Na Graphic Packaging Holding Company a bývalé vedení byla podána hromadná žaloba kvůli údajným zavádějícím výrokům o byznysu a výhledu. Žaloba tvrdí, že firma skrývala problémy se zásobami, slabší poptávkou a vyššími náklady.
, /PRNewswire/ -- Pomerantz LLP announces that a class action lawsuit has been filed against Graphic Packaging Holding Company ("Graphic Packaging" or the "Company") (NYSE: GPK) and certain of its former officers. The class action, filed in the United States District Court for the Southern District of New York, and docketed under 26-cv-03790, is on behalf of a class consisting of all persons and entities other than Defendants that purchased or otherwise acquired Graphic Packaging securities between February 4, 2025 and February 2, 2026, both dates inclusive (the "Class Period"), seeking to recover damages caused by Defendants' violations of the federal securities laws and to pursue remedies under Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 and Rule 10b-5 promulgated thereunder, against the Company and certain of its former top officials.
If you are an investor who purchased or otherwise acquired Graphic Packaging securities during the Class Period, you have until July 6, 2026, to ask the Court to appoint you as Lead Plaintiff for the class. A copy of the Complaint can be obtained at www.pomerantzlaw.com. To discuss this action, contact Danielle Peyton at [email protected] or 646-581-9980 (or 888.4-POMLAW), toll-free, Ext. 7980. Those who inquire by e-mail are encouraged to include their mailing address, telephone number, and the number of shares purchased.
[Click here for information about joining the class action]
Graphic Packaging, together with its subsidiaries, designs, produces, and sells consumer packaging products. Its customers include businesses in the food, foodservice, beverage, household, and other consumer product industries in the Americas, Europe, and the Asia Pacific. The Company sells its products through sales offices, as well as through broker arrangements with third parties.
At all relevant times, Defendants touted the purported strength and stability of Graphic Packaging's business model and operations, as well as its purported ability to deliver on its cost and inventory reduction, free cash flow (FCF"), and profitability goals, notwithstanding ongoing and persistent market headwinds challenging the Company's and its customers' businesses.
Indeed, in February 2025, despite its President and Chief Executive Officer ("CEO"), Defendant Michael P. Doss ("Doss"), acknowledging "unusual volume challenges for the industry and our customers" over the past several years, Graphic Packaging forecasted full year ("FY") 2025 net sales, adjusted EBITDA, and adjusted earnings per share ("EPS") of $8.7 billion to $8.9 billion, $1.68 billion to $1.78 billion, and $2.53 to $2.78, respectively, excluding foreign exchange impacts. Defendant Doss attributed the Company's ability to weather the aforementioned headwinds to its overall business model and operations, asserting that Defendants would continue to "build on" the Company's "consisten[t]" and "profit[able]" and "strong and steady" results in 2025.
The complaint alleges that, throughout the Class Period, Defendants made materially false and misleading statements regarding the Company's business, operations, and prospects. Specifically, Defendants made false and/or misleading statements and/or failed to disclose that: (i) Graphic Packaging was experiencing, inter alia, significant inventory management issues, as well as significantly reduced demand and volumes and increased costs; (ii) Defendants downplayed the true scope and severity of the foregoing issues, which were likely to, and did, have a material negative impact on the Company's business and financial results; (iii) Defendants likewise overstated the strength and sustainability of the Company's business model and operations, as well as its ability to weather ongoing macroeconomic headwinds; (iv) accordingly, the Company's previously issued FY 2025 financial guidance was unreliable and/or unrealistic; and (v) as a result, Defendants' public statements were materially false and misleading at all relevant times.
The truth began to emerge on May 1, 2025, when Graphic Packaging issued a press release reporting its first quarter ("Q1") 2025 financial results. Among other results, the press release reported Q1 non-GAAP EPS of $0.51, missing consensus estimates by $0.07, and revenue of $2.12 billion, representing a 6.2% year-over-year decline, and missing consensus estimates by $10 million. The press release further revealed that the Company had negatively revised its previously issued FY 2025 net sales outlook to a range of $8.2 billion to $8.5 billion, significantly down from its prior guidance of $8.7 billion to $8.9 billion; its adjusted EBITDA outlook to a range of $1.4 billion to $1.6 billion, significantly down from its prior guidance of $1.68 billion to $1.78 billion; and its adjusted EPS outlook to a range of $1.75 to $2.25, significantly down from its prior guidance of $2.53 to $2.78. The Company blamed the negatively revised guidance on "an expectation of a 2% volume decline and $80 million of input cost inflation at the midpoint", as well as "higher macroeconomic and consumer spending uncertainty."
On this news, Graphic Packaging's stock price fell $3.94 per share, or 15.57%, to close at $21.37 per share on May 1, 2025.
On December 8, 2025, Graphic Packaging issued a press release announcing that it "plans to accelerate certain inventory reduction plans into the fourth quarter that were originally planned for 2026", and that "[p]roduction curtailment is expected to impact fourth quarter operating results by $15 million, which is in addition to the $15 million relating to" certain earlier-announced curtailments. The Company further revealed that it had negatively revised its FY 2025 financial guidance again, now expecting its adjusted EBITDA "to be in the range of $1.38 billion to $1.43 billion"—significantly below its previously revised guidance of $1.4 billion to $1.45 billion—and adjusted EPS "to be in the range of $1.75 to $1.95"—significantly below its previously revised guidance of $1.80 to $2.00.
In a separate press release issued the same day, Graphic Packaging announced that Defendant Doss had "mutually agreed with [its] Board of Directors to step down from his role [as President and CEO] and as a director effective December 31, 2025."
Following these disclosures, Graphic Packaging's stock price fell $1.35 per share, or 8.66%, to close at $14.23 per share on December 9, 2025.
Then, on February 3, 2026, Graphic Packaging issued a press release reporting its fourth quarter ("Q4") and FY 2025 financial results. Among other results, Graphic Packaging reported Q4 non-GAAP EPS of $0.29, missing consensus estimates by $0.06. The Company attributed its disappointing Q4 2025 earnings results to, inter alia, lower volumes, increased costs, and inventory reduction. Further, Graphic Packaging projected a meaningful decline in adjusted EBITDA in 2026, citing "a $130 million negative impact from actions taken to reduce inventory and generate [FCF], an approximately $100 million accrual (non-cash in 2026) for a return to more normal incentive compensation, January weather and production impacts, and other largely offsetting operating items."
In the same press release, Graphic Packaging's new President and CEO, Robbert Rietbroek, announced that he had "initiated a comprehensive review of our organization structure, operations, and footprint," among other aspects of the Company's business, thereby confirming the weakness and unsustainability of its present business model and operations.
On this news, Graphic Packaging's stock price fell $2.36 per share, or 15.97%, to close at $12.42 per share on February 3, 2026.
Pomerantz LLP, with offices in New York, Chicago, Los Angeles, London, Paris, and Tel Aviv, is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, Pomerantz pioneered the field of securities class actions. Today, more than 85 years later, Pomerantz continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered billions of dollars in damages awards on behalf of class members. See www.pomlaw.com.
Attorney advertising. Prior results do not guarantee similar outcomes.
Axon rozšířil Dedrone C2 o lepší fúzi senzorů a řízení mitigace proti dronům. Tržby platformy Dedrone v 1. čtvrtletí 2026 meziročně vzrostly asi o 300 %.
Key Takeaways AXON's Dedrone offerings help agencies detect, track and minimize unauthorized drone threats.AXON launched Dedrone C2 with enhanced sensor fusion and mitigation management capabilities.AXON's Dedrone platform revenues grew about 300% year over year in Q1 2026. Axon Enterprise, Inc. (AXON - Free Report) is strengthening its foothold in the counter-drone space with the growing capabilities of its Dedrone offerings and Artificial Intelligence (AI)-powered command-and-control platform. Equipped with advanced radar, radio frequency (RF) and acoustic sensors, the company’s Dedrone offerings enable law enforcement agencies to locate, track and minimize the threat of unauthorized drones.
It’s worth noting that Axon acquired Dedrone, a global leader in airspace security, in October 2024. The inclusion of Dedrone’s advanced airspace technology boosted AXON's capability to enable customers to protect their communities against drone threats and improve response to critical incidents.
The company recently launched Dedrone C2, an upgraded version of the Dedrone platform. This C2 version comes with enhanced sensor fusion technology, offering stronger detection capabilities. It features an integrated mitigation management capability that offers public safety entities wider access to mitigation tools. Apart from this, Axon’s Dedrone C2 offers seamless integrations with several third-party sensors and effectors.
AXON has also been focusing on strategic collaborations with other companies to expand its counter-drone capabilities and customer base. Last year, Axon entered into a partnership with TYTAN (a leading provider of interceptor systems for Group 3 drones) to boost detection, identification and mitigation capabilities of counter-drone equipment.
The company is witnessing solid momentum in its Dedrone platform, which experienced robust revenue growth of about 300% year over year in first-quarter 2026. Given the rising global demand for Counter-Unmanned Aircraft Systems (CUAS), Axon is expected to witness strong demand for its Dedrone platform.
Performance of AXON's PeersAmong its major peers, Teledyne Technologies Incorporated’s (TDY - Free Report) Digital Imaging segment’s first-quarter 2026 revenues increased 7.9% year over year to $816.9 million. The jump was due to higher sales of infrared imaging detectors, components and subsystems and surveillance & unmanned air systems. Teledyne generated 52.4% of its total revenues from this segment in the quarter.
Its another peer, Woodward, Inc.’s (WWD - Free Report) Aerospace business segment reported net sales of $703 million in second-quarter fiscal 2026, up 25% year over year. Woodward generated 64.5% of its total sales from this segment in the quarter. The increase in revenues for Woodward’s segment is primarily attributable to broad-based strength across commercial services, commercial OEM and defense OEM.
AXON’s Price Performance, Valuation and EstimatesShares of Axon have gained 17.9% in the past month against the industry’s decline of 1%.
