NCR Atleos Corporation NATL

SEC filings · Reporting currency USD · Quarterly reporting · Figures as of 2026-Q2 · updated 2026-09-06 · ISIN US63001N1063

Margin expanding strategy: Acquisition

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Business Model#

What the company does and how it earns its money; written AI-editorially, exclusively from the company's original reports, without any assessment of our own.

NCR Atleos is a financial technology company specializing in ATM and self-service banking infrastructure. The company operates through two primary segments: Self-Service Banking, which provides ATM hardware, software, and managed services – including ATM-as-a-Service (ATMaaS) arrangements – to banks, credit unions, and retailers; and Network, which operates the Allpoint surcharge-free ATM network and earns access fees from participating financial institutions whose cardholders transact at retail ATM locations. Revenue is generated through equipment sales, software licensing, maintenance contracts, managed-service fees, and network access fees. Since its spin-off from NCR Corporation in October 2023, NCR Atleos has focused on transitioning customers toward recurring-revenue models. Recurring revenue – comprising subscription-like service agreements and network fees – represented 70% of Q2 2026 revenue. A proposed acquisition by The Brink's Company, approved by both companies' shareholders in June 2026, would combine Atleos's ATM network and managed-service operations with Brink's cash management and logistics capabilities, with closing targeted for early Q1 2027.

Current Status#

Summary of the most recent reporting period: core figures, drivers and management statements; written editorially from the current original report, every figure backed by a source number.

NCR Atleos reported first-half 2026 revenue of $2.1 billion, up 3% year-over-year, with Q2 revenue of $1,103.0 million ²⁵. H1 net income attributable to Atleos was $87 million, a 64% increase year-over-year, while H1 Adjusted EBITDA reached $426 million, up 14% ²⁵. Self-Service Banking segment revenue grew 6% in H1 and recurring revenue represented 70% of Q2 revenue at $776 million ²⁵. Both Brink's shareholders and NCR Atleos stockholders overwhelmingly approved the proposed combination at the end of June 2026, with closing now targeted for early Q1 2027 ²⁵.

Management commentary on the 2026-H1 results (8-K-EX99.1, 2026-08-05):

„NCR Atleos delivered another strong quarter and a very good first half of 2026. Our service-led growth initiatives and investment in product innovation are encouraging financial institutions and retailers to choose our differentiated and comprehensive offering to meet their evolving self-service needs. In the first half, service and software business paced our growth and ATM hardware revenue was steady at historically high 2025 levels. Productivity programs that outpaced war-related pressures and tariff relief allowed profit margins to improve significantly.“ – Tim Oliver, Chief Executive Officer ²⁵

„The regulatory and administrative processes required to complete our proposed transaction with The Brink's Company are progressing and we now anticipate an accelerated timeline to close early in the first quarter of 2027. At the end of June, both Brink's shareholders and NCR Atleos stockholders overwhelmingly voted to approve the transaction. This marked a significant step toward bringing together two great companies in a merger that will expand financial access, provide innovative solutions to our customers, and offer exciting opportunities to our employees.“ – Tim Oliver, Chief Executive Officer ²⁵

Revenue · 2026-Q21,103$m+0.1 % vs. 2025-Q2

Net profit · 2026-Q265$m+66.7 % vs. 2025-Q2

EPS · 2026-Q20.86$+65.4 % vs. 2025-Q2

Revenue trend

Guidance

For FY2025, the company guides Revenue growth (YoY) to 1% to 3% growth constant currency (confirmed); EPS (non-GAAP) to 21% to 27% growth (reported result: miss); EBITDA (adjusted) to 7% to 10% growth constant currency (confirmed). ¹⁸.

Profitability

Q2 2026 operating income was $156.0 million and net income was $65.0 million, or $0.86 per diluted share, with adjusted EPS of $1.49 ²⁵. Q2 Adjusted EBITDA was $254 million, an increase of 25% year-over-year, and gross margin expanded to 28.0% from 22.9% in the prior-year period ²⁵. For the first six months, net income attributable to Atleos totaled $87 million and Adjusted EBITDA was $426 million, up 14% year-over-year ²⁵.

Leverage

As of June 30, 2026, NCR Atleos held cash of $429.0 million against net debt of $2,366.0 million ²⁵. The net leverage ratio stood at 2.69x Adjusted EBITDA on a last-twelve-months basis, reflecting the company's existing debt load relative to earnings ²⁵. Completion of the proposed Brink's combination is expected to materially restructure the balance sheet, with closing targeted for early Q1 2027 ²⁵.

Recurring

Recurring revenue represented 70% of Q2 2026 revenue, amounting to $776 million for the quarter ²⁵. The Self-Service Banking and Network segments are the primary contributors to recurring streams, encompassing managed-service contracts, ATMaaS arrangements, and network access fees charged to participating financial institutions ²⁵. Network Adjusted EBITDA grew 10% in H1 2026 despite flat segment revenue, reflecting improved economics within recurring contractual relationships, while Self-Service Banking Adjusted EBITDA grew 9% ²⁵.

Management view

NCR Atleos is targeting an accelerated early Q1 2027 close for the Brink's transaction following the shareholder approval milestone at the end of June ²⁵. The company is expanding its ATMaaS arrangements, extending bundled managed-service contracts to additional financial institution clients ²⁵. Growth of the Allpoint surcharge-free ATM network is being pursued through partnerships with the largest convenience retailers and prepaid programs ²⁵.

Change

Network segment revenue was flat for the first six months of 2026, underperforming the 6% revenue growth recorded in the Self-Service Banking segment over the same period ²⁵. Q2 free cash flow was $4.0 million, with operating cash flow of $30.0 million largely absorbed by capital expenditures of $26.0 million ²⁵. The pending Brink's combination creates a period of organizational and operational transition ahead of the anticipated closing, introducing near-term integration uncertainty ²⁵.

Risks (current)

Failure to obtain required regulatory approvals or to satisfy other closing conditions for the Brink's transaction in a timely manner represents a company-specific risk as of Q2 2026 ²⁵. A net leverage ratio of 2.69x as of June 30, 2026 reflects elevated debt relative to EBITDA, and Allpoint network expansion remains concentrated among a limited set of large convenience retailers and prepaid programs ²⁵. Data protection and cybersecurity incidents could adversely affect business operations and customer trust ²¹, and domestic or global economic downturns could reduce customer capital expenditures and payment processing volumes ²¹.

New this reporting period

The proposed combination with The Brink's Company reached a shareholder-approval milestone in 2026-H1, with stockholders of both companies voting overwhelmingly in favor at the end of June 2026 and an accelerated closing target set for early Q1 2027 ²⁵. NCR Atleos is expanding ATMaaS arrangements, extending its managed-service model to additional financial institution clients as part of its recurring-revenue growth strategy ²⁵. Expansion of the Allpoint surcharge-free ATM network through the largest convenience retailers is underway as a network-growth initiative ²⁵.

Revenue mix: 70% recurring

Price & Chart#

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Share-Price Drivers#

Factors the company itself names as material for its business development (IR-based); reproduced neutrally, no price forecast and no assessment of our own.

