BR

As the Q2 earnings season wraps, let’s dig into this quarter’s best and worst performers in the data & business process services industry, including Broadridge (NYSE:BR) and its peers. A combination of increasing reliance on data and analytics across various industries and the desire for cost efficiency through outsourcing could mean that companies in this space gain. As functions such as payroll, HR, and credit risk assessment rely on more digitization, key players in the data & business process services industry could see increased demand. On the other hand, the sector faces headwinds from growing regulatory scrutiny on data privacy and security, with laws like GDPR and evolving U.S. regulations potentially limiting data collection and monetization strategies. Additionally, rising cyber threats pose risks to firms handling sensitive personal and financial information, creating outsized headline risk when things go wrong in this area. The 10 data & business process services stocks we track reported a mixed Q2. As a group, revenues beat analysts’ consensus estimates by 1.9% while next quarter’s revenue guidance was 3.1% below. While some data & business process services stocks have fared somewhat better than others, they have collectively declined. On average, share prices are down 1.1% since the latest earnings results. Processing over $10 trillion in equity and fixed income trades daily and managing proxy voting for over 800 million equity positions, Broadridge Financial Solutions (NYSE:BR) provides technology-driven solutions that power investing, governance, and communications for banks, broker-dealers, asset managers, and public companies. Broadridge reported revenues of $2.22 billion, up 7.5% year on year. This print exceeded analysts’ expectations by 2.6%. Overall, it was a strong quarter for the company with a beat of analysts’ EPS estimates. "Broadridge is delivering strong results today while positioning our company for an exciting digital, agentic, and tokenized future," said Tim Gokey, Broadridge's CEO. Interestingly, the stock is up 7.2% since reporting and currently trades at $168.64. We think Broadridge is a good business, but is it a buy today? Read our full report here, it’s free. Originally founded as an outsourcing company in 1999 before evolving into a technology-focused enterprise, EXL (NASDAQ:EXLS) provides data analytics and AI-powered digital operations solutions that help businesses transform their operations and make better decisions. EXL reported revenues of $594.8 million, up 15.6% year on year, outperforming analysts’ expectations by 3.5%. The business had a very strong quarter with full-year revenue guidance beating analysts’ expectations and a beat of analysts’ EPS estimates. EXL pulled off the highest full-year guidance raise of the whole group. The market seems happy with the results as the stock is up 16.4% since reporting. It currently trades at $35.54. Is now the time to buy EXL? Access our full analysis of the earnings results here, it’s free. With a research department that makes over 10,000 property updates daily to its 35-year-old database, CoStar Group (NASDAQ:CSGP) provides comprehensive real estate data, analytics, and online marketplaces for commercial and residential properties in the U.S. and U.K. CoStar reported revenues of $925 million, up 18.4% year on year, in line with analysts’ expectations. It was a slower quarter as it posted full-year revenue guidance missing analysts’ expectations and full-year EPS guidance in line with analysts’ estimates. CoStar delivered the weakest full-year guidance update in the group. The stock is flat since the results and currently trades at $30.34. Read our full analysis of CoStar’s results here. One of the three major credit bureaus in the United States alongside Equifax and Experian, TransUnion (NYSE:TRU) is a global information and insights company that provides credit reports, fraud prevention tools, and data analytics to help businesses make decisions and consumers manage their financial health. TransUnion reported revenues of $1.31 billion, up 14.9% year on year. This result surpassed analysts’ expectations by 1.8%. However, it was a mixed quarter as its performance in some other areas of the business was disappointing. TransUnion scored the highest guidance raise among its peers. The stock is flat since reporting and currently trades at $77.89. Read our full, actionable report on TransUnion here, it’s free. Creator of the three-digit number that can determine whether you get a mortgage or credit card, Fair Isaac Corporation (NYSE:FICO) develops analytics software and the widely used FICO Score, which is the standard measure of consumer credit risk in the United States. Fair Isaac Corporation reported revenues of $674.2 million, up 25.7% year on year. This number came in 1.5% below analysts’ expectations. It was a slower quarter as it also logged full-year revenue guidance slightly missing analysts’ expectations. Fair Isaac Corporation had the weakest performance against analyst estimates of the whole group. The stock is down 32.7% since reporting and currently trades at $924.55. Read our full, actionable report on Fair Isaac Corporation here, it’s free. Over the past year, investors have been forced to repeatedly answer the same question: what is the market’s biggest risk? The answer has changed several times, and each shift has reshaped market leadership. Late in 2025 and early 2026, artificial intelligence became the market’s primary uncertainty. Investors questioned whether AI would erode software pricing power and weaken competitive moats as AI made it easier to replicate once-differentiated products. By the spring, technology took a back seat to geopolitics. The U.S. conflict with Iran briefly became the market’s dominant narrative, raising concerns about oil prices, inflation, and global growth. But as energy markets remained orderly and fears of a prolonged supply disruption faded, investors quickly turned their focus back to fundamentals. Want to invest in winners with rock-solid fundamentals? Check out our Top 5 Quality Compounder Stocks and add them to your watchlist. These companies are poised for growth regardless of the political or macroeconomic climate.

A month has gone by since the last earnings report for Broadridge Financial Solutions (BR). Shares have added about 9% in that time frame, outperforming the S&P 500. But investors have to be wondering, will the recent positive trend continue leading up to its next earnings release, or is Broadridge Financial due for a pullback? Well, first let's take a quick look at the latest earnings report in order to get a better handle on the recent drivers for Broadridge Financial Solutions, Inc. before we dive into how investors and analysts have reacted as of late. Broadridge Financial Solutions reported impressive fourth-quarter fiscal 2026 results, with both earnings and revenues beating the Zacks Consensus Estimate. BR’s adjusted earnings of $3.82 per share topped the Zacks Consensus Estimate of $3.75 by 1.9% and increased 7.6% from the year-ago quarter’s actual. Total revenues of $2.22 billion surpassed the consensus mark of $2.17 billion by 2.1% and rose 7.5% year over year. Recurring revenues increased 8% to $1.54 billion, while closed sales jumped 39% to $158.3 million. Recurring revenue growth was 8% on both a reported and constant-currency basis. Organic growth contributed 7 percentage points, including 5 points from closed sales, partly offset by a 2-point drag from client losses. Acquisitions added 1 point. Event-driven revenues declined 10% to $71.1 million, primarily due to lower mutual fund proxy revenues. Distribution revenues advanced 8% to $606.5 million, driven mainly by about $32 million of postage-rate increases. Investor Communication Solutions revenues rose 8% to $1.73 billion. Recurring revenues increased 10% to $1.05 billion, reflecting 6 points of internal growth, 3 points from net new business and 1 point from acquisitions. Regulatory recurring revenues grew 14%, aided by 14% equity revenue position growth and 7% mutual fund and ETF position growth. Data-driven fund solutions rose 7%, issuer revenues increased 8% and customer communications gained 1%. Global Technology and Operations (GTO) recurring revenues increased 5% to $487.5 million. Capital Markets revenues rose 8% to $307.1 million, supported by organic growth and the CQG acquisition. Wealth and Investment Management revenues edged up 1% to $180.5 million. GTO earnings before income taxes nearly doubled to $67.5 million from $33.9 million. Its pre-tax margin expanded to 13.8% from 7.3%, as higher revenues and lower expenses more than offset the impact of ongoing investments. Operating income increased 10% to $546.2 million, while the operating margin expanded 50 basis points to 24.6%. Adjusted operating income rose 7% to $598 million. The adjusted operating margin slipped 10 basis points to 26.9%. Net earnings increased 6% to $398 million, while adjusted net earnings rose 5% to $442 million. The effective tax rate increased to 23.7% from 20.6% because of lower discrete tax benefits. Equity position growth was 17% in the quarter, while equity revenue position growth came in at 14%. Mutual fund and ETF position growth was 7%, underscoring solid activity across Broadridge’s governance network. Internal trade growth was 15%, reflecting higher daily trade volumes among clients whose contracts are linked to activity levels. The metric exceeded the company’s 10-year average of 9%. Broadridge ended fiscal 2026 with cash and cash equivalents of $402.9 million, down from $561.5 million a year earlier. Long-term debt was $3.25 billion compared with $2.75 billion at the end of fiscal 2025. For fiscal 2026, operating cash flow was $1.35 billion. Free cash flow totaled $1.23 billion, representing 110% conversion of adjusted net earnings. The company returned more than $1 billion to shareholders through dividends and net share repurchases during the year. For fiscal 2027, Broadridge expects recurring revenue growth of 6-8% on a constant-currency basis. Adjusted operating margin is projected at about 21%, while adjusted earnings per share growth is anticipated in the 8-12% range. Free cash flow conversion is expected to exceed 100% and closed sales are projected between $290 million and $330 million. The board approved a 12% increase in the annual dividend to $4.36 per share and authorized a new $1.5 billion share-repurchase program. In the past month, investors have witnessed a downward trend in estimates review. The consensus estimate has shifted -10.85% due to these changes. Currently, Broadridge Financial has a average Growth Score of C, however its Momentum Score is doing a bit better with a B. Following the exact same course, the stock has a score of B on the value side, putting it in the second quintile for value investors. Overall, the stock has an aggregate VGM Score of B. If you aren't focused on one strategy, this score is the one you should be interested in. Estimates have been broadly trending downward for the stock, and the magnitude of these revisions indicates a downward shift. Interestingly, Broadridge Financial has a Zacks Rank #3 (Hold). We expect an in-line return from the stock in the next few months. Broadridge Financial belongs to the Zacks Internet - Software industry. Another stock from the same industry, CCC Intelligent Solutions Holdings Inc. (CCC), has gained 11.2% over the past month. More than a month has passed since the company reported results for the quarter ended June 2026. CCC Intelligent Solutions reported revenues of $285.93 million in the last reported quarter, representing a year-over-year change of +9.8%. EPS of $0.10 for the same period compares with $0.09 a year ago. For the current quarter, CCC Intelligent Solutions is expected to post earnings of $0.11 per share, indicating a change of +22.2% from the year-ago quarter. The Zacks Consensus Estimate remained unchanged over the last 30 days. The overall direction and magnitude of estimate revisions translate into a Zacks Rank #2 (Buy) for CCC Intelligent Solutions. Also, the stock has a VGM Score of B. Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Broadridge Financial Solutions, Inc. (BR) : Free Stock Analysis Report CCC Intelligent Solutions Holdings Inc. (CCC) : Free Stock Analysis Report This article originally published on Zacks Investment Research (zacks.com). Zacks Investment Research