Image Source: Zacks Investment Research
From a valuation standpoint, AXON is trading at a forward price-to-earnings ratio of 48.92X, above the industry’s average of 46.37X. Axon carries a Value Score of F.
Image Source: Zacks Investment Research
The Zacks Consensus Estimate for AXON’s 2026 earnings has declined, while the same for 2027 has increased over the past 60 days.
Image Source: Zacks Investment Research
The company currently sports a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
MP Materials v 1. čtvrtletí zvýšila tržby o 49 % na 90,6 milionu USD díky rekordní produkci a prodejům NdPr. Celkové tržby dosáhly 132,9 milionu USD po příspěvku 42,3 milionu USD z dohody s americkým ministerstvem války.
Key Takeaways MP Materials' first-quarter 2026 revenues rose 49% as NdPr production and sales reached records.MP reported no rare earth oxides sales after discontinuing such sales in July 2025.The Magnetics segment generated $21.1 million in revenues, driven by precursor sales to GM. MP Materials (MP - Free Report) began 2026 on a solid note, reporting first-quarter 2026 revenues of $90.6 million, up 49% from $60.8 million in the prior-year quarter. The company also benefited from a $42.3 million contribution under its price protection agreement (PPA) with the U.S. Department of War (DoW), taking consolidated revenues to $132.9 million for the quarter.
The robust performance was driven by the continued expansion of higher-value neodymium-praseodymium (NdPr) products. MP achieved record NdPr production of 917 metric tons, up 63% year over year, while NdPr sales surged 117% to another record 1,006 metric tons. The company did not generate rare earth oxides (REO) sales during the quarter, reflecting its decision to cease sales into the Chinese market in July 2025.
The company now processes the concentrate into separate rare earth products or stockpiles it for future use. Despite the absence of concentrate sales, the Materials segment generated revenues of $72.2 million in the first quarter, up 30% year over year, driven by stronger NdPr sales volumes and pricing,
The company’s Magnetics segment has also emerged as an important revenue contributor. It generated $21.1 million of revenues in the first quarter, supported by the sale of magnetic precursor products under the long-term supply agreement with General Motors (GM - Free Report) . The segment had made its first delivery to General Motors in the first quarter of 2025, which led to $5.2 million in revenues.
As of March 31, 2026, the company had sold $87.9 million of magnetic precursor products to General Motors and expects to complete the remaining $62.1 million commitment within the next year. Following the fulfillment of this agreement, the company anticipates transitioning to sales of finished magnets to General Motors, which are expected to begin in 2026.
Looking ahead, several initiatives could support future revenue growth. The company recently stated that it advanced key growth initiatives, such as expanding operations at Independence and breaking ground on the 10X magnetics facility, its second domestic rare earth magnet manufacturing facility. Meanwhile, scaled heavy rare earth separation commissioning activities are set to begin soon at Mountain Pass.
Among industry peers, Lynas Rare Earths (LYSDY - Free Report) also reported impressive growth, with third-quarter fiscal 2026 (ended March 31, 2026) revenues jumping 115% year over year to AUD 265 million ($183 million), the highest quarterly figure since the fourth quarter of fiscal 2022. This was driven by an increase in the NdPr price and sales volume and higher sales volume of total REO products.
Lynas Rare Earth reported NdPr production of 1,996 tons, representing a 32% year-over-year increase. The company also produced eight tons of dysprosium and terbium during the quarter. Total REO production for the quarter reached 3,233 tons, up 69% from the prior-year period. Lynas Rare Earth achieved its first production of samarium oxide in March 2026, ahead of its previously announced April 2026 target.
MP’s Price Performance, Valuation & EstimatesMP Materials’ shares have gained 57% in a year compared with the industry’s 40.1% growth.
Image Source: Zacks Investment Research
MP is trading at a forward 12-month price/sales multiple of 16.37X, a significant premium to the industry’s 1.49X.
Image Source: Zacks Investment Research
The Zacks Consensus Estimate for MP Materials’ 2026 earnings is pegged at 16 cents per share, indicating an improvement from the loss of 24 cents in 2025. The estimate for 2027 is $1.06 per share, indicating a 562.5% year-over-year improvement.
Image Source: Zacks Investment Research
The estimate for both 2026 and 2027 has, however, moved down in the past 60 days, as shown in the chart below.
Image Source: Zacks Investment Research
The company currently carries a Zacks Rank #3 (Hold).
You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Americká Sněmovna reprezentantů USA schválila bipartitní zákon o dostupném bydlení a poslala ho prezidentovi Donaldu Trumpovi ke konečnému schválení. Akcie RKT vyskočily o 9,4 %, PFSI o 3,9 % a LDI o 5,3 %.
Key Takeaways RKT climbed 9.4% yesterday as the landmark housing bill has moved one step closer to becoming a law.PFSI could benefit from diversified production channels and a sizable mortgage servicing platform.LDI may see operating leverage if purchase mortgage demand boosts, though mortgage rates remain a key factor. A landmark bipartisan affordable housing bill has moved one step closer to becoming a law after the U.S. House of Representatives overwhelmingly approved the legislation and sent it to President Donald Trump for final approval. This has put the spotlight back on the housing market. While home builders may be the most direct beneficiaries, the mortgage finance industry could also see meaningful second-order benefits if the bill helps unlock housing supply and stimulate transaction volumes.
This makes mortgage-focused stocks such as Rocket Companies (RKT - Free Report) , PennyMac Financial Services (PFSI - Free Report) and loanDepot (LDI - Free Report) worth watching. Shares of RKT jumped 9.4% yesterday, while PFSI and LDI gained 3.9% and 5.3%, respectively.
A Closer Look at the Housing Reform BillThe U.S. housing market has faced a persistent shortage of affordable homes for more than a decade. High mortgage rates, rising construction costs, restrictive zoning rules and lengthy permitting processes have made homeownership increasingly difficult.
The 21st Century ROAD to Housing Act is a bipartisan housing reform package designed to boost housing supply, improve affordability, modernize federal housing programs and expand access to homeownership.
It focuses on removing barriers that slow residential construction, encouraging local zoning and land-use reforms, expanding financing for affordable housing and supporting manufactured and modular housing. It also seeks to update long-standing programs such as the HOME Investment Partnerships Program and provide communities with new tools to plan and build more homes. Another key provision aims to curb large institutional investors and private equity firms from buying single-family homes, a trend that has raised concerns about reduced affordability for individual buyers.
RKT, PFSI & LDI: How Mortgage Stocks Could BenefitMortgage companies generate revenues from several key areas, including loan originations, mortgage servicing rights, refinancing activity and related home-financing services. When housing transactions rise, lenders typically benefit from higher application volumes, stronger purchase mortgage demand and improved fee income.
If the proposed housing bill succeeds in increasing housing inventory, improving affordability and encouraging more home purchases, mortgage-focused companies such as Rocket Companies, PennyMac Financial Services and loanDepot could see a meaningful improvement in their financials.
Rocket Companies could be one of the more visible beneficiaries due to its scale, strong consumer brand and digital-first mortgage platform. The company has invested heavily in technology, automation and customer acquisition, which may allow it to capture demand efficiently if homebuying activity improves.
PennyMac Financial Services appears comparatively well-positioned because of its diversified mortgage production channels, strong correspondent lending business and sizable servicing platform. Its servicing operations can provide more stable revenues during periods of origination weakness, while its production business could benefit if purchase activity accelerates. This balanced model may give PennyMac Financial Services more resilience than lenders that rely more heavily on direct-to-consumer originations.
loanDepot, meanwhile, may offer higher upside potential if mortgage volumes rebound. Because the company has been more pressured by weak origination activity, any recovery in purchase demand could create operating leverage and improve profitability.
Still, interest rates remain the key variable for the mortgage stocks. A housing bill may help address supply constraints, but mortgage demand will likely need lower borrowing costs, stable home prices and stronger consumer confidence to recover meaningfully. If rates remain elevated, the benefit from increased housing supply could be limited.
Final Words on Housing Bill ReformThe housing bill should be viewed as a potential structural tailwind rather than an immediate earnings catalyst for mortgage stocks. Its impact will depend on whether housing supply improves meaningfully and whether rate conditions become more favorable.
Overall, the legislation could help set the stage for a gradual recovery in mortgage activity. For investors, RKT, PFSI and LDI remain important stocks to watch as the housing market moves from rate-driven weakness toward possible supply-supported normalization.
Jack Henry rozšiřuje spolupráci s Google Cloud a vytvoří vlastní AI bezpečnostní platformu pro banky a družstevní záložny. Cílem je posílit kybernetickou odolnost a odhalovat hrozby dříve.
With Google Cloud's agentic defense solutions, Jack Henry bolsters its enterprise security and helps protect community institutions against emerging cyber threats
, /PRNewswire/ -- Jack Henry® (Nasdaq: JKHY) and Google Cloud today announced an expanded collaboration to deliver AI-driven security capabilities for banks and credit unions. Building on their strategic relationship established in 2022, Jack Henry will use Google Cloud's suite of agentic defense products to develop a proprietary AI security platform purpose-built for the financial services ecosystem. This initiative will strengthen cyber resilience for financial institutions and help them defend against emerging threats while improving operational efficiency.
Approximately 7,400 community banks and credit unions across the United States depend on Jack Henry for a wide array of banking, payments, lending, and operational solutions. As modern security threats grow increasingly complex with the rise of adversarial AI, these institutions require leading-edge defense mechanisms layered across their entire technology suite.
Jack Henry's enhanced, security-first platform is explicitly designed to address the strict compliance, regulatory, and security requirements of community financial institutions. By proactively identifying and mitigating emerging, AI-driven cyber threats, its architecture reinforces security across Jack Henry's entire operational environment – spanning Google Cloud, other cloud providers, and on-premises physical infrastructures.
"Combining our financial services expertise with Google Cloud's agentic defense capabilities enables us to help financial institutions proactively strengthen their defense against increasingly sophisticated threats," said Jack Henry President and CEO Greg Adelson. "Security has always been foundational to our platform, and this collaboration extends those capabilities further. By automating the analysis of large volumes of telemetry data, we can identify potential threats earlier and enable faster, coordinated responses before vulnerabilities are exploited."
