Paris Air Show: Airbus gets nearly $21 billion in orders
June 19 (UPI) -- During the Paris Air Show, Airbus on Thursday reported robust orders of nearly $21 billion, while Boeing was in the background as it struggles with a host of issues.
The European aircraft manufacturer reported 142 firm orders and an additional 102 jets under provisional agreements.
Airbus customers include Saudi lessor AviLease and LOT Polish Airlines, with 40 orders each. All Nippon Airways ordered 27 jets and Riyadh Air ordered 25 A350-1000 wide bodies.
Starlux in Taiwan ordered 10 Airbus airliners and EgyptAir expanded an order from 10 to 16 jets.
Boeing kept a low profile at the Paris Air Show, but recently got a Qatar Airways 210 airliner order during an official U.S. government diplomatic visit in the Middle East.
Despite Airbus orders surging at the air show, both aircraft manufacturers are experiencing backlogged orders as they continue to face supply issues.
Air Lease Corp CEO John Plueger told CNBC, "Both Airbus and Boeing are all sold out to 2031 and '32 anyway. So how many follow-on orders into the '33, '34, '35 time frame are you really going to see? ... But overall, the demand environment remains very robust."
An Airbus order and delivery summary as of May 2025 shows total orders at 24,836.
Boeing did not do aircraft fly-bys or major promotions at the Paris show. CEO Kelly Ortberg was to attend, but that plan was disrupted by the Air India Boeing Dreamliner crash, which claimed at least 280 lives, including 39 people on the ground.
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WisdomTree Announces Second Quarter 2025 Results
Record AUM of $126.1 Billion 12% Annualized Organic Growth Rate Across All Products Diluted Earnings Per Share of $0.17 ($0.18, as Adjusted) Accretive Acquisition of Ceres Partners NEW YORK, July 31, 2025--(BUSINESS WIRE)--WisdomTree, Inc. (NYSE: WT), a global financial innovator, today reported financial results for the second quarter of 2025. $24.8 million of net income ($25.9(1) million of net income, as adjusted). See "Non-GAAP Financial Measurements" for additional information. $126.1 billion of ending AUM, an increase of 8.9% from the prior quarter arising from market appreciation and net inflows. $3.5 billion of net inflows, primarily driven by inflows into our international developed equity and U.S. equity products. European listed ETP inflows were $2.2 billion during the quarter and approximately $3.3 billion of the over $6.5 billion total year-to-date flows. 0.35% average advisory fee, unchanged from the prior quarter. 0.38% adjusted revenue yield(2), unchanged from the prior quarter. $112.6 million of operating revenues, an increase of 4.2% from the prior quarter due to higher average AUM. 81.1% gross margin(1), a 0.3 point increase from the prior quarter due to higher operating revenues. 30.8% operating income margin (32.5%(1) as adjusted), a 0.8 point decrease compared to our operating income margin of 31.6% in the prior quarter primarily due to acquisition-related costs. Adjusted operating margin increased 0.9(1) points compared to the prior quarter, exclusive of the acquisition-related costs. $0.03 quarterly dividend declared, payable on August 27, 2025 to stockholders of record as of the close of business on August 13, 2025. Update from Jonathan Steinberg, WisdomTree CEO "With our acquisition of Ceres Partners—a premier partner to America's family farmers and a top-five U.S. farmland manager overseeing nearly $2 billion—WisdomTree secures a historically double-digit-return asset class that diversifies our AUM, is accretive, and widens both revenue capture and operating margin. It positions us to raise at least $750 million by 2030, and we see a credible path to managing roughly $10 billion in farmland assets over the next decade—adding a durable private-markets tailwind to our ETP, model-portfolio, and tokenization growth strategy." Update from Jarrett Lilien, WisdomTree COO and President "All growth engines are firing—$6.5 billion in net inflows year-to-date, record AUM across the U.S., Europe and Digital Assets, the WisdomTree Europe Defence UCITS ETF (WDEF) has more than $3.5 billion in AUM, model portfolio AUA already has surpassed our full-year 2025 target at $5.2 billion, Digital Assets net inflows are above $500 million, and USDW plus WTGXX puts us at the center of a projected $3.7 trillion stablecoin market—clear proof that WisdomTree's diversified growth flywheel is delivering and accelerating." OPERATING AND FINANCIAL HIGHLIGHTS Three Months Ended June 30,2025 Mar. 31,2025 Dec. 31,2024 Sept. 30,2024 June 30,2024 Consolidated Operating Highlights ($ in billions): AUM—end of period $ 126.1 $ 115.8 $ 109.8 $ 112.6 $ 109.7 Net inflows/(outflows) $ 3.5 $ 3.1 $ (0.3 ) $ (2.4 ) $ 0.3 Average AUM $ 119.2 $ 114.6 $ 112.3 $ 110.4 $ 108.5 Average advisory fee 0.35% 0.35% 0.36% 0.37% 0.37% Adjusted revenue yield(2) 0.38% 0.38% 0.39% 0.39% 0.40% Consolidated Financial Highlights ($ in millions, except per share amounts): Operating revenues $ 112.6 $ 108.1 $ 110.7 $ 113.2 $ 107.0 Net income/(loss) $ 24.8 $ 24.6 $ 27.3 $ (4.5 ) $ 21.8 Diluted earnings/(loss) per share $ 0.17 $ 0.17 $ 0.18 $ (0.13 ) $ 0.13 Operating income margin 30.8% 31.6% 31.7% 36.0% 31.3% As Adjusted (Non-GAAP(1)): Operating revenues, as adjusted $ 112.6 $ 108.1 $ 110.5 $ 109.5 $ 107.0 Gross margin 81.1% 80.8% 79.3% 80.8% 81.2% Net income, as adjusted $ 25.9 $ 23.0 $ 25.3 $ 28.8 $ 27.1 Diluted earnings per share, as adjusted $ 0.18 $ 0.16 $ 0.17 $ 0.18 $ 0.16 Operating income margin, as adjusted 32.5% 31.6% 31.7% 37.3% 35.3% RECENT BUSINESS DEVELOPMENTS Company News In May 2025, we expanded our global footprint through a strategic collaboration with Korea Investment Management Co., Ltd. (KIM) in connection with the launch of a suite of innovative ETFs by KIM marketed under the ACE label for the Korean market. In June 2025, WisdomTree Transfers, Inc. was awarded "Best Digital Asset Processing Solution" at the 2025 FTF News Technology Innovation Awards; we closed a strategic minority investment and commenced a multi-year collaboration with Quorus Inc., a technology-driven asset manager with platform capabilities for delivering customizable, tax efficient investment solutions for asset managers and financial advisors; and WisdomTree Europe was named "Best ETF Provider" at the Online Money Awards. In July 2025, we entered into a definitive agreement to acquire Ceres Partners, LLC, a leading U.S.