01—Abstract
Summary
Summary of the 8-K filed February 5, 2026. Cited figures are marked; the original filing is the authoritative source.
SS&C Technologies Holdings, Inc. (Nasdaq: SSNC) furnished its results for the quarter and fiscal year ended December 31, 2025 under Item 2.02 of this Form 8-K.
Fourth-quarter GAAP revenue was $1,653.5 milliona, up 8.1%, and adjusted revenue was a record $1,654.6 million, also up 8.1%. Fourth-quarter fully diluted GAAP EPS was $0.77, down 21.4%, while adjusted diluted EPS was $1.69, up 18.2%. For the full year, GAAP revenue was $6,272.2 million, up 6.6%, and adjusted consolidated EBITDA attributable to SS&C was $2,462.3 million, up 7.9%.
Cash generation was strong: net cash from operating activities was $1,744.8 millionb for 2025, up 25.7%. The company ended the year with $462.1 million in cash and cash equivalents and $7,473.2 million in gross debt, with a consolidated net leverage ratio of 2.80 times and a net secured leverage ratio of 1.70 times. In 2025 it purchased 12.3 million shares at an average price of $84.12, returning over $1 billion through repurchases.
For 2026, guidance calls for adjusted revenue of $6,654 to $6,814 millionc, adjusted net income attributable to SS&C of $1,662 to $1,762 million, and adjusted diluted EPS of $6.70 to $7.02. Management also stated that AI advancements are reshaping the vertical software landscape and that its proprietary technology creates a protective moat.
02—Key points
Key Highlights
- Q4 2025 GAAP revenue of $1,653.5 million rose 8.1%; adjusted organic revenue growth was 5.3% for Q4 and 4.8% for full year 2025.
- Q4 2025 GAAP diluted EPS of $0.77 fell 21.4%, with GAAP net income attributable to SS&C down 22.2% to $193.1 million; adjusted diluted EPS rose 18.2% to $1.69.
- Full-year 2025 operating cash flow was $1,744.8 million, up 25.7% from 2024.
- Q4 2025 adjusted consolidated EBITDA attributable to SS&C was $651.0 million, up 8.7%, with a 39.3% margin.
- Shareholder returns totaled $384.2 million in Q4 2025 and over $1 billion in share repurchases for 2025.
- Consolidated net leverage ratio was 2.80 times and net secured leverage ratio was 1.70 times as of December 31, 2025.
- 2026 guidance projects adjusted revenue of $6,654 to $6,814 million and adjusted diluted EPS of $6.70 to $7.02.
03—Questions
Frequently Asked Questions
How did SS&C perform in the fourth quarter of 2025?
GAAP revenue was $1,653.5 million, up 8.1%, and adjusted revenue was a record $1,654.6 million, also up 8.1%. GAAP diluted EPS fell to $0.77 from $0.98, down 21.4%, while adjusted diluted EPS rose 18.2% to $1.69.
What is the company's 2026 outlook?
For full year 2026, the company guides to adjusted revenue of $6,654 to $6,814 million, adjusted net income attributable to SS&C of $1,662 to $1,762 million, and adjusted diluted EPS of $6.70 to $7.02. Cash from operating activities is expected at $1,713 to $1,813 million.
How strong is the company's cash flow and balance sheet?
Net cash from operating activities was $1,744.8 million for 2025, up 25.7%. At year-end the company had $462.1 million in cash and cash equivalents and $7,473.2 million in gross debt, with a net leverage ratio of 2.80 times and a net secured leverage ratio of 1.70 times.
How is SS&C returning capital to shareholders?
In Q4 2025 the company returned $384.2 million, including $318.7 million for 3.7 million repurchased shares and $65.5 million in dividends. For 2025 it repurchased 12.3 million shares at an average price of $84.12, totaling over $1 billion.
What did management say about AI's effect on the business?
The CEO said AI advancements are rapidly reshaping the vertical software landscape, and that the company's deep expertise and proprietary technology create a protective moat that gives it time to leverage these innovations to drive long-term value.
04—Continue