies. Execution of these is driven by the following key pillars: (i) focus on our customer needs; (ii) leverage our brand (and global distribution) to enhance our go-to-market; (iii) invest in innovative products and leading managed services; and (iv) allocate our capital strategically through a cost-disciplined approach to operations. We also plan to continue to improve our execution to drive solid returns and to transform our business to enhance value for all stockholders.

Macroeconomic Trends

Given the multinational nature of our business, we are subject to risks and exposures from the evolving macroeconomic environment, including the effects of increased global inflationary pressures and interest rates, the effects tariffs, fluctuations in foreign currency exchange rates, political economic slowdowns or recessions and geopolitical pressures, including the unknown impacts of current and future trade regulations. We continuously monitor the direct and indirect impacts of these circumstances on our business and financial results, as well as the overall global economy and geopolitical landscape. For example, foreign currency exchange rate fluctuations may negatively impact our financial results during the reporting period. In addition, in April 2025, the U.S. presidential administration announced a baseline tariff of 10% on products imported from all countries and an additional individualized reciprocal tariff on the countries with which the United States has the largest trade deficits. Increased

Table of Contents

tariffs by the United States have led, and may continue to lead, to the imposition of retaliatory tariffs by foreign governments. Additionally, the U.S. government has announced and rescinded multiple tariffs on several foreign jurisdictions, which has increased uncertainty regarding the ultimate effect of the tariffs on economic conditions. For instance, on July 31, 2025, the U.S. president issued an executive order implementing updated reciprocal tariffs for several dozen countries and the European Union, imposed additional tariffs on other countries, and adjusted, and may continue to adjust, certain tariffs as a result of potential or pending trade deals with the United States. The tariff announcements from U.S. and foreign governments have been uncertain, frequently changing and are likely to continue to change. Current uncertainties about tariffs and their effects on trading relationships may impact macroeconomic conditions in the markets in which we operate. Our core products, self-checkout machines (SCO) and point-of-sale (POS) devices, constitute the majority of our hardware revenue and we believe that the SCO and POS machines that we import into the U.S. generally qualify for certain duty and tariff exemptions. Our remaining hardware products that we import into the U.S., primarily third-party products such as printers and cash drawers as well as service parts, are impacted by the recently announced tariffs applicable to imports from China and other countries. We have taken steps to mitigate part of the impact of these tariffs and are currently analyzing opportunities to further address the impact of these tariffs. We will continue to monitor the situation. Economic pressures on customers and consumers, including the challenges of high inflation and the effects of increased tariffs, may negatively affect our revenue and profitability in the future. The current trade policy environment is expected to continue to evolve and we can give no assurance regarding the impact to our business of future tariff changes or other changes in trade policies, including the availability of duty and tariff exemptions.

Additionally, in July 2025, the One Big Beautiful Bill Act (“OBBBA”) was enacted in the U.S. The OBBBA introduces several significant changes, including the permanent extension and modification of certain expiring provisions of the Tax Cuts and Jobs Act. The legislation has multiple effective dates, with certain provisions taking effect in tax year 2025 and others phased in through 2027. We are currently evaluating the impact of the OBBBA on our financial statements.

As we continue to execute on our strategy to shift to recurring revenue, our revenues and earnings will become more predictable; however, the broader implications of these macroeconomic events on our business, results of operations and overall financial position, particularly in the short term, remain uncertain.

For further discussion of trends, uncertainties and other factors that could affect our operating results, refer to Part I, Item 1A, “Risk Factors”, contained in our 2024 Form 10-K and subsequent filings we make within the SEC.

Results from Operations

For the three and six months ended June 30, 2025 compared to the three and six months ended June 30, 2024

Consolidated Results

The following tables show our results for the three and six months ended June 30, the relative percentage that those amounts represent to revenue, and the change in those amounts year-over-year.


