UIS UNISYS CORP
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Executive Summary
Unisys held its 2026 Investor Day, revising full-year 2026 revenue guidance upward to constant currency growth of (5.0%) to (3.5%) from prior (6.5%) to (4.5%), while reaffirming non-GAAP operating profit margin of 9.0% to 11.0%. The company also outlined medium-term targets including 2%-4% total company revenue CAGR through 2029 and a 2029 adjusted EBITDA target of 17%-19%, alongside a deleveraging goal to below 2.0x net leverage by year-end 2029. The filing is a strategic update with improved near-term revenue guidance but still negative growth, balanced by margin expansion and deleveraging targets.
Actionable Insight
The upward revision to FY2026 revenue guidance is a modest positive, but the company still expects negative revenue growth this year. Monitor Q2 and Q3 2026 results for signs of stabilization and progress toward the 2029 margin and deleveraging targets. The pension deficit reduction plan and deleveraging trajectory are key credit events for preferred holders.
Key Facts
- Revised FY2026 constant currency revenue growth guidance to (5.0%) to (3.5%), up from prior (6.5%) to (4.5%)
- Reaffirmed FY2026 non-GAAP operating profit margin of 9.0% to 11.0%
- FY2026 free cash flow guidance of approximately ($25M)
- FY2026 capital expenditures of ~$85M, cash taxes ~$70M, net interest payments ~$70M
- FY2026 pension and postretirement contributions of ~$102M
- Assumes reported ClearPath revenue of approximately $425 million in FY2026 (up from $415M prior)
- Medium-term targets: 2%-4% total company revenue CAGR from 2026 guidance midpoint through 2029
- 2029 adjusted EBITDA target of 17%-19%
- 2029 operating profit target of 12%-14%
- 2029 free cash flow ex-pension target of ~$110M
- Net leverage target below 2.0x by year-end 2029 (from 2.9x at March 31, 2026)
- Pension contributions expected to reduce deficit by ~$240M from 2025 to year-end 2029
- FY2025 annual revenue of approximately $2.0B
- Technology Solutions & Services revenue target of 3%-5% 3-year CAGR from 2026 guidance midpoint
- ClearPath revenue target of ~$400M average per year 2027-2029
- Technology Solutions & Services gross margin expansion target of 200+ bps over next 3 years
- SG&A expense reduction target of ~150 bps as % of revenue over next 3 years
Financial Impact
FY2026 revenue guidance improved by ~150 bps at midpoint but still negative; non-GAAP operating margin reaffirmed at 9%-11%; medium-term targets imply significant margin expansion and deleveraging
Risk Factors
- Revenue still expected to decline in FY2026 despite guidance improvement
- Free cash flow negative in FY2026 at ~($25M)
- Pension contributions remain a significant cash use at ~$102M in FY2026
- Medium-term targets depend on successful execution of AI strategy and margin expansion plans
- Technology Solutions & Services revenue growth target of 3%-5% CAGR assumes inflection from current flat/declining trajectory
Market Snapshot
Documents Analyzed
This report is based on 5 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0001104659-26-069244 |
| Document: tm2616122d1_8k.htm | 0001104659-26-069244 |
| Document: 0001104659-26-069244-index-headers.html | 0001104659-26-069244 |
| Document: 0001104659-26-069244-index.html | 0001104659-26-069244 |
| Document: 0001104659-26-069244.txt | 0001104659-26-069244 |
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| Type | Now | ||||
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Jun 2, 2026
10d ago
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8-K
| $4.62 $4.22 | ▼ −8.66% | ▼ −7.96% | $3.85 (−16.67%) |
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May 19, 2026
24d ago
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Insider Cluster
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May 5, 2026
5w ago
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8-K
| $3.27 $3.05 | ▼ −6.73% | ▼ −6.40% | $3.85 (+17.74%) |
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May 4, 2026
5w ago
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8-K
| $2.84 $3.27 | ▲ +15.14% | ▲ +13.76% | $3.85 (+35.56%) |
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Mar 16, 2026
12w ago
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DEFA14A
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Feb 24, 2026
15w ago
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8-K
| $2.46 $2.43 | ▲ +1.22% | ▲ +0.67% | $3.85 (−56.50%) |
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