NICE Ltd. financial statements

Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data NICE Ltd. files with the SEC in its annual reports.

In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.

Income statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Revenue	1,016	1,332	1,445	1,574	1,648	1,921	2,181	2,378	2,735	2,945
Cost of revenue	338	469	497	532	562	624	684	768	910	989
Gross profit	678	863	948	1,042	1,086	1,297	1,498	1,609	1,826	1,956
Research and development	142	181	184	194	218	271	306	323	361	360
Selling and marketing	268	361	413	442	445	536	610	599	642	661
General and administrative	117	129	153	168	181	225	247	252	277	289
Operating expenses	544	713	750	803	844	1,033	1,162	1,174	1,280	1,310
Operating income	134	150	198	239	242	264	335	435	546	646
Interest expense	1.86	9.58	11.2	11.7	7.77	10.1	1.13	1.1	0.05	0
Interest income	0.95	1.15	3.78	3.86	1.54	0.2	4.72	20.3	24.5	22
Other non-operating income	10.3	-20.4	-10.9	-4.44	-4.86	-23.3	10.2	22.5	58.9	58.3
Pre-tax income	144	130	187	234	237	241	345	458	605	704
Income tax	21.4	-13.6	27.4	48.4	40.8	41.4	79.4	119	162	91.9
Income from continuing operations	123	143	159
Net income to minority interests			0	0	-0.33	0.35	-0.84	-1.8	-3.09
Net income	117	143	159	186	197	200	265	337	439	612
EBITDA	212	306	355	412	424	448	512	603	751	845
EPS, basic	1.96	2.37	2.60	2.99	3.13	3.15	4.17	5.32	6.97	9.82
EPS, diluted	1.92	2.31	2.52	2.88	2.98	2.98	4.00	5.11	6.76	9.67
Shares, basic (weighted)	0.06	60.4	61.4	62.1	62.7	63.2	63.8	63.6	63.5	62.3
Shares, diluted (weighted)	0.06	62.1	63.3	64.7	66	66.9	66.5	66.3	65.5	63.3
Dividend per share	0.64	0.16	0.00	0.00

Balance sheet

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	157	328	242	228	442	379	530	512	482	379
Short-term investments	30.3	64	244	211	1,022	1,046	1,042	896	1,140	38
Receivables	260	231	288	320	303	396	519	585	644	738
Inventory	4.72	3.89	3.43	3.39
Other current assets	4.27	4.01	5.11	7.57	7.04	9.4	20	16.4	17.4	19.2
Total current assets	509	693	861	876	1,942	2,298	2,417	2,313	2,505	1,379
Property, plant and equipment	87.7	118	140	142	138	146	159	174	185	189
Lease right-of-use assets				106	97.2	85.1	103	105	93.1	78.1
Goodwill	1,285	1,318	1,366	1,378	1,503	1,607	1,617	1,822	1,850	2,441
Intangible assets	619	551	508	411	366	295	210	306	231	588
Long-term investments	98.7	133	245	542	0
Other non-current assets	18.7	19.5	74	3.59	6.19	6.04	5.85	3.42	3.26	2.44
Total assets	2,632	2,845	3,207	3,610	4,233	4,710	4,854	5,118	5,296	5,106
Accounts payable	25.6	29.4	29.6	30.4	33.1	36.1	56	66	111	101
Accrued liabilities	86.2	80.9	105	108	96	113	141	163	158	196
Short-term debt	21.2		0	252	260	396	209	209	459	0
Total current liabilities	473	523	625	941	1,044	1,270	1,141	1,120	1,474	888
Long-term debt	444	448	456	213	421	429	455	457	0
Lease liabilities				103	92.3	81.2	99.3	103	92.3	75.1
Other non-current liabilities	17.2	11.9	14.6	1.73	1.75	1.89	22.1	4.69	37.5	71.6
Total liabilities	1,121	1,096	1,191	1,353	1,644	1,872	1,799	1,763	1,693	1,230
Total debt	465	212	212	465	681	825	665	666	459	0
Paid-in capital	1,318	1,421	1,500	1,568	1,682	1,818	1,951	2,123	2,279	2,382
Retained earnings	711	851	1,072	1,258	1,454	1,654	1,926	2,263	2,702	3,314
Treasury stock	-489	-508	-527	-554	-574	-626	-743	-1,005	-1,339	-1,803
Other comprehensive income	-46.8	-32.9	-46.6	-33.3	-16.7	-39.7	-111	-59.1	-71.1	-35.7
Shareholders' equity	1,511	1,750	2,017	2,257	2,564	2,825	3,042	3,341	3,590	3,877
Minority interests				0	24.6	12.9	13.3	13.4	13.4	0
Total equity	1,511	1,750	2,017	2,257	2,588	2,838	3,055	3,355	3,603	3,877
Total liabilities and equity	2,632	2,845	3,207	3,610	4,233	4,710	4,854	5,118	5,296	5,106
Shares outstanding	60	60.9	61.8	62.4	63.1	63.5	63.6	62.9	63.2	60.4

