New York, June 29, 2026, 19:05 EDT
- Concentrix was down 22.5% at $19.55 in after-hours trade at 7:01 p.m. EDT after closing at $25.23.
- The company lowered its fiscal 2026 adjusted EPS and revenue outlook below estimates cited by Benzinga.
- Retail, travel and e-commerce overtook technology and consumer electronics as the company’s largest reported vertical in the quarter.
- At the after-hours price, Concentrix’s 2026 adjusted free-cash-flow guide equaled about 54% of common equity value, but about 12% of enterprise value after debt.
Concentrix Corporation NASDAQ:CNXC lost more than a fifth of its market value in after-hours trading on Monday after the customer-experience services company gave a soft outlook, even as its second-quarter cash flow improved. The stock last traded at $19.55, down 22.5%, after closing up 0.9% at $25.23; after-hours volume was 1.07 million shares, MarketWatch data showed.
The less noticed line was the revenue mix. Retail, travel and e-commerce passed technology and consumer electronics as Concentrix’s biggest reported vertical in the quarter. Banking, financial services and insurance also rose, while tech and healthcare fell.
| Q2 revenue by vertical | 2026 | 2025 | Change | Dollar move |
|---|---|---|---|---|
| Retail, travel and e-commerce | $640.8 mln | $583.8 mln | +10% | +$57.0 mln |
| Technology and consumer electronics | $624.2 mln | $662.7 mln | -6% | -$38.5 mln |
| Banking, financial services and insurance | $432.4 mln | $384.0 mln | +13% | +$48.4 mln |
| Healthcare | $151.9 mln | $176.4 mln | -14% | -$24.5 mln |
For investors, that mix matters because the two stronger verticals added about $105 million of year-on-year revenue, while tech and healthcare cut about $63 million. Total quarterly revenue rose only $45 million. The company also guided for third-quarter constant-currency revenue growth of 0% to 1%.
Cash flow told a different story from the share price. Concentrix said Q2 revenue rose 1.9% to $2.46 billion, operating income fell 35.7% to $95.4 million, and non-GAAP EPS fell to $2.63 from $2.70. Adjusted free cash flow rose to $242.3 million from $200.3 million.
| Q2 measure | 2026 | 2025 | Change |
|---|---|---|---|
| Revenue | $2.46 bln | $2.42 bln | +1.9% |
| Operating income | $95.4 mln | $148.3 mln | -35.7% |
| Non-GAAP EPS | $2.63 | $2.70 | -2.6% |
| Adjusted free cash flow | $242.3 mln | $200.3 mln | +21.0% |
The selloff put a sharp number on the market’s doubt. Based on 60.9 million shares outstanding and the $19.55 after-hours quote, Concentrix’s common equity value was about $1.19 billion. Its fiscal 2026 adjusted free-cash-flow guide of $630 million to $650 million was equal to roughly 54% of that equity value. Debt changes the read: the company listed $650 million of current long-term debt, $3.93 billion of long-term debt and $255.6 million of cash at May 31.
| Cash and leverage math | Amount |
|---|---|
| After-hours equity value at $19.55 | ~$1.19 bln |
| Debt less cash | ~$4.33 bln |
| Implied enterprise value | ~$5.52 bln |
| FY2026 adjusted FCF guide midpoint | $640 mln |
| Adjusted FCF / equity value | ~54% |
| Adjusted FCF / enterprise value | ~12% |
The guidance gap was the pressure point. Concentrix guided fiscal 2026 adjusted EPS to $10.83 to $11.18, below the $11.97 estimate cited by Benzinga, and cut its revenue outlook to about $9.93 billion to $10.03 billion, below a $10.14 billion estimate. For Q3, Benzinga’s earnings page showed analysts estimating EPS of $3.04 and revenue of $2.54 billion; Concentrix guided $2.65 to $2.77 in non-GAAP EPS and $2.465 billion to $2.490 billion in revenue.
| Guidance item | Concentrix guide | Estimate cited | Midpoint gap |
|---|---|---|---|
| Q3 non-GAAP EPS | $2.65-$2.77 | $3.04 | -10.9% |
| Q3 revenue | $2.465-$2.490 bln | $2.54 bln | -2.5% |
| FY2026 adjusted EPS | $10.83-$11.18 | $11.97 | -8.1% |
| FY2026 revenue | $9.925-$10.025 bln | $10.14 bln | -1.6% |
Chief Executive Chris Caldwell said the quarter “marked an acceleration in many areas” and said the company’s “blended AI and services approach” was bringing value to clients. Concentrix also said iX Suite deals rose 400% from a year earlier. Concentrix Investor Relations
Capital return is now part of the trade. Concentrix declared a quarterly dividend of 36 cents a share, payable Aug. 4, and said it did not buy back shares in Q2. The remaining repurchase authorization was $396.6 million at May 31, equal to about one-third of the company’s after-hours equity value at $19.55.
