Concentrix, The Intelligent Transformation Partner
Concentrix is the global technology and services leader that powers the world's best brands, today and into the future. Every day, we design, build, and run fully integrated, end-to-end solutions at speed and scale across the entire enterprise, helping over 2,000 clients solve their toughest business challenges in all major industries. Whether it's designing game-changing brand experiences, building and scaling secure AI technologies, or running digital operations that deliver global consistency with a local touch, we have it covered.
Delivering high-value, intelligent business transformation solutions for 2,000+ of the world's most iconic brands.
Sustainable competitive advantageA proven combination of trusted CX expertise and global-scale AI to transform experiences and solve our clients' toughest business challenges.
Strong cash generationA track record of shareholder returns and value creation.
February 12, 2026
Concentrix Shareholders,
Thank you for your trust in Concentrix. In 2025 we advanced our market leadership position, grew our revenue, generated record cash flows, reduced our net debt, and returned value to shareholders, all while staying true to our entrepreneurial spirit of innovation and our commitment to client excellence.
Our mission is to become our clients' most trusted integrated transformation partner to solve their biggest challenges. In fiscal 2025 we made strategic investments in the business to support this mission, while continuing our track record of delivering strong financial results. In 2025 we:
Exceeded revenue expectations throughout the year with steadily improving year-on-year constant currency growth every quarter
Generated $9.8 billion of revenue in fiscal 2025, marking 2.2% total growth
Exited the year with constant currency revenue growth of over 3% in the fiscal fourth quarter1
Generated record cash flow from operations of $807 million and record adjusted free cash flow of $626 million1 in the fiscal year; and
Returned more than $258 million to shareholders through share repurchases and dividends, while reducing our net debt
"We expect to continue to deliver shareholder value by focusing on high value solutions and growing our revenue across our integrated service offerings while continuing to generate strong free cash flow."
Chris Caldwell
President and CEO Concentrix Corporation
As we look ahead, we remain committed to driving strong long-term profitable growth and growing cash flow while enhancing shareholder value by aligning our business around our key strategic priorities.
FOCUS ON HIGH VALUE SOLUTIONS TO ENHANCE OUR QUALITY OF REVENUE
Today, we have a strong, growing technology-led business that blends a powerful AI platform, services that bring the platform to life, and a proven global delivery model to drive adoption and ongoing value creation. Approximately 2,000 clients, including more than 160 of the Fortune 5002, rely on our technology-led operational model every day to power their business. Our top 30 clients, which are all leading global brands, have an average tenure of over 16 years.
To add incremental value to our clients, we have expanded our offerings over the years to include complementary business and technology solutions such as data annotation, data modeling and analytics, B2B sales enablement, AI design and deployment, cybersecurity, financial crimes and compliance, our own commercially available software products and our IT services offerings. The addition of these broad-based solutions allows us to expand our value to clients and elevate our position in the market as we provide a full suite of design, build, and run capabilities to address the evolving needs of our clients.
As we have grown our business across a wider spectrum of services, we have successfully increased the value and complexity of our solutions while reducing the percentage of our business related to low complexity transactions which now represent only 5% of our total revenue, a decrease from 7% a year ago.
We have also worked with clients to optimize their cost structure by re-solutioning work to take advantage of our technology, our expertise, and our global delivery model. In 2025, we invested in new capabilities, security, facilities and footprint, allowing us to continue to move business to our offshore delivery centers. While making these incremental investments may have a near-term impact on margins, we expect it to broaden our opportunities over the long term by allowing us to increase the quality of our revenue, capture share, drive new solutions sales, attract new talent and strengthen our positioning with our client base while providing a foundation for further growth in 2026 and beyond.
BECOME OUR CLIENTS' PARTNER OF CHOICE TO GROW OUR SHARE
We strive to be our clients' number one partner for a broad range of business services. As traditional barriers between consulting, IT services and BPO blur, clients want strategic partners who can design, build, and run their business processes while they transform. Clients also want proven technology solutions that blend AI and human expertise to optimize complex customer interactions at the enterprise level. Ultimately, they are seeking partners that have the capabilities, data and knowledge to provide both better and more impactful end-to-end solutions. This market dynamic provides us with a unique opportunity to accelerate growth and build more strategic relationships with our clients. To capitalize on this opportunity, we have invested in retooling our go-to-market capabilities significantly throughout
2025. We retrained and upskilled our sales and account management team, invested in subject matter experts to support technology solutions and developed clear vertical offerings while building out our partner organization. We believe these efforts are translating into both greater share of wallet and broader share of the market, while increasing our competitive position and driving tangible business results, all of which are reflected in the following metrics exiting the year:
6% increase in the annual contract value of deals in the pipeline
9% increase in the number of new wins
14% increase in the annual contract value (ACV) of our transformational wins
23% increase in the ACV of cross-sell and upsell wins combined; and
98% of our top 50 clients now rely on Concentrix for more than one solution
These data points show that clients value our broad range of technology-enabled services with customer experience at the core. As we begin 2026, we believe we have the foundation to accelerate growth as we deliver integrated consulting, digital implementation and services solutions for clients across market sectors.
LEVERAGE OUR INTELLECUTUAL PROPERTY TO EXPAND OUR MARKET
Recognizing we have a unique opportunity to lead the market in agentic AI CX solutions, we have spent more than two years making significant advancements in our proprietary AI technology platform and expanding our partnership strategies with other technology leaders to provide the blended human-AI solutions clients demand. 2025 was a pivotal year as we launched our purpose-built AI solutions for human and digital advisors, including new versions of iX Hello, our autonomous AI solution, and the introduction of iX Hero, our agentic AI solution that supercharges and optimizes human advisors for hyper-personalized, hyper-efficient CX
delivery.
By productizing our own technology and integrating it with our client solutions, we are differentiating Concentrix in the market and gaining recognition from clients and industry organizations alike. We exited 2025 with over $60 million
in annualized AI revenue, reaching breakeven on our AI investments. We also continued our positive attach rate, as approximately 42% of our new business wins include our technology solutions, well ahead of our expectations. Most importantly, our clients are realizing tangible results as our technology enables their business, with an AI deployment success rate
of almost 80% - an impressive feat amidst a market backdrop of AI noise and failed promises.
LOOKING AHEAD
We believe we are competing and winning in this market because we bring both the agility of an entrepreneurial organization with the maturity and scale of an established market leader to deliver the innovation and excellence clients expect.
In 2026, we expect to continue to deliver shareholder value by delivering high-value solutions our clients demand and growing our revenue across our integrated service offerings while continuing to generate strong free cash flow. We expect to use our cash flow to reduce our debt, maintain investment grade principles and support our dividend, which we have increased each year since inception.
While we believe our valuation today reflects a stark disconnect from the underlying strength of our business, our team is confident that as we continue to prove our ability to use AI to our advantage, grow our business and generate strong free cash flows, the public markets will recognize our exceptional competitive position, the value of our market leadership and the upside potential of our longterm strategy.
We see a tremendous opportunity in front of us to redefine our industry and deliver the solutions our clients need at the speed, scale and caliber they expect. We are making the right investments in the business to capitalize on these opportunities, increase our quality of revenue, and become the partner of choice for clients' integrated transformation solutions. I am positive about our vision, our model and our prospects for long-term, profitable growth. I am excited for the road ahead.
I thank our dedicated game-changers for their hard work, and commitment to excellence and innovation. I also thank our clients for their trust, our Board of Directors for their dedication, and our shareholders for your continued confidence in Concentrix.
Sincerely,
Chris Caldwell President & CEO Concentrix Corporation
Constant currency revenue growth and adjusted free cash flow are non-GAAP financial measures. See pages 40-43 of the accompanying Annual Report on Form 10-K and our Current Report on Form 8-K filed with the Securities and Exchange Commission on January 28, 2026 and January 13, 2026, respectively, for more information, including reconciliations to the most directly comparable GAAP measures.
Fortune and Fortune 500 are registered trademarks of Fortune Media IP Limited and are used under license.
This letter to shareholders contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements include statements regarding revenue growth, margin expansion, profitability, free cash flow, the benefits of our investments, outperformance, future business opportunities, the potential benefits associated with use of our artificial intelligence and other products, the future growth and success of our capabilities and products portfolio and our strategy. Forward-looking statements are inherently uncertain and involve substantial risks and uncertainties that could cause actual results to differ materially from those expressed or implied by such statements. Additional information concerning risks and uncertainties that could cause actual results to differ materially from those in the forward-looking statements can be found in the Note Regarding Forward-Looking Statements and the Risk Factors section of the accompanying Annual Report on Form 10-K. We assume no obligation to update any forward-looking statements contained in this letter.
UNITED STATES SECURITIES AND EXCHANGE COMMISSIONWashington, D.C. 20549
FORM 10-K☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the fiscal year ended November 30, 2025
OR
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from to
Commission File Number: 001-39494
CONCENTRIX CORPORATION
(Exact name of registrant as specified in its charter)
Delaware 27-1605762
(State or other jurisdiction of incorporation or organization)
(I.R.S. Employer Identification No.)
