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STATES\n\nSECURITIES AND EXCHANGE COMMISSION\n\nWASHINGTON, D.C. 20549\n\nFORM 20-F\n\n☐REGISTRATION STATEMENT PURSUANT TO SECTION 12(b) OR (g) OF THE SECURITIES EXCHANGE ACT OF 1934\n\nOR\n\n☒ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934\n\nFor the fiscal year ended December 31, 2025\n\nOR\n\n☐TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934\n\nOR\n\n☐SHELL COMPANY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934\n\nCommission file number 0-27466\n\nNICE LTD.\n\n(Exact name of Registrant as specified in its charter)\n\nN/A\n\n(Translation of Registrant’s name into English)\n\nIsrael\n\n(Jurisdiction of incorporation or organization)\n\n13 Zarchin Street, P.O. Box 690, Ra’anana 4310602, Israel\n\n(Address of principal executive offices)\n\nAlon Levy\n\nVice President, General Counsel and Corporate Secretary\n\nTel: +972-9-7753777\n\nE-mail: Alon.Levy@nice.com\n\n13 Zarchin Street, P.O. Box 690, Ra’anana 4310602, Israel\n\n(Name, Telephone, E-mail and/or Facsimile number and Address of Company Contact Person)\n\nSecurities registered or to be registered pursuant to Section 12(b) of the Act:\n\nTitle of Each ClassTrading Symbol\nName of Each Exchange\n\nOn Which Registered \n\nAmerican Depositary Shares, each representing\none Ordinary Share, par value one\nNew Israeli Shekel per shareNICE\nNasdaq Global Select Market\n\nSecurities registered or to be registered pursuant to Section 12(g) of the Act:\n\nNone\n\n(Title of Class)\n\nSecurities for which there is a reporting obligation pursuant to Section 15(d) of the Act:\n\nNone\n\n(Title of Class)\n\nIndicate the number of outstanding shares of each of the issuer’s classes of capital or common stock as of the close of the period covered by the annual report: 60,427,562 Ordinary Shares, par value NIS 1.00 per share (which excludes 14,347,265 treasury shares).\n\nIndicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act.\n\n☒ Yes    ☐ No\n\nIf this report is an annual or transition report, indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or 15 (d) of the Securities Exchange Act of 1934.\n\n☐ Yes    ☒ No\n\nIndicate 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:\n\n☒ Yes    ☐ No\n\nIndicate 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).\n\n☒ Yes    ☐ No\n\nIndicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or an emerging growth company. See definition of “large accelerated filer,” “accelerated filer,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.\n\nLarge Accelerated Filer ☒\n\nAccelerated Filer ☐\n\nNon-Accelerated Filer ☐\n\nEmerging Growth Company ☐\n\nIf an emerging growth company that prepares its financial statements in accordance with U.S. GAAP, 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. ☐\n\nIndicate 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. ☒\n\nIf 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. ☐\n\nIndicate 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). ☐\n\nIndicate by check mark which basis of accounting the registrant has used to prepare the financial statements included in this filing:\n☒    U.S. GAAP\n☐    International Financial Reporting Standards as issued by the International Accounting Standards Board\n☐    Other\n\nIf “Other” has been checked in response to the previous question indicate by check mark which financial statement item the registrant has elected to follow:\n                             ☐ Item 17  ☐ Item 18\n\nIf this is an annual report, indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).