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( N A S D A Q : N I C E ) Q4 2025 Earnings Presentation
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Forward Looking Statements Disclaimer This presentation contains forward-looking statements as that term is defined in the Private Securities Litigation Reform Act of 1995. In some cases, forward-looking statements may be identified by words such as “believe”, “expect”, “seek”, “may”, “will”, “intend”, “should”, “project”, “anticipate”, “plan ”, and similar expressions. Forward-looking statements are based on the current beliefs, expectations and assumptions of the Company’s management regarding the future of the Company’s business, performance, future plans and strategies, projections, anticipated events and trends, the economic environment, and other future conditions. Examples of forward-looking statements include guidance regarding the Company’s revenue and earnings and the growth of our cloud, analytics and artificial intelligence business. Forward looking statements are inherently subject to significant uncertainties, contingencies, and risks, including, economic, competitive and other factors, which are difficult to predict and many of which are beyond the control of management. The Company cautions that these statements are not guarantees of future performance, and investors should not place undue reliance on them. There are or will be important known and unknown factors and uncertainties that could cause actual results to differ materially from those expressed or implied in the forward-looking statements. These factors, include, but are not limited to, risks associated with changes in economic and business conditions, competition, successful execution of the Company’s growth strategy, success and growth of the Company’s cloud Software-as-a-Service business, difficulties in making additional acquisitions or effectively integrating acquired operations, products, technologies and personnel, the Company’s dependency on third-party cloud computing platform providers, hosting facilities and service partners, rapid changes in technology and market requirements, the implementation of AI capabilities in certain products and services; decline in demand for the Company's products; inability to timely develop and introduce new technologies, products and applications, loss of market share, cyber security attacks or other security incidents, privacy concerns and legislation impacting the Company’s business, changes in currency exchange rates and interest rates, the effects of additional tax liabilities resulting from our global operations, the effect of unexpected events or geo-political conditions, including those arising from political instability or armed conflict that may disrupt our business and the global economy, our ability to recruit and retain qualified personnel, the effect of newly enacted or modified laws, regulation or standards on the Company and our products, and various other factors and uncertainties discussed in our filings with the U.S. Securities and Exchange Commission (the “SEC”). You are encouraged to carefully review the section entitled “Risk Factors” in our latest Annual Report on Form 20-F and our other filings with the SEC for additional information regarding these and other factors and uncertainties that could affect our future performance. The forward-looking statements contained in this press release speak only as of the date hereof, and the Company undertakes no obligation to update or revise them, whether as a result of new information, future developments or otherwise, except as required by law. Explanation of Non-GAAP measures Non-GAAP financial measures are included in this presentation. Non-GAAP financial measures consist of GAAP financial measures adjusted to exclude share-based compensation, amortization of acquired intangible assets, acquisition related expenses, amortization of discount on debt and the tax effect of the Non-GAAP adjustments. The Company believes that these Non-GAAP financial measures, used in conjunction with the corresponding GAAP measures, provide investors with useful supplemental information about the financial performance of our business. We believe Non-GAAP financial measures are useful to investors as a measure of the ongoing performance of our business. Our management regularly uses our supplemental Non-GAAP financial measures internally to understand, manage and evaluate our business and to make financial, strategic and operating decisions. These Non-GAAP measures are among the primary factors management uses in planning for and forecasting future periods. Our Non-GAAP financial measures are not meant to be considered in isolation or as a substitute for comparable GAAP measures and should be read only in conjunction with our consolidated financial statements prepared in accordance with GAAP. These Non-GAAP financial measures may differ materially from the Non-GAAP financial measures used by other companies. Reconciliation between results on a GAAP and Non-GAAP basis is provided in a table in the earnings press release and in the appendix in this presentation. The Company provides guidance only on a Non-GAAP basis. A reconciliation of guidance from a GAAP to Non-GAAP basis is not available due to the unpredictability and uncertainty associated with future events that would be reported in GAAP results and would require adjustments between GAAP and Non-GAAP financial measures, including the impact of future possible business acquisitions. Accordingly, a reconciliation of the guidance based on Non-GAAP financial measures to corresponding GAAP financial measures for future periods is not available without unreasonable effort. Disclaimer 2
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3 >85% Fortune 100 Customers >150 Countries Cloud Revenue* $2.2B $717M Cash from Operations* $2.9B Total Revenue* >3,500 R&D Professionals>9,600 Employees Customers 25K Recurring Revenue* $2.6B *Financial figures for the year ended December 31, 2025. THE Cloud Leader Powering AI in Three Large Specialized Markets
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technology works for you In a NiCE world FINANCIAL OVERVIEW Quarterly Results
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5 Q4-25 Financial Highlights Q4 2025 Results* Quarterly Results Change Y/Y Total Revenue $786M 9% Cloud Revenue $608M 14% Non-GAAP Operating Income $244M 7% Non-GAAP Operating Margin 31.0% (50 bps) Non-GAAP EPS $3.24 7% * Q4 2025 results include the financial performance of Cognigy. Q4 2025 cloud revenue growth increased 12% Y/Y excluding Cognigy.
