Constellation Software (CSU)

The archetype: FCF deployed into vertical-market software acquisitions. Constellation Software is listed on the Toronto Stock Exchange and reports in USD. compounders.ai reads its annual filings and shows reported operating profit next to normalized EBITA under one published rulebook, every figure linked to the filing it was read from.

Archetype
Software / VMS roll-up
Listing
Toronto Stock Exchange: CSU (listing key TSX-CSU)
Country
Canada
Reporting currency
USD
Filing source
PDF document lane
Latest filing on record
Constellation Software Inc. Consolidated Financial Statements, years ended December 31, 2025 and 2024 (16 filings on record)
Fiscal years published
FY2016–FY2025
Normalized EBITA published
FY2016–FY2025

Key figures, FY2025

Fiscal year ended 31 Dec 2025, in USD as reported. Published 20 Oct 2026 under ruleset 1.4.0; read for this page on 20 Oct 2026. Each figure links to the filing it was read from; a computed figure links to its primary citation.

FigureFY2025Source
Income statement
RevenueUSD 11,623 millionConstellation Software Inc. Consolidated Financial Statements, years ended December 31, 2025 and 2024 · page 9 · as filed
Reported operating profitUSD 1,895 millionConstellation Software Inc. Consolidated Financial Statements, years ended December 31, 2025 and 2024 · page 9 · as filed
Reported operating margin16.3%Constellation Software Inc. Consolidated Financial Statements, years ended December 31, 2025 and 2024 · page 9 · computed from cited lines
Normalized EBITAUSD 3,112 millionConstellation Software Inc. Consolidated Financial Statements, years ended December 31, 2025 and 2024 · page 9 · computed from cited lines
Normalized EBITA margin26.8%Constellation Software Inc. Consolidated Financial Statements, years ended December 31, 2025 and 2024 · page 9 · computed from cited lines
Normalized EBITDAUSD 3,313 millionConstellation Software Inc. Consolidated Financial Statements, years ended December 31, 2025 and 2024 · page 9 · computed from cited lines
Returns on capital
ROIC incl. goodwill38.5%Constellation Software Inc. Consolidated Financial Statements, years ended December 31, 2025 and 2024 · page 9 · computed from cited lines
ROIC excl. goodwillNot published for FY2025
ROIIC, 3 years28.5%Constellation Software Inc. Consolidated Financial Statements, years ended December 31, 2025 and 2024 · page 9 · computed from cited lines
Balance sheet and cash
Net debtUSD 1,042 millionConstellation Software Inc. Consolidated Financial Statements, years ended December 31, 2025 and 2024 · page 8 · computed from cited lines
Net debt to EBITDA0.32xConstellation Software Inc. Consolidated Financial Statements, years ended December 31, 2025 and 2024 · page 8 · computed from cited lines
FCF before acquisitionsUSD 2,321 millionConstellation Software Inc. Consolidated Financial Statements, years ended December 31, 2025 and 2024 · page 13 · computed from cited lines
FCF available to shareholders (FCFA2S)USD 2,361 millionConstellation Software Inc. Consolidated Financial Statements, years ended December 31, 2025 and 2024 · page 13 · computed from cited lines

Earlier years (FY2016–FY2024) are in the terminal's tabs below.

In the terminal

How the figures are made: methodology · glossary · how to cite them: citation guidelines.