Broadridge delivered a positive second quarter in 2026, with results surpassing Wall Street’s revenue and non-GAAP profit expectations and a strong market reaction. Management attributed the momentum to robust demand for digital communication solutions, the scaling of agentic artificial intelligence (AI), and progress in tokenized securities infrastructure. CEO Tim Gokey highlighted the successful rollout of AI-powered voting engines and the onboarding of major clients in wealth management, emphasizing that Broadridge is “building the infrastructure for the financial markets of tomorrow.” Is now the time to buy BR? Find out in our full research report (it’s free). Revenue: $2.22 billion vs analyst estimates of $2.16 billion (7.5% year-on-year growth, 2.6% beat) Adjusted EPS: $3.82 vs analyst estimates of $3.76 (1.7% beat) Operating Margin: 24.6%, in line with the same quarter last year Market Capitalization: $19.77 billion While we enjoy listening to the management’s commentary, our favorite part of earnings calls is the analyst questions. Those are unscripted and can often highlight topics that management teams would rather avoid or topics where the answer is complicated. Here is what has caught our attention. Dan Perlin (RBC Capital Markets) asked about the timing and composition of closed sales, particularly large deals. CEO Timothy Gokey explained the acceleration was due to improved client confidence and faster completion of both large and midsized contracts. Patrick O'Shaughnessy (Raymond James) inquired how the SEC’s e-delivery rule might impact Broadridge’s competitive position. Gokey emphasized that Broadridge’s dual digital and print capabilities, integrated via InFocus, will remain a differentiator. Michael Infante (Morgan Stanley) requested details on the economics of tokenized security partnerships. Gokey clarified that unit economics are similar to existing proxy models, with complexity driving more demand for Broadridge’s services. Kyle Peterson (Needham) probed the outlook for DLR and DLX platforms and their scalability. Gokey highlighted multiple growth vectors, including onboarding new clients, expanding asset classes, and internationalization. Puneet Jain (JPMorgan) questioned whether AI-driven cost savings would be passed to clients or retained. Gokey explained the savings are being reinvested to accelerate product development and enhance Broadridge’s AI-driven value proposition. In the coming quarters, our analysts will monitor (1) the pace of digital platform adoption, particularly as regulatory e-delivery rules move toward implementation, (2) the conversion of Broadridge’s growing sales backlog and the impact of new client wins, and (3) progress in tokenization infrastructure, including the expansion of the DLX platform across asset classes. Execution in integrating AI-powered solutions and scaling international partnerships will also be key signposts. Broadridge currently trades at $172.46, up from $157.34 just before the earnings. Is there an opportunity in the stock? The answer lies in our full research report (it’s free for active Edge members). ONE MORE THING: Top 6 Stocks for This Week. This market is separating quality stocks from expensive ones fast. AI is taking down whole sectors with no warning. In a rotation this fast, you need more than a list of good companies. Our AI system flagged Palantir before it ran 1,662% between October 2022 and February 2026. AppLovin before it ran 753% between February 2024 and February 2026. Nvidia before it ran 1,178% between January 2023 and February 2026. Each week it produces 6 new names that pass the same tests. Get Our Top 6 Stocks for Free HERE. Stocks that have made our list include now familiar names such as Nvidia (+1,460% between June 2020 and June 2025) as well as under-the-radar businesses like the once-small-cap company Exlservice (+271% between June 2020 and June 2025). Find your next big winner with StockStory today.

Image source: The Motley Fool. Tuesday, Aug. 4, 2026 at 8:30 a.m. ET Head of Investor Relations - Edings Thibault Chief Executive Officer - Timothy Gokey Chief Financial Officer - Ashima Ghei Operator: Good morning, everyone, and welcome to the Broadridge Fiscal Fourth Quarter and Full Year 2026 Earnings Conference Call. [Operator Instructions] Please also note, today's event is being recorded. At this time, I'd like to turn the floor over to Edings Thibault, Head of Investor Relations. Please go ahead. W. Thibault: Thank you, Jamie. Good morning, everybody, and welcome to Broadridge's Fourth Quarter and Fiscal Year 2026 Earnings Call. Our earnings release and the slides that accompany this call may be found on the Investor Relations section of broadridge.com. Joining me on the call this morning are Tim Gokey, our CEO; and our CFO, Ashima Ghei. Before I turn the call over to Tim, a few standard reminders. One, we will be making forward-looking statements on today's call regarding Broadridge that involve risks. A summary of these risks can be found on the second page of the slides and a more complete description on our annual report on Form 10-K, which will be filed later today. Two, we'll also be referring to several non-GAAP measures, which we believe provide investors with a more complete understanding of Broadridge's underlying operating results. An explanation of these non-GAAP measures and reconciliations to the comparable GAAP measures can be found in the earnings release and presentation. Let me now turn the call over to Tim Gokey. Tim? Timothy Gokey: Thank you, Edings, and good morning. I'm excited to join you this morning to talk about our strong financial results. I'm even more excited to talk about the progress that we are making, building the infrastructure for the financial markets of tomorrow, markets that will be digitized, agentic and increasingly tokenized. Because the real story of fiscal '26 is that Broadridge is delivering today and building for tomorrow. Now turning to the headlines. First, Broadridge delivered strong financial results. Fiscal year 2026 revenue rose 8% in constant currency, adjusted EPS rose 12%, and thanks to record fourth quarter, closed sales rose to $305 million. Second, Broadridge is executing across governance, capital markets and wealth while building the infrastructure for the markets of tomorrow by driving digital communications, scaling agentic AI and accelerating tokenized assets. Third, as I just noted, we are building the infrastructure for tokenized securities, and we expect the evolution to tokenized markets will be a significant tailwind for Broadridge. Fourth, we returned over $1 billion to our shareholders in fiscal '27 in the form of our dividend and a record $600 million in buybacks. And last night, our Board approved a 12% increase in our dividend. We've now raised our annual dividend in each of the 20 years that we've been a public company, underscoring our commitment to creating long-term shareholder value. Fifth and last, as we look ahead to fiscal '27, we expect to drive another year of steady growth while continuing to fund our digital, agentic platform and tokenization investments. We're guiding to 6% to 8% recurring revenue growth and 8% to 12% adjusted EPS growth. So let's dig into the execution driving those results, starting on Slide 4. In governance, we're driving the democratization and digitization of investing. Fiscal '26 recurring revenue rose 8%, driven by new sales and double-digit equity position growth. Market innovation continues to bring in new investors and drive portfolio diversification. Total equity record growth for the year was 16%, powered by the continued popularity of managed accounts. Equity revenue position growth was 12%. Funds are also benefiting from increased innovation in both passive and active strategies, driving fund position growth of 6%. For shareholder engagement, 2026 was also a year in which we moved from concept to reality. We completed a successful first proxy season for our AI-powered custom policy engine, which is giving asset managers a modern and independent voting capability, empowering proxy votes across more than $800 billion in the U.S. AUM. In fiscal '27, we'll expand the scope of the product to include global equities, and we're reengineering our ProxyEdge institutional voting workflow to make institutional voting even more intuitive. We're also enabling passive funds to extend governance decisions to their underlying shareholders with our pass-through voting solution with more than 900 funds and $8 trillion in AUM using our voting choice capability, up from 600 funds and $4 trillion last year. We're also completing the first full year of our standing voting instruction solutions, or SVI. With a year of proven success improving retail voting participation, we now have 6 clients on the platform. As U.S. companies become global bellwethers for innovation, we're seeing growing interest from global investors and global retail platforms in voting capabilities for U.S. equities. The ability to offer proxy voting solutions is seen as a differentiator, especially for new entrants and that translated into fiscal '26 sales in both Europe and Japan. Each of these efforts I've discussed this morning extends our core regulatory communications business. By combining our deep voting and engagement expertise, our scaled technology and agentic AI, we've been able to accelerate our time to market and target new revenue sources. We're also extending our governance capabilities to tokenized securities, which I'll address shortly. And finally, our print and digital strategy is driving digitization. Digitalization rates in our proxy communications are now nearing 95% with 80% for funds. In customer communications, digital revenues grew more than 10% for the fourth consecutive year. And our Wealth InFocus solution continues to gain momentum, and we now have 6 leading U.S. wealth managers either on or in the process of onboarding to the platform. On the topic of digitization, the SEC has issued its much-anticipated e-delivery rule proposal, which will allow institutions to shift the default for client communications from physical mail to digital. We are pleased with the proposal, which is an exciting step forward for investors, public companies, funds and brokers. As with any regulatory proposal, it will take time to be fully implemented. Broadridge is well positioned to help our clients through this change, and we expect it to be an important catalyst driving demand for more engaging digital first communications like those enabled by our Wealth InFocus platform. Let's move next to Capital Markets on Slide 5. In Capital Markets, Broadridge is helping our clients simplify and innovate their trading operations. Fiscal '26 revenues rose 5% to $1.2 billion, driven by growth across both front and back-office solutions. We closed the acquisition of CQG in early May to strengthen our futures and options capabilities, and it contributed to a nice competitive win with a significant trading institution in the fourth quarter. Our business is benefiting from the ongoing push to extended hours trading that's driving demand for our real-time post-trade solutions and our managed services. We're also tokenizing collateral management. DLR volume rose to $360 billion in June, up 3x from May of '25. We're currently onboarding multiple Tier 1 banks to our platform, and we expect 50% growth by December with further scaling as the fiscal year progresses. And last, we're extending our agentic capabilities across our managed services offering. Our agents analyze real-time data and operational context, identify exceptions and initiate resolution, driving a step change function in productivity. In May, we announced the rollout of our agentic AI partnership model, offering up to 30% day 1 operational cost reduction with additional savings over time. That's AI transformation in action. Turning to wealth management, where we're modernizing the industry. We had another strong year in fiscal '26 with recurring revenue growth of 10%. Thanks to the SIS acquisition, we're seeing new momentum in the Canadian market. In the spring, we announced the onboarding of Aviso as our latest platform client and recorded another significant win with a leading Canadian bank. We're also accelerating the adoption of digital assets with the launch of our next-generation digital asset capability, which unifies traditional and digital assets within a single operating model. In the U.S., we continue to make strong progress in onboarding the Wealth platform sales closed last year, while on the component side, we're seeing strong demand for our corporate actions and managed services offerings. Across all 3 franchises, our AI initiatives are delivering results. Our new AI products, including our custom policy voting engine and global demand model in ICS and our operation solutions, BondGPT and trading algorithms in GTO are gaining traction. We're also deploying AI to accelerate products and software development and reduce the time and cost to onboard new clients. Finally, we're beginning to see real AI-driven productivity gains, including $25 million in fiscal '27 and we're just getting started. I'll close my operating view with sales. After a slow start to the year, we accelerated nicely with a record $158 million of closed sales in Q4. Three things stood out for me. First, we exceeded the expectations we had at the beginning of the quarter because we were able to drive larger deals to closing. These are the types of engagements that have been slower to move through the pipeline through much of the year. Second, our focus on closing did not come at the expense of sales origination. Our pipeline at year-end is up significantly from a year ago, highlighting growing demand for our next-generation solutions. And third, a growing share of our sales is driven by platform and innovation. Our platform-enabled AI and next-generation products, including shareholder engagement, DLR and digital communications rose 60%, and they accounted for nearly 40% of our closed sales. Before I sum up, I want to touch on a topic that's come up regularly