Broadridge exhibits stable revenue growth and improved operating efficiency, with operating margins scaling from 8.9% in 2024Q2 to 24.1% in 2025Q4 as fixed-cost infrastructure absorbs higher transaction volumes.
| Metric | TTM | Jun'25 | Jun'24 | Jun'23 | Jun'22 | Jun'21 | Jun'20 | Jun'19 | Jun'18 | Jun'17 | Jun'16 | Jun'15 | Jun'14 | Jun'13 | Jun'12 | Jun'11 | Jun'10 | Jun'09 | Jun'08 | Jun'07 | Jun'06 | Jun'05 |
|---|
| Sales/Revenue | 7.32B | 6.89B | 6.51B | 6.06B | 5.71B | 4.99B | 4.53B | 4.36B | 4.33B | 4.14B | 2.9B | 2.69B | 2.56B | 2.43B | 2.3B | 2.17B | 2.21B | 2.15B | 2.21B | 2.14B | 1.93B | 1.73B |
| Revenue Growth % | 8.19% | 5.88% | 7.36% | 6.16% | 14.33% | 10.26% | 3.82% | 0.75% | 4.52% | 43% | 7.53% | 5.32% | 5.23% | 5.53% | 6.3% | -1.91% | 2.79% | -2.64% | 3.26% | 10.58% | 11.96% | - |
| Cost of Goods Sold | 5.03B | 4.75B | 4.57B | 4.28B | 4.12B | 3.57B | 3.27B | 3.13B | 3.17B | 3.11B | 1.98B | 1.83B | 1.76B | 1.77B | 1.72B | 1.62B | 1.62B | 1.57B | 1.61B | 1.59B | 1.43B | 1.27B |
| COGS % of Revenue | - | 68.98% | 70.28% | 70.54% | 72.11% | 71.51% | 72.09% | 71.8% | 73.2% | 75.06% | 68.2% | 67.86% | 68.86% | 72.72% | 74.46% | 74.63% | 73.17% | 73.24% | 72.77% | 74.28% | 74.12% | 73.74% |
| Gross Profit | 2.29B | 2.14B | 1.93B | 1.79B | 1.59B | 1.42B | 1.26B | 1.23B | 1.16B | 1.03B | 921.1M | 866M | 796.6M | 663M | 588.4M | 549.8M | 592.8M | 575.2M | 601.1M | 549.8M | 500.3M | 453.5M |
| Gross Margin % | 31.31% | 31.02% | 29.72% | 29.46% | 27.89% | 28.49% | 27.91% | 28.2% | 26.8% | 24.94% | 31.8% | 32.14% | 31.14% | 27.27% | 25.54% | 25.37% | 26.83% | 26.76% | 27.23% | 25.72% | 25.88% | 26.26% |
| Gross Profit Growth % | - | 10.49% | 8.32% | 12.13% | 11.9% | 12.58% | 2.73% | 6.03% | 12.32% | 12.15% | 6.36% | 8.71% | 20.15% | 12.68% | 7.02% | -7.25% | 3.06% | -4.31% | 9.33% | 9.89% | 10.32% | - |
| Operating Expenses | 1.04B | 948.3M | 916.8M | 849M | 832.3M | 744.3M | 639M | 577.5M | 565.4M | 501.4M | 420.9M | 399.1M | 378.4M | 323.6M | 299.9M | 270M | 241.6M | 224.9M | 244.3M | 229M | 197.6M | 168.5M |
| OpEx % of Revenue | - | 13.77% | 14.09% | 14.01% | 14.58% | 14.9% | 14.11% | 13.24% | 13.06% | 12.1% | 14.53% | 14.81% | 14.79% | 13.31% | 13.02% | 12.46% | 10.94% | 10.46% | 11.07% | 10.71% | 10.22% | 9.76% |
| Selling, General & Admin | 1.04B | 948.2M | 916.8M | 849M | 832.3M | 744.3M | 639M | 577.5M | 565.4M | 501.4M | 420.9M | 399.1M | 378.4M | 323.6M | 299.9M | 270M | 241.6M | 224.9M | 244.3M | 216.7M | 195.9M | 168.5M |
| SG&A % of Revenue | - | 13.76% | 14.09% | 14.01% | 14.58% | 14.9% | 14.11% | 13.24% | 13.06% | 12.1% | 14.53% | 14.81% | 14.79% | 13.31% | 13.02% | 12.46% | 10.94% | 10.46% | 11.07% | 10.14% | 10.13% | 9.76% |
| Research & Development | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| R&D % of Revenue | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Operating Expenses | 0 | 100K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 12.3M | 1.7M | 0 |
| Operating Income | 1.26B | 1.19B | 1.02B | 936.4M | 759.9M | 678.7M | 624.9M | 652.7M | 598.1M | 531.6M | 500.3M | 469.2M | 418.2M | 339.4M | 288.5M | 279.8M | 351.2M | 350.3M | 356.8M | 333.1M | 302.7M | 285M |
