stockrowWhat it does
Broadridge Financial Solutions provides technology and outsourced services that help financial firms and public companies communicate with investors, process securities transactions and manage records. It was founded in 2007, is headquartered in Lake Success and is led by chief executive Tim Gokey.
Its Investor Communication Solutions business helps banks, broker-dealers, funds and public companies send shareholder materials and collect votes. When investors hold shares through a bank or broker rather than directly in their own names, Broadridge can distribute proxy materials on the intermediary’s behalf and convey voting instructions to the company or fund holding the meeting. It also provides virtual shareholder meetings, regulatory filings, fund data and customer communications such as bills and statements.
Its Global Technology and Operations business provides software and outsourced operations for capital markets, wealth managers and investment managers. Its systems support activities from trading through confirmation, clearing, settlement, record-keeping and regulatory reporting. Wealth firms can also use its systems to manage accounts and support advisors.
The company serves banks, broker-dealers, asset and wealth managers, public companies, investors and mutual funds. Its communications services also reach businesses in industries including healthcare, insurance, telecommunications and utilities.
How it makes money
Broadridge earns revenue from recurring services, distribution and event-driven work. Recurring revenue includes ongoing technology and operational services; distribution revenue includes the delivery of communications; event-driven work includes services associated with corporate transactions and other events.
FY2026 segment revenue was $5.6 billion for Investor Communication Solutions and $1.9 billion for Global Technology and Operations; total revenue in Q1 FY2027 was $1.7 billion.
Investor Communication Solutions combines proxy processing, fund communications and data, corporate issuer services, and customer communications. In the proxy process, banks and brokers can delegate delivery and voting work to Broadridge. The company bills public companies for proxy services, collects the fees and remits the intermediary’s portion. Rules set reimbursement rates and fees for certain services in that process.
Global Technology and Operations sells systems and outsourcing for trading, post-trade processing, wealth management and investment management. Customers can use capital markets services as a complete solution or as separate components. Broadridge also runs operations for clients alongside its technology.
Recurring revenue was $4.9 billion, or 65.2% of revenue, in FY2026. Distribution revenue was $2.3 billion, while event-driven revenue was $348.1 million. In Q1 FY2027, recurring revenue grew 11% on a constant-currency basis. Distribution revenue grew 4%, primarily because of higher postage rates; Broadridge describes that revenue as carrying low to no margin.
Proxy and annual-report activity is seasonal. Broadridge processes and distributes the greatest number of these materials in its third and fourth fiscal quarters, when revenue and operating income have also been higher.
| Product or service | Revenue, FY2026 | Share | Change on the year |
|---|---|---|---|
| Recurring revenues | $4.9 billion | 65.2% | 8.21% |
| Distribution revenues | $2.3 billion | 30.1% | 9.15% |
| Event-driven revenues | $348.1 million | 4.66% | 9.02% |
Customers and how it sells
Broadridge sells to financial intermediaries, asset and wealth managers, funds and public companies. Its proxy services connect several parties: banks and broker-dealers delegate distribution and vote processing, investors receive materials and submit instructions, and issuers or funds receive the resulting votes. Broadridge also provides institutional investors with tools to manage and vote holdings across custodians.
Outside shareholder communications, its customers include financial advisors, insurers, retirement providers, hedge funds, fund administrators and custodians. Its customer communications services support companies in healthcare, consumer finance, telecommunications and utilities as well as financial services. Communications can be delivered through print, digital channels, email and text messages.
The largest customer accounted for 7.00% of FY2026 revenue. The United States accounted for 85.3%, Canada for 7.28% and the United Kingdom for 6.60% of FY2026 revenue. Broadridge also provides governance and fund services in other international markets.
In Q1 FY2027, Broadridge sold a proxy voting solution for U.S. equities to a Scandinavian wealth manager and expanded a post-trade relationship with a Japanese bank. It also signed an agreement with Kraken Payward for governance services.
| Region | Revenue, FY2026 | Share | Change on the year |
|---|---|---|---|
| UNITED STATES | $6.4 billion | 85.3% | 7.92% |
| CANADA | $544.4 million | 7.28% | 17.4% |
| UNITED KINGDOM | $493.6 million | 6.60% | 6.22% |
| Others | $64.1 million | 0.86% | 19.6% |
Suppliers and costs
Broadridge delivers communications digitally and physically. Its physical delivery operations use a network of six production facilities across North America. The company also maintains technology platforms and provides outsourced operational services, with employees supporting product development, client operations and infrastructure.
Postage is a component of distribution activity. In Q1 FY2027, higher postage rates were the primary driver of distribution revenue growth, which the company describes as low to no margin. Fixed costs continue through the year even though proxy and annual-report activity is concentrated in the later fiscal quarters.
