NCR Atleos Corp
NATL NYSE Calculating & Accounting Machines (No Electronic Computers) Financials FY2021–FY2025
Revenue
Total sales reported in the income statement.
$4.4B
1.1%
vs prior year
Operating margin
Operating income as a share of revenue.
11.0%
0.8 pts
Net income
Profit after all expenses, interest and tax.
$162M
102.5%
Free cash flow
Cash from operations minus capital spending.
$239M
7.0%
Return on capital
After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
15.1%
4.8 pts
Market cap
Last close times the latest diluted share count, so it is approximate.
—
P/E
Last close divided by diluted earnings per share over the last four quarters.
—
On $2.58 EPS (TTM)
What NCR Atleos Corp does
No business description yet.
- Legal name
- NCR Atleos Corp
- Fiscal year ends
- December 31, 2025
- Latest annual report
- 10-K · Feb 27, 2026
- Accession · CIK
- 0001628280-26-012576
0001974138
Revenue and margins
NCR Atleos Corp had $4.4B of revenue in fiscal 2025, up 1.1% on the year before.
FY21
Revenue $3.5B
FY22
Revenue $4.1B
FY23
Revenue $4.2B
FY24
Revenue $4.3B
FY25
Revenue $4.4B
Q3 '23
Revenue $1.1B
Q4 '23
Revenue $1.1B
Q1 '24
Revenue $1.0B
Q2 '24
Revenue $1.1B
Q3 '24
Revenue $1.1B
Q4 '24
Revenue $1.1B
Q1 '25
Revenue $979M
Q2 '25
Revenue $1.1B
Q3 '25
Revenue $1.1B
Q4 '25
Revenue $1.2B
Q1 '26
Revenue $1.0B
Q2 '26
Revenue $1.1B
FY21
Gross —
Operating 7.0%
Net 5.2%
FCF 10.4%
FY22
Gross —
Operating 6.3%
Net 2.4%
FCF 5.2%
FY23
Gross —
Operating 6.3%
Net −3.6%
FCF 5.9%
FY24
Gross —
Operating 10.2%
Net 1.9%
FCF 6.0%
FY25
Gross —
Operating 11.0%
Net 3.7%
FCF 5.5%
Gross
Operating
Net
FCF
Q3 '23
Gross —
Operating 8.5%
Net −5.7%
FCF 9.3%
Q4 '23
Gross —
Operating 2.7%
Net −16.0%
FCF −2.7%
Q1 '24
Gross —
Operating 6.5%
Net −0.9%
FCF 11.9%
Q2 '24
Gross —
Operating 9.8%
Net 2.5%
FCF −1.3%
Q3 '24
Gross —
Operating 10.6%
Net 2.0%
FCF 7.9%
Q4 '24
Gross —
Operating 13.4%
Net 3.7%
FCF 5.6%
Q1 '25
Gross —
Operating 9.5%
Net 1.4%
FCF 9.6%
Q2 '25
Gross —
Operating 10.8%
Net 3.5%
FCF −4.2%
Q3 '25
Gross —
Operating 9.8%
Net 2.3%
FCF −0.3%
Q4 '25
Gross —
Operating 13.5%
Net 7.2%
FCF 16.8%
Q1 '26
Gross —
Operating 8.1%
Net 2.1%
FCF −3.5%
Q2 '26
Gross —
Operating 14.1%
Net 5.9%
FCF 0.4%
Gross
Operating
Net
FCF
Net income and earnings per share
From fiscal 2021 to 2025, diluted EPS grew −5.0% a year. Loss periods are shown in red.