	Three months ended June 30				Percentage of Revenue (1)				Increase (Decrease)
In millions	2025		2024		2025		2024		2025 vs 2024
Product revenue	$	185	$	244	27.8	%	33.8	%	(24)	%
Service revenue	481		478		72.2	%	66.2	%	1	%
Total revenue	666		722		100.0	%	100.0	%	(8)	%
Product gross margin	15		22		8.1	%	9.0	%	(32)	%
Service gross margin	138		104		28.7	%	21.8	%	33	%
Total gross margin	153		126		23.0	%	17.5	%	21	%
Selling, general and administrative expenses	107		116		16.1	%	16.1	%	(8)	%
Research and development expenses	32		44		4.8	%	6.1	%	(27)	%
Total operating expenses	139		160		20.9	%	22.2	%	(13)	%
Income (loss) from operations	$	14	$	(34)	2.1	%	(4.7)	%	n/m

Table of Contents


	Six months ended June 30				Percentage of Revenue (1)				Increase (Decrease)
In millions	2025		2024		2025		2024		2025 vs 2024
Product revenue	$	338	$	465	26.3	%	32.5	%	(27)	%
Service revenue	945		967		73.7	%	67.5	%	(2)	%
Total revenue	1,283		1,432		100.0	%	100.0	%	(10)	%
Product gross margin	22		56		6.5	%	12.0	%	(61)	%
Service gross margin	266		208		28.1	%	21.5	%	28	%
Total gross margin	288		264		22.4	%	18.4	%	9	%
Selling, general and administrative expenses	222		226		17.3	%	15.8	%	(2)	%
Research and development expenses	72		91		5.6	%	6.4	%	(21)	%
Total operating expenses	294		317		22.9	%	22.1	%	(7)	%
Income (loss) from operations	$	(6)	$	(53)	(0.5)	%	(3.7)	%	n/m

(1) The percentage of revenue is calculated for each line item divided by total revenue, except for product gross margin and service gross margin, which are divided by the related component of revenue.

Key Strategic Financial Metrics

The following tables show our key strategic financial metrics for the three and six months ended June 30, the relative percentage that those amounts represent to total revenue, and the change in those amounts year-over-year.

Recurring revenue as a percentage of total revenue


	Three months ended June 30				Percentage of Total Revenue				Increase (Decrease)
	2025		2024		2025		2024		2025 vs 2024
Recurring revenue(1)	$	422	$	406	63.4	%	56.2	%	4	%
All other products and services	244		316		36.6	%	43.8	%	(23)	%
Total Revenue	$	666	$	722	100.0	%	100.0	%	(8)	%


	Six months ended June 30				Percentage of Total Revenue				Increase (Decrease)
In millions	2025		2024		2025		2024		2025 vs 2024
Recurring revenue (1)	$	829	$	806	64.6	%	56.3	%	3	%
All other products and services	454		626		35.4	%	43.7	%	(27)	%
Total Revenue	$	1,283	$	1,432	100.0	%	100.0	%	(10)	%

(1) Recurring revenue includes all revenue streams from contracts where there is a predictable revenue pattern that will occur at regular intervals with a relatively high degree of certainty. This includes hardware and software maintenance revenue, cloud revenue, payment processing revenue and certain professional services arrangements as well as term-based software license arrangements that include customer termination rights.

Revenue by type


	Three months ended June 30				Percentage of Total Revenue				Increase (Decrease)
In millions	2025		2024		2025		2024		2025 vs 2024
Software and services revenue	$	499	$	501	74.9	%	69.4	%	—	%
Hardware revenue	167		221		25.1	%	30.6	%	(24)	%
Total Revenue	$	666	$	722	100.0	%	100.0	%	(8)	%

Table of Contents


	Six months ended June 30, 2025				Percentage of Total Revenue				Increase (Decrease)
In millions	2025		2024		2025		2024		2025 vs 2024
Software and services revenue	$	978	$	1,016	76.2	%	70.9	%	(4)	%
Hardware revenue	305		416		23.8	%	29.1	%	(27)	%
Total Revenue	$	1,283	$	1,432	100.0	%	100.0	%	(10)	%

Net income (loss) from continuing operations attributable to NCR Voyix and Adjusted EBITDA(2) as a percentage of total revenue


	Three months ended June 30				Percentage of Total Revenue				Increase (Decrease)
In millions	2025		2024		2025		2024		2025 vs 2024
Net income (loss) from continuing operations attributable to NCR Voyix	$	1	$	(90)	0.2	%	(12.5)	%	n/m
Adjusted EBITDA	$	95	$	79	14.3	%	10.9	%	20	%


	Six months ended June 30				Percentage of Total Revenue				Increase (Decrease)
In millions	2025		2024		2025		2024		2025 vs 2024
Net income (loss) from continuing operations attributable to NCR	$	(19)	$	(161)	(1.5)	%	(11.2)	%	n/m
Adjusted EBITDA	$	170	$	142	13.3	%	9.9	%	20	%

(2) Refer to our definition of Adjusted EBITDA in the section entitled “Non-GAAP Financial Measures and Use of Certain Terms.”

