Executive Summary

SS&C delivered a clean beat with revenue $1.568B (+7.0% YoY) and adjusted EPS $1.57 (+17.2% YoY); both topped S&P Global consensus by ~1.0% on revenue ($1.568B vs $1.5519B*) and ~6.5% on EPS ($1.57 vs $1.474*). Management posted record adjusted EBITDA of $619M (39.5% margin, +90 bps YoY).
FY25 guidance was raised: revenue to $6.210–$6.250B (midpoint +$37M from Q2) and adjusted EPS to $6.02–$6.08 (midpoint +$0.11), with Q4 guidance set at $1.59–$1.63B revenue and $1.56–$1.62 EPS.
Execution drivers: 5.2% adjusted organic growth; GlobeOp +9.6% and GIDS +9.0% organic growth; a large Australia lift-out closed July 1; lower interest expense (–$6M YoY) aided EPS.
Capital returns and balance sheet remain catalysts: Q3 buybacks $240.1M (2.8M shares), dividend up 8% to $1.08 annually, net leverage 2.59x; Calastone acquisition closed Oct 14 and AI Agents launched Oct 28 highlight product/adjacency momentum.

What Went Well and What Went Wrong

What Went Well
- Organic growth accelerated to 5.2% with strength in alternatives; GlobeOp +9.6% and GIDS +9.0% drove mix and margin; adjusted EBITDA hit a quarterly record with 39.5% margin (+90 bps YoY). “Record adjusted revenues…attest to long-term financial and operating strength.”
- Robust cash generation: operating cash flow up 22.1% YTD to $1.101B; Q3 cash flow conversion 115.2%. Management raised FY25 revenue and EPS guidance on strong execution.
- Strategic momentum: closed Calastone (global funds network) and announced agentic AI solutions; management emphasized tokenization and purpose-built AI agents as new growth vectors.
What Went Wrong
- Intralinks remained soft (–2.8% organic in Q3) despite early signs of pipeline improvement; management expects revenue to lag deal activity by weeks/months.
- Equity in earnings swung to a loss (–$11.6M vs +$1.1M YoY) and GAAP other income trends were less favorable, partially offset by lower net interest expense (–$6M YoY).
- Some product lines were flat/down YoY on licenses/maintenance ($258.6M vs $259.6M YoY), and management noted a small lost-insourcing impact at a client (State Street FPDR), though expected to be immaterial.

Financial Results

Overall P&L and Margins

Metric	Q3 2024	Q2 2025	Q3 2025
Revenue ($USD Billions)	$1.466	$1.537	$1.568
GAAP Diluted EPS ($)	$0.65	$0.72	$0.83
Adjusted Diluted EPS ($)	$1.34	$1.45	$1.57
GAAP Operating Margin (%)	22.2%	22.4%	23.3%
Adjusted EBITDA ($USD Millions)	$566.2	$600.4	$619.0
Adjusted EBITDA Margin (%)	38.6%	39.0%	39.5%

Revenue Mix

Revenue by Type ($USD Millions)	Q3 2024	Q2 2025	Q3 2025
Software-enabled services	$1,206.2	$1,267.7	$1,309.4
License, maintenance and related	$259.6	$269.1	$258.6
Total Revenues	$1,465.8	$1,536.8	$1,568.0

Organic Growth and Recurring KPIs

KPI	Q1 2025	Q2 2025	Q3 2025
Adjusted Organic Revenue Growth (%)	5.1%	3.5%	5.2%
Financial Services Recurring Revenue Growth (%)	5.9%	3.9%	6.7%

Organic Growth by Business

Business	Q1 2025	Q2 2025	Q3 2025
GlobeOp	10.3%	7.3%	9.6%
GIDS and related	3.2%	2.9%	9.0%
Wealth & Investment Technologies (WIT)	3.9%	4.0%	1.1%
Intralinks	3.4%	–4.5%	–2.8%
Intelligent Automation & Analytics	2.3%	3.2%	2.9%
Healthcare	–0.4%	0.2%	3.1%

Balance Sheet and Capital Returns

Metric	Q1 2025	Q2 2025	Q3 2025
Net leverage (Consolidated)	2.74x	2.72x	2.59x
Share repurchases (Shares / $M)	2.4M / $206.9M	3.4M / $269.0M	2.8M / $240.1M
Dividend (annualized)	$1.00 (pre-raise)	—	$1.08 (+8%)

Guidance Changes

Metric	Period	Previous Guidance (from Q2)	Current Guidance (Q3)	Change
Adjusted Revenue ($B)	FY 2025	$6.143 – $6.243	$6.210 – $6.250	Raised (midpoint +$0.037B)
Adjusted EPS ($)	FY 2025	$5.82 – $6.06	$6.02 – $6.08	Raised (midpoint +$0.11)
Cash from Operating Activities ($B)	FY 2025	$1.479 – $1.559	$1.515 – $1.575	Raised
Capital Expenditures (% rev)	FY 2025	4.1% – 4.5%	4.2% – 4.6%	Slightly higher
Interest Expense ($M)	FY 2025	$407 – $417	$416 – $418	Slightly higher
Diluted Shares (M)	FY 2025	251.5 – 254.5	252.8 – 253.2	Narrowed/updated
Effective Tax Rate (%)	FY 2025	23.0% – 25.0%	22.5% – 23.5%	Lowered
Adjusted Revenue ($B)	Q4 2025	—	$1.590 – $1.630	New
Adjusted EPS ($)	Q4 2025	—	$1.56 – $1.62	New

