- Adjusted earnings per share grew 11% to $3.10 on a reported and constant currency basis.
- Adjusted free cash flow was approximately $800 million, with a conversion rate of about 110% for the quarter and roughly 95% year-to-date.
- Adjusted operating margin expanded by 130 basis points to 44.6%, or 110 basis points excluding dispositions.
- Capital expenditures were $150 million in the quarter, expected to total $750 million for 2025 (about 8% of revenue).
- Global Payments reported adjusted net revenue of $2.36 billion for Q2 2025, a 5% increase on a constant currency basis excluding dispositions.
- Issuer Solutions segment delivered $547 million in adjusted net revenue, growing about 3.5% on a constant currency basis.
- Merchant Solutions segment achieved $1.83 billion in adjusted net revenue, growing approximately 5.5% excluding dispositions.
- Net leverage was 3.15x at quarter-end with $3 billion in available liquidity and 95% of debt fixed at a 3.5% weighted average cost.
- Share repurchases totaled $230 million in Q2 and over $690 million in the first half of 2025.
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- Deposit costs were managed below 2%, with cumulative deposit beta reaching mid-50% range, matching terminal beta from the rising rate cycle.
- Loan growth was strong, with commercial loans up about $3 billion year-to-date, and average loans up $1.6 billion period-end.
- Net charge-offs were $102 million, down 7% sequentially, with credit metrics improving for the sixth consecutive quarter.
- Net interest income grew 28% year-over-year and 4% sequentially, with net interest margin increasing 8 basis points to 2.66%.
- Noninterest income rose 10% year-over-year, driven by investment banking, commercial mortgage servicing, commercial payments, and wealth management.
- Pre-provision net revenue increased by $44 million sequentially, marking the fifth consecutive quarter of growth, with aggregate PPNR up over 60% since Q1 2024.
- Reported second quarter earnings per share of $0.35, with revenues up 21% year-over-year and expenses up about 6% excluding charitable contributions.
- Tangible book value per share increased 3% sequentially and 27% year-over-year.
- GNL completed a $1.8 billion sale of its multi-tenant retail portfolio to RCG Ventures, streamlining into a pure-play single-tenant net lease company.
- The sale is expected to reduce G&A by approximately $6.5 million annually and generate $30 million in capital expenditure savings.
- The disposition improved occupancy to 98%, expanded NOI margin by 800 basis points, and increased liquidity to $1 billion from $492 million.
- Proceeds from asset sales were used to reduce leverage, including a $1.1 billion paydown on the revolving credit facility and $466 million in mortgage debt assumed by RCG Ventures.
- Total asset sales since the disposition initiative began in 2024 exceed $3 billion, with a pipeline of about $200 million as of August 2025.
- FFO and core FFO per share for Q2 2025 were $0.33 and $0.35 respectively, down from $0.36 in Q2 2024.
- Net assets increased from $1.16 billion to $1.2 billion mainly due to two industrial acquisitions totaling $78.95 million.
- Operating expenses decreased to $25.1 million in Q2 2025 from $26.0 million in Q2 2024, due to incentive fee waivers and lower depreciation, offset by higher property expenses.
- Same-store rents increased by 6.4% in the first half of 2025 compared to the same period in 2024.
- Total operating revenues increased to $39.5 million in Q2 2025 from $37.1 million in Q2 2024, driven by higher recovery and rental rates.
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