Jack Henry & Associates, Inc. Reports Fourth Quarter and Full Year Fiscal 2025 Results
Jack Henry & Associates (NASDAQ:JKHY) reported strong Q4 and full fiscal year 2025 results, with notable growth across key metrics. Q4 GAAP revenue increased 9.9% to $615.4 million, while GAAP operating income rose 23.9%. Q4 diluted EPS reached $1.75, up from $1.38 year-over-year.
For FY2025, the company achieved 7.2% revenue growth to $2.38 billion and 16.2% operating income growth. GAAP EPS for the full year was $6.24, compared to $5.23 in FY2024. The company's financial position strengthened with cash and equivalents of $102.0 million and zero debt outstanding.
Looking ahead, Jack Henry provided FY2026 guidance projecting revenue between $2.475-$2.504 billion and EPS of $6.32-$6.44.
Jack Henry & Associates (NASDAQ:JKHY) ha riportato risultati solidi per il quarto trimestre e per l'intero esercizio fiscale 2025, con una crescita significativa nei principali indicatori. I ricavi GAAP del 4掳 trimestre sono aumentati del 9,9% a 615,4 milioni di dollari, mentre l'utile operativo GAAP 猫 salito del 23,9%. L'EPS diluito del 4掳 trimestre 猫 stato di 1,75$, rispetto a 1,38$ dell'anno precedente.
Per l'anno fiscale 2025 la societ脿 ha registrato una crescita dei ricavi del 7,2% a 2,38 miliardi di dollari e una crescita dell'utile operativo del 16,2%. L'EPS GAAP per l'intero anno 猫 stato di 6,24$, rispetto a 5,23$ nell'esercizio 2024. La posizione finanziaria si 猫 rafforzata con 102,0 milioni di dollari in contanti e mezzi equivalenti e nessun debito residuo.
Guardando al futuro, Jack Henry ha fornito le previsioni per il FY2026, indicando ricavi compresi tra 2,475 e 2,504 miliardi di dollari e un EPS previsto tra 6,32$ e 6,44$.
Jack Henry & Associates (NASDAQ:JKHY) inform贸 s贸lidos resultados en el cuarto trimestre y en el ejercicio fiscal 2025, con un crecimiento notable en m茅tricas clave. Los ingresos GAAP del 4T aumentaron un 9,9% hasta 615,4 millones de d贸lares, mientras que el resultado operativo GAAP creci贸 un 23,9%. Las ganancias diluidas por acci贸n (EPS) del 4T fueron de 1,75$, frente a 1,38$ interanual.
En el FY2025 la compa帽铆a logr贸 un 7,2% de crecimiento de ingresos hasta 2,38 mil millones de d贸lares y un 16,2% de aumento del resultado operativo. El EPS GAAP del a帽o fue de 6,24$, comparado con 5,23$ en FY2024. La posici贸n financiera se fortaleci贸 con 102,0 millones de d贸lares en efectivo y equivalentes y sin deuda pendiente.
De cara al FY2026, Jack Henry proyect贸 ingresos entre 2,475 y 2,504 mil millones de d贸lares y un EPS de 6,32$鈥�6,44$.
Jack Henry & Associates (NASDAQ:JKHY)電� 頃奠嫭 歆�響� 鞝勲皹鞐愳劀 霊愲摐霟 靹膘灔瓿� 頃粯 2025 須岅硠鞐半弰 4攵勱赴 氚� 鞐瓣皠 鞁れ爜鞚� 氚滍憸頄堨姷雼堧嫟. 4攵勱赴 GAAP 毵れ稖鞚� 9.9% 歃濌皜頃� 6鞏�1540毵� 雼煬毳� 旮半頄堨溂氅�, GAAP 鞓侅梾鞚挫澋鞚� 23.9% 歃濌皜頄堨姷雼堧嫟. 4攵勱赴 頋劃 欤茧嫻靾滌澊鞚�(EPS)鞚� 1.75雼煬搿� 鞝勲厔鞚� 1.38雼煬鞐愳劀 靸侅姽頄堨姷雼堧嫟.
2025 須岅硠鞐半弰 鞝勳泊鞐愳劀電� 毵れ稖鞚� 7.2% 歃濌皜頃� 23鞏�8觳滊 雼煬, 鞓侅梾鞚挫澋鞚� 16.2% 歃濌皜頄堨姷雼堧嫟. 鞐瓣皠 GAAP EPS電� 6.24雼煬搿� 2024 須岅硠鞐半弰鞚� 5.23雼煬鞐愳劀 歃濌皜頄堨姷雼堧嫟. 順勱笀 氚� 順勱笀靹� 鞛愳偘鞚� 1鞏�2毵� 雼煬(102.0氚彪 雼煬)毳� 氤挫湢頄堨溂氅� 攵�毂勲姅 鞝勴榾 鞐嗢姷雼堧嫟.
鞎烄溂搿� Jack Henry電� 2026 須岅硠鞐半弰 臧�鞚措崢鞀る 毵れ稖鞚� 24鞏�7,500毵屸��25鞏�40毵� 雼煬(2.475鈥�2.504 billion) 氩旍渼搿�, EPS毳� 6.32鈥�6.44雼煬搿� 鞝勲頄堨姷雼堧嫟.
Jack Henry & Associates (NASDAQ:JKHY) a annonc茅 de solides r茅sultats pour le 4e trimestre et l'exercice 2025, avec une croissance notable sur les indicateurs cl茅s. Le chiffre d'affaires GAAP du T4 a augment茅 de 9,9% pour atteindre 615,4 millions de dollars, tandis que le r茅sultat op茅rationnel GAAP a progress茅 de 23,9%. Le BPA dilu茅 du T4 s'est 茅lev茅 脿 1,75$, contre 1,38$ l'ann茅e pr茅c茅dente.
Pour l'exercice 2025, la soci茅t茅 a r茅alis茅 une croissance des revenus de 7,2% 脿 2,38 milliards de dollars et une hausse de 16,2% de l'exploitation. Le BPA GAAP sur l'ann茅e a 茅t茅 de 6,24$, contre 5,23$ en 2024. La position financi猫re s'est renforc茅e avec 102,0 millions de dollars de tr茅sorerie et 茅quivalents et aucune dette en cours.
Pour 2026, Jack Henry a fourni des pr茅visions indiquant des revenus compris entre 2,475 et 2,504 milliards de dollars et un BPA compris entre 6,32$ et 6,44$.
