SS&C Technologies (SSNC) | Credit Investor

Next 12 Months: Starting Case

$ in millions	Last 12 Months	Next Quarter (4Q26E)	vs. 4Q25A	Next 12 Months	Change
Revenue	$6,686	$1,721	4.1%	$6,957	4.0%
Adj. EBITDA	$2,591	$634	(0.3%)	$2,659	2.6%
Free Cash Flow	$1,812	$445	(29.7%)	$1,902	5.0%
Net Debt, end of period	$6,924	$6,479		$5,022	(27.5%)
Net Debt / Adj. EBITDA	2.7x	2.5x		1.9x	-0.8x
Total Liquidity, end of period	$899	$1,344		$2,801	211.6%

The credit over the next year

SS&C is a recurring-fee software and fund administration business running a 39.9% adjusted EBITDA margin with net leverage of 2.63x at September 2026, so the credit turns on whether organic growth holds near 5% while margins keep edging up and free cash flow keeps paying down debt. Fund administration (GlobeOp) at 9% and GIDS at 6% to 13% have carried growth while Wealth and Investment Technologies and Intelligent Automation have been flat to negative. The Q4 2026 guide of 4.0% organic growth is a step down, and the September 2026 Fed hike adds about $3 million a quarter of interest cost per 25 basis points on $4.7 billion of floating debt, only a third of which is offset by higher earnings on client cash.

Leverage falls from 2.7x to 1.9x over the next four quarters on the starting case.
Free cash flow of $1.90bn is projected over the next year, short of the $2.00bn of debt due in that time.
Net debt shrinks from $6.92bn to $5.02bn; maturing debt is assumed refinanced unless changed in the model.
Liquidity a year out is $2.80bn, against $899mm today.

Due inside a year: 5.500% Senior Notes due 2027 ($2.00bn).

Built from the inputs on the Projections tab of the model; change them there. A starting case from history, not a forecast.

Capital Structure

Cap Structure	Amt Out.	Mkt Price	Yield	Lev. Through	View
Unrestricted Cash	$525.4
Term B-8 Loans	3,746.9	100.0%	N/a	1.4x	Bullish
Term A-9 Loans	760.0	100.0%	N/a	1.7x	Bullish
Revolving Credit Facility	220.0	100.0%	N/a	1.8x	Bullish
5.500% Senior Notes due 2027	2,000.0	100.0%*	5.42%	2.6x	Bullish
2.75% Convertible Senior Notes due 2031 (issued 2026-11-06, after the balance sheet date)	1,200.0	100.0%	2.75%	3.1x	Bullish
6.500% Senior Notes due 2032	750.0	101.3%*	6.22%	3.3x	Bullish
Total Debt	$7,449.5			2.9x
Net Debt	$6,924.1			2.7x

Last Twelve Months

Revenue	$6,686
Implied Costs	(4,095)
Adj. EBITDA	$2,591
(-) Interest Expense	(439)
(-) Capex	(48)
Memo: FCF	$1,812
Total Liquidity	$898.8

Next 12 months, starting case▲ Revenue $6.69bn → $6.96bn▲ Adj. EBITDA $2.59bn → $2.66bn▲ Free cash flow $1.81bn → $1.90bn▼ Net leverage 2.7x → 1.9x▲ Liquidity $899mm → $2.80bn

SS&C Technologies

			9/30/26						Face Value / Adj. EBITDA
Cap Structure	Coupon	Maturity	Amt Out.	Mkt Price	YTM	Next Call	Yield to Call	View	2021A	2022A	2023A	2024A	2025A	LTM	3Q27E LTM	3Q28E LTM
Unrestricted Cash			$525.4
Undrawn Revolver ($600mm facility)			373.4
Total Liquidity			$898.8

Term B-8 Loans	S + 200	5/9/2031	3,746.9	100.0%	N/a	N/a	N/a	Bullish
Term A-9 Loans	S + 150	11/6/2031	760.0	100.0%	N/a	N/a	N/a	Bullish
Revolving Credit Facility	S + 125	11/6/2031	220.0	100.0%	N/a	N/a	N/a	Bullish
Total Secured Debt			$4,726.9						2.3x	2.4x	2.3x	2.1x	2.0x	1.8x	1.8x	1.7x
Net Secured Debt			$4,201.5						2.1x	2.2x	2.1x	1.9x	1.8x	1.6x	1.6x	1.5x