-based alternative asset manager specializing in farmland investments. Product News In June 2025, we launched the WisdomTree Inflation Plus Fund (WTIP) on the NASDAQ; the WisdomTree Physical Solana (SOLW) was listed on Sweden's Nasdaq exchange (XSTO), our first listing in the country; the WisdomTree Europe Defence UCITS ETF (WDEF), the world's first ETF dedicated to the European defense industry, surpassed $3.0 billion of assets under management and was also cross-listed in Mexico on the Mexican Stock Exchange (BMV); and WisdomTree Europe appointed The Bank of New York Mellon Corporation (BNY) to provide asset servicing solutions across the European ETF range. In July 2025, we launched the GeoAlpha Opportunities Fund (GEOA) on the New York Stock Exchange ("NYSE"); we celebrated the 10th anniversary of the launch of the Yield Enhanced U.S. Aggregate Bond Fund (AGGY) on the NYSE; we launched the WisdomTree Europe Defense Fund (WDEF) on the NYSE; we changed the name of the WisdomTree Alternative Income Fund to the WisdomTree Private Credit and Alternative Income Fund (HYIN); and WisdomTree Europe listed four thematic equity short and leveraged ETPs on the London Stock Exchange, Börse Xetra and Borsa Italiana: Magnificent 7 3x Daily Leveraged (3MG7), Magnificent 7 3x Daily Short (3M7S), PHLX Semiconductor 3x Daily Leveraged (3SEM), and PHLX Semiconductor 3x Daily Short (SC3S). WISDOMTREE, INC. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF OPERATIONS (in thousands, except per share amounts) (Unaudited) Three Months Ended Six Months Ended June 30,2025 Mar. 31,2025 Dec. 31,2024 Sept. 30,2024 June 30,2024 June 30,2025 June 30,2024 Operating Revenues: Advisory fees $ 103,241 $ 99,549 $ 102,264 $ 101,659 $ 98,938 $ 202,790 $ 191,439 Other revenues 9,380 8,533 8,433 11,509 8,096 17,913 12,433 Total revenues 112,621 108,082 110,697 113,168 107,034 220,703 203,872 Operating Expenses: Compensation and benefits 32,827 33,788 30,032 29,405 30,790 66,615 61,844 Fund management and administration 21,252 20,714 22,858 21,004 20,139 41,966 40,101 Marketing and advertising 5,330 4,813 6,117 4,897 5,110 10,143 9,518 Sales and business development 4,232 4,137 4,101 3,465 3,640 8,369 7,251 Professional fees 3,177 2,782 4,559 6,315 6,594 5,959 10,224 Occupancy, communications and equipment 1,559 1,482 1,423 1,397 1,314 3,041 2,524 Depreciation and amortization 580 540 504 447 418 1,120 801 Third-party distribution fees 4,083 3,112 3,161 2,983 2,687 7,195 4,994 Acquisition-related costs 1,967 — — — — 1,967 — Other 2,982 2,552 2,902 2,463 2,831 5,534 5,154 Total operating expenses 77,989 73,920 75,657 72,376 73,523 151,909 142,411 Operating income 34,632 34,162 35,040 40,792 33,511 68,794 61,461 Other Income/(Expenses): Interest expense (5,490 ) (5,441 ) (5,616 ) (5,027 ) (4,140 ) (10,931 ) (8,268 ) Interest income 2,090 1,897 2,147 1,795 1,438 3,987 2,836 Loss on extinguishment of convertible notes — — — (30,632 ) — — — Other gains and losses, net 638 (250 ) 2,627 (3,062 ) (1,283 ) 388 1,309 Income before income taxes 31,870 30,368 34,198 3,866 29,526 62,238 57,338 Income tax expense 7,093 5,739 6,890 8,351 7,767 12,832 13,468 Net income/(loss) $ 24,777 $ 24,629 $ 27,308 $ (4,485 ) $ 21,759 $ 49,406 $ 43,870 Earnings/(loss) per share—basic $ 0.17 $ 0.17 $ 0.19 $ (0.13)(3 ) $ 0.13(3 ) $ 0.35 $ 0.27(2 ) Earnings/(loss) per share—diluted $ 0.17 $ 0.17 $ 0.18 $ (0.13)(3 ) $ 0.13 $ 0.34 $ 0.26 Weighted average common shares—basic 143,076 142,580 141,275 143,929 146,896 142,830 146,680 Weighted average common shares—diluted 146,640 146,545 147,612 143,929 166,359 146,513 165,872 As Adjusted (Non-GAAP(1)) Total revenues $ 112,621 $ 108,082 $ 110,505 $ 109,507 $ 107,034 Total operating expenses $ 76,022 $ 73,920 $ 75,465 $ 68,715 $ 69,252 Operating income $ 36,599 $ 34,162 $ 35,040 $ 40,792 $ 37,782 Income before income taxes $ 33,798 $ 30,947 $ 33,033 $ 37,187 $ 36,083 Income tax expense $ 7,935 $ 7,933 $ 7,753 $ 9,049 $ 9,008 Net income $ 25,863 $ 23,014 $ 25,280 $ 28,768 $ 27,075 Earnings per share—diluted $ 0.18 $ 0.16 $ 0.17 $ 0.18 $ 0.16 Weighted average common shares—diluted 146,640 146,545 147,612 156,745 166,359 QUARTERLY HIGHLIGHTS Operating Revenues Operating revenues increased 4.2% from the first quarter of 2025 due to higher average AUM. Operating revenues increased 5.2% from the second quarter of 2024 due to higher average AUM, partly offset by a lower average advisory fee. Our average advisory fee was 0.35% during the first and second quarter of 2025 and 0.37% during the second quarter of 2024. Operating Expenses Operating expenses increased 5.5% from the first quarter of 2025 primarily due to acquisition-related costs and higher third-party distribution fees. These increases were partly offset by lower compensation expenses. Operating expenses increased 6.1% from the second quarter of 2024 primarily due to acquisition-related costs and higher compensation expense arising from increased headcount, as well as higher third-party distribution fees and fund management and administration expenses. These increases were partly offset by lower professional fees. Other Income/(Expenses) Interest expense was essentially unchanged from the first quarter of 2025. Interest expense increased 32.6% from the second quarter of 2024 due to a higher level of debt outstanding, partly offset by a lower average interest rate. Interest income increased 10.2% and 45.3% from the first quarter of 2025 and the second quarter of 2024, respectively, due to changes in the level of interest-earning assets and interest rates. Other gains and losses, net was a gain of $0.6 million for the second quarter of 2025. This included net gains of $1.3 million on our financial instruments owned and net gains of $0.6 million on our investments. These items were partly offset by $1.4 million of foreign currency remeasurement losses on U.S. dollars held by foreign subsidiaries. Gains and losses also generally arise from the sale of gold and cryptocurrency earned from management fees paid by our physically-backed gold and crypto ETPs, other foreign exchange fluctuations and miscellaneous items. Income Taxes Our effective income tax rate for the second quarter of 2025 was 22.3%, resulting in income tax expense of $7.1 million. The effective tax rate differs from the federal statutory rate of 21.0% primarily due to state and local income taxes, partly offset by a lower tax rate on foreign earnings. Our adjusted effective income tax rate for the second quarter of 2025 was 23.5%(1). SIX MONTH HIGHLIGHTS Operating revenues increased 8.3% as compared to 2024 due to higher average AUM and higher other revenues attributable to our European listed ETPs, partly offset by a lower average advisory fee. Operating expenses increased 6.7% as compared to 2024 primarily due to higher stock-based compensation expense and increased headcount, third-party distribution fees, acquisition-related costs and fund management and administration expenses. These increases were partly offset by lower professional fees. Significant items reported in other income/(expense) in 2025 include: an increase in interest expense of 32.2% due to a higher level of debt outstanding, partly offset by a lower average interest rate; an increase in interest income of 40.6% due to an increase in our interest-earning assets; net gains on our investments