NCR Atleos CorpNATL
NCR Atleos Corp Segments Disclosure
3. SEGMENT INFORMATION AND CONCENTRATIONS
Our Company is organized primarily based on our operating model, management structure and organizational responsibilities. We manage and report our operations in the following three segments: Self-Service Banking, Network, and Telecommunications & Technology (“T&T”). Resources are allocated and segment performance is assessed by our President and Chief Executive Officer, whom we have determined to be our Chief Operating Decision Maker (“CODM”). The following is a description of our reportable segments:
•Self-Service Banking—Offers solutions to enable customers in the financial services industry to reduce costs, generate new revenue streams and enhance customer loyalty. These solutions include a comprehensive line of ATM hardware and software, and related installation, maintenance, and managed and professional services. We also offer an ATM as a service (“ATMaaS”) solution to manage and run the ATM channel end-to-end for financial institutions that include back office, cash management, software management and ATM deployment, among other services.
•Network—Provides a cost-effective way for financial institutions, fintechs, neobanks, and retailers to reach and serve their customers through our network of ATMs and multi-functioning financial services kiosks. We offer credit unions, banks, digital banks, fintechs, stored-value debit card issuers, and other consumer financial services providers access to our ATM network, including our proprietary Allpoint network, providing convenient and fee-free cash withdrawal and deposit access to their customers and cardholders as well as the ability to convert a digital value to cash, or vice versa, via ReadyCode. We also provide ATM branding solutions to financial institutions, ATM management and services to retailers and other businesses, and our LibertyX solution gives consumers the ability to buy and sell Bitcoin.
•T&T—Offers managed network and infrastructure services to enterprise clients across all industries via direct relationships with communications service providers and technology manufacturers. Our customers rely on us as a strategic partner to help them reduce complexity, improve cost efficiency, and enable global geographical reach. We deliver expert professional, field, and remote services for modern network technologies including Software-Defined Wide Area Networking, Network Functions Virtualization, Wireless Local Area Networks, Optical Networking, and Edge Networks.
Corporate income and expenses not allocated to segments includes income and expenses related to corporate functions and certain allocations from NCR prior to Separation that are not specifically attributable to an individual reportable segment. Other income and expenses not allocated to segments includes certain other immaterial business operations, including commerce-related operations in countries that Voyix exited that are aligned to Atleos, that do not represent a reportable segment. For periods after the separation from Voyix, Other also includes revenues from commercial agreements with Voyix.
These segments represent components of the Company for which separate financial information is available that is utilized on a regular basis by the CODM in assessing segment performance and in allocating the Company’s resources. We evaluate the performance of the segments and allocates resources to them based on revenue and Adjusted EBITDA. We determine Adjusted EBITDA based on GAAP net income (loss) attributable to Atleos plus interest expense, net; plus income tax expense (benefit); plus depreciation and amortization; plus acquisition-related costs; plus pension mark-to-market adjustments and other one-time pension-related costs; plus separation-related costs; plus transformation and restructuring charges (which includes integration, severance, divestiture and other exit and disposal costs); plus stock-based compensation expense; plus Voyix legal and environmental indemnification expense; plus other amounts included in Other income (expense), net. We consider these adjustments non-operational or non-recurring in nature and we exclude them from the Adjusted EBITDA metric utilized by our CODM in evaluating segment performance.
The CODM uses segment Adjusted EBITDA in the annual budgeting and forecasting process for all segments. The CODM considers budget-to-actual variances on a monthly basis for its profit measure when making decisions about allocating capital and personnel to the segments.
Assets are not allocated to segments, and thus are not included in the assessment of segment performance. Consequently, we do not disclose total assets by reportable segment.
The accounting policies used to determine the results of the operating segments are the same as those utilized for the Consolidated Financial Statements as a whole. Inter-segment sales and transfers are not material.
