Union Pacific Corporation (UNP) Q2 2026 Earnings Call July 23, 2026 8:45 AM EDT
Company Participants
Vincenzo Vena - CEO & Director
Eric Gehringer - Executive Vice President of Operations
Jennifer Hamann - Executive VP & CFO
Kenny Rocker - Executive Vice President of Marketing & Sales
Conference Call Participants
Ken Hoexter - BofA Securities, Research Division
Christian Wetherbee - Wells Fargo Securities, LLC, Research Division
Walter Spracklin - RBC Capital Markets, Research Division
Jonathan Chappell - Evercore ISI Institutional Equities, Research Division
David Vernon - Bernstein Institutional Services LLC, Research Division
Stephanie Benjamin Moore - Jefferies LLC, Research Division
Thomas Wadewitz - UBS Investment Bank, Research Division
Brian Ossenbeck - JPMorgan Chase & Co, Research Division
Jason Seidl - TD Cowen, Research Division
Ariel Rosa - Citigroup Inc., Research Division
Brandon Oglenski - Barclays Bank PLC, Research Division
Jordan Alliger - Goldman Sachs Group, Inc., Research Division
Bascome Majors - Stephens Inc., Research Division
Madison Pasterchick - Morgan Stanley, Research Division
Jeffrey Kauffman - Citizens Bank
Harrison Bauer - Susquehanna Financial Group, LLLP, Research Division
Richa Talwar - Deutsche Bank AG, Research Division
Presentation
Unknown Attendee
Thank you for accessing Union Pacific Corporation's 2026 Second Quarter Earnings Conference Call held at 8:45 a.m. Eastern Time on July 23, 2026, in Omaha, Nebraska.
This presentation and the accompanying materials include statements that contain estimates, projections or expectations regarding the company's financial results and operations and future economic conditions.
These statements are forward-looking statements as defined by the federal securities laws. Forward-looking statements are subject to risks and uncertainties that could cause actual performance or results to differ materially from those expressed in the statements. The materials accompanying this presentation include more detailed information regarding forward-looking information and these risks and uncertainties. In addition, please refer to the company's website and SEC filings for additional information about our risk factors.
Lockheed Martin Corporation (LMT) Q2 2026 Earnings Call July 23, 2026 8:30 AM EDT
Company Participants
Mark Kvasnak - Vice President of Investor Relations
James Taiclet - Chairman, President & CEO
Evan Scott - Chief Financial Officer
Conference Call Participants
Scott Deuschle - Deutsche Bank AG, Research Division
Scott Mikus - Melius Research LLC
John Godyn - Citigroup Inc., Research Division
Gautam Khanna - TD Cowen, Research Division
Sheila Kahyaoglu - Jefferies LLC, Research Division
Robert Stallard - Vertical Research Partners, LLC
Matthew Akers - BNP Paribas, Research Division
Kristine Liwag - Morgan Stanley, Research Division
Gavin Parsons - UBS Investment Bank, Research Division
Presentation
Operator
Good day, and welcome, everyone, to the Lockheed Martin Second Quarter 2026 Earnings Results Conference Call. Today's call is being recorded. [Operator Instructions] At this time, for opening remarks and introductions, I would like to turn the call over to Mark Kvasnak, Vice President, Investor Relations. Please go ahead.
Mark Kvasnak
Vice President of Investor Relations
Thank you, Sarah, and good morning. I'd like to welcome everyone to our second quarter 2026 earnings conference call. Joining me today on the call are Jim Taiclet, our Chairman, President and Chief Executive Officer; and Evan Scott, our Chief Financial Officer. Statements made today that are not historical facts are considered forward-looking statements and are made pursuant to the safe harbor provisions of federal securities laws. Actual results may differ materially from those projected in the forward-looking statements.
Please see Lockheed Martin's SEC filings for a description of some of the factors that may cause actual results to differ materially from those in the forward-looking statements. We posted slides on our website today that we plan to address during the call to supplement our comments. These slides also include information regarding non-GAAP measures that may be used in today's call. Please access our website at www.lockheedmartin.com and click
Snap Inc (NYSE:SNAP) is expected to remain under pressure to demonstrate stronger advertising revenue growth when it reports second-quarter earnings, with Jefferies saying the company's ads business continues to be the key issue despite expectations for improving overall revenue growth.
The brokerage reiterated its ‘Buy’ rating on Snap while lowering its price target to $5.50 from $8, writing that although it remains positive on the company's engagement scale and long-term monetization opportunity, "the core issue remains ad rev growth, which has yet to show meaningful improvement."
Snap shares traded hands at about $4.40 on Thursday afternoon, down about 45% so far this year.
Jefferies expects Snap to report Q2 revenue growth of 14% year over year, in line with Wall Street estimates. The analysts wrote that advertising revenue should reaccelerate from 3% growth in the first quarter, helped by an easier year-over-year comparison and guidance that had already incorporated a full quarter of Middle East-related headwinds.
The firm said revenue from Snap+ subscriptions and Memories products remains more difficult to forecast because of limited visibility, though it remains constructive on the recent momentum in those businesses.
For the third quarter, Jefferies wrote that the Street's forecast for 13% year-over-year revenue growth appears achievable, with potential upside from World Cup-related advertising spending and Memories Storage. The analysts noted that consensus implies quarter-over-quarter revenue growth consistent with seasonal trends over the past three years, while the expiration of the 12-month Memories Storage grace period in September could provide an additional boost.
Jefferies also identified daily active user growth as a swing factor, citing age verification requirements and other regulatory changes. While the firm sees limited revenue risk from those changes, it noted they could weigh on investor sentiment if engagement growth slows further.
On profitability, Jefferies expects Snap to reiterate its full-year cost guidance following its April restructuring, including operating expenses of about $2.75 billion, other cost of goods sold at 16% to 17% of revenue, and infrastructure costs of $1.6 billion to $1.65 billion.
While Jefferies remains constructive on Snap's longer-term monetization opportunity, it wrote that continued investment in Specs following a weak initial reception, along with the collapse of a partnership with Perplexity, has tempered expectations, leaving the company's advertising growth as the primary focus heading into earnings.
Crown Castle zvýšil výhled AFFO a hlásí zlom v organickém růstu, ale investoři řeší hlavně nejistotu kolem toho, zda budou satelity pro věže konkurencí, nebo doplňkem.
Crown Castle (CCI) is becoming an interesting investment as a confluence of improved organic growth, reduced headwinds, and attractive valuation makes it potentially the most opportunistic it has been in a decade. However, there is simultaneously a massive unknown in the form of the terrestrial versus satellite debate. Scenario outcomes of this debate range from obsolescence of towers to getting a 4th major tower customer, making it the pivotal factor for the future of CCI.
We shall begin by discussing:
CCI’s strong 2Q26. Positive growth inflection. Opportunistic valuation. Then we will show that the market does not care about any of these factors as the satellite harbinger looms overhead.
If and when one can get a clear idea of where the satellite versus terrestrial debate will conclude, there could be tremendous opportunity in CCI stock.
CCI's Strong Quarter And Growth CCI had a strong quarter with upped AFFO guidance and an upward inflection in organic growth. A central point of their conference call was that 2026 was the trough of organic growth and that they see strong acceleration in the short, mid, and long term. Factors creating the upward inflection in growth are:
MLAs with visibility into near-term contractual growth. AT&T 600 megahertz spectrum closing. Mobile data usage is expected to double over 5 years. As more spectrum gets deployed and data usage increases, tower tenants will want more equipment installed on towers, which will come with increased rent to CCI.
Analyst consensus estimates show a very strong outlook for Crown Castle with AFFO/share expected to rise from $4.36 in 2025 to $6.05 in 2030.
S&P Global Market Intelligence
That growth rate is quite opportunistic relative to what is now a fairly cheap valuation.
CCI is trading at 16.7X 2026 AFFO.
Tower REITs have traditionally traded at AFFO multiples in the mid-20s and occasionally in the 30s.
We believe the now cheap valuation is the result of fear related to satellites as a potential competitor to macro towers. This can be clearly seen in the CCI trading action since the Space Exploration Technologies (SPCX) IPO.
CCI is down 18% even though the CCI-specific news has been positive in this period.
SA
SpaceX’s Starlink was already a potential threat to towers; the IPO merely made it front of mind for investors. In perception, it went from a potential future threat to being a highly visible part of one of the largest companies in the world.
On July 21st, SPCX launched an additional 24 satellites into its mega-constellation already consisting of over 10,000 low earth orbit satellites.
Starlink is unequivocally huge and powerful, but its impact on towers remains completely unknown.
The Pivotal Unknown I am not an engineer and do not have a full grasp on the subtleties in transmission that make satellites better or worse than a tower network. Thus, I can merely relay what I have heard from others who are more directly in the field.
The basic framework seems to be that satellites are great at covering massive areas inexpensively and reliably but perhaps less effective in highly congested areas.
Bears on the tower REITs worry that Starlink could be effective enough to disrupt the traditional cell carriers, which make up CCI’s tenant base.
Bulls believe Starlink or peer satellite companies could become a 4th major carrier and that they would use macro towers to supplement their satellites. Specifically, they would put equipment on macro towers in major population centers where towers tend to outperform and use satellites in rural areas. Thus, Starlink or peers could actually benefit the tower REIT industry in the form of an additional revenue source.
Christian Hillabrant is knowledgeable on the subject but also biased due to his role as CEO of CCI. He discussed satellites versus terrestrial networks at length on the 2Q26 call:
“Let me summarize the key reasons why we believe that terrestrial networks will continue to be an essential for mobile phone service based on reports available on the WIA website and analysis from sell-side research. First, satellite services generally require a clear line of sight to the sky and provide weaker indoor coverage, which is significant given approximately 90% of mobile usage occurs indoors or in vehicles. Because satellite signals travel hundreds of miles farther than the terrestrial connections, their signal strength is approximately 10,000x weaker, challenging performance in dense environments where buildings, obstructions and interference can further degrade the signal. To compensate for the weaker signal, phones must operate at higher transmit power levels, increasing battery consumption. Second, satellite operators have access to significantly less spectrum. Direct-to-device satellite services generally have access to only tens of megahertz of spectrum, while each major U.S. wireless carrier controls hundreds of megahertz. Third, a typical satellite beam covers approximately 100 square miles to 600 square miles versus roughly 3 square miles to 20 square miles for a terrestrial cell site, requiring substantially more users to share the same spectrum resources. This means that for every megahertz of spectrum, terrestrial cell sites can support 30x more users. More importantly, as satellite operators seek to improve capacity, mobility and indoor performance, we believe terrestrial infrastructure will become an increasingly important complement to satellite networks.”
I think there is merit to his analysis that satellites could be complementary to macro towers rather than a substitute. However, it remains a major unknown.
The return outlook of CCI as an investment is heavily impacted by what happens in this debate. We see 3 main branches of scenarios to consider:
Satellites do not materially enter the cell carrier business. Satellites compete and at least partially replace demand for towers. Satellites become carriers and use macro towers to complement their network. CCI is opportunistic in scenarios 1 and 3 but would likely underperform in scenario 2.
Scenario 1 would just be business as usual for tower REITs. This seems to be what the consensus AFFO estimates out to 2030 are penciling in. CCI’s 16.7X AFFO multiple is just too cheap relative to the AFFO/share growth rate, which would make it a strong investment.
Scenario 2 risks major damage in the form of CCI losing one or more of their 3 major tenants. If Starlink competes as a cell carrier and captures substantial market share, there is potential for Verizon, AT&T, or T-Mobile to go out of business, and CCI could lose massive amounts of rental revenue.
Scenario 3 would be Starlink or a peer competing in a more balanced way, taking some market share but not killing the existing ecosystem. A potential 4th tenant in this scenario would potentially add back the revenues that were previously lost when Sprint got absorbed.
I’m not going to pretend to know how this will all shake out. Instead, I’ll be focusing on data points that could serve as early indicators. Here is what we will be watching to potentially happen:
Starlink or peers signing leases with macro towers (good sign for CCI). The extent to which Starlink attempts to become a major cell carrier. Financial health of Verizon, AT&T, or T-Mobile deteriorating. Customer adoption of satellite-based cell service. Customer reviews of the quality of satellite-based cell service. How We Are Playing It Tower REITs are potentially quite opportunistic given high-growth relative to valuation, but given the unknown, they are also risky. We currently are underweight relative to the REIT index but hold a small position in American Tower (AMT). AMT and CCI are similar investments, but we give a slight edge to AMT for its ownership of CoreSite, through which it has access to strong data center growth.
As more information rolls in and we get greater clarity on the satellite versus terrestrial debate, we will be watching and trading accordingly.
Fortinet před výsledky za 2. čtvrtletí musí ukázat zrychlení růstu tržeb z produktů, aby podpořil důvěru investorů. Jefferies čeká silné produktové trendy a překonání cíle pro billings.
Fortinet Inc (NASDAQ:FTNT) is set to report its second quarter results on July 29, with Jefferies analysts highlighting that the company needs to show an acceleration in product revenue growth to support investor confidence in the durability of its recent performance.
The firm expects solid product trends in the quarter, driven by price increases and improving channel checks, but wrote that investors will be looking for evidence the momentum can extend beyond the near term.
Jefferies expects product revenue growth to strengthen from the first quarter as Fortinet benefits from a full quarter of higher pricing and what it described as improving demand trends. The firm's proprietary survey showed performance versus plan improved sequentially, while channel checks pointed to healthy firewall demand despite some inventory constraints and longer appliance lead times.
The firm wrote that while product strength could continue for another quarter or two, it needs greater confidence that growth can be sustained into 2027 and that services billings, particularly subscriptions, will remain strong before becoming more constructive on the stock.
Billings will also be closely watched. Jefferies expects Fortinet to exceed its second-quarter billings guidance, which calls for 20% year-over-year growth at the midpoint, but does not expect management to significantly raise its full-year billings outlook given tougher comparisons in the second half of the year and longer lead times for appliances.
Margins are another focus. Jefferies expects Fortinet's midpoint guidance for a 34% non-GAAP operating margin to be achievable, supported by recent price increases and lower-cost inventory. However, it wrote that investors are likely to monitor the impact of rising memory costs and longer procurement cycles on margins later this year.
Jefferies' latest survey showed Fortinet's average performance versus plan improved to 2.3% above plan in the second quarter from 0.5% below plan in the first quarter, outperforming the average across cybersecurity vendors covered in the survey. The firm also wrote that investors will be looking for further signs of momentum in Fortinet's secure access service edge (SASE) business as the company continues to expand its bundled offerings.
Shares of Fortinet are up about 90% so far this year, trading hands at $151 on Thursday.
Southwest Airlines letos poprvé přepravila letecké palivo z Texasu do Los Angeles lodí kvůli obavám o zásobování a vyšším cenám na západním pobřeží. Zásilka činila asi 12,6 milionu galonů.
Southwest Airlines hired a ship this spring to send jet fuel from Texas to California, where prices are much higher and concerns had grown about supply, Chief Financial Officer Tom Doxey told CNBC. It was a first for the Dallas airline.
"It brought like a week's supply to the West Coast at a time when when supply was most constricted ... when it was most at risk," Doxey said.
The ship, which left from Houston and went through the Panama Canal, arrived May 28 in Los Angeles and had about 12.6 million gallons aboard, Southwest said. For context, Southwest used 564 million gallons of jet fuel in the last quarter.
The West Coast is much more reliant on imports than other parts of the country. Jet fuel prices spiked and have been volatile since the U.S. and Israel struck Iran in February.
Southwest said Thursday that its fuel expenses were up nearly $900 million in the second quarter from last year.
For the shipment to California, the airline said it used a waiver of the Jones Act, a law from 1920 that requires shipments between U.S. ports to be carried on a U.S. ship. President Donald Trump waived that requirement in March as fuel prices were soaring in the weeks following the start of the Iran war and subsequent shipping snarls erupted in the Strait of Hormuz, a key channel.
Worries about supplies intensified as countries restricted exports this year, fearful of running low on fuel. Those concerns have since eased, a Southwest spokesman said.
Jet fuel is airlines' biggest expense after labor. Prices eased in late spring and early summer but rose again as tensions reignited with Iran this month.
Last week, United Airlines, which flies more internationally than any other U.S. carrier, said it is using the latest available fuel prices for its quarterly estimates because prices have been so volatile.
In its July 15 report, it said jet fuel increased $575 million, or a $1.12 hit to adjusted earnings per share, for the third quarter alone.
U.S. airlines have abandoned fuel hedges, which help them lock in costs through futures contracts, over the past decade or so as the U.S. was awash in supply, keeping a lid on prices.
This time around, carriers have scaled back their capacity growth plans, which is also helping boost fares. Airline executives this month said demand remains strong despite higher fares, which they say are likely to stick.
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Bank of America zvýšila cílovou cenu pro Crocs na 160 USD z 145 USD a zopakovala doporučení Buy před výsledky za 2. čtvrtletí. Očekává EPS 4,24 USD a tržby meziročně nižší o 1 %.
Crocs, Inc. (NASDAQ:CROX) has received a higher price target from Bank of America ahead of its second-quarter earnings report, with the firm reiterating its ‘Buy’ rating and raising its target to $160 from $145 on expectations that sustained direct-to-consumer (DTC) growth in North America could support further valuation expansion.
The firm increased its valuation multiple to 11 times its 2027 earnings estimate from 10 times previously, writing that additional evidence of durable North American DTC growth could drive further multiple expansion.
This price target implies upside from current levels of about $132.
Bank of America forecasts Q2 earnings per share of $4.24, broadly in line with Visible Alpha consensus estimates.
The firm sees the potential for upside in the quarter, supported by continued DTC momentum and an improving setup for the second half of the year as the company laps strategic actions taken last year that weighed on sales.
The analysts expect total second-quarter sales to decline 1% year over year, with growth in the Crocs brand's DTC business offset by weaker wholesale sales and continued declines at Heydude. They forecast North American DTC sales to rise 1%, below the Street's expectation of 2%, but noted that demand for newer products, including sandals, could support stronger results.
Bank of America highlighted continued consumer interest in new product launches, pointing to popular sandal styles such as the Miami Flip, where it has observed products selling out even after restocking.
On margins, the firm expects gross margin to decline 150 basis points year over year, in line with company guidance that incorporates tariff-related headwinds. While lower tariff rates and the potential for refunds could provide some relief, the analysts wrote that a greater contribution from newer products and sales channels with lower gross margins could offset those benefits.
Looking beyond the second quarter, Bank of America expects a more favorable operating environment in the second half of the year, supported by upcoming product launches, including the Echo 2 and Mellow 2 collections, and easier comparisons following last year's reductions in promotional activity and wholesale shipments.
The firm also sees the possibility that improving demand for new products could eventually benefit North American wholesale sales, although its current forecasts continue to assume negative wholesale trends through the remainder of 2026.
, /PRNewswire/ -- The Otis Worldwide Corporation (NYSE: OTIS) Board of Directors today declared a quarterly dividend of $0.44 per share of Otis' common stock. The dividend will be payable on September 11, 2026, to shareholders of record at the close of business on August 14, 2026.
About Otis
Otis gives people freedom to connect and thrive in a taller, faster, smarter world. The global leader in the manufacture, installation, service and modernization of elevators and escalators, we move 2.5 billion people a day and maintain approximately 2.5 million customer units worldwide – the industry's largest Service portfolio. You'll find us in the world's most iconic structures, as well as residential and commercial buildings, transportation hubs and everywhere people are on the move. Headquartered in Connecticut, USA, Otis is 72,000 people strong, including 45,000 field professionals, all committed to manufacturing, installing and maintaining products to meet the diverse needs of our customers and passengers in more than 200 countries and territories. To learn more, visit www.otis.com and follow us on LinkedIn, YouTube, Instagram and Facebook @OtisElevatorCo.
Cautionary Statement
This release includes statements related to anticipated earnings, cash flow and dividends that constitute "forward-looking statements" under the securities laws. All forward-looking statements involve risks, uncertainties and assumptions that may cause actual results to differ materially from those expressed or implied in the forward-looking statements. Past dividends provide no assurance as to future dividends. The payment and amount of future dividends could vary significantly from past amounts due to a number of risks and uncertainties. Risks and uncertainties include: (1) the effect of economic conditions in the industries and markets in which Otis and its businesses operate in the U.S. and globally and any changes therein, including financial market conditions, fluctuations in commodity prices, interest rates and foreign currency exchange rates, future availability of credit and factors that may affect such availability or costs (including tighter credit conditions), levels of end market demand in construction, pandemic health issues, natural disasters and the financial condition of Otis' customers and suppliers; (2) risks associated with indebtedness; (3) challenges in the development and production of new products and services; and (4) the effect of changes in laws and regulations, political conditions and geopolitical conflicts in countries in which we operate and other factors beyond our control. The above list of factors is not exhaustive or necessarily in order of importance. For additional information on identifying factors that may cause actual results to vary from those stated in forward-looking statements, see the reports of Otis on Forms 10-K, 10-Q and 8-K filed with or furnished to the SEC from time to time. Any forward-looking statement speaks only as of the date on which it is made, and Otis assumes no obligation to update or revise such statement, whether as a result of new information, future events or otherwise, except as required by applicable law.
Southern Company se připojuje k Trumpovu závazku na ochranu plátců tarifů a zdůrazňuje zákaznický přístup při růstu. Firma zároveň uvádí, že její úvěr až 26,5 miliardy USD má zákazníkům přinést 7 miliard USD v přínosech.
Commitment reflects Southern Company's approach to growth through clear cost responsibility, enhanced grid reliability and broad-based economic and community benefits
, /PRNewswire/ -- Southern Company (NYSE: SO) announced it is joining President Donald Trump's Ratepayer Protection Pledge, underscoring the company's commitment to ensuring that America's leadership in artificial intelligence (AI) and advanced technologies delivers broad-based benefits for customers and communities.
The Pledge aligns with the Southern Company system's well-established approach to serving growth in a responsible manner while maintaining rate stability and reliability for millions of households and small businesses across the Southeast. The company's two largest subsidiaries, Georgia Power and Alabama Power, each have multiyear base rate freezes in place. In early 2026, Southern Company announced a historic loan package of up to $26.5 billion from the Department of Energy estimated to generate $7 billion in benefits for customers by helping to lower energy costs and strengthen the grid.
"This is a tremendous moment for the Southeast and for our country," said Chris Womack, chairman, president and CEO of Southern Company. "AI and advanced technologies are creating historic opportunities for investment and economic growth, and Southern Company is committed to putting customers first. The President's Pledge reflects an important principle: growth should strengthen our energy future while protecting rate stability and reliability for the families, businesses and communities we serve. We appreciate President Trump's leadership in advancing policies that support American energy infrastructure, and we are confident the approach we are taking will deliver lasting benefits."
Through clear, enforceable customer agreements, the company is working to ensure that the infrastructure investments and operational requirements associated with new, energy-intensive demand are appropriately borne by the businesses driving that growth, helping to protect existing customers while supporting continued investment, job creation and economic investment.
OpenAI's recently announced project in Effingham County, Georgia, which is expected to create thousands of new jobs and billions of dollars in new investment for the local community, is a powerful demonstration of this approach in practice. As part of its planned $20 billion investment, OpenAI has committed to covering the full infrastructure and electric service costs required to serve its facility and providing financial assurances designed to protect customers, consistent with rules approved by the Georgia Public Service Commission. Additionally, as part of the agreement, OpenAI has committed to supporting the power grid with up to 1,000 megawatts of flexible demand response, lowering power use at scale that will help ensure reliable electric service when demand is highest and provide savings for customers in the long term.
About Southern Company
Southern Company (NYSE: SO) is a leading energy provider serving 9 million customers across the Southeast and beyond through its family of companies. The company has electric operating companies in three states, natural gas distribution companies in four states, a competitive generation company, a leading distributed energy solutions provider with national capabilities, a fiber optics network and telecommunications services. Our uncompromising values ensure we put the needs of those we serve at the center of everything we do and are the key to our sustained success, driven by nearly 30,000 employees dedicated to delivering exceptional service. To learn more, visit www.southerncompany.com.
Snap-on Incorporated (SNA) Q2 2026 Earnings Call July 23, 2026 10:00 AM EDT
Company Participants
Sara Verbsky - Vice President of Investor Relations
Nicholas Pinchuk - Chairman, CEO & President
Aldo Pagliari - Senior VP of Finance & CFO
Conference Call Participants
David S. MacGregor - Longbow Research LLC
Christopher Glynn - Oppenheimer & Co. Inc., Research Division
Scott Stember - ROTH Capital Partners, LLC, Research Division
Gary Prestopino - Barrington Research Associates, Inc., Research Division
Bret Jordan - Jefferies LLC, Research Division
Presentation
Operator
Good day, and welcome to the Snap-on Incorporated 2026 Second Quarter Results Conference Call. [Operator Instructions] Please note that this event is being recorded. I would now like to turn the call over to Sara Verbsky, Vice President, Investor Relations. Please go ahead.
Sara Verbsky
Vice President of Investor Relations
Thank you, Cole, and good morning, everyone. We appreciate you joining us today as we review Snap-on's second quarter results, which are detailed in our press release issued earlier this morning. We have on the call Nick Pinchuk, Snap-on's Chief Executive Officer; and Aldo Pagliari, Snap-on's Chief Financial Officer.
Nick will kick off our call this morning with his perspective on our performance. Aldo will then provide a more detailed review of the financial results. After Nick provides some closing thoughts, we'll take your questions.
As usual, we provided slides to supplement our discussion. These slides can be accessed under the Downloads tab in the webcast viewer as well as on our website, snapon.com, under the Investors section. The slides will be archived on our website along with the transcript of today's call. Any statements made during this call relative to management's expectations, estimates or beliefs or that otherwise discuss management's or the company's outlook, plans or projections are forward-looking statements and actual results may differ materially from those made in such statements. Additional information and the factors
FMC Corporation (NYSE: FMC) announced today that its board of directors declared a regular quarterly dividend of 8 cents per share, payable on October 15, 2026, to shareholders of record as of the close of business on September 30, 2026.
About FMC
FMC Corporation is a global agricultural sciences company dedicated to helping growers produce food, feed, fiber and fuel for an expanding world population while adapting to a changing environment. FMC's innovative crop protection solutions – including biologicals, crop nutrition, digital and precision agriculture – enable growers and crop advisers to address their toughest challenges economically while protecting the environment. FMC is committed to discovering new herbicide, insecticide and fungicide active ingredients, product formulations and pioneering technologies that are consistently better for the planet. Visit fmc.com to learn more and follow us on LinkedIn®.
Statement under the Safe Harbor Provisions of the Private Securities Litigation Reform Act of 1995: FMC and its representatives may from time to time make written or oral statements that are "forward-looking" and provide other than historical information, including statements contained in this press release, in FMC's other filings with the SEC, and in presentations, reports or letters to FMC stockholders.
In some cases, FMC has identified these forward-looking statements by such words or phrases as "outlook", "will likely result," "is confident that," "expect," "expects," "should," "could," "may," "will continue to," "believe," "believes," "anticipates," "predicts," "forecasts," "estimates," "projects," "potential," "intends" or similar expressions identifying "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995, including the negative of those words or phrases. Such forward-looking statements are based on our current views and assumptions regarding future events, future business conditions and the outlook for the company based on currently available information. The forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause actual results to be materially different from any results, levels of activity, performance or achievements expressed or implied by any forward-looking statement. These statements are qualified by reference to the risk factors included in Part I, Item 1A of our Annual Report on Form 10-K for the year ended December 31, 2025 (the "2025 Form 10-K"), the section captioned "Forward-Looking Information" in Part II of the 2025 Form 10-K and to similar risk factors and cautionary statements in all other reports and forms filed with the Securities and Exchange Commission ("SEC"). We wish to caution readers not to place undue reliance on any such forward-looking statements, which speak only as of the date made. Forward-looking statements are qualified in their entirety by the above cautionary statement.
We specifically decline to undertake any obligation, and specifically disclaims any duty, to publicly update or revise any forward-looking statements that have been made to reflect events or circumstances after the date of such statements or to reflect the occurrence of anticipated or unanticipated events, except as may be required by law.
Jefferies vidí u Tinderu první zlepšení v registracích a MAU, ale na obrat je podle něj ještě brzy. Match Group dál čelí strukturálním problémům v seznamovací kategorii.
Match Group Inc (NASDAQ:MTCH)'s Tinder is showing tentative signs of improving user trends, but Jefferies said it remains too early to call a turnaround.
The brokerage said Match Group's most recent quarter showed early signs of improvement in new user registrations and monthly active user (MAU) declines, a trend that appears to have held up based on third-party MAU and download data.
Jefferies added that Tinder revenue and payers could outperform Street estimates this year if user givebacks come in lower than budgeted.
Still, the firm cautioned that it does not view recent product changes as materially altering Tinder's trajectory.
Jefferies is modeling Match Group's second-quarter total revenue down 1% year-over-year and Tinder payers down 110,000 quarter-over-quarter, largely in line with Street estimates and guidance. The firm sees possible upside toward the high end of guidance if a guided roughly $20 million Azar headwind and roughly $10 million Tinder UX testing impact prove less severe than expected.
Third-quarter revenue is expected to worsen to down 2% year-over-year as Tinder user givebacks pick up in the second half, with Jefferies modeling a 5% year-over-year decline in Tinder payers for the rest of the year. The firm noted Match Group still has roughly $45 million of givebacks budgeted after using less than expected earlier in the year, meaning payer declines could be more modest than expected if givebacks again come in below plan.
Jefferies also continues to expect revenue pressure from Azar's lower-monetizing relaunch over coming quarters.
While Match Group is targeting flat Tinder MAU growth by the end of 2027, Jefferies said it remains skeptical that incremental changes like branding refreshes and feature launches can drive a durable turnaround.
Jefferies called recent Tinder product changes, including Double Date, Astrology Mode and new event formats, helpful but still early. It does not expect the recent Tinder rebrand to materially shift user growth trends.
The firm remains concerned about structural challenges in the dating category and made no changes to its estimates. Its price target is based on 8x FY27 EBITDA, with a Hold rating and $35 price target on the stock.
Key Takeaways QuidelOrtho is poised for growth on its strong product portfolio and cost-saving progress.QDEL's Labs business leads first-quarter revenues, with Immunohematology and Point of Care adding support.Respiratory testing remains a key swing factor as lower demand pressures revenues and margins. QuidelOrtho Corporation (QDEL - Free Report) is well-poised for growth in the coming quarters, courtesy of its strong product portfolio. The optimism, led by mixed first-quarter 2026 results, is expected to contribute further, along with progress in cost-saving initiatives. However, risks due to overdependence on the respiratory business persist.
This Zacks Rank #2 (Buy) company has lost 41.6% in the year-to-date period compared with the 21.8% decline of the industry. The S&P 500 has witnessed 9.5% growth in the said time frame.
The renowned rapid diagnostic testing solutions provider has a market capitalization of $1.12 billion. QuidelOrtho’s earnings yield of 11.4% compares favorably with the industry’s 3.1%. The company surpassed the Zacks Consensus Estimate in two of the trailing four quarters, missed once and met estimates once, delivering an average negative surprise of 15.7%.
Image Source: Zacks Investment Research
Factors Favoring QDEL’s GrowthRobust Product Portfolio: QuidelOrtho’s diversified portfolio across Labs, Immunohematology, Point of Care and Molecular Diagnostics helps cushion demand fluctuations across testing categories. In the first quarter of 2026, Labs remained the largest revenue contributor at $353.1 million, followed by Immunohematology at $138.3 million and Point of Care at $112.8 million.
The company's Sofia platform and QuickVue franchise continue to provide scale in respiratory testing, with management noting stable market share during the quarter. For 2026, QuidelOrtho expects a typical flu season and stable testing protocols, with guidance based on a 50-55 million annual flu testing market and flat COVID-related revenues compared with 2025.
Growth initiatives remain focused on menu expansion and international penetration, with the U.S. launch of its high-sensitivity troponin assay already reaching more than 300 customer shipments and the rollout of the VITROS 450 system targeting lower-volume laboratories, which management believes can drive mid-single-digit long-term growth in the Labs business.
Progress on Cost-Saving Initiatives: QuidelOrtho is leveraging restructuring and productivity initiatives to expand margins and support investments in new platforms. In first-quarter 2026, adjusted operating expenses declined 2% year over year, led by a 19% reduction in R&D spending, while management reaffirmed its full-year adjusted EBITDA margin target of approximately 23%.
Through its Optimization Plan, the company is pursuing procurement efficiencies, facility consolidation and distribution rationalization, expecting around $50 million in net cost savings through 2027 despite cumulative pre-tax charges of about $100 million. QuidelOrtho is also implementing supply-chain measures to offset tariff-related cost pressures, while the wind-down of its U.S. Donor Screening business, expected to be substantially complete by mid-2026, and normalized working capital are projected to support stronger free cash flow generation in the second half of 2026.
Mixed Q1 Results: QuidelOrtho ended the first quarter of 2026 with mixed results, where revenues surpassed the Zacks Consensus Estimate, but earnings missed significantly. The company continued to witness strength in its Labs and Immunohematology business units, while solid growth across Latin America and resilient performance in EMEA and JPAC were encouraging.
However, persistent weakness in respiratory testing continued to weigh heavily on the top line, with Point of Care and Donor Screening businesses also posting sharp declines. The company’s bottom line deteriorated year over year, while gross and operating margins contracted significantly due to lower volumes and an unfavorable business mix.
Factors That May Offset QDEL’s GainsOverdependence on Respiratory Segment: Respiratory testing remains a key swing factor for QuidelOrtho’s revenues and profitability despite the post-pandemic reset. First-quarter 2026 results were pressured by a milder and shorter respiratory season, with influenza-like illness visits declining roughly 30% year over year and respiratory revenues totaling $68 million. While management indicated that testing protocols and market share remained stable, suggesting the weakness was demand-driven rather than competitive, the lower respiratory contribution reduced product mix and contributed to a 630-basis point decline in adjusted gross margin.
For 2026, the company assumes a 50-55 million annual flu market and flat COVID revenues compared with 2025, but still expects full-year respiratory revenues to decline, implying that even modest shifts in seasonality or testing volumes could continue to create significant variability in quarterly results and cash generation.
Estimate TrendQuidelOrtho is witnessing a negative estimate revision trend for 2026. In the past 30 days, the Zacks Consensus Estimate for earnings has moved south to $1.87 per share.
The Zacks Consensus Estimate for the company’s second-quarter 2026 revenues is pegged at $614.6 million, indicating 0.12% growth from the year-ago quarter’s reported number.
Other Key PicksSome other top-ranked stocks from the broader medical space are West Pharmaceutical (WST - Free Report) , Intuitive Surgical (ISRG - Free Report) and Cardinal Health (CAH - Free Report) , each carrying a Zacks Rank #2 at present. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
West Pharmaceutical reported first-quarter 2026 earnings per share (EPS) of $2.13, which beat the Zacks Consensus Estimate by 26.8%. Revenues of $844.9 million surpassed the Zacks Consensus Estimate by 8.5%.
West Pharmaceutical has an estimated long-term earnings growth rate of 13.9%. WST’s earnings surpassed estimates in the trailing four quarters, the average surprise being 19.4%.
Intuitive Surgical reported first-quarter 2026 adjusted EPS of $2.50, which beat the Zacks Consensus Estimate by 20.2%. Revenues of $2.77 billion surpassed the Zacks Consensus Estimate by 6.2%.
Intuitive Surgical has an estimated long-term earnings growth rate of 14.3%. ISRG’s earnings surpassed estimates in each of the trailing four quarters, the average surprise being 16.8%.
Cardinal Health reported a third-quarter fiscal 2026 adjusted EPS of $3.17, which beat the Zacks Consensus Estimate by 13.2%. Revenues of $60.94 billion missed the Zacks Consensus Estimate by 2.3%.
Cardinal Health has an estimated long-term earnings growth rate of 17%. CAH’s earnings surpassed estimates in the trailing four quarters, the average surprise being 10.3%.
Ameriprise Financial zveřejnila výsledky za 2. čtvrtletí 2026. V úvodu konferenčního hovoru firma uvedla, že během hovoru zazní odkazy na různé ne-GAAP finanční ukazatele.
Ameriprise Financial, Inc. (AMP) Q2 2026 Earnings Call July 23, 2026 8:30 AM EDT
Company Participants
Stephanie Rabe - Head of Investor Relations
Jim Cracchiolo - Chairman & CEO
Walter Berman - Executive VP, CFO & Chief Risk Officer
Conference Call Participants
Brennan Hawken - BMO Capital Markets Equity Research
Craig Siegenthaler - BofA Securities, Research Division
Crispin Love - Piper Sandler & Co., Research Division
Wilma Jackson Burdis - Raymond James & Associates, Inc., Research Division
Thomas Gallagher - Evercore ISI Institutional Equities, Research Division
Ryan Krueger - Keefe, Bruyette, & Woods, Inc., Research Division
Suneet Kamath - Jefferies LLC, Research Division
Presentation
Operator
Welcome to the Second Quarter 2026 Earnings Call. My name is Rebecca, and I will be your operator for today's call. [Operator Instructions] As a reminder, the conference is being recorded. I will now turn the call over to Stephanie Rabe. Stephanie, you may begin.
Stephanie Rabe
Head of Investor Relations
Welcome to Ameriprise Financial's Second Quarter Earnings Call. On the call with me today are Jim Cracchiolo, Chairman and CEO; and Walter Berman, Chief Financial Officer. Following their remarks, we'd be happy to take your questions. Turning to our earnings presentation materials that are available on our website. On Slide 2, you will see a discussion of forward-looking statements. Specifically, during the call, you'll hear references to various non-GAAP financial measures. which we believe provide insight into our company's operations. Reconciliation of non-GAAP numbers to their respective GAAP numbers can be found in today's materials and on our website at ir.ameriprise.com.
Some statements that we make on this call may be forward-looking, reflecting management's expectations about future events and overall operating plans and performance. These forward-looking statements speak only as of today's date and involve a number of risks and uncertainties. A sample list of factors and risks that could cause actual results
BancFirst ve 2. čtvrtletí zvýšila čistý zisk na 66,7 milionu USD, tedy 1,96 USD na akcii, z 62,3 milionu USD před rokem. Čistý úrokový výnos vzrostl na 133,5 milionu USD.
, /PRNewswire/ -- BancFirst Corporation (NASDAQ GS: BANF) reported net income of $66.7 million, or $1.96 per diluted share, for the second quarter of 2026 compared to net income of $62.3 million, or $1.85 per diluted share, for the second quarter of 2025.
The Company's net interest income for the three-months ending June 30, 2026 increased to $133.5 million from $121.3 million for the same period in 2025. Higher loan volume and general growth in earning assets were the primary drivers of the change in net interest income. Net interest margin was 3.84% for the second quarter of 2026 compared to 3.75% for the second quarter of 2025. The Company recorded a provision for credit losses of $4.9 million and $1.4 million for the quarter ended June 30, 2026 and 2025, respectively.
Noninterest income for the quarter totaled $53.9 million compared to $48.0 million in the same quarter last year. Trust revenue, service charges on deposits, securities transactions, and treasury income each increased when compared to second quarter of 2025. The Company also recorded gains of $2.9 million related to bank owned life insurance claims during the quarter. The increase in noninterest income was partially offset by a decrease in insurance commissions.
Noninterest expense grew to $97.5 million for the quarter ended June 30, 2026 compared to $88.2 million in the same quarter in 2025. The increase in noninterest expense was primarily attributable to the growth in salaries and employee benefits of $5.2 million. The total salaries and employee benefits expenses recorded of $60.3 million is after a favorable adjustment to the funded employee benefit trust of $800,000. Also driving the increase in noninterest expense was net expense from other real estate owned, which increased $1.6 million period to period.
At June 30, 2026, the Company's total assets were $15.1 billion, an increase of $243.4 million from December 31, 2025. Loans grew $110.6 million from December 31, 2025, totaling $8.7 billion at June 30, 2026. Deposits totaled $12.8 billion, an increase of $155.9 million from year-end 2025. Sweep accounts totaled $5.0 billion at June 30, 2026, up $100.8 million from December 31, 2025. The Company's stockholders' equity stood at $2.0 billion, an increase of $103.0 million from the end of 2025.
Nonaccrual loans represented 0.94% of total loans at June 30, 2026, up from 0.72% at year-end 2025. Nonaccrual loans totaled $81.4 million at the end of the second quarter 2026. The allowance for credit losses to total loans was 1.25% at June 30, 2026 and 1.22% at December 31, 2025. Net charge-offs totaled $2.4 million for the quarter compared to $4.7 million for the second quarter last year.
BancFirst Corporation CEO David Harlow commented, "The Company enjoyed a record quarter fueled by an expanding margin and earning asset growth. Noninterest income growth was solid across most major categories and expenses were managed in line with plan. We announced the acquisition of SpiritBank during the quarter, adding the Tulsa MSA communities of Bristow and Sapulpa while expanding our presence in the Tulsa market. Pending regulatory approval, a fourth quarter close and conversion is anticipated. Our economic outlook continues to be guarded, although charge-offs remain at historically low levels. With a $4.9 million provision during the quarter, our allowance for credit losses remains at a healthy level."
BancFirst Corporation (the Company) is an Oklahoma based financial services holding company. The Company operates three subsidiary banks, BancFirst, an Oklahoma state-chartered bank with 109 banking locations serving 62 communities across Oklahoma, Pegasus Bank, a Texas state-chartered bank with three banking locations in the Dallas Metroplex area, and Worthington Bank, a Texas state-chartered bank with three locations in the Fort Worth Metroplex area, one location in Arlington Texas and one location in Denton Texas. More information can be found at www.bancfirst.bank.
