SS&C Organic Growth Cools After a Record Second Quarter

The Tip Desk · October 27, 2026 · 3 min read

Adjusted diluted earnings were $1.78 a share as GAAP revenue rose 7.8% to $1,690.0 million.

SS&C Technologies Holdings (SSNC), a global provider of investment, financial and healthcare technology and technology-enabled services, reported GAAP revenue of $1,690.0 million for the third quarter ended September 30, 2026, up 7.8% from a year earlier. That growth rate slowed from 10.3% in the second quarter, when revenue was $1,695.7 million. Adjusted organic revenue growth was 5.2%, after 7.6% in the second quarter.

Adjusted revenue was $1,691.1 million. Technology-enabled services, the bulk of the business, contributed $1,448.6 million of GAAP revenue. License, maintenance and related GAAP revenue was $241.4 million.

Adjusted diluted earnings per share were $1.78, up 14.8% from $1.55 a year earlier. GAAP diluted earnings per share were $0.83, unchanged from a year earlier. GAAP net income attributable to SS&C common stockholders was $198.9 million, down 5.3% from $210.0 million a year earlier, reversing a 29.9% year-over-year increase in the second quarter. Equity in earnings of unconsolidated affiliates, net, was a $47.7 million loss in the third quarter, compared with an $11.6 million loss a year earlier.

Adjusted consolidated EBITDA attributable to SS&C common stockholders reached a record $674.8 million, up 9.0% from $619.0 million a year earlier, with the margin at 39.9%. That growth rate slowed from 11.7% in the second quarter, when adjusted consolidated EBITDA was $670.7 million. GAAP operating income was $409.3 million, with the margin at 24.2%. Adjusted operating income attributable to SS&C common stockholders was $657.6 million, with the margin at 38.9%.

Chairman and Chief Executive Officer Bill Stone said the company delivered another quarter of strong results and remained on track to achieve its full-year goals. In September the company hosted more than 1,000 financial services and healthcare leaders at its annual SS&C Deliver conference, Stone said, and pointed to agentic AI and tokenization as technologies the company is harnessing.

The company returned $225.3 million to shareholders in the third quarter, including 1.9 million shares repurchased for $154.8 million and $70.5 million in common stock dividends. In August it raised the common stock dividend to $1.20 annually, an 11.1% increase. It paid down $130.0 million of debt, bringing the consolidated net leverage ratio to 2.63 times consolidated EBITDA as of September 30, 2026, from 2.75 times as of June 30. Cash and cash equivalents were $525.4 million and gross debt was $7,483.5 million. Net secured leverage was 1.59 times consolidated EBITDA.

For the nine months ended September 30, 2026, net cash from operating activities was $1,216.3 million, up 10.4% from $1,101.3 million a year earlier. $2.0 billion of senior notes has been classified as current given a stated maturity of September 30, 2027. The company said it is actively addressing that maturity and believes refinancing the notes is probable of occurring during the fourth quarter of 2026.

For the fourth quarter of 2026, SS&C guides to adjusted revenue of $1,700 million to $1,740 million and adjusted diluted earnings of $1.88 to $1.94 a share. For the full year it guides to adjusted revenue of $6,736 million to $6,776 million and adjusted diluted earnings of $7.11 to $7.17 a share. Full-year cash from operating activities is guided at $1,717 million to $1,817 million.