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Constellation Software (CSU) investor relations material
Constellation Software Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary7 Nov, 2025
Executive summary
Revenue for Q3 2025 rose 16% year-over-year to $2,948 million, with organic growth of 5% (3% after FX adjustment).
Net income attributable to common shareholders increased 28% to $210 million ($9.89 per diluted share) from $164 million ($7.74 per diluted share) in Q3 2024.
Cash flows from operations grew 33% to $685 million, and free cash flow available to shareholders (FCFA2S) rose 46% to $529 million.
Multiple acquisitions were completed for $281 million in cash, with total consideration (including deferred payments) of $415 million.
A $1.00 per share dividend was declared, payable January 12, 2026.
Financial highlights
Total revenue for the first nine months of 2025 was $8,446 million, up 15% from $7,363 million in the same period of 2024.
Net income for the nine months ended September 30, 2025, was $402 million ($18.96 per diluted share), compared to $446 million ($21.04 per diluted share) in 2024.
FCFA2S for the nine months was $1,259 million, up 27% from $990 million in 2024.
Cash at September 30, 2025, was $2,770 million, up from $2,069 million at year-end 2024.
Outlook and guidance
Forward-looking statements caution that actual results may differ due to significant risks and uncertainties.
Why did YTD net income decline despite strong Q3?
FCFA2S vs Q3 acquisition cash use
How did acquisitions impact debt and balance sheet?
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Next Constellation Software earnings date
Q4 20259 Mar, 2026
Next Constellation Software earnings date
Q4 20259 Mar, 2026
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Frequently asked questions
Acquiring the Stars
Constellation Software, headquartered in Toronto, Canada, is a massive player in the software industry, yet it stands apart from many of its peers. Rather than creating consumer applications or widely-known platforms themselves, Constellation has carved out a successful path for itself by focusing on the acquisition and management of specialized software businesses. This is something that they’ve excelled at, and Constellation has acquired over 500 companies since their foundation.
The Brainchild of Mark Leonard
The genesis of Constellation Software traces back to 1995, initiated by Mark Leonard, who previously had a venture capital background. Leonard's vision wasn't just about creating another software company; it was about setting up a conglomerate of smaller software entities serving niche markets. Leonard's leadership and strategy have been instrumental in shaping the company's trajectory, and his annual letters to shareholders offer insights into his visionary approach and the company's philosophy.
Growing Through Acquisitions
At the heart of Constellation Software’s success lies its business model, which emphasizes acquiring niche software companies. The type of companies that Constellation targets for acquisition typically offers specialized software solutions to specific industries or niches, from golf course management to public transportation scheduling. Constellation identifies these companies, often overlooked or undervalued, and integrates them into its vast portfolio.
While some acquisitions remain relatively autonomous, others benefit from shared resources and expertise within the Constellation ecosystem. This strategy not only diversifies their portfolio but also continuously drives growth through the aggregation of said niche markets. This approach is not something unique, and other large software companies like Oracle and Salesforce regularly acquire subsidiaries. However, what makes Constellation stand out is its performance and stellar track record throughout the years.
Six Different Operating Segments
Constellation Software operates across multiple segments, each designed to address specific market needs. The company operates through six different operating segments, each with its own focus. Despite its reach across such varied sectors, what stands out about Constellation Software is its commitment to understanding the unique demands of each market. By doing so, they're able to offer software solutions that are functional and in tune with the specific needs and challenges of each sector they serve. Their areas of expertise and the services they offer include solutions for the public sector, healthcare, real estate, hospitality, and much more.
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