Assured Guaranty (AGO) Q2 FY2025 earnings: revenue $281 million, up 39.1% on the year

Assured Guaranty Ltd. (AGO) reported revenue of $281 million for Q2 FY2025, the quarter ended 30 June 2025, up 39.1% on the same quarter a year earlier. Net income was $103 million, up 32.1% on the year, and diluted earnings per share $2.08. The figures are the company's own, from the 10-Q it filed with the SEC on 8 August 2025.

Revenue$281 millionup 39.1%

Net income$103 millionup 32.1%

Diluted EPS$2.08

QuarterQ2 FY2025ended 30 June 2025

The quarter, against the one before and a year earlier

Line	Q2 FY2025	Q1 FY2025	Q2 FY2024	Change on the year
Revenue	281	345	202	+39.1%
Operating income	130	176	89.0	+46.1%
Operating margin	46.3%	51.0%	44.1%
Pre-tax income	133	229	94.0	+41.5%
Income tax	27.0	44.0	13.0	+107.7%
Effective tax rate	20.3%	19.2%	13.8%
Net income	103	176	78.0	+32.1%
Net margin	36.7%	51.0%	38.6%
Diluted EPS	$2.08	$3.44	$1.41	+47.5%

$ million except per share.

Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.

Cash flow and capital returned

Line	Q2 FY2025	Q1 FY2025	Q2 FY2024	Change on the year
Operating cash flow	78.0	87.0	58.0	+34.5%
Cash from investing	217	134	87.0	+149.4%
Cash from financing	-157	-170	-173	n/a
Buybacks	131	120	152	-13.8%
Dividends paid	17.0	19.0	17.0	+0.0%
Dividend per share	$0.34	$0.34	$0.31	+9.7%
Diluted shares, weighted	49m	51m	55m	-10.2%
Shares outstanding at period end	48m	50m	53m	-9.5%

Cash flow lines for the quarter; where the company files them year to date, the quarter is the difference between two filings.

Balance sheet at quarter end

Line	Q2 FY2025	Q1 FY2025	Q2 FY2024	Change on the year
Shareholders' equity	5,633	5,590	5,539	+1.7%
Non-controlling interest	96.0	67.0	56.0	+71.4%
Debt	1,701	1,700	1,696	+0.3%
Other liabilities	4,665	4,581	4,797	-2.8%
Total liabilities and equity	12,095	11,938	12,088	+0.1%
Investments	939	1,158	1,717	-45.3%
Cash and equivalents	325	182	109	+198.2%
Other assets	10,831	10,598	10,262	+5.5%
Total assets	12,095	11,938	12,088	+0.1%

Questions

What was Assured Guaranty's revenue in Q2 FY2025?

Assured Guaranty (AGO) reported revenue of $281 million for Q2 FY2025, the quarter ended 30 June 2025, up 39.1% on the same quarter a year earlier.

How much did Assured Guaranty earn in Q2 FY2025?

Net income for Q2 FY2025 was $103 million, up 32.1% on the year, and diluted earnings per share $2.08.

When did Assured Guaranty report Q2 FY2025 results?

Assured Guaranty filed its 10-Q for the quarter ended 30 June 2025 with the SEC on 8 August 2025.

Quarterly results, the last 12 quarters

	Q3 FY2023	Q4 FY2023 *	Q1 FY2024	Q2 FY2024	Q3 FY2024	Q4 FY2024 *	Q1 FY2025	Q2 FY2025	Q3 FY2025	Q4 FY2025 *	Q1 FY2026	Q2 FY2026
Revenue	403	327	245	202	269	156	345	281	207	277	261	195
Operating income	184	199	120	89.0	202	15.0	176	130	115	139	34.0	60.0
Operating margin	46%	61%	49%	44%	75%	10%	51%	46%	56%	50%	13%	31%
Interest expense	24.0	23.0	23.0	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a
Pre-tax income	202	202	144	94.0	220	30.0	229	133	135	165	65.0	49.0
Tax rate	21%	-88%	22%	14%	20%	27%	19%	20%	16%	16%	-31%	18%
Net income	157	376	109	78.0	171	18.0	176	103	105	119	88.0	39.0
Net margin	39%	115%	44%	39%	64%	12%	51%	37%	51%	43%	34%	20%
Diluted EPS	$2.60	$6.40	$1.89	$1.41	$3.17	$0.35	$3.44	$2.08	$2.18	$2.53	$1.91	$0.88
Operating cash flow	-178	203	-74.0	58.0	17.0	46.0	87.0	78.0	55.0	39.0	190	40.0
Buybacks	64.0	109	129	152	131	90.0	120	131	118	131	75.0	45.0
Dividends paid	16.0	16.0	19.0	17.0	16.0	16.0	19.0	17.0	17.0	15.0	19.0	17.0
Shares outstanding	58m	56m	55m	53m	52m	51m	50m	48m	47m	45m	45m	44m
Filing	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q

Each quarter as filed, linked to its filing.

* The fourth quarter is the full year less the first three quarters, because the company files the year and not the quarter on its own. A fourth quarter's EPS and diluted share count are from the company's results press release for that quarter, used where the release gives the same revenue and net income as the table. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and the share count are as they are. Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Cash flow lines filed year to date are the difference between two filings. Shares outstanding are at the period end where the balance sheet tags them, otherwise the count on the filing's cover page. A derived fourth-quarter EPS is left blank when a split in the year makes the arithmetic meaningless.

Source

10-Q for the period ended 30 June 2025, filed 8 August 2025, accession 0001273813-25-000041: the filing on EDGAR. All of Assured Guaranty Ltd.'s filings: EDGAR company page.

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