What is Conduent's operating income?

Conduent's total operating income in 2025 was -$112 million, based on the following breakdown: Total Gross Profit: $552 million Total Operating Expenses: $664 million

Conduent (CNDT) Financials

$1.62 +0.04 (+2.53%)

Closing price 07/17/2026 04:00 PM Eastern

Extended Trading

$1.62 0.00 (0.00%)

As of 07/17/2026 07:59 PM Eastern

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Annual Income Statements for Conduent

This table shows Conduent's income and expenses over time, based on annual financial data. All values are USD millions unless otherwise specified.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Net Income / (Loss) Attributable to Common Shareholders	-414	-983	97	-332	-1,934	-118	-28	-182	-296	426	-170
Consolidated Net Income / (Loss)	-414	-983	181	-416	-1,934	-118	-28	-182	-296	426	-170
Net Income / (Loss) Continuing Operations	-336	-983	177	-332	-1,934	-118	-28	-182	-296	426	-170
Total Pre-Tax Income	-574	-1,227	-16	-395	-2,106	-139	-25	-127	-332	504	-160
Total Operating Income	-566	-1,187	79	-241	-2,003	-62	30	-43	-221	579	-112
Total Gross Profit	685	1,234	1,292	1,211	973	954	1,002	840	834	626	552
Total Revenue	6,662	6,408	6,022	5,393	4,467	4,163	4,140	3,858	3,722	3,356	3,042
Operating Revenue	6,662	6,408	6,022	5,393	4,467	4,163	4,140	3,858	3,722	3,356	3,042
Total Cost of Revenue	5,977	5,174	4,730	4,182	3,494	3,209	3,138	3,018	2,888	2,730	2,490
Operating Cost of Revenue	5,977	5,174	4,730	4,182	3,494	3,209	3,138	3,018	2,888	2,730	2,490
Total Operating Expenses	1,251	2,421	1,213	1,452	2,976	1,016	972	883	1,055	47	664
Selling, General & Admin Expense	699	679	611	560	479	468	544	440	458	455	412
Research & Development Expense	52	31	12	11	8.00	1.00	4.00	7.00	7.00	6.00	4.00
Depreciation Expense	-	611	495	460	459	459	352	230	264	204	194
Other Operating Expenses / (Income)	91	24	5.00	5.00	-10	1.00	24	-159	7.00	-701	20
Impairment Charge	0.00	935	0.00	0.00	1,952	0.00	0.00	358	287	28	0.00
Restructuring Charge	159	101	101	81	71	67	45	39	62	46	35
Other Special Charges / (Income)	0.00	40	-11	335	17	20	3.00	-32	-30	9.00	-1.00
Total Other Income / (Expense), net	-8.00	-40	-179	-70	-103	-77	-55	-84	-111	-75	-48
Interest Expense	8.00	40	137	112	78	60	55	84	111	75	48
Income Tax Expense	-238	-244	-193	21	-172	-21	3.00	55	-36	78	10
Basic Earnings per Share	($2.04)	($4.85)	$0.84	($2.06)	($9.29)	($0.61)	($0.18)	($0.89)	($1.41)	$2.28	($1.14)
Weighted Average Basic Shares Outstanding	-	202.88M	215.50M	206.06M	211.89M	212.15M	215.42M	218.40M	209.97M	161.83M	154.71M
Diluted Earnings per Share	($2.04)	($4.85)	$0.83	($2.06)	($9.29)	($0.61)	($0.18)	($0.89)	($1.41)	$2.23	($1.14)
Weighted Average Diluted Shares Outstanding	-	202.88M	215.50M	206.06M	211.89M	212.15M	215.42M	218.40M	209.97M	161.83M	154.71M
Weighted Average Basic & Diluted Shares Outstanding	-	202.88M	215.50M	206.06M	211.89M	212.15M	215.42M	218.40M	209.97M	161.83M	154.71M

This table shows Conduent's income and expenses over time, based on quarterly financial data. All values are USD millions unless otherwise specified.

Metric	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Period end date	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025	3/31/2026
Net Income / (Loss) Attributable to Common Shareholders	-289	6.00	99	216	123	-12	-51	-40	-46	-33	-33
Consolidated Net Income / (Loss)	-289	6.00	99	216	123	-12	-51	-40	-46	-33	-33
Net Income / (Loss) Continuing Operations	-289	6.00	99	216	123	-12	-51	-40	-46	-33	-33
Total Pre-Tax Income	-313	-4.00	127	300	159	-82	-56	-38	-38	-28	-27
Total Operating Income	-282	17	-7.00	-28	-13	627	-41	-22	-25	-24	-12
Total Gross Profit	208	213	186	151	151	138	133	137	136	146	136
Total Revenue	932	953	921	828	807	800	751	754	767	770	723
Operating Revenue	932	953	921	828	807	800	751	754	767	770	723
Total Cost of Revenue	724	740	735	677	656	662	618	617	631	624	587
Operating Cost of Revenue	724	740	735	677	656	662	618	617	631	624	587
Total Operating Expenses	490	196	193	179	164	-489	174	159	161	170	148
Selling, General & Admin Expense	115	114	116	115	115	109	120	100	96	96	91
Research & Development Expense	2.00	2.00	2.00	1.00	1.00	2.00	1.00	1.00	1.00	1.00	1.00
Depreciation Expense	81	65	62	51	44	47	48	48	48	50	47
Other Operating Expenses / (Income)	-2.00	10	-2.00	3.00	-2.00	-699	-1.00	2.00	3.00	16	1.00
Restructuring Charge	7.00	13	9.00	8.00	4.00	25	4.00	8.00	12	11	8.00
Other Special Charges / (Income)	0.00	-8.00	6.00	1.00	2.00	-1.00	2.00	0.00	1.00	-4.00	0.00
Total Other Income / (Expense), net	-31	-21	134	328	172	-709	-15	-16	-13	-4.00	-15
Interest Expense	28	29	27	19	16	13	12	12	12	12	12
Other Income / (Expense), net	-3.00	-	161	347	188	-	-3.00	-4.00	-1.00	-	-3.00
Income Tax Expense	-24	-10	28	84	36	-70	-5.00	2.00	8.00	5.00	6.00
Basic Earnings per Share	($1.34)	$0.01	$0.46	$1.10	$0.75	($0.03)	($0.33)	($0.26)	($0.30)	($0.25)	($0.23)
Weighted Average Basic Shares Outstanding	217.29M	209.97M	204.58M	162.40M	159.89M	161.83M	161.83M	157.97M	152.89M	154.71M	155.10M
Diluted Earnings per Share	($1.34)	$0.01	$0.46	$1.07	$0.72	($0.02)	($0.33)	($0.26)	($0.30)	($0.25)	($0.23)
Weighted Average Diluted Shares Outstanding	217.29M	209.97M	204.58M	162.40M	159.89M	161.83M	161.83M	157.97M	152.89M	154.71M	155.10M
Weighted Average Basic & Diluted Shares Outstanding	217.29M	209.97M	204.58M	162.40M	159.89M	161.83M	161.83M	157.97M	152.89M	154.71M	155.10M