The Company may make forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934 with respect to earnings, credit quality, corporate objectives, interest rates and other financial and business matters. Forward-looking statements include estimates and give management's current expectations or forecasts of future events. The Company cautions readers that these forward-looking statements are subject to numerous assumptions, risks and uncertainties, including economic conditions, the performance of financial markets and interest rates; legislative and regulatory actions and reforms; competition; as well as other factors, all of which change over time. Actual results may differ materially from forward-looking statements.
BancFirst Corporation
Summary Financial Information
(Dollars in thousands, except per share and share data - Unaudited)
(Dollars in thousands, except per share and share data - Unaudited)
2026
2026
2025
2025
2025
2nd Qtr
1st Qtr
4th Qtr
3rd Qtr
2nd Qtr
Balance Sheet Data:
Total assets
$ 15,082,243
$ 15,116,541
$ 14,838,893
$ 14,198,140
$ 14,045,780
Interest-bearing deposits with banks
4,164,678
4,430,751
4,177,406
3,849,736
3,737,763
Debt securities
1,113,240
886,519
924,948
1,015,941
1,104,604
Total loans
8,655,260
8,596,068
8,544,634
8,287,167
8,124,497
Allowance for credit losses
(107,810)
(105,330)
(104,299)
(99,511)
(96,988)
Noninterest-bearing demand deposits
4,162,306
4,105,840
3,897,613
3,816,389
3,967,626
Money market and interest-bearing checking deposits
5,442,757
5,605,932
5,610,882
5,393,791
5,301,439
Savings deposits
1,428,690
1,391,142
1,318,062
1,251,394
1,205,602
Time deposits
1,792,537
1,798,187
1,843,836
1,656,813
1,581,525
Total deposits
12,826,290
12,901,101
12,670,393
12,118,387
12,056,192
Stockholders' equity
1,957,097
1,901,912
1,854,125
1,782,801
1,728,038
Book value per common share
58.25
56.65
55.28
53.49
51.94
Tangible book value per common share (non-GAAP)(1)
52.21
50.58
49.20
47.71
46.12
Balance Sheet Ratios:
Average loans to deposits
67.02 %
67.02 %
66.43 %
67.32 %
67.11 %
Average earning assets to total assets
92.45
92.84
93.00
93.00
92.97
Average stockholders' equity to average assets
12.79
12.60
12.33
12.38
12.14
Asset Quality Data:
Past due loans
$ 7,077
$ 8,364
$ 8,115
$ 7,959
$ 7,515
Nonaccrual loans (3)
81,420
62,178
61,130
57,266
49,878
Other real estate owned and repossessed assets
61,703
53,649
49,134
53,233
53,022
Nonaccrual loans to total loans
0.94 %
0.72 %
0.72 %
0.69 %
0.61 %
Allowance to total loans
1.25
1.23
1.22
1.20
1.19
Allowance to nonaccrual loans
132.41
169.40
170.62
173.77
194.45
Net charge-offs to average loans
0.03
0.02
0.02
0.02
0.05
Reconciliation of Tangible Book Value Per Common Share (non-GAAP)(2):
Stockholders' equity
$ 1,957,097
$ 1,901,912
$ 1,854,125
$ 1,782,801
$ 1,728,038
Less goodwill
183,388
183,388
182,739
182,263
182,263
Less intangible assets, net
19,408
20,382
21,357
10,548
11,410
Tangible stockholders' equity (non-GAAP)
$ 1,754,301
$ 1,698,142
$ 1,650,029
$ 1,589,990
$ 1,534,365
Common shares outstanding
33,598,745
33,575,976
33,539,032
33,329,247
33,272,131
Tangible book value per common share (non-GAAP)
$ 52.21
$ 50.58
$ 49.20
$ 47.71
$ 46.12
(1) Refer to the "Reconciliation of Tangible Book Value per Common Share (non-GAAP)" Table.
(2) Tangible book value per common share is stockholders' equity less goodwill and intangible assets, net, divided by common shares outstanding. This amount is a non-GAAP financial measure but has been included as it is considered to be a critical metric with which to analyze and evaluate the financial condition and capital strength of the Company. This measure should not be considered a substitute for operating results determined in accordance with GAAP.
(3) Government Agencies guarantee approximately $7.9 million of nonaccrual loans at June 30, 2026.
BancFirst Corporation
Summary Financial Information
(Dollars in thousands, except per share and share data - Unaudited)
Six months ended
June 30,
2026
2025
Condensed Income Statements:
Net interest income
$ 261,141
$ 237,205
Provision for credit losses on loans
7,409
2,700
(Benefit from)/provision for off-balance sheet credit exposures
(387)
273
Noninterest income:
Trust revenue
12,135
11,334
Service charges on deposits
37,132
34,545
Securities transactions
1,629
(1,073)
Sales of loans
1,693
1,466
Insurance commissions
16,921
18,330
Cash management
21,488
20,624
Other
14,342
11,716
Total noninterest income
105,340
96,942
Noninterest expense:
Salaries and employee benefits
119,161
109,740
Occupancy expense, net
12,606
11,790
Depreciation
9,804
9,499
Amortization of intangible assets
1,949
1,748
Data processing services
6,438
5,877
Net expense from other real estate owned
8,172
5,599
Marketing and business promotion
4,718
4,786
Deposit insurance
3,489
3,400
Other
27,983
27,939
Total noninterest expense
194,320
180,378
Income before income taxes
165,139
150,796
Income tax expense
35,457
32,337
Net income
$ 129,682
$ 118,459
Per Common Share Data:
Net income-basic
$ 3.86
$ 3.56
Net income-diluted
3.81
3.51
Cash dividends declared
0.98
0.92
Common shares outstanding
33,598,745
33,272,131
Average common shares outstanding -
Basic
33,572,310
33,243,963
Diluted
34,040,322
33,782,069
Performance Ratios:
Return on average assets
1.74 %
1.73 %
Return on average stockholders' equity
13.72
14.31
Net interest margin
3.79
3.72
Efficiency ratio
53.02
53.98
BancFirst Corporation
Consolidated Average Balance Sheets
And Interest Margin Analysis
Taxable Equivalent Basis
(Dollars in thousands - Unaudited)
Three Months Ended
Six Months Ended
June 30, 2026
June 30, 2026
Interest
Average
Interest
Average
Average
Income/
Yield/
Average
Income/
Yield/
Balance
Expense
Rate
Balance
Expense
Rate
ASSETS
Earning assets:
Loans
$ 8,610,837
$ 148,013
6.89
%
$ 8,580,750
$ 292,330
6.87
%
Securities – taxable
999,677
7,413
2.97
950,975
13,286
2.82
Securities – tax exempt
6,756
68
4.01
7,148
134
3.77
Interest bearing deposits with banks and FFS
4,343,973
40,042
3.70
4,368,252
80,124
3.70
Total earning assets
13,961,243
195,536
5.62
13,907,125
385,874
5.60
Nonearning assets:
Cash and due from banks
217,300
221,400
Interest receivable and other assets
1,028,343
988,094
Allowance for credit losses
(105,148)
(104,780)
Total nonearning assets
1,140,495
1,104,714
Total assets
$ 15,101,738
15,011,839
LIABILITIES AND STOCKHOLDERS' EQUITY
Interest bearing liabilities:
Money market and interest-bearing checking deposits
SouthState Bank Corporation oznámila za 2. čtvrtletí EPS 2,35 USD, meziročně o 11 % více, a zvýšila čtvrtletní hotovostní dividendu na 0,66 USD na akcii.
, /PRNewswire/ -- SouthState Bank Corporation ("SouthState" or the "Company") (NYSE: SSB) today released its unaudited results of operations and other financial information for the three-month and six-month periods ended June 30, 2026.
SouthState Bank Corporation Reports Second Quarter 2026 Results "We continue to make progress on our priorities of balance sheet growth, opportunistic hiring, active share repurchases and building our artificial intelligence capabilities," said John C. Corbett, SouthState's Chief Executive Officer. "The second quarter featured solid loan growth, a stable net interest margin, unchanged deposit costs, and improved efficiency. Asset quality trends also improved, with a decline in non-accruals and charge-offs of just 6 basis points. Over the past year, we've retired nearly 5% of our share count, raised our dividend by 11% and grown tangible book value by 13%. We remain focused on delivering for our shareholders."
Highlights of the second quarter of 2026 include:
Returns
Reported diluted Earnings per Share ("EPS") and Adjusted Diluted EPS (Non-GAAP) of $2.35, up 11% year over year on a reported basis and 2% year over year on an adjusted basis Net Income of $230 million Return on Average Common Equity of 10.2%; Return on Average Tangible Common Equity (Non-GAAP) of 17.6%* Return on Average Assets ("ROAA") of 1.36%* Book Value per Share of $94.17 Tangible Book Value ("TBV") per Share (Non-GAAP) of $58.72, an increase of 13% year over year, after raising the dividend by 11%, and repurchasing nearly 5% of the Company's shares over the past year Performance
Net Interest Income of $576 million, an increase of $14 million, or 3%, compared to the prior quarter Noninterest Income of $97 million, a decrease of $3 million compared to the prior quarter primarily due to mortgage banking income; Noninterest Income represented 0.57% of average assets for the second quarter of 2026* Noninterest Expense of $358 million, a decrease of $2 million compared to the prior quarter primarily due to OREO and loan related expense Net Interest Margin ("NIM"), non-tax equivalent and tax equivalent (Non-GAAP), of 3.78% Net charge-offs totaled $8 million, or 0.06%* of average loans $16 million of Provision for Credit Losses ("PCL"); total Allowance for Credit Losses ("ACL") plus reserve for unfunded commitments of 1.30% of loans Efficiency Ratio improved to 50% from the prior quarter Balance Sheet
Loans increased by $1.4 billion, or 11%*, compared to the prior quarter and increased by $3.6 billion, or 8%, year over year; deposits increased by $474 million, or 3%*, and increased by $2.7 billion, or 5%, year over year; ending loan to deposit ratio of 90% Total deposit cost of 1.76%, unchanged from the prior quarter Strong capital position with Tangible Common Equity, Total Risk-Based Capital, Tier 1 Leverage, and Tier 1 Common Equity ratios of 8.7%, 13.5%, 9.4%, and 11.1%, respectively† Subsequent Events
The Board of Directors of the Company increased its quarterly cash dividend on its common stock from $0.60 per share to $0.66 per share; the dividend is payable on August 14, 2026 to shareholders of record as of August 7, 2026 ∗ Annualized percentages
† Preliminary
Financial Performance
Three Months Ended
Six Months Ended
(Dollars in thousands, except per share data)
Jun. 30,
Mar. 31,
Dec. 31,
Sep. 30,
Jun. 30,
Jun. 30,
Jun. 30,
INCOME STATEMENT
2026
2026
2025
2025
2025
2026
2025
Interest Income
Loans, including fees (1)
$
744,652
$
721,571
$
748,106
$
782,382
$
746,448
$
1,466,222
$
1,471,088
Investment securities, trading securities, federal funds sold and securities
purchased under agreements to resell
93,607
95,258
100,640
99,300
94,056
188,866
177,982
Total interest income
838,259
816,829
848,746
881,682
840,504
1,655,088
1,649,070
Interest Expense
Deposits
244,216
238,522
250,189
257,271
241,593
482,738
487,550
Federal funds purchased, securities sold under agreements
to repurchase, and other borrowings
18,094
16,702
17,442
24,714
20,963
34,796
39,025
Total interest expense
262,310
255,224
267,631
281,985
262,556
517,534
526,575
Net Interest Income
575,949
561,605
581,115
599,697
577,948
1,137,554
1,122,495
Provision for credit losses
15,919
10,808
6,605
5,085
7,505
26,727
108,067
Net Interest Income after Provision for Credit Losses
560,030
550,797
574,510
594,612
570,443
1,110,827
1,014,428
Noninterest Income
Operating income
96,726
100,098
105,753
99,086
86,817
196,824
172,437
Securities losses, net
—
—
—
—
—
—
(228,811)
Gain on sale leaseback, net of transaction costs
—
—
—
—
—
—
229,279
Total noninterest income
96,726
100,098
105,753
99,086
86,817
196,824
172,905
Noninterest Expense
Operating expense
357,749
359,524
364,196
351,453
350,682
717,273
691,502
Merger, branch consolidation, severance related, and other expense (8)
—
—
4,494
20,889
24,379
—
92,385
FDIC special assessment
—
—
(3,835)
—
—
—
—
Total noninterest expense
357,749
359,524
364,855
372,342
375,061
717,273
783,887
Income before Income Tax Provision
299,007
291,371
315,408
321,356
282,199
590,378
403,446
Income tax provision
68,985
65,551
67,686
74,715
66,975
134,536
99,142
Net Income
$
230,022
$
225,820
$
247,722
$
246,641
$
215,224
$
455,842
$
304,304
Adjusted Net Income (non-GAAP) (2)
Net Income (GAAP)
$
230,022
$
225,820
$
247,722
$
246,641
$
215,224
$
455,842
$
304,304
Securities losses, net of tax
—
—
—
—
—
—
178,639
Gain on sale leaseback, net of transaction costs and tax
—
—
—
—
—
—
(179,004)
Initial provision for credit losses - Non-PCD loans and UFC from
Independent, net of tax
—
—
—
—
—
—
71,892
Merger, branch consolidation, severance related, and other expense,
net of tax (8)
—
—
3,529
16,032
18,593
—
71,687
Deferred tax asset remeasurement
—
—
—
—
—
—
5,581
FDIC special assessment, net of tax
—
—
(3,012)
—
—
—
—
Adjusted Net Income (non-GAAP)
$
230,022
$
225,820
$
248,239
$
262,673
$
233,817
$
455,842
$
453,099
Basic earnings per common share
$
2.36
$
2.29
$
2.48
$
2.44
$
2.12
$
4.66
$
3.00
Diluted earnings per common share
$
2.35
$
2.28
$
2.46
$
2.42
$
2.11
$
4.64
$
2.99
Adjusted net income per common share - Basic (non-GAAP) (2)
$
2.36
$
2.29
$
2.48
$
2.60
$
2.30
$
4.66
$
4.47
Adjusted net income per common share - Diluted (non-GAAP) (2)
$
2.35
$
2.28
$
2.47
$
2.58
$
2.30
$
4.64
$
4.45
Dividends per common share
$
0.60
$
0.60
$
0.60
$
0.60
$
0.54
$
1.20
$
1.08
Basic weighted-average common shares outstanding
97,300,899
98,544,242
100,063,315
101,218,431
101,495,456
97,919,136
101,452,777
Diluted weighted-average common shares outstanding
97,676,767
98,922,258
100,618,796
101,735,095
101,845,360
98,292,252
101,835,756
Effective tax rate
23.07 %
22.50 %
21.46 %
23.25 %
23.73 %
22.79 %
24.57 %
Adjusted effective tax rate
23.07 %
22.50 %
21.46 %
23.25 %
23.73 %
22.79 %
23.19 %
Performance and Capital Ratios
Three Months Ended
Six Months Ended
Jun. 30,
Mar. 31,
Dec. 31,
Sep. 30,
Jun. 30,
Jun. 30,
Jun. 30,
2026
2026
2025
2025
2025
2026
2025
PERFORMANCE RATIOS
Return on average assets (annualized)
1.36
%
1.37
%
1.47
%
1.49
%
1.34
%
1.36
%
0.95
%
Adjusted return on average assets (annualized) (non-GAAP) (2)
1.36
%
1.37
%
1.48
%
1.59
%
1.45
%
1.36
%
1.42
%
Return on average common equity (annualized)
10.19
%
10.11
%
10.90
%
11.04
%
9.93
%
10.15
%
7.17
%
Adjusted return on average common equity (annualized) (non-GAAP) (2)
10.19
%
10.11
%
10.92
%
11.75
%
10.79
%
10.15
%
10.68
%
Return on average tangible common equity (annualized) (non-GAAP) (3)
17.62
%
17.59
%
19.10
%
19.62
%
18.17
%
17.60
%
13.73
%
Adjusted return on average tangible common equity (annualized) (non-GAAP) (2) (3)
17.62
%
17.59
%
19.14
%
20.81
%
19.61
%
17.60
%
19.72
%
Efficiency ratio (tax equivalent)
50.00
%
51.05
%
49.65
%
49.88
%
52.75
%
50.52
%
56.75
%
Adjusted efficiency ratio (non-GAAP) (4)
50.00
%
51.05
%
49.56
%
46.89
%
49.09
%
50.52
%
49.65
%
Dividend payout ratio (5)
25.31
%
26.12
%
24.23
%
24.59
%
25.47
%
25.71
%
36.00
%
Book value per common share
$
94.17
$
92.21
$
91.38
$
89.14
$
86.71
Tangible book value per common share (non-GAAP) (3)
$
58.72
$
56.90
$
56.27
$
54.48
$
51.96
CAPITAL RATIOS
Equity-to-assets
13.3
%
13.3
%
13.5
%
13.6
%
13.4
%
Tangible equity-to-tangible assets (non-GAAP) (3)
8.7
%
8.6
%
8.8
%
8.8
%
8.5
%
Tier 1 leverage (6)
9.4
%
9.4
%
9.3
%
9.4
%
9.2
%
Tier 1 common equity (6)
11.1
%
11.3
%
11.4
%
11.5
%
11.2
%
Tier 1 risk-based capital (6)
11.1
%
11.3
%
11.4
%
11.5
%
11.2
%
Total risk-based capital (6)
13.5
%
13.7
%
13.8
%
14.0
%
14.5
%
Balance Sheet
Ending Balance
(Dollars in thousands, except per share and share data)
Jun. 30,
Mar. 31,
Dec. 31,
Sep. 30,
Jun. 30,
BALANCE SHEET
2026
2026
2025
2025
2025
Assets
Cash and due from banks
$
649,079
$
598,218
$
583,375
$
582,792
$
755,798
Federal funds sold and interest-earning deposits with banks
1,701,233
2,268,864
2,589,108
2,561,663
2,708,308
Cash and cash equivalents
2,350,312
2,867,082
3,172,483
3,144,455
3,464,106
Trading securities, at fair value
191,094
117,590
110,183
107,519
95,306
Investment securities:
Securities held to maturity
1,955,754
2,007,249
2,048,030
2,096,727
2,145,991
Securities available for sale, at fair value
6,598,177
6,530,348
6,313,756
6,042,800
5,927,867
Other investments
366,986
370,924
353,428
366,218
357,487
Total investment securities
8,920,917
8,908,521
8,715,214
8,505,745
8,431,345
Loans held for sale
405,441
327,935
345,343
346,673
318,985
Loans:
Purchased credit deteriorated
2,658,792
2,818,360
2,977,499
3,160,359
3,409,186
Purchased non-credit deteriorated
9,921,791
10,714,489
11,232,414
11,877,828
12,492,553
Non-acquired
38,266,289
35,963,934
34,388,614
32,629,724
31,365,508
Less allowance for credit losses
(586,664)
(585,882)
(585,197)
(590,133)
(621,046)
Loans, net
50,260,208
48,910,901
48,013,330
47,077,778
46,646,201
Premises and equipment, net
992,594
993,584
994,176
961,510
964,878
Bank owned life insurance
1,311,197
1,302,382
1,293,574
1,285,532
1,280,632
Mortgage servicing rights
91,442
90,018
84,032
84,491
85,836
Core deposit and other intangibles
343,424
364,686
386,326
409,890
433,458
Goodwill
3,094,059
3,094,059
3,094,059
3,094,059
3,094,059
Other assets
949,340
1,002,465
988,692
1,030,558
1,078,516
Total assets
$
68,910,028
$
67,979,223
$
67,197,412
$
66,048,210
$
65,893,322
Liabilities and Shareholders' Equity
Deposits:
Noninterest-bearing
$
13,451,094
$
13,650,799
$
13,375,697
$
13,430,459
$
13,719,030
Interest-bearing
42,898,716
42,224,864
41,770,100
40,642,810
39,977,931
Total deposits
56,349,810
55,875,663
55,145,797
54,073,269
53,696,961
Federal funds purchased and securities
sold under agreements to repurchase
569,486
643,386
618,215
594,092
630,558
Other borrowings
996,749
696,642
696,536
696,429
1,099,705
Reserve for unfunded commitments
76,525
69,229
69,619
68,538
64,693
Other liabilities
1,785,990
1,663,387
1,608,137
1,604,756
1,600,271
Total liabilities
59,778,560
58,948,307
58,138,304
57,037,084
57,092,188
Shareholders' equity:
Common stock - $2.50 par value; authorized 160,000,000 shares
242,428
244,844
247,845
252,723
253,745
Surplus
6,247,484
6,332,285
6,480,471
6,647,952
6,679,028
Retained earnings
2,951,691
2,779,896
2,614,173
2,426,463
2,240,470
Accumulated other comprehensive loss
(310,135)
(326,109)
(283,381)
(316,012)
(372,109)
Total shareholders' equity
9,131,468
9,030,916
9,059,108
9,011,126
8,801,134
Total liabilities and shareholders' equity
$
68,910,028
$
67,979,223
$
67,197,412
$
66,048,210
$
65,893,322
Common shares issued and outstanding
96,971,142
97,937,653
99,138,204
101,089,231
101,498,000
Net Interest Income and Margin
Three Months Ended
Jun. 30, 2026
Mar. 31, 2026
Jun. 30, 2025
(Dollars in thousands)
Average
Income/
Yield/
Average
Income/
Yield/
Average
Income/
Yield/
YIELD ANALYSIS
Balance
Expense
Rate
Balance
Expense
Rate
Balance
Expense
Rate
Interest-Earning Assets:
Federal funds sold and interest-earning deposits with banks
$
1,386,864
$
12,236
3.54 %
$
1,881,020
$
15,792
3.40 %
$
1,884,133
$
19,839
4.22 %
Investment securities
9,213,359
81,371
3.54 %
9,221,416
79,466
3.49 %
8,513,439
74,217
3.50 %
Loans held for sale
286,422
4,602
6.44 %
223,084
3,732
6.78 %
283,017
4,829
6.84 %
Total loans held for investment
50,247,114
740,050
5.91 %
48,875,656
717,839
5.96 %
47,029,412
741,619
6.33 %
Total interest-earning assets
61,133,759
838,259
5.50 %
60,201,176
816,829
5.50 %
57,710,001
840,504
5.84 %
Noninterest-earning assets
6,694,407
6,726,355
6,840,880
Total Assets
$
67,828,166
$
66,927,531
$
64,550,881
Interest-Bearing Liabilities ("IBL"):
Transaction and money market accounts
$
32,098,340
$
180,220
2.25 %
$
31,499,841
$
172,453
2.22 %
$
28,986,998
$
173,481
2.40 %
Savings deposits
2,817,269
1,638
0.23 %
2,822,510
1,642
0.24 %
2,921,780
2,012
0.28 %
Certificates and other time deposits
7,184,745
62,358
3.48 %
7,215,388
64,427
3.62 %
7,177,451
66,100
3.69 %
Federal funds purchased
289,337
2,616
3.63 %
295,207
2,635
3.62 %
360,588
3,943
4.39 %
Repurchase agreements
293,341
1,477
2.02 %
319,873
1,561
1.98 %
287,341
1,462
2.04 %
Other borrowings
851,660
14,001
6.59 %
696,597
12,506
7.28 %
821,545
15,558
7.60 %
Total interest-bearing liabilities
43,534,692
262,310
2.42 %
42,849,416
255,224
2.42 %
40,555,703
262,556
2.60 %
Noninterest-bearing deposits
13,521,146
13,359,214
13,643,265
Other noninterest-bearing liabilities
1,719,228
1,661,672
1,659,331
Shareholders' equity
9,053,100
9,057,229
8,692,582
Total Non-IBL and shareholders' equity
24,293,474
24,078,115
23,995,178
Total Liabilities and Shareholders' Equity
$
67,828,166
$
66,927,531
$
64,550,881
Net Interest Income and Margin (Non-Tax Equivalent)
$
575,949
3.78 %
$
561,605
3.78 %
$
577,948
4.02 %
Net Interest Margin (Tax Equivalent) (non-GAAP)
3.78 %
3.79 %
4.02 %
Total Deposit Cost (without Debt and Other Borrowings)
1.76 %
1.76 %
1.84 %
Overall Cost of Funds (including Demand Deposits)
1.84 %
1.84 %
1.94 %
Total Accretion on Acquired Loans (1)
$
33,054
$
38,786
$
63,507
Tax Equivalent ("TE") Adjustment
$
751
$
760
$
672
• The remaining loan discount on acquired loans to be accreted into loan interest income totals $185.9 million as of June 30, 2026.
Noninterest Income and Expense
Three Months Ended
Six Months Ended
Jun. 30,
Mar. 31,
Dec. 31,
Sep. 30,
Jun. 30,
Jun. 30,
Jun. 30,
(Dollars in thousands)
2026
2026
2025
2025
2025
2026
2025
Noninterest Income:
Fees on deposit accounts
$
41,568
$
38,699
$
41,950
$
42,572
$
37,869
$
80,267
$
73,802
Mortgage banking income
4,890
11,016
5,158
5,462
5,936
15,906
13,673
Trust and investment services income
15,164
14,471
14,684
14,157
14,419
29,635
29,351
Correspondent banking and capital markets income
24,839
24,427
30,638
25,522
19,161
49,266
35,876
Expense on centrally-cleared variation margin
(4,028)
(3,000)
(3,167)
(4,318)
(5,394)
(7,028)
(12,564)
Total correspondent banking and capital markets income
20,811
21,427
27,471
21,204
13,767
42,238
23,312
Bank owned life insurance income
9,624
9,494
9,633
10,597
9,153
19,118
19,352
Other
4,669
4,991
6,857
5,094
5,673
9,660
12,947
Securities losses, net
—
—
—
—
—
—
(228,811)
Gain on sale leaseback, net of transaction costs
—
—
—
—
—
—
229,279
Total Noninterest Income
$
96,726
$
100,098
$
105,753
$
99,086
$
86,817
$
196,824
$
172,905
Noninterest Expense:
Salaries and employee benefits
$
205,377
$
205,653
$
202,714
$
199,148
$
200,162
$
411,030
$
395,973
Occupancy expense
43,878
42,302
42,567
40,874
41,507
86,180
77,000
Information services expense
29,136
29,704
30,443
28,988
30,155
58,840
61,517
OREO and loan related expense
952
4,378
867
5,427
2,295
5,330
4,079
Business development and staff related
10,639
11,362
13,485
8,907
7,182
22,001
13,692
Amortization of intangibles
21,041
21,304
23,417
23,426
24,048
42,345
47,879
Professional fees
5,090
5,239
7,410
4,994
4,658
10,329
9,367
Supplies and printing expense
3,885
3,254
3,594
3,278
3,970
7,139
7,098
FDIC assessment and other regulatory charges
10,753
10,257
9,884
8,374
11,469
21,010
22,727
Advertising and marketing
3,836
3,325
4,710
2,980
3,010
7,161
5,300
Other operating expenses
23,162
22,746
25,105
25,057
22,226
45,908
46,870
Merger, branch consolidation, severance related and other expense (8)
—
—
4,494
20,889
24,379
—
92,385
FDIC special assessment
—
—
(3,835)
—
—
—
—
Total Noninterest Expense
$
357,749
$
359,524
$
364,855
$
372,342
$
375,061
$
717,273
$
783,887
Loans and Deposits
The following table presents a summary of the loan portfolio by type:
Ending Balance
(Dollars in thousands)
Jun. 30,
Mar. 31,
Dec. 31,
Sep. 30,
Jun. 30,
LOAN PORTFOLIO (7)
2026
2026
2025
2025
2025
Construction and land development * †
$
2,982,968
$
2,592,908
$
2,548,360
$
2,678,971
$
3,323,923
Investor commercial real estate*
18,656,455
18,298,938
17,883,913
17,603,205
16,953,410
Commercial owner occupied real estate
7,852,391
7,671,535
7,576,991
7,529,075
7,497,906
Commercial and industrial
9,378,444
9,385,926
9,181,408
8,644,636
8,445,878
Consumer real estate *
11,034,102
10,573,897
10,450,223
10,202,026
10,038,369
Consumer/other
942,512
973,579
957,632
1,009,998
1,007,761
Total Loans
$
50,846,872
$
49,496,783
$
48,598,527
$
47,667,911
$
47,267,247
*
Single family home construction-to-permanent loans originated by the Company's mortgage banking division are included in construction and land development category until completion. Investor commercial real estate loans include commercial non-owner occupied real estate and other income producing property. Consumer real estate includes consumer owner occupied real estate and home equity loans.
†
Includes single family home construction-to-permanent loans of $358.4 million, $360.4 million, $342.8 million, $350.2 million, and $371.1 million for the quarters ended June 30, 2026, March 31, 2036, December 31, 2025, September 30, 2025, and June 30, 2025, respectively.
Ending Balance
(Dollars in thousands)
Jun. 30,
Mar. 31,
Dec. 31,
Sep. 30,
Jun. 30,
DEPOSITS
2026
2026
2025
2025
2025
Noninterest-bearing checking
$
13,451,094
$
13,650,799
$
13,375,697
$
13,430,459
$
13,719,030
Interest-bearing checking
14,710,312
14,119,614
13,838,558
12,906,408
12,607,205
Savings
2,796,845
2,841,408
2,820,621
2,853,410
2,889,670
Money market
17,531,137
18,014,140
17,751,688
17,251,469
16,772,597
Time deposits
7,860,422
7,249,702
7,359,233
7,631,523
7,708,459
Total Deposits
$
56,349,810
$
55,875,663
$
55,145,797
$
54,073,269
$
53,696,961
Asset Quality
Ending Balance
Jun. 30,
Mar. 31,
Dec. 31,
Sep. 30,
Jun. 30,
(Dollars in thousands)
2026
2026
2025
2025
2025
NONPERFORMING ASSETS:
Non-acquired
Non-acquired nonaccrual loans and restructured loans on nonaccrual
$
171,264
$
177,158
$
161,975
$
146,751
$
141,910
Accruing loans past due 90 days or more
2,961
6,915
2,997
4,352
3,687
Non-acquired OREO and other nonperforming assets
11,722
8,339
5,273
11,969
17,288
Total non-acquired nonperforming assets
185,947
192,412
170,245
163,072
162,885
Acquired
Acquired nonaccrual loans and restructured loans on nonaccrual
99,352
116,002
135,179
149,695
151,466
Accruing loans past due 90 days or more
835
1,986
1,944
891
707
Acquired OREO and other nonperforming assets
1,254
18,155
3,901
7,147
8,783
Total acquired nonperforming assets
101,441
136,143
141,024
157,733
160,956
Total nonperforming assets
$
287,388
$
328,555
$
311,269
$
320,805
$
323,841
Three Months Ended
Jun. 30,
Mar. 31,
Dec. 31,
Sep. 30,
Jun. 30,
2026
2026
2025
2025
2025
ASSET QUALITY RATIOS (7):
Allowance for credit losses as a percentage of loans
1.15 %
1.18 %
1.20 %
1.24 %
1.31 %
Allowance for credit losses, including reserve for unfunded commitments,
as a percentage of loans
1.30 %
1.32 %
1.35 %
1.38 %
1.45 %
Allowance for credit losses as a percentage of nonperforming loans
213.79 %
193.96 %
193.71 %
195.61 %
208.57 %
Net charge-offs as a percentage of average loans (annualized)
0.06 %
0.09 %
0.09 %
0.27 %
0.21 %
Net charge-offs, excluding acquisition date charge-offs, as a percentage
of average loans (annualized) *
0.06 %
0.09 %
0.09 %
0.27 %
0.06 %
Total nonperforming assets as a percentage of total assets
0.42 %
0.48 %
0.46 %
0.49 %
0.49 %
Nonperforming loans as a percentage of period end loans
0.54 %
0.61 %
0.62 %
0.63 %
0.63 %
* Excluding acquisition date charge-offs recorded in connection with the Independent merger.
Current Expected Credit Losses ("CECL")
Below is a table showing the roll forward of the ACL and UFC for the second quarter of 2026:
Allowance for Credit Losses ("ACL") and Unfunded Commitments ("UFC")
(Dollars in thousands)
Non-PCD ACL
PCD ACL
Total ACL
UFC
Ending balance 3/31/2026
$
520,619
$
65,263
$
585,882
$
69,229
Charge offs
(10,335)
—
(10,335)
—
Acquired charge offs
(246)
(1,161)
(1,407)
—
Recoveries
2,150
—
2,150
—
Acquired recoveries
320
1,431
1,751
—
Provision for credit losses
13,984
(5,361)
8,623
7,296
Ending balance 6/30/2026
$
526,492
$
60,172
$
586,664
$
76,525
Period end loans
$
48,188,080
$
2,658,792
$
50,846,872
N/A
Allowance for Credit Losses to Loans
1.09 %
2.26 %
1.15 %
N/A
Unfunded commitments (off balance sheet) †
$
12,824,707
Reserve to unfunded commitments (off balance sheet)
0.60 %
† Unfunded commitments exclude unconditionally cancelable commitments and letters of credit.
Conference Call
The Company will host a conference call to discuss its second quarter results at 9:00 a.m. Eastern Time on July 24, 2026. Callers wishing to participate may call toll-free by dialing (833) 461-5787 within the US. The numbers for international participants are listed at https://help.events.q4inc.com/eahc/international-dial-in-numbers. The conference ID number is 404525610. Alternatively, individuals may listen to the live webcast of the presentation by visiting SouthStateBank.com. A replay of the live webcast is expected to be available by the evening of July 24, 2026 on the Investor Relations section of SouthStateBank.com.
SouthState is a financial services company headquartered in Winter Haven, Florida. SouthState Bank, N.A., the company's nationally chartered bank subsidiary, provides consumer, commercial, mortgage and wealth management solutions to more than 1.8 million customers throughout Florida, Texas, the Carolinas, Georgia, Colorado, Alabama, Virginia and Tennessee. The bank also serves clients nationwide through its correspondent banking division. Additional information is available at SouthStateBank.com.
Non-GAAP Measures
Statements included in this press release include non-GAAP measures and should be read along with the accompanying tables that provide a reconciliation of non-GAAP measures to GAAP measures. Although other companies may use calculation methods that differ from those used by SouthState for non-GAAP measures, management believes that these non-GAAP measures provide additional useful information, which allows readers to evaluate the ongoing performance of the Company. Non-GAAP measures should not be considered as an alternative to any measure of performance or financial condition as promulgated under GAAP, and investors should consider the Company's performance and financial condition as reported under GAAP and all other relevant information when assessing the performance or financial condition of the Company. Non-GAAP measures have limitations as analytical tools, and investors should not consider them in isolation or as a substitute for analysis of the Company's results or financial condition as reported under GAAP.
(Dollars in thousands)
Three Months Ended
PRE-PROVISION NET REVENUE ("PPNR") (NON-GAAP)
Jun. 30, 2026
Mar. 31, 2026
Dec. 31, 2025
Sep. 30, 2025
Jun. 30, 2025
Net income (GAAP)
$
230,022
$
225,820
$
247,722
$
246,641
$
215,224
Provision for credit losses
15,919
10,808
6,605
5,085
7,505
Income tax provision
68,985
65,551
67,686
74,715
66,975
Merger, branch consolidation, severance related and other expense (8)
—
—
4,494
20,889
24,379
FDIC special assessment
—
—
(3,835)
—
—
Pre-provision net revenue (PPNR) (Non-GAAP)
$
314,926
$
302,179
$
322,672
$
347,330
$
314,083
(Dollars in thousands)
Three Months Ended
NET INTEREST MARGIN ("NIM"), TE (NON-GAAP)
Jun. 30, 2026
Mar. 31, 2026
Dec. 31, 2025
Sep. 30, 2025
Jun. 30, 2025
Net interest income (GAAP)
$
575,949
$
561,605
$
581,115
$
599,697
$
577,948
Total average interest-earning assets
61,133,759
60,201,176
59,872,113
58,727,110
57,710,001
NIM, non-tax equivalent
3.78
%
3.78
%
3.85
%
4.05
%
4.02
%
Tax equivalent adjustment (included in NIM, TE)
751
760
800
718
672
Net interest income, tax equivalent (Non-GAAP)
$
576,700
$
562,365
$
581,915
$
600,415
$
578,620
NIM, TE (Non-GAAP)
3.78
%
3.79
%
3.86
%
4.06
%
4.02
%
Three Months Ended
Six Months Ended
(Dollars in thousands, except per share data)
Jun. 30,
Mar. 31,
Dec. 31,
Sep. 30,
Jun. 30,
Jun. 30,
Jun. 30,
RECONCILIATION OF GAAP TO NON-GAAP
2026
2026
2025
2025
2025
2026
2025
Adjusted Net Income (non-GAAP) (2)
Net income (GAAP)
$
230,022
$
225,820
$
247,722
$
246,641
$
215,224
$
455,842
$
304,304
Securities losses, net of tax
—
—
—
—
—
—
178,639
Gain on sale leaseback, net of transaction costs and tax
—
—
—
—
—
—
(179,004)
PCL - Non-PCD loans and UFC, net of tax
—
—
—
—
—
—
71,892
Merger, branch consolidation, severance related and other expense,
net of tax (8)
—
—
3,529
16,032
18,593
—
71,687
Deferred tax asset remeasurement
—
—
—
—
—
—
5,581
FDIC special assessment, net of tax
—
—
(3,012)
—
—
—
—
Adjusted net income (non-GAAP)
$
230,022
$
225,820
$
248,239
$
262,673
$
233,817
$
455,842
$
453,099
Adjusted Net Income per Common Share - Basic (non-GAAP) (2)
Earnings per common share - Basic (GAAP)
$
2.36
$
2.29
$
2.48
$
2.44
$
2.12
$
4.66
$
3.00
Effect to adjust for securities losses, net of tax
—
—
—
—
—
—
1.76
Effect to adjust for gain on sale leaseback, net of transaction costs and tax
—
—
—
—
—
—
(1.76)
Effect to adjust for PCL - Non-PCD loans and UFC, net of tax
—
—
—
—
—
—
0.71
Effect to adjust for merger, branch consolidation, severance related
and other expense, net of tax (8)
—
—
0.03
0.16
0.18
—
0.70
Effect to adjust for deferred tax asset remeasurement
—
—
—
—
—
—
0.06
Effect to adjust for FDIC special assessment, net of tax
—
—
(0.03)
—
—
—
—
Adjusted net income per common share - Basic (non-GAAP)
$
2.36
$
2.29
$
2.48
$
2.60
$
2.30
$
4.66
$
4.47
Adjusted Net Income per Common Share - Diluted (non-GAAP) (2)
Earnings per common share - Diluted (GAAP)
$
2.35
$
2.28
$
2.46
$
2.42
$
2.11
$
4.64
$
2.99
Effect to adjust for securities losses, net of tax
—
—
—
—
—
—
1.76
Effect to adjust for gain on sale leaseback, net of transaction costs and tax
—
—
—
—
—
—
(1.76)
Effect to adjust for PCL - Non-PCD loans and UFC, net of tax
—
—
—
—
—
—
0.71
Effect to adjust for merger, branch consolidation, severance related
and other expense, net of tax (8)
—
—
0.04
0.16
0.19
—
0.70
Effect to adjust for deferred tax remeasurement
—
—
—
—
—
—
0.05
Effect to adjust for FDIC special assessment, net of tax
—
—
(0.03)
—
—
—
—
Adjusted net income per common share - Diluted (non-GAAP)
$
2.35
$
2.28
$
2.47
$
2.58
$
2.30
$
4.64
$
4.45
Adjusted Return on Average Assets (non-GAAP) (2)
Return on average assets (GAAP)
1.36
%
1.37
%
1.47
%
1.49
%
1.34
%
1.36
%
0.95
%
Effect to adjust for securities losses, net of tax
—
%
—
%
—
%
—
%
—
%
—
%
0.56
%
Effect to adjust for gain on sale leaseback, net of transaction costs and tax
—
%
—
%
—
%
—
%
—
%
—
%
(0.56)
%
Effect to adjust for PCL - Non-PCD loans and UFC, net of tax
—
%
—
%
—
%
—
%
—
%
—
%
0.23
%
Effect to adjust for merger, branch consolidation, severance related
and other expense, net of tax (8)
—
%
—
%
0.03
%
0.10
%
0.11
%
—
%
0.22
%
Effect to adjust for deferred tax remeasurement
—
%
—
%
—
%
—
%
—
%
—
%
0.02
%
Effect to adjust for FDIC special assessment, net of tax
—
%
—
%
(0.02)
%
—
%
—
%
—
%
—
%
Adjusted return on average assets (non-GAAP)
1.36
%
1.37
%
1.48
%
1.59
%
1.45
%
1.36
%
1.42
%
Adjusted Return on Average Common Equity (non-GAAP) (2)
Return on average common equity (GAAP)
10.19
%
10.11
%
10.90
%
11.04
%
9.93
%
10.15
%
7.17
%
Effect to adjust for securities losses, net of tax
—
%
—
%
—
%
—
%
—
%
—
%
4.21
%
Effect to adjust for gain on sale leaseback, net of transaction costs and tax
—
%
—
%
—
%
—
%
—
%
—
%
(4.22)
%
Effect to adjust for PCL - Non-PCD loans and UFC, net of tax
—
%
—
%
—
%
—
%
—
%
—
%
1.69
%
Effect to adjust for merger, branch consolidation, severance related
and other expense, net of tax (8)
—
%
—
%
0.15
%
0.71
%
0.86
%
—
%
1.70
%
Effect to adjust for deferred tax remeasurement
—
%
—
%
—
%
—
%
—
%
—
%
0.13
%
Effect to adjust for FDIC special assessment, net of tax
—
%
—
%
(0.13)
%
—
%
—
%
—
%
—
%
Adjusted return on average common equity (non-GAAP)
10.19
%
10.11
%
10.92
%
11.75
%
10.79
%
10.15
%
10.68
%
Return on Average Common Tangible Equity (non-GAAP) (3)
Return on average common equity (GAAP)
10.19
%
10.11
%
10.90
%
11.04
%
9.93
%
10.15
%
7.17
%
Effect to adjust for intangible assets
7.43
%
7.48
%
8.20
%
8.58
%
8.24
%
7.45
%
6.56
%
Return on average tangible equity (non-GAAP)
17.62
%
17.59
%
19.10
%
19.62
%
18.17
%
17.60
%
13.73
%
Adjusted Return on Average Common Tangible Equity (non-GAAP) (2) (3)
Return on average common equity (GAAP)
10.19
%
10.11
%
10.90
%
11.04
%
9.93
%
10.15
%
7.17
%
Effect to adjust for securities losses, net of tax
—
%
—
%
—
%
—
%
—
%
—
%
4.21
%
Effect to adjust for gain on sale leaseback, net of transaction costs and tax
—
%
—
%
—
%
—
%
—
%
—
%
(4.22)
%
Effect to adjust for PCL - Non-PCD loans and UFC, net of tax
—
%
—
%
—
%
—
%
—
%
—
%
1.69
%
Effect to adjust for merger, branch consolidation, severance related
and other expense, net of tax (8)
—
%
—
%
0.15
%
0.71
%
0.86
%
—
%
1.70
%
Effect to adjust for deferred tax remeasurement
—
%
—
%
—
%
—
%
—
%
—
%
0.13
%
Effect to adjust for FDIC special assessment, net of tax
—
%
—
%
(0.13)
%
—
%
—
%
—
%
—
%
Effect to adjust for intangible assets, net of tax
7.43
%
7.48
%
8.22
%
9.06
%
8.82
%
7.45
%
9.04
%
Adjusted return on average common tangible equity (non-GAAP)
17.62
%
17.59
%
19.14
%
20.81
%
19.61
%
17.60
%
19.72
%
Three Months Ended
Six Months Ended
Jun. 30,
Mar. 31,
Dec. 31,
Sep. 30,
Jun. 30,
Jun. 30,
Jun. 30,
RECONCILIATION OF GAAP TO NON-GAAP
2026
2026
2025
2025
2025
2026
2025
Adjusted Efficiency Ratio (non-GAAP) (4)
Efficiency ratio
50.00
%
51.05
%
49.65
%
49.88
%
52.75
%
50.52
%
56.75
%
Effect to adjust for securities losses
—
%
—
%
—
%
—
%
—
%
—
%
(7.44)
%
Effect to adjust for gain on sale leaseback, net of transaction costs
—
%
—
%
—
%
—
%
—
%
—
%
7.46
%
Effect to adjust for merger, branch consolidation, severance related
and other expense, net of tax (8)
—
%
—
%
(0.65)
%
(2.99)
%
(3.66)
%
—
%
(7.12)
%
Effect to adjust for FDIC special assessment
—
%
—
%
0.56
%
—
%
—
%
—
%
—
%
Adjusted efficiency ratio (non-GAAP)
50.00
%
51.05
%
49.56
%
46.89
%
49.09
%
50.52
%
49.65
%
Tangible Book Value Per Common Share (non-GAAP) (3)
Book value per common share (GAAP)
$
94.17
$
92.21
$
91.38
$
89.14
$
86.71
Effect to adjust for intangible assets
(35.45)
(35.31)
(35.11)
(34.66)
(34.75)
Tangible book value per common share (non-GAAP)
$
58.72
$
56.90
$
56.27
$
54.48
$
51.96
Tangible Equity-to-Tangible Assets (non-GAAP) (3)
Equity-to-assets (GAAP)
13.25
%
13.28
%
13.48
%
13.64
%
13.36
%
Effect to adjust for intangible assets
(4.55)
%
(4.64)
%
(4.72)
%
(4.83)
%
(4.90)
%
Tangible equity-to-tangible assets (non-GAAP)
8.70
%
8.64
%
8.76
%
8.81
%
8.46
%
Certain prior period information has been reclassified to conform to the current period presentation, and these reclassifications have no impact on net income or equity as previously reported.
