On this page of StockholderLetter.com we present the latest annual shareholder letter from TTEC Holdings, Inc. — ticker symbol TTEC. Reading current and past TTEC letters to shareholders can bring important insights into the investment thesis.

To our shareholders, 2025 was a year when AI became a true imperative. Throughout the year, we witnessed a seesaw of market sentiment. On one side, there was the optimism of AI s potential to revolutionize the Customer Experience (CX) through hyperpersonalization and unprecedented efficiency. On the other, the market faced the challenge of execution navigating the complexities of data management and systems integration while trying to maintain brand authenticity in an automated world. This tension defined the landscape, transforming AI from a speculative tech trend into a strategic imperative that demanded both bold vision and disciplined leadership. Against this backdrop, TTEC chose a path of deliberate, humancentric focus. While many in the market were distracted by the sheer speed of AI development, we prioritized the purpose of the technology: to deepen our connection with every customer and empower each one of our people. For us, 2025 was not about replacing the human touch, but about using AI to remove the friction that often gets in its way. We worked with our clients to move beyond pilot programs to deploy scalable solutions that handled the administrative tasks, giving our teams the cognitive space to do what they do best solve complex problems with empathy, creativity, and intuition. By anchoring our innovation in this human-first philosophy, we transformed the challenges of AI execution into a distinct competitive advantage helping clients design, build, deploy and operate AI-first solutions that built customer loyalty instead of destroying it. While many in the market were distracted by the sheer speed of AI development, we prioritized the purpose of the technology: to deepen our connection with every customer and empower each one of our people. Progress across the business Our consultants, data analysts, full stack engineers, CX journey orchestrators, operations leaders and frontline teams stay focused on serving our clients and delighting their customers. In 2025: We deepened our relationships with our largest clients capturing an increased share of wallet as they expanded their use of our end-to-end consulting, technology and managed services portfolio. Sales of new lines of business launched in 2025, to our base, were strong in both our Engage and Digital segments increasing year over year. Across the business, we attracted a substantial number of new clients with our AI forward and vertical solution approach. Several of these clients are new to having a CX partner a shift driven by a data and AI landscape that has become too complex for clients to navigate alone. We grew our strategic technology partnerships as we collaborated on new client sales opportunities and innovative solution development. Our professional services with these technology partners grew 16%, outside of our legacy CCaaS practices.
We continued to increase the penetration of AI-enabled solutions with our embedded base, and are integrating this innovative functionality in every new TTEC Engage and TTEC Digital opportunity. We expect to achieve near 100% adoption of AI solutions with our client base by the end of 2026. And, importantly, we continued to invest in our global team of CX engineers, consultants, data analysts and associates, earning Great Place to Work certification in 15 countries, several more countries than last year. TTEC Engage A client-centric focus on operational excellence in our digital CX segment As planned, we delivered solid progress this year as we continued to advance our transformation agenda with a disciplined focus on profitable and sustainable growth. We are seeing encouraging traction across the business as clients increasingly turn to us for modern, digital-first CX solutions and operational excellence. We are expanding our role by introducing new vertical-specific solutions, increasing cross-sell of digital capabilities, and consistently delivering on the priorities that matter most to our clients. At the same time, our new client pipeline reflects healthy momentum, attracting world-class brands that are seeking AI-enabled CX solutions that deliver the highest quality interactions. We remain disciplined in our pursuit of operating leverage and margin expansion. Our digital-first strategy is yielding significant efficiencies; our strengthened leadership team has energized our front-line performance as we continue to optimize our global delivery mix. We are focused on winning new business that meets our profitability expectations and, in parallel, we are working to rationalize underperforming contracts. While this creates a temporary revenue headwind, it secures a healthier client portfolio, superior margins, and a more resilient growth profile. Ultimately, these deliberate actions ensure we are not just growing, but growing profitably and sustainably. We are seeing encouraging traction across the business as clients increasingly turn to us for modern, digital-first CX solutions and operational excellence. DIGITAL FIRST HUMAN CENTRIC UNMATCHED EXECUTION
TTEC Digital meeting the market demand with AI-first solutions Turning to TTEC Digital, we continue to evolve our professional and managed services to meet the changing needs and priorities of the market. Clients are looking to us as experts to help them navigate their digital evolution. Because we specialize in building value through the strategic application of data, AI and automation, we are helping ensure that every innovation translates directly into disciplined, measurable business outcomes. While these engagements may begin smaller than traditional CCaaS migrations, they are highly strategic. They leverage our strengths in AI, data analytics, consulting, journey orchestration, and systems integration. Because of our fluency with all the major CX technologies these engagements often benefit from the network effect where they expand into multiphase professional and managed services relationships. This shift is broadening our addressable market and attracting new types of clients. Our technology-agnostic approach, combined with our ability to rapidly pilot use cases across all major hyperscalers is positioning us as a trusted partner for complex, multiplatform CX transformations. As a result, we are seeing growing demand for adjacent services and continued momentum in professional services pipeline and bookings. Grateful for your continued support In 2025, we prioritized sustainable, high-margin growth and as we transition into 2026, we remain dedicated to this trajectory. While this disciplined approach may result in a near-term revenue dip, it reflects a purposeful remixing of our portfolio. In Engage, we are exiting a few underperforming accounts and migrating to higher-margin models; in Digital, we are evolving from legacy point solutions to comprehensive CX transformation. This strategic recalibration will ensure we enter 2027 more agile and more profitable than before. This shift is broadening our addressable market and attracting new types of clients. Our technologyagnostic approach, combined with our ability to rapidly pilot use cases across all major hyperscalers is positioning us as a trusted partner for complex, multiplatform CX transformations. On behalf of our Board of Directors, our executive leadership team, and our dedicated employees across the globe, thank you for your continued trust and support. We are proud of the progress we have made and look forward to sharing our continued evolution with you as we build a future that is as innovative as it is human. Kenneth D. Tuchman Founder, Chairman and Chief Executive Officer
 • shareholder letter icon 4/10/2026 Letter Continued (Full PDF)
 • stockholder letter icon 4/27/2023 TTEC Stockholder Letter
 • stockholder letter icon 4/11/2024 TTEC Stockholder Letter
 • stockholder letter icon 4/11/2025 TTEC Stockholder Letter
 • stockholder letter icon More "Business Services & Equipment" Category Stockholder Letters
 • Benford's Law Stocks icon TTEC Benford's Law Stock Score = 90


