Slide 1: Q4 2025 Earnings Presentation
Q4 2025 Earnings Presentation (NASDAQ: NICE)
Slide 2: Forward Looking Statements Disclaimer
Disclaimer Forward Looking Statements Disclaimer This presentation contains forward-looking statements as that term is defined in the Private Securities Litigation Reform Act of 1995. In some cases, forward-looking statements may be identified by words such as “believe”, “expect”, “seek”, “may”, “wi
Slide 3: NICE at a glance: cloud leader powering AI
>3,500 >9,600 R&D Professionals $2.9B Employees Total Revenue* >150 $2.2B Countries Cloud Revenue* >85% Fortune $2.6B Recurring 100 Customers Revenue* 25K THE Cloud Leader Powering AI in $717M Customers Cash from Three Large Specialized Markets Operations* *Financial figures for the year ended Decem
Slide 4: Financial Overview
FINANCIAL OVERVIEW Quarterly Results In a NiCE world technology works for you
Slide 5: Q4-25 Financial Highlights
Q4-25 Financial Highlights Q4 2025 Results* Quarterly Results Change Y/Y Total Revenue $786M 9% Cloud Revenue $608M 14% Non-GAAP Operating Income $244M 7% Non-GAAP Operating Margin 31.0% (50 bps) Non-GAAP EPS $3.24 7% * Q4 2025 results include the financial performance of Cognigy. Q4 2025 cloud reve
Slide 6: FY-25 Financial Highlights
FY-25 Financial Highlights FY 2025 Results* Annual Results Change Y/Y Total Revenue $2,945M 8% Cloud Revenue $2,238M 13% Non-GAAP Operating Income $908M 7% Non-GAAP Operating Margin 30.8% (20 bps) Non-GAAP EPS $12.30 11% * FY 2025 results include the financial performance of Cognigy from the date of
Slide 7: Q4 2025 Cloud Growth Fueled by AI Adoption and Customer Expansion
Q4 2025 Cloud Growth Fueled by AI Adoption and Customer Expansion $328M 66% 13% 109% AI & Self-Service AI & Self-Service AI & Self-Service as LTM Q4/2025 ARR ARR YoY Growth % of Total Cloud Cloud NRR Revenue 7
Slide 8: Strong Cloud Backlog Growth
Strong Cloud Backlog Growth NiCE Remaining Performance Obligations Cloud Non-Cloud $3,674M $3,314M $490M $3,073M $481M $530M Cloud Backlog +25% YoY $3,184M $2,833M +22% YoY $2,543M excluding Cognigy 12/31/2024 9/30/2025 12/31/2025 8
Slide 9: Revenue Breakdown by Business Segment
Revenue Breakdown by Business Segment Quarterly Revenue Annual Revenue $786M $2,945M $2,735M $722M $727M $732M $690M $700M $128M $485M $659M $664M $453M $125M $130M $119M $2,378M $623M $108M $601M $111M $572M $581M $108M $109M $403M $101M $103M $100M $100M $658M $2,460M $597M $592M $597M $613M $2,28
Slide 10: Revenue Breakdown by Business Model
Revenue Breakdown by Business Model Quarterly Revenue Annual Revenue $786M $732M $38M $722M $727M $700M $2,945M $690M $38M $45M $30M $659M $664M $34M $141M $2,735M $147M $40M $623M $35M $601M $42M $139M $155M $581M $32M $150M $140M $560M $572M $38M $140M $2,378M $150M $40M $148M $44M $149M $154M $59
Slide 11: Recurring Revenue as a Percent of Total Revenue
Recurring Revenue as a Percent of Total Revenue Quarterly Annual 89% 90% 91% 90% 90% 88% 88% 89% 89% 89% 89% 86% 87% 87% 85% 15% 14% 13% 14% 16% 17% 15% 15% 16% 19% 17% 20% 20% 20% 21% 74% 75% 74% 77% 77% 76% 69% 71% 73% 72% 73% 64% 66% 67% 67% Q1-23 Q2-23 Q3-23 Q4-23 Q1-24 Q2-24 Q3-24 Q4-24 Q1-25 Q
Slide 12: Revenue Breakdown by Geographic Region – Q4 2025
Revenue Breakdown by Geographic Region – Q4 2025 82% 13% AMERICAS EMEA $647M, +5% YoY $100M, +38% YoY (+32% in CC) 5% APAC $40M, +11% YoY (+11% in CC) 12
Slide 13: Revenue Breakdown by Geographic Region – FY 2025
Revenue Breakdown by Geographic Region – FY 2025 84% 11% AMERICAS EMEA $2,466M, +6% YoY $325M, +17% YoY (+14% in CC) 5% APAC $155M, +14% YoY (+15% in CC) 13
Slide 14: Healthy Gross Margins (Non-GAAP)
Healthy Gross Margins (Non-GAAP) 70.0% 70.3% 70.4% 71.1% 69.8% 70.2% 69.7% 70.6% 69.4% 68.7% 69.9% 69.4% 70.5% 70.1% 69.4% Cloud GM Q1-23 Q2-23 Q3-23 Q4-23 Q1-24 Q2-24 Q3-24 Q4-24 Q1-25 Q2-25 Q3-25 Q4-25 2023 2024 2025 71.8% 72.2% 73.6% 72.0% 70.6% 70.2% 71.9% 70.6% 68.8% 72.4% 70.8% 67.2% 67.7% 64.
