What changed in this filing

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Item 1. Financial Statements

2026-07-02 compared with 2026-04-03 · 151 added, 117 removed, 529 unchanged (34% of the section changed)

3 unchanged sentences

(currency and share amounts in thousands, except par value)

February 28, 2026

November 30, 2025

23 unchanged sentences

Stockholders’ equity:

Preferred stock, $ 0.0001 par value, 10,000 shares authorized and no shares issued and outstanding as of February 28, 2026 and November 30, 2025, respectively

Preferred stock, $ 0.0001 par value, 10,000 shares authorized and no shares issued and outstanding as of May 31, 2026 and November 30, 2025, respectively

Common stock, $ 0.0001 par value, 250,000 shares authorized;

70,546 and 70,316 shares issued as of February 28, 2026 and November 30, 2025, respectively, and 60,822 and 61,739 shares outstanding as of February 28, 2026 and November 30, 2025, respectively

70,591 and 70,316 shares issued as of May 31, 2026 and November 30, 2025, respectively, and 60,863 and 61,739 shares outstanding as of May 31, 2026 and November 30, 2025, respectively

Additional paid-in capital

Treasury stock, 9,724 and 8,577 shares as of February 28, 2026 and November 30, 2025, respectively

Treasury stock, 9,728 and 8,577 shares as of May 31, 2026 and November 30, 2025, respectively

Retained deficit

7 unchanged sentences

Three Months Ended

February 28, 2026

February 28, 2025

Six Months Ended

Cost of revenue

9 unchanged sentences

CONCENTRIX CORPORATION

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)

(currency in thousands)

Three Months Ended

February 28, 2026

February 28, 2025

Six Months Ended

Other comprehensive income (loss):

Unrealized gains (losses) of defined benefit plans, net of taxes of $ 15 and $( 19 ) for the three months ended February 28, 2026 and 2025, respectively

Unrealized gains (losses) on hedges during the period, net of taxes of $( 1,964 ) and $ 819 for the three months ended February 28, 2026 and 2025, respectively

Reclassification of net losses (gains) on hedges to net income, net of taxes of $( 1,477 ) and $( 1,562 ) for the three months ended February 28, 2026 and 2025, respectively

Unrealized gains (losses) of defined benefit plans, net of taxes of $ 7,257 and $ 7,272 for the three and six months ended May 31, 2026, respectively, and $ 0 and $( 19 ) for the three and six months ended May 31, 2025, respectively

Reclassification of net losses of defined benefit plans, net of taxes of $( 958 ) and $( 958 ) for the three and six months ended May 31, 2026, respectively, and $ 0 and $ 0 for the three and six months ended May 31, 2025, respectively

Total change in unrealized gain (losses) of defined benefit plans, net of taxes

Unrealized gains (losses) on hedges during the period, net of taxes of $ 14,655 and $ 12,691 for the three and six months ended May 31, 2026, respectively, and $( 9,933 ) and $( 9,114 ) for the three and six months ended May 31, 2025, respectively

Reclassification of net losses (gains) on hedges to net income, net of taxes of $( 2,818 ) and $( 4,295 ) for the three and six months ended May 31, 2026, respectively, and $ 141 and $( 1,421 ) for the three and six months ended May 31, 2025, respectively

Total change in unrealized gains (losses) on hedges, net of taxes

Foreign currency translation adjustments for the three months ended February 28, 2026 and 2025, respectively

Foreign currency translation adjustments for the three and six months ended May 31, 2026 and 2025, respectively

Other comprehensive income (loss)

Comprehensive income

Comprehensive income (loss)

The accompanying notes are an integral part of these consolidated financial statements.

2 unchanged sentences

(currency and share amounts in thousands)

Three Months Ended February 28, 2026 and 2025

Three and Six Months Ended May 31, 2026

Treasury stock

3 unchanged sentences

Total stockholders’ equity

Balances, February 28, 2026

Other comprehensive income (loss)

Share-based compensation activity

Repurchase of common stock for tax withholdings on equity awards

Repurchase of common stock

Balances, May 31, 2026

Balances, November 30, 2025

Other comprehensive loss

Other comprehensive income (loss)

Share-based compensation activity

1 unchanged sentence

Repurchase of common stock

Balances, May 31, 2026

CONCENTRIX CORPORATION

CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY

(currency and share amounts in thousands)

Three and Six Months Ended May 31, 2025

Treasury stock

Additional paid-in capital

Retained earnings

Accumulated other comprehensive loss

Total stockholders’ equity

Balances, February 28, 2025

Other comprehensive income

Share-based compensation activity

Repurchase of common stock for tax withholdings on equity awards

Repurchase of common stock

Balances, May 31, 2025

Balances, November 30, 2024

3 unchanged sentences

Repurchase of common stock

Balances, February 28, 2026

Balances, May 31, 2025

The accompanying notes are an integral part of these consolidated financial statements.