Jack Henry & Associates (NASDAQ:JKHY) meldete starke Ergebnisse f眉r das 4. Quartal und das gesamte Gesch盲ftsjahr 2025 mit bemerkenswertem Wachstum in wichtigen Kennzahlen. Der GAAP-Umsatz im 4. Quartal stieg um 9,9% auf 615,4 Mio. USD, w盲hrend das GAAP-Betriebsergebnis um 23,9% zunahm. Das verw盲sserte Ergebnis je Aktie (EPS) f眉r das 4. Quartal betrug 1,75 USD gegen眉ber 1,38 USD im Vorjahreszeitraum.
F眉r das Gesch盲ftsjahr 2025 erzielte das Unternehmen ein Umsatzwachstum von 7,2% auf 2,38 Mrd. USD und ein operatives Ergebniswachstum von 16,2%. Das GAAP-EPS f眉r das Gesamtjahr lag bei 6,24 USD gegen眉ber 5,23 USD in FY2024. Die finanzielle Lage verbesserte sich mit 102,0 Mio. USD an Zahlungsmitteln und Zahlungsmittel盲quivalenten und keiner ausstehenden Verschuldung.
F眉r FY2026 gab Jack Henry eine Prognose mit Umsatzerwartungen zwischen 2,475 und 2,504 Mrd. USD und einem EPS von 6,32鈥�6,44 USD ab.
- Q4 GAAP operating income increased significantly by 23.9%
- Full year GAAP EPS grew 19.3% to $6.24
- Strong balance sheet with zero debt, up from $150M previous year
- Cloud revenue grew 11% and processing revenue increased 8%
- Operating margin improved to 25.3% in Q4 from 22.4% year-over-year
- License and hardware revenues decreased 25.2%
- Research and Development expenses increased 9.8% year-over-year
- FY2026 guidance suggests slower growth compared to FY2025
Insights
JKHY delivered solid Q4 results with strong revenue growth, margin expansion, and debt reduction, positioning well for FY2026.
Jack Henry's Q4 results show impressive momentum with 9.9% revenue growth and a substantial 23.9% jump in operating income year-over-year. The non-GAAP adjusted figures were also strong, with revenue up 7.5% and operating income increasing 14.8% compared to the same quarter last year.
For the full fiscal year 2025, the company achieved 7.2% revenue growth and 16.2% operating income growth. The adjusted operating margin expanded to 23.1% for the year, up from 22.4% in FY2024, demonstrating effective cost management despite inflationary pressures.
Particularly noteworthy is Jack Henry's improved balance sheet strength. The company ended FY2025 with
The results were driven by strong performance across segments. The cloud business showed robust growth of 11.8% in Q4, and payment processing revenues increased by 10%. For the full year, public and private cloud services grew 11%, while processing revenues expanded nearly 8%. These high-margin recurring revenue streams are critical for long-term stability.
Management's FY2026 guidance projects continued growth with revenue expected between
The company's strategic initiatives in payment solutions, including Jack Henry Rapid Transfers鈩� and Tap2Local鈩� merchant acquiring solution, are now live and position the company well in the competitive fintech landscape. The strong Q4 sales wins for core, complementary, and payment solutions, particularly among larger financial institutions, provide a solid foundation for FY2026 performance.
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Fourth quarter summary:
- GAAP revenue increased
9.9% and GAAP operating income increased23.9% for the fiscal three months ended June 30, 2025, compared to the prior fiscal year quarter. - Non-GAAP adjusted revenue increased
7.5% and non-GAAP adjusted operating income increased14.8% for the fiscal three months ended June 30, 2025, compared to the prior fiscal year quarter.1 - GAAP EPS was
$1.75 $1.38
Fiscal year听 summary:
- GAAP revenue increased
7.2% and GAAP operating income increased16.2% for the fiscal year ended June 30, 2025, compared to the prior fiscal year. - Non-GAAP adjusted revenue increased
6.5% and non-GAAP adjusted operating income increased9.8% for the fiscal year ended June 30, 2025, compared to the prior fiscal year.1 - GAAP EPS was
$6.24 $5.23 - Cash and cash equivalents were
$102.0 million $38.3 million - Debt outstanding related to credit facilities was zero at June 30, 2025, and
$150.0 million
Full year fiscal 2026 guidance (Dollars In millions):3
Current | ||
GAAP | Low | High |
Revenue | ||
Operating margin4 | 24.0听% | 24.2听% |
EPS | ||
Non-GAAP5 | ||
Adjusted revenue | ||
Adjusted operating margin | 23.4听% | 23.6听% |
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1 See tables below on page 4 reconciling non-GAAP financial measures to GAAP. |
2See table below on page 14 reconciling net income to non-GAAP EBITDA. |
3 The full fiscal year guidance assumes no acquisitions or dispositions will be made during fiscal year 2026. |
4Operating margin is calculated by dividing operating income by revenue. |
5听See tables below on page 9 reconciling fiscal year 2026 GAAP to non-GAAP guidance. |
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According to Greg Adelson, President and CEO, "Our fourth quarter and full 2025 fiscal year results reflect solid overall performance. We again produced record revenue and operating income in fiscal year 2025. Our strong fourth-quarter sales wins for core, complementary and payment solutions, along with our ongoing success winning larger financial institutions and maintaining a very healthy pipeline for fiscal year 2026, demonstrate the continued strength in technology spending. We are now live with both Jack Henry Rapid Transfers鈩� and our Tap2Local鈩� merchant acquiring solution as we continue to deliver innovative solutions to our clients. As we enter our new fiscal year, we are well positioned for long-term growth through our unwavering focus on culture, service, innovation, strategy, and execution." |
Operating Results
Revenue, operating expenses, operating income, and net income for the fiscal three months and fiscal year ended June听30, 2025, compared to the fiscal three months and fiscal year ended June听30, 2024, were as follows:
Revenue | |||||||||||
(Unaudited, dollars in thousands) | Three Months Ended June 30, | % | Year Ended June 30, | % | |||||||
2025 | 2024 | 2025 | 2024 | ||||||||
Revenue | |||||||||||
