Constellation Software Inc

Latest Results (24.01.2026):

Constellation Software Inc — Third Quarter 2025: Constellation reported strong Q3 2025 results with total revenue of $2,948 million (up 16% versus Q3 2024) and net income attributable to common shareholders of $210 million ($9.89 diluted EPS), a 28% increase year-over-year. The quarter showed solid cash generation, ongoing acquisition activity, and a declared quarterly dividend of $1.00 per share payable January 12, 2026.

Revenue and organic growth

Q3 2025 revenue was $2,948 million, up 16% from $2,541 million in Q3 2024. Management reports 5% organic growth for the quarter (3% after adjusting for foreign-exchange effects); nine-month revenue rose 15% to $8,446 million with 3% organic growth (3% after FX).

Net income and EPS

Net income attributable to common shareholders for Q3 2025 was $210 million versus $164 million a year earlier, producing diluted EPS of $9.89 (Q3 2024: $7.74). For the nine months, net income attributable to common shareholders was $402 million ($18.96 diluted), down from $446 million ($21.04 diluted) in the prior year period.

Cash flow and shareholder cash available

Operating cash flow for Q3 2025 was $685 million (up 33% from $517 million). Free cash flow available to shareholders (FCFA2S, a non‑IFRS measure) was $529 million for the quarter, up 46% from $362 million in Q3 2024; nine‑month FCFA2S was $1,259 million (up 27% year‑over‑year).

Acquisitions and consideration

Constellation completed a number of acquisitions in Q3 for aggregate cash consideration of $281 million (including acquired cash). Deferred payments tied to those deals have an estimated value of $134 million, giving total consideration of approximately $415 million.

Dividend

The company declared a quarterly dividend of $1.00 per common share, payable January 12, 2026 to shareholders of record at close of business on December 19, 2025; it is designated an eligible dividend for Canadian tax purposes.

Balance sheet and liquidity

Cash and restricted cash at September 30, 2025 totaled approximately $3,069 million ($2,770 million cash + $299 million restricted), up from $1,998 million at year‑end 2024. Total assets were $15,326 million, total liabilities $11,222 million, and shareholders’ equity $4,103 million as of September 30, 2025.

Notable items and charges

Q3 included several non‑operating items: a $260 million revaluation of an investment accounted for using the equity method to cost, a $16 million IRGA/TSS membership liability revaluation charge, and a foreign exchange gain of $17 million. These and other items affect comparability with prior periods.

Non‑IFRS measures & forward guidance caution

The company highlights FCFA2S as a supplemental (non‑IFRS) measure to indicate uncommitted cash available to shareholders; it also reiterates standard forward‑looking statement cautions regarding risks and uncertainties that may affect future results.