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SS&C Technologies Releases Q2 2025 Earnings Results

Q2 2025 GAAP revenue $1,536.8 million, up 5.9%, Fully Diluted GAAP Earnings Per Share $0.72, down 4.0%

Record adjusted revenue $1,537.8 million, up 5.9%, Adjusted Diluted Earnings Per Share $1.45, up 9.8%

WINDSOR, Conn.--(BUSINESS WIRE)-- SS&C Technologies Holdings, Inc. (NASDAQ: SSNC), a global provider of investment, financial and healthcare software and software-enabled services, today announced its financial results for the second quarter ended June 30, 2025.

Second Quarter 2025 Highlights:

• Q2 2025 GAAP Revenue growth and Adjusted Revenue growth were 5.9 percent.
• Q2 Adjusted Organic Revenue Growth was 3.5 percent, Financial Services Recurring Revenue Growth was 3.9 percent.
• Net cash generated from operating activities of $645.1 million for the six months ended June 30, 2025, up 14.1 percent compared to the same period in 2024.
• 3.4 million shares repurchased in Q2 2025 for $269.0 million, at an average price of $77.99 per share.
• GAAP net income attributable to SS&C of $180.8 million for Q2 2025, down 5.0 percent and record adjusted consolidated EBITDA attributable to SS&C of $600.4 million for Q2 2025, up 7.4 percent.
• GAAP operating income margin for Q2 2025 was 22.4 percent. Adjusted consolidated EBITDA margin for Q2 2025 was 39.0 percent.
• Announced a definitive agreement to acquire Calastone, a global funds network connecting Managers, Distributors, and Servicers, at a purchase price of approximately $1.03 billion. The acquisition is expected to close in Q4 2025.

鈥淪S&C reported record adjusted revenues of $1,537.8 million and record adjusted consolidated EBITDA surpassing $600 million,鈥� says Bill Stone, Chairman and Chief Executive Officer. 鈥淲e are bullish on our opportunity across the globe in Europe, the Middle East, and Australia, and expect strong performance through the second half of the year. Additionally, we鈥檙e excited about what the Calastone acquisition brings 鈥� access to new geographies, ETF and Digital Asset capabilities, and cross-sell opportunity.鈥�

Operating Cash Flow

SS&C generated net cash from operating activities of $645.1 million for the six months ended June 30, 2025, compared to $565.4 million for the same period in 2024, a 14.1% increase. SS&C ended the second quarter with $480.3 million in cash and cash equivalents and $6,858.4 million in gross debt. SS&C鈥檚 consolidated net leverage ratio as defined in our credit agreement stood at 2.72 times consolidated EBITDA attributable to SS&C as of June 30, 2025. SS&C鈥檚 net secured leverage ratio stood at 1.55 times consolidated EBITDA attributable to SS&C as of June 30, 2025.

Guidance

SS&C does not provide reconciliations of guidance for Adjusted Revenues and Adjusted Net Income to comparable GAAP measures, in reliance on the unreasonable efforts exception provided under Item 10(e)(1)(i)(B) of Regulation S-K. SS&C is unable, without unreasonable efforts, to forecast certain items required to develop meaningful comparable GAAP financial measures. These items include acquisition transactions and integration, foreign exchange rate changes, as well as other non-cash and other adjustments as defined under the Company鈥檚 Credit agreement, that are difficult to predict in advance in order to include in a GAAP estimate. The unavailable information could have a significant impact on Q3 2025 and FY 2025 GAAP financial results.

Non-GAAP Financial Measures

Adjusted revenue, adjusted operating income, adjusted consolidated EBITDA, adjusted net income and adjusted diluted earnings per share are non-GAAP measures. See the accompanying notes for the reconciliations and definitions for each of these non-GAAP measures and the reasons our management believes these measures provide useful information to investors regarding our financial condition and results of operations.

