Adjusted EBITDA in the quarter was $668 million, down 5% year-over-year, reflecting a healthy margin of 31%.
Free cash flow rose 27% to $402 million, driven by timing of payments, lower capital expenditures and elimination of Liberty level overhead in prior year.
G&A was $124 million, up 23%, reflecting higher legal expenses against a positive insurance recovery in prior year.
Net debt to adjusted EBITDA ratio was 3.8x at quarter end.
Pandora and off-platform segment revenue was $524 million, down 3%, with subscriber revenue down 6% and advertising revenue down 2%.
Podcast advertising revenue increased nearly 50% year-over-year, partially offsetting declines in other ad revenue.
Product and technology costs fell by 20% to $48 million, driven by optimization of vendor contracts and cloud infrastructure.
Returned $137 million to shareholders via $92 million dividends and $45 million share buybacks.
Revenue for the quarter totaled $2.14 billion, down 2% compared to the second quarter last year with similar results across our subscription and advertising revenue streams.
Sales and marketing expense declined 20% year-over-year benefiting from a more efficient campaign mix and timing of planned brand and in-car initiatives.
Segment gross profit for Pandora and off-platform was $154 million with a 29% margin.
Self-pay net sub additions were negative 68,000 in Q2, an improvement of 32,000 compared to prior year, with churn at 1.5%.
SiriusXM segment revenue was $1.61 billion, down 2%, with ARPU flat at $15.22 and segment gross profit of $966 million (60% margin).
Subscriber acquisition costs were $107 million, up 16% year-over-year, reflecting investment in high-quality acquisition channels including contractual changes with automakers.
AvePoint reported Q2 2025 total revenues of $102 million, up 31% year-over-year and above the high end of guidance.
Customer retention improved with a trailing 12-month gross retention rate of 89% (91% excluding migration products) and a net retention rate of 112%, the highest ever.
Gross profit was $76.3 million with a gross margin of 74.8%, slightly down from 76.2% due to a higher mix of low-margin services revenue.
Net new ARR added was $22.1 million, the highest ever, with total ARR reaching $367.6 million, up 27% year-over-year.
Operating income was $18.8 million with an 18.4% operating margin, representing a margin expansion of over 700 basis points year-over-year.
SaaS revenues reached $77.3 million, growing 44% year-over-year and comprising 76% of total revenues, the highest quarterly mix to date.
Adjusted free cash flow was $57 million or 26% of revenue, significantly improved from Q1, with full year free cash flow margin guidance raised to 17%-19%.
DigitalOcean reported Q2 2025 revenue of $219 million, a 14% year-over-year increase, driven by strong growth in AI/ML revenue which grew over 100% year-over-year.
Gross margin improved to 60%, up 100 basis points year-over-year, while adjusted EBITDA was $89 million, up 10% year-over-year, with a margin of 41%.
Incremental ARR in Q2 was $32 million, the highest organic incremental ARR in over 3 years and since Q4 2022.
Non-GAAP diluted net income per share increased 23% year-over-year to $0.59, and GAAP diluted net income per share nearly doubled to $0.39.
Revenue from Scalers+ customers (annual run rate over $100,000) grew 35% year-over-year and accounted for 24% of total revenue.
The company ended Q2 with $388 million in cash and continued share repurchases totaling $20 million in the quarter, with $3.4 million remaining on the current authorization.
Digital advertising revenues grew 4% year-over-year, returning to growth after a slight decline in Q1.
Digital Marketing Solutions (DMS) segment showed sequential improvement with core platform revenue up 8.1%, segment adjusted EBITDA up 35.8%, and core platform ARPU reaching a record $2,830.
Digital Marketing Solutions segment showed sequential improvement with core platform revenue up 8.1%, segment adjusted EBITDA up 35.8%, and core platform ARPU reaching a record $2,830, up 5.1%.
Digital-only subscription revenues were $42.7 million, impacted by a rebuilding subscriber base and tighter offers, but digital-only subscription ARPU increased sequentially and year-over-year to $7.79.
Digital-only subscription revenues were $42.7 million, impacted by subscriber base rebuilding and tighter offers, but digital-only subscription ARPU increased sequentially and year-over-year to $7.79.
Digital revenues totaled $265.4 million, down 4.6% year-over-year and 2.8% on a same-store basis, but digital advertising returned to growth with a 4% year-over-year increase.
Digital revenues totaled $265.4 million, down 4.6% year-over-year and 2.8% on a same-store basis, comprising over 45% of total revenues with a 100 basis point improvement in same-store digital trends from Q1.
Domestic Gannett Media segment saw segment adjusted EBITDA of $43.2 million, up 30.3% sequentially, with margins improving by 230 basis points to 9.8%.
Domestic Gannett Media segment saw segment adjusted EBITDA of $43.2 million, up 30.3% sequentially, with margins increasing by 230 basis points to 9.8%.
Free cash flow in Q2 was $17.6 million, up 73% sequentially, with expectations for a decrease in Q3 but growth in Q4 and full year.
Free cash flow in Q2 was $17.6 million, up 73% sequentially, with expectations for growth over 100% in the back half of the year compared to prior year.
In Q2 2025, Gannett reported total revenues of $584.9 million, down 8.6% year-over-year and 6.4% on a same-store basis, showing a 130 basis point improvement from Q1 same-store revenue trends.
Net income was $78.4 million, heavily influenced by a tax benefit of $87.5 million, with adjusted net income attributable to Gannett at $84.5 million, up $55.3 million year-over-year.
Net income was $78.4 million, improved by $64.6 million, heavily influenced by a tax benefit of $87.5 million; adjusted net income attributable to Gannett was $84.5 million, up $55.3 million.
Newsquest segment revenues returned to slight growth with segment adjusted EBITDA of $14.9 million, up 5.3% year-over-year and margins at 24.3%.
Total adjusted EBITDA was $64.2 million, representing an 11% margin and a sequential increase of 27% or $13.7 million from Q1.
Dafinchi