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Computer hardware · Technology · Fiscal year ends Dec 31
NCR Atleos reported revenue of $4.4B in the fiscal year ended Dec 2025, up 1.1% from the year before. Operating income was $478M, an operating margin of 11.0%, and net income was $162M. Operating cash flow of $356M less capital expenditure of $117M left free cash flow of $239M. Net debt was $2.3B.
Ranks among the 14 computer hardware companies we cover (1st = best; for debt, the least indebted). Green = top third, red = bottom third.
Last 5 fiscal years
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue | 3,549 | 4,122 | 4,186 | 4,305 | 4,354 |
| Research & development | 107 | 64.0 | 80.0 | 62.0 | 70.0 |
| Selling, general & admin | 537 | 586 | 585 | 521 | 513 |
| Operating income | 248 | 258 | 263 | 437 | 478 |
| Net interest incomeBanks | −49.0 | −31.0 | −90.0 | – | – |
| Interest expense | – | 31.0 | 90.0 | 309 | 270 |
| Pre-tax income | 251 | 146 | 89.0 | 125 | 189 |
| Income tax | 64.0 | 48.0 | 237 | 44.0 | 27.0 |
| Net income | 186 | 99.0 | −150 | 80.0 | 162 |
| Diluted EPS | 2.63 | 1.40 | −2.12 | 1.08 | 2.14 |
| Diluted shares | 70.6 | 70.6 | 70.6 | 74.2 | 75.6 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Cash & equivalents | 238 | 293 | 339 | 419 | 456 |
| Receivables | – | 455 | 707 | 581 | 550 |
| Inventory | – | 419 | 333 | 307 | 342 |
| Current assets | – | 1,649 | 1,861 | 1,749 | 1,824 |
| Net PP&E | – | 412 | 468 | 474 | 511 |
| Goodwill | 1,906 | 1,949 | 1,952 | 1,950 | 1,958 |
| Total assets | – | 5,772 | 5,702 | 5,535 | 5,668 |
| Payables | – | 350 | 505 | 564 | 617 |
| Deferred revenue | – | 356 | 332 | 328 | 383 |
| Current liabilities | – | 1,369 | 1,773 | 1,722 | 1,899 |
| Short-term debt | – | 108 | 76.0 | 81.0 | 86.0 |
| Long-term debt | – | 717 | 2,938 | 2,859 | 2,672 |
| Total liabilities | – | 2,510 | 5,480 | 5,312 | 5,266 |
| Shareholders' equity | 2,333 | 3,263 | 219 | 219 | 403 |
| Backlog (remaining obligations) | – | – | 1,900 | 2,000 | 2,200 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Operating cash flow | 449 | 274 | 355 | 344 | 356 |
| Capital expenditure | 80.0 | 58.0 | 108 | 87.0 | 117 |
| Free cash flow | 369 | 216 | 247 | 257 | 239 |
| Depreciation & amortisation | 72.0 | 127 | 254 | 287 | 277 |
| Stock-based compensation | 82.0 | 66.0 | 68.0 | 38.0 | 34.0 |
| Acquisitions | 2,346 | 78.0 | 1.0 | 0.0 | 17.0 |
| Share buybacks | – | – | 0.0 | 0.0 | 28.0 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue growth (YoY) | – | 16.1% | 1.6% | 2.8% | 1.1% |
| Operating income growth (YoY) | – | 4.0% | 1.9% | 66.2% | 9.4% |
| EPS growth (YoY) | – | −46.8% | −251.4% | – | 98.1% |
| Operating margin | 7.0% | 6.3% | 6.3% | 10.2% | 11.0% |
| Net margin | 5.2% | 2.4% | −3.6% | 1.9% | 3.7% |
| Return on equityBlank when equity is negative | 8.0% | 3.0% | −68.5% | 36.5% | 40.2% |
| ROCEEBIT ÷ (assets − current liabilities) | – | 5.9% | 6.7% | 11.5% | 12.7% |
| Free cash flow margin | 10.4% | 5.2% | 5.9% | 6.0% | 5.5% |
| Cash conversion (CFO ÷ net income) | 2.41x | 2.77x | −2.37x | 4.30x | 2.20x |
| Receivable days | – | 40 | 62 | 49 | 46 |
| Interest cover | – | 8.32x | 2.92x | 1.41x | 1.77x |
| Debt ÷ equity | – | 0.25x | 13.8x | 13.4x | 6.84x |
| Net debtDebt − cash & equivalents; excludes investments; negative = net cash | – | 532 | 2,675 | 2,521 | 2,302 |
| Current ratio | – | 1.20x | 1.05x | 1.02x | 0.96x |
Standardised figures from the company's XBRL filings with the SEC (10-K, 10-Q). Line items follow US GAAP tags, so a company's own statement layout may differ and some lines show “–” where the company does not report that item. Ratios are calculated from these figures. For education only; not investment advice or a recommendation.