AI is the top investment priority for financial institutions, according to Jack Henry's Strategy Benchmark survey of bank and credit union CEOs. Institutions are increasingly focused on AI to drive efficiency, improve risk-based decision-making, and enhance client experiences. This trend reinforces the industry's need for practical, secure AI capabilities that deliver value while meeting the requirements of highly regulated environments.
"Agentic AI workflows represent a transformative capability for financial services, but widespread adoption depends on trust," said Francis deSouza, chief operating officer, Google Cloud and president, Security Products. "Jack Henry is combining Google Cloud's agentic defense, Mandiant Consulting's deep cybersecurity expertise, and Gemini Enterprise Agent Platform to deliver secure-by-design AI. This empowers financial institutions to unlock measurable efficiency while strengthening resilience."
In tandem with these security advancements, Jack Henry is leveraging Gemini Enterprise Agent Platform, Google Cloud's AI platform, to develop and deploy a growing set of high-impact operational use cases, enabling its employees and financial services clients to:
Support customer service teams: Leverage AI-assisted tools to improve the speed and consistency of support and issue resolution. Enhance insights and reporting: Utilize advanced analytics to drive more informed, data-driven decision-making. Optimize daily operations: Automate routine administrative tasks, with early adopters reporting time savings of up to 70%. "We are utilizing AI in a bold and balanced way, unlocking its potential while maintaining the strong security, governance, and human oversight required in financial services," said Jack Henry Chief Operating Officer Shanon McLachlan. "We are prioritizing practical, high-impact use cases – from strengthening cyber resilience to automating back-office processes – to enable institutions to operate more efficiently, scale their teams, and continue delivering the high-touch service that sets them apart."
About Jack Henry & Associates, Inc.®
Jack Henry® (Nasdaq: JKHY) is a well-rounded financial technology company that strengthens connections between financial institutions and the people and businesses they serve. We are an S&P 500 company that prioritizes openness, collaboration, and user centricity – offering banks and credit unions a vibrant ecosystem of internally developed modern capabilities as well as the ability to integrate with leading fintechs. For 50 years, Jack Henry has provided technology solutions to enable clients to innovate faster, strategically differentiate, and successfully compete while serving the evolving needs of their accountholders. We empower approximately 7,400 clients with people-inspired innovation, personal service, and insight-driven solutions that help reduce the barriers to financial health. Additional information is available at www.jackhenry.com.
About Google Cloud
Google Cloud offers a powerful, optimized AI stack—including AI infrastructure, leading models like Gemini, data management capabilities, multicloud security solutions, developer tools and platform, as well as agents and applications—that enables organizations to transform their business for the Agentic Era. Customers in more than 200 countries and territories turn to Google Cloud as their trusted technology partner.
Apollo oznámila, že výsledky za 2. čtvrtletí 2026 zveřejní 4. srpna před otevřením burzy NYSE. Management je následně probere v 8:30 ET na veřejném webcastu.
June 25, 2026 08:00 ET | Source: Apollo Global Management, Inc.
NEW YORK, June 25, 2026 (GLOBE NEWSWIRE) -- Apollo (NYSE: APO) plans to release financial results for the second quarter 2026 on Tuesday, August 4, 2026, before the opening of trading on the New York Stock Exchange. Management will review Apollo’s financial results at 8:30 am ET via public webcast available on Apollo’s Investor Relations website at ir.apollo.com. A replay will be available one hour after the event.
Apollo distributes its earnings releases via its website and email lists. Those interested in receiving firm updates by email can sign up for them here.
About Apollo
Apollo is a high-growth, global alternative asset manager. In our asset management business, we seek to provide our clients excess return at every point along the risk-reward spectrum from investment grade credit to private equity. For more than three decades, our investing expertise across our fully integrated platform has served the financial return needs of our clients and provided businesses with innovative capital solutions for growth. Through Athene, our retirement services business, we specialize in helping clients achieve financial security by providing a suite of retirement savings products and acting as a solutions provider to institutions. Our patient, creative and knowledgeable approach to investing aligns our clients, businesses we invest in, our employees and the communities we impact, to expand opportunity and achieve positive outcomes. As of March 31, 2026, Apollo had approximately $1.03 trillion of assets under management. To learn more, please visit www.apollo.com.
Contacts
Noah Gunn
Global Head of Investor Relations
Apollo Global Management, Inc.
(212) 822-0540 [email protected]
Joanna Rose
Global Head of Corporate Communications
Apollo Global Management, Inc.
(212) 822-0491 [email protected]
HubSpot v 1. čtvrtletí 2026 přidal 10 800 čistých nových zákazníků a jejich počet meziročně vzrostl o 16 % na 299 458. Tahounem je růst větších ARR obchodů a širší adopce více Hubů i Breeze AI.
Key Takeaways HubSpot grew customers 16% year over year to 299,458 after adding 10,800 net new customers in Q1 2026.HUBS saw larger ARR deals rise, more multi-Hub adoption and pricing changes support customer growth.HubSpot expanded Breeze AI, with Core Seat users up 90% and over 25% of Pro customers buying more seats. HubSpot, Inc. (HUBS - Free Report) is witnessing solid customer growth across its customer relationship management platform. The company added 10,800 net new customers during first-quarter 2026, increasing the total customer count 16% year over year to 299,458.
There are several factors driving this customer growth. Larger enterprises are increasingly adopting HubSpot to consolidate customer-facing operations. Deals above $60,000 in annual recurring revenues (“ARR”) increased 37% year over year, while deals above $120,000 ARR surged 64%, reflecting improving traction in the upmarket segment. Instead of buying only Marketing Hub, customers are purchasing multiple Hubs together.
63% of new Pro+ customers purchased multiple Hubs, up 3% year over year. Having one unified connected platform that combines marketing, sales and service data supports AI models with complete information and helps enterprises to streamline workflows and boost their competitive edge. Having one integrated platform instead of several disconnected tools also lowers the total cost of ownership and improves efficiency.
The company’s pricing optimization strategy, implemented in 2024, continues to support customer acquisition. This has lowered entry pricing and removed minimum seat requirements. HUBS strong partner ecosystem is another major client acquisition engine.
HubSpot’s AI strategy is increasingly contributing to customer engagement and monetization. The company continues to expand Breeze AI capabilities across its customer platform through AI assistants, agents and automation tools. Active Core Seat users increased 90% year over year during first-quarter 2026, while more than 25% of Pro+ customers purchased additional Core Seats.
How Are Competitors Faring?In the CRM space, HubSpot faces competition from Salesforce, Inc. (CRM - Free Report) , one of the world’s leading Customer Relationship Management companies. More than 150,000 customers leverage Salesforce solutions to drive results across sales, service and marketing operations. Salesforce’s on-demand model supports standardized deployments, frequent updates and lower ownership costs for customers. The company continues to benefit as enterprises modernize customer-facing processes and reduce vendor sprawl.
Microsoft Corporation (MSFT - Free Report) is also seeing healthy demand trends in the Productivity & Business Processes segment, which includes the Office and Dynamics CRM businesses. The company's artificial intelligence capabilities are translating into tangible commercial success, with Microsoft Copilot now deployed across more than 20 million paid Microsoft 365 Copilot seats and growing adoption across productivity, coding, and security applications. Microsoft 365 Copilot paid seats now exceed 20 million. The number of customers with more than 50,000 seats quadrupled year over year, with Accenture representing the largest Copilot win to date with over 740,000 seats. Bayer, Johnson & Johnson, Mercedes and Roche each committed to 90,000 or more seats.
HUBS’ Price Performance, Valuation and EstimatesHubSpot has declined 66.7% over the past year compared to the industry’s decline of 21.7%.
Image Source: Zacks Investment Research
Going by the price/book ratio, the company's shares currently trade at 4.66 book value, higher than 4.27 of the industry average.
Image Source: Zacks Investment Research
HUBS’ earnings estimates for 2026 and 2027 have improved over the past 60 days.
Image Source: Zacks Investment Research
HubSpot currently carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Petrobras a Finep spouštějí program za R$150 milionů na vývoj průmyslových elektrolyzérů pro výrobu čistého vodíku. Projekt musí zapojit konsorcia firem a výzkumných institucí a mít alespoň 50 % domácího podílu na hodnotě zařízení.
Key Takeaways Petrobras and Finep will fund a R$150 million program to develop industrial-scale electrolyzer technology.PBR-backed project requires industry-research consortia and at least 50% domestic equipment value.Petrobras says the initiative supports Brazil's hydrogen value chain and clean-energy competitiveness. Petrobras (PBR - Free Report) has partnered with Finep to launch a R$150 million program aimed at accelerating the development of domestic electrolyzer technology and strengthening Brazil’s position in the low-carbon hydrogen economy, according to chemanalyst. The initiative will support the creation of industrial-scale electrolyzers designed to produce clean hydrogen, which is increasingly viewed as a critical input for reducing emissions in energy-intensive industries.
During the signing of a cooperation agreement between the two organizations, the declaration was made at Petrobras’ headquarters in Rio de Janeiro. The event underscored the strategic importance of hydrogen within Brazil’s industrial and environmental agenda, bringing together government officials, industry leaders and innovation stakeholders focused on advancing sustainable development.
Closing Brazil’s Electrolyzer Technology GapDespite its strong renewable energy base, Brazil’s electrolyzer manufacturing sector remains at an early stage of development. Only a small number of companies operate in this space and none currently produce electrolyzer stacks, the central component responsible for hydrogen generation through water electrolysis.
This technological gap has limited the development of a fully integrated domestic hydrogen value chain. The new Petrobras-Finep initiative is intended to address this challenge by encouraging local development of advanced electrolyzer systems. The goal is to strengthen domestic expertise, reduce dependence on imported technologies and improve Brazil’s competitiveness in the global clean-energy market.
