SS&C Technologies Holdings Inc Revenue Disclosure
Note 13—Revenue
Deferred revenues primarily represent unrecognized fees billed or collected for maintenance and professional services. Deferred revenues are recognized as (or when) we perform under the contract. Long-term deferred revenue of $42.1 million and $42.4 million, was included in other long-term liabilities as of December 31, 2025 and 2024, respectively, in our consolidated balance sheet. Deferred revenues are recorded on a net basis with contract assets at the contract level. Accordingly, as of December 31, 2025 and 2024, approximately $71.7 million and $72.3 million, respectively, of deferred revenue is presented net within contract assets arising from the same contracts. The amount of revenues recognized in the period that was included in the opening deferred revenues balance was $481.7 million for the year ended December 31, 2025.
As of December 31, 2025, revenue of approximately $1,051.5 million is expected to be recognized from remaining performance obligations for license, maintenance and related revenues, of which $547.9 million is expected to be recognized over the next twelve months and the remainder is expected to be recognized over a weighted average period of approximately two years.
Revenue Disaggregation
The following table disaggregates our revenues by geography (in millions):
|
|
Year Ended December 31, |
|
|||||||||
|
|
2025 |
|
|
2024 |
|
|
2023 |
|
|||
Americas |
|
$ |
4,654.0 |
|
|
$ |
4,409.6 |
|
|
$ |
4,126.8 |
|
Europe, Middle East and Africa |
|
|
1,274.2 |
|
|
|
1,166.6 |
|
|
|
1,096.2 |
|
Asia-Pacific |
|
|
344.0 |
|
|
|
305.8 |
|
|
|
279.8 |
|
Total |
|
$ |
6,272.2 |
|
|
$ |
5,882.0 |
|
|
$ |
5,502.8 |
|
Revenue recognized from customers in the United States was $4,208.1 million, $4,067.6 million and $3,804.3 million for the years ended December 31, 2025, 2024 and 2023, respectively.
The following table disaggregates our revenues by source (in millions):
|
|
Year Ended December 31, |
|
|||||||||
|
|
2025 |
|
|
2024 |
|
|
2023 |
|
|||
Software-enabled services |
|
$ |
5,211.1 |
|
|
$ |
4,840.3 |
|
|
$ |
4,488.3 |
|
Maintenance and term licenses |
|
|
912.5 |
|
|
|
892.1 |
|
|
|
873.7 |
|
Professional services |
|
|
103.8 |
|
|
|
97.0 |
|
|
|
110.2 |
|
Perpetual licenses |
|
|
44.8 |
|
|
|
52.6 |
|
|
|
30.6 |
|
Total |
|
$ |
6,272.2 |
|
|
$ |
5,882.0 |
|
|
$ |
5,502.8 |
|
Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2025 | Feb 26, 2026 | Showing above |
| 2024 | Mar 3, 2025 | |
| 2023 | Feb 28, 2024 | |
| 2022 | Feb 28, 2023 | |
| 2021 | Feb 25, 2022 | |
| 2020 | Feb 25, 2021 | |
| 2019 | Feb 28, 2020 | |
| 2018 | Mar 1, 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.