99 Balentine Drive, Suite 235, Newark, California 94560
(Address of principal executive offices) (Zip Code) (Registrant's telephone number, including area code): (800) 747-0583
Securities registered pursuant to Section 12(b) of the Act:
Name of each exchange on which
Title of each class Trading Symbol(s)
registered
Common Stock, par value $0.0001 per share
CNXC The Nasdaq Stock Market LLC
Securities registered pursuant to Section 12(g) of the Act: None
Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. Yes ☒
No ☐
Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act. Yes ☐
No ☒
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities
Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the Registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the Registrant was required to submit such files). Yes ☒ No ☐
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of "large accelerated filer," "accelerated filer," "smaller reporting company," and "emerging growth company" in Rule 12b-2 of the Exchange Act.
Large accelerated filer ☒ Accelerated filer ☐ Non-accelerated filer ☐ Smaller reporting company ☐ Emerging growth company ☐
If an emerging growth company, indicate by check mark if the Registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Indicate by check mark whether the registrant has filed a report on and attestation to its management's assessment of the effectiveness of its internal control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered public accounting firm that prepared or issued its audit report. ☒
If securities are registered pursuant to Section 12(b) of the Act, indicate by check mark whether the financial statements of the registrant included in the filing reflect the correction of an error to previously issued financial statements. ☐
Indicate by check mark whether any of those error corrections are restatements that required a recovery analysis of incentive-based
compensation received by any of the registrant's executive officers during the relevant recovery period pursuant to §240.10D-1(b). ☐
Indicate by check mark whether the Registrant is a shell company (as defined in Rule 12b-2 of the Act). Yes ☐ No ☒
The aggregate market value of the registrant's common stock held by non-affiliates of the registrant was $2,948,926,137, computed by reference to the closing sale price of the common stock on the Nasdaq Stock Market LLC on May 31, 2025, the last business day of
the registrant's most recently completed second fiscal quarter.
As of January 16, 2026, there were 61,597,304 shares of common stock issued and outstanding.
DOCUMENTS INCORPORATED BY REFERENCE
Items 10, 11, 12, 13 and 14 of Part III of this Annual Report on Form 10-K incorporate by reference portions of the Registrant's definitive proxy statement relating to its 2026 Annual Meeting of Stockholders (the "2026 Proxy Statement") where indicated. The
2026 Proxy Statement will be filed with the U.S. Securities and Exchange Commission within 120 days after the end of the fiscal year to which this report relates.
PART I
Table of Contents
Page
Item 1. Business 2
Item 1A. Risk Factors 14
Item 1B. Unresolved Staff Comments 30
Item 1C. Cybersecurity 27
Item 2. Properties 32
Item 3. Legal Proceedings 32
Item 4. Mine Safety Disclosures 32
PART II
Item 5. Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 33
Item 6. [Reserved] 35
Item 7. Management's Discussion and Analysis of Financial Condition and Result of Operations 35
Item 7A. Quantitative and Qualitative Disclosures About Market Risk 53
Item 8. Financial Statements and Supplementary Data 54
Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure 102
Item 9A. Control and Procedures 102
Item 9B. Other Information 102
Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections 102
PART III
Item 10. Directors, Executive Officers and Corporate Governance 103
Item 11. Executive Compensation 103
Item 12. Security Ownership of Certain Beneficial Owners and Management and Related Stockholder
Matters 103
Item 13. Certain Relationships and Related Transactions, and Director Independence 104
Item 14. Principal Accounting Fees and Services 104
PART IV
Item 15. Exhibits and Financial Statement Schedules 104
Item 16. Form 10-K Summary 108
Note Regarding Forward-Looking Statements
Unless otherwise indicated or except where the context otherwise requires, the terms "Concentrix," "the
Company," "we," "us" and "our" and other similar terms in this Annual Report on Form 10-K refer to Concentrix Corporation and its subsidiaries.
This Annual Report on Form 10-K includes forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended (the "Securities Act"), and Section 21E of the Securities Exchange Act of 1934, as amended (the "Exchange Act"). Forward-looking statements include, but are not limited to, statements regarding our expected future financial condition and growth, cash flows, results of operations, effective tax rate,
leverage, liquidity, business strategy, competitive position, the future growth of, and demand and market acceptance for, our services and products, seasonality of our business, international operations, the potential benefits associated with use of the Company's technology and services, acquisition opportunities and the anticipated impact of
acquisitions, capital allocation and dividends, growth opportunities, spending, capital expenditures and investments, debt repayment and obligations, competition and market forecasts, industry trends, our human capital resources and sustainability initiatives, and statements that include words such as believe, expect, may, will, provide, could,
should, and other similar expressions. These forward-looking statements are inherently uncertain and involve substantial risks and uncertainties that could cause actual results to differ materially from those expressed or
implied by such statements. Risks and uncertainties include, among other things: risks related to general economic and geopolitical conditions and their effects on our clients' businesses and demand for our services, including consumer demand, interest rates, inflation, international tariffs and global trade policies, supply chains, and the conflicts in Ukraine and the Middle East, and tensions between India and Pakistan; cyberattacks on our or our
clients' networks and information technology systems; uncertainty around, and disruption from, new and emerging technologies, including the adoption and utilization of artificial intelligence ("AI") including agentic AI and generative AI; the failure of our staff and contractors to adhere to our and our clients' controls and processes; the inability to protect personal and proprietary information; the effects of communicable diseases or other public health crises, natural disasters, and adverse weather conditions; geopolitical, economic and climate- or weather-related risks in regions with a significant concentration of our operations; the ability to successfully execute our
strategy; competitive conditions in our industry and consolidation of our competitors; variability in demand by our clients or the early termination of our client contracts; the level of business activity of our clients and the market acceptance and performance of their products and services; the demand for end-to-end solutions and technology; damage to our reputation through the actions or inactions of third parties; changes in law, regulations or regulatory guidance, or changes in their interpretation or enforcement, including changes in law and policy that restrict travel or visas between countries in which we have operations; the operability of our communication services and information technology systems and networks; the loss of key personnel or the inability to attract and retain staff
with the skills and expertise needed for our business; increases in the cost of labor; the inability to successfully identify, complete and integrate strategic acquisitions or investments or realize anticipated benefits within the
expected timeframe; higher than expected tax liabilities; currency exchange rate fluctuations; investigative or legal actions; and other risks that are described under "Risk Factors" in Part I, Item 1A of our Annual Report on Form 10-K. We do not intend to update forward-looking statements, which speak only as of the date hereof, unless
otherwise required by law.
Concentrix, Webhelp, and all Concentrix company, product, and services word and design marks and slogans are trademarks or registered trademarks of Concentrix Corporation and its subsidiaries. Other names and marks are the property of their respective owners. All rights reserved.
Part I
ITEM 1. BUSINESS
Our Company
We are a global technology and services leader that powers exceptional brand experiences and digital operations for more than 2,000 clients across the globe. We design, build, and run fully integrated, end-to-end solutions -
including customer experience ("CX") process optimization, technology innovation and design engineering, front-and back-office automation, analytics, and business transformation services - for clients in five primary industry verticals. Our solutions help our clients drive deep understanding, full lifecycle engagement, and differentiated customer experiences for their brands.
We strive to deliver exceptional services globally, supported by our deep industry knowledge, technology and security practices, talented people, and digital and analytics expertise. Our differentiated portfolio of solutions supports Fortune Global 500 and new economy companies across the globe in their efforts to deliver an optimized, consistent brand experience across all channels of communication, including voice, chat, email, generative AI ("GenAI") and agentic AI-powered self-service, social media, asynchronous messaging, and other custom
applications.
We offer our clients integrated solutions to support the entirety of their customer lifecycles, transform their businesses, and solve business challenges:
CX and user experience ("UX") strategy and design;
digital operations, including business-to-business ("B2B") sales, performance marketing, customer loyalty, trust and safety, collections, and financial compliance;
data analytics, enterprise intelligence, artificial intelligence ("AI") readiness, and actionable insights; and
innovative new approaches to enhancing the customer experience through the latest technological advancements in our industry, including GenAI and agentic AI technologies.
Through our end-to-end capabilities, we believe we deliver better economic outcomes for our clients with
solutions designed to meet their unique needs as they navigate a landscape characterized by discerning consumers and new market entrants.
We have strong relationships with global brands and are a partner of choice for industry leaders, including more than 160 Fortune Global 500 clients as of November 30, 2025. We believe in deepening and broadening our support of clients over the long term to build enduring relationships, and we prioritize the pursuit of clients in verticals characterized by high growth, high transaction volume, high levels of compliance and security, and steep barriers to entry. Our average client tenure for our top 30 clients is 16 years. Our strategic verticals include:
technology and consumer electronics;
retail, travel and e-commerce;
communications and media;
banking, financial services and insurance; and
healthcare.