\n\n☐ Yes     ☒ No\n\nTABLE OF CONTENTS\n\n[PART I](#idf0c740f34fa4d9c924e7b044f1c8aae_13)\nPage\n\n[Item 1.](#idf0c740f34fa4d9c924e7b044f1c8aae_16)\n\n[Identity of Directors, Senior Management and Advisers](#idf0c740f34fa4d9c924e7b044f1c8aae_16)\n\n[1](#idf0c740f34fa4d9c924e7b044f1c8aae_16)\n\n[Item 2.](#idf0c740f34fa4d9c924e7b044f1c8aae_19)\n\n[Offer Statistics and Expected Timetable](#idf0c740f34fa4d9c924e7b044f1c8aae_19)\n\n[1](#idf0c740f34fa4d9c924e7b044f1c8aae_19)\n\n[Item 3.](#idf0c740f34fa4d9c924e7b044f1c8aae_22)\n\n[Key Information](#idf0c740f34fa4d9c924e7b044f1c8aae_22)\n\n[2](#idf0c740f34fa4d9c924e7b044f1c8aae_22)\n\n[Item 4.](#idf0c740f34fa4d9c924e7b044f1c8aae_25)\n\n[I](#idf0c740f34fa4d9c924e7b044f1c8aae_25)[nformation on the Company](#idf0c740f34fa4d9c924e7b044f1c8aae_25)\n\n[25](#idf0c740f34fa4d9c924e7b044f1c8aae_25)\n\n[Item 4A.](#idf0c740f34fa4d9c924e7b044f1c8aae_28)\n\n[Unresolved Staff Comments](#idf0c740f34fa4d9c924e7b044f1c8aae_28)\n\n[47](#idf0c740f34fa4d9c924e7b044f1c8aae_28)\n\n[Item 5.](#idf0c740f34fa4d9c924e7b044f1c8aae_31)\n\n[Operating and Financial Review and Prospects](#idf0c740f34fa4d9c924e7b044f1c8aae_31)\n\n[48](#idf0c740f34fa4d9c924e7b044f1c8aae_31)\n\n[Item 6.](#idf0c740f34fa4d9c924e7b044f1c8aae_34)\n\n[Directors, Senior Management and Employees](#idf0c740f34fa4d9c924e7b044f1c8aae_34)\n\n[61](#idf0c740f34fa4d9c924e7b044f1c8aae_34)\n\n[Item 7.](#idf0c740f34fa4d9c924e7b044f1c8aae_43)\n\n[Major Shareholders and Related Party Transactions](#idf0c740f34fa4d9c924e7b044f1c8aae_43)\n\n[78](#idf0c740f34fa4d9c924e7b044f1c8aae_43)\n\n[Item 8.](#idf0c740f34fa4d9c924e7b044f1c8aae_46)\n\n[Financial Information](#idf0c740f34fa4d9c924e7b044f1c8aae_46)\n\n[79](#idf0c740f34fa4d9c924e7b044f1c8aae_46)\n\n[Item 9.](#idf0c740f34fa4d9c924e7b044f1c8aae_49)\n\n[The Offer and Listing](#idf0c740f34fa4d9c924e7b044f1c8aae_49)\n\n[79](#idf0c740f34fa4d9c924e7b044f1c8aae_49)\n\n[Item 10.](#idf0c740f34fa4d9c924e7b044f1c8aae_52)\n\n[Additional Information](#idf0c740f34fa4d9c924e7b044f1c8aae_52)\n\n[79](#idf0c740f34fa4d9c924e7b044f1c8aae_52)\n\n[Item 11.](#idf0c740f34fa4d9c924e7b044f1c8aae_55)\n\n[Quantitative and Qualitative Disclosures About Market Risk](#idf0c740f34fa4d9c924e7b044f1c8aae_55)\n\n[96](#idf0c740f34fa4d9c924e7b044f1c8aae_55)\n\n[Item 12.](#idf0c740f34fa4d9c924e7b044f1c8aae_58)\n\n[Description of Securities Other than Equity Securities](#idf0c740f34fa4d9c924e7b044f1c8aae_58)\n\n[99](#idf0c740f34fa4d9c924e7b044f1c8aae_58)\n\n[PART II](#idf0c740f34fa4d9c924e7b044f1c8aae_61)\n\n[Item 13.](#idf0c740f34fa4d9c924e7b044f1c8aae_64)\n\n[Defaults, Dividend Arrearages and Delinquencies](#idf0c740f34fa4d9c924e7b044f1c8aae_64)\n\n[101](#idf0c740f34fa4d9c924e7b044f1c8aae_64)\n\n[Item 14.](#idf0c740f34fa4d9c924e7b044f1c8aae_67)\n\n[Material Modifications to the Rights of Security Holders and Use of Proceeds](#idf0c740f34fa4d9c924e7b044f1c8aae_67)\n\n[101](#idf0c740f34fa4d9c924e7b044f1c8aae_67)\n\n[Item 15.](#idf0c740f34fa4d9c924e7b044f1c8aae_70)\n\n[Controls and Procedures](#idf0c740f34fa4d9c924e7b044f1c8aae_70)\n\n[101](#idf0c740f34fa4d9c924e7b044f1c8aae_70)\n\n[Item 16A.](#idf0c740f34fa4d9c924e7b044f1c8aae_73)\n\n[Audit Committee Financial Expert](#idf0c740f34fa4d9c924e7b044f1c8aae_73)\n\n[101](#idf0c740f34fa4d9c924e7b044f1c8aae_73)\n\n[Item 16B.](#idf0c740f34fa4d9c924e7b044f1c8aae_76)\n\n[Code of Ethics](#idf0c740f34fa4d9c924e7b044f1c8aae_76)\n\n[102](#idf0c740f34fa4d9c924e7b044f1c8aae_76)\n\n[Item 16C.](#idf0c740f34fa4d9c924e7b044f1c8aae_79)\n\n[Principal Accountant Fees and Services](#idf0c740f34fa4d9c924e7b044f1c8aae_79)\n\n[102](#idf0c740f34fa4d9c924e7b044f1c8aae_79)\n\n[Item 16D.](#idf0c740f34fa4d9c924e7b044f1c8aae_82)\n\n[Exemptions from the Listing Standards for Audit Committees](#idf0c740f34fa4d9c924e7b044f1c8aae_82)\n\n[102](#idf0c740f34fa4d9c924e7b044f1c8aae_82)\n\n[Item 16E.](#idf0c740f34fa4d9c924e7b044f1c8aae_85)\n\n[Purchases of Equity Securities](#idf0c740f34fa4d9c924e7b044f1c8aae_85)[B](#idf0c740f34fa4d9c924e7b044f1c8aae_85)[y the Issuer and Affiliated Purchasers](#idf0c740f34fa4d9c924e7b044f1c8aae_85)\n\n[103](#idf0c740f34fa4d9c924e7b044f1c8aae_85)\n\n[Item 16F.](#idf0c740f34fa4d9c924e7b044f1c8aae_88)\n\n[Change in Registrant’s Certifying Accountant](#idf0c740f34fa4d9c924e7b044f1c8aae_88)\n\n[103](#idf0c740f34fa4d9c924e7b044f1c8aae_88)\n\n[Item 16G.](#idf0c740f34fa4d9c924e7b044f1c8aae_91)\n\n[Corporate Governance](#idf0c740f34fa4d9c924e7b044f1c8aae_91)\n\n[104](#idf0c740f34fa4d9c924e7b044f1c8aae_91)\n\n[Item 16H.](#idf0c740f34fa4d9c924e7b044f1c8aae_94)\n\n[Mine Safety Disclosure](#idf0c740f34fa4d9c924e7b044f1c8aae_94)\n\n[104](#idf0c740f34fa4d9c924e7b044f1c8aae_94)\n\n[Item 16I.](#idf0c740f34fa4d9c924e7b044f1c8aae_97)\n\n[Disclosure Regarding Foreign Jurisdictions that Prevent Inspections](#idf0c740f34fa4d9c924e7b044f1c8aae_97)\n\n[104](#idf0c740f34fa4d9c924e7b044f1c8aae_97)\n\n[Item 16J](#idf0c740f34fa4d9c924e7b044f1c8aae_100).