Footnotes to tables:
(1)
Includes loan accretion (interest) income related to the discount on acquired loans of $33.1 million, $38.8 million, $50.3 million, $83.0 million, and $63.5 million during the quarters ended June 30, 2026, March 31, 2026, December 31, 2025, September 30, 2025, and June 30, 2025, respectively, and $71.8 million and $125.3 million during the six months ended June 30, 2026 and 2025, respectively.
(2)
Adjusted earnings, adjusted return on average assets, adjusted EPS, and adjusted return on average equity are non-GAAP measures and exclude the gains or losses on sales of securities, gain on sale leaseback, net of transaction costs, PCL on non-PCD loans and unfunded commitments, deferred tax asset remeasurement, merger, branch consolidation, severance related and other expense, and FDIC special assessments. Management believes that non-GAAP adjusted measures provide additional useful information that allows readers to evaluate the ongoing performance of the Company. Non-GAAP measures should not be considered as an alternative to any measure of performance or financial condition as promulgated under GAAP, and investors should consider the Company's performance and financial condition as reported under GAAP and all other relevant information when assessing the performance or financial condition of the Company. Non-GAAP measures have limitations as analytical tools, and investors should not consider them in isolation or as a substitute for analysis of the Company's results or financial condition as reported under GAAP. Adjusted earnings and the related adjusted return measures (non-GAAP) exclude the following from net income (GAAP) on an after-tax basis: (a) pre-tax merger, branch consolidation, severance related and other expense of $4.5 million, $20.9 million, and $24.4 million for the quarters ended December 31, 2025, September 30, 2025, and June 30, 2025, respectively, and $92.4 million during the six months ended June 30, 2025; (b) pre-tax net securities losses of $(228.8) million for the six months ended June 30, 2025; (c) pre-tax gain on sale leaseback, net of transaction costs of $229.3 million for the six months ended June 30, 2025; (d) pre-tax PCL on non-PCD loans and unfunded commitments of $92.1 million for the six months ended June 30, 2025; (e) pre-tax FDIC special assessment of $(3.8) million for the quarter ended December 31, 2025; and (f) deferred tax asset remeasurement of $5.6 million for the six months ended June 30, 2025.
(3)
The tangible measures are non-GAAP measures and exclude the effect of period end or average balance of intangible assets. The tangible returns on equity and common equity measures also add back the after-tax amortization of intangibles to GAAP basis net income. Management believes that these non-GAAP tangible measures provide additional useful information, particularly since these measures are widely used by industry analysts for companies with prior merger and acquisition activities. Non-GAAP measures should not be considered as an alternative to any measure of performance or financial condition as promulgated under GAAP, and investors should consider the Company's performance and financial condition as reported under GAAP and all other relevant information when assessing the performance or financial condition of the Company. Non-GAAP measures have limitations as analytical tools, and investors should not consider them in isolation or as a substitute for analysis of the Company's results or financial condition as reported under GAAP. The sections titled "Reconciliation of GAAP to Non-GAAP" provide tables that reconcile GAAP measures to non-GAAP.
(4)
Adjusted efficiency ratio is calculated by taking the noninterest expense excluding transaction costs on merger, branch consolidation, severance related and other expenses, FDIC special assessment, and amortization of intangible assets, divided by net interest income and noninterest income excluding gains (losses) on sales of securities, net, and gain on sale leaseback, net of transaction costs. The pre-tax amortization expenses of intangible assets were $21.0 million, $21.3 million, $23.4 million, $23.4 million, and $24.0 million for the quarters ended June 30, 2026, March 31, 2026, December 31, 2025, September 30, 2025, and June 30, 2025, respectively, and $42.3 million and $47.9 million for the six months ended June 30, 2026 and 2025, respectively.
(5)
The dividend payout ratio is calculated by dividing total dividends paid during the period by the total net income for the same period.
(6)
June 30, 2026 ratios are estimated and may be subject to change pending the final filing of the FR Y-9C; all other periods are presented as filed.
(7)
Loan data excludes loans held for sale.
(8)
Includes pre-tax cyber incident net reimbursement of $(3.6) million for the quarters ended June 30, 2025 and $(3.5) million for the six months ended June 30, 2025.
Statements included in this communication contain forward looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements are based on the current beliefs and expectations of management of SouthState Bank Corporation ("SouthState") and are subject to significant risks and uncertainties. Actual results may differ materially from those set forth in the forward looking statements.
Factors that could cause SouthState's actual results to differ materially from those described in the forward looking statements are discussed in SouthState's Annual Report on Form 10 K for the year ended December 31, 2025, filed with the Securities and Exchange Commission and available on SouthState's website (https://southstatecorporation.q4ir.com/SEC-Filings/Documents/default.aspx), and on the Securities and Exchange Commission's website (www.sec.gov). SouthState undertakes no obligation to update any forward looking statements.
Boston Beer ve 2. čtvrtletí snížil čisté tržby o 3,3 % na 568,3 mil. USD, zatímco hrubá marže stoupla na 50,4 %. Firma zároveň potvrdila celoroční výhled.
BOSTON, July 23, 2026 (GLOBE NEWSWIRE) -- The Boston Beer Company, Inc. (NYSE: SAM), today reported financial results for the second quarter ended June 27, 2026. Key results were:
Second Quarter 2026 Summary:
Depletions decreased 6% and shipments decreased 4.5%Net revenue of $568.3 million decreased 3.3%Gross margin of 50.4% up 60 basis points year over yearGAAP diluted income per share of $4.96, which includes a previously disclosed favorable adjustment to non-recurring litigation expenses of $1.31 per shareNon-GAAP diluted earnings per share of $3.65 Year-to-date 2026 Summary:
Depletions decreased 5% and shipments decreased 5.6%Net revenue of $1.002 billion decreased 3.8%Gross margin of 49.9% up 80 basis points year over yearGAAP diluted loss per share of $8.99, which includes non-recurring litigation expenses of $14.27 per shareNon-GAAP diluted earnings per share of $5.28 Capital Structure
Ended the second quarter with $265.5 million in cash and no debtRepurchased $54 million in shares from December 29, 2025 to July 17, 2026 “As we continue to navigate a challenging operating environment, we are managing the business with discipline while investing behind our category-leading brands and bringing innovation to market” said Chairman, Founder and CEO Jim Koch. “We are highly focused on marketplace execution for the remainder of the summer selling season and improving market share trends. Our strong cash flow generation and healthy balance sheet provide flexibility to support our strategic priorities and drive long-term value.”
“We delivered meaningful gross margin expansion and are maintaining our earnings outlook while navigating a dynamic consumer demand environment and input cost headwinds,” said CFO Diego Reynoso. “These results demonstrate the progress we continue to make through our multi-year supply chain transformation efforts, combined with a disciplined approach to investment.”
Details of the results were as follows:
Second Quarter 2026 (13 weeks ended June 27, 2026) Summary of Results
Depletions for the second quarter decreased 6% compared to the second quarter of the prior year. Shipment volume for the quarter was approximately 2.0 million barrels, a 4.5% decrease compared to the second quarter of the prior year due to decreases in Twisted Tea, Truly, Samuel Adams, Hard Mountain Dew and Dogfish Head brands that were partially offset by increases in Sun Cruiser and Angry Orchard brands.
The Company believes distributor inventories as of June 27, 2026 were at appropriate levels and averaged approximately four and one half weeks on hand which was consistent with the weeks on hand at the end of June 2025.
Revenue for the quarter decreased 3.3% due to decreases in volume partially offset by favorable product mix and pricing.
Gross margin of 50.4% increased from the 49.8% margin realized in the second quarter of 2025, or an increase of 60 basis points year over year. Gross margin primarily benefited from improved brewery efficiencies, favorable product mix, procurement savings and price increases, and were partially offset by inflationary, commodity and tariff costs.
The second quarter gross margin of 50.4% includes $1.6 million of shortfall fees and non-cash expense of third-party production pre-payments in total, which negatively impacted gross margin by approximately 28 basis points on an absolute basis.
Advertising, promotional and selling expenses for the second quarter of 2026 increased $26.2 million or 16.4% from the second quarter of 2025, resulting from increased brand local marketing and point of sale investments of $17.5 million and higher freight costs of $8.6 million due to higher rates partially offset by lower volumes.
General and administrative expenses increased $3.1 million compared to the second quarter of 2025 primarily due to increased legal fees and salaries and benefit costs. This increase included $1.4 million of legal fees related to the previously disclosed supplier dispute litigation.
Litigation reduction of $19.4 million, related to the supplier dispute, consists of a favorable adjustment to pre-judgement interest of $21.1 million and post-judgement interest expense of $1.7 million. Post-judgement interest expense through the appeals process will be applied to the combined pre-tax total of the judgement and pre-judgement interest amounts of $191.0 million at the statutory rate, which is estimated to be 3.79%. The Company continues to deny that it breached the terms of the contract with the supplier and intends to pursue all available post-trial motions and appellate remedies. The Company cannot estimate when or if damages or interest will ultimately be paid or when this matter will ultimately be resolved.
In the second quarter of 2026, the combined pre-tax income related to the supplier dispute litigation of $18.0 million consists of legal expenses of $1.4 million, recorded in general and administrative expenses, and litigation reduction of $19.4 million. The after-tax impact on earnings per share is a benefit of $1.31 per share.
The Company’s effective tax rate for the second quarter was a provision of 28.7%. Excluding the impact of the supplier dispute litigation, the effective tax rate was a provision of 30.1% compared to a provision of 28.1% in the prior year. This increase in rate is due primarily to the increased negative impact of non-deductible stock compensation.
Year-to-date 2026 (26 weeks ended June 27, 2026) Summary of Results
Depletions year-to-date decreased 5% from the prior year. Shipment volume year-to-date was approximately 3.6 million barrels, a 5.6% decrease from the prior year, primarily due to decreases in Twisted Tea, Truly, Samuel Adams, Hard Mountain Dew and Dogfish Head brands that were partially offset by increases in Sun Cruiser and Angry Orchard brands.
Revenue year-to-date decreased 3.8% due to decreases in volume partially offset by favorable product mix and pricing.
Gross margin year-to-date of 49.9% increased from the 49.1% margin realized in year-to-date 2025, or an increase of 80 basis points year over year. Gross margin primarily benefited from improved brewery efficiencies, product mix, price increases and procurement savings, which were partially offset by increased inflationary, commodity and tariff costs.
The year-to-date gross margin of 49.9% includes $3.2 million of shortfall fees and non-cash expense of third-party production pre-payments in total, which negatively impacted gross margin by approximately 32 basis points on an absolute basis.
Advertising, promotional and selling expenses year-to-date increased $28.7 million or 9.7% from year-to-date 2025, resulting from increased brand local marketing investments of $17.6 million and higher freight costs of $11.1 million due to higher rates partially offset by lower volumes.
General and administrative expenses year-to-date increased $7.5 million or 8.0% from year-to-date 2025, primarily due to increased legal fees and salaries and benefit costs. This increase included $5.4 million of legal fees related to the previously disclosed supplier dispute litigation.
Litigation expense of $192.6 million, related to the supplier dispute, consists of the judgement of $175.5 million, pre-judgement interest expense of $15.5 million and post-judgement interest expense of $1.7 million.
The litigation expense of $192.6 million combined with related legal expenses of $5.4 million, recorded in general and administrative expenses, have an after-tax negative impact on earnings per share of $14.27 per share.
Impairment of brewery assets of $0.2 million decreased by $4.7 million from year-to-date 2025, due to decreased write-offs of equipment at third party and Company-owned breweries.
The Company’s effective tax rate year-to-date was a benefit of 19.7%. Excluding the impact of the supplier dispute litigation, the effective tax rate was a provision of 32.3% compared to a provision of 29.2% in the prior year. This increase in rate is due primarily to the increased negative impact of non-deductible stock compensation.
The Company expects that its June 27, 2026 cash balance of $266 million, together with its projected future operating cash flows and the unused balance on its $150.0 million line of credit, will be sufficient to fund future cash requirements, including the potential litigation-related payments.
During the 26-week period ended June 27, 2026 and the period from June 29, 2026 through July 17, 2026, the Company repurchased shares of its Class A Common Stock in the amounts of $48.5 million and $5.6 million, respectively, for a total of $54.1 million year to date. As of July 17, 2026, the Company had approximately $174 million remaining on the $1.6 billion share buyback expenditure limit set by the Board of Directors.
Depletions Estimate
Year-to-date depletions through the 29-week period ended July 18, 2026 are estimated by the Company to have decreased approximately 5% from the comparable period in 2026.
Full-Year 2026 Projections
The Company has updated its financial guidance for the full year 2026. The Company’s actual 2026 results could vary significantly from the current projection and are highly sensitive to changes in volume projections, supply chain performance, inflationary and commodity impacts and tariff policy. Tariff cost projections below are consistent with tariffs currently being charged by the Company’s suppliers and that the Company currently expects to continue for the remainder of 2026.
Full Year 2026Current GuidancePrevious GuidanceDepletions and Shipments Percentage ChangeDown low-single digits to mid-single digitsDown low-single digits to mid-single digitsPrice Increases1% to 2%1% to 2%Gross Margin (including Tariffs)48.5% to 50%48% to 50%Tariff Costs($ million)$20 to $30$20 to $30Advertising, Promotion, and Selling ExpenseYear Over Year Change($ million)$0 to $20$20 to $40GAAP Tax Rate (Benefit)/ Provision(11.0%) to (12.0%)(9.5%) to (10.5%)Non GAAP Tax Rate Provision29% to 30%29% to 30%GAAP EPS (Income/ (Loss))($6.23) to ($4.23)($7.02) to ($5.02)Non-recurring Litigation Expenses impact per share($14.73) ($15.52) Non GAAP EPS$8.50 to $10.50$8.50 to $10.50Capital Spending($ million)$60 to $80$70 to $90 Underlying the Company's current 2026 projections are the following full-year estimates and targets:
The Company is monitoring changes in commodity costs driven by macroeconomic factors, particularly energy, which impacts freight expense as well as aluminum expense given the energy intensive nature of aluminum production. The Company’s current estimates of these cost increases are reflected in its guidance.Supply chain improvements implemented during 2025 resulted in more consistent levels of distributor inventory in terms of weeks on hand. The impact of these initiatives on prior year shipment timing, together with expected timing of shipments to meet demand in 2026, is expected to affect second half 2026 shipment phasing. The Company expects shipments to decline low to mid-single digits year over year in the third quarter followed by modest shipment growth in the fourth quarter.The Company’s business is seasonal, with the fourth quarter typically a lower volume quarter and the lowest gross margin rate of the year. The Company expects year over year gross margin rate improvement to be the most meaningful in the fourth quarter as shortfall fees are expected to be lower in 2026 versus 2025 and the Company typically expenses the majority of its shortfall fees in the fourth quarter. During full year 2026, the Company estimates shortfall fees and non-cash expense of third-party production pre-payments in total will negatively impact gross margins by 40 to 60 basis points.The advertising, selling and promotional expense projection does not include any changes in freight costs for the shipment of products to the Company’s distributors. Advertising investment levels are expected to decline year over year in the fourth quarter as a result of lower full year investment levels and comparisons against high levels of investment in the fourth quarter of 2025 that included production costs associated with preparation for 2026 programming. Use of Non-GAAP Measures
Non-GAAP EPS and Non-GAAP Tax Rate are not defined terms under U.S. generally accepted accounting principles (“GAAP”). Non-GAAP EPS, or Non-GAAP earnings per diluted share, excludes from projected GAAP EPS the impact of the non-recurring litigation relating to a supplier dispute of $1.31 per diluted share in income in the second quarter of 2026 and $14.27 per diluted share in expense in the first half of 2026. Non-GAAP Tax Rate excludes from the projected GAAP Tax Rate the tax impact of the non-recurring litigation expense. These non-GAAP measures should not be considered in isolation or as a substitute for diluted earnings per share prepared in accordance with GAAP, and may not be comparable to calculations of similarly titled measures by other companies. Management uses these non-GAAP financial measures to make operating and strategic decisions and to evaluate the Company’s underlying business performance. Management believes these forward-looking non-GAAP measures provide meaningful and useful information to investors and analysts regarding the Company’s outlook for its ongoing financial and business performance or trends and facilitates period to period comparisons of its forecasted financial performance.
Forward-Looking Statements
Statements made in this press release that state the Company’s or management’s intentions, hopes, beliefs, expectations or predictions of the future are forward-looking statements. It is important to note that the Company’s actual results could differ materially from those projected in such forward-looking statements. Additional information concerning factors that could cause actual results to differ materially from those in the forward-looking statements is contained from time to time in the Company’s SEC filings, including, but not limited to, the Company’s report on Form 10-K for the year ended December 27, 2025 and subsequent reports filed by the Company with the SEC on Forms 10-Q and 8-K. Copies of these documents are available from the SEC and may be found on the Company’s website, www.bostonbeer.com. You should not place undue reliance on forward-looking statements, which speak only as of the date they are made. The Company undertakes no obligation to publicly update or revise any forward-looking statements.
About the Company
The Boston Beer Company, Inc. (NYSE: SAM) began in 1984 brewing Samuel Adams beer and has since grown to become one of the largest and most respected craft brewers in the United States. We consistently offer the highest-quality products to our drinkers, and we apply what we’ve learned from making great-tasting craft beer to making great-tasting and innovative “beyond beer” products. Boston Beer Company has pioneered not only craft beer but also hard cider, hard seltzer and hard tea. Our core brands include household names like Angry Orchard Hard Cider, Dogfish Head, Sun Cruiser, Truly Hard Seltzer, Twisted Tea Hard Iced Tea, and Samuel Adams. We have taprooms and hospitality locations in Delaware, Massachusetts, New York and Ohio. For more information, please visit our website at www.bostonbeer.com, which includes links to our respective brand websites.
Thursday, July 23, 2026
THE BOSTON BEER COMPANY, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (in thousands, except per share data) (unaudited) Thirteen weeks ended Twenty-six weeks ended June 27, 2026 June 28,
2025 June 27, 2026 June 28,
2025 Revenue $607,757 $625,425 $1,069,333 $1,106,782 Less excise taxes 39,419 37,476 67,065 64,966 Net revenue 568,338 587,949 1,002,268 1,041,816 Cost of goods sold 281,968 295,431 501,937 530,035 Gross profit 286,370 292,518 500,331 511,781 Operating expenses: Advertising, promotional, and selling expenses 185,881 159,713 325,957 297,249 General and administrative expenses 48,878 45,751 101,180 93,702 Impairment of brewery assets 234 4,985 236 4,985 Litigation (reduction) expense (19,389) — 192,646 — Total operating expenses 215,604 210,449 620,019 395,936 Operating income (loss) 70,766 82,069 (119,688) 115,845 Other income (expense), net: Interest income, net 2,001 2,294 3,890 4,625 Other expense, net (449) (309) (812) (574)Total other income (expense), net 1,552 1,985 3,078 4,051 Income (loss) before income tax provision (benefit) 72,318 84,054 (116,610) 119,896 Income tax provision (benefit) 20,751 23,621 (22,916) 35,051 Net income (loss) $51,567 $60,433 $(93,694) $84,845 Net income (loss) per common share – basic $4.96 $5.45 $(8.99) $7.59 Net income (loss) per common share – diluted $4.96 $5.45 $(8.99) $7.58 Weighted-average number of common shares – basic 10,387 11,090 10,427 11,183 Weighted-average number of common shares – diluted 10,358 11,067 10,427 11,163 Net income (loss) $51,567 $60,433 $(93,694) $84,845 Other comprehensive (loss) income: Foreign currency translation adjustment (127) 245 (235) 394 Total other comprehensive (loss) income (127) 245 (235) 394 Comprehensive income (loss) $51,440 $60,678 $(93,929) $85,239 THE BOSTON BEER COMPANY, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED BALANCE SHEETS (in thousands, except share data) (unaudited) June 27,
2026 December 27,
2025 Assets Current Assets: Cash and cash equivalents $265,549 $223,378 Accounts receivable, net 100,495 57,094 Inventories, net 118,118 92,532 Prepaid expenses and other current assets 27,184 20,316 Income tax receivable 4,466 24,259 Total current assets 515,812 417,579 Property, plant, and equipment, net 554,911 578,125 Operating right-of-use assets 24,716 30,229 Goodwill 112,529 112,529 Intangible assets, net 13,907 14,753 Third-party production prepayments 5,916 7,099 Note receivable 7,783 11,218 Other assets 19,520 22,063 Total assets $1,255,094 $1,193,595 Liabilities and Stockholders' Equity Current Liabilities: Accounts payable $125,029 $94,975 Accrued expenses and other current liabilities 166,201 144,797 Accrued litigation expenses 192,646 - Current operating lease liabilities 9,687 12,762 Total current liabilities 493,563 252,534 Deferred income taxes, net 21,347 64,785 Non-current operating lease liabilities 21,863 25,111 Other liabilities 3,749 4,885 Total liabilities 540,522 347,315 Commitments and Contingencies Stockholders' Equity: Class A Common Stock, $0.01 par value; 22,700,000 shares authorized; 8,224,038 and 8,408,458 issued and outstanding as of June 27, 2026 and December 27, 2025, respectively 82 84 Class B Common Stock, $0.01 par value; 4,200,000 shares authorized; 2,068,000
issued and outstanding as of June 27, 2026 and December 27, 2025 21 21 Additional paid-in capital 709,867 698,811 Accumulated other comprehensive loss (614) (380)Retained earnings 5,216 147,744 Total stockholders' equity 714,572 846,280 Total liabilities and stockholders' equity $1,255,094 $1,193,595 THE BOSTON BEER COMPANY, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (in thousands) (unaudited) Twenty-six weeks ended June 27,
2026 June 28,
2025 Cash flows provided by operating activities: Net (loss) income $(93,694) $84,845 Adjustments to reconcile net (loss) income to net cash provided by operating activities: Depreciation and amortization 42,563 45,178 Impairment of brewery assets 236 4,985 Gain on sale of property, plant, and equipment (78) (42)Litigation expense 192,646 — Change in right-of-use assets 5,513 (8,405)Stock-based compensation expense 11,470 10,924 Deferred income taxes (43,439) (10,517)Other non-cash income (282) (20)Changes in operating assets and liabilities: Accounts receivable (43,399) (31,388)Inventories (25,801) (17,404)Prepaid expenses and other current assets (7,091) (6,625)Income tax receivable 19,793 6,643 Third-party production prepayments 1,183 5,151 Brewery-related assets and cloud computing 3,000 2,673 Other non-current assets (242) (1,042)Accounts payable 34,452 25,449 Accrued expenses and other current liabilities 27,322 9,668 Operating lease liabilities (6,323) 7,923 Other non-current liabilities (254) 423 Net cash provided by operating activities 117,575 128,419 Cash flows used in investing activities: Purchases of property, plant, and equipment (22,865) (24,156)Proceeds from disposal of property, plant, and equipment 78 42 Net cash used in investing activities (22,787) (24,114)Cash flows used in financing activities: Repurchases and retirement of Class A common stock (49,957) (101,617)Proceeds from exercise of stock options and sale of investment shares 1,158 833 Cash paid on finance leases (847) (848)Payment of tax withholding on stock-based payment awards and investment shares (2,971) (2,060)Net cash used in financing activities (52,617) (103,692)Change in cash and cash equivalents 42,171 613 Cash and cash equivalents at beginning of period 223,378 211,819 Cash and cash equivalents at end of period $265,549 $212,432 Copies of The Boston Beer Company's press releases, including quarterly financial results, are available at www.bostonbeer.com Investor Relations Contact: Media Contact:Nora Doherty Dave DeCecco(617) 368-5390 (914) [email protected][email protected]
Norfolk Southern Corporation (NSC) Q2 2026 Earnings Call July 23, 2026 10:00 AM EDT
Company Participants
Luke Nichols - Senior Director of Investor Relations
Mark George - President, CEO & Director
Brian Barr - Chief Operating Officer
Ed Elkins - Executive VP & Chief Commercial Officer
Jason Zampi - Executive VP & CFO
Conference Call Participants
Christian Wetherbee - Wells Fargo Securities, LLC, Research Division
Scott Group - Wolfe Research, LLC
Brian Ossenbeck - JPMorgan Chase & Co, Research Division
Jason Seidl - TD Cowen, Research Division
Jonathan Chappell - Evercore ISI Institutional Equities, Research Division
David Vernon - Bernstein Institutional Services LLC, Research Division
Madison Pasterchick - Morgan Stanley, Research Division
Stephanie Benjamin Moore - Jefferies LLC, Research Division
Bascome Majors - Stephens Inc., Research Division
Richa Talwar - Deutsche Bank AG, Research Division
Eric Morgan - Barclays Bank PLC, Research Division
Ariel Rosa - Citigroup Inc., Research Division
Presentation
Operator
Good morning, ladies and gentlemen, and welcome to the Norfolk Southern Corporation Q2 2026 Earnings Conference Call. [Operator Instructions] Also note that this call is being recorded on Thursday, July 23, 2026. And I would like to turn the conference over to Luke Nichols. Please go ahead, sir.
Luke Nichols
Senior Director of Investor Relations
Thank you, and good morning, everyone. Please note that during today's call, we will make certain forward-looking statements within the meaning of the safe harbor provision of the Private Securities Litigation Reform Act of 1995. These statements relate to future events or future performance of Norfolk Southern Corporation, which are subject to risks and uncertainties and may differ materially from actual results.
Please refer to our annual and quarterly reports filed with the SEC for a full discussion of those risks and uncertainties we view as most important. Our presentation slides are available at norfolksouthern.com in the Investors Section along with a reconciliation of any non-GAAP measures
Sonoco Products Company (SON) Q2 2026 Earnings Call July 23, 2026 8:00 AM EDT
Company Participants
Roger Schrum - Head of Investor Relations & Global Marketing Communications
Robert Coker - President, CEO & Director
Paul Joachimczyk - CFO & Principal Accounting Officer
Conference Call Participants
George Staphos - BofA Securities, Research Division
Anthony Pettinari - Citigroup Inc., Research Division
John Dunigan - Jefferies LLC, Research Division
Michael Roxland - Truist Securities, Inc., Research Division
Mark Weintraub - Seaport Research Partners
Hillary Cacanando - Deutsche Bank AG, Research Division
Ghansham Panjabi - Robert W. Baird & Co. Incorporated, Research Division
Matthew Roberts - CGS International
Gabe Hajde - Wells Fargo Securities, LLC, Research Division
Anojja Shah - UBS Investment Bank, Research Division
Presentation
Operator
Hello, everyone. Thank you for joining us, and welcome to the Sonoco Second Quarter 2026 Earnings Conference Call. [Operator Instructions] I will now hand the conference over to Roger Schrum, Head of Investor Relations and Global Marketing Communications. Roger, please go ahead.
Roger Schrum
Head of Investor Relations & Global Marketing Communications
Thank you, Warren, and good morning, everyone. Last evening, we issued a news release and posted an investor presentation that reviews Sonoco's Second Quarter 2026 financial results. Both are posted on the Investor Relations section of our website at sonoco.com. A replay of today's conference call will be available on our website later today, and we'll post a transcript later this week.
If you would turn to Slide 2, I'll remind you that during today's call, we will discuss a number of forward-looking statements based on current expectations, estimates and projections. These statements are not guarantees of future performance and are subject to certain risks and uncertainties. Therefore, actual results may differ materially.
Additionally, today's presentation includes the use of non-GAAP financial measures, which management believes provides useful information to investors about the company's financial condition
"Our second quarter results demonstrate the resilience of our franchise and reflect the value of disciplined execution across the company," said Clint Stein, Chairman, CEO & President. "While the operating environment remains dynamic, we continued to execute on our strategic priorities through prudent expense management, ongoing balance sheet optimization, and consistent capital returns to shareholders. Commercial loan balances continued to grow, reflecting the strength of our customer relationships and the trust we have built across our markets. We also continued to reposition the balance sheet in ways that support stronger long-term performance. Supported by our diversified business model, sound credit culture, and strong capital generation, we remain committed to delivering sustainable returns and creating long-term value for our shareholders."
Clint Stein, Chairman, CEO & President of Columbia Banking System, Inc.
2Q26 HIGHLIGHTS (COMPARED TO 1Q26)
Net Interest
Income and
NIM
• Net interest income decreased by $5 million
from the prior quarter, due in part to $4 million of
interest income reversals, alongside modest
balance sheet deleveraging.
• Net interest margin was 3.93%, down 3 basis
points from the prior quarter, as the interest
income reversals mentioned above reduced the
net interest margin by 3 basis points.
Non-Interest
Income and
Expense
• Non-interest income increased by $5 million,
due primarily to higher treasury management
and card-based fees, partially offset by quarterly
changes in fair value adjustments and hedging
activity. Results also include $3 million in death
benefit proceeds related to a single policy.
• Non-interest expense decreased by $19 million,
due to lower merger expense and the realization
of acquisition-related cost savings.
Credit
Quality
• Net charge-offs were 0.25% of average loans
and leases (annualized), compared to 0.30% for
the prior quarter.
• Provision expense was $27 million, compared to
$28 million for the prior quarter.
• Non-performing assets to total assets ratio was
0.42%, compared to 0.40% as of March 31,
2026.
Capital
• Estimated total risk-based capital ratio of 13.4%
and estimated common equity tier 1 risk-based
capital ratio of 11.6%.
• Declared a quarterly cash dividend of $0.37 per
common share on May 15, 2026, which was
paid June 15, 2026.
• Repurchased $199 million of common stock
under our current repurchase plan.
Notable
Items
• Our first small business and retail campaign of
2026, which began in February and
ended April 30, 2026, brought over $600
million in new deposits to the bank and also was
successful in generating new SBA lending
relationships. Our second campaign began in
June and has generated approximately $650
million in new deposit balances through mid-
July.
2Q26 KEY FINANCIAL DATA
PERFORMANCE METRICS
2Q26
1Q26
2Q25
Return on average assets
1.27 %
1.18 %
1.19 %
Return on average common equity
10.99 %
10.00 %
11.56 %
Return on average tangible common
equity1
15.29 %
13.88 %
16.03 %
Operating return on average assets1
1.33 %
1.28 %
1.25 %
Operating return on average
common equity1
11.46 %
10.89 %
12.16 %
Operating return on average
tangible common equity1
15.95 %
15.11 %
16.85 %
Net interest margin
3.93 %
3.96 %
3.75 %
Efficiency ratio
55.15 %
58.03 %
54.29 %
Operating efficiency ratio, as
adjusted 1
52.92 %
53.68 %
51.79 %
INCOME STATEMENT
($ in millions, excl. per share data)
2Q26
1Q26
2Q25
Net interest income
$589
$594
$446
Provision for credit losses
$27
$28
$30
Non-interest income
$88
$83
$65
Non-interest expense
$375
$394
$278
Pre-provision net revenue1
$302
$283
$233
Operating pre-provision net
revenue1
$314
$306
$242
Earnings per common
share - diluted
$0.73
$0.66
$0.73
Operating earnings per common
share - diluted1
$0.76
$0.72
$0.76
Dividends paid per share
$0.37
$0.37
$0.36
BALANCE SHEET
($ in millions, excl. per share data)
2Q26
1Q26
2Q25
Total assets
$65,380
$66,027
$51,901
Loans and leases
$47,166
$47,697
$37,637
Deposits
$52,056
$53,489
$41,743
Book value per common share
$26.70
$26.47
$25.41
Tangible book value per common
share1
$19.22
$19.03
$18.47
Organizational Update
Columbia Banking System, Inc. ("Columbia," the "Company," "we," or "our") closed its acquisition of Pacific Premier Bancorp, Inc. ("Pacific Premier") on August 31, 2025, and completed the systems conversion and nine branch consolidations during the first quarter of 2026. All organizational changes and cost-related synergies were essentially complete as of June 30, 2026, including the achievement of our previously disclosed cost savings target associated with the Pacific Premier acquisition.
During the second quarter, we opened a branch in Colorado Springs and a financial hub in Las Vegas. We continue to strategically expand and refine our physical footprint to support relationship-driven growth, while funding these initiatives through targeted real estate optimization and other efficiency improvements.
Net Interest Income and Net Interest Margin
Net interest income was $589 million for the second quarter of 2026, down $5 million from the first quarter of 2026, due in part to $4 million of interest income reversals, alongside modest balance sheet deleveraging.
Columbia's net interest margin was 3.93% for the second quarter of 2026, down 3 basis points from the first quarter of 2026, as the interest income reversals mentioned above reduced the net interest margin by 3 basis points during the second quarter. Excluding this impact, net interest margin was consistent between periods, as higher yields on loans and leases partially offset a lower yield on taxable securities, driven by changes in prepayment speed expectations. Improved funding costs also contributed favorably to the net interest margin.
The cost of interest-bearing deposits decreased 8 basis points from the prior quarter to 1.96% for the second quarter of 2026, compared to 2.04% for the first quarter of 2026. The decrease during the second quarter reflects our active management of deposit rates and a lower mix of higher-cost brokered deposits. The cost of interest-bearing deposits was 1.95% for the month of June and 1.94% as of June 30, 2026.
Columbia's cost of interest-bearing liabilities decreased 3 basis points from the prior quarter to 2.21% for the second quarter of 2026, compared to 2.24% for the first quarter of 2026. The cost of interest-bearing liabilities was 2.22% for the month of June and 2.21% as of June 30, 2026. Refer to the Q2 2026 Earnings Presentation for additional net interest margin change details and interest rate sensitivity information.
Non-interest Income
Non-interest income was $88 million for the second quarter of 2026, up $5 million from the prior quarter. Quarterly changes in fair value adjustments and mortgage servicing rights ("MSR") hedging activity, which reflect interest rate fluctuations during the quarter, collectively resulted in a net fair value loss of $3 million for the second quarter, compared to a net fair value gain of $2 million for the first quarter, as detailed in our non-GAAP disclosures. Excluding these items, non-interest income was $91 million2 for the second quarter of 2026, up $10 million between periods, due primarily to higher treasury management and card-based fees. We also received $3 million in death benefit proceeds during the second quarter related to a single policy, which was recorded in other income.
Non-interest Expense
Non-interest expense was $375 million for the second quarter of 2026, down $19 million from the prior quarter, due to lower merger expense. Excluding merger and restructuring expense and exit and disposal costs, as detailed in our non-GAAP disclosures, non-interest expense was $366 million2, down $3 million from the prior quarter, due to cost savings related to the Pacific Premier acquisition. Refer to the Q2 2026 Earnings Presentation for additional expense details.
Balance Sheet
Total consolidated assets were $65.4 billion as of June 30, 2026, compared to $66.0 billion as of March 31, 2026. The decrease reflects balance sheet optimization activity. Cash and cash equivalents were $1.8 billion as of June 30, 2026, compared to $2.1 billion as of March 31, 2026. Including secured off-balance sheet lines of credit, total available liquidity was $25.6 billion as of June 30, 2026, representing 39% of total assets, 49% of total deposits, and 125% of uninsured deposits. Available-for-sale securities, which are held on balance sheet at fair value, were $11.1 billion as of June 30, 2026, compared to $10.9 billion as of March 31, 2026. The increase is due to the purchase of $462 million of investment securities, which offset paydowns and a decrease in the fair value of the portfolio. Refer to the Q2 2026 Earnings Presentation for additional details related to our investment securities portfolio and liquidity position.
Gross loans and leases were $47.2 billion as of June 30, 2026, compared to $47.7 billion as of March 31, 2026. The decrease reflects continued expected runoff in below-market-rate transactional loans and lower balances in non-owner occupied commercial real estate given elevated payoffs, due in part to competitive pricing pressure. Commercial loans, inclusive of owner-occupied commercial real estate, increased by 5% on an annualized basis relative to March 31, 2026, partially offsetting contraction in other portfolios. "Our bankers remained focused on relationship-driven activity during the second quarter, generating new business opportunities while continuing to manage the balance sheet with discipline," commented Tory Nixon, President of Columbia Bank. "Commercial relationship growth remained solid, and the continued runoff of lower-return transactional loans is reshaping our balance sheet as intended. Customer engagement remains healthy, and we remain encouraged by the quality of our pipelines and the opportunities we see across our western footprint." Refer to the Q2 2026 Earnings Presentation for additional details related to our loan portfolio, which include underwriting characteristics, the composition of our commercial portfolios, and disclosure related to transactional loans.
Total deposits were $52.1 billion as of June 30, 2026, compared to $53.5 billion as of March 31, 2026. The decrease reflects intentional reductions in brokered deposits and wholesale public deposits, which declined to $978 million and $928 million, respectively, as of June 30, 2026, compared to $1.6 billion and $1.2 billion, respectively, as of March 31, 2026. Customer deposit contraction in April due to seasonal tax payments also contributed to the decline between periods. "Seasonal factors reduced deposit balances early in the quarter, with balances stabilizing in May and June despite increasing competition," stated Mr. Nixon. "Our teams continue to emphasize relationship banking, serving our customers through advice-driven conversations and tailored solutions, while preserving the strength of our core deposit franchise. Meeting the evolving needs of our customers remains at the center of the value we provide." We utilized borrowings, which were $4.3 billion as of June 30, 2026, compared to $3.4 billion as of March 31, 2026, to supplement funding needs. Refer to the Q2 2026 Earnings Presentation for additional details related to deposit characteristics and flows.