The following tables present revenue, significant segment expenses and Adjusted EBITDA by segment for the years ended December 31, 2025, 2024, and 2023.
| For the year ended December 31, 2025 | |||||||||||||||||||||||
| In millions | Self-Service Banking | Network | T&T | Total | |||||||||||||||||||
| Segment Revenue | $ | 2,881 | $ | 1,265 | $ | 168 | $ | 4,314 | |||||||||||||||
Other (1) | 40 | ||||||||||||||||||||||
| Consolidated Revenue | $ | 4,354 | |||||||||||||||||||||
| Less: | |||||||||||||||||||||||
Adjusted cost of products (2) | 716 | 46 | 7 | 769 | |||||||||||||||||||
Adjusted cost of services (2) | 1,280 | 869 | 114 | 2,263 | |||||||||||||||||||
Adjusted SG&A and R&D expenses (2) | 192 | 91 | 17 | 300 | |||||||||||||||||||
Other segment items (3) | (58) | (100) | (1) | (159) | |||||||||||||||||||
| Total Segment Adjusted EBITDA | $ | 751 | $ | 359 | $ | 31 | $ | 1,141 | |||||||||||||||
| Reconciliation of Segment Adjusted EBITDA to Net income (loss) attributable to Atleos | |||||||||||||||||||||||
| Segment Adjusted EBITDA | $ | 1,141 | |||||||||||||||||||||
| Less unallocated amounts | |||||||||||||||||||||||
| Corporate income and expenses not allocated to segments | 312 | ||||||||||||||||||||||
| Other income and expenses not allocated to segments | (1) | ||||||||||||||||||||||
| Interest expense | 270 | ||||||||||||||||||||||
| Interest income | (6) | ||||||||||||||||||||||
| Income tax expense | 27 | ||||||||||||||||||||||
| Depreciation and amortization expense | 168 | ||||||||||||||||||||||
| Acquisition-related amortization of intangibles | 95 | ||||||||||||||||||||||
| Stock-based compensation expense | 34 | ||||||||||||||||||||||
| Separation costs | 11 | ||||||||||||||||||||||
| Acquisition-related costs | 2 | ||||||||||||||||||||||
| Transformation and restructuring | 10 | ||||||||||||||||||||||
| Pension mark-to-market adjustments | 2 | ||||||||||||||||||||||
Voyix indemnification expense (4) | 51 | ||||||||||||||||||||||
Other (income) expense items, net(5) | 4 | ||||||||||||||||||||||
| Net income (loss) attributable to Atleos | $ | 162 | |||||||||||||||||||||
(1) Other revenue represents certain other immaterial business operations, including commerce-related operations in countries that Voyix exited that are aligned to Atleos, that do not represent a reportable segment. For periods after the separation from Voyix, Other also includes revenues from commercial agreements with Voyix.
(2) Adjusted cost of products, Adjusted cost of services and Adjusted SG&A and R&D expenses are determined by excluding, as applicable: acquisition-related costs; pension settlements, pension curtailments and pension special termination benefits; separation-related costs; amortization of acquisition-related intangibles; transformation and restructuring charges (which includes integration, severance, divestiture and other exit and disposal costs); and other non-recurring or unusual items from the cost of products, cost of services, selling, general and administrative expenses (“SG&A”), and research and development expenses (“R&D”) as presented on the statement of operations. These amounts are presented consistent with how they are viewed by the CODM. The costs are calculated consistent with our definition of Adjusted EBITDA, which is our measure of segment profit or loss, except that these amounts include depreciation and amortization expense. We believe these measures are useful for investors because they may provide a more complete understanding of our underlying operational performance, as well as consistency and comparability with past reports of financial results.
(3) Primarily includes an adjustment for depreciation and amortization expense to reconcile segment results to Adjusted EBITDA, which is our segment measure of profit or loss.
(4) Represents our indemnification of certain legal and environmental remediation-related costs shared with Voyix. Refer to Note 9, “Commitments and Contingencies”, for further details on the Shared Environmental Matters and Shared Legal Matters.
(5) Includes certain income and expense items reported within Other income (expense), net on the Consolidated Statements of Operations, such as bank fees, the components of pension, post-employment and postretirement expense other than service cost, and the impact of foreign currency fluctuations. Prior to 2025, our calculations of Adjusted EBITDA did not exclude these items. All periods presented have been recast to reflect the new definition. Additional amounts reported in Other income (expense), net are separately captured in this reconciliation. Therefore, Other (income) expense items, net shown here will not agree to total Other income (expense), net on the Consolidated Statements of Operations.