This table details how cash moves in and out of Conduent's business through operations, investing, and financing, using annual figures. All values are USD millions unless otherwise specified.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Net Change in Cash & Equivalents	-19	261	334	106	-260	-47	-38	178	-79	-142	-134
Net Cash From Operating Activities	493	95	300	283	132	161	243	144	89	-50	-73
Net Cash From Continuing Operating Activities	493	95	384	283	132	161	243	144	89	-50	-73
Net Income / (Loss) Continuing Operations	-414	-983	181	-416	-1,934	-118	-28	-182	-296	426	-170
Consolidated Net Income / (Loss)	-414	-983	181	-416	-1,934	-118	-28	-182	-296	426	-170
Depreciation Expense	600	611	495	460	459	459	352	230	264	204	194
Amortization Expense	0.00	2.00	11	14	10	9.00	7.00	7.00	7.00	6.00	4.00
Non-Cash Adjustments To Reconcile Net Income	259	953	-13	144	1,983	25	71	214	306	-669	22
Changes in Operating Assets and Liabilities, net	48	-488	-374	81	-386	-214	-159	-125	-192	-17	-123
Net Cash From Investing Activities	522	16	74	460	-310	-134	-142	173	-93	795	-28
Net Cash From Continuing Investing Activities	522	16	74	460	-310	-134	-142	173	-93	795	-28
Purchase of Property, Plant & Equipment	-186	-188	-132	-224	-215	-139	-147	-153	-93	-56	-81
Divestitures	742	-	56	675	-7.00	5.00	5.00	326	0.00	851	53
Net Cash From Financing Activities	-1,023	150	-124	-637	-85	-74	-132	-131	-81	-877	-39
Net Cash From Continuing Financing Activities	-1,023	150	-124	-637	-85	-74	-132	-131	-81	-877	-39
Repayment of Debt	-293	-99	-254	-617	-54	-205	-1,511	-133	-41	-756	-259
Repurchase of Common Equity	-	-	-	-	-	-	0.00	0.00	-27	-182	-25
Payment of Dividends	-	0.00	-10	-10	-10	-10	-10	-10	-6.00	-10	-15
Issuance of Debt	33	1,969	306	0.00	0.00	155	1,399	13	0.00	80	264
Other Financing Activities, net	-763	-1,720	-166	-10	-21	-14	-10	-1.00	-7.00	-9.00	-4.00
Effect of Exchange Rate Changes	-11	-	-	-	3.00	0.00	-7.00	-8.00	6.00	-10	6.00

This table details how cash moves in and out of Conduent's business through operations, investing, and financing, using quarterly figures. All values are USD millions unless otherwise specified.

Metric	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Period end date	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025	3/31/2026
Net Change in Cash & Equivalents	-50	64	-95	-117	97	-27	-84	1.00	-30	-21	8.00
Net Cash From Operating Activities	-11	122	-37	-41	-13	41	-58	-15	-39	39	-8.00
Net Cash From Continuing Operating Activities	-11	122	-37	-41	-13	41	-58	-15	-39	39	-8.00
Net Income / (Loss) Continuing Operations	-289	6.00	99	216	123	-12	-51	-40	-46	-33	-33
Consolidated Net Income / (Loss)	-289	6.00	99	216	123	-12	-51	-40	-46	-33	-33
Depreciation Expense	81	65	62	51	44	47	48	48	48	50	47
Amortization Expense	2.00	1.00	2.00	1.00	2.00	1.00	0.00	2.00	1.00	1.00	1.00
Non-Cash Adjustments To Reconcile Net Income	292	6.00	-159	-361	-187	38	3.00	7.00	6.00	6.00	0.00
Changes in Operating Assets and Liabilities, net	-97	44	-41	52	5.00	-33	-58	-32	-48	15	-23
Net Cash From Investing Activities	-22	-29	143	410	208	34	-17	32	-21	-22	-14
Net Cash From Continuing Investing Activities	-22	-29	143	410	208	34	-17	32	-21	-22	-14
Purchase of Property, Plant & Equipment	-22	-29	-21	-25	-16	6.00	-18	-20	-21	-22	-14
Divestitures	-	-	164	435	224	28	1.00	52	-	-	0.00
Net Cash From Financing Activities	-16	-33	-199	-482	-100	-96	-10	-20	30	-39	30
Net Cash From Continuing Financing Activities	-16	-33	-199	-482	-100	-96	-10	-20	30	-39	30
Repayment of Debt	-10	-11	-175	-358	-134	-89	-58	-82	-89	-30	-30
Payment of Dividends	-2.00	-3.00	-2.00	-3.00	-2.00	-3.00	-2.00	-3.00	-2.00	-8.00	0.00
Issuance of Debt	-	-	0.00	-	50	-	50	79	134	1.00	60
Effect of Exchange Rate Changes	-1.00	4.00	-2.00	-4.00	2.00	-6.00	1.00	4.00	-	1.00	0.00

This table presents Conduent's assets and liabilities at the end of each period, using annual balance sheet data. All values are USD millions unless otherwise specified.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Total Assets	9,058	7,709	7,548	6,680	4,514	4,256	4,036	3,571	3,162	2,599	2,397
Total Current Assets	1,874	1,917	2,710	1,964	1,586	1,577	1,680	1,625	1,655	1,252	1,069
Cash & Equivalents	140	390	658	756	496	450	415	582	498	366	233
Accounts Receivable	1,246	1,286	1,114	782	652	670	699	630	559	493	500
Other Current Assets	240	241	938	426	438	457	566	413	598	393	336
Plant, Property, & Equipment, net	280	283	257	328	342	305	281	266	197	167	181
Total Noncurrent Assets	6,904	5,509	4,581	4,388	2,586	2,374	2,075	1,680	1,310	1,180	1,147
Goodwill	4,872	3,889	3,366	3,408	1,502	1,528	1,339	955	651	609	617
Other Noncurrent Operating Assets	607	476	324	329	658	659	684	686	627	571	530
Total Liabilities & Shareholders' Equity	9,058	7,709	7,548	6,680	4,514	4,256	4,036	3,571	3,162	2,599	2,397
Total Liabilities	3,896	4,279	3,877	3,316	3,072	2,924	2,762	2,512	2,387	1,614	1,570
Total Current Liabilities	2,741	1,402	1,368	1,197	1,177	1,092	1,025	923	868	744	681
Short-Term Debt	24	28	82	55	50	90	30	35	34	24	22
Accounts Payable	264	288	118	230	198	182	198	228	174	157	142
Current Deferred Revenue	227	206	151	112	108	133	82	81	91	103	74
Current Employee Benefit Liabilities	249	269	355	193	174	237	243	197	183	170	173
Other Current Liabilities	1,977	611	662	607	647	450	443	382	328	290	270
Total Noncurrent Liabilities	1,155	2,877	2,509	2,119	1,895	1,832	1,737	1,589	1,519	870	889
Long-Term Debt	37	1,913	1,979	1,512	1,464	1,420	1,383	1,277	1,248	615	665
Noncurrent Deferred & Payable Income Tax Liabilities	764	619	384	327	111	97	75	83	30	24	19
Other Noncurrent Operating Liabilities	201	173	146	280	320	315	279	229	241	231	205
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Redeemable Noncontrolling Interest	0.00	142	142	142	142	142	142	142	142	142	142
Total Equity & Noncontrolling Interests	5,162	3,288	3,529	3,222	1,300	1,190	1,132	917	633	843	685
Total Preferred & Common Equity	5,162	3,288	3,529	3,222	1,300	1,190	1,132	917	629	839	685
Preferred Stock	-	-	-	-	-	0.12	0.12	0.12	0.12	0.12	0.12
Total Common Equity	5,162	3,288	3,529	3,222	1,300	1,190	1,132	917	629	839	685
Common Stock	0.00	3,814	3,852	3,880	3,892	3,901	3,912	3,926	3,940	3,954	3,970
Retained Earnings	-	0.00	171	-233	-2,185	-2,313	-2,351	-2,543	-2,849	-2,433	-2,613
Treasury Stock	-	-	-	-	-	-	-	0.00	-27	-210	-235
Accumulated Other Comprehensive Income / (Loss)	-181	-526	-494	-425	-407	-398	-429	-466	-435	-472	-437
Other Equity Adjustments	5,343	0.12	0.12	-	0.12	-	-	-	-	0.12	0.12

This table presents Conduent's assets and liabilities at the end of each period, using quarterly balance sheet data. All values are USD millions unless otherwise specified.

