Earnings

SS&C Adjusted Earnings Climb 14.8% To $1.78 A Share, But Net Income Falls 5.3%

The fund-administration software company narrowed its 2026 adjusted EPS range to $7.11 to $7.17, and $2.0 billion of notes now count as current debt.

SS&C Technologies, which provides software and outsourced operations to financial services and healthcare firms, posted third-quarter adjusted earnings of $1.78 a share, up 14.8% from $1.55 a year earlier, while net income under standard accounting fell 5.3% to $198.9 million. The company reported the results Thursday and tightened its full-year outlook.

Adjusted gains, flat GAAP earnings

Revenue under standard accounting rose 7.8% to $1,690.0 million, and operating income rose 11.9% to $409.3 million. Diluted earnings per share under standard accounting was $0.83, unchanged from a year ago. Organic revenue growth, which strips out currency swings and acquisitions, was 5.2%.

Adjusted consolidated EBITDA hit a record $674.8 million, up 9.0%, at a 39.9% margin versus 39.5% a year earlier. The company's results table shows equity losses from unconsolidated affiliates of $47.7 million in the quarter, against $11.6 million a year earlier.

CEO Bill Stone said the quarter kept SS&C "on track to achieve our full-year goals." Operating cash flow for the first nine months was $1,216.3 million, up 10.4%.

A narrower 2026 range

SS&C now guides full-year adjusted earnings per share to $7.11 to $7.17, tighter than the $6.93 to $7.25 range it set on July 23. The midpoint moved to $7.14 from $7.09. The fourth-quarter outlook calls for adjusted revenue of $1,700 million to $1,740 million and adjusted EPS of $1.88 to $1.94.

Full-year adjusted revenue is guided to $6,736 million to $6,776 million, with a midpoint of $6,756 million against $6,752 million before.

$2.0 billion of notes come due

The balance sheet now classifies $2.0 billion of senior notes maturing September 30, 2027 as current debt, lifting the current portion of long-term debt to $2,260.0 million from $25.0 million at the end of 2025. The company said it believes refinancing them is probable in the fourth quarter of 2026.

SS&C paid down $130.0 million of debt in the quarter, and its net leverage ratio stood at 2.63 times. It returned $225.3 million to shareholders, including 1.9 million shares bought back for $154.8 million and $70.5 million in dividends. In August it raised the annual dividend 11.1% to $1.20.

SS&C's work spans fund administration, transfer agency and health-plan claims processing. Its shares closed Thursday at $89.54, up 2.81%, before the results were filed at 4:24 p.m. ET.

SS&C holds its third-quarter earnings call at 5:00 p.m. ET Thursday.