Broadridge Reports First Quarter Fiscal 2026 Results
Recurring revenues grew 9%; up 8% constant currency
Diluted EPS was $1.40 and Adjusted EPS rose 51% to $1.51
Raising outlook for FY'26 Recurring revenue growth constant currency to higher end of 5-7% guidance
Reaffirming FY'26 guidance including Adjusted EPS growth of 8-12% and Closed sales of $290-$330 million
NEW YORK, Nov. 4, 2025 /PRNewswire/ -- Broadridge Financial Solutions, Inc. (NYSE: BR) today reported financial results for the first quarter ended September 30, 2025 of its fiscal year 2026. Results compared with the same period last year were as follows:
Summary Financial Results
First Quarter
Dollars in millions, except per share data
2025
2024
Change
Recurring revenues
$977
$900
9 %
Constant currency growth (Non-GAAP)
8 %
Total revenues
$1,589
$1,423
12 %
Operating income
$189
$134
40 %
Margin
11.9 %
9.4 %
Adjusted Operating income (Non-GAAP)
$251
$185
36 %
Margin (Non-GAAP)
15.8 %
13.0 %
Diluted EPS
$1.40
$0.68
106 %
Adjusted EPS (Non-GAAP)
$1.51
$1.00
51 %
Closed sales
$33
$57
(43 %)
"Broadridge delivered strong first quarter results, including 8% Recurring revenue growth constant currency, near-record event-driven revenue, and 51% Adjusted EPS growth," said Tim Gokey, Broadridge CEO. "We continue to execute on our strategy of democratizing and digitizing governance, simplifying and innovating capital markets, and modernizing wealth management.
"We are also deploying our capital to drive long-term growth. During the quarter, we made two tuck-in acquisitions to strengthen our governance business and repurchased $150 million of our shares.
"With a strong start to fiscal 2026, we now expect Fiscal Year 2026 Recurring revenue growth at the higher end of our 5-7% guidance range, and are reaffirming our guidance for continued margin expansion, 8-12% Adjusted EPS growth, and strong Closed sales of $290-$330 million," Mr. Gokey concluded.
Fiscal Year 2026 Financial Guidance
FY'26 Guidance
Updates
Recurring revenue growth constant currency (Non-GAAP)
5 - 7 %
Higher end
Adjusted Operating income margin (Non-GAAP)
20 - 21 %
No Change
Adjusted Earnings per share growth (Non-GAAP)
8 - 12 %
No Change
Closed sales
$290 - $330M
No Change
Financial Results for First Quarter Fiscal Year 2026 compared to First Quarter Fiscal Year 2025
Segment and Other Results for First Quarter Fiscal Year 2026 compared to First Quarter Fiscal Year 2025
Investor Communication Solutions ("ICS")
Global Technology and Operations ("GTO")
Other
Acquisitions
Signal
In August 2025, the Company acquired Signal, a UK-based provider of design, technology and consulting services that support omni-channel communications for financial services and other firms. Signal is included in the Company's ICS reportable segment. The total purchase price was approximately $27 million.
iJoin
In September 2025, the Company acquired LDI-MAP, LLC ("iJoin"), a retirement plan technology provider specializing in participant onboarding, engagement, and analytics solutions for the retirement industry. iJoin is included in the Company's ICS reportable segment. The total purchase price was approximately $35 million, plus an additional contingent consideration liability.
Subsequent Event
On November 3, 2025, Broadridge entered into a subscription agreement to contribute 342 million of its Canton Coins to acquire pre-funded common stock purchase warrants representing an approximate 8% interest in Tharimmune, Inc. ("Tharimmune") via a private placement in public equity offering. Upon the closing of the offering, which is expected to occur on or about November 6, 2025, Tharimmune intends to execute a digital asset treasury strategy that includes the acquisition of Canton Coins via capital markets activities, generation of Canton Coin rewards by applying to be a Super Validator, and investing in the development of applications on the Canton Network that drive institutional utility, scalability and adoption across capital markets.
Earnings Conference Call
An analyst conference call will be held today, November 4, 2025 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 11, 2025, 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 5459356 for either dial-in number.
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, 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 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 costs associated with the Company's Corporate Restructuring Initiative to exit and/or realign some of our businesses, streamline the Company's management structure, reallocate work to lower cost locations, and reduce headcount in deprioritized areas, in addition to other restructuring activities, and
(iv) Unrealized Gains or Losses on Digital Assets, which represent the quarterly mark to market gain or loss recorded to remeasure the Company's digital asset holdings in the form of Canton Coins to fair market value.
