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Unisys Announces 2Q26 Results

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Unisys Reports Strong New Business Signings and Reaffirms 2026 Full-Year Guidance

Revenue of $473.5 million, down 2.0% year over year (YoY), down 5.2% in constant currency(1)

Technology Solutions & Services(13) (TS&S) revenue of $403.8 million, up 2.0% YoY, down 1.3% in constant currency

Gross profit margin of 24.8%, down 210 bps YoY; TS&S gross profit margin of 19.3%, up 170 bps YoY

New Business(5) Total Contract Value (TCV)(3) of $192 million, an increase of 57% YoY

Unisys reaffirms previously raised 2026 full-year constant currency revenue growth guidance and maintains non-GAAP operating profit(6) margin guidance; guidance assumes ClearPath revenue of approximately $425 million

BLUE BELL, Pa., July 29, 2026 /PRNewswire/ — Unisys Corporation (NYSE: UIS) reported financial results for the second quarter of 2026 (2Q26).

“The year is progressing well, with our strong second quarter performance building on the good start we had in the first quarter,” said Michael Thomson, Unisys CEO and President. “New business signings are again a bright spot, and client engagement continues to improve. Our AI-First approach is an important enabler across the business, strengthening our foundation for future growth, sustained market competitiveness, and operational efficiency.”

Unisys Chief Financial Officer Deb McCann said, “We are pleased with the strong second quarter and are reaffirming our guidance ranges, including our recently improved revenue growth outlook for both TS&S and ClearPath. Our liquidity remains strong and estimated global deficit is improving, advancing us toward our goal of fully removing our U.S. pensions.”

Financial Highlights
Please refer to the accompanying financial tables for a reconciliation of the GAAP to non-GAAP measures presented, except for financial guidance since such a reconciliation is not practicable without unreasonable effort.

(In millions, except numbers presented as percentages)

2Q26

2Q25

YTD26

YTD25

Revenue

$473.5

$483.3

$911.1

$915.4

YoY revenue change

(2.0) %

(0.5) %

YoY revenue change in constant currency

(5.2) %

(4.8) %

TS&S revenue

$403.8

$395.7

$775.9

$756.7

YoY revenue change

2.0 %

2.5 %

YoY revenue change in constant currency

(1.3) %

(2.1) %

ClearPath(12) revenue

$69.7

$87.6

$135.2

$158.7

YoY revenue change

(20.4) %

(14.8) %

YoY revenue change in constant currency

(22.9) %

(18.1) %

Gross profit

$117.3

$130.0

$229.8

$237.5

Gross profit percent

24.8 %

26.9 %

25.2 %

25.9 %

TS&S gross profit

$77.8

$69.7

$150.5

$133.9

TS&S gross profit percent

19.3 %

17.6 %

19.4 %

17.7 %

Operating (loss) profit

($32.9)

$30.3

($16.7)

$35.4

Operating (loss) profit percent

(6.9) %

6.3 %

(1.8) %

3.9 %

Non-GAAP operating profit(6)

$25.3

$36.8

$45.1

$48.7

Non-GAAP operating profit percent

5.3 %

7.6 %

5.0 %

5.3 %

Net loss attributable to Unisys Corporation

($95.3)

($20.1)

($131.1)

($49.6)

Non-GAAP net (loss) income attributable to Unisys Corporation(8)

($5.7)

$14.3

($15.6)

$10.8

EBITDA(7)

($39.8)

$28.6

($26.0)

$33.6

Adjusted EBITDA(7)

$53.5

$61.4

$99.7

$101.6

Adjusted EBITDA as a percentage of revenue

11.3 %

12.7 %

10.9 %

11.1 %

Second Quarter 2026 Results

Effective in the second quarter of 2026, the company updated the naming conventions used to describe certain solution groupings to better reflect the nature of its offerings. The company renamed License and Support to ClearPath® and Excluding License and Support to Technology Solutions & Services (TS&S). These changes did not impact the company’s reportable segments, the recognition or measurement of revenue and expenses or the consolidated financial statements. As such, previously reported financial information has not been adjusted.

Revenue decreased 2.0% YoY, down 5.2% in constant currency. Gross profit margin down 210 bps YoY. The decreases in revenue and gross profit margin were primarily driven by the timing of ClearPath license renewals.

TS&S revenue increased 2.0% YoY, or down 1.3% in constant currency. TS&S gross profit margin increased 170 bps YoY, primarily driven by delivery improvement and labor cost savings initiatives, partially offset by lower-margins generated by Digital Workplace Solutions (DWS) during the current period.

During the second quarter of 2026, gross profit margin and TS&S gross profit margin benefited by approximately 50 and 60 basis points, respectively, from a first quarter transaction within the company’s United Kingdom business process outsourcing consolidated joint venture. This transaction is expected to generate gross profit benefit of approximately $3 million quarterly and $12 million for the full 2026 year.

Operating loss for the second quarter of 2026 included a non-cash goodwill impairment charge of $47.2 million related to the DWS reporting unit. The impairment represented the full write-off of the remaining goodwill balance allocated to the DWS reporting unit.