Non-GAAP Financial Measures and Use of Certain Terms:

Adjusted Earnings Before Interest, Taxes, Depreciation and Amortization (“Adjusted EBITDA”) Our management uses the non-GAAP measure Adjusted EBITDA because it provides useful information to investors as an indicator of strength and performance of the Company’s ongoing business operations, including funding discretionary spending such as capital expenditures, strategic acquisitions, and other investments. We determine Adjusted EBITDA based on GAAP net income (loss) from continuing operations attributable to NCR Voyix plus interest expense, net; plus income tax expense (benefit); plus depreciation and amortization (excluding acquisition-related amortization of intangibles); plus stock-based compensation expense; plus pension mark-to-market adjustments and other special items, including amortization of acquisition-related intangibles, acquisition-related costs, loss (gain) on disposal of businesses, separation-related costs, cyber ransomware incident recovery costs net of insurance recoveries, fraudulent ACH disbursements costs net of recoveries, foreign currency devaluation, transformation and restructuring charges (which includes integration, severance and other exit and disposal costs), and strategic initiative costs, among others. The special items are considered non-operational or non-recurring in nature, so are excluded from the Adjusted EBITDA metric utilized by our chief operating decision maker in evaluating segment performance and are separately delineated to reconcile back to total reported income (loss) from continuing operations attributable to NCR Voyix. This format is useful to investors because it allows analysis and comparability of operating trends. It also includes the same information that is used by our management to make decisions regarding the segments and to assess our financial performance. Refer to the table below for the reconciliations of net income (loss) from continuing operations attributable to NCR Voyix (GAAP) to Adjusted EBITDA (non-GAAP).

Our definitions and calculations of these non-GAAP measures may differ from similarly-titled measures reported by other companies and cannot, therefore, be compared with similarly-titled measures of other companies. These non-GAAP measures should not be considered as substitutes for, or superior to, results determined in accordance with GAAP.

Table of Contents


	Three months ended June 30				Six months ended June 30
In millions	2025		2024		2025		2024
Net income (loss) from continuing operations attributable to NCR Voyix (GAAP)	$	1	$	(90)	$	(19)	$	(161)

Depreciation and amortization (excluding acquisition related amortization of intangibles)	51		52		101		100
Acquisition-related amortization of intangibles	6		8		12		15
Interest expense	14		41		29		80
Interest income	(1)		(1)		(7)		(3)


Income tax expense (benefit)	(4)		10		(11)		5
Stock-based compensation expense	9		12		18		23
Transformation and restructuring costs(1)	16		50		37		74
Separation costs(2)	—		3		—		8
Loss (gain) on disposal of businesses	—		(7)		—		(14)
Foreign currency devaluation(3)	—		—		—		15
Fraudulent ACH disbursements(4)	—		(1)		—		(2)
Cyber ransomware incident recovery costs(5)	—		(4)		—		(4)
Strategic initiatives(6)	3		6		10		6
Adjusted EBITDA (non-GAAP)	$	95	$	79	$	170	$	142

(1)Represents integration, severance, and other exit and disposal costs which are considered non-operational in nature.

(2)Represents costs incurred as a result of the Spin-Off.

(3)Represents gains and losses recognized during the three months ended March 31, 2024 due to changes in valuation of the Lebanese pound and the Egyptian pound.

(4)Represents company identified fraudulent ACH disbursements from a company bank account, net of recoveries. Additional details regarding this item are discussed in Note 1, “Basis of Presentation and Summary of Significant Accounting Policies”.

(6)Represents professional fees related to strategic initiatives which are considered non-operational in nature, as well as certain costs incurred related to the Hardware Business Transition.

Adjusted free cash flow-unrestricted NCR Voyix management uses the non-GAAP measure called “adjusted free cash flow-unrestricted” to assess the financial performance of the Company. We define adjusted free cash flow-unrestricted as net cash provided by (used in) operating activities less capital expenditures for property, plant and equipment, less additions to capitalized software, plus/minus collections of previously sold trade receivables purchased from third parties, restricted cash settlement activity, cash activity related to acceleration projects, cash taxes paid for the Digital Banking Sale, cash activity related to environmental discontinued operations plus acquisition-related items, and plus pension contributions and settlements.