Earnings Call Themes & Trends

Topic	Previous Mentions (Q2/Q1)	Current Period (Q3)	Trend
AI/Agentic automation	Q1: “Embedding AI and Quantum technologies” in products/services. Q2: Continued margin gains from automation.	Launch of AI Agent catalogue; “customer zero” model; example agent saves 15k radiologist hours; commercialization as managed service.	Accelerating commercialization
Lift-outs/Distribution	Q2: Bullish across EMEA/Australia; pipeline healthy.	Large Australia lift-out effective July 1; additional U.S. lift-out sold.	Strengthening
Tokenization/Calastone	Q2: Announced Calastone acquisition.	Calastone closed Oct 14; tokenization and ETF capabilities emphasized.	Strategic expansion
Intralinks/M&A cycle	Q2: Mixed backdrop.	Pipeline shows early improvement, revenue lag to follow.	Early recovery signs
Healthcare	Q2: modest improvement; lumpy.	Two consecutive positive YoY quarters; highlighted large clients (Humana, Centene) and margin potential (30–35%).	Stabilizing
Capital allocation	Q1–Q2: buybacks, debt paydown, dividend.	$306M returned in Q3; dividend +8%; net leverage 2.59x.	Ongoing discipline
Macro/private credit	—	Private credit flows remain attractive vs public markets; no slowdown seen by leading clients.	Constructive

Management Commentary

“SS&C reported record adjusted revenues of $1,569 million and adjusted consolidated EBITDA of $619 million…The 22% increase to $1,101 million in operating cash flow through three quarters gives us flexibility to pursue growth opportunities as we continue to pay down debt and repurchase shares.” — Bill Stone, CEO.
“We remain focused on…intelligent automation and AI as both a revenue opportunity and a way to reduce repetitive tasks…improved EBITDA margins to date and expect this positive trend to continue.” — Rahul Kanwar, President & COO.
“For the full year of 2025, we are raising our top line guidance by $37 million at the midpoint…adjusted diluted EPS…up $0.11 at the midpoint.” — Brian Schell, CFO.

Q&A Highlights

Q4 organic guide of ~4.5% reflects a tough prior-year comp; an implementation (Pathea) seen moving from ~$16M in Q4 last year to ~$25M this year; management sees room to outperform.
Curo Fund Services: strategically attractive South Africa presence; expected revenue ~“$15 million or so” and will sit within GIDS.
State Street FPDR insourcing: expected to have only a small impact; resources will be redeployed to faster-growth areas.
Intralinks: early pipeline improvement with revenue lag; management sees better activity in data rooms and opportunities.
Calastone: complements UK/wealth distribution; no notable seasonality; tokenization and ETF capabilities to be leveraged across SS&C.

Estimates Context

Q3 2025 results vs S&P Global consensus:

Metric	Actual	Consensus*	Surprise
Revenue ($USD Billions)	$1.568	$1.5519*	+$0.0161B / +1.0%*
Adjusted Diluted EPS ($)	$1.57	$1.474*	+$0.096 / +6.5%*

Forward consensus snapshot:

Metric	Q4 2025*	Q1 2026*	Q2 2026*
Revenue Consensus Mean ($USD Billions)	$1.6233	$1.6243	$1.6458
Primary EPS Consensus Mean ($)	$1.606	$1.631	$1.632

Notes: Q4 guidance brackets consensus (rev $1.59–$1.63B; EPS $1.56–$1.62).

Values retrieved from S&P Global.*

Key Takeaways for Investors

Quality beat with broad-based strength and margin expansion; adjusted EPS +17% YoY on 7% top-line growth and lower interest expense, with record adjusted EBITDA and 90 bps YoY margin expansion.
Guidance raise (FY25 revenue and EPS) and Q4 guide suggest sustained momentum; Q4 guidance ranges broadly encapsulate consensus, limiting negative estimate risk near term.
Mix tailwinds from GlobeOp and GIDS (lift-outs, alternatives) are offsetting softer Intralinks; pipeline improvement at Intralinks could turn into revenue as M&A execution normalizes.
Strong cash generation funds buybacks (2.8M shares in Q3) and a higher dividend (+8%), while net leverage falls to 2.59x—supporting continued capital returns and M&A flexibility.
Strategic optionality rising: Calastone adds a global funds network and tokenization/ETF capabilities; AI Agents provide a new, managed-service revenue lever, validated by internal deployments and external customer pilots.
Watch items: Intralinks execution as M&A activity converts from pipeline to revenue; small headwind from a client insourcing but immaterial per management; continued discipline on costs to sustain margin gains.
Setup: With guidance raised and Q4 ranges bracketing consensus, estimate risk skews favorable; catalysts include AI agent wins, Calastone integration synergies, and additional lift-outs internationally.

Appendix: Additional Data Points and Non-GAAP Notes

Non-GAAP adjustments include amortization of intangibles, stock-based compensation, purchase accounting, restructuring, and other items; Q3 effective non-GAAP tax rate used was 21.1% (2024 recast to 23.1%).
Q3 operating cash flow YTD: $1,101.3M (+22.1%); cash $388.3M; gross debt $6,628.1M; net leverage 2.59x; secured net leverage 1.45x.
License/maintenance revenue was flat-to-down YoY; services grew mid-single digits, consistent with mix toward recurring services.

Sources: Q3 2025 8-K and press release (Ex. 99.1/99.2), Q3 2025 earnings call transcript, Q2 and Q1 2025 earnings releases, Calastone and Curo press releases, AI Agent launch press release.