Services and Support | $听听听听听 351,239 | $听听听听听听听 316,739 | 10.9听% | $听听听听 1,361,737 | $听听听听 1,275,954 | 6.7听% | |||||
Percentage of Total Revenue | 57.1听% | 56.6听% | 57.3听% | 57.6听% | |||||||
Processing | 264,133 | 243,173 | 8.6听% | 1,013,551 | 939,589 | 7.9听% | |||||
Percentage of Total Revenue | 42.9听% | 43.4听% | 42.7听% | 42.4听% | |||||||
REVENUE | $听听听听听 615,372 | $听听听听听听 559,912 | 9.9听% | $听 2,375,288 | $听听听听 2,215,543 | 7.2听% | |||||
- Services and support revenue increased for the fiscal three months ended June 30, 2025, primarily driven by growth in data processing and hosting revenue within cloud of
11.8% , higher deconversion revenue by$13,802 11.9% . Processing revenue increased for the fiscal three months ended June 30, 2025, primarily driven by growth in card revenue of6.7% , higher transaction and digital revenue of16.4% , and an increase in payment processing revenues of10.0% . - Services and support revenue increased for the fiscal year ended June 30, 2025, primarily driven by growth in data processing and hosting revenue within cloud of
12.0% , higher deconversion revenue by$17,351 9.6% partially offset by a decrease in license and hardware revenues of25.2% . Processing revenue increased for the fiscal year ended June 30, 2025, primarily driven by growth in card revenue of6.6% , higher transaction and digital revenue of13.0% , and an increase in payment processing revenues of9.4% . - For the fiscal three months ended June 30, 2025, core segment revenue increased
10.3% , payments segment revenue increased7.9% , complementary segment revenue increased12.9% , and corporate and other segment revenue increased5.3% . For the fiscal three months ended June 30, 2025, core segment non-GAAP adjusted revenue increased6.8% , payments segment non-GAAP adjusted revenue increased5.8% , complementary segment non-GAAP adjusted revenue increased11.0% , and corporate and other non-GAAP adjusted segment revenue increased5.2% (see revenue lines of segment break-out tables on pages 5 and 6 below for a reconciliation of GAAP segment revenue to non-GAAP adjusted segment revenue). - For the fiscal year ended June 30, 2025, core segment revenue increased
7.0% , payments segment revenue increased6.8% , complementary segment revenue increased9.2% , and corporate and other segment revenue decreased1.8% . For the fiscal year ended June 30, 2025, core segment non-GAAP adjusted revenue increased6.0% , payments segment non-GAAP adjusted revenue increased6.2% , complementary segment non-GAAP adjusted revenue increased8.5% , and corporate and other non-GAAP adjusted segment revenue decreased1.9% (see revenue lines of segment break-out tables on pages 7 and 8 below for a reconciliation of GAAP segment revenue to non-GAAP adjusted segment revenue).
Operating Expenses and Operating Income | ||||||||||||
(Unaudited, dollars in thousands) | Three Months Ended June 30, | % | Year Ended June 30, | % | ||||||||
2025 | 2024 | 2025 | 2024 | |||||||||
Cost of Revenue | $听听听听 343,879 | $听听听听听听 327,272 | 5.1听% | $听听 1,360,747 | $听听听听 1,299,477 | 4.7听% | ||||||
Percentage of Total Revenue6 | 55.9听% | 58.5听% | 57.3听% | 58.7听% | ||||||||
Research and Development | 42,580 | 39,892 | 6.7听% | 162,771 | 148,256 | 9.8听% | ||||||
Percentage of Total Revenue6 | 6.9听% | 7.1听% | 6.9听% | 6.7听% | ||||||||
Selling, General, and Administrative | 73,216 | 67,122 | 9.1听% | 283,055 | 278,419 | 1.7听% | ||||||
Percentage of Total Revenue6 | 11.9听% | 12.0听% | 11.9听% | 12.6听% | ||||||||
OPERATING EXPENSES | 459,675 | 434,286 | 5.8听% | 1,806,573 | 1,726,152 | 4.7听% | ||||||
OPERATING INCOME | $听听听听听 155,697 | $听听听听听听 125,626 | 23.9听% | $听听听听听 568,715 | $听听听听听听 489,391 | 16.2听% | ||||||
Operating Margin6 | 25.3听% | 22.4听% | 23.9听% | 22.1听% | ||||||||
- Cost of revenue increased for the fiscal three months and fiscal year ended June 30, 2025, primarily due to higher direct costs generally consistent with increases in related lines of revenue and higher personnel costs, including compensation increases in the trailing twelve months.
- Research and development expense increased for the fiscal three months and fiscal year ended June 30, 2025, primarily due to higher personnel costs (net of capitalization), including compensation increases and employee headcount additions in the trailing twelve months.
- Selling, general, and administrative expense increased for the fiscal three months ended June 30, 2025, primarily due to higher personnel costs, including compensation increases and employee headcount additions in the trailing twelve months, and increased professional services, partially offset by the gain on sale of assets in the current fiscal year quarter compared to the loss on sale of assets in the prior fiscal year quarter. Selling, general, and administrative expense increased for the fiscal year ended June 30, 2025, primarily due to higher personnel costs, excluding severance, including compensation increases and employee headcount additions in the trailing twelve months, and increased professional services, partially offset by the decrease in severance this fiscal year compared to last fiscal year.
Net Income
(Unaudited, in thousands, except per share data) | Three Months Ended June 30, | % | Year Ended June 30, | % | |||||||
2025 | 2024 | 2025 | 2024 | ||||||||
Income Before Income Taxes | $听听听听听听听听 159,949 | $听听听听听听听听听 130,384 | 22.7听% | $听听听听听听听 586,036 | $听听听听听听听听听 498,019 | 17.7听% | |||||
Provision for Income Taxes | 32,345 | 29,311 | 10.4听% | 130,288 | 116,203 | 12.1听% | |||||
NET INCOME | $听听听听听听听听 127,604 | $听听听听听听听听听听听 101,073 | 26.2听% | $听听听听听听听 455,748 | $听听听听听听听听听听 381,816 | 19.4听% | |||||
Diluted earnings per share | $听听听听听听听听听听听听听听听听 1.75 | $听听听听听听听听听听听听听听听听 1.38 | 26.4听% | $听听听听听听听听听听听听听听 6.24 | $听听听听听听听听听听听听听听听 5.23 | 19.3听% | |||||
- Effective tax rates for the fiscal three months ended June 30, 2025, and 2024, were
20.2% and22.5% , respectively. Effective tax rates for the fiscal year ended June 30, 2025, and 2024, were22.2% and23.3% , respectively.
