Higher interest keeps Unisys (NYSE: UIS) in loss despite revenue rise

Rhea-AI Filing Summary

Unisys Corporation reported a larger net loss for the three months ended March 31, 2026 despite modest revenue growth. Revenue was $437.6 million, up 1.3% from $432.1 million a year earlier, helped by foreign currency, while License & Support revenue fell to $65.5 million from $71.1 million on renewal timing.

Operating income improved to $16.2 million from $5.1 million as gross margin rose to 25.7% and selling, general and administrative expense declined. However, higher interest expense of $18.5 million tied to the 10.625% senior secured notes due 2031 and $20.8 million of other expense, largely pension-related, led to a pre-tax loss of $23.1 million and net loss attributable to Unisys of $35.8 million, or $0.50 per diluted share.

Cash and cash equivalents were $380.2 million, and operating cash flow was an outflow of $4.4 million versus an inflow of $33.3 million a year earlier, mainly due to the timing of cash interest payments. Total debt was $737.5 million. Total Contract Value signed in the quarter reached $274 million and backlog was $2.96 billion, indicating contracted work for future periods.

Key Figures

Revenue: $437.6 million Net loss attributable to Unisys: $35.8 million Diluted loss per share: $0.50 per share +5 more

8 metrics

Revenue $437.6 million Three months ended March 31, 2026; up from $432.1 million in 2025

Net loss attributable to Unisys $35.8 million Three months ended March 31, 2026; versus $29.5 million in 2025

Diluted loss per share $0.50 per share Three months ended March 31, 2026; versus $0.42 per share in 2025

Operating income $16.2 million Three months ended March 31, 2026; versus $5.1 million in 2025

Operating cash flow ($4.4 million) Net cash used for operating activities, three months ended March 31, 2026

Cash and cash equivalents $380.2 million Balance as of March 31, 2026

Total debt $737.5 million Long-term and current debt as of March 31, 2026

Total Contract Value $274 million Contracts signed in three months ended March 31, 2026

Key Terms

Ex-L&S, Total Contract Value (TCV), Asset Based Lending (ABL) Credit Facility, valuation allowance, +1 more

5 terms

Ex-L&S financial

"Ex-L&S revenue for the three months ended March 31, 2026 was $372.1 million"

Total Contract Value (TCV) financial

"Total Contract Value (TCV) represents the initial estimated revenue related to contracts signed in the period"

Total contract value (TCV) is the full amount of money a customer is expected to pay over the life of a contract, combining one-time charges and all recurring fees or services promised. For investors, TCV shows the size and potential near-term revenue impact of deals—like seeing the sticker price of a multi-year service—while reminding them that actual cash received depends on billing schedules, renewals and customer cancellations.

Asset Based Lending (ABL) Credit Facility financial

"The company has a secured revolving credit facility (the Amended and Restated ABL Credit Facility)"

valuation allowance financial

"deferred tax assets are subject to a full valuation allowance"

A valuation allowance is a reserve set aside to reduce the value of certain assets on a company's financial records when there is uncertainty about whether they will generate the expected benefits. It acts like a caution sign, indicating that some assets might not be fully recoverable or worth their recorded amount. This matters to investors because it provides a more realistic picture of a company's financial health and potential risks.

remaining performance obligations financial

"At March 31, 2026, the company had approximately $0.8 billion of remaining performance obligations"

Remaining performance obligations are the work a company still needs to complete for its customers, like finishing a service or delivering a product. It’s important because it shows how much future income the company has coming in from current agreements, giving a clearer picture of its ongoing business.

10-Q Quarterly Reports: What Changes Quarter to Quarter →

000074683812/312026Q1FALSE9111xbrli:sharesiso4217:USDiso4217:USDxbrli:sharesxbrli:pure00007468382026-01-012026-03-3100007468382026-03-3100007468382025-01-012025-03-3100007468382025-12-3100007468382024-12-3100007468382025-03-310000746838us-gaap:ParentMember2025-12-310000746838us-gaap:CommonStockMember2025-12-310000746838us-gaap:RetainedEarningsMember2025-12-310000746838us-gaap:TreasuryStockCommonMember2025-12-310000746838us-gaap:AdditionalPaidInCapitalMember2025-12-310000746838us-gaap:AccumulatedOtherComprehensiveIncomeMember2025-12-310000746838us-gaap:NoncontrollingInterestMember2025-12-310000746838us-gaap:ParentMember2026-01-012026-03-310000746838us-gaap:RetainedEarningsMember2026-01-012026-03-310000746838us-gaap:NoncontrollingInterestMember2026-01-012026-03-310000746838us-gaap:TreasuryStockCommonMember2026-01-012026-03-310000746838us-gaap:AdditionalPaidInCapitalMember2026-01-012026-03-310000746838us-gaap:AccumulatedOtherComprehensiveIncomeMember2026-01-012026-03-310000746838us-gaap:ParentMember2026-03-310000746838us-gaap:CommonStockMember2026-03-310000746838us-gaap:RetainedEarningsMember2026-03-310000746838us-gaap:TreasuryStockCommonMember2026-03-310000746838us-gaap:AdditionalPaidInCapitalMember2026-03-310000746838us-gaap:AccumulatedOtherComprehensiveIncomeMember2026-03-310000746838us-gaap:NoncontrollingInterestMember2026-03-310000746838us-gaap:ParentMember2024-12-310000746838us-gaap:CommonStockMember2024-12-310000746838us-gaap:RetainedEarningsMember2024-12-310000746838us-gaap:TreasuryStockCommonMember2024-12-310000746838us-gaap:AdditionalPaidInCapitalMember2024-12-310000746838us-gaap:AccumulatedOtherComprehensiveIncomeMember2024-12-310000746838us-gaap:NoncontrollingInterestMember2024-12-310000746838us-gaap:ParentMember2025-01-012025-03-310000746838us-gaap:RetainedEarningsMember2025-01-012025-03-310000746838us-gaap:NoncontrollingInterestMember2025-01-012025-03-310000746838us-gaap:TreasuryStockCommonMember2025-01-012025-03-310000746838us-gaap:AdditionalPaidInCapitalMember2025-01-012025-03-310000746838us-gaap:AccumulatedOtherComprehensiveIncomeMember2025-01-012025-03-310000746838us-gaap:ParentMember2025-03-310000746838us-gaap:CommonStockMember2025-03-310000746838us-gaap:RetainedEarningsMember2025-03-310000746838us-gaap:TreasuryStockCommonMember2025-03-310000746838us-gaap:AdditionalPaidInCapitalMember2025-03-310000746838us-gaap:AccumulatedOtherComprehensiveIncomeMember2025-03-310000746838us-gaap:NoncontrollingInterestMember2025-03-310000746838us-gaap:EmployeeSeveranceMember2026-01-012026-03-310000746838us-gaap:EmployeeSeveranceMember2025-01-012025-03-310000746838uis:RestructuringReserveAccrualAdjustmentMember2026-01-012026-03-310000746838uis:RestructuringReserveAccrualAdjustmentMember2025-01-012025-03-310000746838us-gaap:CostOfSalesMember2026-01-012026-03-310000746838us-gaap:CostOfSalesMember2025-01-012025-03-310000746838us-gaap:SellingGeneralAndAdministrativeExpensesMember2026-01-012026-03-310000746838us-gaap:SellingGeneralAndAdministrativeExpensesMember2025-01-012025-03-310000746838us-gaap:ResearchAndDevelopmentExpenseMember2026-01-012026-03-310000746838us-gaap:ResearchAndDevelopmentExpenseMember2025-01-012025-03-310000746838us-gaap:EmployeeSeveranceMember2025-12-310000746838us-gaap:EmployeeSeveranceMember2026-03-310000746838us-gaap:PensionPlansDefinedBenefitMember2026-01-012026-03-310000746838country:USus-gaap:PensionPlansDefinedBenefitMember2026-01-012026-03-310000746838us-gaap:ForeignPlanMemberus-gaap:PensionPlansDefinedBenefitMember2026-01-012026-03-310000746838us-gaap:PensionPlansDefinedBenefitMember2025-01-012025-03-310000746838country:USus-gaap:PensionPlansDefinedBenefitMember2025-01-012025-03-310000746838us-gaap:ForeignPlanMemberus-gaap:PensionPlansDefinedBenefitMember2025-01-012025-03-310000746838us-gaap:PensionPlansDefinedBenefitMember2026-03-310000746838country:USus-gaap:PensionPlansDefinedBenefitMember2026-03-310000746838us-gaap:ForeignPlanMemberus-gaap:PensionPlansDefinedBenefitMember2026-03-310000746838us-gaap:PensionPlansDefinedBenefitMember2025-01-012025-12-310000746838country:USus-gaap:PensionPlansDefinedBenefitMember2025-01-012025-12-310000746838us-gaap:OtherPostretirementBenefitPlansDefinedBenefitMember2026-01-012026-03-310000746838us-gaap:OtherPostretirementBenefitPlansDefinedBenefitMember2025-01-012025-03-310000746838us-gaap:OtherPostretirementBenefitPlansDefinedBenefitMember2026-03-310000746838us-gaap:OtherPostretirementBenefitPlansDefinedBenefitMember2025-01-012025-12-310000746838uis:RestrictedStockAndRestrictedStockUnitsRSUsMember2026-01-012026-03-310000746838uis:RestrictedStockAndRestrictedStockUnitsRSUsMember2025-01-012025-03-310000746838srt:MinimumMemberuis:PerformanceBasedUnitMember2026-01-012026-03-310000746838srt:MinimumMemberuis:MarketBasedUnitsMember2026-01-012026-03-310000746838srt:MaximumMemberuis:PerformanceBasedUnitMember2026-01-012026-03-310000746838srt:MaximumMemberuis:MarketBasedUnitsMember2026-01-012026-03-310000746838uis:RestrictedStockAndRestrictedStockUnitsRSUsMember2025-12-310000746838uis:RestrictedStockAndRestrictedStockUnitsRSUsMember2026-03-310000746838uis:ForeignCurrencyTranslationAdjustmentMember2026-01-012026-03-310000746838uis:ForeignCurrencyTranslationAdjustmentMember2025-01-012025-03-310000746838uis:StockOptionsAndRestrictedStockUnitsMember2026-01-012026-03-310000746838uis:StockOptionsAndRestrictedStockUnitsMember2025-01-012025-03-310000746838us-gaap:ServiceOtherMember2026-01-012026-03-310000746838us-gaap:ServiceOtherMember2025-01-012025-03-310000746838us-gaap:TechnologyServiceMember2026-01-012026-03-310000746838us-gaap:TechnologyServiceMember2025-01-012025-03-310000746838uis:SalesCommissionMember2026-03-310000746838uis:SalesCommissionMember2025-12-310000746838uis:CostsToFulfillContractMember2026-03-310000746838uis:CostsToFulfillContractMember2025-12-310000746838uis:OtherCapitalizedAssetsMember2026-03-310000746838uis:OtherCapitalizedAssetsMember2025-12-3100007468382026-04-012026-03-3100007468382027-01-012026-03-3100007468382028-01-012026-03-3100007468382029-01-012026-03-3100007468382030-01-012026-03-310000746838us-gaap:ForeignExchangeForwardMember2026-03-310000746838us-gaap:ForeignExchangeForwardMember2025-12-310000746838us-gaap:ForeignExchangeForwardMember2025-01-012025-03-310000746838uis:SeniorSecuredNotesDue2031Memberus-gaap:SeniorNotesMember2026-03-310000746838us-gaap:EstimateOfFairValueFairValueDisclosureMemberuis:SeniorSecuredNotesDue2031Memberus-gaap:SeniorNotesMember2026-03-310000746838uis:SeniorSecuredNotesDue2031Memberus-gaap:SeniorNotesMember2025-12-310000746838us-gaap:EstimateOfFairValueFairValueDisclosureMemberuis:SeniorSecuredNotesDue2031Memberus-gaap:SeniorNotesMember2025-12-310000746838us-gaap:BuildingMember2026-03-310000746838us-gaap:BuildingMember2025-12-310000746838us-gaap:MachineryAndEquipmentMember2026-03-310000746838us-gaap:MachineryAndEquipmentMember2025-12-310000746838us-gaap:SoftwareAndSoftwareDevelopmentCostsMember2026-03-310000746838us-gaap:SoftwareAndSoftwareDevelopmentCostsMember2025-12-310000746838uis:RentalEquipmentMember2026-03-310000746838uis:RentalEquipmentMember2025-12-310000746838uis:DigitalWorkspaceServicesSegmentMember2025-12-310000746838uis:CloudApplicationsAndInfrastructureServicesSegmentMember2025-12-310000746838uis:ClearPathForwardSegmentMember2025-12-310000746838uis:DigitalWorkspaceServicesSegmentMember2026-01-012026-03-310000746838uis:CloudApplicationsAndInfrastructureServicesSegmentMember2026-01-012026-03-310000746838uis:ClearPathForwardSegmentMember2026-01-012026-03-310000746838uis:DigitalWorkspaceServicesSegmentMember2026-03-310000746838uis:CloudApplicationsAndInfrastructureServicesSegmentMember2026-03-310000746838uis:ClearPathForwardSegmentMember2026-03-310000746838us-gaap:DevelopedTechnologyRightsMember2026-03-310000746838us-gaap:CustomerRelationshipsMember2026-03-310000746838us-gaap:TrademarksAndTradeNamesMember2026-03-310000746838uis:SeniorSecuredNotesDue2031Memberus-gaap:SeniorNotesMember2025-06-300000746838uis:SeniorSecuredNotesDue2031Memberus-gaap:SeniorNotesMember2026-01-012026-03-310000746838uis:SeniorSecuredNotesDue2027Memberus-gaap:SeniorNotesMember2025-12-310000746838uis:SeniorSecuredNotesDue2027Memberus-gaap:SeniorNotesMember2025-01-012025-12-310000746838uis:SeniorSecuredNotesDue2027Memberus-gaap:SeniorNotesMember2025-01-012025-03-310000746838us-gaap:RevolvingCreditFacilityMemberuis:CreditAgreementMember2026-03-310000746838us-gaap:LetterOfCreditMemberuis:CreditAgreementMember2026-03-310000746838uis:ElmiraSiteMember2026-03-310000746838us-gaap:OtherCurrentLiabilitiesMemberuis:ElmiraSiteMember2026-03-310000746838us-gaap:OtherNoncurrentLiabilitiesMemberuis:ElmiraSiteMember2026-03-310000746838us-gaap:AccumulatedTranslationAdjustmentMember2025-12-310000746838us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember2025-12-310000746838us-gaap:AccumulatedTranslationAdjustmentMember2026-01-012026-03-310000746838us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember2026-01-012026-03-310000746838us-gaap:AccumulatedTranslationAdjustmentMember2026-03-310000746838us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember2026-03-310000746838us-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMemberus-gaap:AccumulatedTranslationAdjustmentMember2026-01-012026-03-310000746838us-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMemberus-gaap:AccumulatedTranslationAdjustmentMember2025-01-012025-03-310000746838us-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMemberus-gaap:AccumulatedDefinedBenefitPlansAdjustmentNetPriorServiceCostCreditMember2026-01-012026-03-310000746838us-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMemberus-gaap:AccumulatedDefinedBenefitPlansAdjustmentNetPriorServiceCostCreditMember2025-01-012025-03-310000746838us-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMemberus-gaap:AccumulatedDefinedBenefitPlansAdjustmentNetUnamortizedGainLossMember2026-01-012026-03-310000746838us-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMemberus-gaap:AccumulatedDefinedBenefitPlansAdjustmentNetUnamortizedGainLossMember2025-01-012025-03-310000746838us-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMember2026-01-012026-03-310000746838us-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMember2025-01-012025-03-310000746838us-gaap:OperatingSegmentsMember2026-01-012026-03-310000746838us-gaap:OperatingSegmentsMemberuis:DigitalWorkspaceServicesSegmentMember2026-01-012026-03-310000746838us-gaap:OperatingSegmentsMemberuis:CloudApplicationsAndInfrastructureServicesSegmentMember2026-01-012026-03-310000746838us-gaap:OperatingSegmentsMemberuis:ClearPathForwardSegmentMember2026-01-012026-03-310000746838us-gaap:OperatingSegmentsMember2025-01-012025-03-310000746838us-gaap:OperatingSegmentsMemberuis:DigitalWorkspaceServicesSegmentMember2025-01-012025-03-310000746838us-gaap:OperatingSegmentsMemberuis:CloudApplicationsAndInfrastructureServicesSegmentMember2025-01-012025-03-310000746838us-gaap:OperatingSegmentsMemberuis:ClearPathForwardSegmentMember2025-01-012025-03-310000746838us-gaap:MaterialReconcilingItemsMember2026-01-012026-03-310000746838us-gaap:MaterialReconcilingItemsMember2025-01-012025-03-310000746838country:US2026-01-012026-03-310000746838country:US2025-01-012025-03-310000746838country:GB2026-01-012026-03-310000746838country:GB2025-01-012025-03-310000746838uis:OtherInternationalMember2026-01-012026-03-310000746838uis:OtherInternationalMember2025-01-012025-03-31

