Unisys Corp (UIS) · Nov 4, 2026 · Earnings

Unisys earnings beat as guidance rises, but cash flow remains negative

Beat — Revenue $471.5M vs ~$450M consensus; non-GAAP EPS -$0.12 vs ~$-0.19

Unisys earnings beat on revenue and adjusted margins, prompting a guidance increase. But weak DWS profitability and negative adjusted free cash flow temper the improvement.

Unisys is in a turnaround built around AI-enabled technology services while managing a shrinking legacy ClearPath base, uneven segment execution, heavy pension obligations, and a levered balance sheet. Before this filing, management had already raised its 2026 constant-currency revenue outlook to -5.0% to -3.5% and was holding non-GAAP operating margin guidance at 9.0% to 11.0%.

The quarter beat a low bar on the headline numbers. Revenue was $471.5 million, ahead of published estimates near $450 million, while non-GAAP diluted EPS was a $0.12 loss versus consensus around a $0.19 loss. Revenue also grew 2.5% year over year, although that translated to only 0.6% growth in constant currency. 〔0〕

	3Q26	3Q25	Consensus / Guidance
Revenue (Financial Highlights)	$471.5M	$460.2M	~$450M
Non-GAAP diluted EPS (Non-GAAP EPS reconciliation)	$(0.12)	$(0.08)	~$ (0.19)
Non-GAAP operating margin (Operating profit reconciliation)	7.2%	5.4%	9.0%-11.0% FY guide
Adjusted EBITDA (Financial Highlights)	$59.7M	$48.2M
Adjusted free cash flow (Free cash flow reconciliation)	$(18.7)M	$30.3M
Reported FY revenue growth guide (2026 Financial Guidance)	-0.4% to 1.1%		-2.6% to -1.1% prior

Management raised the reported revenue outlook, but the underlying currency-neutral improvement is more limited. The revised reported growth range moved to -0.4% to 1.1% from -2.6% to -1.1%, while TS&S constant-currency guidance improved to -3.0% to -1.0% from -6.0% to -4.0%. The full-year constant-currency company revenue range itself was not raised, so part of the upgrade reflects exchange rates rather than a wholesale change in demand.

The mix is improving in high-margin ECS and ClearPath renewals, but the core services engine remains uneven. ECS revenue rose 5.6% and its gross margin jumped to 55.5%, helped by software-heavy ClearPath renewals. ClearPath revenue itself was only up 1.7% in the quarter and remains down 9.1% year to date, while TS&S gross margin fell to 16.6%. DWS is the clearest weak spot: revenue grew 3.9%, but gross margin collapsed to 9.5% from 16.2% because of client attrition and higher implementation and delivery costs. 〔1〕

The large GAAP loss is mostly pension-related, but the cash picture is still a real constraint. The quarter included a $151 million after-tax non-cash pension settlement loss, which explains much of the $201 million net loss. The pension action reduces future obligations and advances the company toward its $600 million liability-reduction target, but adjusted free cash flow was still negative $18.7 million in the quarter and cash fell to $264.2 million from $413.9 million at year-end.

Bottom line: This was a genuine earnings beat with better reported guidance and stronger contract signings, advancing the turnaround modestly. But the improvement is not broad-based: DWS is deteriorating, ClearPath remains structurally pressured, and negative adjusted cash flow keeps the balance-sheet story unresolved.

What to watch next

Additional pension settlement, first half 2027

Original filing on SEC EDGAR

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AllSight · BlackBerry Q2 FY27

Revenue $163.3M vs ~$144M expected; adjusted basic EPS $0.07 vs ~$0.04 consensus — a real upside surprise.Income statement
QNX revenue +27% to $80.3M; segment EBITDA $29.0M from $20.5M. “Record performance… core automotive.”Segment — QNX
Licensing jumped to $22.1M from $6.6M — it amplified the beat, but it's less recurring than QNX, so the quality sits in QNX.Segment — Licensing
FY27 guide lifted to $616–636M rev / $141–158M EBITDA, above the prior $594–621M / $119–139M framework.Guidance
QNX growth, margins, cash and a raised outlook all beat. But licensing amplified it and Secure Comms is flat — net retention 91% from 93%.Segment — Secure Comms

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Events/ANDE/8-K · Earnings

8-K · Item 2.02 · Earnings

The Andersons — a record Renewables quarter that beat profit expectations

Filed Aug 3, 2026ANDE · NASDAQ

AllSight readBeatPriced in▲ 1.8% since filed · reaction agrees

adj. EPS $2.15 vs ~$1.48 consensus

This filing tests whether The Andersons' sharp profit increase reflects broad operating improvement or a one-off renewable-fuels boost. It also separates strong adjusted earnings and cash generation from the quarter's legal and impairment charges.

The quarter was substantially stronger than both last year and the published earnings expectation. Adjusted EPS reached $2.15, versus $0.24 a year earlier and above the published consensus of about $1.48; reported EPS was $1.65. Adjusted EBITDA more than doubled to $140 million, while sales slipped modestly — the improvement came from margins and operating performance rather than higher revenue. Financial Highlights · Statements of Operations

Q2 ($M, exc. per-share)	Q2 2026	Q2 2025	YoY
Sales & merchandising revenue	3,097.7	3,135.9	−1%
Net income (attributable)	56.6	7.9	+48.7
Diluted EPS	1.65	0.23	+1.42
Adjusted EPS	2.15	0.24	+1.91
Adjusted EBITDA	140.3	65.2	+75.1
Agribusiness adj. pretax	20.3	16.8	+3.5
Renewables adj. pretax	88.4	9.6	+78.8
Cash from operations	487.9	299.3	+188.6
Cash from ops (pre-WC)	112.9	42.9	+70.1

Renewables drove nearly all of the upside — the operating backdrop was strong, but the result also benefited materially from tax credits. Renewables' adjusted pretax income rose to $88 million on record production, stronger ethanol margins and merchandising gains. It also received $24 million of 45Z producer tax credits, so this was not solely a repeatable plant-margin improvement; the company did cite healthy export and domestic ethanol demand as supportive. Renewables — Record Q2 · Segment Data

Agribusiness improved, but it was a supporting contributor rather than the main earnings engine. Adjusted pretax income increased to $20 million as fertilizer margins improved and merchandising benefited from commodity-price volatility, despite lower fertilizer volumes. Agribusiness — Improved Q2 · Segment Data

Cash generation improved and funding capacity is comfortable, while reported earnings still absorbed meaningful non-core costs. Operating cash flow was $488 million ($113 million before working-capital changes); capital spending was $76 million. Adjusted EPS excludes $0.50 of legal-settlement, impairment and transaction items, so the $2.15 adjusted result runs ahead of the $1.65 reported. Leverage stays below the <2.5× debt-to-EBITDA target; no new quantified full-year outlook was given. Cash & Liquidity · Adjusted Net Income

Community sentiment · 612 votes

58% bullish

Bull 58%Neu 27%Bear 15%

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Unisys earnings beat as guidance rises, but cash flow remains negative

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