Collaborative Structure and Innovation RequirementsThe program will be executed through a public call for proposals targeting a single large-scale strategic project. Selected participants must form collaborative consortia that combine industrial capabilities with scientific research, including at least three technology-focused companies and one Science and Technology Institution.
Projects may build on existing technological foundations but must demonstrate clear advancements over current international electrolyzer systems. Improvements in efficiency, performance or cost-effectiveness will be key evaluation criteria. In addition, at least 50% of the value of the equipment developed must originate domestically, reinforcing Brazil’s industrial base.
Full Funding for End-to-End DevelopmentThe initiative will be financed with R$150 million in non-repayable funding, split equally between Petrobras and Finep, with additional contributions expected from participating companies.
The selected project will cover the full development cycle, including engineering design, component development, system integration, testing and the construction of a pre-commercial prototype. This end-to-end structure is intended to ensure that laboratory innovations progress toward real-world industrial applications.
Expanding Demand for Low-Carbon HydrogenHydrogen produced via electrolysis is gaining momentum as industries seek cleaner alternatives to fossil-fuel-based production methods. When powered by renewable electricity, it offers a significantly lower-carbon pathway for hydrogen generation.
In the steel industry, hydrogen can replace carbon-intensive inputs used in production processes, helping reduce emissions. The refining sector, which relies heavily on hydrogen for operational processes, stands to benefit from cleaner supply options without major disruptions. Chemical producers, which use hydrogen as a key feedstock for products such as ammonia and methanol, also represent a major area of demand for low-carbon hydrogen solutions.
Strengthening Brazil’s Innovation EcosystemBeyond its industrial goals, the initiative is expected to strengthen Brazil’s broader innovation ecosystem. By requiring collaboration between companies and research institutions, it promotes knowledge transfer and encourages the commercialization of scientific research.
It is also expected to increase demand for highly skilled professionals in areas such as advanced engineering, materials science, automation, energy systems and industrial design, contributing to the development of a more advanced industrial workforce.
Long-Term Impact on the Chemical SectorThe development of domestic electrolyzer technology could have important implications for Brazil’s chemical industry. As production costs decline and technology matures, low-carbon hydrogen may become more widely available for industrial use.
This could improve the economics of sustainable chemical production, reduce emissions across supply chains and encourage investment in new facilities designed around cleaner feedstocks such as hydrogen-based processes.
Alignment With Brazil’s Energy Transition StrategyThe initiative aligns with broader national efforts to expand industrial capabilities and accelerate the energy transition. Petrobras has committed approximately $4 billion to research, development and innovation under its 2026-2030 business plan, while Finep has invested more than R$12.5 billion in green transition projects between 2023 and 2025.
These investments reflect a long-term strategy focused on building domestic technological capacity and positioning Brazil as a competitive player in emerging clean-energy markets.
ConclusionOverall, the R$150 million Petrobras-Finep electrolyzer program represents a significant step toward closing key technological gaps in Brazil’s hydrogen sector. By fostering collaboration, supporting domestic manufacturing and advancing industrial-scale innovation, the initiative positions the country to play a more active role in the global low-carbon hydrogen value chain while laying the foundation for a more competitive and sustainable industrial future.
PBR's Zacks Rank & Key PicksCurrently, PBR has a Zacks Rank #3 (Hold).
Investors interested in the energy sector might look at some better-ranked stocks like Delek US Holdings (DK - Free Report) and Crescent Energy Company (CRGY - Free Report) , each sporting a Zacks Rank #1 (Strong Buy) and Phillips 66 (PSX - Free Report) , carrying a Zacks Rank #2 (Buy) at present. You can see the complete list of today’s Zacks #1 Rank stocks here.
Delek US is valued at $2.66 billion. It is a U.S.-based downstream energy company that focuses on refining crude oil and distributing petroleum products. Headquartered in Brentwood, TN, Delek US Holdings operates through two main segments: refining and logistics.
Crescent Energy Company is valued at $3.47 billion. It is an independent U.S. energy company engaged in the acquisition, exploration, development and production of crude oil, natural gas, and natural gas liquids. Crescent Energy operates primarily in the Eagle Ford, Permian and Uinta basins.
Phillips 66 is valued at $68.3 billion. It is a diversified energy company that refines crude oil, markets petroleum products, and operates midstream, chemicals, and renewable fuels businesses. Phillips 66 operates across the United States and internationally.
Equinor a partneři u projektu Wisting odložili plán napájení z pevniny kvůli vysokým nákladům a technické složitosti. Místo toho pokračují s řešením založeným na plynové turbíně.
Equinor's logo is seen next to the company's headquarters in Stavanger, Norway December 5, 2019. REUTERS/Ints Kalnins//File Photo Purchase Licensing Rights, opens new tab
CompaniesOSLO, June 25 (Reuters) - Norway's biggest oil company Equinor (EQNR.OL), opens new tab and its partners have dropped plans to electrify the Wisting oilfield from shore due to high costs and technical complexity, it said on Thursday.
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Wisting is the largest undeveloped discovery on the Norwegian continental shelf, with estimated resources of nearly 500 million barrels of oil equivalent.
"Power from shore has been thoroughly assessed but was ruled out due to technical complexity and high costs," Trond Bokn, Equinor's senior vice president for project development, said.
"We are now continuing our work on power generation based on an energy-efficient gas turbine solution," he said in a statement.
A final investment decision is planned for the end of 2027.
If sanctioned, Wisting could produce for around 30 years.
Equinor (42.5%) operates the licence alongside Aker BP (AKRBP.OL), opens new tab (27.5%), state-owned Petoro (20%) and INPEX Idemitsu (1605.T), opens new tab (10%).
Equinor and its partners on Thursday submitted for public consultation a proposed programme for the environmental impact assessment of a development of the field.
Partners have selected a Floating Production, Storage, and Offloading (FPSO) vessel as the development concept.
They will assess the potential for carbon capture and storage (CCS) to reduce CO2 emissions from production, Equinor said.
Reporting by Nerijus Adomaitis, editing by Anna Ringstrom
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Starwood Property Trust oznámila soukromé umístění seniorních nezajištěných dluhopisů v objemu 500 milionů USD se splatností v roce 2029. Výnosy chce použít na zelené a sociální projekty nebo na splacení dluhu.
, /PRNewswire/ -- Starwood Property Trust, Inc. (NYSE: STWD) (the "Company") today announced that, subject to market and other conditions, it is offering $500 million aggregate principal amount of its unsecured senior notes due 2029 (the "Notes") in a private offering.
The Company intends to allocate an amount equal to the net proceeds from the offering to finance or refinance, in whole or in part, recently completed or future eligible green and/or social projects. Net proceeds allocated to previously incurred costs associated with eligible green and/or social projects will be available for the repayment of indebtedness previously incurred. Pending full allocation of an amount equal to the net proceeds to eligible green and/or social projects, the Company intends to use the net proceeds, together with cash on hand, to fund its redemption of up to all of the Company's $500 million outstanding aggregate principal amount of 4.375% Senior Notes due 2027 or for general corporate purposes, including the repayment of outstanding indebtedness under the Company's repurchase facilities.
The Notes will be offered only to persons reasonably believed to be qualified institutional buyers in reliance on Rule 144A under the Securities Act of 1933, as amended (the "Securities Act"), and non-U.S. persons outside the United States pursuant to Regulation S under the Securities Act. The Notes will not be registered under the Securities Act or any state securities laws and may not be offered or sold in the United States absent an effective registration statement or an applicable exemption from the registration requirements of the Securities Act or any state securities laws.
This press release does not constitute a notice of redemption for the 4.375% Senior Notes due 2027. This press release shall not constitute an offer to sell, or the solicitation of an offer to buy, these securities, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.
About Starwood Property Trust, Inc.
Starwood Property Trust (NYSE: STWD), an affiliate of global private investment firm Starwood Capital Group, is a leading diversified finance company with a core focus on the real estate and infrastructure sectors. As of March 31, 2026, the Company has successfully deployed over $117 billion of capital since inception and manages a portfolio of over $31 billion across debt and equity investments. Starwood Property Trust's investment objective is to generate attractive and stable returns for shareholders, primarily through dividends, by leveraging a premiere global organization to identify and execute on the best risk adjusted returning investments across its target assets.
Forward-Looking Statements
Statements in this press release which are not historical fact may be deemed forward-looking statements within the meaning of Section 27A of the Securities Act and Section 21E of the Securities Exchange Act of 1934, as amended, including statements with respect to the anticipated offering and the use of proceeds. Although the Company believes the expectations reflected in any forward-looking statements are based on reasonable assumptions, it can give no assurance that its expectations will be attained. Factors that could cause actual results to differ materially from the Company's expectations include: (i) factors described in the Company's Annual Report on Form 10-K for the year ended December 31, 2025 and Quarterly Report on Form 10-Q for the quarter ended March 31, 2026, including those set forth under the captions "Risk Factors", "Business", and "Management's Discussion and Analysis of Financial Condition and Results of Operations"; (ii) defaults by borrowers in paying debt service on outstanding indebtedness; (iii) impairment in the value of real estate property securing the Company's loans or in which the Company invests; (iv) availability of mortgage origination and acquisition opportunities acceptable to the Company; (v) potential mismatches in the timing of asset repayments and the maturity of the associated financing agreements; (vi) national and local economic and business conditions, including as a result of the impact of public health emergencies; (vii) the occurrence of certain geo-political events (such as wars, terrorist attacks and tensions between states, including global trade disputes related to tariffs) that affect the normal and peaceful course of international relations; (viii) general and local commercial and residential real estate property conditions; (ix) changes in federal government policies; (x) changes in federal, state and local governmental laws and regulations; (xi) increased competition from entities engaged in mortgage lending and securities investing activities; (xii) changes in interest rates; and (xiii) the availability of, and costs associated with, sources of liquidity.
