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NCR Atleos Corp Financials

NATL
Source SEC Filings (10-K/10-Q) Updated Mar 31, 2026 Currency USD FYE December

This page shows NCR Atleos Corp (NATL) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 5 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).

Rhea AI NATL FY2025

Margin repair, not faster sales, is driving this business, while steady cash generation slowly reduces a still-heavy debt load.

From FY2023 to FY2025, operating margin expanded from 6.3% to 11.0% even though revenue changed little; with SG&A falling over the same stretch, the earnings recovery looks like overhead repair rather than a demand-led step-up. Because interest expense still consumed $270M in FY2025, deleveraging—not just better operations—determines how much of that improvement reaches net income.

Operating cash flow held between $344M and $356M across FY2023-FY2025, even when FY2023 posted a net loss, so cash conversion has been steadier than GAAP earnings. Free cash flow stayed positive after capex each year, which suggests the business is not unusually capital-hungry for the cash it produces and can still self-fund a meaningful share of its needs.

Debt to equity improved from 13.1x to 6.6x between FY2024 and FY2025, showing balance-sheet repair but from a still-leveraged starting point. Yet the current ratio fell below 1.0x, meaning current assets no longer fully cover current liabilities and short-term liquidity remains tighter than the long-term leverage trend implies.

[ NOT FINANCIAL ADVICE ]

Financial Health Signals

Profitability Growth Leverage Liquidity Cash Flow Returns 31 / 100
Financial Profile 31/100

Based on FY2025 annual data, averaged across the last 3 years for performance metrics (most-recent year weighted highest). How this score is calculated →

Health score ≠ stock price. This rates the quality of NCR Atleos Corp's business: profitability, growth, balance sheet strength. It doesn't tell you whether the stock is a good buy at today's price. Not financial advice. Use it alongside valuation analysis and your own research.

Profitability
44

NCR Atleos Corp has an operating margin of 11.0%, meaning the company retains $11 of operating profit per $100 of revenue. This results in a moderate score of 44/100, indicating healthy but not exceptional operating efficiency. This is up from 10.2% the prior year.

Growth
37

NCR Atleos Corp's revenue grew a modest 1.1% year-over-year to $4.4B. This slow but positive growth earns a score of 37/100.

Leverage
0

NCR Atleos Corp has elevated debt relative to equity (D/E of 6.63), meaning the company relies heavily on borrowed funds. This high leverage results in a low score of 0/100, reflecting increased financial risk.

Liquidity
14

NCR Atleos Corp's current ratio of 0.96 is below the typical benchmark, resulting in a score of 14/100. This tight liquidity could limit financial flexibility if cash inflows slow.

Cash Flow
39

NCR Atleos Corp has a free cash flow margin of 5.5%, earning a moderate score of 39/100. The company generates positive cash flow after capital investments, but with room for improvement.

Returns
50

NCR Atleos Corp's ROE of 40.2% shows moderate profitability relative to equity, earning a score of 50/100. This is up from 36.5% the prior year.

Altman Z-Score Distress
1.48

NCR Atleos Corp scores 1.48, below the 1.81 distress threshold. This indicates elevated financial distress risk and warrants close attention to liquidity and debt levels.

Piotroski F-Score Neutral
5/9

NCR Atleos Corp passes 5 of 9 financial strength tests. All 4 profitability signals pass (positive income, cash flow, and earnings quality), 1 of 3 leverage/liquidity signals pass, neither operating efficiency signal passes.

Earnings Quality Cash-Backed
2.20x

For every $1 of reported earnings, NCR Atleos Corp generates $2.20 in operating cash flow ($356.0M OCF vs $162.0M net income). This indicates profits are well-supported by actual cash generation, not accounting adjustments.

Interest Coverage At Risk
1.8x

NCR Atleos Corp earns $1.8 in operating income for every $1 of interest expense ($478.0M vs $270.0M). This narrow margin raises concern about the company's ability to service its debt if operating income declines.

Key Financial Metrics

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Earnings & Revenue

Revenue
$4.4B
YoY+1.1%

NCR Atleos Corp generated $4.4B in revenue in fiscal year 2025. This represents an increase of 1.1% from the prior year.

EBITDA
$755.0M
YoY+4.3%

NCR Atleos Corp's EBITDA was $755.0M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization. This represents an increase of 4.3% from the prior year.

Net Income
$162.0M
YoY+102.5%

NCR Atleos Corp reported $162.0M in net income in fiscal year 2025. This represents an increase of 102.5% from the prior year.