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 10-Q

(Mark One)

☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended March 31, 2026

or

☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from                      to                     .

Commission file number 1-8729

UNISYS CORPORATION

(Exact name of registrant as specified in its charter)

Delaware						38-0387840
(State or other jurisdiction of incorporation or organization)						(I.R.S. Employer Identification No.)

801 Lakeview Drive, Suite 100

Blue Bell, Pennsylvania 19422

(Address of principal executive offices and zip code)

(215) 986-4011 

(Registrant’s telephone number, including area code)

N/A

(Former name or former address, if changed since last report)

Securities registered pursuant to Section 12(b) of the Act:

Title of each class			Trading Symbol(s)			Name of each exchange on which registered
Common Stock, par value $.01			UIS			New York Stock Exchange

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.    Yes  ☒    No  ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).    Yes  ☒    No  ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer

☐

Accelerated filer

☒

Non-accelerated filer

☐

Smaller reporting company

☐

Emerging growth company

☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).    Yes  ☐    No  ☒

Number of shares of Unisys Common Stock, par value $.01, outstanding as of March 31, 2026: 72,905,170

UNISYS CORPORATION

TABLE OF CONTENTS

									Page Number
			Information Concerning Forward-Looking Statements						2
PART I - FINANCIAL INFORMATION
Item 1.			Consolidated Financial Statements (Unaudited)
			Consolidated Statements of Income (Loss)						4
			Consolidated Statements of Comprehensive Income (Loss)						5
			Consolidated Balance Sheets						6
			Consolidated Statements of Cash Flows						7
			Consolidated Statements of Equity (Deficit)						8
			Notes to Consolidated Financial Statements						9
Item 2.			Management’s Discussion and Analysis of Financial Condition and Results of Operations						22
Item 3.			Quantitative and Qualitative Disclosures about Market Risk						28
Item 4.			Controls and Procedures						28
PART II - OTHER INFORMATION
Item 1.			Legal Proceedings						29
Item 1A.			Risk Factors						29
Item 2			Unregistered Sales of Equity Securities and Use of Proceeds						29
Item 5			Other Information						29
Item 6.			Exhibits						29
Exhibit Index									30
Signatures									31

INFORMATION CONCERNING FORWARD-LOOKING STATEMENTS

Certain statements contained in this report, including, without limitation, statements as to management expectations, assumptions and beliefs presented in Part I, Item 2. “Management's Discussion and Analysis of Financial Condition and Results of Operations,” Part I, Item 3. “Quantitative and Qualitative Disclosures About Market Risk,” Part II, Item 1. “Legal Proceedings” and in the notes to the financial statements are forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, Section 21E of the Securities Exchange Act of 1934, as amended, and the Private Securities Litigation Reform Act of 1995. Words such as “anticipates,” “estimates,” “expects,” “projects,” “may,” “will,” “intends,” “plans,” “believes,” “should” and similar expressions may identify forward-looking statements and such forward-looking statements are made based upon management’s current expectations, assumptions and beliefs as of this date concerning future developments and their potential effect on us. There can be no assurance that future developments will be in accordance with management's expectations, assumptions or beliefs, or that the effect of future developments on us will be those anticipated by management. Because actual results may differ materially from those expressed or implied by these forward-looking statements, we caution readers not to place undue reliance on these statements. Any forward-looking statement speaks only as of the date on which that statement is made. The company assumes no obligation to update any forward-looking statement to reflect events or circumstances that occur after the date on which the statement is made, except as required by applicable law.

The factors that could cause actual results to differ materially from our expectations, assumptions and beliefs include, but are not limited to, those discussed in Item 1A. Risk Factors of our Annual Report on Form 10-K for the fiscal year ended December 31, 2025, as summarized below, our ability to:

Business and Operating

•maintain our installed base and sell new solutions and related services;

•grow revenue, expand profit margin and generate sufficient cash flows in our businesses;

•effectively anticipate and respond to rapid technological innovation, such as artificial intelligence among others, in our industry;

•manage cybersecurity incidents, security incidents and breaches and other disruptions in our IT systems;

•adapt to the adverse effects of volatile, negative or uncertain economic, geopolitical and political conditions, as well as acts of war, terrorism, natural disasters or the widespread outbreak of infectious diseases;

•work with government and public sector clients and additional risks inherent in the government contracting and public sector environment;

•respond to the potential adverse effects of aggressive competition;

•attract, retain, and develop skilled employees to align with global client demand and retain and develop strong leaders;

•achieve expected profitability or expected level of revenue from our commercial contracts;

•manage the pricing, performance and capabilities of third parties with whom we have commercial relationships;

•meet our underfunded defined benefit pension plan obligations;

•maintain our credit rating or access financing markets;

•comply with the terms of the credit agreement that governs the Amended and Restated Asset Based Lending Credit Facility and the 10.625% Senior Secured Notes due 2031 indenture;

•protect or enforce our intellectual property rights and defend against infringement claims;

•adapt to an evolving international trade and tariff environment;

•manage the business and financial risk in the completion of acquisitions or dispositions;

Legal and Regulatory

•comply with global legal and regulatory requirements;

•manage the legal risks related to artificial intelligence and other machine learning technology that are integrated into our services and solutions;

•manage exposure to legal proceedings, investigations compliance and environmental matters;

•meet global sustainability standards and expectations, achieve our sustainability goals and comply with sustainability laws and regulations;

•maintain an effective system of internal controls over financial reporting and disclosure controls and procedures;

2

Accounting

•mitigate a decrease in the value of our assets and an impairment of goodwill or intangible assets; and

•use our net operating loss carryforwards and certain other tax attributes.