Financial Highlights by Segment

(In millions, except numbers presented as percentages)

2Q26

2Q25

YTD26

YTD25

Digital Workplace Solutions (DWS):

Revenue

$141.9

$138.1

$260.1

$256.7

YoY revenue change

2.8 %

1.3 %

YoY revenue change in constant currency

(1.1) %

(3.6) %

Gross profit

$15.3

$23.4

$31.2

$40.3

Gross profit percent

10.8 %

16.9 %

12.0 %

15.7 %

Cloud, Applications & Infrastructure Solutions (CA&I):

Revenue

$184.4

$185.2

$366.4

$361.8

YoY revenue change

(0.4) %

1.3 %

YoY revenue change in constant currency

(3.2) %

(2.8) %

Gross profit

$46.1

$38.6

$85.7

$73.0

Gross profit percent

25.0 %

20.8 %

23.4 %

20.2 %

Enterprise Computing Solutions (ECS):

Revenue

$126.0

$140.2

$241.2

$258.9

YoY revenue change

(10.1) %

(6.8) %

YoY revenue change in constant currency

(13.2) %

(11.0) %

Gross profit

$56.4

$75.0

$110.4

$131.6

Gross profit percent

44.8 %

53.5 %

45.8 %

50.8 %

Second Quarter 2026 Segment Results

DWS revenue increased 2.8% YoY, or down 1.1% in constant currency. DWS gross profit margin was 10.8%, a decrease of 610 bps YoY,  primarily due to known client attrition, a greater proportion of lower-margin hardware revenue, and increased delivery costs incurred during the transition phase of new business implementation.

CA&I revenue declined 0.4% YoY, down 3.2% in constant currency. CA&I gross profit margin was 25.0%, an increase of 420 bps YoY, primarily driven by delivery improvement and labor cost savings initiatives.

ECS revenue declined 10.1% YoY, down 13.2% in constant currency. ECS gross profit margin was 44.8%, a decrease of 870 bps YoY. The decreases in revenue and gross profit margin were primarily driven by the timing of ClearPath license renewals.

Balance Sheet and Cash Flows

(In millions)

June 30, 2026

December 31,
2025

Cash and cash equivalents

$         324.3

$         413.9

(In millions)

2Q26

2Q25

YTD26

YTD25

Cash used for operations

($26.3)

($316.2)

($30.7)

($282.9)

Free cash flow(9)

($49.0)

($336.5)

($74.5)

($323.3)

Pre-pension and postretirement free cash flow(10)

($19.3)

($58.3)

($16.4)

($35.7)

Adjusted free cash flow(11)

($9.4)

($49.4)

$4.5

($21.1)

In the second quarter of 2025, the company made a discretionary contribution of $250 million to its U.S. defined benefit pension plans.

Other Metrics

(In millions, except numbers presented as percentages)

2Q26

2Q25

YoY
Change

QoQ
Change*

Total Contract Value (TCV)

New Business

$       192

$       122

57 %

22 %

TS&S Renewals

196

266

(26) %

165 %

ClearPath Renewals

34

49

(31) %

(19) %

Total company

$       422

$       437

(3) %

54 %

YTD26

YTD25

TCV

New Business

$       350

$       231

52 %

TS&S Renewals

270

342

(21) %

ClearPath Renewals

76

70

9 %

Total company

$       696

$       643

8 %

         *   

  QoQ – quarter over quarter

Backlog(2) was $2.82 billion for the second quarter of 2026 compared to $2.92 billion for the second quarter of 2025.

2026 Financial Guidance
The company reaffirms previously raised full-year 2026 revenue growth guidance and maintains profitability guidance:

Guidance

Revenue growth in constant currency*

(5.0)% to (3.5)%

Non-GAAP operating profit margin

9.0% to 11.0%

       *

Revenue growth in constant currency guidance was raised during the company’s Investor Day, as disclosed in the
company’s presentation, dated June 2, 2026, and furnished with the Securities Exchange Commission on Form 8-K.

Constant currency revenue guidance translates to reported revenue growth of (2.6)% to (1.1)%, based on exchange rates as of the end of 2Q26. The guidance assumes ClearPath revenue of approximately $425 million and TS&S constant currency revenue growth of (6.0)% to (4.0)%.

Conference Call
Unisys will hold a conference call with the financial community on Thursday, July 30, at 8 a.m. Eastern Time to discuss the results of the second quarter of 2026.

The live, listen-only webcast, as well as the accompanying presentation materials, can be accessed on the Unisys Investor Website at www.unisys.com/investor. In addition, domestic callers can dial 1-844-695-5518 and international callers can dial 1-412-902-6749 and provide the following conference passcode: Unisys Corporation Call.

A webcast replay will be available on the Unisys Investor Website shortly following the conference call. A replay will also be available by dialing 1-855-669-9658 for domestic callers or 1-412-317-0088 for international callers and entering access code 3496075 from two hours after the end of the call until August 13, 2026.

(1) Constant currency – A significant amount of the company’s revenue is derived from international operations. As a result, the company’s revenue has been and will continue to be affected by changes in the U.S. dollar against major international currencies. The company refers to revenue growth rates in constant currency or on a constant currency basis so that the business results can be viewed without the impact of fluctuations in foreign currency exchange rates to facilitate comparisons of the company’s business performance from one period to another. Constant currency is calculated by retranslating current and prior-period revenue at a consistent exchange rate rather than the actual exchange rates in effect during the respective periods.