FY21
Net income $186M
FY22
Net income $99.0M
FY23
Net income −$150M
FY24
Net income $80.0M
FY25
Net income $162M
Q3 '23
Net income −$61.0M
Q4 '23
Net income −$175M
Q1 '24
Net income −$9.0M
Q2 '24
Net income $27.0M
Q3 '24
Net income $21.0M
Q4 '24
Net income $41.0M
Q1 '25
Net income $14.0M
Q2 '25
Net income $39.0M
Q3 '25
Net income $26.0M
Q4 '25
Net income $83.0M
Q1 '26
Net income $22.0M
Q2 '26
Net income $65.0M
FY21
Diluted EPS $2.63
FY22
Diluted EPS $1.40
FY23
Diluted EPS −$2.12
FY24
Diluted EPS $1.08
FY25
Diluted EPS $2.14
Q3 '23
Diluted EPS −$0.86
Q4 '23
Diluted EPS −$2.48
Q1 '24
Diluted EPS −$0.13
Q2 '24
Diluted EPS $0.37
Q3 '24
Diluted EPS $0.28
Q4 '24
Diluted EPS $0.55
Q1 '25
Diluted EPS $0.19
Q2 '25
Diluted EPS $0.52
Q3 '25
Diluted EPS $0.34
Q4 '25
Diluted EPS $1.09
Q1 '26
Diluted EPS $0.29
Q2 '26
Diluted EPS $0.86
Returns on capital
After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
FY21
Return on capital —
Return on equity 8.0%
Return on assets —
FY22
Return on capital 4.6%
Return on equity 3.5%
Return on assets 1.7%
FY23
Return on capital 5.6%
Return on equity −8.6%
Return on assets −2.6%
FY24
Return on capital 10.4%
Return on equity 36.5%
Return on assets 1.4%
FY25
Return on capital 15.1%
Return on equity 52.1%
Return on assets 2.9%
Return on capital
Return on equity
Return on assets
Cash flow
Free cash flow was $239M in fiscal 2025, 5.5% of revenue. Cash from operations minus capital spending.
FY21
Free cash flow $369M
FY22
Free cash flow $216M
FY23
Free cash flow $247M
FY24
Free cash flow $257M
FY25
Free cash flow $239M
Q3 '23
Free cash flow $99.0M
Q4 '23
Free cash flow −$30.0M
Q1 '24
Free cash flow $124M
Q2 '24
Free cash flow −$14.0M
Q3 '24
Free cash flow $85.0M
Q4 '24
Free cash flow $62.0M
Q1 '25
Free cash flow $94.0M
Q2 '25
Free cash flow −$46.0M
Q3 '25
Free cash flow −$3.0M
Q4 '25
Free cash flow $194M
Q1 '26
Free cash flow −$36.0M
Q2 '26
Free cash flow $4.0M
FY21
Cash from operations $449M
Capital spending $80.0M
FY22
Cash from operations $274M
Capital spending $58.0M
FY23
Cash from operations $355M
Capital spending $108M
FY24
Cash from operations $344M
Capital spending $87.0M
FY25
Cash from operations $356M
Capital spending $117M
Cash from operations
Capital spending
Q3 '23
Cash from operations $147M
Capital spending $48.0M
Q4 '23
Cash from operations $8.0M
Capital spending $38.0M
Q1 '24
Cash from operations $148M
Capital spending $24.0M
Q2 '24
Cash from operations $9.0M
Capital spending $23.0M
Q3 '24
Cash from operations $107M
Capital spending $22.0M
Q4 '24
Cash from operations $80.0M
Capital spending $18.0M
Q1 '25
Cash from operations $123M
Capital spending $29.0M
Q2 '25
Cash from operations −$25.0M
Capital spending $21.0M
Q3 '25
Cash from operations $27.0M
Capital spending $30.0M
Q4 '25
Cash from operations $231M
Capital spending $37.0M
Q1 '26
Cash from operations −$9.0M
Capital spending $27.0M
Q2 '26
Cash from operations $30.0M
Capital spending $26.0M
Cash from operations
Capital spending
Dividends, buybacks and share count
NCR Atleos Corp returned $28.0M to shareholders in fiscal 2025, 12% of free cash flow. The diluted share count rose 1.9%.
FY21
Dividends —
Buybacks —
FY22
Dividends —
Buybacks —
FY23
Dividends —
Buybacks $0.0M
FY24
Dividends —
Buybacks $0.0M
FY25
Dividends —
Buybacks $28.0M
Dividends
Buybacks
Q3 '23
Dividends —
Buybacks —
Q4 '23
Dividends —
Buybacks —
Q1 '24
Dividends —
Buybacks —
Q2 '24
Dividends —
Buybacks —
Q3 '24
Dividends —
Buybacks —
Q4 '24
Dividends —
Buybacks —
Q1 '25
Dividends —
Buybacks $0.0M
Q2 '25
Dividends —
Buybacks $0.0M
Q3 '25
Dividends —
Buybacks —
Q4 '25
Dividends —
Buybacks —
Q1 '26
Dividends —
Buybacks $16.0M
Q2 '26
Dividends —
Buybacks $0.0M
Dividends
Buybacks
FY21
Diluted shares 0.07B
FY22
Diluted shares 0.07B
FY23
Diluted shares 0.07B
FY24
Diluted shares 0.07B
FY25
Diluted shares 0.08B
Balance sheet
Cash, debt and the ratios that show how comfortably NCR Atleos Corp can carry it.