2 unchanged sentences

(currency in thousands)

Three Months Ended

February 28, 2026

February 28, 2025

Six Months Ended

Cash flows from operating activities:

Adjustments to reconcile net income to net cash provided by (used in) operating activities:

Adjustments to reconcile net income to net cash provided by operating activities:

Non-cash share-based compensation expense

9 unchanged sentences

Other operating assets and liabilities

Net cash provided by (used in) operating activities

Net cash provided by operating activities

Cash flows from investing activities:

Purchases of property and equipment

Proceeds from sale of property and equipment

Proceeds from divestiture, net of cash sold

2 unchanged sentences

Cash flows from financing activities:

Proceeds from the Credit Facility - Term Loan

Repayments of the Credit Facility - Term Loan

1 unchanged sentence

Repayments of the Credit Facility - Revolver

( 1,538,500 )

Proceeds from the Securitization Facility

11 unchanged sentences

Change in funds held for clients

Net cash provided by financing activities

Net cash used in financing activities

Effect of exchange rate changes on cash, cash equivalents, cash held for sale, restricted cash and restricted cash held for sale

27 unchanged sentences

Concentration of credit risk

For the three months ended February 28, 2026 and 2025, no client accounted for more than 10% of the Company’s consolidated revenue.

As of February 28, 2026 and November 30, 2025, no client comprised more than 10% of the Company’s total accounts receivable balance.

For the three and six months ended May 31, 2026 and 2025, no client accounted for more than 10% of the Company’s consolidated revenue.

As of May 31, 2026 and November 30, 2025, no client comprised more than 10% of the Company’s total accounts receivable balance.

Accounts receivable factoring

1 unchanged sentence

These accounts receivable financing agreements are accounted for as a true sale of assets under the provisions of Accounting Standards Codification 860, Transfer and Servicing (“ASC 860”).

In accordance with ASC 860, the accounts receivable financing arrangements are deemed a

true sale as the Company retains no rights or interest and has no obligations with respect to the accounts receivable.

In accordance with ASC 860, the accounts receivable financing arrangements are deemed a true sale as the Company retains no rights or interest and has no obligations with respect to the accounts receivable.

In some instances, the Company may continue to service the transferred receivables after factoring has occurred.

1 unchanged sentence

Under the accounts receivable financing arrangements, the financial institutions are responsible for any credit risk associated with the sold receivables.

Sales of accounts receivable under the various factoring programs were $ 313,000 and $ 307,000 during the three months ended February 28, 2026 and 2025, respectively, which amounts approximate cash collections on sold accounts receivable during each quarter.

As noted above, the Company acts as a servicer (collects customer cash on behalf of the financial institution) for certain of its accounts receivable factoring arrangements.

The servicing fees and loss on the sale associated with these accounts receivable factoring arrangements were not material to the Company for the three months ended February 28, 2026 and 2025.

As of February 28, 2026 and November 30, 2025, accounts receivable in the amount of $ 129,000 and $ 119,000 , respectively, had been sold to the financial institutions and were not included in accounts receivable, net in the consolidated balance sheets.

Sales of accounts receivable under the various factoring programs were $ 314,000 and $ 627,000 during the three and six months ended May 31, 2026, respectively, and $ 310,000 and $ 617,000 during the three and six months ended May 31, 2025, respectively, which amounts approximate cash collections on sold accounts receivable during each quarter.

As noted above, the Company acts as a servicer (collects client payments on behalf of the financial institution) for certain of its accounts receivable factoring arrangements.

The servicing fees and loss on the sale associated with these accounts receivable factoring arrangements were not material to the Company for the three and six months ended May 31, 2026 and 2025.

As of May 31, 2026 and November 30, 2025, accounts receivable in the amount of $ 95,000 and $ 119,000 , respectively, had been sold to the financial institutions and were not included in accounts receivable, net in the consolidated balance sheets.

Accounting pronouncements recently issued

2 unchanged sentences

The Company is currently evaluating the impact that this update will have on its disclosures in the annual consolidated financial statements;

however, the amendments will be applied on a prospective basis.

In November 2024, the FASB issued ASU 2024-03, which requires the disaggregation of certain expenses in the notes to the financial statements, to provide enhanced transparency into the expense captions presented on the face of the income statement.

