SS&C Technologies : 2026 Q1 Earnings Slides

Published: 2026-04-23 17:29:25 ET SSNC

Published on 04/23/2026 at 05:29 pm EDT

SS&C Technologies (NASDAQ:SSNC)

Q1 2026 HIGHLIGHTS

Q1 2026 GAAP Revenue growth and Adjusted Revenue growth were 8.8 percent.

Q1 2026 Adjusted Organic Revenue Growth was 5.0 percent.

Net cash generated from operating activities of $299.7 million for the three months ended March 31, 2026, up 10.1 percent compared to the same period in 2025.

Returned $233.3 million to shareholders in Q1 2026, which included 2.3 million

shares repurchased for $168.0 million and $65.3 million in common stock dividends.

Adjusted consolidated EBITDA of $651.0 million, up 10.0 percent, with a margin of

39.5 percent.

GAAP operating income margin for Q1 2026 was 24.2 percent.

GAAP net income of $226.1 million for Q1 2026, up 6.2 percent and adjusted diluted earnings per share of $1.69, up 14.2 percent.

TECHNOLOGY-ENABLED SERVICES

Revenue line item redefined to better reflect our scaled, recurring, technology-enabled

services, supported by mission-critical infrastructure and deep domain expertise. Proprietary data and regulated expertise

Proprietary data streams and workflows embedded across fund administration, investor services, deal execution, and wealth

Delivery requires experts with deep subject matter knowledge: CPAs, CFAs, PhDs,

and others operating under SOC controlled frameworks Purpose-built technology infrastructure

Purpose-built applications and AI delivered via private cloud and owned data center infrastructure

Operated with ISO and SOC-certified controls, multi-region redundancy, and multi-

layer cybersecurity

Durable and diversified revenue streams

Diversified fee models (fee-based, AUA-based, account-based, transaction-based) with high retention and multi-year contracts

SaaS offerings represent 11% of Technology-Enabled Services revenue

Q1 2026 FINANCIAL HIGHLIGHTS

Metric

Q1 2026

Q1 2025

$ +/-

% +/-

Adjusted Revenues ($M)

$1,648.2

$1,514.8

$133.4

8.8%

Adjusted Operating Income ($M)

$633.6

$575.3

$58.3

10.1%

Adjusted Consolidated EBITDA ($M)

$651.0

$591.9

$59.1

10.0%

Adjusted Consolidated EBITDA margin

39.5%

39.1%

40 bps

Operating Cash Flow for the three months ended March 31, 2026 ($M)

$299.7

$272.2

$27.5

10.1%

Adjusted Diluted Earnings Per Share*

$1.69

$1.48

$0.21

14.2%

Note: See appendix for reconciliation of non-GAAP financial measures

* 2025 quarterly amounts presented using an effective tax rate of 22.0%; refer to appendix for additional information

DEBT REVIEW AND CAPITAL ALLOCATION

SS&C generated net cash from operating activities of

$299.7 million for the three months ended March 31, 2026, compared to $272.2 million for the same period in 2025.

Net leverage ratio is 2.76x, secured net leverage ratio is 1.69x LTM

consolidated EBITDA of $2,552.8 million.

Paid down $5.0 million of debt in Q1 2026.

Q1 2026 - $238 million

27%

71%

Q1 2026 we bought back 2.3 million shares for $168.0 million, at an average price of $72.60 per share.

Paid $65.3 million in common stock dividends for the three

months ended March 31, 2026.

ORGANIC GROWTH CALCULATIONS 2026

Q1 2026

Total Adjusted Revenues ($M)

1,648.2

FX ($M)

(22.4)

Acquisitions ($M)

(34.9)

Organic Revenues ($M)

1,590.9

Organic Revenue Growth Rate (%)

5.0%

ADJUSTED ORGANIC GROWTH BY BUSINESS

Business

2025

Revenue Base

Q1 2026

Consolidated

$6.28 B

5.0%

GlobeOp1

$1.77 B

6.7%

GIDS and related2

$1.60 B

10.4%

Wealth and Investment Technologies3

$1.51 B

(0.4%)