According to Mimi Carsley, CFO and Treasurer, "Our full year results included strong growth in strategic recurring areas of revenue, led by public and private cloud at |
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6Operating margin is calculated by dividing operating income by revenue. Operating margin plus operating expense components as a percentage of total revenue may not equal |
Impact of Non-GAAP Adjustments
The tables below show our revenue, operating income, and net income for the fiscal three months and fiscal year ended June 30, 2025, compared to the fiscal three months and fiscal year ended June 30, 2024, excluding the impacts of deconversions and the VEDIP program expense.*
(Unaudited, dollars in thousands) | Three Months Ended June 30, | % | Year Ended June 30, | % | |||||||
2025 | 2024 | 2025 | 2024 | ||||||||
GAAP Revenue** | $听听听听听听听听 615,372 | $听听听听听听听听 559,912 | 9.9听% | $听 2,375,288 | $听听听听 2,215,543 | 7.2听% | |||||
Adjustments: | |||||||||||
Deconversion revenue | (20,495) | (6,693) | (33,905) | (16,554) | |||||||
NON-GAAP ADJUSTED REVENUE** | $听听听听听听听 594,877 | $听听听听听听听听 553,219 | 7.5听% | $听听 2,341,383 | $听听听锟斤拷 2,198,989 | 6.5听% | |||||
GAAP Operating Income | $听听听听听听听听 155,697 | $听听听听听听听听听 125,626 | 23.9听% | $听听听听听 568,715 | $听听听听听听听 489,391 | 16.2听% | |||||
Adjustments: | |||||||||||
Operating (income) loss from | (17,938) | (5,594) | (27,663) | (13,146) | |||||||
VEDIP program expense* | 鈥� | 鈥� | 鈥� | 16,443 | |||||||
NON-GAAP ADJUSTED | $听听听听听听听听 137,759 | $听听听听听听听听听 120,032 | 14.8听% | $听听听听听 541,052 | $听听听听听听 492,688 | 9.8听% | |||||
Non-GAAP Adjusted Operating | 23.2听% | 21.7听% | 23.1听% | 22.4听% | |||||||
GAAP Net Income | $听听听听听听听听 127,604 | $听听听听听听听听听听 101,073 | 26.2听% | $听听听听 455,748 | $听听听听听听听听 381,816 | 19.4听% | |||||
Adjustments: | |||||||||||
Net (income) loss from | (17,938) | (5,594) | (27,663) | (13,146) | |||||||
VEDIP program expense* | 鈥� | 鈥� | 鈥� | 16,443 | |||||||
Tax impact of adjustments**** | 4,305 | 1,343 | 6,640 | (790) | |||||||
NON-GAAP ADJUSTED NET | $听听听听听听听听听听 113,971 | $听听听听听听听听听听 96,822 | 17.7听% | $听听听听 434,725 | $听听听听听听 384,323 | 13.1听% | |||||
*The VEDIP program expense for the fiscal year ended June 30, 2024, was related to a Company voluntary separation program offered to certain eligible employees beginning in July 2023. |
**GAAP revenue is comprised of services and support and processing revenues (see page 2). Reducing services and support revenue by deconversion revenue for the three months ended June 30, 2025, and 2024 which was |
Reducing services and support revenue by deconversion revenue for the fiscal year ended June听30, 2025, and 2024, which was |
***Non-GAAP adjusted operating margin is calculated by dividing non-GAAP adjusted operating income by non-GAAP adjusted revenue. |
****The tax impact of adjustments is calculated using a tax rate of |
The tables below show the segment break-out of revenue and cost of revenue for each period presented, as adjusted for the items above, and include a reconciliation to non-GAAP adjusted operating income presented above.
Three Months Ended June 30, 2025 | |||||||||
(Unaudited, dollars in thousands) | Core | Payments | Complementary | Corporate | Total | ||||
GAAP REVENUE | $听 189,754 | $听听听听听听听听听听听听听听听听 175,128 | $听听听听听听 21,198 | $听 615,372 | |||||
Non-GAAP adjustments* | (8,661) | (6,818) | (4,852) | (164) | (20,495) | ||||
NON-GAAP ADJUSTED REVENUE | 181,093 | 222,474 | 170,276 | 21,034 | 594,877 | ||||
GAAP COST OF REVENUE | 69,954 | 116,128 | 67,635 | 90,162 | 343,879 | ||||
Non-GAAP adjustments* | (731) | (109) | (440) | (9) | (1,289) | ||||
NON-GAAP ADJUSTED COST OF REVENUE | 69,223 | 116,019 | 67,195 | 90,153 | 342,590 | ||||
GAAP SEGMENT INCOME | $听听 119,800 | $听听听听 113,164 | $听听听听听听听听听听听听听听听 107,493 | $听 (68,964) | |||||
Segment Income Margin** | 63.1听% | 49.4听% | 61.4听% | (325.3)听% | |||||
NON-GAAP ADJUSTED SEGMENT INCOME | $听听听 111,870 | $听 106,455 | $听听听听听听听听听听听听听听听听 103,081 | $听听听听 (69,119) | |||||
Non-GAAP Adjusted Segment Income Margin** | 61.8听% | 47.9听% | 60.5听% | (328.6)听% | |||||
Research and Development | 42,580 | ||||||||
Selling, General, and Administrative | 73,216 | ||||||||
Non-GAAP adjustments unassigned to a segment*** | (1,268) | ||||||||
NON-GAAP TOTAL ADJUSTED OPERATING EXPENSES | 457,118 | ||||||||
NON-GAAP ADJUSTED OPERATING INCOME | $听听 137,759 | ||||||||
*Revenue non-GAAP adjustments for all segments were deconversion revenue. Cost of revenue non-GAAP adjustments for all segments were deconversion costs. |
**Segment income margin is calculated by dividing segment income by revenue for each segment. Non-GAAP adjusted segment income margin is calculated by dividing non-GAAP adjusted segment income by non-GAAP adjusted revenue for each segment. |
***Non-GAAP adjustments unassigned to a segment were selling, general, and administrative deconversion costs. |
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Three Months Ended June 30, 2024 | |||||||||
(Unaudited, dollars in thousands) | Core | Payments | Complementary | Corporate | Total | ||||
GAAP REVENUE | $听听 172,040 | $听听 212,593 | $听听听听听听听听听听听听听听听听 155,149 | $听听听听听 20,130 | $听听听 559,912 | ||||
Non-GAAP adjustments* | (2,407) | (2,367) | (1,777) | (142) | (6,693) | ||||