(2) Backlog – Represents the estimated amount of future revenue to be recognized under contracted work, which has not yet been delivered or performed. The company believes that actual revenue reflects the most relevant measure necessary to understand the company’s results of operations, but backlog can be a useful metric and indicator of the company’s estimate of contracted revenue to be realized in the future, subject to certain inherent limitations. The timing of conversion of backlog to revenue may be impacted by, among other factors, the timing of execution, the extension, nullification or early termination of existing contracts with or without penalty, adjustments to estimates in pricing or volumes for previously included contracts, seasonality and foreign currency exchange rates. Investors are cautioned that backlog should not be relied upon as a substitute for, or considered in isolation from, measures in accordance with GAAP.

(3) Total Contract Value (TCV) – Represents the initial estimated revenue related to contracts signed in the period without regard for early termination or revenue recognition rules. Changes to contracts and scope are treated as TCV only to the extent of the incremental new value. New Business TCV represents TCV attributable to expansion and new scope for existing clients and new logo contracts. ClearPath TCV is driven by software license renewals, and as such, changes in timing or terms of renewals can lead to fluctuations from period to period. The company believes that actual revenue reflects the most relevant measure necessary to understand the company’s results of operations, but TCV can be a useful leading indicator of the company’s ability to generate future revenue over time, subject to certain inherent limitations. Measuring TCV involves the use of estimates and judgments and the extent and timing of conversion of TCV to revenue may be impacted by, among other factors, the types of services and solutions sold, contract duration, the pace of client spending, actual volumes of services delivered as compared to the volumes anticipated at the time of contract signing, and contract modifications, including, without limitation, contract nullification and termination, over the lifetime of a contract. Investors are cautioned that TCV should not be relied upon as a substitute for, or considered in isolation from, measures in accordance with GAAP.

(4) Book-to-bill – Represents total contract value booked divided by revenue in a given period.

(5) New Business – Represents expansion and new scope for existing clients and new logo contracts.

(6) Non-GAAP operating profit – This measure excludes pretax pension and postretirement expense, pretax goodwill and intangible asset impairment charge and pretax charges or gains associated with certain legal matters related to settlements, professional services and legal fees, including legal defense costs, associated with certain legal proceedings, and cost-reduction activities and other expenses.

(7) EBITDA & adjusted EBITDA – Earnings before interest, taxes, depreciation and amortization (EBITDA) is calculated by starting with net income (loss) attributable to Unisys Corporation common shareholders and adding or subtracting the following items: net income (loss) attributable to noncontrolling interests, interest expense (net of interest income), provision for (benefit from) income taxes, depreciation and amortization. Adjusted EBITDA further excludes pension and postretirement expense; goodwill and intangible asset impairment charge, foreign exchange (gains) losses, debt extinguishment, certain legal matters related to settlements, professional services and legal fees, including legal defense costs, associated with certain legal proceedings; environmental matters related to previously disposed businesses; cost-reduction activities and other expenses; non-cash share-based expense; and other (income) expense adjustments.

(8) Non-GAAP net income (loss) and non-GAAP diluted earnings (loss) per share – These measures exclude pension and postretirement expense and charges or (credits) in connection with goodwill and intangible asset impairment; foreign exchange (gains) losses, debt extinguishment, certain legal matters related to settlements, professional services and legal fees, including legal defense costs, associated with certain legal proceedings; environmental matters related to previously disposed businesses; and cost-reduction activities and other expenses. The tax amounts related to these items for the calculation of non-GAAP diluted earnings (loss) per share include the current and deferred tax expense and benefits recognized under GAAP for these items.

(9) Free cash flow – Represents cash flow from operations less capital expenditures.

(10) Pre-pension and postretirement free cash flow – Represents free cash flow before pension and postretirement contributions.

(11) Adjusted free cash flow – Represents free cash flow less cash used for pension and postretirement funding; debt extinguishment, certain legal matters related to settlements, professional services and legal fees, including legal defense costs, associated with certain legal proceedings; environmental matters related to previously disposed businesses; and cost-reduction activities and other payments.

(12) ClearPath® – Represents software license and related support services, primarily ClearPath Forward™, within the company’s ECS segment.

(13) Technology Solutions & Services (TS&S) – These measures include the revenue, gross profit and gross profit margin of the company’s DWS segment, CA&I segment and ECS segment, excluding ClearPath software license and support services. The company provides these measures to allow investors to isolate the impact of software license renewals, which tend to be significant and impactful based on timing, and related support services in order to evaluate the company’s business outside of these areas.

Forward-Looking Statements 
This release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, Section 21E of the Securities Exchange Act of 1934, as amended, and the Private Securities Litigation Reform Act of 1995. Unisys cautions readers that the assumptions forming the basis for forward-looking statements include many factors that are beyond Unisys’ ability to control or estimate precisely, such as estimates of future market conditions, fluctuations in foreign currency exchange rates, the behavior of other market participants and that TCV is based, in part, on the assumption that each of those contracts will continue for their full contracted term. Words such as “anticipates,” “estimates,” “expects,” “projects,” “may,” “will,” “intends,” “plans,” “believes,” “should” and similar expressions may identify forward-looking statements and such forward-looking statements are made based upon management’s current expectations, assumptions and beliefs as of this date concerning future developments and their potential effect upon Unisys. There can be no assurance that future developments will be in accordance with management’s expectations, assumptions and beliefs or that the effect of future developments on Unisys will be those anticipated by management. Because actual results may differ materially from those expressed or implied by these forward-looking statements, we caution readers not to place undue reliance on these statements. Forward-looking statements in this release and the accompanying presentation include, but are not limited to, statements made in Mr. Thomson’s and Ms. McCann’s quotations, any projections or expectations of revenue growth, margin expansion, achievement of operational efficiencies and savings, effective use of technology, investments in our solutions and artificial intelligence adoption and innovation, TCV and New Business TCV, the impact of new logo signings, backlog, book-to-bill(4), full-year 2026 revenue growth and profitability guidance, including reported and constant currency revenue, growth and the foreign currency exchange rate assumptions underlying the translation of constant currency guidance to reported guidance, TS&S constant currency revenue growth, ClearPath revenue, non-GAAP operating profit margin, free cash flow generation and the assumptions and other expectations made in connection with our full-year 2026 financial guidance, the reduction of uncertainty and volatility of cash requirements, including pension contributions, our pension liability, debt extinguishment, future economic benefits from net operating losses and statements regarding future economic conditions or performance.