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6 FY-25 Financial Highlights FY 2025 Results* Annual Results Change Y/Y Total Revenue $2,945M 8% Cloud Revenue $2,238M 13% Non-GAAP Operating Income $908M 7% Non-GAAP Operating Margin 30.8% (20 bps) Non-GAAP EPS $12.30 11% * FY 2025 results include the financial performance of Cognigy from the date of the acquisition. FY 2025 cloud revenue growthincreased 12% Y/Y excluding Cognigy.
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LTM Q4/2025 Cloud NRR 7 Q4 2025 Cloud Growth Fueled by AI Adoption and Customer Expansion AI & Self-Service ARR AI & Self-Service ARR YoY Growth AI & Self-Service as % of Total Cloud Revenue $328M 66% 13% 109%
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8 Strong Cloud Backlog Growth NiCE Remaining Performance Obligations $2,543M $2,833M $3,184M $530M $481M $490M$3,073M $3,314M $3,674M 12/31/2024 9/30/2025 12/31/2025 Cloud Non-Cloud Cloud Backlog +25% YoY +22% YoY excluding Cognigy
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$472M $481M $498M $523M $551M $556M $578M $597M $592M $597M $613M $658M $100M $100M $103M $101M $108M $109M $111M $125M $108M $130M $119M $128M $572M $581M $601M $623M $659M $664M $690M $722M $700M $727M $732M $786M Q1-23 Q2-23 Q3-23 Q4-23 Q1-24 Q2-24 Q3-24 Q4-24 Q1-25 Q2-25 Q3-25 Q4-25 Customer Engagement Financial Crime and Compliance 9 Revenue Breakdown by Business Segment Quarterly Revenue Annual Revenue $1,974M $2,282M $2,460M $403M $453M $485M $2,378M $2,735M $2,945M 2023 2024 2025 Customer Engagement Financial Crime and Compliance
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$368M $382M $403M $429M $468M $482M $500M $534M $526M $541M $563M $608M $160M $159M $160M $162M $149M $148M $150M $150M $140M $140M $139M $141M $44M $40M $38M $32M $42M $35M $40M $38M $34M $45M $30M $38M $572M $581M $601M $623M $659M $664M $690M $722M $700M $727M $732M $786M Q1-23 Q2-23 Q3-23 Q4-23 Q1-24 Q2-24 Q3-24 Q4-24 Q1-25 Q2-25 Q3-25 Q4-25 Cloud Services Product 10 Revenue Breakdown by Business Model Quarterly Revenue Annual Revenue $1,582M $1,984M $2,238M $641M $596M $560M $154M $155M $147M $2,378M $2,735M $2,945M 2023 2024 2025 Cloud Services Product
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67% 73% 76% 20% 16% 14% 87% 89% 90% 2023 2024 2025 Cloud Revenue Non-Cloud Recurring Revenue 11 Recurring Revenue as a Percent of Total Revenue 64% 66% 67% 69% 71% 73% 72% 74% 75% 74% 77% 77% 21% 20% 20% 19% 17% 16% 17% 15% 15% 15% 14% 13% 85% 86% 87% 88% 88% 89% 89% 89% 90% 89% 91% 90% Q1-23 Q2-23 Q3-23 Q4-23 Q1-24 Q2-24 Q3-24 Q4-24 Q1-25 Q2-25 Q3-25 Q4-25 Cloud Revenue Non-Cloud Recurring Revenue Quarterly Annual
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12 Revenue Breakdown by Geographic Region – Q4 2025 EMEA $100M, +38% YoY (+32% in CC) 13% APAC $40M, +11% YoY (+11% in CC) 5% 82% AMERICAS $647M, +5% YoY
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13 Revenue Breakdown by Geographic Region – FY 2025 EMEA $325M, +17% YoY (+14% in CC) 11% APAC $155M, +14% YoY (+15% in CC) 5% 84% AMERICAS $2,466M, +6% YoY
