Broadridge Reports First Quarter Fiscal 2027 Results
Reaffirming FY’27 guidance, including 6-8% Recurring revenue growth constant currency, 8-12% Adjusted EPS growth, and Closed sales of $290-$330 million NEW YORK, N.Y., November 3, 2026 - Broadridge Financial Solutions, Inc. (NYSE:BR) today reported financial results for the first quarter ended September 30, 2026 of its fiscal year 2027. Results compared with the same period last year were as follows:
Summary Financial First Quarter Results Dollars in millions, except per 2027 2026 Change share data Recurring $1,083 $977 11 % revenues Constant currency 11 % growth (Non-GAAP) Total revenues $1,669 $1,589 5 % Operating $174 $189 (8 %) income Margin 10.4 % 11.9 % Adjusted Operating $230 $251 (9 %) income (Non-GAAP) Margin 13.8 % 15.8 % (Non-GAAP) Diluted EPS $0.83 $1.40 (41 %) Adjusted EPS $1.56 $1.51 3 % (Non-GAAP) Closed sales $36 $33 10 %
“Broadridge is driving digital engagement, scaling agentic AI, and accelerating tokenization while delivering strong financial results,” said Tim Gokey, Broadridge CEO. “Fiscal first quarter Recurring revenue grew 11% constant currency, including 9% Organic growth, and Closed sales rose 10% to $36 million. Adjusted EPS increased 3% to $1.56.
“We continued to be buyers of Broadridge shares, repurchasing $200 million in the quarter while returning an additional $111 million to shareholders via our dividend.
“With a strong start to the year, we are reaffirming our fiscal year 2027 guidance, including 6-8% Recurring revenue growth constant currency, 8-12% Adjusted EPS growth, Free cash flow conversion of 100%+, and strong Closed sales of $290-$330 million,” Mr. Gokey concluded. 1
FY’27 Guidance Updates Recurring revenue growth constant 6 - 8% No Change currency (Non-GAAP) Adjusted Operating income margin ~21% No Change (Non-GAAP) Adjusted Earnings per share growth 8 - 12% No Change (Non-GAAP) Free cash flow conversion (Non-GAAP) 100%+ No Change Closed sales $290 - $330 million No Change
Financial Results for First Quarter Fiscal Year 2027 compared to First Quarter Fiscal Year 2026
◦ Recurring revenues increased $106 million, or 11%, to $1,083 million. Recurring revenue growth constant currency (Non-GAAP) was 11%, driven by 9pts from Organic growth.
◦ Event-driven revenues decreased $46 million, or 41%, to $67 million, as lower mutual fund proxy revenues were partially offset by higher equity and other revenue.
◦ Distribution revenues increased $20 million, or 4%, to $518 million, driven primarily by the postage rate increase of approximately $18 million.
was $174 million, a decrease of $15 million, or 8%. Operating income margin decreased to 10.4%, compared to 11.9% for the prior year period.
was $230 million, a decrease of $22 million, or 9%. Adjusted Operating income margin was 13.8% compared to 15.8% for the prior year period.
was 13.6% compared to 22.4% in the prior year period. The decrease was primarily driven by an increase in total discrete tax benefits relative to pre-tax income.
decreased 43% to $95 million and Adjusted Net earnings were flat at $178 million.
Segment and Other Results for First Quarter Fiscal Year 2027 compared to First Quarter Fiscal Year 2026
◦ Recurring revenues increased $50 million, or 10%, to $568 million. Recurring revenue growth constant currency (Non-GAAP) was 10%, driven by 8pts of Organic growth.
◦ By product line, Recurring revenue growth and Recurring revenue growth constant currency (Non-GAAP) were as follows:
▪ Regulatory rose 17% and 17%, respectively. Equity revenue position growth was 11% and Mutual fund/ETF position growth was 16%.
▪ Data-driven fund solutions increased 10% and 10%, respectively, driven by growth from the acquisitions of Acolin and iJoin and in data and analytics revenues.
▪ Issuer rose 4% and 4%, respectively, driven by growth in disclosure solutions. 2 ▪ Customer communications rose 3% and 3%, respectively, driven by growth in digital and print revenues, as well as the acquisition of Signal Agency Limited (“Signal”).
◦ Event-driven revenues decreased $46 million, or 41%, to $67 million, as lower mutual fund proxy revenues were partially offset by higher equity and other revenue.
◦ Distribution revenues increased $20 million, or 4%, to $518 million, driven primarily by the postage rate increases of approximately $18 million.
• Earnings before income taxes decreased $22 million, or 18%, to $104 million. The earnings benefit from higher Recurring revenue was offset by lower Event- driven revenues and higher Operating expenses. Operating expenses rose 5%, or $46 million, to $1,049 million, driven by higher distribution and technology expenses, as well as the impact of acquisitions.
• Recurring revenues were $516 million, an increase of $56 million, or 12%. Recurring revenue growth constant currency (Non-GAAP) was 13%, driven by 10pts of Organic growth and 3pts from the acquisition of CQG, Inc. (“CQG”).
• By product line, Recurring revenue growth and the corresponding Recurring revenue growth constant currency (Non-GAAP) were as follows:
◦ Capital Markets rose 17% and 17%, respectively, driven by 12pts of Organic growth, including a 4pt benefit from higher software term license revenues and 5pts from the acquisition of CQG.
◦ Wealth and Investment Management rose 5% and 6%, respectively, all Organic, including 3pts of higher software term license revenues.
• Earnings before income taxes were $99 million, an increase of $31 million, or 47%, as higher revenues more than offset higher expenses. Operating expenses rose 6%, or $25 million, to $417 million driven by higher revenue and technology expenses, as well as the impact of the CQG acquisition.
• Loss before income ta xes was $93 million, a decrease of $112 million, due to non-cash Losses on Digital Assets of $40 million in the current year period compared to a gain of $46 million in the prior year period, and Restructuring and Other Related Costs of $15 million.
An analyst conference call will be held today, November 3, 2026, at 8:30 a.m. ET. A live webcast of the call will be available to the public on a listen-only basis. To listen to the live event and access the slide presentation, visit Broadridge’s Investor Relations website at www.broadridge-ir.com prior to the start of the webcast. To listen to the call, investors may also dial 1-877-328-2502 within the United States and international callers may dial 1-412-317-5419. A replay of the webcast will be available and can be accessed in the same manner as the live webcast at the Broadridge Investor Relations site. Through November 10, 2026, the recording will also be available by dialing 1-855-669-9658 within the United States or 1-412-317-0088 for international callers, using passcode 4349092 for either dial-in number.
Broadridge will host an Investor Day on Tuesday, December 8, 2026 in New York City. Broadridge’s executive leadership team will give an update on the Company’s strategy and provide new three-year financial objectives. A live webcast and replay of the event will be available on Broadridge’s Investor Relations website at www.broadridge-ir.com. 3 Explanation and Reconciliation of the Company’s Use of Non-GAAP Financial Measures
The Company’s results in this press release are presented in accordance with U.S. GAAP except where otherwise noted. In certain circumstances, results have been presented that are not generally accepted accounting principles measures (“Non-GAAP”). These Non-GAAP measures are Adjusted Operating income, Adjusted Operating income margin, Adjusted Net earnings, Adjusted earnings per share, Free cash flow, Free cash flow conversion, and Recurring revenue growth constant currency. These Non-GAAP financial measures should be viewed in addition to, and not as a substitute for, the Company’s reported results.
