AI cloud growth lifts NICE (NASDAQ: NICE) 2025 earnings, cash and buybacks

Rhea-AI Filing Summary

NICE Ltd. reported solid fourth quarter and full-year 2025 results, led by strong cloud and AI-driven growth. Q4 revenue reached $786.5M, up 9%, with cloud revenue of $608.3M, up 14%. GAAP diluted EPS was $2.41, up 57%, and non-GAAP diluted EPS was $3.24, up 7%.

For 2025, total revenue was $2,945.4M, up 8%, and cloud revenue was $2,238.4M, up 13%. GAAP diluted EPS rose to $9.67, up 43%, while non-GAAP diluted EPS was $12.30, up 11%. AI annual recurring revenue grew 66% year over year to $328M, and AI was included in 100% of new seven-figure CXone deals.

Operating cash flow for 2025 was $716.5M, with free cash flow of $622.8M and $488.9M used for share repurchases. Year-end cash, cash equivalents and short-term investments totaled $417.4M with no outstanding debt. NICE entered a new $300M revolving credit facility maturing in 2029 and its board authorized a new $600M share repurchase program, bringing total remaining repurchase capacity to about $1B. For 2026, NICE guides to non-GAAP revenue of $3,170M–$3,190M (about 8% growth) and non-GAAP EPS of $10.85–$11.05, with cloud revenue expected to grow 14.5–15.0%.

Positive

• Strong 2025 earnings and cash generation: Revenue grew 8% to $2.95B, non-GAAP EPS rose 11% to $12.30, and free cash flow reached $622.8M, supporting large-scale shareholder returns.
• Rapid AI and cloud momentum: Cloud revenue increased 13% to $2.24B and AI ARR jumped 66% to $328M, with AI included in all new seven-figure CXone deals, underscoring strong enterprise AI adoption.

Negative

• 2026 EPS guidance below 2025 level: Non-GAAP EPS is guided to $10.85–$11.05 for 2026, which is lower than the reported 2025 non-GAAP EPS of $12.30, implying an expected earnings step-down despite continued revenue growth.

Insights

Equity research analyst

AI-led cloud strength drove double-digit EPS and cash-flow growth, with sizable capital return and added liquidity.

NICE delivered broad-based growth in 2025, with revenue up 8% to $2.95B and cloud revenue up 13% to $2.24B. GAAP EPS grew 43% to $9.67, and non-GAAP EPS rose 11% to $12.30, reflecting operating leverage despite modest margin compression on some non-GAAP metrics.

AI is a key growth engine. AI ARR increased 66% year over year to $328M in Q4, and AI featured in 100% of new seven-figure CXone deals for 2025. This indicates deepening AI adoption in large enterprises and reinforces positioning around an AI-native CX platform.

Cash generation remained strong, with 2025 operating cash flow of $716.5M and free cash flow of $622.8M. The company repurchased $488.9M of shares and ended 2025 with $417.4M in cash, cash equivalents and short-term investments and no debt. A new $300M revolver to 2029 plus a fresh $600M buyback authorization (around $1B total capacity) highlight an active capital return stance. 2026 guidance calls for about 8% non-GAAP revenue growth and 14.5–15.0% cloud growth, though the non-GAAP EPS range of $10.85–$11.05 is below 2025’s reported non-GAAP EPS.

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C.  20549

FORM 6-K

REPORT OF FOREIGN PRIVATE ISSUER

PURSUANT TO RULE 13A-16 OR 15D-16 OF

THE SECURITIES EXCHANGE ACT OF 1934

For the month of February 2026 (Report No. 2)

Commission File Number: 0-27466

NICE LTD.

(Translation of Registrant’s Name into English)

13 Zarchin Street, P.O. Box 690, Ra’anana 4310602, Israel

(Address of Principal Executive Offices)

Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.

Form 20-F ☒         Form 40-F ☐

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1): ____

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7): ____

THE GAAP FINANCIAL STATEMENTS ATTACHED TO THE PRESS RELEASE ATTACHED HERETO AS EXHIBIT 99.1 OF THIS REPORT ON FORM 6-K ARE HEREBY INCORPORATED BY REFERENCE INTO NICE LTD.`S (“NICE”) REGISTRATION STATEMENTS ON FORM S-8 (REGISTRATION STATEMENT NOS. 333-166364, 333-168100, 333-171165, 333-162795, 333-162110, 333-06784, 333-08146, 333-11842, 333-09350, 333-11154, 333-111112, 333-111113, 333-134355, 333-144589, 333-145981, 333-153230, 333-177510, 333-179408, 333-181375, 333-191176, 333-199904, 333-210341, 333-210343, 333-210344, 333-214584, 333-226930, 333-228911, 333-249186, 333-270969, 333-290600, and 333-290601), AND TO BE A PART THEREOF FROM THE DATE ON WHICH THIS REPORT IS SUBMITTED, TO THE EXTENT NOT SUPERSEDED BY DOCUMENTS OR REPORTS SUBSEQUENTLY FILED OR FURNISHED.

