Form 10-K ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2025 ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from ______ to _______ Commission file number: 001-34675 SS&C TECHNOLOGIES HOLDINGS, INC. UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 (Exact name of Registrant as Specified in Its Charter) Delaware 71-0987913 (State or Other J ...

Core Viewpoint - SS&C Technologies (SSNC) has experienced significant selling pressure, resulting in a 16% decline in stock price over the past four weeks, but analysts anticipate better earnings than previously expected, indicating a potential rebound for the stock [1]. Group 1: Technical Indicators - The Relative Strength Index (RSI) is utilized to determine if SSNC is oversold, with a current RSI reading of 28.14, suggesting that the stock may soon reverse its downward trend [2][5]. - Stocks oscillate between overbought and oversold conditions, and the RSI helps identify potential price reversals, indicating that SSNC may present an entry opportunity for investors [3]. Group 2: Fundamental Indicators - Analysts have raised earnings estimates for SSNC by 2.7% over the last 30 days, reflecting a strong consensus among sell-side analysts, which typically correlates with price appreciation in the near term [7]. - SSNC holds a Zacks Rank 2 (Buy), placing it in the top 20% of over 4,000 ranked stocks, further supporting the potential for a turnaround in the stock's performance [8].

Core Viewpoint - SS&C Technologies (SSNC) has faced significant selling pressure, resulting in a 15.3% decline in stock price over the past four weeks, but analysts anticipate improved earnings in the near future [1]. Group 1: Technical Analysis - The Relative Strength Index (RSI) for SSNC is currently at 26.86, indicating that the stock may be oversold and could be poised for a rebound as selling pressure exhausts [5]. - RSI is a momentum oscillator that helps identify whether a stock is overbought or oversold, with readings below 30 typically indicating an oversold condition [2][3]. Group 2: Fundamental Indicators - Analysts have raised their earnings estimates for SSNC by 2.7% over the last 30 days, suggesting a positive trend that often correlates with price appreciation [7]. - SSNC holds a Zacks Rank 2 (Buy), placing it in the top 20% of over 4,000 ranked stocks, indicating strong potential for a turnaround [8].

Core Insights - SS&C Technologies Holdings, Inc. is recognized as the sixth best strong buy tech stock to invest in [1] - Needham has lowered its price target for SS&C from $105 to $95 while maintaining a Buy rating, highlighting the company's strong performance in revenue and earnings [2] - The company reported record Q4 results with $1.655 billion in revenue, $1.69 EPS, and $651 million EBITDA, driven by outsourcing, Calastone integration, and artificial intelligence [3] Company Overview - SS&C Technologies is a U.S. financial and healthcare technology company that provides software and software-enabled services for investment management, fund administration, accounting, reporting, and healthcare operations [4] Growth Drivers - Major growth drivers for SS&C include robust cash flow, above 100% conversion rates, and a focus on share repurchases, alongside the integration of Calastone and advancements in artificial intelligence [3]

Core Insights - SS&C Technologies has undergone significant transformation, expanding its workforce from approximately 8,000–9,000 to the mid-20,000s following the acquisition of DST Systems, which has positively impacted financial results over recent quarters [1][2][3] Company Evolution - The company has evolved from a financial services software provider to a comprehensive platform that includes fund administration, transfer agency, wealth services, and enterprise software, with a notable shift occurring in 2018 when it completed three major acquisitions [2][3] Financial Strategy - M&A remains the top priority for capital allocation, focusing on acquisitions that enhance capabilities and allow cross-selling to around 23,000 customers, with share buybacks and debt reduction as secondary strategies when attractive deals are not available [4][8] - SS&C aims to achieve 40% operating margins by the end of 2026, targeting an annual margin improvement of approximately 50 basis points, leveraging liftout integrations and automation to enhance initially low-margin contracts over 18–24 months [6][9] Profitability and Cash Flow - The company emphasizes profitability and cash flow conversion, quickly targeting margin improvements post-acquisition, as demonstrated by the increase in margins from 19% to the "high 30s" within 18 months after acquiring DST, attributed to disciplined execution [7][9] AI Strategy - SS&C's AI strategy focuses on secure orchestration and automation rather than replacing core accounting functions, utilizing technologies like Blue Prism for productivity gains and developing an AI Gateway for controlled model execution [5][10][14] - The company views AI as a technological inflection point, aiming to enhance product quality, customer relationships, and financial outcomes while addressing data security and confidentiality concerns [10][12][14] Competitive Positioning - SS&C maintains stable headcount growth despite company expansion, leveraging automation technologies to improve efficiency, and positions itself as a partner for clients seeking modernization and stable career paths for employees [16][17] - The company emphasizes strong customer relationships and trust, aiming to solve multiple problems at scale compared to startups that may only address narrow issues [18] Growth Opportunities - SS&C is optimistic about Calastone, which automates flows into regulated funds and presents potential revenue synergies, and is exploring tokenization as a growing theme with several customers either implementing or planning to implement tokenized funds [19][20] - The company plans to continue prioritizing customer relationships, pursuing acquisitions to extend capabilities, and leveraging technological shifts to capture market share [21]

