dbd-20260331

UNITED STATES SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

__________________________________________________

Form 10-Q

__________________________________________________


☒			QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended March 31, 2026


☐			TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from to

Commission file number 1-4879

_________________________________________________

Diebold Nixdorf, Incorporated

(Exact name of registrant as specified in its charter)

________________________________________________

Delaware

34-0183970

(State or other jurisdiction of
incorporation or organization)

(IRS Employer
Identification Number)

350 Orchard Avenue NE

North Canton

Ohio

44720-2556

(Address of principal executive offices)

(Zip Code)

Registrant’s telephone number, including area code: (330) 490-4000

__________________________________________________

Securities registered pursuant to Section 12(b) of the Act:

Title of each class

Trading Symbol

Name of each exchange on which registered

Common Stock, $0.01 par value per share

DBD

New York Stock Exchange

Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and "emerging growth company" in Rule 12b-2 of the Exchange Act.

Large Accelerated Filer

☒

Accelerated Filer

☐

Non-accelerated Filer

☐

Smaller reporting company

☐

Emerging growth company

☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒

Indicate by check mark whether the registrant has filed all documents and reports required to be filed by Sections 12, 13 or 15(d) of the Securities Exchange Act subsequent to the distribution of securities under a plan confirmed by a court. Yes ☒ No ☐

Number of shares of common stock outstanding as of April 22, 2026 was 34,628,392.


Forward-Looking Statement Disclosure			3
Part I - Financial Information			4
Management's Discussion and Analysis of Financial Condition and Results of Operations			4
Results of Operations			4
Liquidity and Capital Resources			6
Critical Accounting Policies and Estimates			7
Condensed Financial Statements and Notes			8
Statement of Financial Position			8
Statement of Earnings			9
Statement of Cash Flows			10
Statement of Comprehensive Income (Loss)			11
Statement of Changes in Shareholders' Equity			11
Note 1: Basis of Presentation			12
Note 2: Inventories			12
Note 3: Property, Plant and Equipment and Operating Leases			12
Note 4: Goodwill and Other Intangible Assets			12
Note 5: Revenue Recognition			13
Note 6: Segment Information			13

Note 7: Debt			15

Note 8: Income Taxes			15
Note 9: Shareholders' Equity			16
Note 10: Earnings (Loss) Per Share			16
Note 11: Restructuring			17
Note 12: Financial Instruments and Fair Value			17
Note 13: Commitments, Guarantees, Product Warranties and Other Contingencies			18
Quantitative and Qualitative Disclosures About Market Risk			19
Controls and Procedures			19
Part II - Other Information			19
Legal Proceedings			19
Risk Factors			19
Unregistered Sales of Equity Securities and Use of Proceeds			19
Other Information			19
Exhibits			20
Signatures			20

Forward-Looking Statement Disclosure. This Quarterly Report on Form 10-Q may contain statements that are not historical information and are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements give current expectations or forecasts of future events and are not guarantees of future performance. These forward-looking statements include, but are not limited to, projections, statements regarding the Company's expected future performance (including expected results of operations), future financial condition, anticipated operating results, strategy plans, future liquidity and financial position.

Statements can generally be identified as forward looking because they include words such as “believes,” “anticipates,” “expects,” “intends,” “plans,” “will,” “estimates,” “potential,” “target,” “predict,” “project,” “seek,” and variations thereof or “could,” “should” or words of similar meaning. Statements that describe the Company's future plans, objectives or goals are also forward-looking statements, which reflect the current views of the Company with respect to future events and are subject to assumptions, risks and uncertainties that could cause actual results to differ materially. Although the Company believes that these forward-looking statements are based upon reasonable assumptions regarding, among other things, the economy, its knowledge of its business, and key performance indicators that impact the Company, these forward-looking statements involve risks, uncertainties and other factors that may cause actual results to differ materially from those expressed in or implied by the forward-looking statements. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof. The factors that may affect our results include, among others:

•the success of new products and services, including Branch Automation Solutions for banking, cash recycling technology and Vynamic Smart Vision technology;

•ability to successfully execute on our digitally enabled hardware, services and software strategy;

•ability to generate sufficient cash flows to service our indebtedness, fund our operations, make adequate capital investments and return capital to stockholders, including through discretionary share repurchases;

