US Market News
2月前
Unisys Announces 1Q26 ResultsMay 5, 2026 4:15 PM
PR Newswire (US) Unisys Reaffirms Full-Year Guidance Amid Improved Profitability and Strong New Business SigningsRevenue of $437.6 million, up 1.3% year over year (YoY), down 4.5% in constant currency(1)Excluding License and Support (Ex-L&S)(13) revenue of $372.1 million, up 3.1% YoY, down 2.9% in constant currencyGross profit margin of 25.7%, up 80 bps YoY; Ex-L&S gross profit margin of 19.5%, up 170 bps YoYOperating profit margin of 3.7%, improved 250 bps YoY; non-GAAP operating profit(6) margin of 4.5%, improved 170 bps YoYNew Business(5) Total Contract Value (TCV)(3) of $158 million, an increase of 45% YoYUnisys expands AI capabilities with key product releases for the ClearPath® Forward ecosystemUnisys reaffirms 2026 full-year guidance ranges for both constant currency revenue growth and non-GAAP operating profit marginBLUE BELL, Pa., May 5, 2026 /PRNewswire/ -- Unisys Corporation (NYSE: UIS) reported financial results for the first quarter of 2026 (1Q26). "We are off to a good start in 2026, with solid financial performance and double-digit growth in New Business signings in the first quarter," said Michael Thomson, Unisys CEO and President. "Our proven ability to move tangible AI use cases into production, with measurable results, is making Unisys more relevant to clients and alliance partners. We also released a number of ClearPath Forward products and tools that enable enterprise AI both on our platforms and external systems, reinforcing the long-term value proposition of the ClearPath Forward ecosystem."Unisys Chief Financial Officer Deb McCann said, "We are pleased to reaffirm our full-year financial guidance ranges for both revenue and profitability. Our strong first quarter client signings reinforce our confidence in our revenue outlook. Consistent progress on delivery and operational efficiency initiatives improved our first quarter margins and keeps us on track to meet our free cash flow expectations."Financial Highlights
Please refer to the accompanying financial tables for a reconciliation of the GAAP to non-GAAP measures presented, except for financial guidance since such a reconciliation is not practicable without unreasonable effort.(In millions, except numbers presented as percentages)
1Q26
1Q25Revenue
$437.6
$432.1YoY revenue change
1.3 %
YoY revenue change in constant currency
(4.5) %
Ex-L&S revenue
$372.1
$361.0YoY revenue change
3.1 %
YoY revenue change in constant currency
(2.9) %
License and Support(12) revenue
$65.5
$71.1YoY revenue change
(7.9) %
YoY revenue change in constant currency
(12.4) %
Gross profit
$112.5
$107.5Gross profit percent
25.7 %
24.9 %Ex-L&S gross profit
$72.7
$64.2Ex-L&S gross profit percent
19.5 %
17.8 %
Operating profit
$16.2
$5.1Operating profit percent
3.7 %
1.2 %Non-GAAP operating profit
$19.8
$11.9Non-GAAP operating profit percent
4.5 %
2.8 %
Net loss attributable to Unisys Corporation
($35.8)
($29.5)Non-GAAP net loss attributable to Unisys Corporation(8)
($9.9)
($3.5)
EBITDA(7)
$13.8
$5.1Adjusted EBITDA(7)
$46.2
$40.2Adjusted EBITDA as a percentage of revenue10.6 %
9.3 %First Quarter 2026 ResultsRevenue increased 1.3% YoY, down 4.5% in constant currency. Foreign currency fluctuations contributed 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, and a 2.9% decline in Ex-L&S revenue in constant currency.Gross profit margin improved 80 bps YoY. Ex-L&S gross profit margin increased 170 bps YoY, primarily driven by delivery improvement and labor cost savings initiatives in the Cloud, Applications & Infrastructure Solutions (CA&I) segment.During the first quarter of 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.Financial Highlights by Segment(In millions, except numbers presented as percentages)
1Q26
1Q25Digital Workplace Solutions (DWS):
Revenue
$118.2
$118.6YoY revenue change
(0.3) %
YoY revenue change in constant currency
(6.5) %
Gross profit
$15.9
$16.9Gross profit percent
13.5 %
14.2 %
Cloud, Applications & Infrastructure Solutions (CA&I):
Revenue
$182.0
$176.6YoY revenue change
3.1 %
YoY revenue change in constant currency
(2.4) %
Gross profit
$39.6
$34.4Gross profit percent
21.8 %
19.5 %
Enterprise Computing Solutions (ECS):
Revenue
$115.2
$118.7YoY revenue change
(2.9) %
YoY revenue change in constant currency
(8.4) %
Gross profit
$54.0
$56.6Gross profit percent
46.9 %
47.7 %First Quarter 2026 Segment ResultsDWS revenue declined 0.3% YoY, down 6.5% in constant currency. Fluctuations in foreign currency contributed a 6 percentage-point positive impact on DWS revenue compared to the prior-year period. DWS gross profit margin was 13.5%, a decrease of 70 bps YoY. The decreases in revenue and gross profit margin were primarily driven by lower volume due to client attrition.CA&I revenue increased 3.1% YoY, down 2.4% in constant currency. Fluctuations in foreign currency contributed a 5 percentage-point positive impact on CA&I revenue compared to the prior-year period. This positive impact was partially offset by reduced volume due to client attrition. CA&I gross profit margin was 21.8%, an increase of 230 bps YoY, primarily driven by delivery improvement and labor cost savings initiatives.ECS revenue declined 2.9% YoY, down 8.4% in constant currency. Foreign currency fluctuations contributed a 5 percentage-point positive impact on ECS revenue in the current period compared with the prior-year period. ECS gross profit margin was 46.9%, a decrease of 80 bps YoY. The decreases in revenue and gross profit margin were primarily driven by the timing of software license renewals.Balance Sheet and Cash Flows(In millions)
March 31, 2026
December 31, 2025Cash and cash equivalents
$ 380.2
$ 413.9Cash and cash equivalents decreased $33.7 million primarily due to the timing of cash interest payment associated with the 10.625% Senior Secured Notes due 2031 (the 2031 Notes).(In millions)
1Q26
1Q25Cash (used for) provided by operations
($4.4)
$33.3Free cash flow(9)
($25.5)
$13.2Pre-pension and postretirement free cash flow(10)
$2.9
$22.6Adjusted free cash flow(11)
$13.9
$28.3The decrease in both free cash flow and pre-pension and postretirement free cash flow was primarily due to the timing of cash interest payment related to the 2031 Notes.Other Metrics(In millions, except numbers presented as percentages)
1Q26
1Q25YoY Change
QoQ Change*Total Contract Value (TCV)(3)
New Business(5)
$ 158
$ 10945 %
16 %Ex-L&S Renewals
74
76(3) %
(91) %L&S Renewals
42
21100 %
(82) %Total company
$ 274
$ 20633 %
(76) % * QoQ - quarter over quarterBacklog(2) was $2.96 billion for the first quarter of 2026 compared to $2.89 billion for the first quarter of 2025.2026 Financial Guidance
The company reaffirms full-year 2026 revenue growth and profitability guidance:
GuidanceRevenue growth in constant currency (6.5)% to (4.5)%Non-GAAP operating profit margin9.0% to 11.0%Constant currency revenue guidance translates to reported revenue growth of (3.5)% to (1.5)%, based on exchange rates as of April 30, 2026, and assumes L&S revenue of approximately $415 million and Ex-L&S constant currency revenue growth of (7.0)% to (4.5)%.Conference Call
Unisys will hold a conference call with the financial community on Wednesday, May 6, at 8 a.m. Eastern Time to discuss the results of the first quarter of 2026.The live, listen-only webcast, as well as the accompanying presentation materials, can be accessed on the Unisys Investor Website at www.unisys.com/investor. In addition, domestic callers can dial 1-844-695-5518 and international callers can dial 1-412-902-6749 and provide the following conference passcode: Unisys Corporation Call.A webcast replay will be available on the Unisys Investor Website shortly following the conference call. A replay will also be available by dialing 1-855-669-9658 for domestic callers or 1-412-317-0088 for international callers and entering access code 2479208 from two hours after the end of the call until May 20, 2026.(1) Constant currency – A significant amount of the company's revenue is derived from international operations. As a result, the company's revenue has been and will continue to be affected by changes in the U.S. dollar against major international currencies. The company refers to revenue growth rates in constant currency or on a constant currency basis so that the business results can be viewed without the impact of fluctuations in foreign currency exchange rates to facilitate comparisons of the company's business performance from one period to another. Constant currency is calculated by retranslating current and prior-period revenue at a consistent exchange rate rather than the actual exchange rates in effect during the respective periods.