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70.0% 70.3% 70.4% 71.1% 69.8% 70.2% 69.7% 70.6% 69.4% 68.7% 69.9% 69.4% Q1-23 Q2-23 Q3-23 Q4-23 Q1-24 Q2-24 Q3-24 Q4-24 Q1-25 Q2-25 Q3-25 Q4-25 Healthy Gross Margins (Non-GAAP) Cloud GM 71.8% 72.2% 73.6% 72.0% 70.6% 70.2% 71.9% 70.6% 68.8% 67.2% 67.7% 64.1% Q1-23 Q2-23 Q3-23 Q4-23 Q1-24 Q2-24 Q3-24 Q4-24 Q1-25 Q2-25 Q3-25 Q4-25 Services GM 84.9% 81.8% 86.1% 82.9% 85.0% 79.4% 84.8% 86.2% 81.2% 83.8% 80.1% 86.4% Q1-23 Q2-23 Q3-23 Q4-23 Q1-24 Q2-24 Q3-24 Q4-24 Q1-25 Q2-25 Q3-25 Q4-25 Product GM 70.5% 70.1% 69.4% 2023 2024 2025 72.4% 70.8% 66.9% 2023 2024 2025 84.0% 84.0% 83.1% 2023 2024 2025
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14.6% 14.5% 14.2% 22.5% 20.6% 19.8% 7.5% 7.3% 7.3% 44.6% 42.3% 41.3% 2023 2024 2025 R&D* S&M G&A 15 Non-GAAP Operating Expenses as a Percent of Total Revenue 14.7% 14.7% 14.8% 14.1% 14.5% 14.2% 14.7% 14.6% 14.5% 14.4% 14.4% 13.7% 23.2% 23.1% 21.4% 22.4% 20.6% 21.0% 19.2% 21.5% 20.2% 20.6% 19.3% 19.1% 7.7% 7.1% 7.5% 7.7% 8.0% 7.4% 7.6% 6.2% 7.1% 6.6% 7.3% 8.1% 45.6% 44.9% 43.7% 44.2% 40.6% 42.6% 41.5% 42.2% 41.8% 41.6% 41.0% 40.9% Q1-23 Q2-23 Q3-23 Q4-23 Q1-24 Q2-24 Q3-24 Q4-24 Q1-25 Q2-25 Q3-25 Q4-25 R&D* S&M G&A * R&D including capitalization Quarterly Annual
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$180M $187M $203M $205M $220M $223M $242M $249M $235M $243M $254M $268M 31.5% 32.1% 33.7% 32.9% 33.3% 33.5% 35.1% 34.5% 33.6% 33.4% 34.7% 34.1% $0 $50 $100 $150 $200 $250 $300 26% 28% 30% 32% 34% 36% 38% 40% 42% Q1-23 Q2-23 Q3-23 Q4-23 Q1-24 Q2-24 Q3-24 Q4-24 Q1-25 Q2-25 Q3-25 Q4-25 Non-GAAP EBITDA Non-GAAP EBITDA Margin $163M $170M $184M $187M $200M $202M $221M $227M $214M $220M $231M $244M 28.6% 29.2% 30.6% 30.0% 30.3% 30.4% 32.0% 31.5% 30.5% 30.2% 31.5% 31.0% $0 $20 $40 $60 $80 $100 $120 $140 $160 $180 $200 $220 $240 $260 20% 22% 24% 26% 28% 30% 32% 34% 36% 38% 40% Q1-23 Q2-23 Q3-23 Q4-23 Q1-24 Q2-24 Q3-24 Q4-24 Q1-25 Q2-25 Q3-25 Q4-25 Operating Income Operating Margin 16 Strong Operating Profitability Non-GAAP Operating Margin $775M $933M $1,000M 32.6% 34.1% 33.9% $0$20$40$60$80$100$120$140$160$180$200$220$240$260$280$300$320$340$360$380$400$420$440$460$480$500$520$540$560$580$600$620$640$660$680$700$720$740$760$780$800$820$840$860$880$900$920$940$960$980$1,000$1,020$1,040$1,060 20% 22% 24% 26% 28% 30% 32% 34% 36% 38% 40% 2023 2024 2025 Non-GAAP EBITDA Non-GAAP EBITDA Margin $704M $850M $908M 29.6% 31.1% 30.8% $0$20$40$60$80$100$120$140$160$180$200$220$240$260$280$300$320$340$360$380$400$420$440$460$480$500$520$540$560$580$600$620$640$660$680$700$720$740$760$780$800$820$840$860$880$900$920$940$960 20% 22% 24% 26% 28% 30% 32% 34% 36% 38% 40% 2023 2024 2025 Operating Income Operating Margin Non-GAAP EBITDA
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$136M $142M $151M $155M $172M $174M $187M $196M $185M $190M $201M $203M Q1-23 Q2-23 Q3-23 Q4-23 Q1-24 Q2-24 Q3-24 Q4-24 Q1-25 Q2-25 Q3-25 Q4-25 17 Non-GAAP Net Income and EPS Reflect NICE’s Financial Strength Non-GAAP Net Income $2.03 $2.13 $2.27 $2.36 $2.58 $2.64 $2.88 $3.02 $2.87 $3.01 $3.18 $3.24 Q1-23 Q2-23 Q3-23 Q4-23 Q1-24 Q2-24 Q3-24 Q4-24 Q1-25 Q2-25 Q3-25 Q4-25 Non-GAAP EPS $583M $728M $779M 2023 2024 2025 $8.79 $11.12 $12.30 2023 2024 2025 4% YoY Growth 7% YoY Growth 7% YoY Growth 11% YoY Growth
