Full Report

NICE Ltd.'s management explains the business in its own materials. The slides below do the most of that work, pulled from the documents preserved in Sources. Each source link opens the complete presentation at that slide in a new tab.

Investor & Analyst Day 2026 — 2026

Management's fullest current statement of the CX-AI strategy — platform, competitive position, the Cognigy integration and unit economics. · Open the full document →

Capital Markets Day 2025 — 2025

The quantified strategy and financial framework: market sizing, the multi-year targets, and the five-year financial track record. · Open the full document →

NiCE to Acquire Cognigy — Investor Presentation — 2025

The rationale, terms and metrics of NiCE's largest recent acquisition, now core to the AI platform. · Open the full document →

Q1 2026 Earnings Presentation — Q1 2026

The current numbers — segment, business-model and geographic revenue splits with the latest quarterly results. · Open the full document →

More from management

Q4 & Full-Year 2025 Earnings Presentation — Q4 2025 · 28 pages · The full-year 2025 scorecard and initial FY2026 guidance that the strategy targets build on. · Open →

Q4 & Full-Year 2024 Earnings Presentation — Q4 2024 · 29 pages · Full-year 2024 results — the base year for the multi-year growth plan, before Cognigy. · Open →

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NICE Ltd.'s management answers for the business every quarter. These are the exchanges that explain it best — verbatim, from the call transcripts preserved in Sources. Each link opens the full transcript at that page in a new tab.

Q1 FY2026 Earnings Call — Q1 FY2026

The AI pivot in full: management is deliberately trading near-term CX revenue for locked-in, long-term AI commitments — and explains why. · Open the full transcript →

How NICE makes money: the 'digital front door' that monetizes every consumer interaction — voice, digital or AI.

Scott Russell (Chief Executive Officer): What's often missed in the discussion around AI is the volume of interactions are rapidly expanding. Today, time is the single biggest constraint limiting how often a consumer engages with a brand. As personal AI removes that friction, IT engagement will further increase and NICE sits directly in the flow of those interactions. We are the digital front door. Most enterprise software companies monetize internal users and some monetize only the AI flows. We monetize all consumer interactions with a brand, be it voice, digital or AI, and that digital front door has no ceiling

p. 21 · Read in context →

Capital allocation: an active, adviser-led exploration to divest the non-CX assets (financial crime, public safety).

Scott Russell (Chief Executive Officer): Before passing it over to Beth, let me briefly address our broader portfolio. We spend a lot of time talking about our CX business, but it's important to remember we also have two other great businesses in financial crime and compliance and public safety, both of which provide mission critical solutions and have strong market positions. As I've shared, we regularly review our portfolio to ensure we are maximizing value for our shareholders. We've been working with advisers over the past several months to run a process for our non CX assets. I want to emphasise that this is an exploration. No decisions have been made and we continue to see value in these businesses

p. 22 · Read in context →

The quarter's core trade, with a worked example: discount legacy products now to lock in a multi-year AI commitment.

Scott Russell (Chief Executive Officer), responding to Sidi Panagarahi (Mizuho): But in that context we're making deliberate commercial decisions to lock in that AI business rather than let it go to a broader market evaluation. This gives us a number of benefits, it shortens the AI sales cycle, it leads to more AI revenues on a faster timeline and it obviously has shown up in our backlog that we've reflected. But what it also then highlights is some near term variability on existing products and timing differences between the AI bookings that convert to revenue. But our view on this is this is the right trade. We are managing the business for long term growth […] There was a customer that came to us that had a large financial services customer where we secured a broader commitment to deploy Cognigy for automation. We added an additional year on the total term and to get the deal done faster, we provided attractive pricing on some of our existing CCX products. The AI deployment will begin contributing to revenue later on in the year and more significantly in 2027, but the discount is felt right away. So as a result there's a near term impact on ARR, but a clear visibility to growth above the pre renewal ARR as the AI bookings convert to revenue

p. 28 · Read in context →

Q4 & Full Year FY2025 Earnings Call — Q4 FY2025

The full-year 2025 scorecard and the clearest rebuttal of the AI-displacement bear case, from the new CEO. · Open the full transcript →

The base business: seats and interactions still growing, with only ~40% of contact centers migrated to cloud — a long runway.

Scott Russell (Chief Executive Officer): None of this would be possible without a healthy core CCaaS business. We have the leading platform in a growing and healthy market. Seats and interactions on CXone continued to grow in 2025. And importantly, only about 40% of contact centers have migrated to CCaaS today, leaving a large and durable on-premise to cloud migration opportunity ahead. We are delivering real transformative value to our customers, and this is translating into strong performance in our core CCaaS business. In Q4, cloud revenue grew 14% year-over-year and excluding NiCE Cognigy, grew 12%.

Q4 was a record quarter for new cloud ACV bookings, including and excluding Cognigy, driving cloud backlog growth to 25%, including Cognigy and 22% excluding it

p. 3 · Read in context →

The bear thesis stated bluntly — 'the market is scared of AI displacing your business' — and management's disconnect argument.

Rishi Jaluria (RBC Capital Markets); Scott Russell (Chief Executive Officer): it’s pretty clear that the market is scared of AI disrupting and displacing your business. Clearly, that’s spread to all of software and is something that we’ve all been dealing with really in a big way over the past couple of months. You made it clear over the past couple of years and at Analyst Day and now today that you’re viewing AI as a real tailwind for NiCE and something that could pick up accelerating momentum in kind of the coming years. Can you maybe help us understand where is the disconnect? Where do you think that the market is wrong […] there is clearly a disconnect between the fears in the market and the reality of what we’re seeing in the business. So let me try to break it down, if I can. First of all, there’s a concern about competition from new AI point coming at the expense of those competitors. Actually, it’s a beneficiary. If you look at NiCE’s business, 13% of our cloud revenue is AI. We’ve already proven that we’ve embedded it into our core platform. We’re able to deliver durable value to our customers

p. 10 · Read in context →

The moat in one answer: NICE rents the frontier models but wraps them in proprietary interaction data and CX specialization.

Scott Russell (Chief Executive Officer): we leverage those models. We have partnerships with those AI players that we can use those models in our stack, but then we’ve built a purposebuilt AI around customer engagement data. And so we differentiate by our specialization. Those models are really powerful, but then we process it on those billions of interactions, the specific learning loops, the optimization. So the specialization around the customer intent resolution, the compliance-heavy workflows, the guardrails that enterprise have, the real-time voice orchestration.

So the reality is it’s not replacing, it’s enabling a more powerful and differentiated outcome

p. 12 · Read in context →

Do advanced-AI customers cut seats? 'No plans to reduce agents' — the data doesn't support seat erosion; growth on both levers.

