Summary
SS&C Technologies closed fiscal 2025 with record adjusted revenue. Fourth-quarter GAAP revenue reached $1,653.5 million, up 8.1 percent from the prior-year quarter, and adjusted revenue of $1,654.6 million also rose 8.1 percent. Adjusted organic revenue growth was 5.3 percent for the quarter. Adjusted consolidated EBITDA attributable to SS&C came in at $651.0 million, up 8.7 percent, at a 39.3 percent margin. Adjusted diluted earnings per share of $1.69 climbed 18.2 percent.
GAAP earnings moved the other way. Net income attributable to SS&C fell 22.2 percent to $193.1 million in the quarter. Operating income of $368.6 million rose 3.0 percent, well behind the revenue line. Gross profit of $789.8 million was up 4.8 percent, while gross margin landed at 47.8 percent, down 1.5 percentage points. Operating margin was 22.3 percent, down 1.1 percentage points. Restructuring, acquisition-related costs and a loss on the sale of fixed assets all weighed on the result.
The full year looks steadier. Revenue for the twelve months ended December 31, 2025 was $6,272.2 million, up 6.6 percent, and net income attributable to SS&C was $796.9 million, up 4.8 percent. Diluted earnings per share for the year reached $3.15, up 5.0 percent, while adjusted diluted earnings per share of $6.14 rose 13.5 percent. Cash generation stood out: operating cash flow for the year was $1,744.8 million, up 25.7 percent from $1,388.6 million in the same period of 2024. Capital expenditures for the full year were $80.8 million, up 31.6 percent, though fourth-quarter capital expenditures of $10.5 million fell 46.7 percent.
Growth across the portfolio was uneven. GlobeOp fund administration grew organic revenue 9.6 percent in the quarter against a $1.57 billion 2024 base, and the Global Investor and Distribution Solutions group grew 13.2 percent. Wealth and Investment Technologies added 2.8 percent and Intralinks 2.6 percent. Intelligent Automation Analytics declined 7.0 percent and Healthcare dropped 14.0 percent. Backlog expansion was modest: deferred revenue of $492.4 million was up 1.3 percent and remaining performance obligations of $1,051.5 million rose 5.4 percent.
Guidance for the first quarter of 2026 calls for adjusted revenue of $1,608 million to $1,648 million and adjusted diluted earnings per share of $1.62 to $1.68. For the full fiscal year 2026, the company guides adjusted revenue of $6,654 million to $6,814 million, adjusted diluted earnings per share of $6.70 to $7.02, and an organic growth midpoint of 5.1 percent.
The balance sheet still carries weight. SS&C paid down $205.0 million of debt in the quarter, and net leverage stood at 2.80 times consolidated EBITDA attributable to SS&C as of December 31, 2025, with net secured leverage at 1.70 times against a maximum consolidated net secured leverage covenant of 6.25 times. The company returned $384.2 million to shareholders in the quarter, buying back 3.7 million shares for $318.7 million and paying $65.5 million of dividends; for the year it repurchased 12.3 million shares at an average price of $84.12. Integration of Calastone and Curo Fund Services, both acquired in late 2025, is the next test. Debt service, client concentration in asset management, market volatility, and weakness in healthcare and automation remain the risks to watch.
Forecast
Reported figures
GAAP, from SEC filings| Metric | Q4 FY2025 | Q3 FY2025 | QoQ | Q4 FY2024 | YoY |
|---|---|---|---|---|---|
| Revenue | $1.65B | $1.57B | +5.5% | $1.53B | +8.1% |
| Gross profit | $789.8M | $747.8M | +5.6% | $753.9M | +4.8% |
| Gross margin | 47.8% | 47.7% | +0.1 pp | 49.3% | -1.5 pp |
| Research & development | $131.7M | $118.6M | +11.0% | $136.8M | -3.7% |
| Sales & marketing | $175.6M | $144.7M | +21.4% | $156.6M | +12.1% |
| General & administrative | $113.9M | $118.8M | -4.1% | $102.6M | +11.0% |
| Total operating expenses | $421.2M | $382.1M | +10.2% | $396.0M | +6.4% |
| Operating income (loss) | $368.6M | $365.7M | +0.8% | $357.9M | +3.0% |
| Operating margin | 22.3% | 23.3% | -1.0 pp | 23.4% | -1.1 pp |
| Net income (loss) | $194.0M | $210.4M | -7.8% | $248.4M | -21.9% |
| Net margin | 11.7% | 13.4% | -1.7 pp | 16.2% | -4.5 pp |
| Diluted EPS | $0.77 | $0.83 | -$0.06 | $0.98 | -$0.21 |
Risks
Completed acquisitions of FPS Trust Company in February 2025, Calastone Limited in October 2025, and Curo Fund Services in November 2025. Integration may disrupt operations, divert management, and fail to realize anticipated synergies, and acquisitions could subject the company to unknown liabilities.
Total indebtedness was $7,466.9 million as of December 31, 2025, with approximately $427.8 million in estimated annual interest payments. This debt level could limit flexibility, restrict dividends and investments, and expose the company to variable interest rate risk.
The development and use of AI presents risks including failure of AI offerings to win market adoption, inaccurate or biased outputs, and competition from companies that may develop or deploy AI faster or more cost-effectively. Evolving AI regulations globally add compliance uncertainty.
The business is affected by changes in the general economy and financial markets, and uncertainty in the financial services industry could disproportionately affect demand. MD&A notes ongoing macroeconomic conditions such as interest rates, inflation, capital market volatility, and geopolitical tensions could have material negative effects.
An increase in subaccounting services performed by brokerage firms has and will continue to adversely impact revenues. Subaccounting conversions have begun to extend to tax-advantaged accounts such as retirement and Section 529 accounts, which could further pressure revenue.
As of December 31, 2025, approximately 7,900 employees were located in India, subjecting the company to regulatory, economic and political uncertainties in India. Challenges in sustaining economic growth could impair the ability to recruit, train and retain qualified employees.
The business is subject to evolving and increasing U.S. and foreign regulation, including privacy, licensing, recordkeeping, and AI regulations, with increased scrutiny from regulators. Violations could lead to fines, sanctions, or license revocation.
International revenues accounted for 33%, 31% and 31% of total revenues for the years ended December 31, 2025, 2024 and 2023, respectively, exposing the company to adverse currency exchange rate movements. The company does not currently engage in material hedging activities.
The company maintains large bank and investment accounts containing client funds as agent, and revenues include investment earnings on client cash balances. Client funds obligations increased to $3,799.5 million at December 31, 2025 from $3,162.2 million at December 31, 2024, and balances could exceed government insurance limits.
The company is subject to income taxes in multiple jurisdictions, and changes in tax laws or transfer pricing could increase the effective tax rate. The effective tax rate increased to 18.1% in 2025 from 14.8% in 2024, and additional tax exposures could affect future profitability.
Failures, mergers and consolidations of banks and financial institutions reduce the number of clients and potential clients, and larger consolidated institutions may have greater leverage in negotiations. Clients may also move services in-house or to non-SS&C systems.
SaaS KPIs
All quarters →Adjusted Operating Income Margin
Adjusted Consolidated EBITDA Margin
Adjusted Revenue
Adjusted Organic Revenue Growth
Adjusted Consolidated EBITDA
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 Q4 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.