(2) Backlog – Represents the estimated amount of future revenue to be recognized under contracted work, which has not yet been delivered or performed. The company believes that actual revenue reflects the most relevant measure necessary to understand the company's results of operations, but backlog can be a useful metric and indicator of the company's estimate of contracted revenue to be realized in the future, subject to certain inherent limitations. 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. Investors are cautioned that backlog should not be relied upon as a substitute for, or considered in isolation from, measures in accordance with GAAP.(3) 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. 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, subject to certain inherent limitations. 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. Investors are cautioned that TCV should not be relied upon as a substitute for, or considered in isolation from, measures in accordance with GAAP.(4) Book-to-bill – Represents total contract value booked divided by revenue in a given period.(5) New Business – Represents expansion and new scope for existing clients and new logo contracts.(6) Non-GAAP operating profit – This measure excludes pretax pension and postretirement expense, pretax goodwill impairment charge and pretax charges or gains associated with certain legal matters related to settlements, professional services and legal fees, including legal defense costs, associated with certain legal proceedings, and cost-reduction activities and other expenses.(7) EBITDA & adjusted EBITDA – Earnings before interest, taxes, depreciation and amortization (EBITDA) is calculated by starting with net income (loss) attributable to Unisys Corporation common shareholders and adding or subtracting the following items: net income (loss) attributable to noncontrolling interests, interest expense (net of interest income), provision for (benefit from) income taxes, depreciation and amortization. Adjusted EBITDA further excludes pension and postretirement expense; goodwill impairment charge, foreign exchange (gains) losses, debt extinguishment, certain legal matters related to settlements, professional services and legal fees, including legal defense costs, associated with certain legal proceedings; environmental matters related to previously disposed businesses; cost-reduction activities and other expenses; non-cash share-based expense; and other (income) expense adjustments.(8) Non-GAAP net income (loss) and non-GAAP diluted earnings (loss) per share – These measures exclude pension and postretirement expense and charges or (credits) in connection with goodwill impairment; foreign exchange (gains) losses, debt extinguishment, certain legal matters related to settlements, professional services and legal fees, including legal defense costs, associated with certain legal proceedings; environmental matters related to previously disposed businesses; and cost-reduction activities and other expenses. The tax amounts related to these items for the calculation of non-GAAP diluted earnings (loss) per share include the current and deferred tax expense and benefits recognized under GAAP for these items.(9) Free cash flow – Represents cash flow from operations less capital expenditures.(10) Pre-pension and postretirement free cash flow – Represents free cash flow before pension and postretirement contributions.(11) Adjusted free cash flow – Represents free cash flow less cash used for pension and postretirement funding; debt extinguishment, certain legal matters related to settlements, professional services and legal fees, including legal defense costs, associated with certain legal proceedings; environmental matters related to previously disposed businesses; and cost-reduction activities and other payments.(12) License and Support (L&S) – Represents software license and related support services, primarily ClearPath Forward®, within the company's ECS segment.(13) Excluding License and Support (Ex-L&S) – These measures exclude revenue, gross profit and gross profit margin in connection with software license and support services within the company's ECS segment. The company provides these measures to allow investors to isolate the impact of software license renewals, which tend to be significant and impactful based on timing, and related support services in order to evaluate the company's business outside of these areas.Forward-Looking Statements
This release contains 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. Unisys cautions readers that the assumptions forming the basis for forward-looking statements include many factors that are beyond Unisys' ability to control or estimate precisely, such as estimates of future market conditions, the behavior of other market participants and that TCV is based, in part, on the assumption that each of those contracts will continue for their full contracted term. 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 upon Unisys. There can be no assurance that future developments will be in accordance with management's expectations, assumptions and beliefs or that the effect of future developments on Unisys 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. Forward-looking statements in this release and the accompanying presentation include, but are not limited to, statements made in Mr. Thomson's and Ms. McCann's quotations, any projections or expectations of revenue growth, margin expansion, achievement of operational efficiencies and savings, effective use of technology, investments in our solutions and artificial intelligence adoption and innovation, TCV and Ex-L&S New Business TCV, the impact of new logo signings, backlog, book-to-bill(4), full-year 2026 revenue growth and profitability guidance, including constant currency revenue, Ex-L&S constant currency revenue growth, L&S revenue, non-GAAP operating profit margin, free cash flow generation and the assumptions and other expectations made in connection with our full-year 2026 financial guidance, the reduction of uncertainty and volatility of cash requirements, including pension contributions, our pension liability, debt extinguishment, future economic benefits from net operating losses and statements regarding future economic conditions or performance.Additional information and factors that could cause actual results to differ materially from Unisys' expectations are contained in Unisys' filings with the U.S. Securities and Exchange Commission (SEC), including Unisys' Annual Reports on Form 10-K and subsequent Quarterly Reports on Form 10-Q, recent Current Reports on Form 8-K, and other SEC filings, which are available at the SEC's web site, http://www.sec.gov. Information included in this release is representative as of the date of this release only, and any forward-looking statement speaks only as of the date on which that statement is made. While Unisys periodically reassesses material trends and uncertainties affecting Unisys' results of operations and financial condition in connection with its preparation of management's discussion and analysis of results of operations and financial condition contained in its Quarterly and Annual Reports filed with the SEC, Unisys does not, by including this statement, assume any obligation to review, revise or update any forward-looking statement in light of future events or circumstances, except as required by applicable law.Non-GAAP Information
This release includes certain non-GAAP financial measures that exclude certain items such as pension and postretirement expense; goodwill impairment charge, foreign exchange (gains) losses, debt extinguishment, certain legal and other matters related to professional services and legal fees, including legal defense costs, associated with certain legal proceedings; environmental matters related to previously disposed businesses; and cost-reduction activities and other expenses that the company believes are not indicative of its ongoing operations, as they may be unusual or non-recurring. The inclusion of such items in financial measures can make the company's profitability and liquidity results difficult to compare to prior periods or anticipated future periods and can distort the visibility of trends associated with the company's ongoing performance. Management also believes that non-GAAP measures are useful to investors because they provide supplemental information about the company's financial performance and liquidity, as well as greater transparency into management's view and assessment of the company's ongoing operating performance.Non-GAAP financial measures are often provided and utilized by the company's management, analysts, and investors to enhance comparability of year-over-year results. These items are uncertain, depend on various factors, and could have a material impact on the company's GAAP results for the applicable period. These measures should not be relied upon as substitutes for, or considered in isolation from, measures calculated in accordance with U.S. GAAP. A reconciliation of these non-GAAP financial measures to the most directly comparable financial measures calculated and reported in accordance with GAAP can be found below except for financial guidance and other forward-looking information since such a reconciliation is not practicable without unreasonable efforts as the company is unable to reasonably forecast certain amounts that are necessary for such reconciliation. This information has been provided pursuant to the requirements of SEC Regulation G.About Unisys