Arjun Bhatia (William Blair); Scott Russell (Chief Executive Officer): what are you seeing in terms of seat dynamics there […] So rather than elimination of roles, they’re using it as an efficiency driver so their people can be driving more value-added activities. And so they had no plans, no plans to reduce agents in the short to midterm. Now that’s not to say that as we continue to build out our platform that we don’t see the opportunity to be able to reduce the human capacity as the AI picks up. But we — that’s why in these complex environments because remember, CX is tough. you’ve got to have accuracy of data at high volume, the guardrails, the domain expertise and ultimately, it’s got to fulfill a great consumer experience for the brand. And so what they don’t want is a point solution that gives them a bit of automation, but then increases the complexity when it has to interoperate with their AI agents.

And I think we’ve really seized upon this. What we see at the top end is that customers value a unified customer engagement platform. We call it the front door. So whether it’s voice, whether it’s digital, whether it’s AI or what is most likely to be a combination of all three at the same time, real time at enterprises at the top end, they need a platform that can give that in a scalable, reliable way. And obviously, we differentiate on that basis. So it’s interesting about the, I guess, the perceived concerns that you’re going to see this erosion of the seats. We — the data does not support that assertion, but we’re growing on both levers, and we continue to expect to do so

p. 14 · Read in context →

Q4 & Full Year FY2024 Earnings Call — Q4 FY2024

Scott Russell's first call as CEO: the leadership handover, the capital-allocation math, and a candid admission on deployment lag. · Open the full transcript →

The handover on record: Russell's first words as CEO, acknowledging Barak Eilam and framing the AI-leadership claim at 3.5bn interactions.

Scott Russell (Chief Executive Officer): I’m excited to be talking to you today for the first time as CEO of NICE. Before we dive into today’s call, I want to take a moment to acknowledge Barak’s strong leadership that brought NICE to where it is today. It is an honor to lead a company renowned for its relentless innovation, customer centricity and operational excellence. I joined NICE for its undisputed leadership and for its immense potential for growth. With a strong financial foundation, industry leading solutions and 9,000 plus dedicated NICEs all around the world, we are poised to drive NICE into the next era of growth. On today’s call, I want to focus on two key themes. First, NICE is the undisputed AI leader in customer service […] We’re improving customer experiences for hundreds of millions of people worldwide, managing over 3.5 billion AI interactions annually while driving tangible value for our clients, simply put we are leading this market and we are doing so decisively

p. 2 · Read in context →

Capital allocation laid out: 27% free-cash-flow margin, a $500M buyback, $1.2bn net cash — and a plan to repay debt at maturity.

Beth Gaspich (Chief Financial Officer): For the full year 2024, we have generated free cash flow of $733 million, surpassing our free cash flow target of $700 million set out in Q2, yielding an exceptional free cash flow margin of 27%, a level unrivaled in our industry […] In Q4, we repurchased shares totaling $95 million and $369 million for the full year 2024, an increase of 28% year-over-year. We will continue executing our current $500 million share repurchase program throughout this year. Total cash and investments at the end of December totaled $1.622 billion. Our debt stands at $450 million resulting in net cash and investments of $1.2 billion. Our debt matures in mid-September of this year. At this time, our expectation is to repay the debt on maturity. Therefore, we expect less investment income to be generated in the second half of 2025

p. 8 · Read in context →

Guidance philosophy: why the 12% cloud guide is deliberately prudent — no repeat seasonality, slower enterprise ramps, LiveVox drag.

Beth Gaspich (Chief Financial Officer), responding to Meta Marshall (Morgan Stanley): There are several factors that we have taken into consideration as we’ve set this guidance.

I think, first of all, even going into last quarter, we had highlighted that we expected and we were seeing some positive seasonality in the fourth quarter, which played out. But certainly, seasonality is not something that you can always be confident around and so we have taken that into consideration and have not assumed that we will have the same level of seasonality in the back half of this year given that it’s still early in the year. The second thing that I would call out and that Scott also highlighted in his remarks earlier today, is that we do know that we are seeing more and more large enterprise deals, and these deals are taking us longer to deploy. In the fourth quarter, we actually saw an improvement in the deployment time. But of course, it’s something that we’re continuing to be focused on and need to be confident that that will be a recurring event […] we’ve known that the LiveVox growth rate does come with a bit of headwind. And of course, we are – have that factored into the guidance as well. So, I would say all of those are a combination of things that were considered as we thought about the guidance of the 12% on cloud for this year

p. 10 · Read in context →

The bear case met head-on: yes, fewer human agents over time — but a unified voice-plus-AI platform is the durable position.

Scott Russell (Chief Executive Officer), responding to Arjun Bhatia (William Blair): I do believe firmly that we will see over time a reduction in human agents, an increase of AI agents. But the combination and the interactability is going to be the key. Rather than you go to one channel or the other, you need to have a unified platform to be able to fulfill a consumer who frankly doesn’t really care about how who they interact

p. 21 · Read in context →

Q3 FY2024 Earnings Call — Q3 FY2024

Barak Eilam's farewell call — the transition announcement and his sharpest defense of NICE against the AI-cannibalization fear. · Open the full transcript →

The thesis in one image: inverting the 90%-human/10%-tech cost mix, with billions of proprietary interactions as the barrier.

Barak Eilam (Chief Executive Officer): Historically, the customer service equation had been heavily skewed with 90% reliance on human resources and nearly 10% on technological solutions. Today, we possess the tools to invert this equation, bringing us closer than ever to fully automated customer service that meets both precision and scale. Nevertheless, the journey towards authentic automation and customer service is through its challenges, with significant barriers to domain expertise, only those vendors fortified with deep resources and robust foundation in customer service, including agents, workloads and knowledge will successfully make this leap. At NICE, we possess all of that in an unrivaled advantage. IMEC CRM and generic big tech, we manage billions of customer service interactions every year, providing us exclusive untethered access to customer intent at any given time, the most important ingredient for customer service automation

p. 3 · Read in context →

The succession, announced: Eilam's last call, with Scott Russell taking over January 1 and a continuity message.

Barak Eilam (Chief Executive Officer): as this will be my last earnings call, I want to express my gratitude to each of you for the trust and support you have shown me over the years. Leading this company has been one of the greatest honors of my life. Together with 9,000 NICErs, we have built NICE into a multibillion dollar global category leader. I have soul confidence in NICE’s continued leadership due to the strengths of our team, the resilience of our vision and the many opportunities ahead.

I will continue to drive the company through the end of the year and ensure a smooth transition to Scott Russell, who will assume the CEO position on January 1st

p. 7 · Read in context →

Why AI isn't a like-for-like cloud swap: it re-engineers workflows and removes agents — slower to land, but permanent.

Barak Eilam (Chief Executive Officer), responding to Rishi Jaluria (RBC Capital Markets): the market of customer service automation is not — it’s not just about the move from on-prem to cloud, that’s the easy part, if you would like.

