Wall Street traders will get fatter bonuses after riding volatile markets, consultancy says
NEW YORK — Wall Street stock and bond traders can expect their bonuses to jump 10 to 30 per cent this year as they cashed in on turbulent markets, according to a quarterly report by compensation consultancy Johnson Associates.
'All the uncertainty around the tariffs and the continuous upheaval favors volatility and traders,' said the consultancy's founder, Alan Johnson.
Other financial employees will not fare as well, with compensation expected to be flat or slightly higher, according to the report.
Wealth management and hedge fund executives are estimated to see bonus increases of up to 5 per cent for 2025, while asset managers will likely get bumps of 2 to 7.5 per cent, helped by recovering markets and inflows of client funds.
'Some of the worst effects of the unpredictable U.S. government policies have faded as markets rebounded,' Johnson said. He characterized 2025 as a 'regular' year for compensation, improving from the bad outlook when the new U.S. import tariff policy was announced.
Payouts for investment bankers will likely remain muted, even though initial public offerings and M&A deals may rebound in the second half of the year, Johnson said.
Because investment banking fees are paid when deals close, which can take months, the compensation for advisory bankers is expected to remain flat or rise a modest five per cent for this year. If the deal activity remains elevated, compensation could improve for 2026, Johnson said.
Executives involved with secondary offerings within private equity funds have seen more activity, which could boost their compensation by 10 per cent.
Private credit is another area in which payouts could climb 7.5 per cent as asset managers expand their lending activities.
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Reporting by Tatiana Bautzer; editing by Lananh Nguyen and Leslie Adler
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Adjusted EBITDA is defined as net loss attributable to IonQ, Inc. before net loss attributable to noncontrolling interests, interest income, interest expense, income tax (benefit) expense , depreciation and amortization expense, stock-based compensation, change in fair value of assumed warrant liabilities, acquisition transaction costs, and other non-recurring non-operating income and expenses. IonQ uses Adjusted EBITDA to measure the operating performance of its business, excluding specifically identified items that it does not believe directly reflect its core operations and may not be indicative of recurring operations. The presentation of non-GAAP financial measures is not meant to be considered in isolation or as a substitute for the financial results prepared in accordance with GAAP, and IonQ's non-GAAP measures may be different from non-GAAP measures used by other companies. IonQ shows a reconciliation of GAAP to non-GAAP financial measures at the end of this release. About IonQ IonQ, Inc. [NYSE: IONQ] is the leading commercial quantum computing and networking company , delivering high-performance systems aimed at solving the world's most complex problems. IonQ's current generation quantum computers, IonQ Forte and IonQ Forte Enterprise, are the latest in a line of cutting-edge systems that have been helping customers and partners such as Amazon Web Services, AstraZeneca, and NVIDIA achieve 20x performance results. The company is accelerating its technology roadmap and intends to deliver the world's most powerful quantum computers with 2 million qubits by 2030 to accelerate innovation in drug discovery, materials science, financial modeling, logistics, cybersecurity, and defense. IonQ's advancements in quantum networking also positions the company as a leader in building the quantum internet. The company's innovative technology and rapid growth were recognized in Newsweek's 2025 Excellence Index 1000, Forbes' 2025 Most Successful Mid-Cap Companies list, and Built In's 2025 100 Best Midsize Places to Work in Washington DC and Seattle, respectively. Available through all major cloud providers, IonQ is making quantum computing more accessible and impactful than ever before. Learn more at IonQ Forward-Looking Statements This press release contains certain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Some of the forward-looking statements can be identified by the use of forward-looking words. Statements that are not historical in nature, including the words 'pending,' 'look forward,' 'accelerate,' 