TTEC Shareholder/Stockholder Letter Transcript:



To our shareholders,
2025 was a year when AI became a true imperative.
Throughout the year, we witnessed a    seesaw    of market sentiment. On one side, there was
the optimism of AI   s potential to revolutionize the Customer Experience (CX) through hyperpersonalization and unprecedented efficiency. On the other, the market faced the challenge
of execution   navigating the complexities of data management and systems integration
while trying to maintain brand authenticity in an automated world. This tension defined the
landscape, transforming AI from a speculative tech trend into a strategic imperative that
demanded both bold vision and disciplined leadership.
Against this backdrop, TTEC chose a path of deliberate, humancentric focus. While many in the market were distracted by the
sheer speed of AI development, we prioritized the purpose of the
technology: to deepen our connection with every customer and
empower each one of our people. For us, 2025 was not about
replacing the human touch, but about using AI to remove the friction
that often gets in its way.
We worked with our clients to move beyond pilot programs to
deploy scalable solutions that handled the administrative tasks,
giving our teams the cognitive space to do what they do best   
solve complex problems with empathy, creativity, and intuition.
By anchoring our innovation in this    human-first    philosophy,
we transformed the challenges of AI execution into a distinct
competitive advantage helping clients design, build, deploy and
operate AI-first solutions that built customer loyalty instead of
destroying it.
While many in the
market were distracted
by the sheer speed of
AI development, we
prioritized the purpose of
the technology: to deepen
our connection with every
customer and empower
each one of our people.   
Progress across the business
Our consultants, data analysts, full stack engineers, CX journey
orchestrators, operations leaders and frontline teams stay focused
on serving our clients and delighting their customers. In 2025:

We deepened our relationships with our largest clients capturing an increased    share of
wallet    as they expanded their use of our end-to-end consulting, technology and managed
services portfolio. Sales of new lines of business launched in 2025, to our base, were
strong in both our Engage and Digital segments increasing year over year.

