SS&C Technologies Holdings, Inc.

SS&C reported Q2 2026 GAAP revenue of $1.696 billion, net income of $235 million, and diluted EPS of $0.97. On an adjusted basis, revenue was $1.6969 billion, up 10.3% year over year, adjusted diluted EPS was $1.76, up 18.1%, adjusted net income was $426 million, up 13.3%, and adjusted consolidated EBITDA was $670.7 million, up 11.7%, with margin of 39.5% and 50 bps of expansion. Adjusted organic revenue growth was 7.6%, cash from operating activities for the first six months was $716 million, up 11% year over year, and net leverage was 2.75x. For Q3 2026, SS&C guided to revenue of $1.657 billion to $1.697 billion, adjusted diluted EPS of $1.73 to $1.79, and 5% organic revenue growth at the midpoint. For full-year 2026, it raised guidance to revenue of $6.672 billion to $6.832 billion, 5.5% organic revenue growth at the midpoint, targeted EBITDA growth of 9.3%, EBITDA margin expansion of 50 bps with a goal of 40% margin in Q4, cash from operations of $1.717 billion to $1.817 billion, and adjusted diluted EPS of $6.93 to $7.25.

Bill Stone framed the quarter as record-setting and said the business is proving resilient despite an uncertain backdrop. He emphasized that growth came from diversified end markets, large client renewals, Calastone and Curo performance, and strong demand in areas like hedge fund administration, healthcare claims, and digital investment infrastructure. His tone was confident and opportunistic, especially around AI, tokenization, and the company’s ability to capture more market share through its scaled platforms.

Brian Schell highlighted the adjusted revenue increase of $159 million, driven by $118 million of organic growth, $36 million from acquisitions, and about $5 million of foreign exchange. He noted core expenses rose 6.1%, adjusted consolidated EBITDA was a record $671 million with 39.5% margin, and net interest expense was $107 million. He also pointed to $435 million in cash and cash equivalents, $7.6 billion in gross debt, $7.2 billion in net debt, and a 2.75x net leverage ratio, while saying the company is exploring refinancing for 2027 bond maturities and expects a stronger weighting toward share repurchases versus debt reduction.

Analysts pressed on why organic growth beat expectations by a wide margin, and management said the upside was largely timing-related from big license renewals that can create lumpiness when long contracts reset under revenue recognition rules. They also asked about whether AI and automation are increasing outsourcing demand, and Rahul Kanwar said customers increasingly want SS&C to deploy scalable AI and Agentic capabilities rather than build internally. Questions on CapEx and capitalized software spending were answered by Bill Stone with a list of active product investments, while he said the company expects similar R&D investment but also sees material margin improvement from AI adoption. On renewals and AI monetization, management said AI is improving the value proposition and guardrails for clients, not simply pushing down price realization.