Q1 2025 Earnings

Financial Services Financial - Data & Stock Exchanges

Income Statement

Revenue

$2.0B+24.2% YoY

Gross Profit

$1.5B75.3% margin

Operating Income

$706M34.7% margin

Net Income

$66M3.2% margin

EPS (Diluted)

$0.24

QoQ Revenue Growth

-10.4%

Cash Flow

Operating Cash Flow

-$183M

Free Cash Flow

-$183M

Stock-Based Comp.

$191M

Balance Sheet

Total Assets

$21.7B

Total Liabilities

$11.3B

Stockholders' Equity

$10.5B

Cash & Equivalents

$8.1B

Year-over-Year Comparison

Metric	Current	Year Ago	Change
Revenue	$2.0B	$1.6B	+24.2%
Gross Profit	$1.5B	$1.2B	+24.7%
Operating Income	$706M	$760M	-7.2%
Net Income	$66M	$1.2B	-94.4%

Revenue Segments

Bank Servicing, Consumer, Net

$1.1B56%

Subscription and Circulation, Stablecoin

$298M15%

Subscription and Circulation, Blockchain Infrastructure Service

$197M10%

Subscription and Circulation, Other

$141M7%

Bank Servicing, Institutional

$99M5%

Other Revenue

$74M4%

Bank Servicing, Other

$68M3%

Geographic Segments

UNITED STATES

$1.7B84%

Rest of the World

$329M16%