The Company believes our Non-GAAP financial measures help investors understand how management plans, measures and evaluates the Company’s business performance. Management believes that Non-GAAP measures provide consistency in its financial reporting and facilitates investors’ understanding of the Company’s operating results and trends by providing an additional basis for comparison. Management uses these Non-GAAP financial measures to, among other things, evaluate our ongoing operations, and for internal planning and forecasting purposes. In addition, and as a consequence of the importance of these Non-GAAP financial measures in managing our business, the Company’s Compensation Committee of the Board of Directors incorporates Non-GAAP financial measures in the evaluation process for determining management compensation.
Adjusted Operating Income, Adjusted Operating Income Margin, Adjusted Net Earnings and Adjusted Earnings Per Share
These Non-GAAP measures reflect Operating income, Operating income margin, Net earnings, and Diluted earnings per share, and are adjusted to exclude the impact of certain costs, expenses, gains and losses and other specified items the exclusion of which management believes provides insight regarding our ongoing operating performance. Depending on the period presented, these adjusted measures exclude the impact of certain of the following items:
i. Amortization of Acquired Intangibles and Purchased Intellectual Property, which represent non-cash amortization expenses associated with the Company’s acquisition activities.
ii. Acquisition and Integration Costs, which represent certain transaction and integration costs associated with the Company’s acquisition activities.
iii. Restructuring and Other Related Costs, which represent severance related to workforce actions resulting, in part, from the Company’s AI and productivity initiatives in fiscal year 2027 and severance and other costs related to the closure of substantially all operations of a production facility in fiscal year 2026.
iv. Gains or Losses on Digital Assets, which represent the unrealized gains or losses, as applicable, related to the mark to market of the Company’s digital asset holdings and the realized and unrealized gains or losses, as applicable, associated with the Canton Digital Asset Treasury transaction.
We exclude Acquisition and Integration Costs, Restructuring and Other Related Costs, and Gains or Losses on Digital Assets, from our Adjusted Operating income (as applicable) and other adjusted earnings measures because excluding such information provides us with an understanding of the results from the primary operations of our business and enhances comparability across fiscal reporting periods, as these items are not reflective of our underlying operations or performance.
We also exclude the impact of Amortization of Acquired Intangibles and Purchased Intellectual Property, as these non-cash amounts are significantly impacted by the timing and size of individual acquisitions and do not factor into the Company's capital allocation decisions, management compensation metrics or multi-year objectives. Furthermore, management believes that this adjustment enables better comparison of our results as Amortization of Acquired Intangibles and Purchased Intellectual Property will not recur in future periods once such intangible assets have been fully amortized. Although we exclude Amortization of Acquired Intangibles and Purchased Intellectual Property from our adjusted earnings measures, our management believes that it is important for investors to understand that these intangible assets contribute to revenue generation. Amortization of intangible assets that relate to past acquisitions will recur in future periods until such intangible assets have been fully amortized. Any future acquisitions may result in the amortization of additional intangible assets. 4 Free cash flow and Free cash flow conversion
In addition to the Non-GAAP financial measures discussed above, we provide Free cash flow information because we consider Free cash flow to be a liquidity measure that provides useful information to management and investors about the amount of cash generated that could be used for dividends, share repurchases, strategic acquisitions, other investments, as well as debt servicing. Free cash flow is a Non-GAAP financial measure and is defined by the Company as Net cash flows provided by operating activities less Capital expenditures as well as Software purchases and capitalized internal use software. Free cash flow conversion is calculated as Free cash flow divided by Adjusted Net earnings for the given period.
As a multi-national company, we are subject to variability of our reported U.S. dollar results due to changes in foreign currency exchange rates. The exclusion of the impact of foreign currency exchange fluctuations from our Recurring revenue growth, or what we refer to as amounts expressed “on a constant currency basis,” is a Non-GAAP measure. We believe that excluding the impact of foreign currency exchange fluctuations from our Recurring revenue growth provides additional information that enables enhanced comparison to prior periods.
Changes in Recurring revenue growth expressed on a constant currency basis are presented excluding the impact of foreign currency exchange fluctuations. To present this information, current period results for entities reporting in currencies other than the U.S. dollar are translated into U.S. dollars at the average exchange rates in effect during the corresponding period of the comparative year, rather than at the actual average exchange rates in effect during the current fiscal year.
This press release and other written or oral statements made from time to time by representatives of Broadridge may contain “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Statements that are not historical in nature, and which may be identified by the use of words such as “expects,” “assumes,” “projects,” “anticipates,” “estimates,” “we believe,” “could be,” “on track,” and other words of similar meaning, are forward-looking statements. In particular, information appearing in the “Fiscal Year 2027 Financial Guidance” section and statements about our three-year objectives are forward-looking statements.
These statements are based on management’s expectations and assumptions and are subject to risks and uncertainties that may cause actual results to differ materially from those expressed. These risks and uncertainties include those risk factors described and discussed in Part I, “Item 1A. Risk Factors” of our Annual Report on Form 10-K for the year ended June 30, 2026 (the “2026 Annual Report”), as they may be updated in any future reports filed with the Securities and Exchange Commission. All forward-looking statements speak only as of the date of this press release and are expressly qualified in their entirety by reference to the factors discussed in the 2026 Annual Report.
• changes in laws and regulations affecting Broadridge’s clients or the services provided by Broadridge;
• Broadridge’s reliance on a relatively small number of clients, the continued financial health of those clients, and the continued use by such clients of Broadridge’s services with favorable pricing terms;
• a material security breach or cybersecurity attack affecting the information of Broadridge’s clients;
• the failure of Broadridge's key service providers to provide the anticipated levels of service;
• a disaster or other significant slowdown or failure of Broadridge’s systems or error in the performance of Broadridge’s services;
• overall market, economic and geopolitical conditions and their impact on the securities markets;
• the success of Broadridge in retaining and selling additional services to its existing clients and in obtaining new clients;
• Broadridge’s failure to keep pace with changes in technology and demands of its clients; 5 • competitive conditions;
There may be other factors that may cause our actual results to differ materially from the forward-looking statements. Our actual results, performance or achievements could differ materially from those expressed in, or implied by, the forward-looking statements. We can give no assurances that any of the events anticipated by the forward-looking statements will occur or, if any of them do, what impact they will have on our results of operations and financial condition.
Broadridge disclaims any obligation to update or revise forward-looking statements that may be made to reflect events or circumstances that arise after the date made or to reflect the occurrence of unanticipated events, other than as required by law.
Broadridge Financial Solutions (NYSE: BR) is a global technology leader with trusted expertise and transformative technology, helping clients and the financial services industry operate, innovate, and grow. We power investing, governance, and communications for our clients – driving operational resiliency, elevating business performance, and transforming investor experiences. Our technology and operations platforms process and generate over 8 billion communications annually and underpin the daily average trading of over $18 trillion in tokenized and traditional securities globally. A certified Great Place to Work®, Broadridge is part of the S&P 500® Index, employing approximately 16,000 associates in 28 countries.