Our clients include:
8 of the top 10 global tech and consumer electronics companies
8 of the top 10 global fintech companies
2 of the top 5 global retail and e-commerce companies
8 of the top 10 European banks
7 of the top 10 U.S. banks
5 of the top 5 U.S. health insurance companies
3 of the top 5 global healthcare companies
10 of the top 10 global automotive companies
Through our technology-infused solutions, our clients benefit from having a single partner that can deliver
integrated solutions globally at scale, enabling them to address the entirety of the customer journey, from acquisition to support to renewal. Our end-to-end capabilities and broad service offerings help our clients acquire, retain, and improve the lifetime value of their customer relationships while optimizing their back-office processes.
We combine global consistency with local expertise, enhancing the end user experience for our clients' customers through services rendered by a team of approximately 455,000 employees and staff, which we refer to as game-changers, across approximately 483 locations in 74 countries and six continents in the languages and dialects that are relevant to our clients and their customers.
Strategic Growth
We have a long history of growth through strategic acquisitions, including:
Our September 2025 acquisition of SAI Digital, an end-to-end digital commerce and CX technology solutions company with a strong presence in Asia;
Our September 2023 acquisition of the Webhelp business ("Webhelp"), a leading provider of CX solutions, including sales, marketing, and payment services, with significant operations and client relationships in Europe, Latin America, and Africa;
Our July 2022 acquisition of ServiceSource International, Inc. ("ServiceSource"), a global outsourced goto-market services provider that delivered business-to-business ("B2B") digital sales and customer success solutions;
Our December 2021 acquisition of PK, a leading CX design engineering company that created pioneering experiences to accelerate digital outcomes for their clients' customers, partners and staff; and
Our October 2018 acquisition of Convergys Corporation, a customer experience outsourcing company that added scale, diversified our revenue base, and expanded our service delivery capabilities.
Our strategic acquisitions have strengthened our position as a global technology and services leader by expanding our scale in the digital IT services market and creating one of the most robust, well-balanced global footprints in the industry. Our disciplined approach to growth has strengthened our value proposition for our clients by broadening our offering of AI solutions, digital capabilities, and high-value services.
We trace our roots to 2004 when SYNNEX Corporation, now known as TD SYNNEX Corporation ("TD
SYNNEX"), acquired BSA Sales, Inc., a company with 20 employees focused on helping clients through outsourced sales and marketing services. In 2006, TD SYNNEX combined New York-based Concentrix with BSA Sales under
the Concentrix name, with the goal of bringing technology and innovation into businesses to help clients reimagine and design the next generation of experiences. Concentrix Corporation was incorporated in Delaware in December 2009. In December 2020, Concentrix was separated from TD SYNNEX through a tax-free distribution of all of the issued and outstanding shares of our common stock to TD SYNNEX stockholders (such separation and distribution, the "spin-off"). As a result of the spin-off, we became an independent public company and our common stock
commenced trading on the Nasdaq Stock Market ("Nasdaq") under the symbol "CNXC" on December 1, 2020.
Our Solutions and Technology
Through our strategy, talent, and technology, we are fully equipped to design, build, and run solutions that help our clients enhance their customers' experience and improve business performance. Through our integrated solutions offering, we assist our clients in acquiring, supporting and renewing customers, leveraging customer feedback and insights to constantly improve business performance, and identifying and implementing customer-facing and back-office process improvements. We help our clients by creating tools that their customers and employees love to use, enabling better customer interactions through real-time sentiment analysis, and integrating multiple customer
interactions and touchpoints into one-stop smart mobile applications.
Services Portfolio. We deliver integrated solutions and services that address the entirety of the customer
lifecycle, support business transformations, and solve business challenges. We offer our clients the means to acquire, support, and renew customers across all channels while minimizing attrition and increasing customer lifetime value.
Our broad portfolio of services include:
Strategy and Design. We strive to help our clients reimagine what great is by using human-centered design and tech-enabled innovation to design next-generation solutions that shape experiences, strategies, and
operations. Our Strategy and Design solutions include business transformation consulting, next-gen experience design, digital innovation - including GenAI and agentic AI, and lifecycle engagement. Through these services, we promote a more rapid integration of digital and enabling technologies, providing transformational business services to our clients.
Data and Analytics. We use technology and innovative domain-specific solutions to assist our clients in maximizing the value of their data by evaluating and using enterprise data to drive business decisions and integrating the insights gained from the analysis of enterprise data into business processes. Our Data and Analytics services include data and analytics transformation, data annotation and engineering, advanced analytics, enterprise intelligence, operational insights, and voice of the customer ("VOC") solutions.
Enterprise Technology. Utilizing our deep knowledge of our clients' businesses, industries, and enterprise technology, we partner with our clients to evaluate, modernize, adopt, integrate, and enhance their use of
technology for enhanced efficiency. Our game-changers: advise clients on their technology strategy and roadmap; develop personalized customer journey experiences; design, build, and run enterprise-wide applications, such as self-service AI bots and GenAI-powered platforms; accelerate development cycles
with quality assurance and testing services; and reinforce cybersecurity through managed security services.
Digital Operations. We combine expert knowledge, cutting-edge technologies, and distinct operating models, using the best of human and AI capabilities to assist our clients in solving business challenges. Our digital operations services include marketing, B2B sales, customer service, trust and safety, and finance and compliance services.
Intelligent Experience Products. In September 2024, we launched our Intelligent Experience ("iX") suite of products, designed to solve client and customer challenges and improve efficiency and performance. Our current iX suite offerings include:
iX HelloTM is an enterprise-grade GenAI-powered self-service application that is designed to accelerate productivity across multiple business functions by enabling users to create customizable virtual assistants that can integrate with leading large language models as well as internal data sources. iX Hello is capable of researching the latest online information, translating text in over 90 languages, analyzing files, images,
and data, transcribing voice and meeting notes, and creating training materials, documentation, and reports, among other applications.
iX HeroTM is an agentic AI-powered application that works together with a human in the loop to accelerate customer experience delivery. iX Hero is designed to analyze advisor performance and provide data-driven real-time coaching and insights, find and surface ready-to-use answers during customer interactions, summarize and automatically transcribe conversations, and deliver essential news and updates to advisors. iX Hero includes two agentic AI features, Harmony, which fine-tunes speech patterns for clearer
pronunciation, and Clarity, which suppresses background noise to deliver clearer audio.
In addition, in September 2025, we announced the launch of our Agentic Operating FrameworkTM, which
combines advanced technologies with consulting capabilities to assist enterprises in overcoming common problems that can result in AI pilot failures. The framework utilizes agentic AI services - from readiness and strategy to brand-aligned language models, agentic engineering, data management, and monitoring - integrating our flexible approach with strategic partners and our proprietary iX suite of products.
Our Market Opportunity
Our clients must transform and continually evolve their systems in response to increased competition and to
meet the demands of consumers and employees. To meet these growing demands, our clients look to large solutions and technology providers with a broad portfolio of services, such as Concentrix, to automate their systems and provide professional support to address complexities beyond the scope of automation. We are a leader in next-generation CX technology and a trusted partner to leading global brands, driven by a focus on innovation, which we believe will increase our total addressable market as we grow across new and existing markets.
We offer a unique combination of technology and services and deliver our solutions globally at scale. Our suite of integrated solutions include: digital transformation services that design and engineer CX solutions to enable
efficient customer self-service and build customer loyalty; customer engagement solutions and services that address the entirety of the customer lifecycle; AI technology that can intelligently act on customer intent to improve customer experience with non-human engagement; self-service GenAI and agentic AI assistants that can be
customized to fit a myriad of use cases from data analysis to language translations to internal chatbots; VOC solutions to gather and analyze customer feedback to foster loyalty to, and growth with, clients; analytics and
consulting solutions that synthesize data and provide professional insight to improve clients' customer experience strategies; specialized support to specific industry verticals, including collections, know-your-customer, and
financial crime and compliance; and back-office services that support clients in non-customer facing areas.
Industry Trends
Technological Innovation. Emerging technology is driving change within our industry and shaping the demands of our clients. AI and automation acceleration, as well as rapid advancements in areas such as
digital services, GenAI, agentic AI, and machine learning ("ML") are further changing our markets and our clients' markets while opening new avenues for growth and opportunities for us to better serve our clients. These technologies provide clients with the opportunity to interact more effectively with their customers and employees, and improve experiences by automating processes, optimizing customer journeys to reach
faster solutions, enabling personalized engagement across multiple platforms, and focusing human engagement on the most complex interactions.
Importance of Customer Experience. We believe customer experience is a strategic imperative for enterprises today. Data, analytics, and digital solutions have reshaped the ways enterprises interact with their customers and internal stakeholders. As a result, enterprises are modernizing how they manage the customer experience across all channels of communication. The market has evolved from customer
relationship management solutions that act as a cost cutting measure toward end-to-end management solutions that create value throughout the entire customer lifecycle at an appropriate cost.