Credit Quality
The allowance for credit losses ("ACL") was $475 million, or 1.01% of loans and leases, as of June 30, 2026, compared to $478 million, or 1.00% of loans and leases, as of March 31, 2026. The provision for credit losses was $27 million for the second quarter of 2026 and reflects loan portfolio runoff, credit migration trends, charge-off activity, and changes in the economic forecasts used in credit models.
Net charge-offs were 0.25% of average loans and leases (annualized) for the second quarter of 2026, compared to 0.30% for the first quarter of 2026. Net charge-offs in the FinPac portfolio were $15 million for the second quarter, compared to $14 million for the first quarter. Net charge-offs excluding the FinPac portfolio were $15 million for the second quarter, compared to $21 million for the first quarter. Non-performing assets were $273 million, or 0.42% of total assets, as of June 30, 2026, compared to $264 million, or 0.40% of total assets, as of March 31, 2026. Refer to the Q2 2026 Earnings Presentation for additional details related to the allowance for credit losses and other credit trends.
Capital
Columbia's book value per common share was $26.70 as of June 30, 2026, compared to $26.47 as of March 31, 2026. During the second quarter, Columbia repurchased 6.6 million common shares under its current repurchase plan at an average price of $29.93, representing 2.3% of outstanding common shares. Book value also was impacted by the change in accumulated other comprehensive (loss) income ("AOCI") to $(310) million as of June 30, 2026, compared to $(291) million as of the prior quarter-end. The change in AOCI is due primarily to an increase in the tax-effected net unrealized loss on available-for-sale securities to $275 million as of June 30, 2026, compared to $260 million as of March 31, 2026. Tangible book value per common share3 was $19.22 as of June 30, 2026, compared to $19.03 as of March 31, 2026.
Columbia's estimated total risk-based capital ratio was 13.4% and its estimated common equity tier 1 risk-based capital ratio was 11.6% as of June 30, 2026, compared to 13.5% and 11.7%, respectively, as of March 31, 2026. Columbia remains above current "well-capitalized" regulatory minimums. The regulatory capital ratios as of June 30, 2026 are estimates, pending completion and filing of Columbia's regulatory reports.
Earnings Presentation and Conference Call Information
Columbia's Q2 2026 Earnings Presentation provides additional disclosure. A copy will be available on our investor relations page: www.columbiabankingsystem.com.
Columbia will host its second quarter 2026 earnings conference call on July 23, 2026 at 2:00 p.m. PT (5:00 p.m. ET). During the call, Columbia's management will provide an update on recent activities and discuss its second quarter 2026 financial results. Participants may join the audiocast or register for the call using the link below to receive dial-in details and their own unique PINs. It is recommended you join 10 minutes prior to the start time.
Join the audiocast: https://edge.media-server.com/mmc/p/thdt6a5z/
Register for the call: https://register-conf.media-server.com/register/BIb20bf1c21e7e4dcd93e446da448dd1e9
Access the replay through Columbia's investor relations page: https://www.columbiabankingsystem.com/news-market-data/event-calendar/default.aspx
About Columbia Banking System, Inc.
Columbia Banking System, Inc. (Nasdaq: COLB) is headquartered in Tacoma, Washington and is the parent company of Columbia Bank, an award-winning preeminent regional bank with offices in Arizona, California, Colorado, Idaho, Nevada, Oregon, Texas, Utah, and Washington. Columbia Bank combines the resources, sophistication, and expertise of a national bank with a commitment to deliver superior, personalized service. The bank supports consumers and businesses through a full suite of services, including retail and commercial banking, Small Business Administration lending, institutional and corporate banking, and equipment leasing. Columbia Bank customers also have access to comprehensive investment and wealth management expertise as well as healthcare and private banking through Columbia Wealth Management. Learn more at www.columbiabankingsystem.com.
Forward-Looking Statements
This press release includes forward-looking statements within the meaning of the "Safe-Harbor" provisions of the Private Securities Litigation Reform Act of 1995, which management believes are a benefit to shareholders. These statements are necessarily subject to risk and uncertainty and actual results could differ materially due to various risk factors, including those set forth from time to time in our filings with the Securities and Exchange Commission. You should not place undue reliance on forward-looking statements and we undertake no obligation to update any such statements. Forward-looking statements can be identified by words such as "anticipates," "intends," "plans," "seeks," "believes," "estimates," "expects," "target," "projects," "outlook," "forecast," "will," "may," "could," "should," "can" and similar references to future periods. In this press release we make forward-looking statements about strategic and growth initiatives and the result of such activity. Risks and uncertainties that could cause results to differ from forward-looking statements we make include, without limitation: current and future economic and market conditions, including the effects of declines in housing and commercial real estate prices, high unemployment rates, renewed inflation and any recession or slowdown in economic growth particularly in the western United States; economic forecast variables that are either materially worse or better than end of quarter projections and deterioration in the economy that could result in increased loan and lease losses, especially those risks associated with concentrations in real estate related loans; risks related to our acquisition of Pacific Premier (the "Transaction"), including, among others, (i) any revenue synergies from the Transaction may not be fully realized or may take longer than anticipated to be realized, and (ii) deposit attrition as a result of the Transaction; the impact of proposed or imposed tariffs by the U.S. government and retaliatory tariffs proposed or imposed by U.S. trading partners that could have an adverse impact on customers; our ability to effectively manage problem credits; the impact of bank failures or adverse developments at other banks on general investor sentiment regarding the liquidity and stability of banks; changes in interest rates that could significantly reduce net interest income and negatively affect asset yields and valuations and funding sources; changes in the scope and cost of FDIC insurance and other coverage; our ability to successfully implement efficiency and operational excellence initiatives; our ability to successfully develop and market new products and technology; changes in laws or regulations; potential adverse reactions or changes to business or employee relationships; the effect of geopolitical instability, including wars, conflicts and terrorist attacks; and natural disasters and other similar unexpected events outside of our control. We also caution that the amount and timing of any future common stock dividends or repurchases will depend on the earnings, cash requirements and financial condition of Columbia, market conditions, capital requirements, applicable law and regulations (including federal securities laws and federal banking and state regulations), and other factors deemed relevant by Columbia's Board of Directors.
_________________________
1 "Non-GAAP" financial measure. See GAAP to Non-GAAP Reconciliation for additional information.
2 "Non-GAAP" financial measure. See GAAP to Non-GAAP Reconciliation for additional information.
3 "Non-GAAP" financial measure. See GAAP to Non-GAAP Reconciliation for additional information.
TABLE INDEX
Page
Consolidated Statements of Income
7
Consolidated Balance Sheets
8
Financial Highlights
10
Loan & Lease Portfolio Balances and Mix
11
Deposit Portfolio Balances and Mix
13
Credit Quality - Non-performing Assets
14
Credit Quality - Allowance for Credit Losses
15
Consolidated Average Balance Sheets, Net Interest Income, and Yields/Rates
17
Residential Mortgage Banking Activity
19
GAAP to Non-GAAP Reconciliation
21
Columbia Banking System, Inc.
Consolidated Statements of Income
(Unaudited)
Quarter Ended
% Change
($ in millions, shares in thousands)
Jun 30,
2026
Mar 31,
2026
Dec 31,
2025
Sep 30,
2025
Jun 30,
2025
Seq.
Quarter
Year
over
Year
Interest income:
Loans and leases
$ 683
$ 684
$ 722
$ 619
$ 564
— %
21 %
Interest and dividends on investments:
Taxable
98
103
102
89
80
(5) %
23 %
Exempt from federal income tax
12
12
12
8
7
— %
71 %
Dividends
4
3
3
4
3
33 %
33 %
Temporary investments and interest bearing deposits
13
14
19
20
16
(7) %
(19) %
Total interest income
810
816
858
740
670
(1) %
21 %
Interest expense:
Deposits
173
184
195
195
180
(6) %
(4) %
Securities sold under agreement to repurchase and
federal funds purchased
1
1
1
1
1
— %
— %
Borrowings
39
30
27
30
35
30 %
11 %
Junior and other subordinated debentures
8
7
8
9
8
14 %
— %
Total interest expense
221
222
231
235
224
— %
(1) %
Net interest income
589
594
627
505
446
(1) %
32 %
Provision for credit losses
27
28
23
70
30
(4) %
(10) %
Non-interest income:
Service charges on deposits
23
20
24
21
20
15 %
15 %
Card-based fees
17
15
16
15
14
13 %
21 %
Financial services and trust revenue
15
15
15
9
6
— %
150 %
Residential mortgage banking revenue, net
7
12
7
7
8
(42) %
(13) %
(Loss) gain on investment securities, net
(1)
—
2
2
—
nm
nm
Gain on loan and lease sales, net
—
1
1
—
—
(100) %
nm
(Loss) gain on loans held for investment, at fair value
(1)
(2)
—
4
—
(50) %
nm
BOLI income
9
9
9
6
5
— %
80 %
Other income
19
13
16
13
12
46 %
58 %
Total non-interest income
88
83
90
77
65
6 %
35 %
Non-interest expense:
Salaries and employee benefits
196
196
201
171
155
— %
26 %
Occupancy and equipment, net
65
66
67
54
47
(2) %
38 %
FDIC assessments
9
9
4
8
8
— %
13 %
Intangible amortization
38
41
42
31
26
(7) %
46 %
Merger and restructuring expense
9
24
39
87
8
(63) %
13 %
Other expenses
58
58
59
42
34
— %
71 %
Total non-interest expense
375
394
412
393
278
(5) %
35 %
Income before provision for income taxes
275
255
282
119
203
8 %
35 %
Provision for income taxes
67
63
67
23
51
6 %
31 %
Net income
$ 208
$ 192
$ 215
$ 96
$ 152
8 %
37 %
Weighted average basic shares outstanding (in
thousands)
285,558
290,933
295,376
237,838
209,125
(2) %
37 %
Weighted average diluted shares outstanding (in
thousands)
286,472
292,160
296,760
238,925
209,975
(2) %
36 %
Earnings per common share – basic
$ 0.73
$ 0.66
$ 0.72
$ 0.40
$ 0.73
11 %
— %
Earnings per common share – diluted
$ 0.73
$ 0.66
$ 0.72
$ 0.40
$ 0.73
11 %
— %
nm = Percentage changes greater than +/-500% are considered not meaningful and are presented as "nm."
Columbia Banking System, Inc.
Consolidated Statements of Income
(Unaudited)
Six Months Ended
% Change
($ in millions, shares in thousands)
Jun 30, 2026
Jun 30, 2025
Year over
Year
Interest income:
Loans and leases
$ 1,367
$ 1,117
22 %
Interest and dividends on investments:
Taxable
201
149
35 %
Exempt from federal income tax
24
14
71 %
Dividends
7
6
17 %
Temporary investments and interest bearing deposits
27
32
(16) %
Total interest income
1,626
1,318
23 %
Interest expense:
Deposits
357
357
0 %
Securities sold under agreement to repurchase and federal funds purchased
2
2
0 %
Borrowings
69
71
(3) %
Junior and other subordinated debentures
15
17
(12) %
Total interest expense
443
447
(1) %
Net interest income
1,183
871
36 %
Provision for credit losses
55
57
(4) %
Non-interest income:
Service charges on deposits
43
39
10 %
Card-based fees
32
27
19 %
Financial services and trust revenue
30
11
173 %
Residential mortgage banking revenue, net
19
17
12 %
(Loss) gain on investment securities, net
(1)
2
(150) %
Gain on loan and lease sales, net
1
—
nm
(Loss) gain on loans held for investment, at fair value
(3)
7
(143) %
BOLI income
18
10
80 %
Other income
32
18
78 %
Total non-interest income
171
131
31 %
Non-interest expense:
Salaries and employee benefits
392
300
31 %
Occupancy and equipment, net
131
95
38 %
FDIC assessments
18
16
13 %
Intangible amortization
79
54
46 %
Merger and restructuring expense
33
23
43 %
Legal settlement
—
55
(100) %
Other expenses
116
75
55 %
Total non-interest expense
769
618
24 %
Income before provision for income taxes
530
327
62 %
Provision for income taxes
130
88
48 %
Net income
$ 400
$ 239
67 %
Weighted average basic shares outstanding (in thousands)
288,130
208,964
38 %
Weighted average diluted shares outstanding (in thousands)
289,212
209,965
38 %
Earnings per common share – basic
$ 1.39
$ 1.14
22 %
Earnings per common share – diluted
$ 1.38
$ 1.14
21 %
nm = Percentage changes greater than +/-500% are considered not meaningful and are presented as "nm."
Columbia Banking System, Inc.
Consolidated Balance Sheets
(Unaudited)
% Change
($ in millions, shares in thousands)
Jun 30, 2026
Mar 31, 2026
Dec 31, 2025
Sep 30, 2025
Jun 30, 2025
Seq.
Quarter
Year
over
Year
Assets:
Cash and due from banks
$ 648
$ 577
$ 511
$ 535
$ 608
12 %
7 %
Interest-bearing cash and temporary
investments
1,121
1,522
1,869
1,808
1,334
(26) %
(16) %
Investment securities:
Equity and other, at fair value
126
124
113
112
93
2 %
35 %
Available for sale, at fair value
11,131
10,915
11,112
11,013
8,653
2 %
29 %
Held to maturity, at amortized cost
17
18
18
18
2
(6) %
nm
Loans held for sale
61
81
262
340
66
(25) %
(8) %
Loans and leases
47,166
47,697
47,776
48,462
37,637
(1) %
25 %
Allowance for credit losses on loans and
leases
(458)
(459)
(466)
(473)
(421)
— %
9 %
Net loans and leases
46,708
47,238
47,310
47,989
37,216
(1) %
26 %
Restricted equity securities
207
168
159
119
161
23 %
29 %
Premises and equipment, net
424
426
422
416
357
— %
19 %
Goodwill
1,482
1,482
1,482
1,481
1,029
— %
44 %
Other intangible assets, net
633
671
712
754
430
(6) %
47 %
Bank-owned life insurance
1,227
1,222
1,218
1,199
705
— %
74 %
Other assets
1,595
1,583
1,644
1,712
1,247
1 %
28 %
Total assets
$ 65,380
$ 66,027
$ 66,832
$ 67,496
$ 51,901
(1) %
26 %
Liabilities:
Deposits
Non-interest-bearing
$ 17,218
$ 17,635
$ 17,419
$ 17,810
$ 13,220
(2) %
30 %
Interest-bearing
34,838
35,854
36,792
37,961
28,523
(3) %
22 %
Total deposits
52,056
53,489
54,211
55,771
41,743
(3) %
25 %
Securities sold under agreements to
repurchase
189
162
207
167
191
17 %
(1) %
Borrowings
4,250
3,400
3,200
2,300
3,350
25 %
27 %
Junior subordinated debentures, at fair value
339
333
338
331
323
2 %
5 %
Junior and other subordinated debentures,
at amortized cost
97
97
97
107
108
— %
(10) %
Other liabilities
897
882
939
1,030
844
2 %
6 %
Total liabilities
57,828
58,363
58,992
59,706
46,559
(1) %
24 %
Shareholders' equity:
Common stock
7,702
7,896
8,099
8,189
5,826
(2) %
32 %
Retained earnings (accumulated deficit)
160
59
(26)
(131)
(151)
171 %
nm
Accumulated other comprehensive loss
(310)
(291)
(233)
(268)
(333)
7 %
(7) %
Total shareholders' equity
7,552
7,664
7,840
7,790
5,342
(1) %
41 %
Total liabilities and shareholders' equity
$ 65,380
$ 66,027
$ 66,832
$ 67,496
$ 51,901
(1) %
26 %
Common shares outstanding at period end (in
thousands)
282,817
289,530
295,422
299,147
210,213
(2) %
35 %
nm = Percentage changes greater than +/-500% are considered not meaningful and are presented as "nm."
Columbia Banking System, Inc.
Financial Highlights
(Unaudited)
Quarter Ended
% Change
Jun 30,
2026
Mar 31,
2026
Dec 31,
2025
Sep 30,
2025
Jun 30,
2025
Seq.
Quarter
Year
over
Year
Per Common Share Data:
Dividends
$ 0.37
$ 0.37
$ 0.37
$ 0.36
$ 0.36
— %
3 %
Book value
$ 26.70
$ 26.47
$ 26.54
$ 26.04
$ 25.41
1 %
5 %
Tangible book value (1)
$ 19.22
$ 19.03
$ 19.11
$ 18.57
$ 18.47
1 %
4 %
Performance Ratios:
Efficiency ratio (2)
55.15 %
58.03 %
57.30 %
67.29 %
54.29 %
(2.88)
0.86
Non-interest expense to average assets (1)
2.29 %
2.41 %
2.44 %
2.74 %
2.16 %
(0.12)
0.13
Return on average assets ("ROAA")
1.27 %
1.18 %
1.27 %
0.67 %
1.19 %
0.09
0.08
Pre-provision net revenue ("PPNR") ROAA (1)
1.85 %
1.73 %
1.80 %
1.32 %
1.81 %
0.12
0.04
Return on average common equity
10.99 %
10.00 %
10.92 %
6.19 %
11.56 %
0.99
(0.57)
Return on average tangible common equity (1)
15.29 %
13.88 %
15.24 %
8.58 %
16.03 %
1.41
(0.74)
Performance Ratios - Operating: (1)
Operating efficiency ratio, as adjusted (1),(2)
52.92 %
53.68 %
51.39 %
52.32 %
51.79 %
(0.76)
1.13
Operating non-interest expense to average assets (1)
2.24 %
2.26 %
2.20 %
2.14 %
2.10 %
(0.02)
0.14
Operating ROAA (1)
1.33 %
1.28 %
1.44 %
1.42 %
1.25 %
0.05
0.08
Operating PPNR ROAA (1)
1.92 %
1.87 %
2.02 %
1.89 %
1.88 %
0.05
0.04
Operating return on average common equity (1)
11.46 %
10.89 %
12.34 %
13.15 %
12.16 %
0.57
(0.70)
Operating return on average tangible common equity (1)
15.95 %
15.11 %
17.22 %
18.24 %
16.85 %
0.84
(0.90)
Average Balance Sheet Yields, Rates, & Ratios:
Yield on loans and leases
5.77 %
5.78 %
5.92 %
5.96 %
6.00 %
(0.01)
(0.23)
Yield on earning assets (2)
5.40 %
5.44 %
5.55 %
5.62 %
5.62 %
(0.04)
(0.22)
Cost of interest bearing deposits
1.96 %
2.04 %
2.08 %
2.43 %
2.52 %
(0.08)
(0.56)
Cost of interest bearing liabilities
2.21 %
2.24 %
2.27 %
2.65 %
2.78 %
(0.03)
(0.57)
Cost of total deposits
1.32 %
1.39 %
1.40 %
1.66 %
1.73 %
(0.07)
(0.41)
Cost of total funding (3)
1.55 %
1.56 %
1.57 %
1.87 %
1.98 %
(0.01)
(0.43)
Net interest margin (2)
3.93 %
3.96 %
4.06 %
3.84 %
3.75 %
(0.03)
0.18
Average interest bearing cash / Average interest earning assets
2.33 %
2.59 %
3.12 %
3.41 %
2.97 %
(0.26)
(0.64)
Average loans and leases / Average interest earning assets
78.67 %
78.44 %
78.12 %
78.39 %
78.64 %
0.23
0.03
Average loans and leases / Average total deposits
90.19 %
88.58 %
87.34 %
88.39 %
90.07 %
1.61
0.12
Average non-interest bearing deposits / Average total deposits
32.90 %
32.26 %
32.45 %
31.41 %
31.39 %
0.64
1.51
Average total deposits / Average total funding (3)
91.88 %
93.58 %
94.52 %
93.47 %
91.92 %
(1.70)
(0.04)
Select Credit & Capital Ratios:
Non-performing loans and leases to total loans and leases
0.57 %
0.55 %
0.41 %
0.40 %
0.47 %
0.02
0.10
Non-performing assets to total assets
0.42 %
0.40 %
0.30 %
0.29 %
0.35 %
0.02
0.07
Allowance for credit losses to loans and leases
1.01 %
1.00 %
1.02 %
1.01 %
1.17 %
0.01
(0.16)
Total risk-based capital ratio (4)
13.4 %
13.5 %
13.6 %
13.4 %
13.0 %
(0.10)
0.40
Common equity tier 1 risk-based capital ratio (4)
11.6 %
11.7 %
11.8 %
11.6 %
10.8 %
(0.10)
0.80
(1) See GAAP to Non-GAAP Reconciliation.
(2) Tax-exempt interest was adjusted to a taxable equivalent basis using a 21% tax rate.
(3) Total funding = total deposits + total borrowings.
(4) Estimated holding company ratios.
Columbia Banking System, Inc.
Financial Highlights
(Unaudited)
Six Months Ended
% Change
Jun 30, 2026
Jun 30, 2025
Year over Year
Per Common Share Data:
Dividends
$ 0.74
$ 0.72
2.78 %
Performance Ratios:
Efficiency ratio (2)
56.59 %
61.54 %
(4.95)
Non-interest expense to average assets (1)
2.35 %
2.42 %
(0.07)
Return on average assets
1.22 %
0.94 %
0.28
PPNR ROAA (1)
1.79 %
1.50 %
0.29
Return on average common equity
10.49 %
9.18 %
1.31
Return on average tangible common equity (1)
14.58 %
12.80 %
1.78
Performance Ratios - Operating: (1)
Operating efficiency ratio, as adjusted (1),(2)
53.29 %
53.40 %
(0.11)
Operating non-interest expense to average assets (1)
2.25 %
2.11 %
0.14
Operating ROAA (1)
1.30 %
1.17 %
0.13
Operating PPNR ROAA (1)
1.90 %
1.78 %
0.12
Operating return on average common equity (1)
11.17 %
11.52 %
(0.35)
Operating return on average tangible common equity (1)
15.53 %
16.07 %
(0.54)
Average Balance Sheet Yields, Rates, & Ratios:
Yield on loans and leases
5.78 %
5.96 %
(0.18)
Yield on earning assets (2)
5.42 %
5.56 %
(0.14)
Cost of interest bearing deposits
2.00 %
2.52 %
(0.52)
Cost of interest bearing liabilities
2.23 %
2.79 %
(0.56)
Cost of total deposits
1.35 %
1.72 %
(0.37)
Cost of total funding (3)
1.56 %
1.98 %
(0.42)
Net interest margin (2)
3.94 %
3.67 %
0.27
Average interest bearing cash / Average interest earning assets
2.46 %
3.05 %
(0.59)
Average loans and leases / Average interest earning assets
78.55 %
78.78 %
(0.23)
Average loans and leases / Average total deposits
89.38 %
90.21 %
(0.83)
Average non-interest bearing deposits / Average total deposits
32.58 %
31.57 %
1.01
Average total deposits / Average total funding (3)
92.73 %
91.90 %
0.83
(1) See GAAP to Non-GAAP Reconciliation.
(2) Tax-exempt interest was adjusted to a taxable equivalent basis using a 21% tax rate.
(3) Total funding = Total deposits + Total borrowings.
Columbia Banking System, Inc.
Loan & Lease Portfolio Balances and Mix
(Unaudited)
Jun 30, 2026
Mar 31, 2026
Dec 31, 2025
Sep 30, 2025
Jun 30, 2025
% Change
($ in millions)
Amount
Amount
Amount
Amount
Amount
Seq.
Quarter
Year
over
Year
Loans and leases:
Commercial real estate: (1)
Non-owner occupied term
$ 7,584
$ 8,113
$ 8,206
$ 8,444
$ 6,190
(7) %
23 %
Owner occupied term
7,405
7,258
7,314
7,361
5,320
2 %
39 %
Multifamily
10,122
10,173
10,281
10,377
5,735
(1) %
76 %
Construction & development
1,529
1,670
1,707
2,071
2,070
(8) %
(26) %
Residential development
369
373
362
367
286
(1) %
29 %
Commercial:
Term
7,004
6,887
6,713
6,590
5,353
2 %
31 %
Lines of credit & other
3,794
3,804
3,643
3,582
2,951
— %
29 %
Leases & equipment finance
1,617
1,619
1,599
1,614
1,641
— %
(1) %
Residential:
Mortgage
5,402
5,483
5,624
5,722
5,830
(1) %
(7) %
Home equity loans & lines
2,176
2,147
2,149
2,153
2,083
1 %
4 %
Consumer & other
164
170
178
181
178
(4) %
(8) %
Total loans and leases, net of deferred fees
and costs
$ 47,166
$ 47,697
$ 47,776
$ 48,462
$ 37,637
(1) %
25 %
Loans and leases mix:
Commercial real estate: (1)
Non-owner occupied term
16 %
17 %
17 %
18 %
16 %
Owner occupied term
16 %
15 %
15 %
15 %
14 %
Multifamily
22 %
21 %
22 %
21 %
15 %
Construction & development
3 %
4 %
4 %
4 %
6 %
Residential development
1 %
1 %
1 %
1 %
1 %
Commercial:
Term
15 %
15 %
14 %
14 %
14 %
Lines of credit & other
8 %
8 %
8 %
7 %
8 %
Leases & equipment finance
3 %
3 %
3 %
3 %
4 %
Residential:
Mortgage
11 %
11 %
12 %
12 %
15 %
Home equity loans & lines
5 %
5 %
4 %
4 %
6 %
Consumer & other
— %
— %
— %
1 %
1 %
Total
100 %
100 %
100 %
100 %
100 %
(1)
During the three months ended June 30, 2026, the Company aligned the presentation of certain loans with its established loan classification methodology. This resulted in approximately $174 million of loans being reported within different commercial real estate loan categories, primarily multifamily loans, with a corresponding decrease in non-owner occupied term loans.
Columbia Banking System, Inc.
Deposit Portfolio Balances and Mix
(Unaudited)
Jun 30, 2026
Mar 31, 2026
Dec 31, 2025
Sep 30, 2025
Jun 30, 2025
% Change
($ in millions)
Amount
Amount
Amount
Amount
Amount
Seq. Quarter
Year
over
Year
Deposits:
Demand, non-interest bearing
$ 17,218
$ 17,635
$ 17,419
$ 17,810
$ 13,220
(2) %
30 %
Demand, interest bearing
11,093
10,860
10,763
11,675
8,335
2 %
33 %
Money market
16,415
16,843
17,013
16,816
11,694
(3) %
40 %
Savings
2,392
2,437
2,442
2,504
2,276
(2) %
5 %
Time
4,938
5,714
6,574
6,966
6,218
(14) %
(21) %
Total
$ 52,056
$ 53,489
$ 54,211
$ 55,771
$ 41,743
(3) %
25 %
Total core deposits (1)
$ 49,488
$ 50,245
$ 50,174
$ 51,535
$ 37,294
(2) %
33 %
Deposit mix:
Demand, non-interest bearing
33 %
33 %
32 %
32 %
32 %
Demand, interest bearing
21 %
20 %
20 %
21 %
20 %
Money market
32 %
31 %
31 %
30 %
28 %
Savings
5 %
5 %
5 %
5 %
5 %
Time
9 %
11 %
12 %
12 %
15 %
Total
100 %
100 %
100 %
100 %
100 %
(1) Core deposits are defined as total deposits less time deposits greater than $250,000 and all brokered deposits.
Columbia Banking System, Inc.
Credit Quality – Non-performing Assets
(Unaudited)
Quarter Ended
% Change
($ in millions)
Jun 30,
2026
Mar 31,
2026
Dec 31,
2025
Sep 30,
2025
Jun 30,
2025
Seq.
Quarter
Year
over
Year
Non-performing assets:(1)
Loans and leases on non-accrual status:
Commercial real estate
$ 96
$ 91
$ 50
$ 53
$ 31
5 %
210 %
Commercial
84
96
66
67
67
(13) %
25 %
Total loans and leases on non-accrual status
180
187
116
120
98
(4) %
84 %
Loans and leases past due 90+ days and accruing: (2)
Commercial real estate
4
3
2
—
—
33 %
nm
Commercial
4
2
8
5
5
100 %
(20) %
Residential (2)
80
69
72
71
74
16 %
8 %
Total loans and leases past due 90+ days and
accruing (2)
88
74
82
76
79
19 %
11 %
Total non-performing loans and leases (1), (2)
268
261
198
196
177
3 %
51 %
Other real estate owned
5
3
2
3
3
67 %
67 %
Total non-performing assets (1), (2)
$ 273
$ 264
$ 200
$ 199
$ 180
3 %
52 %
Loans and leases past due 31-89 days
$ 125
$ 168
$ 94
$ 85
$ 142
(26) %
(12) %
Loans and leases past due 31-89 days to total loans and
leases
0.27 %
0.35 %
0.20 %
0.18 %
0.38 %
(0.08)
(0.11)
Non-performing loans and leases to total loans and
leases (1), (2)
0.57 %
0.55 %
0.41 %
0.40 %
0.47 %
0.02
0.10
Non-performing assets to total assets (1), (2)
0.42 %
0.40 %
0.30 %
0.29 %
0.35 %
0.02
0.07
Non-accrual loans and leases to total loan and leases (2)
0.38 %
0.39 %
0.24 %
0.25 %
0.26 %
(0.01)
0.12
nm = Percentage changes greater than +/-500% are considered not meaningful and are presented as "nm."
(1)
Non-accrual and 90+ days past due loans include government guarantees of $78 million, $88 million, $79 million, $70 million, and $68 million at June 30, 2026, March 31, 2026, December 31, 2025, September 30, 2025, and June 30, 2025, respectively.
(2)
Excludes certain mortgage loans that carry a government guarantee, which Columbia has the unilateral right to repurchase but has not done so, totaling $4 million, $4 million, $3 million, $2 million, and $2 million at June 30, 2026, March 31, 2026, December 31, 2025, September 30, 2025, and June 30, 2025, respectively.
Columbia Banking System, Inc.
Credit Quality – Allowance for Credit Losses
(Unaudited)
Quarter Ended
% Change
($ in millions)
Jun 30,
2026
Mar 31,
2026
Dec 31,
2025
Sep 30,
2025
Jun 30,
2025
Seq.
Quarter
Year
over
Year
Allowance for credit losses on loans and leases
(ACLLL)
Balance, beginning of period
$ 459
$ 466
$ 473
$ 421
$ 421
(2) %
9 %
Initial ACL recorded for PCD loans acquired during
the period
—
—
—
5
—
nm
nm
Provision for credit losses on loans and leases
29
28
23
69
29
4 %
0 %
Charge-offs
Commercial real estate
(1)
—
(8)
(3)
—
nm
nm
Commercial
(32)
(39)
(23)
(22)
(33)
(18) %
(3) %
Residential
—
—
(1)
—
—
nm
nm
Consumer & other
(2)
(1)
(1)
(2)
(1)
100 %
100 %
Total charge-offs
(35)
(40)
(33)
(27)
(34)
(13) %
3 %
Recoveries
Commercial
4
4
3
4
5
0 %
(20) %
Consumer & other
1
1
—
1
—
0 %
nm
Total recoveries
5
5
3
5
5
0 %
0 %
Net charge-offs
Commercial real estate
(1)
—
(8)
(3)
—
nm
nm
Commercial
(28)
(35)
(20)
(18)
(28)
(20) %
0 %
Residential
—
—
(1)
—
—
nm
nm
Consumer & other
(1)
—
(1)
(1)
(1)
nm
0 %
Total net charge-offs
(30)
(35)
(30)
(22)
(29)
(14) %
3 %
Balance, end of period
$ 458
$ 459
$ 466
$ 473
$ 421
0 %
9 %
Reserve for unfunded commitments
Balance, beginning of period
$ 19
$ 19
$ 19
$ 18
$ 17
0 %
12 %
(Recapture) provision for credit losses on
unfunded commitments
(2)
—
—
1
1
nm
(300) %
Balance, end of period
17
19
19
19
18
(11) %
(6) %
Total Allowance for credit losses (ACL)
$ 475
$ 478
$ 485
$ 492
$ 439
(1) %
8 %
Net charge-offs to average loans and leases
(annualized)
0.25 %
0.30 %
0.25 %
0.22 %
0.31 %
(0.05)
(0.06)
Recoveries to gross charge-offs
14.29 %
12.50 %
9.09 %
18.52 %
15.19 %
1.79
(0.90)
ACLLL to loans and leases
0.97 %
0.96 %
0.98 %
0.98 %
1.12 %
0.01
(0.15)
ACL to loans and leases
1.01 %
1.00 %
1.02 %
1.01 %
1.17 %
0.01
(0.16)
nm = Percentage changes greater than +/-500% are considered not meaningful and are presented as "nm."
Columbia Banking System, Inc.
Credit Quality – Allowance for Credit Losses
(Unaudited)
Six Months Ended
% Change
($ in millions)
Jun 30, 2026
Jun 30, 2025
Year over Year
Allowance for credit losses on loans and leases (ACLLL)
Balance, beginning of period
$ 466
$ 425
10 %
Provision for credit losses on loans and leases
57
55
4 %
Charge-offs
Commercial real estate
(1)
—
nm
Commercial
(71)
(66)
8 %
Residential
—
(1)
nm
Consumer & other
(3)
(2)
50 %
Total charge-offs
(75)
(69)
9 %
Recoveries
Commercial
8
9
(11) %
Consumer & other
2
1
100 %
Total recoveries
10
10
0 %
Net charge-offs
Commercial real estate
(1)
—
nm
Commercial
(63)
(57)
11 %
Residential
—
(1)
nm
Consumer & other
(1)
(1)
0 %
Total net charge-offs
(65)
(59)
10 %
Balance, end of period
$ 458
$ 421
9 %
Reserve for unfunded commitments
Balance, beginning of period
$ 19
$ 16
19 %
(Recapture) provision for credit losses on unfunded commitments
(2)
2
(200) %
Balance, end of period
17
18
(6) %
Total Allowance for credit losses (ACL)
$ 475
$ 439
8 %
Net charge-offs to average loans and leases (annualized)
0.28 %
0.31 %
(0.03)
Recoveries to gross charge-offs
13.33 %
14.62 %
(1.29)
nm = Percentage changes greater than +/-500% are considered not meaningful and are presented as "nm."
Columbia Banking System, Inc.
Consolidated Average Balance Sheets, Net Interest Income, and Yields/Rates
(Unaudited)
Quarter Ended
June 30, 2026
March 31, 2026
June 30, 2025
($ in millions)
Average
Balance
Interest
Income
or
Expense
Average
Yields
or Rates
Average
Balance
Interest
Income
or
Expense
Average
Yields
or Rates
Average
Balance
Interest
Income
or
Expense
Average
Yields
or Rates
INTEREST-EARNING ASSETS:
Loans held for sale
$ 66
$ —
6.86 %
$ 189
$ 3
5.17 %
$ 67
$ 1
6.66 %
Loans and leases (1)
47,419
683
5.77 %
47,714
681
5.78 %
37,648
563
6.00 %
Taxable securities
10,173
102
3.97 %
10,097
106
4.22 %
7,937
83
4.22 %
Non-taxable securities (2)
1,219
15
4.63 %
1,253
14
4.51 %
798
8
3.95 %
Temporary investments and
interest-bearing cash
1,402
13
3.71 %
1,578
14
3.65 %
1,421
16
4.46 %
Total interest-earning assets (1), (2)
60,279
$ 813
5.40 %
60,831
$ 818
5.44 %
47,871
$ 671
5.62 %
Goodwill and other intangible
assets
2,136
2,175
1,472
Other assets
3,217
3,209
2,209
Total assets
$ 65,632
$ 66,215
$ 51,552
INTEREST-BEARING LIABILITIES:
Interest-bearing demand deposits
$ 11,002
$ 45
1.65 %
$ 10,780
$ 43
1.60 %
$ 8,480
$ 48
2.28 %
Money market deposits
16,658
87
2.10 %
16,848
88
2.12 %
11,783
72
2.46 %
Savings deposits
2,413
1
0.14 %
2,443
1
0.12 %
2,287
1
0.13 %
Time deposits
5,205
40
3.03 %
6,414
52
3.32 %
6,126
59
3.85 %
Total interest-bearing deposits
35,278
173
1.96 %
36,485
184
2.04 %
28,676
180
2.52 %
Repurchase agreements and
federal funds purchased
163
1
1.65 %
187
1
1.86 %
186
1
2.06 %
Borrowings
4,050
39
3.90 %
3,071
30
3.96 %
3,058
35
4.53 %
Junior and other subordinated
debentures
431
8
7.07 %
435
7
7.03 %
428
8
8.05 %
Total interest-bearing liabilities
39,922
$ 221
2.21 %
40,178
$ 222
2.24 %
32,348
$ 224
2.78 %
Non-interest-bearing deposits
17,301
17,378
13,123
Other liabilities
814
873
794
Total liabilities
58,037
58,429
46,265
Common equity
7,594
7,786
5,287
Total liabilities and shareholders'
equity
$ 65,631
$ 66,215
$ 51,552
NET INTEREST INCOME (2)
$ 592
$ 596
$ 447
NET INTEREST SPREAD (2)
3.19 %
3.20 %
2.84 %
NET INTEREST INCOME TO
EARNING ASSETS OR NET
INTEREST MARGIN (1), (2)
3.93 %
3.96 %
3.75 %
(1)
Non-accrual loans and leases are included in the average balance.
(2)
Tax-exempt income was adjusted to a tax equivalent basis at a 21% tax rate. The amount of such adjustment was an addition to recorded income of approximately $3 million for the three months ended June 30, 2026, as compared to $2 million for the three months ended March 31, 2026 and $1 million for the three months ended June 30, 2025.
Columbia Banking System, Inc.
Consolidated Average Balance Sheets, Net Interest Income, and Yields/Rates
(Unaudited)
Six Months Ended
June 30, 2026
June 30, 2025
($ in millions)
Average
Balance
Interest
Income
or Expense
Average
Yields
or Rates
Average
Balance
Interest
Income or
Expense
Average
Yields or
Rates
INTEREST-EARNING ASSETS:
Loans held for sale
$ 127
$ 3
5.62 %
$ 63
$ 2
6.49 %
Loans and leases (1)
47,565
1,364
5.78 %
37,663
1,115
5.96 %
Taxable securities
10,135
208
4.09 %
7,815
155
3.97 %
Non-taxable securities (2)
1,236
29
4.57 %
808
16
3.91 %
Temporary investments and interest-bearing cash
1,490
27
3.67 %
1,457
32
4.46 %
Total interest-earning assets (1), (2)
60,553
$ 1,631
5.42 %
47,806
$ 1,320
5.56 %
Goodwill and other intangible assets
2,156
1,487
Other assets
3,213
2,210
Total assets
$ 65,922
$ 51,503
INTEREST-BEARING LIABILITIES:
Interest-bearing demand deposits
$ 10,892
$ 88
1.63 %
$ 8,426
$ 95
2.27 %
Money market deposits
16,753
175
2.11 %
11,694
141
2.43 %
Savings deposits
2,428
2
0.13 %
2,319
1
0.12 %
Time deposits
5,806
92
3.19 %
6,131
120
3.93 %
Total interest-bearing deposits
35,879
357
2.00 %
28,570
357
2.52 %
Repurchase agreements and federal funds purchased
175
2
1.76 %
201
2
1.94 %
Borrowings
3,563
69
3.93 %
3,048
71
4.67 %
Junior and other subordinated debentures
433
15
7.05 %
433
17
7.99 %
Total interest-bearing liabilities
40,050
$ 443
2.23 %
32,252
$ 447
2.79 %
Non-interest-bearing deposits
17,339
13,180
Other liabilities
844
819
Total liabilities
58,233
46,251
Common equity
7,689
5,252
Total liabilities and shareholders' equity
$ 65,922
$ 51,503
NET INTEREST INCOME (2)
$ 1,188
$ 873
NET INTEREST SPREAD (2)
3.19 %
2.77 %
NET INTEREST INCOME TO EARNING ASSETS OR NET
INTEREST MARGIN (1), (2)
3.94 %
3.67 %
(1)
Non-accrual loans and leases are included in the average balance.
(2)
Tax-exempt income was adjusted to a tax equivalent basis at a 21% tax rate. The amount of such adjustment was an addition to recorded income of approximately $5 million for the year ended June 30, 2026, as compared to $2 million for the same period in 2025.
Columbia Banking System, Inc.
Residential Mortgage Banking Activity
(Unaudited)
Quarter Ended
%
($ in millions)
Jun 30,
2026
Mar 31,
2026
Dec 31,
2025
Sep 30,
2025
Jun 30,
2025
Seq.
Quarter
Year over
Year
Residential mortgage banking revenue:
Origination and sale
$ 6
$ 5
$ 5
$ 5
$ 5
20 %
20 %
Servicing
5
6
6
5
6
(17) %
(17) %
Change in fair value of MSR asset:
Changes due to collection/realization of
expected cash flows over time
(3)
(3)
(3)
(3)
(3)
— %
— %
Changes due to valuation inputs or
assumptions
1
6
(1)
—
(2)
(83) %
nm
MSR hedge (loss) gain
(2)
(2)
—
—
2
— %
(200) %
Total
$ 7
$ 12
$ 7
$ 7
$ 8
(42) %
(13) %
Closed loan volume for sale
$ 195
$ 171
$ 176
$ 166
$ 164
14 %
19 %
Gain on sale margin
3.08 %
2.92 %
2.84 %
3.01 %
2.77 %
0.16
0.31
Residential mortgage servicing rights:
Balance, beginning of period
$ 105
$ 99
$ 101
$ 103
$ 106
6 %
(1) %
Additions for new MSR capitalized
2
3
2
1
2
(33) %
— %
Change in fair value of MSR asset:
Changes due to collection/realization of
expected cash flows over time
(3)
(3)
(3)
(3)
(3)
— %
— %
Changes due to valuation inputs or
assumptions
1
6
(1)
—
(2)
(83) %
nm
Balance, end of period
$ 105
$ 105
$ 99
$ 101
$ 103
— %
2 %
Residential mortgage loans serviced for others
$ 7,734
$ 7,812
$ 7,755
$ 7,797
$ 7,852
(1) %
(2) %
MSR as % of serviced portfolio
1.36 %
1.34 %
1.28 %
1.30 %
1.31 %
0.02
0.05
nm = Percentage changes greater than +/-500% are considered not meaningful and are presented as "nm."