We believe adjusted free cash flow-unrestricted information is useful for investors because it relates the operating cash flows from the Company’s continuing and discontinued operations to the capital that is spent to continue and improve business operations. In particular, adjusted free cash flow-unrestricted indicates the amount of cash available after capital expenditures for, among other things, investments in the Company’s existing businesses, strategic acquisitions, and repayment of debt obligations. Adjusted free cash flow does not represent the residual cash flow available for discretionary expenditures, since there may be other non-discretionary expenditures that are not deducted from the measure. Adjusted free cash flow-unrestricted does not have a uniform definition under GAAP, and therefore the Company’s definition may differ from other companies’ definitions of this measure. These non-GAAP measures should not be considered a substitute for, or superior to, cash flows from operating activities under GAAP.

Refer to the section titled “Financial Condition, Liquidity and Capital Resources” in Item 2 of this Form 10-Q for additional information.

Other Performance Metrics

Annualized Recurring Revenue (“ARR”) ARR is calculated using recurring revenue, excluding software licenses sold as a subscription, for the last three months times four, plus the rolling four quarters for term-based software license arrangements

Table of Contents

that include customer termination rights. The Company believes this metric may be useful to investors in evaluating the achievement of strategic goals related to the conversion of the Retail and Restaurant businesses to recurring revenue streams over time. ARR is an operating metric and does not necessarily reflect the pattern of revenue recognition in accordance with GAAP and should not be considered a substitute for GAAP revenue. ARR does not have a uniform definition and, therefore, the Company’s definitions may differ from other companies’ definitions of this measure.


	Quarter ended June 30				Increase (Decrease)
In millions	2025		2024		2025 vs 2024
Retail
Annualized recurring revenue	$	1,111	$	1,051	6	%


Restaurants
Annualized recurring revenue	$	570	$	553	3	%

Revenue


	Three months ended June 30				Percentage of Total Revenue				Increase (Decrease)
In millions	2025		2024		2025		2024		2025 vs 2024
Product revenue	$	185	$	244	27.8	%	33.8	%	(24)	%
Service revenue	481		478		72.2	%	66.2	%	1	%
Total revenue	$	666	$	722	100.0	%	100.0	%	(8)	%


	Six months ended June 30				Percentage of Total Revenue				Increase (Decrease)
In millions	2025		2024		2025		2024		2025 vs 2024
Product revenue	$	338	$	465	26.3	%	32.5	%	(27)	%
Service revenue	945		967		73.7	%	67.5	%	(2)	%
Total revenue	$	1,283	$	1,432	100.0	%	100.0	%	(10)	%

Product revenue includes our hardware and software license revenue streams. Service revenue includes hardware and software maintenance revenue, implementation services revenue, cloud revenue, payments processing revenue as well as professional services revenue.

For the three and six months ended June 30, 2025 compared to the three and six months ended June 30, 2024

Total revenue decreased 8% for the three months ended June 30, 2025 compared to the three months ended June 30, 2024. Product revenue for the three months ended June 30, 2025 decreased 24% compared to the three months ended June 30, 2024 due to a decline in SCO and POS hardware revenues, as well as a decline in software license revenues for one-time perpetual license revenue recognized in the prior year. Service revenue for the three months ended June 30, 2025 increased 1% compared to the three months ended June 30, 2024 due to an increase in payments processing revenue and hardware maintenance revenue as compared to the prior year period, offset by a decrease in implementation services revenue and professional services revenue related to one-time revenue recognized in the prior year.

Total revenue decreased 10% for the six months ended June 30, 2025 compared to the six months ended June 30, 2024. Product revenue for the six months ended June 30, 2025 decreased 27% compared to the six months ended June 30, 2024 due to a decline in SCO and POS hardware revenues, as well as a decline in software license revenues for one-time perpetual license revenue recognized in the prior year. Service revenue for the six months ended June 30, 2025 decreased 2% compared to the six months ended June 30, 2024 due to decreases in implementation services revenue and professional services revenue related to one-time revenue recognized in the prior year, offset by an increase in payments processing revenue as compared to the prior year period.

Table of Contents

Gross Margin


	Three months ended June 30				Percentage of Revenue (1)				Increase (Decrease)
In millions	2025		2024		2025		2024		2025 v 2024
Product gross margin	$	15	$	22	8.1	%	9.0	%	(32)	%
Service gross margin	138		104		28.7	%	21.8	%	33	%
Total gross margin	$	153	$	126	23.0	%	17.5	%	21	%

(1) The percentage of revenue is calculated for each line item divided by the related component of revenue.