FY21
Cash $238M
Debt —
FY22
Cash $293M
Debt $825M
FY23
Cash $339M
Debt $3.2B
FY24
Cash $419M
Debt $2.9B
FY25
Cash $456M
Debt $2.8B
Cash
Debt
| Fiscal year end | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|
| Cash and short-term investments | $238M | $293M | $339M | $419M | $456M |
| Debt incl. finance leases | — | $825M | $3.2B | $2.9B | $2.8B |
| Net debt / EBITDA | — | 1.4x | 5.5x | 3.5x | 3.1x |
| Debt / equity | — | 0.3x | 14.5x | 13.4x | 6.8x |
| Interest coverage | — | 8.3x | 2.9x | 1.4x | 1.8x |
| Current ratio | — | 1.2x | 1.0x | 1.0x | 1.0x |
| Quick ratio | — | 0.9x | 0.9x | 0.8x | 0.8x |
| Total assets | — | $5.8B | $5.7B | $5.5B | $5.7B |
| Total liabilities | — | $2.5B | $5.5B | $5.3B | $5.3B |
| Shareholders' equity | $2.3B | $3.3B | $219M | $219M | $403M |
| Net debt (− = net cash) | — | $532M | $2.8B | $2.5B | $2.3B |
Insider trades
Open-market purchases and sales by officers, directors and 10% owners, from Form 4 filings. 'Plan' marks trades under a pre-arranged Rule 10b5-1 plan.
Bought, 12 months
$0.0M
0 insiders
Sold, 12 months
$0.0M
0 insiders
Of sales under plans
—
$0.0M
No open-market insider trades in the last 12 months.
Piotroski F-score
Nine pass/fail tests of profitability, funding and efficiency. 8–9 is strong, 0–2 weak.
| Test | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|
| Net income is positive | ✓ | ✓ | ✕ | ✓ | ✓ |
| Cash from operations is positive | ✓ | ✓ | ✓ | ✓ | ✓ |
| Return on assets rose | — | — | ✕ | ✓ | ✓ |
| Cash from operations exceeds net income | ✓ | ✓ | ✓ | ✓ | ✓ |
| Debt fell relative to assets | — | — | ✕ | ✓ | ✓ |
| Current ratio rose | — | — | ✕ | ✕ | ✕ |
| Share count didn't rise | — | ✓ | ✓ | ✕ | ✕ |
| Gross margin rose | — | — | — | — | — |
| Revenue rose relative to assets | — | — | ✓ | ✓ | ✕ |
| F-score | — / 3 | — / 4 | 4 / 8 | 6 / 8 | 5 / 8 |
| Accruals ratio | — | −3.0% | −8.8% | −4.7% | −3.5% |
| Altman Z'' | — | 1.98 | 0.52 | 0.72 | 0.73 |
5 years of figures
US$ millions unless stated. Hover a ratio's name for its definition.
