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    SSNC
    Earnings call· Mar 2026(Q1 FY26)

    SS&C Technologies Holdings Q1 FY26 earnings call SSNC

    Apr 23, 2026 Source

    Executive summary

    SS&C Technologies Q1 FY26 — Strong Performance and Raised Guidance Amid Macro Headwinds

    SS&C Technologies delivered strong first-quarter results, exceeding expectations and raising full-year guidance despite significant global macro headwinds. The company highlighted its resilience, driven by deeply embedded technology-enabled services and strategic investments in AI, which are enhancing internal efficiencies and client offerings. Management expressed confidence in continued growth, particularly in GIDS and Wealth, while prioritizing share repurchases.

    Highlights

    5

    • Adjusted revenue of $1.648 billion, up 9% year-over-year.

    • Adjusted diluted earnings per share of $1.69, a 14% increase.

    • Adjusted consolidated EBITDA of $651 million, up 10% year-over-year, with a 39.5% margin.

    • Adjusted organic revenue growth was 5%, driven by GIDS (10.4%) and GlobeOp (6.7%).

    • $581 billion in assets under administration added to fund administration since Q1 2024.

    Concerns

    1

    • Macro headwinds including a war in Iran, tariffs war, and spiking oil prices.

    Guidance & targets

    16
    CategoryTargetConfidence
    Q2 FY26 Revenue
    $1.64 billion to $1.68 billion
    high materiality
    High
    Q2 FY26 Organic Revenue Growth
    5.6% at the midpoint
    medium materiality
    High
    Q2 FY26 Adjusted Net Income
    $408 million to $424 million
    high materiality
    High
    Q2 FY26 Interest Expense
    $102 million to $104 million
    medium materiality
    High
    Q2 FY26 Adjusted Diluted EPS
    $1.64 to $1.70
    high materiality
    High
    Full Year FY26 Revenue
    $6.664 billion to $6.824 billion
    high materiality
    High
    Full Year FY26 Organic Revenue Growth
    5.3% at the midpoint
    medium materiality
    High
    Full Year FY26 Adjusted Net Income
    $1.665 billion to $1.765 billion
    high materiality
    High
    Full Year FY26 Adjusted Diluted EPS
    $6.74 to $7.06
    high materiality
    High
    Full Year FY26 Adjusted Diluted EPS Growth
    approximately 12% at the midpoint
    high materiality
    High
    Full Year FY26 Effective Non-GAAP Tax Rate
    approximately 22.5%
    medium materiality
    High
    Full Year FY26 Capital Expenditures
    4.4% to 4.8% of revenues
    medium materiality
    High
    Full Year FY26 Annual EBITDA Expansion
    50 basis points
    medium materiality
    High
    Q4 FY26 EBITDA Margin
    40%
    medium materiality
    High
    Short-term interest rates
    remain at current levels
    low materiality
    High
    Retention rates
    in the range of our most recent results
    low materiality
    High

    Segment performance

    4
    SegmentRevenueYoYQoQMargin
    Technology-Enabled Services
    Renamed from previous largest revenue line to better reflect proprietary data streams, domain expertise, software, private cloud, data center infrastructure, and cybersecurity measures.
    Software (subscriptions) share of category: 11%
    		————
    GIDS
    Incremental revenue contribution. Performance driven by new logo wins and continued upsell/cross-sell activity. Strong opportunities in Australian superannuation market ($4 trillion), North America, and Europe.
    		$38 million10.4%——
    GlobeOp
    Incremental revenue contribution. Performance driven by new logo wins and continued upsell/cross-sell activity. Most private credit funds are closed-end, making fees static and immune to day-to-day fluctuations.
    		$29 million6.7%——
    Intralinks
    Positive leading indicators and increasing adoption of its next-generation AI-enabled deal center platform. Market has come back a little, and product investments have helped gain market share.
    		—3.2%——

    Operational metrics

    23
    Adjusted Revenue
    $1.648 billionup 8.8% YoY
    Q1 FY26

    Record adjusted revenue for the first quarter.

    Adjusted Diluted EPS
    $1.69up 14.2% YoY
    Q1 FY26

    Record adjusted diluted EPS for the first quarter.

