- Annual card fees approached $10 billion, growing double digits for 29 consecutive quarters.
- Cardmember spending accelerated to 9% (8% FX adjusted), driven by strong retail and travel spending.
- Credit performance remained excellent with delinquency rates below 2019 levels and write-offs declining.
- Earnings per share (EPS) rose 19% to $4.14 for the quarter.
- Provision expense was $1.3 billion, including a $125 million reserve build reflecting balanced growth.
- Return on equity (ROE) was strong at 36% for the quarter.
- Revenues increased 11% year-over-year to a record $18.4 billion in Q3 2025.
- Total cardmember receivables grew 7% year-over-year, broadly in line with billing growth.
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- Adjusted operating margin expanded to 39.6% in Q2, up 120 basis points from prior year.
- Financial Solutions segment grew 7% organically in Q2, led by issuing and digital payments growth.
- Fiserv delivered 8% adjusted and organic revenue growth in Q2 2025, with 16% adjusted EPS growth year-over-year.
- Free cash flow was $1.2 billion in Q2 and $1.5 billion for the first half of 2025, with an expected full year of approximately $5.5 billion.
- Merchant Solutions operating margin declined 200 basis points to 34.6% due to investments and acquisitions, while Financial Solutions margin expanded to 48.7%.
- Merchant Solutions segment grew 9% organically in Q2, with 10% adjusted revenue growth, driven by Clover and Commerce Hub.
- Share repurchases totaled $2.2 billion in Q2, with guidance increased to approximately 130% of free cash flow for 2025.
- Ares reported strong second quarter results with significant growth in AUM and fee-paying AUM driven by fundraising, investing efforts, and market appreciation.
- Corporate private equity composite rose 3.3% gross, private equity secondaries generated 3.1% net and gross returns.
- Credit strategies delivered strong quarterly gross returns ranging from 2.2% to 5.5%, with double-digit returns over the last 12 months.
- Fee-paying AUM (FPAUM) increased to $350 billion, a 17% quarter-over-quarter organic growth on an annualized basis.
- GCP acquisition contributed $103 million in revenues and $34 million in FRE with a 33% FRE margin, temporarily compressing overall FRE margin by 90 basis points.
- Management fees grew 24% year-over-year, total fee-related revenue grew 29%, and fee-related earnings (FRE) grew 26%.
- Management fees reached a record $900 million in the quarter.
- Net accrued performance income increased 8.5% to $1.1 billion, with strong investment results across the business.
- Other fees more than tripled year-over-year due to GCP's vertically integrated real estate capabilities.
- Quarterly AUM increased to $572 billion, representing quarter-over-quarter organic growth of 19% on an annualized basis.
- Real estate equity composite increased 3.4% gross, diversified nontraded REIT generated 4.5% net return for first half of the year.
- Realized income totaled $398 million, a 10% year-over-year increase, with an effective tax rate of 9.5%.
- Second quarter fee-related performance revenues totaled $17 million, mostly from APMF, with expected seasonality in future quarters.
- Average physical occupancy was stable at 95.4%.
- Balance sheet strong with $1 billion in combined cash and borrowing capacity; debt-to-EBITDA at 4x with 94% fixed rate debt.
- Development pipeline active units at 2,648 with nearly $1 billion in cost; $92 million funded in Q2.
- Lease-up portfolio faced elevated supply pressure, impacting non-same-store NOI negatively.
- Net delinquency was low at 0.3% of billed rents.
- Renewal lease rates and acceptance exceeded expectations, contributing to blended lease pricing growth of 0.5%, a 100 basis point improvement from Q1.
- Same-store expenses were better than expected, primarily due to favorable real estate tax expense.
- Same-store revenue was in line with expectations, benefiting from strong collections.
- Second quarter core FFO was $2.15 per diluted share, $0.02 ahead of the midpoint of guidance.
- Jackson Financial reported adjusted operating earnings of $350 million in Q2 2025, driven by strong spread product performance and higher yields in the bond portfolio.
- Jackson returned $216 million to shareholders in Q2, extending 15 consecutive quarters of capital return, with $447 million returned in the first half of 2025.
- RILA account balances grew nearly 80% year-over-year to nearly $15 billion, with RILA sales up 16% sequentially to $1.4 billion.
- Total adjusted capital increased to $5.3 billion, with a risk-based capital ratio of 566%, well above the 425% target minimum.
- Total retail annuity net outflows improved to $2.2 billion, down 27% from a year ago and 39% from Q1 2025.
- Variable annuity account values increased to $239 billion by the end of Q2, with total retail annuity sales rising 4% year-over-year to $4.4 billion.
- 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.
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