Adjusted EBITDA for Q2 was $76.3 million, down 12.5% year-over-year, with an adjusted EBITDA margin of 35%, the second highest quarterly margin in company history despite a 90 basis point decrease from last year.
Capital Markets Compliance and Communications Management segment net sales declined 17.8% to $93.5 million due to lower transactional revenue and print volume.
Donnelley Financial Solutions reported second quarter 2025 net sales of $218.1 million, a 10.1% decrease from Q2 2024, driven by declines in Compliance and Communications Management segments and capital markets transactional revenue.
Donnelley Financial Solutions reported second quarter 2025 total net sales of $218.1 million, a 10.1% decrease from Q2 2024, driven by declines in Compliance and Communications Management segments and capital markets transactional revenue.
Free cash flow was $51.7 million, $14.9 million higher than Q2 2024, driven by favorable working capital and lower capital expenditures despite lower adjusted EBITDA.
Free cash flow was $51.7 million, up $14.9 million year-over-year, driven by favorable working capital and lower capital expenditures despite lower adjusted EBITDA.
Investment Companies Compliance and Communications Management segment net sales decreased 25.2% to $32.4 million, primarily due to lower print and distribution volume impacted by regulatory changes.
Investment Company Software Solutions segment net sales increased 17% to $33.1 million, driven by Tailored Shareholder Report solution revenue.
Non-GAAP net leverage ratio was 0.7x as of June 30, 2025, with total debt at $190.1 million and $77 million drawn on the revolver.
Non-GAAP net leverage ratio was 0.7x with total debt at $190.1 million and $156.3 million non-GAAP net debt as of June 30, 2025.
Print and distribution net sales declined by approximately $14 million or 26%, primarily due to lower proxy statement and annual report volumes and the impact of the Tailored Shareholder Reports regulation.
Segment results showed Capital Markets Software Solutions net sales increased 3.1% to $59.1 million, led by ActiveDisclosure's 11% growth, while Venue revenue was nearly flat but down 1% year-over-year.
Software solutions net sales grew approximately 8% year-over-year, including 15% growth in recurring compliance software offerings, making up 42.3% of total net sales, up 700 basis points from last year.
The company repurchased approximately 787,000 shares for $34.3 million in Q2, with a new $150 million share repurchase authorization effective May 16, 2025.
Excluding the $0.03 impact from noncash provisions, adjusted Q2 EPS was $0.42.
Liquidity stood at approximately $1.2 billion with no corporate debt maturities until 2027 and a weighted average debt maturity of 19 years.
Safehold reported Q2 2025 GAAP revenue of $93.8 million, net income of $27.9 million, and earnings per share of $0.39.
The portfolio earned a 3.7% cash yield and a 5.4% annualized yield on a GAAP basis, with an economic yield of 5.8%, increasing to 7.5% when including inflation adjustments and unrealized capital appreciation.
The year-over-year decline in GAAP earnings was mainly due to a $1.7 million increase in noncash general provision for credit losses, primarily from new leasehold loan originations.
Total portfolio value was $6.9 billion with an estimated unrealized capital appreciation portfolio of approximately 37 million square feet of commercial real estate.
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