Unisys is a global technology solutions company that powers breakthroughs for the world's leading organizations. Our solutions – cloud, AI, digital workplace, applications and enterprise computing – help our clients challenge the status quo and unlock their full potential. To learn how we have been helping clients push what's possible for more than 150 years, visit unisys.com and follow us on LinkedIn.RELEASE NO.: 0505/10049Unisys and other Unisys products and services mentioned herein, as well as their respective logos, are trademarks or registered trademarks of Unisys Corporation. Any other brand or product referenced herein is acknowledged to be a trademark or registered trademark of its respective holder.UIS-QUNISYS CORPORATIONCONSOLIDATED STATEMENTS OF INCOME (LOSS)(Unaudited) (Millions, except per share data)
Three Months EndedMarch 31,
2026
2025Revenue
$ 437.6
$ 432.1Costs and expenses
Cost of revenue
325.1
324.6Selling, general and administrative
91.5
96.8Research and development
4.8
5.6
421.4
427.0Operating income
16.2
5.1Interest expense
18.5
8.2Other (expense), net
(20.8)
(16.9)Loss before income taxes
(23.1)
(20.0)Provision for income taxes
13.7
10.6Consolidated 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) UNISYS CORPORATIONSEGMENT RESULTS (Unaudited) (Millions)
Total
DWS
CA&I
ECS
OtherThree Months Ended March 31, 2026
Revenue
$ 437.6
$ 118.2
$ 182.0
$ 115.2
$ 22.2Gross profit percent
25.7 %
13.5 %
21.8 %
46.9 %
Three Months Ended March 31, 2025
Revenue
$ 432.1
$ 118.6
$ 176.6
$ 118.7
$ 18.2Gross profit percent
24.9 %
14.2 %
19.5 %
47.7 %
EXCLUDING LICENSE AND SUPPORT (EX-L&S) REVENUE AND GROSS PROFIT(Unaudited) (Millions)
Three Months Ended
March 31,
2026
2025L&S revenue
$ 65.5
$ 71.1Ex-L&S revenue
372.1
361.0Revenue
$ 437.6
$ 432.1
L&S gross profit
$ 39.8
$ 43.3Ex-L&S gross profit
72.7
64.2Gross profit
$ 112.5
$ 107.5
L&S gross profit percent
60.8 %
60.9 %Ex-L&S gross profit percent
19.5 %
17.8 %Gross profit percent
25.7 %
24.9 % UNISYS CORPORATIONCONSOLIDATED BALANCE SHEETS (Unaudited)(Millions)
March 31, 2026
December 31, 2025Assets
Current assets:
Cash and cash equivalents$ 380.2
$ 413.9Accounts receivable, net366.8
437.7Contract assets14.5
10.9Inventories14.9
13.8Prepaid expenses and other current assets119.5
127.7Total current assets895.9
1,004.0Properties, net57.4
53.1Capitalized contract costs, net71.3
73.6Marketable software, net165.8
166.1Operating lease right-of-use assets35.2
38.4Prepaid pension and postretirement assets21.5
21.3Deferred income taxes100.0
96.9Goodwill193.7
193.8Intangible assets, net30.2
31.2Restricted cash8.1
7.8Other long-term assets153.3
160.0Total assets$ 1,732.4
$ 1,846.2Total liabilities and deficit
Current liabilities:
Current maturities of long-term debt$ 13.5
$ 12.7Accounts payable105.5
81.2Deferred revenue229.4
228.5Other accrued liabilities254.0
333.5Total current liabilities602.4
655.9Long-term debt724.0
729.0Long-term pension and postretirement liabilities 493.3
517.7Long-term deferred revenue92.0
100.7Long-term operating lease liabilities27.8
30.6Other long-term liabilities77.4
80.6Commitments and contingencies
Total Unisys Corporation stockholders' deficit(300.0)
(282.6)Noncontrolling interests15.5
14.3Total deficit(284.5)
(268.3)Total liabilities and deficit$ 1,732.4
$ 1,846.2 UNISYS CORPORATIONCONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) (Millions)
Three Months EndedMarch 31,
2026
2025Cash 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
6.8Depreciation and amortization of properties
4.6
6.4Depreciation and amortization of capitalized contract costs
5.8
3.0Amortization of marketable software
11.9
12.1Amortization of intangible assets
1.0
1.1Other non-cash operating activities
—
1.2Pension and postretirement contributions
(28.4)
(9.4)Pension and postretirement expense
30.5
21.9Deferred income taxes, net
(8.3)
(10.1)Changes in operating assets and liabilities:
Receivables, net and contract assets
75.3
73.6Inventories
(1.0)
(5.0)Other assets
13.9
18.0Accounts payable and current liabilities
(61.4)
(67.2)Other liabilities
(8.6)
12.8Net cash (used for) provided by operating activities
(4.4)
33.3Cash flows from investing activities
Proceeds from foreign exchange forward contracts
—
728.8Purchases 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)
16.9Cash, cash equivalents and restricted cash, beginning of period
421.7
390.6Cash, cash equivalents and restricted cash, end of period
$ 388.3
$ 407.5 UNISYS CORPORATIONRECONCILIATIONS OF SELECTED GAAP MEASURES TO NON-GAAP MEASURES(Unaudited) (Millions, except per share data)
Three Months Ended
March 31,
2026
2025Net loss attributable to Unisys Corporation
$ (35.8)
$ (29.5)Pension and postretirement expensepretax
30.5
21.9
tax
1.2
0.6
net of tax
29.3
21.3Foreign exchange gains, netpretax
(7.1)
(0.1)
tax
—
—
net of tax
(7.1)
(0.1)Gain on debt extinguishment pretax
(0.2)
—
tax
—
—
net of tax
(0.2)
—Certain legal matters, netpretax
0.2
(0.4)
tax
—
—
net of tax
0.2
(0.4)Environmental matterspretax
0.4
0.4
tax
—
—
net of tax
0.4
0.4Cost reduction and other expensespretax
3.3
4.8
tax
—
—
net of tax
3.3
4.8
Non-GAAP net loss attributable to Unisys Corporation
$ (9.9)
$ (3.5)
Weighted average shares (thousands)
71,801
70,106Plus incremental shares from assumed vesting:
Employee stock plans
—
—Adjusted weighted average shares
71,801
70,106
Weighted average shares (thousands)
71,801
70,106Plus incremental shares from assumed vesting:
Employee stock plans
—
—Non-GAAP adjusted weighted average shares
71,801
70,106
Diluted loss per share
Net loss attributable to Unisys Corporation
$ (35.8)
$ (29.5)Divided by adjusted weighted average shares
71,801
70,106Diluted loss per share
$ (0.50)
$ (0.42)Non-GAAP basis
Non-GAAP net loss attributable to Unisys Corporation for diluted loss per share
$ (9.9)
$ (3.5)Divided by Non-GAAP adjusted weighted average shares71,801
70,106Non-GAAP diluted loss per share$ (0.14)
$ (0.05) UNISYS CORPORATIONRECONCILIATIONS OF GAAP TO NON-GAAP (Unaudited) (Millions) FREE CASH FLOW
Three Months Ended
March 31,
2026
2025Cash (used for) provided by operations
$ (4.4)
$ 33.3Additions to marketable software
(10.4)
(11.2)Additions to properties and other assets
(10.7)
(8.9)Free cash flow
(25.5)
13.2Pension and postretirement funding
28.4
9.4Pre-pension and postretirement free cash flow
2.9
22.6Certain legal payments
0.1
1.0Environmental matters payments
1.1
2.2Cost reduction and other payments, net
9.8
2.5Adjusted free cash flow
$ 13.9
$ 28.3 UNISYS CORPORATIONRECONCILIATIONS OF GAAP TO NON-GAAP (Unaudited) (Millions) EBITDA
Three Months Ended
March 31,
2026
2025Net loss attributable to Unisys Corporation
$ (35.8)
$ (29.5)Net loss attributable to noncontrolling interests
(1.0)
(1.1)Interest expense, net of interest income of $4.9 and $5.7, respectively (1)
13.6
2.5Provision for income taxes
13.7
10.6Depreciation
10.4
9.4Amortization
12.9
13.2EBITDA
$ 13.8
$ 5.1
Pension and postretirement expense
$ 30.5
$ 21.9Foreign exchange gains, net (1)(2)
(7.1)
(0.1)Gain on debt extinguishment (1)
(0.2)
—Certain legal matters, net (3)
0.2
(0.4)Environmental matters (1)
0.4
0.4Cost reduction and other expenses (4)
2.3
3.7Non-cash share based expense
4.1
6.8Other expense, net adjustment (5)
2.2
2.8Adjusted EBITDA
$ 46.2
$ 40.2(1) Included in other (expense), net on the consolidated statements of income (loss).(2) Foreign exchange (gains) losses include (gains) losses from remeasuring cash, receivables, payables and intercompany balances denominated in foreign currencies, (gains) losses on foreign exchange forward contracts and (gains) losses related to the substantial completion of liquidation of certain foreign subsidiaries. In the third quarter of 2025, the company ceased its use of foreign currency forward contracts.(3) Included in selling, general and administrative expenses and other (expense), net within the consolidated statements of income (loss). (4) Reduced for depreciation and amortization included above.(5) Other expense, net as reported on the consolidated statements of income (loss) less pension and postretirement expense, foreign exchange (gains) losses, net, (gain) loss on debt extinguishment, interest income and items included in certain legal and environmental matters and cost reduction and other expenses.