12 unchanged sentences

In February 2026, the assets and liabilities of the business qualified as assets and liabilities held for sale due to the planned divestiture.

As of February 28, 2026, assets held for sale of $ 207,502 primarily consist of cash, restricted cash (which relates to funds held for clients) and intangible assets, and liabilities held for sale of $ 174,941 primarily consist of liabilities related to funds held for clients.

The Company determined that execution into a definitive agreement did not qualify as discontinued operations since it neither represented a strategic shift nor did it have a major effect on the Company’s operations and financial results.

The Company recorded a loss on held for sale of $ 5,929 for the three months ended February 28, 2026 as a result of the fair value analysis performed.

As of May 31, 2026, assets held for sale of $ 202,738 primarily consist of cash, restricted cash (which relates to funds held for clients) and intangible assets, and liabilities held for sale of $ 172,259 primarily consist of liabilities related to funds held for clients.

The Company determined that execution of a definitive agreement did not qualify as discontinued operations since it neither represented a strategic shift nor did it have a major effect on the Company’s operations and financial results.

The Company recorded a loss on held for sale of $ 963 and $ 6,892 for the three and six months ended May 31, 2026 as a result of the fair value analysis performed.

This expense is included within selling, general and administrative expenses in the consolidated statement of operations.

There was no comparable loss for the three months ended February 28, 2025.

There was no comparable loss for the three and six months ended May 31, 2025.

NOTE 4— SHARE-BASED COMPENSATION:

3 unchanged sentences

The performance-based restricted stock units had a grant date weighted-average fair value of $ 37.84 per share and will vest, if at all, upon the achievement of certain financial targets during the three-year period ending November 30, 2028.

The Company recorded share-based compensation expense of $ 29,455 and $ 26,600 for the three months ended February 28, 2026 and 2025, respectively.

The Company recorded share-based compensation expense of $ 25,367 and $ 26,862 for the three months ended May 31, 2026 and 2025, respectively.

The Company recorded share-based compensation expense of $ 54,822 and $ 53,462 for the six months ended May 31, 2026 and 2025, respectively.

Share-based compensation expense is included in selling, general and administrative expenses in the consolidated statements of operations.

2 unchanged sentences

The following table provides a reconciliation of cash, cash equivalents, cash held for sale, restricted cash and restricted cash held for sale reported within the consolidated balance sheets to the total of the same amounts shown in the consolidated statements of cash flows:

February 28, 2026

February 28, 2025

Cash and cash equivalents

4 unchanged sentences

Restricted cash and restricted cash held for sale balances relate primarily to funds held for clients, restrictions placed on cash deposits by banks as collateral for the issuance of bank guarantees and the terms of a government grant, and letters of credit for leases.

Of the restricted cash balance and restricted cash held for sale balance, $ 174,314 and $ 187,139 related to funds held for clients as of February 28, 2026 and November 30, 2025, respectively.

As of February 28, 2026 and November 30, 2025, the Company has a corresponding current liability recorded in current liabilities held for sale and other accrued liabilities on the consolidated balance sheet related to these funds.

Of the restricted cash balance and the restricted cash held for sale balance, an aggregate of $ 166,579 and $ 187,139 related to funds held for clients as of May 31, 2026 and November 30, 2025, respectively.

As of May 31, 2026 and November 30, 2025, the Company has a corresponding current liability recorded in current liabilities held for sale and other accrued liabilities on the consolidated balance sheet related to these funds.

Accounts receivable, net:

Accounts receivable, net is comprised of the following as of February 28, 2026 and November 30, 2025:

February 28, 2026

Accounts receivable, net is comprised of the following as of May 31, 2026 and November 30, 2025:

November 30, 2025

6 unchanged sentences

Three Months Ended

February 28, 2026

February 28, 2025

Six Months Ended

Balance at beginning of period

Net additions

Write-offs and reclassifications

Balance at end of period

Property and equipment, net:

The following table summarizes the carrying amounts and related accumulated depreciation for property and equipment as of February 28, 2026 and November 30, 2025:

February 28, 2026

The following table summarizes the carrying amounts and related accumulated depreciation for property and equipment as of May 31, 2026 and November 30, 2025:

November 30, 2025

8 unchanged sentences

Property and equipment, net

Shown below are the countries where 10% or more and other significant concentrations of the Company’s property and equipment, net are located as of February 28, 2026 and November 30, 2025:

February 28, 2026

Shown below are the countries where 10% or more and other significant concentrations of the Company’s property and equipment, net are located as of May 31, 2026 and November 30, 2025:

November 30, 2025

1 unchanged sentence

United States

The following table summarizes the changes in the Company’s goodwill for the three months ended February 28, 2026 and February 28, 2025:

Three Months Ended

February 28, 2026

February 28, 2025

The following table summarizes the changes in the Company’s goodwill for the six months ended May 31, 2026 and May 31, 2025:

Six Months Ended

Balance at beginning of period

3 unchanged sentences

Intangible assets, net:

The following tables summarize the carrying amounts and related accumulated amortization for intangible assets as of February 28, 2026 and November 30, 2025:

As of February 28, 2026

The following tables summarize the carrying amounts and related accumulated amortization for intangible assets as of May 31, 2026 and November 30, 2025:

As of May 31, 2026

As of November 30, 2025

11 unchanged sentences

Fiscal years ending November 30,

2026 (remaining nine months)

2026 (remaining six months)

Accumulated other comprehensive loss:

The components of accumulated other comprehensive loss (“AOCL”), net of taxes, were as follows:

Three Months Ended February 28, 2026 and 2025

Three Months Ended May 31, 2026 and 2025

Unrecognized gains (losses) on

4 unchanged sentences

adjustments and other, net of taxes

Balances at November 30, 2024

Balances at February 28, 2025

Other comprehensive income (loss) before reclassification

Reclassification of gains from other comprehensive income (loss)

Reclassification of (gains) losses from other comprehensive income (loss)

Balances at May 31, 2025

Balances at February 28, 2026

Other comprehensive income (loss) before reclassification

Reclassification of (gains) losses from other comprehensive income (loss)

Balances at May 31, 2026

Six Months Ended May 31, 2026 and 2025

Unrecognized gains (losses) on

defined benefit plan, net of taxes

Unrealized gains (losses) on

hedges, net of taxes

Foreign currency translation

adjustments, net of taxes

Balances at November 30, 2024

Other comprehensive income (loss) before reclassification

Reclassification of losses from other comprehensive income (loss)

Balances at February 28, 2026

Reclassification of (gains) losses from other comprehensive income (loss)

Balances at May 31, 2025

Balances at November 30, 2025

Other comprehensive income (loss) before reclassification

Reclassification of (gains) losses from other comprehensive income (loss)

Balances at May 31, 2026

Refer to Note 6—Derivative Instruments for the location of gains and losses on cash flow hedges reclassified from other accumulated other comprehensive loss to the consolidated statements of operations.

15 unchanged sentences

dollars may hedge a portion of forecasted revenue or costs not denominated in the entities’ functional currencies.

These instruments mature at various dates through February 2028.

These instruments mature at various dates through May 2028.

Gains and losses on cash flow hedges are recorded in AOCL until the hedged item is recognized in earnings.

Deferred gains and losses related to cash flow hedges of foreign currency costs are recognized as a component of “Cost of revenue” or “Selling, general and administrative expenses” in the same period as the related costs are recognized.

Derivative instruments designated as cash flow hedges must be de-designated as hedges when it is probable the forecasted hedged transaction will not occur in the initially identified time period or within a subsequent two-month time period.

subsequent two-month time period.

Deferred gains and losses in AOCL associated with such derivative instruments are reclassified into earnings in the period of de-designation.

11 unchanged sentences

Concurrent with entering into the interest rate swaps, the Company entered into cross-currency swap arrangements with certain financial institutions for a total notional amount equivalent to $ 750,000 .

In addition to aligning the currency of the Company’s interest payments to the Company’s euro-denominated cash flows, the arrangements, together with intercompany loans and additional intercompany cross-currency interest rate swap arrangements, effectively converted the delayed draw term loans into synthetic fixed

euro-based debt at weighted average interest rates of 3.43 % for the three-year term loan and 3.69 % for the five-year term loan.

The interest rate swap is designated as a cash flow hedge and the cross-currency swaps are designated as fair value hedges.

2 unchanged sentences

Balance Sheet Line Item

February 28, 2026

November 30, 2025

4 unchanged sentences

Interest rate swaps (notional value)

Other long-term assets

Other long-term liabilities

9 unchanged sentences

Three Months Ended

Six Months Ended

Locations of gain (loss) in statement of operations

February 28, 2026

February 28, 2025

Derivative instruments designated as cash flow and fair value hedges:

30 unchanged sentences

The following table summarizes the valuation of the Company’s investments and financial instruments that are measured at fair value on a recurring basis:

As of February 28, 2026

As of May 31, 2026

As of November 30, 2025

6 unchanged sentences

Cross-currency interest rate swaps

Interest rate swaps

Liabilities measured at fair value:

18 unchanged sentences

Changes in the fair value of this liability are recorded in other expense (income), net on the consolidated statement of operations.