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Healthy Cash From Operations and Free Cash Flow 18 * Cash Conversion Rate = (Free Cash Flow / Non-GAAP Net Income) Annual Free Cash Flow and Margin $M FY 2025 FY 2024 Operating Cash Flow 716.5 832.6 Capital expenditure of property and equipment (18.9) (35.0) Capitalization of software development (74.8) (64.8) Free cash flow 622.8 732.9 8 22Free cash flow margin 21.1% 26.8% Cash conversion rate * 0.8 1.0 $477.3 $732.9 $622.8 20% 27% 21% 0% 5% 10% 15% 20% 25% $0 $100 $200 $300 $400 $500 $600 $700 $800 $900 $1,000 2023 2024 2025 LTM FCF % LTM FCF margin
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Executing on Share Repurchase Plan 19 $65M $65M $90M $69M $42M $146M $86M $95M $252M $31M $41M $165M Q1-23 Q2-23 Q3-23 Q4-23 Q1-24 Q2-24 Q3-24 Q4-24 Q1-25 Q2-25 Q3-25 Q4-25 Quarterly Annual $288M $369M $489M 2023 2024 2025
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20 Net Cash Position* Net cash and investments = cash, cash equivalents and short-term investments less total debt net of debt hedge option asset Ending cash balance reflects the Cognigy acquisition, closed in September 2025, and related acquisition and debt repayment activities. $1,141M $1,119M $1,107M $863M $1,045M $1,046M $1,068M $1,163M $1,151M $1,172M $456M $417M 3/31/2023 6/30/2023 9/30/2023 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024 3/31/2025 6/30/2025 9/30/2025 12/31/2025 Quarterly Annual $863M $1,163M $417M 12/31/2023 12/31/2024 12/31/2025
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Outlook* (Non-GAAP) 21 *The outlook is provided as of February 19, 2025. There is no guarantee that the Company will change or update these figures in this presentation should a need arise in the future to update the outlook. This is in addition to the forward-looking statements disclaimer at the beginning of the presentation. 21 Q1 2026 FY 2026 Revenue $755 – $765M $3,170 – $3,190M EPS $2.45 – $2.55 $10.85 – $11.05
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22 Appendix
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GAAP and Non-GAAP Income Statement USD in thousands (except EPS) 23 Quarter ended Year to date December 31, December 31, 2025 2024 2025 2024 GAAP revenues $ 786,496 $ 721,600 $ 2,945,399 $ 2,735,272 Non-GAAP revenues $ 786,496 $ 721,600 $ 2,945,399 $ 2,735,272 GAAP cost of revenue $ 272,643 $ 232,386 $ 989,254 $ 909,524 Amortization of acquired intangible assets on cost of cloud (27,151) (19,592) (72,933) (93,370) Amortization of acquired intangible assets on cost of product - - - (410) Cost of cloud revenue adjustment (1,2) (2,211) (3,520) (11,592) (12,549) Cost of services revenue adjustment (1) (1,725) (2,966) (8,852) (10,472) Cost of product revenue adjustment (1) 58 (18) (7) (108) Non-GAAP cost of revenue $ 241,614 $ 206,290 $ 895,870 $ 792,615 GAAP gross profit $ 513,853 $ 489,214 $ 1,956,145 $ 1,825,748 Gross profit adjustments 31,029 26,096 93,384 116,909 Non-GAAP gross profit $ 544,882 $ 515,310 $ 2,049,529 $ 1,942,657 GAAP operating expenses $ 337,630 $ 334,902 $ 1,310,387 $ 1,279,794 Research and development (1,2) (3,879) (6,461) (16,512) (28,822) Sales and marketing (1,2) (8,610) (15,565) (50,739) (57,891) General and administrative (1,2) (14,771) (21,628) (73,722) (81,042) Amortization of acquired intangible assets (9,293) (6,263) (27,801) (22,087) Valuation adjustment on acquired deferred commission - - - 24 Change in fair value of contingent consideration 3,054 - 3,054 Non-GAAP operating expenses $ 301,077 $ 288,039 $ 1,141,613 $ 1,093,030 GAAP financial and other income, net $ (6,453) $ (16,938) $ (58,259) $ (58,872) Amortization of discount on debt - (430) (1,210) (1,834) Realized gain on marketable securities, net - - 4,463 (115) Non-GAAP financial and other income, net $ (6,453) $ (17,368) $ (55,006) $ (60,821) GAAP taxes on income $ 32,122 $ 71,741 $ 91,916 $ 162,238 Tax adjustments re non-GAAP adjustments 15,429 (22,878) 92,192 19,787 Non-GAAP taxes on income $ 47,551 $ 48,863 $ 184,108 $ 182,025
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GAAP and Non-GAAP Income Statement (cont.) USD in thousands (except EPS) 24 Quarter ended Year to date December 31, December 31, 2025 2024 2025 2024 GAAP net income $ 150,554 $ 99,509 $ 612,101 $ 442,588 Amortization of acquired intangible assets 36,444 25,855 100,734 115,867 Valuation adjustment on acquired deferred commission - - - (24) Share-based compensation (1) 31,138 49,720 152,358 187,717 Acquisition related expenses (2) - 438 9,066 3,167 Amortization of discount on debt - 430 1,210 1,834 Realized gain on marketable securities, net - - (4,463) - Change in fair value of contingent consideration - (3,054) - (2,939) Tax adjustments re non-GAAP adjustments (15,429) 22,878 (92,192) (19,787) Non-GAAP net income $ 202,707 $ 195,776 $ 778,814 $ 728,423 GAAP diluted earnings per share $ 2.41 $ 1.54 $ 9.67 $ 6.76 Non-GAAP diluted earnings per share $ 3.24 $ 3.02 $ 12.30 $ 11.12 Shares used in computing GAAP diluted earnings per share 62,576 64,802 63,323 65,506 Shares used in computing non-GAAP diluted earnings per share 62,576 64,802 63,323 65,506
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GAAP and Non-GAAP Income Statement (cont.) USD in thousands 25 (1) Share-based compensation Quarter ended Year to date December 31, December 31, 2025 2024 2025 2024 Cost of cloud revenue $ 2,211 $ 3,520 $ 11,592 $ 12,487 Cost of services revenue 1,725 2,966 8,852 10,472 Cost of product revenue (58) 18 7 108 Research and development 3,879 6,461 16,512 28,492 Sales and marketing 8,610 15,554 50,729 57,230 General and administrative 14,771 21,201 64,666 78,928 $ 31,138 $ 49,720 $ 152,358 $ 187,717 (2) Acquisition related expenses Quarter ended Year to date December 31, December 31, 2025 2024 2025 2024 Cost of cloud revenue $ - $ - $ - $ 62 Research and development - - - 330 Sales and marketing - 11 10 661 General and administrative - 427 9,056 2,114 $ - $ 438 $ 9,066 $ 3,167