Earnings Call and Press Release

SS&C鈥檚 second quarter 2025 earnings call will take place at 5:00 p.m. eastern time today, July 23, 2025. The call will discuss second quarter 2025 results. Interested parties may dial 888-210-4650 (US and Canada) or 646-960-0327 (International) and request the "SS&C Technologies Second Quarter 2025 Earnings Conference Call"; conference ID #4673675. In connection with the earnings call, a presentation will be available on SS&C鈥檚 website at . The call will be available for replay via the webcast on SS&C鈥檚 website; access:

Certain information contained in this press release, including information relating to, among other things, the Company鈥檚 financial guidance for the first quarter and full year of 2025 constitute forward-looking statements for purposes of the safe harbor provisions under the Private Securities Litigation Reform Act of 1995. Forward-looking statements include statements concerning plans, objectives, goals, strategies, expectations, intentions, projections, developments, future events, performance, underlying assumptions, and other statements that are other than statements of historical facts. Without limiting the foregoing, the words 鈥渂elieves鈥�, 鈥渁nticipates鈥�, 鈥減lans鈥�, 鈥渆xpects鈥�, 鈥渆stimates鈥�, 鈥減rojects鈥�, 鈥渇orecasts鈥�, 鈥渕ay鈥�, 鈥渁ssume鈥�, 鈥渋ntend鈥�, 鈥渨ill鈥�, 鈥渃ontinue鈥�, 鈥渙pportunity鈥�, 鈥減redict鈥�, 鈥減otential鈥�, 鈥渇uture鈥�, 鈥済uarantee鈥�, 鈥渓ikely鈥�, 鈥渢arget鈥�, 鈥渋ndicate鈥�, 鈥渨ould鈥�, 鈥渃ould鈥� and 鈥渟hould鈥� and similar expressions are intended to identify forward-looking statements, although not all forward-looking statements are accompanied by such words. Such statements reflect management鈥檚 best judgment based on factors currently known but are subject to risks and uncertainties, which could cause actual results to differ materially from those anticipated. Such risks and uncertainties include, but are not limited to, the state of the economy and the financial services industry and other industries in which the Company鈥檚 clients operate, the Company鈥檚 ability to realize anticipated benefits from its acquisitions, the effect of customer consolidation on demand for the Company鈥檚 products and services, the variability of revenue as a result of activity in the securities markets, the focus of the Company鈥檚 business on the asset management industry, the ability to retain and attract clients, the intensity of competition with respect to the Company鈥檚 products and services, risks from cyber-attacks, breaches of digital security, IT system failures and network disruptions, risks associated with third party providers, fluctuations in the Company鈥檚 operating results, terrorist activities and other catastrophic events, risks associated with the Company鈥檚 foreign operations, privacy concerns relating to the collection and storage of personal information, evolving regulations and increased scrutiny from regulators, the Company鈥檚 ability to protect intellectual property assets and litigation regarding intellectual property rights, delays in product development, investment decisions concerning cash balances, tax risks, risks associated with the Company鈥檚 joint ventures, changes in accounting standards, evolving regulation and scrutiny from regulators, the Company鈥檚 exposure to litigation and other claims, risks related to the Company鈥檚 substantial indebtedness, and the market price of the Company鈥檚 stock prevailing from time to time, and the risks discussed in the 鈥淩isk Factors鈥� section of the Company鈥檚 most recent Annual Report on Form 10-K and Quarterly Report on Form 10-Q, which are on file with the Securities and Exchange Commission and can also be accessed on our website. Such 鈥淩isk Factors鈥�, among others, could cause actual results to differ materially from those indicated by forward-looking statements made herein and presented elsewhere by management from time to time. Undue reliance should not be placed on any such forward-looking statements. Forward-looking statements speak only as of the date on which they are made and, except to the extent required by applicable securities laws, we undertake no obligation to update or revise any forward-looking statements.

About SS&C Technologies

SS&C is a global provider of services and software for the financial services and healthcare industries. Founded in 1986, SS&C is headquartered in Windsor, Connecticut, and has offices around the world. More than 22,000 financial services and healthcare organizations, from the world's largest companies to small and mid-market firms, rely on SS&C for expertise, scale, and technology.

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SS&C Technologies Holdings, Inc. and Subsidiaries
Disclosures Relating to Non-GAAP Financial Measures

Note 1. Reconciliation of Revenues to Adjusted Revenues

Adjusted revenues represents revenues adjusted to include a) amounts that would have been recognized if deferred revenue were not adjusted to fair value at the date of acquisition and b) amounts that would have been recognized if not for adjustments to deferred revenue and retained earnings related to the adoption of ASC 606. Adjusted revenues is presented because we use this measure to evaluate performance of our business against prior periods and believe it is a useful indicator of the underlying performance of our business. Adjusted revenues is not a recognized term under generally accepted accounting principles (鈥淕AAP鈥�). Adjusted revenues does not represent revenues, as that term is defined under GAAP, and should not be considered as an alternative to revenues as an indicator of our operating performance. Adjusted revenues as presented herein is not necessarily comparable to similarly titled measures presented by other companies. Below is a reconciliation of adjusted revenues to revenues, the GAAP measure we believe to be most directly comparable to adjusted revenues.

