SS&C Technologies Holdings Inc 2025年度报告

SS&C Technologies Holdings, Inc.2025 Annual Report on 10-K Dear Fellow Stockholders, Thank you for your continued investment in SS&C Technologies. 2025 was defined by recordperformance, meaningful innovation and investment, and disciplined capital allocation. We enter 2026with conviction in our strategy, our people, and the long-term opportunity ahead. SS&C delivered record revenues and earnings in 2025. We reported GAAP revenue of $6,272.2 million,GAAP operating income of $1,436.7 million, and GAAP diluted earnings per share of $3.15. On anadjusted basis, we posted revenue of $6,276.2 million, a 6.6% increase from 2024, $2,462.3 million inadjusted consolidated EBITDA, and $6.14 in diluted earnings per share. We continue to invest in ourbusiness and spent $625.0 million on sales and marketing, and over $500.0 million on research anddevelopment. We generated cash flow from operations of $1,744.8 million, a 25.7% increase from 2024, providingsignificant flexibility to invest in the business, pursue acquisitions, and return capital to ourshareholders. This year, we allocated over $1 billion in share repurchases, purchasing 12.3 millionshares, and paid $253.8 million in dividends, returning 43% of available cash flow directly toshareholders. We paid down $628.1 million in debt, bringing our net leverage ratio to 2.8x, and oursecured net ratio to 1.7x. Additionally, we completed the acquisition of Calastone this year, expandingour network capabilities and global addressable market. For 40 years, SS&C has built expertise in financial services and healthcare, providing mission-criticalinfrastructure embedded in our client’s core operations. Systems like Geneva have been a market leaderfor over 25 years. We believe AI will enhance and amplify the real intelligence we built through fourdecades of client service and 70 acquisitions. Guided by this philosophy, we operate as Customer Zero:deploying artificial intelligence and similar technologies internally before delivering it to clients. In 2025,we continued to meaningfully accelerate our AI investments. We believe our deep domain expertise,proprietary data, and regulated-environment experience position us uniquely to introduce AI to financialservices and healthcare responsibly — with the judgment and governance institutional clients require. Our 23,000+ global clients reflect the breadth and depth of relationships across the financial servicesand healthcare ecosystem, and we remain committed to service excellence. The growth of alternativesinvestments, continued outsourcing of complex middle and back-office functions, and increasingregulatory complexity continue to be tailwinds. SS&C is positioned at the center of these trends. William C. StoneChairman and Chief Executive OfficerSS&C Technologies Holdings, Inc. ☐TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934For the transition period from ______ to _______ SS&C TECHNOLOGIES HOLDINGS, INC. (Exact name of Registrant as Specified in Its Charter) 80 Lamberton RoadWindsor, CT 06095(Address of Principal Executive Offices, Including Zip Code)860-298-4500(Registrant’s Telephone Number, Including Area Code)Securities registered pursuant to Section 12(b) of the Act: Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act.Yes⌧No†Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act.Yes†No⌧Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934during the preceding 12 months (or for such shorter period that the Registrant was required to file such reports), and (2) has been subject to such filingrequirements for the past 90 days.Yes⌧No†Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter period that the registrant was required tosubmit and post such files.Yes⌧No†Indicate by check mark if disclosure of delinquent filers pursuant to Item 405 of Regulation S-K is not contained herein, and will not be contained, to the best of registrant’s knowledge, in definitive proxy or information statements incorporated by reference in Part III of this Form 10-K or any amendment to thisForm 10-K.†Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company” and “emerging growth company”in Rule 12b-2 of the Exchange Act. Accelerated filer†Smaller reporting company☐Emerging growth company☐ Large accelerated filer⌧Non-accelerate