• Shopify for physical stores and restaurants.
• Square for larger businesses in retail, restaurants, and banking.

• Retail & Hospitality POS Solutions: Provides integrated software platforms for point-of-sale, inventory management, customer engagement, and operational workflows for retailers and restaurants.
• Self-Service Hardware & Software: Offers self-checkout kiosks for retail environments and Automated Teller Machines (ATMs) with accompanying software for financial institutions.
• Digital Banking Platforms: Delivers software solutions that enable financial institutions to provide comprehensive online and mobile banking experiences to their customers.
• Payment Processing & Solutions: Facilitates secure and efficient processing of credit, debit, and other electronic payments for businesses across retail, hospitality, and banking sectors.

Major Customers of NCR Voyix (VYX)

NCR Voyix (symbol: VYX) primarily sells its digital commerce solutions, software, services, and hardware to other companies (B2B). Its major customer base consists of large enterprises across three primary sectors.

While NCR Voyix's public filings (e.g., its 2023 10-K report) indicate that no single customer accounts for more than 10% of its consolidated net revenue, its customer portfolio includes a broad range of large organizations within its target industries. Below are examples of well-known public companies that operate within these sectors and represent the types of organizations that are NCR Voyix's customers, rather than confirmed individual major clients by revenue concentration.

• Retail Sector: NCR Voyix serves large grocery chains, convenience store chains, and general merchandise retailers, providing solutions for point-of-sale, self-checkout, and digital commerce. Examples of public companies that would typically utilize such enterprise solutions include:
  • Kroger (NYSE: KR)
  • Target (NYSE: TGT)
  • Albertsons Companies (NYSE: ACI)
• Hospitality Sector: The company provides solutions to major restaurant chains, quick-service restaurants (QSRs), and large hotel groups, covering areas like POS systems, kitchen display systems, and guest engagement platforms. Examples of public companies in this sector include:
  • McDonald's Corporation (NYSE: MCD)
  • Starbucks Corporation (NASDAQ: SBUX)
  • Marriott International (NASDAQ: MAR)
• Banking Sector: NCR Voyix offers ATM solutions, digital banking software, and professional services to national, regional, and community banks, as well as credit unions. Examples of public companies in this sector include:
  • JPMorgan Chase & Co. (NYSE: JPM)
  • Bank of America Corporation (NYSE: BAC)
  • Wells Fargo & Company (NYSE: WFC)

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James G. Kelly, President and Chief Executive Officer

James G. Kelly was appointed President and Chief Executive Officer of NCR Voyix in February 2025. He has been a director on the company's Board since October 2023, following the spin-off of the ATM-related businesses. Before joining the Board, Kelly served as the Chief Executive Officer of EVO Payments, Inc. for 12 years, until its acquisition by Global Payments, Inc. in March 2023. He brings over 25 years of executive leadership experience to his role at NCR Voyix.

Brian Webb-Walsh, Executive Vice President and Chief Financial Officer

Brian Webb-Walsh has served as the Executive Vice President and Chief Financial Officer of NCR Voyix since October 2023. His previous experience includes serving as Chief Financial Officer for UPS's international, healthcare, and supply chain solutions businesses from June 2021 to August 2023. Webb-Walsh also held the position of Executive Vice President and Chief Financial Officer at Conduent Incorporated and earlier worked at Xerox Corporation.

Jane Elliott, Executive Vice President and Chief Human Resources Officer

Jane Elliott is the Executive Vice President and Chief Human Resources Officer at NCR Voyix. Her role is critical in fostering a motivated workforce and aligning human resources strategies with the company's objectives.

Eric Schoch, Executive Vice President and President, Retail

Eric Schoch is the Executive Vice President and President, Retail at NCR Voyix, where he is responsible for driving retail strategies and enhancing customer experiences. He leads approximately 4,000 employees serving a significant portion of the world's largest retailers. Schoch's background includes leadership roles at NCR Corporation, Cisco, and Nortel Networks, bringing extensive expertise in retail and technology solutions. He holds an MBA from The University of Texas at Austin and an undergraduate degree from Stephen F. Austin State University. Schoch's impact at NCR Voyix is marked by his ability to lead initiatives that drive growth and operational efficiency.

George Sloan, Executive Vice President, Operations & Chief Procurement Officer

George Sloan serves as the Executive Vice President, Operations & Chief Procurement Officer at NCR Voyix. His role is pivotal in ensuring the seamless integration of supply chain processes and optimizing procurement activities. Before joining NCR Voyix in September 2023, Sloan was the SVP Operations & Chief Procurement Officer at NCR Corporation from March 2020 to September 2023. He also has extensive experience at AT&T, where he held various leadership roles in supply chain management and international operations.