| For the year ended December 31, 2024 | |||||||||||||||||||||||
| In millions | Self-Service Banking | Network | T&T | Total | |||||||||||||||||||
| Segment Revenue | $ | 2,685 | $ | 1,284 | $ | 194 | $ | 4,163 | |||||||||||||||
Other (1) | 142 | ||||||||||||||||||||||
| Consolidated Revenue | $ | 4,305 | |||||||||||||||||||||
| Less: | |||||||||||||||||||||||
Adjusted cost of products (2) | 654 | 56 | 11 | 721 | |||||||||||||||||||
Adjusted cost of services (2) | 1,261 | 827 | 128 | 2,216 | |||||||||||||||||||
Adjusted SG&A and R&D expenses (2) | 196 | 105 | 21 | 322 | |||||||||||||||||||
Other segment items (3) | (55) | (107) | (1) | (163) | |||||||||||||||||||
| Total Segment Adjusted EBITDA | $ | 629 | $ | 403 | $ | 35 | $ | 1,067 | |||||||||||||||
| Reconciliation of Segment Adjusted EBITDA to Net income (loss) attributable to Atleos | |||||||||||||||||||||||
| Segment Adjusted EBITDA | $ | 1,067 | |||||||||||||||||||||
| Less unallocated amounts | |||||||||||||||||||||||
| Corporate income and expenses not allocated to segments | 290 | ||||||||||||||||||||||
| Other income and expenses not allocated to segments | (8) | ||||||||||||||||||||||
| Interest expense | 309 | ||||||||||||||||||||||
| Interest income | (7) | ||||||||||||||||||||||
| Income tax expense | 44 | ||||||||||||||||||||||
| Depreciation and amortization expense | 176 | ||||||||||||||||||||||
| Acquisition-related amortization of intangibles | 95 | ||||||||||||||||||||||
| Stock-based compensation expense | 38 | ||||||||||||||||||||||
| Separation costs | 22 | ||||||||||||||||||||||
| Acquisition-related costs | (5) | ||||||||||||||||||||||
| Transformation and restructuring | 22 | ||||||||||||||||||||||
| Pension mark-to-market adjustments | (38) | ||||||||||||||||||||||
Voyix indemnification expense (4) | 14 | ||||||||||||||||||||||
| Loss on debt extinguishment | 24 | ||||||||||||||||||||||
Other (income) expense items, net (5) | 11 | ||||||||||||||||||||||
| Net income (loss) attributable to Atleos | $ | 80 | |||||||||||||||||||||
(1) Other revenue represents certain other immaterial business operations, including commerce-related operations in countries that Voyix exited that are aligned to Atleos, that do not represent a reportable segment. For periods after the separation from Voyix, Other also includes revenues from commercial agreements with Voyix.
(2) Adjusted cost of products, Adjusted cost of services and Adjusted SG&A and R&D expenses are determined by excluding, as applicable: acquisition-related costs; pension settlements, pension curtailments and pension special termination benefits; separation-related costs; amortization of acquisition-related intangibles; transformation and restructuring charges (which includes integration, severance, divestiture and other exit and disposal costs); and other non-recurring or unusual items from the cost of products, cost of services, selling, general and administrative expenses (“SG&A”), and research and development expenses (“R&D”) as presented on the statement of operations. These amounts are presented consistent with how they are viewed by the CODM. The costs are calculated consistent with our definition of Adjusted EBITDA, which is our measure of segment profit or loss, except that these amounts include depreciation and amortization expense. We believe these measures are useful for investors because they may provide a more complete understanding of our underlying operational performance, as well as consistency and comparability with past reports of financial results.
(3) Primarily includes an adjustment for depreciation and amortization expense to reconcile segment results to Adjusted EBITDA, which is our segment measure of profit or loss.
(4) Represents our indemnification of certain legal and environmental remediation-related costs shared with Voyix. Refer to Note 9, “Commitments and Contingencies”, for further details on the Shared Environmental Matters.
