A technology company that sells checkout, payments and store-management software and hardware to retailers and restaurants, including the well-known Aloha point-of-sale system used by eateries. It traces back to the National Cash Register Company, founded in 1884 in Dayton, Ohio, making mechanical cash registers. In October 2023 the old NCR split in two, and this retail-focused arm kept the historic NCR initials while adding "Voyix" — a nod to "voyage," chosen because the firm views its work with customers as a shared journey.
Hardware outsourcing transition slashes NCR Voyix Q2 revenue 21% to $523M as product sales shift to net commission basis.
The long-delayed hardware outsourcing transition reshaped NCR Voyix's income statement in Q2. fell 21% to $523 million as product revenue dropped 85% to $27 million under the new net-basis commission model, while service revenue rose 4% and total widened to 29.8% from 22.7% a year ago. The company is now a software-and-services business in form as well as name, but the Restaurants reversed its growth trend with a 23% revenue decline.
Key takeaways
The Hardware Business Transition with Ennoconn became effective for hardware sales on April 1, 2026, shifting most hardware to net-basis commission recognition and cutting product revenue 85% to $27 million.
Service rose 4% to $496 million, driven by net hardware commissions plus higher payments processing, hardware maintenance, and software maintenance, partially offset by lower SaaS and installation revenue.
Total widened to 29.8% from 22.7% a year ago, as service rose 12% to $150 million while product gross profit fell 63% to $6 million on the hardware transition.
Section summaries
Management's Discussion and Analysis
Q2 2026 revenue fell 21% to $523M on the hardware transition, while Adjusted EBITDA rose 5% to $98M.
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Total fell 21% to $523M in Q2 2026, driven by the April 1, 2026 shift to net hardware commission revenue under the Ennoconn ODM model, which cut product revenue 85% to $27M.
Service rose 4% to $496M on net hardware commissions plus higher payments processing, hardware maintenance, and software maintenance, partially offset by lower SaaS and installation revenue.
The Restaurants , which had returned to growth in recent quarters, saw fall 23% to $158 million and decline 15% to $58 million, a reversal from the 2% revenue growth and 10% Adjusted EBITDA increase in Q2 2025.
Retail fell 20% to $365 million, but Retail rose 20% to $97 million on a favorable software mix and cost reductions.
Cash provided by operating activities was $59 million in the first half of 2026, compared to a $284 million use in the first half of 2025 that included $284 million of Digital Banking sale tax payments; cash and equivalents stood at $237 million at quarter-end against $1.1 billion in .
What changed
The Hardware Business Transition with Ennoconn, flagged as a watch item since Q2 2024 and delayed from its original Q1 2025 target, became effective for hardware sales on April 1, 2026, and Q2 2026 is the first full quarter showing the shift to .
The Restaurants 's 23% decline and 15% drop in Q2 2026 reverses the growth trajectory the segment had shown in Q2 2025 (revenue up 2%, Adjusted EBITDA up 10%) and Q3 2025 (revenue up 2%, Adjusted EBITDA up 12%), and deepens the 6% revenue decline and 8% Adjusted EBITDA drop reported in Q1 2026.
turned positive in the first half of 2026 at $59 million, after the $284 million Digital Banking tax payment weighed on the first half of 2025, settling the watch item on whether cash flow would improve once that payment was behind the company.
Service , which reached 28.5% for full-year FY2025 and was flagged as a sustainability question, continued to perform: service rose 12% in Q2 2026 on net hardware commissions and higher-margin streams.
What to watch
Whether the Restaurants 's 23% decline in Q2 2026 is a one-time disruption from the hardware transition or the start of a sustained downturn after several quarters of growth.
Whether total can sustain the 29.8% level reported in Q2 2026 as the hardware transition's net-basis commission model flows through subsequent quarters.
How the $237 million cash balance is managed against the $1.1 billion debt load, and whether remains positive in the second half of 2026.
The Series A Convertible Preferred Stock put rights beginning March 16, 2027, which carry cumulative 5.5% dividends and could create a liquidity demand if holders exercise the put.
Total improved to 29.8% from 22.7%, with service gross margin up 12% to $150M, while product gross margin fell 63% to $6M on the hardware transition.
Retail fell 20% to $365M but Retail rose 20% to $97M on favorable software mix and cost reductions; Restaurants revenue fell 23% to $158M and Adjusted EBITDA fell 15% to $58M.
Cash provided by operating activities was $59M in H1 2026 versus a $284M use in H1 2025, which included $284M of Digital Banking Sale tax payments; cash and equivalents totaled $237M with $1.1B of debt at June 30, 2026.
The company cites tariff, trade policy, inflation, and geopolitical uncertainty as macroeconomic risks but provides no specific quantitative in this section.
Quantitative and Qualitative Disclosures About Market Risk
Market risk is mainly from FX and interest rates, with hedging via forwards and mostly fixed-rate debt.
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The company has exposure to about 25 functional currencies and hedges main transactional exposures, primarily with forward contracts not designated as hedging instruments.
A 10% USD appreciation would have decreased fair value by less than $21 million as of June 30, 2026; a 10% would have increased it by $23 million.
The company expects fair-value changes to be substantially offset by changes in the underlying hedged exposures.
Approximately 100% of borrowings were fixed-rate as of June 30, 2026, with no outstanding interest rate derivatives and no borrowings under the .
Credit risk is managed through credit approvals, credit limits, use of major international financial institutions as counterparties, and monitoring; no significant credit-risk concentration existed as of June 30, 2026.
The information required by this item is included in Note 9, “Commitments and Contingencies”, of the Notes to Condensed Consolidated Financial Statements in this quarterly report and is incorporated herein by reference.
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The information required by this item is included in Note 9, “Commitments and Contingencies”, of the Notes to Condensed Consolidated Financial Statements in this quarterly report and is incorporated herein by reference.
In addition to the other information set forth in this Quarterly Report, you should carefully consider the risk factors and other cautionary statements described under Part I, Item 1A. “Risk Factors” in the Company’s 2025 Annual Report on Form 10-K, which could materially affect…
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In addition to the other information set forth in this Quarterly Report, you should carefully consider the risk factors and other cautionary statements described under Part I, Item 1A. “Risk Factors” in the Company’s 2025 Annual Report on Form 10-K, which could materially affect our business, financial condition or future results. Additional risks and uncertainties not currently known to us or that we currently deem to be immaterial also may materially and adversely affect our business, financial condition or future results. There have been no material changes in our risk factors from those described in the 2025 Annual Report on Form 10-K.