EPS (Diluted)
$2.14
YoY+98.1%

NCR Atleos Corp earned $2.14 per diluted share (EPS) in fiscal year 2025. This represents an increase of 98.1% from the prior year.

Cash & Balance Sheet

Free Cash Flow
$239.0M
YoY-7.0%

NCR Atleos Corp generated $239.0M in free cash flow in fiscal year 2025, representing cash available after capex. This represents a decrease of 7.0% from the prior year.

Cash & Debt
$456.0M
YoY+8.8%

NCR Atleos Corp held $456.0M in cash against $2.7B in long-term debt as of fiscal year 2025.

Dividends Per Share
N/A
Shares Outstanding
74M
YoY+1.4%

NCR Atleos Corp had 74M shares outstanding in fiscal year 2025. This represents an increase of 1.4% from the prior year.

Margins & Returns

Gross Margin
N/A
Operating Margin
11.0%
YoY+0.8pp

NCR Atleos Corp's operating margin was 11.0% in fiscal year 2025, reflecting core business profitability. This is up 0.8 percentage points from the prior year.

Net Margin
3.7%
YoY+1.9pp

NCR Atleos Corp's net profit margin was 3.7% in fiscal year 2025, showing the share of revenue converted to profit. This is up 1.9 percentage points from the prior year.

Return on Equity
40.2%
YoY+3.7pp

NCR Atleos Corp's ROE was 40.2% in fiscal year 2025, measuring profit generated per dollar of shareholder equity. This is up 3.7 percentage points from the prior year.

Capital Allocation

R&D Spending
$70.0M
YoY+12.9%

NCR Atleos Corp invested $70.0M in research and development in fiscal year 2025. This represents an increase of 12.9% from the prior year.

Share Buybacks
$28.0M

NCR Atleos Corp spent $28.0M on share buybacks in fiscal year 2025, returning capital to shareholders by reducing shares outstanding.

Capital Expenditures
$117.0M
YoY+34.5%

NCR Atleos Corp invested $117.0M in capex in fiscal year 2025, funding long-term assets and infrastructure. This represents an increase of 34.5% from the prior year.

NATL Income Statement

Metric Q1'26 Q4'25 Q3'25 Q2'25 Q1'25 Q4'24 Q3'24 Q2'24
Revenue $1.0B-9.5% $1.2B+2.8% $1.1B+1.7% $1.1B+12.6% $979.0M-11.6% $1.1B+3.3% $1.1B-0.5% $1.1B
Cost of Revenue N/A N/A N/A N/A N/A N/A N/A N/A
Gross Profit N/A N/A N/A N/A N/A N/A N/A N/A
R&D Expenses $20.0M+11.1% $18.0M0.0% $18.0M+5.9% $17.0M0.0% $17.0M-10.5% $19.0M+26.7% $15.0M+36.4% $11.0M
SG&A Expenses $130.0M-1.5% $132.0M-7.7% $143.0M+23.3% $116.0M-4.9% $122.0M-6.2% $130.0M+2.4% $127.0M-3.8% $132.0M
Operating Income $84.0M-46.2% $156.0M+41.8% $110.0M-7.6% $119.0M+28.0% $93.0M-37.6% $149.0M+30.7% $114.0M+7.5% $106.0M
Interest Expense $63.0M-4.5% $66.0M-2.9% $68.0M-1.4% $69.0M+3.0% $67.0M N/A $79.0M0.0% $79.0M
Income Tax $11.0M+237.5% -$8.0M-214.3% $7.0M-63.2% $19.0M+111.1% $9.0M-65.4% $26.0M+160.0% $10.0M+100.0% $5.0M
Net Income $22.0M-73.5% $83.0M+219.2% $26.0M-33.3% $39.0M+178.6% $14.0M-65.9% $41.0M+95.2% $21.0M-22.2% $27.0M
EPS (Diluted) $0.29-73.4% $1.09+220.6% $0.34-34.6% $0.52+173.7% $0.19-65.5% $0.55+96.4% $0.28-24.3% $0.37

