Wednesday, November 12, 2025
Patrick McCann, CFA, Research Analyst, Noble Capital Markets, Inc.
Michael Kupinski, Director of Research, Equity Research Analyst, Digital, Media & Technology , Noble Capital Markets, Inc.
Refer to the full report for the price target, fundamental analysis, and rating.
Q3 hits headwind. Conduent reported Q3 revenue of $767 million and adj. EBITDA of $40 million, modestly below our estimates of $794 million and $44 million. While sales in the Commercial segment lagged, Transportation delivered strong revenue growth (+15% Y/Y) and Government margins expanded to 25.6%. Totally company adj. EBITDA margins improved 110 bps year-over-year, underscoring steady operational progress.
Pipeline growing. Overall new business activity was solid with the qualified ACV pipeline rising 9% Y/Y to $3.4 billion, led by Government and Transportation momentum. While the Commercial segment struggled to close sales, we believe a streamlined go-to-market model and early software-licensing traction should support 2026 revenue stabilization.
Get the Full Report
Equity Research is available at no cost to Registered users of Channelchek. Not a Member? Click ‘Join’ to join the Channelchek Community. There is no cost to register, and we never collect credit card information.
This Company Sponsored Research is provided by Noble Capital Markets, Inc., a FINRA and S.E.C. registered broker-dealer (B/D).
*Analyst certification and important disclosures included in the full report. NOTE: investment decisions should not be based upon the content of this research summary. Proper due diligence is required before making any investment decision.