BROADRIDGE FINANCIAL SOLUTIONS, INC.BR

BROADRIDGE FINANCIAL SOLUTIONS, INC. Revenue Disclosure

10-KFiled Aug 5, 20253 min read
REVENUE RECOGNITION
Disaggregation of Revenue
The Company has presented below its revenue disaggregated by product line and by revenue type within each of its Investor Communication Solutions and Global Technology and Operations reportable segments.
Revenues in the Investor Communication Solutions segment are derived from both recurring and event-driven activity. In addition, the level of recurring and event-driven activity the Company processes directly impacts Distribution revenues. While event-driven activity is highly repeatable, it may not recur on an annual basis. Event-driven revenues are based on the number of special events and corporate transactions the Company processes. Event-driven activity is impacted by financial market conditions and changes in regulatory compliance requirements, resulting in fluctuations in the timing and levels of event-driven revenues. Distribution revenues primarily include revenues related to the physical mailing and distribution of proxy materials, interim communications, transaction reporting, customer communications and fulfillment services, as well as Broadridge Retirement and Workplace administrative services.
Years ended June 30,
 202520242023
(in millions)
Investor Communication Solutions
Regulatory$1,280.6 $1,195.6 $1,141.4 
Data-driven fund solutions459.2 435.2 404.3 
Issuer273.2 259.8 242.6 
Customer communications718.8 683.1 673.1 
Total ICS Recurring revenues2,731.8 2,573.6 2,461.4 
Equity and other115.5 151.0 116.5 
Mutual funds203.8 134.2 94.5 
Total ICS Event-driven revenues319.3 285.2 211.0 
Distribution revenues2,062.0 1,999.0 1,863.1 
Total ICS Revenues$5,113.0 $4,857.9 $4,535.6 
Global Technology and Operations
Capital markets$1,115.3 $1,049.2 $965.2 
Wealth and investment management660.8 599.7 560.1 
Total GTO Recurring revenues1,776.1 1,648.9 1,525.2 
Total Revenues$6,889.1 $6,506.8 $6,060.9 
Revenues by Type
Recurring revenues$4,507.9 $4,222.6 $3,986.7 
Event-driven revenues319.3 285.2 211.0 
Distribution revenues2,062.0 1,999.0 1,863.1 
Total Revenues$6,889.1 $6,506.8 $6,060.9 
Contract Balances
The following table provides information about contract assets and liabilities:
June 30,
2025		June 30,
2024		June 30,
2023
(in millions)
Contract assets$137.5 $125.3 $109.1 
Contract liabilities$678.3 $696.6 $692.6 
Contract assets result from revenue already recognized but not yet invoiced, including certain future amounts to be collected under software term licenses and certain other client contracts. Contract liabilities represent consideration received or receivable from clients before the transfer of control occurs (deferred revenue). Contract balances are reported in a net contract asset or liability position on a contract-by-contract basis at the end of each reporting period.
During the fiscal year ended June 30, 2025, contract assets increased primarily due to a difference between the timing of billing and the revenue recognition of software term license revenues, while contract liabilities decreased due to the timing of client invoices in relation to the timing of revenue recognized. During the fiscal year ended June 30, 2024, contract assets increased primarily due to a increase in software term license revenues and contract liabilities increased primarily due to the timing of client invoices in relation to the timing of revenue recognized. The Company recognized $288.4 million of revenue during the fiscal year ended June 30, 2025 that was included in the contract liability balance as of June 30, 2024. The Company recognized $249.4 million of revenue during the fiscal year ended June 30, 2024 that was included in the contract liability balance as of June 30, 2023. The Company recognized $236.5 million of revenue during fiscal year ended June 30, 2023 that was included in the contract liability balance as of June 30, 2022.
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Historical Timeline

Fiscal YearFiled
2025Aug 5, 2025Showing above
2024Aug 6, 2024
2023Aug 8, 2023
2022Aug 12, 2022
2021Aug 12, 2021
2020Aug 11, 2020
2019Aug 6, 2019

About Revenue Disclosures

Revenue disclosures under ASC 606 explain how a company identifies performance obligations, allocates transaction prices, and determines when revenue is recognized. This section is essential for understanding whether reported revenue reflects genuine economic activity or aggressive accounting choices. Analysts examine the mix of point-in-time versus over-time recognition, which directly affects revenue timing and comparability.

Key signals: rising contract liabilities (deferred revenue) suggest strong future revenue visibility, while declining contract assets may indicate slowing project milestones. Watch for variable consideration estimates — rebates, returns, and performance bonuses that require management judgment. Significant changes in disaggregated revenue by geography or product line can reveal shifting business mix before it appears in headline numbers. Compare revenue growth against contract liability growth to assess sustainability, and scrutinize any changes in the timing of recognition that coincide with earnings pressure.

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