Revenue growth has accelerated to 8.8% in 2026Q1, though operating margins remain constrained at 24.2% as SG&A expenses scale alongside top-line gains.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 | Dec'06 |
|---|
| Sales/Revenue | 6.41B | 6.27B | 5.88B | 5.5B | 5.28B | 5.05B | 4.67B | 4.63B | 3.42B | 1.68B | 1.48B | 1B | 767.86M | 712.7M | 551.84M | 370.83M | 328.9M | 270.92M | 280.01M | 248.17M | 205.47M |
| Revenue Growth % | 7.46% | 6.63% | 6.89% | 4.16% | 4.59% | 8.21% | 0.76% | 35.42% | 104.21% | 13.09% | 48.1% | 30.27% | 7.74% | 29.15% | 48.81% | 12.75% | 21.41% | -3.25% | 12.83% | 20.78% | - |
| Cost of Goods Sold | 3.33B | 3.25B | 3.02B | 2.85B | 2.77B | 2.64B | 2.57B | 2.61B | 2.05B | 886.42M | 800.49M | 532.35M | 410.73M | 388.8M | 299.92M | 184.29M | 165.93M | 137.74M | 142.43M | 128.88M | 100.02M |
| COGS % of Revenue | - | 51.83% | 51.32% | 51.81% | 52.39% | 52.3% | 55.14% | 56.37% | 59.95% | 52.91% | 54.03% | 53.22% | 53.49% | 54.55% | 54.35% | 49.7% | 50.45% | 50.84% | 50.87% | 51.93% | 48.68% |
| Gross Profit | 3.08B | 3.02B | 2.86B | 2.65B | 2.52B | 2.41B | 2.09B | 2.02B | 1.37B | 788.87M | 680.95M | 467.94M | 357.13M | 323.9M | 251.93M | 186.54M | 162.97M | 133.18M | 137.57M | 119.29M | 105.45M |
| Gross Margin % | 48.03% | 48.17% | 48.68% | 48.19% | 47.61% | 47.7% | 44.86% | 43.63% | 40.05% | 47.09% | 45.97% | 46.78% | 46.51% | 45.45% | 45.65% | 50.3% | 49.55% | 49.16% | 49.13% | 48.07% | 51.32% |
| Gross Profit Growth % | - | 5.52% | 7.99% | 5.43% | 4.4% | 15.07% | 3.59% | 47.53% | 73.67% | 15.85% | 45.52% | 31.03% | 10.26% | 28.57% | 35.05% | 14.46% | 22.38% | -3.2% | 15.33% | 13.12% | - |
| Operating Expenses | 1.6B | 1.58B | 1.52B | 1.44B | 1.37B | 1.17B | 1.11B | 1.11B | 940.9M | 392M | 392.3M | 303.2M | 156.76M | 140.93M | 128.71M | 92.76M | 83.13M | 66.07M | 72.49M | 70.56M | 61.58M |
| OpEx % of Revenue | - | 25.27% | 25.84% | 26.22% | 25.98% | 23.1% | 23.74% | 23.89% | 27.5% | 23.4% | 26.48% | 30.31% | 20.41% | 19.77% | 23.32% | 25.02% | 25.28% | 24.39% | 25.89% | 28.43% | 29.97% |
| Selling, General & Admin | 1.09B | 1.08B | 1B | 969.1M | 925.1M | 752.1M | 708.6M | 723.1M | 524.9M | 238.62M | 239.56M | 192.78M | 99.47M | 87.07M | 68.66M | 57.11M | 51.69M | 39.56M | 45.69M | 44.27M | 37.96M |
| SG&A % of Revenue | - | 17.18% | 17.04% | 17.61% | 17.51% | 14.89% | 15.18% | 15.61% | 15.34% | 14.24% | 16.17% | 19.27% | 12.95% | 12.22% | 12.44% | 15.4% | 15.72% | 14.6% | 16.32% | 17.84% | 18.48% |
| Research & Development | 513M | 507.5M | 517.7M | 473.8M | 447.3M | 414.9M | 399.4M | 383.7M | 318.2M | 153.33M | 152.69M | 110.42M | 57.29M | 53.86M | 45.78M | 35.65M | 31.44M | 26.51M | 26.8M | 26.28M | 23.62M |
| R&D % of Revenue | - | 8.09% | 8.8% | 8.61% | 8.47% | 8.21% | 8.56% | 8.28% | 9.3% | 9.15% | 10.31% | 11.04% | 7.46% | 7.56% | 8.3% | 9.61% | 9.56% | 9.79% | 9.57% | 10.59% | 11.5% |
| Other Operating Expenses | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 97.8M | 600K | 0 | 0 | 0 | 0 | 14.28M | 0 | 0 | 0 | 0 | 0 | 0 |