Additional information and factors that could cause actual results to differ materially from Unisys’ expectations are contained in Unisys’ filings with the U.S. Securities and Exchange Commission (SEC), including Unisys’ Annual Reports on Form 10-K and subsequent Quarterly Reports on Form 10-Q, recent Current Reports on Form 8-K, and other SEC filings, which are available at the SEC’s web site, http://www.sec.gov. Information included in this release is representative as of the date of this release only, and any forward-looking statement speaks only as of the date on which that statement is made. While Unisys periodically reassesses material trends and uncertainties affecting Unisys’ results of operations and financial condition in connection with its preparation of management’s discussion and analysis of results of operations and financial condition contained in its Quarterly and Annual Reports filed with the SEC, Unisys does not, by including this statement, assume any obligation to review, revise or update any forward-looking statement in light of future events or circumstances, except as required by applicable law.

Non-GAAP Information
This release includes certain non-GAAP financial measures that exclude certain items such as pension and postretirement expense; goodwill and intangible asset impairment charge, foreign exchange (gains) losses, debt extinguishment, certain legal and other matters related to professional services and legal fees, including legal defense costs, associated with certain legal proceedings; environmental matters related to previously disposed businesses; and cost-reduction activities and other expenses that the company believes are not indicative of its ongoing operations, as they may be unusual or non-recurring. The inclusion of such items in financial measures can make the company’s profitability and liquidity results difficult to compare to prior periods or anticipated future periods and can distort the visibility of trends associated with the company’s ongoing performance. Management also believes that non-GAAP measures are useful to investors because they provide supplemental information about the company’s financial performance and liquidity, as well as greater transparency into management’s view and assessment of the company’s ongoing operating performance.

Non-GAAP financial measures are often provided and utilized by the company’s management, analysts, and investors to enhance comparability of year-over-year results. These items are uncertain, depend on various factors, and could have a material impact on the company’s GAAP results for the applicable period. These measures should not be relied upon as substitutes for, or considered in isolation from, measures calculated in accordance with U.S. GAAP. A reconciliation of these non-GAAP financial measures to the most directly comparable financial measures calculated and reported in accordance with GAAP can be found below except for financial guidance and other forward-looking information since such a reconciliation is not practicable without unreasonable efforts as the company is unable to reasonably forecast certain amounts that are necessary for such reconciliation. This information has been provided pursuant to the requirements of SEC Regulation G.

About Unisys 
Unisys is a global technology solutions company that powers breakthroughs for the world’s leading organizations. Our solutions – cloud, AI, digital workplace, applications and enterprise computing – help our clients challenge the status quo and unlock their full potential. To learn how we have been helping clients push what’s possible for more than 150 years, visit unisys.com and follow us on LinkedIn.

RELEASE NO.: 0729/10062

Unisys and other Unisys products and services mentioned herein, as well as their respective logos, are trademarks or registered trademarks of Unisys Corporation. Any other brand or product referenced herein is acknowledged to be a trademark or registered trademark of its respective holder.

UIS-Q

UNISYS CORPORATION
CONSOLIDATED STATEMENTS OF INCOME (LOSS)
(Unaudited) 
(Millions, except per share data)

Three Months Ended

June 30,

Six Months Ended

June 30,

2026

2025

2026

2025

Revenue

$     473.5

$     483.3

911.1

915.4

Costs and expenses

Cost of revenue

356.2

353.3

681.3

677.9

Selling, general and administrative

95.7

93.6

187.2

190.4

Research and development

5.8

6.1

10.6

11.7

Goodwill and intangible asset impairment

48.7

48.7

506.4

453.0

927.8

880.0

Operating (loss) income

(32.9)

30.3

(16.7)

35.4

Interest expense

18.3

8.2

36.8

16.4

Other (expense), net

(28.6)

(22.1)

(49.4)

(39.0)

Loss before income taxes

(79.8)

(102.9)

(20.0)

Provision for income taxes

15.8

20.0

29.5

30.6

Consolidated net loss

(95.6)

(20.0)

(132.4)

(50.6)

Net (loss) income attributable to noncontrolling interests

(0.3)

0.1

(1.3)

(1.0)

Net loss attributable to Unisys Corporation

$     (95.3)

$     (20.1)

$   (131.1)

$     (49.6)

Loss per share attributable to Unisys Corporation

Basic

$     (1.31)

$     (0.28)

$     (1.81)

$     (0.70)

