- American Express reported record revenues of $17.9 billion, up 9% year over year in Q2 2025.
- Capital position remains strong with CET1 ratio at 10%, stress capital buffer at the lowest permissible 2.5%, and ROE of 36%.
- Delinquency rates remained flat and write-off rates declined, reflecting strong credit quality.
- Earnings per share were $4.08, up 17% excluding last year's gain from the sale of the certified portfolio.
- Net card fees reached record levels, up 20% FX adjusted, more than doubling since 2019.
- Net interest income grew at a double-digit pace driven by balance sheet growth and margin expansion.
- Operating expenses grew 9% excluding certified, driven by investments in risk management and technology, but operating leverage improved with expenses as a percentage of revenue down from 25% to 21%.
- Reaffirmed full-year guidance of 8% to 10% revenue growth and EPS between $15 and $15.50.
- Returned $2 billion to shareholders including $0.6 billion dividends and $1.4 billion share repurchases.
- Total card member spending increased 7%, with strong growth in goods and services and restaurant spending, offset by softer airline and lodging spend.
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- Adjusted non-GAAP earnings excluding significant variances were $469 million or $2.07 per share, an 18% increase in EPS over 2024.
- Life insurance sales were strong with record nonqualified sales, but pretax operating earnings declined due to higher mortality.
- Net cash flow was negative $2.6 billion in the quarter, an improvement sequentially driven by positive net cash flow from global institutional clients.
- Non-GAAP operating ROE, excluding AAR, was 14.9%, improving 170 basis points compared to the year-ago period.
- Principal Asset Management sales were $33 billion, up 19% over the prior year quarter.
- Reported non-GAAP operating earnings were $489 million, up 27% year over year, and EPS was $2.16, up 33%.
- Retirement Solutions sales were $6 billion, up 7% year over year.
- Revenue growth, strong margin and expense discipline supported results, alongside a lower effective tax rate and share repurchases.
- Second quarter reported net income excluding exited business was $432 million with minimal credit losses of $17 million.
- Specialty Benefits earnings grew 10% with margin expansion of 100 basis points.
- Total company managed AUM reached $753 billion, a 5% increase over the sequential quarter and 8% over 2024.
- AFFO for Q2 was $1.24 per share, up 3.3% from $1.20 in prior year.
- Consolidated debt at quarter end was $2.8 billion with 86% fixed or swapped at blended coupon of ~4.3%.
- FFO as adjusted for Q2 2025 was $1.26 per share, up 3.3% from $1.22 in prior year.
- For the first half of 2025, FFO as adjusted was $2.45 per share, up 4.7% from $2.34 prior year; AFFO was $2.44 per share, up 4.7%.
- G&A expenses increased to $13.2 million from $12 million due to higher payroll and franchise taxes.
- Interest expense increased by $426,000 due to higher weighted average interest rate and additional borrowing.
- Key credit ratios remain strong: fixed charge coverage at 3.3x, interest and debt service coverage at 3.9x, net debt to adjusted EBITDAre at 5.1x (5x adjusted), net debt to gross assets at 39%.
- Liquidity strong with $13 million cash and $405 million drawn on $1 billion revolver.
- Mortgage and other financing income increased by $1.9 million due to additional mortgage note investments.
- Net proceeds from dispositions in Q2 totaled $35.6 million with a net gain of $16.8 million, excluded from FFO and AFFO.
- Percentage rents increased to $4.6 million from $2 million prior year, primarily from one theater tenant.
- Total revenue for Q2 was $178.1 million versus $173.1 million prior year, driven by rental revenue increase of $5.3 million and higher percentage rents.
- Adjusted EBITDA was $66 million, representing a 25% margin despite a $7 million headwind from interest income, marking the fifth consecutive quarter of positive adjusted EBITDA excluding interest income.
- Customer funds held increased 17% year-over-year to $7 billion, partially offsetting lower interest income due to rate declines.
- Net income was $19 million, down from $32 million in the prior year quarter, with basic and diluted EPS at $0.05 versus $0.09 previously.
- Operating expenses rose 19% driven by labor costs, transaction costs, acquisitions, and investments in card products and technology.
- Payoneer reported Q2 2025 revenues of $261 million, up 9% year-over-year, with revenue excluding interest income reaching a record $202 million, up 16% year-over-year.
- Transaction costs increased 10% to $41 million but decreased as a percentage of revenue excluding interest income, reflecting operational efficiencies.
- In Q2 2025, American Assets Trust reported FFO per diluted share of $0.52, slightly above expectations, with same-store cash NOI approximately flat for the quarter and up 1.4% year-to-date.
- Liquidity at quarter-end was approximately $544 million, including $144 million cash and $400 million available on revolving credit line.
- Mixed-use Waikiki Beach Walk NOI declined 5% year-over-year, with hotel component down approximately 15% due to lower occupancy and RevPAR amid softness in leisure demand.
- Multifamily portfolio was approximately 94% leased, with blended rent increases of 6%, though facing competitive leasing environment and elevated operating costs.
- Net debt-to-EBITDA ratio was 6.3x trailing 12 months and 6.6x quarter annualized; interest coverage ratio about 3.1x.
- Net income attributable to common stockholders per share was $0.09 in Q2 2025.
- Office portfolio ended Q2 82% leased, with same-store office cash NOI flat for the quarter and up over 2% year-to-date.
- Retail portfolio was 98% leased with same-store cash NOI growth of 4.5%, driven by new and renewal leases and rent escalations.
- Same-store multifamily NOI declined 3.9%, and same-store mixed-use NOI declined approximately 5%, primarily due to hotel performance.
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