| Operating Margin % | 17.14% | 17.25% | 15.63% | 15.45% | 13.31% | 13.59% | 13.8% | 14.96% | 13.81% | 12.83% | 17.27% | 17.42% | 16.35% | 13.96% | 12.52% | 12.91% | 15.9% | 16.3% | 16.16% | 15.58% | 15.66% | 16.51% |
| Operating Income Growth % | - | 16.86% | 8.62% | 23.23% | 11.96% | 8.61% | -4.26% | 9.13% | 12.51% | 6.26% | 6.63% | 12.2% | 23.22% | 17.64% | 3.11% | -20.33% | 0.26% | -1.82% | 7.12% | 10.04% | 6.21% | - |
| EBITDA | 1.73B | 1.69B | 1.5B | 1.36B | 1.22B | 1.01B | 924.2M | 912.7M | 810.2M | 704.7M | 611.4M | 573.5M | 515.6M | 432.8M | 380.5M | 352.6M | 408.2M | 406.6M | 408.3M | 395.6M | 377M | 354.2M |
| EBITDA Margin % | 23.69% | 24.48% | 22.98% | 22.46% | 21.44% | 20.29% | 20.41% | 20.92% | 18.71% | 17.01% | 21.1% | 21.29% | 20.16% | 17.8% | 16.52% | 16.27% | 18.48% | 18.92% | 18.5% | 18.5% | 19.5% | 20.51% |
| EBITDA Growth % | 15.58% | 12.82% | 9.81% | 11.23% | 20.77% | 9.65% | 1.26% | 12.65% | 14.97% | 15.26% | 6.61% | 11.23% | 19.13% | 13.75% | 7.91% | -13.62% | 0.39% | -0.42% | 3.21% | 4.93% | 6.44% | - |
| D&A (Non-Cash Add-back) | 479.2M | 498.1M | 477.9M | 425M | 464M | 334.7M | 299.3M | 260M | 212.1M | 173.1M | 111.1M | 104.3M | 97.4M | 93.4M | 92M | 72.8M | 57M | 56.3M | 51.5M | 62.5M | 74.3M | 69.2M |
| EBIT | 1.5B | 1.19B | 1.03B | 936.4M | 759.9M | 678.6M | 624.9M | 652.8M | 603.4M | 532.9M | 497.3M | 464.3M | 418.2M | 336.9M | 214.2M | 279.6M | 351.9M | 360.6M | 383.8M | 358.1M | 318.9M | 285M |
| Net Interest Income | -99.7M | -122.7M | -138.1M | -135.5M | -84.7M | -55.3M | -58.8M | -41.7M | -38.6M | -42.7M | -25.8M | -22.6M | -21.9M | -12.2M | -11.5M | -7.7M | -9.1M | -13.5M | -55.9M | -36.5M | -16.2M | -11M |
| Interest Income | 10.8M | 13.1M | 12.1M | 8.2M | 3M | 2.2M | 3.7M | 4.2M | 3.8M | 2M | 2.6M | 2.8M | 1.8M | 1.5M | 1.8M | 2.2M | 700K | 800K | 2M | 800K | 0 | 100K |
| Interest Expense | 110.5M | 135.8M | 150.2M | 143.7M | 87.7M | 57.5M | 62.5M | 45.9M | 42.4M | 44.7M | 28.4M | 25.4M | 23.7M | 13.7M | 13.3M | 9.9M | 9.8M | 14.3M | 57.9M | 37.3M | 16.2M | 11.1M |
| Other Income/Expense | 140.2M | -129.9M | -139.7M | -141.5M | -87.7M | 17.5M | -45.4M | -45.4M | -37.1M | -43.5M | -31.4M | -28M | -22.7M | -16.2M | -87.6M | -10.1M | -9.1M | -4M | -30.9M | -12.3M | 0 | -11.1M |
| Pretax Income | 1.4B | 1.06B | 877.4M | 794.9M | 672.2M | 696.2M | 579.5M | 607.3M | 561M | 488.1M | 468.9M | 438.9M | 395.5M | 323.2M | 200.9M | 269.7M | 342.1M | 346.3M | 325.9M | 320.8M | 302.7M | 273.9M |
| Pretax Margin % | 19.06% | 15.37% | 13.48% | 13.12% | 11.77% | 13.94% | 12.8% | 13.92% | 12.96% | 11.78% | 16.19% | 16.29% | 15.46% | 13.3% | 8.72% | 12.45% | 15.49% | 16.11% | 14.76% | 15.01% | 15.66% | 15.86% |
| Income Tax | 295M | 219.2M | 179.3M | 164.3M | 133.1M | 148.7M | 117M | 125.2M | 133.1M | 161.4M | 161.4M | 151.8M | 132.5M | 111.1M | 75.9M | 97.9M | 117M | 123M | 133.7M | 123.7M | 122.2M | 107.5M |
| Effective Tax Rate % | 21.14% | 20.7% | 20.44% | 20.67% | 19.8% | 21.36% | 20.19% | 20.62% | 23.73% | 33.07% | 34.42% | 34.59% | 33.5% | 34.38% | 37.78% | 36.3% | 34.2% | 35.52% | 41.02% | 38.56% | 40.37% | 39.25% |