Other factors discussed in this report, although not listed here, also could materially affect our future results.

3

Part I - FINANCIAL INFORMATION

Item 1. Financial Statements

UNISYS CORPORATION

CONSOLIDATED STATEMENTS OF INCOME (LOSS) (Unaudited)

(Millions, except per share data)

												Three Months Ended March 31,
																		2026						2025
Revenue																		$	437.6					$	432.1
Costs and expenses
Cost of revenue																		325.1						324.6
Selling, general and administrative																		91.5						96.8
Research and development																		4.8						5.6
																		421.4						427.0
Operating income																		16.2						5.1
Interest expense																		18.5						8.2
Other (expense), net																		(20.8)						(16.9)
Loss before income taxes																		(23.1)						(20.0)
Provision for income taxes																		13.7						10.6
Consolidated net loss																		(36.8)						(30.6)
Net loss attributable to noncontrolling interests																		(1.0)						(1.1)
Net loss attributable to Unisys Corporation																		$	(35.8)					$	(29.5)
Loss per share attributable to Unisys Corporation
Basic																		$	(0.50)					$	(0.42)
Diluted																		$	(0.50)					$	(0.42)

See notes to consolidated financial statements

4

UNISYS CORPORATION

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (Unaudited)

(Millions)

												Three Months Ended March 31,
																		2026						2025
Consolidated net loss																		$	(36.8)					$	(30.6)
Other comprehensive income
Foreign currency translation																		(18.4)						45.0
Pension and postretirement adjustments, net of tax of $3.8 in 2026 and $(4.9) in 2025																		36.8						(2.7)
Total other comprehensive income																		18.4						42.3
Comprehensive (loss) income																		(18.4)						11.7
Less comprehensive income (loss) attributable to noncontrolling interests																		1.2						(0.4)
Comprehensive (loss) income attributable to Unisys Corporation																		$	(19.6)					$	12.1

See notes to consolidated financial statements

5

UNISYS CORPORATION

CONSOLIDATED BALANCE SHEETS (Unaudited)

(Millions)

			March 31, 2026						December 31, 2025
Assets
Current assets:
Cash and cash equivalents			$	380.2					$	413.9
Accounts receivable, net			366.8						437.7
Contract assets			14.5						10.9
Inventories			14.9						13.8
Prepaid expenses and other current assets			119.5						127.7
Total current assets			895.9						1,004.0
Properties, net			57.4						53.1
Capitalized contract costs, net			71.3						73.6
Marketable software, net			165.8						166.1
Operating lease right-of-use assets			35.2						38.4
Prepaid pension and postretirement assets			21.5						21.3
Deferred income taxes			100.0						96.9
Goodwill			193.7						193.8
Intangible assets, net			30.2						31.2
Restricted cash			8.1						7.8
Other long-term assets			153.3						160.0
Total assets			$	1,732.4					$	1,846.2
Total liabilities and deficit
Current liabilities:
Current maturities of long-term debt			$	13.5					$	12.7
Accounts payable			105.5						81.2
Deferred revenue			229.4						228.5
Other accrued liabilities			254.0						333.5
Total current liabilities			602.4						655.9
Long-term debt			724.0						729.0
Long-term pension and postretirement liabilities			493.3						517.7
Long-term deferred revenue			92.0						100.7
Long-term operating lease liabilities			27.8						30.6
Other long-term liabilities			77.4						80.6
Commitments and contingencies (see Note 14)
Deficit:
Common stock; Issued: March 31, 2026 - 80.2 shares and December 31, 2025 - 78.1 shares			0.8						0.8
Accumulated deficit			(2,514.7)						(2,478.9)
Treasury stock, shares at cost; March 31, 2026 - 7.3 shares and December 31, 2025 - 6.7 shares			(163.0)						(161.8)
Paid-in capital			4,788.6						4,785.2
Accumulated other comprehensive loss			(2,411.7)						(2,427.9)
Total Unisys Corporation stockholders' deficit			(300.0)						(282.6)
Noncontrolling interests			15.5						14.3
Total deficit			(284.5)						(268.3)
Total liabilities and deficit			$	1,732.4					$	1,846.2

See notes to consolidated financial statements

6

UNISYS CORPORATION

CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited)

(Millions) 

						Three Months Ended March 31,
						2026						2025
Cash flows from operating activities
Consolidated net loss						$	(36.8)					$	(30.6)
Adjustments to reconcile consolidated net loss to net cash (used for) provided by operating activities:
Gain on debt extinguishment						(0.2)						—
Foreign currency gains						(6.8)						(1.3)
Employee stock compensation						4.1						6.8
Depreciation and amortization of properties						4.6						6.4
Depreciation and amortization of capitalized contract costs						5.8						3.0
Amortization of marketable software						11.9						12.1
Amortization of intangible assets						1.0						1.1
Other non-cash operating activities						—						1.2
Pension and postretirement contributions						(28.4)						(9.4)
Pension and postretirement expense						30.5						21.9
Deferred income taxes, net						(8.3)						(10.1)
Changes in operating assets and liabilities:
Receivables, net and contract assets						75.3						73.6
Inventories						(1.0)						(5.0)
Other assets						13.9						18.0
Accounts payable and current liabilities						(61.4)						(67.2)
Other liabilities						(8.6)						12.8
Net cash (used for) provided by operating activities						(4.4)						33.3
Cash flows from investing activities
Proceeds from foreign exchange forward contracts						—						728.8
Purchases of foreign exchange forward contracts						—						(728.9)
Investment in marketable software						(10.4)						(11.2)
Capital additions of properties and other assets						(10.7)						(8.9)
Other						(0.1)						(0.1)
Net cash used for investing activities						(21.2)						(20.3)
Cash flows from financing activities
Payments of long-term debt						(4.8)						(1.3)
Other						(1.2)						(2.7)
Net cash used for financing activities						(6.0)						(4.0)
Effect of exchange rate changes on cash, cash equivalents and restricted cash						(1.8)						7.9
(Decrease) increase in cash, cash equivalents and restricted cash						(33.4)						16.9
Cash, cash equivalents and restricted cash, beginning of period						421.7						390.6
Cash, cash equivalents and restricted cash, end of period						$	388.3					$	407.5

See notes to consolidated financial statements

7

UNISYS CORPORATION

CONSOLIDATED STATEMENTS OF EQUITY (DEFICIT) (Unaudited)

(Millions)

												Unisys Corporation
						Total						Total Unisys Corporation						Common Stock Par Value						Accumu-lated Deficit						Treasury Stock At Cost						Paid-in Capital						Accumu-lated Other Compre-hensive Loss						Non-controlling Interests
Balance at December 31, 2025						$	(268.3)					$	(282.6)					$	0.8					$	(2,478.9)					$	(161.8)					$	4,785.2					$	(2,427.9)					$	14.3
Consolidated net loss						(36.8)						(35.8)												(35.8)																								(1.0)
Stock-based activity						2.2						2.2																		(1.2)						3.4
Translation adjustments						(18.4)						(20.0)																														(20.0)						1.6
Pension and postretirement plans						36.8						36.2																														36.2						0.6
Balance at March 31, 2026						$	(284.5)					$	(300.0)					$	0.8					$	(2,514.7)					$	(163.0)					$	4,788.6					$	(2,411.7)					$	15.5

												Unisys Corporation
						Total						Total Unisys Corporation						Common Stock Par Value						Accumu-lated Deficit						Treasury Stock At Cost						Paid-in Capital						Accumu-lated Other Compre-hensive Loss						Non-controlling Interests
Balance at December 31, 2024						$	(269.3)					$	(283.4)					$	0.8					$	(2,139.1)					$	(158.5)					$	4,770.6					$	(2,757.2)					$	14.1
Consolidated net (loss) income						(30.6)						(29.5)												(29.5)																								(1.1)
Stock-based activity						3.5						3.5																		(2.8)						6.3
Translation adjustments						45.0						42.2																														42.2						2.8
Pension and postretirement plans						(2.7)						(0.6)																														(0.6)						(2.1)
Balance at March 31, 2025						$	(254.1)					$	(267.8)					$	0.8					$	(2,168.6)					$	(161.3)					$	4,776.9					$	(2,715.6)					$	13.7

See notes to consolidated financial statements

8

UNISYS CORPORATION

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)

(Dollars in millions, except share and per share amounts)

Note 1 - Basis of Presentation

The unaudited consolidated financial statements included in this Quarterly Report on Form 10-Q have been prepared pursuant to the rules and regulations of the U.S. Securities and Exchange Commission (SEC). These rules and regulations permit some of the information and footnote disclosures normally included in financial statements, prepared in accordance with generally accepted accounting principles in the United States of America (GAAP), to be condensed or omitted. In management’s opinion, the unaudited consolidated financial statements contain all adjustments that are of a normal recurring nature, necessary for a fair presentation of the results of operations and financial position of the company for the interim periods presented. These adjustments consist only of normal recurring accruals except as disclosed herein. Because of seasonal and other factors, results for interim periods are not necessarily indicative of the results to be expected for the full year.

These unaudited consolidated financial statements should be read in conjunction with the audited consolidated financial statements for the fiscal year ended December 31, 2025 and the notes thereto included in the company’s Annual Report on Form 10-K, filed with the SEC.

Use of Estimates

The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions about future events. These estimates and assumptions affect the amounts of assets and liabilities reported, disclosures about contingent assets and liabilities and the reported amounts of revenue and expenses. Such estimates include the valuation of estimated credit losses, contract assets, operating lease right-of-use assets, capitalized contract costs assets, marketable software, goodwill, purchased intangibles and other long-lived assets, legal and environmental contingencies, assumptions used in the calculation for systems integration projects, income taxes, and retirement and other post-employment benefits, among others. These estimates and assumptions are based on management’s best estimates and judgment. Management evaluates its estimates and assumptions on an ongoing basis using historical experience and other factors, including the current economic environment, which management believes to be reasonable under the circumstances. Management adjusts such estimates and assumptions when facts and circumstances dictate. As future events and their effects cannot be determined with precision, actual results could differ materially from these estimates. Any changes in those estimates resulting from changes in the economic environment such as inflation, tariffs, trade policy, fluctuation in interest rates and foreign exchange rates and conflicts, wars and other events of geopolitical significance, will be reflected in the financial statements in future periods.

The company’s accounting policies are set forth in detail in Note 1 of the Notes to Consolidated Financial Statements in the company’s Annual Report on Form 10-K for the year ended December 31, 2025 filed with the SEC. Such Annual Report also contains a discussion of the company’s critical accounting policies and estimates. The company believes that these critical accounting policies and estimates affect its more significant estimates and judgments used in the preparation of the company’s consolidated financial statements.

Reclassifications

Certain prior period amounts in the consolidated financial statements and accompanying notes have been reclassified to conform to the current period presentation.

Note 2 - Accounting Standards

Accounting Pronouncements Not Yet Adopted

In November 2024, the FASB issued ASU No. 2024-03, Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures (ASU 2024-03) requiring additional disclosures about certain costs and expenses in the notes to the financial statements on an annual and interim basis. This update is effective for fiscal years beginning after December 15, 2026, and interim periods within fiscal years beginning after December 15, 2027, with early adoption permitted on either a prospective or retrospective basis. ASU 2024-03 is not expected to have a material effect on the company’s consolidated financial statements.