Cash flow statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	117	143	159	186	196	199	266	338	443	612
Depreciation and amortization	77.8	156	157	173	182	184	177	167	205	199
Stock-based compensation	40.5	57	67.2	80.9	102	153	183	177	182	146
Deferred income tax	-25.9	-70.8	-30.2	-12.2	-33.3	-39.5	-52.7	-63.4	-39.9	10.4
Change in receivables	-31.8	37.7	-72.6	-29.9	22.2	-85.8	-130	-34.3	-61	-75.8
Cash from operations	228	395	397	374	480	462	480	561	833	717
Capital expenditures	-27.3	-39.9	-31.4	-27.3	-24.2	-24.8	-31.9	-29.2	-35	-18.9
Acquisitions	-1,156	-76	-105					-415	-64.8	-856
Purchases of investments	-47.2	-133	-430	-619	-583	-322	-396	-230	-938	-93.3
Sales and maturities of investments	450	64.3	137	363	329	271	356	436	705
Cash from investing	-800	-213	-461	-344	-465	-261	-152	-294	-397	160
Debt issued	465
Debt repaid		-260	0	0	-215	-177	-20.1	-2.63	-192	-460
Share buybacks	-43.6	-24.4	-26	-47.3	-48.3	-73.2	-145	-288	-369	-489
Dividends paid	-38.2	-9.64	0	0
Cash from financing	405	-14.8	-16.3	-42.7	197	-262	-164	-290	-457	-984
Exchange rate effect	-2.55	4.42	-5.78	-0.98	1.87	-2.11	-8.43	2.64	-6.91	4.73
Net change in cash	-169	171	-86.2	-13.8	214	-63.6	154	-19.8	-28.3	-103
Free cash flow	201	355	365	347	456	437	448	532	798	698
Interest paid	2.2	7.91	12.3	11.5	7.83	0.69	2.97	1.22	0.24	0.22
Income taxes paid	28.4	33	42.9	65.2	83.3	97.3	124	210	120

Key metrics

Worked out from the statements above. Latest values use fiscal 2025. Valuation uses the share price of $109.09 on September 28, 2026.

Profitability

Metric	Value	How it is calculated
Gross margin	66.4%	Gross profit / revenue.
Operating margin	21.9%	Operating income / revenue.
EBITDA margin	28.7%	EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin	23.9%	Pre-tax income / revenue.
Net margin	20.8%	Net income / revenue.
FCF margin	23.7%	Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin	24.3%	Cash from operations / revenue.
Effective tax rate	13.1%	Income tax / pre-tax income, when pre-tax income is positive.
Return on equity (ROE)	16.4%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	11.8%	Net income / average total assets.
Return on invested capital (ROIC)	15.9%	Approximation: operating income x (1 - tax rate) / average (total debt + equity - cash). Tax rate is the effective rate when between 0% and 50%, else 21%.
R&D / revenue	12.2%	Research and development expense / revenue.
Stock-based pay / revenue	5.0%	Stock-based compensation (from the cash flow statement) / revenue.
Capex / revenue	0.6%	Capital expenditures / revenue.
D&A / revenue	6.8%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	7.7%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	10.5%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	12.3%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Gross profit growth, 1y	7.1%	Gross profit vs the same period a year earlier. Only from a positive base.
Gross profit CAGR, 3y	9.3%	Compound annual growth of gross profit over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Gross profit CAGR, 5y	12.5%	Compound annual growth of gross profit over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating income growth, 1y	18.3%	Operating income vs the same period a year earlier. Only from a positive base.
Operating income CAGR, 3y	24.4%	Compound annual growth of operating income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating income CAGR, 5y	21.7%	Compound annual growth of operating income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EBITDA growth, 1y	12.5%	EBITDA vs the same period a year earlier. Only from a positive base.
EBITDA CAGR, 3y	18.2%	Compound annual growth of ebitda over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EBITDA CAGR, 5y	14.8%	Compound annual growth of ebitda over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Net income growth, 1y	39.3%	Net income vs the same period a year earlier. Only from a positive base.
Net income CAGR, 3y	32.2%	Compound annual growth of net income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Net income CAGR, 5y	25.5%	Compound annual growth of net income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EPS growth, 1y	43.0%	EPS vs the same period a year earlier. Only from a positive base.
EPS CAGR, 3y	34.2%	Compound annual growth of eps over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EPS CAGR, 5y	26.5%	Compound annual growth of eps over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating cash flow growth, 1y	-13.9%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 3y	14.3%	Compound annual growth of operating cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating cash flow CAGR, 5y	8.3%	Compound annual growth of operating cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Free cash flow growth, 1y	-12.5%	Free cash flow vs the same period a year earlier. Only from a positive base.
Free cash flow CAGR, 3y	15.9%	Compound annual growth of free cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Free cash flow CAGR, 5y	8.9%	Compound annual growth of free cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Book value growth, 1y	8.0%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	8.4%	Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Book value CAGR, 5y	8.6%	Compound annual growth of book value over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Total assets growth, 1y	-3.6%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	1.7%	Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y	3.8%	Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Share count change, 1y	-3.3%	Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 3y	-1.6%	Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 5y	-0.8%	Change in diluted weighted shares, per year over 5 years. Negative means buybacks shrank the share count; positive means dilution.