| Net Income | 1.1B | 839.5M | 698.1M | 630.6M | 539.1M | 547.5M | 462.5M | 482.1M | 427.9M | 326.8M | 307.5M | 287.1M | 263M | 212.1M | 123.6M | 169.6M | 190M | 223.3M | 192.2M | 197.1M | 166.7M | 166.4M |
| Net Margin % | 15.03% | 12.19% | 10.73% | 10.4% | 9.44% | 10.96% | 10.21% | 11.05% | 9.88% | 7.89% | 10.61% | 10.66% | 10.28% | 8.73% | 5.37% | 7.83% | 8.6% | 10.39% | 8.71% | 9.22% | 8.62% | 9.64% |
| Net Income Growth % | 39.57% | 20.26% | 10.7% | 16.97% | -1.53% | 18.38% | -4.07% | 12.67% | 30.94% | 6.28% | 7.11% | 9.16% | 24% | 71.6% | -27.12% | -10.74% | -14.91% | 16.18% | -2.49% | 18.24% | 0.18% | - |
| Net Income (Continuing) | 1.1B | 839.5M | 698.1M | 630.6M | 539.1M | 547.5M | 462.5M | 482.1M | 427.9M | 326.8M | 307.5M | 287.1M | 263M | 212.1M | 125M | 171.8M | 225.1M | 223.1M | 192.2M | 197.1M | 180.5M | 166.4M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | 9.41 | 7.10 | 5.86 | 5.30 | 4.55 | 4.65 | 3.95 | 4.06 | 3.55 | 2.71 | 2.53 | 2.32 | 2.12 | 1.69 | 0.97 | 1.32 | 1.37 | 1.58 | 1.36 | 1.42 | 1.20 | 0.00 |
| EPS Growth % | 40.45% | 21.16% | 10.57% | 16.48% | -2.15% | 17.72% | -2.71% | 14.37% | 31% | 7.11% | 9.05% | 9.43% | 25.44% | 74.23% | -26.52% | -3.65% | -13.29% | 16.18% | -4.23% | 18.33% | - | - |
| EPS (Basic) | - | 7.17 | 5.93 | 5.36 | 4.62 | 4.73 | 4.03 | 4.16 | 3.66 | 2.77 | 2.60 | 2.39 | 2.20 | 1.74 | 1.00 | 1.36 | 1.40 | 1.60 | 1.38 | 1.42 | 1.20 | 0.00 |
| Diluted Shares Outstanding | 117M | 118.3M | 119.1M | 119M | 118.5M | 117.8M | 117M | 118.8M | 120.4M | 120.8M | 121.6M | 124M | 124.1M | 125.4M | 127.5M | 128.3M | 139.1M | 141.6M | 141M | 139M | 138.8M | 0 |
| Basic Shares Outstanding | 116.3M | 117.1M | 117.7M | 117.7M | 116.7M | 115.7M | 114.7M | 115.9M | 116.8M | 118M | 118.3M | 119.9M | 119.6M | 121.9M | 124.1M | 124.8M | 135.9M | 140M | 139.6M | 138.8M | 138.8M | 0 |
| Dividend Payout Ratio | - | 47.92% | 52.74% | 52.49% | 53.92% | 47.8% | 52.11% | 43.81% | 38.75% | 46.57% | 44.94% | 42.6% | 36.77% | 40.45% | 63.19% | 44.1% | 35.05% | 16.97% | 17.48% | - | - | - |
Regulatory proxy rule changes
Based on the provided quarterly data, Broadridge demonstrates a stable revenue trajectory with consistent year-over-year growth, peaking at $2.1 billion in 2025Q4, as the company leverages its critical role in the US financial infrastructure to maintain steady demand across its core communication and technology segments.
The revenue profile exhibits a clear seasonal pattern, with significant spikes in the fourth calendar quarter corresponding to the peak proxy season. This suggests that while the business is highly resilient, investors should distinguish between organic growth in recurring software fees and the inherent volatility of pass-through distribution volumes.
As reported in financial statements, Broadridge maintains a gross margin fluctuating between 24.5% and 37.3%, a range heavily influenced by the pass-through nature of postage and distribution expenses that mask the underlying profitability of its high-margin technology and data processing services.