It is about, as I said before, reengineering workflows, taking out agents from the workflows and embedding AI instead. So that’s from customers take a bit longer. But when it happens, it happens in a massive scale and it’s going to be there forever, because it’s going to replace before, a significant backlog that we have for CXone. With that change of mix, it gives us optimism about the future

p. 13 · Read in context →

Q3 FY2023 Earnings Call — Q3 FY2023

Where NICE first laid out its generative-AI-for-CX playbook — the origin of the whole thesis, well before the CEO transition. · Open the full transcript →

AI reframed as an incremental TAM and a tailwind that pulls forward cloud migration in a market only 20% penetrated.

Barak Eilam (Chief Executive Officer): AI is now a meaningful growth engine by itself with a significant incremental TAM.

This powerful growth engine is substantiated by the fact that in Q3, AI was included in 80% of our new enterprise CX deals and was the fuel that drove those deals. Additionally, year to date our CXone AI bookings increased 163% and digital engagement bookings grew 78% compared to the same period last year. The CX market is experiencing a shift in demand dynamics that is a tailwind for NICE. This favorable shift is unleashing a positive ripple effect. It starts with heightened demand for CX AI. This in turn is driving an accelerated demand for platformization because for AI to be effective in the complex world of CX, there is a resolute prerequisite to converge all CX assets into a single platform. This mandates faster decision making for cloud adoption and migration in a market that is still only 20% penetrated in the cloud

p. 3 · Read in context →

How AI monetizes, concretely: deals where AI doubled or 6x'd ACV and beat rivals who 'could only deliver slideware.'

Barak Eilam (Chief Executive Officer): In a seven-digit ACV deal with one of the largest cruise ship operators, digital engagement and CX AI doubled the size of the deal. AI was the main determining factor for our win over multiple competitors that could only deliver slideware. In another seven-digit ACV deal, this one with a large BPO, AI increased the deal by 6x.

This company, like many other BPOs, is expanding its AI capabilities to transform their business model by using more automation. The incumbent cloud provider which we replaced could not deliver true CX AI capabilities. We signed a seven-digit ACV deal with a major European broadband provider, and this deal was 100% AI

p. 4 · Read in context →

The product model explained: Copilot and Autopilot as a continuum, and why a unified platform breaks 20 years of automation failures.

Meta Marshall (Morgan Stanley); Barak Eilam (Chief Executive Officer): most vendors and companies talk about automation, it’s either/or. It’s either you have something with an agent that is fully manual, done by the agent with some technology, or fully automated tasks. The approach we have been taking with AI, and that’s the reason that we have launched Copilot and Autopilot together, the Enlighten Copilot and Autopilot, is the ability to move in this continuum and deliver a continuous experience for customers […] The ability with CXone, that is a unified platform that has all the convergence assets and provides AI for both agents and for full automation, that’s what allows you to break this 20-some years of failures in automation and bring it to life

p. 15 · Read in context →

Competitive dynamics named: why NICE out-wins Genesys — incumbent lock-in, a debt-laden rival, and the digital/AI investment gap.

Pat Walravens (JMP Securities); Barak Eilam (Chief Executive Officer): If you look at the Gartner magic quadrant, you and Genesis are the two clear leaders in the space. Can you walk us through what the competitive dynamics are like with them? When do you usually win and when you do usually not win? How does it work […] We have a superior winning rate over Genesis. In many cases Genesis and others are the incumbents, and they are, because of their financial considerations, trying to hold onto their customer base and maintenance base. That’s number one. Second, I think given once again the financial considerations, like very high debt and the way that the company is being held in terms of ownership, I think they are very short term oriented in terms of their investment in the long term viability of the company for customers. I think that gives us superiority. Our investments specifically in expanding into digital engagement and AI is something that we haven’t seen there, and it gives us these days a significant advantage

p. 16 · Read in context →

The cannibalization fear, first posed: AI lets firms avoid adding labor rather than cut agents — with 20% cloud penetration still to run.

Michael Funk (Bank of America); Barak Eilam (Chief Executive Officer): we don’t see right now, whether it’s good or bad, we don’t see a reduction in [indiscernible] agent industry right now, not to speak about the fact that with 20% penetration of cloud, even if there will be some reduction in number of agents, we still have a very, very long way to go in winning market share on the agents. What we see is that a lot of companies are dealing–it’s almost like avoiding adding more labor because the number of interactions, digital or not, are increasing exponentially and becoming more complicated, and that’s where they are trying to deploy AI in order to avoid the additional labor costs

p. 17 · Read in context →

More calls

Q2 FY2025 Earnings Call — Q2 FY2025 · 30 pages · Go here for the Cognigy acquisition rationale — NICE's move into agentic AI and the CXone Mpower build-out under Scott Russell's first full year. · Open →

Q1 FY2025 Earnings Call — Q1 FY2025 · 32 pages · Russell's first full quarter as CEO: the early read on his priorities and the CXone Mpower ramp before the Cognigy deal. · Open →

Q2 FY2024 Earnings Call — Q2 FY2024 · 30 pages · Barak Eilam's mid-2024 platform update on CXone Mpower — the AI story at full stride the quarter before the succession was announced. · Open →

Q1 FY2024 Earnings Call — Q1 FY2024 · 27 pages · The start of the AI-bookings acceleration year, with Eilam quantifying how AI was attaching to and enlarging enterprise CX deals. · Open →

Q4 & Full Year FY2023 Earnings Call — Q4 FY2023 · 33 pages · The FY2023 annual: the full-year framing of the CXone platform and Enlighten AI strategy that the Q3 2023 call introduced. · Open →

Q2 FY2021 Earnings Call — Q2 FY2021 · 30 pages · The pre-AI baseline: the pandemic-era CXone cloud-migration story that defined NICE's growth before generative AI reframed it. · Open →

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NICE Ltd.'s annual reports contain management's most considered account of the business. These are the sections, passages and visual pages worth opening in the originals preserved in Sources.

NICE Ltd. — FY2025 Annual Report (Form 20-F) — FY2025

The latest 20-F: management's full account of the two-segment AI software business, its economics, and what drove 2025 results. · Open the full document →

Item 3. Key Information — Risk Factors — p. 9 · Read the full section →

The risks specific to NICE: whether its own AI cannibalizes the seat-based pricing and voice franchise that still fund the business.

Management flags that AI adoption may shift revenue off per-seat pricing — a risk to its own model.

Additionally, market acceptance of AI-based products and services may accelerate certain trends in the markets in which we operate. For example, a shift from seat-based recurring revenue to consumption-based revenue, or decrease in demand for solutions priced based on the number of human agents deployed. If we are not able to successfully address the effect of such AI-related trends on our business models, our business, financial condition and results of operation may be adversely affected

p. 11 · Read in context →

The shift away from voice — including to autonomous AI agents — threatens solutions that still generate significant revenue.

