- Adjusted operating expenses totaled $983 million, towards the low end of guidance, driven by technology-related savings and synergies.
- Adjusted operating income increased 13% to a record $1.6 billion, building on 11% pro forma growth in Q2 2024.
- Capital returned to shareholders totaled $532 million in the quarter, including $255 million in share repurchases.
- Exchange segment net revenues were a record $1.4 billion, up 12% year-over-year.
- Fixed Income and Data Services segment revenues totaled a record $597 million, up 8% year-over-year in ICE Bonds.
- Leverage ended the quarter at target 3x EBITDA, ahead of schedule after the Black Knight acquisition.
- Mortgage Technology revenues totaled $531 million, up 5% year-over-year, with recurring revenues increasing largely due to Data and Analytics and Servicing.
- Net revenue increased 9% to a record $2.5 billion, with growth contributions from all three operating segments.
- Record volumes and revenues were achieved across energy, interest rate, and credit default swap markets, contributing to strong first half results.
- Second quarter adjusted earnings per share were a record $1.81, up 19% year-over-year.
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- Alternative private markets assets increased by $1.3 billion or 7%, mainly due to FX impact and net sales of $231 million.
- Equity assets increased by $8.1 billion or 10% from the prior quarter, with second quarter equity net sales of $1.8 billion representing an organic growth rate just under 9%.
- Federated Hermes ended Q2 2025 with record assets under management of $846 billion, driven by gains in equity strategies.
- Fixed income assets decreased by about $800 million or 1% due mainly to net redemptions of $2.4 billion, partially offset by market valuations and FX gains of $1.6 billion.
- MDT equity strategies had net sales of $3.8 billion in Q2, up from $3.3 billion in Q1, with strong performance rankings in Morningstar categories.
- Money market fund assets reached a record high of $468 billion at the end of Q2, increasing by $3.1 billion despite seasonal factors.
- Operating expenses increased mainly due to a VAT refund in Q1 not recurring, and compensation expenses rose due to higher incentive compensation and merit increases.
- Q2 effective tax rate was 26.1%, expected to be in the 25% to 28% range for 2025.
- The company repurchased approximately 1.5 million shares for about $64.5 million and approved a new share repurchase program for 5 million shares.
- Total revenue for Q2 increased slightly from the prior quarter due to more days in the quarter and revenue from the Rivington acquisition, partially offset by lower performance fees and carried interest.
Dafinchi