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SS&C Technologies’ Capital Firepower: Will Buybacks or Bold Acquisitions Unlock the Next Growth Wave?

SS&C Technologies delivered a strong finish to 2025, pairing record adjusted revenue of $1.655 billion with record adjusted diluted earnings per share of $1.69, record adjusted consolidated EBITDA of $651 million, and a 39.3% adjusted EBITDA margin. Adjusted organic revenue growth was 5.3% on a constant-currency basis, with notable strength in Global Investor and Distribution Solutions and GlobeOp. Cash from operating activities rose 26% for the full year to $1.745 billion, translating to $6.89 per diluted share, supported by earnings growth, working capital utilization, and lower cash taxes. Capital returns remained a central feature, with $384 million returned in the fourth quarter and over $1 billion of share repurchases completed across 2025, alongside dividends. Balance sheet leverage ended the quarter at roughly 2.8x net leverage, with $462 million of cash, $7.5 billion of gross debt, and $7.0 billion of net debt.