In millions, except per share Three Months Ended amounts September 30, 2026 2025 ────────────────────────────────────────────────────────────────────────────── Revenues $ 1,668.7 $ 1,589.4 Operating expenses: Cost of revenues 1,240.3 1,166.8 Selling, general and administrative 254.9 233.9 expenses Total operating expenses 1,495.2 1,400.7 Operating income 173.5 188.8 Interest expense, net -27.1 -24.2 Other non-operating income (expenses), -36.7 48.5 net Earnings before income taxes 109.7 213.1 Provision for income taxes 14.9 47.7 Net earnings $ 94.8 $ 165.4 Basic earnings per share $ 0.83 $ 1.41 Diluted earnings per share $ 0.83 $ 1.40 Weighted-average shares outstanding: Basic 113.6 117.0 Diluted 114.3 118.0
In millions, except per share September 30, June 30, amounts 2026 2026 ────────────────────────────────────────────────────────────────────────────── Assets Current assets: Cash and cash $ 284.1 $ 402.9 equivalents Accounts receivable, net of allowance for doubtful 1,008.7 1,129.4 accounts of $11.7 and $13.2, respectively Other current assets 245.2 215.8 Total current assets 1,538.1 1,748.1 Property, plant and 174.1 174.3 equipment, net Goodwill 3,768.5 3,787.8 Intangible assets, 1,136.3 1,199.9 net Deferred client conversion and 811.2 819.3 start-up costs Other non-current 1,187.0 1,215.9 assets Total assets $ 8,615.2 $ 8,945.3 Liabilities and Stockholders’ Equity Current liabilities: Current portion of $ — $ — long-term debt Payables and accrued 1,018.2 1,138.2 expenses Contract liabilities 248.1 276.6 Total current 1,266.3 1,414.8 liabilities Long-term debt 3,347.1 3,254.6 Deferred taxes 357.0 387.0 Contract liabilities 296.3 312.8 Other non-current 734.6 735.5 liabilities Total liabilities 6,001.2 6,104.7 Stockholders’ equity: Preferred stock: Authorized, 25.0 — — shares; issued and outstanding, none Common stock, $0.01 par value: Authorized, 650.0 shares; issued, 154.5 1.6 1.6 and 154.5 shares, respectively; outstanding, 112.9 and 114.0 shares, respectively Additional paid-in 1,795.6 1,771.2 capital Retained earnings 4,524.2 4,553.6 Treasury stock, at cost: -3,403.4 -3,201.7 41.6 and 40.4 shares, respectively Accumulated other comprehensive income -304.0 -284.1 (loss) Total stockholders’ 2,614.0 2,840.5 equity Total liabilities and stockholders’ $ 8,615.2 $ 8,945.3 equity
In millions Three Months Ended Cash Flows From September 30, Operating Activities 2026 2025 ────────────────────────────────────────────────────────────────────────────── Net earnings $ 94.8 $ 165.4 Adjustments to reconcile net earnings to net cash flows from operating activities: Depreciation and 36.6 32.7 amortization Amortization of acquired intangibles and 38.9 50.8 purchased intellectual property Amortization of other 49.8 42.6 assets Write-down of long-lived assets and 0.3 0.9 related charges Stock-based 23.2 15.5 compensation expense Deferred income taxes -28.0 20.8 Digital assets change in fair market 32.5 -45.8 value Other -18.6 -19.5 Changes in operating assets and liabilities, net of assets and liabilities acquired:
Accounts receivable, 130.5 134.8 net Other current assets 2.0 -9.3 Payables and accrued -198.4 -311.7 expenses Contract liabilities -25.1 -5.9 Other non-current -42.8 -26.5 assets Other non-current -2.8 -2.3 liabilities Net cash flows from 93.2 42.3 operating activities Cash Flows From Investing Activities Capital expenditures -15.3 -15.2 Software purchases and capitalized -1.6 -14.4 internal use software Acquisitions, net of -1.3 -55.8 cash acquired Other investing -2.2 -14.6 activities Net cash flows from -20.5 -100.0 investing activities Cash Flows From Financing Activities Debt proceeds 502.1 348.5 Debt repayments -377.9 -321.1 Dividends paid -111.2 -103.1 Purchases of Treasury -200.2 -150.5 stock Proceeds from exercise 1.8 16.2 of stock options Other financing -6.9 -4.2 activities Net cash flows from -192.4 -214.2 financing activities Effect of exchange rate changes on Cash 0.8 1.1 and cash equivalents Net change in Cash and -118.8 -270.8 cash equivalents Cash and cash equivalents, beginning 402.9 561.5 of period Cash and cash equivalents, end of $ 284.1 $ 290.7 period
Amortization of acquired intangibles and purchased intellectual property ──────────────────────────────────────────────────────────────── Investor Communication Solutions $ 6.2 $ 9.8 Global Technology and Operations 32.8 41.0 Total $ 38.9 $ 50.8
(a) Refer to the “Results of Operations” section of Broadridge’s Form 10-K for a description of Closed sales and its calculation.
(b) Position Growth is comprised of “equity position growth” and “mutual fund/ETF position growth.” Equity position growth measures the estimated annual change in positions eligible for equity proxy materials. Equity revenue position growth excludes small or fractional equity positions for which the Company does not recognize revenue (“non-revenue positions”). Mutual fund/ETF position growth measures the estimated change in mutual fund and exchange traded fund positions eligible for interim communications. These metrics are calculated from equity proxy and mutual fund/ETF position data reported to Broadridge for the same issuers or funds in both the current and prior year periods.
(c) Represents the estimated change in daily average trade volumes for clients whose contracts are linked to trade volumes and who were on Broadridge’s trading platforms in both the current and prior year periods. 12
In millions, except per share amounts Reconciliation of Three Months Ended Adjusted Operating September 30, Income 2026 2025 ────────────────────────────────────────────────────────────────────────────── Operating income (GAAP) $ 173.5 $ 188.8 Adjustments: Amortization of Acquired Intangibles and 38.9 50.8 Purchased Intellectual Property Acquisition and 1.9 7.2 Integration Costs Restructuring and Other 15.2 4.4 Related Costs(a) Adjusted Operating $ 229.6 $ 251.2 income (Non-GAAP) Operating income margin 10.4% 11.9% (GAAP) Adjusted Operating income margin 13.8% 15.8% (Non-GAAP)
Reconciliation of Adjusted Net earnings ────────────────────────────────────────────────────────────────── Net earnings (GAAP) $ 94.8 $ 165.4 Adjustments: Amortization of Acquired Intangibles and 38.9 50.8 Purchased Intellectual Property Acquisition and Integration Costs 1.9 7.2 Restructuring and Other Related Costs(a) 15.2 4.4 Gains or Losses on Digital Assets 40.2 -45.8 Subtotal of adjustments 96.3 16.6 Tax impact of adjustments(b) -13.2 -3.9 Adjusted Net earnings (Non-GAAP) $ 177.9 $ 178.1
Reconciliation of Adjusted EPS ────────────────────────────────────────────────────────────────── Diluted earnings per share (GAAP) $ 0.83 $ 1.40 Adjustments: Amortization of Acquired Intangibles and 0.34 0.43 Purchased Intellectual Property Acquisition and Integration Costs 0.02 0.06 Restructuring and Other Related Costs(a) 0.13 0.04 Gains or Losses on Digital Assets 0.35 -0.39 Subtotal of adjustments 0.84 0.14 Tax impact of adjustments(b) -0.12 -0.03 Adjusted earnings per share (Non-GAAP) $ 1.56 $ 1.51
Three Months Ended Reconciliation of Free September 30, cash flow 2026 2025 ────────────────────────────────────────────────────────────────────────────── Net cash flows from operating activities $ 93.2 $ 42.3 (GAAP) Capital expenditures and Software purchases and -16.9 -29.6 capitalized internal use software Free cash flow $ 76.3 $ 12.7 (Non-GAAP)
13 (a) Restructuring and Other Related Costs for the three months ended September 30, 2026 represent severance related to workforce actions resulting, in part, from the Company’s AI and productivity initiatives. The Company continues to evaluate expanding these actions as it investigates additional AI and other productivity initiatives.