5.500% Senior Notes due 2027	5.50%	9/30/2027	2,000.0	100.0%*	5.46%	3/30/2025 @ 100	5.42%	Bullish
2.75% Convertible Senior Notes due 2031 (issued 2026-11-06, after the balance sheet date)	2.75%	12/1/2031	1,200.0	100.0%	2.75%	12/5/2029 @ 100	2.75%	Bullish
6.500% Senior Notes due 2032	6.50%	6/1/2032	750.0	101.3%*	6.22%	6/1/2027 @ 103.25	10.31%	Bullish
Other debt, discounts and issuance costs	N/a	N/a	(1,227.4)
Total Debt			$7,449.5						3.7x	3.8x	3.7x	3.3x	3.1x	2.9x	2.8x	2.7x
Net Debt			$6,924.1						3.4x	3.6x	3.4x	3.1x	2.9x	2.7x	1.9x	1.1x
						Adj. EBITDA			$2,024	$1,939	$2,039	$2,227	$2,398	$2,591	$2,659	$2,722

Key Financials

	2021A	2022A	2023A	2024A	2025A	LTM	3Q27E LTM	3Q28E LTM
Revenue	$5,051	$5,283	$5,503	$5,882	$6,272	$6,686	$6,957	$7,224
Y/Y Growth		4.6%	4.2%	6.9%	6.6%		4.0%	3.8%
(-) Cost of Revenue	(2,642)	(2,768)	(2,851)	(3,018)	(3,251)	(3,463)	(3,601)	(3,739)
Gross Profit	$2,409	$2,515	$2,652	$2,864	$3,022	$3,224	$3,356	$3,484
Gross Margin	47.7%	47.6%	48.2%	48.7%	48.2%	48.2%	48.2%	48.2%
(+/-) Other Operating Costs, net of D&A	(500)	(701)	(773)	(840)	(881)	(903)	(968)	(1,033)
EBITDA	$1,910	$1,815	$1,879	$2,024	$2,141	$2,321	$2,388	$2,451
(+) Add-backs: stock comp, restructuring, impairments	114	125	160	203	258	271	271	271
Adj. EBITDA	$2,024	$1,939	$2,039	$2,227	$2,398	$2,591	$2,659	$2,722
Margin	40.1%	36.7%	37.1%	37.9%	38.2%	38.8%	38.2%	37.7%
(-) Restructuring and other cash add-backs	--	--	--	--	--	--	--	--
Cash EBITDA	$2,024	$1,939	$2,039	$2,227	$2,398	$2,591	$2,659	$2,722
(-) Interest Expense (Cash Only)	(193)	(298)	(462)	(452)	(428)	(439)	(466)	(466)
(-) Cash Taxes	(310)	(281)	(349)	(286)	(219)	(240)	(240)	(240)
(-) Capex	(51)	(63)	(57)	(61)	(81)	(48)	(49)	(51)
(+/-) Working Capital and Other	(92)	(226)	(13)	(100)	(6)	(52)	--	--
Memo: FCF	$1,378	$1,071	$1,159	$1,327	$1,664	$1,812	$1,902	$1,964
% of Debt	18.5%	14.4%	15.6%	17.8%	22.3%	24.3%	25.5%	26.4%

Liquidity

Unrestricted Cash	$525.4
Undrawn Revolver	373.4
Total Liquidity	$898.8
(-) Debt due through 2028	(2,000.0)
(+/-) Free cash flow, last twelve months	1,812.3
Liquidity after maturities and a year of cash flow	$711.1

Tranches are from the debt table in the latest quarterly or annual report.Blue figures are inputs in the model. Price is 100% of face unless marked *, which is a bond fund's own valuation from its SEC holdings report, not a traded price.Secured and unsecured are judged from each instrument's name. Adj. EBITDA is operating income plus D&A, stock compensation, restructuring and impairment charges as tagged in SEC filings; it is not the company's own adjusted figure. Free cash flow is cash from operations less capital spending.