Broadridge invests in platforms, tokenization and AI, and the timing of those investments affects quarterly margins. In Q1 FY2027, lower event-driven revenue and higher growth investments contributed to a decline in adjusted operating income margin. Broadridge also incurred a $15 million restructuring charge related in part to AI and productivity initiatives.
- Revenue$7.5B
- Cost of revenue−$5.1B
- Selling, general and administrative−$1.1B
- Operating income$1.3B
Competitive position
In investor communications, Broadridge competes with proxy distribution providers, transfer agents, proxy advisory and solicitation firms, vote processors, financial printers and clients’ own operations. It also competes with firms that compile, print and electronically distribute customer communications.
In technology and operations, competitors include in-house systems and vendors providing trade processing, record-keeping, order management, portfolio management and related services. In fixed-income trading, TrueMid and TradeWeb are among the market participants discussed alongside Broadridge’s LTX platform. TrueMid is becoming part of TradeWeb, while Broadridge says LTX volumes remain very low.
It was reported on 22 October 2026 that Broadridge processes proxy materials and shareholder votes for roughly 80% of U.S. shares outstanding. The company’s governance network links broker-dealers, public companies, funds and shareholders, and it coordinates distribution and vote reporting among them.
Our reading: The proxy network is a substantial competitive asset because it connects intermediaries, issuers and investors in a process involving many account holders. Its value depends in part on the rules and market practices governing shareholder communications.
Our reading: Shared technology and operational platforms can make Broadridge useful across several client functions, but the company also faces clients’ in-house operations and specialized vendors in those markets.
| Competitor | Where they compete | Threat (our reading) |
|---|---|---|
| TrueMid | Fixed-income trading | Medium |
| TradeWeb | Fixed-income trading | Medium |
Growth opportunities
Broadridge’s strategy centers on digitizing investor governance, simplifying capital markets trading and modernizing wealth and investment management. It is extending governance, communications and trading capabilities to tokenized securities while continuing to support traditional assets. It also uses AI in institutional voting, trading tools and managed operations.
In Q1 FY2027, the company expanded its AI-powered institutional voting solution to global equities and signed another wealth manager for the service. It also agreed to provide governance and digital transfer agency services for the New York Stock Exchange’s planned tokenized equity marketplace. It was reported on 3 November 2026 that the venue had not launched and was pending regulatory approval.
Broadridge’s distributed ledger repo platform supports cross-border settlement for securities alongside tokenized U.S. Treasuries. The company also launched DLX, with an initial use supporting a tokenization initiative by The Depository Trust and Clearing Corporation.
The company acquired four businesses in FY2026 for an aggregate purchase price of $300.2 million in cash. They included CQG, which added futures and options execution, trading and market-data capabilities. In Q1 FY2027, Broadridge said its capital markets revenue growth included a contribution from CQG.
Broadridge expects FY2027 recurring revenue growth on a constant-currency basis of 6% to 8%.
- $5.7BFY2022
- $6.1BFY2023
- $6.5BFY2024
- $6.9BFY2025
- $7.5BFY2026
Structural risks
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Technology and security: Cyberattacks, software errors, infrastructure failures and heavy system demand can disrupt services. Broadridge processes personal information and is subject to privacy and information-security requirements in multiple jurisdictions.
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Regulation and fees: Rules help determine demand for shareholder communications and set certain proxy reimbursement rates and fees. Changes in laws or regulations may require Broadridge to change its services. The company has said a proposed electronic-delivery rule would create new requirements for intermediaries.
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Market and client activity: Economic conditions, interest rates, market volatility and the financial condition of clients can affect the business. It was reported on 27 October 2026 that client mergers could reduce demand for Broadridge’s services.
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Acquisitions: Integrating acquired people, products, technology and controls can be difficult and expensive, disrupt the business and divert resources. Acquisitions can also bring unforeseen liabilities or lead to the loss of acquired clients.
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Debt and digital assets: At June 30, 2026, Broadridge had $3,254.6 million in aggregate carrying amount of total debt. Debt payments can limit cash available for other needs. In Q1 FY2027, it recorded a $40 million non-cash loss on digital asset holdings and expects gains or losses as it marks its Canton holdings to market quarterly.
Bottom line
Our reading
Our reading: Broadridge combines a recurring technology and outsourcing business with a shareholder communications network that connects financial intermediaries, issuers and investors. Its proxy position and shared platforms support that model, while regulation, competing systems and the shift toward digital delivery can change how its services are used and paid for. (item1, item7, facts)
Our reading: Tokenization and AI give Broadridge areas to extend its services, but those investments sit alongside acquisition, technology and debt risks. (item1, item1a, call_prepared)