NON-GAAP ADJUSTED REVENUE | 169,633 | 210,226 | 153,372 | 19,988 | 553,219 | ||||
GAAP COST OF REVENUE | 69,900 | 111,787 | 63,083 | 82,502 | 327,272 | ||||
Non-GAAP adjustments* | (415) | (66) | (188) | 鈥� | (669) | ||||
NON-GAAP ADJUSTED COST OF REVENUE | 69,485 | 111,721 | 62,895 | 82,502 | 326,603 | ||||
GAAP SEGMENT INCOME | $听听 102,140 | $听 100,806 | $听听听听听听听听听听听听听听听听 92,066 | $听听听 (62,372) | |||||
Segment Income Margin** | 59.4听% | 47.4听% | 59.3听% | (309.8)听% | |||||
NON-GAAP ADJUSTED SEGMENT INCOME | $听听 100,148 | $听听 98,505 | $听听听听听听听听听听听听听听听听 90,477 | $听听听 (62,514) | |||||
Non-GAAP Adjusted Segment Income Margin | 59.0听% | 46.9听% | 59.0听% | (312.8)听% | |||||
Research and Development | 39,892 | ||||||||
Selling, General, and Administrative | 67,122 | ||||||||
Non-GAAP adjustments unassigned to a segment*** | (430) | ||||||||
NON-GAAP TOTAL ADJUSTED OPERATING EXPENSES | 433,187 | ||||||||
NON-GAAP ADJUSTED OPERATING INCOME | $听听听 120,032 | ||||||||
*Revenue non-GAAP adjustments for all segments were deconversion revenue. Cost of revenue non-GAAP adjustments for all segments were deconversion costs. |
**Segment income margin is calculated by dividing segment income by revenue for each segment. Non-GAAP adjusted segment income margin is calculated by dividing non-GAAP adjusted segment income by non-GAAP adjusted revenue for each segment. |
***Non-GAAP adjustments unassigned to a segment were selling, general, and administrative deconversion costs. |
听
Year Ended June 30, 2025 | |||||||||
(Unaudited, dollars in thousands) | Core | Payments | Complementary | Corporate | Total | ||||
GAAP REVENUE | $听 739,277 | $听听听听听听听听听听听听听听 675,209 | $听听听听 87,304 | ||||||
Non-GAAP adjustments* | (14,765) | (11,159) | (7,709) | (272) | (33,905) | ||||
NON-GAAP ADJUSTED REVENUE | 724,512 | 862,339 | 667,500 | 87,032 | 2,341,383 | ||||
GAAP COST OF REVENUE | 297,372 | 460,151 | 264,823 | 338,401 | 1,360,747 | ||||
Non-GAAP adjustments* | (2,096) | (288) | (1,119) | (14) | (3,517) | ||||
NON-GAAP ADJUSTED COST OF REVENUE | 295,276 | 459,863 | 263,704 | 338,387 | 1,357,230 | ||||
GAAP SEGMENT INCOME | $听 441,905 | $听听 413,347 | $听听听听听听听听听听听听听听 410,386 | $听 (251,097) | |||||
Segment Income Margin** | 59.8听% | 47.3听% | 60.8听% | (287.6)听% | |||||
NON-GAAP ADJUSTED SEGMENT INCOME | $听听听听听听听听听听听听听 403,796 | $听 (251,355) | |||||||
Non-GAAP Adjusted Segment Income Margin | 59.2听% | 46.7听% | 60.5听% | (288.8)听% | |||||
Research and Development | 162,771 | ||||||||
Selling, General, and Administrative | 283,055 | ||||||||
Non-GAAP adjustments unassigned to a segment*** | (2,725) | ||||||||
NON-GAAP TOTAL ADJUSTED OPERATING EXPENSES | 1,800,331 | ||||||||
NON-GAAP ADJUSTED OPERATING INCOME | $听听 541,052 | ||||||||
*Revenue non-GAAP adjustments for all segments were deconversion revenue. Cost of revenue non-GAAP adjustments for all segments were deconversion costs. |
**Segment income margin is calculated by dividing segment income by revenue for each segment. Non-GAAP adjusted segment income margin is calculated by dividing non-GAAP adjusted segment income by non-GAAP adjusted revenue for each segment. |
***Non-GAAP adjustments unassigned to a segment were selling, general, and administrative deconversion costs. |
听
Year Ended June 30, 2024 | |||||||||
(Unaudited, dollars in thousands) | Core | Payments | Complementary | Corporate | Total | ||||
GAAP REVENUE | $听听 817,708 | $听听听听听听听听听听听听听听听听听 618,211 | $听听听听 88,886 | ||||||
Non-GAAP adjustments* | (7,292) | (5,836) | (3,217) | (209) | (16,554) | ||||
NON-GAAP ADJUSTED REVENUE | 683,446 | 811,872 | 614,994 | 88,677 | 2,198,989 | ||||
GAAP COST OF REVENUE | 287,349 | 442,084 | 251,085 | 318,959 | 1,299,477 | ||||
Non-GAAP adjustments* | (1,065) | (259) | (903) | (4) | (2,231) | ||||
NON-GAAP ADJUSTED COST OF REVENUE | 286,284 | 441,825 | 250,182 | 318,955 | 1,297,246 | ||||
GAAP SEGMENT INCOME | $听听听听听听听听听听听听听听听 367,126 | ||||||||
Segment Income Margin** | 58.4听% | 45.9听% | 59.4听% | (258.8)听% | |||||
NON-GAAP ADJUSTED SEGMENT INCOME | $听听 397,162 | $听 370,047 | $听听听听听听听听听听听听听听 364,812 | ||||||
Non-GAAP Adjusted Segment Income Margin | 58.1听% | 45.6听% | 59.3听% | (259.7)听% | |||||
Research and Development | 148,256 | ||||||||
Selling, General, and Administrative | 278,419 | ||||||||
Non-GAAP adjustments unassigned to a segment*** | (17,620) | ||||||||
NON-GAAP TOTAL ADJUSTED OPERATING EXPENSES | 1,706,301 | ||||||||
NON-GAAP ADJUSTED OPERATING INCOME | $听听 492,688 | ||||||||
*Revenue non-GAAP adjustments for all segments were deconversion revenues. Cost of revenue non-GAAP adjustments for all segments were deconversion costs. |
**Segment income margin is calculated by dividing segment income by revenue for each segment. Non-GAAP adjusted segment income margin is calculated by dividing non-GAAP adjusted segment income by non-GAAP adjusted revenue for each segment. |
***Non-GAAP adjustments unassigned to a segment were VEDIP expenses of |
The table below shows our GAAP to non-GAAP guidance for the fiscal year ending June 30, 2026. Fiscal year 2026 non-GAAP guidance excludes the impacts of deconversion revenue and related operating expenses, the gain on sale of assets, and assumes no acquisitions or dispositions will be made during the fiscal year.
