Adjusted EBITDA increased by 128% or $66 million in the second quarter and more than doubled to $356 million in the first half.
Adjusted EBITDA margin was 17% in the quarter and 23% year-to-date, an increase of nearly 500 basis points versus last year.
Benefits and Insurance segment revenue was $102 million, up approximately 5%, with adjusted EBITDA up 21% and margin improving by 260 basis points.
Financial Services segment revenue was $570 million, up approximately 84%, with adjusted EBITDA more than doubling to $111 million and margin improving by 250 basis points.
Second quarter adjusted diluted earnings per share increased by 64% to $0.95 per share, and first half adjusted diluted earnings per share increased by 47% to $3.26 per share.
Second quarter interest expense was higher by $22 million compared to last year, driven by higher outstanding debt associated with the acquisition.
Second quarter revenue was $684 million, and first half revenue was $1.5 billion, a 63% and 66% increase, respectively, largely driven by the Marcum acquisition.
Second quarter tax expense was $7 million higher than last year, with an effective tax rate lower by approximately 240 basis points compared to last year.
Loan balances grew 17% year-over-year, with consumer fintech loans increasing 871% year-over-year to $680.5 million.
Net interest income was 4% higher than Q2 2024, with net interest margin improving to 4.44% from 4.07% in Q1 2025.
Noninterest expense increased 11% year-over-year, including a 10% rise in salaries and benefits.
Noninterest income excluding consumer fintech loan credit enhancement was $40.5 million, up 32% year-over-year, driven mainly by fintech fees.
The Bancorp earned $1.27 per diluted share in Q2 2025, with year-over-year revenue growth of 11% excluding fintech loan credit enhancement income, and EPS growth of 21%.
A $1.2 billion gain on digital assets, including BTC receivable, was recorded in Q2 2025 reflecting the impact of bitcoin holdings on the balance sheet.
Average bitcoin production was 25.9 BTC per day in Q2 2025 compared to 22.9 BTC per day in Q2 2024, resulting in 300 more BTC earned.
Bitcoin holdings surged over 170% year-over-year from approximately 18,500 BTC to nearly 50,000 BTC, with market value increasing by more than $4.2 billion or 362%.
Net income was $808.2 million or $1.84 per diluted share in Q2 2025 compared to a net loss of $199.7 million or $0.72 per diluted share in Q2 2024.
Owned and operated sites now account for approximately 70% of total hashrate, contributing to operational and financial improvements.
Purchased energy cost per bitcoin was $33,735, among the lowest in the sector, with a 24% year-over-year improvement in daily cost per petahash.
Q2 2025 was a record-breaking quarter for MARA with new highs in revenues, adjusted EBITDA, net income, energized cash rate, lead efficiency, and blocks produced in May.
Revenues increased 64% to $238.5 million from $145.1 million in Q2 2024, driven primarily by a 50% increase in average bitcoin price contributing $77 million.
Dafinchi