Constellation Software Inc. Announces Results for the Fourth Quarter and Year Ended December 31, 2025 and Declares Quarterly Dividend

Executive Summary

• Constellation Software reported Q4 2025 revenue of $3.177 bn (+18% YoY) and full‑year 2025 revenue of $11.623 bn (+15% YoY).
• Net income fell sharply to $110 m in Q4 (‑61%) and $512 m for the year (‑30%) versus the prior year, reflecting higher acquisition costs and revaluation charges.
• The company declared a cash dividend of $1.00 per share payable 15 April 2026.

Key Details

• Revenue: Q4 2025 $3,177 m (↑18% YoY); FY 2025 $11,623 m (↑15% YoY).
• Organic Growth: 6% Q4, 4% FY after FX adjustments.
• Net Income: Q4 2025 $110 m ($5.19 per diluted share) vs. $285 m ($13.44) in Q4 2024; FY 2025 $512 m ($24.15 per diluted share) vs. $731 m ($34.48) in 2024.
• Acquisitions: Completed cash acquisitions totaling $472 m (incl. cash on hand); deferred payments valued at $99 m → total consideration $571 m. Additional post‑year commitments: $707 m cash + $95 m deferred = $802 m. FY 2025 total acquisition consideration $1,579 m (incl. holdbacks/contingent).
• Investments: Net investments of $321 m in Q4 and $530 m FY, notably in Asseco Poland S.A.
• Cash Flow from Operations: Q4 2025 $788 m (+16% YoY); FY 2025 $2,732 m (+24%).
• Free Cash Flow to Shareholders (FCFA²S): Q4 2025 $423 m (‑12% YoY); FY 2025 $1,683 m (+14%).
• Dividend: $1.00 per share cash dividend, payable 15 Apr 2026 to shareholders of record 27 Mar 2026; designated as an eligible dividend under the Canadian Income Tax Act.
• Revaluation Charges: IRGA/TSS membership liability revaluation charge $440 m in Q4 (up from $183 m YoY); FY total $1,067 m.
• Balance Sheet Highlights (12/31/2025): Total assets $16.171 bn; cash & equivalents $3.089 bn; total liabilities $11.904 bn; shareholders’ equity $4.267 bn.

Notable Quotes

(No direct CEO/President quotes were included in the release.)