01—Abstract
Summary
Summary of the 10-Q filed October 30, 2025. Cited figures are marked; the original filing is the authoritative source.
SS&C Technologies Holdings, Inc. reported third-quarter 2025 total revenues of $1,568.0 milliona, up 7.0% from $1,465.8 million a year earlier, with organic growth of $76.4 million driven by the SS&C GlobeOp fund administration and Global Investor and Distribution Solutions businesses.
Operating income rose to $365.7 millionb from $325.1 million, and net income attributable to SS&C common stockholders was $210.0 million, or $0.83 per diluted share, compared with $164.4 million, or $0.65 per diluted share, in the prior-year quarter. For the nine months ended September 30, 2025, revenues were $4,618.7 million, up 6.1%, and net income attributable to common stockholders was $603.8 million, or $2.39 per diluted share. Cash flow from operations for the nine months was $1,101.3 million, versus $902.0 million a year earlier.
The company repurchased $717.0 millionc of common stock during the nine months under its May 2025 program authorizing up to $1.5 billion, and paid $188.3 million in dividends. Total debt carrying value was $6,593.1 million at September 30, 2025, and the consolidated net secured leverage ratio was 1.45x against a 6.25x covenant requirement.
On October 14, 2025, subsequent to quarter-end, SS&C acquired all outstanding stock of Colossus Topco Limited, parent of Calastone Limited, for approximately $1.03 billiond in cash, funded with a combination of debt and cash, including $1.05 billion of incremental Term B-8 loans. The initial accounting for this acquisition is not yet complete.
02—Key points
Key Highlights
- Total revenues rose 7.0% to $1,568.0 million in the third quarter of 2025, including $76.4 million of organic growth and $16.6 million from acquisitions.
- Operating income increased to $365.7 million from $325.1 million, and the gross margin percentage was 47.7% versus 48.0% a year earlier.
- Diluted EPS attributable to SS&C common stockholders was $0.83 for the quarter versus $0.65 a year earlier; for the nine months it was $2.39 versus $2.02.
- Net cash provided by operating activities was $1,101.3 million for the nine months ended September 30, 2025, compared with $902.0 million in the prior-year period.
- The company repurchased 8.6 million shares for approximately $717.0 million during the nine months and paid $188.3 million in dividends.
- On October 14, 2025, SS&C acquired Calastone for approximately $1.03 billion in cash, funded with debt and cash, including $1.05 billion of incremental Term B-8 loans.
- Interest expense, net decreased to $104.2 million for the quarter from $109.6 million, reflecting lower average interest rates.
03—One dollar
Follow one dollar
Of each $1.00 of revenue in Q3 FY2025, SS&C Technologies Holdings kept $0.13.
- Revenue$1.57B100.0%
- Cost of revenue−$820.2M52.3%
- Gross profit$747.8M47.7%
- Operating costs−$382.1M24.4%
- Operating income$365.7M23.3%
- Interest, other & tax−$155.7M9.9%
- Net income$210.0M13.4%
04—Financials
Financial Highlights
Figures from 10-QQ3 FY2025filed October 30, 2025Financial Statements
Q3 FY2025 against Q3 FY2024
| Line item | Q3 FY2025Q3 FY2024 | Change |
|---|---|---|
| Revenue | $1.57B$1.47B | +7.0% |
| Cost of Revenue | $820.20M$761.60M | +7.7% |
| Gross Profit | $747.80M$704.20M | +6.2% |
| R&D Expenses | $118.60M$131.30M | −9.7% |
| Operating Expenses | $382.10M$379.10M | +0.8% |
| Operating Income | $365.70M$325.10M | +12.5% |
| Interest Expense | $104.20M$109.60M | −4.9% |
| Net Income | $210.00M$164.40M | +27.7% |
| EPS (Basic) | $0.86$0.67 | +28.4% |
| EPS (Diluted) | $0.83$0.65 | +27.7% |
| Shares Outstanding (Basic) | 243.80M246.10M | −0.9% |
| Shares Outstanding (Diluted) | 252.60M254.10M | −0.6% |
05—Questions
Frequently Asked Questions
How did SS&C perform in the third quarter of 2025?
Total revenues were $1,568.0 million, up 7.0% from $1,465.8 million. Software-enabled services revenues rose 8.6% to $1,309.4 million, while license, maintenance and related revenues decreased 0.4% to $258.6 million. Operating income was $365.7 million and net income attributable to SS&C common stockholders was $210.0 million.
What drove the revenue growth?
The filing attributes the quarter's increase primarily to $76.4 million of organic growth, driven by strength in the SS&C GlobeOp fund administration and Global Investor and Distribution Solutions businesses. Acquisitions contributed $16.6 million and foreign currency translation contributed $9.2 million.
What is the Calastone acquisition?
On October 14, 2025, SS&C purchased all outstanding stock of Colossus Topco Limited, the parent company of Calastone Limited, for approximately $1.03 billion in cash plus transaction costs. Calastone is described as a global funds network and technology solutions provider to the wealth and asset management industries. The company borrowed $1.05 billion through incremental Term B-8 loans to help fund it.
How is the company returning capital to shareholders?
During the nine months ended September 30, 2025, SS&C repurchased shares of common stock for $717.0 million under a May 2025 program authorizing up to $1.5 billion, and paid dividends of $188.3 million. The company declared a $0.27 per share dividend paid in September 2025.
What is the company's debt position?
Total debt carrying amount was $6,593.1 million at September 30, 2025, down from $7,009.6 million at December 31, 2024. The company was in compliance with all financial and non-financial covenants, with an actual consolidated net secured leverage ratio of 1.45x against a 6.25x maximum requirement.
06—Continue