in our conversations with you. Tokenization on Slide 7. Tokenization has the potential to reshape how assets are issued, traded, financed and serviced, and we expect it to be a significant tailwind for Broadridge. The industry is now grappling with questions about where tokenization will create the most value, how quickly it will scale and what kind of market infrastructure will be required to support it. At Broadridge, we're actively shaping the answers to those questions by building trusted, scalable, tokenized market infrastructure across governance, Capital Markets and Wealth. I'll start with governance, where we're in the early innings of what is likely to be an extended transition to tokenized equities. Tokenized equities have the potential to power new products and to bring more investors to U.S. markets, driving more positions and new complexity for issuers, brokers and others as they manage the range of voting and other asset servicing required. There is no one better positioned than Broadridge to solve that complexity at scale for the industry. At Broadridge, we're actively extending our market-leading proxy voting and disclosure capabilities to support synthetic, custodial and native tokenized equity models. And we're the first provider to support all 3 models of tokenized equities today. The leading model today is synthetic, focused on non-U.S. investors. We are pleased to announce our relationship with Ondo, the leading issuer of synthetic tokenized U.S. equities and ETFs to provide a market-leading solution to enable holders of synthetic tokens to exercise governance. We expect further announcements in coming months. Longer term, we expect third-party custodial approaches to gain significant traction. We recently extended our relationship with Ondo to provide governance solutions for the custodial model they intend to launch in the U.S. We also signed an agreement with Alpaca, a leading provider of custody, clearing and other infrastructure services supporting tokenized assets to provide a full suite of governance and shareholder communication services to clients on their network. For native issuance, we've completed the first and only on-chain voting for tokenized equities with Galaxy and now integrating that capability into our Sharelink voting solution, giving corporate issuers a single voting platform covering tokenized, registered and beneficial shares. We serve 80% of the Fortune 500 today for their registered shares. So if native issuance becomes a significant model, we expect it will be a positive for Broadridge. Turning now to capital markets. We have long believed that one of the biggest near-term payoff of tokenization is enhanced collateral mobility. We've been working to address that opportunity for the past 8 years. Today, our distributed ledger repo platform, DLR, processes $360 billion in tokenized repo transactions every day, as I mentioned, with nearly 20 institutions on the platform or in the process of onboarding. Now we're taking DLR Global with G7 securities entering the network to support cross-border repo activity and seamless collateral movements. DLR gives institutions a practical way to improve funding flexibility, optimize collateral and liquidity and make efficient use of capital across global markets, all operating within familiar institutional workflows. Building on DLR, we're launching DLX, our end-to-end multi-asset tokenization and digital asset platform to support always-on markets DLX extends Broadridge's tokenization capabilities across multiple asset classes, combining tokenization, smart contracts, transaction orchestration, trading, settlement and governance on a single platform for equities, funds, alternatives and money market instruments. Institutions will be able to operate with one set of tokenization rails, one governance standard and one operational model across the entire tokenized asset portfolio. Given the extended transition I described earlier, many clients are concerned about the cost of a separate infrastructure for digital and tokenized assets. That's why our recent digital asset survey showed that 69% of firms expect a hybrid infrastructure. Broadridge is stepping in to build that infrastructure at scale. We're extending Broadridge's market-leading multi-asset capabilities to support the trading and servicing of digital and tokenized assets across our full front-to-back infrastructure from order and execution to books and records, offering clients the ability to support traditional, digital and tokenized assets on the same integrated platform. And we will leverage many of the same components for wealth managers to deliver a full front and back-office solution, integrating tokenized and traditional assets. By linking digital asset capabilities to existing infrastructure, we're helping them move faster and unlock new opportunities in digital assets, alternatives, private assets, tokenized money market funds and equities. We announced the expansion of our digital asset capabilities for the Canadian wealth market this past April, and we expect to go live by the end of the calendar year, subject to our clients' regulatory approvals. And we're pleased to announce that we're extending these capabilities to serve our U.S. wealth clients as well. Our unified platform will enable broker-dealers, registered investment advisers and wealth managers to offer cryptocurrencies and tokenized assets alongside traditional investments across both adviser-led and self-directed experiences. At the end of the day, the future of tokenization is going to be about building tokenized markets, markets that institutions, regulators, issuers, intermediaries and most importantly, investors can trust. That means building not only the technology, but also the servicing model, market infrastructure, governance and controls needed to support adoption at scale. And it means bringing together new entrants, incumbents and infrastructure providers to shape a market that's efficient, resilient and credible from the start. That's a generational opportunity for Broadridge across our franchises, and we're seizing it. As I close, I want to come back to what I said at the beginning. Broadridge is delivering strong financial performance today while building for tomorrow. We have never been a stronger company. We have deep client relationships with the leading financial institutions and we're now extending to new entrants. We have unmatched subject matter expertise, and we have the integrated technology platform to bring it all together. There is no one better positioned to build the next-generation infrastructure that will power the markets of tomorrow. Before I turn it over to Ashima, I want to address the nearly 16,000 Broadridge associates around the world, many of whom are listening to this call. You are the ones driving that execution, you're the ones creating that innovation and you're the ones shaping the future. Your work is truly making a difference. Thank you. Ashima? Ashima Ghei: Thanks, Tim. Good morning. It's great to be here today. Before I begin my review of our strong fiscal '26 results and fiscal '27 guidance, I want to make 4 key callouts. First, the Broadridge business model is working. During fiscal '26, we delivered high single-digit recurring revenue growth and another year of double-digit adjusted EPS growth while funding investments in digitization, agentic AI and tokenization. Second, free cash flow and capital returns. Broadridge generated $1.2 billion in free cash flow, equal to 110% of our adjusted earnings. And between share repurchases and our dividend, we returned just under $9 per share to shareholders during the year. Third, we delivered on our 3-year recurring revenue and adjusted EPS objectives for the fifth consecutive cycle. And finally, our fiscal '27 guidance calls for another year of strong recurring revenue and adjusted EPS growth while funding investment. There are 2 keys to that forecast. One, our $470 million recurring revenue backlog, which gives us great visibility into our growth. And second, $25 million in expected AI cost saves in fiscal '27, which reflects growing confidence in our ability to generate real AI productivity gains. With that, let's go to the numbers on Slide 8. I'll start with the full year results. Fiscal '26 recurring revenues grew 8% on a constant currency basis to $4.9 billion, driven by organic growth of 6%. Adjusted operating income margin rose slightly to 20.5%, overcoming a 40 basis point headwind from lower interest rates and higher postage. Adjusted EPS grew 12% to $9.60 and closed sales were $305 million. And then turning to the fourth quarter. Recurring revenue constant currency grew 8% to $1.5 billion, including 7% organic growth. Adjusted EPS rose 8% to $3.82. And we delivered a record $158 million in closed sales. Let's move to Slide 9 to discuss our segment recurring revenue. ICS recurring revenues rose 8% for the year, including 10% growth in the fourth quarter, led by strong growth in regulatory revenues. Regulatory revenues rose 12% in fiscal '26 and 14% in Q4, driven largely by strong position growth across both equities and funds. In addition to underlying position growth, we are benefiting from strong global volumes and from a small but growing contribution from the new shareholder engagement products we have brought to market. Data-driven fund solutions revenue rose 4% in fiscal '26 and 7% in Q4. Fourth quarter growth was driven by a combination of solid organic growth and the acquisitions of Acolin and iJoin. Lower interest rates were a 2-point headwind to organic growth. Issuer revenues rose 8% for the year and 8% for the quarter, closing out a strong year. Fourth quarter growth was balanced across our shareholder engagement and disclosure solutions and more than offset a 1-point headwind from lower rates. Finally, customer communications revenues grew 5% for the year, including 14% for digital and 1% for the quarter. Fourth quarter growth was driven by a 2-point contribution from the Signal acquisition, which offset lower print volumes. Looking ahead to fiscal '27, we expect another year of strong and consistent growth in ICS, in line with our overall recurring revenue guidance and led by continued growth in regulatory revenues. Before I turn to GTO results, a quick note on the potential financial impact of the SEC's e-delivery rule proposal. First, given the expected implementation time lines, we expect no impact on fiscal '27. Second, looking beyond fiscal '27, we expect the biggest impact will be a reduction in pass-through distribution revenues, which will have a positive impact on our reported adjusted operating income margin. Third, we anticipate a modest headwind to recurring revenue growth over a 2- to 3-year period as clients implement the rule change, which we expect to largely offset with new solutions. Net-net, we are not anticipating that it will have a significant impact on our adjusted earnings growth going forward. And last, I would just emphasize again, this is all preliminary and we should know more when the final rule is released in the months ahead. Turning to GTO on Slide 10. GTO revenues grew 7% for the full year and 5% in Q4. Capital Markets revenues grew 5% for the year and 7% for the quarter. Fourth quarter organic growth was driven by a combination of new sales and higher equity trading volume. The acquisition of CQG contributed 3 points. Total digital asset revenues, including coin revenues related to our Canton Super Validator role and DLR revenues contributed 1 point to fourth quarter growth. Now to Wealth. Wealth and Investment Management revenues grew 10% for the full year and 1% in the fourth quarter. Excluding the headwind from lower term licenses, revenues grew 5% in Q4, with growth being driven by a combination of revenue from sales and strength in retail trading volume. Looking ahead to fiscal '27, we expect GTO revenue growth at the higher end of our recurring revenue guidance with higher growth in Capital Markets, driven in part by the acquisition of CQG. Now let's move to Slide 11 to review our key volume indicators. Broadridge continues to benefit from strong growth in investor participation across both equities and funds. Fourth quarter equity position growth was 17%, including 14% growth in revenue-generating positions. Fund position growth was 7%. Looking ahead to the first half of fiscal '27, our position testing indicates continued strong position growth, which we expect to translate into high single-digit equity revenue position growth and mid-single-digit fund growth. In GTO, trade volumes rose 15% for the quarter, with double-digit growth in equity volumes and mid-single-digit growth in fixed income volumes. I'll wrap up my discussion of recurring revenue growth on Slide 12. For the quarter, recurring revenue growth constant currency was 8%, primarily driven by 7 points of organic growth. Our retention rates remain 98% for the quarter and for the full year. And acquisitions contributed 1.2% growth. Moving to Slide 13. Total revenue in Q4 increased 7% to $2.2 billion, driven by 6 points of growth from recurring revenue. Event-driven revenue of $71 million was a modest headwind to fourth quarter growth, largely driven by lower levels of mutual fund proxy activity. Low to no