CONTENTS

This Report on Form 6-K of NICE consists of the following documents, which are attached hereto and incorporated by reference herein:

99.1          Press Release: NiCE Reports 14% Year-Over-Year Cloud Revenue Growth for Fourth Quarter and 13% Growth for Full Year 2025, Dated February 19, 2026.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this Report to be signed on its behalf by the undersigned, thereunto duly authorized.

NICE LTD.

By:      /s/ Alon Levy

Name: Alon Levy

Title:   Vice President, General Counsel and Corporate Secretary 

Dated: February 19, 2026

EXHIBIT INDEX

99.1          Press Release: NiCE Reports 14% Year-Over-Year Cloud Revenue Growth for Fourth Quarter and 13% Growth for Full Year 2025, Dated February 19, 2026.

Exhibit 99.1

NiCE Reports 14% Year-Over-Year Cloud Revenue Growth for Fourth Quarter

and 13% Growth for Full Year 2025

• Company expects 14.5%-15.0% year over year cloud revenue growth for full year 2026

• Year-end ’25 cloud backlog growth accelerates to 25% year over year

• Q4 2025 AI ARR increased 66% year over year

• Company announces new $600 million share repurchase program

Hoboken, New Jersey, February 19, 2026 - NiCE (NASDAQ: NICE) today announced results for the fourth quarter and full year ended December 31, 2025, as compared to the corresponding periods of the previous year.

Fourth Quarter 2025 Financial Highlights

GAAP	Non-GAAP
Total revenue was $786.5 million and increased 9%	Total revenue was $786.5 million and increased 9%
Cloud revenue was $608.3 million and increased 14%	Cloud revenue was $608.3 million and increased 14%
Operating income was $176.2 million and increased 14%	Operating income was $243.8 million and increased 7%
Operating margin was 22.4% compared to 21.4% last year	Operating margin was 31.0% compared to 31.5% last year
Diluted EPS was $2.41 and increased 57%	Diluted EPS was $3.24 and increased 7%
Net cash provided by operating activities was $179.7 million

Full Year 2025 Financial Highlights

GAAP	Non-GAAP
Total revenue was $2,945.4 million and increased 8%	Total revenue was $2,945.4 million and increased 8%
Cloud revenue was $2,238.4 million and increased 13%	Cloud revenue was $2,238.4 million and increased 13%
Operating income was $645.8 million and increased 18%	Operating income was $907.9 million and increased 7%
Operating margin was 21.9% compared to 20.0% last year	Operating margin was 30.8% compared to 31.1% last year
Diluted EPS was $9.67 and increased 43%	Diluted EPS was $12.30 and increased 11%
Net cash provided by operating activities was $716.5 million

“We’re pleased to report a strong fourth quarter and close to a transformative year for NiCE, reflecting disciplined execution and accelerating AI momentum,” said Scott Russell, CEO of NiCE. “For the full year, we delivered total revenue growth of 8% and cloud revenue growth of 13%, both at the high end of our guidance. Our strong cloud revenue growth was driven by continued momentum in our AI offerings, growing traction in the large enterprise segment, and robust performance across international markets. In the fourth quarter 2025, AI ARR increased 66% year over year to $328 million, and AI was included in 100% of our new seven-figure CXone deals for the full year 2025, underscoring strong enterprise demand for our AI-native platform.”

Mr. Russell continued, “As we enter 2026, we are building on this strength with strong bookings momentum, expanding backlog, and accelerating international growth. Together with Cognigy, NiCE is the only provider offering a fully AI-native CX platform that unifies voice, digital, and agentic AI at enterprise scale. AI is expanding our market opportunity beyond the contact center, and we are moving with speed and focus to capitalize on this generational shift — positioning NiCE to extend our market leadership in CX AI and accelerate cloud growth in 2026 and beyond.”

GAAP Financial Highlights for the Fourth Quarter and Full Year Ended December 31:

Revenues:

Fourth quarter 2025 total revenues increased 9% year over year to $786.5 million compared to $721.6 million for the fourth quarter of 2024.

Full year 2025 total revenues increased 8% to $2,945.4 million compared to $2,735.3 million for the full year 2024.

