Consultant headcount ended at 937, a 3.2% decrease year-over-year, but flat when adjusted for portfolio optimization.
Consultant utilization improved year-over-year to 76%, supported by replenishing sales pipeline and a 2% increase in project lead flow, or 5% adjusted for IP team transition projects.
DSO stood at 110 days, consistent with prior year, with 73 days billed and 37 days unbilled.
Effective tax rate on a non-GAAP basis was 29.0%, down from 29.4% in Q2 2024.
First half of fiscal 2025 surpassed the record first half of fiscal 2024 for non-GAAP net income, EPS, and EBITDA by 6%, 8%, and 8%, respectively.
Legal and regulatory services revenue increased nearly 11%, supported by a 17% increase in total case filings and 6% increase in court judgments compared to Q2 2024.
Non-GAAP selling, general and administrative expenses were 16.3% of revenue, slightly improved from 16.4% a year ago.
North American and international operations contributed to revenue growth, increasing 9.4% and 7.0%, respectively.
Returned $46.6 million to shareholders in Q2, including $3.4 million dividends and $43.2 million share repurchases.
Revenue in the second quarter increased by 9% year-over-year to $186.9 million.
Seven of eleven practices grew year-over-year, with Antitrust & Competition Economics, Energy, Intellectual Property, and Labor & Employment practices posting double-digit revenue growth.
Adjusted diluted earnings per share increased 18.2% to $0.39.
Adjusted EBITDA increased by 17.7% with a margin expansion of 30 basis points to 13.7%.
Adjusted free cash flow for the first half of 2025 was $186 million, up $52 million year-over-year, with a 40% free cash flow conversion rate.
APi Group reported record second quarter results with net revenues increasing by 15% to $2 billion, including 8.3% organic growth driven by strong project revenue growth, pricing improvements, and growth in inspection, service and monitoring revenues.
Net debt to adjusted EBITDA ratio was approximately 2.2x at quarter end.
Safety Services segment revenues grew 15.8% to $1.36 billion with 5.6% organic growth and an 80 basis point increase in segment earnings margin to 17%.
Specialty Services segment delivered 13.3% organic revenue growth to $629 million but experienced a 350 basis point decrease in adjusted gross margin to 18.1%, with segment earnings margin down 190 basis points to 11.3%.
Earnings per share rose 28% year over year to $8.15, driven by higher sales, improved segment performance, and a $1.04 gain from the training services divestiture.
Free cash flow for the quarter was $637 million, with full-year guidance increased to $3.05 billion to $3.35 billion.
Northrop Grumman reported second-quarter 2025 sales of $10.4 billion, up 1% year over year and 9% sequentially from Q1, with all segments contributing to growth.
Organic sales were $10.3 billion, up 2% year over year, reflecting divestiture of training services.
Segment margins improved notably in Defense Systems (12.7%) and Mission Systems (14%), with Space Systems margin up 50 basis points despite lower sales volume.
Segment operating income increased 11% year over year, with a segment operating margin of 11.8%, up 100 basis points.
Dafinchi