margin distribution revenues grew 8%, contributing 2 points to total revenue growth. Turning now to margins on Slide 14. Fourth quarter adjusted operating income margin was 26.9%, down 10 basis points from fourth quarter '25 as operating leverage from our scale business was offset by the timing of growth investments. On a full year basis, adjusted operating income margin rose slightly to 20.5% as the combination of strong recurring revenue, record event revenue and strong operating leverage enabled Broadridge to increase investments in key growth initiatives. For the year, the combination of lower float income tied to interest rates and the increase in pass-through distribution revenue was a 40 basis point headwind to margin. I'm also pleased to see increasing traction in our AI productivity efforts and we expect that to continue. Our fiscal '27 includes $25 million in AI-driven productivity gains, primarily in our technology organization, which we expect to use to fund investments and deliver earnings growth. Let's move on to sales. Broadridge reported full year closed sales of $305 million, including $158 million in closed sales in Q4. Our sales results lifted our closed sales backlog to $470 million, up $40 million from a year ago. At 10% of fiscal '26 recurring revenue, this provides strong visibility into the largest drivers of our expected growth in fiscal '27 and '28. Turning to cash flows. Broadridge generated free cash flow of $1.2 billion in fiscal '26, up 17%, driven by a combination of higher earnings and working capital gains. Free cash flow conversion was 110%. Turning next to capital allocation on Slide 17. With the decline in Broadridge's share price, we believe Broadridge shares represent a compelling value. We repurchased a record $600 million in fiscal '26, including $250 million in the fourth quarter. In addition, we deployed $443 million for our dividend. Taken together, Broadridge returned just under $9 a share to shareholders in fiscal '26 via dividends and buybacks. We also invested $113 million in capital spending and software with an additional $46 million to onboard clients onto our platforms for the year. We closed 4 acquisitions for $283 million, including CQG, which closed in May. Beyond M&A, we invested $57 million across a number of strategic early-stage companies, primarily AI-native and tokenization ventures, focused on financial services, which give us a front row seat into how others are driving innovation. Rounding out capital items with digital assets, as of June 30, we hold $265 million in digital assets, including $216 million in coins and $49 million in digital asset treasury-related investments. During fiscal '26, we recognized a $227 million gain on these holdings, which has been adjusted out of our non-GAAP earnings. Last night, our Board approved a 12% increase in our annual dividend amount to $4.36 per share. I would note that this increase marks the 14th double-digit increase in the last 15 years. Additionally, our Board also increased our share repurchase authorization to $1.5 billion. Our leverage ratio at June 30 was 1.9x, comfortably below our target of 2.5x, positioning us to continue to actively repurchase shares while still having capacity for select strategic M&A. I will close my prepared remarks on Slide 18 with some detail on our guidance, starting with revenue. We expect recurring revenue growth constant currency of 6% to 8%, with balanced growth across both ICS and GTO. We expect organic growth to be driven by new sales as we onboard our $470 million backlog. Our fiscal '26 acquisitions are expected to contribute 1 point to growth. Following a record fiscal '26, we expect event-driven revenues to moderate to the range of $250 million to $300 million. Distribution revenues are forecast to grow at mid-single-digit range, driven by higher postage rates. We expect these low to no margin revenues to have a dilutive impact on the reported margins. Now let's move to margin. We expect adjusted operating income margin of approximately 21%, up from 20.5% in fiscal '26. The combination of operating leverage and AI-driven productivity gains should enable us to fund ongoing investments, offset lower event-driven revenues and drive another year of strong adjusted EPS growth. Next, EPS. We expect adjusted EPS growth of 8% to 12%. Embedded in this outlook is an expected tax rate of 22%. Finally, we expect closed sales of $290 million to $330 million. Last, as always, our guidance excludes the impact of any unannounced acquisitions. Looking ahead to the first quarter, I have 3 callouts. One, I want to remind you that we will lap a first quarter record $114 million of event-driven revenues last year, well ahead of the quarter average -- quarterly average of $60 million to $70 million. Second, we expect a 4-point license tailwind in our GTO business across both Capital Markets and Wealth Management. Net-net, we expect first quarter adjusted EPS to account for approximately 11% to 13% of our full year earnings. I'll close there. The Broadridge financial model is working. We are coming off a strong year. We are well positioned to deliver another. And we're investing in agentic AI, tokenization and digitization to position Broadridge to be the transformation partner for the industry. With that, let's move to Q&A. Operator: [Operator Instructions]. Our first question today comes from Dan Perlin from RBC Capital Markets. Daniel Perlin: It's great to see the results today. Tim, I wanted to just revisit the closed sales number. I know it can be lumpy quarter-to-quarter. It was particularly strong this quarter. You had a couple of callouts. I was hoping maybe you could go a little deeper into some of those, especially the idea that you were able to get these larger deals closed. Why it was difficult last quarter? Why you got it done this quarter? And then maybe if you could just also highlight the significance of the pipeline as we think about building into next year? Timothy Gokey: Yes, Dan, thank you very much. And I have to say we really feel good about how we closed the year and with the new record. And I'll come to the timing, but I do want to just recomment on the fact that we saw the growth in the areas where we're investing and that set of innovation products that I talked about, including the platform products, grew over 50% and accounted at -- as I said in my remarks, for almost 40% of closed sales for the year, which is really exciting. There were 2 drivers in terms of our good results. And one is the one you mentioned, which is some of the larger deals that we discussed on our last call, and there's a -- very significant communications deal was part of that. There were some post-trade deals. And the timing of those are just very unpredictable. And I think near the end of the third quarter, as you know, there's a lot of uncertainty in the market and the sort of pace of client conversations, we were just really feeling just uncertain as to how people work through on the client side, the business cases and the complex legal work that these large deals require. And so we just didn't have the confidence. And what we saw during the fourth quarter is a lot of that freed up. I think people are looking forward more, looking at the investments that they need to make on their side to drive their business. And so we saw acceleration, and we're really pleased with that. And mind you, those are things we originally thought were going to happen during the year, but we just had that period of uncertainty. Now there is a broader point, though, which is there was a faster flow-through of many midsized deals as well. And -- so it wasn't just the very large ones. There was across the board. We saw better flow-through. So I think this reinforces getting to your question about the pipeline. What we did say on the last call is we thought the issue was timing, not demand. And I think that is true. We saw strong deal origination and healthy renewals by the way, but we saw strong deal origination throughout the year. And so we really like the momentum we have going into fiscal '27. And if you look at our pipeline right now compared to what it was a year ago, it's up by more than 1/3. And so we think that we're going to continue to benefit from the investment that we're making. We did some tuck-in acquisitions this year, so that's going to help also. And so we think it positions us well to do another year of $300-plus million sales next year. Operator: Our next question comes from Patrick O'Shaughnessy from Raymond James. Patrick O'Shaughnessy: I was hoping you could provide a little bit more detail on the 6% internal growth within ICS this quarter. Were there tailwinds besides the equity revenue position count growth that you called out? Ashima Ghei: No, we were quite pleased, Patrick, with the ICS growth. ICS continues to perform well, right? On the organic side, we benefited from a healthy mix of closed sales, strong record growth and this was in spite of a 40 basis point headwind from interest rates. So overall, quite pleased with the performance. We're doing well across all dimensions, nothing specific to call out here. Patrick O'Shaughnessy: Okay. And then I appreciate your comments on the SEC's proposal for electronic default for proxies. Curious about your thoughts on whether that impacts Broadridge's competitive moat in a world where communications are primarily electronic. Timothy Gokey: Yes, Patrick, I will take that. And first of all, I just have to sort of readvertise the fact that we think at the end of the day, electronic delivery is an opportunity to better engage investors at lower cost and that we think the SEC's proposal is an exciting step forward for all the different stakeholders. And as you know, we're a leader in e-delivery and our communications are highly digital today. In terms of the competitive dynamic, we think this really strengthens things because when you look at the next-generation digital experience to not just send someone a dead PDF, which is going to be really -- will be really a second-tier kind of experience in the future. The platform that we've invested in around our InFocus platform and then particularly Wealth InFocus is truly groundbreaking. And it allows composition through one work stream into both the digital side and the print side. And remember, I know you know this, but you're asking the question on behalf of others, which is that even in a world where there's electronic default, there is still going to be print. There are people that don't have addresses, there are people that are changing. And so there's always going to be that residual amount. So you're always going to have to have the dual capability. And so being able to offer that dual capability seamlessly, not having 2 different composition engines, not having 2 different teams doing that, that's going to be a unique value proposition that we have. So we're excited about the future. And as you know, as you're well familiar with it, we've been working on this for more than a decade in terms of being ready. And we really look forward to helping our clients through this transition period. They are actively rethinking what their whole client experience is going to look like, and we're in a perfect position to help them with that. Operator: Our next question comes from James Faucette from Morgan Stanley. Michael Infante: It's Michael Infante on for James. I just wanted to ask on some of the new wins that you had with the likes of Ondo and Alpaca and Galaxy on the tokenized security side. Like how should we be thinking about the unit economics and how that might evolve? Is that incremental to your existing per position proxy economics or more of a re-rate of the same positions? Timothy Gokey: Yes. It's really -- thank you for asking the question and to -- we're here to clarify. It's really very -- we're using the same rate schedule. So if it's a natively issued, it would be the registered rate schedule, which is higher than the beneficial schedule. If it's a beneficial holding, which we think when we get to the custody side, it will be, it will be under the beneficial schedule. And if it's synthetic, then it's very similar to what we're doing today with pass-through voting for the large asset managers. So very, very similar. And I just want to reemphasize that we think that change is good for Broadridge because it introduces complexity for clients and there's no one that's better positioned than we are to help them solve it. And when we think about those conversations you just talked about in governance, the most active players are telling us that they believe this is really important to provide. They don't know how to do it. They don't want to make the investments or bear the fixed costs. And that's why we're signing up all the leading players to leverage our infrastructure, our regulatory knowledge, our multichannel ability to communicate with investors. And we are seeing, the earliest pool of demand is coming from global investors, to a lesser extent from crypto-native investors. And so we think that's going to drive position growth. Then longer term, these products will evolve to take care of the unique characteristics that tokenized securities can provide. And we think that's going to create even more demand