Q2 2026 GAAP revenue $1,695.7 million, up 10.3%, Fully Diluted GAAP Earnings Per Share $0.97, up 34.7%
Adjusted revenue $1,696.9 million, up 10.3%, Adjusted Diluted Earnings Per Share $1.76, up 18.1%
WINDSOR, Conn., July 23, 2026--(BUSINESS WIRE)--SS&C Technologies Holdings, Inc. (NASDAQ: SSNC), a global provider of investment, financial and healthcare technology and technology-enabled services, today announced its financial results for the second quarter ended June 30, 2026.
Three Months Ended | Six Months Ended | |||||
(in millions, except per share data): | 2026 | 2025 | Change | 2026 | 2025 | Change |
GAAP Results | ||||||
Revenue | $1,695.7 | $1,536.8 | 10.3% | $3,342.8 | $3,050.7 | 9.6% |
Operating income | 417.1 | 344.5 | 21.1% | 815.3 | 702.4 | 16.1% |
Operating income margin | 24.6% | 22.4% | 220 bps | 24.4% | 23.0% | 140 bps |
Net income | 234.8 | 180.8 | 29.9% | 460.9 | 393.8 | 17.0% |
Diluted earnings per share | $0.97 | $0.72 | 34.7% | $1.88 | $1.55 | 21.3% |
Adjusted Non-GAAP Results (defined in Notes 1 - 4 below) | ||||||
Adjusted revenue | $1,696.9 | $1,537.8 | 10.3% | $3,345.1 | $3,052.6 | 9.6% |
Adjusted operating income | 653.8 | 583.5 | 12.0% | 1,287.4 | 1,158.8 | 11.1% |
Adjusted operating income margin | 38.5% | 37.9% | 60 bps | 38.5% | 38.0% | 50 bps |
Adjusted consolidated EBITDA | 670.7 | 600.4 | 11.7% | 1,321.7 | 1,192.3 | 10.9% |
Adjusted consolidated EBITDA margin | 39.5% | 39.0% | 50 bps | 39.5% | 39.1% | 40 bps |
Adjusted diluted earnings per share(1) | $1.76 | $1.49 | 18.1% | $3.45 | $2.97 | 16.2% |
(1) Reflects non-GAAP tax rates of 22.5% for the three and six months ended June 30, 2026 and 22.0% for the three and six months ended June 30, 2025. See Note 4 for more information. |
Second Quarter 2026 Highlights:
Q2 2026 GAAP Revenue growth and Adjusted Revenue growth were 10.3 percent.
Q2 2026 Adjusted Organic Revenue Growth was 7.6 percent.
Net cash generated from operating activities of $716.4 million for the six months ended June 30, 2026, up 11.1 percent compared to the same period in 2025.
Returned $499.2 million to shareholders in Q2 2026, which included a record 6.4 million shares repurchased for $435.2 million and $64.0 million in common stock dividends.
Record adjusted consolidated EBITDA of $670.7 million for Q2 2026, up 11.7 percent. Adjusted consolidated EBITDA margin for Q2 2026 was 39.5 percent.
GAAP operating income margin for Q2 2026 was 24.6 percent and GAAP net income of $234.8 million for Q2 2026, up 29.9 percent.
Adjusted diluted earnings per share was $1.76, up 18.1 percent.
We look forward to hosting our clients at SS&C Deliver in Orlando, FL September 20-22, 2026.
"SS&C delivered another record quarter, organic growth of 7.6 percent, adjusted revenues of $1,697 million and adjusted consolidated EBITDA of $671 million. These numbers were driven by consistent execution," says Bill Stone, Chairman and Chief Executive Officer. "The structural advantages of SS&C's business model are reflected in the metrics that matter most: strong sales, robust renewal performance, healthy retention, and steady margin expansion. Our clients continue to invest in the relationship because our expertise, technology, and innovation are essential to their operations. Year to date, we returned 100 percent of allocated capital to shareholders through share repurchases and dividends, reflecting our confidence in the long-term value of our business."