SummaryCompaniesAI datacenter demand squeezing memory supply for device makersMacBook Neo's starting price rises to $699 from $599Shares fall, analysts warn rivals may need steeper increasesSAN FRANCISCO, June 25 (Reuters) - Apple (AAPL.O), opens new tab raised iPad and MacBook prices on Thursday, saying it could no longer shield customers from soaring memory and storage chip costs driven by the AI industry's datacenter buildout.
The move does not affect Apple's main cash cow, the iPhone. But it would take starting price of the Neo - its lowest priced laptop aimed at winning marketshare from affordable Windows and Chromebook laptops - from $599 to $699 months after launch.
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The increase shows even the world's most valuable consumer electronics company with supply chain relationships that are the envy of the industry is not immune to a memory price surge that has dulled the outlook for smartphone and PC sales.
Memory makers such as Micron (MU.O), opens new tab have in recent months prioritized orders from AI chipmakers like Nvidia (NVDA.O), opens new tab, helping them earn record profit but leaving little supply for electronics makers that have been forced to increase prices.
"We have never seen a component price increase this much, this quickly," Apple said in a statement. "We have shielded our customers from these increases so far, but we have now reached a point where we need to begin raising prices on a number of products, including today's increases for iPad and Mac."
Apple hiked the price of MacBook Air with 512 gigabytes of storage rose to $1,299 from $1,099, while the MacBook Pro with 1 terabyte of storage rose to $1,999 from $1,699, according to updated prices on its website. The iPad Air with 128 gigabytes of storage rose from $599 to $749, among other changes.
Apple also raised prices for both versions of its HomePod smart speaker and Apple TV set-top box. Shares of the company fell nearly 5%, while rival Dell (DELL.N), opens new tab was down more than 8%.
Rival device makers may have to raise prices even more sharply than Apple, whose deep supplier ties have cushioned it from the full hit, several analysts said.
"The memory environment is tough and remains structurally tough for the foreseeable future," said Ben Bajarin, CEO of technology consulting firm Creative Strategies.
Apple said in April existing inventories had helped it keep its gross margins above Wall Street expectations but that rising memory costs would start to catch up by the end of this month, with profitability expected to fall slightly.
"We expect significantly higher memory costs," CEO Tim Cook said on a conference call with analysts in late April.
"Where we don't give color beyond June, I can tell you that beyond the June quarter, we believe memory costs will drive an increasing impact on our business," Cook had said.
MEMORY SURGE ADDS PRESSURE ON ELECTRONICS MAKERSApple has not disclosed what steps besides price hike it has taken to address rising memory costs. "We know this is not welcome news, and we are working tirelessly to find solutions," the company said on Thursday.
Analysts expect Apple to increase iPhone prices in the coming months and said the latest hike could prompt some potential buyers to advance their purchase decisions.
"The iPhone isn't spared, its hike is coming," said Nabila Popal, a senior research director at IDC. "It was incredibly strategic for Apple to make the price hike announcements prior to the iPhone fall launch, so the headlines at launch is not the price hikes but the value the new phones bring."
Prices of dynamic random access memory, used in virtually all modern tech gadgets, rose as much as 98% in the first quarter of 2026 and is set to jump by another 58% to 63% in the current quarter, according to industry tracker TrendForce.
That surge, dubbed by some experts as "RAMageddon", has been driven by a boom in AI data center construction, with companies like Nvidia signing long-term deals with memory makers who are racing to increase capacity.
Micron said on Wednesday it has locked in $22 billion in such long-term commitments from customers looking to secure their memory supplies.
The rising costs are expected to weigh heavily on device sales this year, with research firm IDC estimating that the smartphone market would see its biggest-ever annual decline of nearly 14% this year while the PC market will fall 11.3%.
Among the notable bright spots has been the MacBook Neo launched in March, which helped power Apple's strong sales forecast for the June quarter and has even led some industry watchers to revise their estimates for PC sales.
With its increased price, it has now lost a $100 advantage over the $699 XPS 13 laptop that Dell unveiled last month especially to take on the Neo, while also making it more expensive than some Chromebooks from Lenovo and Asus.
Reporting by Stephen Nellis in San Francisco and Aditya Soni in Bengaluru; Editing by Arun Koyyur
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A Tesla electric vehicle is parked at a Tesla dealership, after Tesla, Inc. released its financial results for the first quarter of 2025, in Berlin, Germany April 23, 2025. REUTERS/Annegret Hilse Purchase Licensing Rights, opens new tab
CompaniesJune 25 (Reuters) - Tesla (TSLA.O), opens new tab said on Thursday that production at its Berlin plant will rise by 20% to 7,500 vehicles per week from October this year.
Tesla said the planned increase in production means it will recruit a further 1,000 employees.
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The company already announced a capacity increase at the plant company in April to meet higher demand for the Model Y.
In May, it said it would increase its investment in battery cell production at the plant.
The three announcements mean that a total of 3,500 additional jobs will be created in the short and medium term for vehicle and battery manufacturing at the plant, the company said.
Reporting by Christoph Steitz, writing by Linda Pasquini, editing by Thomas Seythal and Friederike Heine
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Americké ministerstvo dopravy navrhlo zrušit povinnost mít u vozidel určených výhradně pro autonomní řízení brzdový pedál. To by ulehčilo Tesle a Zoox při nasazení plně samořiditelných aut.
The Trump administration’s Department of Transportation (DOT) has proposed new changes to federal vehicle regulations that would allow companies to skip including brake pedals in “vehicles designed to be driven exclusively by automated driving systems.”
The proposal, if adopted, would remove a major regulatory barrier for companies like Tesla and Zoox, which are developing vehicles intended to be fully autonomous, without a steering wheel or pedals. The public will now have 30 days to comment on the proposal before the DOT decides whether to approve the changes.
This is the latest of a series of proposed changes to vehicle laws from the Trump DOT. Late last year, the National Highway Traffic Safety Administration (NHTSA) proposed removing a number of Federal Motor Vehicle Safety Standards (FMVSS) requirements around windshield wiping and defogging systems, and tire placards.
President Biden was also working in this direction while in office. During his administration, the NHTSA proposed and ultimately finalized a rule that allowed autonomous vehicles to operate without steering wheels.
Currently, any company developing an autonomous vehicle that is missing parts required by the FMVSS has to request an exemption from the federal government. Even if the exemption is granted, regulations restrict how many such exempted vehicles can be on the road.
Removing requirements for parts like brake pedals will theoretically allow companies to get autonomous vehicles on the road quicker, according to the NHTSA.
“We are at the cusp of the greatest technological revolution in vehicle technology since the innovation of the Model T,” NHTSA Administrator Jonathan Morrison said in a statement. “If we want America to lead the way, we have to reimagine our regulatory framework. That’s why under Secretary Sean Duffy’s AV Framework, NHTSA is tearing down pointless barriers to innovative designs while strengthening the fundamental safety requirements that matter and holding AV developers accountable for safe performance.”
Tesla has spent the last few years developing a two-seater car it calls the Cybercab that is intended to operate without a steering wheel or pedals. The company has never applied for an exemption to the FMVSS standards requiring those controls. Instead, CEO Elon Musk has repeatedly said that his company would deploy the vehicles nationwide once regulatory approval was granted.
In the meantime, Tesla has spent the last year operating a small robotaxi service in Austin, Texas. The company began the service with safety drivers in the front seats, but has steadily removed those drivers, leaving the cars to operate “unsupervised.” The company has admitted to the NHTSA that it is using teleoperators to monitor and, in some rare cases, move the vehicles remotely at low speeds after crashes or to avoid obstacles.
Zoox, which is owned by Amazon, applied for and was granted an exemption from FMVSS standards last year so it could demonstrate its purpose-built robotaxi. The company has since applied for, and is waiting on, another exemption to operate that robotaxi commercially.
Companies like Waymo, which use retrofitted or modified versions of regular vehicles (such as the Jaguar I-Pace), have been able to deploy as many robotaxis as they want since they already have manual controls.
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Sean O’Kane is a reporter who has spent a decade covering the rapidly-evolving business and technology of the transportation industry, including Tesla and the many startups chasing Elon Musk. Most recently, he was a reporter at Bloomberg News where he helped break stories about some of the most notorious EV SPAC flops. He previously worked at The Verge, where he also covered consumer technology, hosted many short- and long-form videos, performed product and editorial photography, and once nearly passed out in a Red Bull Air Race plane.
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Nvidia zítra vyplatí první vyšší dividendu; 100 akcií nyní přinese 25 USD za čtvrtletí, tedy 100 USD ročně. Firma letos plánuje nasměrovat 50 % volného peněžního toku na odkupy akcií a dividendy.
Nvidia (NASDAQ: NVDA) is paying its first boosted dividend tomorrow, June 26, 2026, marking the commencement of its new share buyback strategy announced in March.
As part of the new program, the chipmaker plans to deploy 50% of its free cash flow toward stock buybacks and dividends this year as it restarts manufacturing tied to the new orders.
Prior to the hike, 100 shares earned only a symbolic sum – $1 per quarter at the old $0.01 rate, to be precise. Now, the same investment nets $25 per quarter, or $100 annually if the new payout is maintained.
As such, tomorrow’s Nvidia stock dividend represents an increase of no less than 2,400% from the previous one issued in April, according to DivvyDiary data.
Nvidia dividends calendar. Source: DivvyDiary A new milestone in Nvidia dividend history For context, with 24.22 billion Nvidia shares outstanding as of press time, more or less $6.055 billion will be distributed to shareholders.
These new initiatives put Nvidia more in line with the broader industry, as, for example, Meta (NASDAQ: META) is reportedly planning between $115 billion and $135 billion in capital expenditures as well.
The last time management increased the payout was in June 2024, when they lifted it from $0.004 to $0.01. Currently, the chipmaker offers an annual payout of $0.28 per share, which is a dividend yield of 0.14% (verseus the industry average of 1.37%).
One day, before the historic Nvidia dividend payout date, the shares are up 1.2% in-premarket, the optimism generated by both tomorrow’s shareholder reward and a broader rally in global chip shares following Micron’s (NASDAQ:MU) strongest quarter on record.