The trend of enterprise customers moving from voice communications to other means of communication with the enterprise (such as autonomous AI agents, self-service, e-mail, messaging applications, social media and chat) may result in a reduction in the demand for our voice platform and applications.

p. 12 · Read in context →

Item 4.B Business Overview — p. 33 · Read the full section →

The business in management's words — two markets, an AI-first thesis, a new CEO, and the Cognigy deal anchoring the Agentic-AI pivot.

How NICE frames itself: AI-powered cloud platforms across Customer Engagement and Financial Crime & Compliance.

NiCE is a global enterprise software leader, delivering mission-critical AI-powered cloud platforms that serve two main markets: Customer Engagement and Financial Crime and Compliance. Our platforms are designed to automate complex, high-volume, and highly regulated workflows where reliability, security, and measurable outcomes are essential. In Customer Engagement, our CXone platform enables enterprises to automate customer service by orchestrating workflows, AI, and human agents, and enterprise knowledge within a single, unified AI platform. In Financial Crime and Compliance, we provide embedded AI solutions that help financial institutions prevent money laundering and fraud, and ensure real-time regulatory compliance across financial markets.

p. 33 · Read in context →

The strategy reset: domain-specific AI, a January 2025 CEO change, and the September 2025 Cognigy deal.

Our long-term strategy is to further broaden our industry leadership in both the Customer Engagement and Financial Crime and Compliance market segments using our unique domain-specific AI capabilities and our foundational platforms, applications and data assets. In January 2025, we completed a leadership transition with Scott Russell assuming the role of CEO, bringing deep enterprise software and cloud experience to accelerate our AI‑first platform strategy. […] In September 2025, we acquired Cognigy, a global leader in conversational and Agentic AI.

p. 38 · Read in context →

Item 5. Operating and Financial Review and Prospects — p. 55 · Read the full section →

Where management explains the numbers: the cloud/services/product mix shift and what actually drove 2025 revenue in each segment.

The drivers by segment: CXone demand and large-enterprise penetration in CX; X-Sight/Xceed adoption in Financial Crime.

The revenue growth of our Customer Engagement business segment in 2025 is primarily attributed to the continued increase in demand for our cloud platform CXone from new customers and ongoing expansion within our installed customer base, driven by further penetration into the large enterprise market globally. […] The revenue increase in our Financial Crime and Compliance business segment in 2025 is primarily attributed to an increase in cloud revenue due to increased adoption of our cloud platforms X-Sight and Xceed, as well as an increase in revenues from our premise-based business.

p. 63 · Read in context →

Note 16. Reportable Segments and Geographical Information — p. 169 · Read the full section →

The segment economics laid bare: Customer Engagement dwarfs Financial Crime & Compliance in revenue, but both post strong operating margins.

NICE Ltd. — FY2021 Annual Report (Form 20-F) — FY2021

The pre-pivot edition: the same section four years earlier reads 'digital-first' and 'digital powerhouse,' not AI-first — a clean before-and-after on strategy. · Open the full document →

Item 4.B Business Overview — p. 45 · Read the full section →

Read against FY2025, it shows the thesis moving from digital transformation and cloud migration to an AI-first, Agentic mandate.

FY2021 framing: 'cloud platforms for AI-driven digital business solutions' and a 'digital-first consumer reality.'

NICE is a global enterprise software leader, providing cloud platforms for AI-driven digital business solutions that serve two main markets: Customer Engagement and Financial Crime and Compliance. Our core mission is to transform experiences to be extraordinary and trusted, and create frictionless and safe digital-first consumer reality, where every interaction is easy, effortless and instantaneous. Our solutions are used by organizations of all sizes and are offered in multiple delivery models, including cloud and onpremises.

p. 45 · Read in context →

The FY2021 ambition was to become 'a true digital powerhouse' — no mention of Agentic or domain-specific AI.

Our long-term strategy is to further establish our status as an industry leader in both the Customer Engagement and Financial Crime and Compliance market segments. In Customer Engagement, we will continue to leverage CXone, as well as our large customer base, to continue our leadership in the CX market. We will continue to expand our digital reach through a series of strategic productlaunches, fueled by organic developments and acquisitions, whereby we intend to become a true digital powerhouse.

p. 53 · Read in context →

More annual reports

NICE Ltd. — 2024 Annual Report — FY2024 · 186 pages · The glossy FY2024 edition; the last full year under prior CEO Barak Eilam before the AI-first reset. · Open →

NICE Ltd. — FY2023 Annual Report (Form 20-F) — FY2023 · 160 pages · FY2023 Form 20-F — the detailed filing midway between the FY2021 and FY2025 strategy statements. · Open →

NICE Ltd. — 2022 Annual Report — FY2022 · 206 pages · The glossy FY2022 edition, covering the first full year of the CXone-led cloud acceleration. · Open →

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Source: S&P Capital IQ consensus via Xpressfeed · Generated 2026-07-23.

NICE's consensus tape shows steady double-digit revenue acceleration into 2028, with FY2027 normalized EPS marked up about 5% over the past 90 days while the revenue line held flat — a margin-led upgrade. The print record is a run of small revenue beats alongside modest EPS surprises. Ratings and target-price coverage, by contrast, rest on a single analyst.

Ratings and price targets rest on a single analyst

Treat the lone buy rating and $213.87 target as thin signal. Annual normalized EPS and FY2028-29 EBITDA (one to two analysts) are similarly single-source.

FY2027 EPS consensus up ~5% in 90 days while revenue holds flat

Over 180 days FY2027 revenue is down about 1%, so the EPS mark-up is not a top-line story.

Currency: USD · Scale: money in millions, absolute · Point-in-time consensus; Δ90d is Now versus 90d.

Metric	FY	180d	90d	30d	Now	Δ90d
EPS (normalized)	FY2027	—	$12.49	$13.13	$13.13	+5.1%
Revenue	FY2027	$3.53bn	$3.49bn	$3.49bn	$3.49bn	-0.2%

Forward estimates

Currency: USD · Scale: money in millions, absolute · YoY uses the prior fiscal year from the feed; analyst count and range use the first displayed period.

Metric	FY2026E	FY2027E	FY2028E	YoY	Analysts	Low / high
Revenue	$3.18bn	$3.49bn	$3.88bn	+7.9%	16	$3.17bn / $3.18bn
EBITDA	$952.28m	$1.03bn	$1.23bn	-4.8%	10	$894.00m / $1.05bn

Revenue has topped consensus eight straight quarters; EPS beats but wobbles

Surprises are mostly under 2%, pointing to fair-value guidance rather than a low-balled bar.

Current sequences by metric: Revenue: 8 consecutive beats; EPS (normalized): 2 consecutive beats.

Currency: USD · Scale: money in millions, absolute · Consensus is captured before each actual first became effective.