Gross Profit:

Fourth quarter 2025 gross profit was $513.9 million compared to $489.2 million for the fourth quarter of 2024. Fourth quarter 2025 gross margin was 65.3% compared to 67.8% for the fourth quarter of 2024.

Full year 2025 gross profit was $1,956.1 million compared to $1,825.7 million for the full year 2024. Full year 2025 gross margin was 66.4% compared to 66.7% for the full year 2024.

Operating Income:

Fourth quarter 2025 operating income increased 14% to $176.2 million compared to $154.3 million for the fourth quarter of 2024. Fourth quarter 2025 operating margin was 22.4% compared to 21.4% for the fourth quarter of 2024.

Full year 2025 operating income was $645.8 million compared to $546.0 million for the full year 2024. Full year 2025 operating margin was 21.9% compared to 20.0% for the full year 2024.

Net Income:

Fourth quarter 2025 net income increased 51% to $150.6 million compared to $99.5 million for the fourth quarter of 2024. Fourth quarter 2025 net income margin was 19.1% compared to 13.8% for the fourth quarter of 2024.

Full year 2025 net income was $612.1 million compared to $442.6 million for the full year 2024. Full year 2025 net income margin was 20.8% compared to 16.2% for the full year 2024.

Fully Diluted Earnings Per Share:

Fully diluted earnings per share for the fourth quarter of 2025 increased 57% to $2.41 compared to $1.54 in the fourth quarter of 2024.

Fully diluted earnings per share for the full year 2025 increased 43% to $9.67 compared to $6.76 for the full year 2024.

Cash Flow and Cash Balance:

Fourth quarter 2025 operating cash flow was $179.7 million and full year 2025 operating cash flow was $716.5 million.

In the fourth quarter 2025, $165.2 million was used for share repurchases and for the full year 2025, $488.9 million were used for share repurchases.

As of December 31, 2025, total cash and cash equivalents, and short-term investments were $417.4 million, with no outstanding debt.

Non-GAAP Financial Highlights for the Fourth Quarter and Full Year Ended December 31:

Revenues:

Fourth quarter 2025 non-GAAP total revenues increased 9% year over year to $786.5 million compared to $721.6 million for the fourth quarter of 2024.

Full year 2025 non-GAAP total revenues increased 8% to $2,945.4 million compared to $2,735.3 million for the full year 2024.

Gross Profit:

Fourth quarter 2025 non-GAAP gross profit was $544.9 million compared to $515.3 million for the fourth quarter of 2024. Fourth quarter 2025 non-GAAP gross margin was 69.3% compared to 71.4% for the fourth quarter of 2024.

Full year 2025 gross profit was $2,049.5 million compared to $1,942.7 million for the full year 2024. Full year 2025 non-GAAP gross margin was 69.6% compared to 71.0% for the full year 2024.

Operating Income:

Fourth quarter 2025 non-GAAP operating income was $243.8 million compared to $227.3 million for the fourth quarter of 2024. Fourth quarter 2025 non-GAAP operating margin was 31.0% compared to 31.5% for the fourth quarter of 2024.

Full year 2025 non-GAAP operating income was $907.9 million compared to $849.6 million for the full year 2024. Full year 2025 non-GAAP operating margin was 30.8% compared to 31.1% for the full year 2024.

Net Income:

Fourth quarter 2025 non-GAAP net income was $202.7 million compared to $195.8 million for the fourth quarter of 2024. Fourth quarter 2025 non-GAAP net income margin totaled 25.8% compared to 27.1% for the fourth quarter of 2024.

Full year 2025 non-GAAP net income was $778.8 million compared to $728.4 million for the full year 2024. Full year 2025 non-GAAP net income margin was 26.4% compared to 26.6% for the full year 2024.

Fully Diluted Earnings Per Share:

Fourth quarter 2025 non-GAAP fully diluted earnings per share was $3.24 compared to $3.02 for the fourth quarter of 2024.

Full year 2025 non-GAAP fully diluted earnings per share was $12.30 compared to $11.12 for the full year 2024.

Balance Sheet and Capital Return Update:

On February 18, 2026, NiCE entered into a secured Credit Agreement with certain lenders and JPMorgan Chase Bank, N.A., as administrative agent. The Credit Agreement provides for a $300 million revolving credit facility, and is subject to customary closing conditions. Unless terminated earlier, the commitments under the revolving credit facility will expire on February 17, 2029. The facility provides additional liquidity and optionality while maintaining a strong balance sheet.