Diluted

$     (1.31)

$     (0.28)

$     (1.81)

$     (0.70)

 

UNISYS CORPORATION
SEGMENT RESULTS 
(Unaudited) 
(Millions)

Total

DWS

CA&I

ECS

Other

Three Months Ended June 30, 2026

Revenue

$     473.5

$     141.9

$     184.4

$     126.0

$        21.2

Gross profit percent

24.8 %

10.8 %

25.0 %

44.8 %

Three Months Ended June 30, 2025

Revenue

$     483.3

$     138.1

$     185.2

$     140.2

$        19.8

Gross profit percent

26.9 %

16.9 %

20.8 %

53.5 %

Total

DWS

CA&I

ECS

Other

Six Months Ended June 30, 2026

Revenue

$     911.1

$     260.1

$     366.4

$     241.2

$        43.4

Gross profit percent

25.2 %

12.0 %

23.4 %

45.8 %

Six Months Ended June 30, 2025

Revenue

$     915.4

$     256.7

$     361.8

$     258.9

$        38.0

Gross profit percent

25.9 %

15.7 %

20.2 %

50.8 %

 

TECHNOLOGY SOLUTIONS & SERVICES (TS&S) & CLEARPATH REVENUE AND GROSS PROFIT
(Unaudited) 
(Millions)

Three Months Ended

Six Months Ended

June 30,

June 30,

2026

2025

2026

2025

ClearPath revenue

$    69.7

$    87.6

$   135.2

$  158.7

TS&S revenue

403.8

395.7

775.9

756.7

Revenue

$  473.5

$  483.3

$   911.1

$  915.4

ClearPath gross profit

$    39.5

$    60.3

$    79.3

$  103.6

TS&S gross profit

77.8

69.7

150.5

133.9

Gross profit

$  117.3

$  130.0

$   229.8

$  237.5

ClearPath gross profit percent

56.7 %

68.8 %

58.7 %

65.3 %

TS&S gross profit percent

19.3 %

17.6 %

19.4 %

17.7 %

Gross profit percent

24.8 %

26.9 %

25.2 %

25.9 %

 

UNISYS CORPORATION
CONSOLIDATED BALANCE SHEETS 
(Unaudited)
(Millions)

June 30, 2026

December 31, 2025

Assets

Current assets:

Cash and cash equivalents

$                 324.3

$                 413.9

Accounts receivable, net

359.7

437.7

Contract assets

11.2

10.9

Inventories

16.4

13.8

Prepaid expenses and other current assets

134.5

127.7

Total current assets

846.1

1,004.0

Properties, net

56.7

53.1

Capitalized contract costs, net

71.2

73.6

Marketable software, net

165.9

166.1

Operating lease right-of-use assets

32.3

38.4

Prepaid pension and postretirement assets

38.2

21.3

Deferred income taxes

94.4

96.9

Goodwill

146.6

193.8

Intangible assets, net

27.7

31.2

Restricted cash

8.2

7.8

Other long-term assets

154.3

160.0

Total assets

$              1,641.6

$              1,846.2

Total liabilities and deficit

Current liabilities:

Current maturities of long-term debt

$                  11.6

$                  12.7

Accounts payable

104.9

81.2

Deferred revenue

200.7

228.5

Other accrued liabilities

283.1

333.5

Total current liabilities

600.3

655.9

Long-term debt

721.9

729.0

Long-term pension and postretirement liabilities

485.1

517.7

Long-term deferred revenue

83.0

100.7

Long-term operating lease liabilities

25.3

30.6

Other long-term liabilities

77.9

80.6

Commitments and contingencies

Total Unisys Corporation stockholders’ deficit

(367.4)

(282.6)

Noncontrolling interests

15.5

14.3

Total deficit

(351.9)

(268.3)

Total liabilities and deficit

$              1,641.6

$              1,846.2

 

UNISYS CORPORATION
CONSOLIDATED STATEMENTS OF CASH FLOWS 
(Unaudited) 
(Millions)

Six Months Ended

June 30,

2026

2025

Cash flows from operating activities

Consolidated net loss

$    (132.4)

$      (50.6)

Adjustments to reconcile consolidated net loss to net cash used for operating activities:

(Gains) loss on debt extinguishment

(0.2)

6.8

Foreign currency gains

(4.3)

(2.3)

Employee stock compensation

7.2

9.7

Depreciation and amortization of properties

10.1

12.0

Depreciation and amortization of capitalized contract costs

13.5

7.5

Amortization of marketable software

23.8

27.0

Amortization of intangible assets

2.0

2.1

Goodwill and intangible asset impairment

48.7

Other non-cash operating activities

0.1

2.1

Pension and postretirement contributions

(58.1)

(287.6)

Pension and postretirement expense

60.9

43.9

Deferred income taxes, net

(3.6)

1.4

Changes in operating assets and liabilities:

Receivables, net and contract assets

85.4

49.1

Inventories

(2.5)

(11.1)

Other assets

(1.1)

13.3

Accounts payable and current liabilities

(70.1)

(111.6)

Other liabilities

(10.1)

5.4

Net cash used for operating activities

(30.7)

(282.9)

Cash flows from investing activities

Investment in marketable software

(21.1)

(23.6)

Capital additions of properties and other assets

(22.7)

(16.8)

Proceeds from foreign exchange forward contracts

1,776.5

Purchases of foreign exchange forward contracts

(1,746.0)