Slide 15: Non-GAAP Operating Expenses as a Percent of Total Revenue
Non-GAAP Operating Expenses as a Percent of Total Revenue Quarterly Annual 45.6% 44.9% 44.6% 43.7% 44.2% 40.6% 42.6% 42.3% 41.5% 42.2% 41.8% 41.6% 41.0% 40.9% 41.3% 7.7% 7.1% 7.5% 7.5% 7.7% 6.2% 8.0% 7.4% 7.1% 6.6% 7.3% 7.6% 7.3% 7.3% 8.1% 23.2% 23.1% 21.4% 22.5% 22.4% 20.6% 21.0% 21.5% 20.2% 20.6%
Slide 16: Strong Operating Profitability
Strong Operating Profitability 40% Non-GAAP Operating Margin $244M $260 $227M $231M $240 40% $908M $960 38% $221M $214M $220M $850M $940 $920 $202M $900 $880 $200M $220 38% $860 $840 36% $184M $187M $200 36% $704M $820 $800 $780 $170M $760 $740 34% $163M 32.0% 31.5% 31.5% $180 $720 $700 $680 31.0% 3
Slide 17: Non-GAAP Net Income and EPS Reflect NICE's Financial Strength
Non-GAAP Net Income and EPS Reflect NICE’s Financial Strength 7% YoY Growth Non-GAAP Net Income 4% YoY $779M Growth $728M $201M $203M $583M $196M $190M $187M $185M $172M $174M $151M $155M $136M $142M Q1-23 Q2-23 Q3-23 Q4-23 Q1-24 Q2-24 Q3-24 Q4-24 Q1-25 Q2-25 Q3-25 Q4-25 2023 2024 2025 11% YoY 7% Yo
Slide 18: Healthy Cash From Operations and Free Cash Flow
Healthy Cash From Operations and Free Cash Flow Annual Free Cash Flow and Margin $M FY 2025 FY 2024 $1,000 27% $900 25% Operating Cash Flow 716.5 832.6 $800 $732.9 21% 20% $700 20% Capital expenditure of property and equipment (18.9) (35.0) $622.8 $600 Capitalization of software development (74.8) (
Slide 19: Executing on Share Repurchase Plan
Executing on Share Repurchase Plan Quarterly Annual $252M $489M $369M $165M $146M $288M $95M $90M $86M $65M $69M $65M $42M $41M $31M Q1-23 Q2-23 Q3-23 Q4-23 Q1-24 Q2-24 Q3-24 Q4-24 Q1-25 Q2-25 Q3-25 Q4-25 2023 2024 2025 19
Slide 20: Net Cash Position
Net Cash Position* Quarterly Annual $1,163M $1,141M $1,163M $1,151M $1,172M $1,119M $1,107M $1,068M $1,045M $1,046M $863M $863M $456M $417M $417M 3/31/2023 6/30/2023 9/30/2023 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024 3/31/2025 6/30/2025 9/30/2025 12/31/2025 12/31/2023 12/31/2024 12/31/202
Slide 21: Outlook (Non-GAAP)
Outlook* (Non-GAAP) Q1 2026 FY 2026 Revenue $755 – $765M $3,170 – $3,190M EPS $2.45 – $2.55 $10.85 – $11.05 *The outlook is provided as of February 19, 2025. There is no guarantee that the Company will change or update these figures in this presentation should a need arise in the future to update th
Slide 22: Appendix
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Slide 23: GAAP and Non-GAAP Income Statement
GAAP and Non-GAAP Income Statement USD in thousands (except EPS) Quarter ended Year to date December 31, December 31, 2025 2024 2025 2024 GAAP revenues $ 786,496 $ 721,600 $ 2,945,399 $ 2,735,272 Non-GAAP revenues $ 786,496 $ 721,600 $ 2,945,399 $ 2,735,272 GAAP cost of revenue $ 272,643 $ 232,386 $
Slide 24: GAAP and Non-GAAP Income Statement (cont.)
GAAP and Non-GAAP Income Statement (cont.) USD in thousands (except EPS) Quarter ended Year to date December 31, December 31, 2025 2024 2025 2024 GAAP net income $ 150,554 $ 99,509 $ 612,101 $ 442,588 Amortization of acquired intangible assets 36,444 25,855 100,734 115,867 Valuation adjustment on ac
Slide 25: GAAP and Non-GAAP Income Statement (cont.)
GAAP and Non-GAAP Income Statement (cont.) USD in thousands (1) Share-based compensation Quarter ended Year to date December 31, December 31, 2025 2024 2025 2024 Cost of cloud revenue $ 2,211 $ 3,520 $ 11,592 $ 12,487 Cost of services revenue 1,725 2,966 8,852 10,472 Cost of product revenue (58) 18
Slide 26: Non-GAAP EBITDA Reconciliation
Non-GAAP EBITDA Reconciliation USD in thousands Quarter ended Year to date December 31, December 31, 2025 2024 2025 2024 Unaudited Audited Unaudited Audited GAAP net income $ 150,554 $ 99,509 $ 612,101 $ 442,588 Non-GAAP adjustments: Depreciation and amortization 62,073 48,776 199,044 205,020 Share-
Slide 27: Free Cash Flow Reconciliation
Free Cash Flow Reconciliation USD in thousands Quarter ended Year to date December 31, December 31, 2025 2024 2025 2024 Unaudited Audited Unaudited Audited Net cash provided by operating activities $ 179,656 $ 249,522 $ 716,549 $ 832,641 Purchase of property and equipment (3,416) (7,567) (18,920) (3
Slide 28: Condensed Consolidated Balance Sheet
Condensed Consolidated Balance Sheet USD in thousands December 31, December 31, December 31, December 31, 2025 2024 2025 2024 Unaudited Audited Unaudited Audited ASSETS LIABILITIES AND SHAREHOLDERS' EQUITY CURRENT ASSETS: CURRENT LIABILITIES: Cash and cash equivalents $ 379,388 $ 481,712 Trade payab