In September 2025, the FASB issued ASU No. 2025-06, Intangibles - Goodwill and Other - Internal-Use Software (Subtopic 350-40): Targeted Improvements to the Accounting for Internal-Use Software (ASU 2025-06), which simplifies the capitalization guidance for internal-use software costs by removing all references to software development project stages. ASU 2025-06 is effective for annual periods beginning after December 15, 2027, and interim periods within those annual reporting

9

periods, with early adoption permitted on either a prospective, or retrospective or a modified transition approach. The company is currently evaluating the impact of the standard on its consolidated financial statements.

Note 3 - Cost-Reduction Actions

The company from time to time initiates cost reduction actions designed to improve operating efficiency, reduce costs and align the company’s workforce and facility structures to its overall business plan.

Cost-reduction charges (credits) and other costs recognized were as follows:

						Three Months Ended March 31,
						2026						2025
Workforce reductions:
Severance and other employee costs						$	4.1					$	1.1
Changes in estimates						(3.4)						(1.4)
Total workforce reductions						0.7						(0.3)
Lease abandonment and other costs						0.8						0.2
Total						$	1.5					$	(0.1)

The charges (credits) were recorded in the following statement of income (loss) classifications:

						Three Months Ended March 31,
						2026						2025
Cost of revenue						$	(0.3)					$	(0.5)
Selling, general and administrative						2.2						0.5
Research and development						(0.4)						(0.1)
Total						$	1.5					$	(0.1)

Liabilities and expected future payments related to the company’s workforce reduction actions are as follows:

						Total
Balance at December 31, 2025						$	24.8
Provisions						4.1
Payments						(9.7)
Changes in estimates						(3.4)
Translation adjustments						(0.1)
Balance at March 31, 2026						$	15.7
Expected future utilization on balance at March 31, 2026:
Short-term						$	15.7

10

Note 4 - Pension and Postretirement Benefits

Net periodic pension expense (income) is presented below:

						Three Months Ended March 31, 2026																		Three Months Ended March 31, 2025
						Total						U.S. Plans						International Plans						Total						U.S. Plans						International Plans
Service cost(i)						$	0.4					$	—					$	0.4					$	0.4					$	—					$	0.4
Interest cost						40.0						21.5						18.5						45.6						27.9						17.7
Expected return on plan assets						(36.0)						(15.7)						(20.3)						(47.1)						(26.3)						(20.8)
Amortization of prior service benefit						(1.1)						(0.6)						(0.5)						(1.1)						(0.6)						(0.5)
Recognized net actuarial loss						26.7						17.5						9.2						24.0						18.0						6.0
Net periodic pension expense						$	30.0					$	22.7					$	7.3					$	21.8					$	19.0					$	2.8

(i) Service cost is reported in selling, general and administrative expense. All other components of net periodic pension expense are reported in other (expense), net in the consolidated statements of income (loss).

During the three months ended March 31, 2026, the company made cash contributions of $28.2 million, primarily to its international defined benefit pension plans.

For the remainder of 2026, the company expects to make cash contributions of approximately $69 million primarily to its U.S. defined benefit pension plans. This will result in total expected cash contributions for 2026 of approximately $97 million to the company’s global defined benefit pension plans, including approximately $47 million to the company’s U.S. qualified defined benefit pension plans and approximately $50 million primarily to the company’s international defined benefit pension plans.

During the three months ended March 31, 2025, the company made cash contributions of $9.2 million primarily to its international defined benefit pension plans. In 2025, the company made cash contributions of $343.7 million to its global defined benefit pension plans, which included a discretionary contribution of $250 million to its U.S. defined benefit pension plans.

At the end of each year, the company estimates its future cash contributions to its global defined benefit pension plans based on year-end pension data, assumptions and agreements. Any material deterioration in the value of the company’s global defined benefit pension plan assets, as well as changes in pension legislation, volatility in the capital markets, discount rate changes, asset return changes, or changes in economic or demographic trends, could require the company to make cash contributions in different amounts and on a different schedule than previously estimated.

Net periodic postretirement benefit expense (income) is presented below:

						Three Months Ended March 31,
						2026						2025
Service cost(i)						$	—					$	—
Interest cost						0.6						0.6
Expected return on assets						—						(0.1)
Recognized net actuarial gain						(0.2)						(0.5)
Amortization of prior service benefit						0.1						0.1
Net periodic postretirement benefit expense (income)						$	0.5					$	0.1

(i) Service cost is reported in selling, general and administrative expense. All other components of net periodic postretirement benefit expense (income) are reported in other (expense), net in the consolidated statements of income (loss).

The company expects to make cash contributions of $3 million to its postretirement benefit plan in 2026. In 2025, the company made cash contributions of $1.6 million to its postretirement benefit plan. For the three months ended March 31, 2026 and 2025, the company made cash contributions of $0.2 million in each respective period.

Note 5 - Stock Compensation

Under stockholder approved stock-based plans, stock options, stock appreciation rights, restricted stock and restricted stock units (RSUs) may be granted to officers, directors and other key employees.

11

As of March 31, 2026, the company has granted restricted stock and RSUs under these plans. The company recognizes compensation cost, net of a forfeiture rate, in selling, general and administrative expense, and recognizes compensation cost only for those awards expected to vest. The company estimates the forfeiture rate based on its historical experience and its expectations about future forfeitures.

During the three months ended March 31, 2026 and 2025, the company recorded $4.1 million and $6.8 million of share-based restricted stock and RSU compensation expense, respectively.

Restricted stock and RSU awards may contain time-based units, performance-based units, total shareholder return market-based units, or a combination of these units. Each performance-based and market-based unit will vest into zero to two shares depending on the degree to which the performance or market conditions are met. Compensation expense for performance-based awards is recognized as expense ratably for each installment from the date of grant until the date the restrictions lapse and is based on the fair market value at the date of grant and the probability of achievement of the specific performance-related goals. Compensation expense for market-related awards is recognized as expense ratably over the measurement period, regardless of the actual level of achievement, provided the service requirement is met. RSU grants for the company’s directors vest upon award and compensation expense for such awards is recognized upon grant.

A summary of restricted stock and RSU activity for the three months ended March 31, 2026 follows (shares in thousands):

						Restricted Stock  and RSU						Weighted- Average Grant-Date Fair Value
Outstanding at December 31, 2025						6,470						$	4.77
Granted (i)						4,810						2.43
Vested						(2,142)						4.19
Forfeited and expired						(222)						5.28
Outstanding at March 31, 2026						8,916						3.38

(i) Awards granted during the three months ended March 31, 2026 were time-based conditions awards.

The aggregate weighted-average grant-date fair value of restricted stock and RSUs granted during the three months ended March 31, 2026 and 2025 was $12.7 million and $15.6 million, respectively. The fair value of awards with time and performance conditions is determined based on the trading price of the company’s common shares on the date of grant. The fair value of awards with market conditions is estimated using a Monte Carlo simulation.

As of March 31, 2026, there was $20.4 million of total unrecognized compensation cost related to outstanding restricted stock and RSUs granted under the company’s plans. That cost is expected to be recognized over a weighted-average period of 2.3 years. The aggregate weighted-average grant-date fair value of restricted stock and RSUs vested during the three months ended March 31, 2026 and 2025 was $9.0 million and $14.1 million, respectively.

Common stock issued upon the lapse of restrictions on restricted stock and RSUs are newly issued shares. In light of its tax position, the company is currently not recognizing any tax benefits from the issuance of stock upon lapse of restrictions on restricted stock and RSUs.

12

Note 6 - Other (expense), net

Other (expense), net is comprised of the following:

						Three Months Ended March 31,
						2026						2025
Pension and postretirement expense						$	(30.1)					$	(21.5)
Gain on debt extinguishment						0.2						—
Foreign exchange gains(i)						6.8						1.3
Interest income(ii)						4.9						5.7
Other, net(iii)						(2.6)						(2.4)
Total other (expense), net						$	(20.8)					$	(16.9)

(i) Foreign exchange gains (losses) include gains (losses) from remeasuring cash, receivables, payables and intercompany balances denominated in foreign currencies, as well as gains (losses) related to the substantial completion of liquidation of certain foreign subsidiaries of $(0.3) million and $1.1 million, in the three months ended March 31, 2026 and 2025, respectively. In the third quarter of 2025, the company ceased the use of foreign currency forward contracts used to mitigate the impact of exchange rate fluctuations in the intercompany balances denominated in foreign currencies. The gains (losses) on such forward contracts for the three months ended March 31, 2025 were included within foreign exchange gains. See Note 10 for details on the company’s foreign exchange forward contracts.

(ii) Interest income relates primarily to interest earned from cash and short-term investments.

(iii) Other, net generally consists of environmental costs related to previously disposed businesses and other miscellaneous items.

Note 7 - Income Taxes

For the three months ended March 31, 2026, the provision for income taxes was $13.7 million primarily driven by the geographic distribution of income. For the three months ended March 31, 2026, the effective tax rate was (59.3)% primarily driven by U.S. operating losses with no tax benefit as the deferred tax assets are subject to a full valuation allowance, non-creditable withholding taxes in the U.S., and jurisdictions with no valuation allowance that are subject to tax.

For the three months ended March 31, 2025, the provision for income taxes was $10.6 million primarily driven by the geographic distribution of income. For the three months ended March 31, 2025, the effective tax rate was (53.0)% primarily driven by U.S. operating losses with no tax benefit as the deferred tax assets are subject to a full valuation allowance, non-creditable withholding taxes in the U.S., and jurisdictions with no valuation allowance that are subject to tax.

Accounting rules governing income taxes require that deferred tax assets and liabilities be recognized using enacted tax rates for the effect of temporary differences between the book and tax bases of recorded assets and liabilities. These rules also require that deferred tax assets be reduced by a valuation allowance if it is more likely than not that some portion or the entire deferred tax asset will not be realized.

The company evaluates the realizability of its deferred tax assets by assessing its valuation allowance and by adjusting such amount, if necessary. The realization of the company’s net deferred tax assets as of March 31, 2026, is primarily dependent on the ability to generate sustained taxable income in various jurisdictions. Judgment is required to estimate forecasted future taxable income, which may be impacted by future business developments, actual results, strategic operational and tax initiatives, legislative, and other economic factors and developments. Any increase or decrease in the valuation allowance would result in additional or lower income tax expense in that period and could have a significant impact on that period’s earnings.

A full valuation allowance is currently maintained for all U.S. and certain foreign deferred tax assets in excess of deferred tax liabilities. The company will record a tax provision or benefit for those international subsidiaries that do not have a full valuation allowance against their net deferred tax assets. Any profit or loss recorded for the company’s U.S. operations will have no provision or benefit associated with it due to such valuation allowance, except with respect to withholding taxes not creditable against future taxable income. As a result, the company’s provision or benefit for taxes may vary significantly depending on the geographic distribution of income.

