Broadridge grew FY2026 revenue 8.5% to $7.48B with 8% recurring revenue growth; GAAP EPS jumped 35% to $9.60 on $227M of crypto (Canton Coin) gains, while adjusted EPS rose a steadier 12%.
Revenue
$7.5B
+8.5% YoY
Net income
$1.1B
+33.9% YoY
Diluted EPS
$9.60
+35.2% YoY
Operating margin
17.4%
Overview
Broadridge runs much of the plumbing behind investing: it sends proxy ballots and fund reports to shareholders on behalf of banks, brokers and fund companies (Investor Communication Solutions, or ICS) and runs trade-processing and wealth-management software for financial firms (Global Technology and Operations, or GTO). In fiscal 2026 (the year ended June 30, 2026), revenue rose 8.5% to $7,476.8 million and GAAP diluted EPS jumped 35% to $9.60.
That EPS jump overstates how much the core business improved. About $227.0 million of the pre-tax profit came from non-cash gains on digital assets: mostly the rising market value of Canton Coins, a cryptocurrency Broadridge earns for helping run the Canton Network, a blockchain used by financial institutions. Take those gains and the other items management treats as non-recurring out, and adjusted EPS (the company's own measure that excludes acquisition amortization and one-off gains and costs) rose 12%, from $8.55 to $9.60. The two EPS figures happen to be identical this year because the crypto gain almost exactly cancels out the usual add-backs. They got there by very different routes.
Key metrics
Metric
FY2026
FY2025
YoY Change
Total revenue
$7,476.8M
$6,889.1M
+8.5%
Recurring revenue
$4,878.0M
$4,507.9M
+8% (8% constant currency)
Event-driven revenue
$348.1M
$319.3M
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Source: FY2026 Form 10-K (MD&A and non-GAAP reconciliation). Growth rates on the rounded rows are as reported by the company; free cash flow growth is computed from the 10-K figures.
Takeaway: Strip out the crypto gain and fiscal 2026 was a steady year, not a breakout one. Recurring revenue grew 8%, about 6 points of that organic. Adjusted margin held at 20.5%, and adjusted EPS grew 12% with help from a sharp step-up in buybacks. The bigger swing factor for the next few years is regulatory: in July 2026 the SEC proposed letting firms make electronic delivery the default for shareholder documents, and that would put the paper-and-postage side of Broadridge's model in question.
Revenue: three very different streams
Broadridge splits revenue into three buckets, and they behave differently:
Recurring revenue ($4,878.0M, +8%) comes from contracted, repeat services such as annual proxy processing, fund communications and trading platforms. It is the number management and investors watch most closely. The 8% breaks down as 3 points from Net New Business (newly signed clients going live, minus client losses), 3 points from Internal Growth (existing clients using more), 2 points from acquisitions and 1 point from currency. That puts organic growth at roughly 6 points.
Event-driven revenue ($348.1M, +9%) comes from one-off events such as proxy fights, mergers and special fund votes. Management attributes the rise to "higher equity and other communications." Mutual-fund proxy revenue, historically the most volatile piece, was flat after rising 75% in fiscal 2025. In the fourth quarter alone, event-driven revenue fell 10% on lower mutual-fund proxy activity (per the August 4, 2026 earnings release, Exhibit 99.1 to Form 8-K). This line is lumpy and hard to forecast.
Distribution revenue ($2,250.6M, +9%) is mostly the postage and mailing costs Broadridge passes through to clients. The 10-K attributes the increase "primarily" to "postage rate increases of approximately $123 million and higher volumes." Broadridge earns little or no margin on this, and the matching cost shows up in cost of revenues. So about 30% of the revenue line is essentially pass-through. Excluding it, revenue grew about 8.3% ($5,226.2M vs. $4,827.1M).
Segment results
Investor Communication Solutions (74% of revenue): revenue rose 9% to $5,560.8M, and recurring revenue rose 8% to $2,962.1M, 7 points of it organic. By product line:
Regulatory (proxy and fund-report processing) +12%, powered by 12% growth in equity revenue positions, meaning the number of shareholder holdings Broadridge gets paid to send proxy material to. Retail stock ownership keeps spreading across more accounts.
Issuer +8% (shareholder engagement and disclosure tools)
Customer communications +5%, helped by the Signal acquisition
Data-Driven Fund Solutions +4%, including the Acolin and iJoin acquisitions
Segment pre-tax profit rose only 5% to $1,103.5M, and the pre-tax margin (profit before tax as a share of revenue) slipped from 20.6% to 19.8%. Operating expenses grew 10%, faster than revenue, because of distribution (postage) costs, volume-related expenses and acquisitions. Part of this is arithmetic: postage inflates revenue and cost by the same amount, which pulls the percentage margin down even when profit dollars are unaffected.