Columbia Banking System, Inc.
Residential Mortgage Banking Activity
(Unaudited)
Six Months Ended
% Change
($ in millions)
Jun 30, 2026
Jun 30, 2025
Year over
Year
Residential mortgage banking revenue:
Origination and sale
$ 11
$ 9
22 %
Servicing
11
12
(8) %
Change in fair value of MSR asset:
Changes due to collection/realization of expected cash flows over time
(6)
(6)
0 %
Changes due to valuation inputs or assumptions
7
(3)
nm
MSR hedge (loss) gain
(4)
5
(180) %
Total
$ 19
$ 17
12 %
Closed loan volume for sale
$ 366
$ 300
22 %
Gain on sale margin
3.01 %
2.98 %
0.03
Residential mortgage servicing rights:
Balance, beginning of period
$ 99
$ 108
(8) %
Additions for new MSR capitalized
5
4
25 %
Change in fair value of MSR asset:
Changes due to collection/realization of expected cash flows over time
(6)
(6)
0 %
Changes due to valuation inputs or assumptions
7
(3)
nm
Balance, end of period
$ 105
$ 103
2 %
nm = Percentage changes greater than +/-500% are considered not meaningful and are presented as "nm."
Non-GAAP Financial Measures
In addition to results presented in accordance with generally accepted accounting principles in the United States of America ("GAAP"), this press release contains certain non-GAAP financial measures. The Company believes presenting certain non-GAAP financial measures provides investors with information useful in understanding our financial performance, our performance trends, and our financial position. We utilize these measures for internal planning and forecasting purposes, and operating pre-provision net revenue and operating return on tangible common equity are also used as part of our incentive compensation program for our executive officers. We, as well as securities analysts, investors, and other interested parties, also use these measures to compare peer company operating performance. We believe that our presentation and discussion, together with the accompanying reconciliations, provides a complete understanding of factors and trends affecting our business and allows investors to view performance in a manner similar to management. These non-GAAP measures should not be considered a substitution for GAAP basis measures and results, and we strongly encourage investors to review our consolidated financial statements in their entirety and not to rely on any single financial measure. Because non-GAAP financial measures are not standardized, it may not be possible to compare these financial measures with other companies' non-GAAP financial measures having the same or similar names.
Columbia Banking System, Inc.
GAAP to Non-GAAP Reconciliation
Tangible Capital, as adjusted
(Unaudited)
Quarter Ended
% Change
($ in millions, except per-share data)
Jun 30, 2026
Mar 31, 2026
Dec 31, 2025
Sep 30, 2025
Jun 30, 2025
Seq.
Quarter
Year
over
Year
Total shareholders' equity
a
$ 7,552
$ 7,664
$ 7,840
$ 7,790
$ 5,342
(1) %
41 %
Less: Goodwill
1,482
1,482
1,482
1,481
1,029
— %
44 %
Less: Other intangible assets, net
633
671
712
754
430
(6) %
47 %
Tangible common shareholders' equity
b
$ 5,437
$ 5,511
$ 5,646
$ 5,555
$ 3,883
(1) %
40 %
Total assets
c
$ 65,380
$ 66,027
$ 66,832
$ 67,496
$ 51,901
(1) %
26 %
Less: Goodwill
1,482
1,482
1,482
1,481
1,029
— %
44 %
Less: Other intangible assets, net
633
671
712
754
430
(6) %
47 %
Tangible assets
d
$ 63,265
$ 63,874
$ 64,638
$ 65,261
$ 50,442
(1) %
25 %
Common shares outstanding at period end (in
thousands)
e
282,817
289,530
295,422
299,147
210,213
(2) %
35 %
Total shareholders' equity to total assets ratio
a / c
11.55 %
11.61 %
11.73 %
11.54 %
10.29 %
(0.06)
1.26
Tangible common equity to tangible assets ratio
b / d
8.59 %
8.63 %
8.73 %
8.51 %
7.70 %
(0.04)
0.89
Book value per common share
a / e
$ 26.70
$ 26.47
$ 26.54
$ 26.04
$ 25.41
1 %
5 %
Tangible book value per common share
b / e
$ 19.22
$ 19.03
$ 19.11
$ 18.57
$ 18.47
1 %
4 %
Columbia Banking System, Inc.
GAAP to Non-GAAP Reconciliation - Continued
Income Statements, as adjusted
(Unaudited)
Quarter Ended
% Change
($ in millions)
Jun 30, 2026
Mar 31, 2026
Dec 31, 2025
Sep 30, 2025
Jun 30, 2025
Seq.
Quarter
Year
over
Year
Non-Interest Income Adjustments
(Loss) gain on investment securities, net
$ (1)
$ —
$ 2
$ 2
$ —
nm
nm
Gain (loss) on swap derivatives
—
—
1
(1)
(1)
nm
nm
(Loss) gain on loans held for investment, at
fair value
(1)
(2)
—
4
—
(50) %
nm
Change in fair value of MSR due to valuation
inputs or assumptions
1
6
(1)
—
(2)
(83) %
nm
MSR hedge (loss) gain
(2)
(2)
—
—
2
— %
(200) %
Total non-interest income adjustments
a
$ (3)
$ 2
$ 2
$ 5
$ (1)
(250) %
200 %
Non-Interest Expense Adjustments
Merger and restructuring expense
$ 9
$ 24
$ 39
$ 87
$ 8
(63) %
13 %
Exit and disposal costs
—
1
1
—
—
(100) %
nm
FDIC special assessment
—
—
(5)
(1)
—
nm
nm
Legal settlement and other non-operating
expense
—
—
4
—
—
nm
nm
Total non-interest expense adjustments
b
$ 9
$ 25
$ 39
$ 86
$ 8
(64) %
13 %
Net interest income
c
$ 589
$ 594
$ 627
$ 505
$ 446
(1) %
32 %
Non-interest income (GAAP)
d
$ 88
$ 83
$ 90
$ 77
$ 65
6 %
35 %
Less: Non-interest income adjustments
a
3
(2)
(2)
(5)
1
nm
200 %
Operating non-interest income (non-GAAP)
e
$ 91
$ 81
$ 88
$ 72
$ 66
12 %
38 %
Revenue (GAAP)
f=c+d
$ 677
$ 677
$ 717
$ 582
$ 511
— %
32 %
Operating revenue (non-GAAP)
g=c+e
$ 680
$ 675
$ 715
$ 577
$ 512
1 %
33 %
Non-interest expense (GAAP)
h
$ 375
$ 394
$ 412
$ 393
$ 278
(5) %
35 %
Less: Non-interest expense adjustments
b
(9)
(25)
(39)
(86)
(8)
(64) %
13 %
Operating non-interest expense (non-GAAP)
i
$ 366
$ 369
$ 373
$ 307
$ 270
(1) %
36 %
Net income (GAAP)
j
$ 208
$ 192
$ 215
$ 96
$ 152
8 %
37 %
Provision for income taxes
67
63
67
23
51
6 %
31 %
Income before provision for income taxes
275
255
282
119
203
8 %
35 %
Provision for credit losses
27
28
23
70
30
(4) %
(10) %
Pre-provision net revenue (PPNR) (non-
GAAP)
k
302
283
305
189
233
7 %
30 %
Less: Non-interest income adjustments
a
3
(2)
(2)
(5)
1
nm
200 %
Add: Non-interest expense adjustments
b
9
25
39
86
8
(64) %
13 %
Operating PPNR (non-GAAP)
l
$ 314
$ 306
$ 342
$ 270
$ 242
3 %
30 %
Net income (GAAP)
j
$ 208
$ 192
$ 215
$ 96
$ 152
8 %
37 %
Acquisition-related provision expense
—
—
—
70
—
nm
nm
Less: Non-interest income adjustments
a
3
(2)
(2)
(5)
1
nm
200 %
Add: Non-interest expense adjustments
b
9
25
39
86
8
(64) %
13 %
Tax effect of adjustments
(3)
(6)
(9)
(43)
(1)
(50) %
200 %
Operating net income (non-GAAP)
m
$ 217
$ 209
$ 243
$ 204
$ 160
4 %
36 %
nm = Percentage changes greater than +/-500% are considered not meaningful and are presented as "nm."
Columbia Banking System, Inc.
GAAP to Non-GAAP Reconciliation - Continued
Average Balances, Earnings Per Share, and Performance Metrics, as adjusted
(Unaudited)
Quarter Ended
% Change
($ in millions, shares in thousands)
Jun 30, 2026
Mar 31, 2026
Dec 31, 2025
Sep 30, 2025
Jun 30, 2025
Seq.
Quarter
Year
over
Year
Average assets
n
$ 65,632
$ 66,215
$ 67,114
$ 56,823
$ 51,552
(1) %
27 %
Less: Average goodwill and other intangible
assets, net
2,136
2,175
2,217
1,719
1,472
(2) %
45 %
Average tangible assets
o
$ 63,496
$ 64,040
$ 64,897
$ 55,104
$ 50,080
(1) %
27 %
Average common shareholders' equity
p
$ 7,594
$ 7,786
$ 7,814
$ 6,157
$ 5,287
(2) %
44 %
Less: Average goodwill and other intangible
assets, net
2,136
2,175
2,217
1,719
1,472
(2) %
45 %
Average tangible common equity
q
$ 5,458
$ 5,611
$ 5,597
$ 4,438
$ 3,815
(3) %
43 %
Weighted average basic shares outstanding
(in thousands)
r
285,558
290,933
295,376
237,838
209,125
(2) %
37 %
Weighted average diluted shares
outstanding (in thousands)
s
286,472
292,160
296,760
238,925
209,975
(2) %
36 %
Select Per-Share & Performance Metrics
Earnings per share - basic
j / r
$ 0.73
$ 0.66
$ 0.72
$ 0.40
$ 0.73
11 %
— %
Earnings per share - diluted
j / s
$ 0.73
$ 0.66
$ 0.72
$ 0.40
$ 0.73
11 %
— %
Efficiency ratio (1)
h / f
55.15 %
58.03 %
57.30 %
67.29 %
54.29 %
(2.88)
0.86
Non-interest expense to average assets
h / n
2.29 %
2.41 %
2.44 %
2.74 %
2.16 %
(0.12)
0.13
Return on average assets
j / n
1.27 %
1.18 %
1.27 %
0.67 %
1.19 %
0.09
0.08
Return on average tangible assets
j / o
1.31 %
1.22 %
1.31 %
0.69 %
1.22 %
0.09
0.09
PPNR return on average assets
k / n
1.85 %
1.73 %
1.80 %
1.32 %
1.81 %
0.12
0.04
Return on average common equity
j / p
10.99 %
10.00 %
10.92 %
6.19 %
11.56 %
0.99
(0.57)
Return on average tangible common equity
j / q
15.29 %
13.88 %
15.24 %
8.58 %
16.03 %
1.41
(0.74)
Operating Per-Share & Performance Metrics
Operating earnings per share - basic
m / r
$ 0.76
$ 0.72
$ 0.82
$ 0.86
$ 0.77
6 %
(1) %
Operating earnings per share - diluted
m / s
$ 0.76
$ 0.72
$ 0.82
$ 0.85
$ 0.76
6 %
— %
Operating efficiency ratio, as adjusted (1)
u / y
52.92 %
53.68 %
51.39 %
52.32 %
51.79 %
(0.76)
1.13
Operating non-interest expense to average assets
i / n
2.24 %
2.26 %
2.20 %
2.14 %
2.10 %
(0.02)
0.14
Operating return on average assets
m / n
1.33 %
1.28 %
1.44 %
1.42 %
1.25 %
0.05
0.08
Operating return on average tangible assets
m / o
1.37 %
1.32 %
1.49 %
1.47 %
1.28 %
0.05
0.09
Operating PPNR return on average assets
l / n
1.92 %
1.87 %
2.02 %
1.89 %
1.88 %
0.05
0.04
Operating return on average common equity
m / p
11.46 %
10.89 %
12.34 %
13.15 %
12.16 %
0.57
(0.70)
Operating return on average tangible common equity
m / q
15.95 %
15.11 %
17.22 %
18.24 %
16.85 %
0.84
(0.90)
(1) Tax-exempt interest was adjusted to a taxable equivalent basis using a 21% tax rate and added to stated revenue for this calculation.
, /PRNewswire/ -- Robert Half Inc. (NYSE: RHI) today reported revenues and earnings for the second quarter ended June 30, 2026.
For the three months ended June 30, 2026, net income was $26 million, or $0.26 per share, on revenues of $1.336 billion. For the three months ended June 30, 2025, net income was $41 million, or $0.41 per share, on revenues of $1.370 billion.
For the six months ended June 30, 2026, net income was $40 million, or $0.40 per share, on revenues of $2.637 billion. For the six months ended June 30, 2025, net income was $58 million, or $0.58 per share, on revenues of $2.722 billion.
"For the second quarter of 2026, global enterprise revenues were $1.336 billion, down 2 percent from last year's second quarter on a reported basis and down 3 percent on an adjusted basis," said M. Keith Waddell, president and chief executive officer of Robert Half. "Talent solutions delivered its third consecutive quarter of sequential revenue growth on an adjusted basis, while its permanent placement operations also posted adjusted year-over-year revenue growth of 2.5 percent. Global enterprise revenues and earnings exceeded the midpoint of our second-quarter guidance.
"Hiring demand continues to improve, and market conditions are increasingly more supportive of our business. Our unique combination of award-winning high-tech capabilities and high-touch expertise positions us well to help clients navigate a dynamic business environment and connect them with the specialized talent and consulting services they need.
"We would like to thank our global workforce for their continued dedication. Their commitment to excellence was recently recognized as Robert Half earned the No. 1 ranking among Forbes' America's Best Professional Recruiting Firms," Waddell concluded.
Robert Half management will host a conference call at 5 p.m. ET. The prepared remarks for this call are available now in the Investor Center of the Robert Half website (www.roberthalf.com/investor-center). Simply click on the Quarterly Conference Calls link. The dial-in number is 800-330-6710 (+1-213-279-1505 outside the United States and Canada). The confirmation code to access the call is 6715269.
A recorded replay of the call will be available for audio replay beginning July 23 and will remain accessible for 12 months at https://webcasts.com/RobertHalfQ22026. The conference call also will be archived in audio format on the Company's website at roberthalf.com.
Robert Half is the world's first and largest specialized talent solutions and business consulting firm, connecting highly skilled job seekers with rewarding opportunities at great companies. We offer contract talent and permanent placement solutions in the fields of finance and accounting, technology, marketing and creative, legal, and administrative and customer support, and we also provide executive search services. Robert Half is the parent company of Protiviti®, a global consulting firm that delivers internal audit, risk, business and technology consulting solutions. In the last 12 months, Robert Half has been recognized as one of America's Most Innovative Companies by Fortune and, with Protiviti, has been named as a Fortune® Most Admired Company™ and one of the 100 Best Companies to Work For.
Certain information contained in Management's Discussion and Analysis and in other parts of this report may be deemed forward-looking statements regarding events and financial trends that may affect the future operating results or financial positions of Robert Half Inc. (the "Company"). Forward-looking statements are not guarantees or promises that goals or targets will be met. These statements may be identified by words such as "anticipate," "potential," "estimate," "forecast," "target," "project," "plan," "intend," "believe," "expect," "should," "could," "would," "may," "might," "will," or variations or negatives thereof or by similar or comparable words or phrases. In addition, historical, current and forward-looking information about the Company's corporate responsibility and compliance programs, including targets or goals, may not be considered material for the Securities and Exchange Commission ("SEC") or other mandatory reporting purposes and may be based on standards for measuring progress that are still developing; on internal controls, diligence or processes that are evolving; on representations reviewed or provided by third parties; and on assumptions that are subject to change in the future. Forward-looking statements are estimates only and are based on management's current expectations; currently available information; and current strategy, plans or forecasts, and involve certain known and unknown risks, uncertainties and assumptions that are difficult to predict, often beyond the Company's control and are inherently uncertain. Forward-looking statements are subject to risks and uncertainties that could cause actual results and outcomes, or the timing of these results or outcomes, to differ materially from those expressed or implied in the statements.
These risks and uncertainties include, but are not limited to, the following: changes to or new interpretations of United States of America ("U.S.") or international tax regulations; the global financial and economic situation; changes in levels of unemployment and other economic conditions in the U.S. or foreign countries where the Company does business, or in particular regions or industries; reduction in the supply of candidates for contract employment or the Company's ability to attract candidates; the development, proliferation and adoption of artificial intelligence ("AI") by the Company and the third parties it serves; the entry of new competitors into the marketplace or expansion by existing competitors; the ability of the Company to maintain existing client relationships and attract new clients in the context of changing economic or competitive conditions; the impact of competitive pressures, including any change in the demand for the Company's services, or the Company's ability to maintain its margins; the possibility of the Company incurring liability for its activities, including the activities of its engagement professionals, or for events impacting its engagement professionals on clients' premises; the possibility that adverse publicity could impact the Company's ability to attract and retain clients and candidates; the success of the Company in attracting, training and retaining qualified management personnel and other staff employees; the Company's ability to comply with governmental regulations affecting personnel services businesses in particular or employer/employee relationships in general; whether there will be ongoing demand for Sarbanes-Oxley or other regulatory compliance services; the Company's reliance on short-term contracts for a significant percentage of its business; litigation relating to prior or current transactions or activities, including litigation that may be disclosed from time to time in the Company's SEC filings; the impact of extreme weather conditions on the Company and its candidates and clients; the ability of the Company to manage its international operations and comply with foreign laws and regulations; the impact of fluctuations in foreign currency exchange rates; the possibility that the additional costs the Company will incur as a result of health care or other reform legislation may adversely affect the Company's profit margins or the demand for the Company's services; the possibility that the Company's computer and communications hardware and software systems could be damaged or their service interrupted, or that the Company could experience a cybersecurity breach; and the possibility that the Company may fail to maintain adequate financial and management controls, and as a result suffer errors in its financial reporting.
Additionally, with respect to Protiviti, other risks and uncertainties include the fact that future success will depend on its ability to retain employees and attract clients; there can be no assurance that there will be ongoing demand for broad-based consulting, regulatory compliance, technology services, public sector or other high-demand advisory services; failure to produce projected revenues could adversely affect financial results; and there is the possibility of involvement in litigation relating to prior or current transactions or activities.
A summary of additional risks and uncertainties can be found in the Annual Report on Form 10-K for the year ended December 31, 2025, and in the Company's other filings with the U.S. Securities and Exchange Commission.
Because long-term contracts are not a significant part of the Company's business, future results cannot be reliably predicted by considering past trends or extrapolating past results. Except as required by law, the Company undertakes no obligation to update information in this report, whether as a result of new information, future events or otherwise, and notwithstanding any historical practice of doing so.
A copy of this release is available at www.roberthalf.com/investor-center.
ATTACHED:
Summary of Operations
Supplemental Financial Information
Non-GAAP Financial Measures
ROBERT HALF INC.
SUMMARY OF OPERATIONS
(in thousands, except per share amounts)
Three Months Ended
June 30,
Six Months Ended
June 30,
2026
2025
2026
2025
(Unaudited)
(Unaudited)
Service revenues
$ 1,336,365
$ 1,369,743
$ 2,636,544
$ 2,721,650
Costs of services
862,338
860,269
1,682,608
1,713,131
Gross margin
474,027
509,474
953,936
1,008,519
Selling, general and administrative expenses
536,326
507,934
979,324
968,097
Operating (loss) income
(62,299)
1,540
(25,388)
40,422
(Income) loss from investments held in employee deferred
compensation trusts (which is completely offset by related costs and
expenses)
(100,878)
(57,654)
(92,651)
(37,483)
Interest income, net
(2,013)
(2,239)
(4,771)
(5,811)
Income before income taxes
40,592
61,433
72,034
83,716
Provision for income taxes
14,274
20,465
31,926
25,398
Net income
$ 26,318
$ 40,968
$ 40,108
$ 58,318
Diluted net income per share
$ 0.26
$ 0.41
$ 0.40
$ 0.58
Weighted average shares:
Basic
99,941
100,410
99,783
100,537
Diluted
100,307
100,539
100,104
100,776
ROBERT HALF INC.
SUPPLEMENTAL FINANCIAL INFORMATION
(in thousands)
Three Months Ended
June 30,
Six Months Ended
June 30,
2026
2025
2026
2025
(Unaudited)
(Unaudited)
SERVICE REVENUES INFORMATION
Contract talent solutions
Finance and accounting
$ 551,722
$ 555,626
$ 1,090,475
$ 1,118,559
Administrative and customer support
154,859
165,591
304,194
331,218
Technology
162,202
158,403
315,960
310,945
Elimination of intersegment revenues (1)
(121,378)
(119,812)
(238,208)
(237,709)
Total contract talent solutions
747,405
759,808
1,472,421
1,523,013
Permanent placement talent solutions
117,991
114,713
226,995
226,804
Protiviti
470,969
495,222
937,128
971,833
Total service revenues
$ 1,336,365
$ 1,369,743
$ 2,636,544
$ 2,721,650
(1)
Service revenues for finance and accounting, administrative and customer support, and technology include intersegment revenues, which represent revenues from services provided to the Company's Protiviti segment in connection with the Company's blended business solutions. Intersegment revenues for each functional specialization are aggregated and then eliminated as a single line.
June 30,
2026
2025
(Unaudited)
SELECTED BALANCE SHEET INFORMATION:
Cash and cash equivalents
$ 324,714
$ 380,547
Accounts receivable, net
$ 821,442
$ 826,872
Total assets
$ 2,858,499
$ 2,832,196
Total current liabilities
$ 1,456,057
$ 1,322,626
Total stockholders' equity
$ 1,207,659
$ 1,311,918
Six Months Ended June 30,
2026
2025
(Unaudited)
SELECTED CASH FLOW INFORMATION:
Depreciation
$ 24,639
$ 25,608
Capitalized cloud computing implementation costs
$ 16,169
$ 13,217
Capital expenditures
$ 15,651
$ 27,573
Open market repurchases of common stock (shares)
—
1,128
ROBERT HALF INC.
NON-GAAP FINANCIAL MEASURES
The financial results of Robert Half Inc. (the "Company") are prepared in conformity with accounting principles generally accepted in the United States of America ("GAAP") and the rules of the SEC. To help readers understand the Company's financial performance, the Company supplements its GAAP financial results with the following non-GAAP measures: adjusted gross margin; adjusted selling, general and administrative expenses; adjusted operating income; and adjusted revenue growth rates.
The following measures: adjusted gross margin, adjusted selling, general and administrative expenses and adjusted operating income, include gains and losses on investments held to fund the Company's obligations under employee deferred compensation plans. The Company provides these measures because they are used by management to review its operational results.
Adjusted revenue growth rates represent year-over-year revenue growth rates after removing the impacts on reported revenues from the changes in the number of billing days and foreign currency exchange rates. The Company provides this data because it focuses on the Company's revenue growth rates attributable to operating activities and aids in evaluating revenue trends over time. The impacts from the changes in billing days and foreign currency exchange rates are calculated as follows:
Billing days impact is calculated by dividing each comparative period's reported revenues by the number of billing days for that period to arrive at a per billing day amount. Same billing day growth rates are then calculated based on the per billing day amounts. Management calculates a global, weighted-average number of billing days for each reporting period based upon inputs from all countries and all functional specializations and segments. Foreign currency impact is calculated by retranslating current-period international revenues, using foreign currency exchange rates from the prior year's comparable period. The non-GAAP financial measures provided herein may not provide information that is directly comparable to that provided by other companies in the Company's industry, as other companies may calculate such financial results differently. The Company's non-GAAP financial measures are not measurements of financial performance under GAAP and should not be considered as alternatives to amounts presented in accordance with GAAP. The Company does not consider these non-GAAP financial measures to be a substitute for, or superior to, the information provided by GAAP financial results. A reconciliation of the non-GAAP financial measures to the most directly comparable GAAP financial measures is provided on the following pages.
ROBERT HALF INC.
NON-GAAP FINANCIAL MEASURES
ADJUSTED GROSS MARGIN (UNAUDITED):
(in thousands)
Three Months Ended June 30,
Relationships
Six Months Ended June 30,
Relationships
As Reported
As Adjusted
As Reported
As Adjusted
As Reported
As Adjusted
As Reported
As Adjusted
2026
2025
2026
2025
2026
2025
2026
2025
2026
2025
2026
2025
2026
2025
2026
2025
Gross Margin
Contract talent solutions
$ 292,422
$ 297,367
$ 292,422
$ 297,367
39.1 %
39.1 %
39.1 %
39.1 %
$ 574,175
$ 594,300
$ 574,175
$ 594,300
39.0 %
39.0 %
39.0 %
39.0 %
Permanent placement talent
solutions
117,823
114,551
117,823
114,551
99.9 %
99.9 %
99.9 %
99.9 %
226,549
226,412
226,549
226,412
99.8 %
99.8 %
99.8 %
99.8 %
Total talent solutions
410,245
411,918
410,245
411,918
47.4 %
47.1 %
47.4 %
47.1 %
800,724
820,712
800,724
820,712
47.1 %
46.9 %
47.1 %
46.9 %
Protiviti
63,782
97,556
87,170
110,357
13.5 %
19.7 %
18.5 %
22.3 %
153,212
187,807
174,596
196,569
16.3 %
19.3 %
18.6 %
20.2 %
Total
$ 474,027
$ 509,474
$ 497,415
$ 522,275
35.5 %
37.2 %
37.2 %
38.1 %
$ 953,936
$ 1,008,519
$ 975,320
$ 1,017,281
36.2 %
37.1 %
37.0 %
37.4 %
The following tables provide reconciliations of the non-GAAP adjusted gross margin to reported gross margin for the three months ended June 30, 2026 and 2025:
Three Months Ended June 30, 2026
Three Months Ended June 30, 2025
Contract talent
solutions
Permanent
placement talent
solutions
Total talent
solutions
Protiviti
Total
Contract talent
solutions
Permanent
placement talent
solutions
Total talent
solutions
Protiviti
Total
$
% of
Revenue
$
% of
Revenue
$
% of
Revenue
$
% of
Revenue
$
% of
Revenue
$
% of
Revenue
$
% of
Revenue
$
% of
Revenue
$
% of
Revenue
$
% of
Revenue
Gross Margin
As Reported
$ 292,422
39.1 %
$ 117,823
99.9 %
$ 410,245
47.4 %
$ 63,782
13.5 %
$ 474,027
35.5 %
$ 297,367
39.1 %
$ 114,551
99.9 %
$ 411,918
47.1 %
$ 97,556
19.7 %
$ 509,474
37.2 %
Adjustments (1)
—
—
—
—
—
—
23,388
5.0 %
23,388
1.7 %
—
—
—
—
—
—
12,801
2.6 %
12,801
0.9 %
As Adjusted
$ 292,422
39.1 %
$ 117,823
99.9 %
$ 410,245
47.4 %
$ 87,170
18.5 %
$ 497,415
37.2 %
$ 297,367
39.1 %
$ 114,551
99.9 %
$ 411,918
47.1 %
$ 110,357
22.3 %
$ 522,275
38.1 %
The following tables provide reconciliations of the non-GAAP adjusted gross margin to reported gross margin for the six months ended June 30, 2026 and 2025:
Six Months Ended June 30, 2026
Six Months Ended June 30, 2025
Contract talent
solutions
Permanent
placement talent
solutions
Total talent
solutions
Protiviti
Total
Contract talent
solutions
Permanent
placement talent
solutions
Total talent
solutions
Protiviti
Total
$
% of
Revenue
$
% of
Revenue
$
% of
Revenue
$
% of
Revenue
$
% of
Revenue
$
% of
Revenue
$
% of
Revenue
$
% of
Revenue
$
% of
Revenue
$
% of
Revenue
Gross Margin
As Reported
$ 574,175
39.0 %
$ 226,549
99.8 %
$ 800,724
47.1 %
$ 153,212
16.3 %
$ 953,936
36.2 %
$ 594,300
39.0 %
$ 226,412
99.8 %
$ 820,712
46.9 %
$ 187,807
19.3 %
$ 1,008,519
37.1 %
Adjustments (1)
—
—
—
—
—
—
21,384
2.3 %
21,384
0.8 %
—
—
—
—
—
—
8,762
0.9 %
8,762
0.3 %
As Adjusted
$ 574,175
39.0 %
$ 226,549
99.8 %
$ 800,724
47.1 %
$ 174,596
18.6 %
$ 975,320
37.0 %
$ 594,300
39.0 %
$ 226,412
99.8 %
$ 820,712
46.9 %
$ 196,569
20.2 %
$ 1,017,281
37.4 %
(1)
Changes in the Company's employee deferred compensation plan obligations related to Protiviti operations are included in costs of services, while the related investment (income) loss is presented separately. The non-GAAP financial adjustments shown in the table above are to reclassify investment (income) loss from investments held in employee deferred compensation trusts to the same line item that includes the corresponding change in obligation. These adjustments have no impact on income before income taxes.
ROBERT HALF INC.
NON-GAAP FINANCIAL MEASURES
ADJUSTED SELLING, GENERAL AND ADMINISTRATIVE EXPENSES (UNAUDITED):
(in thousands)
Three Months EndedJune 30,
Relationships
Six Months Ended June 30,
Relationships
As Reported
As Adjusted
As Reported
As Adjusted
As Reported
As Adjusted
As Reported
As Adjusted
2026
2025
2026
2025
2026
2025
2026
2025
2026
2025
2026
2025
2026
2025
2026
2025
Selling, General and
Administrative Expenses
Contract talent solutions
$ 343,038
$ 318,871
$ 274,618
$ 278,944
45.9 %
42.0 %
36.7 %
36.7 %
$ 610,119
$ 595,083
$ 547,058
$ 569,186
41.4 %
39.1 %
37.2 %
37.4 %
Permanent placement talent
solutions
115,999
111,218
106,929
106,292
98.3 %
97.0 %
90.6 %
92.7 %
217,805
217,353
209,599
214,529
96.0 %
95.8 %
92.3 %
94.6 %
Total talent solutions
459,037
430,089
381,547
385,236
53.0 %
49.2 %
44.1 %
44.1 %
827,924
812,436
756,657
783,715
48.7 %
46.4 %
44.5 %
44.8 %
Protiviti
77,289
77,845
77,289
77,845
16.4 %
15.7 %
16.4 %
15.7 %
151,400
155,661
151,400
155,661
16.2 %
16.0 %
16.2 %
16.0 %
Total
$ 536,326
$ 507,934
$ 458,836
$ 463,081
40.1 %
37.1 %
34.3 %
33.8 %
$ 979,324
$ 968,097
$ 908,057
$ 939,376
37.1 %
35.6 %
34.4 %
34.5 %
The following tables provide reconciliations of the non-GAAP adjusted selling, general and administrative expenses to reported selling, general and administrative expenses for the three months ended June 30, 2026 and 2025:
Three Months Ended June 30, 2026
Three Months Ended June 30, 2025
Contract talent
solutions
Permanent
placement talent
solutions
Total talent
solutions
Protiviti
Total
Contract talent
solutions
Permanent
placement talent
solutions
Total talent
solutions
Protiviti
Total
$
% of
Revenue
$
% of
Revenue
$
% of
Revenue
$
% of
Revenue
$
% of
Revenue
$
% of
Revenue
$
% of
Revenue
$
% of
Revenue
$
% of
Revenue
$
% of
Revenue
Selling, General and
Administrative Expenses
As Reported
$ 343,038
45.9 %
$ 115,999
98.3 %
$ 459,037
53.0 %
$ 77,289
16.4 %
$ 536,326
40.1 %
$ 318,871
42.0 %
$ 111,218
97.0 %
$ 430,089
49.2 %
$ 77,845
15.7 %
$ 507,934
37.1 %
Adjustments (1)
(68,420)
(9.2 %)
(9,070)
(7.7 %)
(77,490)
(8.9 %)
—
—
(77,490)
(5.8 %)
(39,927)
(5.3 %)
(4,926)
(4.3 %)
(44,853)
(5.1 %)
—
—
(44,853)
(3.3 %)
As Adjusted
$ 274,618
36.7 %
$ 106,929
90.6 %
$ 381,547
44.1 %
$ 77,289
16.4 %
$ 458,836
34.3 %
$ 278,944
36.7 %
$ 106,292
92.7 %
$ 385,236
44.1 %
$ 77,845
15.7 %
$ 463,081
33.8 %
The following tables provide reconciliations of the non-GAAP adjusted selling, general and administrative expenses to reported selling, general and administrative expenses for the six months ended June 30, 2026 and 2025:
Six Months Ended June 30, 2026
Six Months Ended June 30, 2025
Contract talent
solutions
Permanent
placement talent
solutions
Total talent
solutions
Protiviti
Total
Contract talent
solutions
Permanent
placement talent
solutions
Total talent
solutions
Protiviti
Total
$
% of
Revenue
$
% of
Revenue
$
% of
Revenue
$
% of
Revenue
$
% of
Revenue
$
% of
Revenue
$
% of
Revenue
$
% of
Revenue
$
% of
Revenue
$
% of
Revenue
Selling, General and
Administrative Expenses
As Reported
$ 610,119
41.4 %
$ 217,805
96.0 %
$ 827,924
48.7 %
$ 151,400
16.2 %
$ 979,324
37.1 %
$ 595,083
39.1 %
$ 217,353
95.8 %
$ 812,436
46.4 %
$ 155,661
16.0 %
$ 968,097
35.6 %
Adjustments (1)
(63,061)
(4.2 %)
(8,206)
(3.7 %)
(71,267)
(4.2 %)
—
—
(71,267)
(2.7 %)
(25,897)
(1.7 %)
(2,824)
(1.2 %)
(28,721)
(1.6 %)
—
—
(28,721)
(1.1 %)
As Adjusted
$ 547,058
37.2 %
$ 209,599
92.3 %
$ 756,657
44.5 %
$ 151,400
16.2 %
$ 908,057
34.4 %
$ 569,186
37.4 %
$ 214,529
94.6 %
$ 783,715
44.8 %
$ 155,661
16.0 %
$ 939,376
34.5 %
(1)
Changes in the Company's employee deferred compensation plan obligations related to talent solutions operations are included in selling, general and administrative expenses, while the related investment (income) loss is presented separately. The non-GAAP financial adjustments shown in the table above are to reclassify investment (income) loss from investments held in employee deferred compensation trusts to the same line item that includes the corresponding change in obligation. These adjustments have no impact on income before income taxes.
ROBERT HALF INC.
NON-GAAP FINANCIAL MEASURES
ADJUSTED OPERATING INCOME (UNAUDITED):
(in thousands)
Three Months EndedJune 30,
Relationships
Six Months Ended June 30,
Relationships
As Reported
As Adjusted
As Reported
As Adjusted
As Reported
As Adjusted
As Reported
As Adjusted
2026
2025
2026
2025
2026
2025
2026
2025
2026
2025
2026
2025
2026
2025
2026
2025
Operating (Loss) Income
Contract talent solutions
$ (50,616)
$ (21,504)
$ 17,804
$ 18,423
(6.8 %)
(2.8 %)
2.4 %
2.4 %
$ (35,944)
$ (783)
$ 27,117
$ 25,114
(2.4 %)
(0.1 %)
1.8 %
1.6 %
Permanent placement talent
solutions
1,824
3,333
10,894
8,259
1.5 %
2.9 %
9.2 %
7.2 %
8,744
9,059
16,950
11,883
3.9 %
4.0 %
7.5 %
5.2 %
Total talent solutions
(48,792)
(18,171)
28,698
26,682
(5.6 %)
(2.1 %)
3.3 %
3.1 %
(27,200)
8,276
44,067
36,997
(1.6 %)
0.5 %
2.6 %
2.1 %
Protiviti
(13,507)
19,711
9,881
32,512
(2.9 %)
4.0 %
2.1 %
6.6 %
1,812
32,146
23,196
40,908
0.2 %
3.3 %
2.5 %
4.2 %
Total
$ (62,299)
$ 1,540
$ 38,579
$ 59,194
(4.7 %)
0.1 %
2.9 %
4.3 %
$ (25,388)
$ 40,422
$ 67,263
$ 77,905
(1.0 %)
1.5 %
2.6 %
2.9 %
The following tables provide reconciliations of the non-GAAP adjusted operating income to reported operating (loss) income for the three months ended June 30, 2026 and 2025:
Three Months Ended June 30, 2026
Three Months Ended June 30, 2025
Contract talent
solutions
Permanent
placement talent
solutions
Total talent
solutions
Protiviti
Total
Contract talent
solutions
Permanent
placement talent
solutions
Total talent
solutions
Protiviti
Total
$
% of
Revenue
$
% of
Revenue
$
% of
Revenue
$
% of
Revenue
$
% of
Revenue
$
% of
Revenue
$
% of
Revenue
$
% of
Revenue
$
% of
Revenue
$
% of
Revenue
Operating (Loss) Income
As Reported
$ (50,616)
(6.8 %)
$ 1,824
1.5 %
$ (48,792)
(5.6 %)
$ (13,507)
(2.9 %)
$ (62,299)
(4.7 %)
$ (21,504)
(2.8 %)
$ 3,333
2.9 %
$ (18,171)
(2.1 %)
$ 19,711
4.0 %
$ 1,540
0.1 %
Adjustments (1)
68,420
9.2 %
9,070
7.7 %
77,490
8.9 %
23,388
5.0 %
100,878
7.6 %
39,927
5.2 %
4,926
4.3 %
44,853
5.2 %
12,801
2.6 %
57,654
4.2 %
As Adjusted
$ 17,804
2.4 %
$ 10,894
9.2 %
$ 28,698
3.3 %
$ 9,881
2.1 %
$ 38,579
2.9 %
$ 18,423
2.4 %
$ 8,259
7.2 %
$ 26,682
3.1 %
$ 32,512
6.6 %
$ 59,194
4.3 %
The following tables provide reconciliations of the non-GAAP adjusted operating income to reported operating (loss) income for the six months ended June 30, 2026 and 2025:
Six Months Ended June 30, 2026
Six Months Ended June 30, 2025
Contract talent
solutions
Permanent
placement talent
solutions
Total talent
solutions
Protiviti
Total
Contract talent
solutions
Permanent
placement talent
solutions
Total talent
solutions
Protiviti
Total
$
% of
Revenue
$
% of
Revenue
$
% of
Revenue
$
% of
Revenue
$
% of
Revenue
$
% of
Revenue
$
% of
Revenue
$
% of
Revenue
$
% of
Revenue
$
% of
Revenue
Operating (Loss) Income
As Reported
$ (35,944)
(2.4 %)
$ 8,744
3.9 %
$ (27,200)
(1.6 %)
$ 1,812
0.2 %
$ (25,388)
(1.0 %)
$ (783)
(0.1 %)
$ 9,059
4.0 %
$ 8,276
0.5 %
$ 32,146
3.3 %
$ 40,422
1.5 %
Adjustments (1)
63,061
4.2 %
8,206
3.6 %
71,267
4.2 %
21,384
2.3 %
92,651
3.6 %
25,897
1.7 %
2,824
1.2 %
28,721
1.6 %
8,762
0.9 %
37,483
1.4 %
As Adjusted
$ 27,117
1.8 %
$ 16,950
7.5 %
$ 44,067
2.6 %
$ 23,196
2.5 %
$ 67,263
2.6 %
$ 25,114
1.6 %
$ 11,883
5.2 %
$ 36,997
2.1 %
$ 40,908
4.2 %
$ 77,905
2.9 %
(1)
Changes in the Company's employee deferred compensation plan obligations are included in operating (loss) income. The non-GAAP financial adjustments shown in the table above are to reclassify investment (income) loss from investments held in employee deferred compensation trusts to the same line item that includes the corresponding change in obligation. These adjustments have no impact on income before income taxes.
ROBERT HALF INC.