| Operating Income | 1.48B | 1.44B | 1.34B | 1.21B | 1.14B | 1.24B | 985.8M | 914.4M | 429.1M | 396.9M | 288.6M | 164.74M | 200.37M | 182.97M | 123.22M | 93.78M | 79.84M | 67.1M | 65.08M | 48.73M | 43.87M |
| Operating Margin % | 23.06% | 22.91% | 22.84% | 21.97% | 21.63% | 24.6% | 21.12% | 19.74% | 12.54% | 23.69% | 19.48% | 16.47% | 26.09% | 25.67% | 22.33% | 25.29% | 24.27% | 24.77% | 23.24% | 19.64% | 21.35% |
| Operating Income Growth % | - | 6.94% | 11.13% | 5.77% | -8% | 26.02% | 7.81% | 113.1% | 8.11% | 37.53% | 75.19% | -17.78% | 9.51% | 48.49% | 31.39% | 17.46% | 18.98% | 3.1% | 33.56% | 11.08% | - |
| EBITDA | 2.01B | 2.14B | 2.02B | 1.88B | 1.81B | 1.91B | 1.71B | 1.69B | 947.6M | 634.1M | 517.28M | 315.57M | 300.2M | 282.75M | 199.03M | 136M | 120.57M | 103.13M | 100.12M | 83.78M | 71M |
| EBITDA Margin % | 31.38% | 34.13% | 34.4% | 34.15% | 34.34% | 37.81% | 36.66% | 36.47% | 27.7% | 37.85% | 34.92% | 31.55% | 39.1% | 39.67% | 36.07% | 36.68% | 36.66% | 38.07% | 35.76% | 33.76% | 34.55% |
| EBITDA Growth % | -2.14% | 5.78% | 7.68% | 3.58% | -4.99% | 11.61% | 1.27% | 78.3% | 49.44% | 22.58% | 63.92% | 5.12% | 6.17% | 42.06% | 46.34% | 12.8% | 16.91% | 3.01% | 19.51% | 18% | - |
| D&A (Non-Cash Add-back) | 533M | 703.8M | 680.1M | 670.4M | 671.5M | 667.4M | 725.3M | 775.2M | 518.5M | 237.2M | 228.68M | 150.83M | 99.83M | 99.78M | 75.81M | 42.22M | 40.73M | 36.03M | 35.04M | 35.05M | 27.13M |
| EBIT | 1.03B | 1.4B | 1.36B | 1.33B | 1.19B | 1.24B | 1.03B | 941.3M | 405.2M | 391.3M | 293.56M | 140.18M | 204.83M | 187.58M | 103.4M | 88.69M | 75.03M | 65.71M | 67.49M | 51.58M | 44.71M |
| Net Interest Income | -321.1M | -426.3M | -451.9M | -469.8M | -307.9M | -201.6M | -245.9M | -404.9M | -271M | -107.4M | -128.4M | -77.36M | -25.47M | -41.28M | -32.5M | -14.63M | -30.41M | -36.86M | -41.13M | -44.52M | -47.04M |
| Interest Income | 0 | 0 | 11.1M | 6.5M | 4.3M | 4.1M | 4M | 4.7M | 9.1M | 1.2M | 1.5M | 1.98M | 1.71M | 1.12M | 417K | 120K | 170K | 28K | 409K | 939K | 388K |
| Interest Expense | 215.7M | 426.3M | 463M | 476.3M | 312.2M | 205.7M | 249.9M | 409.6M | 280.1M | 108.6M | 129.9M | 79.33M | 27.18M | 42.4M | 32.92M | 14.75M | 30.58M | 36.89M | 41.54M | 45.46M | 47.43M |
| Other Income/Expense | -460.4M | -461.9M | -449.8M | -351.2M | -266.8M | -205.3M | -210M | -382.7M | -304M | -114.2M | -125.08M | -103.9M | -22.72M | -37.78M | -52.73M | -19.84M | -35.39M | -38.28M | -39.14M | -42.61M | -46.58M |
| Pretax Income | 1.02B | 974.8M | 893.7M | 857.7M | 876.1M | 1.04B | 775.8M | 531.7M | 125.1M | 282.63M | 163.62M | 60.84M | 177.65M | 145.19M | 70.48M | 73.94M | 44.45M | 28.82M | 25.95M | 6.12M | -2.71M |
| Pretax Margin % | 15.87% | 15.54% | 15.19% | 15.59% | 16.58% | 20.53% | 16.62% | 11.48% | 3.66% | 16.87% | 11.04% | 6.08% | 23.14% | 20.37% | 12.77% | 19.94% | 13.51% | 10.64% | 9.27% | 2.46% | -1.32% |
| Income Tax | 204.8M | 176.1M | 132M | 249.1M | 227.1M | 236.4M | 150.6M | 93.2M | 21.9M | -46.23M | 32.62M | 17.98M | 46.53M | 27.29M | 24.66M | 22.92M | 12.03M | 9.8M | 7.15M | -458K | -3.79M |
