Broadridge Financial Solutions

Broadridge runs the back-office plumbing for banks, brokers, asset managers, and public companies. Its larger segment, Investor Communication Solutions, processes and distributes proxy statements, annual reports, and other regulatory mailings to shareholders, and handles the vote counting behind them; in fiscal 2026 it processed over 8 billion investor and customer communications and managed proxy voting for over 1 billion equity proxy positions. Most U.S. public company shares are held through banks and brokers, and many of them use Broadridge for this work. The smaller segment, Global Technology and Operations, sells back-office and trading technology to wealth managers and capital markets firms, including trade processing, clearing support, and, since a 2026 acquisition, futures and options trading technology.

Roughly two-thirds of revenue is recurring, subscription-like fee revenue; the rest is event-driven revenue tied to how many annual meetings, proxy contests, IPOs, and M&A deals happen in a given year, plus lower-margin postage and print costs passed through to clients. Broadridge's fiscal year ends June 30. It is also building a newer, faster-growing business around tokenized finance: its Distributed Ledger Repo (DLR) platform lets banks settle repurchase-agreement trades on distributed ledger technology, and it processed about $359 billion a day, about $7.5 trillion for the month, in September 2026. That is about 6% more than a year earlier, down from 28% growth in July 2026.

Investors fear that AI tools will let banks and brokers bring proxy and compliance work in-house. That would cut Broadridge out of its highest-margin work. A second, related fear is that tokenized securities will settle and vote outside Broadridge's networks entirely. The gap can close if recurring revenue keeps compounding at a high-single-digit rate, as it did in fiscal 2026 with 8% growth.

It also needs new-business bookings to keep growing. Closed sales were $305 million in fiscal 2026, above the cut guidance range of $240-290 million, and fiscal 2027 guidance is $290-330 million. Slower bookings today show up as slower recurring revenue later. Broadridge's own moves need to turn into real revenue rather than stay pilots.

These include the launch of the DLX tokenization platform and the expansion of digital-asset services to US wealth managers in September 2026. Management argues that whoever holds a security, tokenized or not, still needs the same governance and compliance work that runs through Broadridge's networks. In fiscal Q1 2027, to September 30, 2026, recurring revenue grew 11% in constant currency and closed sales grew 10%, and Broadridge kept its fiscal 2027 guidance. On November 2, 2026, Broadridge said that it will bring on-chain governance and digital transfer agency services to the NYSE's tokenized securities platform after regulatory approval.

This supports management's argument, but it is not revenue yet. The next tests are the Investor Day on December 8, 2026, where management gives new three-year objectives, and the fiscal Q2 2027 report, expected in early February 2027. If recurring revenue and bookings both hold up through two or three more quarters, the discount can start to close by mid-2027. If AI or tokenization instead routes work around Broadridge, the market's doubt will prove right instead of overdone.

1. Aug 4, 2026Passed

   FY2026 results and FY2027 guidanceRecurring revenue growth near 8% and closed sales inside or above the cut $240 to $290 million range pass; lower growth or weaker bookings fail.Outcome: Recurring revenue grew 8% in constant currency, closed sales reached $305 million, and FY2027 guidance called for 6% to 8% recurring revenue growth.
2. Nov 3, 2026Passed

   Q1 FY2027 results: recurring revenue and closed salesRecurring revenue growth on track for the 6% to 8% range and kept guidance pass; growth below 6% or a guidance cut fails.Outcome: Recurring revenue grew 11% in constant currency, with 9 points of organic growth, and Broadridge kept all of its fiscal 2027 guidance.
3. Dec 8, 2026Pending

   Investor Day: new three-year objectivesThree-year objectives with recurring revenue growth of at least 6% a year and a clear plan for tokenization revenue pass; lower growth objectives fail.
4. Feb 3, 2027 · est.Pending

   Q2 FY2027 results: bookings and tokenization revenueClosed sales on track for the $290 to $330 million range and first revenue from DLX or digital-asset custody pass; falling bookings fail.
5. Aug 2027 · est.Pending

   FY2027 results and FY2028 guidanceRecurring revenue growth of 6% to 8% and closed sales of $290 to $330 million pass; growth below 6% or proxy volume lost to AI or tokenized settlement fails.

