- Adjusted operating expenses plus stock-based compensation increased only 6% year-over-year, leading to 56% adjusted EBITDA margins and 81% incremental adjusted EBITDA margins.
- Assets under custody doubled year-over-year to more than $0.25 trillion, with average assets per funded customer surpassing $10,000 for the first time.
- Bitstamp acquisition closed, adding a growing institutional business and over 600,000 international customers.
- Earnings per share doubled from a year ago.
- Interest-earning assets increased over 50%, driven by cash sweep, margin, and securities lending activities, with Gold cash sweep balances crossing $30 billion.
- Net deposits remained strong with the third highest quarter ever, exceeding $10 billion for six consecutive quarters and continuing momentum into July with around $6 billion in net deposits.
- Retirement assets exceeded $20 billion, more than doubling in the past year.
- Revenue grew 45% year-over-year to nearly $1 billion in Q2 2025, driven by strong business growth and record trading volumes across equities, options, prediction markets, index options, and futures.
- Robinhood Gold subscribers reached a record 3.5 million, representing 13% adoption overall and over 35% adoption among new customers in Q2.
- Robinhood Strategies grew to over 100,000 funded customers and $0.5 billion in assets shortly after launch.
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- Annualized recurring revenue (ARR) grew 9% to $2.9 billion.
- Capital Access Platforms revenue grew 9% with 6% ARR growth; Financial Technology revenue grew 10% with 11% ARR growth; Market Services net revenue grew 21%.
- Expenses increased just under 8%, primarily due to timing of annual compensation.
- Financial Crime Management Technology revenue grew 20% with 19% ARR growth; Regulatory Technology revenue grew 11% with 10% ARR growth; Capital Markets Technology revenue grew 8% with 9% ARR growth.
- Free cash flow was $467 million; dividends paid were $155 million; $400 million debt was paid down; share repurchases totaled $100 million.
- Gross leverage ratio improved to 3.2x, ahead of target milestones.
- Index revenue increased 17%, driven by a 25% increase in average ETP AUM to $663 billion.
- Nasdaq delivered $1.3 billion in net revenue, a 12% year-over-year increase, with Solutions revenues at $991 million, up 10%.
- Operating income was $721 million, up 16%, and EPS grew 24%.
- Operating margins improved: overall operating margin at 55%, EBITDA margin at 58%, Market Services margin at 63%, Financial Technology margin at 47%.
- Adjusted expenses increased only 1% sequentially, supporting 270 basis points of positive operating leverage.
- Adjusted non-interest income increased 9.9% sequentially to over $1.5 billion, driven by investment banking, trading, and wealth management income.
- Average deposit balances declined 1% sequentially due to withdrawal of $10.9 billion in M&A-related client deposits, but excluding this, deposits increased.
- Average loan balances increased 2.5% sequentially, driven by growth in both wholesale and consumer segments.
- Net charge-offs declined both sequentially and year-over-year, reflecting strong asset quality.
- Reported net income available to common shareholders of $1.3 billion, or $1.04 per share, including $0.02 per share of restructuring charges.
- Returned $1.2 billion to shareholders via dividends and $500 million in share repurchases during the quarter.
- ROTCE improved 130 basis points sequentially to 13.6%, with a target of 15% ROTCE by 2027.
- Adjusted expenses increased 3.1% linked quarter primarily due to higher personnel expenses related to merit increases and strategic hiring.
- Adjusted revenue increased 2.1% linked quarter due to 2.3% growth in net interest income and 1.8% growth in non-interest income.
- Asset quality improved with net charge-offs declining nine basis points linked quarter to 51 basis points and nonperforming loans down nine basis points linked quarter.
- Average loan balances increased 2% linked quarter and end-of-period loans increased 3.3%, driven by broad-based growth in consumer and wholesale segments.
- Capital position remains strong with a CET1 ratio of 11% stated and 9.3% adjusted for AOCI, supporting balance sheet growth and capital returns.