to solve the complexity of managing governance for our clients. So we're excited about it. Michael Infante: That's good context, Tim. And maybe just a follow-up on the buyback reauthorization and how you guys are thinking about tuck-in M&A. I mean $1.5 billion repurchase authorization. You obviously enacted $600 million of buybacks in '26 with fiscal 4Q being the high watermark. But if we just sort of step back and look at where the stock is trading on a PE basis over the last decade, right, how should we be thinking about your level of aggressiveness on the buyback from here? And sort of how you're thinking about that relative IRR trade-off between tuck-in M&A? Timothy Gokey: Yes, absolutely. And as you know, from following us for a long time, we have a long history of balanced capital allocation and which we're not changing. It starts with investment-grade credit rating, making investment -- internal investments to drive organic growth, which you're certainly seeing us do; paying a dividend, we just raised it 12%; and pursuing attractive M&A and then typically having buybacks sort of as a residual from that. And then, as you know, at current levels, we believe that our shares are a compelling value. And so we have focused our capital allocation on share repurchases in the second half of fiscal '26. And as we look ahead to '27, we continue to see our shares as a strong value. I would anticipate continued healthy levels of share repurchases. And then all that said, we do continue to have very attractive tuck-in opportunities if the right property presents itself. We have the cash flow and the leverage to do both. Remember, we're only at 1.9 leverage right now. And so I think it will be -- the $1.5 billion is pretty much in line with the previous authorizations we've done. It gives us plenty of capacity. And I think I would look for us to be doing both, heavier on share repurchases than we have in the past, but also leaving the option open for unique opportunities that will -- if we were a shareholder, we would want Broadridge to take advantage of. Operator: Our next question comes from Kyle Peterson from Needham. Kyle Peterson: Great. I wanted to start off on closed sales. Obviously, good to see you guys really closed the year strong there, particularly on the outlook though, I guess, like at the midpoint, it's up around 2% for the coming year. So I guess, how should we think about some of the factors, either whether it's some large deals or such that would maybe steer you guys towards the high or the low end of the outlook for fiscal '27? Timothy Gokey: Kyle, well, thank you very much. It's a good question. When we look at our pipeline, I see that it's up very significantly from where we were last year, then that would have a feel strong confidence about the range that we have -- range that we put out. I think at the same time, it's been hard to predict the past couple of years. And so we don't want to be in a position where we're just not highly confident of what we're putting out. So we're very confident in another year of $300-plus million. And again, it will be the third time I said it, but we really like the fact that the things that are growing are the things where we've been making investments. And we're really seeing, in particular, platform we've talked about, that's the technology platform that we're putting in place with a common data ontology and how that is really beginning to power our sales. If you look at our pipeline, half of it now is things that are platform enabled and we think that also really lays the nice groundwork for AI and for agentic AI in the future because we all know that data is the driver and being able to drive -- pull all that data together in a common architecture is going to really enable our clients, whether it's using our AI or their AI to drive agentic on top of that. So we're excited. Kyle Peterson: Great. That's really helpful. And then I wanted to switch over into tokenization, the DLR platform in particular. Good to see the updates seems like the volumes have really been picking up steam. You guys have intraday trading now live. So I guess like how should we think about the continued growth? Obviously, the comps are getting tougher, but it seems like the capabilities are growing and you potentially get some network effect benefits. So I guess how are you guys thinking about contribution and kind of specific areas or products such as intraday trading that you're most excited about for the upcoming year with DLR? Timothy Gokey: Yes, Kyle. Great question. And when you think about it, there is -- we have multiple vectors of growth. And one vector is just we've already signed a number of very significant clients that are in the process of onboarding. So just within the current value proposition, you are going to see significant continued growth. And I talked about in the script, 50% by the end of the year and further scaling after that. So that's just within the core of what we're doing now. And then we are really building out into intraday, as I mentioned, which as more and more people take that on, could be a really nice volume driver. I continue to believe that, that could be a really interesting thing for the industry as this moves from sort of something that's in the treasury to finance the firm to a desk level to finance trades and really could create some unique things there. So that remains a little bit of an option value in terms of if that really scales, but I particularly think that's a great value proposition. And then 2 other vectors of growth. One is going global. So we are in conversations in multiple countries and exchanges to really bring G7 securities into the network. And we think that is a really nice growth vector. And then the other sort of vector of opportunity is what we've talked about with DLX, which is really taking DLR and extending the capabilities into other asset classes, equities, funds, alternatives, money markets. And that's going to be live by the end of the year. And so that will create a much broader capability. And so this whole area around collateral and optimizing collateral, we think, is really fruitful for Capital Markets firms and is going to be a really nice growth driver. Operator: Our next question comes from Peter Heckmann from D.A. Davidson. Peter Heckmann: A lot of information on this call. Just a point of clarification. In the first quarter, Ashima, you mentioned 400 basis points from rev rec license. Just to be clear, were you referencing a tough comp with first quarter of fiscal 2026? Or is this a benefit to '27? And then just to be clear, is this a renewal? Or is this new business? Ashima Ghei: Thanks for the question, Peter. Yes, it's a benefit in fiscal '27 and it's a renewal. So we'll just see about a 4-point tailwind in Q1 across the compare that we had last year. And it's spread across Capital Markets and Wealth. Peter Heckmann: Great. Great. And then anything else in terms -- I think the -- from an event-driven standpoint, the first quarter was definitely the toughest comp. The second quarter was also a little bit difficult. Back half looked pretty close to the average. Any other difficult or easy compares you'd call out on the license side within GTO to think about during fiscal 2027? Ashima Ghei: So One, you're right on event, right? I called out the Q1 impact specifically. Q2 is a good reminder, Peter. I'm glad you have that on your radar. Second, license revenue for the full year is not a big driver. It's really the Q1 compare that would be a big driver for you. And third, don't forget the impact of the acquisitions that we did this year. We're going to -- for ICS, you'll see the M&A growth start to lag after the -- tail off after the second quarter because we did most of the acquisitions in the first half of the year. CQG, however, since it started in Q4, it's -- you're going to see the impact all through the year. So that will impact some of the total revenue growth as well. Operator: Our next question comes from Scott Wurtzel from Wolfe Research. Scott Wurtzel: Just on the DLX platform, wondering would that replace the DLR in certain instances since it's sort of an expansion into multi-asset class? Or would it be kind of built on top or integrated? Just any color on that would be appreciated. Timothy Gokey: Yes, Scott, thank you very much. Great clarification. When we built DLR in the first place, we always had the idea that it would be a multi-asset class platform. So it is -- there's no -- it really is built on DLR, and there's been no sort of re-architecting involved. There's no -- our clients are not going to need to go through a conversion or things like that. It's really opening up the capabilities that are latent in the DLR platform with the connectivity to these other asset classes. So great question. And really, it's not that it's a new platform build. It's opening up new applications and getting clients on board that are going to be using those applications. Scott Wurtzel: That's helpful. And then, Ashima, just going back to the 4-point license tailwind in 1Q, just wondering if you can help us understand how that would be spread across Cap Markets and Wealth. Is it skewed towards one or the other? Or is it pretty even? Ashima Ghei: Call it split evenly between the 2. Operator: And our next question comes from Puneet Jain from JPMorgan. Puneet Jain: Strong results today. Let me ask about AI. So you talked about like $25 million in AI-driven productivity savings that you expect this year. Will these savings ultimately be passed on to clients? Or asking it other way, how should we think about AI-driven solutions becoming a moat and being part of clients' decision-making as they decide to outsource or do it themselves? Timothy Gokey: Yes. Look, Puneet, it's -- I'm glad you asked the question because AI is such a great topic. And as we think about this going forward, we're seeing sort of 3 buckets. We're seeing a bucket around new products, we're seeing a bucket around sort of speed to market and a bucket around greater efficiency. And then more broadly, we're seeing an opportunity to position Broadridge as the agentic operating system for our clients. So specifically, on the savings side, we are seeing real savings as we move through fiscal '26. And so we have really, I think, already achieved the things that we're going to do that will drive the $25 million. Right now, we are -- because we're upping our investment in '27, we're reinvesting most of that in moving our road map ahead. And that road map is moving nicely going to the speed factor and how we'll be able to accelerate our product development and by the way, client onboarding. And then to your point about how AI will be part of the buying decision in the future, I think there's sort of 2 pieces within that. There are going to be unique AI products that clients will take on or not take on based on their own characteristics like custom policy engine, like the global demand model, like OpsGPT. So we have a number of those already in market. And then there's this broader question about what I'm going to call the agentic operating system in terms of having the right AI embedded in your product to drive demand. And then you see the demand play in really sales of your core products. And just you know this well, but we serve 22 of the 26 primary dealers and 20 in fixed income. We serve 7 of the top 10 in equities. And that what I just mentioned on a previous question, we've invested the past 5 years in the common data ontology and platform. And that positions us perfectly to enable our clients to leverage that platform, either with our AI or their AI. And so we think that is going to be actually an increasing point of differentiation. And so I really like the question. Thank you. Puneet Jain: And then last year, in fiscal '26, you had a very strong position growth in the regulatory business, which also drove your higher internal growth. How should we think about growth drivers this year as you expect positions growth to normalize? I think you said like high single digits in the first half of the year. Ashima Ghei: Yes. So as I think about -- I think your question, Puneet, is broader about revenue growth, right, and how we're expecting the revenue growth guidance to come through. So I'll tell you from a recurring revenue standpoint, we are expecting another strong year of growth in fiscal '27, frankly, very much in line with fiscal '26. Like you said, last year, we had organic growth of 6%. Our guidance is calling for another 5% to 7% organic growth with an additional point from acquisitions. So we are seeing continued strong position growth, right? That's one of the core drivers. Our early testing is indicating mid- to high -- sorry, high single-digit equity revenue position growth, mid-single-digit fund position growth. And in addition to that, we're continuing to see contribution from revenue from sales, which has been one of the strengths of our business model, right? And the backlog that we have with $470 million is going to set us up well for the next couple of years as we convert some of that backlog into revenue. So frankly, I feel pretty good about the internal growth given the visibility that we have, not just in position growth, but our overall revenue from sales contribution as well. Puneet Jain: Got it. So it's a higher contribution from backlog-driven revenue this year? Ashima Ghei: As well as internal from position -- continued position growth, yes. Operator: And ladies and gentlemen, at this time, I'm showing no additional questions. I'd like to turn the floor back over to the management team for any closing remarks. Timothy Gokey: Yes. Thank you, operator, and thanks to everyone for joining our call today. We are pleased to have delivered another strong year in fiscal '26. And as I think you heard, we're excited about the path ahead as we execute on our strategy across our 3 franchises and on building the infrastructure for the financial markets of tomorrow. Thank you for your interest in Broadridge, and we look forward to reporting our next set of results to you later this fall. Operator: And with that, ladies and gentlemen, we'll be concluding today's conference call and presentation. We do thank you for joining. You may now disconnect your lines. Before you buy stock in Broadridge Financial Solutions, consider this: The Motley Fool Stock Advisor analyst team just identified what they believe are the 10 best stocks for investors to buy now… and Broadridge Financial Solutions wasn’t one of them. The 10 stocks that made the cut could produce monster returns in the coming years. 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As with all our articles, The Motley Fool does not assume any responsibility for your use of this content, and we strongly encourage you to do your own research, including listening to the call yourself and reading the company's SEC filings. Please see our Terms and Conditions for additional details, including our Obligatory Capitalized Disclaimers of Liability. The Motley Fool has positions in and recommends Broadridge Financial Solutions. The Motley Fool has a disclosure policy. Broadridge (BR) Q4 2026 Earnings Call Transcript was originally published by The Motley Fool

