Adjusted net income was $33 million, excluding gains and losses from investment portfolios.
Consumer spot trading volume was $43 billion, down 45%, and consumer trading revenue was $650 million, down 41%.
Headcount increased 8% to just under 4,300 full-time employees.
Institutional spot trading volume was $194 billion, down 38%, with institutional transaction revenue of $61 million, down 38%.
Net income was $1.4 billion, including a $307 million expense from a data theft incident, a $1.5 billion unrealized gain on strategic investments, and a $362 million gain from crypto investment portfolio remeasurements.
Operating expenses were $1.5 billion, including the $307 million data theft expense; excluding this, expenses declined 9%.
Subscription and services revenues were $656 million, with growth in USDC, staking, custody, and Prime financing loan balances offset by asset price headwinds.
Total revenue was $1.5 billion with positive adjusted EBITDA of $512 million.
Core FFO per share reached a record $1.87, up 13% year-over-year and 6% higher than last quarter, reflecting strong upside from hyperscale commencements and better-than-expected 0-1 megawatt plus interconnection bookings.
Data center revenue increased 11% year-over-year, supported by strong renewal spreads, rent escalators and new lease commencements, offsetting disposition impacts.
Development CapEx was over $900 million gross, $700 million net to Digital Realty, with 96 megawatts of new capacity delivered (98% pre-leased) and 16 megawatts of new projects started construction.
Digital Realty posted double-digit growth in revenue, adjusted EBITDA and core FFO this quarter, driven by record lease commencements, low churn and higher fee income.
Gross data center development pipeline stands at $9 billion with a 12.2% expected stabilized yield; land bank grew to 3.7 gigawatts, extending runway to 5 gigawatts.
Leasing in the quarter totaled $177 million at 100% share, including $135 million at Digital Realty's share, with $90 million in the 0-1 megawatt plus interconnection category, an 18% increase over the prior record.
Renewal leases signed in the quarter totaled $177 million with a blended 7.3% cash basis increase, exceeding prior guidance.
Same-capital cash NOI grew 4.4% year-over-year, driven by 5.9% growth in data center revenue; on a constant currency basis, same-capital cash NOI rose 1.8%.
Total churn declined to 1%, with negligible churn in the greater than a megawatt category.
Agency business revenue was $717 million, up 16%, reflecting first quarter economic activity due to reporting lag.
Closed orders increased 2%, with average revenue per order up 30% due to broad-based strength across asset classes and transaction sizes.
Commercial revenue increased 33%, setting an all-time record in the National Commercial Services division for fee per file in a quarter.
Debt-to-capital ratio was 32.1%, or 23.1% excluding secured financings payable.
Effective tax rate was 24.6%, slightly above the normalized rate of 24%.
First American reported second quarter adjusted earnings per share of $1.53, including $0.12 per share related to executive separation costs.
GAAP earnings were $1.41 per diluted share; adjusted earnings excluded net investment losses and purchase-related intangible amortization.
Home Warranty pretax income rose 35%, driven by a lower loss rate and revenue growth through the direct-to-consumer channel.
Home Warranty revenue was $110 million, up 3%, with a loss ratio improvement from 46% to 41%.
Information and other revenues rose 10%, primarily from Canadian operations with higher refinance activity.
Investment income grew 17%, driven by escrow deposits and higher interest income from the investment portfolio.
Pretax margin in the title segment was 12.6% (13.2% adjusted); Home Warranty pretax margin was 20.2% (20.7% adjusted).
Provision for policy losses was $39 million or 3.0% of title premiums and escrow fees, unchanged from prior year.
Residential purchase revenue declined 3% due to lower demand for new homes, while refinance revenue increased 54% but remains only 5% of direct revenue.
Share repurchases totaled 1 million shares for $61 million in Q2, with an additional 577,000 shares repurchased in July.
Title segment revenue was $1.7 billion, up 13%, with commercial revenue at $234 million, a 33% increase.
Adjusted earnings per share were $0.74, with a return on assets of 1.54% and return on tangible common equity of 20%.
Adjusted noninterest expenses increased 1% from Q1, with expense management efforts keeping year-over-year increases under 2% excluding leasing expenses.
Adjusted noninterest income increased 11% over the linked quarter to $67.8 million, driven by mortgage, bankcard, leasing, and foreign exchange income.
Asset quality remained stable with net charge-offs declining 15 basis points to 21 basis points of total loans and classified assets flat at 1.15% of total assets.
First Financial Bancorp achieved record revenue of $226.3 million in Q2 2025, a 5% increase year-over-year.
Loan growth was 2% annualized, with broad-based growth except for commercial real estate which declined due to higher payoffs.
Net interest margin was strong at 4.05%, up 17 basis points from Q1, driven by a 5 basis point increase in asset yields and a 12 basis point decline in funding costs.
Tangible common equity increased 16% year-over-year to 8.4%, and tangible book value per share rose 4% sequentially to $15.40.
The Board approved a 4.2% increase in the common dividend to $0.25 per share, maintaining a payout ratio of approximately 35% of net income.
Dafinchi