Proposed merger with The Brink's Company
An announced merger agreement (2026-02-26) under which Atleos would be acquired/combined with Brink's directly governs the equity's outcome and remains pending, i.e. subject to closing conditions ²³ ²⁴ ²⁵ ²⁰

Proposed combination with The Brink's Company
Merger announced 2026-02-26, still flagged as Planned/pending through 2026-H1; completion and terms are the dominant near-term item ²⁰ ²³ ²⁴ ²⁵

Transition to ATM-as-a-Service (ATMaaS)
Repeated ATMaaS growth initiative and market-expansion steps (launched 2025-Q1, market expansion 2025-Q3, further arrangements 2026-H1), plus sale-leaseback of owned ATMs to support Network/ATMaaS ¹⁴ ¹⁸ ¹⁷ ²⁵

Self-Service Banking segment
Largest segment at USD 1,438m in 2026-H1 with +6% growth and 25.8% margin ²⁵

Network segment (Allpoint) profitability and expansion
Network at USD 617m in 2026-H1 carries the highest segment margin (30.8%); Allpoint expansion via largest convenience retailers and deposit-accepting functionality ²⁵

Balance-sheet deleveraging and refinancing
Net debt eased from USD 2,562m (2025-Q1) to USD 2,366m (2026-Q2) alongside Term Loan B and senior secured facility refinancings ¹⁴ ²⁵ ²¹ ¹⁹

Earnings recovery / margin expansion
Change flags show accelerating growth and improving profitability; operating income USD 156m and adj. EPS USD 1.49 in 2026-Q2 vs USD 93m / 0.64 in 2025-Q1 ²⁵ ¹⁴

Sector trend: Sector KPIs point toward a shift from owned-hardware ATM sales to recurring ATMaaS and Network (Allpoint) services, where margins are highest (Network 30.8% in 2026-H1) and demand for cash-access and deposit functionality is expanding ²⁵ ¹⁸. Self-Service Banking demand is growing at mid-single digits while the lower-margin T&T line is smaller and slower ²⁵.

Event Timeline#

This timeline collects the material events from the original reports: guidance changes, revenue and margin signals, strategy shifts, product and M&A announcements. Events are grouped by quarter (most recent first); the grey tag before each event names the event type, the date is the publication date of the source. Management quotes open the quarter block as direct quotes. Per quarter we show the three most defining events; more can be expanded per quarter, older years are collapsed. Every event carries its source as a superscript, clickable number.

Overview: one dot per event · click jumps to the period

2026 · 9 events

2026-Q2 · Apr – Jun 2026

earnings 2026-08-05
Q2 Adjusted EBITDA +25% YoY to $254M; net income attributable to Atleos +67% to $65M; income from operations +31% (²⁴, ²⁵)

Margin expanding 2026-08-05
Gross margin expanded 510bps to 28.0% in Q2; expansion driven in part by tariff refunds following U.S. Supreme Court ruling that certain IEEPA tariffs were invalid – base effect, not solely operational improvement (²⁴)

Acquisition 2026-08-05
Both Brink's and Atleos shareholders overwhelmingly approved the merger on June 30, 2026; closing expected early Q1 2027 pending regulatory approvals (²⁴)

2026-Q1 · Jan – Mar 2026

„During the quarter, we continued the global rollout of our AI-enabled dispatch solution across Europe, delivering improved efficiency, customer satisfaction and cost savings. The Europe rollout follows the successful implementation of our AI dispatch solution last year in North America.“ – Tim Oliver, Chief Executive Officer ²²

„Atleos exits 2025 with industry leading service level metrics, a higher customer net promoter score, and an increasing employee engagement score. The separation transaction is complete, and we believe the headwinds from tariff volatility, immigration payroll changes, and higher interest rates are behind us. Our unique combination of a shared financial utility network and an integrated self-service banking solution offers the most efficient, reliable, and comprehensive solution for retail and financial institutions that are looking to outsource their digital-to-physical ecosystem.“ – Tim Oliver, Chief Executive Officer ²⁰

Acquisition 2026-05-07
Merger Agreement signed with The Brink's Company on Feb 26, 2026; Atleos stockholders to receive $30.00 cash plus 0.1574 Brink's shares per share; closing targeted Q1 2027 (²³)

Revenue accelerating 2026-05-06
Total revenue +7% YoY to $1.043B; Self-Service Banking grew 12%, led by 30% ATMaaS growth; 72% of revenue from recurring streams (²²)

Margin compressing 2026-05-06
Gross margin declined to 22.4% from 23.7%, driven by higher tariffs and increased vault cash expense absorbing ~$11M in net tariff and memory cost impacts (²²)

earnings 2026-02-26
Net income attributable to Atleos increased 103% to $162M for full year 2025; adjusted EBITDA grew 6% to $830M with margin expanding 90 basis points to 19.1% ²⁰

earnings 2026-02-26
Adjusted free cash flow increased 35% to $326M for full year 2025, with adjusted free cash flow conversion expanding to 39% ²⁰

Acquisition 2026-02-26
Entered definitive agreement to be acquired by The Brink's Company in a cash and stock transaction; $200M share repurchase program suspended in connection with pending acquisition ²⁰

2025 · 13 events

FY2025 · Jan – Dec 2025

Net income doubled 2026-02-26
Net income more than doubled YoY (80.0 to 162.0 USDm, +102%). ²⁰

2025-Q4 · Oct – Dec 2025

Net income doubled 2026-02-26
Net income more than doubled YoY (41.0 to 83.0 USDm, +102%). ¹²⁰

Cash flow inflection 2026-02-26
Operating cash flow reached 231.0 USDm vs 80.0 USDm in 2024-Q4 (×2.9). ¹²⁰

2025-Q3 · Jul – Sep 2025

„NCR Atleos delivered another strong quarter with financial results at the higher end of expectations as financial institutions and retailers continue to select our differentiated and comprehensive self-service banking offering. ATM hardware revenue grew an exceptional 24% year over year, further extending our leading global installed base and driving meaningful, multi-year recurring revenue from attached services and licensed software. Our ATMaaS business increased nearly 40% and added its first customers in Latin America and the Middle East. We continue to set the benchmark for service excellence with industry-leading service metrics and our customers have rewarded that performance with both a 30% improvement to our most recent Net Promoter Score and more of their business. Whether financial institutions and retailers choose to join our shared financial utility network or to outsource their self-service banking services, Atleos offers the most efficient, most comprehensive, and most reliable solution for customers.“ – Tim Oliver, Chief Executive Officer ¹⁸

Margin expanding 2025-11-06
Adjusted EBITDA margin expanded 40 basis points to 19.5%; gross margin improved to 24.2% from 23.9%, driven by improved hardware mix and ATMaaS growth, partially offset by higher vault cash interest expense ¹⁹

earnings 2025-11-05
Company identified immaterial misstatements in previously issued financial statements, resulting in overstatement of pre-tax income of approximately $18M in 2023 and $14M in 2024 ¹⁸

Revenue accelerating 2025-11-05
Revenue grew 4% to $1.12B; Self-Service Banking segment up 11% with ATM as a Service revenue growth accelerating to 37% year-over-year ¹⁸

2025-Q2 · Apr – Jun 2025

„Atleos has made great progress since separating from our former parent six quarters ago as evidenced by solid financial results, a strengthening balance sheet and the continued successful execution of our services-led strategy. As we approach the leverage goals we identified at the time of separation, and in anticipation of steadily increasing free cash flow, we expect a redeployment strategy that balances returning cash to shareholders, accretive growth investments and further reduction in net leverage. To that end, I am pleased to announce that our Board of Directors has authorized a $200 million share repurchase program with a two year duration.“ – Tim Oliver, President and Chief Executive Officer ¹⁶

Strategic pivot 2025-08-07
Board authorized $200M share repurchase program representing approximately 10% of market capitalization, effective for 24 months ¹⁷

Revenue accelerating 2025-08-06
Total revenue returned to growth at +2% to $1.10B; Self-Service Banking segment grew 9% year-over-year driven by ATM outsourcing services growth and hardware demand ¹⁶

Margin expanding 2025-08-06
Adjusted EBITDA increased 4% to $205M with margin expanding 40 basis points to 18.6% ¹⁶