GAAP to Non-GAAP GUIDANCE (Dollars in millions, except per share data) | Annual FY'26 | ||||
Low | High | ||||
GAAP REVENUE | $听 听2,475 | $听 2,504 | |||
听听听听 Growth | 4.2听% | 5.4听% | |||
Deconversions* | $听 听 听 听 16 | $听 听 听 听16 | |||
NON-GAAP ADJUSTED REVENUE** | $听 听2,459 | $听 2,488 | |||
听听听听 Non-GAAP Adjusted Growth | 5.8听% | 7.0听% | |||
鈥� | |||||
GAAP OPERATING EXPENSES | $听听 1,882 | $听 1,899 | |||
听听听听 Growth | 4.2听% | 5.1听% | |||
Deconversion costs* | $听听听听听听听听听 4 | $听 听 听 听 听4 | |||
Gain on sale of assets | (7) | (7) | |||
NON-GAAP ADJUSTED OPERATING EXPENSES** | $听听 1,885 | $听 1,902 | |||
听听听听 Non-GAAP Adjusted Growth | 5.5听% | 6.4听% | |||
鈥� | |||||
GAAP OPERATING INCOME | $听 听 听 594 | $听听听听 605 | |||
听听听听 Growth | 4.4听% | 6.4听% | |||
鈥� | |||||
GAAP OPERATING MARGIN | 24.0听% | 24.2听% | |||
鈥� | |||||
NON-GAAP ADJUSTED OPERATING INCOME** | $听 听 听 575 | $听听听听 586 | |||
听听听听 Non-GAAP Adjusted Growth | 6.7听% | 8.8听% | |||
鈥� | |||||
NON-GAAP ADJUSTED OPERATING MARGIN | 23.4听% | 23.6听% | |||
鈥� | |||||
GAAP EPS | $听听听听 6.32 | $听听听 6.44 | |||
听听听听 Growth | 1.3听% | 3.3听% | |||
*Deconversion revenue and related operating expenses for fiscal year 2026 are based on the lowest actual recent historical results. See the Company's Form 8-K filed with the Securities and Exchange Commission on August 3, 2023. |
**GAAP to Non-GAAP revenue, operating expenses, and operating income may not foot due to rounding. |
Balance Sheet and Cash Flow Review
- Cash and cash equivalents were
$102 million $38 million - Trade receivables were
$318 million $333 million - The Company had no borrowings at June 30, 2025 compared to
$150 million - Deferred revenue was
$363 million $389 million - Stockholders' equity increased to
$2,131 million $1,842 million
*See table below for Net Cash Provided by Operating Activities and on page 14 for Return on Average Shareholders' Equity. Tables reconciling the non-GAAP measures Free Cash Flow and Return on Invested Capital (ROIC) to GAAP measures are on pages 14 and 15. See the Use of Non-GAAP Financial Information section below for the definitions of Free Cash Flow and ROIC. |
**Free cash flow for fiscal year 2025 was higher than the expected range due to the timing of certain contractual payments and income tax amounts being made after the end of fiscal year 2025. |
The following table summarizes net cash from operating activities:
(Unaudited, in thousands) | Year Ended June 30, | ||
2025 | 2024 | ||
Net income | $听听听听听听听听听听听听听听听听听听听听 455,748 | $听 听 听 听 听 听 听 听 听 听 听 听381,816 | |
Depreciation | 43,700 | 46,342 | |
Amortization | 161,051 | 153,562 | |
Change in deferred income taxes | (3,496) | (909) | |
Other non-cash expenses | 30,358 | 32,714 | |
Change in receivables | 15,056 | 28,219 | |
Change in deferred revenue | (25,559) | (10,797) | |
Change in other assets and liabilities* | (35,354) | (62,906) | |
NET CASH FROM OPERATING ACTIVITIES | $听听听听听听听听听听听听听听听听听听听听听 641,504 | $听听听听听听听听听听听听听听听听听听听听听听 568,041 | |
*For the fiscal year ended June 30, 2025, the change in other assets and liabilities includes the change in prepaid cost of product and other of |
The following table summarizes net cash from investing activities:
(Unaudited, in thousands) | Year Ended June 30, | ||
2025 | 2024 | ||
Capital expenditures | (53,358) | (58,118) | |
Proceeds from dispositions | 3 | 904 | |
Purchased software | (5,363) | (7,130) | |
Computer software developed | (172,445) | (167,175) | |
Purchase of investments | (2,000) | (8,646) | |
Proceeds from investments | 1,000 | 鈥� | |
NET CASH FROM INVESTING ACTIVITIES | $听听听听听听听听听听听听听听听听听听听听 (232,163) | $听听听听听听听听听听听听听听听听听听听听 (240,165) | |
The following table summarizes net cash from financing activities:
(Unaudited, in thousands) | Year Ended June 30, | ||
2025 | 2024 | ||
Borrowings on credit facilities | $听听听听听听听听听听听听听听听听听听 350,000 | $听听听听听听听听听听听听听听听听听听听 475,000 | |
Repayments on credit facilities | (500,000) | (600,000) | |
Purchase of treasury stock | (35,051) | (28,055) | |
Dividends paid | (164,644) | (155,877) | |
Net cash from issuance of stock and tax related to stock-based compensation | 4,023 | 7,097 | |
NET CASH FROM FINANCING ACTIVITIES | $听听听听听听听听听听听听听听听听 (345,672) | $听听听听听听听听听听听听听听听听听听 (301,835) | |
Use of Non-GAAP Financial Information
Generally Accepted Accounting Principles (GAAP) is the term used to refer to the standard framework of guidelines for financial accounting in
We believe non-GAAP financial measures help investors better understand the underlying fundamentals and true operations of our business. Adjusted revenue, adjusted operating income, adjusted operating margin, adjusted听 segment income, adjusted segment income margin, adjusted cost of revenue, adjusted operating expenses, and adjusted net income eliminate one-time deconversion revenue and associated costs and the effects of the VEDIP program expense related to a Company voluntary separation program offered to certain eligible employees beginning in July 2023, which management believes are not indicative of the Company's operating performance. Such adjustments give investors further insight into our performance. Non-GAAP EBITDA is defined as net income attributable to the Company before the effect of interest expense, taxes, depreciation, and amortization, adjusted for net income before the effect of interest expense, taxes, depreciation, and amortization attributable to eliminated one-time deconversions and the VEDIP program expense. Free cash flow is defined as net cash from operating activities, less capitalized expenditures, internal use software, and capitalized software, plus proceeds from the sale of assets. ROIC is defined as net income divided by average invested capital, which is the average of beginning and ending long-term debt and stockholders' equity for a given period. Management believes that non-GAAP EBITDA is an important measure of the Company's overall operating performance and excludes certain costs and other transactions that management deems one time or non-operational in nature; free cash flow is useful to measure the funds generated in a given period that are available for debt service requirements and strategic capital decisions; and ROIC is a measure of the Company's allocation efficiency and effectiveness of its invested capital. For these reasons, management also uses these non-GAAP financial measures in its assessment and management of the Company's performance.
