Adjusted EBITDA nearly doubled to $1.020 billion, achieving an 81% adjusted EBITDA margin.
Free cash flow rose 72% year-over-year to $768 million, slightly lower than the previous quarter due to timing of bond interest and tax payments.
Q2 2025 revenue increased 77% year-over-year to approximately $1.260 billion, driven primarily by the core gaming advertising business.
Share repurchases totaled approximately 900,000 shares at a cost of $341 million, funded through free cash flow.
The sale of the Apps business to Tripledot Studios was completed during the quarter, with proceeds of $425 million included in cash and cash equivalents.
Weighted average diluted shares outstanding reduced from 346 million in Q4 2024 to 342 million in Q2 2025.
Adjusted EPS was $1.31, up 11%, and GAAP EPS was $0.93, up 9%.
Cloud revenue grew 22% to $100 million, driving top-line outperformance and earnings leverage.
Deferred revenue increased 16% to $300 million, and the company ended the quarter with $231 million in cash and zero debt.
Manhattan Associates delivered better-than-expected Q2 2025 results with total revenue of $272 million, up 3% year-over-year.
Operating cash flow increased 1% to $74 million, with year-to-date operating cash flow up 17% to $149 million.
Remaining performance highlights include RPO increasing 26% year-over-year to $2.01 billion, adjusted operating profit of $101 million with a 37.1% margin, up 210 basis points year-over-year.
Services revenue declined 6% to $129 million, reflecting customer budget constraints and timing shifts.
The company repurchased $50 million in shares during the quarter, totaling $150 million year-to-date, with a replenished $100 million share repurchase authority approved by the Board.
Adesis contributed $7.5 million in revenue in Q2 2025, up from $3.5 million in Q2 2024, unrelated to OLED business.
A quarterly dividend of $0.45 was approved, payable September 30, 2025.
Cash, cash equivalents and investments totaled approximately $932 million at quarter end.
Gross margins improved slightly to 77% in Q2 2025 from 76% in Q2 2024, with cost of sales at $39 million.
Material sales in Q2 2025 were $89 million, down from $95 million in Q2 2024, with green emitter sales at $64 million and red emitter sales at $24 million.
Net income for Q2 2025 was $67 million or $1.41 per diluted share, compared to $52 million or $1.10 per diluted share in Q2 2024.
Operating expenses remained flat at $64 million year-over-year for Q2.
Operating income rose to $69 million with a 40% margin, up from $56 million and 36% margin in Q2 2024.
Royalty and license fees increased to $76 million in Q2 2025 from $60 million in Q2 2024.
Universal Display reported record Q2 2025 revenue of $172 million, up from $159 million in Q2 2024.
Adjusted EBITDA rose to $31.9 million with a margin of 31%, up from $26.3 million in the prior year quarter.
Certara reported second quarter 2025 revenue of $104.6 million, a 12% year-over-year increase on a reported basis and 10% on a constant currency basis.
Diluted loss per share improved to $0.01 from a loss of $0.08, with adjusted diluted EPS steady at $0.07.
Net loss narrowed to $2 million from $12.6 million in the prior year quarter, while adjusted net income was $11.6 million, slightly up from $11.4 million.
Services revenue increased 5% to $57.9 million, supported by strong bookings growth in QSP and Simcyp services.
Software revenue grew 22% to $46.7 million, driven by strong growth from Simcyp and a $5.1 million contribution from Chemaxon.
Total bookings for the quarter were $112 million, up 13% year-over-year, with trailing 12-month bookings reaching $470.8 million, a 15% increase.
Dafinchi