For the three months ended June 30, 2025 compared to the three months ended June 30, 2024

Gross margin as a percentage of revenue in the three months ended June 30, 2025 was 23.0% compared to 17.5% in the three months ended June 30, 2024. The increase in gross margin as a percentage of revenue was driven by the increase in service gross margin, mainly related to improved margins for cloud services, professional services, software maintenance, payments processing and hardware maintenance in the three months ended June 30, 2025 as compared to the prior period, due in part to the Company’s cost reduction initiative implemented during the second half of 2024. These increases in service gross margin were offset by a decline in product gross margin related to lower hardware-related gross margin in 2025. Additionally, gross margin for the three months ended June 30, 2025 included $1 million of strategic initiative costs, $1 million of stock-based compensation expense, $3 million of transformation and restructuring costs and $3 million of amortization of acquisition-related intangible assets. Gross margin for the three months ended June 30, 2024 included $23 million of transformation and restructuring costs, $3 million of stock-based compensation expense, $1 million of strategic initiative costs and $4 million of amortization of acquisition-related intangible assets, offset by $5 million of net recoveries related to the cyber ransomware incident.


	Six months ended June 30				Percentage of Revenue (1)				Increase (Decrease)
In millions	2025		2024		2025		2024		2025 v 2024
Product gross margin	$	22	$	56	6.5	%	12.0	%	(61)	%
Service gross margin	266		208		28.1	%	21.5	%	28	%
Total gross margin	$	288	$	264	22.4	%	18.4	%	9	%

For the six months ended June 30, 2025 compared to the six months ended June 30, 2024

Gross margin as a percentage of revenue in the six months ended June 30, 2025 was 22.4% compared to 18.4% in the six months ended June 30, 2024. The increase in gross margin as a percentage of revenue was driven by the increase in service gross margin, mainly related to improved margins for professional services, cloud services, payments processing, hardware maintenance, implementation services and software maintenance in the six months ended June 30, 2025 as compared to the prior period, due in part to the Company’s cost reduction initiative implemented during the second half of 2024. These increases in service gross margin were offset by a decline in product gross margin related to lower hardware-related gross margin in 2025. Additionally, gross margin for the six months ended June 30, 2025 included $4 million of transformation and restructuring costs, $2 million of strategic initiative costs, $2 million of stock-based compensation expense, $6 million of amortization of acquisition-related intangible assets. Gross margin for the six months ended June 30, 2024 included $31 million of transformation and restructuring costs, $6 million of stock-based compensation expense, $1 million of strategic initiative costs and $7 million of amortization of acquisition-related intangible assets, offset by $5 million of net recoveries related to the cyber ransomware incident.

Selling, General and Administrative Expenses


	Three months ended June 30				Percentage of Total Revenue				Increase (Decrease)
In millions	2025		2024		2025		2024		2025 v 2024
Selling, general and administrative expenses	$	107	$	116	16.1	%	16.1	%	(8)	%

Table of Contents

For the three months ended June 30, 2025 compared to the three months ended June 30, 2024

Selling, general, and administrative expenses were $107 million in the three months ended June 30, 2025, compared to $116 million in the three months ended June 30, 2024. As a percentage of revenue, selling, general and administrative expenses were 16.1% in both the three months ended June 30, 2025 and 2024. The overall decrease in selling, general and administrative expenses during the three months ended June 30, 2025 is related to a decrease in transformation and restructuring and strategic initiative costs in the current year, as well as the Company’s cost reduction initiative implemented during the second half of 2024. Additionally, in the three months ended June 30, 2025, selling, general and administrative expenses included $12 million of transformation and restructuring costs, $2 million of strategic initiative costs, $6 million of stock-based compensation expense and $3 million of amortization of acquisition-related intangible assets. In the three months ended June 30, 2024, selling, general and administrative expenses included $15 million of transformation and restructuring costs, $5 million of strategic initiative costs, $5 million of stock-based compensation expense, $4 million of amortization of acquisition-related intangible assets, $3 million of separation-related costs and $1 million of cyber ransomware incident recovery costs, offset by $1 million of net recoveries related to the fraudulent ACH disbursement matter.


