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 operating income increased by 1% for the quarter and 12% for the first half of 2025.
Cash generated from operations was $262 million in the first half, with capital expenditures net of disposals at $193 million.
Food & Industrial Ingredients LATAM segment faced a 5% net sales decline and a 2% decrease in operating income, impacted by Argentina joint venture and macroeconomic headwinds.
Food & Industrial Ingredients U.S./Canada segment net sales fell 6% and operating income declined 18%, materially impacted by a mechanical fire at the Chicago plant causing a $10 million loss.
Gross margin expanded by 230 basis points to 26% in Q2, with gross profit dollars growing 7%.
Ingredion delivered adjusted operating income of $273 million in Q2 2025, the highest quarter 2 in company history, despite a 2% decline in net sales primarily due to pass-through of lower corn costs.
Reported and adjusted operating income for the first half were $547 million and $546 million, up 21% and 12%, respectively.
Texture & Healthful Solutions segment led performance with a 2% net sales increase and a 29% rise in operating income, supported by a 3% increase in net sales volume and 400 basis points margin expansion.
The company repurchased $55 million of common shares and paid $106 million in dividends in the first half.
Year-to-date net sales were approximately $3.6 billion, down 3%, with gross profit dollars up 9% and gross margin up 290 basis points to 25.9%.
Adjusted EPS was $0.11, down $0.06 year-over-year.
Adjusted operating income was $16.6 million and adjusted operating margin was 2.2%.
Consolidated gains on sale of property and equipment totaled $5.9 million, more than doubling year-over-year.
Consolidated gains on sale of property and equipment totaled $5.9 million, more than doubling year-over-year despite fewer units sold.
Dedicated average trucks decreased 0.9% year-over-year but increased sequentially by 1.6% to 4,855 trucks.
Dedicated revenue net of fuel was $287 million, down 0.7%, representing 64% of TTS trucking revenues.
Logistics adjusted operating margin improved 190 basis points to 2.7%, driven by volume growth and cost reductions.
Logistics revenue was $221 million, up 6% year-over-year and 13% sequentially, with Truckload Logistics revenue up 9% and Intermodal revenues up 3%.
Logistics revenue was $221 million, up 6% year-over-year and 13% sequentially, with Truckload Logistics revenue up 9% and Intermodal revenue up 3%.
Net debt to adjusted EBITDA was 1.7x with total liquidity of $695 million at quarter end.
One-Way revenue per truck per week increased 0.4% due to higher rates, mitigated by lower miles per truck per week.
One-Way trucking revenue net of fuel was $164 million, down 3%, with average truck count declining 3.5% year-over-year but growing slightly sequentially.
One-Way trucking revenue net of fuel was $164 million, down 3%, with average truck count declining 3.5% year-over-year but slightly up sequentially.
Operating cash flow was $46 million (6% of revenue), net CapEx was $66 million (9% of revenue), and free cash flow year-to-date was $17.3 million (1.2% of revenues).
Operating cash flow was $46 million for the quarter, net CapEx was $66 million, and free cash flow year-to-date was $17.3 million.
Second quarter revenues totaled $753 million, down 1%.
Truckload Transportation Services (TTS) total revenue was $518 million, down 4%, with revenues net of fuel surcharges decreasing 1% to $462 million.
TTS adjusted operating income was $12.8 million with an adjusted operating margin net of fuel at 2.8%, a decrease of 220 basis points largely due to higher insurance and claims expense.
TTS average trucks were 7,489, up 1% year-over-year and 1.4% sequentially.
Dafinchi