NCR Voyix CorpVYX
NCR Voyix Corp Earnings Per Share Disclosure
14. EARNINGS PER SHARE
Basic earnings per share (“EPS”) is calculated by dividing net income or loss attributable to NCR Voyix, less any dividends (declared or cumulative undeclared), deemed dividends, accretion or decretion, redemption or induced conversion on our Series A Convertible Preferred Stock, by the weighted average number of shares outstanding during the period.
In computing diluted EPS, we evaluate and reflect the maximum potential dilution, for each issue or series of issues of potential common shares in sequence from the most dilutive to the least dilutive. We adjust the numerator used in the basic EPS computation, subject to anti-dilution requirements, to add back the dividends (declared or cumulative undeclared) applicable to the Series A Convertible Preferred Stock. Such add-back would also include any adjustments to equity in the period to accrete the Series A Convertible Preferred Stock to its redemption price, or recorded upon a redemption or induced conversion. We adjust the denominator used in the basic EPS computation, subject to anti-dilution requirements, to include the dilution from potential shares resulting from the issuance of the Series A Convertible Preferred Stock, restricted stock units, and stock options.
The holders of Series A Convertible Preferred Stock, unvested restricted stock units and stock options do not have non-forfeitable rights to common stock dividends or common stock dividend equivalents. Accordingly, the Series A Convertible Preferred Stock, unvested restricted stock units and stock options do not qualify as participating securities. See Note 9, “Stock Compensation Plans”, for share information on NCR Voyix’s stock compensation plans.
The components of basic earnings (loss) per share are as follows:
| In millions, except per share amounts | Year ended December 31 | ||||||||||||||||
| 2025 | 2024 | 2023 | |||||||||||||||
| Numerator: | |||||||||||||||||
| Income (loss) from continuing operations | $ | 42 | $ | (201) | $ | (733) | |||||||||||
| Series A convertible preferred stock dividends | (20) | (15) | (16) | ||||||||||||||
| Net income (loss) from continuing operations attributable to NCR Voyix common stockholders | 22 | (216) | (749) | ||||||||||||||
| Income (loss) from discontinued operations, net of tax | 20 | 1,159 | 305 | ||||||||||||||
| Net income (loss) attributable to NCR Voyix common stockholders | $ | 42 | $ | 943 | $ | (444) | |||||||||||
| Denominator: | |||||||||||||||||
| Basic weighted average number of shares outstanding | 138.6 | 144.7 | 140.6 | ||||||||||||||
| Basic earnings (loss) per share: | |||||||||||||||||
| From continuing operations | $ | 0.16 | $ | (1.49) | $ | (5.33) | |||||||||||
| From discontinued operations | 0.14 | 8.01 | 2.17 | ||||||||||||||
| Total basic earnings per share | $ | 0.30 | $ | 6.52 | $ | (3.16) | |||||||||||
The components of diluted earnings (loss) per share are as follows:
| In millions, except per share amounts | Year ended December 31 | ||||||||||||||||
| 2025 | 2024 | 2023 | |||||||||||||||
| Numerator: | |||||||||||||||||
| Income (loss) from continuing operations | $ | 42 | $ | (201) | $ | (733) | |||||||||||
| Series A convertible preferred stock dividends | (20) | (15) | (16) | ||||||||||||||
| Net income (loss) from continuing operations attributable to NCR Voyix common stockholders | 22 | (216) | (749) | ||||||||||||||
| Income (loss) from discontinued operations, net of tax | 20 | 1,159 | 305 | ||||||||||||||
| Net income (loss) attributable to NCR Voyix common stockholders | $ | 42 | $ | 943 | $ | (444) | |||||||||||
| Denominator: | |||||||||||||||||
| Basic weighted average number of shares outstanding | 138.6 | 144.7 | 140.6 | ||||||||||||||
| Dilutive effect of employee stock options and restricted stock units | 2.5 | — | — | ||||||||||||||
| Weighted average diluted shares | 141.1 | 144.7 | 140.6 | ||||||||||||||
| Diluted earnings (loss) per share: | |||||||||||||||||
| From continuing operations | $ | 0.16 | $ | (1.49) | $ | (5.33) | |||||||||||
| From discontinued operations | 0.14 | 8.01 | 2.17 | ||||||||||||||
| Total diluted earnings per share | $ | 0.30 | $ | 6.52 | $ | (3.16) | |||||||||||
For 2025, the weighted average outstanding shares of common stock were not adjusted by 15.3 million for the as-if converted Series A Convertible Preferred Stock because the effect would be anti-dilutive. Additionally, for 2025, weighted average restricted stock units and stock options of 5.4 million were excluded from the diluted share count because their effect would have been anti-dilutive. Refer to Note 13, “Series A Convertible Preferred Stock”, for additional discussion related to the transaction impacting the Series A Convertible Preferred Stock.
For 2024, due to the net loss from continuing operations attributable to NCR Voyix common stockholders, potential common shares that would cause dilution, such as Series A Convertible Preferred Stock, restricted stock units and stock options, were
excluded from the diluted share count because their effect would have been anti-dilutive. The weighted average outstanding shares of common stock were not adjusted by 15.9 million for the as-if converted Series A Convertible Preferred Stock because the effect would be anti-dilutive. Additionally, for 2024, weighted average restricted stock units and stock options of 10.1 million were excluded from the diluted share count because their effect would have been anti-dilutive.
For 2023, due to the net loss from continuing operations attributable to NCR Voyix common stockholders, potential common shares that would cause dilution, such as Series A Convertible Preferred Stock, restricted stock units and stock options, were excluded from the diluted share count because their effect would have been anti-dilutive. The weighted average outstanding shares of common stock were not adjusted by 10.6 million for the as-if converted Series A Convertible Preferred Stock because the effect would have been anti-dilutive. Additionally, for 2023, weighted average restricted stock units and stock options of 12.1 million were excluded from the diluted share count because their effect would have been anti-dilutive.
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Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2025 | Feb 26, 2026 | Showing above |
| 2024 | Feb 27, 2025 | |
| 2023 | Mar 14, 2024 | |
| 2022 | Feb 27, 2023 | |
About Earnings Per Share Disclosures
The earnings per share disclosure breaks down the calculation from net income to both basic and diluted EPS, revealing the full impact of a company's capital structure on per-share economics. The reconciliation between basic and diluted share counts exposes how many stock options, RSUs, convertible securities, and warrants are potentially dilutive to existing shareholders.
Key signals: a widening gap between basic and diluted shares indicates growing dilution from equity compensation or convertible instruments. Anti-dilutive securities excluded from the diluted calculation deserve attention — they represent latent dilution that will materialize if the stock price rises. Watch for the effect of share buybacks on per-share metrics: EPS growth driven primarily by repurchases rather than income growth signals weakening fundamentals. Compare year-over-year changes in the diluted share count against equity compensation expense to assess whether management is effectively managing dilution.