The key risks to NCR Voyix (VYX) business include significant cybersecurity threats, ongoing revenue decline and profitability challenges amid intense competition, and high debt levels coupled with weak free cash flow.

1. Cybersecurity Threats: As a prominent provider of Point-of-Sale (POS) and payment solutions, NCR Voyix is a prime target for cyberattacks. The company has experienced past incidents, such as a ransomware attack in April 2023 that impacted Aloha cloud services and Counterpoint. Such breaches pose continuous risks of service disruptions, data breaches, and severe reputational damage.
2. Revenue Decline, Profitability Challenges, and Intense Competition: NCR Voyix has faced a decline in total revenue, including a dip in Q2 2025, and continues to grapple with profitability challenges. The company operates in a highly competitive digital commerce market for retail and restaurants, contending with numerous specialized firms and global enterprise technology companies. While NCR Voyix is strategically transitioning to a platform-led Software-as-a-Service (SaaS) model, this shift introduces operational complexities and the potential for delayed profitability.
3. High Debt Levels and Weak Free Cash Flow: The company carries significant debt and has weak free cash flow, which presents a risky financial proposition. These financial constraints could impede NCR Voyix's liquidity and limit its capacity to invest in critical growth opportunities and strategic initiatives.

• The aggressive market penetration and comprehensive offerings of SaaS-based pure-play competitors in the retail and restaurant point-of-sale (POS) and commerce solutions space. Companies like Toast, Square (Block), Shopify POS, and Lightspeed are offering cloud-native, integrated software, hardware, and payment processing solutions, often with subscription-based models and a focus on rapid innovation and ecosystem integration. This model directly challenges NCR Voyix's more traditional software and hardware offerings by providing agile, often lower upfront cost, and integrated alternatives that appeal to a wide range of merchants, similar to how Netflix's streaming model disrupted Blockbuster's physical rental business.
• The accelerated shift away from physical cash transactions and traditional branch banking models, leading to a potential decline in demand for ATM hardware, associated maintenance services, and legacy banking infrastructure. As digital payments, mobile wallets, and online-only challenger banks gain broader adoption, the reliance on physical cash and the extensive ATM networks that NCR Voyix services could diminish faster than their pivot to digital banking solutions can offset, impacting a significant portion of their banking segment revenue.

NCR Voyix (VYX) is expected to drive future revenue growth over the next 2-3 years through several key strategies:

1. Acceleration of the Voyix Commerce Platform and Cloud/SaaS Transition: The company is undergoing a strategic shift to a software-led, platform-powered business model, moving away from lower-margin hardware sales. This involves accelerating innovation across the Voyix Commerce Platform, developing cloud-native and SaaS (Software as a Service) platforms, and transitioning legacy customers to these modern solutions. This approach aims to boost recurring revenue and expand margins.

2. Expansion of Platform and Payment Sites through New Customer Acquisition and Conversion: A significant driver involves increasing the number of retail and restaurant locations that utilize NCR Voyix's platform and integrated payment solutions. The company is actively signing new software and services customers and converting existing ones to its comprehensive platform, thereby expanding its customer base and increasing platform and payment site adoption.

3. Strategic Partnerships and Enhanced Payment Capabilities: NCR Voyix is strengthening its payment offerings through strategic partnerships, such as the one with Worldpay, to provide comprehensive payment capabilities for enterprise customers. The introduction of price escalators in multi-year software, services, and payments contracts is also expected to align pricing with delivered value and further strengthen recurring revenue streams.

4. Innovation and AI-Enabled Solutions: The company is focusing on accelerating innovation across its Voyix Commerce Platform, including the integration of AI-enabled development. This focus on advanced technology and new product features is intended to enhance existing offerings, attract new customers, and create new revenue opportunities within the retail and restaurant segments.

Share Repurchases

• From November 2024 through April 2025, NCR Voyix repurchased approximately 10 million shares for $125 million.
• In February 2025, the company completed a $100 million share repurchase program, announced in November (presumably 2024), which involved repurchasing 7.3 million shares.
• NCR Voyix's Board of Directors adopted an amended share repurchase program, increasing the total authorized repurchase authority to $200 million.

Share Issuance

• As of March 11, 2024, NCR Voyix had 144,290,210 shares of common stock issued and outstanding.
• As of November 9, 2023, approximately 141.2 million shares of common stock were issued and outstanding.
• The number of shares outstanding decreased by -2.52% in one year up to the last earnings date of November 6, 2025, indicating that share repurchases have outpaced any new issuances.

Capital Expenditures

• For the full year 2025, NCR Voyix projected capital expenditures of approximately $160 million, with $119 million already spent year-to-date.
• The company invested $38 million in capital expenditures during the third quarter of 2025.
• Capital expenditures are focused on accelerated product investments and technology.