We exclude Acquisition and Integration Costs, Restructuring and Other Related Costs, and Unrealized 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.
Free cash flow
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.
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 2026 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, 2025 (the "2025 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 2025 Annual Report.
These risks include:
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 7 billion communications annually and underpin the daily average trading of over $15 trillion in equities, fixed income, and other securities globally. A certified Great Place to Work®, Broadridge is part of the S&P 500® Index, employing over 15,000 associates in 21 countries. For more information about us, please visit www.broadridge.com.
Contact Information
Investors
broadridgeir@broadridge.com
Media
Gregg.rosenberg@broadridge.com
Condensed Consolidated Statements of Earnings
(Unaudited)
In millions, except per share amounts
Three Months Ended
September 30,
2025
2024
Revenues
$ 1,589.4
$ 1,422.9
Operating expenses:
Cost of revenues
1,166.8
1,075.0
Selling, general and administrative expenses
233.9
213.4
Total operating expenses
1,400.7
1,288.4
Operating income
188.8
134.4
Interest expense, net
(24.2)
(32.3)
Other non-operating income (expenses), net
48.5
(1.9)
Earnings before income taxes
213.1
100.3
Provision for income taxes
47.7
20.5
Net earnings
$ 165.4
$ 79.8
Basic earnings per share
$ 1.41
$ 0.68
Diluted earnings per share
$ 1.40
$ 0.68
Weighted-average shares outstanding:
Basic
117.0
116.9
Diluted
118.0
118.1
Amounts may not sum due to rounding.
Condensed Consolidated Balance Sheets
(Unaudited)
In millions, except per share amounts
September 30,
2025
June 30,
2025
Assets
Current assets:
Cash and cash equivalents
$ 290.7
$ 561.5
Accounts receivable, net of allowance for doubtful accounts of $12.0 and $12.5, respectively
963.7
1,077.1
Other current assets
204.6
178.5
Total current assets
1,459.0
1,817.1
Property, plant and equipment, net
166.7
170.1
Goodwill
3,675.2
3,609.6
Intangible assets, net
1,263.1
1,277.4
Deferred client conversion and start-up costs
836.4
842.9
Other non-current assets
902.4
827.9
Total assets
$ 8,302.9
$ 8,545.0
Liabilities and Stockholders' Equity
Current liabilities:
Current portion of long-term debt
$ 499.5
$ 499.3
Payables and accrued expenses
840.7
1,112.8
Contract liabilities
233.6
249.1
Total current liabilities
1,573.8
1,861.2
Long-term debt
2,781.8
2,753.0
Deferred taxes
294.1
261.0
Contract liabilities
421.3
429.2
Other non-current liabilities
596.9
585.5
Total liabilities
5,667.8
5,889.9
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 and 154.5 shares,
respectively; outstanding, 116.7 and 117.1 shares, respectively
1.6
1.6
Additional paid-in capital
1,690.4
1,663.0
Retained earnings
3,932.5
3,862.5
Treasury stock, at cost: 37.7 and 37.3 shares, respectively
(2,746.8)
(2,599.0)
Accumulated other comprehensive income (loss)
(242.5)
(272.9)
Total stockholders' equity
2,635.1
2,655.1
Total liabilities and stockholders' equity
$ 8,302.9
$ 8,545.0
Amounts may not sum due to rounding.
Condensed Consolidated Statements of Cash Flows
(Unaudited)
In millions
Three Months Ended
September 30,
2025
2024
Cash Flows From Operating Activities
Net earnings
$ 165.4
$ 79.8
Adjustments to reconcile net earnings to net cash flows from operating activities:
Depreciation and amortization
32.7
32.3
Amortization of acquired intangibles and purchased intellectual property
50.8
48.2
Amortization of other assets
42.6
42.8
Write-down of long-lived assets and related charges
0.9
0.1
Stock-based compensation expense
15.5
14.9
Deferred income taxes
20.8
(17.3)
Digital assets change in fair market value
(45.8)
—
Other
(19.5)
(7.6)
Changes in operating assets and liabilities, net of assets and liabilities acquired:
Accounts receivable, net
134.8
179.8
Other current assets
(9.3)
8.7
Payables and accrued expenses
(311.7)
(453.7)
Contract liabilities
(5.9)
(21.8)
Other non-current assets
(26.5)
(28.7)
Other non-current liabilities
(2.3)
(3.0)
Net cash flows from operating activities
42.3
(125.5)
Cash Flows From Investing Activities
Capital expenditures
(15.2)
(7.9)
Software purchases and capitalized internal use software
(14.4)
(24.2)
Acquisitions, net of cash acquired
(55.8)
(8.0)
Other investing activities
(14.6)
—
Net cash flows from investing activities
(100.0)
(40.1)
Cash Flows From Financing Activities
Debt proceeds
348.5
470.0
Debt repayments
(321.1)
(240.0)
Dividends paid
(103.1)
(93.4)
Purchases of Treasury stock
(150.5)
(0.3)
Proceeds from exercise of stock options
16.2
17.8
Other financing activities
(4.2)
(2.3)
Net cash flows from financing activities
(214.2)
151.8
Effect of exchange rate changes on Cash and cash equivalents
1.1
2.1
Net change in Cash and cash equivalents
(270.8)
(11.6)
Cash and cash equivalents, beginning of period
561.5
304.4
Cash and cash equivalents, end of period
$ 290.7
$ 292.8
Amounts may not sum due to rounding.