The effect of nonperformance risk on the fair value of derivative instruments was not material as of February 28, 2026 and November 30, 2025.

The effect of nonperformance risk on the fair value of derivative instruments was not material as of May 31, 2026 and November 30, 2025.

The carrying values of accounts receivable and accounts payable approximate fair value due to their short maturities and interest rates that are variable in nature.

2 unchanged sentences

The Company does not adjust the quoted market prices for such financial instruments.

During the three months ended February 28, 2026 and 2025, there were no transfers between the fair value measurement category levels.

During the three and six months ended May 31, 2026 and 2025, there were no transfers between the fair value measurement category levels.

NOTE 8— BORROWINGS:

Borrowings consist of the following:

February 28, 2026

November 30, 2025

Credit Facility - current portion of term loans component

6.650 % Senior Notes due 2026

6.650 % Senior Notes due 2026 (August)

Current portion of long-term debt

12 unchanged sentences

The Company recorded debt extinguishment costs of $ 6,268 associated with the early redemption of a portion of the 2026 Notes.

These costs are included in interest expense and finance charges, net on the consolidated statement of operations for the three months ended February 28, 2026.

There were no such costs in the three months ended February 28, 2025.

aggregate principal amount of 6.850 % Senior Notes due 2033 (the “2033 Notes” and, together with the 2026 Notes, 2028 Notes and 2029 Notes, the “Senior Notes”).

These costs are included in interest expense and finance charges, net on the consolidated statement of operations for the six months ended May 31, 2026.

There were no such costs in the six months ended May 31, 2025.

On August 2, 2023, the Company issued and sold (i) $ 800,000 aggregate principal amount of the 2026 Notes, (ii) $ 800,000 aggregate principal amount of 6.600 % Senior Notes due 2028 (the “2028 Notes”) and (iii) $ 550,000 aggregate principal amount of 6.850 % Senior Notes due 2033 (the “2033 Notes” and, together with the 2026 Notes, 2028 Notes and 2029 Notes, the “Senior Notes”).

The 2026 Notes, 2028 Notes and 2033 Notes were sold in a registered public offering pursuant to the Company’s Registration Statement on Form S-3, which became effective upon filing, and a Prospectus Supplement dated July 19, 2023, to a Prospectus dated July 17, 2023.

The 2029 Notes and the Senior Notes were issued pursuant to, and are governed by, an indenture, dated as of August 2, 2023 (the “Base Indenture”), between Concentrix and U.S.

The Senior Notes were issued pursuant to, and are governed by, an indenture, dated as of August 2, 2023 (the “Base Indenture”), between Concentrix and U.S.

Bank Trust Company, National Association, as trustee (the “Trustee”), as supplemented by a first supplemental indenture dated as of August 2, 2023 between Concentrix and the Trustee relating to the 2026 Notes, a second supplemental indenture dated as of August 2, 2023 between Concentrix and the Trustee relating to the 2028 Notes, a third supplemental indenture dated as of August 2, 2023 between Concentrix and the Trustee relating to the 2033 Notes, and a fourth supplemental indenture dated as of February 24, 2026 between Concentrix and the Trustee relating to the 2029 Notes (such supplemental indentures, together with the Base Indenture, the “Indenture”).

The Indenture contains customary covenants and restrictions, including covenants that limit Concentrix Corporation’s and certain of its subsidiaries’ ability to create or incur liens on shares of stock of certain subsidiaries or on principal properties, engage in sale/leaseback transactions or, with respect to Concentrix Corporation, consolidate or merge with, or sell or lease substantially all its assets to, another person.

The Indenture contains customary covenants and restrictions, including covenants that limit Concentrix Corporation’s and certain of its subsidiaries’ ability to create or incur liens

on shares of stock of certain subsidiaries or on principal properties, engage in sale/leaseback transactions or, with respect to Concentrix Corporation, consolidate or merge with, or sell or lease substantially all its assets to, another person.

The Indenture also provides for customary events of default.

13 unchanged sentences

The applicable margin ranges from 1.000 % to 1.500 % for the New Term Loan Facility and the 3-Year DD Term Loan Facility, 1.100 % to 1.600 % for the 5-Year DD Term Loan Facility, 1.125 % to 2.000 % for the Continued Term Loan Facility, and 0.875 % to 1.500 % for the Revolving Credit Facility.