Metric	Q3 2022	Q1 2023	Q2 2023	Q3 2023	Q1 2024	Q2 2024	Q3 2024	Q1 2025	Q2 2025	Q3 2025	Q1 2026
Period end date	9/30/2022	3/31/2023	6/30/2023	9/30/2023	3/31/2024	6/30/2024	9/30/2024	3/31/2025	6/30/2025	9/30/2025	3/31/2026
Total Assets	3,921	3,503	3,453	3,146	3,058	2,780	2,841	2,532	2,488	2,500	2,393
Total Current Assets	1,641	1,556	1,517	1,535	1,589	1,352	1,445	1,185	1,147	1,154	1,088
Cash & Equivalents	577	526	500	451	415	300	393	277	275	248	228
Accounts Receivable	653	590	583	612	600	518	528	480	458	488	499
Other Current Assets	411	440	434	472	574	534	524	428	414	418	361
Plant, Property, & Equipment, net	262	259	252	241	186	179	174	179	182	186	173
Total Noncurrent Assets	2,018	1,688	1,684	1,370	1,283	1,249	1,222	1,168	1,159	1,160	1,132
Goodwill	1,286	965	967	668	643	637	642	610	617	616	614
Other Noncurrent Operating Assets	691	686	681	668	609	597	565	545	529	532	518
Total Liabilities & Shareholders' Equity	3,921	3,503	3,453	3,146	3,058	2,780	2,841	2,532	2,488	2,500	2,393
Total Liabilities	2,573	2,432	2,384	2,384	2,211	1,883	1,818	1,586	1,569	1,641	1,610
Total Current Liabilities	933	842	795	805	849	819	827	723	697	702	685
Short-Term Debt	33	38	41	40	33	33	26	26	28	16	23
Accounts Payable	203	176	169	166	167	136	133	155	126	135	133
Current Deferred Revenue	75	79	80	99	94	95	115	83	80	82	74
Current Employee Benefit Liabilities	227	174	180	195	175	171	193	165	168	180	178
Other Current Liabilities	395	375	325	305	324	362	360	294	295	289	277
Total Noncurrent Liabilities	1,640	1,590	1,589	1,579	1,362	1,064	991	863	872	939	925
Long-Term Debt	1,272	1,277	1,274	1,266	1,083	789	718	625	628	697	698
Noncurrent Deferred & Payable Income Tax Liabilities	117	85	75	61	43	48	54	16	16	22	18
Other Noncurrent Operating Liabilities	251	228	240	252	236	227	219	222	228	220	209
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Redeemable Noncontrolling Interest	142	142	142	142	142	142	142	142	142	142	142
Total Equity & Noncontrolling Interests	1,206	929	927	620	705	755	881	804	777	717	641
Total Preferred & Common Equity	1,206	929	927	617	701	751	877	800	777	717	641
Preferred Stock	0.12	-	0.12	0.12	-	0.12	0.12	0.12	0.12	0.12	0.12
Total Common Equity	1,206	929	927	617	701	751	877	800	777	717	641
Common Stock	3,926	3,928	3,933	3,939	3,943	3,949	3,954	3,957	3,961	3,966	3,970
Retained Earnings	-2,207	-2,551	-2,561	-2,852	-2,752	-2,539	-2,418	-2,486	-2,529	-2,577	-2,648
Treasury Stock	-	-	-1.00	-7.00	-44	-196	-210	-210	-218	-231	-235
Accumulated Other Comprehensive Income / (Loss)	-513	-448	-444	-463	-446	-463	-449	-461	-437	-441	-446
Other Equity Adjustments	0.12	0.12	0.12	0.12	-	0.12	0.12	0.12	0.12	0.12	0.12