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Non-GAAP EBITDA Reconciliation USD in thousands 26 Quarter ended Year to date December 31, December 31, 2025 2024 2025 2024 Unaudited Audited Unaudited Audited GAAP net income $ 150,554 $ 99,509 $ 612,101 $ 442,588 Non-GAAP adjustments: Depreciation and amortization 62,073 48,776 199,044 205,020 Share-based compensation 29,565 48,185 146,046 182,067 Financial and other income, net (6,453) (16,938) (58,259) (58,872) Acquisition related expenses - 438 9,066 3,167 Change in fair value of contingent consideration - (3,054) - (3,054) Valuation adjustment on acquired deferred commission - - - (24) Taxes on income 32,122 71,741 91,916 162,238 Non-GAAP EBITDA $ 267,861 $ 248,657 $ 999,914 $ 933,130
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Free Cash Flow Reconciliation USD in thousands (a) Free cash flow from continuing operations is defined as operating cash flows from continuing operations less capital expenditures of the continuing operations and less capitalization of internal use software costs. 27 Quarter ended Year to date December 31, December 31, 2025 2024 2025 2024 Unaudited Audited Unaudited Audited Net cash provided by operating activities $ 179,656 $ 249,522 $ 716,549 $ 832,641 Purchase of property and equipment (3,416) (7,567) (18,920) (34,962) Capitalization of internal use software costs (20,262) (16,819) (74,828) (64,805) Free Cash Flow (a) $ 155,978 $ 225,136 $ 622,801 $ 732,874
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Condensed Consolidated Balance Sheet USD in thousands 28 December 31, December 31, 2025 2024 Unaudited Audited ASSETS CURRENT ASSETS: Cash and cash equivalents $ 379,388 $ 481,712 Short-term investments 38,010 1,139,996 Trade receivables 737,954 643,985 Prepaid expenses and other current assets 223,780 239,080 Total current assets 1,379,132 2,504,773 LONG-TERM ASSETS: Property and equipment, net 189,395 185,292 Deferred tax assets 198,213 219,232 Other intangible assets, net 587,599 231,346 Operating lease right-of-use assets 78,064 93,083 Goodwill 2,440,532 1,849,668 Prepaid expenses and other long-term assets 233,095 212,512 Total long-term assets 3,726,898 2,791,133 TOTAL ASSETS $ 5,106,030 $ 5,295,906 December 31, December 31, 2025 2024 Unaudited Audited LIABILITIES AND SHAREHOLDERS' EQUITY CURRENT LIABILITIES: Trade payables $ 100,782 $ 110,603 Deferred revenues and advances from customers 303,911 299,367 Current maturities of operating leases 13,742 12,554 Debt - 458,791 Accrued expenses and other liabilities 469,192 593,109 Total current liabilities 887,627 1,474,424 LONG-TERM LIABILITIES: Deferred revenues and advances from customers 61,392 66,289 Operating leases 75,059 92,258 Deferred tax liabilities 109,993 1,965 Other long-term liabilities 95,431 57,807 Total long-term liabilities 341,875 218,319 SHAREHOLDERS' EQUITY Nice Ltd's equity 3,876,528 3,589,742 Non-controlling interests - 13,421 Total shareholders' equity 3,876,528 3,603,163 TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY $ 5,106,030 $ 5,295,906