Non-GAAP financial measures used by the Company may not be comparable to similarly titled non-GAAP measures used by other companies. Non-GAAP financial measures have no standardized meaning prescribed by GAAP and therefore, are unlikely to be comparable with calculations of similar measures for other companies.
Any non-GAAP financial measures should be considered in context with the GAAP financial presentation and should not be considered in isolation or as a substitute for GAAP measures. Reconciliations of the non-GAAP financial measures to related GAAP measures are included.
About Jack Henry & Associates, Inc.庐
Jack Henry鈩� (Nasdaq: JKHY) is a well-rounded financial technology company that strengthens connections between financial institutions and the people and businesses they serve. We are an S&P 500 company that prioritizes openness, collaboration, and user centricity 鈥� offering banks and credit unions a vibrant ecosystem of internally developed modern capabilities as well as the ability to integrate with leading fintechs. For nearly 50 years, Jack Henry has provided technology solutions to enable clients to innovate faster, strategically differentiate, and successfully compete while serving the evolving needs of their accountholders. We empower approximately 7,400 clients with people-inspired innovation, personal service, and insight-driven solutions that help reduce the barriers to financial health. Additional information is available at .听
Statements made in this news release that are not historical facts are "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Because forward-looking statements relate to the future, they are subject to inherent risks and uncertainties that could cause actual results to differ materially from those expressed or implied by such statements. Such risks and uncertainties include, but are not limited to, those discussed in the Company's Securities and Exchange Commission filings, including the Company's most recent reports on Form 10-K and Form 10-Q, particularly under the heading Risk Factors. Any forward-looking statement made in this news release speaks only as of the date of the news release, and the Company expressly disclaims any obligation to publicly update or revise any forward-looking statement, whether because of new information, future events or otherwise.
Quarterly Conference Call
The Company will hold a conference call on August听20, 2025, at 7:45 a.m. Central Time, and investors are invited to listen at . A webcast replay will be available approximately one hour after the event at听 and will remain available for one year.
Condensed Consolidated Statements of Income (Unaudited) | |||||||||||
(Dollars in thousands, except | Three Months Ended June 30, | % | Year Ended June 30, | % | |||||||
2025 | 2024 | 2025 | 2024 | ||||||||
REVENUE | $听听听听听听听听听听听 615,372 | $听听听听听听听听听听听听 559,912 | 9.9听% | $听听听听听听听 2,375,288 | $听听听听听听听听 2,215,543 | 7.2听% | |||||
Cost of Revenue | 343,879 | 327,272 | 5.1听% | 1,360,747 | 1,299,477 | 4.7听% | |||||
Research and Development | 42,580 | 39,892 | 6.7听% | 162,771 | 148,256 | 9.8听% | |||||
Selling, General, and | 73,216 | 67,122 | 9.1听% | 283,055 | 278,419 | 1.7听% | |||||
EXPENSES | 459,675 | 434,286 | 5.8听% | 1,806,573 | 1,726,152 | 4.7听% | |||||
OPERATING INCOME | 155,697 | 125,626 | 23.9听% | 568,715 | 489,391 | 16.2听% | |||||
Interest income | 6,354 | 8,647 | (26.5)听% | 27,759 | 25,012 | 11.0听% | |||||
Interest expense | (2,102) | (3,889) | (46.0)听% | (10,438) | (16,384) | (36.3)听% | |||||
Interest Income (Expense), net | 4,252 | 4,758 | (10.6)听% | 17,321 | 8,628 | 100.8听% | |||||
INCOME BEFORE INCOME TAXES | 159,949 | 130,384 | 22.7听% | 586,036 | 498,019 | 17.7听% | |||||
Provision for Income Taxes | 32,345 | 29,311 | 10.4听% | 130,288 | 116,203 | 12.1听% | |||||
NET INCOME | $听 听 听 听 听 听 听 127,604 | $听听听听听听听听听听听听听 101,073 | 26.2听% | $听 听 听 听 听 听 455,748 | $听 听 听 听 听 听 381,816 | 19.4听% | |||||
Diluted net income per share | $听听听听听听听听听听听听听听听听听听听 1.75 | $听听听听听听听听听听听听听听听听听听听 1.38 | $听听听听听听听听听听听听听听听听听 6.24 | $听听听听听听听听听听听听听听听听听 5.23 | |||||||
Diluted weighted average | 73,005 | 73,069 | 73,045 | 73,025 | |||||||
Consolidated Balance Sheet Highlights (Unaudited) | |||||||||||
(In thousands) | June 30, | % | |||||||||
2025 | 2024 | ||||||||||
Cash and cash equivalents | $听听听听听听听听听听听听 101,953 | $听听听听听听听听听听听听 38,284 | 166.3听% | ||||||||
Receivables | 317,977 | 333,033 | (4.5)听% | ||||||||
Total assets | 3,043,970 | 2,924,481 | 4.1听% | ||||||||
Accounts payable and accrued expenses | $听听听听听听听听听听 245,299 | $听听听听听听听听听听 226,084 | 8.5听% | ||||||||
Current and long-term debt | 鈥� | 150,000 | (100.0)听% | ||||||||
Deferred revenue | 363,374 | 388,932 | (6.6)听% | ||||||||
Stockholders' equity | 2,130,832 | 1,842,364 | 15.7听% | ||||||||
Calculation of Non-GAAP Earnings Before Income Taxes, Depreciation and Amortization (Non-GAAP EBITDA) | |||||||||||
Three Months Ended June 30, | % | Year Ended June 30, | % | ||||||||
(Dollars in thousands) | 2025 | 2024 | 2025 | 2024 | |||||||
Net income | $听听听听听听听听听听听 127,604 | $听听听听听听听听听听听听听 101,073 | $听听听听听听听听听 455,748 | $听听听听听听听听听听听听 381,816 | |||||||
Net interest | (4,252) | (4,758) | (17,321) | (8,628) | |||||||
Taxes | 32,345 | 29,310 | 130,288 | 116,203 | |||||||
Depreciation and amortization | 51,490 | 50,690 | 204,751 | 199,904 | |||||||
Less: Net income before | (17,938) | (5,594) | (27,663) | 3,297 | |||||||
NON-GAAP EBITDA | $听听听听听听听听听听听 189,249 | $听听听听听听听听听听听听听听 170,721 | 10.9听% | $听听听听听听听听听听 745,803 | $听听听听听听听听听听 692,592 | 7.7听% | |||||
*The fiscal fourth quarter 2025 and 2024 adjustments for net income before interest expense, taxes, depreciation and amortization | |||||||||||