NON-GAAP FINANCIAL MEASURES
REVENUE GROWTH RATES (%) (UNAUDITED):
Year-Over-Year Growth Rates
(As Reported)
Non-GAAP Year-Over-Year Growth Rates
(As Adjusted)
2025
2026
2025
2026
Q1
Q2
Q3
Q4
Q1
Q2
Q1
Q2
Q3
Q4
Q1
Q2
Global
Finance and accounting
-12.3
-10.8
-9.9
-6.9
-4.3
-0.7
-10.0
-10.8
-10.7
-7.8
-6.3
-1.3
Administrative and customer support
-17.2
-13.0
-11.1
-11.4
-9.8
-6.5
-15.2
-13.3
-12.1
-12.5
-11.8
-6.9
Technology
-3.4
0.3
-1.5
-1.0
0.8
2.4
-1.3
0.4
-1.9
-1.2
-0.3
2.3
Elimination of intersegment revenues (1)
4.5
2.9
1.1
3.0
-0.9
1.3
6.8
2.5
0.2
2.2
-2.8
1.2
Total contract talent solutions
-14.0
-11.1
-10.1
-8.2
-5.0
-1.6
-11.8
-11.1
-10.9
-9.0
-6.8
-2.1
Permanent placement talent solutions
-10.2
-12.5
-10.7
-5.1
-2.8
2.9
-7.8
-12.6
-11.4
-5.9
-4.7
2.5
Total talent solutions
-13.5
-11.3
-10.2
-7.9
-4.7
-1.0
-11.3
-11.3
-11.0
-8.6
-6.6
-1.5
Protiviti
2.7
1.8
-2.6
-2.0
-2.2
-4.9
4.7
1.5
-3.4
-2.8
-3.8
-5.0
Total
-8.4
-7.0
-7.5
-5.8
-3.8
-2.4
-6.2
-7.1
-8.3
-6.6
-5.6
-2.8
United States
Contract talent solutions
-11.8
-10.7
-10.3
-9.5
-7.6
-2.1
-10.7
-10.7
-10.4
-9.2
-7.5
-1.8
Permanent placement talent solutions
-8.5
-13.2
-11.3
-5.8
-5.9
6.0
-7.3
-13.2
-11.4
-5.5
-5.7
6.3
Total talent solutions
-11.4
-11.0
-10.4
-9.0
-7.4
-1.1
-10.3
-11.0
-10.5
-8.8
-7.3
-0.8
Protiviti
2.3
-0.7
-5.5
-5.9
-6.4
-5.8
3.6
-0.7
-5.6
-5.6
-6.3
-5.5
Total
-6.9
-7.4
-8.6
-7.9
-7.1
-2.9
-5.7
-7.4
-8.7
-7.6
-6.9
-2.5
International
Contract talent solutions
-20.7
-12.5
-9.7
-4.0
4.3
-0.1
-16.2
-12.9
-12.4
-8.7
-3.4
-3.5
Permanent placement talent solutions
-14.5
-10.6
-9.0
-3.5
5.7
-4.8
-10.1
-11.2
-11.2
-7.0
-0.9
-7.1
Total talent solutions
-19.8
-12.2
-9.6
-3.9
4.5
-0.9
-15.3
-12.6
-12.2
-8.4
-3.0
-4.1
Protiviti
4.4
13.1
11.1
14.7
16.0
-1.2
7.9
10.7
7.5
9.1
8.1
-3.1
Total
-13.6
-5.3
-3.8
1.8
8.1
-1.0
-9.4
-6.3
-6.7
-3.0
0.4
-3.8
(1)
Service revenues for finance and accounting, administrative and customer support, and technology include intersegment revenues, which represent revenues from services provided to Protiviti in connection with the Company's blended business solutions. Intersegment revenues for each functional specialization are aggregated and then eliminated as a single line item.
The non-GAAP financial measures included in the table above adjust for the following items:
Billing Days. The "As Reported" revenue growth rates are based upon reported revenues. Management calculates the billing day impact by dividing each comparative period's reported revenues by the number of billing days for that period to arrive at a per billing day amount. Same billing day growth rates are then calculated based on the per billing day amounts. Management calculates a global, weighted-average number of billing days for each reporting period based upon input from all countries and all functional specializations and segments.
Foreign Currency Translation. The "As Reported" revenue growth rates are based upon reported revenues, which include the impact of changes in foreign currency exchange rates. The foreign currency impact is calculated by retranslating current-period international revenues, using foreign currency exchange rates from the prior year's comparable period.
The term "As Adjusted" means that the impact of different billing days and constant currency fluctuations are removed from the revenue growth rate calculation. A reconciliation of the non-GAAP year-over-year revenue growth rates to the "As Reported" year-over-year revenue growth rates is included herein, on Pages 10-12.
EastGroup Properties oznámila za 2. čtvrtletí FFO ve výši 2,36 USD na akcii, nad odhadem, a zvýšila celoroční výhled FFO na 9,59 USD na akcii. Rekordní leasing a vysoká obsazenost podpořily růst.
REITs Set for a 2026 Rebound? 7 Top Picks as Rate Cuts ApproachEastGroup Properties NYSE: EGP reported a stronger-than-expected second quarter, with executives pointing to record leasing activity, resilient occupancy and rising development demand across its industrial portfolio.
Chief Executive Officer Marshall Loeb said the company’s second-quarter funds from operations were $2.36 per share, $0.02 above the midpoint of guidance and up 6.8% from the same quarter a year earlier. Year-to-date FFO per share increased 7.6%, continuing what Loeb described as a more than decade-long trend of quarterly FFO per share exceeding the prior-year quarter.
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After Earnings Results, Markets Love Prologis Stock “We had a strong quarter as well as first half of the year,” Loeb said, citing the quality of the company’s portfolio and strength in industrial markets.
Leasing Hits Quarterly Record President Reid Dunbar said signed leases totaled 3.9 million square feet during the second quarter, a new quarterly record for EastGroup. Development and first-generation leasing also reached a record, at nearly 1.1 million square feet.
Dunbar said customers are increasingly looking past geopolitical and macroeconomic uncertainty and focusing on longer-term space requirements. He said demand remains positive across EastGroup’s markets and that the company’s “high-quality infill portfolio” is positioned to generate organic growth.
At quarter-end, EastGroup’s portfolio was 96.8% leased and 95.6% occupied. Average quarterly occupancy was 95.6%, down 30 basis points from the second quarter of 2025. Same-store occupancy at quarter-end was 96.9%.
The company reported leasing spreads of 34% on a GAAP basis and 19% on a cash basis for leases signed during the quarter. Year-to-date leasing spreads were similar, at 35% GAAP and 19% cash. Cash same-store net operating income increased 8.3% for the quarter and 8.8% year to date.
Loeb also highlighted EastGroup’s tenant diversification, saying its top 10 tenants accounted for 6.6% of rents, down 30 basis points from last year. He said the company targets both geographic and tenant diversity as a way to stabilize earnings through different economic environments.
Guidance Raised on Same-Property Strength and Development Starts Chief Financial Officer Staci Tyler said second-quarter FFO outperformance was primarily driven by higher-than-projected same-property net operating income, largely due to higher occupancy than expected.
For the third quarter, EastGroup expects FFO of $2.37 to $2.45 per share, with a midpoint of $2.41. The company raised the midpoint of its full-year 2026 FFO guidance by $0.03 to $9.59 per share, representing a 6.8% increase over 2025 actual results.
EastGroup also raised several operating and investment assumptions:
Cash same-property NOI growth guidance was increased by 60 basis points to 6.8% for the year. Expected same-property occupancy was raised to 96.7%, 30 basis points above prior guidance. Average month-end portfolio occupancy guidance increased to 95.7%. Projected 2026 development starts were increased by $60 million to $325 million. Acquisition guidance was increased by $55 million to $215 million. Tyler said the company has started $123 million of development projects year to date and now assumes another $202 million of starts in the second half. She said the increase reflects strong development leasing year to date and the current leasing pipeline.
On the balance sheet, Tyler said EastGroup ended the quarter with no balance drawn on its unsecured bank credit facility, leaving $675 million of available capacity. Debt to total market capitalization was 12.9%, the annualized debt-to-EBITDA ratio was 3 times, and interest and fixed charge coverage was 15.1 times.
Development and Acquisitions Expand Dunbar said EastGroup transferred four development projects in Houston, Austin and Los Angeles to the operating portfolio during the quarter. The projects totaled 669,000 square feet and were 100% leased.
Subsequent to quarter-end, EastGroup acquired a 143,000-square-foot building in the southeast Phoenix submarket. In Austin, the company is under contract to acquire a five-building portfolio in the northeast submarket totaling 388,000 square feet.
Dunbar said development remains the company’s preferred external growth channel from a risk-adjusted return perspective. He said EastGroup has land holdings in more than 20 submarkets, giving it flexibility to pursue additional development if leasing activity continues.
Loeb said the acquisition market remains competitive, with strong private buyer interest in high-quality industrial properties. He said EastGroup has been a “strategic” acquirer rather than an opportunistic one, given the market conditions.
Data Centers, Texas and Infill Demand in Focus During the question-and-answer session, Loeb said data center-related tenants accounted for about 40% of first-quarter development leasing and 20% of second-quarter development leasing. He characterized the demand driver as early-stage and said EastGroup is leasing to suppliers serving data centers rather than building tenant-specific data center space.
Loeb said markets including Dallas, Phoenix and Atlanta have substantial planned data center capacity relative to current capacity, adding that EastGroup has land presence in markets where that demand may grow.
Executives also pointed to strength in Texas. Dunbar said Dallas and Houston were among EastGroup’s strongest markets at midyear. He said Texas demand is broader than energy and includes data center activity, population growth and corporate relocations.
Loeb said higher diesel prices have not affected leasing decisions in the short term. However, he said sustained higher transportation costs could make last-mile industrial locations more valuable over time, particularly in markets with heavy traffic and growing populations.
Executives Cite Consumer Demand as Key Risk Asked where weakness could emerge, Loeb said the company is most focused on the consumer. He said higher interest rates and fuel costs could pressure businesses and ultimately affect tenant demand or credit quality.
Chief Operating Officer Brent Wood said supply could typically be a concern in an improving market, but he said supply is currently “in check” across EastGroup’s markets, particularly in smaller, multi-tenant industrial buildings. He said the company has land, buildings and permits positioned to respond if demand continues to improve.
Loeb closed by saying market demand has been gaining momentum for several consecutive quarters. He said EastGroup’s goals remain driving FFO per share growth while improving portfolio quality, which he said should continue to create net asset value growth for shareholders.
About EastGroup Properties (NYSE:EGP)EastGroup Properties, Inc NYSE: EGP is a real estate investment trust specializing in the ownership, development and management of industrial properties. Focused primarily on distribution-oriented facilities, the company's portfolio consists of modern warehouse and light manufacturing buildings located in high-growth Sunbelt markets. EastGroup concentrates on delivering strategic logistics solutions to customers requiring proximity to transportation hubs and major population centers across the southern United States.
Since its founding in 1969, EastGroup has pursued a disciplined growth strategy that combines property development, targeted acquisitions and hands-on asset management.
This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to [email protected].
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Tesla, Nvidia, and Google helped shape the last era of market growth, but the next wave could come from a new group of companies. Inside this report, you’ll find 7 stocks that could play a major role in the next tech-driven market boom.
CoStar Group čeká za 2. čtvrtletí tržby 922–932 milionů USD, tedy meziročně o 18–19 % více. Tahounem mají být rezidenční tržby, které mají vzrůst o 32–34 %.
Key Takeaways CoStar Group expects Q2 2026 revenues of $922-$932 million, up 18% to19% year over year. Residential revenues are projected to rise 32% to 34%, led by Homes.com and Apartments.com. New products and expansion may help offset high interest rates and sluggish commercial real estate activity. CoStar Group (CSGP - Free Report) is slated to report second-quarter 2026 results on July 28.
For second-quarter 2026, the company expects revenues to be between $922 million and $932 million, indicating 18-19% year-over-year growth.
The Zacks Consensus Estimate for second-quarter 2026 revenues is currently pegged at $929.32 million, suggesting growth of 18.95% from the year-ago quarter’s levels.
For the reported quarter, adjusted earnings per share are anticipated to be in the range of 27 cents to 30 cents. The consensus mark for second-quarter 2026 earnings has been unchanged at 28 cents per share over the past 30 days, suggesting a 64.71% increase from the year-ago quarter’s figure.
CoStar Group’s earnings beat the Zacks Consensus Estimate in each of the trailing four quarters, delivering an average surprise of 22.95%.
Let us see how things have shaped up for CSGP before the announcement.
Factors to Note Ahead of CSGP's Q2 ResultsCoStar Group's second-quarter performance is likely to have been driven by continued strength across its portfolio of digital real estate marketplaces, including Apartments.com, LoopNet and Homes.com.
Strong momentum across the commercial and residential businesses is expected to have supported top-line growth in the to-be-reported quarter. Commercial revenues are expected to be in the range of $479-$484 million, reflecting 7-9% growth from the year-ago quarter, while residential revenues are projected at $443-$448 million, indicating a robust 32-34% increase year over year. The residential segment is also expected to have returned to profitability, highlighting improving operating leverage from Homes.com and Apartments.com.
The commercial segment is poised to benefit from new product rollouts and international expansion. CoStar plans to launch its New Homes platform and commence operations in France in the to-be-reported quarter, while LoopNet's nationwide rollout of asset-based pricing is expected to increase listings, advertiser adoption and revenues. Matterport's expanding enterprise pipeline and deeper integration across CoStar's platforms are also likely to support commercial growth.
Homes.com is expected to have remained a key growth driver, supported by rising subscriber additions, higher agent engagement and attractive returns on investment for members. Integration with Apartments.com is likely to have enhanced cross-platform traffic and monetization, while the rollout of Apartments AI ahead of the Apartmentalize conference is expected to have strengthened customer engagement. Improving sales productivity from representatives hired during 2025, coupled with stronger contributions from field sales teams across Homes.com, Apartments.com, LoopNet and Matterport, is likely to have supported bookings and revenue growth.
However, persistent macroeconomic uncertainty, elevated interest and mortgage rates, and sluggish commercial real estate activity are expected to have remained headwinds.
What Our Model Says About CSGPOur proven model does not conclusively predict an earnings beat for CoStar Group this time. Per the Zacks model, the combination of a positive Earnings ESP and a Zacks Rank #1 (Strong Buy), 2 (Buy) or 3 (Hold) increases the odds of an earnings beat. But that is not the case here.
CoStar Group presently has an Earnings ESP of 0.00% and a Zacks Rank #2. You can uncover the best stocks to buy or sell before they report earnings with our Earnings ESP Filter.
Stocks to ConsiderHere are some companies worth considering, as our model shows that they have the right combination of elements to post an earnings beat in their upcoming releases.
Amphenol (APH - Free Report) has an Earnings ESP of +1.12% and a Zacks Rank #1 at present. APH is set to report second-quarter fiscal 2026 results on July 29. You can see the complete list of today’s Zacks #1 Rank stocks here.
ASE Technology (ASX - Free Report) has an Earnings ESP of +21.21% and a Zacks Rank #2 at present. ASX is scheduled to report its second-quarter 2026 results on July 30.
Celestica (CLS - Free Report) has an Earnings ESP of +1.86% and a Zacks Rank #2 at present. CLS is set to report its second-quarter 2026 results on July 28.
Pendle Finance ve své roadmapě pro druhou polovinu roku 2026 sází hlavně na RWA a institucionální DeFi. TVL v roce 2025 vzrostl z 6,9 miliardy USD na 13,4 miliardy USD.
Pendle Finance unveiled its second-half 2026 roadmap on July 23, and the message is clear: real-world assets are the main course, not a side dish. The protocol is doubling down on RWA infrastructure, expanding listings, and actively courting issuers to grow its on-chain yield product suite.
Pendle’s numbers suggest it has already built the plumbing to make this work, with total value locked nearly doubling from $6.9 billion to $13.4 billion and $45 billion in settled value for Principal Token holders during 2025.
Boros hits $200M in open interest as Pendle expands beyond crypto-native yields The most concrete proof point in Pendle’s expansion story is Boros, its rates trading platform. As of July 22, Boros reported $200 million in open interest. Boros has also been branching into commodities and equities, extending Pendle’s rate speculation concept across asset classes.
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Pendle lets you split yield-bearing assets into their principal and yield components, then trade them separately. Boros extends that concept to rate speculation across asset classes.
Institutional doors are opening, literally Pendle’s institutional play got a concrete boost on July 16, when Galaxy Curator launched on Fireblocks. That integration gives institutional players access to yield vaults supporting Principal Tokens through Fireblocks’ custody infrastructure.
Pendle’s Citadels initiative, first announced in January 2025, targets KYC-compliant institutional frameworks and has pursued Shariah-compliant yield offerings. Citadels also has a cross-chain dimension, targeting non-EVM chains to broaden Pendle’s reach beyond the Ethereum ecosystem.
The RWA thesis and why tokenized Treasuries are just the beginning Pendle’s Principal Tokens function like zero-coupon bonds, letting holders lock in a fixed yield. Yield Tokens let speculators take leveraged bets on variable yields. The protocol’s H2 roadmap includes continued stablecoin-related pool listings planned through late 2026, alongside incentive programs designed to bootstrap liquidity in new markets.
The TVL growth from $6.9 billion to $13.4 billion during 2025, roughly a 94% increase, reflects capital allocator interest in Pendle’s yield tokenization model. Settling $45 billion in value for PT holders in the same period shows real economic activity flowing through its contracts.
What this means for investors The Fireblocks integration and Citadels initiative lower the barriers for institutional participation. Pendle’s success depends heavily on continued growth in the tokenized RWA market, which itself relies on regulatory clarity that remains uneven across jurisdictions.
For traders watching Boros specifically, $200 million in open interest is a solid foundation, but the platform’s expansion into commodities and equities means it’s competing in much larger, more established markets. The next few quarters will reveal whether Pendle can attract enough volume in these new verticals to justify the infrastructure investment, or whether crypto-native rate trading remains its core revenue driver.
Disclosure: This article was edited by Editorial Team. For more information on how we create and review content, see our Editorial Policy.
Ryder System uspořádal konferenční hovor k výsledkům za 2. čtvrtletí 2026. V úvodu zaznělo jen upozornění na prohlášení o výhledu do budoucna a rizika.
Ryder System, Inc. (R) Q2 2026 Earnings Call July 23, 2026 11:00 AM EDT
Company Participants
Calene Candela - Vice President of Investor Relations
John Diez - CEO & Director
Cristina Gallo-Aquino - CFO, EVP & Principal Accounting Officer
John Sensing - President of Global Supply Chain Solutions & Dedicated Transportation Solutions
Tom Havens - President of Global Fleet Management Solutions
Conference Call Participants
Bascome Majors - Stephens Inc., Research Division
Jordan Alliger - Goldman Sachs Group, Inc., Research Division
Robert Salmon - Wells Fargo Securities, LLC, Research Division
Nancy Hipp - Morgan Stanley, Research Division
Harrison Bauer - Susquehanna Financial Group, LLLP, Research Division
Brandon Oglenski - Barclays Bank PLC, Research Division
Jeffrey Kauffman - Citizens JMP Securities, LLC, Research Division
Scott Group - Wolfe Research, LLC
Benjamin Mohr Mok - Citigroup Inc., Research Division
Brian Ossenbeck - JPMorgan Chase & Co, Research Division
Presentation
Operator
Good morning, and welcome to the Ryder System Second Quarter 2026 Earnings Release Conference Call. [Operator Instructions] Today's call is being recorded. If you have any objections, please disconnect at this time. I would now like to introduce Ms. Calene Candela, Vice President, Investor Relations for Ryder. Ms. Candela, you may begin.
Calene Candela
Vice President of Investor Relations
Thank you. Good morning, and welcome to Ryder's Second Quarter 2026 Earnings Conference Call. I'd like to remind you that during this presentation, you'll hear some forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements are based on management's current expectations and are subject to uncertainty and changes in circumstances. Actual results may differ materially from these expectations due to changes in economic, business, competitive, market, political and regulatory factors.
More detailed information about these factors and a reconciliation of each non-GAAP financial measure to the nearest GAAP measure is contained in this morning's earnings release, earnings call presentation
Boyd Gaming ve 2. čtvrtletí vykázala tržby 1,03 miliardy USD, téměř beze změny, ale čistý zisk klesl na 131,2 milionu USD z 151,5 milionu USD před rokem. Společnost zároveň vyplatila čtvrtletní dividendu 0,20 USD na akcii a odkoupila vlastní akcie za 156 milionů USD.
, /PRNewswire/ -- Boyd Gaming Corporation (NYSE: BYD) today reported financial results for the second quarter ended June 30, 2026.
Keith Smith, President and Chief Executive Officer of Boyd Gaming, said: "Our second-quarter results demonstrated the benefits of our diversified business model, with strong performances from our Midwest & South operations, Online segment and Managed business. Results for the quarter, on a comparable basis, reflect both revenue and Adjusted EBITDAR growth, with property operating margins of 40%, a level we have consistently delivered over the last several years. This performance was supported by strength in play from both our core and retail customers across the portfolio, as well as contributions from our recent capital investments. We also returned substantial capital to our shareholders, with more than $170 million in dividends and share repurchases during the second quarter. With our strong balance sheet, efficient operating model and robust free cash flow, our Company is well-positioned to continue creating long-term shareholder value."
Boyd Gaming reported second-quarter 2026 revenues of $1.03 billion, in-line with the second quarter of 2025. The Company reported net income of $131.2 million, or $1.75 per share, for the second quarter of 2026, compared to $151.5 million, or $1.84 per share, for the year-ago period. Total Adjusted EBITDAR(1) was $350.5 million in the second quarter of 2026 versus $357.9 million in the second quarter of 2025. Adjusted Earnings(1) for the second quarter of 2026 were $144.4 million, or $1.93 per share, compared to $154.2 million, or $1.87 per share, for the same period in 2025.
(1) See footnotes at the end of the release for additional information relative to non-GAAP financial measures.
Operations Review
Our Midwest & South operations once again delivered revenue and Adjusted EBITDAR growth during the quarter, driven by increased play from our core and retail customers, as well as contributions from recent capital investments across the segment. While results in the Las Vegas Locals segment were impacted by continued softness in destination business, primarily at the Orleans, and ongoing construction disruption at the Suncoast, the remainder of the segment grew revenues and Adjusted EBITDAR over the prior year, with property margins exceeding 50%. In our Downtown Las Vegas segment, play from both our core and Hawaiian customers was consistent with recent quarters; however, results continued to be impacted by ongoing softness in destination business throughout the downtown area.
Results in our Online segment reflected growth from the Company's online casino gaming business, as well as contributions from third-party market access agreements consistent with the last several quarters. Strong revenue and Adjusted EBITDAR growth in our Managed business was driven by increased management fees from Sky River Casino following its recently completed expansion.
Dividend and Share Repurchase Update
Boyd Gaming paid a quarterly cash dividend of $0.20 per share on July 15, 2026, as previously announced.
As part of its ongoing share repurchase program, the Company repurchased $156 million in shares of its common stock during the second quarter of 2026. The Company had $551 million remaining under its current share repurchase authorization as of June 30, 2026.
Balance Sheet Statistics
As of June 30, 2026, Boyd Gaming had cash on hand of $322.7 million, and total debt of $2.6 billion.
Conference Call Information
Boyd Gaming will host a conference call to discuss its second-quarter 2026 results today, July 23, at 5:00 p.m. Eastern. The conference call number is (800) 836-8184. No passcode is required to join the call. Please call up to 15 minutes in advance to ensure you are connected prior to the start of the call.
The conference call will also be available online at https://investors.boydgaming.com or https://app.webinar.net/gBE9RqpOV3y.
Following the call's completion, a replay will be available by dialing (888) 660-6345 today, July 23, and continuing through Thursday, July 30. The passcode for the replay will be 62234#. The replay will also be available at https://investors.boydgaming.com.
BOYD GAMING CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited)
Three Months Ended
Six Months Ended
June 30,
June 30,
(In thousands, except per share data)
2026
2025
2026
2025
Revenues
Gaming
$ 683,289
$ 671,455
$ 1,333,790
$ 1,310,148
Food & beverage
77,702
78,167
153,472
152,325
Room
50,413
51,453
96,360
98,841
Online
31,825
39,139
58,073
79,107
Online reimbursements
126,357
133,912
261,804
263,517
Management fee
28,481
23,775
54,702
48,921
Other
36,319
36,097
73,540
72,704
Total revenues
1,034,386
1,033,998
2,031,741
2,025,563
Operating costs and expenses
Gaming
267,630
259,554
522,479
505,677
Food & beverage
66,980
65,633
131,895
128,970
Room
19,801
19,492
38,973
38,489
Online
20,992
16,183
38,662
32,608
Online reimbursements
126,357
133,912
261,804
263,517
Other
12,467
12,149
25,672
24,940
Selling, general and administrative
110,882
110,065
220,867
217,911
Master lease rent expense (a)
28,856
28,442
57,440
56,602
Maintenance and utilities
38,515
37,322
74,258
74,047
Depreciation and amortization
91,101
69,985
186,090
138,208
Corporate expense
33,243
35,365
70,027
65,316
Project development, preopening and writedowns
15,356
2,764
35,624
1,242
Impairment of assets
—
—
—
32,272
Other operating items, net
1,508
762
3,260
3,507
Total operating costs and expenses
833,688
791,628
1,667,051
1,583,306
Operating income
200,698
242,370
364,690
442,257
Other expense (income)
Interest income
(1,282)
(1,263)
(3,147)
(2,071)
Interest expense, net of amounts capitalized
31,423
50,569
59,874
99,006
Loss on early extinguishments and modifications of debt
—
—
391
—
Other, net
(3)
(48)
4
59
Total other expense, net
30,138
49,258
57,122
96,994
Income before income taxes
170,560
193,112
307,568
345,263
Income tax provision
(40,637)
(42,758)
(73,352)
(84,027)
Net income
129,923
150,354
234,216
261,236
Net loss attributable to noncontrolling interest
1,311
1,104
2,560
1,641
Net income attributable to Boyd Gaming
$ 131,234
$ 151,458
$ 236,776
$ 262,877
Basic net income per common share
$ 1.75
$ 1.84
$ 3.12
$ 3.14
Weighted average basic shares outstanding
74,817
82,289
75,787
83,696
Diluted net income per common share
$ 1.75
$ 1.84
$ 3.12
$ 3.14
Weighted average diluted shares outstanding
74,817
82,303
75,791
83,712
(a) Rent expense incurred by those properties subject to a master lease with a real estate investment trust.
BOYD GAMING CORPORATION
SUPPLEMENTAL INFORMATION
Reconciliation of Adjusted EBITDA to Net Income Attributable to Boyd Gaming
(Unaudited)
Three Months Ended
Six Months Ended
June 30,
June 30,
(In thousands)
2026
2025
2026
2025
Total Revenues by Segment
Las Vegas Locals
$ 225,898
$ 229,091
$ 443,002
$ 451,890
Downtown Las Vegas
52,112
55,253
107,050
112,540
Midwest & South
556,890
540,077
1,081,983
1,044,664
Online
158,182
173,051
319,877
342,624
Managed & Other
41,304
36,526
79,829
73,845
Total revenues
$ 1,034,386
$ 1,033,998
$ 2,031,741
$ 2,025,563
Adjusted EBITDAR by Segment
Las Vegas Locals
$ 106,416
$ 112,714
$ 206,378
$ 219,261
Downtown Las Vegas
16,905
19,405
35,805
40,328
Midwest & South
208,748
201,401
401,389
384,623
Online
10,590
22,244
18,946
45,550
Managed & Other
30,692
25,963
59,108
53,282
Corporate expense, net of share-based compensation expense (a)
(22,883)
(23,865)
(53,743)
(47,665)
Adjusted EBITDAR
350,468
357,862
667,883
695,379
Master lease rent expense (b)
(28,856)
(28,442)
(57,440)
(56,602)
Adjusted EBITDA
321,612
329,420
610,443
638,777
Other operating costs and expenses
Deferred rent
132
147
264
294
Depreciation and amortization
91,101
69,985
186,090
138,208
Share-based compensation expense
12,817
13,392
20,515
20,997
Project development, preopening and writedowns
15,356
2,764
35,624
1,242
Impairment of assets
—
—
—
32,272
Other operating items, net
1,508
762
3,260
3,507
Total other operating costs and expenses
120,914
87,050
245,753
196,520
Operating income
200,698
242,370
364,690
442,257
Other expense (income)
Interest income
(1,282)
(1,263)
(3,147)
(2,071)
Interest expense, net of amounts capitalized
31,423
50,569
59,874
99,006
Loss on early extinguishments and modifications of debt
—
—
391
—
Other, net
(3)
(48)
4
59
Total other expense, net
30,138
49,258
57,122
96,994
Income before income taxes
170,560
193,112
307,568
345,263
Income tax provision
(40,637)
(42,758)
(73,352)
(84,027)
Net income
129,923
150,354
234,216
261,236
Net loss attributable to noncontrolling interest
1,311
1,104
2,560
1,641
Net income attributable to Boyd Gaming
$ 131,234
$ 151,458
$ 236,776
$ 262,877
(a) Reconciliation of corporate expense:
Three Months Ended
Six Months Ended
June 30,
June 30,
(In thousands)
2026
2025
2026
2025
Corporate expense as reported on Condensed Consolidated Statements of Operations
$ 33,243
$ 35,365
$ 70,027
$ 65,316
Corporate share-based compensation expense
(10,360)
(11,500)
(16,284)
(17,651)
Corporate expense, net, as reported on the above table
$ 22,883
$ 23,865
$ 53,743
$ 47,665
(b) Rent expense incurred by those properties subject to a master lease with a real estate investment trust.
BOYD GAMING CORPORATION
SUPPLEMENTAL INFORMATION
Reconciliations of Net Income attributable to Boyd Gaming to Adjusted Earnings
and Net Income Per Share to Adjusted Earnings Per Share
(Unaudited)
Three Months Ended
Six Months Ended
June 30,
June 30,
(In thousands, except per share data)
2026
2025
2026
2025
Net income attributable to Boyd Gaming
$ 131,234
$ 151,458
$ 236,776
$ 262,877
Pretax adjustments:
Project development, preopening and writedowns
15,356
2,764
35,624
1,242
Impairment of assets
—
—
—
32,272
Other operating items, net
1,508
762
3,260
3,507
Loss on early extinguishments and modifications of debt
—
—
391
—
Other, net
(3)
(48)
4
59
Total adjustments
16,861
3,478
39,279
37,080
Income tax effect for above adjustments
(3,663)
(779)
(8,531)
(8,072)
Adjusted earnings
$ 144,432
$ 154,157
$ 267,524
$ 291,885
Net income per share, diluted
$ 1.75
$ 1.84
$ 3.12
$ 3.14
Pretax adjustments:
Project development, preopening and writedowns
0.21
0.03
0.47
0.02
Impairment of assets
—
—
—
0.39
Other operating items, net
0.02
0.01
0.04
0.04
Loss on early extinguishments and modifications of debt
—
—
0.01
—
Other, net
—
—
—
—
Total adjustments
0.23
0.04
0.52
0.45
Income tax effect for above adjustments
(0.05)
(0.01)
(0.11)
(0.10)
Adjusted earnings per share, diluted
$ 1.93
$ 1.87
$ 3.53
$ 3.49
Weighted average diluted shares outstanding
74,817
82,303
75,791
83,712
Non-GAAP Financial Measures
Our financial presentations include the following non-GAAP financial measures:
EBITDA: earnings before interest, taxes, depreciation and amortization, Adjusted EBITDA: EBITDA adjusted for deferred rent, share-based compensation expense, project development, preopening and writedowns expense, impairments of assets, other operating items, net, gain or loss on early extinguishments and modifications of debt, net income (loss) attributable to noncontrolling interest and other items, net, as applicable, EBITDAR: EBITDA further adjusted for rent expense associated with master leases with a real estate investment trust, Adjusted EBITDAR: Adjusted EBITDA further adjusted for rent expense associated with master leases with a real estate investment trust, Adjusted Earnings: net income before project development, preopening and writedowns expense, impairments of assets, other operating items, net, gain or loss on early extinguishments and modifications of debt, net income (loss) attributable to noncontrolling interest, and other non-recurring adjustments, net, as applicable, and, Adjusted Earnings Per Share (Adjusted EPS): Adjusted Earnings divided by weighted average diluted shares outstanding. Collectively, we refer to these and other non-GAAP financial measures as the "Non-GAAP Measures."
The Non-GAAP Measures are commonly used measures of performance in our industry that we believe, when considered with measures calculated in accordance with accounting principles generally accepted in the United States (GAAP), provide our investors with a more complete understanding of our operating results and facilitates comparisons between us and our competitors. We provide this information to investors to enable them to perform comparisons of our past, present and future operating results and as a means to evaluate the results of core on-going operations. We have historically reported these measures to our investors and believe that the continued inclusion of the Non-GAAP Measures provides consistency in our financial reporting. We also believe this information is useful to investors in allowing greater transparency related to significant measures used by our management in their financial and operational decision-making, their evaluation of total company and individual property performance, in the evaluation of incentive compensation and in the annual budget process. Management also uses Non-GAAP Measures in the evaluation of potential acquisitions and dispositions. We believe these measures continue to be used by investors in their assessment of our operating performance and the valuation of our company.
The use of Non-GAAP Measures has certain limitations. Our presentation of the Non-GAAP Measures may be different from the presentation used by other companies and therefore comparability may be limited. While excluded from certain of the Non-GAAP Measures, depreciation and amortization expense, interest expense, income taxes and other items have been and will be incurred. Each of these items should also be considered in the overall evaluation of our results. Additionally, the Non-GAAP Measures do not consider capital expenditures and other investing activities and should not be considered as a measure of our liquidity. We compensate for these limitations by providing the relevant disclosure of our depreciation and amortization, interest and income taxes, capital expenditures and other items both in our reconciliations to the historical GAAP financial measures and in our consolidated financial statements, all of which should be considered when evaluating our performance. We do not provide a reconciliation of forward-looking Non-GAAP Measures to the corresponding forward-looking GAAP measure due to our inability to project special charges and certain expenses.
The Non-GAAP Measures are to be used in addition to and in conjunction with results presented in accordance with GAAP. The Non-GAAP Measures should not be considered as an alternative to net income, operating income, or any other operating performance measure prescribed by GAAP, nor should these measures be relied upon to the exclusion of GAAP financial measures. The Non-GAAP Measures reflect additional ways of viewing our operations that we believe, when viewed with our GAAP results and the reconciliations to the corresponding historical GAAP financial measures, provide a more complete understanding of factors and trends affecting our business than could be obtained absent this disclosure. Management strongly encourages investors to review our financial information in its entirety and not to rely on a single financial measure.
Forward-looking Statements and Company Information
This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Such statements contain words such as "may," "will," "might," "expect," "believe," "anticipate," "could," "would," "estimate," "continue," "pursue," or the negative thereof or comparable terminology, and may include (without limitation) information regarding the Company's expectations, goals or intentions regarding future performance. These forward-looking statements are based on the current beliefs and expectations of management and involve risks and uncertainties that could cause actual results to differ materially from those expressed in the forward-looking statements. Many of these risks and uncertainties relate to factors that are beyond Boyd Gaming's ability to control or estimate precisely. Additional factors that could cause actual results to differ are discussed under the heading "Risk Factors" and in other sections of the Company's Annual Report on Form 10-K, its Quarterly Reports on Form 10-Q, and in the Company's other current and periodic reports filed from time to time with the SEC. The reader is cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this release. All forward-looking statements in this press release are made as of the date hereof, based on information available to the Company as of the date hereof, and the Company assumes no obligation to update any forward-looking statement.
About Boyd Gaming
Founded in 1975, Boyd Gaming Corporation (NYSE: BYD) is a leading geographically diversified operator of 27 gaming entertainment properties in 11 states. The Company also manages a tribal casino in northern California, and owns and operates Boyd Interactive, a B2B and B2C online casino gaming business. Boyd Gaming's nationwide portfolio is connected through Boyd Rewards, recognized as the nation's favorite casino loyalty program by readers of both USA Today and Newsweek. Named by Forbes and Time magazines as one of "America's Best Companies," and led by one of the most experienced teams in the industry, Boyd Gaming is dedicated to delivering an outstanding entertainment experience and memorable guest service. For additional Company information and press releases, visit https://www.boydgaming.com.
Equinix čeká za 2. čtvrtletí růst tržeb i AFFO na akcii meziročně, přičemž konsensus pro AFFO na akcii vzrostl o 57 centů na 11,25 USD. Výsledky mohou brzdit vyšší úrokové náklady.
Key Takeaways Equinix is expected to post higher Q2 revenues and AFFO per share year over year.Strong AI, cloud adoption and digital transformation demand may drive interconnected data center growth.EQIX's AFFO estimate rose to $11.25, though high interest expenses could pressure quarterly results. Equinix, Inc. (EQIX - Free Report) is scheduled to report second-quarter 2026 results on July 29, after market close. The company’s quarterly results are likely to display a year-over-year rise in revenues and adjusted funds from operations (AFFO) per share.
In the previous quarter, this Redwood City, CA-based data center real estate investment trust (REIT) reported an AFFO of $10.79 per share, missing the Zacks Consensus Estimate of $10.89 per share. The results reflected higher recurring revenues, led by strong demand for digital infrastructure and services.
Over the preceding four quarters, EQIX’s AFFO per share surpassed the consensus estimate on two occasions and missed in the remaining quarters, with the average beat being 2.83%. This is depicted in the graph below:
Factors at Play for EquinixIn the second quarter of 2026, Equinix is likely to have benefited from the solid demand for interconnected data center infrastructure. Enterprises’ and service providers’ continued efforts to integrate artificial intelligence (AI) into their strategies and offerings and advance their digital transformation agendas are likely to keep demand up in the upcoming years.
Moreover, the demand for Equinix’s interconnected ecosystem is likely to have remained strong, driven by accelerating enterprise cloud adoption and increasing demand from cloud and internet customers for highly interconnected data center space.
The company’s recurring revenue model, which comprises colocation, related interconnection and managed infrastructure services, is expected to have supported stable cash flows in the to-be-reported quarter, boosting the data center REIT’s top line.
Q2 Projections for EQIXThe Zacks Consensus Estimate for colocation revenues is pegged at $1.78 billion, suggesting growth from $1.59 billion in the prior-year period. The consensus mark for interconnection revenues is pinned at $463.6 million, indicating growth from $407 million in the prior-year period.
The consensus mark for managed infrastructure revenues is pegged at $121.7 million, implying an increase from $117 million reported in the prior-year period. The consensus mark for other revenues is pinned at $39.8 million, indicating a rise from $34 million in the prior-year quarter.
For the second quarter of 2026, Equinix projected revenues between $2.571 billion and $2.611 billion, implying around a 9-10% increase over the prior quarter. The Zacks Consensus Estimate for the same is pegged at $2.59 billion, indicating an increase of 14.8% from the year-ago period’s reported figure.
EQIX estimated adjusted EBITDA in the range of $1.349-$1.389 billion for the second quarter.
EQIX’s activities during the to-be-reported period were adequate to garner analysts’ confidence. The Zacks Consensus Estimate for quarterly AFFO per share has been revised 57 cents upward to $11.25 over the past three months. It suggests a 13.5% increase from the prior-year quarter’s reported figure.
However, high interest expenses might have partly impeded the company’s quarterly performance.
What Our Quantitative Model Predicts for EQIXOur proven model doesn’t conclusively predict a surprise in terms of AFFO per share for Equinix this season. The combination of a positive Earnings ESP and a Zacks Rank #1 (Strong Buy), 2 (Buy) or 3 (Hold) increases the chances of an AFFO beat, which is not the case here.
Equinix currently has an Earnings ESP of 0.00% and a Zacks Rank of 3. You can uncover the best stocks to buy or sell before they’re reported with our Earnings ESP Filter.
Stocks That Warrant a LookHere are two stocks from the broader REIT industry — Extra Space Storage (EXR - Free Report) and Cousins Properties (CUZ - Free Report) — that you may want to consider, as our model shows that these have the right combination of elements to report a surprise this quarter.
EXR, which is scheduled to report quarterly results on July 28, 2026, has an Earnings ESP of +0.39% and a Zacks Rank of 3. You can see the complete list of today’s Zacks #1 Rank stocks here.
Cousins Properties is slated to report quarterly numbers on July 30, 2026. CUZ has an Earnings ESP of +0.45% and carries a Zacks Rank of 3 at present.
Note: Anything related to earnings presented in this write-up represents funds from operations (FFO), a widely used metric to gauge the performance of REITs.
Arch Capital Group Ltd. čeká za 2Q pokles výnosů i zisku; konsenzus počítá s výnosy 4,59 mld. USD a ziskem na akcii 2,46 USD. Výsledky mohou podpořit vyšší investiční výnosy a zpětné odkupy akcií.
Key Takeaways ACGL's Q2 premiums are likely to reflect underwriting discipline despite softer property reinsurance pricing. Higher investment income and share buybacks are expected to support second-quarter earnings.Elevated catastrophe losses and higher expenses may pressure underwriting profitability.
Arch Capital Group Ltd. (ACGL - Free Report) is expected to register a decrease in both top and bottom lines when it reports second-quarter 2026 results on July 28, after the closing bell.
The Zacks Consensus Estimate for ACGL’s second-quarter revenues is pegged at $4.59 billion, indicating a 3.5% decline from the year-ago quarter’s reported figure.
The consensus estimate for earnings is pegged at $2.46 per share. The Zacks Consensus Estimate for ACGL’s second-quarter earnings has moved north 1 cent in the last seven days. The estimate suggests a year-over-year decrease of 4.6%.
What the Zacks Model Unveils for ACGLOur proven model does not predict an earnings beat for Arch Capital this time around. A stock needs to have the right combination of a positive Earnings ESP and a Zacks Rank #1 (Strong Buy), 2 (Buy) or 3 (Hold). This is not the case, as you can see below:
Earnings ESP: Arch Capital has an Earnings ESP of -1.56% at present. This is because the Most Accurate Estimate of $2.43 per share is pegged lower than the Zacks Consensus Estimate of $2.46. You can uncover the best stocks to buy or sell before they’re reported with our Earnings ESP Filter.
Zacks Rank: Arch Capital currently carries a Zacks Rank #3. You can see the complete list of today’s Zacks #1 Rank stocks here.
