Slide 1: Q3 2025 Earnings Presentation
Q3 2025 Earnings Presentation (NASDAQ: NICE)
Slide 2: 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: Create a NiCE world
Create a NiCE world Customer Financial Crime Public Safety Experience & Compliance & Justice Automating Customer Fighting Digitally Transforming Service by Orchestrating Workflows, Agents & Knowledge Financial Crime and Fraud Criminal Justice
Slide 4: NiCE at a glance: key company figures
>3,300 >9,500 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 $786M Customers Cash from Three Large Specialized Markets Operations* *Financial figures for last 12 months ended
Slide 5: Financial Overview
FINANCIAL OVERVIEW Quarterly Results In a NiCE world technology works for you
Slide 6: Q3-25 Financial Highlights
Q3-25 Financial Highlights Q3 2025 Results* Quarterly Results Change Y/Y Total Revenue $732M 6% Cloud Revenue $563M 13% Non-GAAP Operating Income $231M 5% Non-GAAP Operating Margin 31.5% (50 bps) Non-GAAP EPS $3.18 10% * Q3 2025 results include the financial performance of Cognigy from the date of t
Slide 7: Cloud Growth Fueled by AI Adoption and Customer Expansion
Cloud Growth Fueled by AI Adoption and Customer Expansion $268M 49% 12% 109% AI and Self-Service AI and Self-Service AI and Self-Service as LTM Q3/2025 ARR ARR YoY Growth % of Total Cloud Cloud NRR (+43% YoY excluding Cognigy) Revenue 7
Slide 8: Revenue Breakdown by Business Segment
Revenue Breakdown by Business Segment Quarterly Revenue Annual Revenue $2,735M $722M $727M $732M $453M $2,378M $690M $700M $659M $664M $2,181M $119M $623M $125M $130M $403M $108M $601M $111M $572M $581M $108M $109M $412M $101M $103M $100M $100M $2,282M $597M $592M $597M $613M $1,974M $578M $551M $55
Slide 9: Revenue Breakdown by Business Model
Revenue Breakdown by Business Model Quarterly Revenue Annual Revenue $722M $727M $732M $2,735M $690M $700M $30M $38M $45M $155M $659M $664M $34M $40M $623M $42M $35M $2,378M $601M $139M $581M $32M $150M $140M $154M $572M $140M $2,181M $596M $38M $150M $40M $148M $44M $149M $236M $162M $641M $160M $1
Slide 10: Recurring Revenue as a Percent of Total Revenue
Recurring Revenue as a Percent of Total Revenue Quarterly Annual 89% 90% 91% 88% 88% 89% 89% 89% 89% 86% 87% 87% 85% 82% 15% 14% 16% 17% 15% 15% 16% 19% 17% 20% 20% 20% 21% 23% 74% 75% 74% 77% 69% 71% 73% 72% 73% 64% 66% 67% 67% 59% Q1-23 Q2-23 Q3-23 Q4-23 Q1-24 Q2-24 Q3-24 Q4-24 Q1-25 Q2-25 Q3-25 2
Slide 11: Revenue Breakdown by Geographic Region – Q3 2025
Revenue Breakdown by Geographic Region – Q3 2025 84% 10% AMERICAS EMEA $618M, +5% YoY $74M, +7% YoY 6% APAC $40M, +19% YoY 11
Slide 12: 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% 70.0% 70.5% 70.1% Cloud GM Q1-23 Q2-23 Q3-23 Q4-23 Q1-24 Q2-24 Q3-24 Q4-24 Q1-25 Q2-25 Q3-25 2022 2023 2024 71.8% 72.2% 73.6% 72.0% 70.6% 70.2% 71.9% 70.6% 73.5% 72.4% 70.8% 68.8% 67.2% 67.7% Services
Slide 13: Non-GAAP Operating Expenses as a Percent of Total Revenue
Non-GAAP Operating Expenses as a Percent of Total Revenue Quarterly Annual 46.7% 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% 7.7% 7.9% 7.1% 7.5% 7.5% 7.7% 6.2% 8.0% 7.4% 7.1% 6.6% 7.3% 7.6% 7.3% 23.2% 23.1% 24.0% 21.4% 22.4% 21.5% 22.5% 20.6% 21.0% 19.2% 20.2% 20.6%
Slide 14: Strong Operating Leverage Evident in Growing Profitability
Strong Operating Leverage Evident in Growing Profitability 40% Non-GAAP Operating Margin $260 $227M $231M $240 40% $850M $900 38% $221M $214M $220M $880 $860 $202M $840 $200M $220 38% $820 $800 36% $184M $187M $200 36% $704M $780 $760 $740 $170M $625M $720 $700 34% $163M 32.0% 31.5% 31.5% $180 $680