Segment Results
(Unaudited)
In millions
Three Months Ended
September 30,
2025
2024
Revenues
Investor Communication Solutions
$ 1,130.0
$ 1,015.6
Global Technology and Operations
459.5
407.2
Total
$ 1,589.4
$ 1,422.9
Earnings before Income Taxes
Investor Communication Solutions
$ 126.4
$ 96.5
Global Technology and Operations
67.3
47.4
Other
19.3
(43.7)
Total
$ 213.1
$ 100.3
Pre-tax margins:
Investor Communication Solutions
11.2 %
9.5 %
Global Technology and Operations
14.6 %
11.6 %
Amortization of acquired intangibles and purchased intellectual property
Investor Communication Solutions
$ 9.8
$ 11.6
Global Technology and Operations
41.0
36.6
Total
$ 50.8
$ 48.2
Amounts may not sum due to rounding.
Supplemental Reporting Detail - Additional Product Line Reporting
(Unaudited)
In millions
Three Months Ended
September 30,
2025
2024
Change
Investor Communication Solutions
Regulatory
$ 197.2
$ 189.9
4 %
Data-driven fund solutions
111.0
108.0
3 %
Issuer
32.7
30.9
6 %
Customer communications
177.1
164.2
8 %
Total ICS Recurring revenues
518.0
493.1
5 %
Equity and other
24.0
21.1
14 %
Mutual funds
89.8
41.9
114 %
Total ICS Event-driven revenues
113.8
63.0
81 %
Distribution revenues
498.1
459.5
8 %
Total ICS Revenues
$ 1,130.0
$ 1,015.6
11 %
Global Technology and Operations
Capital markets
$ 280.7
$ 261.0
8 %
Wealth and investment management
178.8
146.2
22 %
Total GTO Recurring revenues
459.5
407.2
13 %
Total Revenues
$ 1,589.4
$ 1,422.9
12 %
Revenues by Type
Recurring revenues
$ 977.5
$ 900.3
9 %
Event-driven revenues
113.8
63.0
81 %
Distribution revenues
498.1
459.5
8 %
Total Revenues
$ 1,589.4
$ 1,422.9
12 %
Amounts may not sum due to rounding.
Select Operating Metrics
(Unaudited)
In millions
Three Months Ended
September 30,
2025
2024
Change
Closed sales (a)
$ 32.5
$ 57.5
(43 %)
Position Growth (b)
Equity positions
12 %
3 %
Equity revenue positions
7 %
N/A
Mutual fund / ETF positions
2 %
6 %
Internal Trade Growth (c)
17 %
10 %
Amounts may not sum due to rounding.
(a) Refer to the "Results of Operations" section of Broadridge's Form 10-Q 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. Beginning in the fourth quarter of fiscal year 2025, the Company began presenting information on "equity revenue position growth". Equity revenue position growth excludes small or fractional equity positions for which the Company does not recognize revenue ("non-revenue positions"). Prior-year period comparative information for this metric is not available. 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.