'anticipate,' 'expect,' 'suggests,' 'plan,' 'believe,' 'intend,' 'estimates,' 'targets,' 'projects,' 'should,' 'could,' 'would,' 'may,' 'will,' 'forecast,' 'offers' and other similar expressions are intended to identify forward-looking statements. These statements include those related to IonQ's position in the quantum computing and networking sector; the efficacy of new applications of quantum computing; the relevance and utility of quantum algorithms and applications run on IonQ's quantum computers; the success of partnerships and collaborations between IonQ and other parties, including development and commercialization of products and services with such parties; IonQ closing anticipated acquisitions; IonQ's ability to utilize the technology of acquired companies to accelerate the development and scale of IonQ's systems and offerings; advancement of quantum networking technology; the Company's technology driving commercial applications in the future; the Company's future financial and operating performance, including our preliminary outlook and guidance; the appearance of new applications of IonQ's products and services; the ability for third parties to implement IonQ's offerings to solve their problems and increase their quantum computing capabilities; expansion of IonQ's sales pipeline; IonQ's quantum computing capabilities and plans; future deliveries of and access to IonQ's quantum computers and services; future purchases of IonQ's offerings by customers using congressionally-appropriated funds from the U.S. government; IonQ's performance of existing contracts in the future, including anticipated timing of completion of research, development and manufacturing by IonQ; IonQ receiving additional revenues under planned subsequent phases of customer contracts; and the scalability and reliability of IonQ's quantum computing offerings. Forward-looking statements are predictions, projections and other statements about future events that are based on current expectations and assumptions and, as a result, are subject to risks and uncertainties. Many factors could cause actual future events to differ materially from the forward-looking statements in this press release, including but not limited to: changes in the competitive industries in which IonQ operates, including development of competing technologies; our ability to sell effectively to government entities and large enterprises; changes in laws and regulations affecting IonQ's and its suppliers' businesses; IonQ's ability to implement its business plans, forecasts and other expectations, to identify and realize partnerships and opportunities, and to engage new and existing customers; IonQ's ability to effectively integrate its acquisitions; its inability to effectively enter new markets; IonQ's ability to deliver services and products within currently anticipated timelines; its inability to attract and retain key personnel including personnel of acquired companies; the conditions for closing IonQ's anticipated acquisitions not being met; IonQ's customers deciding or declining to extend contracts into new phases; the inability of its suppliers to deliver components that meet expectations timely; changes in U.S. government spending or policy that may affect IonQ's customers; changes to U.S. government goals and metrics of success with regard to implementation of quantum computing and quantum networking; and risks associated with U.S. government sales, including availability of funding and provisions that allow the government to unilaterally terminate or modify contracts for convenience. You should carefully consider the foregoing factors and the other risks and uncertainties disclosed in the Company's filings, including but not limited to those described in the 'Risk Factors'' section of IonQ's most recent periodic financial report (10-Q or 10-K) and other documents filed by IonQ from time to time with the Securities and Exchange Commission. These filings identify and address other important risks and uncertainties that could cause actual events and results to differ materially from those contained in the forward-looking statements. Forward-looking statements speak only as of the date they are made. Readers are cautioned not to put undue reliance on forward-looking statements, and IonQ assumes no obligation and does not intend to update or revise these forward-looking statements, whether as a result of new information, future events, or otherwise. IonQ does not give any assurance that it will achieve its