of $0.9 million, net gains on our financial instruments owned of $0.8 million and $2.4 million of foreign currency remeasurement losses on U.S. dollars held by foreign subsidiaries. Gains and losses also generally arise from the sale of gold earned on management fees paid by our physically-backed gold ETPs, other foreign exchange fluctuations and miscellaneous items. Our effective income tax rate for 2025 was 20.6%, resulting in an income tax expense of $12.8 million. Our tax rate differs from the federal statutory rate of 21.0% primarily due to tax windfalls associated with the vesting of stock-based compensation awards and a lower tax rate on foreign earnings. These items were partly offset by state and local income taxes. CONFERENCE CALL DIAL-IN AND WEBCAST DETAILS WisdomTree will discuss its results and operational highlights during a live webcast on Friday, August 1, 2025 at 12:00 p.m. ET, which can be accessed using the following link: Participants also can dial in using the following numbers: (877) 407-9210 or (201) 689-8049. Click here to access the participant international toll-free access numbers. To avoid delays, we encourage participants to log in or dial into the conference call 10 minutes ahead of the scheduled start time. All earnings materials and the webcast can be accessed through WisdomTree's investor relations website at A replay of the webcast will also be available shortly after the call. About WisdomTree WisdomTree is a global financial innovator, offering a diverse suite of exchange-traded products (ETPs), models and solutions, as well as digital asset-related products. Our offerings empower investors to shape their financial future and equip financial professionals to grow their businesses. Leveraging the latest financial infrastructure, we create products that emphasize access, transparency and provide an enhanced user experience. Building on our heritage of innovation, we offer next-generation digital products and services related to tokenized real world assets and stablecoins, as well as our blockchain-native digital wallet, WisdomTree Prime®, and institutional platform, WisdomTree Connect™.* * The WisdomTree Prime digital wallet and digital asset services and WisdomTree Connect institutional platform are made available through WisdomTree Digital Movement, Inc., a federally registered money services business, state-licensed money transmitter and financial technology company (NMLS ID: 2372500) or WisdomTree Digital Trust Company, LLC, in select U.S. jurisdictions and may be limited where prohibited by law. WisdomTree Digital Trust Company, LLC is chartered as a limited purpose trust company by the New York State Department of Financial Services to engage in virtual currency business. Visit the WisdomTree Prime mobile app or for more information. WisdomTree currently has approximately $128.5 billion in assets under management globally. For more information about WisdomTree, WisdomTree Connect and WisdomTree Prime, visit: Please visit us on X at @WisdomTreeNews. WisdomTree® is the marketing name for WisdomTree, Inc. and its subsidiaries worldwide. PRODUCTS AND SERVICES AVAILABLE VIA WISDOMTREE PRIME: NOT FDIC INSURED | NO BANK GUARANTEE | NOT A BANK DEPOSIT | MAY LOSE VALUE | NOT SIPC PROTECTED | NOT INSURED BY ANY GOVERNMENT AGENCY The products and services available through the WisdomTree Prime app and WisdomTree Connect are not endorsed, indemnified or guaranteed by any regulatory agency. __________ (1) See "Non-GAAP Financial Measurements." (2) Adjusted revenue yield is computed by dividing our annualized adjusted operating revenues as reported in the GAAP to Non-GAAP Reconciliation herein by our average AUM during the period. (3) Earnings per share ("EPS") is calculated pursuant to the two-class method as it results in a lower EPS amount as compared to the treasury stock method. In addition, the three months ended September 30, 2024 includes a loss of $11,375 recognized upon the repurchase of our Series A Non-Voting Convertible Preferred Stock convertible into approximately 14.75 million shares of common stock from ETFS Capital Limited and $1,868 of stock repurchase excise taxes. These items are excluded from net income but are required to be added to net income to arrive at income available to common stockholders in the calculation of EPS. These items are excluded from our EPS when computed on a non-GAAP basis. WISDOMTREE, INC. AND SUBSIDIARIES KEY OPERATING STATISTICS (Unaudited) Three Months Ended June 30,2025 Mar. 31,2025 Dec. 31,2024 Sept. 30,2024 June 30,2024 GLOBAL PRODUCTS ($ in millions) Beginning of period assets $ 115,787 $ 109,779 $ 112,577 $ 109,686 $ 107,230 Add: Digital Assets—Jan. 1, 2025 — 32 — — — Inflows/(outflows) 3,527 3,052 (281 ) (2,395 ) 340 Market appreciation/(depreciation) 6,756 2,924 (2,517 ) 5,286 2,116 End of period assets $ 126,070 $ 115,787 $ 109,779 $ 112,577 $ 109,686 Average assets during the period $ 119,185 $ 114,622 $ 112,349 $ 110,369 $ 108,479 Average advisory fee during the period 0.35 % 0.35 % 0.36 % 0.37 % 0.37 % Revenue days 91 90 92 92 91 Number of products—end of the period 383 375(1 ) 353 352 350 U.S. LISTED ETFs ($ in millions) Beginning of period assets $ 80,531 $ 79,095 $ 81,267 $ 79,722 $ 78,087 Inflows/(outflows) 1,110 1,847 (40 ) (1,650 ) 1,106 Market appreciation/(depreciation) 3,538 (411 ) (2,132 ) 3,195 529 End of period assets $ 85,179 $ 80,531 $ 79,095 $ 81,267 $ 79,722 Average assets during the period $ 81,525 $ 81,127 $ 80,661 $ 80,335 $ 78,523 Number of ETFs—end of the period 81 78 78 78 78 EUROPEAN LISTED ETPs ($ in millions) Beginning of period assets $ 35,124 $ 30,684 $ 31,310 $ 29,964 $ 29,143 Inflows/(outflows) 2,201 1,104 (241 ) (745 ) (766 ) Market appreciation/(depreciation) 3,216 3,336 (385 ) 2,091 1,587 End of period assets $ 40,541 $ 35,124 $ 30,684 $ 31,310 $ 29,964 Average assets during the period $ 37,439 $ 33,415 $ 31,688 $ 30,034 $ 29,956 Number of ETPs—end of the period 285 280 275 274 272 DIGITAL ASSETS ($ in millions) Beginning of period assets $ 132 $ — $ — $ — $ — Add: Digital Assets—Jan. 1, 2025 — 32 — — — Inflows 216 101 — — — Market appreciation/(depreciation) 2 (1 ) — — — End of period assets $ 350 $ 132 $ — $ — $ — Average assets during the period $ 221 $ 80 $ — $ — $ — Number of products—end of the period 17 17(1 ) — — — PRODUCT CATEGORIES ($ in millions) U.S. Equity Beginning of period assets $ 35,628 $ 35,414 $ 34,643 $ 31,834 $ 31,670 Add: Digital Assets—Jan. 1, 2025 — 9 — — — Inflows 1,288 962 1,099 328 221 Market appreciation/(depreciation) 1,701 (757 ) (328 ) 2,481 (57 ) End of period assets $ 38,617 $ 35,628 $ 35,414 $ 34,643 $ 31,834 Average assets during the period $ 36,080 $ 36,278 $ 35,714 $ 33,175 $ 31,339 Three Months Ended June 30,2025 Mar. 31,2025 Dec. 31,2024 Sept. 30,2024 June 30,2024 Commodity & Currency Beginning of period assets $ 25,487 $ 21,906 $ 23,034 $ 21,987 $ 21,944 