Friends & Family Capital is pleased to share the Q2 2025 edition of “Seven Weeks in Seven Minutes.”

This resource is a summary of condensed and actionable insights on what you need to know from the last seven weeks of earnings announcements.

It is intended for our Founders, CFOs, and friends in the community.

See below for the overview slides from the quarter. The full presentation is available for download here.

We welcome your feedback to help shape the relevance for your business in future quarters.

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Key theme for the quarter: “Offense, Defense, & New Rules”

• Partial abatement of macroeconomic uncertainty from earlier in the year
• Evolving AI search landscape presents both challenges and a shift in go-to-market approach
• Revenue reacceleration across coverage universe for reasons due to both AI and other factors
• Strategic M&A prevalent to accelerate product roadmaps, expand markets, and defend positioning
• 85% of companies both beat estimates and had analysts raise estimates on revenue and EPS

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Our public company universe includes 47 companies. We selected these businesses as leading business-to-business software companies plus the technology stalwarts. The customers served by these companies are also relevant for the Founders we help as they build companies in the private markets.

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Market price moved up or down by 10% or more across several companies following their earnings.

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Below are the top ten movers and bottom ten movers in the Q2 earnings season based on one-day share price reaction following their earnings announcement.

A timeless question of "Is it me? Or the market?" can be addressed through the commentary companies offer about their customers and go-to-market motion. Q2 2025 saw a decrease in macro uncertainty as compared to earlier in the year.

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The adoption of LLMs is beginning to impact organic search and go-to-market motions of companies in the coverage universe.

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Revenue reacceleration in Q2 was prevalent across the coverage universe for reasons due to both AI and other factors.

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There was a strong increase in M&A transactions beginning in Q2 this year. The strategic M&A is a sign that companies are trying to accelerate product roadmaps, expand markets, and defend positioning.

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