Empowered Consumers and Users. Modern consumers are discerning and have come to expect a high
level of care and responsiveness from their service providers. Old paradigms have shifted as increasingly competitive markets, easily accessible crowd-sourced information, and self-service GenAI and agentic AI solutions have empowered consumers to unprecedented levels. As consumers demand more and have an increasing number of alternatives, companies must differentiate on how they manage their customer
relationships. This shift is driving the market toward consumer-centric solutions that reduce customer churn and promote brand loyalty.
Mission Critical Nature of Cybersecurity. Technological innovation coupled with the proliferation of
smart devices and mobile connectivity is generating sensitive data at scale. At the same time, the avenues for access have become numerous, and an increasing number of malicious actors are becoming more
sophisticated and active. Data security is paramount in an environment where external intrusion, improper access, or carelessness can compromise customers and businesses. Businesses require scalable, industry-
leading data protection and security to avoid reputational and operational risks in an environment characterized by the threats and benefits of free-flowing information.
Evolving Role of People. The skill set required of customer-facing employees is shifting as enterprises continue to place increased importance on CX and automation of lower complexity contacts continues. Contacts in the voice and chat channels are increasingly complex and driving a trend of longer customer engagements, requiring individuals to have a more robust skill set. However, the transition of lower
complexity support to online and self-support options, driven by heavy automation and the increased use of new technologies, reduces volumes in the voice channel. Despite growth in digital channels, we expect the human element will continue to be important in our industry, as focus shifts from routine service to "last-mile" support requiring human-touch to deliver a stronger customer experience. In our view, attracting and retaining skilled talent that can adapt to the evolving focus of customer engagements requires a diverse and inclusive workplace that supports staff wellness.
Enterprise Preferences Driving Vendor Consolidation. Enterprises have become increasingly global. As their scope of business increases, enterprises require partners that can serve their needs by rapidly deploying solutions and new technology consistently across multiple geographies and channels. Enterprises therefore prefer vendors with scale and end-to-end capabilities and a deep knowledge of their business and industry that can be a one-stop shop and are consolidating existing relationships to vendors with scale to
achieve their business objectives and pursue cost savings.
Market Fragmentation Driving Industry Consolidation. We operate in a fragmented marketplace
characterized by numerous vendors offering a variety of services across different levels of the value chain. Our competitive landscape includes global, fully integrated solutions providers, core CX solutions providers, digital IT services competitors, and other CX solutions competitors that primarily provide
complementary services such as consulting and design, IT services, business process services, and data and analytics. Market share across this competitive landscape is highly dispersed with thousands of vendors
participating in different portions of the market and no single provider or small number of providers holding a significant share of the total addressable market. As client preferences continue to evolve in line with enterprise preferences, we anticipate that the market will undergo further consolidation.
Legacy Solutions Have Many Limitations. As executives look to successfully navigate digital
transformation and manage their customers' experience across a wider variety of channels, unsophisticated providers and solutions often fail to meet customers' evolving needs. Currently there is a limited set of providers with end-to-end, global offerings of scale in the marketplace. The fragmentation of the market and, for many industries, high regulatory hurdles create additional complexity as most providers are small, niche, or local players. These issues are compounded by a lack of sufficient investment in cybersecurity,
creating exposure to regulatory, reputational, and operational risks. These pain points, coupled with the prevalence of providers offering legacy solutions that fail to address the increasing demands of the modern consumer, create an opportunity for large-scale, global end-to-end solutions providers.
Our Competitive Strengths
We believe the following strengths differentiate us from our competitors and provide us with a competitive advantage:
Market Leader with a Differentiated Brand and Value Proposition: We strive to have a compelling brand and reputation as a leading provider of solutions and technology that improve business outcomes and shape the customer experience. We have a differentiated combination of global scale, local reach, technological expertise, end-to-end solution capabilities and full lifecycle services, and we are also an industry leader in cybersecurity best practices. We are widely recognized as a leading provider of CX solutions and
technology, garnering industry attention via 195 industry awards in fiscal year 2025. Third-party
researchers have also taken note of our leading global practice with Everest Group Research distinguishing us in 2025 as a leader and star performer for global customer experience management, including
recognition as a leader in each of the Americas, APAC, and EMEA regions for the fourth consecutive year.
Strong Relationships with a Growing and Diversified Client Base: We partner with more than 2,000
clients worldwide. Leading global companies, including more than 160 Fortune Global 500 brands, rely upon our solutions and technology. We serve a wide variety of clients, extending across numerous verticals.
Our end-to-end capabilities and global scale have enabled us to build long-lasting relationships with our largest clients spanning 16 years on average. Our commitment to our clients is our primary focus and has generated numerous accolades to date, including 70 client awards in fiscal year 2025.
Extensive Global Presence: We operate globally in 74 countries across six continents with the ability to conduct business in those locations in the languages and dialects that are relevant to our clients and their customers. We believe we are well-positioned to serve the largest global brands in nearly every market in which they operate. Our global footprint includes a strong presence in emerging markets such as India, Egypt, Brazil, Türkiye, China, South Africa, Vietnam, Indonesia, Mexico, Poland and Thailand, which provides an opportunity to grow with our clients in these regions. Our ability to create value for our clients across a global delivery platform has enabled us to be a partner of choice.
Continued Investment in Technology: We believe that our focus on innovation and our investment in technology enables us to maximize value for our clients and differentiates us from our competitors. We
have provided technology-infused CX solutions for nearly two decades. We have been at the forefront of developing CX solutions and technology that improve the customer experience, through all stages of the engagement lifecycle, and will continue to strive for this in the future. We have been a leader in our industry in advancements such as conversational virtual assistants, multichannel and augmented CRM, predictive analytics, emotion analytics, cognitive learning, AI, GenAI, and agentic AI and believe we enjoy
a first mover advantage. In September 2024, we introduced our iX suite of technology with the release of iX Hello, a GenAI-powered platform for creating virtual assistants and in fiscal year 2025, expanded our offerings with the addition of iX Hero, an agentic AI-powered application for accelerating customer experience delivery. By proactively introducing technological innovation to our clients, we deepen our
relations and are often rewarded with opportunities to expand our engagements and secure additional sources of revenue.
Despite our focus on investing in technology, due to our size, scale, and the regular implementation of our technology-infused solutions, historically, our costs of developing, maintaining, and integrating new
technologies were not material on a stand-alone basis. Beginning in fiscal year 2024, we increased our investment in technology to approximately 1% of revenue, including expenses related to the development of our iX suite of technology.
Corporate Culture Committed to Our Clients' Success: Our unified team allows us to deliver consistent and exceptional results. As of November 30, 2025, our team consisted of approximately 455,000 game-
changers globally. We enjoy high staff engagement because of a strong company culture that champions our people and is committed to creating game-changing brand experiences for our clients and their customers. We promote integrity and collaboration, strive for inclusion and belonging in the workplace, and emphasize the wellness and mental health of our game-changers. We believe this supportive environment reinforces
the commitment of our team, empowers our game-changers to make an impact on our global community, and drives better customer experiences and improved outcomes for our clients.
Demonstrated History of Strategic Acquisitions: We have acquired and integrated more than 20
companies since our inception. We have a demonstrated ability to complete scale acquisitions, as well as revive underutilized assets and maximize their value, which we believe allows us to explore a broader scope of opportunities than our peers. In fiscal year 2025, we acquired SAI Digital, scaling our presence in Vietnam as a strategic hub to deliver innovation and intelligent experiences for global brands and expanding our digital and AI capabilities across digital commerce and CX. In fiscal year 2023, we
completed our combination with Webhelp, which significantly expanded our geographic footprint in Europe, Latin America, and Africa, and expanded the breadth and global reach of our higher-value services and digital capabilities. In fiscal year 2022, we acquired PK, which expanded our scale in the digital IT services market and supported our growth strategy of investing in digital transformation to deliver
exceptional customer experiences, and ServiceSource, which complemented our B2B digital sales and customer success solutions.
Experienced Management Team: Our passionate and committed management team with a deep
understanding of our clients' needs and significant experience in our industry, with our executive officers having an average of 35 years of experience. Through our acquisitions we have benefited from the addition of management talent, who have contributed valuable new perspectives and insights. Under our tenured
management team, we have grown our revenue from $1.1 billion in fiscal year 2014 to $9.8 billion in fiscal year 2025, while delivering strong profitability.
Our Growth Strategy
The key elements to our growth strategy are:
Expand and Deepen Relationships with Existing Clients: We have a well-established track record of cross-selling and offering additional solutions and premium services to sustain and grow our relationships with our existing clients. We believe our global offerings and scale, efficiency, and technology generates
incremental value for our clients with each process we manage, naturally driving our customers to spend
more with us. Our focus on technological innovation, our deep understanding of our clients' businesses, and
our responsiveness to our clients' needs position us for continued growth with our clients beyond traditional CX support.
