Oct 22, 2026 earnings call — Revenue, margins, AI and M&A momentum
SS&C reported adjusted revenues of $1.691 billion, up 7.8%, and record adjusted consolidated EBITDA of $674.8 million.
Revenue $1.7B (est $1.7B) · EPS $1.78 (est $1.77) · Next-quarter revenue outlook $1.7B–$1.7B
Key quotes
"To date, over 900 agentic workflows, 200 AI agents, and over 60 digital workers have been built in the WorkHQ development environment as our business units explore dozens of use cases."
"Our third quarter results were adjusted revenues of $1.691 billion up 7.8%. And adjusted diluted earnings per share of $1.78 a 14.8% increase."
"On M&A, the opportunity set is growing as private equity firms look to exit some of their holdings. We continue to pursue the right deals aggressively, but we will stay disciplined on price."
Analyst Q&A 7
Why organic growth may slow; M&A focus
Q (Dan Perlin · RBC): Analyst asked what could make organic growth decelerate in 4Q and what the gating factors are. He also asked which areas SS&C would look to expand with M&A in 2027–2028.
A: Management said large, multi-billion dollar mandates in the pipeline drive timing swings in organic growth because deals need to be negotiated, signed and turned live. They noted absolute revenue is up quarter-to-quarter and some of the change is quarter-to-quarter timing; they also described interest in expanding in fund administration and building scale where prices and fit make sense.
"Oh, Dan, I think in general, right, it is again, that we have a lot of pretty big mandates in our pipelines, and, while we are getting buy signals all over the place, you know, we prefer ink on contracts." — William C. Stone (CEO·CHAIR)
AI, acquisitions, and AUA growth drivers
Q (Kevin McVeigh · UBS): Analyst asked about margins, the AI journey, and whether AI changes M&A willingness to do larger deals. He also asked what is driving the sequential build in AUA.
A: Management said they evaluate acquisitions carefully and have the cash, borrowing capacity and capital flexibility to pursue deals; they said they do not have to choose between buybacks, debt paydown or acquisitions. On AUA, they said SS&C serves many large global macro funds, invests heavily to meet their needs, and owning the tech stack helps win and expand those relationships.
"As we said in our prepared remarks, we do not have to choose on what we want to do." — William C. Stone (CEO·CHAIR)
Capital allocation and automation growth
Q (Jeff Schmitt · William Blair): Analyst asked how SS&C is thinking about capital allocation in 2027 if rates keep rising, and about the organic decline in intelligent automation & analytics—how much is Blue Prism pressure and can new offerings like WorkHQ restore growth?
A: Management explained their capital math and preference for share buybacks over paying down higher-rate debt while still paying down some debt, buying back shares, raising the dividend and pursuing acquisitions as appropriate. They said intelligent automation weakness partly reflects product development timing and lags, but the business sits at the center of AI-related products and services that drive revenue across fund administration and technology businesses.
"So we think buying back our stock where we say that $8.50 on every share is a little more attractive than paying down 6.5%, 7% debt, whose interest is tax deductible?" — William C. Stone (CEO·CHAIR)
Analyst withdrew question
Q (Peter Heckmann · D. A. Davidson): Analyst said he had a similar question but then asked to get back in the queue and withdrew the question.
A: The analyst withdrew his question and no management answer is recorded in the transcript.
Why GIDS growth slowed; where mandates concentrate
Q (Isabella Camaj · JPMorgan): Analyst asked why GIDS organic growth decelerated after nearly 10% last quarter and whether that change is timing or a sign of normalized demand. She also asked where the large mandates they referenced are concentrated and whether they are traditional outsourcing or AI/transformation projects.
A: Management said the prior quarter included a very large renewal that created a revenue spike under ASC 606, so the deceleration is timing-related and demand remains high and global. They added that large institutions need partners to modernize and keep systems current, and that SS&C’s specialist scale and global capabilities position them to win large outsourcing and transformation mandates.
"I would say it is not a, you know, our demand in GIDS is high, remains high, It remains widespread." — William C. Stone (CEO·CHAIR)
AI pricing effects; tokenization (Calastone)
Q (James Faucette · Morgan Stanley): Analyst asked whether AI and AgenTic are changing pricing dynamics—are customers willing to pay more or pushing back—and how to think about long-term organic growth. He also asked what SS&C is seeing on tokenization and how Calastone contributes.
A: Management said smart customers always push on price, so SS&C focuses on differentiated offerings, R&D and global coverage to justify value and pricing. On tokenization, they said tokens make assets more portable, Calastone gives them a leg up in tokenization and runs a large fund network, and Calastone continues to grow strongly.
"But, you know, we really believe that you know, the concept that, you know, the token is like a poker chip." — William C. Stone (CEO·CHAIR)
AI startups threat; wealth tech growth outlook
Q (Patrick O'Shaughnessy · Raymond James): Analyst asked if AI-native startups or clients bringing work in-house are disrupting SS&C, and whether the wealth and investment technologies business can reach consistent mid single-digit growth or if it is more mature.
A: Management said there is a lot of noise and experimentation, but scale, complexity, regulation and governance make insourcing or small AI rewrites hard to deploy at enterprise scale; SS&C presents itself as a trusted partner with governance and proven operations. On wealth and investment tech, management said normalized growth is roughly mid single digits, with some products like Black Diamond growing faster.
"I think if you normalize the growth rate, it probably is at mid single digits now." — Rahul Kanwar (COO)