Slide 15: Non-GAAP Net Income and EPS Reflect NICE’s Financial Strength
Non-GAAP Net Income and EPS Reflect NICE’s Financial Strength 25% YoY Growth Non-GAAP Net Income 7% YoY Growth $728M $196M $201M $187M $185M $190M $583M $172M $174M $507M $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 2022 2023 2024 27% YoY Non-GAAP EPS 10%
Slide 16: Healthy Cash From Operations and Free Cash Flow
Healthy Cash From Operations and Free Cash Flow LTM Free Cash Flow and Margin LTM LTM $M Q3-25 Q3-24 $1,000.0 28% 30% 27% $900.0 25% 24% 23% Operating Cash Flow 786.4 763.6 25% $800.0 $769M $733M $668M $692M $700.0 $660M 20% Capital expenditure of property and equipment (23.1) (33.5) $600.0 $500.0 1
Slide 17: Executing on Share Repurchase Plan
Executing on Share Repurchase Plan Quarterly Annual $369M $252M $288M $146M $145M $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 2022 2023 2024 17
Slide 18: Industry Leading Strong Net Cash Position
Industry Leading Strong Net Cash Position* Quarterly Annual $1,163M $1,163M $1,151M $1,172M $1,141M $1,119M $1,107M $1,029M $1,068M $1,045M $1,046M $863M $863M $456M 3/31/2023 6/30/2023 9/30/2023 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024 3/31/2025 6/30/2025 9/30/2025 12/31/2022 12/31/2023
Slide 19: Outlook (Non-GAAP)
Outlook* (Non-GAAP) FY 2025 Revenue ($M) 2,932 – 2,946 Revenue Growth 7% YoY at Midpoint EPS ($) 12.18 – 12.32 EPS Growth 10% YoY at Midpoint *The outlook is provided as of November 13, 2025. There is no guarantee that the Company will change or update these figures in this presentation should a nee
Slide 20: Appendix
Ras ae) c ® 2. a <x
Slide 21: GAAP and Non-GAAP Income Statement
GAAP and Non-GAAP Income Statement USD in thousands (except EPS) Quarter ended Year to date September 30, September 30, 2025 2024 2025 2024 GAAP revenues $ 731,999 $ 689,963 $ 2,158,903 $ 2,013,672 Non-GAAP revenues $ 731,999 $ 689,963 $ 2,158,903 $ 2,013,672 GAAP cost of revenue $ 242,930 $ 229,686
Slide 22: GAAP and Non-GAAP Income Statement (cont.)
GAAP and Non-GAAP Income Statement (cont.) USD in thousands (except EPS) Quarter ended Year to date September 30, September 30, 2025 2024 2025 2024 GAAP net income $ 144,853 $ 120,921 $ 461,547 $ 343,079 Amortization of acquired intangible assets 24,036 29,891 64,290 90,012 Valuation adjustment on a
Slide 23: 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 September 30, September 30, 2025 2024 2025 2024 Cost of cloud revenue $ 2,910 $ 3,175 $ 9,381 $ 8,967 Cost of services revenue 2,431 2,511 7,127 7,506 Cost of product revenue 22 30 65
Slide 24: Non-GAAP EBITDA Reconciliation
Non-GAAP EBITDA Reconciliation USD in thousands Quarter ended Year to date September 30, September 30, 2025 2024 2025 2024 Unaudited Unaudited Unaudited Unaudited GAAP net income $ 144,853 $ 120,921 $ 461,547 $ 343,079 Non-GAAP adjustments: Depreciation and amortization 48,918 52,964 136,971 156,244
Slide 25: Free Cash Flow Reconciliation
Free Cash Flow Reconciliation USD in thousands Quarter ended Year to date September 30, September 30, 2025 2024 2025 2024 Unaudited Unaudited Unaudited Unaudited Net cash provided by operating activities $ 190,500 $ 158,961 $ 536,893 $ 583,119 Purchase of property and equipment (7,258) (10,419) (15,
Slide 26: Condensed Consolidated Balance Sheet
Condensed Consolidated Balance Sheet USD in thousands September 30, December 31, September 30, December 31, 2025 2024 2025 2024 Unaudited Audited Unaudited Audited ASSETS LIABILITIES AND SHAREHOLDERS' EQUITY CURRENT ASSETS: CURRENT LIABILITIES: Cash and cash equivalents $ 418,052 $ 481,712 Trade pay