expectations. Three Months Ended June 30, Six Months Ended June 30, 2025 2024 2025 2024 Revenue $ 20,694 $ 11,381 $ 28,260 $ 18,963 Costs and expenses: Cost of revenue (excluding depreciation and amortization) 8,327 5,623 12,642 9,037 Research and development 103,359 31,204 143,312 63,572 Sales and marketing 10,877 6,137 19,487 12,838 General and administrative 48,107 13,053 71,913 27,073 Depreciation and amortization 10,616 4,305 17,177 8,260 Total operating costs and expenses 181,286 60,322 264,531 120,780 Loss from operations (160,592 ) (48,941 ) (236,271 ) (101,817 ) Gain (loss) on change in fair value of warrant liabilities (39,577 ) 6,639 (1,083 ) 15,266 Interest income, net 7,138 4,801 12,032 9,600 Other income (expense), net 232 (45 ) 283 (179 ) Loss before income tax expense (192,799 ) (37,546 ) (225,039 ) (77,130 ) Income tax benefit (expense) 15,269 (15 ) 15,257 (23 ) Net loss $ (177,530 ) $ (37,561 ) $ (209,782 ) $ (77,153 ) Net loss attributable to noncontrolling interests (692 ) — (692 ) — Net loss attributable to IonQ, Inc. $ (176,838 ) $ (37,561 ) $ (209,090 ) $ (77,153 ) Net loss per share attributable to IonQ, Inc. common stockholders—basic and diluted $ (0.70 ) $ (0.18 ) $ (0.87 ) $ (0.37 ) Weighted average shares used in computing net loss per share attributable to IonQ, Inc. common stockholders—basic and diluted 250,967,455 211,637,479 239,924,680 209,898,459 IonQ, Inc. Condensed Consolidated Balance Sheets (unaudited) (in thousands) June 30, December 31, 2025 2024 Assets Current assets: Cash and cash equivalents $ 140,067 $ 54,393 Short-term investments 406,784 285,896 Accounts receivable, net 19,114 10,188 Prepaid expenses and other current assets 59,922 28,325 Total current assets 625,887 378,802 Long-term investments 109,902 23,545 Property and equipment, net 58,558 52,761 Operating lease right-of-use assets 11,254 9,470 Intangible assets, net 143,241 29,469 Goodwill 370,720 9,904 Other noncurrent assets 27,046 4,437 Total Assets $ 1,346,608 $ 508,388 Liabilities and Stockholders' Equity Current liabilities: Accounts payable $ 8,938 $ 5,230 Accrued expenses and other current liabilities 49,190 16,424 Current portion of operating lease liabilities 5,528 3,366 Unearned revenue 16,726 10,678 Current portion of stock option early exercise liabilities 252 387 Total current liabilities 80,634 36,085 Operating lease liabilities, net of current portion 13,737 14,359 Unearned revenue, net of current portion 2,770 — Warrant liabilities 58,042 70,688 Other noncurrent liabilities 12,979 3,394 Total liabilities $ 168,162 $ 124,526 Stockholders' Equity: Common stock $ 27 $ 22 Additional paid-in capital 2,050,344 1,067,403 Accumulated deficit (892,810 ) (683,720 ) Accumulated other comprehensive income (loss) 4,072 157 Total IonQ, Inc. stockholders' equity $ 1,161,633 $ 383,862 Noncontrolling interests 16,813 — Total stockholders' equity $ 1,178,446 $ 383,862 Total Liabilities and Stockholders' Equity $ 1,346,608 $ 508,388 IonQ, Inc. Condensed Consolidated Statements of Cash Flows (unaudited) (in thousands) Six Months Ended June 30, 2025 2024 Cash flows from operating activities: Net loss $ (209,782 ) $ (77,153 ) Adjustments to reconcile net loss to net cash used in operating activities: Depreciation and amortization 17,177 8,260 Stock-based compensation 132,421 43,040 (Gain) loss on change in fair value of warrant liabilities 1,083 (15,266 ) Deferred income taxes (15,300 ) — Amortization of premiums and accretion of discounts on available-for-sale securities (3,540 ) (4,787 ) Other, net 1,502 2,156 Changes in operating assets and liabilities: Accounts receivable (3,595 ) 3,558 Prepaid expenses and other current assets (25,142 ) (8,341 ) Accounts payable 1,094 (165 ) Accrued expenses and other current liabilities 20,741 (2,116 ) Unearned revenue (4 ) 1,262 Other assets and liabilities (2,254 ) 2,508 Net cash provided by (used in) operating activities $ (85,599 ) $ (47,044 ) Cash flows from investing activities: Purchases of property and equipment (3,501 ) (10,629 ) Capitalized software development costs (1,886 ) (2,129 ) Intangible asset acquisition costs (307 ) (892 ) Purchases of available-for-sale securities (435,130 ) (146,098 ) Maturities of available-for-sale securities 211,180 211,572 Businesses acquired, net of cash paid 28,667 — Net cash provided by (used in) investing activities $ (200,977 ) $ 51,824 Cash flows from financing activities: Proceeds from at-the-market offering, net of issuance costs 358,254 — Proceeds from stock options exercised 7,564 