SS&C Technologies Holdings, Inc. Q4 and Full Year 2025 Earnings Call Summary

1Key Financial Results and Metrics

Q4 2025 Results:

Adjusted Revenue: $1.655 billion (up 8% YoY)

Adjusted Diluted EPS: $1.69 (up 18% YoY)

Adjusted Consolidated EBITDA: $651 million (up 9% YoY), with a margin of 39.3%

Organic Revenue Growth: 5.3%

Cash from Operating Activities: $1.745 billion (up 26% YoY)

Share Repurchases: $384 million in Q4, totaling over $1 billion in 2025

Full Year 2025 Results:

GAAP Revenue: $1.654 billion

Net Income: $193 million

Adjusted Net Income: $425 million (up 16.8% YoY)

Cash Flow Conversion: Above 100% for the past three years

2Strategic Updates and Business Highlights

SS&C is focusing on leveraging AI and automation, positioning itself as a leader in the software space despite competitive pressures from new AI-driven entrants.

The company reported strong growth in its Global Investment Distribution Services (GIDS) and GlobeOp segments, with revenue growth rates of 13.2% and 9.6%, respectively.

The acquisition of Callisto is progressing positively, enhancing client relationships and operational capabilities.

The company is optimistic about the healthcare sector and the potential for new technology offerings, including Amesys.

3Forward Guidance and Outlook

Q1 and Full Year 2026 Guidance:

Expected Revenue: $1.608 billion to $1.648 billion

Organic Growth: 5% at midpoint

Adjusted Net Income: $404 million to $420 million

Adjusted Diluted EPS: $1.62 to $1.68

Targeting a 40% EBITDA margin by Q4 2026

The company plans to maintain a focus on client service, expense management, and strategic investments in technology and marketing.

4Bad News, Challenges, or Points of Concern

The healthcare business experienced weaker organic growth in Q4, attributed to the cyclical nature of large license sales and regulatory complexities.

There are concerns regarding the Elevance relationship, with challenges in onboarding new business due to changes in leadership and long-standing partnerships with other organizations.

The intelligent automation business has faced delays in decision-making, although there are expectations for improvement in 2026.

5Notable Q&A Insights

Healthcare Business: Bill Stone emphasized that while the healthcare sector is challenging, it remains a long-term opportunity, with optimism about new technology offerings.

Elevance Relationship: Stone noted difficulties in progressing with Elevance due to changes in sponsorship and the complexity of their existing partnerships.

Alternative Administration Growth: The company reported strong growth in assets under administration, with expectations for continued robust performance in 2026.

Intelligent Automation: Stone expressed confidence in the growth prospects for this segment, highlighting ongoing innovations related to AI. Overall, SS&C Technologies demonstrated strong financial performance in Q4 2025, with positive growth across key segments, while also acknowledging challenges in certain areas, particularly healthcare. The company remains optimistic about its strategic direction and future growth potential.