Next, we'll review our segment performance, our AI progress and momentum, and our most recent set of bolt-on acquisitions. I'll get into our guidance details and, of course, wrap up with your questions. Total revenue grew 14%, organic revenue grew 6%, software bookings grew in the high singles area. We continued to deliver impressive free cash flow, with free cash flow growing 17%.
Of note, free cash flow margins posted at 32% for the TTM period. Lastly, we continue to execute on our M&A strategy of acquiring faster growth platforms and bolt-on or tuck-in acquisitions at a high fidelity rate. In the quarter, we deployed $1.3 billion, $800 million for Subsplash, which we detailed this time last quarter, and $500 million on a series of tuck-in acquisitions. Also, more on this later, but worth highlighting here, we are very encouraged by this recent capital deployment execution and the future growth potential that's being layered into our enterprise.
Importantly, we remain very well positioned for the continued execution of our M&A strategy and continue to have north of $5 billion of capital deployment capacity available over the next 12 months or so. Turning to page six, Q3 and TTM results reflect the long-term financial profile of Roper, which is to compound cash flow in the mid-teens area. We'll start with revenue, which was 14% over prior year and surpassed the $2 billion mark. Acquisitions contributed 8%, led by the final quarter of Transact before it turns organic, and CentralReach, which we acquired in April of this year.
| Metric | Period | Current guidance |
|---|---|---|
| Application software organic revenue growth | Q4 2025 | Mid-single-digit (range from low to high end depending on shutdown duration) (Reduced/uncertain due to government shutdown impact on Deltek) |
| Network segment organic revenue growth | Q4 2025 | Higher end of mid-single-digit area (New) |
| TEP segment organic revenue growth | Q4 2025 | Low single digit (Lowered, driven by Neptune tariff timing) |
| Metric | YoY | Note |
|---|---|---|
| Total revenue | +14% | Acquisitions contributed 8% (led by final quarter of Transact and CentralReach acquired in April) plus 6% organic growth. |
| EBITDA | +13% | EBITDA of $810 million at 40.2% margin; segment core margins expanded 30 basis points led by software segments. |
| Free cash flow | +17% | Strong software renewals and great working capital performance across the board. |
| Application software revenue | +18% total, +6% organic | Strength at Aderant, Deltek private sector, Vertafore, PowerPlan and CentralReach; core margins improved 40 basis points. |
| Network segment revenue | +13% total, +6% organic | Solid DAT and ConstructConnect results plus strong healthcare businesses; core margins improved 60 basis points. |
| TEP segment revenue | +7% total, +6% organic | Below expectations due to near-term timing at Neptune from tariff surcharge recontracting; EBITDA margin 35.2%. |
| Topic | Previous mention | Current period | Trend |
|---|---|---|---|
| AI as a durable growth driver | 25 AI products disclosed last quarter | Expanding to AI SKUs across 20+ software companies, with meaningful organic impact expected in 2027 after commercialization | Rising |
| Government shutdown impact on Deltek GovCon | — | September agency pause delaying commercial activity; framed as a timing not demand issue, with OB3 spending a future tailwind | Rising |
| DAT freight automation strategy | Pricing and packaging unlock discussed prior quarters | Building end-to-end automation via Trucker Tools, Outgo and Convoy tuck-ins, targeting $100-$200 per load savings | Rising |
| M&A capital deployment | — | $1.3 billion deployed in quarter; pipeline building as PE assets mature; $15-20 billion deployable over three years | Steady |
| Neptune order normalization | Elevated COVID-era backlog buildup | Lead times normalizing toward pre-COVID levels; tariff surcharge pushing orders to the right, not lost | Declining |