The following is a breakdown of software-enabled services and license, maintenance and related revenues and adjusted software-enabled services and license, maintenance and related revenues.

Note 2. Reconciliation of Operating Income to Adjusted Operating Income

Adjusted operating income represents operating income adjusted for amortization of intangible assets, stock-based compensation, purchase accounting adjustments for deferred revenue and related costs, ASC 606 adoption impact and other expenses. Adjusted operating income is presented because we use this measure to evaluate performance of our business and believe it is a useful indicator of our underlying performance. Adjusted operating income is not a recognized term under GAAP. Adjusted operating income does not represent operating income, as that term is defined under GAAP, and should not be considered as an alternative to operating income as an indicator of our operating performance. Adjusted operating income as presented herein is not necessarily comparable to similarly titled measures by other companies. The following is a reconciliation between adjusted operating income and operating income, the GAAP measure we believe to be most directly comparable to adjusted operating income.

Note 3. Reconciliation of Net Income to EBITDA, Consolidated EBITDA and Adjusted Consolidated EBITDA

EBITDA represents net income before interest expense, income taxes, depreciation and amortization. Consolidated EBITDA, defined under our Credit Agreement entered into in April 2018, as amended, is used in calculating covenant compliance, and is EBITDA adjusted for certain items. Consolidated EBITDA is calculated by subtracting from or adding to EBITDA items of income or expense described below. Adjusted Consolidated EBITDA is calculated by subtracting acquired EBITDA (as defined below) from Consolidated EBITDA. EBITDA, Consolidated EBITDA and Adjusted Consolidated EBITDA are presented because we use these measures to evaluate performance of our business and believe them to be useful indicators of an entity鈥檚 debt capacity and its ability to service debt. EBITDA, Consolidated EBITDA and Adjusted Consolidated EBITDA are not recognized terms under GAAP and should not be considered in isolation or as alternatives to operating income, net income or cash flows from operating activities as indicators of our operating performance. These measures are not necessarily comparable to similarly titled measures by other companies. The following is a reconciliation of EBITDA, Consolidated EBITDA and Adjusted Consolidated EBITDA to net income.

Note 4. Reconciliation of Net Income to Adjusted Net Income and Diluted Earnings Per Share Attributable to SS&C to Adjusted Diluted Earnings Per Share Attributable to SS&C

Adjusted net income and adjusted diluted earnings per share attributable to SS&C represent net income and earnings per share attributable to SS&C before amortization of intangible assets and deferred financing costs, stock-based compensation, purchase accounting adjustments and other items. We consider adjusted net income and adjusted diluted earnings per share attributable to SS&C to be important to management and investors because they represent our operational performance exclusive of the effects of amortization of intangible assets and deferred financing costs, stock-based compensation, purchase accounting adjustments, loss on extinguishment of debt and other items, that are not operational in nature or comparable to those of our competitors. Adjusted net income and adjusted diluted earnings per share are not recognized terms under GAAP. Adjusted net income and adjusted diluted earnings per share do not represent net income or diluted earnings per share, as those terms are defined under GAAP, and should not be considered as alternatives to net income or diluted earnings per share as indicators of our operating performance. Adjusted net income and adjusted diluted earnings per share attributable to SS&C as presented herein are not necessarily comparable to similarly titled measures presented by other companies. Below is a reconciliation of adjusted net income and adjusted diluted earnings per share attributable to SS&C to net income and diluted earnings per share attributable to SS&C, the GAAP measures we believe to be most directly comparable to adjusted net income and adjusted diluted earnings per share.

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For more information



Brian Schell

Chief Financial Officer

Tel: +1-816-642-0915

E-mail: [email protected]



Justine Stone

Head of Investor Relations

Tel: +1-212-367-4705

E-mail: [email protected]



Chand Madaka

Investor Relations

Tel: +1-908-845-1259

E-mail: [email protected]

Source: SS&C