1,185 Proceeds from public warrants exercised 5,592 — Tax withholding receipts (payments) related to vested and released RSUs, net 1,447 141 Net cash provided by (used in) financing activities $ 372,857 $ 1,326 Effect of foreign exchange rate changes on cash, cash equivalents and restricted cash 391 4 Net change in cash, cash equivalents and restricted cash 86,672 6,110 Cash, cash equivalents and restricted cash at the beginning of the period 56,840 38,081 IonQ, Inc. (unaudited) (in thousands) Three Months Ended June 30, Six Months Ended June 30, 2025 2024 2025 2024 Net loss attributable to IonQ, Inc. $ (176,838 ) $ (37,561 ) $ (209,090 ) $ (77,153 ) Net loss attributable to noncontrolling interests (692 ) — (692 ) — Interest income, net (7,138 ) (4,801 ) (12,032 ) (9,600 ) Interest expense — — — — Income tax (benefit) expense (15,269 ) 15 (15,257 ) 23 Depreciation and amortization 10,616 4,305 17,177 8,260 Stock-based compensation 99,168 20,979 132,421 43,040 (Gain) loss on change in fair value of warrant liabilities 39,577 (6,639 ) 1,083 (15,266 ) Acquisition transaction costs 14,060 — 15,841 —
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Article content Segment margin increased 170 basis points as price, productivity and cost actions more than offset volume deleverage and inflation. Article content APMEA Article content Sales of $34 million decreased 3% on a reported basis and 1% on an organic basis. Sales decreased due to project timing in China, partly offset by growth in Australia, New Zealand and the Middle East. Unfavorable foreign exchange movements decreased sales by 2%. Article content Segment margin was flat as benefits from productivity were offset by inflation and sales mix. Article content Cash Flow and Capital Allocation Article content For the first six months of 2025, operating cash flow was $125 million and net capital expenditures were $20 million, resulting in free cash flow of $105 million. In the comparable period last year, operating cash flow was $131 million and net capital expenditures were $11 million, resulting in free cash flow of $120 million. Operating and free cash flow decreased due to higher working capital investment related to timing of accounts receivable collections and higher inventory costs primarily related to tariffs, partially offset by higher net income. Free cash flow was also unfavorably impacted by an increase in net capital expenditures, largely due to proceeds from the sale of properties in the prior year. Sequential improvement in operating and free cash flow is expected throughout the second half of 2025 due to normal seasonality. Article content The Company repurchased approximately 18,000 shares of Class A common stock at a cost of $4.0 million during the second quarter of 2025. For the first six months of 2025, the Company repurchased approximately 37,000 shares at a cost of $7.9 million. Approximately $137 million remains available under the stock repurchase program authorized in 2023. There is no expiration date for this program. Article content Full Year 2025 Outlook Article content The Company is increasing its full year sales and organic sales growth outlook and the midpoint of its operating margin and adjusted operating margin outlook. Reported sales are expected to increase between 2% to 5% and organic sales growth to range from flat to up 3%. Full year operating margin is expected to be between 17.2% and 17.8%, or down 10 to up 50 basis points, and adjusted operating margin is expected to be between 18.2% and 18.8%, or up 50 to 110 basis points. The full year outlook incorporates estimated tariff impact and actions as of August 6, 2025. Further 2025 planning assumptions are included in the second quarter earnings materials posted in the Investor Relations section of our website at Article content For a reconciliation of GAAP to non-GAAP items and a statement regarding the usefulness of these measures to investors and management in evaluating our operating performance, please see the tables attached to this press release. Article content Watts Water Technologies, Inc. will hold a live webcast of its conference call to discuss second quarter 2025 results on Thursday, August 7, 2025 at 9:00 a.m. EDT. This press release and the live webcast can be accessed by visiting the Investor Relations section of the Company's website at Following the webcast, the call recording will be available at the same address until August 8, 2026. Article content Watts Water Technologies, Inc., through its subsidiaries, is