| Effective Tax Rate % | 20.15% | 18.07% | 14.77% | 29.04% | 25.92% | 22.8% | 19.41% | 17.53% | 17.51% | -16.36% | 19.94% | 29.55% | 26.19% | 18.8% | 34.99% | 31% | 27.07% | 34.02% | 27.54% | -7.49% | 139.61% |
| Net Income | 810M | 796.9M | 760.5M | 607.1M | 650.2M | 800M | 625.2M | 438.5M | 103.2M | 328.86M | 131M | 42.86M | 131.13M | 117.89M | 45.82M | 51.02M | 32.41M | 19.02M | 18.8M | 6.58M | 1.07M |
| Net Margin % | 12.65% | 12.71% | 12.93% | 11.03% | 12.31% | 15.84% | 13.39% | 9.46% | 3.02% | 19.63% | 8.84% | 4.29% | 17.08% | 16.54% | 8.3% | 13.76% | 9.85% | 7.02% | 6.71% | 2.65% | 0.52% |
| Net Income Growth % | -0.72% | 4.79% | 25.27% | -6.63% | -18.73% | 27.96% | 42.58% | 324.9% | -68.62% | 151.05% | 205.62% | -67.31% | 11.22% | 157.3% | -10.19% | 57.41% | 70.43% | 1.15% | 185.95% | 511.63% | - |
| Net Income (Continuing) | 811.6M | 798.7M | 761.7M | 608.6M | 649M | 800.6M | 625.2M | 438.5M | 103.2M | 328.9M | 131M | 42.86M | 131.13M | 117.89M | 45.82M | 51.02M | 32.41M | 19.02M | 18.8M | 6.58M | 1.07M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 54.4M | 54.2M | 74.2M | 58.1M | 58.7M | 57.8M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | 3.27 | 3.15 | 3.00 | 2.39 | 2.48 | 2.99 | 2.35 | 1.66 | 0.42 | 1.55 | 0.64 | 0.23 | 0.75 | 0.69 | 0.28 | 0.32 | 0.22 | 0.15 | 0.15 | 0.05 | 0.01 |
| EPS Growth % | 0.31% | 5% | 25.52% | -3.63% | -17.06% | 27.23% | 41.57% | 295.24% | -72.9% | 142.19% | 178.26% | -69.33% | 8.7% | 146.43% | -12.5% | 45.45% | 46.67% | 0% | 194.7% | - | - |
| EPS (Basic) | - | 3.26 | 3.09 | 2.45 | 2.56 | 3.13 | 2.44 | 1.73 | 0.44 | 1.60 | 0.65 | 0.24 | 0.79 | 0.73 | 0.30 | 0.34 | 0.24 | 0.16 | 0.16 | 0.05 | 0.01 |
| Diluted Shares Outstanding | 247.6M | 253.1M | 253.8M | 254.5M | 262M | 267.3M | 266.6M | 264.2M | 243.7M | 211.63M | 205.79M | 190.9M | 174.66M | 171.23M | 165.78M | 161.42M | 146.16M | 127.31M | 127.4M | 129.08M | 129.08M |
| Basic Shares Outstanding | 241.5M | 244.3M | 246.4M | 248.3M | 254M | 255.6M | 256.4M | 252.9M | 232.5M | 204.92M | 200.25M | 182.2M | 166.63M | 162.39M | 156.64M | 152.96M | 138.05M | 120.76M | 120.57M | 121.57M | 121.57M |
| Dividend Payout Ratio | - | 31.85% | 32.2% | 36.39% | 31.24% | 21.75% | 21.77% | 24.56% | 68.7% | 16.54% | 38.28% | 106.04% | 8% | - | - | - | - | - | - | - | - |
High Acquisition Leverage
As reported in recent financial statements, SS&C's revenue growth has trended upward, reaching 8.8% year-over-year in 2026Q1, which suggests that the company's core software-enabled services model is successfully capturing demand despite broader macroeconomic uncertainty and the inherent cyclicality of assets under administration-based fee structures.
The acceleration from 5.3% growth in 2024Q1 to 8.8% in the most recent quarter indicates that the firm's cross-selling initiatives and platform stickiness are effectively offsetting potential market-driven volatility. Investors should monitor whether this growth remains organic or if it relies on the integration of new, smaller bolt-on acquisitions to maintain top-line momentum.
