Summary
SS&C Technologies posted GAAP revenue of $1,568.0 million for the third quarter of 2025, up 7.0 percent from the prior-year quarter. Adjusted revenue was $1,569.0 million, also up 7.0 percent. Organic growth, a non-GAAP measure, was 5.2 percent, and financial services recurring revenue growth was 6.7 percent. GAAP operating income rose 12.5 percent to $365.7 million, and the GAAP operating margin was 23.3%, up 1.1 percentage points. GAAP net income attributable to SS&C was $210.0 million, up 27.7 percent, and diluted GAAP earnings per share were $0.83, up 27.7 percent. Gross profit increased 6.2 percent to $747.8 million, while the gross margin was 47.7%, down 0.4 percentage points. Adjusted diluted earnings per share were $1.57, up 17.2 percent, and adjusted consolidated EBITDA attributable to SS&C was $619.0 million, up 9.3 percent, with a 39.5 percent margin.
Cash generation was strong. Operating cash flow was $456.2 million in the third quarter, up 35.5 percent, and $1,101.3 million for the nine months ended September 30, 2025, up 22.1 percent. Capital expenditures were $34.7 million in the quarter, up 34.0 percent, and $70.3 million for the nine months, up 68.6 percent. Adjusted operating income attributable to SS&C was $602.5 million in the quarter, up 9.8 percent, and $1,761.3 million for the nine months, up 8.0 percent. Adjusted net income attributable to SS&C was $396.0 million in the quarter and $1,128.4 million for the nine months. Adjusted consolidated EBITDA attributable to SS&C reached $619.0 million in the quarter, up 9.3 percent, and $1,811.3 million for the nine months, up 7.7 percent. The adjusted consolidated EBITDA margin was 39.5 percent in the quarter and 39.2 percent for the nine months.
Business trends were mixed by segment. GlobeOp adjusted organic growth was 9.6 percent in the third quarter, Global Investor and Distribution Solutions grew 9.0 percent, and Healthcare grew 3.1 percent. Intelligent Automation Analytics grew 2.9 percent. Wealth and Investment Technologies grew 1.1 percent, while Intralinks declined 2.8 percent. The company pointed to strength in the SS&C GlobeOp fund administration and Global Investor and Distribution Solutions businesses as drivers of organic revenue growth. Adjusted organic revenue growth was 5.2 percent for the quarter, compared with 3.5 percent in the second quarter and 5.1 percent in the first quarter.
Capital allocation and balance sheet moves were active. SS&C returned $305.9 million to shareholders in the third quarter, including 2.8 million shares repurchased for $240.1 million and $65.8 million in common stock dividends. The company paid down $233.1 million of debt in the quarter. Net leverage was 2.59 times consolidated EBITDA attributable to SS&C, and secured net leverage was 1.45 times, both non-GAAP credit metrics. LTM consolidated EBITDA attributable to SS&C was $2,410.4 million. On October 14, 2025, SS&C completed the acquisition of Calastone for approximately $1.03 billion. It also announced the acquisition of Curo Fund Services, expected to close in the fourth quarter of 2025.
Guidance points to continued growth. For the fourth quarter of 2025, management guided adjusted revenue of $1,590 million to $1,630 million, adjusted net income attributable to SS&C of $394 million to $410 million, and adjusted diluted earnings per share of $1.56 to $1.62. For the full year 2025, guidance calls for adjusted revenue of $6,210 million to $6,250 million, adjusted net income attributable to SS&C of $1,522 million to $1,538 million, and adjusted diluted earnings per share of $6.02 to $6.08. The full-year organic growth midpoint is 4.6 percent. SS&C does not provide reconciliations of adjusted revenue and adjusted net income guidance to comparable GAAP measures because it cannot forecast certain items without unreasonable efforts.
