Cash flow from operations was $247 million, with $191 million in net CapEx deployed; liquidity stood at $824 million with net debt leverage ratio improving to 2.5x.
Company-wide adjusted EBITDA was down 1% year-over-year, with operating income up 1% to $198 million and net income of $106 million ($0.89 diluted EPS).
LTL adjusted EBITDA grew 1% year-over-year to $300 million, with margin expansion of 90 basis points to 24.2%.
Maintenance cost per mile improved 6%, supported by a younger fleet with average tractor age under 4 years.
North American LTL segment revenue declined 3% year-over-year due to lower fuel surcharge revenue but increased 6% sequentially excluding fuel.
Purchase transportation expense declined 53% year-over-year due to insourcing linehaul miles, resulting in $36 million in savings.
XPO reported $2.1 billion in revenue and adjusted EBITDA of $340 million for Q2 2025, with adjusted diluted EPS of $1.05 exceeding expectations.
For the first half of 2025, petroleum additives sales were $1.3 billion, essentially flat compared to the same period in 2024.
Net debt-to-EBITDA ratio improved to 1.0 as of June 30, 2025, from 1.2x at the end of 2024.
Net income for Q2 2025 was $111 million or $11.84 per share compared to $112 million or $11.63 per share in Q2 2024.
Net income for the first half of 2025 was a record $237 million or $25.11 per share compared to $219 million or $22.87 per share for the first half of 2024.
Petroleum additives operating profit for Q2 2025 was $140 million compared to $148 million in Q2 2024.
Petroleum additives operating profit for the first half of 2025 was $282 million compared to $299 million in 2024.
Petroleum additives sales for Q2 2025 were $654 million compared to $670 million in Q2 2024.
Returned $129 million to shareholders in the first half of 2025 through $77 million in share repurchases and $52 million in dividends.
Shipments in petroleum additives declined 2.5% in Q2 and 4.9% in the first half of 2025 compared to 2024.
Specialty Materials operating profit for Q2 2025 was $11 million compared to $5 million in Q2 2024.
Specialty Materials operating profit for the first half of 2025 was $34 million compared to slightly above breakeven in the first half of 2024.
Specialty Materials sales for Q2 2025 were $42 million compared to $38 million in Q2 2024.
Specialty Materials sales for the first half of 2025 were $96 million compared to $55 million in the same period in 2024.
Adjusted EBITDA was $19.7 million or 14.6% of revenue, and non-GAAP EPS was $0.41, above guidance and up $0.03 year-over-year.
Cash from operations was $10.6 million, with $3.1 million returned to shareholders via share repurchases; cash and investments totaled $123.2 million with zero debt.
CNC machining revenue was a company record, growing 20% year-over-year, with U.S. CNC machining up 30%.
Injection molding revenue declined 4% year-over-year, 3D printing revenue was down 1%, and sheet metal revenue grew 9%.
Non-GAAP gross margin was flat sequentially at 44.8%, but down 90 basis points year-over-year due to higher network revenue mix and tariff impacts.
Non-GAAP operating expenses increased 6% year-over-year, mainly due to variable expenses tied to revenue such as incentive compensation and commissions.
Proto Labs reported record second quarter 2025 revenue of $135.1 million, up 6.5% year-over-year in constant currencies and 7% sequentially, exceeding guidance.
Revenue fulfilled through digital factories grew 4% year-over-year, while revenue through the Proto Labs Network increased 16%.
U.S. revenue grew 12% year-over-year, while Europe revenue declined 15% in constant currencies due to contracting manufacturing activity.
Adjusted EBITDA from continuing operations was $15.1 million in Q2 2025, a 90% increase from $8 million in Q2 2024, driven by higher-margin parts and services business growth.
Babcock & Wilcox Enterprises reported second quarter 2025 consolidated revenues of $144.1 million, slightly lower than Q2 2024 due to timing of large projects but offset by a $15.4 million increase in parts and services revenue.
For the first half of 2025, revenues from continuing operations were just under $300 million, up from $292.3 million in the first half of 2024, with adjusted EBITDA more than doubling to $21.2 million.
Net loss from continuing operations narrowed to $6.1 million in Q2 2025 compared to a $20.5 million loss in Q2 2024.
Operating income improved to $8.1 million in Q2 2025 from an operating loss of $4.4 million in Q2 2024.
The sale of Diamond Power International generated $177 million in gross proceeds, improving the balance sheet and reducing net debt to approximately $203.9 million after debt repayments.
Dafinchi