Shares of Donnelley Financial Solutions, Inc. (DFIN) tumbled 5.25% in pre-market trading on Thursday following the release of its second-quarter 2025 earnings report. The financial services company reported mixed results, with net sales declining but adjusted earnings per share beating analyst expectations.

DFIN's Q2 net sales fell 10.1% year-over-year, primarily due to lower capital markets transactional volumes. The company reported adjusted earnings per share of $1.49, surpassing the consensus estimate of $1.43. However, the reported sales of $218.10 million missed analyst expectations of $226.12 million. The drop in adjusted EBITDA and EBITDA margin was mainly attributed to the lower capital markets transactional volumes.

Despite the earnings beat, investors seem concerned about the company's outlook for the third quarter. DFIN expects Q3 2025 net sales to be between $165 million and $175 million, with an adjusted EBITDA margin between 23% and 25%. The company also forecasts Q3 2025 capital markets transactional net sales of $35 million to $40 million. While DFIN expressed optimism about improving market conditions in Q3, the guidance may have fallen short of investor expectations, contributing to the pre-market sell-off. The announcement of a new $150 million stock repurchase program was not enough to offset these concerns.