Borrowings under the Restated Credit Agreement that are base rate loans bear interest at a per annum rate (but not less than 1.0 %) equal to (i) the greatest of (A) the “prime rate” (as defined in the Restated Credit Agreement) in effect on such day, (B) the Federal Funds Rate (as defined in the Restated Credit Agreement) in effect on such day plus 0.500 %, and (C) the adjusted one-month term SOFR rate plus 1.0 % per annum, plus (ii) an applicable margin, based on the credit ratings of Concentrix’ senior unsecured non-credit enhanced long-term indebtedness for borrowed money.

Borrowings under the Restated Credit Agreement that are base rate loans bear interest at a per annum rate

(but not less than 1.0 %) equal to (i) the greatest of (A) the “prime rate” (as defined in the Restated Credit Agreement) in effect on such day, (B) the Federal Funds Rate (as defined in the Restated Credit Agreement) in effect on such day plus 0.500 %, and (C) the adjusted one-month term SOFR rate plus 1.0 % per annum, plus (ii) an applicable margin, based on the credit ratings of Concentrix’ senior unsecured non-credit enhanced long-term indebtedness for borrowed money.

The applicable margin ranges from 0.000 % to 0.500 % for the New Term Loan Facility, the 3-Year DD Term Loan Facility, and the Revolving Credit Facility, 0.100 % to 0.600 % for the 5-Year DD Term Loan Facility, and 0.125 % to 1.000 % for the Continued Term Loan Facility.

2 unchanged sentences

The Restated Credit Agreement also contains various customary events of default, including payment defaults, defaults under certain other indebtedness, and a change of control of Concentrix.

As of February 28, 2026 and November 30, 2025, the outstanding principal balance on the Company’s term loans was $ 1,956,250 and $ 1,965,625 , respectively.

The Company made a required quarterly principal payment of $ 9,375 on the term loans during the first quarter of fiscal year 2026.

As of May 31, 2026 and November 30, 2025, the outstanding principal balance on the Company’s term loans was $ 1,837,500 and $ 1,965,625 , respectively.

During the three and six months ended May 31, 2026, the Company made required quarterly principal payments of $ 18,750 and $ 28,125 , respectively, on the term loans.

In addition, during the three months ended May 31, 2026, the Company voluntarily prepaid $ 100,000 of the principal balance on the term loans, without penalty.

None of Concentrix’ subsidiaries guarantee the obligations under the Restated Credit Agreement.

As of February 28, 2026 and November 30, 2025, no amounts were outstanding under the Company’s revolving credit facility.

As of May 31, 2026 and November 30, 2025, no amounts were outstanding under the Company’s Revolving Credit Facility.

Securitization Facility

1 unchanged sentence

based subsidiaries (the “Originators”) sell or otherwise transfer all of their accounts receivable to a special purpose bankruptcy-remote subsidiary of the Company (the “Borrower”) that grants a security interest in the receivables to the lenders in exchange for available borrowings.

On January 14, 2025, the Company entered into an amendment to the Securitization Facility to increase the commitment of the lenders to provide available borrowings from up to $ 600,000 to up to $ 700,000 and extend the termination date of the Securitization Facility from April 24, 2026 to January 14, 2027.

For borrowings that are funded by certain lenders through the issuance of commercial paper, the amendment also reduced the spread to the applicable commercial paper rate from 0.80 % to 0.75 %.

On March 20, 2026, the Company entered into an amendment to the Securitization Facility to increase the commitment of the lenders to provide available borrowings from up to $ 700,000 to up to $ 750,000 and extend the termination date of the Securitization Facility from January 14, 2027 to March 20, 2028.

Borrowings that are funded by certain lenders through such lenders’ issuance of commercial paper bear interest at the applicable commercial paper rate plus a spread of 0.75 %.

Other borrowings bear interest at a per annum rate equal to the applicable SOFR rate (subject to a SOFR related adjustment of 0.10 %), plus a spread of 0.90 %.

4 unchanged sentences

The Borrower is a separate legal entity with its own separate creditors who will be entitled, upon its liquidation, to be satisfied out of the Borrower’s assets prior to any assets or value in the Borrower becoming available to the Borrower’s equity holders, and the assets of the Borrower are not available to pay creditors of the Company and its subsidiaries.

Covenant compliance

As of February 28, 2026 and November 30, 2025, Concentrix was in compliance with all covenants for the above arrangements.

As of May 31, 2026 and November 30, 2025, Concentrix was in compliance with all covenants for the above arrangements.

NOTE 9— EARNINGS PER SHARE:

1 unchanged sentence

Three Months Ended

February 28, 2026

February 28, 2025

Six Months Ended

Basic earnings per common share:

12 unchanged sentences

(1) Restricted stock awards and certain restricted stock units granted to employees by the Company are considered participating securities.