The basket review for this company has not finished yet. When it does, this tab shows the dollar capacity to move value or prime lenders, the playbook moves that fit, and what they would do to each tranche. Meanwhile, see the liability management playbook.

Key Financials

	2021A	2022A	2023A	2024A	2025A	LTM	3Q27E LTM	3Q28E LTM
Revenue	$5,051	$5,283	$5,503	$5,882	$6,272	$6,686	$6,957	$7,224
Y/Y Growth		4.6%	4.2%	6.9%	6.6%		4.0%	3.8%
(-) Cost of Revenue	(2,642)	(2,768)	(2,851)	(3,018)	(3,251)	(3,463)	(3,601)	(3,739)
Gross Profit	$2,409	$2,515	$2,652	$2,864	$3,022	$3,224	$3,356	$3,484
Gross Margin	47.7%	47.6%	48.2%	48.7%	48.2%	48.2%	48.2%	48.2%
(+/-) Other Operating Costs, net of D&A	(500)	(701)	(773)	(840)	(881)	(903)	(968)	(1,033)
EBITDA	$1,910	$1,815	$1,879	$2,024	$2,141	$2,321	$2,388	$2,451
(+) Add-backs: stock comp, restructuring, impairments	114	125	160	203	258	271	271	271
Adj. EBITDA	$2,024	$1,939	$2,039	$2,227	$2,398	$2,591	$2,659	$2,722
Margin	40.1%	36.7%	37.1%	37.9%	38.2%	38.8%	38.2%	37.7%
(-) Restructuring and other cash add-backs	--	--	--	--	--	--	--	--
Cash EBITDA	$2,024	$1,939	$2,039	$2,227	$2,398	$2,591	$2,659	$2,722
(-) Interest Expense (Cash Only)	(193)	(298)	(462)	(452)	(428)	(439)	(466)	(466)
(-) Cash Taxes	(310)	(281)	(349)	(286)	(219)	(240)	(240)	(240)
(-) Capex	(51)	(63)	(57)	(61)	(81)	(48)	(49)	(51)
(+/-) Working Capital and Other	(92)	(226)	(13)	(100)	(6)	(52)	--	--
Memo: FCF	$1,378	$1,071	$1,159	$1,327	$1,664	$1,812	$1,902	$1,964
% of Debt	18.5%	14.4%	15.6%	17.8%	22.3%	24.3%	25.5%	26.4%

Key Drivers

Driver	4Q25A	1Q26A	2Q26A	3Q26A	4Q26E	1Q27E	2Q27E	3Q27E	4Q27E	1Q28E	2Q28E	3Q28E	Sensitivity	Next 12m impact ($mm)
Adjusted organic revenue growth % year over year	5.3	5.0	7.6	5.2	4.0	4.0	4.0	4.0	4.0	4.0	4.0	4.0	$16.7mm on revenue	267
GlobeOp (fund administration) organic growth % year over year	9.6	6.7	9.0	9.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	$4.4mm on revenue	--
GIDS and related organic growth % year over year	13.2	10.4	8.9	6.3	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	$4.0mm on revenue	--
Adjusted consolidated EBITDA margin % of adjusted revenue	39.3	39.5	39.5	39.9	39.3	39.5	39.5	39.9	39.3	39.5	39.5	39.9	$-16.9mm on cost of revenue	--
Federal funds effective rate % (quarter end)	3.64	3.64	3.63	3.88	3.88	3.88	3.88	3.88	3.88	3.88	3.88	3.88	$4.0mm on revenue	3

SS&C is a recurring-fee software and fund administration business running a 39.9% adjusted EBITDA margin with net leverage of 2.63x at September 2026, so the credit turns on whether organic growth holds near 5% while margins keep edging up and free cash flow keeps paying down debt. Fund administration (GlobeOp) at 9% and GIDS at 6% to 13% have carried growth while Wealth and Investment Technologies and Intelligent Automation have been flat to negative. The Q4 2026 guide of 4.0% organic growth is a step down, and the September 2026 Fed hike adds about $3 million a quarter of interest cost per 25 basis points on $4.7 billion of floating debt, only a third of which is offset by higher earnings on client cash.

