Cash, cash equivalents, restricted cash, and marketable securities totaled $754 million at quarter end, boosted by a $303.8 million at-the-market equity offering.
GAAP gross margin was 32.1%, above guidance range of 30%-32%, and non-GAAP gross margin was 36.9%, above guidance of 34%-36%.
GAAP operating cash flow was negative $23.2 million, improved from negative $54.2 million in Q1, driven by increased cash receipts from SDA satellite program.
Launch Services segment revenue was $6.6 million, up 31.1% quarter-on-quarter.
Non-GAAP free cash flow was negative $55.3 million, improved from negative $82.9 million in Q1.
Operating expenses were higher than guidance, with GAAP operating expenses at $106 million and non-GAAP at $86.9 million, driven by increased R&D and headcount for Neutron development.
Rocket Lab reported record Q2 2025 revenue of $144.5 million, up 36% year-over-year and 17.9% sequentially, exceeding the high end of prior guidance.
Space Systems segment revenue was $97.9 million, up 12.5% sequentially, driven by satellite components businesses.
Total headcount increased 85% sequentially to 2,420 employees.
Adjusted EBITDA was $389 million with a margin of 26.9%, down 190 basis points due to volume deleverage, softer market conditions at CWT, higher operating costs, and strategic investments.
Adjusted EPS reached a record $6.27, slightly up from $6.24 in the prior year, supported by share repurchases and accretive acquisitions offsetting lower organic earnings.
Balance sheet remains strong with $68 million cash and net debt-to-EBITDA ratio of 1.4x; $1 billion available under revolving credit facility.
Carlisle reported second quarter 2025 revenues of $1.4 billion, essentially flat year-over-year, with acquisitions contributing $39 million in revenue.
CCM segment revenues grew approximately 1% year-over-year to $1.1 billion, with organic revenue flat; adjusted EBITDA was $346 million with a 31.6% margin, down 180 basis points.
CWT segment revenues declined 2% to $354 million, with organic revenue down 10%; adjusted EBITDA was $71 million with a 19.9% margin, down 260 basis points due to volume deleverage.
Free cash flow for the quarter was $258 million; year-to-date share repurchases totaled $700 million, with a 2025 target of $1 billion.
A. O. Smith reported second quarter 2025 sales of $1 billion, a 1% decrease year-over-year, with earnings per share of $1.07, a 1% increase compared to the prior period.
China sales declined 11% in local currency due to economic challenges and limited government subsidies, but operating margin was maintained through restructuring and cost controls.
North America segment sales decreased 1% to $779 million, driven by lower water heater volumes but offset by higher boiler sales; segment operating margin expanded by 30 basis points to 25.4%.
Operating cash flow for the first half of 2025 was $178 million, with free cash flow of $140 million, both higher than the prior year period.
Rest of the World segment sales decreased 2% to $240 million, including $16 million from the Pureit acquisition; earnings remained flat at $25 million with a slight margin decline to 10.5%.
Share repurchases totaled approximately 3.8 million shares for $251 million in the first half of 2025, with full-year repurchase plans increased to approximately $400 million.
The company ended June with $178 million in cash and a net debt position of $126 million, with a leverage ratio of 14.1%.
Adjusted EBITDA was $109.5 million, up 19.5% year-over-year, with margin at 23.5%, down 75 basis points due to acquisitions and Mid-Atlantic integration challenges.
Adjusted free cash flow was a record $70.8 million for the first six months, about 40% of full-year guidance.
Adjusted net income was $23 million or $0.36 per diluted share, slightly up in net income but down $0.01 per share.
Capital expenditures were $121.9 million, up $47 million year-over-year, including $40 million of upfront investment in acquisitions.
Debt stood at $1.16 billion with $218 million cash, net leverage ratio was 2.39x, and revolver remained undrawn.
Landfill business showed strong results with total tons up 9.5%, including over 12% growth in internalized volumes.
Net cash provided by operating activities was $139.6 million in the first half of 2025, up $59.9 million year-over-year.
Resource Solutions revenues rose 10.2% year-over-year despite a 16% decline in recycled commodity sales prices, with contract structures mitigating revenue impact to less than $1 million.
Revenues in Q2 2025 were $465.3 million, up 23.4% year-over-year, driven by $67.1 million from acquisitions and $21 million from organic growth (5.6%).
Solid waste revenues increased 27.1% year-over-year with pricing up 5% and volume down 0.8%.
Dafinchi
