Adjusted OIBDA for the first half was $822 million, reflecting an 8% rebased year-over-year growth, including double-digit growth in Liberty Caribbean, Panama, and Puerto Rico.
Adjusted OIBDA in Q2 increased 7% to $415 million, with a 340 basis points margin expansion year-over-year.
Adjusted OIBDA less P&E additions expanded by 23% year-over-year, reaching a margin of 25% of revenue for the group and 29% excluding Puerto Rico.
Adjusted OIBDA less P&E additions in Q2 increased 26% to $265 million, representing 24% of revenue compared to 19% last year.
Liberty Latin America reported $2.2 billion in revenue for the first half of 2025, with residential revenue growth of 2% in Liberty Caribbean and Costa Rica and 8% in C&W Panama on a rebased basis year-over-year.
Q2 2025 revenue was $1.1 billion, down 3% on a rebased basis due to phasing of project-related B2B revenues, but residential revenue grew 1% year-over-year on a rebased basis.
Reported adjusted free cash flow before partner distributions was negative $41 million in Q2, impacted by working capital swings, with expectations of strong cash flow in the second half.
Segment highlights: Liberty Caribbean revenue flat rebased with 11% adjusted OIBDA growth; C&W Panama revenue down 10% rebased but adjusted OIBDA up 6%; Liberty Networks revenue and adjusted OIBDA down 3% rebased; Liberty Puerto Rico revenue down 5% rebased but adjusted OIBDA up 21%; Costa Rica revenue up 1% rebased with flat adjusted OIBDA.
Adjusted EPS grew 4% year-over-year, helped by lower interest expense and share repurchases; tariff costs created a $0.02 EPS headwind.
Adjusted gross profit was $650 million, roughly flat year-over-year, with adjusted EBITDA of $288 million and margins steady versus prior year.
For continuing operations post-spin, adjusted EPS was $0.58 with 14% growth in trailing 12 months free cash flow despite tariff uncertainty and constrained government spending.
Fortive delivered adjusted EPS of $0.90 in Q2 2025 at the high end of guidance, with 8% growth in trailing 12 months adjusted free cash flow on a consolidated basis including Precision Technologies.
Segment results showed flat revenue growth in Intelligent Operating Solutions (IOS) and a 1.3% revenue decline in Advanced Healthcare Solutions (AHS), with margin improvements in AHS due to software mix shift.
Total Q2 revenue was just over $1 billion, down 0.4% year-over-year, with core revenue declining 0.7%.
Trailing 12-month free cash flow was $939 million, a 14% increase year-over-year, with 107% free cash flow conversion on adjusted net income.
Adjusted operating income was $1.448 billion with a record adjusted operating margin of 25.6%, up 430 basis points year-over-year and 210 basis points sequentially.
Amphenol reported record second quarter 2025 sales of $5.650 billion, up 57% in U.S. dollars, 56% in local currencies, and 41% organically compared to Q2 2024.
GAAP diluted EPS was a record $0.86, up 110% year-over-year, and adjusted diluted EPS was $0.81, up 84%.
GAAP operating income was $1.419 billion with a GAAP operating margin of 25.1%, including $29 million acquisition-related costs.
Operating cash flow was a record $1.417 billion (130% of net income) and free cash flow was $1.122 billion (103% of net income).
Segment sales growth: Communications Solutions up 101% in USD and 78% organically; Harsh Environment Solutions up 38% USD and 18% organically; Interconnect Sensors & Systems up 16% USD and 14% organically.
Total debt was $8.1 billion with net debt of $4.8 billion and net leverage ratio of 0.9x at quarter end.
Dafinchi