Bottoms-Up Projections: starting case

$ in millions	4Q25A	1Q26A	2Q26A	3Q26A	4Q26E	1Q27E	2Q27E	3Q27E	4Q27E	1Q28E	2Q28E	3Q28E
Revenue	$1,654	$1,647	$1,696	$1,690	$1,721	$1,715	$1,764	$1,757	$1,788	$1,782	$1,830	$1,824
Y/Y Growth	8.1%	8.8%	10.3%	7.8%	4.1%	4.1%	4.0%	4.0%	3.9%	3.9%	3.8%	3.8%
Adj. EBITDA	$636	$641	$660	$654	$634	$665	$684	$675	$649	$681	$701	$691
Margin	38.5%	38.9%	38.9%	38.7%	36.8%	38.8%	38.8%	38.4%	36.3%	38.2%	38.3%	37.9%
Free Cash Flow	$633	$294	$403	$482	$445	$476	$495	$486	$460	$492	$511	$502
Cash, end of period	462	421	435	525	971	1,447	1,942	2,428	2,887	3,379	3,890	4,392
Total Debt, end of period	7,433	7,431	7,577	7,450	7,450	7,450	7,450	7,450	7,450	7,450	7,450	7,450
Net Debt / Adj. EBITDA	2.9x	2.9x	2.8x	2.7x	2.5x	2.3x	2.1x	1.9x	1.7x	1.5x	1.3x	1.1x

Revenue is built from one revenue line, each driven by volume and by price and mix against the same quarter a year earlier. Every cost line, interest, taxes, capital spending and working capital has its own input on the Projections tab of the model. This is a starting case built from history, not a forecast.

Earnings call: Q3 2026 · Oct 22, 2026

Slides Webcast and audio replay Investor relations site

Q3 2026 adjusted revenue rose 7.8% to $1.69B with 5.2% organic growth and a record 39.9% EBITDA margin; net leverage fell to 2.63x and the 2027 notes were refinanced in November.

Takeaways

Revenue and margins moved up. Adjusted revenue grew 7.8% to $1,691M and organic growth was 5.2%. Adjusted EBITDA rose 9.0% to a record $675M, a 39.9% margin, up 40 bps.
Growth was led by fund administration. GlobeOp grew 9.0% organically and GIDS 6.3%, while Intelligent Automation and Analytics shrank 4.5% and Wealth and Investment Technologies slowed to 1.9%.
Cash flow is solid. Operating cash flow for nine months was $1,216M, up 10.4%, and the full year cash flow range of $1,717M to $1,817M was held.
Leverage is moderate and falling. The company repaid $130M of debt in Q3, ending with $7.48B gross debt, $525M cash, 2.63x net leverage and 1.59x net secured leverage on LTM EBITDA of about $2.65B.
The 2027 maturity wall was addressed after the quarter. In November SS&C sold $1.2B of 2.75% convertible notes due 2031 and added $240M of Term A-9 and $500M of Term B-8 loans to redeem all $2.0B of 5.5% notes due September 2027.
Shareholder returns remain a large use of cash. Q3 buybacks were $155M and dividends $71M, the dividend was raised 11.1% in August, and nine month buybacks reached $761M.

Debt and capital

At September 30, 2026: gross debt $7,483.5M, cash $525.4M, net leverage 2.63x and net secured leverage 1.59x under the credit agreement definition.
The $2.0B 5.5% senior notes due September 30, 2027 were shown as current at quarter end; management said refinancing in Q4 was probable.
On November 6, 2026 SS&C issued $1.2B of 2.75% convertible senior notes due December 1, 2031, upsized from $1.0B, with a conversion price near $99.46, about a 25% premium. Proceeds also funded capped calls and up to $100M of concurrent buybacks.
The credit agreement was amended to add $240M of Term A-9 loans, $500M of fungible Term B-8 loans due May 2031 (SOFR plus 2.00%), and up to $400M more revolver capacity. The Term A-9 and revolver maturities were extended to November 2031.
Term A-9 loans price at SOFR plus 1.50% with leverage-based step-ups above 3.50x and 4.25x, amortize 2.5% then 5.0% a year, and carry a 5.25x net secured leverage covenant, well above the current 1.59x.
Q3 repaid $130M of debt and repurchased 1.9M shares for $154.8M at an average of $79.95.