2025-Q1 · Jan – Mar 2025

„Our early execution, coupled with diligent contingency planning, have us on track to meet our objectives for the year despite the uncertain global economic environment caused by the proposed tariffs and their follow-on effects. We continue to believe that our original annual guidance ranges are appropriate.“ – Tim Oliver, President and Chief Executive Officer ¹⁴

Revenue decelerating 2025-05-08
Total revenue declined 7% to $980M, primarily due to planned reduction in Voyix commercial agreements and strategic shift to recurring ATM as a Service solutions ¹⁵

Margin expanding 2025-05-08
Gross margin expanded 300 basis points to 24.0%, driven by higher-margin software and services mix and cost mitigation actions ¹⁵

earnings 2025-05-07
Net income improved to $17M from a loss of $8M in the prior year, reflecting operational improvements and cost management ¹⁴

earnings 2025-03-03
Full year net income attributable to Atleos was $91M in 2024 compared to a loss of $134M in 2023, an improvement of $225M ¹²

2024 · 17 events

FY2024 · Jan – Dec 2024

Net income turned positive 2025-03-03
Net income turned positive for the first time after 1 negative fiscal year (-150.0 to +80.0 USDm). ¹²

2024-Q4 · Oct – Dec 2024

„I appreciate the tremendous effort and dedication of the almost 20,000 Atleos employees around the world that made 2024 a success“ – Tim Oliver, President and Chief Executive Officer ¹³

earnings 2025-03-03
Q4 Adjusted EBITDA grew 23% to $219M; full year Adjusted EBITDA grew 7% to $781M ¹³

Margin expanding 2025-03-03
Q4 gross margin reached 26.8%, up from 18.0% in Q4 2023; full year gross margin improved to 23.9% from 22.3% in 2023 ¹³

Guidance initiated 2025-03-03
FY2025 guidance initiated: revenue growth of 1-3% constant currency, Adjusted EBITDA growth of 7-10%, Non-GAAP EPS growth of 21-27%, Adjusted free cash flow-unrestricted $260-$300M ¹³

Operating income doubled 2025-03-03
Operating income more than doubled YoY (30.0 to 149.0 USDm, +397%). ¹²⁰

2024-Q3 · Jul – Sep 2024

„I am grateful to the 20,000 Atleos employees around the world that enabled this performance“ – Tim Oliver, President and Chief Executive Officer ¹¹

Revenue decelerating 2024-11-12
Total revenue increased 1% in Q3 2024, continuing deceleration; service revenue reached a new high of $843M ¹¹

Margin compressing 2024-11-12
Gross margin decreased to 24.3% from 25.1% in Q3 2023, primarily due to lower margins on commercial agreements with Voyix and higher vault cash rental costs from increased interest rates ¹⁰

Guidance confirmed 2024-11-12
Full year 2024 guidance reaffirmed; Non-GAAP EPS guidance moved to high end of range at approximately $3.12 ¹¹

2024-Q2 · Apr – Jun 2024

„Given the strong first-half financial results, a robust sales pipeline, and building commercial momentum, we believe the Company is on track to achieve its goals this year and we reaffirm and narrow consolidated guidance ranges for full year 2024 targets.“ – Tim Oliver, President and Chief Executive Officer ⁸

Strategic pivot 2024-08-14
NCR Voyix announced intention to move manufacturing services to another party and further reduce maintenance services ⁹

revenue 2024-08-13
Total revenue grew 4% to $1.08B, decelerating from Q1's 6%; recurring revenue grew 9% to $793M, representing 73.4% of total revenue ⁸

Guidance confirmed 2024-08-13
Full year 2024 guidance reaffirmed and narrowed; Adjusted free cash flow-unrestricted guidance updated to $190-$220M from prior range of $170-$230M ⁸

Net income turned positive 2024-08-13
Net income turned positive for the first time after 3 negative periods (-9.0 to +27.0 USDm). ⁸

2024-Q1 · Jan – Mar 2024

„Considering the momentum in our businesses, progress on key strategic initiatives, and continued favorable market dynamics for our solutions, we reaffirm our previously published 2024 financial targets. Going forward, Atleos stands ready with its leading position in self-service banking and the largest and most efficient ATM network in the world to advance the transformation of retail banking and facilitate digital to physical transactions for everyone, everywhere.“ – Tim Oliver, President and Chief Executive Officer ⁶

earnings 2024-05-13
Adjusted EBITDA grew 11% to $162M from $146M in Q1 2023, with Network Adjusted EBITDA up 15% driven by higher transaction volumes, favorable mix, and cost optimization ⁶ ⁷

Strategic pivot 2024-05-13
Q1 2024 was the first full quarter as a standalone publicly traded company following the October 16, 2023 separation from NCR Corporation ⁶

Revenue accelerating 2024-05-13
Revenue grew 6% to $1.05B; recurring revenue grew 7% to a record $763M, representing 72.7% of total revenue ⁶

earnings 2024-03-26
Adjusted EBITDA increased 7% to $732 million from $685 million in 2022, driven by margin expansion and cost mitigation across segments ⁵

earnings 2024-03-26
Net loss of $134 million in 2023 versus net income of $108 million in 2022; swing attributable to $170 million in separation-related costs and $239 million income tax expense from spin-off restructuring, not operational deterioration ⁵

2023 · 12 events

2023-Q4 · Oct – Dec 2023

„The fourth quarter was a strong start for Atleos as a separate company, and a great finish to the year. Our core businesses performed exceptionally well, with financial results in line with the projections made for the separation transaction. Execution was outstanding, as we simultaneously completed the split from legacy NCR Corporation and achieved our operating objectives.“ – Tim Oliver, President and Chief Executive Officer ⁴

earnings 2024-02-14
Q4 Adjusted EBITDA of $178 million, up 7% year-over-year after normalizing for separation-related impacts ⁴

Guidance initiated 2024-02-14
Full year 2024 targets initiated: Revenue $4.2-$4.4 billion and Adjusted EBITDA $770-$800 million ⁴

Strategic pivot 2024-02-14
Completed separation from NCR Corporation on October 16, 2023; began trading as NATL on NYSE; more than 20,000 ATM-as-a-Service units active at year-end ⁴

Operating income halved 2024-02-14
Operating income more than halved YoY (90.0 to 30.0 USDm, -67%). ¹⁰⁴

2023-Q3 · Jul – Sep 2023

„Across the first three quarters of 2023, the Atleos team simultaneously executed against our financial commitments, advanced our strategy, and completed a transformational separation. Our momentum is consistent with the expectations we described to investors as we prepared for the separation. I appreciate the exceptional commitment and effort that our employees demonstrated. We are energized by our launch as a pure-play public company and will focus all of our resources on meeting our ATM customers' needs and extending our leadership position in digital-to-physical transactions.“ – Tim Oliver, Chief Executive Officer ³

Revenue accelerating 2023-11-14
Q3 revenue of $1.1 billion increased 4% year-over-year; recurring revenue of $765 million increased 6% year-over-year, accelerating from the 1% total revenue growth reported through 9M 2023 ³

Margin expanding 2023-11-14
Gross margin improved to 25.1% from 23.4% in Q3 prior year, driven by fuel and component cost reductions ²

Net cash to net debt 2023-11-14
Issued $1,350 million 9.500% senior secured notes due 2029 and entered into $750 million term loan facility in connection with spin-off ²

2023-Q2 · Apr – Jun 2023

earnings 2023-09-05
Adjusted EBITDA increased 36% for Q2 driven by cost reductions in fuel, shipping, and component parts, partially offset by higher vault cash rental costs ¹

Margin expanding 2023-09-05
Gross margin improved from 22.1% to 23.8% for Q2, driven by cost mitigation in fuel, shipping, and component parts ¹

Strategic pivot 2023-09-05
ATM-as-a-Service units grew from 4,454 to 18,007; recurring revenue reached 70.2% of total revenue ¹

Net income doubled 2023-09-05
Net income more than doubled YoY (20.0 to 52.0 USDm, +160%). ¹

2023-Q1 · Jan – Mar 2023

Net income doubled 2024-05-13
Net income more than doubled YoY (17.0 to 34.0 USDm, +100%). ⁶

Key Figures ($m)#

The company's core financial figures in three views, one below the other: fiscal years (as reported; after restatements the table shows the most recent filing version, marked), half-years (6-month basis, H2 = second half on its own) and quarters (3-month basis, not cumulative). Each row is one period, most recent first. Values with a dotted underline are clickable and show the raw value, the exact source location, the scale evidence and the source; derived values additionally show their formula and inputs. All values are extracted automatically from the filings; errors are possible; please verify decision-relevant figures yourself by clicking through to the linked original.