Calculation of Free Cash Flow (Non-GAAP) | Year Ended June 30, | ||||||||||
(In thousands) | 2025 | 2024 | |||||||||
Net cash from operating activities | $听听听听听听听听听听 641,504 | $听听听听听听听听听听听 568,041 | |||||||||
Capitalized expenditures | (53,358) | (58,118) | |||||||||
Internal use software | (5,363) | (7,130) | |||||||||
Proceeds from sale of assets | 3 | 904 | |||||||||
Capitalized software | (172,445) | (167,175) | |||||||||
FREE CASH FLOW | $听听听听听听听听听听听 410,341 | $听听听听听听听听听听 336,522 | |||||||||
Net income | $听听听听听听听听听 455,748 | $听听听听听听听听听听听听 381,816 | |||||||||
Operating cash conversion* | 1.41 | 1.49 | |||||||||
Free cash flow conversion (excluding | 90.0听% | 87.9听% | |||||||||
*Operating cash conversion is net cash from operating activities divided by net income. Free cash flow conversion is | |||||||||||
Calculation of the Return on Average Shareholders' Equity | June 30, | ||||||||||
(In thousands) | 2025 | 2024 | |||||||||
Net income (trailing four quarters) | $听听听听听听听听听 455,748 | $听听听听听听听听听听听听 381,816 | |||||||||
Average stockholder's equity (period beginning and ending | 1,986,598 | 1,725,437 | |||||||||
RETURN ON AVERAGE SHAREHOLDERS' EQUITY | 22.9听% | 22.1听% | |||||||||
Calculation of Return on Invested Capital (ROIC) (Non-GAAP) | June 30, | ||||||||||
(In thousands) | 2025 | 2024 | |||||||||
Net income (trailing four quarters) | $听听听听听听听听听 455,748 | $听听听听听听听听听听听听 381,816 | |||||||||
Average stockholder's equity (period beginning and ending | 1,986,598 | 1,725,437 | |||||||||
Average current maturities of long-term debt and financing leases | 45,000 | 45,000 | |||||||||
Average long-term debt (period beginning and ending balances) | 30,000 | 167,500 | |||||||||
Average invested capital | $听听听听听听听 2,061,598 | $听听听听听听听听听 1,937,937 | |||||||||
ROIC | 22.1听% | 19.7听% | |||||||||
听
FAQ for Analysts / Investors
1.) What are the opportunities and headwinds included in fiscal year 2026 non-GAAP revenue guidance?
- Recent industry consolidation continues to pressure short-term revenue growth, with deconversion outweighing new convert/merge activity.听 Several convert/merges are Jack Henry to Jack Henry thus limiting uplift in short-term revenue but securing long-term revenue opportunities.
- As previously discussed, in the first half of fiscal year 2025 we had several key large customer contracts that renewed with price compression that is contributing to the revenue headwinds in the short term but signifying long-term confidence in our solutions and technology direction.
- The industry has seen a slight slowing in the growth in the number of accounts for both banks and credit unions which impacts our contracts with account pricing.
- The Payments segment is under pressure from lower growth in risk management and third-party revenue.
- The restructure of a third-party agreement has resulted in a
$16 million $12 million - We continue to gain market share in the industry through 51 new core wins in fiscal year 2025.听 We are also securing larger customers as they recognize the value of our technology roadmap along with the strategic partnerships and insight we provide.
2.) What is the expected quarterly cadence for non-GAAP revenue for Fiscal Year 2026?
- We expect the first quarter to be above the full year revenue guidance midpoint by approximately 100 bps.
- We expect the second quarter to be below the full year revenue guidance midpoint by approximately 100 bps.
- Our largest client event, Connect, along with its revenue and expense is moving from the second quarter in fiscal year 2025 to the first quarter in fiscal year 2026.
- Without this move the quarterly revenue cadence for the first half of fiscal year 2026 would be relatively consistent across the quarters.
- Connect will revert to the second quarter of fiscal year 2027 and thereafter.
- The third quarter of fiscal year 2026 is expected to be slightly weaker, followed by a slightly stronger fourth quarter.
3.) What is the impact of recent federal tax legislation on free cash flow?
- Full expensing of research and development costs (IRC 174) and
100% "bonus" tax depreciation will have a meaningful favorable impact on free cash flow. - We will be making an election in the coming months on how we will implement the tax law changes and depending upon that election there are two scenarios:
- We could see a more significant impact in fiscal year 2026 with limited non-recurring impact in the future or,
- We could elect to take the benefit spread across fiscal years 2026 and 2027.
- Overall this legislation will allow Jack Henry to produce historical levels of free cash flow conversion of approximately
85% to100% in future years.
4.) What is impacting GAAP EPS growth for fiscal year 2026?
- Starting in fiscal year 2024, we altered our methodology for deconversion guidance, starting the year with conservative guidance for deconversion revenue and adjusting the guidance throughout the year based on contracted volume.
- Decreased industry consolidation through the third quarter of fiscal year 2025 resulted in lower deconversion revenue, somewhat masking the effect of this change.
- Industry consolidation increased during fourth quarter fiscal year 2025 continuing into fiscal year 2026.
- We will continue to guide deconversion revenue conservatively at the beginning of each fiscal year and adjust the guidance quarterly, as necessary.
- This approach is the primary driver of the lower fiscal year-over-year growth in EPS.
- If deconversion revenue for fiscal year 2026 was flat compared to fiscal year 2025, it would add approximately
$.16 to fiscal year 2026 GAAP EPS.
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