Featured image via Shutterstock
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Adobe kupuje Topaz Labs, výrobce AI nástrojů pro vylepšování videa a obrázků, a začlení jeho modely do Firefly i dalších editorů. Transakce má být uzavřena v druhé polovině roku 2026.
Adobe on Thursday said it is acquiring Topaz Labs, which offers AI models for video and image enhancement, and that it will make it a part of its creative business.
Topaz Labs, which won an Emmy last year for its production tech, has existed for more than two decades, making tools for enhancing videos and images. In recent years, the company has released its own models: Astra for AI video upscaling and Wonder for image retouching and enhancement. The startup has also worked on a technology that makes it easier to run large video models on consumer-grade GPUs.
Adobe, which already offers some of Topaz’s tools in its Creative Cloud suite, said it will integrate Topaz’s models into its Firefly AI app as well as other parts of its image and video editing suites. Adobe said Topaz’s offerings will be available as stand-alone services through its website.
Deepa Subramaniam, VP of product marketing for Creative Cloud at Adobe, said professionals who want to combine real-life footage with AI clips can use Topaz’s products for tasks like sharpening details, reducing noise, or restoring archival footage.
“Topaz Labs brings deep expertise in optimizing large, complex AI models to run directly on device, a capability that will allow Adobe to deliver faster, more responsive experiences for customers and make advanced AI more accessible and cost-effective for creatives. In addition, Topaz Labs is trusted by professionals of all creative crafts – from designers and video professionals to photographers and enterprise creative teams,” Subramaniam said in an emailed statement.
Adobe has been in fierce competition with Canva and DaVinci Resolve-owner Blackmagic Design in the image and video editing space. Adobe has been stuffing AI into all of its apps and has also created an AI-centric media editing studio with Firefly. By acquiring startups like Topaz Labs, Adobe wants to keep its users from turning to other software for video editing and enhancements, encouraging them to stick to its ecosystem.
Adobe said the transaction will close in the second half of 2026.
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Ivan covers global consumer tech developments at TechCrunch. He is based out of India and has previously worked at publications including Huffington Post and The Next Web.
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Dow investuje zhruba 100 milionů USD do roku 2027 do rozšíření výroby speciálních silikonů. Kapacity v USA, Číně a Japonsku mají podpořit rostoucí poptávku v elektronice, mobilitě a zdravotnictví.
Key Takeaways Dow will invest about $100 million through 2027 to expand specialty silicones manufacturing.LSR expansions in Kentucky and China are set for 2027 to support rising demand and resilience.New electronics materials capacity in China and Japan comes online this year, with more due in 2027. Dow Inc. (DOW - Free Report) has announced a series of targeted investments totaling approximately $100 million through 2027 to strengthen its global specialty silicones manufacturing and innovation. The initiative aims to support rising demand in fast-growing sectors such as mobility, electronics, and healthcare while enhancing supply chain resilience globally.
The investment plan includes expanding liquid silicone rubber (LSR) production facilities in Carrollton, KY, and Zhangjiagang, China, with operations expected to begin in 2027. Dow is also increasing capacity for engineered silicone materials used in advanced electronics applications such as semiconductor packaging, thermal and electrical protection. New expansions in Songjiang, China, and Fukui, Japan, are scheduled to come online this year, while additional projects in Auburn, MI, and Zhangjiagang are planned for 2027.
To support customer innovation, Dow has expanded its Cooling Science Labs in Shanghai and Midland, MI. These facilities will support the development of next-generation thermal management technologies.
This initiative will complete the silicones investment series first disclosed during Dow’s 2024 Investor Day. As the world’s largest integrated silicones producer, Dow continues to position itself to meet growing global demand through strategic manufacturing expansion and customer-focused innovation.
DOW shares have gained 8.3% over the past year compared with the industry’s 2.3% growth.
Image Source: Zacks Investment Research
DOW’s Zacks Rank & Key Picks
DOW currently sports a Zacks Rank #1 (Strong Buy).
Some other top-ranked stocks in the Basic Materials space are Nucor Corporation (NUE - Free Report) , Newmont Corporation (NEM - Free Report) and Avino Silver & Gold Mines Ltd. (ASM - Free Report) .
While NUE and NEM sport a Zacks Rank #1 each at present, ASM carries a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
The Zacks Consensus Estimate for NUE’s 2026 earnings is pinned at $16.34 per share, indicating a 111.93% year-over-year increase. Its earnings beat the Zacks Consensus Estimate in two of the trailing four quarters and missed the remaining two, with an average surprise of 8.10%. NUE’s shares have jumped 84.2% over the past year.
The Zacks Consensus Estimate for NEM’s 2026 earnings is pegged at $9.91 per share, indicating a rise of 43.83% year over year. Its earnings beat the Zacks Consensus Estimate in each of the trailing four quarters. NEM’sshares have gained 58.8% over the past year.
The Zacks Consensus Estimate for ASM’s current fiscal-year earnings is pinned at 34 cents per share, indicating a 17.24% year-over-year increase. Its earnings beat the Zacks Consensus Estimate in each of the trailing four quarters, with an average surprise of 125%.
Fedův stresový test prošlo všech 32 velkých bank, včetně JPMorgan. JPM plánuje zvýšit dividendu na 1,65 USD na akcii a spustit odkup akcií za 50 miliard USD.
Key Takeaways All 32 large banks passed the Fed's 2026 stress test despite a severe hypothetical recession.JPM plans to raise its dividend to $1.65 per share and announced a new $50 billion share repurchase program.Stress capital buffers stay frozen until 2027 as the Fed revises its testing framework. The Federal Reserve's 2026 annual stress test reaffirmed the resilience of the U.S. banking system, with all 32 large banks comfortably clearing the regulator's hypothetical recession scenario. The results not only highlighted the sector's strong capital position but also paved the way for several banking giants, including JPMorgan (JPM - Free Report) , Goldman Sachs (GS - Free Report) , Morgan Stanley (MS - Free Report) and Wells Fargo (WFC - Free Report) , to announce plans for higher dividends and fresh share repurchase programs.
Unlike previous years, this year's stress test carries a unique regulatory significance. While the exercise demonstrated the industry's ability to withstand severe economic shocks, the results will not alter banks' stress capital buffer (SCB) requirements until 2027 as the Fed continues to overhaul its stress-testing framework and incorporate public feedback.
Fed's Stress Scenario Tests Banks Against Severe RecessionThe annual stress test, mandated under the Dodd-Frank Act following the 2008 financial crisis, evaluates whether large U.S. banks can continue lending during an extreme economic downturn while maintaining adequate capital levels.
The Fed's 2026 "severely adverse" scenario envisioned a sharp global recession triggered by a sudden collapse in investor risk appetite. Under this hypothetical scenario, U.S. unemployment rises to 10% from 5.5%, while real GDP contracts 4.6%. Residential home prices decline 30%, and commercial real estate prices plunge 39%. At the same time, equity markets tumble nearly 58%.
Despite these severe assumptions, the 32 participating banks, including the above-mentioned banks and Bank of America (BAC - Free Report) , were projected to absorb approximately $708 billion in total loan losses, including roughly $203 billion in credit card losses, $158-$160 billion in commercial and industrial loans, and about $75-$77 billion in commercial real estate losses. Even after these projected losses, aggregate Common Equity Tier 1 (CET1) capital fell only 1.6 percentage points, from 12.8% to 11.2%, remaining comfortably above regulatory minimums.
Fed Vice Chair for Supervision Michelle Bowman said the results underscore the strength of the U.S. banking system while emphasizing the central bank's ongoing efforts to improve transparency and accountability in future stress tests.
Regulatory Overhaul Makes 2026 Stress Test DifferentThis year's exercise differs from prior stress tests because the Fed has frozen SCB requirements through 2027 while it revises the testing methodology.
The decision follows years of criticism from major banks, which argued that the annual exercise lacked transparency and produced volatile capital requirements. The Fed has since proposed publishing more information about its models and scenarios while seeking public comments before implementing revised methodologies.
As a result, banks were not required to wait for revised capital requirements before announcing their capital return plans, allowing many institutions to quickly unveil dividend increases and share repurchase authorizations following the release of the results.
Banks’ Dividend Hikes and Buybacks Take Center StageFollowing the stress test results, major U.S. banks moved quickly to enhance shareholder returns, reflecting confidence in their capital strength. JPMorgan led the pack by announcing a plan to raise its quarterly dividend to $1.65 per share from $1.50 and authorized a massive $50 billion share repurchase program, one of the largest in the industry. CEO Jamie Dimon emphasized the bank’s preparedness for a wide range of economic scenarios, underscoring its robust capital position and earnings power.
Wells Fargo also signaled higher payouts, planning to increase its quarterly dividend by about 11% to 50 cents per share, subject to board approval in July. However, unlike some peers, the bank did not introduce a new buyback program, opting instead to continue repurchases under its existing framework. Similarly, Goldman also announced plans to hike its dividend to $5.00 per share from $4.50. This reflects a strong financial health and a commitment to returning excess capital, though it did not announce a new buyback authorization.
Morgan Stanley combined both strategies and will boost its dividend by 15% to $1.15 per share and reauthorized a $20 billion share repurchase program. This highlights confidence in its capital generation capabilities. In contrast, Bank of America held off on immediate announcements, stating it will finalize its dividend decision after its July board meeting. While it did not update its buyback plans, investors expect continued capital returns supported by its solid capital ratios.
Positive Signal for Bank InvestorsAlthough this year's stress test carries fewer regulatory implications because SCBs remain frozen until 2027, the results reinforce the strong financial position of the U.S. banking industry.
The ability of large banks to absorb more than $708 billion in projected losses while maintaining capital comfortably above regulatory minimums demonstrates the sector's resilience nearly two decades after the global financial crisis prompted the introduction of annual supervisory stress testing.
For investors, the immediate takeaway is clear. Robust capital positions continue to support attractive shareholder distributions. Now, investor attention is likely to shift toward the Fed's ongoing overhaul of the stress-testing framework and the anticipated Basel III Endgame proposals, both of which could further shape capital requirements and shareholder return strategies across the U.S. banking sector in the coming years.
