Average technical full-time equivalent employees decreased 2% to 958 from the prior year.
Billable hours decreased 6% year-over-year to approximately 359,000 hours.
Capital expenditures were $2.3 million.
Compensation expense increased 2% after adjusting for deferred compensation gains, which were significantly higher this quarter.
EBITDA decreased 7% to $37 million, with a margin of 27.8% compared to 30.2% in Q2 2024, primarily due to decreased utilization, increased operating expenses, and loss of tenant income.
G&A expenses increased 2% to $6.1 million.
Interest income increased to $2.3 million due to higher cash balances.
Net income decreased to $26.6 million or $0.52 per diluted share from $29.2 million or $0.57 per diluted share in the prior year period.
Other operating expenses increased 8% to $12.1 million, driven by Phoenix lease renewal and loss of rental income at Menlo Park.
Realized rate increase was approximately 5%, reflecting premium market positioning and differentiated expertise.
Shareholder distributions included $15.2 million in dividends and $27.7 million in stock repurchases at an average price of $75.66.
Total revenues for Q2 2025 increased 1% to $142 million, with net revenues approximately flat at $132.9 million compared to Q2 2024.
Utilization declined to 72.1% from 75.1%, partly due to the July 4 holiday occurring in Q2 2025 versus Q3 2024.
Americas revenue increased 21% to $840 million, adjusted EBITDA increased 34% to $133 million driven by volume growth, category mix, and lower operating costs.
AMP reported 5% global shipments growth and 18% adjusted EBITDA growth in Q2 2025 versus prior year, ahead of guidance.
Europe revenue increased 9% to $615 million (4% constant currency), shipments grew 1%, but adjusted EBITDA decreased 3% to $77 million due to input cost headwinds.
Net leverage declined to 5.3x from prior year, liquidity position strong at $680 million with no near-term bond maturities.
North America shipments increased 8%, Brazil beverage can shipments increased 12%, outperforming the industry.
Depreciation per unit (DPU) was $251, well below the sub-$300 North Star target, exceeding it by 16%, driven by fleet rotation and strong residual values.
Direct operating expenses per transaction day declined 3% year-over-year to about $36, reflecting disciplined cost control and operational efficiency.
Hertz reported $2.2 billion in revenue for Q2 2025, with adjusted corporate EBITDA turning positive at $1 million, a $460 million improvement year-over-year.
Liquidity stood at $1.4 billion at the end of June, supported by delayed Wells Fargo litigation resolution and efficient balance sheet management.
Vehicle utilization improved to 83%, a 300 basis point increase year-over-year, despite a 6% reduction in fleet size.
Dafinchi