All figures serve only to support your own investment decision and are not a recommendation; the company's original reports are authoritative.

Basis Metric

Revenue ($m) · annual basis, as reported

Net income ($m) · annual basis, as reported

EPS ($) · annual basis, as reported

Operating cash flow ($m) · annual basis, as reported

Revenue ($m) · quarterly basis, as reported

Net income ($m) · quarterly basis, as reported

EPS ($) · quarterly basis, as reported

Operating cash flow ($m) · quarterly basis, as reported

Cash ($m) · annual basis, as reported

Debt ($m) · annual basis, as reported

Net Debt ($m) · annual basis, as reported

Capex ($m) · annual basis, as reported

FCF ($m) · annual basis, as reported

D&A ($m) · annual basis, as reported

Cash ($m) · quarterly basis, as reported

Debt ($m) · quarterly basis, as reported

Net Debt ($m) · quarterly basis, as reported

Capex ($m) · quarterly basis, as reported

FCF ($m) · quarterly basis, as reported

D&A ($m) · quarterly basis, as reported

Shown: the most recent fiscal years. Full history since FY2022 is on record.

Fiscal years

Amounts in $m · EPS in $ per share · as reported

Period	Revenue	Op. income	Net income	EPS ($)	EPS adj. ($)	EBITDA (adj.)	OCF	Source
FY2025	4,354	478	162	2.14	4.13	830	356	²⁰
FY2024	4,305	437	80	1.08	3.34	781	344	¹²
FY2023	4,186	263	-150	-2.12	4.21	732	355	⁵

Quarters

Amounts in $m · EPS in $ per share · Net Debt/EBITDA as a multiple · as reported

Period	Published	Revenue	Op. income	Op. income (adj.)	Net income	EPS ($)	EPS adj. ($)	EBITDA (adj.)	FCF	Cash	Net Debt	Net Debt/EBITDA (x)	Source
2026-Q2*	2026-08-05	1,103	156	–	65	0.86	1.49	254	4	429	2,366	3x (LTM)	¹²⁵
2026-Q1*	2026-05-06	1,043	84	–	22	0.29	0.65	172	-36	433	2,350	3.1x (LTM)	¹²²
2025-Q4*	2026-02-26	1,152	156	–	83	1.09	1.49	236	194	456	2,302	3x (LTM)	¹²⁰
2025-Q3*	2025-11-05	1,121	110	–	26	0.34	1.09	219	-5	412	2,457	3.3x (LTM)	¹⁸
2025-Q2*	2025-08-06	1,102	119	159	39	0.52	0.89	203	-44	355	2,542	3.3x (LTM)	¹¹⁶
2025-Q1*	2025-05-07	979	93	132	14	0.19	0.64	172	94	352	2,562	3.4x (LTM)	¹⁴
2024-Q4*	2025-03-03	1,108	149	–	41	0.55	1.17	229	62	419	2,521	3.5x (LTM)	¹²
2024-Q3*	2024-11-12	1,073	114	–	21	0.28	0.89	205	85	395	2,599	4.2x (LTM)	¹⁰
2024-Q2*	2024-08-13	1,078	106	153	27	0.37	0.85	197	-14	374	2,631	4.5x (LTM)	⁸
2024-Q1*	2024-05-13	1,046	68	116	-9	-0.13	0.41	160	124	343	2,594	4.8x (LTM)	⁶
2023-Q4*	2024-02-14	1,096	30	150	-175	-2.48	0.64	178	-81	339	2,675	5.2x (LTM)	¹⁰⁴
2023-Q3*	2023-11-14	1,065	90	–	-61	-0.86	1.77	210	99	423	–	–	²
2023-Q2*	2023-09-05	1,040	79	161	52	0.74	0.75	198	73	337	448	0.8x (LTM)	¹
2023-Q1*	2024-05-13	985	64	112	34	0.48	1.05	146	105	282	–	–	⁶

* derived: values with formula provenance (hover); Q4 = FY − 9M · H2 = FY − H1 · EPS via implied shares · net debt = financial debt − cash · FCF = OCF − |capex|.

Balance Sheet & Cash Flow ($m)#

Point-in-time balance sheet items (e.g. cash, financial debt) and cash flow items (operating cash flow, investments/capex) per fiscal year, half-year and quarter. Balance sheet values are as of the period end, flow items cover the period. Derived values are marked and are calculated, for example, as: net debt = financial debt − cash; free cash flow = operating cash flow − capex; the click popover shows formula and inputs. All values are extracted automatically from the filings; errors are possible; please verify decision-relevant figures yourself by clicking through to the linked original.

Fiscal years

Amounts in $m · as reported

Period	Published	Cash	Debt	Net Debt	D&A	OCF	Capex	FCF	Source
FY2025	2026-02-26	456	2,758	2,302	277	356	117	239	¹²²
FY2024	2025-03-03	419	2,940	2,521	287	344	87	257	¹²
FY2023	2024-03-26	339	3,014	2,675	254	355	108	247	⁵

Quarters

Amounts in $m · as reported

Period	Published	Cash	Debt	Net Debt	D&A	OCF	Capex	FCF	Source
2026-Q2	2026-08-05	429	2,795	2,366	72	30	26	4	¹²⁵
2026-Q1	2026-05-06	433	2,783	2,350	70	-9	27	-36	¹²²
2025-Q4	2026-02-26	456	2,758	2,302	66	231	37	194	¹²⁰
2025-Q3	2025-11-05	412	2,869	2,457	70	25	30	-5	¹⁸
2025-Q2	2025-08-06	355	2,897	2,542	72	-23	21	-44	¹¹⁶
2025-Q1	2025-05-07	352	2,914	2,562	69	123	29	94	¹⁴
2024-Q4	2025-03-03	419	2,940	2,521	69	80	18	62	¹²
2024-Q3	2024-11-12	395	2,994	2,599	74	107	22	85	¹⁰
2024-Q2	2024-08-13	374	3,005	2,631	71	9	23	-14	⁸
2024-Q1	2024-05-13	343	2,937	2,594	73	148	24	124	⁶
2023-Q4	2024-02-14	339	3,014	2,675	90	-43	38	-81	¹⁰⁴
2023-Q3	2023-11-14	423	–	–	58	147	48	99	²
2023-Q2	2023-09-05	337	785	448	53	80	7	73	¹
2023-Q1	2024-05-13	282	–	–	53	120	15	105	⁶

Debt = long-term + current · Net debt = debt − cash · FCF = OCF − capex.