NATL Balance Sheet

Metric Q1'26 Q4'25 Q3'25 Q2'25 Q1'25 Q4'24 Q3'24 Q2'24
Total Assets $5.6B-0.5% $5.7B+0.3% $5.7B-2.8% $5.8B+1.3% $5.7B+3.7% $5.5B-3.7% $5.7B-0.3% $5.8B
Current Assets $1.8B-0.5% $1.8B+0.4% $1.8B-8.0% $2.0B+2.0% $1.9B+10.7% $1.7B-9.4% $1.9B-2.4% $2.0B
Cash & Equivalents $433.0M-5.0% $456.0M+10.7% $412.0M+15.4% $357.0M+1.4% $352.0M-16.0% $419.0M+6.1% $395.0M+5.6% $374.0M
Inventory $366.0M+7.0% $342.0M-10.7% $383.0M-4.3% $400.0M+12.4% $356.0M+16.0% $307.0M-12.5% $351.0M+6.7% $329.0M
Accounts Receivable $575.0M+4.5% $550.0M-3.3% $569.0M-14.9% $669.0M+1.7% $658.0M+13.3% $581.0M-6.7% $623.0M-11.9% $707.0M
Goodwill $2.0B0.0% $2.0B-0.1% $2.0B+0.3% $2.0B+0.1% $2.0B+0.1% $1.9B-0.2% $2.0B+0.2% $2.0B
Total Liabilities $5.2B-0.4% $5.3B-1.0% $5.3B-2.6% $5.5B0.0% $5.5B+2.8% $5.3B-3.2% $5.5B-0.5% $5.5B
Current Liabilities $1.9B-2.5% $1.9B+6.4% $1.8B-5.5% $1.9B-0.1% $1.9B+9.6% $1.7B-4.3% $1.8B-2.9% $1.9B
Long-Term Debt $2.7B+1.2% $2.7B-4.2% $2.8B-1.0% $2.8B-0.6% $2.8B-0.9% $2.9B-1.6% $2.9B-0.5% $2.9B
Total Equity $396.0M-1.7% $403.0M+22.1% $330.0M-5.7% $350.0M+27.3% $275.0M+25.6% $219.0M-17.0% $264.0M+5.6% $250.0M
Retained Earnings $306.0M+2.3% $299.0M+11.6% $268.0M-2.9% $276.0M+10.8% $249.0M+32.4% $188.0M-1.6% $191.0M+14.4% $167.0M

NATL Cash Flow Statement

Metric Q1'26 Q4'25 Q3'25 Q2'25 Q1'25 Q4'24 Q3'24 Q2'24
Operating Cash Flow -$9.0M-103.9% $231.0M+824.0% $25.0M+208.7% -$23.0M-118.7% $123.0M+53.8% $80.0M-25.2% $107.0M+1088.9% $9.0M
Capital Expenditures $27.0M-27.0% $37.0M+23.3% $30.0M+42.9% $21.0M-27.6% $29.0M+61.1% $18.0M-18.2% $22.0M-4.3% $23.0M
Free Cash Flow -$36.0M-118.6% $194.0M+3980.0% -$5.0M+88.6% -$44.0M-146.8% $94.0M+51.6% $62.0M-27.1% $85.0M+707.1% -$14.0M
Investing Cash Flow -$25.0M+10.7% -$28.0M+45.1% -$51.0M $0+100.0% -$37.0M-48.0% -$25.0M+35.9% -$39.0M+2.5% -$40.0M
Financing Cash Flow -$11.0M+92.7% -$151.0M-319.4% -$36.0M-111.8% -$17.0M+65.3% -$49.0M+42.4% -$85.0M-347.4% -$19.0M-133.3% $57.0M
Dividends Paid N/A N/A N/A N/A N/A N/A N/A N/A
Share Buybacks $16.0M N/A N/A N/A $0 N/A N/A N/A

NATL Financial Ratios

Metric Q1'26 Q4'25 Q3'25 Q2'25 Q1'25 Q4'24 Q3'24 Q2'24
Gross Margin N/A N/A N/A N/A N/A N/A N/A N/A
Operating Margin 8.1%-5.5pp 13.5%+3.7pp 9.8%-1.0pp 10.8%+1.3pp 9.5%-4.0pp 13.5%+2.8pp 10.6%+0.8pp 9.8%
Net Margin 2.1%-5.1pp 7.2%+4.9pp 2.3%-1.2pp 3.5%+2.1pp 1.4%-2.3pp 3.7%+1.7pp 2.0%-0.5pp 2.5%
Return on Equity 5.6%-15.0pp 20.6%+12.7pp 7.9%-3.3pp 11.1%+6.0pp 5.1%-13.6pp 18.7%+10.8pp 8.0%-2.8pp 10.8%
Return on Assets 0.4%-1.1pp 1.5%+1.0pp 0.5%-0.2pp 0.7%+0.4pp 0.2%-0.5pp 0.7%+0.4pp 0.4%-0.1pp 0.5%
Current Ratio 0.98+0.0 0.96-0.1 1.02-0.0 1.05+0.0 1.03+0.0 1.02-0.1 1.070.0 1.07
Debt-to-Equity 6.83+0.2 6.63-1.8 8.45+0.4 8.05-2.3 10.30-2.8 13.05+2.0 11.01-0.7 11.68
FCF Margin -3.5%-20.3pp 16.8%+17.3pp -0.4%+3.5pp -4.0%-13.6pp 9.6%+4.0pp 5.6%-2.3pp 7.9%+9.2pp -1.3%