On February 18, 2026, NiCE’s Board of Directors authorized a new $600 million share repurchase program. The execution of this program is subject to the issuance of the Company’s audited annual financial report for the year 2025. This authorization reflects the company’s conviction in its long-term growth opportunity and durability of its cash flow generation. Following this authorization, NiCE currently has approximately $1 billion of total remaining share repurchase capacity (including previously authorized share repurchased programs which were not fully exhausted).

The new share repurchase program has an indefinite term. Share repurchases under the program will be made from time to time in open market purchases, private transactions, or other transactions as permitted by securities laws and other legal requirements. The timing and amounts of any purchases will be based on market conditions and other factors including but not limited to price, regulatory requirements, and capital availability. The program does not require the purchase of any minimum dollar amount or number of shares, and the program may be modified, suspended, or discontinued at any time without further notice.

First Quarter and Full Year 2026 Guidance:

First-Quarter 2026:

First-quarter 2026 non-GAAP total revenues are expected to be in a range of $755 million to $765 million, representing 8.5% year over year growth at the midpoint.

First-quarter 2026 non-GAAP fully diluted earnings per share are expected to be in a range of $2.45 to $2.55.

Full-Year 2026:

Full-year 2026 non-GAAP total revenues are expected to be in a range of $3,170 million to $3,190 million, representing 8.0% year over year growth at the midpoint.

Full-year 2026 non-GAAP fully diluted earnings per share are expected to be in a range of $10.85 to $11.05.

The above full year 2026 guidance includes the expectation of 14.5%-15.0% year over year growth in cloud revenue.

Quarterly Results Conference Call

NiCE management will host its earnings conference call today, February 19, 2026, at 8:30 AM ET, 13:30 GMT,

15:30 Israel, to discuss the results and the company's outlook. A live webcast and replay will be available on the Investor Relations page of the Company’s website. To access, please register by clicking here: https://www.nice.com/investor-relations/upcoming-event.

Explanation of Non-GAAP measures

Non-GAAP financial measures are included in this press release. Non-GAAP financial measures consist of GAAP financial measures adjusted to exclude share-based compensation, amortization of acquired intangible assets, acquisition related expenses, amortization of discount on debt and the tax effect of the Non-GAAP adjustments.

The Company believes that these Non-GAAP financial measures, used in conjunction with the corresponding GAAP measures, provide investors with useful supplemental information about the ongoing financial performance of our business. Our management regularly uses our supplemental Non-GAAP financial measures internally to understand, manage and evaluate our business and to make financial, strategic and operating decisions. These Non-GAAP measures are among the primary factors management uses in planning for and forecasting future periods. Our Non-GAAP financial measures are not meant to be considered in isolation or as a substitute for comparable GAAP measures and should be read only in conjunction with our consolidated financial statements prepared in accordance with GAAP. These Non-GAAP financial measures may differ materially from the Non-GAAP financial measures used by other companies. Reconciliation between results on a GAAP and Non-GAAP basis is provided in a table immediately following the Consolidated Statements of Income. The Company provides guidance only on a Non-GAAP basis. A reconciliation of guidance from a GAAP to Non-GAAP basis is not available due to the unpredictability and uncertainty associated with future events that would be reported in GAAP results and would require adjustments between GAAP and Non-GAAP financial measures, including the impact of future possible business acquisitions. Accordingly, a reconciliation of the guidance based on Non-GAAP financial measures to corresponding GAAP financial measures for future periods is not available without unreasonable effort.

About NiCE 

NiCE (NASDAQ: NICE) is transforming the world with AI that puts people first. Our purpose-built AI-powered platforms automate engagements into proactive, safe, intelligent actions, empowering individuals and organizations to innovate and act, from interaction to resolution. Trusted by organizations throughout 150+ countries worldwide, NiCE’s platforms are widely adopted across industries connecting people, systems, and workflows to work smarter at scale, elevating performance across the organization, delivering proven measurable outcomes. 

Investor Relations Contact

Ryan Gilligan, +1-551-417-2531, ir@nice.com, ET

Omri Arens, +972 3 763-0127, ir@nice.com, CET

Corporate Media Contact

Christopher Irwin-Dudek, +1 201 561 4442, media@nice.com, ET

Trademark Note: NiCE and the NiCE logo are trademarks or registered trademarks of NICE. All other marks are trademarks of their respective owners. For a full list of NiCE trademarks, please see: http://www.nice.com/nice-trademarks.

