Conduent Incorporated (NASDAQ: CNDT) released its third-quarter 2025 results on Friday, presenting a mixed financial picture. While profitability improved, revenue continued to fall. The company’s shares traded near $2.22, down about 4% following the news, reflecting investor caution despite operational improvements.
For the quarter ending September 30, 2025, Conduent reported $767 million in revenue, a decrease of about 5% compared with the same period in 2024. Adjusted EBITDA increased to $40 million, up approximately 25% year over year, lifting the margin to 5.2% from 4.1% previously.
“The margin expansion reflected stronger cost discipline and operational efficiencies,” the company stated.
On a GAAP basis, Conduent posted a pre-tax loss of $38 million, compared with a $159 million profit in the third quarter of 2024. Diluted GAAP earnings per share turned negative at –$0.30, down from $0.72 a year earlier.
Operating cash flow was negative $39 million, while adjusted free cash flow fell to –$54 million, indicating persistent challenges in cash generation. Despite these setbacks, Conduent’s liquidity remains stable with around $264 million in cash and an unused $198 million credit facility.
While short-term results show mixed signals, management points to improved operational efficiency and capital discipline as positive trends that may enhance long-term performance.
Conduent shows better profit margins and tighter cost control but continues to struggle with declining revenue, cash flow weakness, and investor skepticism.