Three Months Ended
March 31,
2026
2025Revenue
$ 437.6
$ 432.1Net loss attributable to Unisys Corporation as a percentage of revenue
(8.2) %
(6.8) %Non-GAAP net loss attributable to Unisys Corporation as a percentage of revenue
(2.3) %
(0.8) %Adjusted EBITDA as a percentage of revenue
10.6 %
9.3 % UNISYS CORPORATIONRECONCILIATIONS OF GAAP TO NON-GAAP (Unaudited) (Millions) OPERATING PROFIT (LOSS)
Three Months Ended
March 31,
2026
2025Operating profit
$ 16.2
$ 5.1Certain legal matters (1)
0.2
0.5Cost reduction and other expenses (2)
3.0
5.9Pension and postretirement expense (1)
0.4
0.4Non-GAAP operating profit
$ 19.8
$ 11.9
Revenue
$ 437.6
$ 432.1
Operating profit percent
3.7 %
1.2 %Non-GAAP operating profit percent
4.5 %
2.8 %(1) Included in selling, general and administrative on the consolidated statements of income (loss).(2) Included in cost of revenue, selling, general and administrative and research and development on the consolidated statements of income (loss). View original content to download multimedia:https://www.prnewswire.com/news-releases/unisys-announces-1q26-results-302763140.htmlSOURCE Unisys Corporation Original: Unisys Announces 1Q26 Results
US Market News
4月前
Unisys Announces 4Q and Full-Year 2025 ResultsFebruary 24, 2026 4:15 PM
PR Newswire (US)
Exceeds Upwardly Revised Profitability Guidance and Finishes Year with Solid Cash Balance and Strong LiquidityFourth Quarter 2025 (4Q25) Highlights:Revenue of $574.5 million, up 5.3% year over year (YoY) and 2.7% in constant currency(1)Operating profit margin of 13.3%, up 440 bps YoY, non-GAAP operating profit(6) margin of 18.0 %, up 640 bps YoYCash provided by operations of $104.9 million compared to $76.6 million in 4Q24; pre-pension and postretirement free cash flow(10) of $112.9 million compared to $61.8 million in 4Q24Full Year 2025 Highlights:Revenue of $2.0 billion, down 2.9% YoY and 3.3% in constant currencyOperating profit margin of 4.0%, down 80 bps YoY, non-GAAP operating profit margin of 9.1%, up 30 bps YoYCash used for operations of $140.0 million (including a discretionary pension contribution of $250 million) compared to cash provided by operations of $135.1 million in 2024; pre-pension and postretirement free cash flow of $127.7 million compared to $82.4 million in 2024Cash and cash equivalents at December 31, 2025, were $413.9 million compared with $376.5 million at December 31, 2024Defined benefit pension plans funding deficit status of $448.5 million compared to funding deficit of $750.2 million in 2024, improved by $301.7 millionBLUE BELL, Pa., Feb. 24, 2026 /PRNewswire/ -- Unisys Corporation (NYSE: UIS) reported financial results for the fourth quarter and full year 2025.
"Our 2025 results reflect our ongoing commitment to a consistent strategy that balances our investment in solution development with our financial objectives of advancing profitability, free cash flow, and removal of pension liabilities," said Michael Thomson, Unisys CEO and President. "We believe we are effectively leveraging technology in our delivery capabilities and building AI-enabled solution frameworks to increase the scale and pace of value realization for our clients. This allows Unisys to show up differently in the market, and we see increasing recognition for our capabilities across our clients, partners, and industry analysts as we work towards accelerating revenue growth."Unisys Chief Financial Officer Deb McCann said, "We were pleased to deliver another year of solid profitability improvement, exceeding the high-end of our upwardly revised non-GAAP operating margin guidance. Our License & Support ecosystem has continued to outperform our financial expectations, with consumption continuing to benefit from client adoption of AI. We ended the year with a strong liquidity position driven by increasing cash balances, an undrawn credit facility and no major near-term debt maturities."Financial HighlightsPlease refer to the accompanying financial tables for a reconciliation of the GAAP to non-GAAP measures presented except for financial guidance since such a reconciliation is not practicable without unreasonable effort.(In millions, except numbers presented as percentages)
4Q25
4Q24
FY25
FY24Revenue
$574.5
$545.4
$1,950.1
$2,008.4YoY revenue change
5.3 %
(2.9) %
YoY revenue change in constant currency
2.7 %
(3.3) %
Excluding License and Support (Ex-L&S)(13) revenue
$388.1
$393.7
$1,522.0
$1,576.9YoY revenue change
(1.4) %
(3.5) %
YoY revenue change in constant currency
(3.9) %
(3.9) %
License and Support(12) revenue
$186.4
$151.7
$428.1
$431.5YoY revenue change
22.9 %
(0.8) %
YoY revenue change in constant currency
19.8 %
(1.2) %
Gross profit
$194.6
$175.0
$549.3
$585.9Gross profit percent
33.9 %
32.1 %
28.2 %
29.2 %Ex-L&S gross profit
$51.3
$61.9
$255.4
$277.6Ex-L&S gross profit percent
13.2 %
15.7 %
16.8 %
17.6 %
Operating profit
$76.6
$48.6
$78.5
$97.4Operating profit percent
13.3 %
8.9 %
4.0 %
4.8 %Non-GAAP operating profit
$103.4
$63.3
$176.9
$176.4Non-GAAP operating profit percent
18.0 %
11.6 %
9.1 %
8.8 %
Net income (loss) attributable to Unisys Corporation
$18.7
$30.0
($339.8)
($193.4)Non-GAAP net income attributable to Unisys Corporation(8)
$63.4
$26.6
$68.3
$44.0
EBITDA(7)
$79.5
$90.3
($144.3)
$39.8Adjusted EBITDA(7)
$129.0
$91.4
$278.8
$292.1Adjusted EBITDA as a percentage of revenue22.5 %
16.8 %
14.3 %
14.5 %Fourth Quarter 2025 ResultsRevenue increased 5.3% YoY, a 2.7% increase in constant currency, primarily driven by the timing of software license renewals. Ex-L&S revenue declined 1.4% YoY, a 3.9% decrease in constant currency, primarily driven by lower volume with clients in the Digital Workplace Solutions (DWS) and Cloud, Applications & Infrastructure Solutions (CA&I) segments.Gross profit margin increased 180 bps YoY, primarily driven by the timing of software license renewals. Ex-L&S gross profit margin decreased 250 bps YoY, primarily due to 110 bps in higher cost reduction charges and an additional 70 bps from costs associated with a mutually agreed-upon client contract termination.Full Year 2025Revenue decreased 2.9% YoY, a 3.3% decrease in constant currency, primarily driven by lower volume with clients in the DWS and CA&I segments. Gross profit margin decreased 100 bps YoY, primarily driven by a higher proportion of hardware revenue within the Enterprise Computing Solutions (ECS) segment.Ex-L&S revenue decreased 3.5%, a 3.9% decrease in constant currency, and Ex-L&S gross profit margin decreased 80 bps YoY. These declines were primarily driven by lower volume with clients in the DWS and CA&I segments.Operating profit included non-cash goodwill impairment charges of $55.0 million and $39.1 million, in 2025 and 2024, respectively.In 2025, net loss attributable to Unisys Corporation included a non-cash pension settlement loss of $227.7 million net of tax as a result of a group annuity purchase contract to transfer approximately $320 million of projected U.S. defined benefit pension liabilities to a third-party insurer, funded with plan assets. Financial Highlights by Segment(In millions, except numbers presented as percentages)
4Q25
4Q24
FY25
FY24Digital Workplace Solutions (DWS):
Revenue
$126.4
$128.2
$508.4
$523.5YoY revenue change
(1.4) %
(2.9) %
YoY revenue change in constant currency
(3.7) %
(3.1) %
Gross profit
$13.3
$20.4
$73.9
$82.1Gross profit percent
10.5 %
15.9 %
14.5 %
15.7 %
Cloud, Applications & Infrastructure Solutions (CA&I):
Revenue
$190.6