\n\n[Insider](#idf0c740f34fa4d9c924e7b044f1c8aae_100)[T](#idf0c740f34fa4d9c924e7b044f1c8aae_100)[rading](#idf0c740f34fa4d9c924e7b044f1c8aae_100)[P](#idf0c740f34fa4d9c924e7b044f1c8aae_100)[olicies](#idf0c740f34fa4d9c924e7b044f1c8aae_100)\n\n[104](#idf0c740f34fa4d9c924e7b044f1c8aae_100)\n\n[Item 16K](#idf0c740f34fa4d9c924e7b044f1c8aae_103).\n\n[Cybersecurity](#idf0c740f34fa4d9c924e7b044f1c8aae_103)\n\n[105](#idf0c740f34fa4d9c924e7b044f1c8aae_103)\n\n[PART III](#idf0c740f34fa4d9c924e7b044f1c8aae_106)\n\n[Item 17.](#idf0c740f34fa4d9c924e7b044f1c8aae_109)\n\n[Financial Statements](#idf0c740f34fa4d9c924e7b044f1c8aae_109)\n\n[107](#idf0c740f34fa4d9c924e7b044f1c8aae_109)\n\n[Item 18.](#idf0c740f34fa4d9c924e7b044f1c8aae_112)\n\n[Financial Statements](#idf0c740f34fa4d9c924e7b044f1c8aae_112)\n\n[107](#idf0c740f34fa4d9c924e7b044f1c8aae_112)\n\n[Item 19.](#idf0c740f34fa4d9c924e7b044f1c8aae_115)\n\n[Exhibits](#idf0c740f34fa4d9c924e7b044f1c8aae_115)\n\n[107](#idf0c740f34fa4d9c924e7b044f1c8aae_115)\n\n[Index to Financial Statements](#idf0c740f34fa4d9c924e7b044f1c8aae_118)\n\n[F-](#idf0c740f34fa4d9c924e7b044f1c8aae_118)[1](#idf0c740f34fa4d9c924e7b044f1c8aae_118)\n\ni\n\nPRELIMINARY NOTE\n\nThis annual report contains historical information and forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 with respect to NICE Ltd.’s business, financial condition and results of operations. The words “anticipate,” “believe,” “estimate,” “expect,” “intend,” “may,” “plan,” “project,” “should,” “strategy,” “continue,” “goal,” “target” and similar expressions, as they relate to NICE Ltd. or its management, are intended to identify forward-looking statements. Such statements reflect the current beliefs, expectations and assumptions of NICE Ltd. with respect to future events and are subject to various risks and uncertainties. The forward-looking statements relate to, among other things: operating results; anticipated cash flows; gross margins; adequacy of our resources to fund operations; our ability to maintain our average selling prices despite the aggressive marketing and pricing strategies of our competitors; our ability to maintain and develop profitable relationships with our key distribution channels; the financial strength of our key distribution channels; and the market’s acceptance of our technologies, products and solutions.\n\nIn connection with the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995, we are identifying important factors that, individually or in the aggregate, could cause actual results and outcomes to differ materially from those contained in any forward-looking statements made by us; any such statement is qualified by reference to the following cautionary statements. Many factors could cause the actual results, performance or achievements of NICE Ltd. to be materially different from any future results, performance or achievements that may be expressed or implied by such forward-looking statements.\n\nThe below is a summary of the risk factors which are more fully described in Item 3, “Key Information – Risk Factors” of this Annual Report. Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, our actual results may vary materially from those described in our forward-looking statements included herein. All forward-looking statements are made only as of the date hereof. NICE Ltd. does not intend or assume any obligation to update these forward-looking statements. Investors should bear this in mind as they consider forward-looking statements and whether to invest or remain invested in NICE Ltd.’s securities.\n\nRisks Relating to Our Business, Competition and Markets\n\n•The markets in which we operate are highly competitive and we may be unable to compete successfully.\n\n•Our inability to respond to or address the outcome of rapid technological changes and frequent new products, services and business models introductions in the markets in which we operate may have a material adverse effect on our results of operations and competitive position.