Operating Cash Flow
SS&C generated net cash from operating activities of $716.4 million for the six months ended June 30, 2026, compared to $645.1 million for the same period in 2025, a 11.1% increase. SS&C ended the second quarter with $434.8 million in cash and cash equivalents and $7,613.5 million in gross debt. SS&C's consolidated net leverage ratio as defined in our credit agreement stood at 2.75 times consolidated EBITDA as of June 30, 2026. SS&C's net secured leverage ratio stood at 1.70 times consolidated EBITDA as of June 30, 2026.
Guidance
Q3 2026 | FY 2026 | |||
Adjusted Revenue ($M) | $1,657 – $1,697 | $6,672 – $6,832 | ||
Adjusted Net Income ($M) | $413 – $429 | $1,670 – $1,770 | ||
Interest Expense1 ($M) | $103 – $105 | $406 – $416 | ||
Adjusted Diluted Earnings per Share | $1.73 – $1.79 | $6.93 – $7.25 | ||
Cash from Operating Activities ($M) | – | $1,717 – $1,817 | ||
Capital Expenditures (% of revenue) | – | 4.4% – 4.8% | ||
Diluted Shares (M) | 237.6 – 240.6 | 241.0 – 244.0 | ||
Effective Income Tax Rate (%) | 21.5% – 23.5% | 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 Q3 2026 and FY 2026 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. All references above to net income, diluted earnings per share, adjusted operating income, adjusted consolidated EBITDA, and adjusted diluted earnings per share are attributable to SS&C.
Earnings Call and Press Release
SS&C's second quarter 2026 earnings call will take place at 5:00 p.m. eastern time today, July 23, 2026. The call will discuss second quarter 2026 results. Interested parties may visit investor.ssctech.com to access the live webcast and view accompanying slides. The call will be available for replay via the webcast on SS&C's website; access: https://investor.ssctech.com/financials/quarterly-results/default.aspx
Certain information contained in this press release, including information relating to, among other things, the Company's financial guidance for the third quarter and full year of 2026 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 "believes", "anticipates", "plans", "expects", "estimates", "projects", "forecasts", "may", "assume", "intend", "will", "continue", "opportunity", "predict", "potential", "future", "guarantee", "likely", "target", "indicate", "would", "could" and "should" 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's 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's clients operate, the Company's ability to realize anticipated benefits from its acquisitions, the effect of customer consolidation on demand for the Company's products and services, the variability of revenue as a result of activity in the securities markets, the focus of the Company's business on the asset management industry, the ability to retain and attract clients, the intensity of competition with respect to the Company's 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's operating results, terrorist activities and other catastrophic events, risks associated with the Company's foreign operations, privacy concerns relating to the collection and storage of personal information, evolving regulations and increased scrutiny from regulators, the Company's 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's joint ventures, changes in accounting standards, evolving regulation and scrutiny from regulators, the Company's exposure to litigation and other claims, risks related to the Company's substantial indebtedness, and the market