This table displays calculated financial ratios and metrics derived from Conduent's official financial filings.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	-3.98%	-3.81%	-6.02%	-10.45%	-17.17%	-6.81%	-0.55%	-6.81%	-3.53%	-9.83%	-9.36%
EBITDA Growth	-95.73%	-1,788.24%	209.23%	-69.54%	-916.23%	124.95%	0.00%	-50.13%	-74.23%	1,478.00%	-89.10%
EBIT Growth	-5,760.00%	-109.72%	110.19%	-333.88%	-616.61%	96.10%	137.97%	-243.33%	-413.95%	361.99%	-119.34%
NOPAT Growth	-1,265.29%	-109.72%	106.66%	-405.06%	-731.12%	96.90%	148.39%	-243.33%	-413.95%	416.35%	-116.02%
Net Income Growth	-411.11%	-137.44%	118.41%	-329.83%	-364.90%	93.90%	76.27%	-550.00%	-62.64%	243.92%	-139.91%
EPS Growth	-410.00%	-137.75%	117.11%	-348.19%	-350.97%	93.43%	70.49%	-394.44%	-58.43%	258.16%	-151.12%
Operating Cash Flow Growth	-25.86%	-80.73%	215.79%	-5.67%	-53.36%	21.97%	50.93%	-40.74%	-38.19%	-156.18%	-46.00%
Free Cash Flow Firm Growth	0.00%	81.33%	96.14%	2,037.14%	-57.15%	-92.14%	355.28%	330.27%	-96.41%	4,804.01%	-111.95%
Invested Capital Growth	0.00%	3.02%	1.87%	-17.72%	-41.08%	-2.76%	-3.80%	-22.25%	-9.61%	-22.20%	1.83%
Revenue Q/Q Growth	0.00%	0.00%	-0.35%	-3.77%	-3.94%	-1.05%	-0.17%	-1.58%	-0.88%	-4.36%	-0.98%
EBITDA Q/Q Growth	0.00%	0.00%	243.15%	-40.31%	-53.29%	288.84%	-15.07%	-46.26%	133.33%	300.51%	-88.28%
EBIT Q/Q Growth	0.00%	0.00%	111.87%	-80.25%	-36.66%	88.33%	-57.14%	-143.00%	47.26%	1,967.74%	-120.78%
NOPAT Q/Q Growth	0.00%	0.00%	107.75%	-53.50%	-34.97%	90.84%	410.81%	-149.90%	47.26%	2,169.36%	-120.78%
Net Income Q/Q Growth	0.00%	0.00%	118.51%	-511.76%	-29.54%	82.85%	-2,900.00%	-263.96%	53.39%	-4.05%	-14.09%
EPS Q/Q Growth	0.00%	0.00%	117.11%	-428.21%	-29.03%	81.52%	-200.00%	-293.48%	52.53%	-1.33%	-25.27%
Operating Cash Flow Q/Q Growth	0.00%	-78.89%	52.28%	6.39%	256.76%	-52.23%	-26.36%	-19.10%	394.44%	-261.29%	-2.82%
Free Cash Flow Firm Q/Q Growth	0.00%	0.00%	0.00%	63.71%	104.24%	-92.70%	-28.71%	50.44%	-89.56%	286.78%	-123.73%
Invested Capital Q/Q Growth	0.00%	0.00%	0.52%	-7.06%	-25.45%	-3.90%	-1.50%	-13.82%	0.00%	-8.44%	-3.25%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	10.28%	19.26%	21.45%	22.46%	21.78%	22.92%	24.20%	21.77%	22.41%	18.65%	18.15%
EBITDA Margin	0.51%	-8.96%	10.41%	3.54%	-34.90%	9.34%	9.40%	5.03%	1.34%	23.51%	2.83%
Operating Margin	-8.50%	-18.52%	1.31%	-4.47%	-44.84%	-1.49%	0.72%	-1.11%	-5.94%	17.25%	-3.68%
EBIT Margin	-8.50%	-18.52%	2.01%	-5.25%	-45.40%	-1.90%	0.72%	-1.11%	-5.94%	17.25%	-3.68%
Profit (Net Income) Margin	-6.21%	-15.34%	3.01%	-7.71%	-43.30%	-2.83%	-0.68%	-4.72%	-7.95%	12.69%	-5.59%
Tax Burden Percent	72.13%	80.11%	-1,131.25%	105.32%	91.83%	84.89%	112.00%	143.31%	89.16%	84.52%	106.25%
Interest Burden Percent	101.41%	103.37%	-13.22%	139.58%	103.85%	175.95%	-83.33%	295.35%	150.23%	87.05%	142.86%
Effective Tax Rate	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	15.48%	0.00%
Return on Invested Capital (ROIC)	-16.39%	-16.93%	1.10%	-3.65%	-42.26%	-1.79%	0.89%	-1.47%	-9.08%	34.04%	-6.18%
ROIC Less NNEP Spread (ROIC-NNEP)	-5.50%	-41.78%	9.61%	-25.99%	-100.43%	-8.97%	-3.80%	-18.76%	-27.06%	22.67%	-31.38%
Return on Net Nonoperating Assets (RNNOA)	0.35%	-5.95%	4.00%	-8.18%	-38.22%	-6.72%	-3.04%	-14.13%	-23.20%	14.36%	-12.59%
Return on Equity (ROE)	-16.04%	-22.88%	5.10%	-11.83%	-80.48%	-8.51%	-2.15%	-15.60%	-32.28%	48.41%	-18.76%
Cash Return on Invested Capital (CROIC)	-216.39%	-19.90%	-0.75%	15.79%	9.43%	1.01%	4.77%	23.56%	1.02%	59.02%	-7.99%
Operating Return on Assets (OROA)	-6.25%	-14.16%	1.59%	-3.98%	-36.23%	-1.80%	0.72%	-1.13%	-6.56%	20.10%	-4.48%
Return on Assets (ROA)	-4.57%	-11.73%	2.37%	-5.85%	-34.55%	-2.69%	-0.68%	-4.79%	-8.79%	14.79%	-6.81%
Return on Common Equity (ROCE)	-16.04%	-22.50%	4.89%	-11.35%	-75.73%	-7.64%	-1.91%	-13.70%	-27.21%	40.38%	-15.78%
Return on Equity Simple (ROE_SIMPLE)	-8.02%	-29.90%	5.13%	-12.91%	-148.76%	-9.92%	-2.47%	-19.85%	-47.06%	50.77%	0.00%
Net Operating Profit after Tax (NOPAT)	-396	-831	55	-169	-1,402	-43	21	-30	-155	489	-78
NOPAT Margin	-5.95%	-12.97%	0.92%	-3.13%	-31.39%	-1.04%	0.51%	-0.78%	-4.16%	14.58%	-2.58%
Net Nonoperating Expense Percent (NNEP)	-10.89%	24.85%	-8.51%	22.34%	58.16%	7.18%	4.70%	17.29%	17.98%	11.37%	25.20%
Return On Investment Capital (ROIC_SIMPLE)	-	-	-	-	-	-	-	-1.35%	-8.08%	33.02%	-5.71%
Cost of Revenue to Revenue	89.72%	80.74%	78.55%	77.55%	78.22%	77.08%	75.80%	78.23%	77.59%	81.35%	81.85%
SG&A Expenses to Revenue	10.49%	10.60%	10.15%	10.38%	10.72%	11.24%	13.14%	11.40%	12.31%	13.56%	13.54%
R&D to Revenue	0.78%	0.48%	0.20%	0.20%	0.18%	0.02%	0.10%	0.18%	0.19%	0.18%	0.13%
Operating Expenses to Revenue	18.78%	37.78%	20.14%	26.92%	66.62%	24.41%	23.48%	22.89%	28.35%	1.40%	21.83%
Earnings before Interest and Taxes (EBIT)	-566	-1,187	121	-283	-2,028	-79	30	-43	-221	579	-112
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	34	-574	627	191	-1,559	389	389	194	50	789	86
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	0.00	0.00	0.96	0.70	1.01	0.84	1.00	0.95	1.26	0.77	0.43
Price to Tangible Book Value (P/TBV)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	2.99	4.31
Price to Revenue (P/Rev)	0.00	0.00	0.56	0.42	0.29	0.24	0.27	0.23	0.21	0.19	0.10
Price to Earnings (P/E)	0.00	0.00	35.05	0.00	0.00	0.00	0.00	0.00	0.00	1.52	0.00
Dividend Yield	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Earnings Yield	0.00%	0.00%	2.85%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	65.95%	0.00%
Enterprise Value to Invested Capital (EV/IC)	0.00	0.34	0.97	0.77	1.00	0.92	0.99	0.98	1.07	0.85	0.69
Enterprise Value to Revenue (EV/Rev)	0.00	0.26	0.82	0.59	0.55	0.53	0.55	0.45	0.46	0.32	0.29
Enterprise Value to EBITDA (EV/EBITDA)	0.00	0.00	7.89	16.75	0.00	5.67	5.85	9.00	34.46	1.35	10.35
Enterprise Value to EBIT (EV/EBIT)	0.00	0.00	40.87	0.00	0.00	0.00	75.88	0.00	0.00	1.84	0.00
Enterprise Value to NOPAT (EV/NOPAT)	0.00	0.00	89.42	0.00	0.00	0.00	108.40	0.00	0.00	2.18	0.00
Enterprise Value to Operating Cash Flow (EV/OCF)	0.00	17.82	16.48	11.30	18.72	13.71	9.37	12.13	19.36	0.00	0.00
Enterprise Value to Free Cash Flow (EV/FCFF)	0.00	0.00	0.00	4.38	7.90	89.70	20.33	3.62	99.61	1.26	0.00
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	0.01	0.57	0.56	0.47	1.05	1.13	1.11	1.24	1.65	0.65	0.83
Long-Term Debt to Equity	0.01	0.56	0.54	0.45	1.02	1.07	1.09	1.21	1.61	0.62	0.80
Financial Leverage	-0.06	0.14	0.42	0.31	0.38	0.75	0.80	0.75	0.86	0.63	0.40
Leverage Ratio	1.75	1.95	2.15	2.02	2.33	3.16	3.18	3.26	3.67	3.27	2.76