Make better investment decisions with Simply Wall St's easy, visual tools that give you a competitive edge. Broadridge Financial Solutions (BR) is back in focus after reporting fourth quarter and full year 2026 results that topped analyst expectations, along with fresh guidance, a higher dividend and a new share repurchase plan. See our latest analysis for Broadridge Financial Solutions. The strong earnings, higher dividend and new US$1.5b buyback have come alongside a 12.9% 1 month share price return. However, Broadridge Financial Solutions still has a weaker year to date share price return and a 1 year total shareholder return decline of 37.5%. This suggests recent momentum is improving from a low base as investors reassess growth prospects and risk after the xStocks governance partnership news. If Broadridge’s push into digital asset governance has caught your attention, it may be worth seeing what else is moving in related areas through the 20 cryptocurrency and blockchain stocks. Broadridge Financial Solutions now has stronger earnings, a higher dividend and a new US$1.5b buyback, set against a share price that is still down sharply over 1 year. Is this business quality already fully reflected in today’s valuation? Broadridge Financial Solutions closed at $163.41 compared with a most popular narrative fair value of $255. That gap reflects a valuation built around specific growth, margin and tokenization assumptions rather than recent share price moves. Read the complete narrative. Want to see what sits behind that $255 fair value for Broadridge Financial Solutions? The narrative leans on specific revenue growth, margin paths and a higher future earnings multiple anchored to those projections. Curious which assumptions have to hold for that gap to close and how buybacks and tokenization are built into the model? The full narrative lays out the numbers behind that view. Result: Fair Value of $255 (UNDERVALUED) Have a read of the narrative in full and understand what's behind the forecasts. However, Broadridge Financial Solutions still faces risks if tokenization adoption is slower than expected, or if longer sales cycles delay conversion of its reported US$1b plus pipeline. Find out about the key risks to this Broadridge Financial Solutions narrative. This mix of positives and concerns around Broadridge Financial Solutions will not feel the same to every investor, so it helps to move quickly and test the data against personal expectations. To see the balance of both sides in one place, review the 5 key rewards and 1 important warning sign. If Broadridge Financial Solutions has sharpened your focus, do not stop here. Broaden your watchlist now so you are not late to the next opportunity. Target resilience by scanning companies that pass strict balance sheet checks and solid fundamentals through the solid balance sheet and fundamentals stocks screener (50 results). Hunt for quality at a discount with the 51 high quality undervalued stocks and see which stocks combine dependable cash flows with appealing valuations. Spot potential standouts early by using the screener containing 17 high quality undiscovered gems that highlight lesser known companies with strong underlying metrics. This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned. Companies discussed in this article include BR. Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email [email protected]

Interested in Broadridge Financial Solutions, Inc.? Here are five stocks we like better. Fiscal 2026 results were strong: Broadridge reported 8% constant-currency recurring-revenue growth to $4.9 billion and a 12% increase in adjusted EPS to $9.60. Fourth-quarter sales were a record $158 million, bringing the full-year total to $305 million. Fiscal 2027 guidance calls for continued growth: The company expects recurring-revenue growth of 6% to 8% and adjusted EPS growth of 8% to 12%, supported by a $470 million sales backlog and projected $25 million in AI-driven productivity gains. Broadridge is expanding capital returns and digital capabilities: The board raised the annual dividend 12% to $4.36 per share and increased the buyback authorization to $1.5 billion, while the company advances AI, tokenized-asset platforms and digital communications. The S&P 493 Are Staging a Comeback—This Value ETF Offers Broad Exposure Broadridge Financial Solutions (NYSE:BR) reported fiscal 2026 recurring revenue growth of 8% on a constant-currency basis and a 12% increase in adjusted earnings per share, as the company cited demand for governance, capital-markets and wealth-management technology alongside investments in artificial intelligence and tokenized-market infrastructure. Adjusted EPS for the year rose to $9.60, while recurring revenue reached $4.9 billion. Fourth-quarter recurring revenue increased 8% on a constant-currency basis to $1.5 billion, and adjusted EPS rose 8% to $3.82. The company closed a record $158 million in sales during the fourth quarter, bringing full-year closed sales to $305 million. → SpaceX’s First Earnings Report Could Decide Whether Shorts or Bulls Have Control Starbucks Builds Sovereign AI to Cut $400 Million in Software Costs “The real story of fiscal 2026 is that Broadridge is delivering today, building for tomorrow,” Chief Executive Officer Tim Gokey said, pointing to the company’s work in digital communications, agentic AI and tokenized assets. For fiscal 2027, Broadridge guided for constant-currency recurring revenue growth of 6% to 8% and adjusted EPS growth of 8% to 12%. The outlook includes expected organic growth of 5% to 7%, with acquisitions contributing another percentage point to recurring revenue growth. → Financials Hit Record Highs as the AI Trade Unravels—Can They Keep Leading? These 3 Stocks Offer Investors Exposure to the Functional Beverage Boom Chief Financial Officer Ash Ghei said the company’s $470 million closed-sales backlog, up $40 million from the prior year, provides visibility into growth in fiscal 2027 and 2028. Broadridge expects closed sales of $290 million to $330 million in fiscal 2027. The company forecast adjusted operating income margin of about 21%, compared with 20.5% in fiscal 2026. It expects $25 million of AI-driven productivity gains during fiscal 2027, primarily in its technology organization, which it plans to use to support investments and earnings growth. → Why Rare Earth Processing Could Be the Real 2027 Opportunity Broadridge generated $1.2 billion in free cash flow during fiscal 2026, up 17% year over year, representing 110% of adjusted earnings. The company repurchased a record $600 million of shares and paid $443 million in dividends. Its board approved a 12% increase in the annual dividend to $4.36 per share and increased the share-repurchase authorization to $1.5 billion. Gokey said the company expects to maintain balanced capital allocation, including internal investment, dividends, selective acquisitions and share repurchases. He said Broadridge views its shares as a compelling value at current levels and anticipates “continued healthy levels” of repurchases while retaining capacity for tuck-in acquisitions. Investor Communication Solutions, or ICS, recurring revenue rose 8% for the full year and 10% in the fourth quarter. Regulatory revenue increased 12% for the year and 14% in the fourth quarter, supported by equity and fund position growth. Fourth-quarter equity position growth was 17%, including 14% growth in revenue-generating positions, while fund positions grew 7%. Data-Driven Fund Solutions revenue grew 4% for the full year and 7% in the fourth quarter. Issuer revenue increased 8% in both periods. Customer Communications revenue rose 5% for the year, including 14% growth in digital revenue, though it grew 1% in the fourth quarter as a contribution from the Signal acquisition offset lower print volumes. Global Technology and Operations, or GTO, revenue grew 7% for the year and 5% in the fourth quarter. Capital-markets revenue increased 5% for the full year and 7% in the quarter, with the recently acquired CQG contributing three percentage points to fourth-quarter growth. Wealth and investment-management revenue rose 10% for the full year and 1% in the quarter; excluding lower term-license revenue, fourth-quarter growth was 5%. Broadridge expects GTO revenue growth to fall at the higher end of its overall recurring-revenue guidance range in fiscal 2027, partly due to the CQG acquisition. The company said its proxy-communications digitization rate is nearing 95%, while fund communications are 80% digital. Gokey said Broadridge views the Securities and Exchange Commission’s proposed electronic-delivery rule as a potential catalyst for digital-first client communications, although Ghei said the company expects no fiscal 2027 impact from the proposal. Looking beyond fiscal 2027, Ghei said the rule could reduce pass-through distribution revenue and create a modest recurring-revenue growth headwind over two to three years as clients implement changes. He said Broadridge expects to largely offset that effect with new digital solutions and does not anticipate a significant impact on adjusted earnings growth. Broadridge also emphasized its expansion in tokenized securities and digital assets. Its Distributed Ledger Repo platform processed $360 billion in tokenized repo transactions daily in June, up threefold from May 2025, according to Gokey. The company expects platform volume to rise 50% by December as it onboards additional Tier 1 banks. The company announced governance relationships with synthetic tokenized-equity issuer Ondo and infrastructure provider Alpaca, while noting that it completed what it described as the first on-chain voting for tokenized equities with Galaxy. Broadridge is also launching DLX, a multi-asset tokenization and digital-asset platform that will extend its DLR capabilities to equities, funds, alternatives and money-market instruments. Gokey said platform-enabled AI and next-generation products, including shareholder engagement, digital communications and DLR, rose 60% and represented nearly 40% of closed sales during fiscal 2026. He added that Broadridge’s sales pipeline was up by more than one-third from a year earlier, with about half of the pipeline now platform enabled. Broadridge Financial Solutions is a global fintech company that provides technology-driven solutions and outsourcing services to the financial services industry. The firm's core offerings center on investor communications, securities processing and post-trade services, and technology platforms that support capital markets and wealth management operations. Broadridge positions itself as a provider of mission-critical infrastructure that helps financial institutions manage regulatory requirements, investor engagement and operational complexity. Products and services include proxy and shareholder communications, investor disclosure and digital communications, proxy voting and tabulation, clearing and settlement support, trade processing and reconciliation, and a range of software-as-a-service platforms for wealth and asset managers. This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to [email protected]. The article "Broadridge Financial Solutions Q4 Earnings Call Highlights" was originally published by MarketBeat. View MarketBeat's top stocks for August 2026.