Add: Digital Assets—Jan. 1, 2025 — 1 — — — Outflows (110 ) (159 ) (440 ) (741 ) (1,499 ) Market appreciation/(depreciation) 1,319 3,739 (688 ) 1,788 1,542 End of period assets $ 26,696 $ 25,487 $ 21,906 $ 23,034 $ 21,987 Average assets during the period $ 25,888 $ 23,996 $ 22,989 $ 22,016 $ 22,437 Fixed Income Beginning of period assets $ 22,230 $ 20,043 $ 20,767 $ 21,430 $ 21,218 Add: Digital Assets—Jan. 1, 2025 — 21 — — — Inflows/(outflows) 146 2,093 (387 ) (897 ) 236 Market appreciation/(depreciation) 167 73 (337 ) 234 (24 ) End of period assets $ 22,543 $ 22,230 $ 20,043 $ 20,767 $ 21,430 Average assets during the period $ 22,526 $ 21,464 $ 20,398 $ 21,135 $ 21,277 International Developed Market Equity Beginning of period assets $ 18,178 $ 17,602 $ 18,075 $ 19,385 $ 18,103 Inflows/(outflows) 1,645 474 63 (1,391 ) 1,253 Market appreciation/(depreciation) 1,902 102 (536 ) 81 29 End of period assets $ 21,725 $ 18,178 $ 17,602 $ 18,075 $ 19,385 Average assets during the period $ 19,577 $ 18,275 $ 17,716 $ 18,636 $ 18,809 Emerging Market Equity Beginning of period assets $ 9,985 $ 10,468 $ 12,452 $ 11,875 $ 11,189 Inflows/(outflows) 28 (445 ) (908 ) (20 ) 57 Market appreciation/(depreciation) 944 (38 ) (1,076 ) 597 629 End of period assets $ 10,957 $ 9,985 $ 10,468 $ 12,452 $ 11,875 Average assets during the period $ 10,295 $ 10,072 $ 11,407 $ 12,083 $ 11,448 Leveraged & Inverse Beginning of period assets $ 2,133 $ 1,924 $ 2,082 $ 1,922 $ 1,828 Inflows/(outflows) 141 116 (69 ) 71 (18 ) Market appreciation/(depreciation) 357 93 (89 ) 89 112 End of period assets $ 2,631 $ 2,133 $ 1,924 $ 2,082 $ 1,922 Average assets during the period $ 2,354 $ 2,083 $ 2,032 $ 1,962 $ 1,905 Cryptocurrency Beginning of period assets $ 1,553 $ 1,912 $ 1,054 $ 838 $ 874 Add: Digital Assets—Jan. 1, 2025 — 1 — — — Inflows/(outflows) 198 (89 ) 315 201 75 Market appreciation/(depreciation) 336 (271 ) 543 15 (111 ) End of period assets $ 2,087 $ 1,553 $ 1,912 $ 1,054 $ 838 Average assets during the period $ 1,800 $ 1,900 $ 1,599 $ 917 $ 856 Alternatives Beginning of period assets $ 593 $ 510 $ 470 $ 415 $ 404 Inflows 191 100 46 54 15 Market appreciation/(depreciation) 30 (17 ) (6 ) 1 (4 ) End of period assets $ 814 $ 593 $ 510 $ 470 $ 415 Average assets during the period $ 665 $ 554 $ 494 $ 445 $ 408 Headcount 321 315 313 314 304 __________ (1) Includes 17 digital assets products, which were launched prior to January 1, 2025. Note: Previously issued statistics may be restated due to fund closures and trade adjustments. Source: WisdomTree WISDOMTREE, INC. AND SUBSIDIARIES CONSOLIDATED BALANCE SHEETS (in thousands, except per share amounts) June 30,2025 Dec. 31,2024 (Unaudited) ASSETS Current assets: Cash, cash equivalents and restricted cash $ 193,673 $ 181,191 Financial instruments owned, at fair value 97,749 85,439 Accounts receivable 43,070 44,866 Income taxes receivable 4,129 — Prepaid expenses 10,491 5,340 Other current assets 1,543 1,542 Total current assets 350,655 318,378 Fixed assets, net 316 336 Deferred tax assets, net 6,145 11,656 Investments 13,843 8,922 Right of use assets—operating leases 2,085 880 Goodwill 86,841 86,841 Intangible assets, net 606,236 605,896 Other noncurrent assets 756 631 Total assets $ 1,066,877 $ 1,033,540 LIABILITIES AND STOCKHOLDERS' EQUITY LIABILITIES Current liabilities: Fund management and administration payable $ 33,084 $ 31,135 Compensation and benefits payable 22,217 39,701 Payable to Gold Bullion Holdings (Jersey) Limited ("GBH") 14,804 14,804 Income taxes payable — 724 Operating lease liabilities 1,352 709 Convertible notes—current 149,170 — Accounts payable and other liabilities 23,226 22,124 Total current liabilities 243,853 109,197 Convertible notes—long term 364,115 512,033 Payable to GBH 13,083 12,159 Operating lease liabilities—long term 739 171 Total liabilities 621,790 633,560 STOCKHOLDERS' EQUITY Common stock, par value $0.01; 400,000 shares authorized: Issued and outstanding: 147,061 and 146,102 at June 30, 2025 and December 31, 2024, respectively 1,471 1,461 Additional paid-in capital 269,344 270,303 Accumulated other comprehensive gain/(loss) 3,860 (1,607 ) Retained earnings 170,412 129,823 Total stockholders' equity 445,087 399,980 Total liabilities and stockholders' equity $ 1,066,877 $ 1,033,540 WISDOMTREE, INC. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF CASH FLOWS (in thousands) (Unaudited) Six Months Ended June 30, 2025 2024 Cash flows from operating activities: Net income $ 49,406 $ 43,870 Adjustments to reconcile net income to net cash provided by operating activities: Advisory and license fees paid in gold, other precious metals and cryptocurrency (32,532 ) (25,365 ) Stock-based compensation 11,765 10,755 Deferred income taxes 4,206 4,326 Amortization of issuance costs—convertible notes 1,252 750 Depreciation and amortization 1,120 801 Imputed interest on payable to GBH 923 1,342 (Gains)/losses on investments (920 ) 1,195 Gains on financial instruments owned, at fair value (844 ) (1,772 ) Amortization of right of use asset 662 647 Changes in operating assets and liabilities: Accounts receivable 3,562 (7,132 ) Income taxes receivable/payable (4,770 ) (2,028 ) Prepaid expenses (5,000 ) (3,353 ) Gold and other precious metals 31,543 24,972 Other assets (143 ) (118 ) Fund management and administration payable 1,272 (3,430 ) Compensation and benefits payable (18,273 ) (17,657 ) Operating lease liabilities (655 ) (662 ) Accounts payable and other liabilities 2,602 4,031 Net cash provided by operating activities 45,176 31,172 Cash flows from investing activities: Purchase of financial instruments owned, at fair value (15,756 ) (14,193 ) Purchase of investments (4,000 ) — Cash paid—software development (1,323 ) (1,184 ) Purchase of fixed assets (117 ) (102 ) Proceeds from the sale of financial instruments owned, at fair value 4,478 5,303 Proceeds from held-to-maturity securities maturing or called prior to maturity 6 12 Proceeds from the exit from investment in Securrency, Inc. — 465 Net cash used in investing activities (16,712 ) (9,699 ) Cash flows from financing activities: Common stock repurchased (12,714 ) (7,820 ) Dividends paid (8,923 ) (9,873 ) Excise taxes paid on common stock repurchased (1,868 ) — Net cash used in financing activities (23,505 ) (17,693 ) Increase/(decrease) in cash flow due to changes in foreign exchange rate 7,523 (626 ) Net increase in cash, cash equivalents and restricted cash 12,482 3,154 Cash, cash equivalents and restricted cash—beginning of year 181,191 129,305 Cash, cash equivalents and restricted cash—end of period $ 193,673 $ 132,459 Supplemental disclosure of cash flow information: Cash paid for income taxes $ 13,468 $ 11,138 Cash paid for interest $ 8,850 $ 6,175 NON-GAAP FINANCIAL MEASUREMENTS In an effort to provide additional information regarding our results as determined by GAAP, we also disclose certain non-GAAP information which we