$192.7
$732.8
$764.4YoY revenue change
(1.1) %
(4.1) %
YoY revenue change in constant currency
(4.1) %
(4.8) %
Gross profit
$39.4
$35.9
$147.8
$149.5Gross profit percent
20.7 %
18.6 %
20.2 %
19.6 %
Enterprise Computing Solutions (ECS):
Revenue
$236.8
$203.5
$628.9
$627.5YoY revenue change
16.4 %
0.2 %
YoY revenue change in constant currency
14.0 %
0.4 %
Gross profit
$156.0
$128.7
$349.2
$364.1Gross profit percent
65.9 %
63.2 %
55.5 %
58.0 %Fourth Quarter 2025 Segment ResultsDWS revenue declined 1.4% YoY, a 3.7% decline in constant currency. DWS gross profit margin was 10.5%, a decrease of 540 bps YoY. These declines were primarily driven by lower volume with clients. Additionally, the DWS gross profit margin was negatively impacted by 200 bps associated with costs related to a mutually agreed-upon client contract termination.CA&I revenue declined 1.1% YoY, a 4.1% decline in constant currency, primarily driven by lower volume with clients. CA&I gross profit margin was 20.7%, an increase of 210 bps YoY, primarily driven by labor cost savings initiatives.ECS revenue increased 16.4% YoY, a 14.0% increase in constant currency. ECS gross profit margin was 65.9%, an increase of 270 bps YoY. These increases were primarily driven by the timing of software license renewals.Full Year 2025DWS revenue decreased 2.9%YoY, a 3.1% decrease in constant currency. DWS gross profit margin was 14.5%, a decrease of 120 bps YoY. These declines were primarily driven by lower volume with clients.CA&I revenue decreased 4.1% YoY, a 4.8% decrease in constant currency, primarily driven by lower volume with clients in the public sector. CA&I gross profit margin was 20.2%, an increase of 60 bps YoY, primarily driven by labor cost savings initiatives.ECS revenue remained relatively flat YoY and in constant currency. ECS gross profit margin was 55.5%, a decrease of 250 bps YoY, primarily driven by a higher proportion of hardware revenue, which has a lower gross margin profile relative to license renewals.Balance Sheet and Cash Flow(In millions)
FY25
FY24Cash and cash equivalents
$413.9
$376.5Cash and cash equivalents increased $37.4 million YoY.At December 31, 2025, the defined benefit pension plans had a funding deficit of $448.5 million, a decrease of $301.7 million YoY. This reduction is primarily due to $343.7 million in cash contributions, including a $250 million discretionary contribution to the company's U.S. defined benefit pension plans, which was funded with approximately $200 million from the net proceeds of the 10.625% Senior Secured Notes due 2031 and $50 million from cash on hand.(In millions)
4Q25
4Q24
FY25
FY24Cash provided by (used for) operations
$104.9
$76.6
($140.0)
$135.1Free cash flow(9)
$85.8
$55.7
($217.6)
$55.3Pre-pension and postretirement free cash flow
$112.9
$61.8
$127.7
$82.4Adjusted free cash flow(11)
$115.9
$67.0
$125.1
$104.6Fourth quarter 2025 free cash flow increased by $30.1 million YoY, primarily driven by lower net interest payments and increased license renewals collections.Full-year 2025 free cash flow declined by $272.9 million YoY, primarily resulting from cash contributions, including the discretionary pension contribution discussed above, partially offset by the favorable settlement of a legal matter and changes in working capital.Full-year 2025 pre-pension and postretirement free cash flow increased by $45.3 million YoY, primarily due to the favorable settlement of a legal matter and changes in working capital.Other Metrics(In millions, except numbers presented as percentages)
4Q25
4Q24YoY
Change
QoQ
Change*Total Contract Value (TCV)(3)
New Business(5)
$ 136
$ 218(38) %
10 %Ex-L&S Renewals
781
312150 %
240 %L&S Renewals
232
2225 %
280 %Total company
$ 1,149
$ 75253 %
177 %
FY25
FY24
TCV
New Business(i)
$ 491
$ 791(38) %
Ex-L&S Renewals
1,353
633114 %
L&S Renewals
363
522(30) %
Total company
$ 2,207
$ 1,94613 %
* QoQ - quarter over quarter(i)For the full year 2025, New Business TCV includes a mutually agreed-upon client termination adjustment of $228 million that was previously recorded in the first quarter of 2025. Accordingly, adjusted prior period amounts for New Business TCV are $109 million for the first quarter of 2025, $231 million for the second quarter year-to-date 2025, and $355 million for the third quarter year-to-date 2025.In the fourth quarter and full year of 2025, the increase in TCV was primarily driven by a higher concentration of Ex-L&S renewals, partially offset by a decrease in New Business. The decrease in New Business reflects elongated sales cycles with prospective clients.Backlog(2) was $3.16 billion for the fourth quarter of 2025 compared to $2.84 billion for the fourth quarter of 2024. The increase was primarily due to Ex-L&S renewal signings.2026 Financial GuidanceThe company has issued full-year 2026 revenue growth and profitability guidance:
GuidanceRevenue growth in constant currency(6.5)% to (4.5)%Non-GAAP operating profit margin9.0% to 11.0%Constant currency revenue guidance translates to reported revenue growth of (3.8)% to (1.8)% based on recent exchange rates as February 1, 2026, and assumes L&S revenue of approximately $415 million and Ex- L&S constant currency revenue growth of (7.0)% to (4.5)%.2026 Annual Stockholder MeetingUnisys' 2026 Annual Meeting of Stockholders will be held virtually on April 30, 2026, at 8 a.m. Eastern Time.Conference CallUnisys will hold a conference call with the financial community on Wednesday, February 25 at 8 a.m. Eastern Time to discuss the results of the fourth quarter and full-year 2025 and financial guidance for 2026.The live, listen-only webcast, as well as the accompanying presentation materials, can be accessed on the Unisys Investor Website at www.unisys.com/investor. In addition, domestic callers can dial 1-844-695-5518 and international callers can dial 1-412-902-6749 and provide the following conference passcode: Unisys Corporation Call.A webcast replay will be available on the Unisys Investor Website shortly following the conference call. A replay will also be available by dialing 1-855-669-9658 for domestic callers or 1-412-317-0088 for international callers and entering access code 3069514 from two hours after the end of the call until March 11, 2026.(1) Constant currency – A significant amount of the company's revenue is derived from international operations. As a result, the company's revenue has been and will continue to be affected by changes in the U.S. dollar against major international currencies. The company refers to revenue growth rates in constant currency or on a constant currency basis so that the business results can be viewed without the impact of fluctuations in foreign currency exchange rates to facilitate comparisons of the company's business performance from one period to another. Constant currency is calculated by retranslating current and prior-period revenue at a consistent exchange rate rather than the actual exchange rates in effect during the respective periods.(2) Backlog – Represents the estimated amount of future revenue to be recognized under contracted work, which has not yet been delivered or performed. The company believes that actual revenue reflects the most relevant measure necessary to understand the company's results of operations, but backlog can be a useful metric and indicator of the company's estimate of contracted revenue to be realized in the future, subject to certain inherent limitations. 