Note: The current ratio is below 1.0 (0.96), indicating current liabilities exceed current assets, which may suggest potential short-term liquidity concerns.

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Frequently Asked Questions

NCR Atleos Corp (NATL) reported $4.4B in total revenue for fiscal year 2025. This represents a 1.1% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.

NCR Atleos Corp (NATL) revenue grew by 1.1% year-over-year, from $4.3B to $4.4B in fiscal year 2025.

Yes, NCR Atleos Corp (NATL) reported a net income of $162.0M in fiscal year 2025, with a net profit margin of 3.7%.

NCR Atleos Corp (NATL) reported diluted earnings per share of $2.14 for fiscal year 2025. This represents a 98.1% change compared to the previous fiscal year. EPS represents the portion of a company's net income allocated to each outstanding share of common stock and is widely used to evaluate profitability on a per-share basis.

NCR Atleos Corp (NATL) had EBITDA of $755.0M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.

As of fiscal year 2025, NCR Atleos Corp (NATL) had $456.0M in cash and equivalents against $2.7B in long-term debt.

NCR Atleos Corp (NATL) had an operating margin of 11.0% in fiscal year 2025, reflecting the profitability of core business operations before interest and taxes.

NCR Atleos Corp (NATL) had a net profit margin of 3.7% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.

NCR Atleos Corp (NATL) has a return on equity of 40.2% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.

NCR Atleos Corp (NATL) generated $239.0M in free cash flow during fiscal year 2025. This represents a -7.0% change compared to the previous fiscal year. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.

NCR Atleos Corp (NATL) generated $356.0M in operating cash flow during fiscal year 2025, representing cash generated from core business activities.

NCR Atleos Corp (NATL) had $5.7B in total assets as of fiscal year 2025, including both current and long-term assets.

NCR Atleos Corp (NATL) invested $117.0M in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.

NCR Atleos Corp (NATL) invested $70.0M in research and development during fiscal year 2025.

Yes, NCR Atleos Corp (NATL) spent $28.0M on share buybacks during fiscal year 2025, returning capital to shareholders by reducing shares outstanding.

NCR Atleos Corp (NATL) had 74M shares outstanding as of fiscal year 2025.

NCR Atleos Corp (NATL) had a current ratio of 0.96 as of fiscal year 2025, which is below 1.0, which may suggest potential liquidity concerns.

NCR Atleos Corp (NATL) had a debt-to-equity ratio of 6.63 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.

NCR Atleos Corp (NATL) had a return on assets of 2.9% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.

NCR Atleos Corp (NATL) has an Altman Z-Score of 1.48, placing it in the Distress Zone (elevated bankruptcy risk). The Z-Score combines five financial ratios (working capital, retained earnings, EBIT, market capitalization, and revenue relative to total assets) to predict the likelihood of bankruptcy. Scores above 2.99 indicate financial safety while scores below 1.81 suggest financial distress. Learn more in our complete guide to financial health indicators.

NCR Atleos Corp (NATL) has a Piotroski F-Score of 5 out of 9, indicating neutral financial health. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7 to 9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.

NCR Atleos Corp (NATL) has an earnings quality ratio of 2.20x, considered cash-backed (high quality). This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.

NCR Atleos Corp (NATL) has an interest coverage ratio of 1.8x, meaning it can struggle to cover its interest obligations. This ratio divides operating income by interest expense. Ratios above 5x indicate strong debt-servicing ability, while ratios below 2x suggest the company may face difficulty meeting interest payments if earnings decline. Learn more in our complete guide to financial health indicators.

NCR Atleos Corp (NATL) scores 31 out of 100 on our Financial Profile, indicating weak overall financial health. This composite score evaluates six dimensions: profitability (operating margin), revenue growth, leverage (debt-to-equity), liquidity (current ratio), cash flow quality (free cash flow margin), and shareholder returns (return on equity). Each dimension is normalized against standard financial benchmarks. Learn more in our complete guide to financial health indicators.

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