Other

(0.4)

(0.1)

Net cash used for investing activities

(44.2)

(10.0)

Cash flows from financing activities

Proceeds from issuance of long-term debt

700.0

Payments of long-term debt

(9.5)

(488.6)

Issuance costs relating to long-term debt

(13.8)

Cash paid for debt extinguishment

(4.0)

Other

(5.1)

(3.3)

Net cash (used for) provided by financing activities

(14.6)

190.3

Effect of exchange rate changes on cash, cash equivalents and restricted cash

0.3

21.0

Decrease in cash, cash equivalents and restricted cash

(89.2)

(81.6)

Cash, cash equivalents and restricted cash, beginning of period

421.7

390.6

Cash, cash equivalents and restricted cash, end of period

$     332.5

$     309.0

 

UNISYS CORPORATION
RECONCILIATIONS OF SELECTED GAAP MEASURES TO NON-GAAP MEASURES
(Unaudited) 
(Millions, except per share data)

Three Months Ended

Six Months Ended

June 30,

June 30,

2026

2025

2026

2025

Net loss attributable to Unisys Corporation

$     (95.3)

$     (20.1)

$   (131.1)

$     (49.6)

Pension and postretirement expense

pretax

30.4

22.0

60.9

43.9

tax

1.2

0.6

2.4

1.2

net of tax

29.2

21.4

58.5

42.7

Goodwill and intangible asset impairment

pretax

48.7

48.7

tax

net of tax

48.7

48.7

Foreign exchange losses (gains), net

pretax

2.7

0.5

(4.4)

0.4

tax

net of tax

2.7

0.5

(4.4)

0.4

Loss (gain) on debt extinguishment

pretax

6.8

(0.2)

6.8

tax

net of tax

6.8

(0.2)

6.8

Certain legal matters, net

pretax

1.2

0.7

1.4

0.3

tax

net of tax

1.2

0.7

1.4

0.3

Environmental matters

pretax

0.1

0.9

0.5

1.3

tax

net of tax

0.1

0.9

0.5

1.3

Cost reduction and other expenses

pretax

7.7

4.4

11.0

9.2

tax

0.3

0.3

net of tax

7.7

4.1

11.0

8.9

Non-GAAP net (loss) income attributable to Unisys Corporation

$      (5.7)

$      14.3

$     (15.6)

$      10.8

Weighted average shares (thousands)

72,914

71,261

72,358

70,683

Plus incremental shares from assumed vesting:

Employee stock plans

Adjusted weighted average shares

72,914

71,261

72,358

70,683

Weighted average shares (thousands)

72,914

71,261

72,358

70,683

Plus incremental shares from assumed vesting:

Employee stock plans

2,306

2,885

Non-GAAP adjusted weighted average shares

72,914

73,567

72,358

73,568

Diluted loss per share

Net loss attributable to Unisys Corporation

$     (95.3)

$     (20.1)

$   (131.1)

$     (49.6)

Divided by adjusted weighted average shares

72,914

71,261

72,358

70,683

Diluted loss per share

$     (1.31)

$     (0.28)

$     (1.81)

$     (0.70)

Non-GAAP basis

Non-GAAP net (loss) income attributable to Unisys Corporation for
diluted (loss) earnings per share

$      (5.7)

$      14.3

$     (15.6)

$      10.8

Divided by Non-GAAP adjusted weighted average shares

72,914

73,567

72,358

73,568

Non-GAAP diluted (loss) earnings per share

$     (0.08)

$      0.19

$     (0.22)

$      0.15

 

UNISYS CORPORATION
RECONCILIATIONS OF GAAP TO NON-GAAP 
(Unaudited) 
(Millions)

FREE CASH FLOW

Three Months Ended

Six Months Ended

June 30,

June 30,

2026

2025

2026

2025

Cash used for operations

$     (26.3)

$   (316.2)

$     (30.7)

$   (282.9)

Additions to marketable software

(10.7)

(12.4)

(21.1)

(23.6)

Additions to properties and other assets

(12.0)

(7.9)

(22.7)

(16.8)

Free cash flow

(49.0)

(336.5)

(74.5)

(323.3)

Pension and postretirement funding

29.7

278.2

58.1

287.6

Pre-pension and postretirement free cash flow

(19.3)

(58.3)

(16.4)

(35.7)

Debt extinguishment payments

4.0

4.0

Certain legal payments

0.2

0.8

0.3

1.8

Environmental matters payments

1.2

1.3

2.3

3.5

Cost reduction and other payments, net

8.5

2.8

18.3

5.3

Adjusted free cash flow

$      (9.4)

$     (49.4)

$       4.5

$     (21.1)

 

UNISYS CORPORATION
RECONCILIATIONS OF GAAP TO NON-GAAP 
(Unaudited) 
(Millions)

EBITDA

Three Months Ended

Six Months Ended

June 30,

June 30,

2026

2025

2026

2025

Net loss attributable to Unisys Corporation

$     (95.3)

$     (20.1)

$   (131.1)

$     (49.6)

Net (loss) income attributable to noncontrolling interests

(0.3)

0.1

(1.3)

(1.0)

Interest expense, net of interest income of $4.4, $5.6, $9.3 and $11.3, respectively (1)

