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Annual Reports

NICE Ltd.'s annual reports contain management's most considered account of the business. These are the sections, passages and visual pages worth opening in the originals preserved in Sources.

NICE Ltd. — FY2025 Annual Report (Form 20-F) — FY2025

The latest 20-F: management's full account of the two-segment AI software business, its economics, and what drove 2025 results. · Open the full document →

Item 3. Key Information — Risk Factors — p. 9 · Read the full section →

The risks specific to NICE: whether its own AI cannibalizes the seat-based pricing and voice franchise that still fund the business.

Management flags that AI adoption may shift revenue off per-seat pricing — a risk to its own model.

Additionally, market acceptance of AI-based products and services may accelerate certain trends in the markets in which we operate. For example, a shift from seat-based recurring revenue to consumption-based revenue, or decrease in demand for solutions priced based on the number of human agents deployed. If we are not able to successfully address the effect of such AI-related trends on our business models, our business, financial condition and results of operation may be adversely affected

p. 11 · Read in context →

The shift away from voice — including to autonomous AI agents — threatens solutions that still generate significant revenue.

The trend of enterprise customers moving from voice communications to other means of communication with the enterprise (such as autonomous AI agents, self-service, e-mail, messaging applications, social media and chat) may result in a reduction in the demand for our voice platform and applications.

p. 12 · Read in context →

Item 4.B Business Overview — p. 33 · Read the full section →

The business in management's words — two markets, an AI-first thesis, a new CEO, and the Cognigy deal anchoring the Agentic-AI pivot.

How NICE frames itself: AI-powered cloud platforms across Customer Engagement and Financial Crime & Compliance.

NiCE is a global enterprise software leader, delivering mission-critical AI-powered cloud platforms that serve two main markets: Customer Engagement and Financial Crime and Compliance. Our platforms are designed to automate complex, high-volume, and highly regulated workflows where reliability, security, and measurable outcomes are essential. In Customer Engagement, our CXone platform enables enterprises to automate customer service by orchestrating workflows, AI, and human agents, and enterprise knowledge within a single, unified AI platform. In Financial Crime and Compliance, we provide embedded AI solutions that help financial institutions prevent money laundering and fraud, and ensure real-time regulatory compliance across financial markets.

p. 33 · Read in context →

The strategy reset: domain-specific AI, a January 2025 CEO change, and the September 2025 Cognigy deal.

Our long-term strategy is to further broaden our industry leadership in both the Customer Engagement and Financial Crime and Compliance market segments using our unique domain-specific AI capabilities and our foundational platforms, applications and data assets. In January 2025, we completed a leadership transition with Scott Russell assuming the role of CEO, bringing deep enterprise software and cloud experience to accelerate our AI‑first platform strategy. […] In September 2025, we acquired Cognigy, a global leader in conversational and Agentic AI.

p. 38 · Read in context →

Item 5. Operating and Financial Review and Prospects — p. 55 · Read the full section →

Where management explains the numbers: the cloud/services/product mix shift and what actually drove 2025 revenue in each segment.

Revenue by model and common-size income statement — cloud rises to 76.0% of revenue as net margin expands to 20.8%.
p. 62 — Revenue by model and common-size income statement — cloud rises to 76.0% of revenue as net margin expands to 20.8%. · Open source page →

The drivers by segment: CXone demand and large-enterprise penetration in CX; X-Sight/Xceed adoption in Financial Crime.

The revenue growth of our Customer Engagement business segment in 2025 is primarily attributed to the continued increase in demand for our cloud platform CXone from new customers and ongoing expansion within our installed customer base, driven by further penetration into the large enterprise market globally. […] The revenue increase in our Financial Crime and Compliance business segment in 2025 is primarily attributed to an increase in cloud revenue due to increased adoption of our cloud platforms X-Sight and Xceed, as well as an increase in revenues from our premise-based business.

p. 63 · Read in context →

Note 16. Reportable Segments and Geographical Information — p. 169 · Read the full section →

The segment economics laid bare: Customer Engagement dwarfs Financial Crime & Compliance in revenue, but both post strong operating margins.

2025 revenue and operating income by segment — CX $2,460.0m rev / $665.1m op. income; FCC $485.4m / $166.8m.
p. 170 — 2025 revenue and operating income by segment — CX $2,460.0m rev / $665.1m op. income; FCC $485.4m / $166.8m. · Open source page →

NICE Ltd. — FY2021 Annual Report (Form 20-F) — FY2021

The pre-pivot edition: the same section four years earlier reads 'digital-first' and 'digital powerhouse,' not AI-first — a clean before-and-after on strategy. · Open the full document →

Item 4.B Business Overview — p. 45 · Read the full section →

Read against FY2025, it shows the thesis moving from digital transformation and cloud migration to an AI-first, Agentic mandate.

FY2021 framing: 'cloud platforms for AI-driven digital business solutions' and a 'digital-first consumer reality.'

NICE is a global enterprise software leader, providing cloud platforms for AI-driven digital business solutions that serve two main markets: Customer Engagement and Financial Crime and Compliance. Our core mission is to transform experiences to be extraordinary and trusted, and create frictionless and safe digital-first consumer reality, where every interaction is easy, effortless and instantaneous. Our solutions are used by organizations of all sizes and are offered in multiple delivery models, including cloud and onpremises.

p. 45 · Read in context →

The FY2021 ambition was to become 'a true digital powerhouse' — no mention of Agentic or domain-specific AI.

Our long-term strategy is to further establish our status as an industry leader in both the Customer Engagement and Financial Crime and Compliance market segments. In Customer Engagement, we will continue to leverage CXone, as well as our large customer base, to continue our leadership in the CX market. We will continue to expand our digital reach through a series of strategic productlaunches, fueled by organic developments and acquisitions, whereby we intend to become a true digital powerhouse.

p. 53 · Read in context →

More annual reports

NICE Ltd. — 2024 Annual Report — FY2024 · 186 pages · The glossy FY2024 edition; the last full year under prior CEO Barak Eilam before the AI-first reset. · Open →

NICE Ltd. — FY2023 Annual Report (Form 20-F) — FY2023 · 160 pages · FY2023 Form 20-F — the detailed filing midway between the FY2021 and FY2025 strategy statements. · Open →

NICE Ltd. — 2022 Annual Report — FY2022 · 206 pages · The glossy FY2022 edition, covering the first full year of the CXone-led cloud acceleration. · Open →