Jack Henry & Associates delivered solid QQ2 2025 results, underscoring the company’s ongoing transition to a cloud-native, API-first platform and a high-velocity renewals engine. GAAP revenue rose about 5% year-over-year (YoY) and non-GAAP revenue grew ~6%, with a robust gross margin of 42.0% and an EBIT margin of ~21.4%, culminating in net income of $97.8 million and diluted EPS of $1.34 for the quarter. Management reaffirmed full-year guidance and highlighted a back-half acceleration driven by continued cloud adoption, stronger card and payments processing volumes, and stronger Digital/Pay Center adoption. EPS and cash flow formation remain solid, supported by a healthy balance sheet and strong operating cash flow, although near-term liquidity is modest given a debt load of $150 million and cash of ~$25.7 million at quarter-end. The company also signaled a constructive 2026 outlook as cloud-related initiatives (private cloud, Bano, and enterprise origination) gain traction and regulatory clarity around cloud adoption improves. In aggregate, JKHY’s QQ2 results reinforce the investment thesis: a durable, technology-led vendor with sticky customer relationships, expanding recurring revenue, and a multi-year migration to a modern, cloud-native platform that positions the company to capture higher-yielded banking and payments workflows. Actionable takeaways include monitoring cloud migration pace (private-cloud penetration ~75% of core clients; target run-rate of 40-45 private-cloud conversions annually), the progress of Move/Visa Direct collaborations for SMBs, and the trajectory of FCD and real-time payments modules as growth accelerants in H2 2025 and into 2026.