Guidance

FY 2026 adjusted revenue narrowed to $6,736M to $6,776M; the midpoint moved up slightly to $6,756M from $6,752M, so effectively held. Organic growth midpoint held at 5.5%.
FY 2026 adjusted diluted EPS narrowed to $7.11 to $7.17, midpoint $7.14 versus $7.09 before, a small raise. Adjusted net income narrowed to $1,726M to $1,742M.
FY 2026 interest expense guidance rose to $417M to $419M from $406M to $416M.
FY 2026 cash from operations held at $1,717M to $1,817M and capex held at 4.4% to 4.8% of revenue.
Q4 2026 guidance: adjusted revenue $1,700M to $1,740M (about 4.0% organic at the midpoint), adjusted EPS $1.88 to $1.94, interest expense $103M to $105M.

Tone: Confident and steady, stressing record margins, on-track annual goals and AI-led client transformation, with no change to the cash flow outlook.

Q2 2026Slides · Webcast
Q1 2026Slides · Webcast
Q4 2025Slides · Webcast

Summary written with AI from Press release and slides only (Exhibits 99.1 and 99.2 to the October 22, 2026 8-K), plus the November 2026 refinancing 8-K. SS&C does not publish a transcript or prepared remarks on its IR site or with the SEC.. Slides, audio and any transcript are the company's and open on its own site. Full transcripts from transcript vendors are not reproduced here.

Last quarter: Third quarter 2026

SS&C grew revenue 7.8% and Adjusted Consolidated EBITDA 9.0%, cut net leverage to 2.63x and narrowed full-year guidance.

Results

GAAP revenue was $1,690mm, up 7.8% from $1,568mm; adjusted revenue was $1,691mm and adjusted organic growth was 5.2%.
Adjusted Consolidated EBITDA attributable to SS&C was $674.8mm, up 9.0% from $619.0mm, a 39.9% margin versus 39.5%.
GAAP operating income rose 11.9% to $409mm, but GAAP net income attributable to SS&C fell 5.3% to $199mm.
Operating cash flow was $1,216mm for the nine months, up 10.4%; by subtracting the six-month figure, the quarter was about $500mm.
The company returned $225mm to shareholders in the quarter: $155mm of buybacks and $71mm of dividends.

Why

Technology-enabled services revenue rose to $1,449mm from $1,309mm, while license, maintenance and related revenue fell to $241mm from $259mm.
Organic growth slowed to 5.2% from 7.6% in the second quarter, so acquisitions and other non-organic items made up the rest of the 7.8% growth.
The net income decline came from a $47.7mm loss in unconsolidated affiliates (versus $11.6mm a year earlier) and a higher tax charge of $58.6mm versus $43.5mm.
Amortization of intangibles ($165mm) and stock-based compensation ($62mm) remain the largest gaps between GAAP and adjusted operating income.

Balance sheet and guidance

Cash was $525mm and gross debt was $7,484mm at September 30, after $130mm of debt paydown in the quarter.
Net leverage under the credit agreement was 2.63x, down from 2.75x at June 30; net secured leverage was 1.59x.
The release showed the $2.0bn of senior notes due September 30, 2027 as current debt ($2,260mm total current) and said refinancing in the fourth quarter of 2026 was probable. The later 10-Q moved them back to noncurrent after the November 2026 refinancing.
FY 2026 adjusted revenue of $6,736mm to $6,776mm, narrowed from $6,672mm to $6,832mm in July: the low end was raised and the high end cut.
FY 2026 adjusted net income of $1,726mm to $1,742mm, narrowed from $1,670mm to $1,770mm; adjusted diluted EPS of $7.11 to $7.17, narrowed from $6.93 to $7.25.
FY 2026 operating cash flow of $1,717mm to $1,817mm and capital expenditures of 4.4% to 4.8% of revenue, both held.
FY 2026 interest expense of $417mm to $419mm, up from $406mm to $416mm.
Q4 2026 adjusted revenue of $1,700mm to $1,740mm and adjusted net income of $454mm to $470mm.
The company does not guide to Adjusted Consolidated EBITDA or free cash flow.

