📈 Price History

Ratio Health

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📊 Peer Medians

About

Concentrix Corporation designs, builds, and runs integrated customer experience (CX) solutions worldwide. It provides CX process optimization, technology innovation and design engineering, front- and back-office automation, analytics, and business transformation services to clients in various industry verticals comprising technology and consumer electronics; retail, travel, and e-commerce; communications and media; banking, financial services, and insurance; and healthcare. The company also offers customer lifecycle management; CX and user experience strategy and design; data analytics, enterprise intelligence, artificial intelligence readiness, and actionable insights; digital operations, such as B2B sales, performance marketing, customer loyalty, trust and safety, collections, and financial compliance; and GenAI and agentic AI technologies. In addition, it provides digital transformation services that designs and engineer CX solutions to enable efficient customer self-service and build customer loyalty; customer engagement solutions and services that address the entirety of the customer lifecycle; and AI technology that can intelligently act on customer intent to improve customer experience with non-human engagement. Further, the company offers self-service GenAI and agentic AI assistants for applications in data analysis, language translations, and internal chatbots; voice of the customer and analytics solutions to gather and analyze customer feedback; analytics and consulting solutions that synthesize data and provide professional insight to improve clients’ customer experience strategies; specialized support to specific industry verticals; and back office services that support clients in non-customer facing areas. It serves technology and consumer electronics, retail, travel and e-commerce, communications and media, banking, financial services and insurance, healthcare, and other industries. The company was founded in 2004 and is based in Newark, California.

Key Ratios Snapshot

📈 Growth Pattern

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📊 Quick Scorecard

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🔍 Concall Decoded

🎙 Management Tone Tracker Confident Specific → Stable 4 quarters analysed

Q2 2025

Confident Specific

Management consistently highlighted revenue above guidance, momentum from AI investments, and third-party validation; they transparently explained margin miss due to tariff-related labor hold and preparation for H2 growth, using specific financial figures and guidance ranges.

Q3 2025

Mixed

Management expresses confidence in revenue growth and AI strategy ('exceeded revenue guidance', 'gaining share', 'AI is a positive tailwind') but is cautious and defensive on margins ('margins were below plan', 'excess capacity', 'handful of clients') and emphasizes one-off issues and a path to modest sequential improvement.

Q4 2025

Confident Specific

Management used language like 'pleased with our results', 'exceeded revenue expectations', 'confident in the growth', and provided specific numbers (e.g., $60M AI revenue, 2% growth, 3.1% Q4 growth). The tone conveyed optimism about strategic evolution and future prospects.

Q1 2026 latest

Confident Specific

Management used specific metrics (e.g., 'technology wins up 61% YoY', 'iX suite ARR $60M at Q4 end, targeting $100M+ by FY end', 'excess capacity headwind 20-40 bps') and cited guidance ranges repeatedly. Chris Caldwell said 'we continue to win the right business, drive the right revenue mix' and 'on track to meet expectations'. Andre Valentine provided detailed vertical growth rates and cost savings targets. The tone was assured but not overly aggressive, with cautious notes on geopolitical uncertainty and selective vertical weakness.

Guidance Reliability Pending · <3Q data

Investor Lens

The investment thesis appears modestly stronger after this call. AI traction is tangible (bookings doubled, ARR on track to $100M+), and management consistently reaffirmed H2 margin recovery. The main concern remains top-line growth deceleration in two verticals (tech and healthcare) and the margin drag from early-stage AI deals. However, the concrete cost actions ($40M savings) and strong free cash flow guidance ($630-$650M) provide a floor for shareholder returns (buybacks + dividends). Key metrics to watch next quarter: iX Suite ARR progression, Q3 margin uptick (should be >12.5% based on H2 trajectory), and sustained growth in banking/fintech verticals. Any sign of expanded geopolitical impact or slower AI consumption would weaken the thesis; conversely, earlier-than-expected margin expansion would reinforce it.