Based on the provided income statement data, SS&C maintains a gross margin profile hovering near 48%, a figure that reflects the labor-intensive nature of its service-heavy business model compared to pure-play software peers who typically command significantly higher margins due to lower variable delivery costs.
The consistency in gross margins suggests that management has successfully managed the cost of service delivery even as the company scales its complex fund administration operations. However, the slight compression from historical highs near 51% warrants further investigation into whether wage inflation or shifts in service mix are beginning to exert structural pressure on profitability.
According to the latest quarterly filings, SS&C's operating income has scaled to $398.2 million, yet the operating margin of 24.2% indicates that SG&A expenses continue to grow in tandem with revenue, suggesting that the firm has not yet achieved significant operating leverage through its current technology investments.
While the company is clearly profitable, the lack of meaningful margin expansion at the operating level implies that the business requires ongoing, substantial investment in personnel and infrastructure to support its complex client base. This suggests that future margin improvements may be limited unless the company can successfully automate more of its manual back-office processes.
As evidenced by the quarterly data, stock-based compensation has trended upward to $61.7 million in 2026Q1, representing a non-trivial portion of net income that investors should adjust for when evaluating the true cash-generative capacity and underlying profitability of the firm's core operations.
The volatility in quarterly net income, highlighted by the 21.4% decline in 2025Q4, suggests that reported GAAP figures are heavily influenced by non-operating items and acquisition-related accounting adjustments. Analysts should focus on normalized earnings metrics to better understand the underlying health of the business, as GAAP results appear to be obscured by the company's aggressive M&A history.
Quick answers to the most common questions about buying SSNC stock.
For fiscal year 2025, SS&C Technologies Holdings, Inc. (SSNC) reported total revenue of $6.27B. This represents a 2952.6% increase compared to $205.5M in 2006.
SS&C Technologies Holdings, Inc. (SSNC) is profitable, generating $796.9M in net income for the fiscal year ending 2025 with a net profit margin of 12.7%.
SS&C Technologies Holdings, Inc. (SSNC) reported an operating income of $1.44B, resulting in an operating profit margin of 22.9%. This margin reflects the operational efficiency of the business before interest and taxes.
SS&C Technologies Holdings, Inc. (SSNC) generated $3.02B in gross profit for the year, representing a gross profit margin of 48.2%. This demonstrates the company's core pricing power and production efficiency.