What to watch

Completion of the planned fourth-quarter redemption of the $2.0bn of senior notes due September 2027, funded by the November 2026 convertible notes and added term loans, and the effect on interest expense.
Whether buybacks ($761mm so far this year) keep pace with or exceed debt reduction, which would slow further cuts to the 2.63x net leverage.
Organic growth after the drop to 5.2% from 7.6%, the decline in license revenue, and the growing losses from unconsolidated affiliates.

From the company's press release filed Oct 22, 2026. Figures in this section are as the company reports them, including its own adjusted EBITDA.

Filings

Earnings releases 8

Oct 22, 20268-K for Oct 22, 2026: Results · Press release · Presentation or supplement
Jul 23, 20268-K for Jul 23, 2026: Results · Press release · Presentation or supplement
Apr 23, 20268-K for Apr 23, 2026: Results · Press release · Presentation or supplement
Feb 5, 20268-K for Feb 5, 2026: Results · Press release · Presentation or supplement
Oct 23, 20258-K for Oct 23, 2025: Results · Press release · Presentation or supplement
Jul 23, 20258-K for Jul 23, 2025: Results · Press release · Presentation or supplement
Apr 24, 20258-K for Apr 24, 2025: Results · Press release · Presentation or supplement
Feb 6, 20258-K for Feb 6, 2025: Results · Press release · Presentation or supplement

Annual reports (10-K) 5

Quarterly reports (10-Q) 12

Current reports (8-K) 20

Nov 9, 20268-K for Nov 4, 2026: Material agreement; New debt; Equity sold; Other event
May 22, 20268-K for May 20, 2026: Director or officer change; Shareholder vote; Other event
Oct 14, 20258-K for Oct 14, 2025: Material agreement; Acquisition or disposal completed; New debt; Regulation FD
Jul 21, 20258-K for Jul 21, 2025: Other event
May 22, 20258-K for May 21, 2025: Director or officer change; Shareholder vote; Other event
Mar 26, 20258-K for Mar 24, 2025: Director or officer change
Oct 1, 20248-K for Sep 27, 2024: Material agreement; Acquisition or disposal completed; New debt; Regulation FD
Sep 12, 20248-K for Sep 12, 2024: Other event
Jun 4, 20248-K for May 29, 2024: Director or officer change; Shareholder vote
May 9, 20248-K for May 9, 2024: Material agreement; New debt
May 3, 20248-K for May 3, 2024: Other event
May 2, 20248-K for May 2, 2024: Other event
Apr 29, 20248-K for Apr 29, 2024: Other event
Jan 18, 20248-K for Jan 11, 2024: Director or officer change
Jan 10, 20248-K for Jan 4, 2024: Director or officer change
Jul 14, 20238-K for Jul 14, 2023: Other event
Jul 6, 20238-K for Jul 1, 2023: Director or officer change; Regulation FD
May 19, 20238-K for May 17, 2023: Director or officer change; Shareholder vote
Mar 8, 20238-K for Mar 2, 2023: Director or officer change
Jan 4, 20238-K for Dec 28, 2022: Material agreement; New debt

Proxy statements 3

Other filings 8

Mar 4, 202510-K/A for Dec 31, 2024
Mar 8, 2019424B7
Jan 4, 2019424B7
Dec 4, 2018424B7
Dec 3, 2018424B7
Apr 5, 2018424B2
Apr 3, 2018424B5
Apr 20, 2016424B3

Links open the document on SEC EDGAR. Earnings call transcripts are not SEC filings and belong to their publishers, so they are not reproduced here; the press release and slides filed with each results 8-K are.

Coming up

Feb 25, 2027Results. Full-year results for the period ending 2026-12-31. The date is an estimate: last year's filing date moved forward a year.
Sep 30, 2027Maturity. 5.500% Senior Notes due 2027: $2,000mm outstanding comes due.

Recent 8-K filings

Nov 9, 2026Entered into a material agreement; Took on new debt or an obligation; Sold unregistered equity; Other event
Oct 22, 2026Reported results
Jul 23, 2026Reported results