Revenue by Type (as of 2026-Q2 · USDm · 4/5)#

Revenue split by segment or product type, exactly as the company itself reports it. The basis is stated next to each value (3, 6 or 12 months); segment totals can deviate from group revenue (reconciliation/consolidation items). If the company changes its segment structure, older structures are kept in the expandable part. Rows in grey are no longer reported separately by the company; they show the last available figures and are never extrapolated.

Segment	Since	Period	Basis	Revenue	Growth	Margin	Source
Telecommunications & Technology	2024-Q3	2025-Q3	9M	124	-16%	–	¹⁹
Self-Service Banking	2022-Q4	2026-H1	6M	1,438	6%	25.8%	²⁵
Network	2022-Q4	2026-H1	6M	617	–	30.8%	²⁵
T&T	2022-Q4	2026-H1	6M	81	4%	17.3%	²⁵
Payments & Network	2023-Q2	2023-Q2	6M	609	4%	27.3%	¹

Products & M&A (17/19 active+recent)#

Product announcements from the reports; market launches, approvals, partnerships; with first mention (date) and source. “Active/current” means: still mentioned in the most recent reports; what the company no longer mentions moves to the expandable part but is never deleted. Rows in grey are discontinued products.

Product/Line	Since	Status	Source
Expansion of Allpoint network through largest convenience retailers	2026-06	Launched	²⁵
Tariff refund claims under IEEPA	2026-04	Launched	²⁴
AI-enabled dispatch solution Europe rollout	2026-03	Launched	²²
Share repurchase program	2025-07	Launched	²¹
Software platform cloud-based microservices and APIs	2025-06	Launched	¹⁷
Self-service banking technology initiatives	2025-06	Launched	¹⁶
Sale-leaseback of owned ATMs for ATMaaS and Network arrangements	2025-06	Launched	¹⁷
Digital currency solutions for ATM transactions	2025-06	Launched	¹⁷
ATM outsourcing services expansion (2×)	2025-06	Launched	¹⁶
Planned transition to ATM as a Service solutions	2025-03	Planned	¹⁵
Fourth Quarter and Full Year 2024 Results	2025-03	Launched	¹³
ATM as a Service growth initiative	2025-03	Launched	¹⁴
Cashless card access capabilities for ATMs	2025	Launched	²¹
Cash deposit functionality for prepaid reloads and billpay	2025	Launched	²¹
Bitcoin capabilities through LibertyX platform	2025	Launched	²¹
Allpoint network expansion with deposit accepting functionality	2025	Launched	²¹
ATMaaS expansion (3×)	2025	Launched	¹⁸
Senior Secured Credit Facility Refinancing	2024-10	Launched	²¹
ATM hardware with recycling, tap and other technologies	2024-09	Launched	¹¹

▸ More products & M&A (older) (+4)

M&A (12)#

All recorded acquisitions (purchases) and divestitures/exits with date, short description and source; deliberately including smaller transactions that summaries often miss. Purchase prices appear only where the company itself has disclosed them. Rows in grey are cancelled transactions; the cancellation date is shown in the row.

Acquisitions · 4Divestitures/exits · 6older: 2 (in the table)

Acquisitions

Transaction / stake	Date	Type	Source
Merger with Brink's Company (3×)	2026-02	Completed	²⁵
Acquisition by The Brink's Company	2026-02	Completed	²⁰
Spin-off from NCR (6×)	2023-10	Completed	¹
Senior Secured Notes Issuance (2×)	2023-09	Completed	¹²
LibertyX acquisition	2022-01	Completed	⁵
Cardtronics acquisition	2021	Completed	⁹

Divestitures / exits

Transaction / stake	Date	Type	Source
Sale-Leaseback of ATM Units	2025-09	Divested	¹⁹
Divestiture of Non-Core Business	2025-09	Divested	¹⁹
Planned removal of underperforming machines from network managed unit fleet	2025-03	Divested	¹⁵
Completion of manufacturing services for Voyix	2024-12	Divested	¹⁵
Voyix to reduce manufacturing services and maintenance services	2024-08	Divested	¹⁰
Closure of operations in Russia	2023-12	Divested	⁵

Reported KPIs (as disclosed) (183)#

Figures the company discloses itself in addition to the standard financials; order intake, recurring revenue, user or unit counts, adjusted measures. These “story KPIs” usually slip through standard databases; here they are collected as reported, with no calculation of our own. Important: the definition comes from the company itself and can differ from firm to firm; period and source are stated next to every value.

Company-specific KPIs verbatim from the filings (English, as disclosed; not normalised). Balance-sheet and boilerplate items filtered.

