The company now anticipates operating expenses for 2026 will reach between $1.54 billion and $1.58 billion, a significant upward revision from its prior guidance of $1.49 billion to $1.53 billion. Management attributed the hike to aggressive acquisition activity, including the $120 million purchase of First Street, alongside higher costs linked to the rapid revenue growth driven by recent stock market gains.

Revenue grew 12% to $867 million during the second quarter, fueled entirely by organic growth. Despite this uptick, the figure failed to meet the $870.7 million consensus target tracked by FactSet. Profitability also tightened, with adjusted earnings settling at $4.94 a share, missing Wall Street projections by five cents.