Compound Leverage Factor	1.78	2.02	-0.28	2.82	2.42	5.56	-2.65	9.63	5.52	2.85	3.94
Debt to Total Capital	1.17%	36.14%	35.96%	31.78%	51.22%	53.13%	52.59%	55.34%	62.32%	39.35%	45.38%
Short-Term Debt to Total Capital	0.46%	0.52%	1.43%	1.12%	1.69%	3.17%	1.12%	1.48%	1.65%	1.48%	1.45%
Long-Term Debt to Total Capital	0.71%	35.62%	34.53%	30.66%	49.53%	49.96%	51.47%	53.86%	60.67%	37.87%	43.92%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.01%	0.01%	0.00%	0.01%
Noncontrolling Interests to Total Capital	0.00%	2.64%	2.48%	2.88%	4.80%	5.00%	5.28%	5.99%	7.10%	8.99%	9.38%
Common Equity to Total Capital	98.83%	61.22%	61.57%	65.34%	43.98%	41.87%	42.13%	38.68%	30.58%	51.67%	45.25%
Debt to EBITDA	1.79	-3.38	3.29	8.20	-0.97	3.88	3.63	6.76	25.64	0.81	7.99
Net Debt to EBITDA	-2.32	-2.70	2.24	4.25	-0.65	2.72	2.57	3.76	15.68	0.35	5.28
Long-Term Debt to EBITDA	1.09	-3.33	3.16	7.92	-0.94	3.65	3.56	6.58	24.96	0.78	7.73
Debt to NOPAT	-0.15	-2.34	37.27	-9.29	-1.08	-34.79	67.29	-43.59	-8.29	1.31	-8.76
Net Debt to NOPAT	0.20	-1.87	25.37	-4.81	-0.73	-24.42	47.52	-24.25	-5.07	0.56	-5.79
Long-Term Debt to NOPAT	-0.09	-2.30	35.79	-8.96	-1.04	-32.72	65.86	-42.43	-8.07	1.26	-8.48
Altman Z-Score	0.00	0.40	1.62	1.16	-0.81	0.50	0.68	0.49	0.18	1.19	-0.10
Noncontrolling Interest Sharing Ratio	0.00%	1.65%	4.00%	4.04%	5.91%	10.23%	10.90%	12.17%	15.70%	16.58%	15.88%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	0.68	1.37	1.98	1.64	1.35	1.44	1.64	1.76	1.91	1.68	1.57
Quick Ratio	0.51	1.20	1.30	1.28	0.98	1.03	1.09	1.31	1.22	1.15	1.08
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	-5,231	-977	-38	730	313	25	112	482	17	848	-101
Operating Cash Flow to CapEx	266.49%	50.53%	303.03%	134.12%	61.97%	115.83%	165.31%	94.12%	95.70%	-89.29%	-90.12%
Free Cash Flow to Firm to Interest Expense	-653.90	-24.42	-0.28	6.52	4.01	0.41	2.04	5.74	0.16	11.31	-2.11
Operating Cash Flow to Interest Expense	61.63	2.38	2.19	2.53	1.69	2.68	4.42	1.71	0.80	-0.67	-1.52
Operating Cash Flow Less CapEx to Interest Expense	38.50	-2.33	1.47	0.64	-1.04	0.37	1.75	-0.11	-0.04	-1.41	-3.21
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.74	0.76	0.79	0.76	0.80	0.95	1.00	1.01	1.11	1.17	1.22
Accounts Receivable Turnover	5.35	5.06	5.02	5.69	6.23	6.30	6.05	5.81	6.26	6.38	6.13
Inventory Turnover	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Fixed Asset Turnover	23.79	22.76	22.30	18.44	13.33	12.87	14.13	14.11	16.08	18.44	17.48
Accounts Payable Turnover	22.64	18.75	23.30	24.03	16.33	16.89	16.52	14.17	14.37	16.50	16.66
Days Sales Outstanding (DSO)	68.27	72.11	72.73	64.16	58.59	57.95	60.35	62.87	58.30	57.21	59.57
Days Inventory Outstanding (DIO)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Days Payable Outstanding (DPO)	16.12	19.47	15.66	15.19	22.36	21.61	22.10	25.76	25.40	22.13	21.91
Cash Conversion Cycle (CCC)	52.14	52.64	57.07	48.97	36.23	36.34	38.25	37.11	32.90	35.08	37.66
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	4,835	4,981	5,074	4,175	2,460	2,392	2,301	1,789	1,617	1,258	1,281
Invested Capital Turnover	2.76	1.31	1.20	1.17	1.35	1.72	1.76	1.89	2.19	2.33	2.40
Increase / (Decrease) in Invested Capital	4,835	146	93	-899	-1,715	-68	-91	-512	-172	-359	23
Enterprise Value (EV)	0.00	1,693	4,945	3,199	2,471	2,207	2,276	1,747	1,723	1,065	890
Market Capitalization	0.00	0.01	3,400	2,246	1,311	1,005	1,136	874	793	646	294
Book Value per Share	$0.00	$3,288,120.00	$16.78	$15.25	$6.15	$5.69	$5.32	$4.25	$2.89	$5.25	$4.48
Tangible Book Value per Share	$0.00	($1,744,880.00)	($3.46)	($3.96)	($2.97)	($2.51)	($1.22)	($0.36)	($0.25)	$1.35	$0.45
Total Capital	5,223	5,371	5,732	4,931	2,956	2,842	2,687	2,371	2,057	1,624	1,514
Total Debt	61	1,941	2,061	1,567	1,514	1,510	1,413	1,312	1,282	639	687
Total Long-Term Debt	37	1,913	1,979	1,512	1,464	1,420	1,383	1,277	1,248	615	665
Net Debt	-79	1,551	1,403	811	1,018	1,060	998	730	784	273	454
Capital Expenditures (CapEx)	185	188	99	211	213	139	147	153	93	56	81
Debt-free, Cash-free Net Working Capital (DFCFNWC)	-983	153	766	66	-37	125	270	155	323	166	177
Debt-free Net Working Capital (DFNWC)	-843	543	1,424	822	459	575	685	737	821	532	410
Net Working Capital (NWC)	-867	515	1,342	767	409	485	655	702	787	508	388
Net Nonoperating Expense (NNE)	18	152	-126	247	532	75	49	152	141	63	92
Net Nonoperating Obligations (NNO)	-327	1,551	1,403	811	1,018	1,060	1,027	730	842	273	454
Total Depreciation and Amortization (D&A)	600	613	506	474	469	468	359	237	271	210	198
Debt-free, Cash-free Net Working Capital to Revenue	-14.76%	2.39%	12.72%	1.22%	-0.83%	3.00%	6.52%	4.02%	8.68%	4.95%	5.82%
Debt-free Net Working Capital to Revenue	-12.65%	8.47%	23.65%	15.24%	10.28%	13.81%	16.55%	19.10%	22.06%	15.85%	13.48%
Net Working Capital to Revenue	-13.01%	8.04%	22.29%	14.22%	9.16%	11.65%	15.82%	18.20%	21.14%	15.14%	12.75%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	($2.04)	($4.85)	$0.84	($2.06)	($9.29)	($0.61)	($0.18)	($0.89)	($1.41)	$2.28	($1.14)
Adjusted Weighted Average Basic Shares Outstanding	0.00	203.63M	210.47M	211.60M	211.89M	212.15M	215.42M	218.40M	209.97M	161.83M	154.71M
Adjusted Diluted Earnings per Share	($2.04)	($4.85)	$0.83	($2.06)	($9.29)	($0.61)	($0.18)	($0.89)	($1.41)	$2.23	($1.14)
Adjusted Weighted Average Diluted Shares Outstanding	0.00	203.63M	210.47M	211.60M	211.89M	212.15M	215.42M	218.40M	209.97M	161.83M	154.71M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	0.00	203.63M	210.47M	211.60M	211.89M	212.15M	215.42M	218.40M	209.97M	161.83M	154.71M
Normalized Net Operating Profit after Tax (NOPAT)	-285	-78	118	123	26	18	55	225	69	560	-55
Normalized NOPAT Margin	-4.28%	-1.21%	1.96%	2.27%	0.58%	0.42%	1.32%	5.84%	1.84%	16.67%	-1.79%
Pre Tax Income Margin	-8.62%	-19.15%	-0.27%	-7.32%	-47.15%	-3.34%	-0.60%	-3.29%	-8.92%	15.02%	-5.26%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	-70.75	-29.68	0.88	-2.53	-26.00	-1.32	0.55	-0.51	-1.99	7.72	-2.33
NOPAT to Interest Expense	-49.53	-20.77	0.40	-1.51	-17.98	-0.72	0.38	-0.36	-1.39	6.53	-1.63
EBIT Less CapEx to Interest Expense	-93.88	-34.38	0.16	-4.41	-28.73	-3.63	-2.13	-2.33	-2.83	6.97	-4.02
NOPAT Less CapEx to Interest Expense	-72.65	-25.47	-0.32	-3.39	-20.71	-3.04	-2.29	-2.18	-2.23	5.78	-3.32
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	0.00%	0.00%	5.52%	-2.40%	-0.52%	-8.47%	-35.71%	-5.49%	-3.38%	2.35%	-8.82%
Augmented Payout Ratio	0.00%	0.00%	5.52%	-2.40%	-0.52%	-8.47%	-35.71%	-5.49%	-12.50%	45.07%	-23.53%