Restructuring and Other Related Costs for the three months ended September 30, 2025 consist of severance and other costs related to the closure of substantially all operations of a production facility. Actions and associated costs related to the closure were completed in the third quarter of fiscal year 2026.
Costs incurred are not reflected in segment profit and are recorded within Corporate and Other.
(b) Calculated using the GAAP effective tax rate, adjusted to exclude $0.1 million and $1.9 million of excess tax benefits associated with stock-based compensation for the three months ended September 30, 2026, and 2025, respectively. For purposes of calculating the Adjusted earnings per share, the same adjustments were made on a per share basis.
Three Months Ended September 30, 2026 ────────────────────────────────────────────────────────────────────────────── Global Wealth and Technology Capital Investment Total and Markets Management Operations Recurring revenue 17 % 5 % 12 % growth (GAAP) Impact of foreign 0 % 1 % 0 % currency exchange Recurring revenue growth 17 % 6 % 13 % constant currency (Non-GAAP)
Three Months Ended September 30, 2026 ────────────────────────────────────────────────────────────────────────────── Consolidated Total Recurring revenue growth (GAAP) 11 % Impact of foreign currency 0 % exchange Recurring revenue growth constant 11 % currency (Non-GAAP)
Adjusted Earnings Per Share Growth, Adjusted Operating Income Margin, and Free Cash Flow Conversion
FY27 Recurring revenue growth Impact of foreign currency exchange(a) (0%) - 0% Recurring revenue growth constant currency 6 - 8% (Non-GAAP) FY27 Adjusted Operating income margin(b)(e) Operating income margin % (GAAP) ~19% Adjusted Operating income margin % (Non-GAAP) ~21% FY27 Adjusted earnings per share growth rate(c)(e) Diluted earnings per share (GAAP) -8%) - (4% Adjusted earnings per share (Non-GAAP) 8 - 12% FY27 Free cash flow conversion(d) Cash flow from operating activities relative to 100% + net earnings (GAAP) Free cash flow conversion rate (Non-GAAP) 100% +
(b) Adjusted Operating income margin guidance (Non-GAAP) is adjusted to exclude the approximately $191 million impact of Amortization of Acquired Intangibles and Purchased Intellectual Property, Acquisition and Integration Costs, Restructuring and Other Related Costs.
(c) Adjusted earnings per share growth guidance (Non-GAAP) is adjusted to exclude the approximately $1.60 per share impact of Amortization of Acquired Intangibles and Purchased Intellectual Property, Acquisition and Integration Costs, Restructuring and Other Related Costs, and is calculated using diluted shares outstanding.
(d) Free cash flow conversion guidance (Non-GAAP) is adjusted to exclude approximately $123 million of Capital expenditures as well as Software purchases and capitalized internal use software.
(e) Excludes Gains and Losses on Digital Assets as they are not capable of being forecasted. 15
Full text with the tables
EXHIBIT 99.1
Broadridge Reports First Quarter Fiscal 2027 Results
Recurring revenues grew 11% on a reported and constant currency basis
Diluted EPS was $0.83 and Adjusted EPS grew 3% to $1.56
Closed sales grew 10% to $36 million
Reaffirming FY’27 guidance, including 6-8% Recurring revenue growth constant
currency, 8-12% Adjusted EPS growth, and Closed sales of $290-$330 million
NEW YORK, N.Y., November 3, 2026 - Broadridge Financial Solutions, Inc.
(NYSE:BR) today reported financial results for the first quarter ended September
30, 2026 of its fiscal year 2027. Results compared with the same period last
year were as follows:
Summary
Financial First Quarter
Results
Dollars in
millions,
except per 2027 2026 Change
share
data
Recurring $1,083 $977 11 %
revenues
Constant
currency 11 %
growth
(Non-GAAP)
Total revenues $1,669 $1,589 5 %
Operating $174 $189 (8 %)
income
Margin 10.4 % 11.9 %
Adjusted
Operating $230 $251 (9 %)
income
(Non-GAAP)
Margin 13.8 % 15.8 %
(Non-GAAP)
Diluted EPS $0.83 $1.40 (41 %)
Adjusted EPS $1.56 $1.51 3 %
(Non-GAAP)
Closed sales $36 $33 10 %
“Broadridge is driving digital engagement, scaling agentic AI, and accelerating
tokenization while delivering strong financial results,” said Tim Gokey,
Broadridge CEO. “Fiscal first quarter Recurring revenue grew 11% constant
currency, including 9% Organic growth, and Closed sales rose 10% to $36 million.
Adjusted EPS increased 3% to $1.56.
“We continued to be buyers of Broadridge shares, repurchasing $200 million in
the quarter while returning an additional $111 million to shareholders via our
dividend.
“With a strong start to the year, we are reaffirming our fiscal year 2027
guidance, including 6-8% Recurring revenue growth constant currency, 8-12%
Adjusted EPS growth, Free cash flow conversion of 100%+, and strong Closed sales
of $290-$330 million,” Mr. Gokey concluded.
1
Fiscal Year 2027 Financial Guidance
FY’27 Guidance Updates
Recurring revenue growth constant 6 - 8% No Change
currency (Non-GAAP)
Adjusted Operating income margin ~21% No Change
(Non-GAAP)
Adjusted Earnings per share growth 8 - 12% No Change
(Non-GAAP)
Free cash flow conversion (Non-GAAP) 100%+ No Change
Closed sales $290 - $330 million No Change
Financial Results for First Quarter Fiscal Year 2027 compared to First Quarter
Fiscal Year 2026
•
Total revenues
increased 5% to $1,669 million from $1,589 million.
◦ Recurring revenues increased $106 million, or 11%, to $1,083 million.
Recurring revenue growth constant currency (Non-GAAP) was 11%, driven by 9pts
from Organic growth.
◦ Event-driven revenues decreased $46 million, or 41%, to $67 million, as lower
mutual fund proxy revenues were partially offset by higher equity and other
revenue.
