NCR Voyix (VYX) Q1 2026 headline numbers

NCR Voyix (VYX) opened 2026 with Q1 revenue of US$606 million and a basic EPS loss of US$0.04, setting a very different tone from the trailing twelve month EPS of US$0.30 that reflects a recent turn to profitability. Over recent quarters, revenue has moved between US$617 million in Q1 2025 and US$720 million in Q4 2025, while EPS has swung from a loss of US$0.17 in Q1 2025 to a profit of US$0.50 in Q4 2025 before slipping back into a small loss this quarter, putting the focus firmly on how sustainable the margin improvement really is.

See our full analysis for NCR Voyix.

With the latest numbers on the table, the next step is to see how these results line up against the key narratives around growth, profitability and risk that many investors already have in mind.

Profit swing around one-off items

• Over the last twelve months NCR Voyix reported net income from continuing operations of US$42 million on US$2.7b of revenue, but this period also included a one-off loss of US$127 million that affected the earnings pattern.
• What stands out for the bullish narrative is that it expects profit margins to move from a loss of 2.3% to 14.7% in a few years. However, the recent Q1 2026 loss of US$5 million and the large one-off loss in the trailing period both show that profitability has been sensitive to unusual items.
  • Bulls point to the shift toward software, payments and recurring revenue as a reason margins could improve, but the trailing figures still reflect the impact of discontinued operations and restructuring effects.
  • This mix of a recent return to profitability on a trailing basis and sizeable one-off charges gives bulls some support on direction, while also reminding them that clean, recurring earnings are still developing.

Bulls who see Q1 as a bump in a longer profit recovery often point to the software and payments shift as the core of their thesis, and they may want to see how that story is built out in more detail in the dedicated bull case for NCR Voyix before relying too heavily on a single quarter. 🐂 NCR Voyix Bull Case

Revenue at US$606m against an expected decline path

• Q1 2026 revenue of US$606 million compares with US$2.7b over the trailing year, while analysts expect revenue to decline by about 7.1% to 10.9% per year over the next three years based on the various narratives provided.
• Bears argue that this expected revenue decline could weigh on the transition to higher margin software and payments, and Q1 2026 revenue below Q4 2025 levels at US$720 million gives some support to their caution.
  • The bearish narrative highlights that a meaningful portion of revenue still comes from hardware and onetime services, and the latest quarter was described as showing a 3% revenue decline tied to weaker hardware related activity.
  • That pattern fits the concern that the mix shift toward recurring software and payments may take time to show up in total revenue and segment earnings, even if the long term direction is toward more recurring income.

Skeptics who focus on the revenue decline path often focus on how quickly hardware can be reduced in favor of software and payments, so it is worth reading how the more cautious analysts frame that risk in their full bear case on NCR Voyix. 🐻 NCR Voyix Bear Case

P/E of 26.7x and DCF fair value at US$16.85

• The stock trades on a trailing P/E of 26.7x, below the US Software industry at 29.3x and peer average at 30.8x, while the provided DCF fair value is US$16.85 compared with the current share price of US$8.09.
• Consensus narrative supporters point to this combination of a lower P/E multiple and a DCF fair value that is roughly twice the current price as potential valuation support. However, they also flag that forecast revenue is expected to decline by 7.1% per year with margins needing to rise from 0.8% to 10.2% to justify the analyst price target of US$12.75.
  • The trailing twelve month return to profitability and US$42 million of net income are aligned with the view that margins can improve, yet the weak operating cash flow coverage of debt in the risk summary shows not all quality indicators are moving in the same direction.
  • That split between apparent upside to both the DCF fair value and the analyst price target on one side and flagged balance sheet and revenue trajectory risks on the other is exactly what makes NCR Voyix a stock where valuation and fundamentals need to be weighed together.

Next Steps

To see how these results tie into long-term growth, risks, and valuation, check out the full range of community narratives for NCR Voyix on Simply Wall St. Add the company to your watchlist or portfolio so you'll be alerted when the story evolves.

With mixed signals on growth, margins, and balance sheet strength, sentiment is understandably split. Take a closer look at the data and decide where you stand by checking the 2 key rewards and 2 important warning signs

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This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.