believe provides useful and meaningful information. Our management reviews these non-GAAP financial measurements when evaluating our financial performance and results of operations; therefore, we believe it is useful to provide information with respect to these non-GAAP measurements so as to share this perspective of management. Non-GAAP measurements do not have any standardized meaning, do not replace nor are they superior to GAAP financial measurements and are unlikely to be comparable to similar measures presented by other companies. These non-GAAP financial measurements should be considered in the context with our GAAP results. The non-GAAP financial measurements contained in this press release include: Adjusted Revenues, Operating Income, Operating Expenses, Income Before Income Taxes, Income Tax Expense, Net Income and Diluted Earnings per Share We disclose adjusted revenues, operating income, operating expenses, income before income taxes, income tax expense, net income and diluted earnings per share as non-GAAP financial measurements in order to report our results exclusive of items that are non-recurring or not core to our operating business. We believe presenting these non-GAAP financial measurements provides investors with a consistent way to analyze our performance. These non-GAAP financial measurements exclude the following: Gains or losses on financial instruments owned: We account for our financial instruments owned as trading securities, which requires these instruments to be measured at fair value with gains and losses reported in net income. We exclude these items when calculating our non-GAAP financial measurements as the gains and losses introduce earnings volatility and are not core to our operating business. Foreign currency remeasurement gains and losses on U.S. dollars held by foreign subsidiaries: GAAP requires account balances to be remeasured into an entity's functional currency, with resulting gains and losses reported in net income. Foreign subsidiaries holding U.S. dollars remeasure these balances into their functional currencies and recognize the gains and losses. Beginning in the second quarter of 2025, we began excluding these remeasurement effects from our non-GAAP financial measures, as they introduce earnings volatility, are not core to our operations and arise from balances denominated in our reporting currency. Tax windfalls and shortfalls upon vesting of stock-based compensation awards: GAAP requires the recognition of tax windfalls and shortfalls within income tax expense. These items arise upon the vesting of stock-based compensation awards and the magnitude is directly correlated to the number of awards vesting/exercised, as well as the difference between the price of our stock on the date the award was granted and the date the award vested or was exercised. We exclude these items when calculating our non-GAAP financial measurements as they introduce earnings volatility and are not core to our operating business. Imputed interest on our payable to the Gold Bullion Holdings (Jersey) Limited ("GBH"): During the fourth quarter of 2023, we repurchased our Series C Non-Voting Convertible Preferred Stock, which was convertible into approximately 13.1 million shares of WisdomTree common stock, from GBH, a subsidiary of the World Gold Council, for aggregate cash consideration of approximately $84.4 million. Under the terms of the transaction, we paid GBH $40.0 million on the closing date, with the remainder of the purchase price payable in equal annual installments on the first, second and third anniversaries of the closing date, with no requirement to pay interest. Under U.S. GAAP, the obligation is recorded at its present value utilizing a market rate of interest on the closing date of 7.0% and the corresponding discount is amortized as interest expense pursuant to the effective interest method of accounting over the life of the obligation. We exclude this item when calculating our non-GAAP financial measurements as recognition of interest expense is non-cash and contrary to the stated terms of our obligation. Other items: Acquisition-related costs, losses on extinguishment of convertible notes, a civil money penalty in connection with a settlement with the U.S. Securities and Exchange Commission (the "SEC") regarding certain statements about the ESG screening process for three ETFs advised by WisdomTree Asset Management, Inc. (the "SEC ESG Settlement"), gains and losses recognized on our investments, changes in deferred tax asset valuation allowance and expenses incurred in response to an activist campaign are excluded when calculating our non-GAAP financial measurements. We also offset revenues and related expenses pertaining to legal and other related expenses covered by insurance as the gross presentation required under GAAP serves to overstate our revenues and expenses in the ordinary course of business. Adjusted Effective Income Tax Rate We disclose our adjusted effective income tax rate as a non-GAAP financial measurement in order to report our effective income tax rate exclusive of items that are non-recurring or not core to our operating business. We believe reporting our adjusted effective income tax rate provides investors with a consistent way to analyze our income taxes. Our adjusted effective income tax rate is calculated by dividing adjusted income tax expense by adjusted income before income taxes. See above for information regarding the items that are excluded. Gross Margin and Gross Margin Percentage We disclose our gross margin and gross margin percentage as non-GAAP financial measurements because we believe they provide investors with a consistent way to analyze the amount we retain after paying third-party service providers to operate our ETPs. These measures also assist us in analyzing the profitability of our products. We define gross margin as total adjusted operating revenues less fund management and administration expenses. Gross margin percentage is calculated as gross margin divided by total adjusted operating revenues. GAAP to NON-GAAP RECONCILIATION (CONSOLIDATED) (in thousands) (Unaudited) Three Months Ended Adjusted Net Income and Diluted Earnings per Share: June 30,2025 Mar. 31,2025 Dec. 31,2024 Sept. 30,2024 June 30,2024 Net income/(loss), as reported $ 24,777 $ 24,629 $ 27,308 $ (4,485 ) $ 21,759 Add back: Acquisition-related costs, net of income taxes 1,489 — — — — Add back: Foreign currency remeasurement losses on U.S. dollar balances, net of income taxes 1,136 — — — — (Deduct)/add back: (Gains)/losses on financial instruments owned, net of income taxes (972 ) 333 (1,722 ) (607 ) 220 (Deduct)/add back: (Decrease)/increase in deferred tax asset valuation allowance on financial instruments owned and investments (459 ) 30 (428 ) (335 ) 391 (Deduct)/add back: (Gains)/losses recognized on investments, net of income taxes (458 ) (239 ) 389 (436 ) 