Forward-Looking Statements
This press release contains forward-looking statements as that term is defined in the Private Securities Litigation Reform Act of 1995. In some cases, forward-looking statements may be identified by words such as “believe”, “expect”, “seek”, “may”, “will”, “intend”, “should”, “project”, “anticipate”, “plan”, and similar expressions. Forward-looking statements are based on the current beliefs, expectations and assumptions of the Company’s management regarding the future of the Company’s business, performance, future plans and strategies, projections, anticipated events and trends, the economic environment, and other future conditions. Examples of forward-looking statements include guidance regarding the Company’s revenue and earnings and the growth of our cloud, analytics and artificial intelligence business.

Forward looking statements are inherently subject to significant uncertainties, contingencies, and risks, including, economic, competitive and other factors, which are difficult to predict and many of which are beyond the control of management. The Company cautions that these statements are not guarantees of future performance, and investors should not place undue reliance on them. There are or will be important known and unknown factors and uncertainties that could cause actual results to differ materially from those expressed or implied in the forward-looking statements.  These factors, include, but are not limited to, risks associated with changes in economic and business conditions, competition, successful execution of the Company’s growth strategy, success and growth of the Company’s cloud Software-as-a-Service business, difficulties in making additional acquisitions or effectively integrating acquired operations, products, technologies and personnel, the Company’s dependency on third-party cloud computing platform providers, hosting facilities and service partners, rapid changes in technology and market requirements, the implementation of AI capabilities in certain products and services; decline in demand for the Company's products; inability to timely develop and introduce new technologies, products and applications, loss of market share, cyber security attacks or other security incidents, privacy concerns and legislation impacting the Company’s business, changes in currency exchange rates and interest rates, the effects of additional tax liabilities resulting from our global operations, the effect of unexpected events or geo-political conditions, including those arising from political instability or armed conflict that may disrupt our business and the global economy, our ability to recruit and retain qualified personnel, the effect of newly enacted or modified laws, regulation or standards on the Company and our products, and various other factors and uncertainties discussed in our filings with the U.S. Securities and Exchange Commission (the “SEC”).

You are encouraged to carefully review the section entitled “Risk Factors” in our latest Annual Report on Form 20-F and our other filings with the SEC for additional information regarding these and other factors and uncertainties that could affect our future performance. The forward-looking statements contained in this press release speak only as of the date hereof, and the Company undertakes no obligation to update or revise them, whether as a result of new information, future developments or otherwise, except as required by law.

###

NICE LTD. AND SUBSIDIARIES

CONDENSED CONSOLIDATED BALANCE SHEETS

U.S. dollars in thousands

		December 31,				December 31,
		2025				2024
		Unaudited				Audited
ASSETS
CURRENT ASSETS:
Cash and cash equivalents		$	379,388			$	481,712
Short-term investments			38,010				1,139,996
Trade receivables			737,954				643,985
Prepaid expenses and other current assets			223,780				239,080
Total current assets			1,379,132				2,504,773
LONG-TERM ASSETS:
Property and equipment, net			189,395				185,292
Deferred tax assets			198,213				219,232
Other intangible assets, net			587,599				231,346
Operating lease right-of-use assets			78,064				93,083
Goodwill			2,440,532				1,849,668
Prepaid expenses and other long-term assets			233,095				212,512
Total long-term assets			3,726,898				2,791,133
TOTAL ASSETS		$	5,106,030			$	5,295,906
LIABILITIES AND SHAREHOLDERS' EQUITY
CURRENT LIABILITIES:
Trade payables		$	100,782			$	110,603
Deferred revenues and advances from customers			303,911				299,367
Current maturities of operating leases			13,742				12,554
Debt			-				458,791
Accrued expenses and other liabilities			469,192				593,109
Total current liabilities			887,627				1,474,424
LONG-TERM LIABILITIES:
Deferred revenues and advances from customers			61,392				66,289
Operating leases			75,059				92,258
Deferred tax liabilities			109,993				1,965
Other long-term liabilities			95,431				57,807
Total long-term liabilities			341,875				218,319
SHAREHOLDERS' EQUITY
Nice Ltd's equity			3,876,528				3,589,742
Non-controlling interests			-				13,421
Total shareholders' equity			3,876,528				3,603,163
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY		$	5,106,030			$	5,295,906

NICE LTD. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF INCOME

U.S. dollars in thousands (except per share amounts)

