Interest and fee income on client balances decreased 11% year-over-year due to lower short-term interest rates but increased modestly sequentially.
Net operating revenues increased 4% year-over-year, driven by growth in securities, payments, and FX CFDs, offset by declines in physical contracts, listed and OTC derivatives.
Segment performance varied: Commercial segment revenues declined 24% with segment income down 36%, Institutional segment achieved record revenues and income growth of 27% and 41%, respectively, and Self-directed retail segment revenues and income increased 18% and 49%.
StoneX reported Q3 fiscal 2025 net income of $63.4 million with diluted EPS of $1.22, reflecting 2% net income growth but a 2% decline in EPS due to increased shares outstanding.
Trailing 12-month results showed operating revenues up 17%, net income up 26% to $296.9 million, EPS of $5.87, and return on equity of 16.6%, exceeding the 15% target.
Adjusted EBITDA margins were 32.5% company-wide, with Workforce Solutions margins at 53.3%, USIS at 35%, and International at 26.4%.
Adjusted EPS was $2.00, $0.10 above the midpoint of April guidance, driven by operating leverage and cost management.
AWS revenue grew 8%, led by verifier government and consumer lending, with mortgage up 9%.
Equifax Inc. reported Q2 2025 revenue of $1.54 billion, up 8% in constant currency and 7% reported, the highest quarterly revenue in company history.
Free cash flow was $239 million in Q2, up over $100 million from prior year, with expected 2025 free cash flow over $900 million and cash conversion over 95%.
International revenue grew 6% in constant currency, slightly below expectations due to economic weakness in Canada.
Share repurchases totaled $127 million in Q2 under a new $3 billion program, with dividends paid of $62 million.
USIS revenue increased 9%, with mortgage revenue up 20% due to price increases and preapproval product growth.
Workforce Solutions revenue rose 8%, driven by verifier revenue growth of 10% and government revenue growth of 14%.
Adjusted net income was $2.8 billion with diluted EPS of $5.48, excluding acquisition-related adjustments and legal reserves.
Allowance for credit losses increased by $7.9 billion to $23.9 billion, driven mainly by Discover acquisition.
Allowance for credit losses increased by $7.9 billion to $23.9 billion, driven primarily by Discover acquisition marks and portfolio mix shifts.
Capital One reported a GAAP net loss of $4.3 billion or $8.58 per diluted share in Q2 2025, heavily impacted by the Discover acquisition and related purchase accounting adjustments.
Commercial banking loans increased 1% quarter-over-quarter with stable deposits and modestly higher net charge-offs.
Common Equity Tier 1 capital ratio ended at 14%, up 40 basis points from prior quarter, with stress capital buffer requirement preliminarily at 4.5%.
Consumer banking loans and deposits grew 7% and 36% year-over-year respectively, driven by Discover and organic growth.
Credit Card segment showed 22% year-over-year purchase volume growth including Discover; excluding Discover, growth was about 6%.
Domestic card net charge-off rate improved to 5.25%, down 80 basis points year-over-year, influenced by Discover's lower loss profile.
Marketing expense increased 26% year-over-year to $1.35 billion, driven by domestic card marketing and Discover integration.
Net interest margin improved 69 basis points to 7.62%, with Discover contributing about 40 basis points.
Net interest margin improved 69 basis points to 7.62%, with Discover contributing approximately 40 basis points of the increase.
Noninterest expense increased 18% (14% net of adjustments) due to acquisition and integration costs.
Noninterest expense increased 18% (14% net of adjustments) with pre-provision earnings up 34% (40% net of adjustments) compared to Q1.
Pre-provision earnings rose 34% (40% net of adjustments) compared to Q1 2025.
Provision for credit losses was $11.4 billion including $8.8 billion initial allowance build for Discover; excluding this, provision was $2.7 billion, up $294 million sequentially.
Provision for credit losses was $11.4 billion including $8.8 billion related to Discover's loan portfolio; excluding this, provision was $2.7 billion, up $294 million sequentially.
Revenue increased 25% quarter-over-quarter to $2.5 billion higher, driven largely by Discover's partial quarter contribution.
Dafinchi