CSGS

MKT CAP:$2B

CSG Systems International, Inc.

Market Cap

$2B

Technology·Software - Infrastructure·🇺🇸 United States·NASDAQ

Technology·Software Infra·🇺🇸·NASDAQ

Stock Price

$80.27+$3.51 (+4.57%)

Apr 17, 2026

Company Details

CSG Systems International, Inc. provides revenue management and digital monetization, customer engagement, and payment solutions primarily to the communications industry in the Americas, Europe, the Middle East, Africa, and the Asia Pacific...

CEO

Brian A. Shepherd

IPO Date

Feb 28, 1996

Website

www.csgi.com

Key Metrics TTM

Revenue

$1.2B

+5.5% YoY

Net Income

$78M

EPS (Diluted)

$2.76

Free Cash Flow

$183M

Revenue / Share

$43.60

Gross Margin

48.8%

Operating Margin

14.4%

Net Margin

6.3%

FCF Margin

14.8%

P/S

1.8x

P/E

29.3x

Earnings Reports

Q1 2026

May 6, 2026

PENDING

Q4 2025

Feb 19, 2026

$323M+2.0%EPS $0.25

Q3 2025

Nov 6, 2025

$304M+2.9%EPS $0.73

Q1 2025

May 8, 2025

$299M+1.5%EPS $0.57

FY 2024

Feb 20, 2025

$1.2B+2.4%EPS $3.03

Revenue & Profitability

Quarter	Revenue	Gross Profit	Operating Income
Q4 21	$275M	$133M	$28M
Q1 22	$264M	$126M	$16M
Q2 22	$262M	$124M	$7M
Q3 22	$273M	$135M	$20M
Q4 22	$290M	$140M	$35M
Q1 23	$299M	$144M	$38M
Q2 23	$286M	$135M	$28M
Q3 23	$287M	$134M	$33M
Q4 23	$297M	$135M	$33M
Q1 24	$295M	$137M	$32M
Q2 24	$290M	$137M	$25M
Q3 24	$295M	$146M	$32M
Q4 24	$317M	$162M	$42M
Q1 25	$299M	$145M	$29M
Q3 25	$304M	$142M	$36M
Q4 25	$323M	$157M	$71M

Valuation

Quarter	P/S	P/E
Q4 21	2.2x	31.7x
Q1 22	2.2x	39.0x
Q2 22	2.2x	51.1x
Q3 22	2.1x	55.7x
Q4 22	2.1x	52.0x
Q1 23	2.0x	38.9x
Q2 23	2.0x	33.9x
Q3 23	2.0x	31.1x
Q4 23	2.0x	34.6x
Q1 24	2.0x	35.4x
Q2 24	2.0x	35.4x
Q3 24	1.9x	35.2x
Q4 24	1.9x	26.4x
Q1 25	1.9x	27.4x
Q3 25	1.9x	25.4x
Q4 25	1.8x	29.3x

Operating Cash Flow

Quarter	Operating CF	Free CF
Q4 21	$52M	$48M
Q1 22	-$6M	-$16M
Q2 22	-$8M	-$17M
Q3 22	$23M	$11M
Q4 22	$54M	$49M
Q1 23	$15M	$7M
Q2 23	$12M	$5M
Q3 23	$25M	$18M
Q4 23	$80M	$74M
Q1 24	-$29M	-$34M
Q2 24	$43M	$39M
Q3 24	$39M	$32M
Q4 24	$83M	$77M
Q1 25	$11M	$7M
Q3 25	$48M	$44M
Q4 25	$59M	$56M

Capital Expenditures

Quarter	CapEx
Q4 21	$4M
Q1 22	$10M
Q2 22	$9M
Q3 22	$12M
Q4 22	$5M
Q1 23	$9M
Q2 23	$8M
Q3 23	$7M
Q4 23	$5M
Q1 24	$5M
Q2 24	$4M
Q3 24	$7M
Q4 24	$6M
Q1 25	$4M
Q3 25	$4M
Q4 25	$3M

CapEx

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
Q4 21	+5.6%	+4.4%
Q1 22	+4.5%	+11.8%
Q2 22	+2.8%	+14.3%
Q3 22	+3.8%	+9.9%
Q4 22	+5.4%	+3.1%
Q1 23	+13.0%	+5.1%
Q2 23	+9.2%	+1.3%
Q3 23	+5.0%	+0.3%
Q4 23	+2.6%	+3.6%
Q1 24	-1.2%	+1.1%
Q2 24	+1.4%	+2.6%
Q3 24	+2.9%	+3.6%
Q4 24	+6.5%	+3.9%
Q1 25	+1.5%	+2.6%
Q3 25	+4.6%	+1.0%
Q4 25	+9.5%	-4.4%

Stock-Based Compensation

Quarter	SBC ($)	% of Revenue
Q4 21	$6M	2.2%
Q1 22	$6M	2.1%
Q2 22	$7M	2.5%
Q3 22	$9M	3.2%
Q4 22	$6M	2.2%
Q1 23	$6M	2.1%
Q2 23	$8M	2.7%
Q3 23	$7M	2.5%
Q4 23	$8M	2.6%
Q1 24	$8M	2.6%
Q2 24	$9M	3.0%
Q3 24	$9M	2.9%
Q4 24	$9M	2.7%
Q1 25	$8M	2.8%
Q3 25	$9M	2.9%
Q4 25	$0	0.0%