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. Investors are cautioned that backlog should not be relied upon as a substitute for, or considered in isolation from, measures in accordance with GAAP.(3) 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. 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, subject to certain inherent limitations. 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. Investors are cautioned that TCV should not be relied upon as a substitute for, or considered in isolation from, measures in accordance with GAAP.(4) Book-to-bill – Represents total contract value booked divided by revenue in a given period.(5) New Business – Represents expansion and new scope for existing clients and new logo contracts.(6) Non-GAAP operating profit – This measure excludes pretax pension and postretirement expense, pretax goodwill impairment charge and pretax charges or gains associated with certain legal matters related to settlements, professional services and legal fees, including legal defense costs, associated with certain legal proceedings, and cost-reduction activities and other expenses.(7) EBITDA & adjusted EBITDA – Earnings before interest, taxes, depreciation and amortization (EBITDA) is calculated by starting with net income (loss) attributable to Unisys Corporation common shareholders and adding or subtracting the following items: net income (loss) attributable to noncontrolling interests, interest expense (net of interest income), provision for (benefit from) income taxes, depreciation and amortization. Adjusted EBITDA further excludes pension and postretirement expense; goodwill impairment charge, foreign exchange (gains) losses, debt extinguishment, certain legal matters related to settlements, professional services and legal fees, including legal defense costs, associated with certain legal proceedings; environmental matters related to previously disposed businesses; cost-reduction activities and other expenses; non-cash share-based expense; and other (income) expense adjustments.(8) Non-GAAP net income (loss) and non-GAAP diluted earnings (loss) per share – These measures exclude pension and postretirement expense and charges or (credits) in connection with goodwill impairment; foreign exchange (gains) losses, debt extinguishment, certain legal matters related to settlements, professional services and legal fees, including legal defense costs, associated with certain legal proceedings; environmental matters related to previously disposed businesses; and cost-reduction activities and other expenses. The tax amounts related to these items for the calculation of non-GAAP diluted earnings (loss) per share include the current and deferred tax expense and benefits recognized under GAAP for these items.(9) Free cash flow – Represents cash flow from operations less capital expenditures.(10) Pre-pension and postretirement free cash flow – Represents free cash flow before pension and postretirement contributions.(11) Adjusted free cash flow – Represents free cash flow less cash used for pension and postretirement funding; debt extinguishment, certain legal matters related to settlements, professional services and legal fees, including legal defense costs, associated with certain legal proceedings; environmental matters related to previously disposed businesses; and cost-reduction activities and other payments.(12) License and Support (L&S) – Represents software license and related support services, primarily ClearPath Forward®, within the company's ECS segment.(13) Excluding License and Support (Ex-L&S) – These measures exclude revenue, gross profit and gross profit margin in connection with software license and support services within the company's ECS segment. The company provides these measures to allow investors to isolate the impact of software license renewals, which tend to be significant and impactful based on timing, and related support services in order to evaluate the company's business outside of these areas.Forward-Looking Statements This release contains 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. Unisys cautions readers that the assumptions forming the basis for forward-looking statements include many factors that are beyond Unisys' ability to control or estimate precisely, such as estimates of future market conditions, the behavior of other market participants and that TCV is based, in part, on the assumption that each of those contracts will continue for their full contracted term. 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 upon Unisys. There can be no assurance that future developments will be in accordance with management's expectations, assumptions and beliefs or that the effect of future developments on Unisys will be those anticipated by management. Forward-looking statements in this release and the accompanying presentation include, but are not limited to, statements made in Mr. Thomson's and Ms. McCann's quotations, any projections or expectations of revenue growth, margin expansion, achievement of operational efficiencies and savings, effective use of technology, investments in our solutions and artificial intelligence adoption and innovation, TCV and Ex-L&S New Business TCV, the impact of new logo signings, backlog, book-to-bill(4), full-year 2026 revenue growth and profitability guidance, including constant currency revenue, Ex-L&S constant currency revenue growth, L&S revenue, non-GAAP operating profit margin, free cash flow generation and the assumptions and other expectations made in connection with our full-year 2026 financial guidance, the reduction of uncertainty and volatility of cash requirements, including pension contributions, our pension liability, debt extinguishment, future economic benefits from net operating losses and statements regarding future economic conditions or performance.Additional information and factors that could cause actual results to differ materially from Unisys' expectations are contained in Unisys' filings with the U.S. Securities and Exchange Commission (SEC), including Unisys' Annual Reports on Form 10-K and subsequent Quarterly Reports on Form 10-Q, recent Current Reports on Form 8-K, and other SEC filings, which are available at the SEC's web site, http://www.sec.gov. Information included in this release is representative as of the date of this release only and while Unisys periodically reassesses material trends and uncertainties affecting Unisys' results of operations and financial condition in connection with its preparation of management's discussion and analysis of results of operations and financial condition contained in its Quarterly and Annual Reports filed with the SEC, Unisys does not, by including this statement, assume any obligation to review or revise any particular forward-looking statement referenced herein in light of future events, except as required by applicable law.Non-GAAP InformationThis release includes certain non-GAAP financial measures that exclude certain items such as pension and postretirement expense; goodwill impairment charge, foreign exchange (gains) losses, debt extinguishment, certain legal and other matters related to professional services and legal fees, including legal defense costs, associated with certain legal proceedings; environmental matters related to previously disposed businesses; and cost-reduction activities and other expenses that the company believes are not indicative of its