Risks remain broad. The filing cites the state of the economy and the financial services industry, customer consolidation, variability from securities markets, competition, cyber attacks, IT system failures, third-party providers, foreign operations, privacy concerns, evolving regulation, intellectual property litigation, product delays, tax risks, joint ventures, substantial indebtedness, and stock price volatility. The company also faces the risk of failing to realize anticipated benefits from acquisitions, including Calastone and Curo Fund Services. Management noted that its investment behind AI-powered automation shows early green shoots, but execution and integration risks are part of the outlook.
Forecast
Reported figures
GAAP, from SEC filings| Metric | Q3 FY2025 | Q2 FY2025 | QoQ | Q3 FY2024 | YoY |
|---|---|---|---|---|---|
| Revenue | $1.57B | $1.54B | +2.0% | $1.47B | +7.0% |
| Gross profit | $747.8M | $736.9M | +1.5% | $704.2M | +6.2% |
| Gross margin | 47.7% | 48.0% | -0.3 pp | 48.0% | -0.4 pp |
| Research & development | $118.6M | $128.1M | -7.4% | $131.3M | -9.7% |
| Sales & marketing | $144.7M | $152.4M | -5.1% | $144.1M | +0.4% |
| General & administrative | $118.8M | $111.9M | +6.2% | $103.7M | +14.6% |
| Total operating expenses | $382.1M | $392.4M | -2.6% | $379.1M | +0.8% |
| Operating income (loss) | $365.7M | $344.5M | +6.2% | $325.1M | +12.5% |
| Operating margin | 23.3% | 22.4% | +0.9 pp | 22.2% | +1.1 pp |
| Net income (loss) | $210.4M | $181.1M | +16.2% | $164.6M | +27.8% |
| Net margin | 13.4% | 11.8% | +1.6 pp | 11.2% | +2.2 pp |
| Diluted EPS | $0.83 | $0.72 | +$0.11 | $0.65 | +$0.18 |
Risks
MD&A highlights ongoing macroeconomic conditions such as changes in interest rates and inflation, volatility in capital markets, global trade issues, geopolitical tensions, and foreign currency exchange rate fluctuations as factors that could have material negative effects on results. These impacts are described as uncertain and outside the company's control.
SS&C carries significant debt, including $3,091.9 million of Term B-8 loans, $780.0 million of Term A-9 loans, $2,000.0 million of 5.5% Senior Notes, and $750.0 million of 6.5% Senior Notes outstanding at September 30, 2025. The revolving credit facility and Term A-9 loans require maintaining a maximum consolidated net secured leverage ratio, and a breach could result in acceleration of amounts due.
Client funds obligations were $3,664.6 million at September 30, 2025, primarily from transfer agency client balances, claims administration funds, and contractual obligations to remit funds for client pharmacy claims. These balances create operational and regulatory exposure if funds are not managed in accordance with client and regulatory requirements.
Equity in earnings of unconsolidated affiliates, net was $(11.6) million and $(7.7) million for the three and nine months ended September 30, 2025, compared to $1.1 million and $20.7 million in the prior-year periods. The 2025 results include adjustments of $(11.5) million and $(11.4) million to decrease the carrying value of one investment.
MD&A notes that the effective tax rate can be affected by the composition of income before income taxes from foreign and domestic jurisdictions. The OECD Pillar Two model rules have been adopted or are being enacted in many non-U.S. jurisdictions where SS&C operates, and future tax rate changes could impact the periodic effective tax rate.
SaaS KPIs
All quarters →Adjusted Operating Income Margin
Adjusted Consolidated EBITDA Margin
Adjusted Revenue
Adjusted Organic Revenue Growth
Financial Services Recurring Revenue Growth
Adjusted Consolidated EBITDA
Cash Flow Conversion
Adjusted Diluted EPS
Adjusted Operating Income
Adjusted Net Income
Organic Revenue
Summary, forecast, risks and KPIs are extracted from SS&C Technologies Holdings Inc's SEC filings for Q3 FY2025 (10-Q / 10-K and the 8-K earnings release); GAAP figures in the summary are checked against the reported XBRL data. They can contain errors; the filings are authoritative. Processed Oct 6, 2026.