“For the third quarter, we expect currency-neutral revenue growth at the lower end of mid-single digits or approximately 4% or so.”

In context

“arter with $13.7 billion in cash, cash equivalents and investments and $11.5 billion in debt. Moving to guidance on Slide 14 for the third quarter and full year 2025. Following a strong first half, we are on pace to outperform our original expectations for the year. We are raising our full year guidance for both TM dollars and non-GAAP EPS. Similar to last quarter, we have embedded a range of potential outcomes into the second half of the year. The low end of our full year guide could absorb up to a couple of points of deceleration in e-commerce spending should that occur. Overall, consumer spending and the labor market have proven resilient, but we continue to closely watch how tariffs and other trading friction might impact global economic activity, spending and supply chains over time. For the third quarter, we expect currency-neutral revenue growth at the lower end of mid-single digits or approximately 4% or so. We expect continued momentum in transaction revenue with lower growth in other value-added services revenue compared to the second quarter. This includes the impact of interest rate headwinds and a more difficult prior year comparison for credit growth. We expect third quarter TM dollars to be between $3.76 billion and $3.82 billion, which represents 4% growth at the midpoint. Excluding interest on customer balances, we expect TM dollars to increase by approximately 6% at the midpoint. We are planning for up to high single-digit non-transaction OpEx growth in the quarter. This higher growth reflects continued investment in tech and new product launches as well as the shift in timing of some marketing spend that I referenced earlier. We expect to deliver non-GAAP earnings per share in the”