Adjusted diluted earnings per share were $2.45, flat year-over-year in U.S. dollars and down 1% in constant currency.
Adjusted earnings from operations margin was 6.2%, also a Q2 record.
Adjusted EBITDA was $138 million, a 2% decrease, while margin expanded 10 basis points to 6.6%.
Adjusted return on invested capital for trailing 12 months was 14.4%, down from 17% a year ago.
Adjusted SG&A expenses were down 3% due to prudent expense management.
Cash flow from operations used $177 million in Q2, primarily due to inter-quarter working capital requirements which reversed in July.
Cloud gross profit was $123 million, down 5% due to partner program changes, in line with expectations.
Gross profit decreased 2%, primarily due to partner program changes, with hardware gross profit up 2%.
Hardware revenue increased 2%, marking the second consecutive quarter of growth, with hardware revenue in North America growing 4%.
Insight Core Services gross profit was $78 million, down 3% due to delays in large enterprise client projects.
Net revenue was $2.1 billion, a decrease of 3% in U.S. dollars and 4% in constant currency, driven by a 4% decline in product revenue primarily due to on-prem software decline of 14%.
Share repurchases totaled approximately $76 million in Q2, with $224 million remaining in the program.
Total debt at quarter end was approximately $1.3 billion, up from $1 billion a year ago.
Total gross margin was 21.1%, an increase of 10 basis points, setting a Q2 record.
Android revenue in ACG declined 18% year-over-year to approximately $240 million, with China-based Android revenue down 29% year-over-year to just under $100 million.
Net inventory balance was $638 million, a slight sequential reduction and $89 million lower year-over-year.
Non-GAAP gross margin increased approximately 300 basis points year-over-year in Q1.
Operating cash flow was approximately $183 million with CapEx of $38 million, resulting in free cash flow of $145 million.
Qorvo reported fiscal first quarter revenue of $819 million, non-GAAP gross margin of 44%, and non-GAAP diluted earnings of $0.92 per share, all favorable to guidance.
The largest customer represented approximately 41% of revenue during the quarter.
Adjusted operating income less stock-based compensation expense was $105 million for Q2, up 10% year-over-year with a margin of 28.9%, up 10 basis points.
Annual recurring revenue (ARR) grew 11.5% year-over-year to $1.379 billion at quarter-end spot rates, or 12% excluding China, which now represents only 2% of total ARR.
Bentley Systems reported Q2 2025 total revenues of $364 million, up 10% year-over-year on a reported basis and 9% on a constant currency basis.
Free cash flow was $57 million for the quarter and $273 million year-to-date, with an increased full-year outlook of $430 million to $470 million due to new U.S. tax benefits.
Subscription revenues grew 12% year-over-year for the quarter and now represent 92% of total revenues, up 2 percentage points from last year.
Dafinchi