NICE
NICE Ltd., together with its subsidiaries, provides AI-powered cloud platforms for customer engagement, and financial crime and compliance in the United States, Europe, the Middle East, Africa, and the Asia Pacific. Based in Ra'anana.
NICE: net income sharply down (−34.4%), sales up (+8.0%), operating income sharply down (−25.0%).
- Net income sharply downQtr. as of 30/09/2026
Net income: $95M, vs. $145M a year earlier, i.e. −34.4%.
- Sales upQtr. as of 30/09/2026
Revenue: $791M, vs. $732M a year earlier, i.e. +8.0%.
- Operating income sharply downQtr. as of 30/09/2026
Operating income: $121M, vs. $161M a year earlier, i.e. −25.0%.
- Investments sharply downFY 2025
Investments: $19M, vs. $35M in 2024, i.e. −45.9%.
- Gross margin downQtr. as of 30/09/2026
Gross margin: 62.4%, vs. 66.8% a year earlier.
How the share reacted to the results
After its results, NICE shares fell 6.3%. Over the same period, the broad market (S&P 500) rose 1.6%, and companies in the same sector did +1.9% (median of 28 companies).
Results published on 04/11/2026 at 14:56 (Israel time), before the Wall Street open. Calculation: last close before the release (03/11/2026) compared with the first close after (04/11/2026). Source: Yahoo Finance. A share price moves for many reasons; the release is only one of them.
Guidance and highlighted figures
- NICE raises its full-year 2026 earnings per share guidance.
- AI-related annual recurring revenue (AI ARR) reaches $392M, up 46% year on year.
- Cloud revenue amounts to $622.7M, up 10.6% year on year.
- The company announces a reduction of about 500 positions worldwide, to simplify its organization by relying on AI.
Taken from the company's release (source). These are the company's statements, not ours.
What the market pays, vs. the sector
P/E at fiscal year end, and today
Year-end price × shares / net income for the year; loss-making years are not shown
P/E calculated on net income (fiscal year ended 31/12/2025). Cross-check: another source (Yahoo Finance) shows a P/E of 15.2. The gap usually comes from the period used (fiscal year or trailing 12 months) or from one-off items: check the reports. Sector median: companies in the Large tech group tracked here. Prices: Yahoo Finance; market cap cross-checked with the Tel Aviv Stock Exchange for Israeli stocks. These ratios describe a price, not a value: none of them says whether the share is expensive or cheap.
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Business and results
Revenue
in $M
Net income
In $M, losses in red
Margins
Net debt
Financial debt − cash, in $M
Summary financial statements
Swipe the table to see previous years
| 2021 | 2022 | 2023 | 2024 | 2025 | |
|---|---|---|---|---|---|
| Revenue | 1,921 | 2,181 | 2,378 | 2,735 | 2,945 |
| Growth | — | +13.5% | +9.0% | +15.0% | +7.7% |
| Gross margin | 67.5% | 68.7% | 67.7% | 66.7% | 66.4% |
| Operating income | 264 | 335 | 435 | 546 | 646 |
| Operating margin | 13.7% | 15.4% | 18.3% | 20.0% | 21.9% |
| Net income | 200 | 265 | 336 | 439 | 612 |
| Net margin | 10.4% | 12.2% | 14.2% | 16.1% | 20.8% |
| Diluted EPS | 3.0 | 4.0 | 5.1 | 6.8 | 9.7 |
| EBITDA | 448 | 512 | 603 | 751 | 845 |
| Operating cash flow | 462 | 480 | 561 | 833 | 717 |
| Investments | 25 | 32 | 29 | 35 | 19 |
| Free cash flow | 437 | 448 | 532 | 798 | 698 |
| Cash | 379 | 530 | 512 | 482 | 379 |
| Financial debt | 825 | 665 | 666 | 459 | 0 |
| Net debt | 447 | 135 | 155 | −23 | −379 |
| Net debt / EBITDA | 1,0 x | 0,3 x | 0,3 x | n.s. | n.s. |
| Interest coverage | 26,2 x | 297,4 x | 395,3 x | 11 868,6 x | — |
| Equity | 2,825 | 3,042 | 3,341 | 3,590 | 3,877 |
| Return on equity | 7.1% | 8.7% | 10.1% | 12.2% | 15.8% |
In $M unless stated. EBITDA = operating income + depreciation and amortization. Net debt = financial debt − cash. Free cash flow = operating cash flow − capital expenditure. n.m. = not meaningful.
Quality of the accounts: three cross-check models
Quality of the accounts, seen through three models
Three well-known academic models, calculated only from the published accounts (last fiscal year compared with the previous one). These are signals to cross-check, not verdicts: they say neither whether the company is reliable, nor whether the share is a good investment.
Financial strength · Piotroski
Nine simple tests on profitability, debt, liquidity and efficiency.
- ✓ Positive net income
- ✓ Positive operating cash flow
- ✓ Return on assets up
- ✓ Operating cash flow above net income
- ✓ Long-term debt stable or down (relative to assets)
- ✕ Current ratio up
- ✓ No significant share issuance (increase of less than 1%)
- ✕ Gross margin up
- ✓ Asset turnover up
Earnings manipulation · Beneish
Eight ratios that flag account profiles often associated with "embellished" results. Usual threshold: −1.78. Here, the score is below this threshold.
Distress risk · Altman Z″
Version without market data. Below 1.1: warning sign; above 2.6: healthy zone. The model penalizes an accumulated deficit or large share buybacks, which reduce equity.
Methods: Piotroski (2000), Beneish (1999, 8 variables), Altman Z″ (1995). Calculations redone from SEC XBRL data.
Company overview
NICE Ltd., together with its subsidiaries, provides AI-powered cloud platforms for customer engagement, and financial crime and compliance in the United States, Europe, the Middle East, Africa, and the Asia Pacific. It operates in two segments, Customer Engagement; and Financial Crime and Compliance. The Customer Engagement segment provides CXone Mpower platform for organizations to automate service, augment the workforce with AI-powered solutions, and unify enterprise knowledge, data and AI models resolutions, and customer experiences. The Financial Crime and Compliance segment offers embedded-AI solutions that identify risks and help prevent money laundering and fraud, as well as help ensure financial markets compliance in real-time. It also provides NICE Evidencentral, a digital evidence management and investigation platform for criminal justice system.
Source: official company profile (Yahoo Finance), summary. Website: www.nice.com
No dividend paid over the past five years (source: Yahoo Finance).