Commission revenue increased 12% to a record $192 million driven by strong market volumes and new initiatives across three strategic channels.
Diluted earnings per share increased 11% to $1.91, or 16% excluding notable items.
Free cash flow over the trailing 12 months increased 5% to $360 million, with $80 million spent on share repurchases year-to-date.
MarketAxess delivered record second quarter 2025 financial results with 11% revenue growth to $219 million, including a 2 million USD benefit from foreign currency fluctuations.
Operating expenses increased 6% excluding notable items, driven by higher employee compensation and technology costs.
Pinnacle's Focus on Revenue, EPS, and Tangible Book Value Growth as Key Shareholder Metrics
Management emphasizes their relentless focus on revenue growth, EPS, and tangible book value per share, which they believe are most correlated with share price performance.
In Q2 2025, revenue increased 15.1%, adjusted EPS up 22.7%, and tangible book value per share rose 10.9% year-over-year.
The company has achieved double-digit CAGR over the last decade on these metrics, outperforming peers.
Closed $204 million in acquisitions including the Ohio Light industrial portfolio, acquired at a 6.7% initial yield with in-place rents approximately 22% below market.
Occupancy increased sequentially, with an expected year-end same-store occupancy near 96.5%.
Plymouth Industrial REIT reported strong leasing activity with over 1.4 million square feet commenced in Q2 2025, totaling nearly 6 million square feet year-to-date.
Same-store NOI grew 4.1% on a cash basis, supported by strong rent growth and renewal activity.
Share repurchases totaled over 805,000 shares in the quarter plus 225,000 shares post quarter-end.
Dafinchi