		Quarter ended								Year to date
		December 31,								December 31,
		2025				2024				2025				2024
		Unaudited				Audited				Unaudited				Audited
Revenue:
Cloud		$	608,334			$	533,947			$	2,238,421			$	1,984,160
Services			140,600				149,650				559,989				596,031
Product			37,562				38,003				146,989				155,081
Total revenue			786,496				721,600				2,945,399				2,735,272
Cost of revenue:
Cloud			215,370				180,110				770,476				699,713
Services			52,219				47,009				193,934				184,410
Product			5,054				5,267				24,844				25,401
Total cost of revenue			272,643				232,386				989,254				909,524
Gross profit			513,853				489,214				1,956,145				1,825,748
Operating expenses:
Research and development, net			91,123				94,753				360,450				360,607
Selling and marketing			168,035				176,813				661,132				642,251
General and administrative			78,472				63,336				288,805				276,936
Total operating expenses			337,630				334,902				1,310,387				1,279,794
Operating income			176,223				154,312				645,758				545,954
Financial and other income, net			(6,453	)			(16,938	)			(58,259	)			(58,872	)
Income before tax			182,676				171,250				704,017				604,826
Taxes on income			32,122				71,741				91,916				162,238
Net income		$	150,554			$	99,509			$	612,101			$	442,588
Earnings per share:
Basic		$	2.44			$	1.56			$	9.82			$	6.97
Diluted		$	2.41			$	1.54			$	9.67			$	6.76
Weighted average shares outstanding:
Basic			61,802				63,720				62,333				63,483
Diluted			62,576				64,802				63,323				65,506

NICE LTD. AND SUBSIDIARIES

CONSOLIDATED CASH FLOW STATEMENTS

U.S. dollars in thousands

		Quarter ended								Year to date
		December 31,								December 31,
		2025				2024				2025				2024
		Unaudited				Audited				Unaudited				Audited
Operating Activities
Net income		$	150,554			$	99,509			$	612,101			$	442,588
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization			62,073				48,776				199,044				205,020
Share-based compensation			29,565				48,185				146,046				182,067
Amortization of premium and discount and accrued interest on marketable securities			(66	)			(3,135	)			1,468				(9,861	)
Deferred taxes, net			19,792				(1,312	)			10,495				(40,261	)
Changes in operating assets and liabilities:
Trade Receivables, net			(23,107	)			(20,993	)			(75,792	)			(61,025	)
Prepaid expenses and other current assets			7,354				(2,625	)			40,744				25,040
Operating lease right-of-use assets			3,226				3,025				14,361				12,951
Trade payables			4,687				39,319				(15,124	)			43,965
Accrued expenses and other current liabilities			(30,393	)			63,507				(175,149	)			41,952
Deferred revenue			(41,882	)			(19,138	)			(22,833	)			3,049
Realized gain on marketable securities, net			-				-				(4,463	)			-
Operating lease liabilities			(2,731	)			(2,767	)			(16,309	)			(13,291	)
Amortization of discount on debt			-				430				1,210				1,834
Change in fair value of contingent consideration			-				(3,054	)			-				(3,054	)
Other			584				(205	)			750				1,667
Net cash provided by operating activities			179,656				249,522				716,549				832,641
Investing Activities
Purchase of property and equipment			(3,416	)			(7,567	)			(18,920	)			(34,962	)
Purchase of Investments			(4,228	)			(362,822	)			(93,272	)			(938,154	)
Proceeds from sales of marketable investments			792				-				1,002,100				512,556
Proceeds from maturities of marketable investments			3,374				77,086				200,972				192,776
Capitalization of internal use software costs			(20,262	)			(16,819	)			(74,828	)			(64,805	)
Payments for business acquisitions, net of cash acquired			(29,509	)			(20,309	)			(856,092	)			(64,816	)
Net cash provided by (used in) investing activities			(53,249	)			(330,431	)			159,960				(397,405	)
Financing Activities
Proceeds from issuance of shares upon exercise of options			86				723				1,109				3,063
Purchase of treasury shares			(165,192	)			(95,156	)			(488,911	)			(369,196	)
Dividends paid to noncontrolling interest			-				(355	)			-				(3,036	)
Purchase of subsidiaries shares from non-controlling interest			-				-				(36,466	)			-
Repayment of debt			-				-				(460,000	)			(87,435	)
Net cash used in financing activities			(165,106	)			(94,788	)			(984,268	)			(456,604	)
Effect of exchange rates on cash and cash equivalents			535				(8,174	)			4,734				(6,914	)
Net change in cash, cash equivalents and restricted cash			(38,164	)			(183,871	)			(103,025	)			(28,282	)
Cash, cash equivalents and restricted cash, beginning of period		$	420,171			$	668,903			$	485,032			$	513,314
Cash, cash equivalents and restricted cash, end of period		$	382,007			$	485,032			$	382,007			$	485,032
Reconciliation of cash, cash equivalents and restricted cash reported in the consolidated balance sheet:
Cash and cash equivalents		$	379,388			$	481,712			$	379,388			$	481,712
Restricted cash included in other current assets		$	2,619			$	3,320			$	2,619			$	3,320
Total cash, cash equivalents and restricted cash shown in the statement of cash flows		$	382,007			$	485,032			$	382,007			$	485,032