Global Technology and Operations (26% of revenue, all recurring): revenue rose 8% to $1,916.0M, or 7% in constant currency (excluding exchange-rate effects). That was 4 points organic and 2 points from the acquisitions of Kyndryl's Securities Industry Services (SIS) business and CQG. Wealth and investment management grew 11%, half of it from SIS. Capital markets grew 6%, and $16.5M of that (about 1 point) was revenue from Canton Coins. The standout was profit: segment pre-tax earnings rose 48% to $297.8M, and pre-tax margin widened from 11.3% to 15.5% as revenue growth outpaced costs. The fourth quarter was softer. Wealth and investment management recurring revenue grew just 1%, with a 4-point drag from lower software term-license revenue (per the earnings release).
Below the operating line: the crypto gain and lower interest
Other non-operating income swung from a $7.1M expense to $245.2M of income, "primarily as a result of non-cash Gains on Digital Assets of $227.0 million." At June 30, 2026 Broadridge held 1.5 billion Canton Coins with a cost basis of $13.3M and a fair value of $216.1M. Of those, 1.3 billion coins ($189.9M) are under a lockup and can't currently be transferred. The gain also includes a $48.7M gain on a transaction in which Broadridge contributed 342 million coins for warrants in Canton Strategic Holdings (CNTN), a publicly listed company set up to hold Canton Coins. The value swings both ways: the earnings release notes an $11M non-cash digital-asset loss in the fourth quarter.
Interest expense fell 19% to $99.9M on lower average borrowings and lower borrowing costs.
The effective tax rate rose to 22.2% from 20.7%, mainly because smaller tax benefits from stock-based compensation lowered the discount.
Management removes the digital-asset gains ($1.94 per share) from adjusted EPS, along with a $7.3M investment gain. It adds back amortization of acquired intangibles ($1.74 per share), acquisition costs and restructuring costs related to closing a production facility. The adjusted margin of 20.5% was flat. Per the earnings release, higher pass-through distribution revenue plus lower interest rates on client cash Broadridge holds (float income) cut margins by 40 basis points (0.4 points). Excluding that drag, underlying margin improved.
Sales pipeline and cash
Closed sales measure the estimated annual recurring revenue from new contracts signed during the year. They rose 6% to $305.1M, net of a 5% allowance for sales that don't fully convert to revenue. Fourth-quarter closed sales were $158M, up 39% (per the earnings release). Large sales can take 12 to 24 months or more to turn into revenue, so this figure mostly shows up in fiscal 2027–2028 results.
Operating cash flow rose to $1,345.6M, and free cash flow (operating cash flow minus capital spending and software) reached $1,233.0M. The CEO cited 110% free-cash-flow conversion, meaning cash generated exceeded adjusted net earnings. Share repurchases jumped to $603.7M from $134.9M (3.4 million shares vs. 0.4 million), and dividends paid rose to $443.5M. Broadridge also spent $300.2M on four acquisitions (CQG, Acolin, iJoin, Signal). Cash fell to $402.9M from $561.5M. Debt principal outstanding was $3,274.7M, with nothing due before fiscal 2030.
Outlook
Fiscal 2027 guidance (from the August 4, 2026 earnings release):
FY2027 guidance
Target
Recurring revenue growth, constant currency
6–8%
Adjusted operating margin
~21%
Adjusted EPS growth
8–12%
Free cash flow conversion
100%+
Closed sales
$290–330M
The board raised the annual dividend 12% to $4.36 per share and authorized a new $1.5 billion buyback program.
Our read: The guidance continues the pattern of fiscal 2026: mid-to-high single-digit recurring growth, a small margin gain, and buybacks lifting EPS growth into double digits. Two things could shift it. First, digital-asset gains are excluded from adjusted EPS, but they will keep moving GAAP earnings in both directions. With about $216M of coins on the balance sheet, a large price move in Canton Coin could swamp a quarter's GAAP EPS. Second, the SEC's proposed Regulation E-Delivery (July 16, 2026) would let firms default investors to electronic rather than paper delivery without asking consent. That would shrink the postage pass-through, which carries little margin. It could also pressure print-related fees in ICS, and the 10-K flags it as a risk it is monitoring. The regulatory business is still growing 12% on position growth, so the question is how much of that value is tied to paper and how much to the processing and data work.