Q2 2025 Earnings

Financial Services Financial - Data & Stock Exchanges

Income Statement

Revenue

$1.5B+3.3% YoY

Gross Profit

$1.1B71.5% margin

Operating Income

-$25M-1.6% margin

Net Income

$1.4B95.4% margin

EPS (Diluted)

$5.14

QoQ Revenue Growth

-26.4%

Cash Flow

Operating Cash Flow

$328M

Free Cash Flow

$328M

Stock-Based Comp.

$196M

Balance Sheet

Total Assets

$23.5B

Total Liabilities

$11.4B

Stockholders' Equity

$12.1B

Cash & Equivalents

$7.5B

Year-over-Year Comparison

Metric	Current	Year Ago	Change
Revenue	$1.5B	$1.4B	+3.3%
Gross Profit	$1.1B	$1.1B	+0.1%
Operating Income	-$25M	$343M	-107.2%
Net Income	$1.4B	$36M	+3852.7%

Revenue Segments

Bank Servicing, Consumer, Net

$650M45%

Subscription and Circulation, Stablecoin

$332M23%

Subscription and Circulation, Blockchain Infrastructure Service

$145M10%

Subscription and Circulation, Other

$119M8%

Other Revenue

$77M5%

Bank Servicing, Institutional

$61M4%

Bank Servicing, Other

$54M4%

Geographic Segments

UNITED STATES

$1.3B86%

Rest of the World

$206M14%