NCR Voyix NYSE: VYX reported second-quarter results that reflected continued growth in recurring revenue and adjusted EBITDA after accounting for its hardware-business transition, while management emphasized adoption of its cloud-native Voyix Commerce Platform and the potential for AI-enabled deployments to reduce implementation time and costs.
Chief Executive Officer James Kelly said revenue rose 1% from a year earlier when adjusted for the ODM transaction, while recurring revenue increased 3% and adjusted EBITDA rose 5%. The company said its commercial actions from the prior year, along with growth in software, services and payments, supported the results.
On a reported basis, total revenue declined 21% to $523 million, primarily reflecting the transition of the hardware business at the end of the first quarter, according to Chief Financial Officer Brian Webb-Walsh. Excluding that impact, revenue increased 1%.
Platform adoption and deployment efforts
Kelly said NCR Voyix has signed 25 Voyix Commerce Platform, or VCP, customers since mid-2025, with 10 customers live across more than 2,000 lanes. The company expects another 1,000 lanes to be in production by the end of September.
The company’s VCP contracts represented $286 million in remaining contract value at quarter-end, up 65% year over year. Webb-Walsh said the metric includes software revenue under long-term contracts and does not include services, payments or hardware sales. He said the measure may not rise in a linear fashion each quarter because revenue begins to be recognized after contracts are signed and contract sizes vary.
Management said it is increasingly engaging customers on broader enterprise platform transformations instead of individual product purchases. Kelly said customers are looking to simplify operations, improve security and add flexibility, though technology replacement decisions can take time, especially for large organizations with longstanding point-of-sale systems.
During the quarter, NCR Voyix completed what Kelly described as its first fully remote Voyix POS installation for a large European grocery retailer, completing the deployment in roughly half the time of a traditional installation. The company aims to reduce remote installation time to less than one hour per store.
Chief Product Officer Nick East said AI agents are being used to analyze existing customer environments and migrate configurations, operational data and application settings to the new platform. He said the company can convert some large grocery locations from legacy systems to the new platform in a matter of hours overnight, without personnel on site.
- Aloha Next is scheduled to begin initial pilots by year-end.
- The company’s restaurant “store-in-a-box” offering for small and mid-market customers is expected to enter customer labs by the end of the third quarter and pilots in the first quarter of next year.
- NCR Voyix had 16 active customer labs across seven countries as customers evaluate VCP applications.
Retail and payments growth
Darren Wilson, president of Retail and Payments, said the retail business signed more than 40 customers during the quarter, primarily in the mid-market. Platform sites grew 8%, payment sites increased 13%, and recurring revenue rose 6%, driven by a 15% increase in recurring software revenue.
The company cited several retail agreements, including a Voyix supply-chain deal with LC Foods in the U.S., a recurring-services agreement with a German reverse-vending provider, and a Voyix POS agreement with a home-improvement retailer operating in Colombia and Chile. NCR Voyix also secured an equipment refresh covering about 350 stores for an existing Australian grocery customer.
In payments, the company continued converting U.S. and Latin American customers to Voyix Connect at market pricing. Wilson said NCR Voyix expects to extend the strategy into Canada, Europe and Asia-Pacific as certifications are completed. The company also signed an agreement with Voyager to expand fleet-card acceptance through Voyix Connect, adding to direct integrations with Corpay and WEX.
Webb-Walsh said reported retail revenue declined 20% to $365 million due to the hardware transition. Excluding that impact, retail revenue rose 4%, supported by VCP application sales and payments pricing initiatives. Retail adjusted EBITDA increased 20% to $97 million, with adjusted EBITDA margin expanding to 26.6%.
Restaurant results and Aloha Next
The restaurant business signed more than 100 new customers in the second quarter, according to Restaurants President Benny Tadele. Platform size increased 12%, while payment size declined 1%. Enterprise and mid-market recurring revenue rose 6%, with services revenue up 9% and software revenue up 3% excluding the prior-year Nemcor Brazil divestiture.
Tadele said the business continued to face softness in the small and medium-sized business market. He also described restaurant operators as focused on return on investment, operational efficiency, automation and cost management, which he said can extend buying cycles as customers more closely scrutinize spending.
During the quarter, NCR Voyix signed Pizza Ranch as the first new enterprise customer for Aloha Next. The agreement includes Aloha Next and Voyix Pay at more than 200 locations. The company also signed an agreement with one of the largest restaurant operators in Asia-Pacific to modernize its Aloha point-of-sale environment and centralize data management across multiple countries and brands.
Reported restaurant revenue declined 23% to $158 million. Excluding the hardware impact, restaurant revenue fell $10 million, or 6%, as lower-than-anticipated hardware installations, SMB weakness and the Brazil divestiture weighed on results. Webb-Walsh said customers delayed some hardware refreshes, likely into next year. Restaurant adjusted EBITDA declined 15% to $58 million.
Profitability, cash flow and outlook
Adjusted EBITDA increased 5% to $98 million, while adjusted EBITDA margin expanded 460 basis points to 18.7%. Excluding the hardware impact, adjusted EBITDA margin expanded 80 basis points. Non-GAAP earnings were $0.17 per share, unchanged from a year earlier, while GAAP earnings were a loss of $0.03 per share, primarily due to restructuring and transformation expenses, stock-based compensation and amortization of intangibles.
Adjusted free cash flow was $56 million before restructuring. The company spent $41 million on capital expenditures and repurchased approximately $11 million of common shares. NCR Voyix ended the quarter with net leverage of 2 times based on net debt at June 30 and trailing 12-month adjusted EBITDA.
The company maintained its full-year 2026 outlook, projecting revenue of $2.188 billion to $2.303 billion, adjusted EBITDA of $432 million to $447 million, and adjusted earnings per share of $0.89 to $0.92.
About NCR Voyix (NYSE:VYX)
NCR Voyix is a technology company formed through the spin-off of NCR Corporation’s financial and digital commerce business. The company designs, manufactures and supports self-service solutions for banking and retail environments, with core offerings that include ATMs, kiosks, point-of-sale terminals and payment software. By blending hardware, cloud-based applications and managed services, NCR Voyix aims to help financial institutions and merchants modernize customer experiences and streamline transaction processing.
Building on more than a century of heritage under the NCR name, NCR Voyix leverages decades of engineering expertise and innovation in transaction automation.
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