This table displays calculated financial ratios and metrics derived from Conduent's official financial filings.

Metric	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Period end date	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025	3/31/2026
DEI Shares Outstanding	-	-	-	-	-	-	161,830,138.00	161,830,138.00	157,974,022.00	-	154,709,174.00
DEI Adjusted Shares Outstanding	-	-	-	-	-	-	161,830,138.00	161,830,138.00	157,974,022.00	-	154,709,174.00
DEI Earnings Per Adjusted Shares Outstanding	-	-	-	-	-	-	-0.32	-0.25	-0.29	-	-0.21
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	-4.61%	-3.35%	-0.11%	-9.51%	-13.41%	-16.05%	-18.46%	-8.94%	-4.96%	-3.75%	-3.73%
EBITDA Growth	-300.00%	170.94%	165.85%	369.62%	209.41%	713.25%	-98.17%	-93.53%	-89.59%	-96.00%	725.00%
EBIT Growth	-733.33%	109.39%	710.53%	1,495.00%	161.40%	3,588.24%	-128.57%	-108.15%	-114.86%	-103.83%	65.91%
NOPAT Growth	-758.00%	109.39%	-137.12%	-225.22%	94.91%	3,588.24%	-425.96%	23.61%	-74.02%	-103.83%	70.73%
Net Income Growth	-2,026.67%	101.80%	1,750.00%	3,185.71%	142.56%	-300.00%	-151.52%	-118.52%	-137.40%	-175.00%	35.29%
EPS Growth	-2,333.33%	100.65%	1,250.00%	2,775.00%	153.73%	-300.00%	-171.74%	-124.30%	-141.67%	-1,150.00%	30.30%
Operating Cash Flow Growth	-111.22%	139.22%	-208.33%	-310.00%	-18.18%	-66.39%	-56.76%	63.41%	-200.00%	-4.88%	86.21%
Free Cash Flow Firm Growth	-9.79%	-52.27%	-9.78%	49.89%	-10.95%	333.88%	1.90%	-70.30%	-86.05%	-104.99%	-86.06%
Invested Capital Growth	-22.11%	-9.61%	-13.76%	-23.51%	-15.03%	-22.20%	-17.71%	-9.78%	-3.64%	1.83%	-3.33%
Revenue Q/Q Growth	1.86%	2.25%	-3.36%	-10.10%	-2.54%	-0.87%	-6.13%	0.40%	1.72%	0.39%	-6.10%
EBITDA Q/Q Growth	-355.70%	141.09%	162.65%	70.18%	-40.43%	205.43%	-99.41%	500.00%	-4.17%	17.39%	22.22%
EBIT Q/Q Growth	-1,525.00%	105.96%	805.88%	107.14%	-45.14%	258.29%	-107.02%	40.91%	0.00%	7.69%	37.50%
NOPAT Q/Q Growth	-1,326.09%	106.03%	-145.85%	-269.45%	50.12%	4,464.30%	-106.54%	46.34%	-13.64%	4.00%	50.00%
Net Income Q/Q Growth	-4,028.57%	102.08%	1,550.00%	118.18%	-43.06%	-109.76%	-325.00%	21.57%	-15.00%	28.26%	0.00%
EPS Q/Q Growth	-3,250.00%	100.75%	4,500.00%	132.61%	-32.71%	-102.78%	-1,550.00%	21.21%	-15.38%	16.67%	8.00%
Operating Cash Flow Q/Q Growth	-10.00%	1,209.09%	-130.33%	-10.81%	68.29%	415.38%	-241.46%	74.14%	-160.00%	200.00%	-120.51%
Free Cash Flow Firm Q/Q Growth	-7.27%	-29.70%	36.24%	68.77%	-44.91%	242.53%	-68.00%	-50.80%	-74.12%	-222.46%	189.45%
Invested Capital Q/Q Growth	-14.17%	0.00%	-0.80%	-10.16%	-4.65%	-8.44%	4.93%	-1.52%	1.85%	-3.25%	-0.39%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	22.32%	22.35%	20.20%	18.24%	18.71%	17.25%	17.71%	18.17%	17.73%	18.96%	18.81%
EBITDA Margin	-21.67%	8.71%	23.67%	44.81%	27.39%	84.38%	0.53%	3.18%	3.00%	3.51%	4.56%
Operating Margin	-30.26%	1.78%	-0.76%	-3.38%	-1.61%	78.38%	-5.46%	-2.92%	-3.26%	-3.12%	-1.66%
EBIT Margin	-30.58%	1.78%	16.72%	38.53%	21.69%	78.38%	-5.86%	-3.45%	-3.39%	-3.12%	-2.07%
Profit (Net Income) Margin	-31.01%	0.63%	10.75%	26.09%	15.24%	-1.50%	-6.79%	-5.31%	-6.00%	-4.29%	-4.56%
Tax Burden Percent	92.33%	-150.00%	77.95%	72.00%	77.36%	14.63%	91.07%	105.26%	121.05%	117.86%	122.22%
Interest Burden Percent	109.82%	-23.53%	82.47%	94.04%	90.86%	-13.08%	127.27%	146.15%	146.15%	116.67%	180.00%
Effective Tax Rate	0.00%	0.00%	22.05%	28.00%	22.64%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Return on Invested Capital (ROIC)	-43.07%	2.73%	-1.27%	-5.32%	-2.92%	128.08%	-8.33%	-4.64%	-5.20%	-5.23%	-2.70%
ROIC Less NNEP Spread (ROIC-NNEP)	-54.64%	1.98%	12.24%	29.43%	19.14%	47.20%	-12.27%	-9.96%	-12.18%	-9.68%	-8.37%
Return on Net Nonoperating Assets (RNNOA)	-41.00%	1.70%	9.87%	20.35%	12.93%	29.90%	-7.74%	-5.07%	-5.28%	-3.89%	-4.20%
Return on Equity (ROE)	-84.07%	4.42%	8.59%	15.02%	10.01%	157.99%	-16.07%	-9.71%	-10.48%	-9.11%	-6.90%
Cash Return on Invested Capital (CROIC)	8.97%	1.02%	4.72%	21.40%	14.67%	59.02%	51.48%	38.43%	31.68%	-7.99%	-1.09%
Operating Return on Assets (OROA)	-32.50%	1.97%	18.97%	44.92%	25.42%	91.31%	-6.68%	-4.07%	-3.90%	-3.80%	-2.54%
Return on Assets (ROA)	-32.95%	0.70%	12.19%	30.42%	17.87%	-1.75%	-7.74%	-6.27%	-6.90%	-5.22%	-5.59%
Return on Common Equity (ROCE)	-72.64%	3.73%	7.30%	12.82%	8.38%	131.79%	-13.45%	-8.17%	-8.88%	-7.67%	-5.75%
Return on Equity Simple (ROE_SIMPLE)	-102.92%	0.00%	-27.25%	4.26%	50.63%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Net Operating Profit after Tax (NOPAT)	-197	12	-5.46	-20	-10	439	-29	-15	-18	-17	-8.40
NOPAT Margin	-21.18%	1.25%	-0.59%	-2.43%	-1.25%	54.86%	-3.82%	-2.04%	-2.28%	-2.18%	-1.16%
Net Nonoperating Expense Percent (NNEP)	11.57%	0.75%	-13.51%	-34.76%	-22.07%	80.88%	3.94%	5.32%	6.99%	4.46%	5.67%
Return On Investment Capital (ROIC_SIMPLE)	-	0.62%	-	-	-	29.62%	-1.97%	-1.07%	-1.22%	-1.22%	-0.62%
Cost of Revenue to Revenue	77.68%	77.65%	79.80%	81.76%	81.29%	82.75%	82.29%	81.83%	82.27%	81.04%	81.19%
SG&A Expenses to Revenue	12.34%	11.96%	12.60%	13.89%	14.25%	13.63%	15.98%	13.26%	12.52%	12.47%	12.59%
R&D to Revenue	0.21%	0.21%	0.22%	0.12%	0.12%	0.25%	0.13%	0.13%	0.13%	0.13%	0.14%
Operating Expenses to Revenue	52.58%	20.57%	20.96%	21.62%	20.32%	-61.13%	23.17%	21.09%	20.99%	22.08%	20.47%
Earnings before Interest and Taxes (EBIT)	-285	17	154	319	175	627	-44	-26	-26	-24	-15
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	-202	83	218	371	221	675	4.00	24	23	27	33
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	1.23	1.26	1.05	0.89	0.75	0.77	0.55	0.55	0.62	0.43	0.31
Price to Tangible Book Value (P/TBV)	0.00	0.00	27.20	6.73	2.97	2.99	2.47	2.90	4.96	4.31	7.30
Price to Revenue (P/Rev)	0.20	0.21	0.20	0.18	0.19	0.19	0.14	0.14	0.14	0.10	0.07
Price to Earnings (P/E)	0.00	0.00	0.00	20.84	1.47	1.52	1.58	21.36	0.00	0.00	0.00
Dividend Yield	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Earnings Yield	0.00%	0.00%	0.00%	4.80%	67.84%	65.95%	63.17%	4.68%	0.00%	0.00%	0.00%
Enterprise Value to Invested Capital (EV/IC)	1.09	1.07	0.99	0.93	0.84	0.85	0.73	0.73	0.79	0.69	0.65
Enterprise Value to Revenue (EV/Rev)	0.47	0.46	0.43	0.37	0.33	0.32	0.30	0.31	0.34	0.29	0.28
Enterprise Value to EBITDA (EV/EBITDA)	0.00	34.46	68.76	0.00	5.85	1.35	1.30	1.28	1.43	10.35	7.24
Enterprise Value to EBIT (EV/EBIT)	0.00	0.00	0.00	0.00	0.00	1.84	1.76	1.72	1.95	0.00	0.00
Enterprise Value to NOPAT (EV/NOPAT)	0.00	0.00	0.00	0.00	0.00	2.18	2.04	2.46	2.78	0.00	0.00
Enterprise Value to Operating Cash Flow (EV/OCF)	97.66	19.36	24.71	40.46	37.15	0.00	0.00	0.00	0.00	0.00	0.00
Enterprise Value to Free Cash Flow (EV/FCFF)	10.61	99.61	19.36	3.75	5.25	1.26	1.27	1.80	2.46	0.00	0.00
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	1.71	1.65	1.32	0.92	0.73	0.65	0.69	0.71	0.83	0.83	0.92
