Constellation Software (CSU) Q1 2025 earnings summary

Executive summary

• Revenue grew 13% year-over-year to $2,654 million in Q1 2025, with 0.3% organic growth and 2% organic growth after FX adjustment.

• Net income attributable to common shareholders rose to $115 million ($5.44 per diluted share) from $105 million ($4.95) in Q1 2024.

• Cash flows from operations increased 12% to $827 million; free cash flow available to shareholders (FCFA2S) rose 14% to $510 million.

• Completed acquisitions totaling $133 million in consideration; purchased 9.99% of Asseco Poland S.A. for $174 million, recording a $157 million gain in OCI.

• Declared a $1.00 per share dividend payable July 11, 2025.

Financial highlights

• Maintenance and recurring revenue was $1,996 million, up from $1,737 million year-over-year.

• Staff expenses increased to $1,412 million from $1,293 million; amortization of intangibles rose to $272 million from $242 million.

• Total assets reached $13,896 million, up from $11,946 million at March 31, 2024.

• Total liabilities increased to $10,255 million from $9,195 million year-over-year.

• Total comprehensive income for Q1 2025 was $374 million, including $234 million in other comprehensive income.

Outlook and guidance

• Forward-looking statements caution significant risks and uncertainties may impact future results; no guarantees of future performance.