Balance sheet health

Metric	Value	How it is calculated
Current ratio	1.55x	Current assets / current liabilities.
Quick ratio	1.30x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	0.47x	(Cash + short-term investments) / current liabilities.
Debt / equity	0.00x	Total debt / shareholders' equity. Not shown when equity is negative.
Debt / assets	0.0%	Total debt / total assets.
Liabilities / assets	24.1%	Total liabilities / total assets.
Net debt	-$417.4M	Total debt - cash - short-term investments. Negative means more cash than debt.
Net debt / EBITDA	-0.49x	Net debt / EBITDA (twelve months), when EBITDA is positive.
Working capital	$491.5M	Current assets - current liabilities.
Goodwill and intangibles / assets	59.3%	(Goodwill + intangible assets) / total assets.
Tangible book value	$848.4M	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	0.57x	Revenue / average total assets.
Fixed asset turnover	15.7x	Revenue / average property, plant and equipment.
Receivables turnover	4.26x	Revenue / average receivables.
Days sales outstanding	86 days	365 x average receivables / revenue.
Days payables	39 days	365 x average accounts payable / cost of revenue.
FCF conversion	114.0%	Free cash flow / net income, when net income is positive.
Capex / operating cash flow	2.6%	Capital expenditures / cash from operations, when that is positive.

Per share

Metric	Value	How it is calculated
EPS, diluted	$9.67	Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
EPS, basic	$9.82	Net income per basic share, as reported (split-adjusted).
Revenue per share	$46.51	Revenue / diluted weighted shares.
FCF per share	$11.02	Free cash flow / diluted weighted shares.
Operating cash flow per share	$11.32	Cash from operations / diluted weighted shares.
Book value per share	$64.15	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	$14.04	Tangible book value / shares outstanding.
Cash per share	$6.91	(Cash + short-term investments) / shares outstanding.
Buybacks / FCF	70.1%	Share buybacks / free cash flow, when free cash flow is positive.

Valuation

Metric	Value	How it is calculated
Market cap	$6.48B	Share price x shares outstanding.
Enterprise value	$6.06B	Market cap + total debt - cash - short-term investments.
P/E	10.6x	Market cap / net income. Only when net income is positive.
P/S	2.20x	Market cap / revenue.
P/B	1.67x	Market cap / shareholders' equity. Only when equity is positive.
Price / tangible book	7.64x	Market cap / tangible book value, when positive.
P/FCF	9.29x	Market cap / free cash flow. Only when free cash flow is positive.
P/OCF	9.04x	Market cap / cash from operations, when positive.
EV/Sales	2.06x	Enterprise value / revenue.
EV/EBIT	9.39x	Enterprise value / operating income, when both are positive.
EV/EBITDA	7.18x	Enterprise value / EBITDA, when both are positive.
EV/FCF	8.69x	Enterprise value / free cash flow, when both are positive.
FCF yield	10.8%	Free cash flow / market cap.
Earnings yield	9.4%	Net income / market cap (the inverse of P/E).
Shareholder yield	7.5%	(Dividends paid + share buybacks) / market cap.
PEG	0.31x	P/E / EPS growth per year over 3 years (in percent). Only when both are positive.

What was NICE Ltd.'s revenue in fiscal 2025?

NICE Ltd. reported revenue of $2.95B for fiscal 2025, 7.7% higher than the year before.

Was NICE Ltd. profitable in fiscal 2025?

Yes. Net income was $612.1M, a net margin of 20.8%.

How much free cash flow did NICE Ltd. generate in fiscal 2025?

Cash from operations of $716.5M minus capital expenditures of $18.9M left free cash flow of $697.6M.

Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.

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