Under U.S. tax law, distributions from foreign subsidiaries to U.S. stockholders are generally exempt from taxation, except for certain federal and states taxes. Consequently, the deferred income tax liability on undistributed earnings is generally limited to any foreign withholding or other foreign taxes that will be imposed on such distributions. The company is no longer asserting indefinite reinvestment of earnings of certain foreign subsidiaries. At both March 31, 2026 and December 31, 2025, the related deferred tax liability was $31.3 million, which is included in other long-term liabilities on the company’s consolidated balance sheets.

13

A corporation’s ability to deduct its federal net operating loss (NOL) carryforwards and utilize certain other available tax attributes can be substantially constrained under the general annual limitation rules of Section 382 of the U.S. Internal Revenue Code (Section 382) if it undergoes an “ownership change” as defined in Section 382 (generally where cumulative stock ownership changes among material stockholders exceed 50 percent during a rolling three-year period). Similar rules may apply under state tax laws. A future tax “ownership change” pursuant to Section 382 or future changes in tax laws that impose tax attribute utilization limitations may severely limit or effectively eliminate the company’s ability to utilize its NOL carryforwards and other tax attributes.

On July 4, 2025, the One Big Beautiful Bill Act (OBBBA) was signed into law in the U.S. The OBBBA includes significant provisions, such as the permanent extension of certain expiring provisions of the Tax Cuts and Jobs Act of 2017, modifications to the international tax framework and the restoration of favorable tax treatment for certain business provisions. The legislation has multiple effective dates, with certain provisions that were effective in 2025 and others to be implemented through 2027. The company does not anticipate any material impact to our financial statements, due to the valuation allowance in the U.S., and no material permanent tax differences are expected. The company continues to assess the impact of these new provisions on the company’s consolidated financial statements for future reporting periods.

Note 8 - Loss Per Share

The following table provides the calculations for the company’s earnings (loss) per common share attributable to Unisys Corporation (shares in thousands):

												Three Months Ended March 31,
																		2026						2025
Basic loss per common share computation:
Net loss attributable to Unisys Corporation																		$	(35.8)					$	(29.5)
Weighted average shares																		71,801						70,106
Basic loss per common share																		$	(0.50)					$	(0.42)
Diluted loss per common share computation:
Net loss attributable to Unisys Corporation																		$	(35.8)					$	(29.5)
Weighted average shares																		71,801						70,106
Plus incremental shares from assumed vesting of employee stock plans																		—						—
Adjusted weighted average shares																		71,801						70,106
Diluted loss per common share																		$	(0.50)					$	(0.42)
Anti-dilutive restricted stock units(i)																		2,833						3,464

(i) Amounts represent shares excluded from the computation of diluted loss per share, as their effect, if included, would have been anti-dilutive for the periods presented.

Note 9 - Revenue

The following table presents the company’s revenue disaggregated by type of revenue:

			Three Months Ended March 31,
			2026						2025
Services			$	395.3					$	386.2
Technology(i)			42.3						45.9
Total revenue			$	437.6					$	432.1

(i) Technology represents hardware and software license revenue.

Contract Assets and Deferred Revenue

Contract assets represent rights to consideration in exchange for goods or services transferred to a customer when that right is conditional on something other than the passage of time. Deferred revenue represents contract liabilities.

14

Net contract assets (liabilities) are as follows:

			March 31, 2026						December 31, 2025
Contract assets - current			$	14.5					$	10.9
Contract assets - long-term(i)			3.5						4.1
Deferred revenue - current			(229.4)						(228.5)
Deferred revenue - long-term			(92.0)						(100.7)

(i) Reported in other long-term assets on the company’s consolidated balance sheets.

Significant changes in the above contract liability balances were as follows:

			Three Months Ended March 31,
			2026						2025
Revenue recognized that was included in deferred revenue at the beginning of the period			$	66.9					$	71.4

Capitalized Contract Costs

The company’s capitalized contract costs, net include the following:

			March 31, 2026						December 31, 2025
Deferred commissions, net			$	6.9					$	8.7
Costs to fulfill a contract, net			18.0						16.7
Other capitalized assets, net			46.4						48.2
Total capitalized contract costs, net			$	71.3					$	73.6

For the three months ended March 31, 2026 and 2025, amortization expense related to capitalized contract costs, net was $5.8 million and $3.0 million, respectively.

Remaining Performance Obligations

Remaining performance obligations represent the transaction price of firm orders for which work has not been performed and excludes (i) contracts with an original expected length of one year or less and (ii) contracts for which the company recognizes revenue at the amount to which it has the right to invoice for services performed. At March 31, 2026, the company had approximately $0.8 billion of remaining performance obligations of which approximately 31% is estimated to be recognized as revenue by the end of 2026, 34% by the end of 2027, 20% by the end of 2028, 9% by the end of 2029 and 6% thereafter.

Note 10 - Financial Instruments and Fair Value Measurements

Due to its foreign operations, the company is exposed to the effects of foreign currency exchange rate fluctuations on the U.S. dollar, principally related to intercompany account balances. In the third quarter of 2025, the company ceased its use of foreign currency forward contracts, as such these contracts have no remaining notional amounts. For the three months ended March 31, 2025, gains recognized on foreign currency exchange forward contracts were $15.9 million included within other (expense), net in the consolidated statements of income (loss). These contracts were not designated as hedging instruments and the fair value was based on quoted prices for similar but not identical financial instruments; as such, the inputs were considered Level 2 inputs.

15

Financial assets with carrying values approximating fair value include cash and cash equivalents and accounts receivable. Financial liabilities with carrying values approximating fair value include accounts payable and other liabilities. The carrying amounts of these financial assets and liabilities approximate fair value due to their short maturities. Such financial instruments are not included in the following table that provides information about the estimated fair values of other financial instruments that are not measured at fair value in the consolidated balance sheets as of March 31, 2026 and December 31, 2025.

			March 31, 2026												December 31, 2025
			Carrying Amount						Fair Value						Carrying Amount						Fair Value
Long-term debt:
10.625% senior secured notes due January 15, 2031			$	686.2					$	601.1					$	687.2					$	717.5

Long-term debt is carried at amortized cost and its estimated fair value is based on market prices classified as Level 2 in the fair value hierarchy.

Note 11 - Properties

The components of properties, net were as follows:

						March 31, 2026						December 31, 2025
Buildings						$	0.7					$	0.7
Machinery and office equipment						205.1						206.4
Internal-use software						191.1						189.2
Rental equipment						9.1						6.7
Total properties, gross						$	406.0					$	403.0
Less - Accumulated depreciation and amortization						348.6						349.9
Properties, net						$	57.4					$	53.1

Note 12 - Goodwill and Intangible Assets

The net carrying value of goodwill by reporting unit was as follows:

						Total						DWS						CA&I						ECS
Balance at December 31, 2025						$	193.8					$	47.2					$	54.5					$	92.1
Translation adjustments						(0.1)						(0.1)						—						—
Balance at March 31, 2026						$	193.7					$	47.1					$	54.5					$	92.1

Goodwill is presented net of accumulated impairment losses of $94.1 million as of both March 31, 2026 and December 31, 2025, attributable to the DWS reporting unit.

Intangible Assets, Net

Intangible assets, net at March 31, 2026, consisted of the following:

						Gross Carrying Amount						Accumulated Amortization						Net Carrying Amount
Technology						$	10.0					$	10.0					$	—
Customer relationships (i)						54.2						24.0						30.2
Marketing						1.3						1.3						—
Total						$	65.5					$	35.3					$	30.2

(i) Amortization expense is included within selling, general and administrative expense in the consolidated statements of income (loss).

For the three months ended March 31, 2026 and 2025, amortization expense was $1.0 million and $1.1 million, respectively.

16

The future amortization relating to acquired intangible assets at March 31, 2026, was estimated as follows:

						Future Amortization Expense
Remainder of 2026						$	3.0
2027						4.0
2028						4.0
2029						4.0
2030						4.0
Thereafter						11.2
Total						$	30.2

Note 13 - Debt

Long-term debt is comprised of the following:

						March 31, 2026						December 31, 2025
10.625% senior secured notes due January 15, 2031 (Face value of $698.4 million and $700.0 million less unamortized issuance costs of $12.2 million and $12.8 million at March 31, 2026 and December 31, 2025, respectively)(i)						$	686.2					$	687.2
Finance leases						39.1						41.2
Other debt						12.2						13.3
Total						737.5						741.7
Less – current maturities						13.5						12.7
Total long-term debt						$	724.0					$	729.0

(i) See Note 10 for the fair value of the notes.

Senior Secured Notes due 2031

In June 2025, the company completed a private placement offering of $700.0 million aggregate principal amount of its 10.625% Senior Secured Notes due 2031 (the 2031 Notes). The 2031 Notes pay interest semiannually on January 15 and July 15, and will mature on January 15, 2031, unless earlier repurchased or redeemed by the company. The 2031 Notes are fully and unconditionally guaranteed on a senior secured basis by Unisys Holding Corporation, Unisys AP Investment Company I and Unisys NPL, Inc., each a Delaware corporation that is directly or indirectly wholly owned by the company (the Subsidiary Guarantors).

During the three months ended March 31, 2026, the company repurchased $1.6 million of the 2031 Notes from the open market for $1.4 million. The company recorded a gain on debt extinguishment of $0.2 million, reported in other (expense), net.

Interest expense related to the 2031 Notes is comprised of the following:

						Three Months Ended March 31,
						2026
Contractual interest coupon						$	18.6
Amortization of issuance costs						0.6
Total						$	19.2

Senior Secured Notes due 2027

In 2025, the company satisfied and discharged the indenture relating to the $485.0 million aggregate principal amount of the 6.875% Senior Secured Notes due November 1, 2027 (the 2027 Notes). The company paid an aggregate amount of $493.5 million, which was made up of the following: $485.0 million of principal amount, $3.0 million of early tender premium and $5.5 million of accrued but unpaid interest on the 2027 Notes to be redeemed to, but not including, the redemption date. In 2025, the company recorded a loss on debt extinguishment in relation to to the satisfaction and discharge of the 2027 Notes of $7.0 million, reported in other (expense), net in the consolidated statements of income (loss), which included $4.0 million in

17

unamortized debt issuance costs write-off and other expenses and an early tender premium of $3.0 million paid to repurchase a portion of the 2027 Notes.

Interest expense related to the 2027 Notes was comprised of the following:

																		Three Months Ended March 31,
																								2025
Contractual interest coupon																								$	8.3
Amortization of issuance costs																								0.3
Total																								$	8.6

Asset Based Lending (ABL) Credit Facility

The company has a secured revolving credit facility (the Amended and Restated ABL Credit Facility), which matures in June 2030. The Amended and Restated ABL Credit Facility provides for revolving loans and letters of credit up to an aggregate amount of $125.0 million (with a limit on letters of credit of $40.0 million), with an uncommitted accordion feature allowing for the aggregate amount available to be increased up to $155.0 million upon the satisfaction of certain specified conditions.

Availability under the Amended and Restated ABL Credit Facility is subject to a borrowing base calculated by reference to the company’s receivables. At March 31, 2026, the company had no borrowings and $13.5 million of letters of credit outstanding. Availability under the Amended and Restated ABL Credit Facility was $79.1 million, net of letters of credit issued. Any borrowings under the Amended and Restated ABL Credit Facility will be subject to variable interest rates.