•the ultimate benefits of continuous improvement programs and other cost savings plans;

•the impact of competitive pressures, including pricing and the introduction of new products and services by our competitors, as well as from less traditional competitors;

•risks related to our international operations, including geopolitical instability and wars;

•developments from recent and potential changes to trade policies by the U.S. or other countries, including tariffs;

•the impact of the proliferation of payment options other than cash, which could result in a reduced need for cash in the marketplace and a resulting decline in the usage of ATMs;

•the impact of general economic conditions, cyclicality and uncertainty;

•the impact of increased energy, raw material and labor costs;

•the impact of a cybersecurity incident or operational failure on our business;

•risks related to increasingly stringent laws, regulations and contractual obligations relating to privacy, data protection and information security;

•challenges associated with the use of artificial intelligence in our business and in solutions offered to our customers;

•reliance on suppliers, subcontractors and availability of raw materials and other components;

•reliance on third parties, including to provide security systems and systems integration as well as outsourced business processes and other financial services;

•ability to attract, retain and motivate key employees;

•the impact of additional tax expense or exposures;

•the potential for additional pension liability or expense associated with low investment performance by our pension plan assets;

•success in executing potential acquisitions, investments or partnerships and divestitures;

•the impact of market and economic conditions, including the bankruptcies, restructuring or consolidations of financial institutions, which could reduce our customer base and/or adversely affect our customers' ability to make capital expenditures, as well as adversely impact the availability and cost of credit;

•changes in political, economic or other factors such as currency exchange rates, inflation rates (including the impact of possible currency devaluations in countries experiencing high inflation rates), recessionary or expansive trends, disruption in energy supply, taxes and regulations and laws affecting the worldwide business in each of our operations;

•ability to maintain effective internal controls;

•the impact of regulatory and financial risks related to climate change;

•the impact of work stoppages or similar difficulties;

•the impact of an adverse determination that our services, products or manufacturing processes infringe the intellectual property rights of others, or our failure to enforce its intellectual property rights;

•exposure to liabilities under the Foreign Corrupt Practices Act (FCPA) or other worldwide anti-bribery laws;

•the effect of changes in law and regulations or the manner of enforcement in the United States and internationally and our ability to comply with applicable laws and regulations;

•the amount and timing of any repurchases of our common shares; and

•other factors included in our filings with the Securities and Exchange Commission (SEC), including our Annual Report on Form 10-K for the year ended December 31, 2025.

Except to the extent required by applicable law or regulation, the Company undertakes no obligation to update these forward-looking statements to reflect future events or circumstances or to reflect the occurrence of unanticipated events. You should consider these factors carefully in evaluating forward-looking statements and are cautioned not to place undue reliance on such statements.

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Part I – Financial Information

Management's Discussion and Analysis of Financial Condition and Results of Operations

Overview. Management’s discussion and analysis of financial condition and results of operations should be read in conjunction with the condensed consolidated financial statements and accompanying notes that appear within this Quarterly Report on Form 10-Q. Unless otherwise stated, U.S. dollar amounts within this Quarterly Report on Form 10-Q are listed in millions.

Introduction. Diebold Nixdorf, Incorporated (collectively with its subsidiaries, the Company) automates, digitizes and transforms the way people bank and shop. As a leading global technology and services partner to many of the world’s top financial institutions and retailers, our integrated solutions connect digital and physical channels for consumers conveniently, securely and efficiently. The Company has a presence in more than 100 countries with approximately 20,000 employees worldwide.

Strategy. The Company seeks to continually enhance the consumer's journey at bank and retail locations while simultaneously streamlining cost structures and business processes through the smart integration of hardware, software and services. The Company partners with other leading technology companies and regularly refines its research and development (R&D) spend to continually improve and tailor needed solutions that support a better transaction experience for consumers.

Business Drivers. The Company's operating model is based upon product sales and its service contract base. Business drivers of the Company's future performance include, but are not limited to: demand for self-service and automation from Banking and Retail customers driven by the evolution of consumer behavior; demand for cost efficiencies and better usage of real estate for bank branches and retail stores as they transform their businesses to meet the needs of their customers while facing macro-economic challenges; demand for services on assets such as ATMs, POS and SCO, including managed services and professional services; timing of product upgrades and/or replacement cycles for ATMs, POS and SCO; demand for software products and professional services; demand for security products and services for the financial, retail and commercial sectors; and demand for innovative technology in connection with the Company's strategy.