For the three months ended February 28, 2026, dividends paid to common stockholders and participating securities exceeded net income.

As a result, the allocation to participating securities in the three months ended February 28, 2026 represents dividends paid to participating securities as participating securities do not participate in undistributed losses.

NOTE 10— REVENUE:

2 unchanged sentences

Three Months Ended

February 28, 2026

February 28, 2025

Six Months Ended

Industry vertical:

3 unchanged sentences

Banking, financial services and insurance

NOTE 11— RESTRUCTURING-RELATED EXPENSES:

The Company recorded severance costs of $ 42,384 and $ 60,221 for the three and six months ended May 31, 2026, respectively, primarily related to the Company’s cost reduction initiatives.

These actions affected approximately 20,000 employees.

Severance costs were recognized in cost of revenue and selling, general and administrative expenses in the consolidated statement of operations based on the functions of the affected employees.

Severance costs included in cost of revenue were $ 29,272 and $ 42,671 for the three and six months ended May 31, 2026, respectively, and severance costs included in selling, general and administrative expenses were $ 13,112 and $ 17,550 for the same periods.

As of May 31, 2026, the remaining liability for these severance-related actions was $ 16,062 and was included in other accrued liabilities.

The remaining cash payments are expected to be substantially completed by November 30, 2026.

Severance costs recorded during the three and six months ended May 31, 2025 were not material.

NOTE 12— PENSION AND EMPLOYEE BENEFITS PLANS:

4 unchanged sentences

legal entities are covered by government mandated defined contribution plans.

During the three months ended February 28, 2026 and February 28, 2025, the Company contributed $ 34,068 and $ 28,621 , respectively, to defined contribution plans.

During the three and six months ended May 31, 2026, the Company contributed $ 31,918 and $ 65,986 , respectively, to defined contribution plans.

During the three and six months ended May 31, 2025, the Company contributed $ 19,266 and $ 47,887 , respectively, to defined contribution plans.

Defined Benefit Plans

4 unchanged sentences

Benefits under these plans are primarily based on years of service and compensation during the years immediately preceding retirement or termination of participation in the plans.

Net benefit costs related to defined benefit plans were $ 4,779 and $ 3,883 , during the three months ended February 28, 2026 and February 28, 2025, respectively.

Net benefit costs related to defined benefit plans were $ 8,228 and $ 13,007 , during the three and six months ended May 31, 2026, respectively.

Net benefit costs related to defined benefit plans were $ 3,827 and $ 7,710 , during the three and six months ended May 31, 2025, respectively.

Service costs are recorded in cost of revenue and selling, general and administrative expenses, while the remaining components of total pension costs are recorded within other expense (income), net in the consolidated statements of operations.

On an aggregate basis, the plans were underfunded by $ 81,105 and $ 81,064 at February 28, 2026 and November 30, 2025, respectively.

On an aggregate basis, the plans were underfunded by $ 102,775 and $ 81,064 at May 31, 2026 and November 30, 2025, respectively.

NOTE 13— INCOME TAXES:

Income taxes consist of current and deferred tax expense resulting from income earned in domestic and international jurisdictions.

The effective tax rates for the three months ended February 28, 2026 and February 28, 2025 were impacted by the geographic mix of worldwide income and certain discrete items.

The liability for unrecognized tax benefits was $ 87,404 and $ 95,034 at February 28, 2026 and November 30, 2025, respectively, and is included in other long-term liabilities in the consolidated balance sheets.

As of February 28, 2026 and November 30, 2025, the total amount of unrecognized tax benefits that would affect income tax expense if recognized in the consolidated financial statements was $ 86,265 and $ 88,130 , respectively.

The effective tax rates for the three and six months ended May 31, 2026 and 2025 were impacted by the geographic mix of worldwide income and certain discrete items.

The liability for unrecognized tax benefits was $ 78,068 and $ 95,034 at May 31, 2026 and November 30, 2025, respectively, and is included in other long-term liabilities in the consolidated balance sheets.

As of May 31, 2026 and November 30, 2025, the total amount of unrecognized tax benefits that would affect income tax expense if recognized in the consolidated financial statements was $ 78,068 and $ 88,130 , respectively.

This amount includes net interest and penalties of $ 11,526 and $ 12,860 for the respective periods.