The Amended and Restated ABL Credit Facility is guaranteed by Unisys Holding Corporation, Unisys NPL, Inc. and Unisys AP Investment Company I, each of which is a U.S. corporation that is directly or indirectly owned by the company (the subsidiary guarantors) and any future material domestic subsidiaries. The facility is secured by the assets of the company and the subsidiary guarantors, other than certain excluded assets, under a security agreement entered into by the company and the subsidiary guarantors in favor of Bank of America, N.A., as agent for the lenders under the credit facility.

At March 31, 2026, the company has met all covenants and conditions under its various lending and funding agreements. For at least the next 12 months, the company expects to continue to meet these covenants and conditions.

Note 14 - Litigation and Contingencies

The company is involved in a wide range of lawsuits, claims, investigations and proceedings, which arise in the ordinary course of business, including actions with respect to commercial and government contracts, labor and employment, employee benefits, environmental matters, intellectual property and non-income tax matters. Further, given the rapidly evolving external landscape of cybersecurity, privacy, artificial intelligence, and data protection laws, regulations, threat actors, and heightened client expectations and demands, the company and its clients have been and will continue to be subject to actions or proceedings in various jurisdictions. These matters can involve a number of different parties, including competitors, clients, current or former employees, government and regulatory agencies, stockholders and representatives of the locations in which the company does business. Many of these matters are also highly complex and may seek recovery on behalf of a class or similarly large number of plaintiffs. It is therefore inherently difficult to predict the size or scope of potential future losses arising from these matters.

The company records a provision for these matters when it is both probable that a liability has been incurred and the amount of the loss can be reasonably estimated and a gain contingency when the award or recovery is realized or realizable. Significant judgment is required in both the determination of probability and the determination as to whether an exposure is reasonably estimable. Because of uncertainties related to these matters, accruals are based only on the best information available at the time. Any provisions are reviewed at least quarterly and are adjusted to reflect the impact and status of settlements, rulings, advice of counsel and other information and events pertinent to a particular matter. These adjustments could have a material impact on our results of operations and financial position.

The company intends to defend itself vigorously with respect to any legal matters. Based on its experience, the company also believes that the damage amounts claimed against it in the matters disclosed below are not a meaningful indicator of the company’s potential liability.

Legal proceedings are inherently unpredictable and unfavorable resolutions have and could occur. Whether any losses, damages or remedies finally determined in any claim, suit, investigation or proceeding could reasonably have a material effect on the company’s business, financial condition, results of operations or cash flows will depend on a number of variables, including: the timing and amount of such losses or damages; the structure and type of any such remedies; the significance of the impact any such losses, damages or remedies may have in the company’s consolidated financial statements; and the unique facts and circumstances of the particular matter that may give rise to additional factors. Accordingly, it is possible that an adverse

18

outcome from such matters could be material to the company’s financial condition, results of operations and cash flows in any particular reporting period.

Notwithstanding that the ultimate results of the lawsuits, claims, investigations and proceedings that have been brought or asserted against the company are not currently determinable, the company believes that at March 31, 2026, it has adequate provisions for any such matters.

The following is a summary of the more significant legal proceedings involving the company.

The company’s Brazilian operations, along with those of many other companies doing business in Brazil, are involved in various litigation matters, including numerous governmental assessments related to indirect and other taxes, as well as disputes associated with former employees and contract labor. The tax-related matters pertain to value-added taxes, customs, duties, sales and other non-income-related tax exposures. The labor-related matters include claims related to compensation. The company believes that appropriate accruals have been established for such matters based on information currently available. At March 31, 2026, excluding those matters that have been assessed by management as being remote as to the likelihood of ultimately resulting in a loss, the amount related to unreserved tax-related matters, inclusive of any related interest, is estimated to be approximately $101 million.

With respect to the specific legal proceedings and claims described above, except as otherwise noted, either (i) the amount or range of possible losses in excess of amounts accrued, if any, is not reasonably estimable or (ii) the company believes that the amount or range of possible losses in excess of amounts accrued that are estimable would not be material. Nonetheless, the company is unable to predict the outcome from such matters and it is possible that an adverse result could be material to the company’s financial conditions, results of operations and cash flows.

Environmental Matters

As of March 31, 2026, the company has an estimated environmental liability for a site that its predecessor company previously operated of approximately $19 million, of which $6 million is reported in other accrued liabilities and $13 million in other long-term liabilities on the company’s consolidated balance sheets. The company has an agreement related to this site, which provides for a partial reimbursement of certain costs when all cleanup work has been approved and finalized. As of March 31, 2026, the company expects to recover approximately $33 million, which is included in other long-term assets on the company’s consolidated balance sheets. As the company continues to perform investigation activities and if events and circumstances change, the company may incur future additional costs, which could have a material impact on the company’s results of operations, financial condition and cash flows.

Note 15 - Accumulated Other Comprehensive Loss

Accumulated other comprehensive loss is as follows:

						Total						Translation Adjustments						Pension and Postretirement Plans
Balance at December 31, 2025						$	(2,427.9)					$	(871.8)					$	(1,556.1)
Other comprehensive (loss) income before reclassifications						(6.6)						(19.7)						13.1
Amounts reclassified from accumulated other comprehensive loss						22.8						(0.3)						23.1
Current period other comprehensive income (loss)						16.2						(20.0)						36.2
Balance at March 31, 2026						$	(2,411.7)					$	(891.8)					$	(1,519.9)

19

Amounts reclassified out of accumulated other comprehensive loss are as follows:

						Three Months Ended March 31,
						2026						2025
Translation adjustments:
Adjustment for substantial completion of liquidation of certain foreign subsidiaries(i)						$	(0.3)					$	(1.1)
Pension and postretirement plans(ii):
Amortization of prior service benefit						(0.9)						(0.9)
Amortization of actuarial losses						25.4						22.9
Total before tax						24.2						20.9
Income tax						(1.4)						(1.4)
Total reclassifications for the period						$	22.8					$	19.5

(i) Reported in other (expense), net in the consolidated statements of income (loss).

(ii)These items are included in net periodic pension and postretirement cost (see Note 4).

Note 16 - Supplemental Cash Flow Information

			Three Months Ended March 31,
			2026						2025
Cash paid during the period for:
Income taxes, net of refunds			$	13.6					$	35.6
Interest			$	42.0					$	0.3

The following table provides a reconciliation of cash and cash equivalents and restricted cash reported within the consolidated balance sheets to the total of the amounts shown in the consolidated statements of cash flows.

			March 31, 2026						December 31, 2025
Cash and cash equivalents			$	380.2					$	413.9
Restricted cash			8.1						7.8
Total cash, cash equivalents and restricted cash shown in the consolidated statements of cash flows			$	388.3					$	421.7

Cash and cash equivalents subject to contractual restrictions, and are therefore not readily available, are classified as restricted cash. At March 31, 2026, the company maintains cash balances in various operating accounts in excess of federally insured limits. The company monitors this risk by evaluating the creditworthiness of the financial institutions.

Note 17 - Segment Information

The company’s reportable segments are as follows:

•Digital Workplace Solutions (DWS), which provides workplace solutions featuring intelligent workplace services, proactive experience management and collaboration tools to support business growth;

•Cloud, Applications & Infrastructure Solutions (CA&I), which provides digital transformation in the areas of cloud migration and management, applications and infrastructure transformation and modernization solutions; and

•Enterprise Computing Solutions (ECS), which provides solutions that harness secure, high-intensity enterprise computing and enable digital services through software-defined operating environments.

This segment structure reflects the financial information used by the company’s chief operating decision maker (CODM) to make decisions regarding the company’s business, including resource allocations and performance assessments, as well as the current operating focus.

The CODM evaluates the performance of the segments based on segment revenue and segment gross profit. The company’s CODM regularly reviews cost of revenues by segment and treats it as a significant segment expense. Segment revenue and segment gross profit are exclusive of certain activities and expenses that are not allocated to specific segments and reported in

20

Other as described below. The company does not report assets by reportable segments as this information is not reviewed by the CODM on a regular basis.

Other, as presented in the reconciliation tables below, includes revenue and cost of revenue associated with the company’s United Kingdom business process outsourcing consolidated joint venture, which is a non-core business activity. Additionally, Other includes certain expenses within cost of revenue such as cost reduction charges, amortization of purchased intangibles and unusual and nonrecurring items that are not allocated to specific segments. These amounts are combined within other revenue and other gross profit (loss) to arrive at total consolidated revenue and total consolidated gross profit (loss) as reported in the reconciliations below.

The following table presents certain financial information by reportable segments:

						Total Segments						DWS						CA&I						ECS
Three Months Ended March 31, 2026
Revenue						$	415.4					$	118.2					$	182.0					$	115.2
Cost of revenue						305.9						102.3						142.4						61.2
Gross profit						$	109.5					$	15.9					$	39.6					$	54.0
Three Months Ended March 31, 2025
Revenue						$	413.9					$	118.6					$	176.6					$	118.7
Cost of revenue						306.0						101.7						142.2						62.1
Gross profit						$	107.9					$	16.9					$	34.4					$	56.6

Presented below is a reconciliation of total segment revenue to total consolidated revenue:

						Three Months Ended March 31,
						2026						2025
Total segment revenue						$	415.4					$	413.9
Other revenue						22.2						18.2
Total consolidated revenue						$	437.6					$	432.1

Presented below is a reconciliation of total segment gross profit to consolidated income (loss) before income taxes:

						Three Months Ended March 31,
						2026						2025
Total segment gross profit						$	109.5					$	107.9
Other gross profit (loss)						3.0						(0.4)
Total gross profit						112.5						107.5
Selling, general and administrative expense						(91.5)						(96.8)
Research and development expense						(4.8)						(5.6)
Interest expense						(18.5)						(8.2)
Other (expense), net						(20.8)						(16.9)
Total loss before income taxes						$	(23.1)					$	(20.0)

Geographic information about the company’s revenue, which is principally based on location of the selling organization, is presented below:

						Three Months Ended March 31,
						2026						2025
United States						$	166.7					$	185.9
United Kingdom						65.6						55.1
Other foreign						205.3						191.1
Total						$	437.6					$	432.1

21

Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations

This management’s discussion and analysis of financial condition and results of operations should be read in conjunction with the consolidated financial statements and the related notes included elsewhere in this quarterly report.

Overview

For the three months ended March 31, 2026, the company reported net loss attributable to Unisys Corporation of $35.8 million, or $0.50 per diluted share, compared with a loss of $29.5 million, or $0.42 per diluted share, for the three months ended March 31, 2025.

Results of operations

Company results

Three months ended March 31, 2026 compared with the three months ended March 31, 2025

Revenue for the three months ended March 31, 2026 was $437.6 million compared with $432.1 million for the three months ended March 31, 2025, an increase of 1.3% from the prior-year period. Foreign currency fluctuations had a 6 percentage-point positive impact on revenue in the current period compared with the prior-year period, which was partially offset by the timing of software license renewals.

License and Support (L&S) represents software license and related support services, primarily ClearPath® Forward, within the company's Enterprise Computing Solutions (ECS) segment. Software license renewals tend to be significant and impactful to revenue and gross profit based on timing, which can fluctuate considerably from quarter to quarter. For the three months ended March 31, 2026, L&S revenue was $65.5 million compared to $71.1 million for the three months ended March 31, 2025, a decrease of 7.9%. The decrease was primarily driven by the timing of software license renewals, partially offset by foreign currency fluctuations, which had a 5 percentage-point positive impact on revenue in the current period compared with the prior-year period.