Results of Operations. The following discussion of the Company’s financial condition and results of operations provides information that will assist in understanding the financial statements and the changes in certain key items in those financial statements. The following discussion should be read in conjunction with the condensed consolidated financial statements and the accompanying notes that appear elsewhere in this Quarterly Report on Form 10-Q.


	Three months ended March 31,
Net Sales	2026		2025		$ Change		% Change
Banking
Services	$	391.1	$	382.2	$	8.9	2.3
Products	233.1		247.3		(14.2)		(5.7)
Total Banking	624.2		629.5		(5.3)		(0.8)


Retail
Services	145.7		126.3		19.4		15.4
Products	121.9		85.3		36.6		42.9
Total Retail	267.6		211.6		56.0		26.5


Total net sales	$	891.8	$	841.1	$	50.7	6.0

The Company calculates constant currency by translating the prior-year period results at the current year exchange rate.

Three months ended March 31, 2026 compared with three months ended March 31, 2025. Net sales increased $50.7, driven by net favorable currency impact of 6.4% and stronger electronic point of sale business, partially offset by lower Banking product volumes as a result of timing. Banking net sales declined by $5.3, primarily due lower volume in Europe, partially offset by net favorable currency impact of 5.0% and higher pricing. Banking net sales represented 70.0% and 74.8% of total net sales for the three months ended March 31, 2026 and 2025, respectively. Retail net sales increased $56.0, primarily due to increased products net sales driven by stronger electronic point of sale business and a net favorable currency impact of 11.1%. Retail net sales represented 30.0% and 25.2% of total net sales for the three months ended March 31, 2026 and 2025, respectively.

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	Three months ended March 31,
Gross Margin	2026			2025			$ Change		% Change
Gross profit – services	$	120.7		$	117.2		$	3.5	3.0
Gross profit – products	92.4			85.2			7.2		8.5
Total gross profit	$	213.1		$	202.4		$	10.7	5.3
Gross margin – services	22.5		%	23.0		%
Gross margin – products	26.0		%	25.6		%
Total gross margin	23.9		%	24.1		%

Services gross margin decreased 50 basis points in the three months ended March 31, 2026, primarily due to unfavorable software services customer delivery mix compared to the same period in the prior year and continued investments in our non-software service organization capabilities. Product gross margin increased 40 basis points in the three months ended March 31, 2026 primarily due to favorable geographic mix of ATM machines sold in the period as well as improved pricing.


	Three months ended March 31,
Operating Expenses	2026			2025			$ Change		% Change
Selling and administrative expense	$	157.2		$	151.8		$	5.4	3.6
Research, development and engineering expense	22.1			22.7			(0.6)		(2.6)
Other operating expense (income)	1.1			(1.7)			2.8		N/M


Total operating expenses	$	180.4		$	172.8		$	7.6	4.4
Percent of net sales	20.2		%	20.5		%

Selling and administrative expense increased $5.4, or 3.6% in the three months ended March 31, 2026 compared to the corresponding period in 2025 primarily due to transformation costs related to continuous improvement initiatives. Research and development costs reflect the Company's ongoing investment in hardware and software innovations and enhancements in service offerings.



	Three months ended March 31,
Other Income (Expense)	2026		2025		$ Change		% Change
Interest income	$	2.9	$	1.5	$	1.4	93.3
Interest expense	(23.3)		(21.5)		(1.8)		(8.4)
Foreign exchange, net	(2.4)		(18.5)		16.1		87.0
Miscellaneous, net	2.5		1.5		1.0		66.7
Other income (expense), net	$	(20.3)	$	(37.0)	$	16.7	45.1

Foreign exchange, net includes realized gains and losses, primarily related to the unfavorable impact of a strengthening Brazilian real against the U.S. dollar and a broader weakening of the U.S. dollar, mitigated by the Company's derivative instruments during the three months ended March 31, 2026. Refer to Note 12 to our condensed consolidated financial statements for additional information regarding derivative instruments not designated as hedges.


