In the second quarter of 2025, the organization achieved a remarkable milestone by reporting a global foreign exchange (FX) net revenue of $23.6 million, reflecting a significant 19% increase compared to the same period in 2024. This surge in revenue was primarily attributed to elevated net transaction and clearing fees.
During this quarter, the average daily notional value (ADNV) traded on the FX platform reached $55.9 billion, marking a 17% rise from the previous year’s second quarter. Additionally, the net capture rate per million dollars traded was $2.81, representing a 5% increase from $2.69 in the second quarter of 2024.
Across all business segments, there was a notable increase in total net revenue of $587.3 million, up 14% from the prior year. The diluted earnings per share (EPS) rose to $2.23, which is a significant 68% increase, driven mainly by the reversal of a one-time impairment of intangible assets that had been recognized in the Digital reporting unit in 2024. The adjusted diluted EPS for the quarter also saw a rise to $2.46, a 14% increase compared to the same quarter a year prior.
The Chief Executive Officer highlighted the exceptional quarterly net revenue achievements, which underscore robust growth across various segments like Derivatives, Data Vantage, and Cash and Spot Markets. With net revenue growing by 14% and adjusted diluted EPS also increasing by 14% year-over-year, the results reflect a year-to-date growth of 13% and 15%, respectively, relative to the first half of 2024. The CEO expressed admiration for the team’s adaptability and expressed enthusiasm for building on these outstanding results to create long-term shareholder value.
As of June 30, 2025, the organization maintained a healthy financial position with cash and cash equivalents amounting to $1,256.3 million and adjusted cash at $1,238.2 million. Total debt stood at $1,442.0 million by the end of June 2025.
In terms of shareholder returns, approximately $66.4 million was distributed as cash dividends, translating to $0.63 per share during this quarter. Furthermore, the organization allocated $35.3 million, excluding commissions and excise taxes, for the repurchase of about 161,000 shares of common stock under its share repurchase program, with an average share price of $219.77. By June 30, 2025, there was around $614.5 million of potential availability left under the current share repurchase authorizations.
Overall, the results reflect a strong adaptive strategy and significant revenue growth across various segments, contributing to a favorable financial outlook moving forward.