, /PRNewswire/ -- The Kroger Co.'s (NYSE: KR) Board of Directors approved a dividend increase from $1.40 to $1.56 per year. The next quarterly dividend of 39 cents per share will be paid on September 1, 2026, to shareholders of record as of close of business on August 15, 2026.
The company's quarterly dividend has grown at a 13% compounded annual growth rate since it was reinstated in 2006. This marks the 20th consecutive year of dividend increases. The company continues to expect, subject to board approval, an increasing dividend over time.
"This dividend increase reflects the Board of Directors' confidence in Kroger's operating performance, durable free cash flow generation, and commitment to deliver long-term value for shareholders," said Ron Sargent, Chairman of Kroger's Board of Directors.
Kroger remains committed to balanced capital allocation by investing in the business to drive sustainable growth, maintaining its current investment grade debt rating and returning capital to shareholders.
About Kroger
The Kroger Co. (NYSE: KR) is one of America's largest retailers, serving more than 11 million customers daily through a digital shopping experience and retail food stores under a variety of banner names. With more than 400,000 associates across our family of companies, Kroger is committed to providing America with affordable, great-tasting food and creating #ZeroHungerZeroWaste communities. To learn more about us, visit our newsroom and investor relations site.
This press release contains certain statements that constitute "forward-looking statements" about Kroger's financial position and the future performance of the company. These statements are based on management's assumptions and beliefs in light of the information currently available to it. Such statements are indicated by words or phrases such as "committed," "continue," "expect," and variations of such words and similar phrases. Various uncertainties and other factors could cause actual results to differ materially from those contained in the forward-looking statements. These include the specific risk factors identified in "Risk Factors" in our annual report on Form 10-K for our last fiscal year and any subsequent filings, as well as the following:
Kroger's ability to achieve sales, earnings, incremental FIFO operating profit, and adjusted free cash flow goals may be affected by: labor negotiations; potential work stoppages; changes in the unemployment rate; pressures in the labor market; changes in government-funded benefit programs; changes in the types and numbers of businesses that compete with Kroger; pricing and promotional activities of existing and new competitors, and the aggressiveness of that competition; Kroger's response to these actions; the state of the economy, including interest rates, the inflationary, disinflationary and/or deflationary trends and such trends in certain commodities, products and/or operating costs; the geopolitical environment including wars and conflicts; unstable political situations and social unrest; changes in tariffs; the effect that fuel costs have on consumer spending; volatility of fuel margins; manufacturing commodity costs; supply constraints; diesel fuel costs related to Kroger's logistics operations; trends in consumer spending; the extent to which Kroger's customers exercise caution in their purchasing in response to economic conditions; the uncertainty of economic growth or recession; stock repurchases; changes in the regulatory environment in which Kroger operates, along with changes in federal policy and at state and federal regulatory agencies; Kroger's ability to retain pharmacy sales from third party payors; consolidation in the healthcare industry, including pharmacy benefit managers; Kroger's ability to negotiate modifications to multi-employer pension plans; our ability to attract and retain qualified individuals; natural disasters or adverse weather conditions; the effect of public health crises or other significant catastrophic events; the potential costs and risks associated with potential cyber-attacks or data security breaches; the potential costs and risks associated with new technologies, including artificial intelligence; the success of Kroger's future growth plans; the ability to execute our growth strategy and value creation model, including continued cost savings, growth of our alternative profit businesses, and our ability to better serve our customers and to generate customer loyalty and sustainable growth through Fresh, Our Brands, Personalization, and eCommerce; the outcome of litigation matters, including those relating to the terminated transaction with Albertsons Companies, Inc.; and the risks relating to or arising from our opioid litigation settlements, including the risk of litigation relating to persons, entities, or jurisdictions that do not participate in those settlements. Our ability to achieve these goals may also be affected by our ability to manage the factors identified above. Our ability to execute our financial strategy may be affected by our ability to generate cash flow.
Kroger assumes no obligation to update the information contained herein unless required by applicable law. Please refer to Kroger's reports and filings with the Securities and Exchange Commission for a further discussion of these risks and uncertainties.
Applied Materials uvedla nové systémy pro DRAM a pokročilé pouzdření, které mají zlepšit výrobu 3D AI čipů a vyšší výtěžnost výroby. Novinky míří na HBM, 3D stacking i kontrolu defektů v pokročilém pouzdření.
June 25, 2026 09:00 ET | Source: Applied Materials, Inc.
Innovations spanning DRAM and advanced packaging enable the 3D architectures behind cutting-edge AI chipsA new epitaxy system optimized for DRAM fabs adds a critical logic-class step—boosting memory speed and efficiency while maximizing output within tight fab footprint and supply constraints New CMP and deposition systems target the most critical advanced packaging steps, delivering higher-yield chip stacking for HBM and logicNew eBeam systems bring wafer-fab-grade metrology and defect review to advanced packaging, optimized to handle the unique challenges these packages present SANTA CLARA, Calif., June 25, 2026 (GLOBE NEWSWIRE) -- Applied Materials, Inc., the leader in materials engineering for the semiconductor industry, today introduced a suite of new chipmaking systems for building the advanced 3D chip architectures that power next-generation AI.
AI compute is increasingly constrained by memory, as model scale and data movement demands outpace gains in bandwidth, capacity and energy efficiency. This growing “memory wall” is accelerating adoption of advanced packaging architectures, including high bandwidth memory (HBM) and 3D stacking. These technologies deliver step-change improvements in bandwidth and efficiency but introduce new challenges in process complexity. Applied is enabling this transition with a materials engineering portfolio spanning DRAM, advanced packaging and process control, extending its leadership across each domain to help customers bring a new generation of AI chips to production faster and at higher yield.
Enhanced Epitaxy Brings Logic-Class Technology to Next-Generation DRAM
Epitaxy has been used for years in leading-edge logic, where precision growth of a crystalline material in the transistor channel has boosted performance well beyond what geometric scaling alone can deliver. Those same techniques are now becoming critical in DRAM peripheral transistors. Applied pioneered silicon germanium epitaxy in transistor channels more than a decade ago with its Centura™ Prime™ Epi system.
Enhanced Centura™ Prime™ Epi
Applied is now introducing an enhanced Centura™ Prime™ Epi system that selectively grows doped silicon germanium and silicon phosphorous in source/drain regions, combining advanced strain engineering with precise doping control. The result is higher drive current and transistor efficiency, enabling faster, more power-efficient DRAM operation—essential for the bandwidth demands of HBM and next-generation DDR. The new system also features a 20% smaller footprint, enabling higher tool density and faster capacity scaling in DRAM fabs.
“The transistor and materials technologies that drove performance gains in leading-edge logic are now becoming essential in DRAM,” said Dr. Prabu Raja, President of the Semiconductor Products Group at Applied Materials. “As DRAM scales to meet the bandwidth demands of HBM and AI workloads, the distinction between logic and memory process technology is converging. By leveraging our epitaxy leadership in leading-edge logic, Applied is uniquely positioned to drive this transition in DRAM.”
New CMP and Deposition Systems Target the Most Critical Advanced Packaging Steps
In recent years, advanced packaging has become as strategically important to the computing industry as on-chip transistor scaling. Modern AI server chips pack trillions of transistors by integrating multiple dies into a single package. HBM is a leading example of this approach, stacking DRAM chips on top of one another and connecting them with through-silicon vias (TSVs). Applied is the leader in process equipment for advanced packaging, including systems covering the majority of materials engineering steps required to create the TSVs, copper pillars and microbumps that connect stacked dies. Today, Applied is introducing three new systems targeting the most critical advanced packaging process steps.
Opta™ Quad CMP
Leveraging Applied’s leadership position in chemical mechanical planarization (CMP), the Opta™ Quad platform is engineered specifically for advanced packaging, where thicker films, longer polish times and tighter tolerances raise the risk of non-uniformity and yield loss. Opta Quad continuously monitors wafer conditions during polish and dynamically adjusts in real time, improving within-wafer uniformity and total thickness variation control. This is particularly critical for hybrid bonding—an emerging 3D stacking technology in which copper wiring and surrounding dielectrics from two chips are fused together in a single step, requiring near-perfect surface planarity for high-yield results.
Nokota™ VMax™ 2 ECD
As 3D stacks scale, uneven interconnects can leave gaps that prevent reliable contact between layers. Ensuring the TSVs and microbumps are leveled across the entire wafer becomes critical to stacking yield. Nokota™ VMax™ 2 is an electrochemical deposition (ECD) system engineered for high-precision copper plating across a broad range of applications for next-generation packaging, from TSV fill for 3D stacking to fine-pitch interconnects such as microbump formation. Nokota VMax 2 introduces Adaptive Pattern Tuning (APT), which dynamically shapes the electric field to correct for layout-driven variation and improve plating uniformity across the wafer.
Producer™ Avila™ 2 PECVD
To fit more layers into a stack, HBM dies are thinned to roughly 1/25th the thickness of a standard wafer, making them prone to warpage and deformation. These effects compound as layers are added, increasing the risk of bonding failure and yield loss. Producer™ Avila™ 2 is a plasma-enhanced chemical vapor deposition (PECVD) system that improves the mechanical stability of ultra-thin DRAM dies by depositing stress-balanced dielectric films around TSVs, enabling reliable stacking of 12, 16, and future high-layer-count HBM designs. In addition to HBM, the system supports a range of advanced memory and logic integration schemes.
“Advanced packaging has become a primary driver of system-level performance, and the complexity of next-generation 3D architectures demands new levels of precision across every process step,” Raja said. “Applied’s leadership in dielectric CVD, ECD and CMP—combined with deep process integration expertise—gives customers the tools they need to scale 3D stacks reliably and at yield.”