Quarter	Metric	Consensus	Actual	Surprise	Outcome
Q1 FY2026	Revenue	$760.92m	$768.62m	+1.0%	Beat
Q1 FY2026	EPS (normalized)	$2.52	$2.64	+4.8%	Beat
Q4 FY2025	Revenue	$779.94m	$786.50m	+0.8%	Beat
Q4 FY2025	EPS (normalized)	$3.24	$3.24	+0.1%	Beat
Q3 FY2025	Revenue	$728.96m	$732.00m	+0.4%	Beat
Q3 FY2025	EPS (normalized)	$3.19	$3.18	-0.3%	Miss
Q2 FY2025	Revenue	$713.21m	$726.71m	+1.9%	Beat
Q2 FY2025	EPS (normalized)	$3.00	$3.01	+0.2%	Beat
Q1 FY2025	Revenue	$699.37m	$700.19m	+0.1%	Beat
Q1 FY2025	EPS (normalized)	$2.90	$2.87	-1.1%	Miss
Q4 FY2024	Revenue	$715.12m	$721.60m	+0.9%	Beat
Q4 FY2024	EPS (normalized)	$2.94	$3.02	+2.6%	Beat
Q3 FY2024	Revenue	$683.04m	$689.96m	+1.0%	Beat
Q3 FY2024	EPS (normalized)	$2.74	$2.88	+5.0%	Beat
Q2 FY2024	Revenue	$663.33m	$664.40m	+0.2%	Beat
Q2 FY2024	EPS (normalized)	$2.54	$2.64	+4.1%	Beat

Wide spreads on outer-year EBITDA and net income flag real debate

Currency: USD · Scale: money in millions, absolute · Spread/mean is absolute high-low divided by absolute mean.

Metric	Period	Mean	Low–high	Spread/mean	Analysts
EBITDA	FY2027E	$1.03bn	$781.16m–$1.17bn	38.4%	10
Net income (GAAP)	FY2028E	$658.69m	$503.70m–$767.10m	40.0%	5
Revenue	FY2029E	$4.29bn	$3.95bn–$4.55bn	14.0%	3

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Visible Alpha broker models via S&P Xpressfeed · 13 brokers · 363 line items · freshest revision 2026-07-21.

Thirteen brokers model NICE as a cloud transition that is nearly complete: cloud rises from 76% of revenue in FY-2025 to 86% by FY-2028, while legacy product and on-prem services shrink in absolute dollars every year. Consensus on the cloud line is tight; the modeling debate is concentrated in how fast the legacy base fades. Segment, geographic and billings detail rest on far fewer brokers.

Cloud drives the model: 76% of revenue today, rising to 86% by FY-2028

Cloud revenue is modeled to grow every year while product and on-prem services decline in absolute terms; by FY-2028 cloud reaches 86% of the mix and product just 3%.

Line	FY-2025A	FY-2026E	FY-2027E	FY-2028E	YoY	Brokers
Segment revenue	—	—	—	—	—	—
Total revenue - Operating	$2.94bn	$3.18bn	$3.48bn	$3.89bn	+8.1%	13
Total revenue - Cloud - Operating	$2.23bn	$2.55bn	$2.90bn	$3.36bn	+14.1%	13
Total revenue - Services excl. cloud - Operating	$563.30m	$495.77m	$456.81m	$428.15m	-12.0%	13
Total revenue - Product - Operating	$143.17m	$135.45m	$118.11m	$106.15m	-5.4%	13
Revenue mix	—	—	—	—	—	—
Revenue mix - Cloud solutions - Operating(%)	75.8%	80.1%	83.3%	85.7%	+4.4pt	13
Revenue mix - Services excl. cloud - Operating(%)	19.3%	15.6%	13.4%	11.6%	-3.7pt	13
Revenue mix - Products - Operating(%)	4.9%	4.3%	3.3%	2.7%	-0.6pt	13

Consensus is tight on cloud; the debate is how fast legacy fades

Brokers cluster within a few points on the cloud line but split materially on the pace of legacy decline, with services excl. cloud showing the widest FY-2028 quartile spread.

Line	Period	Median	Q1–Q3	Min–max	Brokers
Total revenue - Services excl. cloud - Operating	FY-2028E	$421.82m	$398.66m–$464.74m	$369.54m–$477.23m	10
Total revenue - Product - Operating	FY-2027E	$118.47m	$111.68m–$119.36m	$107.56m–$136.99m	13
Total revenue - Financial crimes - Operating	FY-2027E	$587.25m	$558.27m–$628.98m	$499.71m–$642.37m	7

Financial crimes is the faster-growing unit within a CX-led mix

Financial crimes is modeled to grow faster than customer interaction yet holds a steady ~17% of revenue; both lines rest on only 4-7 brokers.

Line	FY-2025A	FY-2026E	FY-2027E	FY-2028E	YoY	Brokers
Segment revenue	—	—	—	—	—	—
Total revenue - Customer interaction - Operating	$2.42bn	$2.64bn	$2.87bn	$3.16bn	+8.7%	6
Total revenue - Financial crimes - Operating	$488.41m	$544.98m	$586.26m	$592.07m	+11.6%	7
Revenue mix	—	—	—	—	—	—
Revenue mix - Customer interaction - Operating(%)	83.2%	82.9%	82.8%	83.5%	-0.4pt	6
Revenue mix - Financial crimes - Operating(%)	16.8%	17.1%	16.9%	15.5%	+0.4pt	7

Growth is recurring: billings and recurring revenue climb with cloud

Recurring revenue and total billings are modeled to rise each year, consistent with the cloud trajectory; only 5-7 brokers cover these lines, so read them as directional.

Line	FY-2025A	FY-2026E	FY-2027E	FY-2028E	YoY	Brokers
Total revenue - Recurring	$2.63bn	$2.91bn	$3.22bn	$3.59bn	+10.8%	7
Total billings	$2.96bn	$3.19bn	$3.46bn	$3.71bn	+7.7%	6

Segment, geographic and billings lines rest on few brokers

The product-line, Americas/EMEA/APAC and billings splits are modeled by only 4-7 brokers versus 13 on the P&L; geographic estimates were last revised in May 2026 and some FY-2025 segment figures date to November 2025. A single-broker outlier moves these medians more than on the headline lines.

Headline P&L consensus, momentum and beat/miss live in the CapIQ tab.

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Source: S&P Capital IQ transcripts via Xpressfeed · latest indexed call 2026-05-06 · generated 2026-07-23.

