Constellation Software (CSU) Q2 2025 earnings summary

Executive summary

• Revenue increased 15% year-over-year to $2,844 million in Q2 2025, with 5% organic growth and 4% growth after adjusting for FX rates.

• Net income attributable to common shareholders fell 68% to $56 million ($2.66 per diluted share) from $177 million ($8.35 per diluted share) in Q2 2024.

• Cash flows from operations rose 63% to $433 million, and free cash flow available to shareholders (FCFA2S) increased 20% to $220 million compared to Q2 2024.

• Multiple acquisitions were completed for $380 million in cash, with total consideration including deferred payments reaching $469 million.

• A $1.00 per share dividend was declared, payable October 10, 2025.

Financial highlights

• Six-month revenue grew 14% year-over-year to $5,498 million, with organic growth of 3% (adjusted 3% after FX).

• Six-month net income attributable to common shareholders was $192 million ($9.07 per diluted share), down from $282 million ($13.31 per diluted share) in 2024.

• Six-month cash flows from operations increased 26% to $1,260 million.

• Six-month FCFA2S rose 16% to $730 million from $628 million in 2024.

• Total comprehensive income for Q2 2025 was $364 million, up from $173 million in Q2 2024.

Outlook and guidance

• Forward-looking statements caution significant risks and uncertainties may cause actual results to differ materially from projections.