Long-Term Debt to Equity	1.66	1.61	1.28	0.88	0.70	0.62	0.66	0.68	0.81	0.80	0.89
Financial Leverage	0.75	0.86	0.81	0.69	0.68	0.63	0.63	0.51	0.43	0.40	0.50
Leverage Ratio	3.35	3.67	3.42	3.17	3.35	3.27	3.12	2.90	2.84	2.76	2.85
Compound Leverage Factor	3.68	-0.86	2.82	2.98	3.05	-0.43	3.97	4.24	4.15	3.22	5.13
Debt to Total Capital	63.15%	62.32%	56.85%	47.82%	42.11%	39.35%	40.76%	41.65%	45.36%	45.38%	47.94%
Short-Term Debt to Total Capital	1.93%	1.65%	1.68%	1.92%	1.47%	1.48%	1.63%	1.78%	1.02%	1.45%	1.53%
Long-Term Debt to Total Capital	61.22%	60.67%	55.17%	45.90%	40.63%	37.87%	39.14%	39.87%	44.34%	43.92%	46.41%
Preferred Equity to Total Capital	0.01%	0.01%	0.00%	0.01%	0.01%	0.00%	0.01%	0.01%	0.01%	0.01%	0.01%
Noncontrolling Interests to Total Capital	7.01%	7.10%	7.44%	8.49%	8.26%	8.99%	9.14%	9.02%	9.03%	9.38%	9.44%
Common Equity to Total Capital	29.84%	30.58%	35.71%	43.70%	49.64%	51.67%	50.10%	49.34%	45.62%	45.25%	42.63%
Debt to EBITDA	-8.71	25.64	48.52	-23.49	3.78	0.81	0.88	0.88	0.97	7.99	6.27
Net Debt to EBITDA	-5.70	15.68	30.48	-14.91	1.78	0.35	0.51	0.51	0.63	5.28	4.29
Long-Term Debt to EBITDA	-8.44	24.96	47.09	-22.54	3.64	0.78	0.85	0.85	0.95	7.73	6.07
Debt to NOPAT	-4.45	-8.29	-6.40	-9.42	-31.46	1.31	1.39	1.70	1.89	-8.76	-12.41
Net Debt to NOPAT	-2.92	-5.07	-4.02	-5.98	-14.84	0.56	0.80	0.99	1.23	-5.79	-8.49
Long-Term Debt to NOPAT	-4.32	-8.07	-6.21	-9.04	-30.36	1.26	1.33	1.63	1.85	-8.48	-12.01
Altman Z-Score	0.09	0.43	0.61	0.85	0.72	1.25	0.21	0.17	0.13	0.02	-0.03
Noncontrolling Interest Sharing Ratio	13.59%	15.70%	15.01%	14.64%	16.29%	16.58%	16.28%	15.85%	15.29%	15.88%	16.64%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	1.91	1.91	1.87	1.65	1.75	1.68	1.64	1.65	1.64	1.57	1.59
Quick Ratio	1.32	1.22	1.20	1.00	1.11	1.15	1.05	1.05	1.05	1.08	1.06
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	262	184	251	423	233	798	255	126	33	-40	36
Operating Cash Flow to CapEx	-50.00%	420.69%	-176.19%	-164.00%	-81.25%	0.00%	-322.22%	-75.00%	-185.71%	177.27%	-57.14%
Free Cash Flow to Firm to Interest Expense	9.34	6.34	9.28	22.25	14.56	61.38	21.28	10.47	2.71	-3.32	2.97
Operating Cash Flow to Interest Expense	-0.39	4.21	-1.37	-2.16	-0.81	3.15	-4.83	-1.25	-3.25	3.25	-0.67
Operating Cash Flow Less CapEx to Interest Expense	-1.18	3.21	-2.15	-3.47	-1.81	3.62	-6.33	-2.92	-5.00	1.42	-1.83
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	1.06	1.11	1.13	1.17	1.17	1.17	1.14	1.18	1.15	1.22	1.22
Accounts Receivable Turnover	5.94	6.26	6.25	6.60	6.16	6.38	5.90	6.38	6.05	6.13	6.16
Inventory Turnover	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Fixed Asset Turnover	14.93	16.08	16.72	16.86	16.91	18.44	17.46	17.24	17.07	17.48	17.13
Accounts Payable Turnover	15.88	14.37	16.93	18.86	18.78	16.50	16.23	19.49	18.87	16.66	17.08
Days Sales Outstanding (DSO)	61.48	58.30	58.36	55.29	59.29	57.21	61.86	57.24	60.36	59.57	59.28
Days Inventory Outstanding (DIO)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Days Payable Outstanding (DPO)	22.98	25.40	21.56	19.35	19.43	22.13	22.49	18.73	19.35	21.91	21.37
Cash Conversion Cycle (CCC)	38.50	32.90	36.80	35.94	39.86	35.08	39.37	38.51	41.01	37.66	37.90
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	1,617	1,617	1,604	1,441	1,374	1,258	1,320	1,300	1,324	1,281	1,276
Invested Capital Turnover	2.03	2.19	2.15	2.19	2.35	2.33	2.18	2.27	2.28	2.40	2.32
Increase / (Decrease) in Invested Capital	-459	-172	-256	-443	-243	-359	-284	-141	-50	23	-44
Enterprise Value (EV)	1,758	1,723	1,581	1,335	1,152	1,065	957	950	1,049	890	833
Market Capitalization	758	793	734	667	654	646	437	427	442	294	198
Book Value per Share	$2.83	$2.89	$3.43	$3.67	$5.40	$5.25	$4.94	$4.80	$4.54	$4.48	$4.14
Tangible Book Value per Share	($0.39)	($0.25)	$0.13	$0.48	$1.36	$1.35	$1.09	$0.91	$0.56	$0.45	$0.18
Total Capital	2,068	2,057	1,963	1,719	1,767	1,624	1,597	1,575	1,572	1,514	1,504
Total Debt	1,306	1,282	1,116	822	744	639	651	656	713	687	721
Total Long-Term Debt	1,266	1,248	1,083	789	718	615	625	628	697	665	698
Net Debt	855	784	701	522	351	273	374	381	465	454	493
Capital Expenditures (CapEx)	22	29	21	25	16	-6.00	18	20	21	22	14
Debt-free, Cash-free Net Working Capital (DFCFNWC)	319	323	358	266	251	166	211	203	220	177	198
Debt-free Net Working Capital (DFNWC)	770	821	773	566	644	532	488	478	468	410	426
Net Working Capital (NWC)	730	787	740	533	618	508	462	450	452	388	403
Net Nonoperating Expense (NNE)	92	5.90	-104	-236	-133	451	22	25	29	16	25
Net Nonoperating Obligations (NNO)	855	842	757	544	351	273	374	381	465	454	493
Total Depreciation and Amortization (D&A)	83	66	64	52	46	48	48	50	49	51	48
Debt-free, Cash-free Net Working Capital to Revenue	8.50%	8.68%	9.62%	7.32%	7.15%	4.95%	6.62%	6.52%	7.16%	5.82%	6.57%
Debt-free Net Working Capital to Revenue	20.51%	22.06%	20.77%	15.58%	18.35%	15.85%	15.32%	15.36%	15.23%	13.48%	14.13%
Net Working Capital to Revenue	19.44%	21.14%	19.89%	14.67%	17.61%	15.14%	14.50%	14.46%	14.71%	12.75%	13.37%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	($1.34)	$0.01	$0.46	$1.10	$0.75	($0.03)	($0.33)	($0.26)	($0.30)	($0.25)	($0.23)
Adjusted Weighted Average Basic Shares Outstanding	217.29M	209.97M	204.58M	162.40M	159.89M	161.83M	161.83M	157.97M	152.89M	154.71M	155.10M
Adjusted Diluted Earnings per Share	($1.34)	$0.01	$0.46	$1.07	$0.72	($0.02)	($0.33)	($0.26)	($0.30)	($0.25)	($0.23)
Adjusted Weighted Average Diluted Shares Outstanding	217.29M	209.97M	204.58M	162.40M	159.89M	161.83M	161.83M	157.97M	152.89M	154.71M	155.10M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	217.29M	209.97M	204.58M	162.40M	159.89M	161.83M	161.83M	157.97M	152.89M	154.71M	155.10M
Normalized Net Operating Profit after Tax (NOPAT)	8.40	15	4.68	-12	-5.42	456	-25	-9.80	-8.40	-12	-2.80
Normalized NOPAT Margin	0.90%	1.62%	0.51%	-1.39%	-0.67%	56.96%	-3.26%	-1.30%	-1.10%	-1.55%	-0.39%
Pre Tax Income Margin	-33.58%	-0.42%	13.79%	36.23%	19.70%	-10.25%	-7.46%	-5.04%	-4.95%	-3.64%	-3.73%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	-10.18	0.59	5.70	16.79	10.94	48.23	-3.67	-2.17	-2.17	-2.00	-1.25
NOPAT to Interest Expense	-7.05	0.41	-0.20	-1.06	-0.63	33.76	-2.39	-1.28	-1.46	-1.40	-0.70
EBIT Less CapEx to Interest Expense	-10.96	-0.41	4.93	15.47	9.94	48.69	-5.17	-3.83	-3.92	-3.83	-2.42
NOPAT Less CapEx to Interest Expense	-7.84	-0.59	-0.98	-2.38	-1.63	34.22	-3.89	-2.95	-3.21	-3.23	-1.87
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	-1.57%	-3.38%	-5.24%	31.25%	2.25%	2.35%	3.62%	50.00%	-6.71%	-8.82%	-8.55%
Augmented Payout Ratio	-2.68%	-12.50%	-28.27%	637.50%	47.75%	45.07%	3.62%	180.00%	-23.49%	-23.53%	-8.55%