998 Add back: Imputed interest on payable to GBH, net of income taxes 354 344 451 528 513 Deduct: Tax windfalls upon vesting of stock-based compensation awards (4 ) (2,083 ) — (25 ) (40 ) Add back: Loss on extinguishment of convertible notes, net of income taxes — — (718 ) 30,128 — Add back: Civil money penalty in connection with the SEC ESG Settlement — — — 4,000 — Add back: Expenses incurred in response to an activist campaign, net of income taxes — — — — 3,234 Adjusted net income $ 25,863 $ 23,014 $ 25,280 $ 28,768 $ 27,075 Weighted average common shares—diluted 146,640 146,545 147,612 156,745 166,359 Adjusted earnings per share—diluted $ 0.18 $ 0.16 $ 0.17 $ 0.18 $ 0.16 Three Months Ended Gross Margin and Gross Margin Percentage: June 30,2025 Mar. 31,2025 Dec. 31,2024 Sept. 30,2024 June 30,2024 Operating revenues $ 112,621 $ 108,082 $ 110,697 $ 113,168 $ 107,034 Deduct: Legal and other related expenses covered by insurance — — (192 ) (3,661 ) — Operating revenues, as adjusted $ 112,621 $ 108,082 $ 110,505 $ 109,507 $ 107,034 Deduct: Fund management and administration (21,252 ) (20,714 ) (22,858 ) (21,004 ) (20,139 ) Gross margin $ 91,369 $ 87,368 $ 87,647 $ 88,503 $ 86,895 Gross margin percentage 81.1 % 80.8 % 79.3 % 80.8 % 81.2 % Three Months Ended Adjusted Operating Revenues, Operating Income and Adjusted Operating Income Margin: June 30, 2025 Mar. 31, 2025 Dec. 31, 2024 Sept. 30, 2024 June 30, 2024 Operating revenues $ 112,621 $ 108,082 $ 110,697 $ 113,168 $ 107,034 Deduct: Legal and other related expenses covered by insurance — — (192 ) (3,661 ) — Operating revenues, as adjusted $ 112,621 $ 108,082 $ 110,505 $ 109,507 $ 107,034 Operating income $ 34,632 $ 34,162 $ 35,040 $ 40,792 $ 33,511 Add back: Acquisition-related costs 1,967 — — — — Add back: Expenses incurred in response to an activist campaign — — — — 4,271 Adjusted operating income $ 36,599 $ 34,162 $ 35,040 $ 40,792 $ 37,782 Adjusted operating income margin 32.5 % 31.6 % 31.7 % 37.3 % 35.3 % Three Months Ended Adjusted Total Operating Expenses: June 30,2025 Mar. 31,2025 Dec. 31,2024 Sept. 30,2024 June 30,2024 Total operating expenses $ 77,989 $ 73,920 $ 75,657 $ 72,376 $ 73,523 Deduct: Acquisition-related costs (1,967 ) Deduct: Legal and other related expenses covered by insurance — — (192 ) (3,661 ) — Deduct: Expenses incurred in response to an activist campaign — — — — (4,271 ) Adjusted total operating expenses $ 76,022 $ 73,920 $ 75,465 $ 68,715 $ 69,252 Three Months Ended Adjusted Income Before Income Taxes: June 30,2025 Mar. 31,2025 Dec. 31,2024 Sept. 30,2024 June 30,2024 Income before income taxes $ 31,870 $ 30,368 $ 34,198 $ 3,866 $ 29,526 Add back: Acquisition-related costs 1,967 — — — — Add back: Foreign currency remeasurement losses on U.S. dollar balances, net of income taxes 1,383 — — — — (Deduct)/add back: (Gains)/losses on financial instruments owned (1,284 ) 440 (2,275 ) (802 ) 291 (Deduct)/add back: (Gains)/losses recognized on investments (605 ) (316 ) 514 (576 ) 1,318 Add back: Imputed interest on payable to GBH 467 455 596 697 677 Add back: Loss on extinguishment of convertible notes — — — 30,632 — Add back: Civil money penalty in connection with the SEC ESG Settlement — — — 4,000 — Add back: Expenses incurred in response to an activist campaign — — — — 4,271 Adjusted income before income taxes $ 33,798 $ 30,947 $ 33,033 $ 37,817 $ 36,083 Three Months Ended Adjusted Income Tax Expense and Adjusted Effective Income Tax Rate: June 30, 2025 Mar. 31, 2025 Dec. 31, 2024 Sept. 30, 2024 June 30, 2024 Adjusted income before income taxes (above) $ 33,798 $ 30,947 $ 33,033 $ 37,817 $ 36,083 Income tax expense $ 7,093 $ 5,739 $ 6,890 $ 8,351 $ 7,767 Add back/(deduct): Tax benefit on acquisition-related costs 478 — — — — Add back/(deduct): Decrease/(increase) in deferred tax asset valuation allowance on financial instruments owned and investments 459 (30 ) 428 335 (391 ) (Deduct)/add back: Tax (expense)/benefit arising from (gains)/losses on financial instruments owned (312 ) 107 (553 ) (195 ) 71 Add back: Tax benefit on foreign currency remeasurement losses on U.S. dollar balances 247 — — — — (Deduct)/add back: Tax (expense)/benefit on (gains)/losses on investments (147 ) (77 ) 125 (140 ) 320 Add back: Tax benefit on imputed interest 113 111 145 169 164 Add back: Tax windfalls upon vesting of stock-based compensation awards 4 2,083 — 25 40 Add back: Tax benefit arising from extinguishment of convertible notes — — 718 504 — Add back: Tax benefit arising from expenses incurred in response to an activist campaign — — — — 1,037 Adjusted income tax expense $ 7,935 $ 7,933 $ 7,753 $ 9,049 $ 9,008 Adjusted effective income tax rate 23.5 % 25.6 % 23.5 % 23.9 % 25.0 % CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS This press release contains forward-looking statements that are based on our management's beliefs and assumptions and on information currently available to our management. These statements may include projections relating to our proposed acquisition of Ceres Partners, LLC, including expected accretion to earnings, strategic benefits and related assumptions. Although we believe that the expectations reflected in these forward-looking statements are reasonable, these statements relate to future events or our future financial performance, and involve known and unknown risks, uncertainties and other factors that may cause our actual results, levels of activity, performance or achievements to be materially different from any future results, levels of activity, performance or achievements expressed or implied by these forward-looking statements. In some cases, you can identify forward-looking statements by terminology such as "may," "will," "should," "expects," "intends," "plans," "anticipates," "believes," "estimates," "predicts," "potential," "continue" or the negative of these terms or other comparable terminology. These statements are only predictions. You should not place undue reliance on forward-looking statements because they involve known and unknown risks, uncertainties and other factors, which are, in some cases, beyond our control and could materially affect results. Factors that may cause actual results to differ materially from current expectations include, among other things, the risks described below. If one or more of these or other risks or uncertainties occur, or if our underlying assumptions prove to be incorrect, actual events or results may vary significantly from those implied or projected by the forward-looking statements. No forward-looking statement is a guarantee of future performance. You should read this press release completely and with the understanding that our actual future results may be materially different from any future results expressed or implied by these forward-looking statements. In particular, forward-looking statements in this press release may include statements about: anticipated trends, conditions