01—Abstract
Summary
Summary of the 10-K filed August 5, 2025. Cited figures are marked; the original filing is the authoritative source.
Broadridge Financial Solutions, Inc. (BR) reported fiscal 2025 (year ended June 30, 2025) revenues of $6.89 billiona, up from $6.51 billion, with operating income of $1.19 billion versus $1.02 billion and net earnings of $839.5 million versus $698.1 million.
Diluted earnings per share were $7.10b, compared with $5.86 in fiscal 2024. Recurring revenues rose to $4.51 billion, event-driven revenues to $319.3 million and distribution revenues to $2.06 billion. The Investor Communication Solutions segment generated $5.11 billion of revenue and the Global Technology and Operations segment $1.78 billion, with the latter including the acquisition of Kyndryl's Securities Industry Services business, which was acquired in November 2024 for $185.5 million in cash payments.
Cash flow from operations was $1.17 billionc and free cash flow was $1.06 billion, both non-GAAP for free cash flow. Total debt stood at $3.25 billion at June 30, 2025, against cash and cash equivalents of $561.5 million. The company repurchased 422,130 shares during the fourth quarter and, on August 4, 2025, its Board approved an increase in the quarterly cash dividend to $0.975 per share from $0.88, an expected annual dividend of $3.90 per share.
The Board also approved the proposed acquisition of Acolin Group Holdco Limited for approximately $70 milliond plus contingent consideration, expected to close in the first half of fiscal 2026. The filing identifies client concentration (largest client about 7% of consolidated revenues), reliance on securities market activity, cybersecurity risk, and regulatory change as principal risks.
Goodwill of $3.61 billion and intangible assets plus deferred client conversion costs represent a significant share of total assets, so impairment is a noted risk. The auditor, Deloitte & Touche LLP, issued an unqualified opinion and management concluded internal control over financial reporting was effective as of June 30, 2025.
02—Key points
Key Highlights
- Revenues rose 6% to $6,889.1 million, driven by recurring revenue growth of 7% to $4,507.9 million.
- Net earnings increased 20% to $839.5 million; diluted EPS rose to $7.10 from $5.86.
- Operating income increased 17% to $1,188.6 million, with operating margin of 17.3% versus 15.6%.
- Free cash flow (non-GAAP) was $1,056.4 million versus $943.2 million, supported by operating cash flow of $1,171.3 million.
- The Board approved a quarterly dividend increase to $0.975 per share, with an expected annual dividend of $3.90 per share.
- The company announced the proposed acquisition of Acolin for approximately $70 million plus contingent consideration.
- Total debt was $3,252.3 million at June 30, 2025, with $1,366.5 million of unused revolving credit capacity.
03—One dollar
Follow one dollar
Of each $1.00 of revenue in FY2025, Broadridge Financial Solutions kept $0.12.
- Revenue$6.89B100.0%
- Cost of revenue−$4.75B69.0%
- Gross profit$2.14B31.0%
- Operating costs−$948.2M13.8%
- Operating income$1.19B17.3%
- Interest, other & tax−$349.1M5.1%
- Net income$839.5M12.2%
Where FY2025 revenue went
$6.89B- Cost of revenue: $4.75B, 69% of revenue
- SG&A: $948.2M, 14% of revenue
- Net income: $839.5M, 12% of revenue
- Interest, other & tax: $349.1M, 5.1% of revenue
Kept 12% as net income
Full revenue history →04—Financials
Financial Highlights
Figures from 10-KFY2025filed August 5, 2025Financial Statements
FY2025 against FY2024
| Line item | FY2025FY2024 | Change |
|---|---|---|
| Revenue | $6.89B$6.51B | +5.9% |
| Cost of Revenue | $4.75B$4.57B | +3.9% |
| Gross Profit | $2.14B$1.93B | +10.5% |
| SG&A Expenses | $948.20M$916.80M | +3.4% |
| Operating Expenses | $5.70B$5.49B | +3.8% |
| Operating Income | $1.19B$1.02B | +16.9% |
| Interest Expense | $135.80M$150.20M | −9.6% |
| Net Income | $839.50M$698.10M | +20.3% |
| EPS (Basic) | $7.17$5.93 | +20.9% |
| EPS (Diluted) | $7.10$5.86 | +21.2% |
| Shares Outstanding (Basic) | 117.10M117.70M | −0.5% |
| Shares Outstanding (Diluted) | 118.30M119.10M | −0.7% |
05—Questions
Frequently Asked Questions
What drove revenue growth in fiscal 2025?
Revenues increased $382.3 million, or 6%, to $6,889.1 million. Recurring revenues increased $285.4 million, or 7%, with organic growth in ICS and GTO and acquisitions in GTO. Event-driven revenues rose 12% on higher mutual fund communications volume, and distribution revenues rose 3%, driven by a postage rate increase of approximately $114 million partially offset by lower mail volumes.
How concentrated is Broadridge's client base?
The filing states that the largest client accounted for approximately 7% of consolidated revenues in fiscal year 2025. The company notes that the loss of any larger client, through consolidation, financial difficulty or contract non-renewal, could have a material adverse effect on revenues and results of operations.
What is Broadridge's debt position and liquidity?
Total debt was $3,252.3 million at June 30, 2025, including $499.3 million current portion of long-term debt. Cash and cash equivalents were $561.5 million, and the revolving credit facility had $1,366.5 million of remaining borrowing capacity. Future principal payments total $3,263.5 million, with $500.0 million due in 2026 and $880.0 million in 2027.
What recent acquisitions and pending transactions does the filing describe?
The company acquired Kyndryl's Securities Industry Services business in November 2024 for $185.5 million in cash payments, adding goodwill of $38.3 million and intangible assets of $149.1 million. The Canadian Competition Bureau discussions for SIS are ongoing. In July 2025, Broadridge announced the proposed acquisition of Acolin for approximately $70 million plus contingent consideration, expected to close in the first half of fiscal 2026, subject to regulatory approvals.
06—Continue