Q3 2025 Earnings

Financial Services Financial - Data & Stock Exchanges

Income Statement

Revenue

$1.9B+55.1% YoY

Gross Profit

$1.6B86.4% margin

Operating Income

$481M25.7% margin

Net Income

$433M23.1% margin

EPS (Diluted)

$1.50

QoQ Revenue Growth

+24.8%

Cash Flow

Operating Cash Flow

-$785M

Free Cash Flow

-$785M

Stock-Based Comp.

$222M

Balance Sheet

Total Assets

$31.4B

Total Liabilities

$15.3B

Stockholders' Equity

$16.0B

Cash & Equivalents

$8.7B

Year-over-Year Comparison

Metric	Current	Year Ago	Change
Revenue	$1.9B	$1.2B	+55.1%
Gross Profit	$1.6B	$856M	+88.8%
Operating Income	$481M	$170M	+183.5%
Net Income	$433M	$75M	+473.0%

Revenue Segments

Bank Servicing, Consumer, Net

$844M47%

Subscription and Circulation, Stablecoin

$355M20%

Subscription and Circulation, Blockchain Infrastructure Service

$185M10%

Subscription and Circulation, Other

$143M8%

Bank Servicing, Institutional

$135M7%

Other Revenue

$76M4%

Bank Servicing, Other

$68M4%

Geographic Segments

UNITED STATES

$1.5B81%

Rest of the World

$350M19%