Constellation Software (CSU) Q3 2025 earnings summary

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.