- Adjusted earnings per share grew 13.8% to $0.66.
- Adjusted EBITDAC increased 24.5% to $308 million, with margin expansion of 50 basis points to 36.1%.
- GAAP interest expense is expected to be approximately $223 million in 2025, with $57 million in Q3.
- M&A remains a top priority with net leverage at 3.5x, and the company is willing to temporarily exceed comfort levels for strategic acquisitions.
- Ryan Specialty Holdings reported total revenue growth of 23% in Q2 2025 to $855 million, driven by 7.1% organic growth and 13 percentage points from M&A.
- The adjusted effective tax rate was 26%, expected to remain similar for the rest of 2025.
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- American Express reported record revenues of $17.9 billion, up 9% year over year in Q2 2025.
- Capital position remains strong with CET1 ratio at 10%, stress capital buffer at the lowest permissible 2.5%, and ROE of 36%.
- Delinquency rates remained flat and write-off rates declined, reflecting strong credit quality.
- Earnings per share were $4.08, up 17% excluding last year's gain from the sale of the certified portfolio.
- Net card fees reached record levels, up 20% FX adjusted, more than doubling since 2019.
- Net interest income grew at a double-digit pace driven by balance sheet growth and margin expansion.
- Operating expenses grew 9% excluding certified, driven by investments in risk management and technology, but operating leverage improved with expenses as a percentage of revenue down from 25% to 21%.
- Reaffirmed full-year guidance of 8% to 10% revenue growth and EPS between $15 and $15.50.
- Returned $2 billion to shareholders including $0.6 billion dividends and $1.4 billion share repurchases.
- Total card member spending increased 7%, with strong growth in goods and services and restaurant spending, offset by softer airline and lodging spend.
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