Across the business, we attracted a substantial number of new clients with our AI forward
and vertical solution approach. Several of these clients are new to having a CX partner   
a shift driven by a data and AI landscape that has become too complex for clients to
navigate alone.

We grew our strategic technology partnerships as we collaborated on new client sales
opportunities and innovative solution development. Our professional services with these
technology partners grew 16%, outside of our legacy CCaaS practices.


We continued to increase the penetration of AI-enabled solutions with our embedded base,
and are integrating this innovative functionality in every new TTEC Engage and TTEC Digital
opportunity. We expect to achieve near 100% adoption of AI solutions with our client base by
the end of 2026.

And, importantly, we continued to invest in our global team of CX engineers, consultants, data
analysts and associates, earning Great Place to Work certification in 15 countries, several more
countries than last year.
TTEC Engage     A client-centric focus on operational excellence in our
digital CX segment
As planned, we delivered solid progress this year as we continued to advance our transformation
agenda with a disciplined focus on profitable and sustainable growth. We are seeing encouraging
traction across the business as clients increasingly turn to us for modern, digital-first CX solutions
and operational excellence.
We are expanding our role by introducing new vertical-specific solutions, increasing cross-sell of
digital capabilities, and consistently delivering on the priorities that matter most to our clients. At the
same time, our new client pipeline reflects healthy momentum, attracting world-class brands that
are seeking AI-enabled CX solutions that deliver the highest quality interactions.
We remain disciplined in our pursuit of operating leverage and margin expansion. Our digital-first
strategy is yielding significant efficiencies; our strengthened leadership team has energized our
front-line performance as we continue to optimize our global delivery mix.
We are focused on winning new business that meets our profitability expectations and, in parallel,
we are working to rationalize underperforming contracts. While this creates a temporary revenue
headwind, it secures a healthier client portfolio, superior margins, and a more resilient growth
profile. Ultimately, these deliberate actions ensure we are not just growing, but growing profitably
and sustainably.
We are seeing encouraging traction across the business
as clients increasingly turn to us for modern, digital-first CX
solutions and operational excellence.   
DIGITAL
FIRST
HUMAN
CENTRIC
UNMATCHED
EXECUTION

TTEC Digital meeting the market demand with AI-first solutions
Turning to TTEC Digital, we continue to evolve our professional and managed services to
meet the changing needs and priorities of the market. Clients are looking to us as experts to
help them navigate their digital evolution. Because we specialize in building value through
the strategic application of data, AI and automation, we are helping ensure that every
innovation translates directly into disciplined, measurable business outcomes.
While these engagements may begin smaller than traditional CCaaS migrations, they
are highly strategic. They leverage our strengths in AI, data analytics, consulting, journey
orchestration, and systems integration. Because of our fluency
with all the major CX technologies these engagements often
benefit from the network effect where they expand into
multiphase professional and managed services relationships.
This shift is broadening our addressable market and attracting
new types of clients. Our technology-agnostic approach,
combined with our ability to rapidly pilot use cases across all
major hyperscalers is positioning us as a trusted partner for
complex, multiplatform CX transformations. As a result, we are
seeing growing demand for adjacent services and continued
momentum in professional services pipeline and bookings.
Grateful for your continued support
In 2025, we prioritized sustainable, high-margin growth and as
we transition into 2026, we remain dedicated to this trajectory.
While this disciplined approach may result in a near-term
revenue dip, it reflects a purposeful    remixing    of our portfolio.
In Engage, we are exiting a few underperforming accounts
and migrating to higher-margin models; in Digital, we are
evolving from legacy point solutions to comprehensive CX
transformation. This strategic recalibration will ensure we enter
2027 more agile and more profitable than before.
This shift is broadening
our addressable market
and attracting new types
of clients. Our technologyagnostic approach, combined
with our ability to rapidly pilot
use cases across all major
hyperscalers is positioning
us as a trusted partner for
complex, multiplatform CX
transformations.   
On behalf of our Board of Directors, our executive leadership
team, and our dedicated employees across the globe, thank you for your continued trust
and support. We are proud of the progress we have made and look forward to sharing our
continued evolution with you as we build a future that is as innovative as it is human.
Kenneth D. Tuchman
Founder, Chairman and Chief Executive Officer


shareholder letter icon 4/10/2026 Letter Continued (Full PDF)
 

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