	Three months ended March 31,
Net Income	2026			2025			$ Change		% Change
Income tax expense (benefit)	$	5.7		$	(2.2)		$	7.9	N/M
Net income (loss)	$	5.5		$	(7.5)		$	13.0	N/M
Effective tax rate	46.0		%	29.7		%

Changes in net income were a result of the fluctuations outlined above. The changes in net income were also impacted by an increase in income tax expense for the three months ended March 31, 2026 compared with the prior year period. The effective tax rate was higher in 2026 primarily due to (i) decreased interest expense deductibility and (ii) non-recurring discrete tax expense in 2025, which reduced the tax benefit for the period. Refer to Note 8 to our condensed consolidated financial statements for additional information regarding tax expense.

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Liquidity and Capital Resources.

Liquidity Policy. We maintain a strong focus on liquidity and define our liquidity risk tolerance based on sources and uses to maintain a sufficient liquidity position to meet our business needs and financial obligations under both normal and stressed conditions. We believe that our consolidated liquidity and availability under the Revolving Credit Facility (as defined below) will be sufficient to meet our liquidity needs.

The Company is committed to maintaining and over time improving our credit ratings through a disciplined capital allocation strategy. We intend to return a portion of our free cash flow to stockholders through share repurchases. We expect that any acquisition or other investments will be pursued in a disciplined way and focused on those that offer strategic, operational and financial synergies.

Revolving Credit Facility. On December 18, 2024, the Company entered into a credit agreement (Credit Agreement) with certain financial institutions, providing for, among other things, a $310.0 revolving credit facility maturing on December 18, 2029 (Revolving Credit Facility). Refer to Note 7 to the consolidated financial statements for further details regarding the Revolving Credit Facility.

Credit Ratings and Conditions. The cost and availability of debt financing is influenced by our credit ratings. Moody's Investors Service (Moody's) and Standard and Poor's Global Ratings (S&P) currently issue ratings on our short- and long-term debt. On April 23, 2026, Fitch Ratings published its initial rating of BB-, with a stable outlook. Our ratings may be subject to a revision or withdrawal at any time by the assigning rating organization, and each rating should be evaluated independently of any other rating.

Moody's

S&P

Fitch

Outlook

Stable

Long-term

B+

BB-

We believe that cash from operations plus available borrowing capacity under our Revolving Credit Facility, our current cash balance, and short-term investments are adequate to support operating requirements, capital expenditures and any share repurchases for at least the next 12 months and the foreseeable future thereafter. As of March 31, 2026 and December 31, 2025, we had no borrowings outstanding under the $310.0 Revolving Credit Facility, $24.3 of outstanding letters of credit and available borrowing capacity of $285.7.


	March 31, 2026		December 31, 2025
Cash, cash equivalents and restricted cash	$	373.6	$	387.3

Short-term investments	—		29.1
Revolving credit facility	310.0		310.0
Total	$	683.6	$	726.4

The following table summarizes the results of the Company's Statement of Cash Flows:


	Three months ended March 31,
Summary of cash flows:	2026		2025
Net cash provided by operating activities	$	31.7	$	15.7
Net cash provided by investing activities	20.2		—
Net cash used by financing activities	(62.2)		(12.8)
Effect of exchange rate changes on cash, cash equivalents and restricted cash	(3.4)		6.0
Change in cash, cash equivalents and restricted cash	$	(13.7)	$	8.9

Operating Activities. Cash flows from operating activities can fluctuate significantly from period to period as working capital needs and the timing of payments impact reported cash flows. Cash flows from operating activities during the three months ended March 31, 2026 were driven by cash provided by trade receivables, accounts payable, and deferred revenue and cash used for inventories. The key drivers of these cash flows were increased deferred revenues from annual billings, reduced supplier payments, and increased collections. Cash flows from operating activities during the three months ended March 31, 2025 were driven by cash provided by trade receivables and cash uses for inventories, accounts payable, and deferred revenue. The key drivers of these cash flows are increased collections and supplier payments.

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Investing Activities. Cash flows from investing activities during the three months ended March 31, 2026 and 2025 were driven by the sale of short-term investments partially offset by investments in internally developed software and fixed assets.

Financing Activities. Cash flows used by financing activities during the three months ended March 31, 2026 and 2025 were primarily driven by the Company's repurchase of common shares.

