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Software - Application · Technology · Fiscal year ends Dec 31
NICE reported revenue of $2.9B in the fiscal year ended Dec 2025, up 7.7% from the year before. Operating income was $646M, an operating margin of 21.9%, and net income was $612M. Operating cash flow of $717M less capital expenditure of $19M left free cash flow of $698M.
Ranks among the 83 software - application 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 | 1,921 | 2,181 | 2,378 | 2,735 | 2,945 |
| Cost of revenue | 624 | 684 | 768 | 910 | 989 |
| Gross profit | 1,297 | 1,498 | 1,609 | 1,826 | 1,956 |
| Research & development | 271 | 306 | 323 | 361 | 360 |
| Selling, general & admin | 762 | 856 | 851 | 919 | 950 |
| Operating income | 264 | 335 | 435 | 546 | 646 |
| Interest expense | 10.1 | 1.1 | 1.1 | 0.0 | 0.0 |
| Pre-tax income | 241 | 345 | 458 | 605 | 704 |
| Income tax | 41.4 | 79.4 | 119 | 162 | 91.9 |
| Net income | 200 | 265 | 337 | 439 | 612 |
| Diluted EPS | 2.98 | 4.00 | 5.11 | 6.76 | 9.67 |
| Diluted shares | 66.9 | 66.5 | 66.3 | 65.5 | 63.3 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Cash & equivalents | 379 | 530 | 512 | 482 | 379 |
| Receivables | 396 | 519 | 585 | 644 | 738 |
| Current assets | 2,298 | 2,417 | 2,313 | 2,505 | 1,379 |
| Net PP&E | 146 | 159 | 174 | 185 | 189 |
| Goodwill | 1,607 | 1,617 | 1,822 | 1,850 | 2,441 |
| Total assets | 4,710 | 4,854 | 5,118 | 5,296 | 5,106 |
| Payables | 36.1 | 56.0 | 66.0 | 111 | 101 |
| Current liabilities | 1,270 | 1,141 | 1,120 | 1,474 | 888 |
| Short-term debt | 396 | 209 | 209 | 459 | 0.0 |
| Long-term debt | 429 | 455 | 457 | 0.0 | – |
| Total liabilities | 1,872 | 1,799 | 1,763 | 1,693 | 1,230 |
| Shareholders' equity | 2,825 | 3,042 | 3,341 | 3,590 | 3,877 |
| Backlog (remaining obligations) | 1,773 | 2,270 | 2,544 | 3,073 | 3,675 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Operating cash flow | 462 | 480 | 561 | 833 | 717 |
| Capital expenditure | 24.8 | 31.9 | 29.2 | 35.0 | 18.9 |
| Free cash flow | 437 | 448 | 532 | 798 | 698 |
| Depreciation & amortisation | 184 | 177 | 167 | 205 | 199 |
| Stock-based compensation | 153 | 183 | 177 | 182 | 146 |
| Acquisitions | – | – | 415 | 64.8 | 856 |
| Share buybacks | 73.2 | 145 | 288 | 369 | 489 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue growth (YoY) | – | 13.5% | 9.0% | 15.0% | 7.7% |
| Operating income growth (YoY) | – | 27.0% | 29.9% | 25.4% | 18.3% |
| EPS growth (YoY) | – | 34.2% | 27.8% | 32.3% | 43.0% |
| Gross margin | 67.5% | 68.7% | 67.7% | 66.7% | 66.4% |
| Operating margin | 13.7% | 15.4% | 18.3% | 20.0% | 21.9% |
| Net margin | 10.4% | 12.2% | 14.2% | 16.1% | 20.8% |
| Return on equityBlank when equity is negative | 7.1% | 8.7% | 10.1% | 12.2% | 15.8% |
| ROCEEBIT ÷ (assets − current liabilities) | 7.7% | 9.0% | 10.9% | 14.3% | 15.3% |
| Free cash flow margin | 22.7% | 20.5% | 22.4% | 29.2% | 23.7% |
| Cash conversion (CFO ÷ net income) | 2.31x | 1.81x | 1.67x | 1.89x | 1.17x |
| Receivable days | 75 | 87 | 90 | 86 | 91 |
| Payable days | 21 | 30 | 31 | 44 | 37 |
| Interest cover | 26.2x | 297x | 395x | 11869x | – |
| Debt ÷ equity | 0.29x | 0.22x | 0.20x | 0.13x | – |
| Net debtDebt − cash & equivalents; excludes investments; negative = net cash | 447 | 135 | 155 | −22.9 | – |
| Current ratio | 1.81x | 2.12x | 2.06x | 1.70x | 1.55x |
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.