On this page of StockholderLetter.com we present the latest annual shareholder letter from BROADRIDGE FINANCIAL SOLUTIONS, INC. — ticker symbol BR. Reading current and past BR letters to shareholders can bring important insights into the investment thesis.
2025 ANNUAL REPORT Trusted and Transformative Powering the future of nancial services
Broadridge delivered another year of strong growth in scal 2025. Contents 01 11 12 18 19 CEO Letter 2025 Financial Highlights Explanation and Reconciliation of the Company s Use of Non-GAAP Financial Measures Directors and Executive Leadership Team Annual Report on Form 10-K
Tim Gokey, Chief Executive O cer Dear Stockholders, We delivered another year of strong growth in scal 2025. We are executing on our strategy to drive the democratization and digitization of governance, simplify and innovate trading, and modernize wealth management. That execution propelled 7% Recurring revenue growth constant currency and 11% Adjusted earnings per share ( EPS ) growth and has us positioned for another strong year in scal 2026. More importantly, we have become a trusted and transformative partner for our clients as they navigate through a period of signi cant change. Our strategy is anchored in long-term trends that are driving the nancial services industry, including the democratization and digitization of investing, AI and the data that powers it, the acceleration of trading, and an ever-evolving regulatory environment. Financial services continues to evolve, with increasing adoption of new technologies like AI and Distributed Ledger. The pace of change is creating both opportunities and challenges for our nancial services clients, and Broadridge is their trusted and transformative partner as they seek to adapt and grow. Fiscal Year 2025 Results $4.5B Recurring revenue $8.55 Adjusted EPS $3.90 Fiscal 2026 annual dividend amount 7% 11% 11% Recurring revenue growth constant currency percentage and Adjusted EPS are Non-GAAP nancial measures. Broadridge 2025 Annual Report 1
DEMOCRATIZATION Powering the democratization of investing, worldwide Powering shareholder engagement across 900 million equity shareholder positions Providing annual meeting and shareholder communications solutions to more than 3,000 U.S. public companies Those changes are creating a need for innovation across our product suite, and we are meeting that demand. Our digital solutions are driving shareholder engagement and making it easier than ever for investors to participate in governance. We are accelerating and innovating trading by reducing the cost and complexity of capital markets worldwide and by helping banks adapt to the rise of tokenized trading. And we are modernizing wealth management, one client at a time and on their own terms, in both the U.S. and Canada. Facilitating corporate governance and voting for more than 10,000 public companies globally AI-powered forecasting across more than $100 trillion in addressable assets worldwide The pace of change is creating both challenges and opportunities for our clients. At the same time, we are transforming Broadridge by embracing the power of AI and bringing our product suite together on a common platform. There is no question that 2 Broadridge 2025 Annual Report arti cial intelligence will transform the way all of us work and use technology. At Broadridge, we are committed to leading in our industry by developing new AI-powered solutions, adding AI to our existing solutions, and driving increased productivity. At the same time, we are evolving to a platform rst service model, bringing together a growing number of our solutions under a common data layer, infrastructure, and user interface. Together these changes will allow Broadridge to scale faster, deliver enhanced value to clients, and help our clients unlock additional value through data.
Across our business, we are executing on our growth strategy, driving innovation, and transforming our business to harness AI. These changes are putting your company in a better position than ever to help drive the transformation of the nancial services industry and, in so doing, continue to create long-term shareholder value. Another Year of Strong Results Fiscal 2025 Recurring revenue grew 7% constant currency, and Adjusted EPS increased 11%, both in line with our longterm objectives. Our Recurring revenue growth bene ted from strong growth across each of our three franchise businesses, which speaks to the strength of demand for our solutions. In our Governance business, Recurring revenue increased 6% constant currency, driven by continued strong growth in investor positions as well as growing demand for our data and digital communications solutions. In Capital Markets, Recurring revenue grew 6%, driven by a combination of new sales of our front- and back-o ce solutions and by higher trade volumes. Finally, in Wealth and Investment Management, Recurring revenue increased 12% as we bene ted from growth in our modular solutions and the acquisition of SIS. A core component of our long-term growth has been our success in balancing ongoing reinvestment in our business with consistent margin expansion. In scal 2025, we funded investments in AI, new platform capabilities, and new product innovation while expanding our Adjusted Operating income margin to 20.5%. The combination of 7% Recurring revenue growth and higher margins in turn fueled an 11% increase in Adjusted EPS to $8.55. Free cash ow conversion, which measures Free cash ow as a percentage of our Adjusted Net earnings, was 104%. We put that cash to work in line with our balanced, shareholder-friendly capital allocation policy. In August, our Board of Directors authorized an 11% increase in our annual dividend to $3.90 per share. Broadridge has now increased its dividend every year since becoming a public company in 2007, with double-digit increases in thirteen of the past fourteen years. We also completed several tuck-in acquisitions, most notably the acquisition of the SIS wealth management technology business in Canada, and repurchased $100 million of Broadridge shares. Our strong results keep us on track to deliver on the three-year top- and bottom-line objectives we shared with investors at our December 2023 Investor Day, including 5 8% organic Recurring revenue growth and 8 12% Adjusted EPS growth. Broadridge s ability to deliver on our multi-year objectives, cycle after cycle, highlights the strength of our business model and our alignment against the long-term trends driving demand for our solutions. At the core of our performance is our execution against a simple growth plan: drive the democratization and digitization of governance, simplify and innovate in capital markets, and modernize wealth management. Broadridge 2025 Annual Report 3
 • shareholder letter icon 10/2/2025 Letter Continued (Full PDF)
 • stockholder letter icon 9/27/2023 BR Stockholder Letter
 • stockholder letter icon 10/2/2024 BR Stockholder Letter
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 • Benford's Law Stocks icon BR Benford's Law Stock Score = 94