Share Repurchase. On November 5, 2025, we announced that our Board had approved a new $200.0 share repurchase program for the purchase of our common stock. During the first quarter of 2026, the Company purchased 746,610 shares for $55.0 in the aggregate. As of March 31, 2026, there was $117.0 remaining under the share repurchase program. Under the share repurchase program, shares may be repurchased in the open market, or otherwise, including under accelerated share repurchase programs, or under plans complying with Rule 10b5-1 under the Securities Exchange Act of 1934, as amended (Exchange Act). The specific timing, price, and size of purchases will depend on prevailing stock prices, general market and economic conditions, and other considerations. The share repurchase program may be extended, suspended, or discontinued at any time without prior notice and does not obligate us to acquire any particular amount of common stock. Refer to Unregistered Sales of Equity Securities and Use of Proceeds in Part II of this Quarterly Report on Form 10-Q for more information.

Contractual and Other Material Cash Obligations. All contractual and other cash obligations with initial and remaining terms in excess of one year and contingent liabilities remained generally unchanged at March 31, 2026 compared to December 31, 2025. Please refer to the Contractual and Other Obligations in the MD&A of our Annual Report on Form 10-K for the year ended December 31, 2025 for further information.

Off-Balance Sheet Arrangements. Please refer to Note 13 of the condensed consolidated financial statements for additional information.

Critical Accounting Policies and Estimates. There have been no changes to our critical accounting policies during the three months ended March 31, 2026. Please refer to the Critical Accounting Policies and Estimates section within the MD&A and Note 1 to the consolidated financial statements of the Company’s Annual Report on Form 10-K for the year ended December 31, 2025 for a discussion on our accounting policies and critical accounting estimates.

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STATEMENT OF FINANCIAL POSITION (UNAUDITED) (in millions, except share amounts)	March 31, 2026		December 31, 2025
ASSETS

Cash, cash equivalents and restricted cash	$	373.6	$	387.3

Short-term investments	—		29.1
Trade receivables, net of allowances of $4.0 and $6.0, respectively	597.0		609.4
Inventories (Note 2)	553.1		521.0
Prepaid expenses	31.1		50.9

Other current assets	245.3		189.1
Total current assets	1,800.1		1,786.8

Property, plant and equipment, net (Note 3)	293.0		286.0
Deferred income taxes	103.3		105.0
Goodwill (Note 4)	632.1		642.4

Customer relationships and other intangible assets, net (Note 4)	764.6		792.4


Other assets	236.8		241.8
Total assets	$	3,829.9	$	3,854.4
LIABILITIES


Accounts payable	482.6		431.1
Deferred revenue	359.4		325.8
Payroll and other benefits liabilities	165.6		201.6


Other current liabilities	396.4		413.0
Total current liabilities	1,404.0		1,371.5
Long-term debt (Note 7)	939.4		938.5
Pensions, post-retirement and other benefits	115.9		120.4


Deferred income taxes	197.0		200.7
Other liabilities	147.4		118.5
Total liabilities	2,803.7		2,749.6








EQUITY
Common stock (Note 9)	0.4		0.4
Paid-in-capital	1,064.0		1,060.5
Retained earnings	96.9		91.9
Treasury shares, at cost (Note 9)	(191.1)		(130.7)
Accumulated other comprehensive income (Note 9)	52.7		77.8

Total Diebold Nixdorf shareholders' equity	1,022.9		1,099.9
Noncontrolling interests	3.3		4.9
Total equity	1,026.2		1,104.8
Total liabilities and equity	$	3,829.9	$	3,854.4

See accompanying notes to condensed consolidated financial statements.

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STATEMENT OF EARNINGS (UNAUDITED)	Three months ended March 31,
(in millions, per share in dollars)	2026		2025
Net sales
Services	$	536.8	$	508.5
Products	355.0		332.6
Total revenues (Note 5)	891.8		841.1
Cost of sales
Services	416.1		391.3
Products	262.6		247.4
Total cost of sales	678.7		638.7
Gross profit	213.1		202.4
Selling and administrative expense	157.2		151.8
Research, development and engineering expense	22.1		22.7
Other operating expense (income)	1.1		(1.7)
Total costs and expenses	180.4		172.8
Operating profit	32.7		29.6
Other income (expense)
Interest income	2.9		1.5
Interest expense	(23.3)		(21.5)
Foreign exchange, net	(2.4)		(18.5)

