Average headcount was down 11.2% year-over-year and 3.7% sequentially.
C.H. Robinson delivered a 21% year-over-year increase in enterprise Q2 income from operations.
Effective tax rate for Q2 was 21.4%, with full year 2025 expected to be 18% to 20%.
Ended Q2 with $1.22 billion liquidity and net debt-to-EBITDA leverage of 1.40x, improved from 1.54x in Q1.
Generated $227.1 million in cash from operations in Q2; capital expenditures were $20.2 million.
NAST AGP increased 3% and global forwarding AGP increased 1.9% year-over-year.
NAST operating margin was approximately 38% in Q2, increasing year-over-year and sequentially.
NAST outgrew the market in both truckload and LTL, expanding gross margins and improving productivity year-over-year and sequentially.
Personnel expenses were $335.3 million including $3.9 million charges related to workforce reductions; excluding charges, personnel expenses were down $20.3 million.
Q2 SG&A expenses were $142 million, down slightly excluding divestiture charges.
Returned approximately $161 million to shareholders in Q2 through share repurchases and dividends.
Total AGP increased by $5.8 million year-over-year despite a $15 million decline from the sale of European Surface Transportation business.
Total operating expenses declined $32 million or 6.3% year-over-year.
Adjusted diluted earnings per share rose 29% year-over-year, marking the highest quarterly EPS growth since 2016 separation from flooring business.
Architectural Specialties segment net sales grew 37%, with 15% organic growth and strong contributions from 2024 acquisitions 3form and Zahner; adjusted EBITDA grew 61% with margin at approximately 22%.
In Q2 2025, Armstrong World Industries increased net sales by 16% and adjusted EBITDA by 23%, expanding adjusted EBITDA margin by 200 basis points to 36%.
Mineral Fiber segment net sales grew 7% with 5% AUV growth and modest volume contribution; adjusted EBITDA grew 16% with margin expansion of 350 basis points to approximately 45%.
Strong adjusted free cash flow generation allowed continued capital allocation including $14 million dividends and $30 million share repurchases in Q2, with $610 million remaining under repurchase authorization.
Adjusted EBITDA increased by $3.1 million year-over-year in Q4 but declined $35.5 million for the full year.
Advertising as a percentage of revenue declined 120 basis points to 11.3% in Q4, contributing to a 5% growth in contribution profit and slight margin improvement.
Consolidated Q4 revenue grew 4% on a reported basis and 2% on an organic constant currency basis; full year revenue grew 3% on both reported and constant currency basis.
Currency fluctuations, notably euro strengthening, benefited adjusted EBITDA by $3.6 million in Q4.
Gross margin compressed by 110 basis points in Q4, including a $3 million tariff impact, but gross profit dollars grew year-over-year.
Legacy products such as business cards declined, with Vista's business cards down 6% in Q4, impacting gross margins due to product mix shift.
Tariff impacts primarily affected National Pen and promotional products with Chinese origin; mitigated through pricing and sourcing.
Vista's organic constant currency revenue grew 4% in Q4, driven by promotional products, apparel, gifts, signage, packaging, and labels.
Year-over-year adjusted EBITDA decline driven by non-repeating fiscal '24 benefits and one-time negative items in fiscal '25.
Adjusted EBITDA for Q2 2025 was $38 million, down from $42 million in Q2 2024 due to higher natural gas costs offsetting higher pricing and volumes.
CapEx investments focused on ANS loading and storage capabilities to meet strong demand and improve plant reliability.
Cash balance remains strong with $32 million of Senior Secured Notes repurchased during the quarter and an additional $5 million debt reduction planned for Q3.
Expect a healthy year-over-year increase in adjusted EBITDA for Q3 2025 driven by volume growth and pricing dynamics.
Natural gas costs averaged $3.25 per MMBtu quarter-to-date, higher than $2.40 in Q3 last year, impacting margins.
Sales volumes increased 6% year-over-year driven by solid improvement in sales volumes of AN and UAN.
Dafinchi