NICE LTD. AND SUBSIDIARIES

RECONCILIATION OF GAAP TO NON-GAAP RESULTS

U.S. dollars in thousands (except per share amounts)

		Quarter ended								Year to date
		December 31,								December 31,
		2025				2024				2025				2024
GAAP revenues		$	786,496			$	721,600			$	2,945,399			$	2,735,272
Non-GAAP revenues		$	786,496			$	721,600			$	2,945,399			$	2,735,272
GAAP cost of revenue		$	272,643			$	232,386			$	989,254			$	909,524
Amortization of acquired intangible assets on cost of cloud			(27,151	)			(19,592	)			(72,933	)			(93,370	)
Amortization of acquired intangible assets on cost of product			-				-				-				(410	)
Cost of cloud revenue adjustment (1,2)			(2,211	)			(3,520	)			(11,592	)			(12,549	)
Cost of services revenue adjustment (1)			(1,725	)			(2,966	)			(8,852	)			(10,472	)
Cost of product revenue adjustment (1)			58				(18	)			(7	)			(108	)
Non-GAAP cost of revenue		$	241,614			$	206,290			$	895,870			$	792,615
GAAP gross profit		$	513,853			$	489,214			$	1,956,145			$	1,825,748
Gross profit adjustments			31,029				26,096				93,384				116,909
Non-GAAP gross profit		$	544,882			$	515,310			$	2,049,529			$	1,942,657
GAAP operating expenses		$	337,630			$	334,902			$	1,310,387			$	1,279,794
Research and development (1,2)			(3,879	)			(6,461	)			(16,512	)			(28,822	)
Sales and marketing (1,2)			(8,610	)			(15,565	)			(50,739	)			(57,891	)
General and administrative (1,2)			(14,771	)			(21,628	)			(73,722	)			(81,042	)
Amortization of acquired intangible assets			(9,293	)			(6,263	)			(27,801	)			(22,087	)
Valuation adjustment on acquired deferred commission			-				-				-				24
Change in fair value of contingent consideration							3,054				-				3,054
Non-GAAP operating expenses		$	301,077			$	288,039			$	1,141,613			$	1,093,030
GAAP financial and other income, net		$	(6,453	)		$	(16,938	)		$	(58,259	)		$	(58,872	)
Amortization of discount on debt			-				(430	)			(1,210	)			(1,834	)
Realized gain on marketable securities, net			-				-				4,463				(115	)
Non-GAAP financial and other income, net		$	(6,453	)		$	(17,368	)		$	(55,006	)		$	(60,821	)
GAAP taxes on income		$	32,122			$	71,741			$	91,916			$	162,238
Tax adjustments re non-GAAP adjustments			15,429				(22,878	)			92,192				19,787
Non-GAAP taxes on income		$	47,551			$	48,863			$	184,108			$	182,025
GAAP net income		$	150,554			$	99,509			$	612,101			$	442,588
Amortization of acquired intangible assets			36,444				25,855				100,734				115,867
Valuation adjustment on acquired deferred commission			-				-				-				(24	)
Share-based compensation (1)			31,138				49,720				152,358				187,717
Acquisition related expenses (2)			-				438				9,066				3,167
Amortization of discount on debt			-				430				1,210				1,834
Realized gain on marketable securities, net			-				-				(4,463	)			-
Change in fair value of contingent consideration			-				(3,054	)			-				(2,939	)
Tax adjustments re non-GAAP adjustments			(15,429	)			22,878				(92,192	)			(19,787	)
Non-GAAP net income		$	202,707			$	195,776			$	778,814			$	728,423
GAAP diluted earnings per share		$	2.41			$	1.54			$	9.67			$	6.76
Non-GAAP diluted earnings per share		$	3.24			$	3.02			$	12.30			$	11.12
Shares used in computing GAAP diluted earnings per share			62,576				64,802				63,323				65,506
Shares used in computing non-GAAP diluted earnings per share			62,576				64,802				63,323				65,506

NICE LTD. AND SUBSIDIARIES

RECONCILIATION OF GAAP TO NON-GAAP RESULTS  (continued)

