On this page of StockholderLetter.com we present the latest annual shareholder letter from Concentrix Corp — ticker symbol CNXC. Reading current and past CNXC letters to shareholders can bring important insights into the investment thesis.
2025 Annual Report & Proxy Statement
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. Growing profitable business model Delivering high-value, intelligent business transformation solutions for 2,000+ of the world s most iconic brands. Sustainable competitive advantage A proven combination of trusted CX expertise and global-scale AI to transform experiences and solve our clients toughest business challenges. Strong cash generation A 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.
 • shareholder letter icon 2/13/2026 Letter Continued (Full PDF)
 • stockholder letter icon 2/9/2023 CNXC Stockholder Letter
 • stockholder letter icon 2/8/2024 CNXC Stockholder Letter
 • stockholder letter icon 2/13/2025 CNXC Stockholder Letter
 • stockholder letter icon More "Information Technology Services" Category Stockholder Letters
 • Benford's Law Stocks icon CNXC Benford's Law Stock Score = 77


CNXC Shareholder/Stockholder Letter Transcript:

2025
Annual Report &
Proxy Statement

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.
Growing profitable
business model
Delivering high-value,
intelligent business
transformation solutions for
2,000+ of the world   s most
iconic brands.
Sustainable competitive
advantage
A proven combination of
trusted CX expertise and
global-scale AI to transform
experiences and solve our
clients    toughest business
challenges.
Strong cash generation
A 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.


shareholder letter icon 2/13/2026 Letter Continued (Full PDF)
 

CNXC Stockholder/Shareholder Letter (Concentrix Corp) | www.StockholderLetter.com
Copyright © 2023 - 2026, All Rights Reserved

Nothing in StockholderLetter.com is intended to be investment advice, nor does it represent the opinion of, counsel from, or recommendations by BNK Invest Inc. or any of its affiliates, subsidiaries or partners. None of the information contained herein constitutes a recommendation that any particular security, portfolio, transaction, or investment strategy is suitable for any specific person. All viewers agree that under no circumstances will BNK Invest, Inc,. its subsidiaries, partners, officers, employees, affiliates, or agents be held liable for any loss or damage caused by your reliance on information obtained. By visiting, using or viewing this site, you agree to the following Full Disclaimer & Terms of Use and Privacy Policy.