Monday, November 09, 2026
Jacob Mutchler, 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 Results. Conduent reported Q3 2026 revenue of $534 million, down 11.7% year over year and slightly below our $537 million estimate, though up from the second quarter. Despite the year-over-year decline, adjusted EBITDA rose 16.1% to $36 million, modestly ahead of our $35 million estimate, with margins expanding 160 basis points to 6.7%. The improvement reflects progress on management’s cost-reduction initiatives.
Segment Financial Performance. Commercial revenue declined 16% to $308 million, reflecting the wind-down of its largest customer. Adjusted EBITDA margins fell 70 basis points year over year to 9.4% but improved approximately 180 basis points sequentially. Government revenue declined 5% to $226 million, although margins expanded 230 basis points to 27.9%, driven primarily by cost efficiencies.
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