13.9

2.6

27.5

5.0

Provision for income taxes

15.8

20.0

29.5

30.6

Depreciation

13.2

10.1

23.6

19.5

Amortization

12.9

15.9

25.8

29.1

EBITDA

$     (39.8)

$      28.6

$     (26.0)

$      33.6

Pension and postretirement expense

$      30.4

$      22.0

$      60.9

$      43.9

Goodwill and intangible asset impairment

48.7

48.7

Foreign exchange losses (gains), net (1)(2)

2.7

0.5

(4.4)

0.4

Loss (gain) on debt extinguishment (1)

6.8

(0.2)

6.8

Certain legal matters, net (3)

1.2

0.7

1.4

0.3

Environmental matters (1)

0.1

0.9

0.5

1.3

Cost reduction and other expenses (4)

6.7

0.1

9.0

3.8

Non-cash share based expense

3.1

2.9

7.2

9.7

Other expense (income), net adjustment (5)

0.4

(1.1)

2.6

1.8

Adjusted EBITDA

$      53.5

$      61.4

$      99.7

$    101.6

(1) Included in other (expense), net on the consolidated statements of income (loss).

(2) Foreign exchange (gains) losses include (gains) losses from remeasuring cash, receivables, payables and intercompany balances
denominated in foreign currencies and (gains) losses on foreign exchange forward contracts. In the third quarter of 2025, the company
ceased its use of foreign currency forward contracts.

(3) Included in selling, general and administrative expenses and other (expense), net within the consolidated statements of income (loss).

(4) Reduced for depreciation and amortization included above.

(5) Other expense, net as reported on the consolidated statements of income (loss) less pension and postretirement expense, foreign exchange
(gains) losses, net, (gain) loss on debt extinguishment, interest income and items included in certain legal and environmental matters and cost
reduction and other expenses.

Three Months Ended

Six Months Ended

June 30,

June 30,

2026

2025

2026

2025

Revenue

$  473.5

$  483.3

$  911.1

$  915.4

Net loss attributable to Unisys Corporation as a percentage of revenue

(20.1) %

(4.2) %

(14.4) %

(5.4) %

Non-GAAP net (loss) income attributable to Unisys Corporation as a
percentage of revenue

(1.2) %

3.0 %

(1.7) %

1.2 %

Adjusted EBITDA as a percentage of revenue

11.3 %

12.7 %

10.9 %

11.1 %

 

UNISYS CORPORATION
RECONCILIATIONS OF GAAP TO NON-GAAP 
(Unaudited) 
(Millions)

OPERATING PROFIT (LOSS)

Three Months Ended

Six Months Ended

June 30,

June 30,

2026

2025

2026

2025

Operating (loss) profit

$  (32.9)

$   30.3

$  (16.7)

$   35.4

Goodwill and intangible asset impairment

48.7

48.7

Certain legal matters (1)

1.2

0.1

1.4

0.6

Cost reduction and other expenses (2)

7.9

6.0

10.9

11.9

Pension and postretirement expense (1)

0.4

0.4

0.8

0.8

Non-GAAP operating profit

$   25.3

$   36.8

$   45.1

$   48.7

Revenue

$  473.5

$  483.3

$  911.1

$  915.4

Operating (loss) profit percent

(6.9) %

6.3 %

(1.8) %

3.9 %

Non-GAAP operating profit percent

5.3 %

7.6 %

5.0 %

5.3 %

(1) Included in selling, general and administrative on the consolidated statements of income (loss).

(2) Included in cost of revenue, selling, general and administrative and research and development on the consolidated statements of income
(loss).

 

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MAC.BID Brings $1 Online Auctions & Deep Retail Discounts to the St. Louis Metro

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New St. Peters warehouse lets local shoppers bid on returned, overstock goods from top national retailers, with savings of up to 80% off retail

PITTSBURGH, July 29, 2026 /PRNewswire/ — Online retail liquidation company, MAC.BID, announced today the opening of its 30th retail location in St. Peters, Missouri, part of the St. Louis metro area. The new facility, located at 16060 Spencer Road St. Peters, MO 63376, will open later this fall and is expected to create more than 70 new local jobs.

St. Peters warehouse lets shoppers bid on returned, overstock goods from national retailers, with savings of up to 80%

MAC.BID buys returned and overstocked products by the truckload from top retailers like Amazon, Target, Walmart, Lowes, Home Depot, and Wayfair and resells the items individually through their proprietary online auction platform. All products are put up for auction with an opening bid of $1, and are sold to the highest bidder with no reserve price. Winning bidders can expect to save up to 80% off retail while enjoying the online auction process.

“We’re excited to become part of the St. Peters and the larger St. Louis Metro community as we open our 30th warehouse,” said Kellen Campbell, co-founder and president of MAC.BID. “We see real opportunity here, for the local economy, for the more than 70 people we’ll hire, and for shoppers across the St. Louis metro area looking for a smarter way to save.”

MAC.BID operates at the heart of retailers’ biggest headache: reverse logistics. MAC.BID works directly with major retailers to process truckloads of returned and overstock merchandise that would otherwise be difficult and costly for retailers to handle internally. Retail returns require significant labor, time, and warehouse space to inspect, sort, and re-route back to inventory, often at a scale that makes it inefficient for retailers to manage in-house. Instead, many retailers choose to sell this inventory in bulk to MAC.BID, allowing products to move quickly through a streamlined resale process.