Company Background - SS&C is recognized for its complex evolution and significant acquisitions over time, which may not be fully appreciated by the market [2] - The company has made meaningful acquisitions, including notable transactions in 2018 and more recent ones like Calastone [2] Investor Perspective - The presentation at the financial conference highlights the positive outcomes for investors and the compelling narrative surrounding SS&C [1]

Summary of SS&C Technologies 2026 Conference Call Company Overview - **Company**: SS&C Technologies (NasdaqGS:SSNC) - **Industry**: Financial Services and Healthcare Technology - **Background**: Established in 1986, SS&C provides mission-critical infrastructure for financial services and healthcare, focusing on technology to differentiate its offerings [3][4] Key Points Business Evolution and Acquisitions - SS&C has transformed from a financial services software company to the world's largest fund administrator and transfer agent through strategic acquisitions, including DST Systems, Intralinks, and Eze in 2018 [5][6] - The company has integrated these acquisitions into its infrastructure, enhancing sales, marketing, and customer retention [6] Financial Performance - SS&C has reduced leverage from 7% to 2.7% since 2018, generating approximately $1.5 billion in free cash flow, resulting in an 8.5% free cash flow yield [7] - The company has prioritized capital allocation towards share buybacks (60%) and debt repayment (30%) [11] Growth and Margin Expansion - SS&C has achieved organic growth of around 5% over the past two years, with expectations to maintain this growth rate in 2026 [35] - The company aims for a 50 basis points margin improvement, targeting a 40% margin by the end of 2026 [43] Technology and AI Integration - SS&C views technology, including AI, as a means to enhance product quality and customer relationships [14] - The acquisition of Blue Prism has enabled SS&C to improve internal efficiencies and productivity, contributing to margin expansion [26] - The company has developed AI Gateway to securely utilize large language models while ensuring data privacy for clients [21] Client Relationships and Retention - SS&C has a strong client retention rate of 96.4%, indicating robust relationships and trust in its services [56] - The company emphasizes the importance of maintaining high customer satisfaction to foster long-term partnerships [53] Market Position and Competitive Dynamics - SS&C believes its established relationships and comprehensive service offerings provide a competitive advantage over startups with limited capabilities [54] - The company is well-positioned to capitalize on market opportunities, particularly in the context of technological advancements and regulatory changes [64] Future Outlook - SS&C is optimistic about its growth trajectory, focusing on customer retention, strategic acquisitions, and leveraging technology to enhance operational efficiency [62] - The company is prepared to navigate market uncertainties while continuing to deliver strong financial results and shareholder returns [66] Additional Insights - The company is exploring opportunities in tokenization through its acquisition of Calastone, which could enhance its service offerings in the asset management space [30][33] - SS&C's healthcare segment, while currently small, is expected to grow significantly as it leverages its new cloud-native system, DomaniRx [40][41]

Core Insights - SS&C Technologies reported record fourth-quarter results with adjusted revenue of $1.655 billion, an 8% increase year-over-year, and adjusted diluted earnings per share of $1.69, up 18% [4][7] - The company anticipates continued organic growth and margin expansion in 2026, with guidance for revenue between $6.65 billion and $6.74 billion and adjusted EPS between $6.70 and $7.02 [5][18] Financial Performance - GAAP fourth-quarter revenue was $1.654 billion, with net income of $193 million or $0.77 per diluted share [1] - Adjusted net income was $425 million, reflecting a 16.8% increase, and adjusted consolidated EBITDA reached $651 million, up 9% with a margin of 39.3% [4][8] - Operating cash flow for the year was $1.745 billion, with cash-flow conversion exceeding 100% for three consecutive years [6][9] Growth Drivers - Adjusted organic revenue growth for the quarter was 5.3% on a constant-currency basis, driven by strong performance in Global Investor & Distribution Solutions (GIDS) and GlobeOp, with revenue increases of 13.2% and 9.6% respectively [3] - The company is focusing on international growth, particularly in Australia, leveraging opportunities tied to recent superannuation mandates [3] Shareholder Returns - SS&C returned $384 million to shareholders in Q4, including $319 million in share repurchases and $66 million in dividends [10] - The company repurchased over $1 billion of stock in 2025, indicating a strong commitment to share buybacks in the absence of high-quality acquisition opportunities [6][10] Strategic Initiatives - Management views outsourcing and "lift-outs" as sustainable growth engines, with ongoing integration of the Calastone acquisition [5][12] - AI is considered a competitive advantage, with SS&C deploying AI solutions rapidly, leveraging its proprietary software and data [14][15] 2026 Outlook - The company expects to maintain strong performance throughout 2026, with guidance reflecting a focus on expense management, productivity, and technology leverage [16][17] - Q1 2026 guidance includes revenue of $1.608 billion to $1.648 billion and adjusted net income of $404 million to $420 million [18]