Miscellaneous, net	2.5		1.5
Income (loss) before taxes	12.4		(7.4)
Income tax expense (benefit) (Note 8)	5.7		(2.2)
Equity in loss of unconsolidated subsidiaries, net	(1.2)		(2.3)
Net income (loss)	5.5		(7.5)
Net income attributable to noncontrolling interests	0.5		0.8
Net income (loss) attributable to Diebold Nixdorf	$	5.0	$	(8.3)

Basic weighted-average shares outstanding	35.1		37.6
Diluted weighted-average shares outstanding	35.7		37.6

Net income (loss) attributable to Diebold Nixdorf
Basic earnings (loss) per share	$	0.14	$	(0.22)
Diluted earnings (loss) per share	$	0.14	$	(0.22)

See accompanying notes to condensed consolidated financial statements.

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STATEMENT OF CASH FLOWS (UNAUDITED)	Three months ended March 31,
(in millions)	2026		2025
Net income (loss)	$	5.5	$	(7.5)
Adjustments to reconcile net income (loss) to cash flow provided (used) by operating activities:
Depreciation and amortization	31.4		33.9



Amortization of deferred financing costs into interest expense	1.7		1.5
Share-based compensation	3.2		3.0




Deferred income taxes	1.3		(2.0)
(Gain) loss on foreign currency translation	(0.6)		17.3
Other	1.4		(1.4)
Changes in certain assets and liabilities:
Trade receivables	3.8		0.4
Inventories	(38.7)		(4.8)
Accounts payable	59.0		(23.5)
Deferred revenue	61.0		55.2
Sales tax and net value added tax	(30.1)		(11.5)


Accrued salaries, wages and commissions	(28.7)		(26.0)





Certain other assets and liabilities	(38.5)		(18.9)
Net cash provided by operating activities	31.7		15.7
Capital expenditures	(5.6)		(7.9)
Capitalized software development	(5.4)		(1.7)


Proceeds from maturities of investments	29.1		80.5
Payments for purchases of investments	—		(70.9)


Other investments	2.1		—
Net cash provided by investing activities	20.2		—
Dividends paid to noncontrolling interest shareholder	—		(2.0)


















Treasury share activity	(60.4)		(9.6)
Other	(1.8)		(1.2)
Net cash used by financing activities	(62.2)		(12.8)
Effect of exchange rate changes on cash, cash equivalents and restricted cash	(3.4)		6.0
Change in cash, cash equivalents and restricted cash	(13.7)		8.9


Cash, cash equivalents and restricted cash at the beginning of the period	387.3		311.3
Cash, cash equivalents and restricted cash at the end of the period	$	373.6	$	320.2
Cash paid for: Income taxes	$	6.0	$	6.7
Cash paid for: Interest	$	37.1	$	21.4

See accompanying notes to condensed consolidated financial statements.

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STATEMENT OF COMPREHENSIVE INCOME (LOSS) (UNAUDITED)	Three months ended March 31,
(in millions)	2026		2025
Net income (loss)	$	5.5	$	(7.5)
Other comprehensive income (loss), net of tax
Translation adjustment	(29.8)		69.8
Foreign currency hedges (net of tax of $(0.7) and $— , respectively)	2.2		—





Pension and other post-retirement benefits net actuarial gain (loss) amortized, tax of $(0.3) and $(0.3), respectively	0.7		(0.6)




Other	(0.3)		(0.3)
Other comprehensive income (loss), net of tax	(27.2)		68.9
Comprehensive income (loss)	(21.7)		61.4
Less: Comprehensive income (loss) attributable to noncontrolling interests	(1.6)		0.6
Comprehensive income (loss) attributable to Diebold Nixdorf	$	(20.1)	$	60.8


STATEMENT OF CHANGES IN SHAREHOLDERS' EQUITY (UNAUDITED)	Three months ended March 31,
(in millions)	2026		2025
Beginning balance	$	0.4	$	0.4
Share-based compensation issued	—		—
Common stock	$	0.4	$	0.4
Beginning balance	$	77.8	$	(117.9)
Other comprehensive income	(25.1)		69.1
Accumulated other comprehensive income	$	52.7	$	(48.8)
Beginning balance	$	1,060.5	$	1,048.4
Share-based compensation	3.5		3.0
Paid-in-capital	$	1,064.0	$	1,051.4
Beginning balance	$	91.9	$	(1.1)
Net income (loss) attributable to the Company	5.0		(8.3)

