$SSNC · SS&C Technologies Holdings Inc
SS&C Technologies reported Q3 2026 results: GAAP revenue of $1,690.0M (+7.8% YoY), adjusted revenue of $1,691.1M (+7.8% YoY), and adjusted diluted EPS of $1.78 (+14.8% YoY). GAAP net income declined 5.3% to $198.9M, weighed by a $47.7M equity loss in unconsolidated affiliates. The company issued Q4 2026 guidance for adjusted revenue of $1,700–$1,740M and adjusted diluted EPS of $1.88–$1.94.
- GAAP revenue $1,690.0M, up 7.8% YoY; adjusted revenue $1,691.1M, up 7.8% YoY.
- Adjusted diluted EPS $1.78, up 14.8% YoY; GAAP diluted EPS flat at $0.83.
- GAAP net income fell 5.3% YoY to $198.9M, driven by a $47.7M equity loss in unconsolidated affiliates.
- Record adjusted consolidated EBITDA of $674.8M, margin 39.9%; operating cash flow $1,216.3M YTD, up 10.4%.
- Q4 guidance: adjusted revenue $1,700–$1,740M, adjusted diluted EPS $1.88–$1.94.
Extended-hours trading shows SSNC at $83.50, down 6.75% from the regular close of $89.54. The decline likely reflects concern over GAAP net income dropping 5.3% YoY despite strong adjusted metrics, plus the $47.7M equity loss in unconsolidated affiliates.
The sharp divergence between strong adjusted results (+14.8% adj EPS) and declining GAAP profitability (-5.3% net income) creates a credibility gap that the after-hours selloff is pricing in.
SS&C's 39.9% adjusted EBITDA margin and 5.2% organic revenue growth reinforce its position as a scaled consolidator in fintech software/services, though the GAAP net income decline highlights integration and affiliate investment headwinds.
$2.0B of Senior Notes matures September 30, 2027 and is classified as current; the company is "actively addressing this maturity" and believes refinancing is probable in Q4 2026. Failure to refinance would pressure liquidity.
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