Relentlessly Innovate and Develop Technology Services and Solutions: We have developed innovative solutions for our clients, and we are focused on investing in technology. Investment in technology and
digital transformation can enable more effective engagement with customers and improve the customer and user experience through increased automation, optimize customer journeys to reach faster solutions, enable personalized engagement across multiple platforms, and focus human engagement on the most complex
interactions. For these reasons, we believe investments in disruptive technologies, applications, and services, including GenAI and agentic AI, will continue to be instrumental in driving better value for our clients and, over time, result in increased profitability.
Further Expand into Adjacent Markets: Our marketplace continues to expand, and we see significant
opportunity for growth across adjacent markets. We believe we are a unique global provider of technology and services that can power our clients' brand experiences and digital operations at scale. We expect to continue to provide our clients with a fully integrated offering that includes strategy and design, data and
analytics, and enterprise technology. We have strengthened our presence in adjacent markets through recent acquisitions, and through significant investments across emerging technologies, including the launch of our iX suite of AI and GenAI products in 2024 and our Agentic Operating Framework in 2025. As our industry evolves, we will continue to invest in new technologies and faster growing markets to further sustain longterm growth.
Selectively Pursue Strategic Acquisitions: We have made targeted acquisitions to increase our technology expertise, enter new verticals and geographies, and increase our scale, including our acquisitions of the IBM Customer Care Business, Convergys Corporation, PK, ServiceSource, Webhelp, and SAI Digital. Our market remains highly fragmented and we believe that our acquisition strategy enhances and augments our growth avenues. We intend to continue to evaluate and pursue complementary, value enhancing
acquisitions.
Invest in Emerging Markets: We have invested in delivery operations in emerging, high-growth markets such as India, Egypt, Brazil, Türkiye, China, South Africa, Vietnam, Indonesia, Mexico, Poland, and
Thailand. We expect to continue to strategically invest in similar markets to be well-positioned to grow with our clients in the regions and countries where they are growing and cost-effectively serve global brands in multiple time zones.
Our Clients
In fiscal year 2025, we served more than 2,000 clients across various verticals and geographies. Our strategic verticals include: technology and consumer electronics; retail, travel and e-commerce; communications and media; banking, financial services, and insurance; healthcare; and other. We focus on developing long-term, strategic
relationships with clients in verticals with certain characteristics, such as high growth, high transaction volume, high levels of compliance and security, and steep barriers to entry.
Sales and Marketing
We market our services through a sales force organized by industry vertical and geography. Our efforts may begin in response to our lead generation program, a perceived opportunity, a reference by an existing client, a
request for proposal or otherwise. The length of our sales cycle varies depending on the type of services work as well as whether there is an existing relationship with the client.
We have designated client partners or global relationship managers for each of our strategic relationships. The relationship manager is supported by process improvement, quality, transition, finance, human resources,
information technology, and industry or subject matter expert teams to ensure we are offering our best possible solution to clients.
We strive to foster relationships between our senior leadership team and our clients' senior management. These "C-level" relationships ensure that both parties are focused on establishing priorities, aligning objectives, and driving client value from the top down. High-level executive relationships have been particularly constructive as a means of increasing business from our existing clients. It also provides us with a forum for addressing client
concerns. We constantly measure our client satisfaction levels to ensure that we maintain high service levels for each client.
Our Operations
We have global delivery capabilities that allow us to scale our operations with people, technology, and other resources from around the world, including language fluency, proximity to clients, and time-zone advantages. A critical component of this capability is our approximately 483 locations in 74 countries across six continents. Our service delivery centers improve the efficiency of our engagement teams through the reuse of processes, solution
designs, and infrastructure by leveraging the experience of delivery center professionals. Services are provided from these global locations to customers worldwide in multiple languages. These services are supported by proprietary and third-party technologies to enable efficient and secure contacts through various channels including voice, chat, web, email, social media and other digital platforms, including automated bots, RPA, AI, GenAI, and agentic AI.
Our delivery and data centers are subject to annual certifications and attestation audits that include Payment
Card Industry Data Security Standard (PCI DSS) version 4.0.1, ISO 27001:2022, ISO 22301:2019, and SOC 2 Type
II. Our risk-based independent assurance requirements, as well as client requirements, help define the scope of these certification and attestation audits. Twenty-eight of our delivery centers around the world are certified to the COPC (Customer Operation Performance Center) Outsource Service Provider standard. For our healthcare clients, we have achieved HITRUST Common Security Framework (CSF) 11.2.0 certification. We also maintain a Level 3 CMMI version 1.3 certification for services and development for our major technology development centers globally. For
IT service management (ITIL standard), we have more than 100 delivery centers that are ISO/IEC 20000-1:2018 certified. We are one of the few companies globally recognized for our AI governance, privacy and security
standards by receiving the ISO/IIEC 42001:2023 Artificial Intelligence Management System certification for our iX suite of products, together with meeting the ISO 31700:2023 Privacy by Design and HITRUST AI requirements.
We operate a globally distributed data processing environment that can seamlessly connect and integrate our service delivery centers with our data centers and points of presence with multiple resilient circuits. Our
technologically advanced and secured data centers provide availability 24 hours a day, 365 days a year, with redundant equipment, power and communication feeds and emergency power back-up, and are designed to withstand most natural disasters. We maintain a 24x7 security monitoring and alert function to guard against and respond to the threat of malicious actors.
We also have the capability to provide services for our clients through our utilization of remote staff. We support secure remote work environments through digital tools and technology that authenticate the remote advisor, restrict unauthorized personnel and devices, and alert of attempts to circumvent control. Approximately 20% of our global team currently works remotely.
The capacity of our data center and service delivery center operations, our nimble approach to remote staff, and the scalability of our customer management solutions enable us to meet the dynamic and challenging needs of large-scale and rapidly growing companies. By leveraging our scale and efficiencies across our common system platforms, we can provide rapid client-specific enhancements and modifications at competitive costs, which
positions us as a value-added provider of technology and services.
International Operations
In fiscal year 2025, approximately 89% of our revenue was generated by our non-U.S. operations. A key
element in our business strategy has been to locate our service delivery centers in markets that are strategic to our client requirements and cost beneficial. We have operations in 74 countries across six continents, with a significant presence in the Philippines and India.
Sales and cost concentrations in international jurisdictions subject us to various risks, including the impact of changes in the value of foreign currencies relative to the U.S. dollar, which in turn can impact reported revenue and cost of revenue.
See "Risk Factors" in this Annual Report on 10-K for a discussion of these risks and others that we face and see Note 9 to the consolidated financial statements included elsewhere in this Annual Report on Form 10-K for
additional financial information related to our international and domestic operations.
Seasonality
Our revenue and margins fluctuate with the underlying trends in our clients' businesses. As a result, our revenue and margins are typically the highest in our fourth fiscal quarter. However, our results in a particular year may vary based on client transaction volume and macroeconomic factors.
Information Technology
We invest in information technology systems, infrastructure, automation and security to enhance workforce management and enhance productivity. Our delivery centers employ a broad range of technology, including advanced network and computing platforms, digital switching, intelligent call routing and tracking, proprietary
workforce management systems, case management tools, computer telephony integration, interactive voice response and advanced speech recognition, with multiple layers of embedded security. Our innovative use of technology,
including automation, GenAI, agentic AI, and AI, enables us to improve our voice, chat, web and e-mail handling and personnel scheduling, thereby increasing our efficiency and enhancing the quality of the services we deliver to our clients and their customers. We are able to dynamically scale to respond to changes in our clients' business volumes. Additionally, we use technology to analyze information and trends from our clients' customer interactions to support quality of service and improve the customer journey and experience. See Item 1C. Cybersecurity in this Annual Report on Form 10-K for a discussion of our cybersecurity program.
Competition
We face competition from various technology service providers, including global, fully integrated service providers, core CX solutions providers, digital IT services competitors, and other CX solutions competitors that
primarily provide complementary services such as consulting and design, IT services, business process services, and data and analytics. Our major competitors include Accenture plc, Capgemini SE, Cognizant Technology Solutions
Corporation, Endava UK Ltd., EPAM Systems, Inc., ExlService Holdings, Inc., Foundever Group, Genpact Limited, Globant S.A., HCL Technologies Limited, Infosys Limited, TaskUs Inc., Tata Consultancy Services,
Teleperformance S.A., TELUS Digital, Thoughtworks Holding, Inc., and TTEC Holdings, Inc.
In the future, we may face greater competition due to the consolidation of solutions providers. Consolidation activity may result in competitors with greater scale, a broader footprint, or more attractive pricing than ours. In addition, a client or potential client may choose not to outsource its business, by setting up captive outsourcing operations or performing formerly outsourced services for themselves, or may switch CX solutions providers.
Human Capital Resources
We are committed to fostering a workplace rich in talent and that represents the diversity of thought, experiences, and perspectives of the communities in which we operate. Through ongoing staff development,
comprehensive compensation and benefits, and a focus on health, safety, and staff wellbeing, we strive to help our team in all aspects of their lives so they can do their best work.