	Six months ended June 30				Percentage of Total Revenue				Increase (Decrease)
In millions	2025		2024		2025		2024		2024 vs 2023
Selling, general and administrative expenses	$	222	$	226	17.3	%	15.8	%	(2)	%

For the six months ended June 30, 2025 compared to the six months ended June 30, 2024

Selling, general, and administrative expenses were $222 million compared to $226 million in the six months ended June 30, 2025 and 2024, respectively. As a percentage of revenue, selling, general and administrative expenses were 17.3% and 15.8% in the six months ended June 30, 2025 and 2024, respectively. The overall decrease in selling, general and administrative expenses during the six months ended June 30, 2025 is related to the Company’s cost reduction initiative implemented during the second half of 2024. Additionally, in the six months ended June 30, 2025, selling, general and administrative expenses included $33 million of transformation and restructuring costs, $8 million of strategic initiative costs, $13 million of stock-based compensation expense and $6 million of amortization of acquisition-related intangible assets. In the six months ended June 30, 2024, selling, general and administrative expenses included $27 million of transformation and restructuring costs, $11 million of stock-based compensation expense, $5 million of strategic initiative costs, $8 million of amortization of acquisition-related intangible assets, $4 million of separation-related costs and $1 million of cyber ransomware incident recovery costs, offset by $2 million of net recoveries related to the fraudulent ACH disbursement matter.

Research and Development Expenses


	Three months ended June 30				Percentage of Total Revenue				Increase (Decrease)
In millions	2025		2024		2025		2024		2025 v 2024
Research and development expenses	$	32	$	44	4.8	%	6.1	%	(27)	%

For the three months ended June 30, 2025 compared to the three months ended June 30, 2024

Research and development expenses were $32 million in the three months ended June 30, 2025, compared to $44 million in the three months ended June 30, 2024. As a percentage of revenue, research and development costs were 4.8% and 6.1% in the three months ended June 30, 2025 and 2024, respectively. The decrease in research and development expenses in the three months ended June 30, 2025 is due to the Company’s cost reduction initiative implemented during the second half of 2024, as well as one-time transformation and restructuring-related costs incurred in the prior year period. In the three months ended June 30, 2025, research and development costs included $2 million of stock-based compensation expense. In the three months ended June 30, 2024, research and development expenses included $2 million of transformation and restructuring costs and $4 million of stock-based compensation expense.


	Six months ended June 30				Percentage of Total Revenue				Increase (Decrease)
In millions	2025		2024		2025		2024		2025 v 2024
Research and development expenses	$	72	$	91	5.6	%	6.4	%	(21)	%

Table of Contents

For the six months ended June 30, 2025 compared to the six months ended June 30, 2024

Research and development expenses were $72 million compared to $91 million in the six months ended June 30, 2025 and 2024, respectively. As a percentage of revenue, these costs were 5.6% and 6.4% in the six months ended June 30, 2025 and 2024, respectively. The decrease in research and development expenses in the six months ended June 30, 2025 is due to the Company’s cost reduction initiative implemented during the second half of 2024, as well as one-time separation-related costs incurred in the prior year period. In the six months ended June 30, 2025, research and development expenses included $3 million of transformation and restructuring costs and $3 million of stock-based compensation expense. In the six months ended June 30, 2024, research and development expenses included $6 million of stock-based compensation expense, $4 million of transformation and restructuring costs and $4 million of separation-related costs.

Interest Expense


	Three months ended June 30				Increase (Decrease)
In millions	2025		2024		2025 v 2024
Interest expense	$	14	$	41	(66)	%

For the three months ended June 30, 2025 compared to the three months ended June 30, 2024

Interest expense was $14 million compared to $41 million for the three months ended June 30, 2025 and 2024, respectively. Interest expense is primarily related to our senior unsecured notes and borrowings under the Senior Secured Credit Facility. The decrease in interest expense was due to the decrease in total debt outstanding.


	Six months ended June 30				Increase (Decrease)
In millions	2025		2024		2025 v 2024
Interest expense	$	29	$	80	(64)	%

For the six months ended June 30, 2025 compared to the six months ended June 30, 2024

Interest expense was $29 million compared to $80 million for the six months ended June 30, 2025 and 2024, respectively. Interest expense is primarily related to our senior unsecured notes and borrowings under the Senior Secured Credit Facility. The decrease in interest expense was due to the decrease in total debt outstanding.

Other Income (Expense), net

Other income (expense), net was expense of $3 million and $5 million for the three months ended June 30, 2025 and 2024, respectively, and income of $5 million and expense of $23 million for the six months ended June 30, 2025 and 2024, respectively, with the components reflected in the following table:

NCR Voyix Corp 10-Q