a world leader in the manufacturing of innovative products to control the efficiency, safety, and quality of water within residential, commercial, and institutional applications. Watts' expertise in a wide variety of water technologies enables us to be a comprehensive supplier to the water industry. Article content This press release includes 'forward-looking statements' as defined in the Private Securities Litigation Reform Act of 1995, including statements relating to expected full year 2025 financial results, including sales and organic sales growth, operating margin and adjusted operating margin, future dividends, our strategy, investments, the benefits from and integration of recent acquisitions, improvements in operating and free cash flow throughout 2025, our ability to manage uncertainty and current market conditions, long-term growth and shareholder value creation and return of capital to stockholders. These forward-looking statements reflect our current views about future events. You should not rely on forward-looking statements because our actual results may differ materially from those predicted as a result of a number of potential risks and uncertainties. These potential risks and uncertainties include, but are not limited to: the imposition of or changes to tariff rates and related impacts to our business and the broader market; the effectiveness, timing and expected savings associated with our cost-cutting actions, restructuring and initiatives; integration of acquired businesses in a timely and cost-effective manner, retention of supplier and customer relationships and key employees, and the ability to achieve synergies and cost savings in the amounts and within the time frames currently anticipated; current economic and financial conditions, which can affect the housing and construction markets where our products are sold, manufactured and marketed; shortages in and pricing of raw materials and supplies; our ability to compete effectively; changes in variable interest rates on our borrowings; inflation; failure to expand our markets through acquisitions; failure to successfully develop and introduce new product offerings or enhancements to existing products; failure to manufacture products that meet required performance and safety standards; foreign exchange rate fluctuations; cyclicality of industries where we market our products, such as plumbing and heating wholesalers and home improvement retailers; environmental compliance costs; product liability risks and costs; changes in the status of current litigation; the war in Ukraine and other global crises; supply chain and logistical disruptions or labor shortages and workforce disruptions that could negatively affect our supply chain, manufacturing, distribution, or other business processes; and other risks and uncertainties discussed under the heading 'Item 1A. Risk Factors' and in Note 16 of the Notes to the Consolidated Financial Statements in our Annual Report on Form 10-K for the year ended December 31, 2024, filed with the Securities and Exchange Commission ('SEC'), as well as risk factors disclosed in our subsequent filings with the SEC. We undertake no duty to update the information contained in this press release, except as required by law. Article content WATTS WATER TECHNOLOGIES, INC. AND SUBSIDIARIES (Unaudited) June 29, December 31, 2025 2024 ASSETS CURRENT ASSETS: Cash and cash equivalents $ 369.3 $ 386.9 Trade accounts receivable, less reserve allowances of $13.5 million at June 29, 2025 and $11.9 million at December 31, 2024 337.5 253.2 Inventories, net: Raw materials 157.4 141.9 Work in process 21.0 16.9 Finished goods 270.1 233.3 Total Inventories 448.5 392.1 Prepaid expenses and other current assets 58.7 51.3 Total Current Assets 1,214.0 1,083.5 PROPERTY, PLANT AND EQUIPMENT: Property, plant and equipment, at cost 739.6 691.6 Accumulated depreciation (474.3 ) (436.8 ) Property, plant and equipment, net 265.3 254.8 OTHER ASSETS: Goodwill 781.9 715.0 Intangible assets, net 252.0 235.0 Deferred income taxes 42.9 36.4 Other, net 88.8 72.3 TOTAL ASSETS $ 2,644.9 $ 2,397.0 LIABILITIES AND STOCKHOLDERS' EQUITY CURRENT LIABILITIES: Accounts payable $ 176.9 $ 148.0 Accrued expenses and other liabilities 220.0 190.8 Accrued compensation and benefits 71.5 79.1 Total Current Liabilities 468.4 417.9 LONG-TERM DEBT 197.3 197.0 DEFERRED INCOME TAXES 11.5 10.9 OTHER NONCURRENT LIABILITIES 75.3 63.3 STOCKHOLDERS' EQUITY: Preferred Stock, $0.10 par value; 5,000,000 shares authorized; no