SS&C Technologies

SS&C Technologies sells software and technology-enabled services to asset managers, hedge funds, private equity funds, banks, insurers, wealth managers and health plans. Its largest business is fund administration through SS&C GlobeOp, which keeps the books and calculates fund values for alternative investment funds. Other businesses include Global Investor and Distribution Solutions (transfer agency and investor services), wealth and investment software such as Black Diamond, and healthcare software and services. Most revenue is recurring under multi-year contracts.

Technology-enabled services are most of revenue, and license, maintenance and related fees are the rest. SS&C bought Calastone, a fund transaction network, in October 2025 and Curo Fund Services in November 2025. Adjusted revenue was $1,691 million in Q3 2026.

The market prices SS&C for the risk that AI tools lower the value of its software and of the labor-heavy services it sells, and for its debt. Much of its revenue comes from fund administration and investor services, where clients pay for people and processes that AI may automate. Gross debt was $7.48 billion at September 30, 2026, with a net leverage ratio of 2.63 times EBITDA, and $2.0 billion of 5.5% notes are due in September 2027. Profits still grow, but growth slowed in Q3 2026.

Adjusted EPS rose 14.8% to $1.78 and the adjusted EBITDA margin rose to 39.9%. Adjusted organic revenue growth fell to 5.2% from 7.6% in Q2 2026. For the gap to close, three things must be true. Organic revenue growth must come back near 6% or more, which shows that clients keep buying its services as AI tools spread.

The adjusted EBITDA margin must stay near 39% or rise as SS&C uses AI in its own operations. SS&C must refinance the 2027 notes on good terms and keep leverage under 3 times. In November 2026, SS&C raised new debt to redeem the notes, and the redemption itself is the next test. The Q4 2026 report and the 2027 guidance, expected in early 2027, are the main test.

If these checks pass, the gap can close over the next three to five quarters. The main reason it may not close is a further slowdown in organic growth that confirms the fear of AI.

1. Oct 22, 2026Failed

   Q3 2026 earnings: organic growth and marginAdjusted EPS within the $1.73 to $1.79 guidance and organic revenue growth of 6% or more pass; slower organic growth or a lower margin fails.Outcome: Adjusted EPS of $1.78 was within the guidance and the margin rose to 39.9%, but adjusted organic revenue growth slowed to 5.2%, below the 6% test.
2. Q4 2026 · est.Due this quarter

   Refinancing of the 2027 notesNew debt that repays the $2.0 billion 5.5% notes due September 2027 and keeps net leverage under 3 times passes; no refinancing by the end of 2026 or a much higher interest rate fails.
3. Jan 22, 2027 · est.Pending

   Q4 2026 results and the 2027 guidanceA 2027 outlook with organic growth near 6% or more and a plan to refinance the 2027 notes pass; lower growth guidance fails.

Every passed and failed checkpoint across all picks

• November 6, 2026SS&C sold $1.2 billion of 2.75% convertible senior notes due December 1, 2031. The conversion price is about $99.46 per share, 25.0% above the $79.57 closing price on November 4, 2026. SS&C bought capped calls with a cap price of about $139.25 per share to reduce dilution, and it used about $100.0 million to buy back about 1.3 million shares. It also borrowed $750 million of new Term B-8 loans and $240 million of new Term A-9 loans, and it extended the Term A-9 loans and its revolving credit facility to November 6, 2031. SS&C plans to use the money to redeem all $2.0 billion of its 5.5% senior notes due September 30, 2027.
• October 22, 2026SS&C reported Q3 2026 results. Adjusted revenue rose 7.8% to $1,691 million, and adjusted organic revenue growth was 5.2%, down from 7.6% in Q2 2026. Adjusted EBITDA rose 9.0% to a record $675 million, a 39.9% margin. Adjusted EPS rose 14.8% to $1.78, within the company's guidance. SS&C paid down $130 million of debt and said that a refinancing of its $2.0 billion notes due September 2027 in Q4 2026 is probable. It narrowed its 2026 adjusted EPS guidance to $7.11 to $7.17, from $6.93 to $7.25.
• October 6, 2026SS&C said that it will report Q3 2026 results after the market closes on October 22, 2026.

Last earnings

October 22, 2026 (8-K on sec.gov)

Next earnings

Expected about January 22, 2027. The company has not confirmed the date.

• 10-QQuarterly report for the period ended Sep 30, 2026Filed November 9, 2026 · ssnc-20260930
• 8-KNew material agreement and New debt or financial obligationFiled November 9, 2026 · ssnc-20261104
• 8-KEarnings releaseFiled October 22, 2026 · Press release and exhibits
• 10-QQuarterly report for the period ended Jun 30, 2026Filed July 30, 2026 · ssnc-20260630
• 8-KEarnings releaseFiled July 23, 2026 · Press release and exhibits
• 8-KChange of directors or officers and Shareholder vote resultsFiled May 22, 2026 · ssnc-20260520
• 10-QQuarterly report for the period ended Mar 31, 2026Filed April 30, 2026 · ssnc-20260331
• 8-KEarnings releaseFiled April 23, 2026 · Press release and exhibits
• 10-KAnnual report for the period ended Dec 31, 2025Filed February 26, 2026 · ssnc-20251231
• 8-KEarnings releaseFiled February 5, 2026 · Press release and exhibits

Every filing on SEC EDGAR (CIK 1402436)

• AI tools may automate fund accounting, investor services and other work that SS&C sells, or let clients and new competitors do the work at a lower cost. This can slow growth and lower prices.
• Gross debt was $7.48 billion at September 30, 2026. $2.0 billion of 5.5% notes are due in September 2027. In November 2026, SS&C raised new debt to redeem them and extended the Term A-9 loans and the revolving facility to November 6, 2031. Higher interest rates on new debt would lower earnings.
• Revenue depends on the assets and activity of asset managers and alternative funds. A long market downturn or lower fund flows can reduce fees.
• SS&C grows partly by buying companies. A large purchase can raise debt, and integration problems can lower margins.

At September 30, 2026, SS&C had cash and cash equivalents of $525.4 million and gross debt of $7.48 billion. In Q3 2026, SS&C paid down $130.0 million of debt. Read more

Yield at the current rate

1.5% (current annual rate, at today’s price)

Dividend yield

1.4% (last 12 months, at today’s price of $79.44)

Paid per share

$1.11 in the last 12 months (4 payments)

Current annual rate

$1.20 ($0.30 × 4 a year)

Payout ratio

33% of the last fiscal year’s earnings (the year that ended December 31, 2025)

Latest ex-dividend date

September 1, 2026, $0.30 per share

Dividends per share by year

From 2020 to 2025, the dividend grew by about 14.4% a year. From 2015 to 2025, the dividend grew by about 15.3% 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.