01—Abstract
Summary
Summary of the 10-Q filed July 30, 2025. Cited figures are marked; the original filing is the authoritative source.
SS&C Technologies Holdings, Inc. reported total revenues of $1,536.8 milliona for the three months ended June 30, 2025, up from $1,451.5 million a year earlier, an increase the company attributes primarily to $50.9 million of organic growth, $20.9 million from acquisitions and $13.5 million from favorable foreign currency translation.
Operating income rose to $344.5 millionb from $327.6 million, and net income attributable to SS&C common stockholders was $180.8 million, compared with $190.3 million. Diluted earnings per share were $0.72 versus $0.75. For the six months ended June 30, 2025, total revenues were $3,050.7 million, net income attributable to common stockholders was $393.8 million, and diluted EPS was $1.55.
Net cash provided by operating activities was $645.1 millionc for the six months. The company's balance sheet shows total assets of $18,984.2 million and long-term debt, net of current portion, of $6,803.4 million at June 30, 2025. Cash and cash equivalents were $480.3 million.
During the first half, SS&C repurchased $476.5 milliond of common stock and paid $122.5 million in dividends. Management reports covenant compliance, with a consolidated net secured leverage ratio of 1.55x against a 6.25x requirement for the revolving credit facility. Subsequent to quarter-end, SS&C announced on July 21, 2025 a definitive agreement to acquire Colossus Topco Limited, parent of Calastone Limited, for approximately £766 million (about US $1.03 billion), with closing expected in the fourth quarter of 2025 subject to regulatory approvals.
The company also stated it intends to borrow on an uncommitted basis to fund the cash consideration. The company is evaluating the impact of the One Big Beautiful Bill Act, enacted July 4, 2025.
02—Key points
Key Highlights
- Total revenues rose to $1,536.8 million in Q2 2025 from $1,451.5 million, including $50.9 million of organic growth and $20.9 million from acquisitions.
- Operating income increased to $344.5 million from $327.6 million, and interest expense, net declined to $105.5 million from $113.3 million.
- Net income attributable to SS&C common stockholders was $180.8 million in Q2 2025 versus $190.3 million, with diluted EPS of $0.72 versus $0.75; the Q2 effective tax rate was 24.4% versus 6.7%.
- Net cash provided by operating activities was $645.1 million for the six months ended June 30, 2025, compared with $565.4 million a year earlier.
- The company repurchased 3.4 million shares for $269.6 million in Q2 2025 and paid $122.5 million in dividends in the first half; a new $1.5 billion repurchase authorization was approved in May 2025.
- Pending acquisition of Colossus Topco Limited (Calastone) for approximately £766 million (about US $1.03 billion), expected to close in Q4 2025.
- Client funds obligations were $2,997.8 million at June 30, 2025, and total debt carrying value was $6,823.4 million, with a 1.55x net secured leverage ratio versus a 6.25x covenant requirement.
03—One dollar
Follow one dollar
Of each $1.00 of revenue in Q2 FY2025, SS&C Technologies Holdings kept $0.12.
- Revenue$1.54B100.0%
- Cost of revenue−$799.9M52.0%
- Gross profit$736.9M48.0%
- Operating costs−$392.4M25.5%
- Operating income$344.5M22.4%
- Interest, other & tax−$163.7M10.7%
- Net income$180.8M11.8%
04—Financials
Financial Highlights
Figures from 10-QQ2 FY2025filed July 30, 2025Financial Statements
Q2 FY2025 against Q2 FY2024
| Line item | Q2 FY2025Q2 FY2024 | Change |
|---|---|---|
| Revenue | $1.54B$1.45B | +5.9% |
| Cost of Revenue | $799.90M$753.20M | +6.2% |
| Gross Profit | $736.90M$698.30M | +5.5% |
| R&D Expenses | $128.10M$128.70M | −0.5% |
| Operating Expenses | $392.40M$370.70M | +5.9% |
| Operating Income | $344.50M$327.60M | +5.2% |
| Interest Expense | $105.50M$113.30M | −6.9% |
| Net Income | $180.80M$190.30M | −5.0% |
| EPS (Basic) | $0.74$0.77 | −3.9% |
| EPS (Diluted) | $0.72$0.75 | −4.0% |
| Shares Outstanding (Basic) | 244.90M246.20M | −0.5% |
| Shares Outstanding (Diluted) | 252.20M252.30M | 0.0% |
05—Questions
Frequently Asked Questions
How did SS&C's revenue and profitability trend in the second quarter of 2025?
Revenue grew 5.9% to $1,536.8 million, driven by organic growth, acquisitions and favorable currency effects. Operating income increased to $344.5 million, but net income attributable to common stockholders declined to $180.8 million from $190.3 million, largely because the prior-year quarter included $17.3 million of equity in earnings of unconsolidated affiliates and the tax rate was higher this year at 24.4% versus 6.7%.
What is the Calastone acquisition and how will it be financed?
On July 21, 2025, SS&C agreed to acquire Colossus Topco Limited, parent of Calastone Limited, for approximately £766 million (about US $1.03 billion), subject to adjustments and regulatory approvals, with closing expected in Q4 2025. The company intends to borrow on an uncommitted basis, subject to market conditions, to fund the cash consideration and related expenses.
How much capital did SS&C return to shareholders in the first half of 2025?
SS&C purchased $476.5 million of common stock for treasury and paid $122.5 million in quarterly dividends of $0.25 per share in March and June 2025. Proceeds from stock option exercises totaled $240.5 million over the same period.
What is SS&C's debt position and covenant status?
Long-term debt, net of current portion, was $6,803.4 million at June 30, 2025, including $4,105.0 million of senior secured credit facilities, $2,000.0 million of 5.5% senior notes due 2027 and $750.0 million of 6.5% senior notes due 2032. The company reports compliance with all financial and non-financial covenants, with an actual consolidated net secured leverage ratio of 1.55x against a 6.25x maximum.
What factors could affect SS&C's future results?
The filing cites ongoing macroeconomic conditions, including interest rates, inflation, capital market volatility, global trade issues, geopolitical tensions and currency fluctuations, as potential sources of uncertain impact. Management is also evaluating the effect of the One Big Beautiful Bill Act enacted July 4, 2025, and reports no material changes to risk factors from its 2024 Form 10-K.
06—Continue