Core Insights - SS&C Technologies reported revenue of $1.65 billion for the quarter ended December 2025, reflecting an 8.1% increase year-over-year and surpassing the Zacks Consensus Estimate of $1.63 billion by 1.45% [1] - The company's EPS for the quarter was $1.69, up from $1.58 in the same quarter last year, exceeding the consensus EPS estimate of $1.62 by 4.48% [1] Financial Performance Metrics - Adjusted revenues from license, maintenance, and related services were $289.4 million, exceeding the three-analyst average estimate of $272.73 million, with a year-over-year change of 4.9% [4] - Adjusted revenues from software-enabled services reached $1.37 billion, slightly above the three-analyst average estimate of $1.36 billion, marking an 8.8% increase year-over-year [4] - Total revenues from license, maintenance, and related services were reported at $289.4 million, compared to the average estimate of $279.24 million based on two analysts, indicating a 5% year-over-year change [4] - Total revenues from software-enabled services were $1.36 billion, slightly above the estimated $1.35 billion by two analysts [4] Stock Performance - SS&C Technologies' shares have declined by 16.7% over the past month, contrasting with a 0.5% increase in the Zacks S&P 500 composite [3] - The stock currently holds a Zacks Rank 4 (Sell), suggesting potential underperformance relative to the broader market in the near term [3]

Financial Data and Key Metrics Changes - SS&C reported record adjusted revenue of $1.655 billion for Q4 2025, an increase of 8% year-over-year [5] - Adjusted diluted earnings per share (EPS) reached $1.69, reflecting an 18% increase [5] - Adjusted consolidated EBITDA was a record $651 million, up 9%, with an EBITDA margin of 39.3% [5][12] - Cash from operating activities for the full year was $1.745 billion, up 26% year-over-year [7] Business Line Data and Key Metrics Changes - GIDS experienced a revenue growth of 13.2%, while GlobeOp saw a 9.6% increase [6] - Intralinks showed modest growth in Q4, with expectations for momentum in 2026 [6] - The healthcare business faced challenges, but management remains optimistic about long-term growth opportunities [21][23] Market Data and Key Metrics Changes - The company is focusing on international growth opportunities, particularly in Australia with GlobeOp [6] - The alternative fund administration business showed exceptional growth in assets under administration, with expectations for continued growth in 2026 [27] Company Strategy and Development Direction - SS&C is leveraging AI and automation as a competitive advantage, believing it will drive long-term growth and profitability [4][19] - The company is prioritizing share repurchases and is optimistic about the early progress of the Calastone acquisition [8][19] - Management emphasized the importance of maintaining strong client relationships and expanding service offerings [10] Management's Comments on Operating Environment and Future Outlook - Management acknowledged the challenges in the healthcare sector but remains confident in the market's potential [21][23] - The company expects to maintain strong organic growth throughout 2026, with a focus on recurring revenue and long-term client partnerships [33] - Management is optimistic about the impact of AI on operational efficiency and competitive positioning [10][35] Other Important Information - SS&C ended Q4 with $462 million in cash and cash equivalents and $7.5 billion in gross debt, resulting in a net leverage ratio of 2.8 times [15] - The company plans to maintain capital expenditures at 4.4%-4.8% of revenues and continue share buybacks similar to 2025 levels [16] Q&A Session Summary Question: What drove the weakness in the healthcare business? - Management indicated that healthcare is a long-term play and noted the challenges of quarter-to-quarter comparisons, citing large license sales in the previous year [21][22] Question: Update on the Elevance relationship? - Management stated that DomaniRx is ready for onboarding, but highlighted the challenges of navigating relationships within large healthcare organizations [24] Question: Insights on alternative fund administration growth? - Management confirmed strong organic growth in the alternative fund administration sector, attributing part of the growth to the acquisition of Curo Fund Services [27] Question: Outlook for the intelligent automation business? - Management expressed optimism for the intelligent automation business, noting that it is a key area for innovation and growth [28][30] Question: Expectations for organic growth in wealth management? - Management is optimistic about the wealth management business, particularly the Black Diamond platform, which is expected to continue driving growth [38] Question: M&A environment insights? - Management is actively looking for acquisition opportunities and believes they are well-positioned to pursue larger acquisitions if the right opportunity arises [39]