BR Shareholder/Stockholder Letter Transcript:

2025 ANNUAL REPORT
Trusted and
Transformative
Powering the future of    nancial services

Broadridge
delivered another
year of strong growth
in    scal 2025.
Contents
01
11
12
18
19
CEO Letter
2025 Financial
Highlights
Explanation and
Reconciliation of
the Company   s
Use of Non-GAAP
Financial Measures
Directors and
Executive
Leadership Team
Annual Report
on Form 10-K

Tim Gokey,
Chief Executive O   cer
Dear Stockholders,
We delivered another year of strong growth in    scal
2025. We are executing on our strategy to drive the
democratization and digitization of governance, simplify
and innovate trading, and modernize wealth management.
That execution propelled 7% Recurring revenue growth
constant currency and 11% Adjusted earnings per share
(   EPS   ) growth and has us positioned for another strong
year in    scal 2026. More importantly, we have become a
trusted and transformative partner for our clients as they
navigate through a period of signi   cant change.
Our strategy is anchored in long-term trends that are
driving the    nancial services industry, including the
democratization and digitization of investing, AI and the
data that powers it, the acceleration of trading, and an
ever-evolving regulatory environment. Financial services
continues to evolve, with increasing adoption of new
technologies like AI and Distributed Ledger. The pace
of change is creating both opportunities and challenges
for our    nancial services clients, and Broadridge is their
trusted and transformative partner as they seek to
adapt and grow.
Fiscal Year 2025 Results
$4.5B
Recurring revenue
$8.55
Adjusted EPS
$3.90
Fiscal 2026 annual dividend amount
7%
11%
11%
Recurring revenue growth constant currency percentage and Adjusted EPS
are Non-GAAP    nancial measures.
Broadridge 2025 Annual Report
1

DEMOCRATIZATION
Powering the democratization
of investing, worldwide
Powering shareholder engagement across
900 million equity shareholder positions
Providing annual meeting and shareholder
communications solutions to more than
3,000 U.S. public companies
Those changes are creating a need for
innovation across our product suite,
and we are meeting that demand. Our
digital solutions are driving shareholder
engagement and making it easier
than ever for investors to participate
in governance. We are accelerating and innovating
trading by reducing the cost and complexity of capital
markets worldwide and by helping banks adapt to the
rise of tokenized trading. And we are modernizing wealth
management, one client at a time and on their own terms,
in both the U.S. and Canada.
Facilitating corporate governance and
voting for more than 10,000 public
companies globally
AI-powered forecasting across
more than $100 trillion in
addressable assets worldwide
The pace of change is creating both
challenges and opportunities for
our clients.
At the same time, we are transforming Broadridge by
embracing the power of AI and bringing our product suite
together on a common platform. There is no question that
2
Broadridge 2025 Annual Report
arti   cial intelligence will transform the way all of us work and
use technology. At Broadridge, we are committed to leading
in our industry by developing new AI-powered solutions,
adding AI to our existing solutions, and driving increased
productivity. At the same time, we are evolving to a platform   rst service model, bringing together a growing number of
our solutions under a common data layer, infrastructure, and
user interface. Together these changes will allow Broadridge
to scale faster, deliver enhanced value to clients, and help
our clients unlock additional value through data.

Across our business, we are executing
on our growth strategy, driving
innovation, and transforming our
business to harness AI. These changes
are putting your company in a better
position than ever to help drive the
transformation of the    nancial services
industry and, in so doing, continue to
create long-term shareholder value.
Another Year of Strong Results
Fiscal 2025 Recurring revenue grew 7% constant currency,
and Adjusted EPS increased 11%, both in line with our longterm objectives. Our Recurring revenue growth bene   ted
from strong growth across each of our three franchise
businesses, which speaks to the strength of demand for
our solutions.
In our Governance business, Recurring revenue increased
6% constant currency, driven by continued strong
growth in investor positions as well as growing demand
for our data and digital communications solutions. In
Capital Markets, Recurring revenue grew 6%, driven by
a combination of new sales of our front- and back-o   ce
solutions and by higher trade volumes. Finally, in Wealth
and Investment Management, Recurring revenue
increased 12% as we bene   ted from growth in our
modular solutions and the acquisition of SIS.
A core component of our long-term growth has been our
success in balancing ongoing reinvestment in our business
with consistent margin expansion. In    scal 2025, we
funded investments in AI, new platform capabilities, and
new product innovation while expanding our Adjusted
Operating income margin to 20.5%. The combination of
7% Recurring revenue growth and higher margins in turn
fueled an 11% increase in Adjusted EPS to $8.55.
Free cash    ow conversion, which measures Free cash
   ow as a percentage of our Adjusted Net earnings, was
104%. We put that cash to work in line with our balanced,
shareholder-friendly capital allocation policy. In August,
our Board of Directors authorized an 11% increase in our
annual dividend to $3.90 per share. Broadridge has now
increased its dividend every year since becoming a public
company in 2007, with double-digit increases in thirteen
of the past fourteen years. We also completed several
tuck-in acquisitions, most notably the acquisition of the
SIS wealth management technology business in Canada,
and repurchased $100 million of Broadridge shares.
Our strong results keep us on track to deliver on the
three-year top- and bottom-line objectives we shared
with investors at our December 2023 Investor Day,
including 5   8% organic Recurring revenue growth and
8   12% Adjusted EPS growth. Broadridge   s ability to
deliver on our multi-year objectives, cycle after cycle,
highlights the strength of our business model and our
alignment against the long-term trends driving demand
for our solutions.
At the core of our performance is our execution against
a simple growth plan: drive the democratization and
digitization of governance, simplify and innovate in
capital markets, and modernize wealth management.
Broadridge 2025 Annual Report
3



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