Factors Likely to Shape ACGL’s Q2 ResultsRate increases, new business opportunities, growth in existing accounts, strong underwriting performance, portfolio optimization and continued contributions from the Allianz MidCorp acquisition are expected to have supported net premiums earned. However, softer property catastrophe reinsurance pricing and lower premiums resulting from the non-renewal of underperforming business are likely to have limited premium growth. The Zacks Consensus Estimate for net premiums earned is pegged at $4.14 billion. We expect net premiums earned to have decreased 3.6% to $4.18 billion.
The Mortgage segment is expected to have faced pressure from lower gross premiums written and Bellemeade Re tender offer expenses, although strong credit performance, low delinquencies and growth in non-GSE transactions are likely to have provided support.
Net investment income is likely to have benefited from a larger invested asset base, driven by solid operating cash flows and elevated reinvestment yields. We expect the metric to be $420.9 million. The Zacks Consensus Estimate is pegged at $423.2 million.
Expenses are expected to have increased in the to-be-reported quarter due to higher losses and loss adjustment expenses, acquisition costs, other operating expenses, amortization of intangible assets, corporate expenses and interest expenses. We expect total expenses to decrease 4.2% to $3.6 billion.
Prudent pricing in casualty and specialty lines, disciplined underwriting and favorable prior-year reserve development are expected to have supported underwriting profitability and the combined ratio. However, elevated catastrophe losses from severe weather events are likely to have partially offset these benefits. The Zacks Consensus Estimate for the combined ratio is pegged at 84, and our estimate is pinned at 84.8.
Share buybacks are likely to have added upside to the bottom line.
Stocks to ConsiderHere are three other P&C insurance stocks that you may want to consider, as our model shows that have the right combination of elements to post an earnings beat:
Cincinnati Financial Corporation (CINF - Free Report) has an Earnings ESP of +8.84% and a Zacks Rank #2 at present. The Zacks Consensus Estimate for second-quarter 2026 earnings is pegged at $1.77 per share, indicating a year-over-year decrease of 7.6%.
CINF’s earnings beat estimates in each of the last four reported quarters.
The Allstate Corporation (ALL - Free Report) has an Earnings ESP of +23.32% and a Zacks Rank #3 at present. The Zacks Consensus Estimate for second-quarter 2026 earnings is pegged at $4.92 per share, indicating a year-over-year decrease of 17.1%.
ALL’s earnings beat estimates in each of the last four reported quarters.
Axis Capital Holding Limited (AXS - Free Report) has an Earnings ESP of +3.82% and a Zacks Rank #3 at present. The Zacks Consensus Estimate for second-quarter 2026 earnings is pegged at $3.23 per share, indicating a year-over-year decrease of 1.8%.
AXS’s earnings beat estimates in each of the last four reported quarters.
One of the world’s largest sovereign wealth-linked managers just put $75 million worth of private market exposure on a blockchain.
Mubadala Capital, the investment arm of Abu Dhabi’s Mubadala Investment Company, went live on July 23, 2026 with a tokenized version of its Alternative Solutions Fund, officially named MCAS-TA. The fund runs across three blockchain networks: Coinbase’s Base, Solana, and Sui. It pulled in roughly $75 million in on-chain commitments at launch, drawing participation from both traditional asset managers and digital asset investors.
The infrastructure behind the product comes from KAIO, a UAE-based tokenization platform that announced its partnership with Mubadala Capital back in December 2025. KAIO handles the compliance architecture and distribution rails.
Why this matters beyond the press release Mubadala Capital manages approximately $430 billion in assets.
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Private market funds have historically been among the least accessible asset classes for most investors. Minimum commitments run high, liquidity is near-zero, and the onboarding process involves significant friction. Tokenization compresses those barriers by putting compliance, ownership records, and transfer mechanics on-chain: instead of a fund administrator managing cap tables in spreadsheets, the blockchain handles it. Investor eligibility checks happen through smart contract logic. Secondary transfers become possible where they previously weren’t.
For Coinbase specifically, this launch marks the first time it has integrated regulated tokenized assets into an institutional treasury management context, according to the research.
KAIO’s growing footprint in regulated tokenization KAIO has previously powered tokenized offerings from BlackRock and Hamilton Lane, with cumulative TVL across those products landing somewhere between $150 million and $200 million. Adding the Mubadala Capital fund pushes that number meaningfully higher.
The firm also closed a funding round in April 2026, which included backing from Tether.
The multi-chain deployment across Base, Solana, and Sui is itself a deliberate choice. Each network brings a different investor base and different technical properties. Solana offers high throughput and a growing institutional presence. Base plugs directly into Coinbase’s compliance and custody ecosystem. Sui is newer but has attracted attention for its object-based data model, which handles complex financial instruments differently than account-based chains.
What this signals for institutional tokenization broadly Tokenized treasuries and money market funds moved first because the underlying assets are simple and liquid. Private market funds are a harder problem: the assets are illiquid, the investor base is accredited, and the regulatory requirements vary by jurisdiction. The fact that Mubadala Capital is doing this with private market exposure rather than a simple bond wrapper is what makes the MCAS-TA launch notable.
Seventy-five million dollars in on-chain commitments at launch is the demand signal other sovereign-linked managers and large alternative asset firms will be watching as they evaluate the operational lift required to follow.
Disclosure: This article was edited by Editorial Team. For more information on how we create and review content, see our Editorial Policy.
Cleveland-Cliffs ve 2. čtvrtletí vrátila pozitivní volný peněžní tok a upravená EBITDA dosáhla 286 milionů USD, nejvíce za dva roky. Firma čeká ve 3. čtvrtletí zhruba 575 milionů USD.
Tariffs Rose: 1 Steelmaker Thrived, 1 Still StrugglesCleveland-Cliffs NYSE: CLF said it returned to positive free cash flow in the second quarter of 2026 and expects a substantially stronger second half of the year, driven by higher steel prices, improved automotive demand, lower costs and higher shipment volumes.
Chairman and CEO Lourenco Goncalves told analysts that the company’s second-quarter results showed “tangible evidence” of the earnings recovery management has been forecasting. Cleveland-Cliffs reported adjusted EBITDA of $286 million in the quarter, which President and CFO Celso Goncalves said was the company’s best quarterly result in two years. The figure was roughly triple the company’s first-quarter adjusted EBITDA, according to management.
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Cleveland-Cliffs Sinks After Earnings—Is the Selloff Overdone?“During the second quarter, we returned to positive free cash flow and tripled our adjusted EBITDA from the first quarter,” Lourenco Goncalves said. “While the second quarter represents meaningful progress, it still understates where this company is headed over the coming quarters.”
Company Guides for Sharp EBITDA Improvement in Third Quarter Cleveland-Cliffs issued third-quarter adjusted EBITDA guidance of approximately $575 million, which Celso Goncalves said would represent the company’s strongest quarter in three years. Management said the expected improvement reflects a convergence of higher prices, lower costs and increased shipping volumes.
Cleveland-Cliffs Breaks to New Highs on Earnings, More Upside?Second-quarter steel shipments were just over 4 million tons, down sequentially because of maintenance outages and stronger automotive demand, which management said carries longer lead times. Cleveland-Cliffs expects third-quarter shipments to exceed 4.3 million tons, citing a strong order book and extended backlogs.
Pricing also improved during the second quarter. Celso Goncalves said the company’s average selling price increased by $76 per ton from the prior quarter, helped by pricing lags beginning to flow through and a richer product mix tied to automotive demand. He said Cleveland-Cliffs expects its average selling price to rise by another $55 per ton in the third quarter.
On costs, management said maintenance outages and inventory lag lifted unit costs in the second quarter, but those headwinds are expected to ease. Celso Goncalves said unit costs are expected to decline by $10 per ton in the third quarter, while Lourenco Goncalves said further cost improvements are expected in the fourth quarter as production levels rise and mill schedules become more stable.
The company also said it expects fourth-quarter adjusted EBITDA to exceed third-quarter levels, assuming the current hot-rolled coil futures curve. Management said this expectation already factors in normal holiday-related seasonal slowdowns.
Automotive Demand Helps Lift Shipments and Product Mix Management highlighted improving automotive steel demand as a major contributor to the company’s outlook. Lourenco Goncalves said Cleveland-Cliffs’ shipments to automotive customers during the second quarter were the highest in two years. He also said finishing lines that had been running at suboptimal utilization levels over the last several years are now operating at healthier levels, with a favorable impact on costs.
Cleveland-Cliffs said it has received top supplier awards this year from both Toyota and General Motors. Lourenco Goncalves said the company remains “the supplier of choice for the automotive sector in the United States.”
During the question-and-answer session, Lourenco Goncalves said about half of the expected 300,000-ton shipment increase in the third quarter would come from the improved automotive market, with the other half coming from non-automotive flat-rolled steel.
Asked about the potential restart of the Dearborn blast furnace, Goncalves said the company has the capacity and technology to supply more automotive steel, but would need stronger conviction from automakers that production will remain in the United States. He said the Dearborn furnace represents “more than 2 million tons” of potential capacity.
Contract Resets Seen as 2027 EBITDA Opportunity Cleveland-Cliffs said upcoming fixed-price contract resets could provide a significant lift in 2027. Celso Goncalves said the company expects a $500 million year-over-year EBITDA improvement from resetting a large portion of its fixed-price contracts at higher levels.
Lourenco Goncalves said negotiations for non-automotive contracts begin in earnest in the second half of the year and typically conclude by late November or early December. He said last year’s contracts were negotiated against a much lower pricing backdrop, with prevailing prices around $800 per ton or less, compared with recent levels around $1,150 per ton or more.
“The expectation that these contracts will reset for much higher prices are just a foregone conclusion,” he said.
On automotive contracts, Goncalves said Cleveland-Cliffs plans to be more selective and seek higher prices, citing its position with U.S. automakers and tighter trade enforcement.
Debt Reduction Remains Capital Allocation Priority Celso Goncalves said Cleveland-Cliffs generated positive free cash flow in the second quarter after two years of negative free cash flow and expects the trend to continue. He said second-quarter working capital was a release of about $55 million, driven by reduced inventory and a slight build in accounts payable, partially offset by accounts receivable.
The company said it is now under contract on all major property sales, with earnest money in hand in each case. Cleveland-Cliffs expects the bulk of the $400 million in proceeds from those sales to arrive in the second half of 2026.
Management said debt paydown is the company’s top capital allocation priority. Celso Goncalves said free cash flow and asset-sale proceeds will be used to reduce debt, with the goal of reaching leverage below 2.5 times by this time next year if current market conditions hold.
“Until we get to our leverage target, we’re not going to prioritize any other type of capital allocation,” he said.
Trade Policy, Stelco and Strategic Discussions Lourenco Goncalves repeatedly emphasized the importance of U.S. trade policy, particularly Section 232, which he called “the single most effective industrial policy implemented in our country in a generation.” He credited trade enforcement with supporting domestic steel utilization, manufacturing investment and automotive reshoring.
The company also discussed Canada and Stelco, which Cleveland-Cliffs acquired. Lourenco Goncalves said Stelco’s results have improved and are contributing to the company’s second-half guidance. He said Canadian hot-rolled steel pricing has improved as the pricing gap with the U.S. has narrowed, but galvanized steel in Canada remains under pressure. He warned that the competitiveness of Stelco’s galvanizing lines in Hamilton could be at risk without further trade protections.
On strategic initiatives, Celso Goncalves said offers received for assets such as HBI and FPT have fallen short of Cleveland-Cliffs’ value threshold. He said discussions with POSCO remain friendly and ongoing, but Cleveland-Cliffs does not have a deadline and is not under pressure to complete a transaction.
The company also noted that it has begun negotiations with the United Steelworkers union to renew its collective bargaining agreement. Lourenco Goncalves said the process is off to “a constructive and productive start.”
Cleveland-Cliffs also announced that Celso Goncalves has been appointed to the company’s board of directors as president and CFO. Lourenco Goncalves said the move reflects the role Celso has already been playing and marks “the early stages of a transition in leadership,” while adding that he plans to continue leading the company for several more years.
About Cleveland-Cliffs (NYSE:CLF)Cleveland-Cliffs Inc is a leading North American producer of iron ore pellets and flat-rolled steel products. Tracing its roots to 1847, the company has evolved from an iron-ore mining concern in the Great Lakes region into a fully integrated steelmaker. Today, Cleveland-Cliffs operates iron ore mining complexes in Michigan and Minnesota as well as steelmaking and finishing facilities across the United States.
The company's integrated platform begins with direct control of key raw materials, including iron ore and scrap, and extends through every stage of steel production.
This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to [email protected].
Should You Invest $1,000 in Cleveland-Cliffs Right Now?Before you consider Cleveland-Cliffs, you'll want to hear this.
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The AI boom extends far beyond the biggest tech names. Discover 10 companies supplying the memory, storage, networking, semiconductor manufacturing, and power infrastructure that make AI possible. Learn where the next wave of AI investment opportunities may emerge—and the key risks investors should watch as the global AI buildout accelerates.
NuScale Power v první polovině roku 2026 klesl o 29,2 %, protože investoři ztrácejí víru v jeho komerční využití. Firma zatím nepostavila reaktor a první dodávka modulu má přijít nejdříve v roce 2031.
If you've been tracking NuScale Power (SMR +1.32%), you witnessed a red-hot narrative crashing into a wall of reality over the last few months. Shares of the nuclear energy start-up crashed in the last quarter of 2025 and continued their downward slide into 2026, losing 29.2% value in the first half of the year, according to data provided by S&P Global Market Intelligence.
President Donald Trump aims to quadruple U.S. nuclear energy capacity to 400 gigawatts by 2050. Because building a traditional nuclear reactor takes years even as power demand has hit unprecedented levels amid the artificial intelligence (AI) data center boom, the government is also supporting small modular reactors (SMRs).
NuScale's SMR design is already approved by the U.S. Nuclear Regulatory Commission, and the company has begun manufacturing its first patented 77-megawatt carbon-free modules.
The problem? NuScale hasn't built a reactor yet. As that reality set in, investors ran for the exit. Here is how the fallout unfolded.
Image source: Getty Images.
Whu NuScale Power stock derailed In early 2026, TD Cowen analyst Marc Bianchi raised alarm bells, warning that NuScale's flagship project in Romania could be delayed until 2034.
NuScale's fourth-quarter earnings report delivered another blow: a massive $507.4 million milestone payment to ENTRA1 Energy, its exclusive commercialization partner. Under the agreement, NuScale owes ENTRA1 fees for its nuclear product developments without guaranteed revenues.
With the company's operating loss surging nearly fivefold to $690 million during the quarter, analysts slashed their price targets on NuScale stock while some disgruntled investors filed class action lawsuits, alleging misrepresentation of ENTRA1 Energy's capabilities and arrangement.
To make matters worse, NuScale's largest shareholder, Fluor, aggressively offloaded its position and exited NuScale completely by April 2026, pocketing $2.4 billion in proceeds. Watching an anchor insider walk away shattered whatever little remained of retail confidence.
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NuScale's first quarter offered no relief. Revenue plummeted from $13.4 million in the prior-year period to a paltry $0.5 million as one-time licensing revenue dried up, while net losses nearly tripled to $44 million.
Is NuScalePower stock a buy before Aug. 5? NuScale did finish Q1 with $890 million in cash and short-term investments and zero long-term debt. But cash reserves can only buy so much time when losses are mounting, and cash burn rates remain high.
Commercial deployment is still years away, with NuScale projecting first module delivery no earlier than 2031. Moreover, although ENTRA1 has been in the headlines for a big agreement with the Tennessee Valley Authority (TVA) to deploy up to 6 GW of nuclear power with NuScale's SMR equipment, the project still lacks a long-term power purchase agreement or a finalized timeline.
NuScale will release its second-quarter numbers on Aug. 5. Expectations are muted. Until the company can transition from regulatory approvals and partnership agreements to a firm revenue-generating model, its stock will remain speculative and volatile.
Garmin Pilot přidává Mobile Clearance Delivery, která umožní prémiovým uživatelům iOS elektronicky získat a zrušit IFR povolení na vybraných amerických letištích. Funkce je zatím v operačním testu a evaluaci na pěti letištích.
Collaboration with the FAA and MITRE allows Garmin Pilot users to obtain and cancel IFR clearances within the app at select U.S. airports
, /PRNewswire/ -- Garmin (NYSE: GRMN) today announced Mobile Clearance Delivery for Garmin Pilot™, giving Garmin Pilot Premium subscribers on iOS devices a more seamless way to obtain and cancel IFR clearances at select airports within the United States. Integrated into the new Flights page in Garmin Pilot, Mobile Clearance Delivery helps general and business aviation pilots reduce radio or phone communications with air traffic control, view textual clearances and move more efficiently from planning to departure.
Garmin Pilot adds Mobile Clearance Delivery for streamlined IFR clearances "Mobile Clearance Delivery is another example of how Garmin continues to integrate the planning and flying experience in ways that are meaningful to pilots. By bringing clearance delivery directly into Garmin Pilot, we're helping reduce workload, improve clarity and save valuable time for both pilots and air traffic control."
–Carl Wolf, Garmin Vice President Aviation Sales, Marketing, Programs & Support
For many instrument pilots, obtaining an IFR clearance typically requires contacting ATC by radio or phone, particularly at airports where Pre-Departure Clearance or Data Comm services are not available. Mobile Clearance Delivery streamlines that process by allowing Garmin Pilot Premium users to receive clearances electronically on the ground, helping reduce frequency congestion, minimize readback errors and improve efficiency for pilots and controllers alike.
After filing an IFR flight plan in Garmin Pilot, users operating from a Mobile Clearance Delivery-capable airport will see the feature appear in the Flights page within 30 minutes of departure. Pilots can start a Mobile Clearance Delivery session, receive their clearance from ATC, review it in the app and accept it with a "WILCO" response. Once accepted, the cleared route can be seamlessly overlaid on the Garmin Pilot map, and when properly equipped, may be sent to compatible avionics via Connext®.
The clearance remains available for review in Garmin Pilot, giving pilots a text-based reference that can help improve clarity throughout the flight. Before takeoff, the clearance is accessible from the Flights page and through a banner that persists across the app; after departure, pilots can continue to reference the clearance from the Flights page for 48 hours.
A future enhancement will allow Garmin Pilot users to cancel IFR directly in the app after landing at airports that support Mobile Clearance Delivery. This capability is especially useful at uncontrolled airports or Class D towered airports when the tower is closed, helping pilots avoid additional radio or phone calls while allowing other IFR operations to move more efficiently.
Garmin developed Mobile Clearance Delivery in collaboration with the Federal Aviation Administration and MITRE and the feature is still in its operational test and evaluation phase. Available in a limited capacity now, the feature will be rolled out nationwide in phases through 2028. Five airports are currently operational for testing and evaluation, including New Century AirCenter (KIXD), Garmin's home airport near its headquarters in Olathe, Kansas; Hooks Field (KDWH); Sugar Land Regional Airport (KSGR); Galveston Scholes International Airport (KGLS); and Appleton International Airport (KATW).
Pilots attending AirVenture Oshkosh and departing from Appleton on an IFR flight plan are encouraged to try the feature and share feedback on their experience. Additionally, all Garmin Pilot Premium users operating out of test and evaluation airports are invited to send feedback to [email protected]. For more information, visit Garmin.com/Aviation.
Garmin products and services have revolutionized flight and become essential to the lives of pilots and aircraft owners and operators around the world. A leading provider of solutions to general aviation, business aviation, rotorcraft, advanced air mobility, government and defense, and commercial air carrier customers, Garmin believes every day is an opportunity to innovate. Recipient of the prestigious Robert J. Collier Trophy for Garmin Autoland, Garmin developed the world's first certified autonomous system that activates during an emergency to control and land an aircraft without human intervention. Visit the Garmin Newsroom, email our media team, connect with @garminaviation on social, or follow our blog.
About Garmin International, Inc. Garmin International, Inc. is a subsidiary of Garmin Ltd. (NYSE: GRMN). Garmin Ltd. is incorporated in Switzerland, and its principal subsidiaries are located in the United States, Taiwan and the United Kingdom. Garmin and Connext are registered trademarks and Garmin Pilot is a trademark of Garmin Ltd. or its subsidiaries. All other brands, product names, company names, trademarks and service marks are the properties of their respective owners. All rights reserved.
Notice on Forward-Looking Statements:
This release includes forward-looking statements regarding Garmin Ltd. and its business. Such statements are based on management's current expectations. The forward-looking events and circumstances discussed in this release may not occur and actual results could differ materially as a result of known and unknown risk factors and uncertainties affecting Garmin, including, but not limited to, the risk factors listed in the Annual Report on Form 10-K for the year ended December 27, 2025, filed by Garmin with the Securities and Exchange Commission (Commission file number 0-31983). Copies of such Form 10-K are available at https://www.garmin.com/en-US/investors/sec/. No forward-looking statement can be guaranteed. Forward-looking statements speak only as of the date on which they are made and Garmin undertakes no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events, or otherwise.
Media Contact:
Mikayla Rudolph
913-397-8200
[email protected]
Woldcoin (WLD) price trades around $0.3838 at press time on Thursday, extending a consolidative tone capped beneath the 50-day Exponential Moving Average (EMA) at $0.4141. WLD token emissions are scheduled to drop by 43% from Friday, reducing supply pressure. Retail activity in WLD derivatives remains firm, with a 40% rise in trading volume and elevated funding rates.
Headwinds to ease for WorldcoinWorldcoin prepares to reduce daily token emissions by 43% on Friday. Community locked tokens emission rate will drop by 50%, from 3.2 million WLD to 1.6 million WLD, while team and investor emissions will decline by 32% from 1.9 million WLD to 1.3 million WLD. Taken together, the total emissions will approximately reduce from 5.1 million WLD to 2.9 million WLD. Typically, a reduction in the new token supply entering the market potentially eases supply pressure.
In addition, Grayscale submitted an S-1 application for a WLD-focused Exchange Traded Fund (ETF), which could boost institutional demand if approved.
On the retail front, speculative activity in WLD derivatives remains elevated. CoinGlass data shows the trading volume is up 40% in the last 24 hours to $396.25 million, while the notional value of active perpetual contracts remains stable, with Open Interest (OI) holding at $290.17 million. At the same time, the funding rate remains positive at 0.0077%, reflecting a bullish bias among traders.
WLD derivatives data. Source: CoinGlassJake Kennis, Senior Research Analyst at Nansen, told FXStreet, “43% unlock reduction cuts daily emissions by nearly 2.2 million WLD tokens, while the Grayscale spot ETF application opens a regulated demand channel.” Kensin added, “If the ETF is approved and attracts inflows, shrinking new supply, meeting a fresh buyer base, which could lead to a genuine supply-demand tightening if the demand is high enough.”
Beyond the ETF and supply cut decision, Kennis highlighted, “World Chain scaling and full network decentralization, which is targeted for late 2026, ecosystem expansion, Orb rollout, and real world integrations with merchant payment partnerships,” could boost demand for WLD tokens. However, regulatory developments around biometric ID, which remain the project's biggest existential risk.
Could Worldcoin regain bullish momentum?Worldcoin holds below both the 50-day and 200-day EMAs, which keeps the near-term bias bearish. From a technical perspective, WLD consolidates between 50-day EMA at $0.4141 and the 23.6% Fibonacci retracement of the upswing from $0.2267 to $0.27229, at $0.3438.
The Moving Average Convergence Divergence (MACD) sits marginally above its signal line, indicating consolidative momentum. At the same time, the Relative Strength Index (RSI) around 44 shows a bullish divergence with the higher low formation during the July 1 and 19 lows.
A decisive close above $0.4141 could test the resistance cluster of the 200-day EMA at $0.4654 and the 50% retracement at $0.4748. If WLD clears this zone, the 78.6% Fibonacci retracement at $0.6167 could emerge as the next overhead target.
WLD/USDT daily price chart.Looking down, the crucial support for WLD emerges at $0.3438, where a sustained close could extend its decline to the Fibonacci anchor at $0.2267.
(The technical analysis of this story was written with the help of an AI tool. Know more.)
Expand Energy má 28. července oznámit výsledky za 2. čtvrtletí, přičemž zisk má vzrůst o 5,5 % meziročně na 1,16 USD na akcii a tržby mírně klesnout na 2,01 miliardy USD.
Key Takeaways Expand Energy to report Q2 results on July 28, with earnings seen rising while revenues edges lower.EXE faces higher CapEx, weather disruptions and softer gas prices, but production guidance remains intact.Expand Energy may benefit from marketing gains, LNG access, hedging and efficiency improvements. Expand Energy Corporation (EXE - Free Report) is set to release second-quarter 2026 earnings on July 28. The Zacks Consensus Estimate for the to-be-reported quarter is pegged at a profit of $1.16 per share on revenues of $2.01 billion.
Let us delve into the factors that might have influenced EXE’s performance in the to-be-reported quarter. Before that, it is worth taking a look at the company’s performance in the last reported quarter.
Highlights of EXE’s Q1 Earnings & Surprise HistoryIn the first quarter, the U.S.-based natural gas producer’s adjusted earnings of $3.83 per share beat the Zacks Consensus Estimate of $3.69, driven by strong production and higher natural gas price realization. Moreover, revenues of $3.3 billion beat the Zacks Consensus Estimate of $3.1 billion.
Expand Energy’s earnings beat the consensus estimate in three of the trailing four quarters and missed in one, delivering an average surprise of 4.1%.
This is depicted in the graph below.
Trend in Estimate Revision for EXEThe Zacks Consensus Estimate for the second-quarter bottom line has remained unchanged in the past seven days. The estimated figure indicates a 5.5% year-over-year surge. However, the top-line estimate implies a 0.4% decrease from the year-ago period’s level.
Factors to Consider Ahead of EXE’s Q2 ReleaseExpand Energy's second-quarter results could face pressure from higher capital spending, as management indicated that this quarter would represent the year's peak CapEx due to increased drilling and completion activity, leasehold acquisitions and seasonal workovers, while production is expected to remain flat sequentially. The Gulf Coast also experienced weather-related disruptions that shifted spending into the quarter to be reported, potentially weighing on free cash flow. Additionally, management acknowledged exposure to softer natural gas prices, noting it could defer activity if markets weaken, while diesel inflation tied to geopolitical tensions may modestly increase operating costs.
However, on a positive note, Expand Energy could outperform expectations, supported by resilient operations, strong marketing gains and improved commercial execution. The company generated nearly $90 million from market volatility in the first quarter, expanded access to premium LNG markets through the Delfin agreement and maintained full-year production guidance. Strong hedging, stable operating costs and continued efficiency improvements could further support earnings in the quarter to be reported.
What Does Our Model Say About EXE?The proven Zacks model does not predict an earnings beat for Expand Energy this time around. The combination of a positive Earnings ESP and a Zacks Rank #1 (Strong Buy), 2 (Buy) or 3 (Hold) increases the chances of beating estimates. However, this is not the case here.
EXE’s Earnings ESP: Earnings ESP, which represents the difference between the Most Accurate Estimate and the Zacks Consensus Estimate, for this company is -1.82%. You can uncover the best stocks to buy or sell before they’re reported with our Earnings ESP Filter.
EXE’s Zacks Rank: Expand Energy currently carries a Zacks Rank #4 (Sell).
Stocks to ConsiderHere are some firms from the energy space that you may want to consider, as these have the right combination of elements to post an earnings beat this reporting cycle.
ProPetro Holding Corp. (PUMP - Free Report) has an Earnings ESP of +52.38% and a Zacks Rank #2 at present. You can see the complete list of today’s Zacks #1 Rank stocks here.
ProPetro is scheduled to release earnings on July 29. The Zacks Consensus Estimate for current quarter earnings indicates year-over-year growth of about 85.7%. Valued at around $1.6 billion, PUMP’s shares have surged 122.4% in a year.
Cactus, Inc. (WHD - Free Report) has an Earnings ESP of +7.04% and a Zacks Rank #2 at present. It is scheduled to release earnings on July 29.
The Zacks Consensus Estimate for WHD’s 2026 earnings indicates year-over-year growth of about 8.6%. Valued at around $4.4 billion, WHD’s shares rose 21% in a year.
Oil States International, Inc. (OIS - Free Report) currently has an Earnings ESP of +27.27% and a Zacks Rank #3. It is scheduled to release earnings on July 30.
Notably, the Zacks Consensus Estimate for OIS’ 2026 earnings indicates year-over-year growth of about 43.2%. Valued at around $517.1 million, OIS’ shares have gained 55.3% in a year.
Tractor Supply po slabším 2. čtvrtletí snížila výhled na fiskální rok 2026 a stáhla dlouhodobý finanční rámec. Zároveň zavře asi 75 slabě výkonných prodejen Petsense.
Contrarian Alert: 5 Downgraded Stocks That May Reward Long-Term InvestorsTractor Supply NASDAQ: TSCO said its second-quarter results came in below expectations as unusually weak May trends offset positive comparable sales in April and June, prompting the rural lifestyle retailer to lower its fiscal 2026 outlook, withdraw its long-term financial framework and announce the closure of about 75 underperforming Petsense stores.
Chief Executive Officer Hal Lawton said the company’s “underlying business remains healthy,” but that the quarter was pressured by a combination of higher fuel prices during the spring selling season and persistent drought in key southeastern markets. Those factors weighed on discretionary and project-oriented categories, including big-ticket items and hardlines spring goods.
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3 Retail Winners Using Cash Flow to Stay Ahead“Performance in our big ticket categories and hard lines spring goods during May alone reduced our Q2 comp sales by approximately two percentage points,” Lawton said, adding that needs-based businesses remained resilient.
Sales rise, but comparable sales decline Net sales increased approximately 2% to $4.5 billion, driven by new store growth and partly offset by lower comparable store sales. Comparable sales declined approximately 1.5%, reflecting lower transaction counts, modest inflation and softer discretionary demand, particularly in big-ticket categories.
Tractor Supply’s 10% Culling: A Bruise, Not a BreakLawton said consumable, usable and edible categories remained positive during the quarter, while big-ticket sales declined in the mid-single digits, led by softness in spring and summer categories in May. Digital sales posted double-digit growth, supported by deliver-from-store performance, higher traffic and improved conversion.
Chief Financial Officer Kurt Barton said reported gross profit increased 2.6% to $1.68 billion, with gross margin expanding 11 basis points to 37.1%. On an adjusted basis, gross profit rose 3.0% to $1.69 billion, and adjusted gross margin expanded 24 basis points to 37.2% of net sales. Barton said disciplined product cost management and tariff refunds more than offset higher freight expense and investments in the company’s price-value position.
Reported SG&A expense increased 14.4% to $1.22 billion, including a $65.8 million charge tied to the Petsense business and $9.5 million in acquisition costs associated with VIP Petcare. Excluding those items, adjusted SG&A rose 7.3% and deleveraged by approximately 118 basis points as a percentage of sales, largely because of lower comparable sales. Adjusted operating income was $548.3 million, and adjusted diluted earnings per share were $0.81.
Company cuts 2026 outlook Tractor Supply updated its fiscal 2026 guidance to reflect year-to-date performance and expectations for the remainder of the year. The company now expects:
Net sales growth of approximately 2.5% to 3.5%. Comparable store sales in the range of negative 1% to flat. Adjusted operating margin of 8.5% to 8.8%. Adjusted diluted EPS of $1.90 to $2.00. Barton said the company’s base case assumes modest sequential improvement in comparable sales in the second half as recent actions take hold and comparisons ease. However, he said guidance also reflects the possibility that current pressures persist.
For the second half, Barton said gross margin is expected to be below the prior year, with greater pressure in the third quarter than the fourth. Freight costs, including fuel, are expected to remain elevated, while tariff refunds are expected to provide less benefit than they did in the second quarter. The company also plans to open its 11th distribution center early in the fourth quarter, with start-up costs beginning in the third quarter and continuing into the fourth.
Pet strategy remains a focus Lawton said pet performance remains below where the company wants it to be, though trends improved sequentially from the first quarter and Tractor Supply continues to hold share. He said category resets are complete, including more localized assortments, greater exposure to premium nutrition and a stronger exclusive brand portfolio.
The company’s Freshpet rollout was in approximately 250 stores at the end of the second quarter, and Tractor Supply remains on track to expand it to at least 700 stores by year-end. During the question-and-answer portion of the call, Chief Merchant Seth Estep said more than 40% of Freshpet buyers were either new pet food buyers at Tractor Supply or reactivated buyers.
Tractor Supply also completed its acquisition of VIP Petcare during the quarter. Lawton said the acquisition adds relationships with about 1 million pets annually through a network of 2,500 veterinarians across 39 states and helps connect veterinary services, prescriptions and products across physical and digital channels.
The company is also moving to improve its value proposition through its “unbeatable price” campaign, clearer everyday value messaging and targeted promotions. Estep said customer survey results showed a roughly 180-basis-point year-over-year improvement in customers’ price-value perception of Tractor Supply, with sequential improvement in June and stronger results in July.
Petsense closures and capital reallocation Tractor Supply said it will close approximately 75 underperforming Petsense stores following a review of the business. Lawton said in response to an analyst question that those locations have negative four-wall cash flow, and that closing them will allow the company to redeploy capital into the core business.
Lawton said the remaining Petsense business is expected to be “strong” and profitable, while complementing the broader pet ecosystem that includes Allivet and VIP Petcare. He also said Petsense is not directly connected to the core Tractor Supply business and that the closures should not affect the company’s pet re-acceleration efforts in Tractor Supply stores.
The company also said it plans to open approximately 85 to 90 new stores in 2027, compared with a previous expectation of 100 new stores. Lawton said capital will be redeployed toward Project Fusion remodels, store relocations and Final Mile delivery.
Lawton described Project Fusion as one of the company’s most important initiatives to improve the existing store base, citing localization and expanded pet wash as elements contributing to performance. He also said Final Mile delivery remains a strong growth opportunity, with Tractor Supply completing as many Final Mile deliveries in the first half of 2026 as it did in all of 2025.
Long-term framework withdrawn Tractor Supply withdrew the long-term financial framework it introduced at its December 2024 Investor Day. Barton said the prior targets reflected the operating environment and assumptions at that time, but several underlying conditions have changed, including softer farm and ranch markets and pressure across key end markets.
“We no longer believe it is appropriate to anchor investors to the long-term financial algorithm we previously outlined,” Barton said. The company plans to provide an updated long-term framework with its fourth-quarter 2026 earnings announcement.
Despite the revised outlook, Barton said Tractor Supply remains in a strong financial position, with healthy cash flow, a strong balance sheet and financial flexibility. He said share repurchase activity is expected to be toward the high end of the company’s original guidance range of $375 million to $450 million, and that Tractor Supply remains committed to returning capital to shareholders through a growing dividend.
About Tractor Supply (NASDAQ:TSCO)Tractor Supply Company NASDAQ: TSCO is a specialty retailer focused on products for the home, farm, ranch and outdoors. The company operates a network of physical retail locations complemented by an e-commerce platform, offering a one-stop source of supplies and equipment for customers with rural and suburban lifestyles. Its merchandise assortment targets a range of needs, from animal and livestock care to maintenance, outdoor power equipment, and seasonal products.
Product categories include animal feed and supplies, pet products, fencing and fencing supplies, equine equipment, lawn and garden tools, work clothing and footwear, and small agricultural and outdoor power equipment.
This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to [email protected].
Should You Invest $1,000 in Tractor Supply Right Now?Before you consider Tractor Supply, you'll want to hear this.
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SpaceX v srpnu uvolní k prodeji asi 911 milionů dříve uzamčených akcií, čímž se volně obchodovatelný podíl zvýší zhruba na 12 %. Další prodeje mohou tlačit cenu dolů.
When Space Exploration Technologies (SPCX +1.73%), also known as SpaceX, went public on June 12, only about 4.9% of its 13.2 billion shares were put up for sale, an unusually small public float.
But that percentage is set to more than double in August as many owners of pre-IPO shares will be partially released from the standard lock-up agreements.
This week, the space exploration, satellite, and artificial intelligence firm headed by Elon Musk announced that it will deliver its first earnings report as a public company on Aug. 4. As per the rules set out in the company's prospectus, two trading days later, pre-IPO shareholders will be able to sell some 911 million of their locked-up shares, bringing the float to about 12%. Even more shares will be released if the stock trades at 30% above its IPO price on five of the 10 trading days prior to the earnings release.
Image source: Getty Images.
Essentially, the 180-day lock-up agreement expires in tranches, with more shares set to be released in September, November, and December. Elon Musk and some other significant investors are subject to a one-year lock-up. Musk owns around 40% of SpaceX shares, though he controls more than 80% of the company's voting power through a dual-class share structure.
Today's Change
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$
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And as SpaceX employees begin to liquidate their holdings to diversify out of the company's stock -- a normal occurrence after companies go public -- that selling could put downward pressure on the share price.
So, should you pick up a few SpaceX shares?
Well, that's a tricky question. After an initial bump in the first few days after the IPO, when investors bid the stock above $225, it has since retreated and now trades at around $121 a share, well below the $135 IPO price. Such price movement in an IPO stock is not unusual, but given that SpaceX is not yet profitable, it may take investors a while to regain their initial enthusiasm.
Matthew Benjamin has no position in any of the stocks mentioned. The Motley Fool has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy.
Apple po 15 letech mění CEO: Tim Cook 1. září předá vedení hardwarovému šéfovi Johnu Ternusovi a zůstane výkonným předsedou představenstva. Investoři čekají hlavně na to, zda Ternus zlepší AI a udrží zpětné odkupy i dividendu.
After 15 years running Apple (AAPL -1.55%), Tim Cook will hand the CEO role to hardware chief John Ternus on Sept. 1, with Cook staying on as executive chairman. Ternus is a 25-year Apple veteran who helped launch the iPad and AirPods, so this is a carefully planned insider handoff, not a shake-up.
Here are three things Apple investors can reasonably expect from the leadership change.
Image source: Getty Images.
1. Continuity, not a revolution Apple did not hire an outsider with a mandate to tear things up. Ternus has spent his entire career inside Apple, and Cook will remain as executive chairman to smooth the transition. Expect the strategy, the disciplined supply chain, and the capital-return program to carry on largely unchanged in the near term.
Cook is an operations master; Ternus is an engineer who ran hardware for the iPhone, iPad, Mac, and Watch. That suggests a CEO with a sharper instinct for the products themselves, which could mean more aggressive bets on new hardware like foldable devices, smart glasses, and AI-infused gadgets.
2. Pressure to fix Apple's AI story This is the big one. Apple has been widely seen as lagging in artificial intelligence (AI), with Siri and Apple Intelligence both underwhelming users and investors. Ternus inherits the job of making Apple a credible AI player, likely by leaning on its strength in on-device AI and custom silicon. How he handles this will define his tenure.
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3. Steady shareholder returns Don't expect the cash machine to slow down. Apple's massive buybacks and growing dividend should continue, and the real profit engine, its high-margin services business, keeps expanding. In the near term, watch iPhone gross margins, which some view as a key signal of financial health.
Ternus takes over with the stock near all-time highs, but that cuts both ways. Expectations are elevated, so every early decision and product launch will face intense scrutiny, and the share price could be volatile as investors judge whether he can innovate or merely maintain. New CEOs are rarely given much patience.
The takeaway for investors The handoff from Cook to Ternus looks about as smooth as a leadership change at a multitrillion-dollar company can be, which should reassure long-term shareholders. The real questions are about the future, not the transition: Can Ternus close Apple's AI gap and reignite hardware innovation, while protecting the margins and cash returns that investors prize?
I would treat September as the start of a show-me period rather than a reason to buy or sell, and judge the new CEO by his products, not his first press release.
Francie odmítla schválit systém Tesla FSD v současné podobě pro silnice EU kvůli bezpečnostním obavám. Jde o první veřejné odmítnutí této iniciativy ze strany členského státu EU.
The silhouette of Elon Musk and Tesla logo are seen in this illustration taken June 11, 2026. REUTERS/Dado Ruvic/Illustration/File Photo Purchase Licensing Rights, opens new tab
SummaryCompaniesFrance cited safety concerns over Tesla FSD in its current formThe Netherlands provisionally approved FSD on Dutch roadsBelgium, Denmark, Estonia and Lithuania followed suit ahead of a possible EU vote this fallAMSTERDAM, July 23 (Reuters) - France opposes the use of Tesla's (TSLA.O), opens new tab Full Self-Driving (FSD) driver assistance software in its current form on roads in the European Union due to safety concerns, its transportation minister said.
The French stance on the FSD software is the first public rejection by an EU government of a Dutch-led initiative to approve the technology for use throughout Europe.
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In a video statement released on Wednesday, Philippe Tabarot pointed to worries over speeding and driver inattention.
"In France, we believe that, while this system brings a number of technological advances, the safety tradeoffs are not yet sufficient to justify authorisation in its current form," he said.
Tabarot added that other European countries shared France's concerns regarding the software, though he did not name them.
Reuters reported in June that Sweden may also oppose approval.
Tesla's FSD is a driver assistance system that can accelerate, brake, and steer a car, while its human driver remains ready to intervene.
The Netherlands' road authority RDW approved the technology for use on Dutch roads on a provisional basis in April, prompting Belgium, Denmark, Estonia and Lithuania to do the same in advance of a possible bloc-wide vote on the plan this fall.
The RDW could not immediately be reached for comment on Thursday.
FSD software is seen as a selling point and revenue-generator for Tesla, whose European registrations are gradually recovering following a slump last year.
Responding to Tabarot's remarks in a statement on X, Tesla CEO Elon Musk wrote that "delaying the approval of FSD in France will cost lives".
Tabarot said France is continuing technical discussions with the Netherlands and other EU countries over the technology.