OpEx Breakdown

Quarter	R&D	SG&A
Q4 21	$35M	$62M
Q1 22	$33M	$57M
Q2 22	$35M	$57M
Q3 22	$36M	$59M
Q4 22	$35M	$64M
Q1 23	$35M	$59M
Q2 23	$37M	$63M
Q3 23	$35M	$59M
Q4 23	$36M	$66M
Q1 24	$36M	$62M
Q2 24	$38M	$61M
Q3 24	$42M	$64M
Q4 24	$42M	$72M
Q1 25	$41M	$62M
Q3 25	$40M	$65M
Q4 25	$40M	$86M

Rule of 40

Quarter	Rev Growth %	EBITDA Margin %	Rule of 40
Q4 21	5.6%	17.6%	23.2
Q1 22	4.5%	11.3%	15.8
Q2 22	2.8%	11.3%	14.0
Q3 22	3.8%	15.2%	19.1
Q4 22	5.4%	18.3%	23.7
Q1 23	13.0%	17.9%	30.9
Q2 23	9.2%	15.6%	24.8
Q3 23	5.0%	18.3%	23.3
Q4 23	2.6%	14.8%	17.4
Q1 24	-1.2%	17.6%	16.4
Q2 24	1.4%	16.0%	17.3
Q3 24	2.9%	17.0%	19.9
Q4 24	6.5%	21.7%	28.2
Q1 25	1.5%	15.3%	16.8
Q3 25	4.6%	17.3%	21.9
Q4 25	9.5%	14.8%	24.2

Rule of 40

Revenue Segments

Quarter	Cloud And Related Solutions	License and Service	Maintenance	Software as a Service and Related Solutions
Q1 22	$235M	$18M	$11M	—
Q2 22	$231M	$20M	$11M	—
Q3 22	$239M	$23M	$12M	—
Q1 23	—	$31M	$10M	$258M
Q2 23	—	$19M	$12M	$256M
Q3 23	—	$24M	$13M	$251M
Q4 23	—	$25M	$12M	$260M
Q1 24	—	$22M	$11M	$262M
Q2 24	—	$15M	$13M	$263M
Q3 24	—	$20M	$12M	$264M
Q1 25	—	$19M	$11M	$270M
Q3 25	—	$17M	$12M	$275M
Q4 25	—	$23M	$13M	$287M

Revenue by Geography

Quarter

War Chest

Quarter	Cash	Short-term Investments	Total
Q1 22	$181M	$6M	$188M
Q2 22	$134M	$1M	$135M
Q3 22	$147M	$575.0K	$147M
Q4 22	$150M	$71.0K	$150M
Q1 23	$168M	$0	$168M
Q2 23	$146M	$0	$146M
Q3 23	$147M	$0	$147M
Q4 23	$186M	$0	$186M
Q1 24	$121M	$0	$121M
Q2 24	$110M	$0	$110M
Q3 24	$118M	$0	$118M
Q4 24	$162M	$0	$162M
Q1 25	$136M	$0	$136M
Q2 25	$146M	$0	$146M
Q3 25	$158M	$0	$158M
Q4 25	$180M	$0	$180M

Shares Outstanding

Quarter	Shares (Diluted)	QoQ Change	YoY Change
Q4 21	32M	-0.1%	-0.9%
Q1 22	32M	-0.4%	-1.0%
Q2 22	31M	-1.0%	-1.6%
Q3 22	31M	-1.1%	-2.5%
Q4 22	31M	-1.4%	-3.8%
Q1 23	31M	-0.4%	-3.8%
Q2 23	31M	+0.4%	-2.4%
Q3 23	30M	-1.4%	-2.8%
Q4 23	29M	-4.8%	-6.1%
Q1 24	29M	-0.2%	-5.9%
Q2 24	29M	-0.7%	-6.9%
Q3 24	28M	-0.5%	-6.0%
Q4 24	29M	+0.2%	-1.1%
Q1 25	28M	-0.9%	-1.8%
Q3 25	28M	-1.1%	-2.2%
Q4 25	29M	+1.9%	+0.1%

Shares Outstanding

Revenue Per Employee

Period	Revenue/Employee	Employees
Q4 21	$52.9K	5K
Q1 22	$50.8K	5K
Q2 22	$50.4K	5K
Q3 22	$52.6K	5K
Q4 22	$50.9K	6K
Q1 23	$52.4K	6K
Q2 23	$50.2K	6K
Q3 23	$50.3K	6K
Q4 23	$49.6K	6K
Q1 24	$49.2K	6K
Q2 24	$48.4K	6K
Q3 24	$49.2K	6K
Q4 24	$54.6K	6K
Q1 25	$51.6K	6K
Q3 25	$52.3K	6K
Q4 25	$58.7K	6K

Revenue / Employee