Latest call digest

NICE Ltd., Q1 2026 Earnings Call, May 06, 2026 · 2026-05-06T12:30:00

Q1 2026 (reported May 6, 2026). The prepared remarks read as a clean beat: total revenue of $769 million and non-GAAP EPS of $2.64 both cleared the high end of guidance, cloud grew 14.6% year-over-year, AI ARR rose 66% to 14% of cloud revenue, international grew 30%, and management called it a record first quarter for new cloud ACV bookings. The Q&A told a more complicated story. Almost every analyst returned to one point: why full-year cloud-growth guidance was widened to 13%–15% (from 14.5%–15% a quarter earlier) and why Q2 cloud growth is now guided slightly below the full-year range. Management's explanation was consistent — in Q1 it took "renewal-specific commercial actions" with a small number of marquee customers, discounting existing CX products (call recording was the named example) in exchange for locked-in, multi-year AI commitments. The near-term effect is discounting felt immediately and NRR down to 107%, with AI revenue converting from backlog later in 2026 and into 2027. Scott Russell repeatedly reframed this as "playing offense," not a response to buyer pressure. Two other items stood out: management disclosed an exploratory process, run with advisers, to divest the non-CX assets (financial crime and compliance, public safety), and it flagged a step-up in R&D and go-to-market investment. Stated guidance: FY26 revenue reiterated at $3.170B–$3.190B, EPS raised to $10.98–$11.18, Q2 revenue $761M–$771M (about 5.5% growth) and Q2 EPS $2.60–$2.70; free cash flow margin now expected at the higher end of the 18%–19% range.

Participant coverage from the latest call.

Group	Participants	Count
Management	Operator; Ryan Gilligan — Vice President of Investor Relations, NICE Ltd.; Scott Russell — Chief Executive Officer, NICE Ltd.; Beth Gaspich — Chief Financial Officer, NICE Ltd.	4
Analysts	Kincaid LaCorte — Analyst, Citizens JMP Securities, LLC, Research Division; Sitikantha Panigrahi — Managing Director, Mizuho Securities USA LLC, Research Division; Samad Samana — Equity Analyst, Jefferies LLC, Research Division; Arjun Bhatia — Partner, Co-Group Head of the Technology, Media, and Communications Sector & Analyst, William Blair & Company L.L.C., Research Division; Rishi Jaluria — MD & Information Technology Equity Research Analyst, RBC Capital Markets, Research Division; James Reynolds — Research Associate, Morgan Stanley, Research Division; James Fish — MD & Senior Research Analyst, Piper Sandler & Co., Research Division; Thomas Blakey — Research Analyst, Cantor Fitzgerald & Co., Research Division; Michael Funk — VP in Equity Research, BofA Securities, Research Division	9

Curated latest-call exchanges; one row per analyst topic.

Analyst	Firm	Topic	What changed in Q&A
Kincaid LaCorte	Citizens JMP Securities	AI competition (Sierra's $950M raise)	Russell framed the raise as validation of a large CX AI market and argued point solutions cannot match an enterprise-grade platform for complex, regulated interactions.
Sitikantha Panigrahi	Mizuho Securities	Q2 cloud step-down and widened full-year cloud guide	Management attributed the step-down to the marquee-customer renewal actions and reaffirmed roughly 200 bps of Cognigy contribution for the year.
Samad Samana	Jefferies	Whether the deflationary renewal effect was contemplated in prior guidance	One of the hardest exchanges; Gaspich acknowledged the action was not contemplated when guidance was set last quarter, and Russell insisted it was proactive offense rather than defending contracts.
Arjun Bhatia	William Blair	Portfolio review of financial crime and public safety; trading near-term CX for future AI	Russell kept the divestiture process strictly exploratory with no decisions made, and characterized the renewal trade as short-term give for long-term AI lock-in.
Rishi Jaluria	RBC Capital Markets	AI backlog-to-revenue timeline and consumption visibility	Gaspich and Russell described a commitment-first model where signed minimums enter revenue and consumption layers on top, with deployment work delaying recognition.
James Reynolds	Morgan Stanley	Durability of international growth	Russell and Gaspich called international a durable driver, citing international cloud revenue growing over 50% on a constant-currency basis off an underpenetrated base.
James Fish	Piper Sandler	Product stabilization, term renewals, and why take the pricing action now	Another pointed exchange; Gaspich tied term renewals to the financial crime business and ~90% recurring, while Russell reframed the pricing move as decisive advantage-taking, not need.
Thomas Blakey	Cantor Fitzgerald	Automated Insights monetization and setup for 2027	Gaspich pointed to budget being spent now and Russell to a quantified-ROI, production-grade agent workflow built on NICE's data.
Michael Funk	BofA Securities	Which CX components are under pressure and whether power shifted to buyers	The most skeptical line of questioning; Russell said only a very small share of products face compression and denied a buyer-power shift, calling call recording a healthy product used as an example.

Theme tracker

Themes are curator-classified across supplied calls.

Theme	Status	Quarters mentioned	Read-through
AI monetization and the AI-first pivot	persisted	Q2 2023, Q3 2023, Q4 2023, Q1 2024, Q2 2024, Q3 2024, Q4 2024, Q1 2025, Q2 2025, Q3 2025, Q4 2025, Q1 2026	The single continuous thread. Enlighten/Copilot/Autopilot framing under Eilam gave way to a disclosed CX AI and self-service ARR metric from Q1 2025 ($200M+, +39%) that reached $345 million and 14% of cloud revenue by Q1 2026. The narrative is durable; the debate has moved from adoption to monetization and pricing model.
Cognigy acquisition and integration	emerged	Q2 2025, Q3 2025, Q4 2025, Q1 2026	Absent before mid-2025, then central: closed in Q4 2025, guided to roughly 200 bps of 2026 cloud contribution and an ~$85M exit ARR, and by Q1 2026 described as integrated into CXone and ahead of schedule. Now management's headline growth lever.
Net revenue retention trajectory	persisted	Q1 2025, Q2 2025, Q3 2025, Q4 2025, Q1 2026	Since NICE began disclosing cloud NRR it has stepped down steadily — 111% through 2025, 109% at year-end, and 107% in Q1 2026. Management frames the decline as a lagging metric and near-term mix effect from the AI transition; it is the clearest quantitative pressure point in the reported numbers.
On-premise to cloud migration and elongated deployment ramps	persisted	Q2 2023, Q4 2023, Q3 2024, Q4 2024, Q1 2025, Q1 2026	A recurring gating factor: large enterprise and financial-crime term renewals stay on premise longer, and bigger AI-laden deals take longer to convert bookings to revenue. Management consistently calls this timing, not demand.
Portfolio review / potential divestiture of non-CX assets	emerged	Q4 2024, Q4 2025, Q1 2026	Analysts probed divesting financial crime and public safety as early as Q4 2024 and again on Actimize in Q4 2025, each time deflected. In Q1 2026 management formalized it as an adviser-led exploratory process with no decisions made — a genuine change in posture worth tracking.
LiveVox churn as a cloud-growth drag	dropped	Q3 2024, Q1 2025, Q2 2025, Q3 2025	A prominent negative through 2025 — unanticipated churn that management called a short-term hit — described as stabilized by Q3 2025 and absent from the Q4 2025 and Q1 2026 calls. The disappearance reads as the issue having run its course rather than being unresolved.
Capital return via buybacks and debt paydown	persisted	Q2 2023, Q4 2023, Q3 2024, Q4 2024, Q1 2025, Q4 2025, Q1 2026	Repurchases scaled steadily ($288M in 2023, $369M in 2024, $489M in 2025), debt was fully repaid in 2025, and Q1 2026 included a record $253M quarter with a commitment to exceed 50% of free cash flow. A consistent support to the equity story.