The structural gross margin appears lower than pure-play SaaS peers due to these distribution activities, which carry little to no margin. Analysts should monitor the digital adoption rate, as a shift away from physical mailings may provide a structural tailwind for margin expansion over the long term.
According to recent income statement data, Broadridge has successfully demonstrated operating leverage, with operating margins expanding from 8.9% in 2024Q2 to 24.1% in 2025Q4, suggesting that the company's fixed-cost technology infrastructure scales efficiently as transaction volumes increase during peak periods.
The ability to grow operating income faster than gross profit during high-volume quarters indicates strong expense discipline. This trend suggests that the company's core platform is highly scalable, provided that management continues to manage SG&A growth relative to the expansion of its recurring revenue base.
Based on reported figures, Broadridge's net income exhibits significant quarterly variance, ranging from $70.3 million to $374.2 million, which reflects the seasonal nature of the proxy business rather than underlying deterioration in the quality of earnings or operational efficiency.
The divergence between GAAP net income and operational performance warrants careful monitoring of stock-based compensation, which remains a consistent line item. Investors should focus on non-GAAP metrics to normalize for the amortization of acquired intangibles, which often obscures the true cash-generating capacity of the business.
While Broadridge functions as a de facto utility, the company faces potential headwinds from regulatory shifts, as evidenced by the recent implementation of SEC tailored shareholder report rules, which may fundamentally alter the volume and composition of the documents the company is mandated to distribute.
Short-term investors should consider whether the current valuation adequately prices in the risk of a centralized, government-run proxy system. Any regulatory move to reduce the necessity of the current intermediary model could threaten the company's primary revenue floor, regardless of its current market dominance.
Quick answers to the most common questions about buying BR stock.
For fiscal year 2025, Broadridge Financial Solutions, Inc. (BR) reported total revenue of $6.89B. This represents a 299.0% increase compared to $1.73B in 2005.
Broadridge Financial Solutions, Inc. (BR) is profitable, generating $839.5M in net income for the fiscal year ending 2025 with a net profit margin of 12.2%.
Broadridge Financial Solutions, Inc. (BR) reported an operating income of $1.19B, resulting in an operating profit margin of 17.3%. This margin reflects the operational efficiency of the business before interest and taxes.
Broadridge Financial Solutions, Inc. (BR) generated $2.14B in gross profit for the year, representing a gross profit margin of 31.0%. This demonstrates the company's core pricing power and production efficiency.