Date	Period	KPI	Value / change	Source
2026-08-05	2026-H1	Revenue from ATMaaS Arrangements	77 (USD in millions)	²⁵
2026-08-05	2026-Q2	Revenue from ATMaaS	77 (USD in millions)	²⁴
2026-08-05	2026-Q2	Recurring Revenue as pct SSB	58%	²⁴
2026-08-05	2026-H1	Recurring Revenue as a Percent of Revenue	70%	²⁵
2026-08-05	2026-H1	Recurring Revenue as % of SSB Revenue	58%	²⁵
2026-08-05	2026-H1	Recurring Revenue	776 (USD in millions)	²⁵
2026-08-05	2026-Q2	Network Managed Units	77.0	²⁴
2026-08-05	2026-H1	Network Managed Units	77.0	²⁵
2026-08-05	2026-Q2	LTM ARPU	16.0	²⁴
2026-08-05	2026-H1	LTM ARPU	16.0	²⁵
2026-08-05	2026-Q2	Annualized Recurring Revenue SSB	1,721 (USD in millions)	²⁴
2026-08-05	2026-H1	Annualized Recurring Revenue	1,721 (USD in millions)	²⁵
2026-05-07	2026-Q1	Recurring Revenue	754 (USD millions)	²³
2026-05-07	2026-Q1	Network Managed Units	77.7	²³
2026-05-07	2026-Q1	LTM ARPU	16.0	²³
2026-05-07	2026-Q1	ARR	1,699 (USD millions)	²³
2026-05-06	2026-Q1	Revenue from ATMaaS Arrangements	74 (USD in millions)	²²
2026-05-06	2026-Q1	Recurring Revenue as a Percent of Revenue	72%	²²
2026-05-06	2026-Q1	Recurring Revenue as % of SSB Revenue	61%	²²
2026-05-06	2026-Q1	Recurring Revenue	754 (USD in millions)	²²
2026-05-06	2026-Q1	Network Managed Units	77.7	²²
2026-05-06	2026-Q1	Net leverage ratio	2.83x	²²
2026-05-06	2026-Q1	LTM ARPU	16.0	²²
2026-05-06	2026-Q1	Annualized recurring revenue	1,699 (USD in millions)	²²
2026-05-06	2026-Q1	All other products and services	289	²²
2026-05-06	2026-Q1	Adjusted net debt	2,350 (USD in millions)	²²
2026-02-27	FY2025	Service ATMs countries	65 countries	²¹
2026-02-27	FY2025	R&D expenses 2025	70 million	²¹
2026-02-27	FY2025	R&D expenses 2024	62 million	²¹
2026-02-27	FY2025	R&D expenses 2023	80 million	²¹
2026-02-27	FY2025	Patents US	approximately 500	²¹
2026-02-27	FY2025	International revenue pct 2025	55%	²¹
2026-02-27	FY2025	Code of conduct training completion	100%	²¹
2026-02-27	FY2025	CDP climate score	B	²¹
2026-02-27	FY2025	ATM networks countries	13 countries	²¹
2026-02-27	FY2025	ATM network locations	approximately 78,000	²¹
2026-02-27	FY2025	Recurring Revenue	3075 (USD in millions)	²¹
2026-02-27	FY2025	Network Managed Units	78.4	²¹
2026-02-27	FY2025	LTM ARPU	16.2	²¹
2026-02-27	FY2025	ATMaaS revenue	258 (USD in millions)	²¹
2026-02-27	FY2025	ARR Self Service Banking	1714 (USD in millions)	²¹
2026-02-26	FY2025	Revenue from ATMaaS Arrangements	72 (USD in millions)	²⁰
2026-02-26	FY2025	Network Managed Units	78.4	²⁰
2026-02-26	FY2025	LTM ARPU	16.2	²⁰
2026-02-26	FY2025	Annualized recurring revenue	1,714 (USD in millions)	²⁰
2025-11-06	2025-Q3	Recurring revenue pct SSB Q3 2025	57%	¹⁹
2025-11-06	2025-Q3	Recurring revenue pct SSB Q3 2024	61%	¹⁹
2025-11-06	2025-Q3	Recurring revenue pct Q3 2025	69.8%	¹⁹
2025-11-06	2025-Q3	Recurring revenue pct Q3 2024	73.2%	¹⁹
2025-11-06	2025-Q3	Recurring revenue pct 9M 2025	71.7%	¹⁹
2025-11-06	2025-Q3	Recurring revenue pct 9M 2024	73.0%	¹⁹
2025-11-06	2025-Q3	Network Managed Units Q3 2025	80.9	¹⁹
2025-11-06	2025-Q3	Network Managed Units Q3 2024	79.5	¹⁹
2025-11-06	2025-Q3	LTM ARPU Network Q3 2025	16.2	¹⁹
2025-11-06	2025-Q3	LTM ARPU Network Q3 2024	15.9	¹⁹
2025-11-06	2025-Q3	Annualized recurring revenue SSB Q3 2025	1,712 (USD millions)	¹⁹
2025-11-06	2025-Q3	Annualized recurring revenue SSB Q3 2024	1,645 (USD millions)	¹⁹
2025-11-06	2025-Q3	ATMaaS revenue Q3 2025	67 (USD millions)	¹⁹
2025-11-06	2025-Q3	ATMaaS revenue Q3 2024	49 (USD millions)	¹⁹
2025-11-05	2025-Q3	Revenue from ATMaaS Arrangements	67 (USD in millions)	¹⁸
2025-11-05	2025-Q3	Recurring Revenue as a Percent of Revenue	70%	¹⁸
2025-11-05	2025-Q3	Recurring revenue as % of SSB revenue	57%	¹⁸
2025-11-05	2025-Q3	Network Managed Units	80.9	¹⁸
2025-11-05	2025-Q3	LTM ARPU	16.2	¹⁸
2025-11-05	2025-Q3	Annualized Recurring Revenue	1,712 (USD in millions)	¹⁸
2025-08-07	2025-Q2	Revenue from ATMaaS Arrangements	62 (USD in millions)	¹⁷
2025-08-07	2025-Q2	Recurring revenue as % of SSB revenue	57%	¹⁷
2025-08-07	2025-Q2	Network Managed Units	77.0	¹⁷
2025-08-07	2025-Q2	LTM ARPU (Network)	16.2	¹⁷
2025-08-07	2025-Q2	Annualized recurring revenue (Self-Service Banking)	1,685 (USD in millions)	¹⁷
2025-08-06	2025-Q2	Revenue from ATMaaS Arrangements	62 (USD in millions)	¹⁶
2025-08-06	2025-Q2	Recurring Revenue as a Percent of Revenue	70%	¹⁶
2025-08-06	2025-Q2	Recurring revenue as % of SSB revenue	57%	¹⁶
2025-08-06	2025-Q2	Network Managed Units	77.0	¹⁶
2025-08-06	2025-Q2	LTM ARPU	16.2	¹⁶
2025-08-06	2025-Q2	Annualized recurring revenue	1,685 (USD in millions)	¹⁶
2025-05-08	2025-Q1	Total debt	2,968 (USD in millions)	¹⁵
2025-05-08	2025-Q1	Revenue from ATM as a Service arrangements	57 (USD in millions)	¹⁵
2025-05-08	2025-Q1	Recurring Revenue	742 (USD in millions)	¹⁵
2025-05-08	2025-Q1	Network Managed Units	77.2	¹⁵
2025-05-08	2025-Q1	LTM ARPU (Network)	16.1	¹⁵
2025-05-08	2025-Q1	Cash held by foreign subsidiaries	264 (USD in millions)	¹⁵
2025-05-08	2025-Q1	Cash and cash equivalents	352 (USD in millions)	¹⁵
2025-05-08	2025-Q1	Borrowing capacity under senior secured credit facility	336	¹⁵
2025-05-08	2025-Q1	Annualized recurring revenue (Self-Service Banking)	1,606 (USD in millions)	¹⁵
2025-05-08	2025-Q1	ATM as a Service units (Self-Service Banking)	29.1	¹⁵
2025-05-07	2025-Q1	Recurring revenue percentage	76%	¹⁴
2025-05-07	2025-Q1	Installed base ATMs	600,000	¹⁴
2025-05-07	2025-Q1	ATM as a Service unique customers growth	40% year-over-year	¹⁴
2025-05-07	2025-Q1	ATM as a Service revenue growth	24% year-over-year	¹⁴
2025-03-03	FY2024	US revenue percentage	45%	¹²
2025-03-03	FY2024	Research and development 2024	66	¹²
2025-03-03	FY2024	Research and development 2023	77	¹²
2025-03-03	FY2024	Research and development 2022	64	¹²
2025-03-03	FY2024	Patents United States	approximately 500	¹²
2025-03-03	FY2024	International revenue percentage	55%	¹²
2025-03-03	FY2024	Functional currencies exposure	approximately 40	¹²
2025-03-03	FY2024	Fixed rate debt percentage	45%	¹²
2025-03-03	FY2024	ATM network size	approximately 78,000	¹²
2025-03-03	FY2024	ATM countries serviced	65	¹²
2025-03-03	FY2024	ATM countries operational	12	¹²
2025-03-03	FY2024	Revenue from ATM as a Service arrangements	194 (USD in millions)	¹²
2025-03-03	FY2024	Recurring Revenue	3,136 (USD in millions)	¹²
2025-03-03	FY2024	Network Managed Units	77.8	¹²
2025-03-03	FY2024	LTM ARPU (Network)	16.1	¹²
2025-03-03	FY2024	Annualized recurring revenue (Self-Service Banking)	1,685 (USD in millions)	¹²
2025-03-03	FY2024	ATM as a Service units	28.4	¹²
2025-03-03	2024-Q4	Recurring revenue Q4 2024	790 million	¹³
2025-03-03	2024-Q4	Recurring revenue Q4 2023	777 million	¹³
2025-03-03	2024-Q4	Recurring revenue FY 2024	3,136 million	¹³
2025-03-03	2024-Q4	Recurring revenue FY 2023	2,982 million	¹³
2025-03-03	2024-Q4	Operating cash flow Q4 2024	80 million	¹³
2025-03-03	2024-Q4	Operating Cash Flow FY 2024	344 million	¹³
2025-03-03	2024-Q4	Gross Margin Q4 2024 GAAP	26.8%	¹³
2025-03-03	2024-Q4	Adjusted Gross Margin Q4 2024	28.8%	¹³
2025-03-03	2024-Q4	Adjusted Gross Margin Q4 2023	24.8%	¹³
2025-03-03	2024-Q4	Adjusted Gross Margin FY 2024	26.1%	¹³
2025-03-03	2024-Q4	Adjusted Gross Margin FY 2023	25.5%	¹³
2025-03-03	2024-Q4	Adjusted EBITDA Margin Q4 2024	19.8%	¹³
2025-03-03	2024-Q4	Adjusted EBITDA Margin Q4 2023	16.2%	¹³
2025-03-03	2024-Q4	Adjusted EBITDA Margin FY 2024	18.1%	¹³
2025-03-03	2024-Q4	Adjusted EBITDA Margin FY 2023	17.5%	¹³
2024-11-12	2024-Q3	Service Revenue	843 million	¹¹
2024-11-12	2024-Q3	Recurring Revenue as a Percent of Revenue	73%	¹¹
2024-11-12	2024-Q3	Recurring Revenue	790 (USD in millions)	¹¹
2024-11-12	2024-Q3	Operating Cash Flow Year-to-Date	264 million	¹¹
2024-11-12	2024-Q3	Operating Cash Flow Q3	107 million	¹¹
2024-11-12	2024-Q3	Network Managed Units Prior Year	83.1	¹⁰
2024-11-12	2024-Q3	Network Managed Units	79.5	¹⁰
2024-11-12	2024-Q3	LTM ARPU (Network) Prior Year	14.8	¹⁰
2024-11-12	2024-Q3	LTM ARPU (Network)	15.9	¹⁰
2024-11-12	2024-Q3	Annualized Recurring Revenue (Self-Service Banking) Prior Year	1,551 (USD in millions)	¹⁰
2024-11-12	2024-Q3	Annualized recurring revenue (Self-Service Banking)	1,664 (USD in millions)	¹⁰
2024-11-12	2024-Q3	ATM as a Service Units Prior Year	18.2	¹⁰
2024-11-12	2024-Q3	ATM as a Service units	22.8	¹⁰
2024-08-14	2024-Q2	Recurring revenue percentage	73.4%	⁹
2024-08-14	2024-Q2	Recurring Revenue	793 (USD in millions)	⁹
2024-08-14	2024-Q2	ATM as a Service units	22,077	⁹
2024-08-13	2024-Q2	Recurring revenue percentage	73%	⁸
2024-08-13	2024-Q2	Recurring Revenue Growth	9%	⁸
2024-08-13	2024-Q2	Recurring Revenue	793 million	⁸
2024-05-14	2024-Q1	Recurring Revenue Pct	72.7%	⁷
2024-05-14	2024-Q1	Recurring Revenue	763 (USD in millions)	⁷
2024-05-14	2024-Q1	Adjusted FCF (unrestricted)	69 (USD in millions)	⁷
2024-05-13	2024-Q1	Recurring Revenue Growth	7%	⁶
2024-05-13	2024-Q1	Recurring Revenue as a Percent of Revenue	73%	⁶
2024-05-13	2024-Q1	Recurring Revenue	763 (USD in millions)	⁶
2024-03-26	FY2023	US management women %	29%	⁵
2024-03-26	FY2023	US ethnically/racially diverse %	29%	⁵
2024-03-26	FY2023	Service ATMs countries	60	⁵
2024-03-26	FY2023	Sales & marketing staff	565 (USD millions)	⁵
2024-03-26	FY2023	R&D expense 2023	77 million	⁵
2024-03-26	FY2023	R&D expense 2022	64 million	⁵
2024-03-26	FY2023	R&D expense 2021	107 million	⁵
2024-03-26	FY2023	Patents US	500	⁵
2024-03-26	FY2023	International revenue % 2023	55%	⁵
2024-03-26	FY2023	International revenue % 2022	55%	⁵
2024-03-26	FY2023	International revenue % 2021	59%	⁵
2024-03-26	FY2023	Countries of operations	56	⁵
2024-03-26	FY2023	ATM networks countries	11	⁵
2024-03-26	FY2023	Allpoint network locations	approximately 83,000	⁵
2024-03-26	FY2023	Total debt	$3,099	⁵
2024-03-26	FY2023	Recurring revenue % of total revenue	71.2%	⁵
2024-03-26	FY2023	Recurring Revenue	$2,982	⁵
2024-03-26	FY2023	Net cash from operating activities	$355	⁵
2024-03-26	FY2023	Cash and cash equivalents	$339	⁵
2024-03-26	FY2023	Adjusted FCF (unrestricted)	$184	⁵
2024-02-14	2023-Q4	Recurring revenue % of revenue (Q4 2023)	71%	⁴
2024-02-14	2023-Q4	Recurring revenue % of revenue (Q4 2022)	67%	⁴
2024-02-14	2023-Q4	Recurring revenue (Q4 2023)	$777	⁴
2024-02-14	2023-Q4	Recurring revenue (Q4 2022)	$709	⁴
2024-02-14	2023-Q4	ATM-as-a-Service active units (year-end)	more than 20,000	⁴
2023-11-14	2023-Q3	Total Adjusted EBITDA margin %	19.7%	³
2023-11-14	2023-Q3	T&T Adjusted EBITDA margin %	20.4%	³
2023-11-14	2023-Q3	Self-Service Banking Adjusted EBITDA margin %	26.2%	³
2023-11-14	2023-Q3	Recurring revenue (9M)	2205 (USD in millions)	²
2023-11-14	2023-Q3	Recurring Revenue	765 (USD in millions)	²
2023-11-14	2023-Q3	Recurring Revenue	765 million	³
2023-11-14	2023-Q3	Network Adjusted EBITDA margin %	33.7%	³
2023-09-05	2023-Q2	Total Units Owned Managed Serviced	796,097	¹
2023-09-05	2023-Q2	Recurring revenue percentage	70.2%	¹
2023-09-05	2023-Q2	Payment transactions	905	¹
2023-09-05	2023-Q2	ATM as a Service units	18,007	¹