As of November 30, 2025, we had approximately 455,000 full-time game-changers, of which approximately 85,000 were based in the Americas, approximately 240,000 were based in Asia-Pacific, and approximately 130,000 were based in EMEA. Except for a small portion of our team in certain countries, generally required by local
regulations or brought in through acquisitions, our staff are not represented by labor unions, nor are they covered by collective bargaining agreements.
Inclusion and Belonging
We have a long history of intentionally building teams that are rich in talent and represent the diversity of thought, experiences, and perspectives of the communities in which we operate. We believe that the best workplaces embrace varied identities, perspectives, beliefs, lifestyles, backgrounds, and socioeconomics, and we remain
committed to finding, promoting, and retaining a diverse workforce. We strive to create an inclusive workplace where people can bring their authentic selves to work. Our game-changers are encouraged to leverage their personal strengths and experiences to continually innovate and contribute to the development of new ideas and process improvements that drive better customer experiences and improved outcomes for our clients. Our commitment to
these principles is set out in our Human Rights Policy, our Inclusion and Belonging Policy, and our Code of Ethical Business Conduct (our "Code"), which require all of our game-changers to adhere to our dedication to an inclusive work environment that fosters respect for all of our team members.
Our team also supports eleven staff resource groups, including LGBTQ+, persons with disabilities, women, women in tech, military veterans, and black professionals, to promote a diverse and inclusive workplace. In 2025, our Chief Executive Officer, Chris Caldwell, was named one of the Best Company CEOs by Comparably, a
workplace culture and compensation website, and Comparably recognized Concentrix as one of the Best Companies for Women and our management as one of the top leadership teams.
Pay Equity and Total Rewards
People should be paid for what they do and how they do it, regardless of their gender, race, or other
characteristics. To deliver on that commitment, we benchmark and set pay ranges based on market data and consider factors such as a game-changer's role and experience, the location of their job, and their performance. We also
review our compensation practices, both in terms of our overall workforce and individual game-changers, to ensure our pay is fair and equitable. We have reviewed the compensation of our game-changers to ensure consistent pay practices by conducting a gender pay equity analysis comparing staff in the same role within a country or location.
We require a uniquely talented workforce and are committed to providing total rewards that are market-
competitive and performance based, driving innovation and operational excellence. Our compensation programs, practices, and policies reflect our commitment to reward short- and long-term performance that aligns with and drives long-term stockholder value. Total direct compensation is generally positioned within a competitive range of
the market median, with differentiation based on tenure, skills, proficiency, and performance to attract and retain key talent.
Game-Changer Engagement
We pride ourselves on championing our people. Our company culture emphasizes the satisfaction and wellbeing of our game-changers and is consistently seeking new ways to enhance engagement. We regularly solicit the
opinions and views of our game-changers through a staff satisfaction survey, the results of which inform key initiatives to support engagement and foster retention. The global participation rate for our most recent staff
satisfaction survey in 2025 was approximately 86.0%, and our overall positive engagement rating (game-changers that gave a satisfaction score of 4 or 5) was approximately 79.6%. In 2025, we were honored, for the third
consecutive year, with the number two spot on the Inspiring Workplaces Group's Global Top 100 Inspiring Workplaces, which recognizes the most forward-thinking and people-first organizations in the world.
Training and Development
Human capital development underpins our efforts to execute our strategy and continue to deliver exceptional services globally. We invest in staff career growth and provide game-changers with a wide range of development opportunities, including face-to-face, virtual, social and self-directed learning, mentoring, coaching, and external
development. Front-line staff receive continual feedback and reinforcement from supervisors who provide coaching, often in real time, so that staff can more readily apply their training to assist our clients and their customers. In
addition, our game-changers have access to approximately 74,000 online courses and 1,600 learning paths through Concentrix University, our virtual learning platform, to develop skills specific to their current roles and promote ongoing career growth.
In fiscal year 2025, our game-changers completed over 4.7 million hours of developmental learning, completing approximately 12 million courses globally. Our game-changers were supported in their growth through our iRise program, which included over 1,700 designated mentors and is designed to accelerate talent readiness by providing our game-changers a platform to connect, learn, and build a strong network with colleagues globally.
We also prioritize investing in the evolving technology and industry skills required by our game-changers. In 2025, we launched our Next Wave AI-readiness accreditation course, a five-part training designed to equip our
game-changers with essential AI skills to drive transformation, grow their careers, and meet evolving performance and promotion requirements.
Health, Safety and Wellness
The physical health, financial stability, life balance, and mental health of our team is vital to our success. We prioritize employee well-being through a comprehensive, multi-directional approach called WeCare that focuses on three pillars: care, protect, and innovate. This strategy is tailored to meet the needs of the cultures and communities we serve, while adhering to global standards to which each country contributes. Throughout the year, we encourage healthy behaviors through regular communications, educational sessions, voluntary progress tracking, wellness
challenges, and other incentives.
We also take an integrated approach to helping our staff manage their work and personal responsibilities, with a strong focus on mental health. We offer 24/7 access to preventive and crisis support resources for both office and
remote environments. Our confidential employee assistance programs ("EAPs") provide support for mental health and personal challenges; through our EAPs, we provide access to mental health and wellness benefits such as oneon-one coaching, therapy, live and on-demand group sessions, meditations and programs, and other resources to our game-changers and their dependents. In 2025, we also launched an internal AI wellbeing assistant that supports our
game-changers through self-assessments, personalized wellbeing plans, and recommending additional resources and in the Philippines, we launched KALIX, a company-built and fully managed health clinic designed to serve our
game-changers.
Sustainability
We have a responsibility to improve the lives of our people and the health of our planet. Since we became a public company, we have maintained an Environmental, Social and Governance ("ESG") program with direction and oversight from our board of directors. Our ESG program seeks to use our global reach and the strength of our
team of approximately 455,000 game-changers to create significant and sustainable improvements in five impact areas:
Our Planet: We are contributing toward a more sustainable planet by reducing our impact and by protecting and restoring the planet as we progress toward our goal of becoming net zero by 2050;
Our Game-changers: We elevate our game-changers' experience by developing an inclusive and supportive workplace that prioritizes people's wellbeing, personal growth, inclusion and belonging;
Building Trust: We build and foster trust by acting with integrity in everything we do. Always.
Innovation and Tech: We promote innovation and tech for good and drive positive change through creative solutions that address societal and environmental challenges; and
Our Communities: We empower and give back to our communities by strengthening and building resilient communities everywhere we operate, and by supporting the causes our game-changers are most passionate about.
We publish an annual Sustainability Report that outlines our long-term ESG goals and how these commitments align with the Sustainable Development Goals established by the United Nations, and updates stakeholders on our progress toward these goals.
Corporate Political Activities
Our Code sets forth our policy on political contributions. We are an apolitical business and do not endorse or contribute to any political party, candidate, or cause. In alignment with our policy, we did not make any political contributions in fiscal year 2025.
Available Information
Our website is https://www.concentrix.com. We make available free of charge, on or through our website, our Annual Report on Form 10-K, quarterly reports on Form 10-Q, current reports on Form 8-K and amendments to those reports, if any, or other filings filed or furnished pursuant to Section 13(a) or 15(d) of the Exchange Act, as soon as reasonably practicable after electronically filing or furnishing these reports with the Securities and Exchange
Commission (the "SEC"). Our Sustainability Report is also available on our website. Information contained on our website is not a part of this Annual Report on Form 10-K.
The SEC maintains a website at https://www.sec.gov that contains our Annual Report on Form 10-K, quarterly reports on Form 10-Q, current reports on Form 8-K and amendments to those reports, if any, or other filings filed or
furnished pursuant to Section 13(a) or 15(d) of the Exchange Act, and our proxy and information statements. ITEM 1A. RISK FACTORS
This section discusses the most significant factors that could affect our business, results of operations, and
financial condition. You should carefully consider the following risks and the other information contained in this Annual Report on Form 10-K in evaluating our company and our common stock. If any of the risks discussed below occur, our business, financial condition, results of operations, or liquidity could be materially adversely affected and, as a result, the trading price of our common stock could decline. The risks described below are not the only ones we face. Additional risks not presently known to us or that we currently deem immaterial may also harm our business, results of operations, or financial condition.
We have grouped these risk factors into three categories:
risks related to our business and the industry in which we operate;
risks related to our capital structure; and
risks related to ownership of our common stock.
Risks Related to Our Business and Industry
Historically, our revenue and operating results have fluctuated, and we anticipate that in the future they will continue to fluctuate, which could adversely affect the enterprise value of our Company and the trading value of our common stock.
