Capital expenditures were $29 million, with full-year CapEx expected to be 4-5% of revenue.
Electronics & Packaging revenue was $266 million, up 5% sequentially and 16% year-over-year, fueled by growth in chemistry and chemistry equipment despite normalization in flexible PCB drilling equipment.
Free cash flow was $136 million, representing over 100% of net earnings and 14% of revenue.
Gross margin was 46.6%, slightly above midpoint guidance but impacted by tariffs estimated to reduce margin by 115 basis points.
Liquidity stood at approximately $1.3 billion, with gross debt of $4.5 billion and a net leverage ratio of 4x, slightly improved from prior quarter.
MKS reported Q2 2025 revenue of $973 million, up 4% sequentially and 10% year-over-year, exceeding the high end of guidance.
Net earnings were $119 million or $1.77 per diluted share, at the high end of guidance.
Operating income was $202 million with a 20.8% margin; adjusted EBITDA was $240 million with a 24.7% margin, both above expectations.
Semiconductor revenue was $432 million, up 5% sequentially and 17% year-over-year, driven by strong NAND upgrade activity and demand for RF power solutions.
Specialty Industrial revenue was $275 million, up 2% sequentially but down 5% year-over-year due to softness in industrial markets offset by gains in research, defense, and life sciences.
Adjusted EBITDA grew by 17%, and adjusted EPS increased by 29%, reflecting strong margin expansion and earnings growth.
Capital Markets Services grew 7% overall, with Debt Advisory up 27% and Investment Sales up 9%, supported by resilient debt markets and refinancing activity.
Investment Management experienced lower assets under management compared to the prior year due to dispositions but raised $1 billion in private equity capital in Q2.
JLL reported a 10% increase in consolidated revenue for Q2 2025, marking the fifth consecutive quarter of double-digit revenue growth.
Real Estate Management Services saw high single-digit to low double-digit revenue growth, led by Workplace Management and Project Management.
Software and Technology Solutions showed low double-digit revenue growth but faced reduced spend from some large clients.
Free cash flow was a record $596 million, up 14% year-over-year, with net debt leverage ratio improving to 1.2x from 1.6x a year ago.
Inflation impact was approximately $37 million, including $15 million tariff impact, offset by $20 million transformation savings.
Pentair delivered a record Q2 with sales up 2% to $1.1 billion, adjusted operating income up 9% to $297 million, return on sales expanding 170 basis points to 26.4%, and adjusted EPS rising 14% to $1.39.
Pool segment sales grew 9%, Flow sales were flat, and Water Solutions sales declined 4%.
The company repurchased $75 million of shares in Q2 and $125 million year-to-date.
Dafinchi