price of the Company's stock prevailing from time to time, and the risks discussed in the "Risk Factors" section of the Company's 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 "Risk Factors", 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 leading provider of mission-critical, AI-powered technology and services empowering financial services and healthcare organizations to work smarter, faster, and securely. Founded in 1986, SS&C is headquartered in Windsor, Connecticut, and has offices worldwide. More than 23,000 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 | ||||||||||||||||
Condensed Consolidated Statements of Comprehensive Income | ||||||||||||||||
(in millions, except per share data) | ||||||||||||||||
(unaudited) | ||||||||||||||||
Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||
2026 | 2025 | 2026 | 2025 | |||||||||||||
Revenues: | ||||||||||||||||
Technology-enabled services | $ | 1,408.2 | $ | 1,267.7 | $ | 2,815.5 | $ | 2,537.6 | ||||||||
License, maintenance and related | 287.5 | 269.1 | 527.3 | 513.1 | ||||||||||||
Total revenues | 1,695.7 | 1,536.8 | 3,342.8 | 3,050.7 | ||||||||||||
Cost of revenues: | ||||||||||||||||
Technology-enabled services | 771.6 | 693.9 | 1,512.1 | 1,361.2 | ||||||||||||
License, maintenance and related | 105.8 | 106.0 | 210.6 | 205.5 | ||||||||||||
Total cost of revenues | 877.4 | 799.9 | 1,722.7 | 1,566.7 | ||||||||||||
Gross profit | 818.3 | 736.9 | 1,620.1 | 1,484.0 | ||||||||||||
Operating expenses: | ||||||||||||||||
Selling and marketing | 160.5 | 152.4 | 312.2 | 304.7 | ||||||||||||
Research and development | 132.3 | 128.1 | 266.9 | 257.2 | ||||||||||||
General and administrative | 108.4 | 111.9 | 225.7 | 219.7 | ||||||||||||
Total operating expenses | 401.2 | 392.4 | 804.8 | 781.6 | ||||||||||||
Operating income | 417.1 | 344.5 | 815.3 | 702.4 | ||||||||||||
Interest expense, net | (107.0 | ) | (105.5 | ) | (212.4 | ) | (210.7 | ) | ||||||||
Other income (expense), net | 1.1 | (1.1 | ) | 7.9 | 6.1 | |||||||||||
Equity in earnings of unconsolidated affiliates, net | 3.0 | 1.6 | 6.9 | 3.9 | ||||||||||||
Loss on extinguishment of debt | — | — | (0.4 | ) | (0.9 | ) | ||||||||||
Income before income taxes | 314.2 | 239.5 | 617.3 | 500.8 | ||||||||||||
Provision for income taxes | 78.9 | 58.4 | 155.7 | 106.5 | ||||||||||||
Net income | 235.3 | 181.1 | 461.6 | 394.3 | ||||||||||||
Net income attributable to noncontrolling interest | (0.5 | ) | (0.3 | ) | (0.7 | ) | (0.5 | ) | ||||||||
Net income attributable to SS&C common stockholders | $ | 234.8 | $ | 180.8 | $ | 460.9 | $ | 393.8 | ||||||||
Basic earnings per share attributable to SS&C common stockholders | $ | 0.99 | $ | 0.74 | $ | 1.92 | $ | 1.60 | ||||||||
Diluted earnings per share attributable to SS&C common stockholders | $ | 0.97 | $ | 0.72 | $ | 1.88 | $ | 1.55 | ||||||||
Basic weighted-average number of common shares outstanding | 238.1 | 244.9 | 239.8 | 245.4 | ||||||||||||
Diluted weighted-average number of common and common equivalent shares outstanding | 242.0 | 252.2 | 244.6 | 253.5 | ||||||||||||
Net income | $ | 235.3 | $ | 181.1 | $ | 461.6 | $ | 394.3 | ||||||||
Other comprehensive (loss) income, net of tax: | ||||||||||||||||
Foreign currency exchange translation adjustment | (2.6 | ) | 207.8 | (74.7 | ) | 300.3 | ||||||||||
Change in defined benefit pension obligation | (0.2 | ) | — | 0.2 | — | |||||||||||
Total other comprehensive (loss) income, net of tax | (2.8 | ) | 207.8 | (74.5 | ) | 300.3 | ||||||||||
