Adjusted EBITDA for Q2 2025 was $389 million, a 31.7% margin, down $25 million from Q2 2024.
Adjusted free cash flow increased to $101 million in Q2 2025 from $77 million in the prior year quarter.
Advertising revenue declined 9% year-over-year, with political advertising down $36 million and nonpolitical advertising down 2.5%, slightly better than expectations.
CapEx decreased to $29 million from $37 million year-over-year, reflecting timing and lower spending in nonelection years.
CW profitability improved by $21 million year-over-year, driven by reduced broadcast rights amortization and lower operating expenses.
Distribution revenue remained stable at $733 million, with modest subscriber renewals and contractual rate escalations offsetting MVPD subscriber attrition.
Net interest expense declined by $16 million to $97 million due to lower SOFR rates and reduced debt balances.
Nexstar reported Q2 2025 net revenue of $1.23 billion, down 3.2% year-over-year, mainly due to reduced political advertising.
Nexstar returned $106 million to shareholders in Q2 through $56 million in dividends and $50 million in share repurchases.
AppFolio reported second quarter revenue of $236 million, representing 19% year-over-year growth.
AppFolio repurchased 244,000 shares in Q2 and 689,000 shares year-to-date under a $300 million stock repurchase program.
Combined sales and marketing, R&D, and G&A expenses were flat at 38% of revenue compared to last year, with sales and marketing increasing as a percentage and R&D and G&A decreasing.
Core solutions revenue was $52.5 million, up 19% year-over-year driven by premium tier adoption, new customers, and growth in units under management.
Cost of revenue, excluding depreciation and amortization, remained flat at 35% of revenue year-over-year.
Headcount increased 11% year-over-year to 1,685 employees, reflecting investments in go-to-market, product innovation, and the LiveEasy acquisition.
Non-GAAP operating margin was 26.2%, slightly up from 26% in the prior year.
Revenue from value-added services grew 19% year-over-year to $180 million, driven by screening, risk mitigation, payments, and growth in units under management.
The company ended the quarter with $128 million in cash and investment securities.
The company managed approximately 8.9 million units from 21,403 customers, a 6% increase in both units and customers compared to the prior year.
Annual recurring revenue grew 9% to $4.2 billion and international revenue grew 11%.
Applications & Commerce (A&C) revenue grew 14% to $464 million, approaching an annualized run rate of approximately $2 billion and representing 38% of total revenue, an all-time high.
Core Platform revenue increased 5% to $754 million, driven by growth in primary domains and aftermarket.
Free cash flow grew 21% to $392 million, with a conversion ratio of normalized EBITDA to free cash flow greater than 1:1.
GoDaddy reported total revenue growth of 8% year-over-year to $1.2 billion in Q2 2025, surpassing the high end of guided range.
Net debt stood at $2.8 billion with net leverage of 1.6x on a trailing 12-month basis.
Normalized EBITDA grew 15% to $382 million with margin expansion of nearly 200 basis points to 31%, in line with guidance.
Year-to-date share repurchases totaled approximately $900 million.
Dafinchi