Excluding License and Support (Ex-L&S) measures exclude revenue, gross profit and gross profit margin in connection with software license and related support services within the ECS segment. Ex-L&S revenue for the three months ended March 31, 2026 was $372.1 million compared with $361.0 million for the three months ended March 31, 2025, an increase of 3.1%. Foreign currency fluctuations had a 6 percentage-point positive impact on revenue in the current period compared with the prior-year period, partially offset by lower volumes in Digital Workplace Solutions (DWS) and Cloud, Applications & Infrastructure Solutions (CA&I) reportable segments.

During the three months ended March 31, 2026, the company recognized net cost-reduction charges related to workforce reductions of $0.7 million, compared with a net credit related to workforce reductions of $0.3 million for the three months ended March 31, 2025. Additionally, for the three months ended March 31, 2026 and 2025, the company recorded charges of $0.8 million and $0.2 million, respectively, of lease abandonment and other costs related to cost-reduction efforts.

The charges (credits) related to cost reduction actions were recorded in the following statement of income (loss) classifications:

						Three Months Ended March 31,
(In millions)						2026						2025
Cost of revenue						$	(0.3)					$	(0.5)
Selling, general and administrative						2.2						0.5
Research and development						(0.4)						(0.1)
Total						$	1.5					$	(0.1)

Gross profit and gross profit margin were $112.5 million and 25.7% in the three months ended March 31, 2026, respectively, compared with $107.5 million and 24.9% for the three months ended March 31, 2025, respectively.

Ex-L&S gross profit and gross profit margin for the three months ended March 31, 2026 were $72.7 million and 19.5%, respectively, compared with $64.2 million and 17.8% for the three months ended March 31, 2025, respectively. The increases in Ex-L&S gross profit and gross profit margin were primarily driven by delivery improvement and labor cost savings initiatives in the CA&I segment.

22

During the three months ended March 31, 2026, a transaction within the company's United Kingdom business process outsourcing consolidated joint venture generated approximately $3 million of gross margin benefit, resulting in a positive impact on gross profit margin and Ex-L&S gross profit margin of 50 basis points and 70 basis points, respectively. This transaction is expected to generate approximately $12 million of gross margin benefit for 2026.

Selling, general and administrative expense in the three months ended March 31, 2026 was $91.5 million (20.9% of revenue) compared with $96.8 million (22.4% of revenue) for the three months ended March 31, 2025. The decrease was primarily attributable to a reduction in compensation expense of $6.2 million, partially offset by higher cost reduction charges of $1.7 million.

Research and development expense for the three months ended March 31, 2026 and 2025 was $4.8 million and $5.6 million, respectively.

For the three months ended March 31, 2026, the company reported an operating profit of $16.2 million compared with an operating profit of $5.1 million in the three months ended March 31, 2025. The increase was primarily driven by higher gross profit and lower selling, general and administrative expense as discussed above.

Interest expense for the three months ended March 31, 2026 and 2025 was $18.5 million and $8.2 million, respectively. The increase was primarily due to increased long-term debt balance and higher interest rate following the issuance of $700.0 million aggregate principal amount of 10.625% Senior Secured Notes due 2031 (the 2031 Notes) in June 2025.

Other (expense), net was expense of $20.8 million for the three months ended March 31, 2026 compared with expense of $16.9 million for the three months ended March 31, 2025. See Note 6 of the Notes to Consolidated Financial Statements for details of other (expense), net.

The loss before income taxes for the three months ended March 31, 2026 was $23.1 million, compared with a loss of $20.0 million for the three months ended March 31, 2025.

The provision for income taxes was $13.7 million for the three months ended March 31, 2026 compared with a provision of $10.6 million for the three months ended March 31, 2025. The change in the tax provision was primarily driven by the geographic distribution of income. The effective tax rate for the three months ended March 31, 2026 and 2025 was (59.3)% and (53.0)%, respectively, primarily driven by U.S. operating losses with no tax benefit as the deferred tax assets are subject to a full valuation allowance, non-creditable withholding taxes in the U.S., and jurisdictions with no valuation allowance that are subject to tax.

The company evaluates quarterly the realizability of its deferred tax assets by assessing its valuation allowance and by adjusting such amount, if necessary. The company records a tax provision or benefit for those international subsidiaries that do not have a full valuation allowance against their deferred tax assets. Any profit or loss recorded for the company’s U.S. operations will have no provision or benefit associated with it due to the company’s valuation allowance, except with respect to refundable tax credits and withholding taxes not creditable against future taxable income. As a result, the company’s provision or benefit for taxes may vary significantly period to period depending on the geographic distribution of income.

The realization of the company’s net deferred tax assets is primarily dependent on the ability to generate sustained taxable income in various jurisdictions. Judgment is required to estimate forecasted future taxable income, which may be impacted by future business developments, actual results, strategic operational and tax initiatives, legislative, and other economic factors and developments.

The net loss attributable to Unisys Corporation for the three months ended March 31, 2026 was $35.8 million, or $0.50 per diluted share, compared with a net loss of $29.5 million, or $0.42 per diluted share, for the three months ended March 31, 2025.

23

The following table represents Ex-L&S and L&S financial measures:

						Three Months Ended March 31,
(In millions, except for numbers presented as percentages)						2026						2025
L&S revenue						$	65.5					$	71.1
Ex L&S revenue						372.1						361.0
Total revenue						$	437.6					$	432.1
L&S gross profit						$	39.8					$	43.3
Ex-L&S gross profit						72.7						64.2
Total gross profit						$	112.5					$	107.5
L&S gross profit percent						60.8		%				60.9		%
Ex-L&S gross profit percent						19.5		%				17.8		%
Total gross profit percent						25.7		%				24.9		%

Segment results

The company’s reportable segments are as follows:

•Digital Workplace Solutions (DWS), which provides workplace solutions featuring intelligent workplace services, proactive experience management and collaboration tools to support business growth;

•Cloud, Applications & Infrastructure Solutions (CA&I), which provides digital transformation in the areas of cloud migration and management, applications and infrastructure transformation and modernization solutions; and

•Enterprise Computing Solutions (ECS), which provides solutions that harness secure, high-intensity enterprise computing and enable digital services through software-defined operating environments.

The company evaluates the performance of the segments based on segment revenue and segment gross profit. Segment revenue and segment gross profit are exclusive of certain activities and expenses that are not allocated to specific segments including the business activities related to the company’s United Kingdom business process outsourcing consolidated joint venture and certain expenses such as cost reduction charges, amortization of purchased intangibles and unusual and nonrecurring items that are not allocated to specific segments. These amounts are combined within other revenue and other gross profit (loss) to arrive at consolidated revenue and consolidated gross profit (loss). See Note 17 of the Notes to Consolidated Financial Statements for the reconciliations of segment revenue to total consolidated revenue and segment gross profit to total consolidated loss before income taxes.

Three months ended March 31, 2026 compared with the three months ended March 31, 2025

A summary of the company’s operations by segment is presented below:

						Total Segments						DWS						CA&I						ECS
(In millions, except for numbers presented as percentages)
Three Months Ended March 31, 2026
Revenue						$	415.4					$	118.2					$	182.0					$	115.2
Gross profit percent						26.4		%				13.5		%				21.8		%				46.9		%
Three Months Ended March 31, 2025
Revenue						$	413.9					$	118.6					$	176.6					$	118.7
Gross profit percent						26.1		%				14.2		%				19.5		%				47.7		%

DWS revenue was $118.2 million for the three months ended March 31, 2026 and $118.6 million for the three months ended March 31, 2025, a decrease of 0.3%. Foreign currency fluctuations had a 6 percentage-point positive impact on DWS revenue in the current period compared with the prior-year period. This positive impact in DWS revenue was offset by lower volume due to client attrition. Gross profit percent was 13.5% in the current period compared with 14.2% in the prior-year period. The decrease in gross profit percent was primarily driven by lower volume due to client attrition.

24

CA&I revenue was $182.0 million for the three months ended March 31, 2026 and $176.6 million for the three months ended March 31, 2025, an increase of 3.1%. Foreign currency fluctuations had a 5 percentage-point positive impact on CA&I revenue in the current period compared with the prior-year period. This positive impact in CA&I revenue was partially offset by reduced volume due to client attrition. Gross profit percent was 21.8% in the current period compared with 19.5% in the prior-year period. The increase in gross profit percent was primarily driven by delivery improvement and labor cost savings initiatives.

ECS revenue was $115.2 million for the three months ended March 31, 2026 and $118.7 million for the three months ended March 31, 2025, a decrease of 2.9%. Foreign currency fluctuations had a 5 percentage-point positive impact on ECS revenue in the current period compared with the prior-year period. Gross profit percent was 46.9% in the current period compared with 47.7% in the prior-year period. The decreases in revenue and gross profit percent were primarily driven by the timing of software license renewals.

Total Contract Value and Backlog

Total Contract Value (TCV) represents the initial estimated revenue related to contracts signed in the period without regard for early termination or revenue recognition rules. Changes to contracts and scope are treated as TCV only to the extent of the incremental new value. New Business TCV represents TCV attributable to expansion and new scope for existing clients and new logo contracts. L&S TCV is driven by software license renewals, and as such, changes in timing or terms of renewals can lead to fluctuations from period to period. Measuring TCV involves the use of estimates and judgments and the extent and timing of conversion of TCV to revenue may be impacted by, among other factors, the types of services and solutions sold, contract duration, the pace of client spending, actual volumes of services delivered as compared to the volumes anticipated at the time of contract signing, and contract modifications, including, without limitation, contract nullification and termination, over the lifetime of a contract.

Backlog represents the estimated amount of future revenue to be recognized under contracted work, which has not yet been delivered or performed. The timing of conversion of backlog to revenue may be impacted by, among other factors, the timing of execution, the extension, nullification or early termination of existing contracts with or without penalty, adjustments to estimates in pricing or volumes for previously included contracts, seasonality and foreign currency exchange rates.

The following table summarizes the company’s TCV metrics.

						Three Months Ended March 31,
(In millions, except numbers presented as percentages)						2026						2025						% Change
New Business (i)						$	158					$	109					45		%
Ex-L&S Renewals						74						76						(3)		%
L&S Renewals						42						21						100		%
Total TCV						$	274					$	206					33		%

(i) New Business relates to expansion and new scope for existing clients and new logo contracts.

Backlog was $2.96 billion as of March 31, 2026 compared to $2.89 billion as of March 31, 2025.

The company believes that actual revenue reflects the most relevant measure necessary to understand the company’s results of operations, but TCV can be a useful leading indicator of the company’s ability to generate future revenue over time and backlog can be a useful metric and indicator of the company’s estimate of contracted revenue to be realized in the future, in each case subject to certain inherent limitations as explained above. TCV and backlog should not be relied upon as substitutes for, or considered in isolation from, measures in accordance with generally accepted accounting principles in the United States of America.

Financial condition

The company’s principal sources of liquidity are cash on hand, cash from operations and its revolving credit facility, discussed below. The company and certain international subsidiaries have access to uncommitted lines of credit from various banks. The company believes that it will have adequate sources of liquidity to meet its expected cash requirements for at least the next twelve months.