(5) Includes certain income and expense items reported within Other income (expense), net on the Consolidated Statements of Operations, such as bank fees, the components of pension, post-employment and postretirement expense other than service cost, and the impact of foreign currency fluctuations. Prior to 2025, our calculations of Adjusted EBITDA did not exclude these items. All periods presented have been recast to reflect the new definition. Additional amounts reported in Other income (expense), net are separately captured in this reconciliation. Therefore, Other (income) expense items, net shown here will not agree to total Other income (expense), net on the Consolidated Statements of Operations.
| For the year ended December 31, 2023 | ||||||||||||||||||||||||||
| In millions | Self-Service Banking | Network | T&T | Total | ||||||||||||||||||||||
| Segment Revenue | $ | 2,577 | $ | 1,266 | $ | 196 | $ | 4,039 | ||||||||||||||||||
Other (1) | $ | 147 | ||||||||||||||||||||||||
| Consolidated Revenue | 4,186 | |||||||||||||||||||||||||
| Less: | ||||||||||||||||||||||||||
Adjusted cost of products (2) | 657 | 77 | 9 | 743 | ||||||||||||||||||||||
Adjusted cost of services (2) | 1,181 | 821 | 133 | 2,135 | ||||||||||||||||||||||
Adjusted SG&A and R&D expenses (2) | 161 | 102 | 23 | 286 | ||||||||||||||||||||||
Other segment items (3) | (48) | (111) | (2) | (161) | ||||||||||||||||||||||
| Total Segment Adjusted EBITDA | $ | 626 | $ | 377 | $ | 33 | $ | 1,036 | ||||||||||||||||||
| Reconciliation of Segment Adjusted EBITDA to Net income (loss) attributable to Atleos | ||||||||||||||||||||||||||
| Segment Adjusted EBITDA | $ | 1,036 | ||||||||||||||||||||||||
| Less unallocated amounts | ||||||||||||||||||||||||||
| Corporate income and expenses not allocated to segments | 332 | |||||||||||||||||||||||||
| Other income and expenses not allocated to segments | (34) | |||||||||||||||||||||||||
Interest expense, net (4) | 90 | |||||||||||||||||||||||||
| Interest income | (5) | |||||||||||||||||||||||||
| Income tax expense | 237 | |||||||||||||||||||||||||
| Depreciation and amortization expense | 151 | |||||||||||||||||||||||||
| Acquisition-related amortization of intangibles | 98 | |||||||||||||||||||||||||
| Stock-based compensation expense | 68 | |||||||||||||||||||||||||
| Separation costs | 170 | |||||||||||||||||||||||||
| Transformation and restructuring | 28 | |||||||||||||||||||||||||
| Pension mark-to-market adjustments | 27 | |||||||||||||||||||||||||
Other (income) expense items, net (5) | 24 | |||||||||||||||||||||||||
| Net income (loss) attributable to Atleos | $ | (150) | ||||||||||||||||||||||||
(1) Other revenue represents certain other immaterial business operations, including commerce-related operations in countries that Voyix exited that are aligned to Atleos, that do not represent a reportable segment. For periods after the separation from Voyix, Other also includes revenues from commercial agreements with Voyix.
(2) Adjusted cost of products, Adjusted cost of services and Adjusted SG&A and R&D expenses are determined by excluding, as applicable: acquisition-related costs; pension settlements, pension curtailments and pension special termination benefits; separation-related costs; amortization of acquisition-related intangibles; transformation and restructuring charges (which includes integration, severance, divestiture and other exit and disposal costs); and other non-recurring or unusual items from the cost of products, cost of services, selling, general and administrative expenses (“SG&A”), and research and development expenses (“R&D”) as presented on the statement of operations. These amounts are presented consistent with how they are viewed by the CODM. The costs are calculated consistent with our definition of Adjusted EBITDA, which is our measure of segment profit or loss, except that these amounts include depreciation and amortization expense. We believe these measures are useful for investors because they may provide a more complete understanding of our underlying operational performance, as well as consistency and comparability with past reports of financial results.
(3) Primarily includes an adjustment for depreciation and amortization expense to reconcile segment results to Adjusted EBITDA, which is our segment measure of profit or loss.
(4) Includes Related Party interest expense, net, as presented in the Consolidated Statement of Operations.
(5) Includes certain income and expense items reported within Other income (expense), net on the Consolidated Statements of Operations, such as bank fees, the components of pension, post-employment and postretirement expense other than service cost, and the impact of foreign currency fluctuations. Prior to 2025, our calculations of Adjusted EBITDA did not exclude these items. All periods presented have been recast to reflect the new definition. Additional amounts reported in Other income (expense), net are separately captured in this reconciliation. Therefore, Other (income) expense items, net shown here will not agree to total Other income (expense), net on the Consolidated Statements of Operations.