Intralinks

$569 M

3.2%

Intelligent Automation & Analytics4

$565 M

0.5%

Healthcare

$261 M

3.7%

1Hedge Fund Admin, Private Markets Admin, Registered Services, Retail Alternatives

2Includes Retirement and Distribution Solutions

3Includes Advent, Eze/Financial Markets, I&IM, ALPS Advisors, & other technology

4Includes Blue Prism, Regulatory Solutions, Algorithmics

ADJUSTED REVENUE AND ADJUSTED CONSOLIDATED EBTIDA

Adjusted revenue ($M)

$6,276

$5,886

8.8%

$6,744 1

8.1%

$1,537.8

$1,514.8

7.0%

5.5%

5.9%

$1,569.0

$1,648.2

$1,654.6

Q1 2025

Q2 2025

Q3 2025

Q4 2025

Q1 2026

FY 2024

FY 2025

FY 2026 E

Revenue

YoY Growth

Adjusted consolidated EBITDA ($M) and EBITDA margin (%)

39.5%

39.7%1

$619.0

$600.4

$591.9

39.1%

39.3%

39.0%

$651.0

39.2%

38.8%

$2,680 1

$2,462

$2,281

Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026

FY 2024 FY 2025 FY 2026 E

Note: See appendix for reconciliation of non-GAAP financial measures

1Midpoint of 2026 guidance

REVENUE RETENTION RATES

Quarterly retention rate is based on a rolling prior twelve months for all of SS&C.

97.1%

97.0%

96.8%

96.4%

96.7%

Acquisitions are not included in retention rate calculation until one year post-acquisition.

Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026

ADJUSTED NET INCOME & ADJUSTED DILUTED EPS

Adjusted net income ($M)

$417.7

$410.1

$391.4

$376.1

$375.6

Q1 2025* Q2 2025* Q3 2025* Q4 2025* Q1 2026

Adjusted diluted EPS

$1,715 1

$1,533

$1,372

FY 2024 FY 2025 FY 2026 E

$6.90 1

$6.14

$5.41

$1.69

$1.63

$1.55

$1.48

$1.49

Q1 2025* Q2 2025* Q3 2025* Q4 2025* Q1 2026 FY 2024 FY 2025 FY 2026 E

Note: See appendix for reconciliation of non-GAAP financial measures

* 2025 quarterly amounts presented using an effective tax rate of 22.0%; refer to appendix for additional information

1Midpoint of 2026 guidance

ALTERNATIVE ASSETS UNDER ADMINISTRATION ($B)

$2,966 $2,981

$2,400

$2,467

$2,488

$2,499

$2,502

$2,547

$2,628

Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026

QUARTERLY GUIDANCE

Q2 2026

Adjusted Revenues ($M)

$1,640 - $1,680

Organic growth Midpoint (%)

5.6%

Interest Expense ($M)1

$102 - $104

Adjusted Net Income ($M)

$408 - $424

Adjusted Diluted Earnings Per Share

$1.64 - $1.70

Cash from Operating Activities ($M)

Capital Expenditures (% of revenue)

Diluted Shares (M)

247.5 - 250.5

Effective Income Tax Rate (%)

21.5% - 23.5%

1Interest expense is net of deferred financing cost amortization and original issue discount

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's 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 Q2 2026 and FY 2026 GAAP financial results.

FULL YEAR GUIDANCE

FY 2026

(as of 4/23/26)

FY 2026

(as of 2/5/26)

Adjusted Revenues ($M)

Midpoint

$6,664 - $6,824

$6,744

$6,654 - $6,814

$6,734

Organic growth Midpoint (%)

5.3%

5.1%

Interest Expense ($M)1

$398 - $408

Adjusted Net Income ($M)

$1,665 - $1,765

$1,662 - $1,762

Adjusted Diluted Earnings Per Share

Midpoint

$6.74 - $7.06

$6.90

$6.70 - $7.02

$6.86

Cash from Operating Activities ($M)

$1,713 - $1,813

Capital Expenditures (% of revenue)

4.4% - 4.8%

Diluted Shares (M)

245.6 - 251.6

248.1 - 251.1

Effective Income Tax Rate (%)

21.5% - 23.5%

1Interest expense is net of deferred financing cost amortization and original issue discount

APPENDIX

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 ("GAAP"). 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 technology-enabled services and license, maintenance and related revenues and adjusted technology-enabled services and license, maintenance and related revenues.