Our operating results have fluctuated and will likely fluctuate in the future as a result of many factors, including:
global macroeconomic conditions, including: economic slowdowns or recessions, consumer demand, interest rate and currency rate fluctuations, inflation and supply chain disruptions; public health crises,
political or social unrest, and military conflicts, including the conflicts in Ukraine and Gaza and tensions between India and Pakistan, and their impact on the global economy; tariffs and international trade
negotiations, such as between the U.S. and China, between China and India; a U.S. federal government
shutdown or budget disruptions; and market volatility, including as a result of political leadership in certain countries;
the level of business activity of our clients, which in turn is affected by the level of economic activity in the industries and markets that they serve and the market acceptance and performance of their products and services;
the demand for the end-to-end solutions, technology, and services we provide, as well as other competitive conditions in our industry; and
the impact of the business acquisitions and dispositions we make, as well as consolidation of our competitors or clients.
Although we attempt to control our expenses, they are based, in part, on anticipated revenue and client demand forecasts. The reliability of client forecasts is critical to managing our utilization and aligning our expenses with
anticipated revenue to achieve our profitability targets. We can provide no assurance that our clients will provide us with reliable demand forecasts or that we will be able to effectively manage our utilization. Further, we may be unable to reduce spending in a timely manner to compensate for an unexpected decrease in revenue.
Our future operating results may be below our expectations or those of our public market analysts or investors, which would likely cause the trading price of our common stock to decline.
Cyberattacks or the improper disclosure or control of personal or confidential information could result in liability and harm our reputation, which could adversely affect our business.
Our business is heavily dependent upon information technology networks and systems. Internal or external attacks on our networks and systems or those of our clients, partners, or vendors, including through phishing, password attacks, ransomware, malware, or the increased use of emerging AI technologies, could significantly disrupt our operations and impede our ability to provide critical solutions and services to our clients and their customers, subjecting us to liability under our contracts and damaging our reputation. Cybercriminals and other
threat actors, including those supported by nation states, political activists, and organized crime, are well organized
and increasingly sophisticated, and we expect they will continue to seek out and attempt to exploit vulnerabilities in our and our clients' networks and systems.
We represent our clients in certain critical operations of their business processes such as sales, marketing, and customer support and manage large volumes of customer information and confidential data. As a result, our business involves the use, storage, and transmission of information about not only our staff, but also our clients and the customers of our clients. While we take measures to protect the security of, and prevent unauthorized access to, our networks and systems and personal and proprietary information, the security controls for our networks and systems, as well as other security practices we follow, may not prevent improper access to, or disclosure of, personally
identifiable or proprietary information. If we fail to implement or adhere to effective internal controls and other processes, technology, and training to protect our networks and systems and the information that we store, our clients experience disruptions in their systems or operations, or the confidentiality of data is compromised by a malicious actor, our client relationships may suffer, and we may face negative publicity, significant remediation costs, and possible legal or regulatory action.
Any failure in protecting networks, systems or information could result in legal liability, monetary penalties, or impairment to our reputation in the marketplace, which could have a material adverse effect on our business,
financial condition, and results of operations.
When our staff or contractors fail to adhere to our and our clients' controls and processes, we may be subject to financial liability or our client relationships or reputation may suffer.
We depend on our staff and contractors to deliver our services to our clients and adhere to the controls and processes we and our clients have established. Although we believe our controls are effective and we require all staff to be trained in cybersecurity, fraud awareness, and their responsibilities under our Code of Ethical Business Conduct, with a team of approximately 455,000, we cannot prevent all misconduct. When any of our staff or contractors negligently disregards or intentionally breaches our or our client's established controls or processes,
whether acting alone or in collusion with other internal or external parties, we could be subject to monetary damages, fines, or criminal prosecution. In the past, we have experienced, and in the future, we may again
experience, data security incidents resulting from unauthorized access to our and our service providers' systems and unauthorized acquisition of our data and our clients' data. Unauthorized disclosure of sensitive or confidential information of our clients or our clients' customers or financial loss by our clients or our clients' customers as a result of our staff's negligence, fraud, misappropriation, or unauthorized access to or through our information
systems or those we develop for clients could result in negative publicity, loss of clients, legal liability, and damage to our reputation, business, results of operations, and financial condition.
Economic downturns, geopolitical tensions, communicable diseases or any other public health crises, and natural disasters could adversely affect our business, results of operations, and financial condition.
We could be negatively impacted by factors that are outside of our control, including economic downturns, geopolitical tensions, the widespread outbreak of communicable diseases or other public health crises, and natural disasters. General global economic downturns and macroeconomic trends, including heightened inflation, tariffs, capital market volatility, interest rate and currency rate fluctuations, and an economic slowdown or recession, may
result in unfavorable conditions that could negatively affect our clients' businesses, and, as a result, impact demand for our products and services and our potential for growth. An economic slowdown or recession may also negatively impact the wellbeing of our game-changers and increase the risk of staff misconduct or fraud. Geopolitical tensions and acts of violence or war or other international conflicts may also negatively impact the global financial markets and could lead to or exacerbate an economic slowdown or recession. Even if we do not have operations in countries where such conflicts are taking place, the effect on supply chains, the demand for our clients' products and services
or other broader impacts of the conflict could result in a decline in our revenue, supply shortages or delays, particularly of technological equipment, and increased costs.
Outbreaks of communicable diseases may negatively affect our operational and financial performance,
including our ability to execute our business strategies and initiatives in the expected time frame. The extent of such future impact is unknown and would depend on many factors, all of which are uncertain and cannot be predicted.
We also have substantial operations in countries, most notably the Philippines, India, Egypt, Brazil, Türkiye, Colombia, and Malaysia that have experienced severe natural events, such as typhoons, mudslides, droughts,
wildfires, earthquakes, and floods, in the recent past. Any natural disaster or extreme weather event in a region where we have operations could severely disrupt the lives of our game-changers and lead to service interruptions,
increase our operating costs, or reduce the quality level of services that we are able to provide. Weather patterns are becoming more volatile, and extreme weather events may become more frequent or widespread as a result of the effects of climate change. Our business continuity, crisis management, and disaster recovery plans and our business interruption insurance may not provide sufficient recovery to compensate for losses that we may incur.
An extended disruption to the global economy or business operations caused by global macroeconomic trends, geopolitical tensions or war, communicable diseases or other public health crises, natural disasters, or a regional disruption in an area in which we have significant operations, could materially affect our business, our results of operations, our access to sources of liquidity, the carrying value of our goodwill and intangible assets, and our
financial condition.
Uncertainty around, and disruption from, new and emerging technologies, including the increased adoption and utilization of GenAI and agentic AI, may result in risks and challenges that could impact our business.
We have and will continue to utilize new and emerging technologies, including AI, GenAI, and agentic AI, in our solutions and services. As with many innovations, AI technologies and solutions present risks and challenges that could significantly disrupt our business model. AI algorithms, training methodologies, or datasets may be
flawed or contain insufficient, biased, or inaccurate information. As these technologies evolve, some lower
complexity services currently performed by our game-changers have been and may continue to be replaced by tools deployed by clients. If we do not execute our technology strategy effectively, this could result in loss of revenue and reduced margins.
Our success depends, in part, on our ability to continue to acquire, develop, and implement solutions that meet
the evolving needs of our clients. The rapid evolution of AI technologies requires us to expend resources to develop, test, and implement solutions that utilize AI, agentic AI, and GenAI effectively, which has and may continue to lead us to incur significant expense to maintain a competitive advantage within the industry. We will also be required to attract, motivate, and retain top professionals with the skills necessary to execute our strategy relating to AI
technologies and solutions and other emerging technologies. If we do not employ new technologies, including
agentic AI and GenAI, as quickly or efficiently as our competitors, if our competitors develop more cost-effective or client-preferred technologies, it could have a material adverse effect on our ability to win and retain business from
clients, which would adversely affect our business.
As we expand our services, products, and solutions into new areas, we may be exposed to operational, legal, regulatory, ethical, and other risks specific to such new areas, which may negatively affect our reputation and
demand for our services and solutions. The regulatory landscape surrounding AI technologies is evolving, and the ways in which these technologies will be regulated by governmental authorities, self-regulatory institutions, or other regulatory authorities remain uncertain and may be inconsistent from jurisdiction to jurisdiction. Several
jurisdictions in which we operate are considering or have proposed or enacted legislation and policies regulating AI and non-personal data, such as the European Union's AI Act, the U.S.'s Executive Order on AI, and California's Transparency in Frontier Artificial Intelligence Act. Such regulations may result in significant operational costs to
modify, maintain, or align our business practices, or constrain our ability to develop, deploy, or maintain these technologies.
Our delivery center activities are located around the world, which may expose us to business risks and disrupt our operations.
Our operations are based on a global delivery model with client services provided from delivery centers in 74 countries, with a significant concentration of our workforce located in the Philippines, India, Egypt, Brazil, Türkiye, Colombia, Malaysia, China, South Africa, Morocco, and the United Kingdom. A significant geo-political event in any of the countries in which we operate could disrupt our operations and expose us to risk. Operating globally
subjects us to risks in the countries in which we do business, which include political and economic instability, armed conflicts, domestic or foreign terrorism, foreign currency volatility, the time and expense required to comply with different laws and regulations, challenges with hiring and retaining adequate staff, inflation, tariffs, longer payment cycles or difficulties in collecting accounts receivable, and seasonal reductions in business activity.