◦ Distribution revenues increased $20 million, or 4%, to $518 million, driven
primarily by the postage rate increase of approximately $18 million.
•
Operating income
was $174 million, a decrease of $15 million, or 8%. Operating income margin
decreased to 10.4%, compared to 11.9% for the prior year period.
◦
Adjusted Operating income
was $230 million, a decrease of $22 million, or 9%. Adjusted Operating income
margin was 13.8% compared to 15.8% for the prior year period.
•
Interest expense, net
was $27 million, an increase of $3 million from $24 million.
•
The effective tax rate
was 13.6% compared to 22.4% in the prior year period. The decrease was primarily
driven by an increase in total discrete tax benefits relative to pre-tax income.
•
Net earnings
decreased 43% to $95 million and Adjusted Net earnings were flat at $178
million.
◦
Diluted earnings per share
decreased 41% to $0.83, compared to $1.40 in the prior year period, and
◦
Adjusted earnings per share
increased 3% to $1.56, compared to $1.51 in the prior year period.
Segment and Other Results for First Quarter Fiscal Year 2027 compared to First
Quarter Fiscal Year 2026
ICS
• Total revenues were $1,153 million, an increase of $23 million, or 2%.
◦ Recurring revenues increased $50 million, or 10%, to $568 million. Recurring
revenue growth constant currency (Non-GAAP) was 10%, driven by 8pts of Organic
growth.
◦ By product line, Recurring revenue growth and Recurring revenue growth
constant currency (Non-GAAP) were as follows:
▪ Regulatory rose 17% and 17%, respectively. Equity revenue position growth was
11% and Mutual fund/ETF position growth was 16%.
▪ Data-driven fund solutions increased 10% and 10%, respectively, driven by
growth from the acquisitions of Acolin and iJoin and in data and analytics
revenues.
▪ Issuer rose 4% and 4%, respectively, driven by growth in disclosure solutions.
2
▪ Customer communications rose 3% and 3%, respectively, driven by growth in
digital and print revenues, as well as the acquisition of Signal Agency Limited
(“Signal”).
◦ Event-driven revenues decreased $46 million, or 41%, to $67 million, as lower
mutual fund proxy revenues were partially offset by higher equity and other
revenue.
◦ Distribution revenues increased $20 million, or 4%, to $518 million, driven
primarily by the postage rate increases of approximately $18 million.
• Earnings before income taxes decreased $22 million, or 18%, to $104 million.
The earnings benefit from higher Recurring revenue was offset by lower Event-
driven revenues and higher Operating expenses. Operating expenses rose 5%, or
$46 million, to $1,049 million, driven by higher distribution and technology
expenses, as well as the impact of acquisitions.
GTO
• Recurring revenues were $516 million, an increase of $56 million, or 12%.
Recurring revenue growth constant currency (Non-GAAP) was 13%, driven by 10pts
of Organic growth and 3pts from the acquisition of CQG, Inc. (“CQG”).
• By product line, Recurring revenue growth and the corresponding Recurring
revenue growth constant currency (Non-GAAP) were as follows:
◦ Capital Markets rose 17% and 17%, respectively, driven by 12pts of Organic
growth, including a 4pt benefit from higher software term license revenues and
5pts from the acquisition of CQG.
◦ Wealth and Investment Management rose 5% and 6%, respectively, all Organic,
including 3pts of higher software term license revenues.
• Earnings before income taxes were $99 million, an increase of $31 million, or
47%, as higher revenues more than offset higher expenses. Operating expenses
rose 6%, or $25 million, to $417 million driven by higher revenue and technology
expenses, as well as the impact of the CQG acquisition.
Corporate and Other
• Loss before income ta xes was $93 million, a decrease of $112 million, due to
non-cash Losses on Digital Assets of $40 million in the current year period
compared to a gain of $46 million in the prior year period, and Restructuring
and Other Related Costs of $15 million.
Earnings Conference Call
An analyst conference call will be held today, November 3, 2026, at 8:30 a.m.
ET. A live webcast of the call will be available to the public on a listen-only
basis. To listen to the live event and access the slide presentation, visit
Broadridge’s Investor Relations website at www.broadridge-ir.com prior to the
start of the webcast. To listen to the call, investors may also dial
1-877-328-2502 within the United States and international callers may dial
1-412-317-5419. A replay of the webcast will be available and can be accessed in
the same manner as the live webcast at the Broadridge Investor Relations site.
Through November 10, 2026, the recording will also be available by dialing
1-855-669-9658 within the United States or 1-412-317-0088 for international
callers, using passcode 4349092 for either dial-in number.
Investor Day 2026
Broadridge will host an Investor Day on Tuesday, December 8, 2026 in New York
City. Broadridge’s executive leadership team will give an update on the
Company’s strategy and provide new three-year financial objectives. A live
webcast and replay of the event will be available on Broadridge’s Investor
Relations website at www.broadridge-ir.com.
3
Explanation and Reconciliation of the Company’s Use of Non-GAAP Financial
Measures
The Company’s results in this press release are presented in accordance with
U.S. GAAP except where otherwise noted. In certain circumstances, results have
been presented that are not generally accepted accounting principles measures
(“Non-GAAP”). These Non-GAAP measures are Adjusted Operating income, Adjusted
Operating income margin, Adjusted Net earnings, Adjusted earnings per share,
Free cash flow, Free cash flow conversion, and Recurring revenue growth constant
currency. These Non-GAAP financial measures should be viewed in addition to, and
not as a substitute for, the Company’s reported results.
The Company believes our Non-GAAP financial measures help investors understand
how management plans, measures and evaluates the Company’s business performance.
Management believes that Non-GAAP measures provide consistency in its financial
reporting and facilitates investors’ understanding of the Company’s operating
results and trends by providing an additional basis for comparison. Management
uses these Non-GAAP financial measures to, among other things, evaluate our
ongoing operations, and for internal planning and forecasting purposes. In
addition, and as a consequence of the importance of these Non-GAAP financial
measures in managing our business, the Company’s Compensation Committee of the
Board of Directors incorporates Non-GAAP financial measures in the evaluation
process for determining management compensation.
Adjusted Operating Income, Adjusted Operating Income Margin, Adjusted Net
Earnings and Adjusted Earnings Per Share
These Non-GAAP measures reflect Operating income, Operating income margin, Net
earnings, and Diluted earnings per share, and are adjusted to exclude the impact
of certain costs, expenses, gains and losses and other specified items the
exclusion of which management believes provides insight regarding our ongoing
operating performance. Depending on the period presented, these adjusted
measures exclude the impact of certain of the following items:
i. Amortization of Acquired Intangibles and Purchased Intellectual Property,
which represent non-cash amortization expenses associated with the Company’s
acquisition activities.
ii. Acquisition and Integration Costs, which represent certain transaction and
integration costs associated with the Company’s acquisition activities.
iii. Restructuring and Other Related Costs, which represent severance related to
workforce actions resulting, in part, from the Company’s AI and productivity
initiatives in fiscal year 2027 and severance and other costs related to the
closure of substantially all operations of a production facility in fiscal year
2026.
iv. Gains or Losses on Digital Assets, which represent the unrealized gains or
losses, as applicable, related to the mark to market of the Company’s digital
asset holdings and the realized and unrealized gains or losses, as applicable,
associated with the Canton Digital Asset Treasury transaction.