Broadridge Financial Solutions, Inc. BR reported impressive fourth-quarter fiscal 2026 results, with both earnings and revenues beating the Zacks Consensus Estimate. BR’s adjusted earnings of $3.82 per share topped the Zacks Consensus Estimate of $3.75 by 1.9% and increased 7.6% from the year-ago quarter’s actual. Total revenues of $2.22 billion surpassed the consensus mark of $2.17 billion by 2.1% and rose 7.5% year over year. Recurring revenues increased 8% to $1.54 billion, while closed sales jumped 39% to $158.3 million. Broadridge Financial Solutions, Inc. price-consensus-eps-surprise-chart | Broadridge Financial Solutions, Inc. Quote BR’s shares have declined 40.7% over the past year compared with the industry’s 17.7% decline. The Zacks S&P 500 composite has risen 23.8% over the same time frame. Recurring revenue growth was 8% on both a reported and constant-currency basis. Organic growth contributed 7 percentage points, including 5 points from closed sales, partly offset by a 2-point drag from client losses. Acquisitions added 1 point. Event-driven revenues declined 10% to $71.1 million, primarily due to lower mutual fund proxy revenues. Distribution revenues advanced 8% to $606.5 million, driven mainly by about $32 million of postage-rate increases. Investor Communication Solutions revenues rose 8% to $1.73 billion. Recurring revenues increased 10% to $1.05 billion, reflecting 6 points of internal growth, 3 points from net new business and 1 point from acquisitions. Regulatory recurring revenues grew 14%, aided by 14% equity revenue position growth and 7% mutual fund and ETF position growth. Data-driven fund solutions rose 7%, issuer revenues increased 8%, and customer communications gained 1%. Global Technology and Operations (GTO) recurring revenues increased 5% to $487.5 million. Capital Markets revenues rose 8% to $307.1 million, supported by organic growth and the CQG acquisition. Wealth and Investment Management revenues edged up 1% to $180.5 million. GTO earnings before income taxes nearly doubled to $67.5 million from $33.9 million. Its pre-tax margin expanded to 13.8% from 7.3%, as higher revenues and lower expenses more than offset the impact of ongoing investments. Operating income increased 10% to $546.2 million, while the operating margin expanded 50 basis points to 24.6%. Adjusted operating income rose 7% to $598 million. The adjusted operating margin slipped 10 basis points to 26.9%. Net earnings increased 6% to $398 million, while adjusted net earnings rose 5% to $442 million. The effective tax rate increased to 23.7% from 20.6% because of lower discrete tax benefits. Equity position growth was 17% in the quarter, while equity revenue position growth came in at 14%. Mutual fund and ETF position growth was 7%, underscoring solid activity across Broadridge’s governance network. Internal trade growth was 15%, reflecting higher daily trade volumes among clients whose contracts are linked to activity levels. The metric exceeded the company’s 10-year average of 9%. Broadridge ended fiscal 2026 with cash and cash equivalents of $402.9 million, down from $561.5 million a year earlier. Long-term debt was $3.25 billion compared with $2.75 billion at the end of fiscal 2025. For fiscal 2026, operating cash flow was $1.35 billion. Free cash flow totaled $1.23 billion, representing 110% conversion of adjusted net earnings. The company returned more than $1 billion to shareholders through dividends and net share repurchases during the year. For fiscal 2027, Broadridge expects recurring revenue growth of 6-8% on a constant-currency basis. Adjusted operating margin is projected at about 21%, while adjusted earnings per share growth is anticipated in the 8-12% range. Free cash flow conversion is expected to exceed 100%, and closed sales are projected between $290 million and $330 million. The board approved a 12% increase in the annual dividend to $4.36 per share and authorized a new $1.5 billion share-repurchase program. Currently, Broadridge carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here. Trane Technologies plc TT reported impressive second-quarter 2026 results. TT’s adjusted earnings of $4.31 per share outpaced the consensus mark by 0.9% and rose 11.1% from the year-ago quarter’s actual. TT’s total revenues of $6.35 billion surpassed the consensus mark by 2.9% and increased 6.4% year over year. Rollins, Inc. ROL posted unimpressive second-quarter 2026 results. ROL’s adjusted earnings of 32 cents per share missed the Zacks Consensus Estimate by 5.9% but rose 6.7% year over year. Total revenues of $1.08 billion fell short of the consensus estimate by 1.7% but increased 7.9% from the year-ago quarter. Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Broadridge Financial Solutions, Inc. (BR) : Free Stock Analysis Report Rollins, Inc. (ROL) : Free Stock Analysis Report Trane Technologies plc (TT) : Free Stock Analysis Report This article originally published on Zacks Investment Research (zacks.com). Zacks Investment Research

Broadridge Financial Solutions (BR) reported $2.22 billion in revenue for the quarter ended June 2026, representing a year-over-year increase of 7.5%. EPS of $3.82 for the same period compares to $3.55 a year ago. The reported revenue compares to the Zacks Consensus Estimate of $2.17 billion, representing a surprise of +2.08%. The company delivered an EPS surprise of +1.87%, with the consensus EPS estimate being $3.75. While investors scrutinize revenue and earnings changes year-over-year and how they compare with Wall Street expectations to determine their next move, some key metrics always offer a more accurate picture of a company's financial health. As these metrics influence top- and bottom-line performance, comparing them to the year-ago numbers and what analysts estimated helps investors project a stock's price performance more accurately. Here is how Broadridge Financial performed in the just reported quarter in terms of the metrics most widely monitored and projected by Wall Street analysts: Revenues- Global Technology and Operations (GTO): $487.5 million versus $481.53 million estimated by three analysts on average. Compared to the year-ago quarter, this number represents a +4.9% change. Revenues- Investor Communication Solutions- Total ICS Recurring revenues: $1.05 billion versus $1.03 billion estimated by three analysts on average. Compared to the year-ago quarter, this number represents a +10% change. Revenues- Investor Communication Solutions- ICS Event-driven revenues- Equity and other: $40.1 million versus $35 million estimated by three analysts on average. Compared to the year-ago quarter, this number represents a +5% change. Revenues- Investor Communication Solutions- ICS Event-driven revenues- Mutual funds: $31 million compared to the $36.65 million average estimate based on three analysts. The reported number represents a change of -23.8% year over year. Revenues- Investor Communication Solutions- Total ICS Event-driven revenues: $71.1 million compared to the $71.65 million average estimate based on three analysts. The reported number represents a change of -9.9% year over year. Revenues- Investor Communication Solutions- Distribution revenues: $606.5 million versus $595.4 million estimated by three analysts on average. Compared to the year-ago quarter, this number represents a +7.8% change. Revenues- Investor Communication Solutions (ICS): $1.73 billion versus the three-analyst average estimate of $1.69 billion. The reported number represents a year-over-year change of +8.2%. Revenues- Investor Communication Solutions- ICS Recurring revenues- Data-driven fund solutions: $130.1 million versus the three-analyst average estimate of $130.64 million. The reported number represents a year-over-year change of +6.7%. Revenues- Investor Communication Solutions- ICS Recurring revenues- Issuer: $157.9 million versus the three-analyst average estimate of $153.55 million. The reported number represents a year-over-year change of +8.2%. Revenues- Investor Communication Solutions- ICS Recurring revenues- Customer communications: $177.2 million compared to the $186.47 million average estimate based on three analysts. The reported number represents a change of +0.7% year over year. Revenues- Global Technology and Operations- GTO Recurring revenues- Capital markets: $307.1 million versus the three-analyst average estimate of $301.73 million. The reported number represents a year-over-year change of +7.6%. Revenues- Global Technology and Operations- GTO Recurring revenues- Wealth and investment management: $180.5 million versus $179.8 million estimated by three analysts on average. Compared to the year-ago quarter, this number represents a +0.7% change. View all Key Company Metrics for Broadridge Financial here>>> Shares of Broadridge Financial have returned +8.7% over the past month versus the Zacks S&P 500 composite's +1.7% change. The stock currently has a Zacks Rank #3 (Hold), indicating that it could perform in line with the broader market in the near term. Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Broadridge Financial Solutions, Inc. (BR) : Free Stock Analysis Report This article originally published on Zacks Investment Research (zacks.com). Zacks Investment Research

This article first appeared on GuruFocus. Release Date: August 04, 2026 For the complete transcript of the earnings call, please refer to the full earnings call transcript. Broadridge Financial Solutions Inc (NYSE:BR) delivered strong fiscal 2026 results with 8% constant currency recurring revenue growth and 12% adjusted EPS growth, exceeding expectations. The company achieved record fourth-quarter closed sales of $158 million, bringing full-year closed sales to $305 million and boosting the backlog to $470 million, providing strong visibility into future growth. Broadridge Financial Solutions Inc (NYSE:BR) is making significant strides in tokenization, with DLR volumes tripling to $360 billion and new partnerships with Ondo and Alpaca, positioning the company as a leader in this emerging market. The company returned over $1 billion to shareholders in fiscal 2026, including a record $600 million in buybacks, and increased its dividend by 12%, marking the 20th consecutive year of dividend increases. Broadridge Financial Solutions Inc (NYSE:BR) is seeing tangible benefits from AI investments, including $25 million in expected productivity savings for fiscal 2027 and growing demand for AI-powered products like its custom policy voting engine. The SEC's e-delivery rule proposal is viewed as a positive catalyst, with Broadridge Financial Solutions Inc (NYSE:BR) well-positioned to help clients transition to digital-first communications, potentially driving demand for its Wealth InFocus platform. Broadridge Financial Solutions Inc (NYSE:BR) faces a potential headwind from the SEC's e-delivery rule, which could reduce pass-through distribution revenues and modestly impact recurring revenue growth over the next two to three years. The company's fiscal 2027 guidance for closed sales of $290 million to $330 million implies only modest growth at the midpoint, reflecting ongoing uncertainty in closing large deals. Event-driven revenues are expected to moderate in fiscal 2027 to $250 million to $300 million, down from a record fiscal 2026, which could pressure overall revenue growth. Lower interest rates and higher postage costs created a 40 basis point headwind to adjusted operating income margin in fiscal 2026, and similar pressures may persist. The first quarter of fiscal 2027 will face a tough comparison with record event-driven revenues of $114 million, potentially impacting quarterly earnings growth. While tokenization presents opportunities, the transition is expected to be gradual, and Broadridge Financial Solutions Inc (NYSE:BR) may need to make significant investments in new infrastructure without immediate returns. Warning! GuruFocus has detected 8 Warning Signs with ROK. Is BR fairly valued? Test your thesis with our free DCF calculator. Q: Can you provide more detail on the strong closed sales in Q4, particularly the larger deals, and the significance of the pipeline heading into fiscal 2027? A: Tim Gokey (CEO) stated that the record $158 million in Q4 closed sales was driven by two factors: the closing of larger deals that had been delayed due to market uncertainty, and a faster flow-through of midsized deals. He emphasized that the issue was timing, not demand, and that the pipeline is up by more than a third year-over-year, positioning the company well for another year of $300-plus million in sales. Q: How should we think about the unit economics of the new tokenized security wins with Ondo, Alpaca, and