▸ Earlier KPIs (+168)

Guidance Tracking (latest per metric/period · 5/20)#

All management forecasts (guidance) and their later outcome. Types: fiscal-year targets as well as quarterly/half-year targets; per metric and period the most recent statement applies, older versions can be expanded. The status is checked automatically against the actuals reported later: open (period still running), met, beaten, missed. For ranges (“X to Y”) reaching the range counts. Logged neutrally, no estimate of our own, no assessment.

Actuals: revenue in $m · EPS in $ per share · ratios in %

For period	Guided on	Metric	Guided	Actual	Verdict	Direction	Source
FY2025	2025-05-07	Revenue growth (YoY)	1–3%	–	–	confirmed	¹⁸
FY2025	2025-03-03	EPS (non-GAAP)	21–27%	4.13	miss	confirmed	¹⁸
FY2025	2025-03-03	EBITDA (adjusted)	7–10%	830	–	confirmed	¹⁸
FY2025	2025-03-03	Core Revenue	3–6%	–	–	confirmed	¹⁸
FY2025	2025-03-03	Adjusted FCF (unrestricted)	260–300	–	–	confirmed	¹⁸
FY2024	2024-11-12	EPS (non-GAAP)	~3.12	3.34	beat	raised	¹¹
FY2024	2024-11-12	Adjusted FCF (unrestricted)	~205	–	–	confirmed	¹¹
FY2024	2024-08-13	Revenue	~4,300	4,305	beat	confirmed	¹¹
FY2024	2024-02-14	EBITDA (adjusted)	~785	–	–	confirmed	¹¹
2024-Q3	2024-08-13	Revenue	1,045–1,075	1,073	in line	initiated	⁸
2024-Q3	2024-08-13	EPS (non-GAAP)	0.71–0.81	0.89	beat	initiated	⁸
2024-Q3	2024-08-13	EBITDA (adjusted)	195–205	205	in line	initiated	⁸
2024-Q3	2024-08-13	Adjusted FCF (unrestricted)	40–60	–	–	initiated	⁸
2024-Q2	2024-05-13	Revenue	1,060–1,090	1,078	in line	initiated	⁶
2024-Q2	2024-05-13	EPS (non-GAAP)	0.63–0.73	0.85	beat	initiated	⁶
2024-Q2	2024-05-13	EBITDA (adjusted)	180–190	197	beat	initiated	⁶
2024-Q2	2024-05-13	Adjusted FCF (unrestricted)	0–25	–	–	initiated	⁶
2024-Q1	2024-02-14	Revenue	1,000–1,050	1,046	in line	initiated	⁴
2024-Q1	2024-02-14	EPS (non-GAAP)	0.3–0.4	0.41	beat	initiated	⁴
2024-Q1	2024-02-14	EBITDA (adjusted)	150–160	160	in line	initiated	⁴

▸ show older periods (+5)

Development#

A condensed summary per reporting period as running text: what changed operationally, which drivers management names, how earnings and cash flow developed. Most recent period first, grouped by year; each text is written from the original report of that period, superscript numbers lead to the source.