and investor sentiment in the global markets and ETPs; anticipated levels of inflows into and outflows out of our ETPs; our ability to deliver favorable rates of return to investors; competition in our business; whether we will experience future growth; our ability to develop new products and services and their potential for success; our ability to maintain current vendors or find new vendors to provide services to us at favorable costs; our ability to successfully implement our strategy relating to digital assets and blockchain-enabled financial services, including WisdomTree Prime® and WisdomTree Connect™, and achieve its objectives; our ability to successfully operate and expand our business in non-U.S. markets; the effect of laws and regulations that apply to our business; the potential benefits of the proposed acquisition of Ceres Partners, LLC, including financial or strategic outcomes; and our ability to consummate, and to successfully implement our strategic goals relating to, the proposed acquisition, and integrate the acquired business. Our business is subject to many risks and uncertainties, including without limitation: declining prices of securities, gold and other precious metals and other commodities and changes in interest rates and general market conditions can adversely affect our business by reducing the market value of the assets we manage or causing WisdomTree ETP investors to sell their fund shares and trigger redemptions; fluctuations in the amount and mix of our AUM, whether caused by disruptions in the financial markets or otherwise, including but not limited to events such as a pandemic or war, geopolitical conflicts, political events, acts of terrorism and other matters beyond our control, may negatively impact revenues and operating margins, and may impede our ability to refinance our debt upon maturity or increase the cost of borrowing upon a refinancing; competitive pressures could reduce revenues and profit margins; we derive a substantial portion of our revenues from a limited number of products, and, as a result, our operating results are particularly exposed to investor sentiment toward investing in the products' strategies and our ability to maintain the AUM of these products, as well as the performance of these products and market-specific and political and economic risk; a significant portion of our AUM is held in products with exposure to U.S. and international developed markets, and we therefore have exposure to domestic and foreign market conditions and are subject to currency exchange rate risks; withdrawals or broad changes in investments in our ETPs by investors with significant positions may negatively impact revenues and operating margins; we face increased operational, regulatory, financial and other risks as a result of conducting our business internationally, and as we expand our digital assets product offerings and services beyond our existing ETP business; many of our ETPs have a limited track record, and poor investment performance could cause our revenues to decline; and we depend on third parties to provide many critical services to operate our business and our ETPs. The failure of key vendors to adequately provide such services could materially affect our operating business and harm WisdomTree ETP investors. Additional risks include those associated with the proposed transaction, including the risk that integration may be more difficult, time-consuming or costly than expected, or that expected benefits (including projected business growth or the ability to raise additional capital into the funds of the acquired business) may not be realized as anticipated. Other factors, such as general economic conditions, including currency exchange rate fluctuations, also may have an effect on the results of our operations. For a more complete description of the risks noted above and other risks that could cause our actual results to differ from our current expectations, see "Risk Factors" in our Annual Report on Form 10-K for the year ended December 31, 2024, and in subsequent reports filed with or furnished to the SEC. The forward-looking statements in this press release represent our views as of the date of this press release. We anticipate that subsequent events and developments may cause our views to change. However, while we may elect to update these forward-looking statements at some point in the future, we have no current intention of doing so except to the extent required by applicable law. Therefore, these forward-looking statements do not represent our views as of any date other than the date of this press release. Category: Business Update View source version on Contacts Investor Relations Jeremy Campbell+ Media Relations Jessica Zaloom+1.917.267.3735jzaloom@ Sign in to access your portfolio
Business Upturn
an hour ago
- Business Upturn
Atos Group – Availability of the 2025 Half-year Financial Report
By GlobeNewswire Published on August 1, 2025, 23:00 IST Availability of the 2025 Half-year Financial Report Paris, August 1, 2025 – Atos Group announces that its 2025 half-year financial report was published today on its website and filed with the French Financial Markets Authority ('AMF'). This document includes the 2025 half-year activity report, the financial statements for the first of 2025, the statutory auditors' review report and the statement of the responsible person for the half-year financial report. It is available, in English and in French, on the Company's website ( About Atos Group Atos Group is a global leader in digital transformation with c. 70,000 employees and annual revenue of c. € 10 billion, operating in 67 countries under two brands — Atos for services and Eviden for products. European number one in cybersecurity, cloud and high-performance computing, Atos Group is committed to a secure and decarbonized future and provides tailored AI-powered, end-to-end solutions for all industries. Atos is a SE (Societas Europaea) and listed on Euronext Paris. The purpose of Atos is to help design the future of the information space. Its expertise and services support the development of knowledge, education and research in a multicultural approach and contribute to the development of scientific and technological excellence. Across the world, the Group enables its customers and employees, and members of societies at large to live, work and develop sustainably, in a safe and secure information space. Contact Investor relations: [email protected] Individual shareholders: +33 8 05 65 00 75 Attachment PR – Atos Group – 20250801 – 2025 Half-year Financial Report Disclaimer: The above press release comes to you under an arrangement with GlobeNewswire. Business Upturn takes no editorial responsibility for the same. Ahmedabad Plane Crash GlobeNewswire provides press release distribution services globally, with substantial operations in North America and Europe.