Every passed and failed checkpoint across all picks

• November 3, 2026Broadridge reported Q1 fiscal 2027 results. Recurring revenue grew 11% to $1,083 million, with 9 points of organic growth, and closed sales grew 10% to $36 million. Event-driven revenue fell 41% to $67 million because of fewer mutual fund proxy events, so total revenue grew only 5% to $1,669 million. Adjusted operating margin fell to 13.8% from 15.8%, and adjusted EPS grew 3% to $1.56. Diluted EPS fell 41% to $0.83 because of a $40 million non-cash loss on digital assets and $15 million of restructuring costs. Broadridge kept its fiscal 2027 guidance and will give new three-year objectives at an Investor Day on December 8, 2026.
• November 2, 2026Broadridge said that it will bring on-chain shareholder governance and digital transfer agency services to the NYSE's tokenized securities platform, which is to launch after regulatory approval. NYSE-listed companies can then tokenize their stock through Broadridge's services.
• October 8, 2026Broadridge said its Distributed Ledger Repo platform processed about $7.5 trillion in September 2026, averaging $359 billion a day. That is about 6% more than the $339 billion a day of September 2025, much slower than the 28% growth of July 2026.

Last earnings

November 3, 2026 (8-K on sec.gov)

Next earnings

Expected about February 3, 2027. The company has not confirmed the date.

• 8-KShareholder vote resultsFiled November 10, 2026 · br-20261110
• 8-KChange to shareholder rights or bylaws and Other company newsFiled November 10, 2026 · br-20261110
• 10-QQuarterly report for the period ended Sep 30, 2026Filed November 3, 2026 · br-20260930
• 8-KEarnings releaseFiled November 3, 2026 · Press release and exhibits
• 8-KOther company newsFiled October 23, 2026 · br-20260929
• 10-KAnnual report for the period ended Jun 30, 2026Filed August 4, 2026 · br-20260630
• 8-KEarnings release and Other company newsFiled August 4, 2026 · Press release and exhibits
• 8-KChange of directors or officersFiled June 10, 2026 · br-20260609
• 8-KOther company newsFiled May 21, 2026 · br-20260521
• 8-KNew material agreement and New debt or financial obligationFiled May 15, 2026 · Read it on sec.gov

Every filing on SEC EDGAR (CIK 1383312)

• The market's central worry is that AI tools let banks and brokers bring proxy and compliance work in-house, or that tokenized securities settle and vote outside Broadridge's networks, eroding its core, most defensible revenue over time.
• A meaningful slice of revenue is event-driven, tied to how many annual meetings, proxy contests, IPOs, and M&A deals happen in a given year. A slowdown in capital markets activity would hit this revenue directly. In Q1 fiscal 2027, event-driven revenue fell 41% to $67 million because of fewer mutual fund proxy events, and adjusted operating margin fell to 13.8% from 15.8%.
• New-business bookings (closed sales) guidance was cut in FY2026, to $240-290 million from $290-330 million. Slower bookings today can show up as slower recurring revenue growth with a lag.
• Most of Broadridge's moat in proxy processing rests on U.S. securities regulation requiring shareholder communications and vote processing. A change in those rules, such as looser mailing or notice requirements, could reduce the volume or price of what Broadridge processes.
• Broadridge is integrating recent acquisitions, including CQG (closed April 2026), while also investing in its DLR tokenization platform. Running several integrations and a new growth bet at once adds execution risk.
• Broadridge gives its growth guidance in constant currency. A stronger US dollar would reduce reported, as-stated revenue and EPS growth even if the underlying business performs in line with guidance.

Broadridge's debt is all senior unsecured debt of the parent company, and the subsidiaries that run almost all of the business do not guarantee the notes. Debt is principal at September 30, 2026. Read more

Yield at the current rate

2.3% (current annual rate, at today’s price)

Dividend yield

2.1% (last 12 months, at today’s price of $192.85)

Paid per share

$4.015 in the last 12 months (4 payments)

Current annual rate

$4.36 ($1.09 × 4 a year)

Payout ratio

41% of the last fiscal year’s earnings (the year that ended June 30, 2026)

Latest ex-dividend date

September 3, 2026, $1.09 per share

Dividends per share by year

From 2020 to 2025, the dividend grew by about 10.7% a year. From 2015 to 2025, the dividend grew by about 12.5% a year.

Source: company filings and market data, read on November 13, 2026. The ex-dividend date is the first day a buyer no longer gets the next payment.