- Adjusted net revenues for Q2 2025 were $405 million with an 18.1% operating margin and adjusted EPS of $2.95, all higher compared to the same period last year.
- Advisory revenues were $206 million during the quarter, up 12% year-over-year, driven by a broad set of products and higher average fees.
- Compensation ratio was 62% for Q2 and 62.2% for the first half, improved from prior periods due to increased net revenues.
- Corporate financing revenues were $35 million, down 31% from the year ago period, completing 26 financings raising $10 billion for clients.
- Equity brokerage revenues were $58 million, up 12% year-over-year, with 2.9 billion shares traded for over 1,200 clients.
- Fixed income revenues were $54 million, up 21% from Q1 and 37% from the year ago period, driven by depository client activity.
- GAAP results included a $5 million restructuring charge related to headcount reductions and vacated office space from the Aviditi Advisors acquisition.
- Municipal financing revenues were $42 million, up 66% year-over-year, exceeding market issuance growth of 15%.
- Net revenues for the first half of 2025 totaled $789 million, operating income was $142 million with an 18% margin, and diluted EPS was $7.04.
- Non-compensation expenses excluding reimbursed deal costs were $69 million for Q2, up 6% year-over-year, driven by legal and professional fees.
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- Debt-to-capital ratio was reduced to less than 10% following redemption of $172 million in convertible notes.
- HCI reported earnings of $5.18 per share for Q2 2025, up from $4.24 in Q2 2024.
- Operating expenses as a percentage of premiums declined, contributing to improved profitability.
- Pretax income for the quarter was just over $94 million, with year-to-date pretax income at $195 million.
- Shareholders' equity grew to $759 million, a 65% increase year-to-date, with book value per share rising to $58.55.
- The net combined ratio improved to just under 62%, driven by a gross loss ratio of 21.3%, down more than 6 points from the prior year.
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