Reconciliation of Non-GAAP to GAAP Measures
(Unaudited)
In millions, except per share amounts
Three Months Ended
September 30,
2025
2024
Reconciliation of Adjusted Operating Income
Operating income (GAAP)
$ 188.8
$ 134.4
Adjustments:
Amortization of Acquired Intangibles and Purchased Intellectual Property
50.8
48.2
Acquisition and Integration Costs
7.2
2.2
Restructuring and Other Related Costs (a)
4.4
—
Adjusted Operating income (Non-GAAP)
$ 251.2
$ 184.8
Operating income margin (GAAP)
11.9 %
9.4 %
Adjusted Operating income margin (Non-GAAP)
15.8 %
13.0 %
Reconciliation of Adjusted Net earnings
Net earnings (GAAP)
$ 165.4
$ 79.8
Adjustments:
Amortization of Acquired Intangibles and Purchased Intellectual Property
50.8
48.2
Acquisition and Integration Costs
7.2
2.2
Restructuring and Other Related Costs (a)
4.4
—
Unrealized Gains or Losses on Digital Assets
(45.8)
—
Subtotal of adjustments
16.6
50.3
Tax impact of adjustments (b)
(3.9)
(11.9)
Adjusted Net earnings (Non-GAAP)
$ 178.1
$ 118.3
Reconciliation of Adjusted EPS
Diluted earnings per share (GAAP)
$ 1.40
$ 0.68
Adjustments:
Amortization of Acquired Intangibles and Purchased Intellectual Property
0.43
0.41
Acquisition and Integration Costs
0.06
0.02
Restructuring and Other Related Costs (a)
0.04
—
Unrealized Gains or Losses on Digital Assets
(0.39)
—
Subtotal of adjustments
0.14
0.43
Tax impact of adjustments (b)
(0.03)
(0.10)
Adjusted earnings per share (Non-GAAP)
$ 1.51
$ 1.00
(a) Restructuring and Other Related Costs for the three months ended September 30, 2025 consists of severance and other costs related to the closure of substantially all operations of a production facility. Costs incurred are not reflected in segment profit and are recorded within Corporate and Other. The total estimated pre-tax costs for actions and associated costs related to the closure are approximately $20 million to $25 million and are expected to be completed by the end of the second quarter of fiscal year 2026.
(b) Calculated using the GAAP effective tax rate, adjusted to exclude $1.9 million and $3.1 million of excess tax benefits associated with stock-based compensation for the three months ended September 30, 2025 and 2024, 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,
2025
2024
Reconciliation of Free cash flow
Net cash flows from operating activities (GAAP)
$ 42.3
$ (125.5)
Capital expenditures and Software purchases and capitalized internal use software
(29.6)
(32.1)
Free cash flow (Non-GAAP)
$ 12.7
$ (157.6)
Reconciliation of Recurring Revenue Growth Constant Currency
Three Months Ended September 30, 2025
Investor Communication Solutions
Regulatory
Data-Driven
Fund
Solutions
Issuer
Customer
Comms.
Total
Recurring revenue growth (GAAP)
4 %
3 %
6 %
8 %
5 %
Impact of foreign currency exchange
0 %
(1 %)
0 %
0 %
0 %
Recurring revenue growth constant currency (Non-GAAP)
4 %
2 %
6 %
8 %
5 %
Three Months Ended September 30, 2025
Global Technology and Operations
Capital Markets
Wealth and
Investment
Management
Total
Recurring revenue growth (GAAP)
8 %
22 %
13 %
Impact of foreign currency exchange
(1 %)
0 %
(1 %)
Recurring revenue growth constant currency (Non-GAAP)
6 %
22 %
12 %
Three Months Ended
September 30, 2025
Consolidated
Total
Recurring revenue growth (GAAP)
9 %
Impact of foreign currency exchange
(1 %)
Recurring revenue growth constant currency (Non-GAAP)
8 %
Amounts may not sum due to rounding.
Fiscal Year 2026 Guidance
Reconciliation of Non-GAAP to GAAP Measures
Adjusted Earnings Per Share Growth and Adjusted Operating Income Margin
(Unaudited)
FY26 Recurring revenue growth
Impact of foreign currency exchange (a)
(0.5) - 0 %
Recurring revenue growth constant currency (Non-GAAP)
5 - 7 %
FY26 Adjusted Operating income margin (b)
Operating income margin % (GAAP)
17 - 19 %
Adjusted Operating income margin % (Non-GAAP)
20 - 21 %
FY26 Adjusted earnings per share growth rate (c)
Diluted earnings per share (GAAP)
13 - 18 % growth
Adjusted earnings per share (Non-GAAP)
8 - 12 % growth
(a) Based on forward rates as of October 2025.
(b) Adjusted Operating income margin guidance (Non-GAAP) is adjusted to exclude the approximately $170 million impact of Amortization of Acquired Intangibles and Purchased Intellectual Property, Acquisition and Integration Costs, and Restructuring and Other Related Costs.
(c) Adjusted earnings per share growth guidance (Non-GAAP) is adjusted to exclude the approximately $1.10 per share impact of Amortization of Acquired Intangibles and Purchased Intellectual Property, Acquisition and Integration Costs, and Restructuring and Other Related Costs, and is calculated using diluted shares outstanding.
SOURCE Broadridge Financial Solutions, Inc.