Retained earnings	$	96.9	$	(9.4)
Beginning balance	$	(130.7)	$	—
Purchases	(60.4)		(9.6)
Treasury shares	$	(191.1)	$	(9.6)
Diebold Nixdorf Shareholders' equity	1,022.9		984.0
Beginning balance	$	4.9	$	8.4
Net earnings attributable to noncontrolling interests	0.5		0.8
Noncontrolling interests other comprehensive loss	(2.1)		(0.2)
Distributions to non-controlling interest holders, net	—		(2.0)
Noncontrolling interests	3.3		7.0
Total equity balance at March 31	$	1,026.2	$	991.0

See accompanying notes to condensed consolidated financial statements.

Table of Contents

Note 1: Basis of Presentation. The accompanying unaudited condensed consolidated financial statements of Diebold Nixdorf, Incorporated and its subsidiaries (collectively, the Company) have been prepared in accordance with the instructions to Form 10-Q and therefore do not include all information and footnotes necessary for a fair presentation of financial position, results of operations and cash flows in conformity with accounting principles generally accepted in the United States (U.S. GAAP); however, such information reflects all adjustments that are, in the opinion of management, necessary for a fair statement of the results for the interim periods presented. The Company has reclassified the presentation of certain prior-year information to conform to the current presentation.

The condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and notes contained in the Company’s Annual Report on Form 10-K for the year ended December 31, 2025. In addition, some of the Company’s statements in this Quarterly Report on Form 10-Q may involve risks and uncertainties that could significantly impact expected future results. The results for interim periods are not necessarily indicative of results for the entire year.

Note 2: Inventories. Major classes of inventories are summarized as follows:


	March 31, 2026		December 31, 2025
Raw materials and work in process	$	181.2	$	173.3
Finished goods	179.0		154.0
Total product inventories	360.2		327.3
Service parts	192.9		193.7
Total inventories	$	553.1	$	521.0

Note 3: Property, Plant and Equipment and Operating Leases.


	March 31, 2026		December 31, 2025
Cost	$	224.8	$	225.6
Less accumulated depreciation	(84.0)		(81.0)
Right-of-use operating lease assets	152.2		141.4
Property, plant and equipment, net	$	293.0	$	286.0

Depreciation expense. Depreciation expense was $6.4 and $8.5 for the three months ended March 31, 2026 and 2025, respectively.

Operating lease liabilities. Our current operating lease liabilities, included in Other current liabilities in our Statement of Financial Position, were $55.4 and $51.8 as of March 31, 2026 and December 31, 2025, respectively. Our non-current operating lease liabilities, included in Other liabilities in our Statement of Financial Position, were $98.8 and $91.9 as of March 31, 2026 and December 31, 2025, respectively.

Note 4: Goodwill and Other Intangible Assets. Goodwill and intangibles are tested for impairment annually during the fourth quarter or earlier if a triggering event is identified. The changes in the carrying amount of goodwill for the three months ended March 31, 2026:


	Banking		Retail		Total
Goodwill, balance at January 1, 2026	$	490.9	$	151.5	$	642.4
Currency translation adjustment	(7.9)		(2.4)		(10.3)
Goodwill, balance at March 31, 2026	483.0		149.1		632.1

The following summarizes information on Intangible assets by major category:


		March 31, 2026						December 31, 2025
	Weighted-average remaining useful lives	Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount		Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount
Customer relationships	14.9 years	$	575.4	$	(86.7)	$	488.7	$	584.7	$	(79.5)	$	505.2
Trademarks and trade names	15.7 years	121.7		(17.5)		104.2		123.3		(16.0)		107.3
Capitalized software development	2.0 years	79.8		(22.4)		57.4		75.6		(18.3)		57.3
Technology know-how and development costs non-software and other	3.6 years	237.8		(123.5)		114.3		240.8		(118.2)		122.6

Customer relationships and other intangible assets, net		$	1,014.7	$	(

SEC Form 10-Q filed by Diebold Nixdorf Incorporated