We exclude Acquisition and Integration Costs, Restructuring and Other Related
Costs, and Gains or Losses on Digital Assets, from our Adjusted Operating income
(as applicable) and other adjusted earnings measures because excluding such
information provides us with an understanding of the results from the primary
operations of our business and enhances comparability across fiscal reporting
periods, as these items are not reflective of our underlying operations or
performance.
We also exclude the impact of Amortization of Acquired Intangibles and Purchased
Intellectual Property, as these non-cash amounts are significantly impacted by
the timing and size of individual acquisitions and do not factor into the
Company's capital allocation decisions, management compensation metrics or
multi-year objectives. Furthermore, management believes that this adjustment
enables better comparison of our results as Amortization of Acquired Intangibles
and Purchased Intellectual Property will not recur in future periods once such
intangible assets have been fully amortized. Although we exclude Amortization of
Acquired Intangibles and Purchased Intellectual Property from our adjusted
earnings measures, our management believes that it is important for investors to
understand that these intangible assets contribute to revenue generation.
Amortization of intangible assets that relate to past acquisitions will recur in
future periods until such intangible assets have been fully amortized. Any
future acquisitions may result in the amortization of additional intangible
assets.
4
Free cash flow and Free cash flow conversion
In addition to the Non-GAAP financial measures discussed above, we provide Free
cash flow information because we consider Free cash flow to be a liquidity
measure that provides useful information to management and investors about the
amount of cash generated that could be used for dividends, share repurchases,
strategic acquisitions, other investments, as well as debt servicing. Free cash
flow is a Non-GAAP financial measure and is defined by the Company as Net cash
flows provided by operating activities less Capital expenditures as well as
Software purchases and capitalized internal use software. Free cash flow
conversion is calculated as Free cash flow divided by Adjusted Net earnings for
the given period.
Recurring revenue growth constant currency
As a multi-national company, we are subject to variability of our reported U.S.
dollar results due to changes in foreign currency exchange rates. The exclusion
of the impact of foreign currency exchange fluctuations from our Recurring
revenue growth, or what we refer to as amounts expressed “on a constant currency
basis,” is a Non-GAAP measure. We believe that excluding the impact of foreign
currency exchange fluctuations from our Recurring revenue growth provides
additional information that enables enhanced comparison to prior periods.
Changes in Recurring revenue growth expressed on a constant currency basis are
presented excluding the impact of foreign currency exchange fluctuations. To
present this information, current period results for entities reporting in
currencies other than the U.S. dollar are translated into U.S. dollars at the
average exchange rates in effect during the corresponding period of the
comparative year, rather than at the actual average exchange rates in effect
during the current fiscal year.
Forward-Looking Statements
This press release and other written or oral statements made from time to time
by representatives of Broadridge may contain “forward-looking statements” within
the meaning of the Private Securities Litigation Reform Act of 1995. Statements
that are not historical in nature, and which may be identified by the use of
words such as “expects,” “assumes,” “projects,” “anticipates,” “estimates,” “we
believe,” “could be,” “on track,” and other words of similar meaning, are
forward-looking statements. In particular, information appearing in the “Fiscal
Year 2027 Financial Guidance” section and statements about our three-year
objectives are forward-looking statements.
These statements are based on management’s expectations and assumptions and are
subject to risks and uncertainties that may cause actual results to differ
materially from those expressed. These risks and uncertainties include those
risk factors described and discussed in Part I, “Item 1A. Risk Factors” of our
Annual Report on Form 10-K for the year ended June 30, 2026 (the “2026 Annual
Report”), as they may be updated in any future reports filed with the Securities
and Exchange Commission. All forward-looking statements speak only as of the
date of this press release and are expressly qualified in their entirety by
reference to the factors discussed in the 2026 Annual Report.
These risks include:
• changes in laws and regulations affecting Broadridge’s clients or the services
provided by Broadridge;
• Broadridge’s reliance on a relatively small number of clients, the continued
financial health of those clients, and the continued use by such clients of
Broadridge’s services with favorable pricing terms;
• a material security breach or cybersecurity attack affecting the information
of Broadridge’s clients;
• declines in participation and activity in the securities markets;
• the failure of Broadridge's key service providers to provide the anticipated
levels of service;
• a disaster or other significant slowdown or failure of Broadridge’s systems or
error in the performance of Broadridge’s services;
• overall market, economic and geopolitical conditions and their impact on the
securities markets;
• the success of Broadridge in retaining and selling additional services to its
existing clients and in obtaining new clients;
• Broadridge’s failure to keep pace with changes in technology and demands of
its clients;
5
• competitive conditions;
• Broadridge’s ability to attract and retain key personnel; and
• the impact of new acquisitions and divestitures.
There may be other factors that may cause our actual results to differ
materially from the forward-looking statements. Our actual results, performance
or achievements could differ materially from those expressed in, or implied by,
the forward-looking statements. We can give no assurances that any of the events
anticipated by the forward-looking statements will occur or, if any of them do,
what impact they will have on our results of operations and financial condition.
Broadridge disclaims any obligation to update or revise forward-looking
statements that may be made to reflect events or circumstances that arise after
the date made or to reflect the occurrence of unanticipated events, other than
as required by law.
About Broadridge
Broadridge Financial Solutions (NYSE: BR) is a global technology leader with
trusted expertise and transformative technology, helping clients and the
financial services industry operate, innovate, and grow. We power investing,
governance, and communications for our clients – driving operational resiliency,
elevating business performance, and transforming investor experiences. Our
technology and operations platforms process and generate over 8 billion
communications annually and underpin the daily average trading of over $18
trillion in tokenized and traditional securities globally. A certified Great
Place to Work®, Broadridge is part of the S&P 500® Index, employing
approximately 16,000 associates in 28 countries.
For more information about us, please visit www.broadridge.com .
Contact Information
Investors
broadridgeir@broadridge.com
Media
Gregg.rosenberg@broadridge.com
6
Condensed Consolidated Statements of Earnings
(Unaudited)
In millions, except per share Three Months Ended
amounts September 30, 2026 2025
──────────────────────────────────────────────────────────────────────────────
Revenues $ 1,668.7 $ 1,589.4
Operating expenses:
Cost of revenues 1,240.3 1,166.8
Selling, general and
administrative 254.9 233.9
expenses
Total operating expenses 1,495.2 1,400.7
Operating income 173.5 188.8
Interest expense, net -27.1 -24.2
Other non-operating income
(expenses), -36.7 48.5
net
Earnings before income taxes 109.7 213.1
Provision for income taxes 14.9 47.7
Net earnings $ 94.8 $ 165.4
Basic earnings per share $ 0.83 $ 1.41
Diluted earnings per share $ 0.83 $ 1.40
Weighted-average shares
outstanding:
Basic 113.6 117.0
Diluted 114.3 118.0
Amounts may not sum due to rounding.
