01—Abstract
Summary
Summary of the 10-K filed February 26, 2026. Cited figures are marked; the original filing is the authoritative source.
SS&C Technologies Holdings, Inc. (NASDAQ: SSNC) reported full-year 2025 revenues of $6,272.2 milliona, up from $5,882.0 million in 2024, with software-enabled services revenues of $5,211.1 million (83.1% of total revenues) and license, maintenance and related revenues of $1,061.1 million.
Net income was $798.7 millionb (net income attributable to SS&C common stockholders of $796.9 million), compared with $761.7 million in 2024. Diluted EPS was $3.15, versus $3.00 in 2024. Operating income rose to $1,436.7 million from $1,343.5 million, and cash provided by operating activities was $1,744.8 million, compared with $1,388.6 million in 2024.
The company made several acquisitions in 2025, most notably Calastone Limited, acquired in October 2025 for approximately $1.03 billionc in cash and financed largely through a $1,050.0 million incremental Term B-8 loan. Total indebtedness was $7,466.9 million at December 31, 2025, with $593.7 million available under the revolving credit facility. During 2025 the company repurchased $1,036.0 million of common stock and paid $253.8 million in dividends, and it declared a $0.27 quarterly dividend in February 2026.
Management reported that the company was in compliance with all financial and non-financial covenants and that its internal control over financial reporting was effective as of December 31, 2025. The filing also highlights ongoing risks, including exposure to interest rates on variable-rate debt (a 100 basis point increase would raise annual interest expense by approximately $47.2 milliond), foreign currency exposure, the impact of artificial intelligence on its products and competitive position, and cybersecurity threats.
William C. Stone, Chairman and CEO, beneficially owned approximately 14.4% of outstanding shares as of February 18, 2026.
02—Key points
Key Highlights
- Total revenues rose to $6,272.2 million in 2025 from $5,882.0 million in 2024, with software-enabled services at $5,211.1 million (83.1% of revenues).
- Net income increased to $798.7 million in 2025 from $761.7 million in 2024; diluted EPS was $3.15 versus $3.00.
- Operating cash flow was $1,744.8 million in 2025, up from $1,388.6 million in 2024.
- The Calastone acquisition (October 2025) cost approximately $1.03 billion in cash, funded in part by $1,050.0 million of incremental Term B-8 loans.
- Total indebtedness was $7,466.9 million at December 31, 2025, with $593.7 million available under the revolving credit facility.
- Share repurchases totaled $1,036.0 million and dividends paid were $253.8 million in 2025; the Board authorized a $1.5 billion repurchase program in May 2025.
- Management concluded internal control over financial reporting was effective as of December 31, 2025, and PricewaterhouseCoopers LLP issued an unqualified opinion.
03—One dollar
Follow one dollar
Of each $1.00 of revenue in FY2025, SS&C Technologies Holdings kept $0.13.
- Revenue$6.27B100.0%
- Cost of revenue−$3.25B51.8%
- Gross profit$3.02B48.2%
- Operating costs−$1.58B25.3%
- Operating income$1.44B22.9%
- Interest, other & tax−$638.0M10.2%
- Net income$798.7M12.7%
Where FY2025 revenue went
$6.27B- Cost of revenue: $3.25B, 52% of revenue
- Other operating costs: $1.08B, 17% of revenue
- Net income: $798.7M, 13% of revenue
- R&D: $507.5M, 8.1% of revenue
- Interest, other & tax: $638.0M, 10% of revenue
Kept 13% as net income
Full revenue history →04—Financials
Financial Highlights
Figures from 10-KFY2025filed February 26, 2026Financial Statements
FY2025 against FY2024
| Line item | FY2025FY2024 | Change |
|---|---|---|
| Revenue | $6.27B$5.88B | +6.6% |
| Cost of Revenue | $3.25B$3.02B | +7.7% |
| Gross Profit | $3.02B$2.86B | +5.5% |
| R&D Expenses | $507.50M$517.70M | −2.0% |
| Operating Expenses | $1.58B$1.52B | +4.3% |
| Operating Income | $1.44B$1.34B | +6.9% |
| Interest Expense | $434.70M$463.00M | −6.1% |
| Net Income | $798.70M$761.70M | +4.9% |
| EPS (Basic) | $3.26$3.09 | +5.5% |
| EPS (Diluted) | $3.15$3.00 | +5.0% |
| Shares Outstanding (Basic) | 244.30M246.40M | −0.9% |
| Shares Outstanding (Diluted) | 253.10M253.80M | −0.3% |
05—Questions
Frequently Asked Questions
How did SS&C perform financially in 2025?
Revenues grew to $6,272.2 million from $5,882.0 million, and net income rose to $798.7 million from $761.7 million. Operating income increased to $1,436.7 million from $1,343.5 million, and gross margin was 48.2% compared with 48.7% in 2024.
What drove the company's revenue growth?
Software-enabled services revenues increased $370.8 million, or 7.7%, mainly due to organic growth of $268.8 million, acquisitions adding $77.5 million, and favorable foreign currency translation of $24.5 million. License, maintenance and related revenues rose $19.4 million, or 1.9%.
How is SS&C's debt structured and how much debt does it carry?
Total debt was $7,466.9 million at December 31, 2025, consisting of $4,716.9 million of senior secured credit facilities (variable rate), $2,000.0 million of 5.5% senior notes due 2027, and $750.0 million of 6.5% senior notes due 2032. The company expects annual interest payments of approximately $427.8 million and stated it was in compliance with all covenants.
What are the main risks highlighted in the filing?
The filing cites economic and financial-market conditions, competition, cybersecurity and IT disruptions, the impact of artificial intelligence on products and competitive position, international and currency exposure (33% of revenues from outside the U.S.), acquisition integration, and the company's substantial indebtedness. Interest rate changes are also a risk, with a 100 basis point increase estimated to raise interest expense by approximately $47.2 million per year.
What capital return activity did the company undertake?
In 2025 SS&C repurchased 12.3 million shares for approximately $1,037.5 million under its repurchase programs and paid $253.8 million in dividends. In February 2026 the Board declared a quarterly dividend of $0.27 per share, payable March 16, 2026.
06—Continue