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.

Purchase accounting adjustments include (a) an adjustment to increase revenues by the amount that would have been recognized if deferred revenue were not adjusted to fair value at the date of acquisition, (b) an adjustment to increase personnel and commissions expense by the amount that would have been recognized if prepaid commissions and deferred personnel costs were not adjusted to fair value at the date of the acquisitions and (c) an adjustment to decrease depreciation expense by the amount that would not have been recognized if property, plant and equipment were not adjusted to fair value at the date of acquisition.

Acquisition related includes costs related to both current acquisitions and the resolution of pre-acquisition matters for prior period acquisitions.

In 2021, we entered into a joint venture named DomaniRx, LLC in which we are the majority interest holder and primary beneficiary. As such, we consolidate DomaniRx, LLC as a variable interest entity.

Adjusted operating income attributable to noncontrolling interest represents adjusted operating income based on the ownership interest retained by the respective noncontrolling parties.

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's 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.

Reconciliation of net income to EBITDA, consolidated EBITDA and adjusted

consolidated EBITDA

Acquired EBITDA reflects the EBITDA impact of significant businesses that were acquired during the last twelve months as if the acquisition occurred at the beginning of the trailing twelve-month period, as well as cost savings enacted in connection with acquisitions.

Purchase accounting adjustments include (a) an adjustment to increase revenues by the amount that would have been recognized if deferred revenue were not adjusted to fair value at the date of acquisitions (b) an adjustment to increase personnel and commissions expense by the amount that would have been recognized if prepaid commissions and deferred personnel costs were not adjusted to fair value at the date of the acquisitions and (c) an adjustment to increase or decrease rent expense by the amount that would have been recognized if lease obligations were not adjusted to fair value at the date of acquisitions.

Investment gains includes unrealized fair value adjustments of investments and dividend income received on investments.

Acquisition related includes costs related to both current acquisitions and the resolution of pre-acquisition matters for prior period acquisitions.

Other includes additional expenses and income that are permitted to be excluded per the terms of our Credit Agreement from Consolidated EBITDA, a financial measure used in calculating our covenant compliance, and includes a loss on the sale of fixed assets of $33.3 million during the twelve months ended March 31, 2026.

In 2021, we entered into a joint venture named DomaniRx, LLC in which we are the majority interest holder and primary beneficiary. As such, we consolidate DomaniRx, LLC as a variable interest entity. Adjusted Consolidated EBITDA attributable to noncontrolling interest represents adjusted Consolidated EBITDA based on the ownership interest retained by the respective noncontrolling parties.

Reconciliation of net income to adjusted net income attributable to SS&C and diluted

earnings per share 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.

Reconciliation of net income to adjusted net income and diluted earnings

per share to adjusted diluted earnings per share

Investment gains includes unrealized fair value adjustments of investments. In prior periods, investment gains also included dividend income received on investments. Prior period amounts have been revised for consistent presentation.

Acquisition related includes costs related to both current acquisitions and the resolution of pre-acquisition matters for prior period acquisitions.

An estimated effective tax rate of 22.5% has been used to adjust the provision for income taxes for the purpose of computing adjusted net income for the three months ended March 31, 2026. An effective tax rate of 22% has been used to retroactively adjust the provision for income taxes for the purpose of computing adjusted net income for the three months ended March 31, 2025.

In 2021, we entered into a joint venture named DomaniRx, LLC in which we are the majority interest holder and primary beneficiary. As such, we consolidate DomaniRx, LLC as a variable interest entity. Adjusted net income attributable to noncontrolling interest represents adjusted net income based on the ownership interest retained by the respective noncontrolling parties.

Disclaimer

SS&C Technologies Holdings Inc. published this content on April 23, 2026, and is solely responsible for the information contained herein. Distributed via Public Technologies (PUBT), unedited and unaltered, on April 23, 2026 at 21:21 UTC.