FY2026

NCR Atleos reported first-half 2026 total revenue of $2.15 billion, up 3% year-over-year, with Q1 revenue rising 7% to $1.043 billion driven by Self-Service Banking segment growth including 30% ATMaaS expansion, and Q2 revenue flat at $1.103 billion (²², ²⁴, ²⁵). Gross margin contracted in Q1 to 22.4% from 23.7%, primarily reflecting higher tariff costs and increased vault cash expense that absorbed approximately $11 million in net impact, before recovering sharply in Q2 to 28.0%, a 510-basis-point year-over-year expansion aided by tariff refunds following a U.S. Supreme Court ruling invalidating certain IEEPA tariffs – not solely operational improvement (²², ²⁴). Net income attributable to Atleos totaled $87 million for H1 2026, up 64% year-over-year, while Adjusted EBITDA reached $426 million, a 14% increase, with Q2 Adjusted EBITDA of $254 million rising 25% year-over-year (²⁴, ²⁵). On February 26, 2026, Atleos entered into an Agreement and Plan of Merger with The Brink's Company; shareholders of both companies approved the transaction on June 30, 2026, with closing expected early Q1 2027 pending remaining regulatory approvals (²³, ²⁴).

FY2025

NCR Atleos Corp reported total revenue of $4,354 million for fiscal year 2025, up 1% year-over-year, with Self-Service Banking segment revenue growing 7% driven by 14% hardware growth and 33% ATM as a Service revenue expansion, while the Network and T&T segments each posted modest declines ²¹. Gross margin improved to 24.4% from 23.7% in 2024, and adjusted EBITDA grew 6% to $830 million with margin expanding 90 basis points to 19.1% ²⁰ ²¹. Net income attributable to Atleos increased 103% to $162 million compared to $80 million in 2024, supported by lower interest expense following 2024 debt restructuring and a September 2025 Term B Loan refinancing ²⁰ ²¹. Adjusted free cash flow reached $326 million for the year, up 35% year-over-year, with adjusted free cash flow conversion expanding to 39% ²⁰. In February 2026, the company entered a definitive agreement to be acquired by The Brink's Company in a cash and stock transaction, with the board-authorized $200 million share repurchase program suspended in connection with the pending acquisition ²⁰.

FY2024

NCR Atleos Corporation completed its first full fiscal year 2024 as an independent publicly traded company following its separation from NCR Corporation on October 16, 2023 ¹². Total revenue grew 3% to approximately $4.3 billion, driven by recurring revenue growth of 5% to $3.1 billion, which represented an increasing share of total sales throughout the year ¹³. Adjusted EBITDA rose 7% to $781 million and full-year gross margin expanded to 23.9% from 22.3% in 2023, reflecting growth in higher-margin recurring service streams ¹² ¹³. Net income attributable to Atleos was $91 million in 2024 compared to a loss of $134 million in 2023, an improvement of $225 million ¹². In October 2024, Atleos completed a debt refinancing that reduced the weighted average interest spread by approximately 100 basis points on $1.7 billion of variable-rate debt ¹¹.

FY2023

NCR Atleos Corp reported fiscal year 2023 total revenue of approximately $4.2 billion, a 1% increase year-over-year, with service revenue growing 4% while product revenue declined 6% ⁵. The company completed its separation from NCR Corporation on October 16, 2023, beginning to trade independently on the NYSE under the ticker NATL ⁴. Adjusted EBITDA grew 7% to $732 million from $685 million in 2022, supported by cost mitigation actions in fuel, shipping, and component parts across segments ⁵. Recurring revenue as a percentage of total revenue increased to 71.2% in 2023 from 67.7% in 2022, with ATM-as-a-Service units exceeding 20,000 by year-end ⁴ ⁵. The company recorded a net loss of approximately $150 million for FY2023, primarily reflecting $170 million in separation-related costs and $239 million in income tax expense associated with the spin-off restructuring ⁵.

Sources: official investor relations documents#

All original documents used, with type (e.g. quarterly, half-year, annual report), publication date and a direct link to the filing (EDINET/SEC/IR). Every superscript number in the report points to an entry in this list; so every figure can be traced back to its place in the original.

25 documents · 2023 – 2026 · SEC EDGAR (USA)

#	Document type	Published	Link
#1	10-Q	2023-09-05	Open
#2	10-Q	2023-11-14	Open
#3	8-K-EX99.1	2023-11-14	Open
#4 / #104	8-K-EX99.1	2024-02-14	Open
#5	10-K	2024-03-26	Open
#6	8-K-EX99.1	2024-05-13	Open
#7	10-Q	2024-05-14	Open
#8	8-K-EX99.1	2024-08-13	Open
#9	10-Q	2024-08-14	Open
#10	10-Q	2024-11-12	Open
#11	8-K-EX99.1	2024-11-12	Open
#12	10-K	2025-03-03	Open
#13	8-K-EX99.1	2025-03-03	Open
#14	8-K-EX99.1	2025-05-07	Open
#15	10-Q	2025-05-08	Open
#16 / #116	8-K-EX99.1	2025-08-06	Open
#17	10-Q	2025-08-07	Open
#18 / #118	8-K-EX99.1	2025-11-05	Open
#19	10-Q	2025-11-06	Open
#20 / #120	8-K-EX99.1	2026-02-26	Open
#21	10-K	2026-02-27	Open
#22 / #122	8-K-EX99.1	2026-05-06	Open
#23	10-Q	2026-05-07	Open
#24	10-Q	2026-08-05	Open
#25 / #125	8-K-EX99.1	2026-08-05	Open

▸ More rows (+10)

FAQ#

Where can I find the official investor relations documents of NCR Atleos Corporation?

The sources chapter links all 31 original filings used (SEC filings) with type, publication date and a direct link; every figure in the report carries a source number.

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NCR Atleos Corporation NATL

Business Model#

Current Status#

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Event Timeline#

2026-Q2 · Apr – Jun 2026

2026-Q1 · Jan – Mar 2026

FY2025 · Jan – Dec 2025

2025-Q4 · Oct – Dec 2025

2025-Q3 · Jul – Sep 2025

2025-Q2 · Apr – Jun 2025

2025-Q1 · Jan – Mar 2025

FY2024 · Jan – Dec 2024

2024-Q4 · Oct – Dec 2024

2024-Q3 · Jul – Sep 2024

2024-Q2 · Apr – Jun 2024

2024-Q1 · Jan – Mar 2024

2023-Q4 · Oct – Dec 2023

2023-Q3 · Jul – Sep 2023

2023-Q2 · Apr – Jun 2023

2023-Q1 · Jan – Mar 2023

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Guidance Tracking (latest per metric/period · 5/20)#

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Sources: official investor relations documents#

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