U.S. dollars in thousands

(1	)	Share-based compensation
				Quarter ended								Year to date
				December 31,								December 31,
				2025				2024				2025				2024
		Cost of cloud revenue		$	2,211			$	3,520			$	11,592			$	12,487
		Cost of services revenue			1,725				2,966				8,852				10,472
		Cost of product revenue			(58	)			18				7				108
		Research and development			3,879				6,461				16,512				28,492
		Sales and marketing			8,610				15,554				50,729				57,230
		General and administrative			14,771				21,201				64,666				78,928
				$	31,138			$	49,720			$	152,358			$	187,717

(2	)	Acquisition related expenses
				Quarter ended								Year to date
				December 31,								December 31,
					2025				2024				2025				2024
		Cost of cloud revenue		$	-			$	-			$	-			$	62
		Research and development			-				-				-				330
		Sales and marketing			-				11				10				661
		General and administrative			-				427				9,056				2,114
				$	-			$	438			$	9,066			$	3,167

NICE LTD. AND SUBSIDIARIES

RECONCILIATION OF GAAP NET INCOME TO NON-GAAP EBITDA

U.S. dollars in thousands

		Quarter ended								Year to date
		December 31,								December 31,
		2025				2024				2025				2024
		Unaudited				Audited				Unaudited				Audited
GAAP net income		$	150,554			$	99,509			$	612,101			$	442,588
Non-GAAP adjustments:
Depreciation and amortization			62,073				48,776				199,044				205,020
Share-based compensation			29,565				48,185				146,046				182,067
Financial and other income, net			(6,453	)			(16,938	)			(58,259	)			(58,872	)
Acquisition related expenses			-				438				9,066				3,167
Change in fair value of contingent consideration			-				(3,054	)			-				(3,054	)
Valuation adjustment on acquired deferred commission			-				-				-				(24	)
Taxes on income			32,122				71,741				91,916				162,238
Non-GAAP EBITDA		$	267,861			$	248,657			$	999,914			$	933,130

NICE LTD. AND SUBSIDIARIES

NON-GAAP RECONCILIATION - FREE CASH FLOW FROM CONTINUING OPERATIONS

U.S. dollars in thousands

		Quarter ended								Year to date
		December 31,								December 31,
		2025				2024				2025				2024
		Unaudited				Audited				Unaudited				Audited
Net cash provided by operating activities		$	179,656			$	249,522			$	716,549			$	832,641
Purchase of property and equipment			(3,416	)			(7,567	)			(18,920	)			(34,962	)
Capitalization of internal use software costs			(20,262	)			(16,819	)			(74,828	)			(64,805	)
Free Cash Flow (a)		$	155,978			$	225,136			$	622,801			$	732,874

(a) Free cash flow from continuing operations is defined as operating cash flows from continuing operations less capital expenditures of the continuing operations and less capitalization of internal use software costs.

FAQ

How did NICE (NICE) perform financially in the fourth quarter of 2025?

NICE’s fourth-quarter 2025 revenue reached $786.5 million, up 9% year over year, driven mainly by cloud revenue of $608.3 million, up 14%. GAAP diluted EPS rose 57% to $2.41, while non-GAAP diluted EPS increased 7% to $3.24.

What were NICE (NICE)’s full-year 2025 revenue and earnings results?

For 2025, NICE generated total revenue of $2,945.4 million, an 8% increase, with cloud revenue of $2,238.4 million, up 13%. GAAP diluted EPS grew 43% to $9.67, and non-GAAP diluted EPS rose 11% to $12.30, reflecting strong profitability.

How fast is NICE (NICE) growing its AI and cloud businesses?

Cloud revenue grew 13% in 2025 to $2,238.4 million. AI annual recurring revenue increased 66% year over year to $328 million in Q4 2025. AI was included in 100% of new seven-figure CXone deals, highlighting strong AI-driven demand across large enterprises.

What is NICE (NICE)’s cash flow and balance sheet position at year-end 2025?

In 2025, NICE generated operating cash flow of $716.5 million and free cash flow of $622.8 million. The company ended the year with $417.4 million in cash, cash equivalents and short-term investments, no outstanding debt, and a new $300 million revolving credit facility.

How much stock did NICE (NICE) repurchase, and what is its remaining authorization?

NICE used $488.9 million for share repurchases during 2025. In February 2026, the board approved a new $600 million repurchase program, bringing total remaining repurchase capacity to about $1 billion, with no minimum purchase requirement and an indefinite term.

What guidance did NICE (NICE) provide for 2026 revenue and EPS?

For 2026, NICE expects non-GAAP revenue of $3,170–$3,190 million, implying about 8% growth at the midpoint. Non-GAAP diluted EPS is guided to $10.85–$11.05. The company anticipates 14.5–15.0% year-over-year growth in cloud revenue.

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