Reporting by Toby Sterling; Editing by Joe Bavier
Our Standards: The Thomson Reuters Trust Principles., opens new tab
Tesla uvedla, že Optimus se ve Fremontu dostal do výroby a učí se pozorováním, bez předem napsaného kódu. Musk tvrdí, že má jít o prvního humanoidního robota schopného obecně vykonávat úkoly.
Optimus moved into production this quarter at Tesla’s Fremont, California, factory, where the humanoid robot learns from what it sees instead of code written to instruct it.
“You’ve probably seen lots of impressive demonstrations of robots on the internet,” CEO Elon Musk said Wednesday (July 22) on the company’s second-quarter earnings call. “Those demonstrations are pre-programmed or remote controlled. There is no humanoid robot that is actually able to do generalized tasks. Optimus will be the first one that is capable of doing that.”
That scalability is the point. Programming a robot for every possible task isn’t feasible, but learning by observation is virtually limitless: factory floor footage runs continuously, and video of humans performing everyday tasks already exists at internet scale. Like a new employee, Optimus practices, fails, learns and improves, the company says.
“Just like Full Self-Driving, Tesla’s driver-assistance software, we have access to a broad fleet of humans giving us data from all of the workers at our factory,” said Ashok Elluswamy, Tesla’s vice president of AI. “Optimus can learn quite a bit from observing them perform their tasks.”
Optimus Has No Existing Supply Chain, So Tesla Is Building One Getting Optimus built at scale is a separate challenge. Cars draw on decades of existing suppliers for parts like glass and body panels; Optimus has no such precedent. Every part is new and every supplier had to be found from scratch or brought in-house.
“The difficulty of scaling the production ramp is proportionate to the newness of the parts in the robot,” Musk said. “With Optimus, there is no supply chain.”
Karen Cattan, Tesla’s VP of supply chain, said the company builds components itself when outside partners fall short. “In certain cases where we don’t find a great partner, we’ve never hesitated from insourcing it,” she said. Tesla is also lining up outside suppliers for chips and batteries. Samsung is building a manufacturing facility in Texas. Micron, one of the world’s largest memory chip makers, has given Tesla an allocation at a time when supply is tight. Panasonic has invested in battery cell production to support the ramp.
Tesla has also placed equipment orders for a chip development facility in Austin that puts design, testing and production under one roof, compressing a process that typically takes months into weeks. No such facility exists anywhere else on earth, Musk said. “It’s going to be the hardest product to scale manufacturing that we’ve ever made at Tesla,” he said.
Robotaxi Fleet Has Driven 380,000 Miles Without a Notable Incident While Optimus is a longer-term bet, Tesla’s robotaxi program, fully driverless vehicles that pick up and drop off passengers with no one behind the wheel, is proving the same technology in the real world.
Tesla has logged more than 380,000 miles of unsupervised robotaxi driving across seven U.S. markets with zero notable incidents, Elluswamy said. The fleet is growing at double-digit rates week over week and Tesla expects that pace to hold through year end.
The program started roughly a year ago in Austin with safety monitors in the car. By late last year it was running with no one on board, and it has since expanded across Florida, Texas and the Bay Area. “Robotaxi growth so far has been literally exponential while keeping an impeccable safety record,” Elluswamy said.
Both robotaxis and Optimus run on the same principle: a machine that learns from what it sees, improves through repetition and eventually outperforms a system following a fixed script. Robotaxis are proving the model works. Optimus is the next test of it.
What Else Stood Out Full Self-Driving, Tesla’s software that handles steering, acceleration and braking without human input, now has nearly 1.5 million paying customers globally. In North America, 55% of Q2 North American deliveries had FSD enabled at purchase. Tesla is adding Starlink satellite connectivity to the Cybercabs. Tesla ended Q2 with its biggest order backlog since 2023. Model Y set sales records in the Netherlands, Australia and New Zealand, CFO Vaibhav Taneja said. The Tesla Semi, the company’s electric freight truck, will get autonomous driving capability by end of this year or early next. Optimus will eventually have superhuman dexterity, finer motor control than a human hand, Musk said. The human hand is more remarkable the closer you study it, he added, and Optimus is designed to match and then exceed it. Second-Quarter Results and Future Outlook Tesla reported record second-quarter deliveries with sequential growth of 60% in the Americas, 27% in Asia Pacific and 12% in Europe, the Middle East and Africa.
Automotive gross margins, excluding regulatory credits, fell from 19.2% to 16.3%, driven by the non-recurrence of a $230 million warranty benefit and tariff relief from Q1. Adjusted for those items, margins were approximately flat.
Service margins, which include used cars, Supercharging, service centers and insurance, hit an all-time high of 14.1%, up from 9.2%. Free cash flow turned negative as capital expenditure more than doubled from the previous quarter, and Tesla now expects full-year capital expenditure above $25 billion.
ToplineElon Musk’s fortune was cut by more than $18 billion on Thursday amid the worst intraday selloff in Tesla shares in more than a year, following the automaker’s earnings report that disappointed Wall Street, as analysts called for Musk’s firm to bring “tangible” results for its robotics and robotaxi businesses.
The automaker reported earnings that disappointed Wall Street, with plans to spend billions more on AI.
Getty Images
Key FactsShares of Tesla plunged 14.1% as of Thursday afternoon, pacing what would be the largest single-day decline for the stock since June 5, 2025 (14.2%).
That drop in Tesla’s share price lowered Musk’s net worth by $18.6 billion to $731.7 billion, even as he remains the world’s richest person ahead of Google co-founder Larry Page ($263.8 billion) and Amazon’s Jeff Bezos ($245.4 billion).
Tesla's slump follows the company’s quarterly earnings report on Wednesday, in which the automaker reported $28.2 billion in revenue, beating consensus analyst estimates of $27.2 billion, according to FactSet, while posting earnings that fell well below projections of 55 cents at 33 cents.
Chief financial officer Vaibhav Taneja, during Tesla’s earnings call, reiterated plans for the automaker to spend $25 billion this year and more in the coming years.
That brought some criticism from Wall Street: Morgan Stanley analysts said in a note that while Tesla’s spending is a “necessary investment,” the company will need to present “tangible” milestones for its robotaxi and Optimus programs.
Canaccord Genuity analysts echoed that sentiment, writing the firm wanted to see meaningful robotaxi deployments over the next six months as Tesla ramped up its AI strategy.
surprising factCanaccord analysts noted they hoped to see momentum around a merger between Tesla and SpaceX. In Tesla’s earnings call, Musk deflected a question about a possible tie-up following months of speculation: “We can’t talk about, you know, combining companies and that kind of thing on an earnings call—it has got to be done with the appropriate process.” Musk did note there is “more and more overlap” between his two firms, pointing to Starlink’s integration in Cybertrucks, and TeraFab, a proposed AI chip manufacturing venture between Tesla, SpaceX and the former xAI, which is now a SpaceX subsidiary.
what to watch forSpaceX will launch its 13th test flight of the Starship rocket on Thursday, its first since the rocket maker’s initial public offering last month. An earlier launch scheduled for last week was aborted after Musk said some of the rocket’s engines failed to start. That pushed SpaceX shares down by more than 4%, lowering Musk’s net worth by more than $45 billion.
contraSpaceX shares were largely flat on the day, down only 0.1% as of around 1:45 p.m. EDT, having little impact on Musk’s fortune.
key backgroudnMusk’s fortune has fallen more than $700 billion from its peak, which came shortly after SpaceX’s IPO. A trading debut for his SpaceX made him a trillionaire, and surging shares in the rocket maker boosted him to a high of $1.45 trillion before a weekslong selloff that has since pushed his net worth below pre-IPO levels. The latest dip in Tesla shares followed speculation from shareholders about whether Musk would reveal updates for Tesla’s Optimus robotics or robotaxi plans, with submitted questions ahead of the automaker’s earnings asking why its robotaxi business had been “stalled.” Another question posed: “What is keeping Tesla back from accomplishing these short-term goals that they’ve set for themselves?”
further readingForbesMusk Says Tesla And SpaceX ‘Can’t Talk About’ Merging On Earnings Call—But Here’s What He Did SayBy Ty Roush
Coca-Cola má 28. července oznámit výsledky za 2. čtvrtletí a trh čeká růst tržeb o 4,2 % na 13,1 miliardy USD a EPS o 5,6 % na 92 centů. Tlak na objemy v Severní Americe a Evropě ale přetrvává.
Key Takeaways Coca-Cola is expected to report Q2'26 revenue and EPS growth, with results due on July 28.KO's all-weather strategy is supported by pricing actions, organic growth and global value share gains.KO faces volume pressure in North America and Europe as value-conscious consumers weigh on demand. The Coca-Cola Company (KO - Free Report) is slated to report second-quarter 2026 earnings on July 28, before the opening bell. The company is expected to register year-over-year top- and bottom-line growth when it posts second-quarter numbers.
The Zacks Consensus Estimate for revenues is pegged at $13.1 billion, implying 4.2% growth from the year-ago quarter's reported figure. The consensus estimate for earnings is pegged at 92 cents per share, indicating 5.6% growth from the prior-year quarter’s reported figure. The consensus mark for earnings has been unchanged in the past 30 days.
The Atlanta, GA-based company has been reporting steady earnings, as evidenced by its positive earnings surprise trend in the trailing 12 quarters. Coca-Cola delivered a trailing four-quarter earnings surprise of 4.5%, on average. On the last reported quarter’s earnings call, the company registered an earnings surprise of 6.2%. Given its positive record, the question is, can KO maintain its momentum?
Q2 Earnings Whispers for Coca-ColaOur proven model does not conclusively predict an earnings beat for KO this time around. The combination of a positive Earnings ESP and a Zacks Rank #1 (Strong Buy), 2 (Buy) or 3 (Hold) increases the chances of an earnings beat. You can uncover the best stocks to buy or sell before they are reported with our Earnings ESP Filter.
Coca-Cola currently has a Zacks Rank #3 and an Earnings ESP of 0.00%.
You can see the complete list of today’s Zacks #1 Rank stocks here.
Key Trends in Focus Ahead of KO's Q2 Earnings ReleaseCoca-Cola’s second-quarter 2026 results are expected to reflect the strength of its all-weather strategy and the resilience of its global portfolio. KO’s momentum has been fueled by solid organic revenue growth, effective pricing actions and continued gains in global value share across the non-alcoholic RTD category. The company’s ability to command premium pricing underscores the strength of its brand portfolio and execution discipline. Strategic revenue growth management and affordability initiatives are helping balance pricing with consumer retention.
Our model predicts organic revenue growth of 3.9% and comparable EPS to rise 6.5% year over year to 93 cents for the second quarter.
KO’s ongoing focus on innovation, digital transformation and marketing excellence further sharpens its competitive edge, with breakthrough product launches and culturally resonant campaigns elevating brand relevance. The company’s refreshed marketing model blends digital, live and in-store touchpoints to build stronger, more personalized consumer connections. Margin expansion, driven by productivity gains, easing inflation and disciplined revenue growth management, reinforces its financial durability.
Looking ahead, Coca-Cola expects to maintain strong margin discipline, supported by productivity gains, favorable price/mix dynamics and gradual easing of inflationary pressures. Our model predicts the adjusted operating margin to expand 30 bps year over year to 35% in the second quarter, led by a flat adjusted gross margin rate and a 40-bps improvement in the SG&A expense rate.
For second-quarter 2026, comparable revenues and EPS are expected to include currency tailwinds of 1% and 3%, respectively. Both metrics are also estimated to include a 1% headwind from acquisitions and divestitures.
However, Coca-Cola is expected to have faced notable volume pressure in key markets, reflecting evolving consumer behavior and economic challenges, particularly in North America and Europe. The company is witnessing soft volumes as low-income consumers remain value-conscious amid inflationary pressures. These widespread volume challenges signal waning consumer momentum, particularly in lower-income groups.
While Coca-Cola continues to rely on price/mix gains to support revenues, the persistence of volume softness raises concerns about sustained demand, making recovery efforts in lagging regions even more critical.
Coca-Cola’s Price Performance & ValuationKO shares have risen as much as 17.6% year to date. The stock has outpaced the broader industry and the Consumer Staples sector’s 10.9% and 8.4% growth, respectively. KO stock has also outperformed the S&P 500 index, which has risen 9.5% in the same period.
KO Stock’s YTD Performance
Image Source: Zacks Investment Research
Coca-Cola stock has outperformed its key competitor, PepsiCo Inc. (PEP - Free Report) , which has declined 5.4% year to date. Coca-Cola has also outpaced Keurig Dr Pepper Inc.’s (KDP - Free Report) growth of 7.9% but underperformed Monster Beverage Corporation’s (MNST - Free Report) rally of 24.8% in the same period.
From the valuation standpoint, KO trades at a forward 12-month P/E multiple of 24.3X, exceeding the industry average of 19.01X and the S&P 500’s average of 20.85X. Coca-Cola’s valuation appears quite pricey.
Image Source: Zacks Investment Research
KO undoubtedly commands a high valuation, reflecting its strong market positioning, brand power and long-term growth potential compared with other non-alcoholic beverage companies. However, we believe that its valuation is too stretched at this time.
Investment ThesisCoca-Cola remains a powerhouse in the beverage industry, commanding more than 40% of the global non-alcoholic beverage market. The company’s enduring success is driven by a formidable market presence, world-class marketing capabilities and a relentless focus on innovation. With a portfolio boasting more than 4,700 products and 500 brands, spanning sodas, juices, waters and energy drinks, Coca-Cola continues to reinforce its leadership.
KO’s dominant market share, broad product range and strategic emphasis on innovation and digital transformation position it well for sustained long-term growth. However, short-term headwinds, such as inflationary pressures, global macroeconomic uncertainties and unfavorable currency fluctuations, remain challenges to navigate.
ConclusionCoca-Cola enters its second-quarter earnings release with solid momentum, supported by pricing strength, organic revenue growth, productivity gains and disciplined margin management. Its powerful brand portfolio, innovation pipeline and global reach continue to reinforce long-term resilience. However, persistent volume weakness in North America and Europe, particularly among lower-income consumers, remains a key concern.
The stock’s strong year-to-date rally and premium valuation leave limited room for disappointment. Although Coca-Cola’s fundamentals remain sound, investors may prefer to wait for clearer evidence of volume recovery and sustained earnings momentum before considering fresh exposure at the current valuation levels following earnings.
Alphabet ve 2. čtvrtletí 2026 zvýšil kapitálové výdaje na rekordních 44,9 miliardy USD a v příštím čtvrtletí očekává 50,4 miliardy USD. Investice táhne silná poptávka po Google Cloud.
Image credit: Financial Times (Data: S&P Capital IQ, Bloomberg)
Consequently, in Q2 2026, GOOGL’s CapEx reached a record $44.9 billion, while growth to $50.4 billion is projected for the following quarter. At the same time, in one year, quarterly CapEx will reach $65.2 billion, whereas FCF will be -$1.2 billion.
Image credit: Author
Also, it’s worth noting that the company’s total debt increased from $90.5 billion to $112.7 billion. But this rise in debt is offset by an increase in cash reserves from $126.8 billion to $242.4 billion. However, this can hardly be called a positive development, since the increase in cash reserves was achieved by diluting shareholders’ equity. It is a significant shift for a company that frequently engages in share buybacks.
Image credit: Author
According to GOOGL’s CEO, though, no further stock offerings are expected. The next round of investments will be financed through operating cash flow, reserves, and debt. A big chunk of the investments is aimed at meeting the strong growth in demand for Google Cloud, which saw its order backlog increase from $460 billion to $514 billion.
Risks exist, but they will not alter the trajectory of development
The current upward revision to the CapEx forecast, though, is less a result of the need to scale the company’s AI infrastructure and more a result of rising prices for the equipment and components used to build the data centers themselves. The manufacturers of GPUs, TPUs, DRAM, optical and copper interconnects, as well as other components, are the beneficiaries of Alphabet’s latest report.
This means, for GOOGL, a definite increase in the cost of services and higher CapEx to expand the necessary AI infrastructure. Because of this, the company’s operating margin rose to 34%, even though many had predicted it would reach 40%. So, the temporary decline in business margins is not a hypothetical risk, it’s a real one.
Image credit: Author
Conclusion
Hence, key takeaways for investors include not only maintaining the “Buy” rating on GOOGL shares but also the emergence of a strong signal for the semiconductor and AI infrastructure markets. The shortage of components is driving up their prices, increasing margins for manufacturers. Therefore, a large portion of my portfolio consists of the aforementioned companies and other firms benefiting from the AI supercycle.
Analyst’s Disclosure: I have a beneficial long position in the shares of GOOGL either through stock ownership, options, or other derivatives. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it. I have no business relationship with any company whose stock is mentioned in this article.
Benzinga Disclaimer: This article is from an unpaid external contributor. It does not represent Benzinga’s reporting and has not been edited for content or accuracy.
Market News and Data brought to you by Benzinga APIs
Alphabet navzdory AI boomu zvýšil počet zaměstnanců o 11 830 na 198 933. Firma zároveň zvýšila výhled kapitálových výdajů na 195 až 205 miliard USD kvůli silné poptávce po AI infrastruktuře.
The AI boom didn't stop Google from hiring nearly 12,000 people By You're currently following this author! Want to unfollow? Unsubscribe via the link in your email.
and Madison Hoff You're currently following this author! Want to unfollow? Unsubscribe via the link in your email.
Google CEO Sundar Pichai. Benjamin Fanjoy/Getty Images As companies make rounds of job cuts and double down on AI spend, Google's parent company Alphabet is expanding its workforce.
Alphabet reported blockbuster second-quarter earnings, with revenue climbing 24% year over year to $119.8 billion. The company revealed in its earnings report that it increased head count by 11,830 employees, from 187,103 to 198,933, between June 30, 2025 and June 30, 2026.
The chart below shows how Alphabet's workforce has grown from the end of the first quarter of 2025 through the end of the second quarter of 2026.
The biggest jump in Alphabet's head count of the last couple of years came in the second quarter of 2026, when the company added over 4,000 workers, accounting for more than one-third of net hiring over the past year.
Since 2022, companies including Google, Meta, Amazon, and Microsoft have cut thousands of jobs. Google laid off 12,000 employees in 2023 and has conducted several smaller rounds of cuts since, impacting thousands of employees in total.
Google employees from around the country rallied last week to demand stronger protections against layoffs. Roughly 4,500 employees signed a petition about job security addressed to CEO Sundar Pichai and three senior executives at the tech giant.
While Google didn't share which roles it has hired more of over the last year, the company said in its earnings on Thursday that it's prioritizing long-term AI growth and doubling down on its AI buildout.
The tech giant raised its 2026 capital expenditure outlook to between $195 billion and $205 billion, up from a previous estimate of up to $190 billion. The company said its demand for AI infrastructure continues to outpace available capacity.
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Ana Altchek You're currently following this author! Want to unfollow? Unsubscribe via the link in your email.
Madison Hoff You're currently following this author! Want to unfollow? Unsubscribe via the link in your email.
Madison Hoff is a reporter on Business Insider’s economy team. She covers the labor market, inflation, spending, and other data. In addition to covering new estimates and trends, her workforce reporting includes career pivots, job searching, and side hustles.She also covers downsizing, particularly people selling their houses to pursue RV living. She has also reported on how much teachers spend out of pocket and what it’s like being a caregiver.Her stories often cover the state of the economy, what experts are saying, and how people are navigating the workplace or their careers.Previously, she was a junior reporter and data editorial fellow on the Strategy team.A few of her stories:
Job-market trend: Welcome to the 'Great Freeze': Why companies aren't firing, workers can't grow, and the unemployed can't get jobsJob-market trend: Everyone's focused on AI — but it's aging Americans who are quietly rewiring the job marketCareer pivot: I retired early from my federal job and took a part-time job at TJ Maxx. I'm happier and less stressed.Downsizing/RV living: An empty-nester couple who traded in a $400K house for an $80K RV explain their favorite parts of retirement on the roadJob searching: People who haven't had steady work for at least a year are networking, doing temporary jobs, and soul-searchingSide hustles: A millennial who used side hustles to pay off debt explains the lucrative and easy ones she recommendsTeacher spending: A teacher who spent more than $5,000 of her own money to make a cozy classroom explains why it helps kids learn Google AI Tech More Layoffs
Alphabet zvýšil výhled kapitálových výdajů na 195 až 205 miliard USD, protože poptávka po kapacitě převyšuje nabídku. Akcie společnosti následující den klesly o 6 %.
Big tech companies and spending on artificial intelligence and its infrastructure have been one of the biggest stories in the stock market this year, ever since Amazon (AMZN -4.53%), Alphabet (GOOG -6.68%) (GOOGL -6.80%), Microsoft, and Meta Platforms disclosed plans to spend $700 billion on capital expenditures this year.
Of that, Amazon was the biggest spender at $200 billion, with Alphabet close behind at $185 billion. But in the company’s second-quarter earnings call with analysts, Alphabet executives announced plans to join Amazon in the $200 billion club, spending its capex primarily on servers, connectivity, storage, and memory for data centers.
Alphabet stock fell 6% the next day. Will Amazon also raise its capex spending when it reports earnings on July 30? And just as importantly, will Amazon stock face the same fate as Alphabet?
Image source: Amazon.
Why is Alphabet raising capex?Alphabet, the parent company of Google, spent $44.9 billion on capex in the second quarter, with 60% of that on servers and 40% on data centers and networking equipment. It had previously projected full-year capex to be in a range of $180 billion to $190 billion; it now anticipates spending between $195 billion and $205 billion.
“We're still in a supply constraint environment. I think we've said this now for multiple quarters in a row, we are seeing very strong demand, both from external cloud customers as well as across the business. Our goal is to invest as long as we see an attractive return on that investment,” CFO Anat Ashkenazi said.
In short, Alphabet says that demand is outpacing computing capacity, even though Alphabet is accelerating its spending.
Overall earnings for Alphabet were exceptionally strong, with revenue of $119.79 billion, up 24% from a year ago. Google Cloud revenues were $24.76 billion, up 82% from a year ago.
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How likely is it for Amazon to also raise capex?I believe it’s very likely. First, consider that Amazon is a much larger cloud provider than Alphabet. Amazon Web Services has the greatest global share of the cloud computing market at 28%, followed by Microsoft at 21% and Google Cloud at 14%.
Second, Amazon has been very public and bullish about its capex. In a letter to shareholders in April, CEO Andy Jassy posted a lengthy statement on Amazon’s website justifying the company’s planned spending and saying it would be a “meaningful leader” in AI.
We’re not investing approximately $200 billion in capex in 2026 on a hunch. The recent OpenAI commitment (over $100 billion) is an example of this, but there are several other customer agreements completed (and unannounced), or deep in process. Of the AWS capex we expect to spend in 2026, much of which will be monetized in 2027-2028, we already have customer commitments for a substantial portion of it. And third, there are indications that major hyperscalers are accelerating their AI spending. BNP Paribas analyst Stefan Slowinski recently predicted in an investor report that Microsoft, the No. 2 cloud computing company by market share, would spend a whopping $262 billion on capex in its 2027 fiscal year. (Microsoft reports its fiscal fourth quarter and full year 2026 earnings on July 29, but the company had previously disclosed $104.3 billion in capex spending through its first three quarters.)
What to expect from Amazon’s earningsFirst, I would be shocked if Amazon did not increase its projected capex, but I also expect the market to react poorly because of it. Investors are very focused on the pressure big tech’s capex spending is putting on free cash flow, and I understand why there are concerns that Alphabet, Amazon, and the rest won’t be able to realize a profit from all this spending.
But as Jassy points out, Amazon isn’t spending blindly. As long as Amazon’s spending and planned investment are backed by customer commitments and the demand for more computing power exists, then Amazon looks to be a long-term winner. Any dip in the stock following earnings could be an appealing opportunity to acquire more shares.
AMD se spojuje se startupem Cerebras na novém přístupu k AI inferenci a jeho Helios má být v datacentrech Cerebras ještě letos. Firma tvrdí, že Helios přináší až o 30 % více inferenčních tokenů na dolar než Nvidia Vera Rubin NVL72.
By You're currently following this author! Want to unfollow? Unsubscribe via the link in your email.
AMD president and CEO Lisa Su. Leon Neal/Getty Images AMD is making a bet about the future of AI: one chip shouldn't rule them all.
CEO Lisa Su announced Thursday that AMD is teaming up with chip startup Cerebras on a new approach to AI inference, which is the process of generating responses from AI models.
Increasingly, chipmakers are pursuing "disaggregated inference," which splits workloads across different types of hardware. AMD's partnership with Cerebras shows the company is betting big on this approach.
Traditionally, the same hardware handled both processing a prompt and generating an answer. AMD argues those are fundamentally different jobs. Helios, its latest server system, is designed to process huge volumes of requests, whereas Cerebras' giant, wafer-sized chip specializes in generating near-instantaneous responses.
The partnership will bring Helios into Cerebras' data centers later this year.
Demand for chips from companies like AMD, Nvidia, and Broadcom has skyrocketed in the AI boom. Nvidia dominates chip design for AI training, and the competition has intensified as AI companies shift focus from training models to putting them to work.
The AMD and Cerebras pact aligns with a broader shift that analysts say is already underway, with UBS writing in June that the limitations of current architectures "are driving a shift toward disaggregated inference."
UBS wrote that Nvidia — through its integration of AI hardware startup Groq — and Amazon Web Services are also pursuing similar setups to improve efficiency and lower costs. That said, UBS wrote that disaggregated inference presents new challenges around "orchestration" — or getting different chips to work together seamlessly.
At Advancing AI, AMD unveiled Helios, its latest server system that bundles several types of AI chips, which is its answer to Nvidia's Vera Rubin NVL72 rack. AI labs and cloud giants using AMD's infrastructure include OpenAI, Meta, Microsoft, Oracle, and Anthropic, with which AMD announced a multibillion-dollar infrastructure partnership on Wednesday.
AMD also used the event to take direct aim at Nvidia, claiming that Helios delivers up to 30% more inference tokens per dollar than Nvidia's Vera Rubin NVL72 rack.
"Every Helios can deliver more performance for the largest models, more capacity for longer context, and the bandwidth to scale across thousands of racks," Su said Thursday at AMD's Advancing AI event.
Have a tip? Contact this reporter via email at [email protected] or Signal at @geoffweiss.25. Use a personal email address, a nonwork WiFi network, and a nonwork device; here's our guide to sharing information securely.
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Geoff Weiss You're currently following this author! Want to unfollow? Unsubscribe via the link in your email.
Geoff Weiss is a senior reporter on Business Insider’s tech team, where he writes about AI startups and Y Combinator, the intersection of AI and the media industry, and workplace dynamics within top AI labs and chip companies.Previously, Geoff was on the media desk, covering YouTube and Netflix, and themes like the intersection of Hollywood and the creator economy. His work on Netflix’s video podcasting ambitions and Mr Beast’s lessons for Hollywood won second and first prize, respectively, at the 2025 LA Press Club Awards.Prior to joining Business Insider, Geoff was the senior editor of Tubefilter and a staff writer at Entrepreneur. He graduated from New York University with a degree in English Literature.He can be reached at [email protected], on Signal @geoffweiss.25, and on LinkedIn. Have a tip? Use a personal email address and a nonwork device; here's our guide to sharing information securely.Selected stories:Nvidia crushed its quarter — and CEO Jensen Huang said in a leaked all-hands that 'the market did not appreciate it'Nvidia will foot the bill for Trump's new visa fees. Here's what CEO Jensen Huang told staff.Massive AI salaries and RTO are fueling a real estate boom in San Francisco: 'It's going to rain money'The AI talent wars are ricocheting across startups. Here's how they're competing with Big Tech.
Artificial Intelligence AI Stocks More Stock Market Data Centers
Foundation Future Industries spolupracuje s AMD na vývoji autonomních humanoidních robotů pro vojenské a průmyslové využití. Firma použije procesory AMD Ryzen AI Embedded X100 Series v robotu Phantom MK-2.
Item 1 of 2 AMD logo is seen in this illustration created on June 11, 2026. REUTERS/Dado Ruvic/Illustration/File Photo
[1/2]AMD logo is seen in this illustration created on June 11, 2026. REUTERS/Dado Ruvic/Illustration/File Photo Purchase Licensing Rights, opens new tab
July 23 (Reuters) - Eric Trump-backed Foundation Future Industries said on Thursday it is partnering with AMD (AMD.O), opens new tab to use its chips to co-develop autonomous humanoid robots for military and industrial use.
The son of U.S. President Donald Trump has been an investor in the start-up since early this year and serves as chief strategy advisor, the company said.
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The Trump family's investments in several companies have drawn scrutiny, particularly its stakes in defense firms that regularly compete for government contracts, raising concerns about potential conflicts of interest.
Eric Trump and his brother, Donald Trump Jr., have also backed Israeli drone-maker XTEND (JFB.O), opens new tab, Unusual Machines (UMAC.A), opens new tab and Powerus.
Under the deal, whose value was not disclosed, Foundation plans to use AMD Ryzen AI Embedded X100 Series processors — introduced by the chipmaker in January, opens new tab this year — to build the second version of its robot, Phantom MK-2.
The start-up, founded in 2024, said it has deployed its Phantom MK-1 robots to contribute in building more than 24,000 cars in 2025.
In October, the company will open a factory capable of building 5,000 Phantom robots annually, with plans to start building another facility early next year with an annual capacity of 50,000 robots, CEO Sankaet Pathak told Reuters.
Each industrial-use robots, leased to customers, cost about $100,000 per year, Pathak said.
On the defense side, the company is developing robots for materials handling and reconnaissance, which are sold to the government at $300,000 a unit, he added.
Reporting by Aishwarya Jain in Bengaluru; Editing by Vijay Kishore
Our Standards: The Thomson Reuters Trust Principles., opens new tab
Visa čeká 28. července výsledky za 3. fiskální čtvrtletí; konsensus počítá s EPS 3,23 USD a tržbami 11,35 miliardy USD. Firma má pozitivní Earnings ESP a za poslední čtyři čtvrtletí vždy překonala odhady.
Key Takeaways V reports fiscal Q3 results on July 28 with the consensus mark suggesting 8.4% EPS and 11.6% revenue growth.V has a positive Earnings ESP, a favorable rank and has topped earnings estimates for four straight quarters.Payment volumes, cross-border spending and digital payments to support Visa's quarterly growth. Visa Inc. (V - Free Report) is set to report its third-quarter fiscal 2026 results on July 28, 2026, after market close. The Zacks Consensus Estimate for the to-be-reported quarter’s earnings is currently pegged at $3.23 per share on revenues of $11.35 billion.
The estimate for fiscal third-quarter earnings has witnessed one upward movement and no downward revisions over the past 60 days. The bottom-line projection indicates a year-over-year increase of 8.4%. The Zacks Consensus Estimate for quarterly revenues suggests year-over-year growth of 11.6%.
Image Source: Zacks Investment Research
For fiscal 2026, the Zacks Consensus Estimate for Visa’s revenues is pegged at $45.37 billion, implying a rise of 13.4% year over year. The consensus mark for EPS is pegged at $13.13, suggesting a jump of around 14.5% on a year-over-year basis.
The payments juggernaut has a robust history of surpassing earnings estimates. It beat estimates in each of the last four quarters, with the average being 3.2%???. This is depicted in the graph below:
Q3 Earnings Whispers for VisaOur proven model predicts a likely earnings beat for the company this time around as well. The combination of a positive Earnings ESP and a Zacks Rank #1 (Strong Buy), 2 (Buy) or 3 (Hold) increases the odds of an earnings beat. That is precisely the case here.
Visa has an Earnings ESP of +0.12% and a Zacks Rank #2. You can uncover the best stocks to buy or sell before they’re reported with our Earnings ESP Filter.
You can see the complete list of today’s Zacks #1 Rank stocks here.
Factors Shaping Visa’s Q3 ResultsThe Zacks Consensus Estimate suggests a 7.2% increase in total Gross Dollar Volume from the previous year, while our model predicts 7.3% growth. The growing adoption and popularity of digital payment methods are likely to contribute positively to Visa's overall fiscal third-quarter results.
As the company draws revenues as a set percentage of total transaction value every time a customer makes payments with a debit/credit card, higher spending means more revenues in the form of transaction processing fees. The Zacks Consensus Estimate for fiscal third-quarter total processed transactions implies 9.2% year-over-year growth.
The consensus mark for total payment volumes indicates an 8.8% year-over-year increase. We expect the metric for U.S. operations alone to jump nearly 7% year over year. Similarly, our model predicts 14% year-over-year growth in Latin America and 14.6% in CEMEA.
The Zacks Consensus Estimate for data processing revenues indicates 13.6% growth in the fiscal third quarter from the year-ago level of $5.15 billion, while our estimate suggests a 15.3% increase. Similarly, the consensus mark for service revenues suggests 12% year-over-year growth, whereas we expect the metric to grow 13% from $4.33 billion.
Furthermore, the consensus estimate for international transaction revenues indicates 7.9% growth from a year ago. Continuous growth in cross-border volumes is expected to have supported the metric. The FIFA World Cup 2026 event is likely to have provided a boost in June 2026.
The factors stated above are expected to have positioned Visa for strong year-over-year growth in the fiscal third quarter and an earnings beat. However, rising expenses and client incentives (a contra-revenue item) are likely to have partially offset the positive impact of higher volumes.
We expect adjusted total operating expenses for the quarter under review to increase 15.9% year over year due to increased Personnel, Professional Fees, Marketing, and Network and Processing expenses. Also, the Zacks Consensus Estimate for client incentives is pegged at $4.58 billion for the to-be-reported quarter.
Visa Price Performance & ValuationVisa's stock has gained only 0.8% in the year-to-date period. It still outperformed the industry’s 10.1% fall butunderperformed the S&P 500’s increase of 9.3%. In comparison, its peers like Mastercard Incorporated (MA - Free Report) and American Express Company (AXP - Free Report) have decreased 6.8% and 5.7%, respectively, during this time.
YTD Price Performance – V, MA, AXP, Industry & S&P 500 Image Source: Zacks Investment Research
Now, let’s look at the value Visa offers investors at current levels.
The company’s valuation looks somewhat stretched compared with the industry average. Currently, Visa is trading at 24.34X forward 12-month earnings, above the industry’s average of 16.95X, but still remains below its five-year median of 25.82X.
Image Source: Zacks Investment Research
In comparison, Mastercard is trading at 24.93X forward 12-month earnings. American Express, on the other hand, is trading at 18.25X now.
How Should You Play Visa Ahead of Q3 Earnings?Visa enters its fiscal third-quarter earnings report with several factors working in its favor. The company has consistently delivered earnings beats, carries a Zacks Rank #2, and has a positive Earnings ESP, a combination that historically increases the likelihood of another earnings surprise. Healthy payment volumes, resilient cross-border spending, expanding Value-Added Services and growing stablecoin initiatives should continue supporting solid revenue and earnings growth. The FIFA World Cup-related travel activity in June may have provided an additional boost to international transaction revenues.
Beyond the quarter, Visa's long-term investment case remains compelling. The company continues to benefit from the secular shift toward digital payments while successfully expanding into adjacent businesses such as fraud prevention, data services and blockchain-based settlement infrastructure. Its strong cash generation also enables substantial share repurchases and dividend growth, reinforcing shareholder returns.
That said, investors should not ignore the risks. Regulatory scrutiny in the United States and overseas, rising operating expenses, higher client incentives and increasing competition from fintechs and real-time payment networks could weigh on margins over time. In addition, Visa's valuation remains above the industry average, leaving less room for disappointment if results or guidance fall short of expectations.
Overall, with favorable estimate revisions and durable business fundamentals, Visa appears well-positioned heading into earnings. Existing investors should remain confident, while prospective investors may find the stock attractive as the long-term growth story remains intact.
Realty Income rozšiřuje byznys do datových center a s partnery chystá počáteční investice přes 6 miliard USD do hyperscale projektů. Firma už dříve koupila 80% podíl ve dvou centrech ve Virginii.
Realty Income's (O -0.51%) developed a stellar reputation as a brick-and-mortar retailer REIT, defying the headwinds that are supposed to be destroying the retail industry. In fact, this landlord has raised its annual per-share dividend for nearly 29 consecutive years. And by no small amount either. Since listing itself on the NYSE in 1994, it's upped its dividend by an average of 4.1% per year.
Shareholders may see this growth pace perk up for the foreseeable future as this retail-focused real estate investment trust eases its way into the data center business. Here's what you need to know.
Yes, that Realty Income -- the retailer REIT It's true! The landlord to some of the retail industry's most resilient names, like Dollar General, Walmart, and Home Depot, is getting into the data center industry.
OK, it technically entered this business back in late 2023 by acquiring an 80% interest in two data centers then under construction in Northern Virginia that would ultimately be steered by AI infrastructure outfit Digital Realty.
That $800 million commitment was trumped in a big way just last month, however, when Realty Income formed a joint venture with Cloud Capital and an unnamed institutional investor. Together, they're initially committing over $6 billion to hyperscale data centers, leaving the door open to greater investment in the future.
Image source: Getty Images.
At first blush, it appears this REIT is moving into waters beyond its core proficiency. That's not quite the case. The business model here is essentially the same as its brick-and-mortar retailing operation -- Realty Income builds or buys a structure, and then converts it into a space that generates rental income.
In this case, the "renters" are simply companies leasing cloud-based access to computing servers. As Realty Income's CEO, Sumit Roy, commented on the agreement, the "announcement affirms the strength of our business model and its ability to translate across sectors, including digital infrastructure."
Accelerated income growth ahead One data center deal isn't necessarily game-changing for Realty Income. For that matter, neither is a small handful. For perspective on the amount of capital this real estate investment trust is actually putting into the business, the current net value of the company's real estate portfolio stands at $54 billion, which turned over $5.7 billion in revenue last year into nearly $4 billion worth of operating funds to pass along to shareholders, plus an additional $1.0 billion in net income. Its current data center efforts aren't likely to move the needle much just yet.
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Be patient, though. It's unlikely that Realty Income will back away from the hyperscale data center business now that it's proven it's comfortable with it. If anything, it's more likely than not to continue adding these projects to its portfolio. It matters simply because, according to Precedence Research, the worldwide data center market is poised to grow at an average yearly pace of nearly 27% through 2035. There's money to be made here.
Just don't lose perspective on this. While the opportunity for revenue growth is significant, hyperscale data centers also require a great deal of up-front capital and a somewhat slow payback period. It's still more of an income growth investment than a typical growth holding.
James Brumley has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends Digital Realty Trust, Home Depot, Realty Income, and Walmart. The Motley Fool has a disclosure policy.
Palantir spojuje data, pracovní postupy a AI do jedné provozní vrstvy, aby firmy nasazovaly AI v ostrém provozu, ne jen v testech. V 1. čtvrtletí 2026 zvýšil tržby o 85 % a v USA u komerčních tržeb o 133 %.
Key Takeaways Palantir uses Ontology to connect data, workflows, and AI into enterprise operations.PLTR's AIP Bootcamps help customers rapidly move AI from pilots to production deployments.PLTR paired 85% revenue growth with strong profitability, outperforming key AI software peers. Palantir Technologies (PLTR - Free Report) has long been recognized as a leader in enterprise data analytics. Still, its competitive advantage is increasingly being defined by something far more durable than AI software alone. The company’s growing moat stems from its ability to help organizations transition from isolated AI experiments to fully operational, enterprise-wide AI deployments.
At the center of this strategy is Palantir’s Ontology, a software layer that connects an organization’s data, business processes, assets and decision-making into a unified operational model. Rather than simply generating insights, Ontology enables AI applications to understand how an enterprise functions and execute workflows within existing business operations. This transforms AI from a standalone productivity tool into infrastructure that supports mission-critical decision-making.
Complementing this platform is Palantir’s AIP Bootcamp program, which accelerates the path from proof of concept to production. Instead of spending months evaluating AI use cases, customers collaborate with Palantir to build working applications that solve real operational problems. Successful pilots often expand into larger deployments across departments, creating deeper integration with the customer’s technology ecosystem.
This combination of Ontology and AIP Bootcamps strengthens Palantir’s competitive position in several ways. As organizations deploy more workflows, connect additional data sources and embed AI into daily operations, switching to another platform becomes increasingly difficult. Existing customers also gain opportunities to expand usage over time, reinforcing recurring revenue growth while increasing long-term customer value.
Unlike many AI vendors focused primarily on developing models, Palantir is positioning itself as the operational layer that allows enterprises to deploy AI securely, reliably and at scale. As businesses increasingly prioritize production-ready AI over experimental projects, this integrated approach could continue widening PLTR’s competitive moat and strengthening its long-term growth prospects.
Palantir vs. AI Software PeersPLTR’s competitive strengths are reflected in its financial performance. The company delivered 85% revenue growth in the first quarter of 2026, including an exceptional 133% increase in U.S. commercial revenues, while generating a 60% adjusted operating margin and a 53% GAAP net margin. Even leading AI software companies like Datadog (DDOG - Free Report) and Snowflake (SNOW - Free Report) struggle to match this combination of rapid expansion and profitability.
While DDOG and SNOW continue to benefit from AI demand, their growth rates remain significantly lower. By combining a durable software foundation with industry-specific expertise and superior execution, Palantir continues to separate itself from DDOG, SNOW and traditional enterprise software competitors.
PLTR’s Price Performance & EstimatesThe stock has declined 30% year to date compared with the industry’s 7% decrease.
Image Source: Zacks Investment Research
From a valuation standpoint, PLTR trades at a forward price-to-sales ratio of 31.47X, well above the industry’s 3.96X. It carries a Value Score of F.
The Zacks Consensus Estimate for PLTR’s 2026 earnings declined over the past 60 days.
Image Source: Zacks Investment Research
PLTR currently carries a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
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