Adjusted EBITDA margin was 21%, reflecting continued operating leverage from faster revenue growth and cost controls.
Cash balance stood at $1.7 billion with convertible debt at $2.2 billion, providing a flexible capital structure.
Create segment revenue was $154 million, up 2% year-over-year and sequentially, with double-digit subscription growth and 16% year-over-year growth excluding nonstrategic revenues.
Grow segment revenue was $287 million, down 4% year-over-year but up 1% sequentially, driven by strong performance from the Unity Ad Network powered by Vector.
Record free cash flow of $127 million was achieved, improving $47 million year-over-year, supported by strong profitability and timing of publisher payments.
Unity exceeded the top end of guidance in Q2 2025 with revenue surpassing expectations by $16 million and adjusted EBITDA by $15 million.
Adjusted EBITDA was $167 million, showing a slight sequential decline of 0.2% and a 12.6% year-over-year decrease.
Cost of revenue increased 16.4% YoY; operating expenses rose 22.6% YoY, driven by sales and marketing increases of 52.1% YoY due to SuperPlay acquisition.
D2C revenue reached $175.9 million, slightly down 1.8% sequentially but up 1.3% year-over-year.
GAAP net income was $33.2 million, up 8.5% sequentially but down 61.7% year-over-year.
Playtika reported Q2 2025 revenue of $696 million, a 1.4% sequential decline but an 11% year-over-year increase.
Top titles showed mixed performance: Bingo Blitz revenue was $160.2 million (down 1.3% sequentially, up 2.9% YoY), Slotomania revenue declined sharply to $86.5 million (down 22.7% sequentially, down 35.4% YoY), and June's Journey was $69.1 million (up 0.3% sequentially, down 7.4% YoY).
Adoption of FASB fair value accounting increased stockholders' equity by $12.7 billion as of January 1, 2025.
Annualized interest and dividend obligations total $614 million, representing only 1.6% of capital raised in the last 12 months.
Bitcoin holdings provide 15x over-collateralization against out-of-the-money convertible debt and cover approximately 120 years of preferred dividend needs.
Bitcoin holdings valued at over $74 billion with a low-cost basis of $46 billion, all fully unencumbered.
Bitcoin per share (BPS) increased to 198,543 Satoshis cumulatively since 2020, with a year-to-date BTC Yield of 25% and BTC Gain of 111,894 Bitcoin.
First half 2025 GAAP operating income was $8.1 billion, net income $5.7 billion, and EPS $19.43, setting record highs.
Market capitalization surpassed $112 billion, ranking 96th largest public company in the U.S.
Q2 2025 GAAP operating income reached a record $14 billion, with net income of $10 billion and fully diluted EPS of $32.60, the highest in company history.
Q2 saw a $14 billion unrealized fair value gain on Bitcoin holdings, following a $5.9 billion unrealized loss in Q1.
Raised $18.3 billion in capital year-to-date, 81% of total capital raised in all of last year, through four preferred equity offerings.
Strategy holds 628,791 Bitcoin, representing 3% of all Bitcoin ever mined, positioning it as the dominant Bitcoin Treasury Company.
Total stockholders' equity stands at $47.5 billion with $8.2 billion in convertible debt and $6.3 billion in perpetual preferred equity outstanding.
Treasury operations generated $13.2 billion in BTC dollar gain year-to-date, nearing the $15 billion full-year target.
Dafinchi