ongoing operations, as they may be unusual or non-recurring. The inclusion of such items in financial measures can make the company's profitability and liquidity results difficult to compare to prior periods or anticipated future periods and can distort the visibility of trends associated with the company's ongoing performance. Management also believes that non-GAAP measures are useful to investors because they provide supplemental information about the company's financial performance and liquidity, as well as greater transparency into management's view and assessment of the company's ongoing operating performance.Non-GAAP financial measures are often provided and utilized by the company's management, analysts, and investors to enhance comparability of year-over-year results. These items are uncertain, depend on various factors, and could have a material impact on the company's GAAP results for the applicable period. These measures should not be relied upon as substitutes for, or considered in isolation from, measures calculated in accordance with U.S. GAAP. A reconciliation of these non-GAAP financial measures to the most directly comparable financial measures calculated and reported in accordance with GAAP can be found below except for financial guidance and other forward-looking information since such a reconciliation is not practicable without unreasonable efforts as the company is unable to reasonably forecast certain amounts that are necessary for such reconciliation. This information has been provided pursuant to the requirements of SEC Regulation G.About Unisys Unisys is a global technology solutions company that powers breakthroughs for the world's leading organizations. Our solutions – cloud, AI, digital workplace, applications and enterprise computing – help our clients challenge the status quo and unlock their full potential. To learn how we have been helping clients push what's possible for more than 150 years, visit unisys.com and follow us on LinkedIn.RELEASE NO.: 0224/10040Unisys and other Unisys products and services mentioned herein, as well as their respective logos, are trademarks or registered trademarks of Unisys Corporation. Any other brand or product referenced herein is acknowledged to be a trademark or registered trademark of its respective holder.UIS-Q UNISYS CORPORATIONCONSOLIDATED STATEMENTS OF INCOME (LOSS)(Unaudited) (Millions, except per share data)
Three Months EndedDecember 31,
Year EndedDecember 31,
2025
2024
2025
2024Revenue
574.5
545.4
1,950.1
2,008.4Costs and expenses
Cost of revenue
379.9
370.4
1,400.8
1,422.5Selling, general and administrative
109.9
118.7
391.2
424.2Research and development
8.1
7.7
24.6
25.2Goodwill impairment
—
—
55.0
39.1
497.9
496.8
1,871.6
1,911.0Operating income
76.6
48.6
78.5
97.4Interest expense
18.8
8.2
53.4
31.9Other (expense) income, net
(17.1)
18.9
(297.3)
(140.8)Earnings (loss) before income taxes
40.7
59.3
(272.2)
(75.3)Provision for income taxes
20.9
28.8
67.8
117.9Consolidated net earnings (loss)
19.8
30.5
(340.0)
(193.2)Net income (loss) attributable to noncontrolling interests
1.1
0.5
(0.2)
0.2Net income (loss) attributable to Unisys Corporation
$ 18.7
$ 30.0
$ (339.8)
$ (193.4)(Loss) earnings per share attributable to Unisys Corporation
Basic
$ 0.26
$ 0.43
$ (4.79)
$ (2.79)Diluted
$ 0.25
$ 0.41
$ (4.79)
$ (2.79) UNISYS CORPORATIONSEGMENT RESULTS (Unaudited) (Millions)
Total
DWS
CA&I
ECS
OtherThree Months Ended December 31, 2025
Revenue
$ 574.5
$ 126.4
$ 190.6
$ 236.8
$ 20.7Gross profit percent
33.9 %
10.5 %
20.7 %
65.9 %
Three Months Ended December 31, 2024
Revenue
$ 545.4
$ 128.2
$ 192.7
$ 203.5
$ 21.0Gross profit percent
32.1 %
15.9 %
18.6 %
63.2 %
Total
DWS
CA&I
ECS
OtherYear Ended December 31, 2025
Revenue
$ 1,950.1
$ 508.4
$ 732.8
$ 628.9
$ 80.0Gross profit percent
28.2 %
14.5 %
20.2 %
55.5 %
Year Ended December 31, 2024
Revenue
$ 2,008.4
$ 523.5
$ 764.4
$ 627.5
$ 93.0Gross profit percent
29.2 %
15.7 %
19.6 %
58.0 %
EXCLUDING LICENSE AND SUPPORT (EX-L&S) REVENUE AND GROSS PROFIT(Unaudited) (Millions)
Three Months Ended
Year Ended
December 31,
December 31,
2025
2024
2025
2024L&S revenue
$ 186.4
$ 151.7
$ 428.1
$ 431.5Ex-L&S revenue
388.1
393.7
1,522.0
1,576.9Revenue
$ 574.5
$ 545.4
$ 1,950.1
$ 2,008.4
L&S gross profit
$ 143.3
$ 113.1
$ 293.9
$ 308.3Ex-L&S gross profit
51.3
61.9
255.4
277.6Gross profit
$ 194.6
$ 175.0
$ 549.3
$ 585.9
L&S gross profit percent
76.9 %
74.6 %
68.7 %
71.4 %Ex-L&S gross profit percent
13.2 %
15.7 %
16.8 %
17.6 %Gross profit percent
33.9 %
32.1 %
28.2 %
29.2 % UNISYS CORPORATIONCONSOLIDATED BALANCE SHEETS (Unaudited)(Millions)
December 31,
2025
December 31,
2024Assets
Current assets:
Cash and cash equivalents$ 413.9
$ 376.5Accounts receivable, net437.7
467.2Contract assets10.9
16.0Inventories13.8
16.4Prepaid expenses and other current assets127.7
103.2Total current assets1,004.0
979.3Properties, net53.1
57.1Capitalized contract costs, net73.6
31.2Marketable software, net166.1
165.0Operating lease right-of-use assets38.4
38.4Prepaid pension and postretirement assets21.3
25.6Deferred income taxes96.9
96.6Goodwill193.8
247.9Intangible assets, net31.2
35.5Restricted cash7.8
14.1Other long-term assets160.0
181.6Total assets$ 1,846.2
$ 1,872.3Total liabilities and deficit
Current liabilities:
Current maturities of long-term debt$ 12.7
$ 5.0Accounts payable81.2
97.9Deferred revenue228.5
210.4Other accrued liabilities333.5
314.7Total current liabilities655.9
628.0Long-term debt729.0
488.2Long-term pension and postretirement liabilities517.7
816.4Long-term deferred revenue100.7
108.8Long-term operating lease liabilities30.6
28.9Other long-term liabilities80.6
71.3Commitments and contingencies
Total Unisys Corporation stockholders' deficit(282.6)
(283.4)Noncontrolling interests14.3
14.1Total deficit(268.3)
(269.3)Total liabilities and deficit$ 1,846.2
$ 1,872.3 UNISYS CORPORATION
CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) (Millions)
Year EndedDecember 31,
2025
2024Cash flows from operating activities
Consolidated net loss
$ (340.0)
$ (193.2)Adjustments to reconcile consolidated net loss to net cash (used for) provided by operating activities:
Foreign currency losses
5.8
14.5Loss on debt extinguishment
7.0
—Employee stock compensation
15.1
21.2Depreciation and amortization of properties
23.5
24.3Depreciation and amortization of capitalized contract costs
17.1
22.6Amortization of marketable software
50.3
52.3Amortization of intangible assets
4.3
7.2Goodwill impairment
55.0
39.1Other non-cash operating activities
4.6
0.2Gain on sale of properties
(4.3)
—Pension and postretirement contributions
(345.3)
(27.1)Pension and postretirement expense
309.0
182.2Deferred income taxes, net
7.7
35.6Changes in operating assets and liabilities:
Receivables, net and contract assets
79.8
(24.5)Inventories
3.0
(1.7)Other assets
(24.5)
(21.5)Accounts payable and current liabilities
(28.8)
(20.7)Other liabilities
20.7
24.6Net cash (used for) provided by operating activities
(140.0)
135.1Cash flows from investing activities
Proceeds from foreign exchange forward contracts
2,342.1
3,077.1Purchases of foreign exchange forward contracts
(2,305.1)
(3,094.4)Investment in marketable software
(47.6)
(47.5)Capital additions of properties and other assets
(30.0)
(32.3)Net proceeds from sale of properties
8.9
—Other
(0.1)
(0.3)Net cash used for investing activities
(31.8)
(97.4)Cash flows from financing activities
Proceeds from issuance of long-term debt
700.0