Galaxy? Are they incremental to existing proxy economics? A: Tim Gokey (CEO) clarified that Broadridge is using the same rate schedules for tokenized securities as for traditional ones. Native issuances would use the higher registered rate, beneficial holdings the beneficial rate, and synthetic models would be similar to pass-through voting. He sees this as a positive for Broadridge, as it introduces complexity for clients that they are best positioned to solve, and the initial demand is coming from global and crypto-native investors. Q: Given the stock's valuation, how should we think about the level of aggressiveness on share buybacks relative to tuck-in M&A? A: Tim Gokey (CEO) reiterated a balanced capital allocation strategy, but noted that at current levels, shares represent a compelling value. He anticipates continued healthy share repurchases in fiscal 2027, while still having the capacity (leverage is at 1.9x) to pursue attractive tuck-in M&A opportunities. The new $1.5 billion authorization provides ample capacity for both. Q: What are the key drivers for the fiscal 2027 closed sales outlook, and what could steer results toward the high or low end of the range? A: Tim Gokey (CEO) expressed high confidence in another year of $300-plus million in sales, driven by a significantly larger pipeline. He highlighted that half of the pipeline is now platform-enabled, which lays the groundwork for AI and agentic AI capabilities. The growth is coming from areas of investment, particularly the technology platform with a common data ontology. Q: How should we think about the continued growth of the DLR platform, and what specific areas or products are you most excited about? A: Tim Gokey (CEO) outlined multiple growth vectors for DLR. First, significant clients are already onboarding, with volumes expected to grow 50% by December. Second, intraday trading is a potential volume driver. Third, expanding globally with G7 securities is a key opportunity. Finally, the new DLX platform will extend capabilities into other asset classes like equities, funds, and money markets, creating a broader capability for collateral optimization. Q: Can you clarify the 400 basis point license tailwind in the first quarter of fiscal 2027? Is it a benefit or a tough comp, and is it from a renewal or new business? A: Ashima Ghei (CFO) confirmed it is a benefit in fiscal 2027, stemming from a renewal. It will be a 4-point tailwind in Q1, split evenly between Capital Markets and Wealth Management. She also noted that license revenue is not a big driver for the full year, with the Q1 compare being the most significant. Q: Will the DLX platform replace DLR, or is it built on top of it? A: Tim Gokey (CEO) clarified that DLX is built on DLR, which was always designed to be a multi-asset class platform. There is no re-architecting or conversion needed for existing clients. DLX simply opens up new applications and capabilities that were latent in the DLR platform, connecting to other asset classes. Q: Will the $25 million in AI-driven productivity savings be passed on to clients, and how should we think about AI as a competitive moat? A: Tim Gokey (CEO) stated that the savings are being reinvested in fiscal 2027 to accelerate product development and client onboarding. He sees AI as a key differentiator, with unique products like the custom policy engine and OpsGPT driving demand. Broadridge's investment in a common data ontology positions it as the "agentic operating system" for clients, enabling them to leverage the platform with either Broadridge's AI or their own. Q: With position growth normalizing, what are the key growth drivers for fiscal 2027? A: Ashima Ghei (CFO) expects another strong year of recurring revenue growth, in line with fiscal 2026. The guidance calls for 5% to 7% organic growth, plus an additional point from acquisitions. Growth will be driven by continued strong position growth (high single-digit equity, mid-single-digit fund) and a higher contribution from the $470 million backlog converting to revenue. Q: How does the SEC's e-delivery rule proposal impact Broadridge's competitive moat in a primarily electronic world? A: Tim Gokey (CEO) views the proposal as an opportunity, as Broadridge is a leader in e-delivery. He believes it strengthens their competitive position because the next-generation digital experience requires a sophisticated platform like Wealth InFocus. Even with electronic defaults, there will always be a residual need for print, and Broadridge's ability to seamlessly offer both through a single composition engine is a unique value proposition. For the complete transcript of the earnings call, please refer to the full earnings call transcript.

Our analysts just identified a stock with the potential to be the next Nvidia. Tell us how you invest and we'll show you why it's our #1 pick. Tap here. Broadridge delivered 8% constant currency revenue growth in fiscal 2026, driven by double-digit equity position growth and record fourth-quarter closed sales of $158 million. Management is pivoting the company toward an 'agentic' and tokenized future, positioning Broadridge as the essential infrastructure provider for digital and on-chain financial markets. The Governance segment benefited from the democratization of investing, with total equity record growth of 16% powered by the rising popularity of managed accounts. Strategic investments in AI are transitioning from concept to reality, evidenced by the successful launch of an AI-powered custom policy engine managing over $800 billion in AUM. The Capital Markets franchise is scaling its Distributed Ledger Repo (DLR) platform, which now processes $360 billion in daily tokenized transactions, up 3x from the prior year. Management attributes the late-year sales acceleration to the clearing of client uncertainty, allowing larger, complex deals to move through the pipeline after a slower start to the year. Fiscal 2027 guidance projects 6% to 8% recurring revenue growth and 8% to 12% adjusted EPS growth, supported by a record $470 million revenue backlog. Management expects to realize $25 million in AI-driven productivity gains in fiscal 2027, primarily within the technology organization, to fund further innovation and earnings growth. The SEC's proposed e-delivery rule is viewed as a long-term catalyst for digital-first communications, though management expects no financial impact in fiscal 2027 due to implementation timelines. Tokenization is identified as a significant multi-year tailwind, with plans to launch the DLX multi-asset platform by the end of the calendar year to support 'always-on' markets. Guidance assumes a moderation of event-driven revenues to a range of $250 million to $300 million following a record performance in fiscal 2026. The Board approved a 12% dividend increase, marking 20 consecutive years of annual increases since the company's inception as a public entity. Broadridge returned over $1 billion to shareholders in fiscal 2026, including a record $600 million in share buybacks, citing compelling valuation at current price levels. The company holds $265 million in digital assets as of June 30, having recognized a $227 million gain on these holdings during the fiscal year. A new $1.5 billion share repurchase authorization was established, providing capacity for aggressive buybacks while maintaining flexibility for strategic M&A. One stock. Nvidia-level potential. 30M+ investors trust Moby to find it first. Get the pick. Tap here. Management noted that larger deals, including a significant communications contract, finally cleared legal and business-case hurdles as market uncertainty eased. The sales pipeline is up by more than 1/3 compared to the previous year, with nearly 40% of sales now driven by next-generation platform and AI products. Tim Gokey argued the shift to digital defaults strengthens Broadridge's moat because clients require a unified platform that handles both digital engagement and residual physical mail. The Wealth InFocus platform is positioned as a differentiator that moves beyond 'dead PDFs' to provide interactive digital experiences that clients cannot easily replicate. Broadridge is applying its existing rate schedules to tokenized assets, with native on-chain issuance potentially commanding higher 'registered' rate schedules. Management views tokenization as a complexity driver that increases the value of Broadridge's regulatory knowledge and multichannel communication infrastructure. Growth is expected to continue via three vectors: onboarding already-signed Tier 1 banks, expanding into G7 global securities, and extending the tech to new asset classes like private funds. Management expects 50% volume growth on the platform by December as more institutions integrate DLR into their daily treasury and trading workflows.

Broadridge Financial Solutions (BR) came out with quarterly earnings of $3.82 per share, beating the Zacks Consensus Estimate of $3.75 per share. This compares to earnings of $3.55 per share a year ago. These figures are adjusted for non-recurring items. This quarterly report represents an earnings surprise of +1.87%. A quarter ago, it was expected that this technology outsourcing company would post earnings of $2.63 per share when it actually produced earnings of $2.72, delivering a surprise of +3.42%. Over the last four quarters, the company has surpassed consensus EPS estimates four times. Broadridge Financial, which belongs to the Zacks Internet - Software industry, posted revenues of $2.22 billion for the quarter ended June 2026, surpassing the Zacks Consensus Estimate by 2.08%. This compares to year-ago revenues of $2.07 billion. The company has topped consensus revenue estimates four times over the last four quarters. The sustainability of the stock's immediate price movement based on the recently-released numbers and future earnings expectations will mostly depend on management's commentary on the earnings call. Broadridge Financial shares have lost about 29.5% since the beginning of the year versus the S&P 500's gain of 11%. While Broadridge Financial has underperformed the market so far this year, the question that comes to investors' minds is: what's next for the stock? There are no easy answers to this key question, but one reliable measure that can help investors address this is the company's earnings outlook. Not only does this include current consensus earnings expectations for the coming quarter(s), but also how these expectations have changed lately. Empirical research shows a strong correlation between near-term stock movements and trends in earnings estimate revisions. Investors can track such revisions by themselves or rely on a tried-and-tested rating tool like the Zacks Rank, which has an impressive track record of harnessing the power of earnings estimate revisions. Ahead of this earnings release, the estimate revisions trend for Broadridge Financial was mixed. While the magnitude and direction of estimate revisions could change following the company's just-released earnings report, the current status translates into a Zacks Rank #3 (Hold) for the stock. So, the shares are expected to perform in line with the market in the near future. You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here. It will be interesting to see how estimates for the coming quarters and the current fiscal year change in the days ahead. The current consensus EPS estimate is $1.54 on $1.63 billion in revenues for the coming quarter and $10.47 on $7.75 billion in revenues for the current fiscal year. Investors should be mindful of the fact that the outlook for the industry can have a material impact on the performance of the stock as well. In terms of the Zacks Industry Rank, Internet - Software is currently in the bottom 40% of the 250 plus Zacks industries. Our research shows that the top 50% of the Zacks-ranked industries outperform the bottom 50% by a factor of more than 2 to 1. One other stock from the same industry, Salesforce (CRM), is yet to report results for the quarter ended July 2026. This customer-management software developer is expected to post quarterly earnings of $3.27 per share in its upcoming report, which represents a year-over-year change of +12.4%. The consensus EPS estimate for the quarter has remained unchanged over the last 30 days. Salesforce's revenues are expected to be $11.3 billion, up 10.4% from the year-ago quarter. Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Broadridge Financial Solutions, Inc. (BR) : Free Stock Analysis Report Salesforce, Inc. (CRM) : Free Stock Analysis Report This article originally published on Zacks Investment Research (zacks.com). Zacks Investment Research