Diebold Nixdorf Cuts 2026 EBITDA and Cash-Flow Outlook

The Tip Desk · November 2, 2026 · 3 min read

Third-quarter revenue was $994.3 million as the company lowered full-year adjusted EBITDA to $490 million–$510 million.

Diebold Nixdorf (DBD), a global provider of banking and retail technology, reported third-quarter GAAP revenue of $994.3 million, up 5.2% from $945.2 million a year earlier, and adjusted EBITDA of $127.8 million, with the adjusted EBITDA margin holding at 12.9%.

The company then cut its full-year 2026 adjusted EBITDA outlook to $490 million–$510 million from $510 million–$535 million, lowered free cash flow guidance to $190 million–$210 million from $255 million–$270 million, and reduced adjusted earnings per share guidance to $4.50–$4.85 from $5.25–$5.75. Revenue guidance was restated as non-GAAP at $3.86 billion–$3.90 billion, excluding about $10 million of non-core Turkey revenue year-to-date, from a prior GAAP range of $3.86 billion–$3.94 billion that included that Turkey entity. Diebold Nixdorf said the EBITDA cut reflects product mix and raw-material cost pressures, partially offset by productivity improvements and operating-expense discipline.

President and Chief Executive Officer Octavio Marquez said the company was updating the full-year outlook to reflect a change in revenue mix and cost pressures in raw materials.

Retail remained the growth engine. Retail net sales rose 16% to $296.1 million from $255.0 million a year earlier. Banking net sales were $698.2 million. Retail GAAP gross margin compressed to 21.1% from 24.0% a year earlier. Banking GAAP gross margin was 26.5%.

Companywide GAAP gross profit was $247.2 million, and GAAP gross margin compressed 100 basis points to 24.9% from 25.9%. Products gross profit declined to $95.3 million from $109.3 million, and products GAAP gross margin compressed 510 basis points to 22.2% from 27.3%. Services gross profit rose to $151.9 million from $135.8 million, with services GAAP gross margin expanding 190 basis points to 26.9% from 25.0%.

GAAP net income attributable to Diebold Nixdorf fell to $6.6 million from $41.1 million a year earlier. Diluted earnings were $0.19 a share versus $1.11. Adjusted earnings were $1.34 a share versus $1.39. GAAP operating profit fell to $38.8 million from $73.8 million, and GAAP operating margin compressed 390 basis points to 3.9% from 7.8%. Non-GAAP operating profit was $92.6 million.

Cash generation reversed. Net cash used in operating activities was $47.4 million versus $37.4 million provided a year earlier. Free cash flow excluding discrete tax payments was a use of $45.9 million versus $24.5 million provided a year earlier, which the company attributed to the timing of a value-added tax refund and working-capital requirements.

The company paid a $14.4 million discrete German tax liability in the quarter after using remaining net operating loss carryforwards on a 2024 German return. It said it is now expected to be a cash taxpayer in Germany going forward, with additional discrete German estimated tax payments required in the fourth quarter of 2026 for the 2024 and 2025 tax years. Cash taxes paid during 2026 attributable to 2024 and 2025, estimated to total approximately $50 million, are excluded from free cash flow.

The board authorized a new $250 million share repurchase program.

Marquez cited a contract for more than 500 DN Series cash recyclers with one of the largest banks in North America, a Latin America Branch Automation Solutions win for 360 in-branch recyclers, a competitive deal for 1,450 ATMs in Asia, a North America regional-grocer win for about 1,200 point-of-sale lanes across 200 stores, a European win to refresh 6,000 self-checkout units, and a services agreement valued at more than $25 million for electronic shelf labels at a U.K.-based grocery and general-merchandise retailer.