7
Condensed Consolidated Balance Sheets
(Unaudited)
In millions, except
per share September 30, June 30,
amounts 2026 2026
──────────────────────────────────────────────────────────────────────────────
Assets
Current assets:
Cash and cash $ 284.1 $ 402.9
equivalents
Accounts receivable,
net of allowance
for doubtful 1,008.7 1,129.4
accounts of $11.7
and
$13.2, respectively
Other current assets 245.2 215.8
Total current assets 1,538.1 1,748.1
Property, plant and 174.1 174.3
equipment, net
Goodwill 3,768.5 3,787.8
Intangible assets, 1,136.3 1,199.9
net
Deferred client
conversion and 811.2 819.3
start-up
costs
Other non-current 1,187.0 1,215.9
assets
Total assets $ 8,615.2 $ 8,945.3
Liabilities and
Stockholders’ Equity
Current liabilities:
Current portion of $ — $ —
long-term debt
Payables and accrued 1,018.2 1,138.2
expenses
Contract liabilities 248.1 276.6
Total current 1,266.3 1,414.8
liabilities
Long-term debt 3,347.1 3,254.6
Deferred taxes 357.0 387.0
Contract liabilities 296.3 312.8
Other non-current 734.6 735.5
liabilities
Total liabilities 6,001.2 6,104.7
Stockholders’
equity:
Preferred stock:
Authorized, 25.0 — —
shares; issued and
outstanding, none
Common stock, $0.01
par value:
Authorized, 650.0
shares; issued,
154.5 1.6 1.6
and 154.5 shares,
respectively;
outstanding, 112.9
and 114.0 shares,
respectively
Additional paid-in 1,795.6 1,771.2
capital
Retained earnings 4,524.2 4,553.6
Treasury stock, at
cost: -3,403.4 -3,201.7
41.6 and 40.4
shares, respectively
Accumulated other
comprehensive income -304.0 -284.1
(loss)
Total stockholders’ 2,614.0 2,840.5
equity
Total liabilities
and stockholders’ $ 8,615.2 $ 8,945.3
equity
Amounts may not sum due to rounding.
8
Condensed Consolidated Statements of Cash Flows
(Unaudited)
In millions Three Months Ended
Cash Flows From September 30,
Operating Activities 2026 2025
──────────────────────────────────────────────────────────────────────────────
Net earnings $ 94.8 $ 165.4
Adjustments to
reconcile net earnings
to
net cash flows from
operating
activities:
Depreciation and 36.6 32.7
amortization
Amortization of
acquired intangibles
and 38.9 50.8
purchased intellectual
property
Amortization of other 49.8 42.6
assets
Write-down of
long-lived assets and 0.3 0.9
related charges
Stock-based 23.2 15.5
compensation expense
Deferred income taxes -28.0 20.8
Digital assets change
in fair market 32.5 -45.8
value
Other -18.6 -19.5
Changes in operating
assets and
liabilities, net of
assets and
liabilities acquired:
Accounts receivable, 130.5 134.8
net
Other current assets 2.0 -9.3
Payables and accrued -198.4 -311.7
expenses
Contract liabilities -25.1 -5.9
Other non-current -42.8 -26.5
assets
Other non-current -2.8 -2.3
liabilities
Net cash flows from 93.2 42.3
operating activities
Cash Flows From
Investing Activities
Capital expenditures -15.3 -15.2
Software purchases and
capitalized -1.6 -14.4
internal use software
Acquisitions, net of -1.3 -55.8
cash acquired
Other investing -2.2 -14.6
activities
Net cash flows from -20.5 -100.0
investing activities
Cash Flows From
Financing Activities
Debt proceeds 502.1 348.5
Debt repayments -377.9 -321.1
Dividends paid -111.2 -103.1
Purchases of Treasury -200.2 -150.5
stock
Proceeds from exercise 1.8 16.2
of stock options
Other financing -6.9 -4.2
activities
Net cash flows from -192.4 -214.2
financing activities
Effect of exchange rate
changes on Cash 0.8 1.1
and cash equivalents
Net change in Cash and -118.8 -270.8
cash equivalents
Cash and cash
equivalents, beginning 402.9 561.5
of
period
Cash and cash
equivalents, end of $ 284.1 $ 290.7
period
Amounts may not sum due to rounding.
9
Segment Results
(Unaudited)
Three Months Ended
In millions September 30,
Revenues 2026 2025
──────────────────────────────────────────────────────────────────────────────
Investor Communication $ 1,153.2 $ 1,130.0
Solutions
Global Technology and 515.5 459.5
Operations
Total $ 1,668.7 $ 1,589.4
Earnings before Income Taxes
──────────────────────────────────────────────────────────────────────
Investor Communication Solutions $ 103.9 $ 126.4
Global Technology and Operations 98.6 67.3
Other -92.8 19.3
Total $ 109.7 $ 213.1
Pre-tax margins:
Investor Communication Solutions 9.0 % 11.2 %
Global Technology and Operations 19.1 % 14.6 %
Amortization of acquired intangibles and
purchased intellectual property
────────────────────────────────────────────────────────────────
Investor Communication Solutions $ 6.2 $ 9.8
Global Technology and Operations 32.8 41.0
Total $ 38.9 $ 50.8
Amounts may not sum due to rounding.
10
Supplemental Reporting Detail - Additional Product Line Reporting
(Unaudited)
In millions Three Months
Investor Ended
Communication September 30,
Solutions 2026 2025 Change
──────────────────────────────────────────────────────────────────────────────
Regulatory $ 230.3 $ 197.2 17 %
Data-driven
fund 121.6 111.0 10 %
solutions
Issuer 34.0 32.7 4 %
Customer 181.6 177.1 3 %
communicatio…
Total ICS
Recurring 567.6 518.0 10 %
revenues
Equity and 33.8 24.0 41 %
other
Mutual funds 33.6 89.8 (63 %)
Total ICS
Event-driven 67.4 113.8 (41 %)
revenues
Distribution 518.2 498.1 4 %
revenues
Total ICS $ 1,153.2 $ 1,130.0 2 %
Revenues
Global
Technology
and
Operations
Capital $ 327.2 $ 280.7 17 %
markets
Wealth and
investment 188.3 178.8 5 %
management
Total GTO
Recurring 515.5 459.5 12 %
revenues
Total $ 1,668.7 $ 1,589.4 5 %
Revenues
Revenues by
Type
Recurring $ 1,083.1 $ 977.5 11 %
revenues
Event-driven 67.4 113.8 (41 %)
revenues
Distribution 518.2 498.1 4 %
revenues
Total $ 1,668.7 $ 1,589.4 5 %
Revenues
Amounts may not sum due to rounding.
11
Select Operating Metrics
(Unaudited)
Three Months
Ended
In millions September 30, 2026 2025 Change
──────────────────────────────────────────────────────────────────────────────
Closed $ 35.6 $ 32.5 10 %
sales(a)
Position
Growth(b)
Equity 16 % 12 %
positions
Equity
revenue 11 % 7 %
positions
Mutual fund / 16 % 2 %
ETF positions
Internal
Trade 7 % 17 %
Growth(c)
Amounts may
not sum due
to rounding.