Yahoo
an hour ago
- Yahoo
2 Monster Growth Stocks to Sell Before They Fall 56% and 64% in 2025, According to Wall Street Analysts
Key Points JPMorgan Chase analysts expect shares of Circle Internet Group and Tesla to decline sharply in the remaining months of the year. Circle is the issuer of USDC, the second largest stablecoin by market value, but the stock is hard to value because the company has only been public for a few months. Tesla has lost substantial market share in electric vehicles this year, but the company recently introduced its first commercial autonomous ride-hailing service. These 10 stocks could mint the next wave of millionaires › Circle Internet Group (NYSE: CRCL) shares have advanced 120% since the company held its initial public offering in June, and Tesla (NASDAQ: TSLA) shares have climbed 160% since the beginning of 2023. However, JPMorgan Chase analysts expect the monster growth stocks to declined sharply in the remaining months of the year. Ken Worthington at JPMorgan has set Circle with a year-end target price of $80 per share. That implies 56% downside from its current share price of $182. Ryan Brinkman at JPMorgan has set Tesla with a year-end target price of $115 per share. That implies 64% downside from its current share price of $321. Importantly, most Wall Street analysts are less bearish, but very few expect material upside in the stocks. The average target on Circle is $181.50 per share, which implies no change from its current price. And the average target on Tesla is $310 per share, which implies 3% downside from its current price. Here's what investors should know. Circle Internet Group: 56% implied downside Circle is on a mission to improve the global financial system by enabling a frictionless exchange of value with stablecoins, cryptocurrencies tied to the value of fiat currencies. The company is best known for its U.S. dollar-denominated USDC (CRYPTO: USDC), the seventh largest cryptocurrency by market value. But Circle is also the issuer of the European euro-denominated EURC (CRYPTO: EURC). Those stablecoins are fully backed by fiat currency, and Circle currently generates most of its revenue from interest earned on those reserve assets. However, the company recently expanded into payment processing. The Circle Payments Network will support a broad range of money movement use cases, such as supplier payments, remittances, and payroll. Circle has yet to report financial results as a public company, but its recently filed Form S-1 shows the following for the first quarter: Revenue increased 59% to $579 million because of a large increase in circulating USDC, offset by lower interest rates. And adjusted EBITDA rose 60% to $122 million. Investors have good reason to believe the company can maintain its momentum. Today, Stablecoins have a collective market value of $260 billion. But Seaport Research analyst Jeff Cantwell estimates that figure will nearly double to reach $500 billion in 2026, and could eventually reach $2 trillion. In turn, Cantwell thinks Circle's revenue will grow at 25% to 30% per year as the stablecoin market expands. This stock is hard to value, given Circle has been a public company for only a few months. However, the current multiples of 21 times sales and 189 times forward earnings are not cheap, leaving plenty of room for the share price to fall. I am skeptical about the 56% drop implied by JPMorgan's target price, but investors should limit exposure to Circle stock until the company has been public for a few quarters. Tesla: 64% implied downside Tesla has lost significant market share in electric vehicles in the past year because of increased competition and brand damage inflicted by CEO Elon Musk, who has managed to irritate both major U.S. political parties. Tesla accounted for 10% of battery electric vehicle sales through May, down from 16% in the same period last year, per Morgan Stanley. Tesla reported dismal second-quarter financial results. Deliveries dropped 13%, the second straight decline. In turn, revenue declined 12% to $22 billion, operating margin contracted 2 percentage points, and non-GAAP net income declined 23% to $0.40 per diluted share. Musk also warned the next few quarters could be rough, but he remains upbeat about the long-term narrative. Musk thinks Tesla can eventually be the most valuable company in the world if it executes on opportunities in autonomous driving and robotics. Tesla recently introduced a robotaxi service in Austin, and Musk says the coverage area may include half the U.S. population by year's end. That would put the company ahead of the market leader Alphabet's Waymo, which operates in only five U.S. cities. Musk during the earnings call also talked about the humanoid robot Optimus. He expects production to reach 100,000 units monthly within five years, or at least 1 million units annually. He has previously estimated humanoid robots will be a $10 trillion opportunity for Tesla, meaning Optimus may eventually be its largest source of revenue. Wall Street expects Tesla's earnings to grow at 20% annually over the next three years. That makes the current valuation of 186 times earnings look outrageously expensive. I doubt shares will fall 64%, unless something goes wrong with the robotaxis or robots, but investors should still keep their positions small until Tesla makes more progress in those nascent areas of its business. Should you buy stock in Tesla right now? The Motley Fool Stock Advisor analyst team just identified what they believe are the for investors to buy now. The 10 stocks that made the cut could produce monster returns in the coming years. Consider when Netflix made this list on December 17, 2004... if you invested $1,000 at the time of our recommendation, you'd have $630,291!* Or when Nvidia made this list on April 15, 2005... if you invested $1,000 at the time of our recommendation, you'd have $1,075,791!* Now, it's worth noting Stock Advisor's total average return is 1,039% — a market-crushing outperformance compared to 182% for the S&P 500. Don't miss out on the latest top 10 list, available when you join Stock Advisor. See the 10 stocks » *Stock Advisor returns as of July 29, 2025 JPMorgan Chase is an advertising partner of Motley Fool Money. Trevor Jennewine has positions in Tesla. The Motley Fool has positions in and recommends Alphabet, JPMorgan Chase, and Tesla. The Motley Fool has a disclosure policy. 2 Monster Growth Stocks to Sell Before They Fall 56% and 64% in 2025, According to Wall Street Analysts was originally published by The Motley Fool