    Adjusted Consolidated EBITDA
    $651 millionup 10% YoY
    Q1 FY26

    Record adjusted consolidated EBITDA for the first quarter. Increased by $59 million YoY.

    Adjusted Consolidated EBITDA Margin
    39.5%up 40 bps YoY
    Q1 FY26

    Margin expansion in the first quarter.

    Adjusted Organic Revenue Growth (constant currency)
    5%
    Q1 FY26

    Organic revenue growth on a constant currency basis.

    Foreign Exchange Impact on Adjusted Revenue
    $22 millionfavorable
    Q1 FY26

    Favorable impact from foreign exchange on adjusted revenue.

    Core Expenses Increase
    $27 millionup 2.9%
    Q1 FY26

    Increase in core expenses, excluding acquisition and FX impact.

    Cash from Operating Activities
    $300 millionup 10% YoY
    Q1 FY26

    Cash flow from operating activities for the three months ended March 31, 2026.

    Shares Repurchased
    2.3 million
    Q1 FY26

    Shares repurchased as part of capital return to shareholders.

    Common Stock Dividends
    $65 million
    Q1 FY26

    Dividends paid to common stock shareholders.

    Capital Returned to Shareholders
    $233 million
    Q1 FY26

    Total capital returned to shareholders, including repurchases and dividends.

    Net Interest Expense
    $105 millionflat YoY
    Q1 FY26

    Net interest expense for the first quarter.

    Adjusted Net Income
    $418 millionup 11.1% YoY
    Q1 FY26

    Adjusted net income for the first quarter.

    Effective Non-GAAP Tax Rate
    22.5%
    Q1 FY26

    Effective non-GAAP tax rate for the quarter.

    Diluted Share Count
    247.6 milliondown from 254.9 million YoY
    Q1 FY26

    Diluted share count, primarily due to lower dilutive shares and treasury share repurchases.

    Cash and Cash Equivalents
    $421 million
    Q1 FY26

    Balance at the end of the first quarter.

    Gross Debt
    $7.5 billion
    Q1 FY26

    Gross debt balance at the end of the first quarter.

    Net Debt
    $7.1 billion
    Q1 FY26

    Net debt balance at the end of the first quarter.

    Last 12 Months Consolidated EBITDA
    $2.6 billion
    LTM Q1 FY26

    Consolidated EBITDA for the last twelve months.

    Net Leverage Ratio
    2.76x
    Q1 FY26

    Net leverage ratio at the end of the first quarter.

    Digital Workers Deployed
    ~4,000
    Current

    Number of digital workers deployed through Blue Prism technology.

    Savings from Digital Workers
    couple of hundred million dollars a year
    Annual

    Estimated annual savings from the deployment of digital workers.

    Blockchain Work Unaffected
    95%
    Current

    Percentage of core work that remains unchanged or grows with blockchain/tokenization adoption.

    Industry KPIs

    2
    MetricValueDetails
    Retention ratein the range of our most recent results
    Revenue model mix11%%

    Orderbook & backlog

    2
    Assets Under Administration (AUA) added to fund administration$581 billionsince Q1 2024
    Insignia assets under administration$321 billionCurrent

    Product announcements

    1
    ProductTypeDetails
    Blue Prism WorkHQlaunch

    Deals & partnerships

    2
    MorningstarAcquired assets/clients from Morningstar.

    Transaction occurred "a little more than a year ago".

    CalastoneAcquired Calastone to enhance capabilities in tokenization/blockchain.$1 billion

    Acquisition was a significant investment in a technology SS&C believes in.

    Risks & headwinds

    4
    Geopolitical and macro headwindsQ1 2026

    war in Iran, tariffs war, spiking oil prices

    Mitigation: SS&C's resilience, embedded technology, and client relationships.

    Hesitancy in client decision-making due to macro environmentQ1 2026

    tariffs flying out at billions and billions and billions

    Mitigation: Clients still need technology to run their businesses, leading to continued investment in SS&C's services.

    Private credit redemption fearsCurrent

    some of these maybe fears might be a little bit overblown

    Mitigation: Most private credit funds are closed-end, with static fees, making SS&C immune to day-to-day fluctuations.