- Returned $1.4 billion to shareholders via dividends and repurchased $750 million of common stock in the quarter, including opportunistic repurchases above target.
- Truist reported second quarter 2025 net income available to common shareholders of $1.2 billion or $0.90 per share, including $0.02 per share of restructuring charges and $0.01 per share of losses from investment securities sales.
- Average loan balances grew by $2.8 billion or 2% sequentially; deposits increased by $1.4 billion or 0.8%.
- Credit quality remains strong with net charge-offs at 22 basis points and allowance for credit losses at 1.86%.
- GAAP noninterest expense was $1.2 billion, slightly above guidance due to revenue-related compensation.
- Loan growth accelerated to 9.2% year over year, driven by commercial lending and new initiatives.
- Net interest income grew approximately $40 million sequentially, representing nearly 12% year-over-year growth.
- Net interest margin (NIM) was 3.13%, up 2 basis points from prior quarter.
- Noninterest income increased 14% year over year, with strong fee growth in payments, wealth management, and capital markets.
- Reported earnings per common share of $0.41, with adjusted EPS of $0.40, up 18% year over year.
- Capital ratios remain strong with tangible common equity (TCE) at 10.01% and common equity Tier 1 ratio at 14.08%.
- Deposits declined by $387 million due to seasonal public fund activity; interest-bearing deposits decreased by $269 million.
- Efficiency ratio improved to 54.1% from 54.91% last quarter, and year-to-date efficiency ratio is nearly 100 basis points better than last year.
- Fee income grew 8% quarter-over-quarter to $106 million, driven by record insurance and annuity fees.
- Loans grew $135 million or 2% annualized, with strong loan production up 6% quarter-over-quarter and 46% year-over-year.
- Net interest income (NII) increased by $3 million or 1% quarter-over-quarter, with a stable net interest margin (NIM) at 3.49%.
- Non-accrual loans increased modestly to $114 million; net charge-offs decreased to 19 basis points.
- Return on Assets (ROA) improved to 1.46% from 1.32% a year ago, reflecting profitability improvement.
- Adjusted EBITDA was $179 million with a margin of 50.8%, slightly above guidance due to positive asset mix and annual fee realization.
- Adjusted net income was $133 million or $1.57 per diluted share, a 15% increase in EPS from the prior quarter.
- GAAP operating margin was 26.8%, impacted by $53 million in acquisition-related restructuring and integration costs.
- Net leverage ratio improved to 1.2x, the lowest since IPO, and debt-to-equity ratio improved to 0.39.
- Revenue rose 60% from the prior quarter to $351.2 million, driven by the acquisition of Pioneer Investments.
- The Board increased the share repurchase authorization from $200 million to $500 million, the largest in company history.
- Total client assets increased by 76% quarter-over-quarter to over $300 billion, a record high for a quarter end.
- Capital levels remained strong and stable, with 41% of assets in cash or government-guaranteed investments and a healthy Mahan Ratio of 16.5%.
- Credit metrics improved with past dues low at $13 million (11 basis points), new defaults down to 40, and nonaccrual loans trending down to $69 million (63 basis points).
- Customer deposits grew 6% linked quarter and are approximately 20% higher than June 30, 2024, with noninterest-bearing checking balances up 36% year-to-date.
- Gain on sale revenue totaled approximately $22 million from $322 million of guaranteed loan sales at a 7% average premium.
- Loan originations reached $1.5 billion, the largest Q2 in bank history excluding PPP, driving 3% linked quarter loan growth and 19% year-over-year loan balance increase.
- Net interest income increased $9 million or 9% linked quarter, with net interest margin expanding 8 basis points for the third consecutive quarter.
- Noninterest expense was $89 million, including $3 million of one-time expenses, with core recurring expenses up 3% linked quarter primarily due to growth.
- Q2 earnings per share of $0.51, a 22% linked quarter increase in core operating leverage, and a 20% year-over-year revenue growth highlight strong financial results.
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