shares issued or outstanding — — Class A common stock, $0.10 par value; 120,000,000 shares authorized; 1 vote per share; issued and outstanding, 27,418,992 shares at June 29, 2025 and 27,366,685 shares at December 31, 2024 2.7 2.7 Class B common stock, $0.10 par value; 25,000,000 shares authorized; 10 votes per share; issued and outstanding, 5,946,290 shares at June 29, 2025 and 5,953,290 shares at December 31, 2024 0.6 0.6 Additional paid-in capital 708.6 696.2 Retained earnings 1,308.7 1,184.8 Total Stockholders' Equity 1,892.4 1,707.9 Article content Segment Earnings and Non-GAAP Financial Measures Article content In this press release, segment earnings is our GAAP performance measure used by our chief operating decision-maker ('CODM') to assess and evaluate segment results. Segment earnings exclude the impact of non-recurring and unusual items, such as restructuring costs, acquisition-related costs and gain or loss on sale of assets. The CODM uses segment earnings for insight into underlying trends comparing past financial performance with current performance by reporting segment on a consistent basis. Segment margin is defined as segment earnings divided by segment revenue. Article content We refer to non-GAAP financial measures (including adjusted operating income, adjusted operating margin, adjusted net income, adjusted diluted earnings per share, organic sales, organic sales growth, free cash flow, cash conversion rate of free cash flow to net income and net debt to capitalization ratio) and provide a reconciliation of those non-GAAP financial measures to the corresponding financial measures contained in our consolidated financial statements prepared in accordance with GAAP. We believe these financial measures enhance the overall understanding of our historical financial performance and give insight into our future prospects. Adjusted operating income, adjusted operating margin, adjusted net income and adjusted diluted earnings per share eliminate certain expenses incurred and benefits recognized in the periods presented that relate primarily to our global restructuring programs, acquisition-related costs, gain or loss on sale of assets and the related income tax impacts on these items and tax adjustment items. Management then utilizes these adjusted financial measures to assess the run rate of the Company's operations against those of comparable periods. Organic sales and organic sales growth are non-GAAP measures of sales and sales growth excluding the impacts of foreign exchange, acquisitions and divestitures from period-over-period comparisons. Management believes reporting organic sales and organic sales growth provides useful information to investors, potential investors and others, and allows for a more complete understanding of underlying sales trends by providing sales and sales growth on a consistent basis. Free cash flow, cash conversion rate of free cash flow to net income, and the net debt to capitalization ratio, which are adjusted to exclude certain cash inflows and outlays, and include only certain balance sheet accounts from the comparable GAAP measures, are an indication of our performance in cash flow generation and also provide an indication of the Company's relative balance sheet leverage to other industrial manufacturing companies. These non-GAAP financial measures are among the primary indicators management uses as a basis for evaluating our cash flow generation and our capitalization structure. In addition, free cash flow is used as a criterion to measure and pay certain compensation-based incentives. For these reasons, management believes these non-GAAP financial measures can be useful to investors, potential investors and others. The Company's non-GAAP financial measures may not be comparable to similarly titled measures reported by other companies. The presentation of this additional information is not meant to be considered in isolation or as a substitute for financial measures prepared in accordance with GAAP. Article content Six Months Ended Americas Europe APMEA Total Net sales June 29, 2025 $ 916.6 $ 219.4 $ 65.7 $ 1,201.7 Net sales June 30, 2024 866.9 237.4 63.9 1,168.2 Dollar change $ 49.7 $ (18.0) $ 1.8 $ 33.5 Net sales % increase (decrease) 5.7 % (7.6) % 2.8 % 2.9 % Foreign exchange impact 0.2 % (0.8) % 2.5 % 0.1 % Acquisition impact (1.4) % — % — % (1.0) % Organic sales increase (decrease) 4.5 % (8.4) % 5.3 % 2.0 % Article content Article content Article content Article content Article content Contacts Article content
