SS&C's fourth quarter results were defined by continued momentum in its core software and services businesses, with management crediting recurring multi-year client partnerships, recent acquisitions, and AI-driven product enhancements as key contributors. CEO Bill Stone cited "continued strength in GIDS," with double-digit growth, and highlighted the GlobeOp segment's expansion in Australia as proof of the company's global reach. Management also pointed to the integration of recent acquisitions and consistent client outsourcing trends as drivers of top-line gains, while acknowledging that operating margin compression reflected higher investment in technology and growth initiatives.
Is now the time to buy SSNC? Find out in our full research report (it’s free for active Edge members).
SS&C (SSNC) Q4 CY2025 Highlights:
- Revenue: $1.65 billion vs analyst estimates of $1.62 billion (8.1% year-on-year growth, 1.9% beat)
- Adjusted EPS: $1.69 vs analyst estimates of $1.61 (5% beat)
- Adjusted EBITDA: $651.8 million vs analyst estimates of $653.4 million (39.4% margin, in line)
- Revenue Guidance for Q1 CY2026 is $1.63 billion at the midpoint, above analyst estimates of $1.61 billion
- Adjusted EPS guidance for the upcoming financial year 2026 is $6.86 at the midpoint, beating analyst estimates by 3.8%
- Operating Margin: 22.3%, down from 23.4% in the same quarter last year
- Billings: $1.69 billion at quarter end, up 8.9% year on year
- Market Capitalization: $17.79 billion
While we enjoy listening to the management's commentary, our favorite part of earnings calls are the analyst questions. Those are unscripted and can often highlight topics that management teams would rather avoid or topics where the answer is complicated. Here is what has caught our attention.
Our Top 5 Analyst Questions From SS&C’s Q4 Earnings Call
- Jeff Schmitt (William Blair) asked about the healthcare segment’s weak organic growth and why momentum remains limited. CEO Bill Stone explained that timing of license sales and regulatory hurdles led to volatility, but said the new unified healthcare platform should improve results over time.
- Jeff Schmitt (William Blair) requested an update on the Elevance relationship and potential onboarding to Dominion Rx. Stone stated that while relationships remain challenging, SS&C is optimistic due to Elevance’s significant investment and ongoing interest.
- Peter Heckmann (D.A. Davidson) inquired about exceptional growth in alternative fund administration. Stone detailed the combination of strong organic gains and contributions from the Kurofun Services acquisition.
- Peter Heckmann (D.A. Davidson) asked about the outlook for the intelligent automation business, including Blue Prism. Stone expressed confidence that investment in AI and automation would support growth in line with the broader company.
- Matt Roswell (RBC Capital Markets) questioned the medium-term growth prospects for wealth and investment management. Stone highlighted the Black Diamond platform’s expanding client base and successful integration of Morningstar clients as key growth drivers.
Catalysts in Upcoming Quarters
Looking ahead, our team will focus on (1) the pace of AI-driven product adoption—particularly within intelligent automation and fund administration, (2) the rollout and client uptake of the new unified healthcare platform, and (3) the durability of international growth, especially in Australia and other targeted markets. Progress on integrating recent acquisitions and the ability to sustain strong outsourcing demand will also be critical signposts.
SS&C currently trades at $72.90, down from $74.98 just before the earnings. At this price, is it a buy or sell? The answer lies in our full research report (it’s free).
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