Guidance ledger

Quotes, calls, and speakers are source-verified; outcomes are curator-classified.

Verbatim guidance	Call	Speaker	Curator outcome	Outcome note
“we still continue to expect to see the 18% growth in the cloud, excluding the LiveVox revenue contribution from the cloud this year”	NICE Ltd., Q2 2024 Earnings Call, Aug 15, 2024 · 2024-08-15T12:30:00	Beth Gaspich	missed	The organic 18% cloud target was cut to 16%-17% (ex-LiveVox) on the Q3 2024 call, attributed to elongated enterprise deployment ramps.
“Our full year 2025 cloud revenue is expected to increase 12% year-over-year.”	NICE Ltd., Q4 2024 Earnings Call, Feb 20, 2025 · 2025-02-20T13:30:00	Beth Gaspich	kept	FY2025 cloud revenue grew about 13% (roughly 12% excluding Cognigy) per the Q4 2025 call, meeting the organic target.
“Full year 2025 fully diluted earnings per share is expected to be in a range of $12.13 to $12.33, which represents an increase of 10% at the midpoint.”	NICE Ltd., Q4 2024 Earnings Call, Feb 20, 2025 · 2025-02-20T13:30:00	Beth Gaspich	kept	FY2025 non-GAAP EPS came in at $12.30, near the high end of this initial range.
“We are raising the full year 2025 non-GAAP fully diluted earnings per share guidance, which is now expected to be in a range of $12.33 to $12.53”	NICE Ltd., Q2 2025 Earnings Call, Aug 14, 2025 · 2025-08-14T12:30:00	Beth Gaspich	missed	This mid-year raise was walked back to $12.18-$12.32 on the Q3 2025 call for Cognigy dilution; FY2025 EPS finished at $12.30, below the raised range.
“We expect cloud revenue growth in 2026 to be in the range of 14.5% to 15% with Cognigy expected to contribute approximately 200 basis points.”	NICE Ltd., Q4 2025 Earnings Call, Feb 19, 2026 · 2026-02-19T13:30:00	Beth Gaspich	pending	One quarter later, on the Q1 2026 call, the range was widened downward to 13%-15% after the marquee-customer renewal actions; the year is not complete.
“Full year 2026 total revenue guidance is expected to be in a range of $3.170 billion to $3.190 billion, which represents an increase of 8% at the midpoint.”	NICE Ltd., Q1 2026 Earnings Call, May 06, 2026 · 2026-05-06T12:30:00	Beth Gaspich	pending	Reiterated at the Q1 2026 call; the fiscal year is still in progress.
“We now expect 2026 cloud revenue growth to be in the range of 13% to 15%.”	NICE Ltd., Q1 2026 Earnings Call, May 06, 2026 · 2026-05-06T12:30:00	Beth Gaspich	pending	Widened from the prior 14.5%-15%; management expects Q2 cloud growth slightly below the range with a Q3 recovery as AI bookings convert.

Q&A pressure map

Question counts and firms are curator tallies; analyst coverage shown above.

Topic	Questions	Firms	Pressure / response
Renewal discounting and near-term CX/cloud compression	6	Mizuho Securities, Jefferies, William Blair, Piper Sandler, BofA Securities	The dominant pressure on the Q1 2026 call. Analyst after analyst pressed on why NICE traded near-term CX revenue for AI commitments and whether buyer power had shifted; management repeatedly insisted the action was proactive offense, not a defensive concession.
Divestiture of non-CX assets (financial crime, public safety)	3	Citizens JMP Securities, BofA Securities, William Blair	Probed since Q4 2024 and again on Actimize in Q4 2025, each time deflected. Even after confirming an exploratory process in Q1 2026, management declined to give specifics on scope or timing.
LiveVox churn and its drag on cloud growth	4	Morgan Stanley, Citi, Citizens JMP Securities, BofA Securities	Dominated the Q2 2025 Q&A after unanticipated churn pressured the 12% cloud target; management characterized it as a short-term hit and said in-quarter trends had stabilized by Q3 2025.
AI cannibalization of seat-based revenue	3	Citi, William Blair, BofA Securities	A recurring probe across 2025-2026 on whether AI adoption erodes seat counts and ARPU. Management consistently answered that AI usage is largely incremental and ARPU stable, though it conceded some CX components face compression in Q1 2026.

Language shifts

Only language evidence verified against the referenced component is shown.

Observation	Verbatim evidence	Call ID	Component
New caution vocabulary on retention: the Q1 2026 call is the first to openly frame NRR as under pressure and to use 'compression,' where prior calls described NRR as healthy or lagging.	“We are seeing some near-term pressure on NRR as we continue to transition our portfolio towards AI-driven capabilities, which can result in compression in certain CX components.”	1997148484	3
Russell's signature framing since taking over is 'durable long-term growth,' a phrase used to justify near-term trade-offs and repeated throughout the latest call.	“We are taking bold and decisive actions to create durable long-term growth in the CX AI market.”	1997148484	2
A defensive 'offense' posture emerged in Q1 2026 in direct response to analyst pushback on discounting — language that itself signals sensitivity to the buyer-power narrative.	“We're playing offense. We're not trying to defend current contracts and current renewals.”	1997148484	16
For contrast, the first Russell-led call a year earlier leaned on repeated 'prudent guidance' hedging rather than the more assertive commercial-action language of Q1 2026.	“We've taken a prudent guidance. We've taken a prudent guidance”	1929393285	52

The call history frames the current debate cleanly: NICE has an unbroken AI-monetization story and record bookings on one side, and on the other a steadily declining NRR, a self-inflicted Q2 cloud-growth dip from marquee-customer discounting, and a newly opened process to divest its non-CX assets. Whether the near-term revenue trade genuinely converts to durable AI growth in 2027, as management insists, is the question the next few quarters will settle.

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Competitors describe NICE Ltd.'s market in their own filings and calls. These verified passages and visual pages show where their strategies meet, using source documents preserved in Sources.

Five9 (FIVN)

A pure-play cloud contact-center (CCaaS) vendor and the most direct competitor to NICE's CXone platform. Five9's 10-K names NICE explicitly in its competition section, and management frames the market as a race to fold AI into an integrated CCaaS platform — the same ground CXone contests.