“As grocery bills, gas prices, and everyday costs keep climbing, families are having to choose between the things they need and the things they love,” Campbell added. “MAC.BID changes that. We deliver deep discounts on the products people already love and make saving money feel like winning, not settling.”

At its core, MAC.BID believes in providing second chances for the products they sell and communities they impact. The company’s devotion to sustainability ensures that many returned and overstocked items find a new home through its marketplace and aren’t left squandered.

The Pennsylvania-based company now employs over 1,600 teammates across its 30 locations in Arizona, Colorado, Georgia, Iowa, Missouri, Nevada, North Carolina, Ohio, Pennsylvania, South Carolina, Tennessee, and Texas. In 2025 alone, MAC.BID helped customers save more than $1.1 billion off retail pricing, driven by more than 17,000 truckloads of products processed and 300,000+ items put up for auction daily through the company’s auction platform.

About MAC.BID
MAC.BID is an online retail liquidation company that buys returned and overstocked goods by the truckload from top retailers like Amazon, Target, Walmart, Home Depot, and Wayfair and resells the items individually through their proprietary online auction platform. Founded by Shawn Allen and Kellen Campbell in 2018, the Butler, Pennsylvania-based company operates 30 locations across Arizona, Colorado, Georgia, Iowa, Missouri, Nevada, North Carolina, Ohio, Pennsylvania, South Carolina, Tennessee, and Texas.

For more information, please visit https://www.mac.bid/how-it-works 

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SOURCE MAC.BID

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General Dynamics Electric Boat awarded construction contracts for 14 submarines as part of $76.6 billion Navy award

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GROTON, Conn., July 29, 2026 /PRNewswire/ — As part of today’s $76.6 billion Navy contract announcement, General Dynamics Electric Boat, a business unit of General Dynamics (NYSE: GD), announced it has been awarded $29.5 billion for five additional Columbia-class submarines, $42.1 billion for nine additional Virginia-Class submarines, and additional support for shipyard infrastructure.

Information about these contract modifications is detailed in the U.S. Department of War contract awards, which can be found here and here.

“These important contract modifications provide Electric Boat and our suppliers with the demand certainty we need to continue investing in capacity and hiring the workforce necessary to ensure we deliver these important national security assets on schedule,” said Mark Rayha, president of General Dynamics Electric Boat.

General Dynamics Electric Boat designs, builds, repairs and modernizes nuclear submarines for the U.S. Navy. Headquartered in Groton, Connecticut, it employs more than 27,000 people. More information about General Dynamics Electric Boat is available at www.gdeb.com.

Headquartered in Reston, Virginia, General Dynamics is a global aerospace and defense company that offers a broad portfolio of products and services in business aviation; ship construction and repair; land combat vehicles, weapons systems and munitions; and technology products and services. General Dynamics employs more than 120,000 people worldwide and generated $52.6 billion in revenue in 2025. More information is available at www.gd.com.

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SOURCE General Dynamics

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Reformation Announces Pricing of Initial Public Offering

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LOS ANGELES, July 29, 2026 /PRNewswire/ — Reformation Inc. (“Reformation”), the global womenswear brand, today announced the pricing of its initial public offering of 14,062,500 shares of its common stock at a public offering price of $15.00 per share. Reformation is offering 9,478,821 shares of common stock and certain of its existing stockholders (the “Selling Stockholders”) are offering 4,583,679 shares of common stock. In connection with the offering, the Selling Stockholders have granted the underwriters a 30-day option to purchase up to an additional 2,109,375 shares of common stock at the initial public offering price, less underwriting discounts and commissions.

The shares of common stock are expected to begin trading on the New York Stock Exchange on July 30, 2026 under the ticker symbol “REF.” The closing of the offering is expected to occur on July 31, 2026, subject to the satisfaction of customary closing conditions.

J.P. Morgan and Morgan Stanley are acting as joint lead bookrunning managers, and Citigroup and RBC Capital Markets are acting as joint bookrunning managers on the offering. Guggenheim Securities, Baird, William Blair and BTIG are acting as additional bookrunning managers on the offering. Telsey Advisory Group is acting as co-manager on the offering.

A registration statement on Form S-1 relating to these securities was declared effective by the Securities and Exchange Commission (the “SEC”) on July 29, 2026. The offering is being made only by means of a prospectus. Copies of the final prospectus related to the offering, when available, may be obtained by visiting EDGAR on the SEC’s website at www.sec.gov. Alternatively, copies of the final prospectus, when available, may be obtained from: J.P. Morgan Securities LLC, Attention: c/o Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, New York 11717, or by email at prospectus-eq_fi@jpmchase.com and postsalemanualrequests@broadridge.com; and Morgan Stanley & Co. LLC, Attention: Prospectus Department, 180 Varick Street, 2nd Floor, New York, New York 10014.

This press release does not constitute an offer to sell or the solicitation of an offer to buy these securities, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.

About Reformation
Reformation is the largest sustainable womenswear brand on the planet (that we know of, anyways). We make beautiful, timeless apparel and accessories that inspire confidence across life stages and occasions. Over the past 17 years, we’ve built a culturally resonant brand designed to challenge retail conventions. Our business model pairs a smart approach to merchandising with a responsive supply chain, allowing us to consistently deliver covetable, on-trend products to more than one million active customers. Today, Reformation operates 70 retail stores across the US, UK, Canada and France, and serves more than 150 countries around the world through its e-commerce platform.

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