| Fiscal year | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|
| Income statement | |||||
| Revenue | $3.5B | $4.1B | $4.2B | $4.3B | $4.4B |
| Net interest income | −$49.0M | −$31.0M | −$90.0M | — | — |
| Research and development | $107M | $64.0M | $80.0M | $62.0M | $70.0M |
| Operating income | $248M | $258M | $263M | $437M | $478M |
| Interest expense | — | $31.0M | $90.0M | $309M | $270M |
| Pretax income | $251M | $146M | $89.0M | $125M | $189M |
| Income tax | $64.0M | $48.0M | $237M | $44.0M | $27.0M |
| Net income | $186M | $99.0M | −$150M | $80.0M | $162M |
| Diluted EPS | $2.63 | $1.40 | −$2.12 | $1.08 | $2.14 |
| Diluted shares | 0.07B | 0.07B | 0.07B | 0.07B | 0.08B |
| Cash flow | |||||
| Cash from operations | $449M | $274M | $355M | $344M | $356M |
| Capital expenditure | $80.0M | $58.0M | $108M | $87.0M | $117M |
| Free cash flow | $369M | $216M | $247M | $257M | $239M |
| Depreciation and amortization | $72.0M | $127M | $254M | $287M | $277M |
| Stock-based compensation | $82.0M | $66.0M | $68.0M | $38.0M | $34.0M |
| Acquisitions | $2.3B | $78.0M | $1.0M | $0.0M | $17.0M |
| Share buybacks | — | — | $0.0M | $0.0M | $28.0M |
| Dividends and buybacks | — | — | $0.0M | $0.0M | $28.0M |
| Balance sheet | |||||
| Cash and short-term investments | $238M | $293M | $339M | $419M | $456M |
| Total debt | — | $825M | $3.2B | $2.9B | $2.8B |
| Finance lease liabilities | — | — | $2.0M | $7.0M | $14.0M |
| Current assets | — | $1.6B | $1.9B | $1.7B | $1.8B |
| Current liabilities | — | $1.4B | $1.8B | $1.7B | $1.9B |
| Inventory | — | $419M | $333M | $307M | $342M |
| Property and equipment, net | — | $412M | $468M | $474M | $511M |
| Goodwill | $1.9B | $1.9B | $2.0B | $2.0B | $2.0B |
| Intangible assets | — | $729M | $635M | $550M | $498M |
| Total assets | — | $5.8B | $5.7B | $5.5B | $5.7B |
| Total liabilities | — | $2.5B | $5.5B | $5.3B | $5.3B |
| Preferred stock | — | $0.0M | $0.0M | $0.0M | $0.0M |
| Shareholders' equity | $2.3B | $3.3B | $219M | $219M | $403M |
| Margins | |||||
| Operating margin | 7.0% | 6.3% | 6.3% | 10.2% | 11.0% |
| EBITDA margin | 9.0% | 9.3% | 12.4% | 16.8% | 17.3% |
| Net margin | 5.2% | 2.4% | −3.6% | 1.9% | 3.7% |
| FCF margin | 10.4% | 5.2% | 5.9% | 6.0% | 5.5% |
| Net interest share of revenue | −1.4% | −0.8% | −2.2% | — | — |
| Returns | |||||
| Return on capital | — | 4.6% | 5.6% | 10.4% | 15.1% |
| Return on capital employed | — | 5.9% | 6.7% | 11.5% | 12.7% |
| Return on equity | 8.0% | 3.5% | −8.6% | 36.5% | 52.1% |
| Return on assets | — | 1.7% | −2.6% | 1.4% | 2.9% |
| Return on tangible equity | 43.6% | 16.9% | — | — | — |
| Growth | |||||
| Revenue growth | — | 16.1% | 1.6% | 2.8% | 1.1% |
| Net income growth | — | −46.8% | −251.5% | — | 102.5% |
| EPS growth | — | −46.8% | −251.4% | — | 98.1% |
| FCF growth | — | −41.5% | 14.4% | 4.0% | −7.0% |
| Share count change | — | 0.0% | 0.0% | 5.1% | 1.9% |
| Financial health | |||||
| Net debt / EBITDA | — | 1.4x | 5.5x | 3.5x | 3.1x |
| Debt / equity | — | 0.3x | 14.5x | 13.4x | 6.8x |
| Interest coverage | — | 8.3x | 2.9x | 1.4x | 1.8x |
| Current ratio | — | 1.2x | 1.0x | 1.0x | 1.0x |
| Quick ratio | — | 0.9x | 0.9x | 0.8x | 0.8x |
| Capital allocation | |||||
| Capex / revenue | 2.3% | 1.4% | 2.6% | 2.0% | 2.7% |
| Stock comp / revenue | 2.3% | 1.6% | 1.6% | 0.9% | 0.8% |
| Payouts / FCF | — | — | 0.0% | 0.0% | 11.7% |
| Quality scores | |||||
| Piotroski F-score | — | — | 4.0 | 6.0 | 5.0 |
| Altman Z'' | — | 2.0 | 0.5 | 0.7 | 0.7 |
| Accruals ratio | — | −3.0% | −8.8% | −4.7% | −3.5% |
Source: SEC EDGAR XBRL filings (CIK 0001974138). Data updated October 24, 2026. Quarterly fourth quarters are the full year minus the first nine months. For information only — not investment advice. Check the original filings before relying on any figure.