Adjusted EBITDA increased to $93 million, up approximately 8% year-over-year, with an adjusted EBITDA margin of 40.3%.
Adjusted EPS of $0.89 was up 7% year-over-year, driven by strong adjusted EBITDA growth and lower interest expense, partially offset by higher tax expense and operating depreciation and amortization.
Liquidity remains strong at approximately $485 million as of June 30.
Operating cash flow for the first half of the year was approximately $86 million.
Revenue for the second quarter was $230 million, an 8% increase over the prior year, while constant currency revenue was approximately $233 million, representing growth of 10%.
Segment results: Merchant Acquiring revenue grew 4% year-over-year to $47.3 million with adjusted EBITDA margin of 42.3%. Payment Services Puerto Rico revenue increased 4% to $56.4 million with adjusted EBITDA margin of 58.5%. Latin America Payments & Solutions revenue was $86.1 million, up 15% year-over-year or 20% constant currency, with adjusted EBITDA margin of 27.1%. Business Solutions revenue increased 4% to $64.5 million but adjusted EBITDA declined 13% due to prior year nonrecurring project impact.
Adjusted noninterest expense increased 4% linked quarter, mainly due to salaries and benefits.
Adjusted noninterest income increased 5% linked quarter, driven by mortgage, card, ATM fees, and wealth management.
Average deposits grew organically by more than 30% over the last 5 years, with growth in consumer checking, small business, and wealth management accounts.
Average loans remained stable, but ending loans grew in consumer and corporate banking.
Capital markets revenue grew at a 14% compounded annual growth rate since 2019.
Common equity Tier 1 ratio was 10.7%, with $144 million in share repurchases and $224 million in dividends paid during the quarter.
Net interest income increased 5% linked quarter, with expected full year growth of 3% to 5%.
Pretax pre-provision income increased 14% year-over-year to $832 million.
Provision expense was $13 million over net charge-offs; asset quality metrics improved with net charge-offs at 47 basis points.
Reported strong quarterly earnings of $534 million, with adjusted earnings of $538 million or $0.60 per share.
Return on tangible common equity was 19%, highest among peers for the last 4 years.
Treasury management revenue increased 8% year-to-date, and wealth management fee income reached a record quarter.
Adjusted operating income rose 14% year-over-year to $1.2 billion, supported by restructuring savings and scale improvements from Aon Business Services (ABS).
Adjusted operating margin expanded by 80 basis points to 28.2%, driven by scale improvements and restructuring savings.
Aon delivered 6% organic revenue growth, 19% adjusted EPS growth, and 59% free cash flow growth in Q2 2025, in line with expectations.
Aon delivered 6% organic revenue growth in Q2 2025, with total revenue increasing 11% to $4.2 billion.
Commercial Risk, Reinsurance, and Health each delivered 6% organic revenue growth; Wealth grew 3%.
Fiduciary investment income was $66 million, down 12% year-over-year due to lower interest rates despite higher average balances.
Free cash flow increased 59% year-over-year to $732 million, supported by operating income growth and improved days sales outstanding.
Free cash flow reached $732 million, up 59% year-over-year, driven by strong operating income and improved days sales outstanding.
Leverage ratio improved to 3.4x, on track to reach target range of 2.8x to 3.0x by Q4 2025.
NFP acquisition contributed positively to revenue and margin, with a more normalized margin profile post-acquisition.
Operating leverage and restructuring savings ($35 million in Q2) contributed approximately 83 basis points to margin expansion.
Organic revenue growth was broad-based across Commercial Risk, Reinsurance, and Health, each delivering 6% growth, while Wealth grew 3%.
Retention improved by 1 point year-over-year, driven by gains in Commercial Risk segment.
Returned $411 million to shareholders in dividends and $250 million in share repurchases during the quarter.
Revenue-generating hires increased 6% through June 30, supporting sustainable organic growth.
Total revenue increased 11% to $4.2 billion, with adjusted operating margin expanding 80 basis points to 28.2%.
Dafinchi