- Adjusted EPS reached a record $1.81, up 19% YoY.
- Net revenue hit a record $2.5 billion, up 9%.
- Adjusted operating income increased 13% to $1.6 billion.
- Capital returned to shareholders was $532 million in Q2, over $1 billion in H1.
- Leverage reduced to target 3x EBITDA ahead of schedule, following Black Knight acquisition.
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- FRE reached a record $323 million, up 18% year-over-year.
- First half FRE margin was a record 48%.
- AUM hit a new high of $465 billion.
- First half DE was $886 million, the highest ever for the firm.
- $51 billion of organic inflows over 12 months, reflecting investor confidence.
- Book value per share increased 16% year-to-date, inclusive of dividends, on an 82% combined ratio and double-digit net investment income growth.
- Casualty and Surety segments posted 7% premium growth each, with Casualty combined ratio at 96.5% and Surety at 87.9%.
- Net earnings on a GAAP basis were $1.34 per share versus $0.89 in Q2 2024, influenced by $44 million unrealized equity gains this quarter compared to $4 million last year.
- Operating cash flow for Q2 was $175 million, up $33 million from last year, with a 2.9% total return for the quarter and strong first half performance.
- Property segment premiums declined 10%, influenced by rate decreases in E&S Property, but Marine and Hawaii Homeowners products grew.
- Second quarter operating earnings were $0.84 per share, supported by solid underwriting performance and a 16% increase in investment income.
- The total combined ratio was 84.5%, up from 81.5% last year, reflecting modest increases in loss and expense ratios but still within expectations.
- Moelis & Company reported $365 million in Q2 2025, the highest second quarter revenue on record, up 38% YoY.
- First-half revenues reached $672 million, up 39% from the previous year.
- Growth driven primarily by expansion in M&A and capital markets activities.
- Adjusted EBITDA increased by 128% or $66 million in the second quarter and more than doubled to $356 million in the first half.
- Adjusted EBITDA margin was 17% in the quarter and 23% year-to-date, an increase of nearly 500 basis points versus last year.
- Benefits and Insurance segment revenue was $102 million, up approximately 5%, with adjusted EBITDA up 21% and margin improving by 260 basis points.
- Financial Services segment revenue was $570 million, up approximately 84%, with adjusted EBITDA more than doubling to $111 million and margin improving by 250 basis points.
- Second quarter adjusted diluted earnings per share increased by 64% to $0.95 per share, and first half adjusted diluted earnings per share increased by 47% to $3.26 per share.
- Second quarter interest expense was higher by $22 million compared to last year, driven by higher outstanding debt associated with the acquisition.
- Second quarter revenue was $684 million, and first half revenue was $1.5 billion, a 63% and 66% increase, respectively, largely driven by the Marcum acquisition.
- Second quarter tax expense was $7 million higher than last year, with an effective tax rate lower by approximately 240 basis points compared to last year.
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