NYSE Member Firms Report First-Half 2005 Results

New York Stock Exchange member firms that conduct business with the public reported second-quarter 2005 after-tax profits of $1.13 billion and revenues of $53.32 billion, compared to $1.13 billion in after-tax profits on revenues of $36.07 billion in second-quarter 2004. In the first six months of 2005, the firms reported after-tax profits of $2.83 billion on revenues of $102.54 billion, compared with after-tax profits of $4.43 billion on revenues of $75.49 billion in the first six months of 2004.

For second-quarter 2005, NYSE specialists reported after-tax profit of $33 million. During the same period last year, the specialists reported $25 million in after-tax profits. Total specialist revenue in second-quarter 2005 was $220 million, compared to $222 million in second-quarter 2004. In the first six months of 2005, specialists reported after-tax profits of $76 million on revenues of $447 million, compared with after-tax profits of $15 million on revenues of $474 million in the first six months of 2004.

Comparative financial results are charted below:

Member Firms Dealing with the Public
($ in millions)

	2nd Qtr. 2005	2nd Qtr. 2004	1st Qtr. 2005	Y-T-D 2005	Y-T-D 2004
Revenues	$53,323	$36,067	$49,221	$102,544	$75,495
Expenses	51,583	34,332	46,606	98,189	68,681
After-Tax Profit/Loss	1,131	1,128	1,700	2,831	4,429
After-Tax Annualized Return on Capital & Subordinations	2.5%	2.7%	4.0%	3.3%	5.5%
Assets	4,167,420*	3,628,434	4,036,635	4,167,420*	3,628,434
Capital & Subordinations	180,632*	166,839	177,505	180,632*	166,839
Commission Revenues	6,118	6,332	6,475	12,593	13,954
Number of Firms Reporting	225	232	227	230	239
Number of Profitable Firms	152	153	148	147	171
Aggregate Pre-Tax Earnings of Profitable Firms	3,077	3,237	3,391	6,468	8,556
Number of Unprofitable Firms	73	79	79	83	68
Aggregate Pre-Tax Loss of Unprofitable Firms	(1,337)	(1,503)	(776)	(2,113)	(1,743)

NYSE Specialists
($ in millions)

	2nd Qtr. 2005	2nd Qtr. 2004	1st Qtr. 2005	Y-T-D 2005	Y-T-D 2004
Revenues	$220	$222	$228	$447	$474
Expenses	161	179	149	310	443
After-Tax Profit/Loss	33	25	43	76	15
After-Tax Annualized Return on Capital	3.1%	2.5%	4.1%	3.6%	0.7%

* Record level

Note: For member firms dealing with the public, the figures collected by the NYSE include revenue from all sources, including trading, interest and commission income. Since the NYSE member firm community is made up of corporations and partnerships, after-tax earnings are presented on a pro-forma basis assuming a regular corporate tax rate or credit of 35 percent.

The category of member firms dealing with the public generally excludes specialists, but includes firms that primarily trade for their own account, rather than doing a public business.

NYSE Member Firms Dealing with Public (Financial Summary) (pdf format)

Statement of Income (Loss) and Expense Unconsolidated (pdf format)

Statement of Financial Condition (pdf format)