Socio-economic situations that are specific to the Philippines, India, Egypt, Brazil, Türkiye, Colombia,
Malaysia, China, South Africa, Morocco, and the United Kingdom can severely disrupt our operations and impact our ability to fulfill our contractual obligations to our clients. If these countries experience natural disasters, extreme weather events or political unrest, our staff's ability to work may be disrupted, our IT and communication
infrastructure may be at risk and the client processes that we manage may be adversely affected. We may also continue to expand our operations internationally to respond to competitive pressure and client and market
requirements, which could increase these risks. If we are unable to manage the risks associated with our
international operations and expanding such operations, our business could be adversely affected, and our revenue and earnings could decrease.
Our industry is subject to intense competition and dynamic changes in business model, which in turn could cause our operations to suffer.
The CX solutions industry and other adjacent markets we operate in are highly competitive, highly fragmented, and subject to rapid change. We believe that the principal competitive factors in the markets in which we operate are breadth and depth of process and domain expertise, service quality, ability to tailor specific solutions to the needs of clients and their customers, the ability to attract, train, and retain qualified staff, cybersecurity infrastructure,
compliance rigor, global delivery capabilities, pricing, partnerships, and marketing and sales capabilities. We
compete for business with a variety of companies, including in-house operations of existing and potential clients. If our clients place more focus in this area or utilize new or emerging technologies to internalize these operations, the size of the available market for third-party service providers like us could reduce significantly. Similarly, if
competitors offer their services at lower prices to gain market share or provide services that gain greater market
acceptance than the services we offer or develop, the demand for our services may decrease. Specialized providers or new entrants can enter markets by developing new products, systems, or services that could impact our business.
The opportunity for new entrants in our industry may expand as digital engagement and offerings increase in
importance. New competitors, new strategies by existing competitors or clients, and consolidation among clients or competitors could result in significant market share gain by our competitors, which could have an adverse effect on our revenue.
Some emerging technologies, including AI, GenAI, RPA, ML, VOC, IVR, and IoT, may cause an adverse shift in the way certain of our existing business operations are conducted, including by replacing or supplementing human contacts with automated or self-service options, changing client expectations on pricing and pricing models, or by decreasing the size of the available market. We may be unsuccessful at anticipating or responding to new
developments on a timely and cost-effective basis, and our use of technology may differ from accepted practices in the marketplace. Certain of our solutions may require lengthy and complex implementations that can be subject to changing client preferences and continuing changes in technology, which can increase costs or adversely affect our business.
The inability to successfully execute our strategy and deliver value for our clients could harm our client
relationships and reputation, which in turn could adversely affect our revenue and our results of operations.
Our strategy focuses on being a leading global technology and services provider that powers our clients' brand experiences and digital operations. Our success depends, in part, on our ability to continue to acquire, develop, and implement products, services, and solutions that anticipate and respond to rapid and continuing changes in
technology and offerings to serve the evolving needs of our clients and their customers. We continue to invest in technology and in our digital capabilities to pursue this strategy. If we are unable to successfully deliver a
differentiated combination of solutions, products, and services to our clients, or our solutions do not achieve the desired outcomes, our client relationships and reputation may suffer, which could result in a loss of business with
existing clients and hinder our ability to engage new clients. We may also incur significant expenses in an effort to keep pace with clients' preferences for technology or to gain a competitive advantage through technological
expertise or new technologies. If we cannot offer new technologies as quickly or efficiently as our competitors, our competitors develop more cost-effective or client-preferred technologies, or market acceptance and adoption of our technologies is less than anticipated, it could have a material adverse effect on our ability to obtain and complete
client engagements, which could adversely affect our business.
We are subject to uncertainties and rapid variability in demand by our clients, and our client contracts
include provisions such as termination for convenience, which could cause fluctuations in our revenue and adversely affect our operating results.
Our revenue depends, in large part, on the volumes, geographic locations, and types of services demanded. The demand for our services can be affected by events outside of our control, including consolidation among our clients, changing marketplace trends, financial challenges faced by our clients, and fluctuations in the use of our clients' products and services. Our solutions can also be provided in different geographies and through different service channels. While we have the capability to provide multi-channel services in countries across the globe, changes in
the types of services utilized and the geographic locations where the services are provided can impact our revenue and profitability. There can be no assurance that the current demand for our services will continue or grow, that organizations will not elect to perform such services in-house, or that clients will not elect to move services to lower-cost or lower-margin geographies or customer contact channels.
Our client contracts typically include provisions that, if triggered, could impact our profitability. For example, many of our contracts may be terminated with limited notice for any reason and, to the extent our clients terminate these contracts, we could experience unexpected fluctuations in our revenue and operating results from period to period. Additionally, some contracts have performance-related bonus or penalty provisions, whereby we receive a bonus if we satisfy certain performance levels or pay a penalty for failing to do so. Such performance-related
conditions are based on metrics that measure customer satisfaction and the quality, quantity, and efficiency of our handling of the client's customer interactions across multiple channels. Generally, performance-related bonus or penalty provisions account for less than 1% of our annual revenue in the aggregate. However, whether we receive a bonus or are required to pay a penalty varies with our performance and may cause fluctuations in our financial results.
In addition, our clients may not guarantee a minimum volume or be able to provide us with realistic forecasts; generally, we hire staff based on anticipated volumes. The reliability of client forecasts and anticipating client
demand is critical to managing our utilization and we can provide no assurance we will be able to anticipate client
demand or effectively manage our utilization. If we fail to anticipate volumes correctly, our operations and financial results may suffer. A reduction of volumes and margins, loss of clients, payment of penalties, failure to receive
performance-related bonuses, or inability to terminate any unprofitable contracts could have an adverse impact on our results of operations and financial condition.
We depend on a limited number of clients for a significant portion of our revenue, and the loss of business from one or more of these clients could adversely affect our results of operations.
Our five largest clients collectively represented approximately 19% of our revenue in fiscal year 2025. This client concentration increases the risk of quarterly fluctuations in our operating results, depending on the seasonal
pattern of our top clients' businesses. In addition, our top clients could make greater demands on us with regard to pricing and contractual terms in general.
At any given time, we typically have multiple master service agreements or statements of work with our largest clients. Clients may have the right to terminate such agreements for convenience or may have risk tolerances that
limit how much business they retain with a single service provider. While we do not expect all master service
agreements and statements of work to terminate at the same time, the loss of significant agreements with one of our largest clients could adversely affect our business, results of operations and financial condition if the lost revenue is not replaced with profitable revenue from that client or other clients.
We often carry significant accounts receivable balances from a limited number of clients that generate a large portion of our revenue. For example, approximately 19% of our accounts receivable balance as of November 30, 2025 was attributable to five clients. A client may become unable or unwilling to timely pay its balance due to a general economic slowdown, economic weakness in its industry, or the financial insolvency of its business. While we closely monitor our accounts receivable balances, a client's financial inability or unwillingness, for any reason, to pay a large accounts receivable balance or many clients' inability or unwillingness to pay accounts receivable balances that are large in the aggregate would adversely impact our income and cash flow.
Our operations, reputation, and results of operations may be damaged through the actions, inactions, or vulnerabilities of third parties.
We depend on a variety of third parties to enable us to deliver services to our clients, including communications services providers, information technology systems and network providers, electric and other utility providers, transportation providers, and recruiting firms. Although we believe we have a rigorous procurement process to
evaluate our vendors and service providers, we depend on these third parties to maintain the confidentiality,
availability, and integrity of the products and services they provide. These third parties can damage our reputation or cause financial loss through cybersecurity or data privacy breaches, inadequate information technology
infrastructure, insufficient or defective updates to software, non-conformance to servicing standards or our Supplier Code of Conduct, or financial distress that disrupts business operations.
Moreover, with a significant reliance on remote staff, we depend on the communications and other service providers necessary for our staff to perform their work from our facilities and their homes. Power or
communications failures could interrupt the operations of our facilities or the ability of our staff to work remotely. Natural disasters, severe weather events, or labor disputes that disrupt transportation services could limit the ability of our staff to reach our facilities or increase the cost of transportation services that we procure for our staff in
certain countries. Any prolonged disruption in the operations of our facilities or the ability of our remote staff to deliver services to our clients and their customers, whether due to technical difficulties, power failures, threats to homes or health, or any other reason, could cause service interruptions or reduce the quality level of services that we provide and harm our operating results.
Our business is subject to many regulatory requirements, and changes in current regulations or their
interpretation and enforcement, or the adoption of new regulations, could significantly increase our cost of doing business.
Our business is subject to many laws and regulatory requirements in the United States and the other countries and jurisdictions in which we operate, covering matters that include but are not limited to: data privacy; labor
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Concentrix Corporation published this content on February 16, 2026, and is solely responsible for the information contained herein. Distributed via Public Technologies (PUBT), unedited and unaltered, on February 16, 2026 at 14:15 UTC.