—Payments of long-term debt
(492.1)
(15.4)Issuance costs relating to long-term debt
(14.1)
—Cash paid for debt extinguishment
(4.2)
—Other
(3.6)
(2.7)Net cash provided by (used for) financing activities
186.0
(18.1)Effect of exchange rate changes on cash, cash equivalents and restricted cash
16.9
(25.7)Increase (decrease) in cash, cash equivalents and restricted cash
31.1
(6.1)Cash, cash equivalents and restricted cash, beginning of period
390.6
396.7Cash, cash equivalents and restricted cash, end of period
$ 421.7
$ 390.6 UNISYS CORPORATIONRECONCILIATIONS OF SELECTED GAAP MEASURES TO NON-GAAP MEASURES(Unaudited) (Millions, except per share data)
Three Months Ended
Year Ended
December 31,
December 31,
2025
2024
2025
2024Net income (loss) attributable to Unisys Corporation
$ 18.7
$ 30.0
$ (339.8)
$ (193.4)Pension and postretirement expensepretax
22.2
11.1
309.0
182.2
tax
0.6
0.2
2.5
0.6
net of tax
21.6
10.9
306.5
181.6Goodwill impairmentpretax
—
—
55.0
39.1
tax
—
—
—
—
net of tax
—
—
55.0
39.1Foreign exchange losses, netpretax
4.4
2.4
8.5
11.9
tax
—
—
—
—
net of tax
4.4
2.4
8.5
11.9Loss on debt extinguishment pretax
—
—
7.0
—
tax
—
—
—
—
net of tax
—
—
7.0
—Certain legal matters, netpretax
(2.8)
(39.2)
(1.8)
(40.1)
tax
—
—
—
(2.8)
net of tax
(2.8)
(39.2)
(1.8)
(37.3)Environmental matterspretax
1.6
7.4
3.1
8.8
tax
—
—
—
—
net of tax
1.6
7.4
3.1
8.8Cost reduction and other expensespretax
21.8
15.2
32.0
33.7
tax
1.9
0.1
2.2
0.4
net of tax
19.9
15.1
29.8
33.3
Non-GAAP net income attributable to Unisys Corporation
$ 63.4
$ 26.6
$ 68.3
$ 44.0
Weighted average shares (thousands)
71,308
69,458
70,994
69,199Plus incremental shares from assumed conversion:
Employee stock plans
2,330
3,480
—
—Adjusted weighted average shares
73,638
72,938
70,994
69,199
Weighted average shares (thousands)
71,308
69,458
70,994
69,199Plus incremental shares from assumed vesting:
Employee stock plans
2,330
3,480
2,616
2,340Non-GAAP adjusted weighted average shares
73,638
72,938
73,610
71,539
Diluted earnings (loss) per share
GAAP basis
Net income (loss) attributable to Unisys Corporation
$ 18.7
$ 30.0
$ (339.8)
$ (193.4)Divided by weighted average shares
73,638
72,938
70,994
69,199Diluted earnings (loss) per share
$ 0.25
$ 0.41
$ (4.79)
$ (2.79)Non-GAAP basis
Non-GAAP net income attributable to Unisys Corporation for diluted
earnings per share
$ 63.4
$ 26.6
$ 68.3
$ 44.0Divided by Non-GAAP adjusted weighted average shares73,638
72,938
73,610
71,539Non-GAAP diluted earnings per share$ 0.86
$ 0.36
$ 0.93
$ 0.62 UNISYS CORPORATIONRECONCILIATIONS OF GAAP TO NON-GAAP (Unaudited) (Millions)
FREE CASH FLOW
Three Months Ended
Year Ended
December 31,
December 31,
2025
2024
2025
2024Cash provided by (used for) operations
$ 104.9
$ 76.6
$ (140.0)
$ 135.1Additions to marketable software
(11.5)
(10.8)
(47.6)
(47.5)Additions to properties and other assets
(7.6)
(10.1)
(30.0)
(32.3)Free cash flow
85.8
55.7
(217.6)
55.3Pension and postretirement funding
27.1
6.1
345.3
27.1Pre-pension and postretirement free cash flow
112.9
61.8
127.7
82.4Debt extinguishment payments
—
—
4.2
—Certain legal receipts
(3.1)
(6.8)
(26.3)
(4.8)Environmental matters payments
2.3
8.7
7.4
17.2Cost reduction and other payments
3.8
3.3
12.1
9.8Adjusted free cash flow
$ 115.9
$ 67.0
$ 125.1
$ 104.6 UNISYS CORPORATIONRECONCILIATIONS OF GAAP TO NON-GAAP (Unaudited) (Millions)EBITDA
Three Months Ended
Year Ended
December 31,
December 31,
2025
2024
2025
2024Net income (loss) attributable to Unisys Corporation
$ 18.7
$ 30.0
$ (339.8)
$ (193.4)Net income (loss) attributable to noncontrolling interests
1.1
0.5
(0.2)
0.2Interest expense, net of interest income of $4.7, $5.8, $20.7, $23.2
respectively(1)
14.1
2.4
32.7
8.7Provision for income taxes
20.9
28.8
67.8
117.9Depreciation
11.6
10.9
40.6
46.9Amortization
13.1
17.7
54.6
59.5EBITDA
$ 79.5
$ 90.3
$ (144.3)
$ 39.8
Pension and postretirement expense
$ 22.2
$ 11.1
$ 309.0
$ 182.2Goodwill impairment
—
—
55.0
39.1Foreign exchange losses, net (1)(2)
4.4
2.4
8.5
11.9Loss on debt extinguishment (1)
—
—
7.0
—Certain legal matters, net (3)
(2.8)
(39.2)
(1.8)
(40.1)Environmental matters (1)
1.6
7.4
3.1
8.8Cost reduction and other expenses (4)
19.8
9.7
23.6
22.1Non-cash share based expense
2.9
5.0
15.1
20.9Other expense, net adjustment (5)
1.4
4.7
3.6
7.4Adjusted EBITDA
$ 129.0
$ 91.4
$ 278.8
$ 292.1
(1) Included in other (expense), net on the consolidated statements of income (loss).
(2) Foreign exchange losses, net include (gains) losses from remeasuring cash, receivables, payables and intercompany balances denominated in foreign currencies, (gains) losses on foreign exchange forward contracts and (gains) losses related to the substantial completion of liquidation of certain foreign subsidiaries. In the third quarter of 2025, the company ceased its use of foreign currency forward contracts.(3) Included in selling, general and administrative expenses and other (expense), net within the consolidated statements of income (loss). For the three months ended and the year ended December 31, 2024, certain legal matters, net included a gain of $40.0 million related to a favorable settlement of a litigation matter. Additionally, for year ended December 31, 2024, certain legal matters, net included a net gain of $14.9 million related to a favorable judgment received in a Brazilian services tax matter.(4) Reduced for depreciation and amortization included above.
(5) Other expense, net as reported on the consolidated statements of income (loss) less pension and postretirement expense, foreign exchange (gains) losses, net, loss on debt extinguishment, interest income and items included in certain legal and environmental matters and cost reduction and other expenses.
Three Months Ended
Year Ended
December 31,
December 31,
2025
2024
2025
2024Revenue
$ 574.5
$ 545.4
$ 1,950.1
$ 2,008.4Net income (loss) attributable to Unisys Corporation as a percentage of
revenue
3.3 %
5.5 %
(17.4) %
(9.6) %Non-GAAP net income attributable to Unisys Corporation as a
percentage of revenue
11.0 %
4.9 %
3.5 %
2.2 %Adjusted EBITDA as a percentage of revenue
22.5 %
16.8 %
14.3 %
14.5 % UNISYS CORPORATIONRECONCILIATIONS OF GAAP TO NON-GAAP (Unaudited) (Millions)
OPERATING PROFIT
Three Months Ended
Year Ended
December 31,
December 31,
2025
2024
2025
2024Operating profit
$ 76.6
$ 48.6
$ 78.5
$ 97.4Goodwill impairment
—
—
55.0
39.1Certain legal matters, net (1)
0.3
0.8
1.6
9.0Cost reduction and other expenses (2)
26.1
13.6
40.2
29.5Pension and postretirement expense (1)
0.4
0.3
1.6
1.4Non-GAAP operating profit
$ 103.4
$ 63.3
$ 176.9
$ 176.4
Revenue
$ 574.5
$ 545.4
$ 1,950.1
$ 2,008.4
Operating profit percent
13.3 %
8.9 %
4.0 %
4.8 %Non-GAAP operating profit percent
18.0 %
11.6 %
9.1 %
8.8 %
(1) Included in selling, general and administrative expenses within the consolidated statements of income (loss).(2) Included in cost of revenue, selling, general and administrative and research and development on the consolidated statements of income (loss).
View original content to download multimedia:https://www.prnewswire.com/news-releases/unisys-announces-4q-and-full-year-2025-results-302696141.htmlSOURCE Unisys Corporation
Original: Unisys Announces 4Q and Full-Year 2025 Results
Hot Features
プレミアム
登録して、同じ考えを持つ投資家と議論するためのアクティブなフォーラムで相互作用するためのアクティブなフォーラムに参加してください。
glenn1919
1月前
ralfito
1年前
TrendTrade2016
2年前
Monksdream
2年前
ClayTrader
6年前
chmcnfunds
9年前
T695
10年前
Pennybuster
10年前
stocktrademan
12年前
Penny Roger$
14年前
メールアドレスで登録