(a) Refer to the “Results of Operations” section of Broadridge’s Form 10-K for a
description of Closed sales and its calculation.
(b) Position Growth is comprised of “equity position growth” and “mutual
fund/ETF position growth.” Equity position growth measures the estimated annual
change in positions eligible for equity proxy materials. Equity revenue position
growth excludes small or fractional equity positions for which the Company does
not recognize revenue (“non-revenue positions”). Mutual fund/ETF position growth
measures the estimated change in mutual fund and exchange traded fund positions
eligible for interim communications. These metrics are calculated from equity
proxy and mutual fund/ETF position data reported to Broadridge for the same
issuers or funds in both the current and prior year periods.
(c) Represents the estimated change in daily average trade volumes for clients
whose contracts are linked to trade volumes and who were on Broadridge’s trading
platforms in both the current and prior year periods.
12
Reconciliation of Non-GAAP to GAAP Measures
(Unaudited)
In millions, except per
share amounts
Reconciliation of Three Months Ended
Adjusted Operating September 30,
Income 2026 2025
──────────────────────────────────────────────────────────────────────────────
Operating income (GAAP) $ 173.5 $ 188.8
Adjustments:
Amortization of
Acquired Intangibles
and 38.9 50.8
Purchased Intellectual
Property
Acquisition and 1.9 7.2
Integration Costs
Restructuring and Other 15.2 4.4
Related Costs(a)
Adjusted Operating $ 229.6 $ 251.2
income (Non-GAAP)
Operating income margin 10.4% 11.9%
(GAAP)
Adjusted Operating
income margin 13.8% 15.8%
(Non-GAAP)
Reconciliation of Adjusted Net earnings
──────────────────────────────────────────────────────────────────
Net earnings (GAAP) $ 94.8 $ 165.4
Adjustments:
Amortization of Acquired Intangibles and 38.9 50.8
Purchased Intellectual Property
Acquisition and Integration Costs 1.9 7.2
Restructuring and Other Related Costs(a) 15.2 4.4
Gains or Losses on Digital Assets 40.2 -45.8
Subtotal of adjustments 96.3 16.6
Tax impact of adjustments(b) -13.2 -3.9
Adjusted Net earnings (Non-GAAP) $ 177.9 $ 178.1
Reconciliation of Adjusted EPS
──────────────────────────────────────────────────────────────────
Diluted earnings per share (GAAP) $ 0.83 $ 1.40
Adjustments:
Amortization of Acquired Intangibles and 0.34 0.43
Purchased Intellectual Property
Acquisition and Integration Costs 0.02 0.06
Restructuring and Other Related Costs(a) 0.13 0.04
Gains or Losses on Digital Assets 0.35 -0.39
Subtotal of adjustments 0.84 0.14
Tax impact of adjustments(b) -0.12 -0.03
Adjusted earnings per share (Non-GAAP) $ 1.56 $ 1.51
Three Months Ended
Reconciliation of Free September 30,
cash flow 2026 2025
──────────────────────────────────────────────────────────────────────────────
Net cash flows from
operating activities $ 93.2 $ 42.3
(GAAP)
Capital expenditures
and Software
purchases and -16.9 -29.6
capitalized internal
use
software
Free cash flow $ 76.3 $ 12.7
(Non-GAAP)
13
(a) Restructuring and Other Related Costs for the three months ended September
30, 2026 represent severance related to workforce actions resulting, in part,
from the Company’s AI and productivity initiatives. The Company continues to
evaluate expanding these actions as it investigates additional AI and other
productivity initiatives.
Restructuring and Other Related Costs for the three months ended September 30,
2025 consist of severance and other costs related to the closure of
substantially all operations of a production facility. Actions and associated
costs related to the closure were completed in the third quarter of fiscal year
2026.
Costs incurred are not reflected in segment profit and are recorded within
Corporate and Other.
(b) Calculated using the GAAP effective tax rate, adjusted to exclude $0.1
million and $1.9 million of excess tax benefits associated with stock-based
compensation for the three months ended September 30, 2026, and 2025,
respectively. For purposes of calculating the Adjusted earnings per share, the
same adjustments were made on a per share basis.
Re…
of Thr…
Re… Mon…
Re… End…
Gr… Sep…
Co… 30,
Cu… 2026
──────────────────────────────────────────────────────────────────────────────
In… Dat… Cus…
Co… Reg… Fund Iss… Com… Tot…
So… Sol…
Re…
re… 17 % 10 % 4 % 3 % 10 %
gr…
(G…
Im…
of
fo… 0 % 0 % 0 % 0 % 0 %
cu…
ex…
Re…
re…
gr… 17 % 10 % 4 % 3 % 10 %
co…
cu…
(N…
Three Months
Ended
September 30,
2026
──────────────────────────────────────────────────────────────────────────────
Global Wealth and
Technology Capital Investment Total
and Markets Management
Operations
Recurring
revenue 17 % 5 % 12 %
growth
(GAAP)
Impact of
foreign 0 % 1 % 0 %
currency
exchange
Recurring
revenue
growth 17 % 6 % 13 %
constant
currency
(Non-GAAP)
Three Months Ended September 30,
2026
──────────────────────────────────────────────────────────────────────────────
Consolidated Total
Recurring revenue growth (GAAP) 11 %
Impact of foreign currency 0 %
exchange
Recurring revenue growth constant 11 %
currency (Non-GAAP)
Amounts may not sum due to rounding.
14
Fiscal Year 2027 Guidance
Reconciliation of Non-GAAP to GAAP Measures
Adjusted Earnings Per Share Growth, Adjusted Operating Income Margin, and Free
Cash Flow Conversion
FY27 Recurring revenue growth
Impact of foreign currency exchange(a) (0%) - 0%
Recurring revenue growth constant currency 6 - 8%
(Non-GAAP)
FY27 Adjusted Operating income margin(b)(e)
Operating income margin % (GAAP) ~19%
Adjusted Operating income margin % (Non-GAAP) ~21%
FY27 Adjusted earnings per share growth rate(c)(e)
Diluted earnings per share (GAAP) -8%) - (4%
Adjusted earnings per share (Non-GAAP) 8 - 12%
FY27 Free cash flow conversion(d)
Cash flow from operating activities relative to 100% +
net earnings (GAAP)
Free cash flow conversion rate (Non-GAAP) 100% +
(a) Based on forward rates as of October 2026.
(b) Adjusted Operating income margin guidance (Non-GAAP) is adjusted to exclude
the approximately $191 million impact of Amortization of Acquired Intangibles
and Purchased Intellectual Property, Acquisition and Integration Costs,
Restructuring and Other Related Costs.
(c) Adjusted earnings per share growth guidance (Non-GAAP) is adjusted to
exclude the approximately $1.60 per share impact of Amortization of Acquired
Intangibles and Purchased Intellectual Property, Acquisition and Integration
Costs, Restructuring and Other Related Costs, and is calculated using diluted
shares outstanding.
(d) Free cash flow conversion guidance (Non-GAAP) is adjusted to exclude
approximately $123 million of Capital expenditures as well as Software purchases
and capitalized internal use software.
(e) Excludes Gains and Losses on Digital Assets as they are not capable of being
forecasted.
15