NICE changes

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View the full Nov 5, 2026 version

Price: $113.76 → $94.23(−17.2%)
Next earnings: Nov 4, 2026 → Feb 4, 2027
Next earnings is estimate: No → Yes
About: NiCE is an enterprise software company based in Israel, with its US headquarters in Hoboken, New Jersey. It serves two main markets: Customer Engagement and Financial Crime and Compliance. Its main product is CXone, a cloud platform that companies use to run their contact centers and customer service. NiCE Cognigy adds AI agents that answer customers by voice and chat, and these are now built into CXone. NiCE also sells software for public safety and for banks that must find fraud and money laundering. Cloud revenue was removed: $609 added: $623 million of its removed: $782 added: $791 million revenue in removed: Q2 added: Q3 2026. Its American Depositary Shares trade on Nasdaq, and it files reports with the SEC as a foreign private issuer.
Thesis: The market prices NiCE for the fear that AI agents will reduce the number of human contact center agents, and so the number of seats that companies pay for in CXone. Revenue added: grew 8.0% in Q3 2026, but cloud revenue growth slowed to removed: 7.6% added: 10.6% from 12.6% in Q2 added: (12.2% without a one-time customer credit of $10 million). On November 4, 2026, NiCE lowered its 2026 removed: from 9.8% in Q1, and cloud removed: revenue growth removed: slowed added: outlook to removed: 12.6% added: about 12% from removed: 14.6%. added: 13% to 15%. The non-GAAP operating margin fell to removed: 25.3% added: 27.0% from removed: 30.2% added: 31.5% a year earlier, as NiCE invests in AI and in removed: Cognigy. added: Cognigy, and NiCE plans to cut about 5% of its workforce. Investors are not yet sure that AI revenue can replace the seat revenue that AI can remove. For the gap to close, three things must be true. Cloud revenue added: growth must removed: grow 13% to 15% in 2026, as the guidance says. added: stop slowing and stay at 12% or more. AI annual recurring revenue (ARR), which was removed: $362 added: $392 million or removed: 15% added: 16% of cloud revenue in removed: Q2 added: Q3 2026, must keep growing removed: fast. added: fast; its growth slowed to 46% from 66% in Q1 2026. The operating margin must stop falling, so that NiCE reaches its 2026 non-GAAP EPS guidance of removed: $11.06 added: $11.12 to removed: $11.26. added: $11.32. The removed: Q3 added: Q4 2026 removed: report, on November 4, 2026, gives the next test added: report with the removed: Q3 guidance of $780 million to $790 million of revenue. The 2027 removed: guidance added: guidance, expected in February removed: 2027 shows whether growth holds. added: 2027, gives the next test. If these checks pass, the gap can close over the next three to five quarters. The main reason it may not close is a faster fall in contact center seats than the growth in AI revenue.
Risks: AI agents can handle more customer contacts without human agents. If customers buy fewer CXone seats faster than they buy AI products, NiCE's revenue growth can slow further. Competition is strong from other contact center software companies, from large cloud providers and from new AI companies. Price pressure can reduce margins. The non-GAAP operating margin fell to removed: 25.3% added: 27.0% in removed: Q2 added: Q3 2026 from removed: 30.2% added: 31.5% a year earlier. If AI investments do not bring the expected revenue, profits can stay lower. NiCE has large operations in Israel. Conflict in the region can disrupt its staff and operations.
Balance sheet: Cash: removed: $355M added: $351M Debt: $0.0M Net cash: removed: $355M added: $351M NiCE had no outstanding debt at removed: June added: September 30, 2026. Cash, cash equivalents and short-term investments were removed: $354.7 million, added: $350.9 million at September 30, 2026, of which cash and cash equivalents were removed: $315.4 added: $312.3 million. Cash and cash equivalents were $379.4 million at December 31, 2025. NiCE removed: bought back $253 added: used $383.4 million removed: of shares added: for share buybacks in removed: Q1 2026 and $58.0 added: the first nine months of 2026, of which $72.2 million added: was in removed: Q2 added: Q3 2026. Operating cash flow was removed: $122.7 added: $97.7 million in removed: Q2 2026. added: Q3 2026, down from $190.5 million in Q3 2025, as trade receivables grew. Total assets were removed: $5.12 billion, much added: $5.20 billion at September 30, 2026, of removed: it added: which goodwill added: was $2.44 billion and added: other intangible assets added: were $0.48 billion, mostly from acquisitions such as Cognigy. As of removed: Jun added: Sep 30, 2026.
Checkpoints: Nov 4, 2026: Q3 2026 earnings: cloud growth and AI ARR. removed: Pending. added: Failed. Watch: Revenue within the guidance of $780 million to $790 million, cloud growth of 13% or more and higher AI ARR pass; revenue below the range or slower cloud growth fails. added: Outcome: Revenue of $790.7 million topped the range and AI ARR rose to $392 million, but cloud revenue grew only 10.6% (12.2% without a one-time credit), below 13%, and NiCE cut its 2026 cloud outlook to about 12%. Feb added: 4, 2027 (estimate): 2026 results and 2027 guidance. Pending. Watch: 2026 non-GAAP EPS within removed: $11.06 added: $11.12 to removed: $11.26 added: $11.32, Q4 cloud growth of 12% or more and 2027 guidance for cloud growth removed: near 13% added: of 12% or more pass; lower EPS or a weaker cloud outlook fails.
Recent events: added: Nov 4, 2026: NiCE reported Q3 2026 results. Revenue rose 8.0% to $790.7 million, above its guidance range, but cloud revenue rose only 10.6% to $622.7 million, after a one-time customer credit of $10 million. GAAP EPS was $1.60 and non-GAAP EPS was $2.84. AI ARR rose 46% to $392 million. NiCE kept its 2026 revenue guidance, raised its non-GAAP EPS guidance to $11.12 to $11.32 and lowered its cloud growth outlook to about 12%. It plans to cut about 5% of its workforce, with restructuring charges of $15 million to $20 million, mostly in Q4 2026. Sep 8, 2026: NiCE said that the German health insurer AOK PLUS went live on NiCE Cognigy and CXone, with AI agents for more than 5 million member interactions a year. Aug 5, 2026: NiCE reported Q2 2026 results. Revenue rose 7.6% to $782.3 million, above its guidance range, and cloud revenue rose 12.6% to $609.0 million. GAAP EPS was $1.40 and non-GAAP EPS was $2.70. AI ARR reached $362 million. NiCE kept its 2026 revenue guidance of $3,170 million to $3,190 million and raised its non-GAAP EPS guidance to $11.06 to $11.26. It used $58.0 million for share buybacks. Jul 1, 2026: NiCE became a launch partner for the AWS European Sovereign Cloud, so customers in Europe can keep their data in the EU. May 7, 2026: NiCE launched a joint solution with ServiceNow that links customer engagement with ServiceNow workflows. May 6, 2026: NiCE reported Q1 2026 results. Revenue rose 9.8% to $768.6 million and cloud revenue rose 14.6% to $603.4 million. AI ARR rose 66% from a year earlier. NiCE bought back $253 million of shares and raised its 2026 EPS guidance.