\n\n•We may not be able to maintain and further expand the growth or profitability of our cloud-based SaaS business.\n\n•We may not be able to compensate for loss of on-premises business with the continued shift to cloud-based offerings.\n\n•We may not be able to successfully execute our growth strategy.\n\n•Customers’ move to communication channels other than voice channel could materially and adversely affect the success of our voice solutions.\n\n•Our business could be materially adversely affected as a result of the risks associated with acquisitions and investments. In particular, we may not succeed in making additional acquisitions or be effective in integrating such acquisitions.\n\n•If we are unable to develop or maintain our relationships with existing and new distributors and strategic partners, our business and financial results could be materially adversely affected.\n\nRisks Relating to Our Offerings and Operations\n\n•Some of our enhanced services are dependent on leased network connectivity lines, and a significant disruption or change in these services could adversely affect our business.\n\n•We rely on multiple internet service providers to provide our customers and their clients with connectivity to our cloud contact center software. A failure by these service providers to provide reliable services could cause us to lose customers and subject us to claims for credits or damages.\n\n•We rely on third-party network service providers to originate and terminate public switched telephone network calls, and significant failures in these networks could harm our operations.\n\n•We rely on software, components and technology infrastructure provided by third parties. If we lose the right to use that software or infrastructure, we will have to spend additional capital to redesign our existing software to adhere to new third-party providers or develop new software.\n\n•Undetected errors or malfunctions in our products or services could impact demand for our products and services, and we could face potential product liability claims directly impairing our financial results.\n\n•We provide certain service level commitments to our customers, which could cause us to provide credits for future services if the stated service levels are not met for a given period and could adversely impact our revenue.\n\nii\n\n•Challenges in designing or implementing our new ERP system could negatively impact our business and operations.\n\nRisks Relating to Information and Product Security and Intellectual Property\n\n•Our IT Systems and those of our third-party providers, such as hosting facilities, cloud computing platforms, service partners or other technology infrastructure providers as well as customers’ data, our business data, and our reputation are vulnerable to ongoing cybersecurity risks and threats that could result in material impact to our business, including legal and financial exposure and liabilities.\n\n•Interruptions or delays in our services through security incidents, failures, or disruptions could disrupt our ability to deliver services, harm our reputation and our relationships with customers and partners, and thereby subject us to material operational impact and liability.\n\n•We may face risks relating to inadequate intellectual property protection of our products or solutions and liability resulting from infringement by our products or solutions of third-party proprietary rights.\n\n•We face risks relating to our use of certain “open source” software and AI Technologies (as defined below).\n\nRisks Relating to Regulatory Environment\n\n•Privacy, data protection and cybersecurity legislation and other regulations may limit the use and adoption of our offerings, adversely affect our business, increase compliance costs and expose us to increased liability.\n\n•Industry-specific regulation and other requirements and standards are evolving and unfavorable industry-specific laws, regulations, interpretive positions or standards could harm our business.