Total Revenue

+16.6% " "

**Total Revenue increased from $1,792 million in Q2 2024 to $2,090 million in Q2 2025, driven by strong overall growth across segments. This expansion builds on the solid performance of prior periods, notably the record trading volumes and improved market conditions that underpinned previous revenue achievements. " " **

Capital Access Platforms

+9.6% " "

**Capital Access Platforms grew from $481 million to $527 million YoY, propelled by robust contributions from Data & Listing Services ($198 million), Index ($196 million) and Workflow & Insights ($133 million). This reflects sustained demand in these sub-segments that had already shown momentum in the previous period. " " **

Financial Technology

+10.5% " "

**Financial Technology revenue increased from $420 million to $464 million YoY, supported by growth in Financial Crime Management Technology ($81 million), Regulatory Technology ($104 million), and Capital Markets Technology ($279 million). The improvement is built upon previous period strengths such as increased subscription revenue, pricing adjustments, and new client acquisitions. " " **

Market Services

+23.5% " "

**Market Services experienced significant record growth, increasing from $883 million to $1,090 million YoY. This sharp rise is attributed to enhanced trading volumes, robust industry activity, and improved operating leverage compared to prior periods, where already strong performance set a high baseline. " " **

Other Revenues

+12.5% " "

**Other Revenues modestly increased from $8 million to $9 million YoY, indicative of incremental improvements in ancillary revenue streams. The change builds on previously stable results, showing that even minor adjustments in operations or revenue sharing can yield noticeable gains. " " **

Regulatory Uncertainty

Earlier periods discussed widespread regulatory uncertainty including Basel III delays, crypto regulation opportunities, and specific issues like the SEC tick rule – with mixed sentiment about market impact " " " " " "

Q2 2025 emphasized emerging regulatory guidance on the supplementary leverage ratio and European regulations, while noting increased clarity and evolving digital ecosystem opportunities " "

Improved clarity and emerging guidance; more optimistic tone amid ongoing regulatory concerns

Index Business Growth

Previous quarters showcased record inflows, strong revenue growth (26–31% in index revenue), and robust diversification through new product launches domestically and internationally " " " " " " " "

Q2 2025 reported record net inflows ($20 billion in the quarter and $88 billion over 12 months) and 17% revenue growth, underlining continued robust performance and diversification " " " "

Consistent, robust growth with expanding product diversification and strong inflows

Advanced AI and Digital Innovation

Earlier periods focused on new AI-enabled products (like Verafin’s Gen AI Copilot), extensive internal AI adoption, and product enhancements; however, mentions of stablecoin initiatives or tokenization were absent until later " " " "

Q2 2025 not only continued to report AI and automation innovations (including the launch of an AI workforce and advanced analytics) but also introduced initiatives in stablecoins and tokenization " " " "

Expanded digital innovation scope with new emphasis on stablecoin and tokenization while continuing AI integration

Strategic AWS Partnership

Q1 2025 discussed the long-term AWS partnership with detailed plans for technology modernization and managed service offerings "

Q2 2025 did not include any mention of the AWS partnership or technology modernization challenges [N/A]

Topic dropped in the current period despite earlier detailed discussion

Client Engagement and Sales Pipeline

Across Q3 2024, Q4 2024, and Q1 2025, robust client engagement was highlighted with strong cross-sell strategies, healthy sales pipelines, and successful integration of acquisitions like AxiomSL and Calypso " " " " " " "

Q2 2025 emphasized numerous new client wins, cross-sell successes, and a maturing, healthy sales pipeline across multiple FinTech segments, leveraging AxiomSL and Calypso " " "

Consistently strong engagement with an enhanced emphasis on cross-selling and pipeline growth

Extended Sales Cycles and Revenue Delays

Q3 2024 and Q1 2025 described extended sales cycles for mission-critical solutions, with specific renewal delays in Calypso and slower client approvals, while Q4 2024 implied timing issues without in-depth discussion " " " " "

Q2 2025 reiterated extended sales cycles and delays—citing elongated conversations due to regulatory uncertainty which delayed implementations and revenue recognition " "

Persistent challenge with similar implementation delays continuing across periods

International Expansion

Q3 2024 highlighted expansion in Latin America and new product launches overseas, while Q4 2024 focused on European market entries and Q1 2025 mentioned regional HQ expansion in Texas as part of global outreach " " " " "

Q2 2025 touched on early traction internationally, including the first European bank for Verifin and a broader global data business push, with Europe expected to contribute more mid-term " " "

Steady international focus with a clear strategic push into Europe and continued global market expansion

Financial Crime Management Expansion

Q3 2024 and Q4 2024 detailed strong client adoption among Tier 1 and Tier 2 banks along with significant cross‐sell efforts, while Q1 2025 noted robust SMB growth and early Tier 2 upsells for Verafin " " " " " " "

Q2 2025 continued to report enterprise deal wins—including cross-sells and upsells in Tier 1 and Tier 2 segments—while noting that longer sales cycles remain a factor " " "

Continued upward momentum in adoption with persistent extended sales cycles for larger institutions

Corporate Solutions and Professional Services Revenue Challenges

Q3 2024 and Q4 2024 discussed challenges in Corporate Solutions due to market conditions and noted timing variability in professional services revenue, while Q1 2025 did not emphasize these challenges " " " " "

Q2 2025 described Corporate Solutions as experiencing modest growth and professional services revenue facing low single-digit growth with delays—anticipating recovery as regulatory clarity improves " "

Ongoing challenges remain though there are signs of potential recovery, with earlier concerns gradually diminishing