Five9's FY2025 10-K names NICE among the cloud contact-center competitors it faces

Additionally, we compete with vendors that historically provided other contact center services and technologies and expanded to offer cloud contact center software such as Genesys Telecommunications Laboratories, Inc., or Genesys, and NICE Ltd., or NICE. We also face competition from many smaller contact center service providers such as Content Guru and Talkdesk, as well as vendors offering both unified communications and contact center solutions such as RingCentral and Zoom.

p. 13 · Read in context →

Five9 cites Gartner's forecast for the CCaaS and GenAI customer-service markets it and NICE both serve

Gartner forecasts the market for traditional CCaaS to grow at a 9% CAGR and the GenAI customer service market to grow at a 34% CAGR through 2029

p. 1 · Read in context →

Five9's CEO argues AI belongs on one integrated platform rather than point products — the platform-versus-point-solution framing central to CXone's pitch

Amit Mathradas, CEO: That cannot happen with point products; it has to happen on a platform. Everyone is talking about agentic; at Five9, Inc., we are talking about “humanic,” which is the combination of humans and agents doing things that have not been thought about before.

p. 8 · Read in context →

Verint Systems (VRNT)

Verint shares NICE's origins in the call-recording and workforce-engagement market and now positions itself as a pure-play CX-automation vendor. It competes directly with CXone on AI-powered bots, workforce engagement and CX analytics, though it stresses a hybrid, layer-on-top model rather than rip-and-replace cloud migration.

Verint's stated self-description as a pure-play CX-automation company

Dan Bodner, CEO: Today, Verint Systems Inc. is a pure-play CX automation company with a focus on helping brands automate their manual CX workflows. Our platform differentiation stems from many years of experience working with the largest brands in the world on CX initiatives.

p. 1 · Read in context →

Verint's claim that its platform delivers AI outcomes better than any other contact-center vendor

Dan Bodner, CEO: As discussed on prior earning calls, the Verint Open Platform quickly transforms the latest AI technology into tangible AI business outcomes better than any other contact center vendor.

p. 2 · Read in context →

Verint sizes the contact-center automation opportunity it shares with NICE (the elided clause cites roughly $2 trillion of annual CX labor spend)

Dan Bodner, CEO: We believe the AI opportunity in the contact center market is very large. […] brands are seeking AI-powered bots that can deliver tangible business outcomes. We are addressing this very large TAM with a differentiated open platform delivering tangible results to our customers.

p. 1 · Read in context →

Nasdaq Verafin (NDAQ)

Nasdaq's Verafin unit is a direct competitor to NICE's Actimize division in anti-financial-crime, anti-money-laundering and fraud software. Its earnings calls describe a large and growing installed base, Tier-1 bank wins and an agentic-AI compliance roadmap that overlaps squarely with Actimize's market.

Nasdaq reports Verafin's installed base and a Tier-1 bank win (the elided clause cites over $11 trillion in combined client assets)

Adena Friedman, Chair & CEO: Nasdaq Verafin continued to show solid performance across its customer base, which now includes over 2,700 financial institutions […] This quarter, we onboarded Goldman Sachs as a new Nasdaq Verafin client.

p. 2 · Read in context →

Nasdaq describes Verafin's agentic-AI compliance workers — the same automation thesis NICE advances for Actimize

Adena Friedman, Chair & CEO: This week, Nasdaq Verafin announced the launch of its Agentic AI workforce, a suite of digital workers that will deliver a step change in compliance effectiveness and efficiency. Early results from the first 2 agents in beta, the Digital Sanctions Analyst and the Digital Enhanced Due Diligence Analyst demonstrate Agentic AI's potential to address the most resource-intensive compliance workflows.

p. 2 · Read in context →

Nasdaq quantifies Verafin's financial-crime software growth, client additions and net revenue retention

Sarah Youngwood, CFO: Financial Crime Management Technology revenue grew 22% with ARR growth of 18%. We signed 55 new SME clients in the third quarter. Net revenue retention was 111%, reflecting strong client engagement, supported by the increasing adoption of the GenAI entity Research Copilot and targeted typology analytics.

p. 4 · Read in context →

FICO (Fair Isaac) (FICO)

FICO's software segment competes with NICE Actimize in fraud and financial-crime analytics for banks — and its 10-K lists NICE Actimize by name as a primary competitor in that market. FICO is building an agentic, platform-based fraud offering aimed at the same regulated financial-services buyers.

FICO's FY2025 10-K names Nice Actimize first among its competitors in banking fraud software

In the fraud solutions market for banking, we compete primarily with Nice Actimize, Experian, Pegasystems, BAE Systems Applied Intelligence, SAS, ACI Worldwide, IBM, Feedzai and Featurespace.

p. 13 · Read in context →

FICO's CEO describes its agentic platform strategy for the regulated financial-services market Actimize also targets

William Lansing, CEO: FICO Platform is architected from the ground up to be agentic-by-design. That foundation delivers decision-grade analytics, deep domain expertise, and an enterprise platform that clients depend on for precision, consistency, explainability and trust. These principles are nonnegotiable for our primary target market, the highly regulated financial services industry.

p. 1 · Read in context →

Cisco (CSCO)

Cisco is a diversified networking company, but its Webex Contact Center is a live product line competing with NICE's CXone — indeed Five9's own 10-K lists Cisco as a legacy contact-center competitor. The exhibits below are confined to Cisco's Collaboration/Contact Center disclosures, not its networking or security businesses.

Cisco flags Cloud Contact Center as a growth driver within its Collaboration segment

Collaboration grew by 6%, buoyed by strong performance in device sales and growth in CPaaS, Webex, and Cloud Contact Center.

p. 3 · Read in context →

Cisco's FY2025 10-K lists Contact Center as a component of its Collaboration portfolio

Our Collaboration portfolio consists of our Webex suite, collaboration devices, Contact Center and Communication Platform as a Service (CPaaS) offerings.

p. 9 · Read in context →

More peer documents

Five9 Q4 FY2025 earnings call — Q4 FY2025 · 13 pages · Five9 restates the same Gartner CCaaS/GenAI market forecast and reports crossing $100m in enterprise-AI annual run-rate revenue — a read on how fast the AI-CX market NICE contests is scaling. · Open →

Five9 FY2024 10-K — FY2024 · 131 pages · The prior-year competition section, which also names NICE and Genesys, for confirming the competitive framing is consistent year over year. · Open →

Nasdaq FY2025 10-K — FY2025 · 111 pages · Nasdaq's Financial Technology / Anti-Financial Crime segment disclosures — market description and competition for the Actimize-overlapping business. · Open →

Verint Q3 FY2025 earnings call — Q3 FY2025 · 7 pages · Further Verint detail on Da Vinci AI, bot consumption and its CX-automation platform positioning versus cloud-first rivals like CXone. · Open →

FICO FY2024 10-K — FY2024 · 119 pages · The prior-year software-segment competition section, which likewise names Nice Actimize in the banking fraud market. · Open →

Nasdaq Q4 FY2025 earnings call — Q4 FY2025 · 14 pages · Full-year Financial Crime Management Technology growth (22%) and the Agentic AI workforce launch — Verafin's competitive momentum against Actimize. · Open →