Steel Partners (SPLP) Q2 2025 earnings summary

Executive summary

• Revenue for Q2 2025 increased 3.5% year-over-year to $552.1 million, with growth across all segments, especially Financial Services and Energy.

• Net income for Q2 2025 was $76.8 million, down from $124.9 million in Q2 2024, primarily due to a higher effective tax rate and lower realized gains.

• Operating cash flow for the first half of 2025 was $224.2 million, with significant investments and financing outflows.

Financial highlights

• Six-month revenue rose 4.1% year-over-year to $1.05 billion, driven by Financial Services (+7.5%), Diversified Industrial (+2.0%), Energy (+10.9%), and Supply Chain (+5.7%).

• Net income for the first half of 2025 was $105.9 million, compared to $159.7 million in the prior year.

• Diluted EPS for Q2 2025 was $3.43, down from $4.85 in Q2 2024.

• Cash and cash equivalents at June 30, 2025 were $346.5 million, down from $404.4 million at year-end 2024.

• Working capital at June 30, 2025 was $483.2 million, compared to $625.3 million at December 31, 2024.

Outlook and guidance

• Management expects to remain in compliance with all credit facility covenants for the next twelve months.

• The company anticipates continued investment in growth, capital expenditures, and pension contributions for the remainder of 2025.