Comprehensive income | 232.5 | 388.9 | 387.1 | 694.6 | ||||||||||||
Comprehensive income attributable to noncontrolling interest | (0.5 | ) | (0.3 | ) | (0.7 | ) | (0.5 | ) | ||||||||
Comprehensive income attributable to SS&C common stockholders | $ | 232.0 | $ | 388.6 | $ | 386.4 | $ | 694.1 |
SS&C Technologies Holdings, Inc. and Subsidiaries | ||||||||
Condensed Consolidated Balance Sheets | ||||||||
(in millions) | ||||||||
(unaudited) | ||||||||
June 30, | December 31, | |||||||
2026 | 2025 | |||||||
Assets | ||||||||
Current assets: | ||||||||
Cash and cash equivalents | $ | 434.8 | $ | 462.1 | ||||
Funds receivable and funds held on behalf of clients | 3,984.5 | 3,799.5 | ||||||
Accounts receivable, net | 1,023.6 | 978.7 | ||||||
Contract asset | 41.0 | 49.2 | ||||||
Prepaid expenses and other current assets | 213.4 | 193.7 | ||||||
Restricted cash | 2.3 | 4.5 | ||||||
Total current assets | 5,699.6 | 5,487.7 | ||||||
Property, plant and equipment, net | 265.3 | 289.5 | ||||||
Operating lease right-of-use assets | 214.6 | 233.3 | ||||||
Investments | 174.6 | 174.4 | ||||||
Unconsolidated affiliates | 295.3 | 307.7 | ||||||
Contract asset | 155.4 | 133.1 | ||||||
Goodwill | 9,930.0 | 9,991.3 | ||||||
Intangible and other assets, net | 3,873.8 | 4,094.7 | ||||||
Total assets | $ | 20,608.6 | $ | 20,711.7 | ||||
Liabilities and Equity | ||||||||
Current liabilities: | ||||||||
Current portion of long-term debt | $ | 265.0 | $ | 25.0 | ||||
Client funds obligations | 3,984.5 | 3,799.5 | ||||||
Accounts payable | 62.6 | 87.2 | ||||||
Income taxes payable | — | 23.3 | ||||||
Accrued employee compensation and benefits | 233.5 | 348.9 | ||||||
Interest payable | 32.1 | 31.6 | ||||||
Other accrued expenses | 290.1 | 303.4 | ||||||
Deferred revenue | 486.4 | 492.4 | ||||||
Total current liabilities | 5,354.2 | 5,111.3 | ||||||
Long-term debt, net of current portion | 7,312.2 | 7,408.4 | ||||||
Operating lease liabilities | 200.1 | 213.2 | ||||||
Other long-term liabilities | 193.8 | 190.2 | ||||||
Deferred income taxes | 837.8 | 846.8 | ||||||
Total liabilities | 13,898.1 | 13,769.9 | ||||||
SS&C stockholders' equity | 6,640.7 | 6,887.6 | ||||||
Noncontrolling interest | 69.8 | 54.2 | ||||||
Total equity | 6,710.5 | 6,941.8 | ||||||
Total liabilities and equity | $ | 20,608.6 | $ | 20,711.7 |
SS&C Technologies Holdings, Inc. and Subsidiaries | ||||||||
Condensed Consolidated Statements of Cash Flows | ||||||||
(in millions) | ||||||||
(unaudited) | ||||||||
Six Months Ended June 30, | ||||||||
2026 | 2025 | |||||||
Cash flow from operating activities: | ||||||||
Net income | $ | 461.6 | $ | 394.3 | ||||
Adjustments to reconcile net income to net cash provided by operating activities: | ||||||||
Depreciation and amortization | 361.9 | 345.7 | ||||||
Equity in earnings of unconsolidated affiliates, net | (6.9 | ) | (3.9 | ) | ||||
Distributions received from unconsolidated affiliates | 16.9 | — | ||||||
Stock-based compensation expense | 123.7 | 112.9 | ||||||
Unrealized net (gains) losses on investments | (1.2 | ) | 3.5 | |||||
Amortization of debt financing costs | 3.7 | 3.3 | ||||||
Loss on extinguishment of debt | 0.4 | 0.9 | ||||||
Loss on sale or disposition of property and equipment | 2.9 | 0.1 | ||||||
Deferred income taxes | (7.1 | ) | (41.8 | ) | ||||
Provision for credit losses | 11.6 | 9.2 | ||||||
Changes in operating assets and liabilities, excluding effects from acquisitions: | ... |