- 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%.
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- Alternative private markets assets increased by $1.3 billion or 7%, mainly due to FX impact and net sales of $231 million.
- Equity assets increased by $8.1 billion or 10% from the prior quarter, with second quarter equity net sales of $1.8 billion representing an organic growth rate just under 9%.
- Federated Hermes ended Q2 2025 with record assets under management of $846 billion, driven by gains in equity strategies.
- Fixed income assets decreased by about $800 million or 1% due mainly to net redemptions of $2.4 billion, partially offset by market valuations and FX gains of $1.6 billion.
- MDT equity strategies had net sales of $3.8 billion in Q2, up from $3.3 billion in Q1, with strong performance rankings in Morningstar categories.
- Money market fund assets reached a record high of $468 billion at the end of Q2, increasing by $3.1 billion despite seasonal factors.
- Operating expenses increased mainly due to a VAT refund in Q1 not recurring, and compensation expenses rose due to higher incentive compensation and merit increases.
- Q2 effective tax rate was 26.1%, expected to be in the 25% to 28% range for 2025.
- The company repurchased approximately 1.5 million shares for about $64.5 million and approved a new share repurchase program for 5 million shares.
- Total revenue for Q2 increased slightly from the prior quarter due to more days in the quarter and revenue from the Rivington acquisition, partially offset by lower performance fees and carried interest.
- Adjusted EBITDA to interest expense ratio increased to 3.7x, up nearly 30% from 2.9x a year ago.
- FFO as adjusted for the quarter was $0.36 per share.
- FFO as adjusted increased by 12% over last year and 8% year-to-date.
- Liquidity remains strong with approximately $800 million total liquidity including $118 million in cash.
- Net debt to annualized EBITDA was 5.5x in the second quarter.
- Same-property net operating income (NOI) increased by 7.4% for the quarter and 5.6% year-to-date.
- Same-property NOI growth was driven by higher rental revenue, net recoveries, and year-end CAM reconciliation billings.
- Same-property occupancy increased to 96.7%, up 10 basis points from the prior quarter.
- Shop occupancy rate reached a record high of 92.5%, up 270 basis points over the prior year.
- Year-to-date asset sales totaled $66 million at a blended cap rate of 4.9%.
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