Broadridge Financial Solutions

Resilience comes from recurring fee streams and utility-like roles. In FY2025, recurring revenue was 4.51 billion of 6.89 billion total.

If we exclude distribution (postage and print passthrough), the fee base is predominantly recurring, and management guides to 5% to 7% recurring growth in FY2026. Operating metrics confirm durable demand: equity revenue positions rose 12%, total equity positions 16%, mutual fund and ETF positions 7%, and internal trade growth 13% in FY2025. Event-driven and rate-sensitive items introduce variability, but the core is steady and diversified across issuers, funds, and broker-dealers globally.