Cash and cash equivalents at March 31, 2026 were $380.2 million compared to $413.9 million at December 31, 2025. The decrease in cash and cash equivalents is primarily due to the timing of cash interest payment associated with the 2031 Notes.

As of March 31, 2026, $266.7 million of cash and cash equivalents were held by the company’s foreign subsidiaries and branches operating outside of the U.S. The company may not be able to readily transfer approximately one-quarter of these funds out of the country in which they are located as a result of local restrictions, contractual or other legal arrangements or

25

commercial considerations. At March 31, 2026, the deferred tax liability on undistributed earnings was $31.3 million. Transfers of international cash and cash equivalents to the U.S. will require the company to pay withholding or other taxes on a portion of the amount transferred. At March 31, 2026, the company maintained cash balances in various operating accounts in excess of federally insured limits. The company monitors this risk by evaluating the creditworthiness of the financial institutions.

During the three months ended March 31, 2026, cash used for operations was $4.4 million compared with cash provided by operations of $33.3 million during the three months ended March 31, 2025. This decrease was primarily driven by timing of cash interest payment associated with the 2031 Notes.

During the three months ended March 31, 2026, cash used for investing activities was $21.2 million compared with cash used for investing activities of $20.3 million during the three months ended March 31, 2025. In the current period, the investment in marketable software was $10.4 million compared with $11.2 million in the prior-year period and capital additions of properties and other assets were $10.7 million compared with $8.9 million in the prior-year period.

During the three months ended March 31, 2026, cash used for financing activities was $6.0 million compared with cash used for financing activities of $4.0 million during the three months ended March 31, 2025.

At March 31, 2026, total debt was $737.5 million compared to $741.7 million at December 31, 2025. During the three months ended March 31, 2026, the company repurchased $1.6 million of the 2031 Notes from the open market for $1.4 million.

Asset Based Lending (ABL) Credit Facility

The company has a secured revolving credit facility (the Amended and Restated ABL Credit Facility), which matures in June 2030. The Amended and Restated ABL Credit Facility provides for revolving loans and letters of credit up to an aggregate amount of $125.0 million (with a limit on letters of credit of $40.0 million), with an uncommitted accordion feature provision allowing for the aggregate amount available to be increased up to $155.0 million upon the satisfaction of certain specified conditions.

Availability under the Amended and Restated ABL Credit Facility is subject to a borrowing base calculated by reference to the company’s receivables. At March 31, 2026, the company had no borrowings and $13.5 million of letters of credit outstanding. Availability under the Amended and Restated ABL Credit Facility was $79.1 million, net of letters of credit issued. Any borrowings under the Amended and Restated ABL Credit Facility will be subject to variable interest rates.

At March 31, 2026, the company has met all covenants and conditions under its various lending and funding agreements. For at least the next 12 months, the company expects to continue to meet these covenants and conditions.

Pension and Postretirement Benefits

At the end of each year, the company estimates its future cash contributions to its global defined benefit pension plans based on year-end pension data, assumptions and agreements.

For the three months ended March 31, 2026, the company made cash contributions totaling $28.2 million, primarily to its international defined benefit pension plans.

Based on current legislation, global regulations, recent interest rates and expected returns, for the remainder of 2026, the company expects to make cash contributions of approximately $69 million primarily to its U.S. defined benefit pension plans. This will result in total expected cash contributions for 2026 of approximately $97 million to the company’s global defined benefit pension plans, including approximately $47 million to the company’s U.S. qualified defined benefit pension plans and approximately $50 million primarily to the company’s international defined benefit pension plans. Additionally, the company estimates future total cash contributions to its global defined benefit pension plans of approximately $105 million in 2027.

For the three months ended March 31, 2025, the company made cash contributions of $9.2 million primarily to its international defined benefit pension plans.

If the company is not able to generate sufficient cash flows from operations, it may need to obtain additional funding in order to make these contributions. Any material deterioration in the value of the company’s global defined benefit pension plan assets, as well as changes in pension legislation, volatility in the capital markets, discount rate changes, asset return changes, or changes in economic or demographic trends, could require the company to make cash contributions in different amounts and on a different schedule than previously estimated.

The company will continue to evaluate opportunities for additional reduction of its global defined benefit pension obligations in future periods depending on overall market conditions. As a result of the company’s significant accumulated other comprehensive losses associated with its pension and postretirement plans, any future group annuity contract purchase could result in material non-cash settlement losses, if executed.

From time to time, the company may explore a variety of additional debt and equity sources to fund its liquidity and capital needs.

26

The company may, from time to time, redeem, tender for, or repurchase its securities in the open market or in privately negotiated transactions depending upon availability, market conditions and other factors.

The company does not have any off-balance sheet arrangements that are material or reasonably likely to become material to its financial condition or results of operations.

Critical accounting policies and estimates

There have been no significant changes to the company’s critical accounting policies and estimates as reported in its Annual Report on Form 10-K for the year ended December 31, 2025.

27

Item 3. Quantitative and Qualitative Disclosures About Market Risk

There has been no material change in the company’s assessment of its sensitivity to market risk since its disclosure in its Annual Report on Form 10-K for the year ended December 31, 2025.

Item 4. Controls and Procedures

Evaluation of Disclosure Controls and Procedures

As of the end of the period covered by this Quarterly Report, management performed, with the participation of the Chief Executive Officer (CEO) and the Chief Financial Officer (CFO), an evaluation of the effectiveness of the company’s disclosure controls and procedures as defined in Rules 13a-15(e) and 15d-15(e) of the Securities Exchange Act of 1934, as amended (the Exchange Act). In designing and evaluating the disclosure controls and procedures, management recognized that any controls and procedures, no matter how well designed and operated, can provide only reasonable assurance of achieving the desired control objectives. Based upon that evaluation, the CEO and the CFO concluded that, as of March 31, 2026, the company’s disclosure controls and procedures were effective to provide reasonable assurance that information required to be disclosed in our Exchange Act reports is recorded, processed, summarized and reported within the time periods specified by the U.S. Securities and Exchange Commission (SEC), and that such information is accumulated and communicated to management, including the CEO and CFO, as appropriate, to allow timely decisions regarding required disclosure.

Changes in Internal Control Over Financial Reporting

There have been no changes in our internal control over financial reporting during the quarter ended March 31, 2026, that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

28

Part II - OTHER INFORMATION

Item 1. Legal Proceedings

Information with respect to legal proceedings is set forth in Note 14 of the Notes to Consolidated Financial Statements, and such information is incorporated herein by reference.

Item 1A. Risk Factors

There have been no material changes to the “Risk Factors” in Part I, Item 1A of the company’s Annual Report on Form 10-K for the year ended December 31, 2025.

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds

None

Item 5. Other Information

During the three months ended March 31, 2026, none of our directors or officers (as defined in Rule 16a-1(f) of the Securities Exchange Act of 1934, as amended) adopted or terminated a Rule 10b5-1 trading arrangement or non-Rule 10b5-1 trading arrangement (as such terms are defined in Item 408(a) of Regulation S-K of the Securities Act of 1933, as amended).

Item 6. Exhibits 

See Exhibit Index

29

EXHIBIT INDEX

Exhibit Number			Description
10.1			Form of TSR-Based Cash Award Agreement
10.2			Form of Restricted Stock Unit Agreement
10.3			Form of Profit-Based Cash Award Agreement
10.4			Form of Time-Based Cash Award Agreement
31.1			Certification of Michael M. Thomson, Chief Executive Officer, pursuant to Rule 13a-14(a) or Rule 15d-14(a) of the Securities Exchange Act of 1934, as amended
31.2			Certification of Debra McCann, Chief Financial Officer, pursuant to Rule 13a-14(a) or Rule 15d-14(a) of the Securities Exchange Act of 1934, as amended
32.1			Certification of Michael M. Thomson, Chief Executive Officer, pursuant to Rule 13a-14(b) or Rule 15d-14(b) of the Securities Exchange Act of 1934, as amended, and Section 906 of the Sarbanes-Oxley Act of 2002, 18 U.S.C. Section 1350
32.2			Certification of Debra McCann, Chief Financial Officer, pursuant to Rule 13a-14(b) or Rule 15d-14(b) of the Securities Exchange Act of 1934, as amended, and Section 906 of the Sarbanes-Oxley Act of 2002, 18 U.S.C. Section 1350
101			The following financial information from Unisys Corporation’s Quarterly Report on Form 10-Q for the quarter ended March 31, 2026 formatted in Inline XBRL (Extensible Business Reporting Language) includes: (i) the Consolidated Statements of Income (Loss), (ii) the Consolidated Statements of Comprehensive Income (Loss), (iii) the Consolidated Balance Sheets, (iv) the Consolidated Statements of Cash Flows, (v) the Consolidated Statements of Equity (Deficit), and (vi) Notes to Consolidated Financial Statements
104			Cover page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101)

30

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.

			UNISYS CORPORATION
Date: May 6, 2026			By:			/s/ Debra McCann
						Debra McCann
						Executive Vice President and Chief Financial Officer
						(Principal Financial Officer)

			By:			/s/ David Brown
						David Brown
						Vice President, Chief Accounting Officer and Corporate Controller
						(Principal Accounting Officer)

31

FAQ

How did Unisys (UIS) perform financially in the quarter ended March 31, 2026?

Unisys generated revenue of $437.6 million, up 1.3% year over year, but reported a net loss attributable to Unisys of $35.8 million, or $0.50 per diluted share, compared with a $29.5 million loss, or $0.42 per share, in the prior-year period.

What drove Unisys (UIS) revenue and margins in early 2026?

Revenue rose to $437.6 million, helped by foreign currency, while License & Support revenue declined to $65.5 million due to renewal timing. Gross profit increased to $112.5 million, with margin improving to 25.7%, supported by cost actions and better delivery, especially in Cloud, Applications & Infrastructure Solutions.

Why did Unisys (UIS) remain loss-making despite higher operating income?

Operating income improved to $16.2 million from $5.1 million, but higher interest expense of $18.5 million related to the 10.625% senior secured notes due 2031 and $20.8 million of other expense, largely pension and postretirement costs, pushed pre-tax loss to $23.1 million and net loss to $35.8 million.

What was Unisys (UIS) cash flow and liquidity position as of March 31, 2026?

Operating cash flow was an outflow of $4.4 million, compared with an inflow of $33.3 million a year earlier, mainly due to the timing of interest payments on the 2031 notes. Unisys held $380.2 million of cash and cash equivalents and had total debt of $737.5 million, plus undrawn availability under its ABL facility.

How are Unisys (UIS) segments performing, including Ex-L&S metrics?

Total segment revenue was $415.4 million, with Digital Workplace Solutions at $118.2 million, Cloud, Applications & Infrastructure Solutions at $182.0 million, and Enterprise Computing Solutions at $115.2 million. Ex-L&S revenue grew to $372.1 million and Ex-L&S gross margin improved to 19.5%, reflecting delivery improvements and labor cost savings.

What is Unisys (UIS) reporting for Total Contract Value and backlog?

Total Contract Value signed in the quarter was $274 million, up from $206 million, including strong growth in New Business TCV. Backlog reached $2.96 billion as of March 31, 2026, representing the company’s estimate of contracted revenue to be recognized in future periods, subject to contract changes and execution.