    AI disruption to software businessesOngoing

    some very pointed software businesses that are not large, but they're in all total, maybe $100 million in revenue

    Mitigation: SS&C is deeply embedded in client operations, handling regulated and complex workflows (tax returns, regulatory filings), which are difficult to replace. AI is viewed as an opportunity for efficiency and new services.

    What to watch in Q2 FY26

    5

    Blue Prism WorkHQ adoption and impact

    next quarter
    CurrentFeedback from early adopters has been positive
    TargetEvidence of client adoption and initial revenue/efficiency benefits.

    Why it matters

    Indicates the success of SS&C's AI strategy and potential for new revenue streams and internal efficiencies.

    Next week, SS&C will launch Blue Prism WorkHQ, our Agentic workflow orchestration platform designed to coordinate automation, AI agents and human decision-making across enterprise workflows. Feedback from early adopters has been positive, and we're excited to share more at our launch event, which will be open to virtual attendees and registration right now is over 2,000 people.

    Q&A highlights

    6

    Would SS&C's Q1 results have been even stronger without the current macro headwinds?

    While macro headwinds like tariffs, war, and spiking oil prices create hesitancy, the fundamental need for technology to run businesses persists. SS&C's clients are actively investing in services and products, leading to a bullish outlook for 2026 despite the environment.

    “Well, you get hesitancy, Kevin, as you well know, right, when you have tariffs flying out at billions and billions and billions. And then you have war and then you have spiking oil prices, which generally is going to increase inflation. So there's a lot of macro headwinds.”

    asked by Kevin McVeigh · answered by Bill Stone

    2 min read6 chapters

    Detailed Narrative

    01

    Resilience Amid Macro Headwinds

    SS&C demonstrated strong performance in Q1 FY26 despite significant global macro challenges🌐, including geopolitical conflicts, tariffs, and rising oil prices. The company's deeply embedded technology platforms and client relationships underpinned its resilience, leading to record Q1 adjusted revenue, EBITDA, and EPS. Management noted that while these headwinds create hesitancy, the fundamental need for technology to run businesses remains strong.

    02

    Strategic Focus on AI and Innovation

    The company is actively leveraging AI to enhance software development, accelerate implementations, improve customer experience, and drive efficiencies across its operations. The upcoming launch of Blue Prism WorkHQ, an Agentic workflow orchestration platform, is a key initiative, with early adopter feedback being positive and over 2,000 registrations for the launch event. SS&C's deep domain expertise and internal controls are seen as critical for governed and secure AI deployment.

    03

    Renaming of Largest Revenue Line

    SS&C has renamed its largest revenue line to "Technology-Enabled Services" to better reflect the comprehensive nature of its offerings. This category encompasses proprietary data streams, domain expertise, software, private cloud infrastructure, and robust cybersecurity measures. Software, largely in the form of subscriptions, represents an estimated 11% of this category, highlighting the integrated service delivery model.

    04

    Strong Segment Performance and Market Opportunities

    GIDS and GlobeOp were key drivers of organic revenue growth, with GIDS growing 10.4% and GlobeOp 6.7%. The company sees significant opportunities in the Australian superannuation market, which is valued at $4 trillion, as well as in North America and Europe for GIDS. The Wealth business, particularly Black Diamond and Trust Suite, continues to execute well, with expectations for double-digit growth driven by client needs for trust accounting and recent acquisitions.

    05

    Capital Allocation Strategy

    SS&C returned $233 million to shareholders in Q1 FY26, comprising $168 million in share repurchases (2.3 million shares at an average price of $72.60) and $65 million in common stock dividends. This represents 98% of allocated capital in Q1. Management emphasized a strengthened conviction in share repurchases, prioritizing them over debt reduction or acquisitions in the absence of high-quality accretive opportunities, given the current stock valuation.

    06

    Tokenization and Blockchain as Opportunities

    Management views tokenization and blockchain technology as enablers and opportunities rather than risks. While the number of clients adopting these technologies is still small, SS&C is prepared to support them, noting that it simplifies client onboarding and enables new revenue streams. The company highlighted that approximately 95% of the core work remains unchanged or grows, making it a net beneficial trend.

    AI-generated summary of the company’s earnings call. Not investment advice.