6 unchanged sentences

Three Months Ended

February 28, 2026

February 28, 2025

Six Months Ended

Operating lease cost

3 unchanged sentences

Total operating lease cost

The following table presents a maturity analysis of expected undiscounted cash flows for operating leases on an annual basis for the next five fiscal years and thereafter as of February 28, 2026:

The following table presents a maturity analysis of expected undiscounted cash flows for operating leases on an annual basis for the next five fiscal years and thereafter as of May 31, 2026:

Fiscal Years Ending November 30,

2026 (remaining nine months)

2026 (remaining six months)

Total payments

4 unchanged sentences

Balance Sheet location

February 28, 2026

November 30, 2025

6 unchanged sentences

Cash payments related to variable lease costs and short-term leases are not included in the measurement of operating lease liabilities, and, as such, are excluded from the amounts below:

Three Months Ended

February 28, 2026

February 28, 2025

Six Months Ended

Cash paid for amounts included in the measurement of lease liabilities

Non-cash ROU assets obtained in exchange for lease liabilities

The weighted-average remaining lease term and discount rate as of February 28, 2026 and November 30, 2025 were as follows:

February 28, 2026

The weighted-average remaining lease term and discount rate as of May 31, 2026 and November 30, 2025 were as follows:

November 30, 2025

13 unchanged sentences

The repurchase program has no termination date and may be suspended or discontinued at any time.

During the three months ended February 28, 2026 and February 28, 2025, under the share repurchase program, the Company repurchased 1,081 and 540 shares, respectively, of its common stock for an aggregate purchase price of $ 43,194 and $ 25,846 , respectively.

During the three months ended May 31, 2026, there were no repurchases of the Company’s common stock under the share repurchase program.

During the six months ended May 31, 2026, under the share repurchase program, the Company repurchased 1,081 shares of its common stock for an aggregate purchase price of $ 43,194 .

During the three and six months ended May 31, 2025, under the share repurchase program, the Company repurchased 924 and 1,464 shares, respectively, of its common stock for an aggregate purchase price of $ 45,328 and $ 71,174 , respectively.

The share repurchases were made on the open market and the shares repurchased by the Company are held in treasury for general corporate purposes.

At February 28, 2026, approximately $ 396,602 remained available for share repurchases under the existing authorization from the Company’s board of directors.

At May 31, 2026, approximately $ 396,602 remained available for share repurchases under the existing authorization from the Company’s board of directors.

During fiscal years 2026 and 2025, the Company paid the following dividends per share approved by the Company’s board of directors:

15 unchanged sentences

February 10, 2026

On March 24, 2026, the Company announced a cash dividend of $ 0.36 per share to stockholders of record as of April 24, 2026, payable on May 5, 2026.

March 24, 2026

April 24, 2026

On June 29, 2026, the Company announced a cash dividend of $ 0.36 per share to stockholders of record as of July 24, 2026, payable on August 4, 2026.

NOTE 17— SEGMENT REPORTING:

2 unchanged sentences

The CODM uses consolidated net income and operating income to assess financial performance, allocate resources, and make key operating decisions.

The following table presents selected financial information, including significant segment expenses, with respect to the Company’s single operating segment for the three months ended February 28, 2026 and 2025.

The following table presents selected financial information, including significant segment expenses, with respect to the Company’s single operating segment for the three and six months ended May 31, 2026 and 2025.

Three Months Ended

February 28, 2026

February 28, 2025

Six Months Ended

Cost of revenue (1)

11 unchanged sentences

(2) Exclusive of loss on held for sale, depreciation expense, amortization of intangible assets, acquisition-related, integration and restructuring expenses, and share-based compensation expense.

For the three months ended February 28, 2026, acquisition-related, integration and restructuring expenses primarily included restructuring costs associated with the Company’s recent cost reduction initiatives, including severance and employee-related costs.

For the three and six months ended May 31, 2026, acquisition-related, integration and restructuring expenses primarily included restructuring costs associated with the Company’s recent cost reduction initiatives, including severance and employee-related costs.

Restructuring expenses also included costs associated with facilities consolidation, including lease terminations.

For the three months ended February 28, 2025, acquisition-related, integration and restructuring costs primarily included integration costs associated with the combination with Webhelp and restructuring expenses.

These costs primarily include severance and employee-related costs, costs associated with facilities consolidation, including lease terminations to integrate the businesses, and information technology system consolidation costs.

For the three and six months ended May 31, 2025, acquisition-related, integration and restructuring costs primarily included integration costs associated with the combination with Webhelp and restructuring expenses.

These costs primarily included severance and employee-related costs, costs associated with facilities consolidation, including lease terminations to integrate the businesses, and information technology system consolidation costs.

Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.

What changed 10-Q

Item 1. Financial Statements