Adjusted cash operating expenses were $198 million with a compensation ratio of 19% cash and 23% including stock.
Adjusted EBITDA margin reached 65%, the highest since Q1 2022, reflecting disciplined expense management and operational efficiency.
Adjusted EPS was $1.53 for Q2 2025, an 83% increase compared to Q2 2024.
Debt to LTM adjusted EBITDA ratio stood at 1.5x, maintaining financial flexibility.
Equity TCV was up 17% quarter-over-quarter, or about 12% excluding sub-dollar share volumes; notional U.S. equity volumes increased 9% quarter-to-quarter.
Growth initiatives accounted for $1.3 million per day or 15% of total adjusted net trading income per day, an all-time high.
Market Making contributed $451 million and Execution Services contributed $116 million to adjusted net trading income.
Virtu Financial reported $568 million in adjusted net trading income for Q2 2025, equating to $9.2 million per day, marking a recent high and a 50% increase from $6.1 million per day in Q2 2024.
Virtu repurchased $66 million of shares in Q2 2025 and $135 million year-to-date, totaling $1.4 billion since inception at an average price of about $26 per share.
Credit costs remained low with a $7.5 million provision expense and net charge-offs at 6 basis points; one day 1 PCD charge-off of $17 million was recorded on an acquired relationship.
Loan production increased 57% from about $2 billion to over $3 billion quarter-over-quarter, contributing to solid loan growth.
Net interest income increased by $33 million over Q1, driven by loan coupon yields, securities portfolio restructuring, and lower cost of deposits.
Noninterest expenses were $351 million, at the low end of guidance, resulting in a second quarter efficiency ratio of 49.1%, bringing the year-to-date ratio below 50%.
Noninterest income remained stable at $87 million, with gains in correspondent business offset by a slight decline in mortgage revenue.
SouthState reported a strong Q2 2025 with adjusted return on assets at 1.45% and return on tangible common equity near 20%, excluding merger costs.
Tangible book value per share increased 8.5% year-over-year to $51.96 despite dilution from the IBTX merger; CET1 capital ratio improved compared to June 2024.
AFG reported core net operating earnings of $2.14 per share for Q2 2025, down from $2.56 in the prior year quarter.
AFG returned over $100 million to shareholders in Q2 2025 through dividends and share repurchases.
Alternative investments returned 1.2% annualized in Q2 2025, down from 5.1% in the prior year quarter, negatively impacting overall investment income by about 5%.
Annualized core operating return on equity was 15.5%, despite lower returns from alternative investments.
Gross and net written premiums increased 10% and 7%, respectively, driven partly by earlier crop acreage reporting.
Net investment income excluding alternatives increased 10% year-over-year due to higher interest rates and asset balances.
Underwriting margins in Specialty Property & Casualty insurance were strong with a 93.1% combined ratio, up 2.6 points year-over-year.
Dafinchi