The following table presents recurring revenue and all other products and services that are recognized at a point in time for the years ended December 31:
| In millions | 2025 | 2024 | 2023 | |||||||||||||||||
Recurring revenue(1) | $ | 3,075 | $ | 3,124 | $ | 2,977 | ||||||||||||||
| All other products and services | 1,279 | 1,181 | 1,209 | |||||||||||||||||
| Total revenue | $ | 4,354 | $ | 4,305 | $ | 4,186 | ||||||||||||||
(1) Recurring revenue includes all revenue streams from contracts where there is a predictable revenue pattern that will occur at regular intervals with a relatively high degree of certainty. This includes hardware and software maintenance revenue, processing revenue, interchange and network revenue, Bitcoin-related revenue, and certain professional services arrangements, as well as term-based software license arrangements that include customer termination rights.
Revenue is attributed to the geographic area to which the product is delivered or in which the service is provided. The following table presents revenue by geographic area for the years ended December 31:
| In millions | 2025 | % | 2024 | % | 2023 | % | ||||||||||||||||||||||||||||||||
| Revenue by Geographic Area | ||||||||||||||||||||||||||||||||||||||
| United States | $ | 1,954 | 45 | % | $ | 1,926 | 45 | % | $ | 1,892 | 45 | % | ||||||||||||||||||||||||||
| Americas (excluding United States) | 541 | 12 | % | 517 | 12 | % | 534 | 13 | % | |||||||||||||||||||||||||||||
| Europe, Middle East and Africa | 1,371 | 31 | % | 1,337 | 31 | % | 1,249 | 30 | % | |||||||||||||||||||||||||||||
| Asia Pacific | 488 | 12 | % | 525 | 12 | % | 511 | 12 | % | |||||||||||||||||||||||||||||
| Total revenue | $ | 4,354 | 100 | % | $ | 4,305 | 100 | % | $ | 4,186 | 100 | % | ||||||||||||||||||||||||||
The following table presents property, plant and equipment by geographic area as of December 31:
| In millions | 2025 | 2024 | |||||||||
| Property, plant and equipment, net | |||||||||||
| United States | $ | 156 | $ | 201 | |||||||
| Americas (excluding United States) | 39 | 22 | |||||||||
| Europe, Middle East and Africa | 188 | 148 | |||||||||
| Asia Pacific | 128 | 103 | |||||||||
| Total property, plant and equipment, net | $ | 511 | $ | 474 | |||||||
Concentrations No single customer accounts for more than 10% of our consolidated revenue and accounts receivable as of and for the years ended December 31, 2025, 2024, and 2023. As of December 31, 2025, 2024, and 2023, we are not aware of any significant concentration of business transacted with a particular customer that could, if suddenly eliminated, have a material adverse effect on our operations. We lack a concentration of available sources of labor, services, licenses or other rights that could, if suddenly eliminated, have a material adverse effect on our operations.
A number of our products, systems and solutions rely primarily on specific suppliers for microprocessors and other component products, manufactured assemblies, operating systems, commercial software and other central components. We also utilize contract manufacturers in order to complete manufacturing activities. There can be no assurances that any sudden impact to the availability or cost of these technologies or services would not have a material adverse effect on our operations.
Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2025 | Feb 27, 2026 | Showing above |
| 2024 | Mar 3, 2025 | |
| 2023 | Mar 26, 2024 | |
About Segments Disclosures
Segment disclosures break a company into its reportable operating units, revealing revenue, profit, and asset allocation that consolidated financial statements obscure. Under ASC 280, segments must match how the chief operating decision maker views the business, providing a window into internal management structure and resource allocation priorities.
Key signals: compare segment margins to identify which units drive profitability and which destroy value. Watch for changes in the number of reportable segments — segment aggregation or disaggregation often coincides with strategic shifts or attempts to obscure declining performance. Intersegment elimination patterns reveal internal pricing practices. The reconciliation between segment totals and consolidated figures exposes corporate overhead allocation and unallocated items. Geographic revenue concentration highlights regulatory and currency exposure. Compare segment-level capital expenditure against segment revenue to assess where management is investing for future growth versus harvesting existing assets.