Financials Breakdown Chart

Key Financial Trends

Conduent’s latest quarter shows a company that is still struggling to convert revenue into profit, even though its top line remains relatively steady. In Q1 2026, revenue came in at $723 million, down modestly from $770 million in Q4 2025 and $751 million in Q1 2025. More concerning, the company posted a $33 million net loss and $12 million of operating loss, extending a run of weak profitability despite some improvements in cash flow versus the prior quarter.

Q1 2026 operating cash flow improved sequentially to a negative $8 million from negative $39 million in Q4 2025, helped by better working-capital trends.
Cash and equivalents rose to $228 million at the end of Q1 2026, up from $205 million at the end of Q4 2025, giving Conduent some liquidity cushion.
The company continued to reduce debt in Q1 2026, repaying $30 million, while long-term debt ticked down to $698 million from $697 million and short-term debt stayed relatively low at $23 million.
Gross profit in Q1 2026 was $136 million, with gross margin holding roughly in the high-teens, suggesting the core service model still produces meaningful gross profit.
Compared with early 2025, operating revenue has remained fairly stable in the $720 million to $770 million range, indicating the business has not seen a sharp collapse in demand.
The company recorded a restructuring charge of $8 million in Q1 2026, which suggests ongoing efforts to streamline operations, but these charges also show the turnaround is still in progress.
Depreciation and amortization remain substantial, meaning reported earnings are being weighed down by a relatively heavy non-cash expense base.
Conduent’s balance sheet still includes significant goodwill and other noncurrent assets, so asset quality remains something investors should monitor.
Q1 2026 operating income was negative $12 million, showing the company is still not consistently covering its operating costs with gross profit.
Net income has been negative in four of the last five reported quarters shown here, with only Q3 2024 and Q4 2024 producing positive results.

Longer-term trend: Conduent’s recent history is mixed. In 2024, the company briefly produced stronger quarters, including Q2 and Q3 2024, when reported net income turned positive and cash flow improved. But that strength did not last. By 2025 and into Q1 2026, profitability weakened again, with losses returning and operating cash flow becoming inconsistent. The latest quarter suggests the company is still in a recovery phase rather than a clean growth story.

Balance sheet takeaways: Total assets were $2.393 billion in Q1 2026 against total liabilities of $1.61 billion, leaving common equity of about $641 million. That is not alarming on its own, but the company remains leveraged and has a large amount of noncurrent liabilities. The good news is that cash is adequate for now and debt is not rising sharply. The bad news is that recurring losses could eventually pressure that flexibility if operating performance does not improve.

Bottom line: Conduent appears to have enough liquidity to keep operating, but its earnings profile remains weak and volatile. Investors should watch for sustained improvement in operating margin and operating cash flow before treating the turnaround as durable.

07/19/26 05:00 AM ETAI Generated. May Contain Errors.

Conduent Financials - Frequently Asked Questions

According to the most recent income statement we have on file, Conduent's financial year ends in December. Their financial year 2025 ended on December 31, 2025.

Conduent's net income appears to be on a downward trend, with a most recent value of -$170 million in 2025, falling from -$414 million in 2015. The previous period was $426 million in 2024. View Conduent's forecast to see where analysts expect Conduent to go next.

Conduent's total operating income in 2025 was -$112 million, based on the following breakdown:

Total Gross Profit: $552 million
Total Operating Expenses: $664 million

Over the last 10 years, Conduent's total revenue changed from $6.66 billion in 2015 to $3.04 billion in 2025, a change of -54.3%.

Conduent's total liabilities were at $1.57 billion at the end of 2025, a 2.7% decrease from 2024, and a 59.7% decrease since 2015.

In the past 10 years, Conduent's cash and equivalents has ranged from $140 million in 2015 to $756 million in 2018, and is currently $233 million as of their latest financial filing in 2025.

Over the last 10 years, Conduent's book value per share changed from 0.00 in 2015 to 4.48 in 2025, a change of 448.1%.

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Financial statements for NASDAQ:CNDT last updated on 7/2/2026 by MarketBeat.com Staff. New filings and market data are monitored continuously.

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Conduent (CNDT) Financials

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Conduent (CNDT) Financials

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