- 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%.
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- Cross-border volume increased 15% globally, reflecting growth in both travel and non-travel related spending.
- Domestic assessments were up 9%, cross-border assessments increased 15%, transaction processing assessments were up 18%.
- EPS was $4.15, including a $0.09 contribution from share repurchases.
- Net income and EPS increased 12% and 14%, respectively, driven primarily by strong operating income growth, partially offset by a higher effective tax rate due to global minimum tax rules.
- Net revenue growth was ahead of expectations, primarily driven by higher-than-expected revenue from FX volatility.
- Operating expenses increased 14%, including a full ppt increase from acquisitions.
- Operating income was up 17%, which includes a 1 ppt headwind from acquisitions.
- Outside the U.S., volume increased 10% with credit growth of 9% and debit growth of 11%.
- Payment Network net revenue increased 13%, driven by domestic and cross-border transaction and volume growth.
- Second quarter net revenues were up 16% and adjusted net income up 12% versus a year ago on a non-GAAP currency-neutral basis.
- Switch transactions grew 10% year-over-year; contactless penetration now represents 75% of all in-person switched purchase transactions.
- Total adjusted operating expenses increased 14%, including a 4 ppt impact from acquisitions, driven by spending on strategic initiatives.
- Value Added Services & Solutions net revenue increased 22%, with acquisitions contributing approximately 4 ppt to this growth.
- Worldwide gross dollar volume (GDV) increased by 9% year-over-year; U.S. GDV increased 6%, impacted by lapping of the Citizens debit portfolio migration.
- Adjusted EBITDA declined 5% and adjusted core EPS declined 7% due to a 100 basis point decrease in short-term rates impacting escrow earnings.
- Capital Markets segment revenues grew 46% year-over-year with net income up 200% to $33 million and adjusted EBITDA up 116% to $1.3 million.
- Cash balance ended at $234 million, supporting capital deployment and dividend payments.
- GAAP earnings per share rose 48% year-over-year to $0.99, driven by economies of scale and significant noncash mortgage servicing rights (MSRs) booked.
- No new loan defaults were recorded; credit quality remains strong with only 8 defaults in a $65 billion at-risk portfolio.
- Quarterly dividend increased to $0.67 per share, marking seven consecutive years of dividend growth.
- Servicing & Asset Management segment servicing fees increased 4% to $84 million, but total segment revenues declined 5% due to lower placement fees and investment management fees.
- Walker & Dunlop reported a 65% year-over-year increase in total transaction volume to $14 billion in Q2 2025, more than doubling from Q1 2025.
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