AI-generated concall tone analysis · Updated 2026-06-09 · Not investment advice

🎙 Management Tone Confident Specific → Stable 4 quarters Full tone analysis in Intelligence →

📊 MIXED Concentrix Q1 2026 revenue $2.5B, AI bookings double, margins to expand in H2.

Revenue & Profitability

Q1 2026 revenue was approximately $2.5 billion, representing 5% reported growth and 1.9% constant currency growth. Non-GAAP operating income was $295 million, adjusted EBITDA was $348 million (13.9% margin), and non-GAAP diluted EPS was $2.61. Adjusted free cash flow was negative $145 million due to timing of receivables, but full-year guidance of $630-$650 million in adjusted free cash flow was reaffirmed.

Outlook

Management sees a solid demand environment, with geopolitical issues having minimal impact (approximately 1% revenue exposure to the Middle East). Q2 2026 revenue is guided at $2.46-$2.485 billion (1-2% constant currency growth). The company expects sequential margin expansion in the second half of 2026, driven by cost actions and revenue scaling. Full-year non-GAAP guidance remains unchanged.

Growth Drivers

Key growth drivers include the banking and financial services vertical, which saw 13% constant currency growth, and retail/travel/e-commerce with 6% growth. AI solutions are driving larger, transformative deals and expanding wallet share. Offshore migration of work continues to provide a margin tailwind, with a 2% revenue headwind factored into guidance. The company is also benefiting from consolidation of client work and new client wins.

Balance Sheet & CapEx

Not discussed in this earnings call.

Margins

Q1 2026 non-GAAP operating margin was approximately 11.8% (implied from $295M/$2.5B). Q2 guidance implies 11.8%-12.1% operating margin, with full-year margin expected to reach about 12.5% and Q4 above 13%. Margin improvement in H2 will come from scaling new programs that absorb excess capacity (20-40 bps headwind in Q1), offshore mix benefits, and cost actions. Adjusted EBITDA margin in Q1 was 13.9%.

Key Risks

Risks include geopolitical uncertainty (1% Middle East exposure), ongoing offshore migration creating a ~2% revenue headwind, lighter-than-expected volumes in healthcare (due to Medicare/ACA changes) and technology/consumer electronics, and potential volatility in those verticals. Debt leverage reduction is a priority, with net debt of $4.51 billion and a commitment to below 2.6x leverage.

Generated by AI · Q1 2026 results · Not investment advice

✓ 📞 Earnings Call Transcripts (5 quarters) submit a missing quarter

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📞 Earnings Call Transcripts (5)

Q2 2026 Q2 2026 2026-06-29

Record iX Suite growth and strong AI adoption drove margin expansion and record Q2 cash flow, despite revenue growth slightly below guidance due to accelerated offshoring and client spend reallocation. Debt reduction and restructuring remain priorities, with margin and free cash flow expected to improve in the second half.

Q1 2026 Q1 2026 2026-03-24

Q1 2026 results met guidance with $2.5B revenue and strong AI-driven growth, especially in banking and e-commerce. Margin headwinds from capacity and mix are expected to ease in H2, with full-year free cash flow guidance reaffirmed and leverage reduction on track.

Q4 2025 Q4 2025 2026-01-13

Sequential revenue growth and margin improvement were achieved in 2025, with strong cash flow, record shareholder returns, and successful AI and service expansion. 2026 guidance calls for continued revenue and margin growth, driven by high-value offerings and operational efficiencies.

Q3 2025 Q3 2025 2025-09-25

Revenue exceeded guidance with 4% year-on-year growth, led by strong performance in banking, media, and travel. Margins were below plan due to excess capacity and transformation investments, but sequential improvement is expected. AI solutions are driving new wins, and cash flow and capital returns remain strong.

Q2 2025 Q2 2025 2025-06-26

Revenue and cash flow exceeded guidance, driven by strong AI-led solutions and broad-based growth. Margins were temporarily impacted by client project pauses but are expected to improve in the second half as AI investments become accretive. Guidance was raised for both revenue and profit growth.

📊 Analysis Methodology

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