\n\n•Failure to comply with legal and regulatory requirements , including those relating to AI, could materially and adversely affect our business, results of operations and financial condition.\n\nRisks Relating to Our Financial Condition\n\n•Our quarterly results may be volatile at times, which could cause us to miss our forecasts.\n\n•We face foreign exchange currency risks.\n\n•We currently benefit from local government programs as well as international programs and local tax benefits that may be discontinued or reduced, or may result in liabilities if underlying conditions are not met.\n\n•Additional tax liabilities resulting from our global operations could materially adversely affect our results of operations and financial condition.\n\n•We might recognize a loss with respect to our financial investments.\n\n•Restrictions in the agreements governing our indebtedness could adversely affect our financial condition and impact our business needs and plans.\n\n•If we fail to maintain effective internal control over financial reporting and operations, it could have a material adverse effect on our business, operating results, and the price of our ordinary shares and ADSs (as defined below).\n\n•Current and future accounting pronouncements and other financial reporting standards and principles might have a significant impact on our financial position and negatively impact our financial results.\n\nRisks Relating to Our Securities\n\n•The market price of each of our ADSs and ordinary shares is volatile and may decline.\n\n•Our ADSs and ordinary shares are traded on different markets and this may result in price variations.\n\n•Substantial future sales or the perception of sales of our ADSs or ordinary shares could cause the price of our ADSs or ordinary shares to decline.\n\n•It may be difficult to enforce a U.S. judgment against us and our officers and directors in Israel or the United States, or to serve process on our officers and directors.\n\n•Provisions of Israeli law and the Company's articles of association may delay, prevent or otherwise impede a merger with, or an acquisition of, our company, which could prevent a change of control, even when the terms of such a transaction are favorable to us and our shareholders.\n\nGeneral Risk Factors\n\n•Conditions and changes in the local and global economic environments may adversely affect demand for our products and services, our business and financial results.\n\n•We face risks relating to our global operations.\n\n•As a result of our global presence, especially in emerging markets, we face increasing challenges that could adversely impact our results of operations, reputation and business.\n\n•Our business, facilities or operations could be adversely affected by events outside of our control, such as natural disasters or health epidemics.\n\n•Our business could be negatively affected as a result of the actions of activist shareholders, and such activism could impact the trading value of our securities.\n\nii\n\n•We depend on our ability to recruit and retain qualified personnel.\n\nIn this annual report, all references to “NiCE,” “we,” “us,” “our” or the “Company” are to NICE Ltd., a company organized under the laws of the State of Israel, and its wholly-owned subsidiaries. For a list of our significant subsidiaries, please refer to Item 4, “Information on the Company - Organizational Structure” of this annual report. \n\nIn this annual report, unless otherwise specified or unless the context otherwise requires, all references to “$” or “dollars” are to U.S. Dollars, all references to “EUR” are to Euros, all references to “GBP” are to British Pounds, all references to “CHF” are to Swiss Francs, all references to “NIS” are to New Israeli Shekels, all references to “INR” are to Indian Rupees, all references to “PHP” are to Philippine peso, all references to “AUD” are to Australian Dollar, all references to “JPY” are to Japanese Yen, all references to “SGD” are to Singapore Dollar, and all references to “COP” are to Colombian Peso. Except as otherwise indicated, the financial statements of and information regarding NiCE are presented in U.S. dollars.\n\nii\n\nPART I"}