New eBeam Systems Bring Wafer-Fab Process Control to Advanced Packaging
Advanced packaging fabs are encountering defect and metrology challenges once exclusively found in wafer fabs. Feature dimensions have shrunk below the resolution limit of optical inspection tools, and particles that were tolerable with larger bumps now impact yield. A single defect can require scrapping an entire HBM stack, elevating process control to a strategic priority. Applied is extending its eBeam leadership with two new systems specifically designed for advanced packaging—both engineered to handle a wide range of substrate geometries and materials.
VeritySEM™ 7AP CD Metrology
The latest in Applied’s VeritySEM™ portfolio for critical dimension (CD) metrology, VeritySEM™ 7AP enables precise measurement of features on thick, heterogeneous, and highly warped substrates common in HBM and chiplet architectures. VeritySEM AP systems automatically reconfigure to support a range of sizes and materials, while delivering sub-10nm sensitivity—orders of magnitude better than optical tools.
SEMVision™ G7AP Defect Analysis
SEMVision™ is the industry’s leading eBeam defect analysis platform. SEMVision™ G7AP extends Applied’s leadership into advanced packaging, enabling high-resolution defect review and automated classification across silicon, organic, and glass substrates. The system can accelerate yield learning by helping customers quickly distinguish critical defects from nuisance signals. SEMVision G7AP is already in production at leading memory and logic manufacturers supporting high-volume advanced packaging.
“Applied has been at the forefront of eBeam technology for decades,” said Keith Wells, Group Vice President and General Manager of the Imaging and Process Control Group at Applied Materials. “As advanced packaging geometries scale below the resolution limit of optical tools, packaging fabs need eBeam-grade precision to both redetect and classify the defects. In developing the VeritySEM 7AP and SEMVision G7AP tools, Applied is transferring proven wafer fab expertise into packaging—purpose-built for the substrates and defect challenges of 3D architectures.”
A media kit with additional information on the new systems is available on the Applied Materials website. Further details about Applied’s advanced technologies will be provided at the company’s DRAM and Advanced Packaging Master Class being held later today.
About Applied Materials
Applied Materials, Inc. (Nasdaq: AMAT) is the leader in materials engineering solutions that are at the foundation of virtually every new semiconductor and advanced display in the world. The technology we create is essential to advancing AI and accelerating the commercialization of next-generation chips. At Applied, we push the boundaries of science and engineering to deliver material innovation that changes the world. Learn more at www.appliedmaterials.com.
Contact:
Ricky Gradwohl (Media) 408.235.4676
Mike Sullivan (Financial Community) 408.986.7977
Visteon schválil program zpětného odkupu akcií za 800 milionů USD s platností do 31. prosince 2029. Firma jej chce financovat z hotovosti a budoucího cash flow.
, /PRNewswire/ -- Visteon Corporation (NASDAQ: VC) today announced that its board of directors has authorized a share repurchase program of $800 million of common stock expiring December 31, 2029. Visteon expects to fund the repurchases through cash available on hand in excess of operating requirements and future cash flow generation.
"We are pleased to announce this share repurchase program, which reflects both our financial strength and our commitment to delivering value for shareholders," said President and CEO Sachin Lawande. "It also signals our board's confidence in Visteon's strategy and leadership in digital cockpit, software-defined and AI-enhanced technologies reshaping our industry."
Shares may be repurchased utilizing a variety of methods, including open market purchases, accelerated share repurchase programs, privately negotiated transactions and structured repurchase transactions. Share repurchases may be suspended or discontinued at any time at the Company's discretion and are subject to the Company's discretion with respect to alternative uses of capital, as well as prevailing financial, market and industry conditions.
About Visteon
Visteon (NASDAQ: VC) is advancing mobility through innovative technology solutions that enable a software-defined future. The Company's state-of-the-art product portfolio merges digital cockpit innovations, advanced displays, AI-enhanced software solutions, and integrated EV architecture solutions. With expertise spanning passenger vehicles, commercial transportation, and two-wheelers, Visteon partners with global OEMs to create safer, cleaner, and more connected journeys. Headquartered in Van Buren Township, Michigan, Visteon operates in 17 countries, employing a global network of innovation centers and manufacturing facilities. In 2025, the Company recorded annual sales of approximately $3.77 billion and secured $7.4 billion in new business. For more information, visit visteon.com.
Forward-looking Information
This press release contains "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. The words "will," "may," "designed to," "outlook," "believes," "should," "anticipates," "plans," "expects," "intends," "estimates," "forecasts" and similar expressions identify certain of these forward-looking statements. Forward-looking statements are not guarantees of future results and conditions but rather are subject to various factors, risks and uncertainties that could cause our actual results to differ materially from those expressed in these forward-looking statements, including, but not limited to:
uncertainties in U.S. or foreign policy regarding trade agreements, tariffs or other international trade policies and any response to such actions by foreign countries; continued and future impacts of the geopolitical conflicts and related supply chain disruptions, including but not limited to the conflicts in the Middle East, Russia and East Asia and the possible imposition of sanctions; significant and prolonged shortages of, or unrecoverable price increases in, critical components, including but not limited to semiconductors such as DRAM, particularly where such components are sourced from sole or primary suppliers; failure of the Company's joint venture partners to comply with contractual obligations or to exert influence or pressure in China; conditions within the automotive industry, including (i) the automotive vehicle production volumes and schedules of our customers, (ii) the financial condition of our customers and the effects of any restructuring or reorganization plans that may be undertaken by our customers, including work stoppages at our customers, and (iii) possible disruptions in the supply of commodities to us or our customers due to financial distress, work stoppages, natural disasters or civil unrest; our ability to satisfy future capital and liquidity requirements; including our ability to access the credit and capital markets at the times and in the amounts needed and on terms acceptable to us; our ability to comply with financial and other covenants in our credit agreements; and the continuation of acceptable supplier payment terms; our ability to access funds generated by foreign subsidiaries and joint ventures on a timely and cost-effective basis; our ability to grow our business with Chinese domestic OEMs and to compete with Chinese domestic suppliers as they expand their market-share outside of China; general economic conditions, currency exchange rates, interest rates, changes in foreign laws, regulations or trade policies, including export controls of certain parts or materials or political stability in foreign countries where Visteon procures materials, components, or supplies or where its products are manufactured, distributed, or sold; disruptions in information technology systems including, but not limited to, system failure, cyber-attack, malicious computer software (malware including ransomware), unauthorized physical or electronic access, or other natural or man-made incidents or disasters; increases in raw material and energy costs and our ability to offset or recover these costs; increases in our warranty, product liability and recall costs or the outcome of legal or regulatory proceedings to which we are or may become a party; changes in laws, regulations, policies or other activities of governments, agencies and similar organizations, domestic and foreign, that may tax or otherwise increase the cost of, prohibit, or otherwise affect, the manufacture, licensing, distribution, sale, ownership or use of Visteon's or its suppliers' products or assets; and those factors identified in our filings with the SEC (including our Annual Report on Form 10-K for the fiscal year ended December 31, 2025, as updated by our subsequent filings with the Securities and Exchange Commission). Caution should be taken not to place undue reliance on our forward-looking statements, which represent our view only as of the date of this release, and which we assume no obligation to update.
, /PRNewswire/ -- The PNC Financial Services Group, Inc. (NYSE: PNC) announced that it plans to recommend to its board of directors an increase in the quarterly cash dividend on common stock of $0.30 per share, or 18%, to $2.00 per share in the third quarter of 2026, consistent with the current capital plan approved by its board. PNC's board of directors is expected to consider this recommendation at its next scheduled meeting July 6, 2026.
PNC received the results of the Federal Reserve's 2026 Comprehensive Capital Analysis and Review (CCAR). The Federal Reserve's CCAR disclosure included its estimate of PNC's minimum capital ratios for the period from the first quarter of 2026 through the first quarter of 2028 under the hypothetical Supervisory Severely Adverse scenario. Based on PNC's strong results, PNC's start to minimum Common Equity Tier 1 (CET1) depletion during the stress test horizon is 0.3%, which reflects the best performance in our peer group. Consistent with the Federal Reserve's announcement Feb. 4, 2026, PNC's stress capital buffer (SCB) will be maintained at the current regulatory minimum of 2.5% until PNC and other firms receive a new SCB requirement based on the results of a supervisory stress test to be conducted in 2027, which would be effective Oct. 1, 2027. PNC's CET1 ratio of 10.1% as reported for March 31, 2026, significantly exceeds PNC's SCB-based requirement of 7.0%, which is comprised of the regulatory minimum (4.5%) plus our SCB (2.5%), reflecting PNC's continued robust capital levels.
The PNC Financial Services Group, Inc. is one of the largest diversified financial services institutions in the United States, organized around its customers and communities for strong relationships and local delivery of retail and business banking including a full range of lending products; specialized services for corporations and government entities, including corporate banking, real estate finance and asset-based lending; wealth management and asset management. For information about PNC, visit www.pnc.com.
Cautionary Statement Regarding Forward-Looking Information
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act regarding our outlook or expectations for planned capital actions. Forward-looking statements are necessarily subject to numerous assumptions, risks and uncertainties, which change over time. Future events or circumstances may change our outlook and may also affect the nature of the assumptions, risks and uncertainties to which our forward-looking statements are subject. These forward-looking statements speak only as of the date of this press release, and we assume no duty, and do not undertake, to update them. Actual results or future events could differ, possibly materially, from those that we anticipated in these forward-looking statements. As a result, we caution against placing undue reliance on any forward-looking statements. Forward-looking statements are subject to the risks and uncertainties that are disclosed in PNC's 2025 Form 10-K, including in Item 1A. Risk Factors, and in PNC's subsequent SEC filings. Our SEC filings are accessible on the SEC's website at www.sec.gov and on our corporate website at www.pnc.com/secfilings.
Darden Restaurants ve 4. čtvrtletí zvýšila tržby o 13,7 % na 3,72 miliardy USD a upravený zisk na akcii vzrostl o 22,8 % na 3,66 USD. Představenstvo zároveň schválilo nový program zpětného odkupu akcií až za 1,5 miliardy USD a zvýšilo čtvrtletní dividendu na 1,62 USD na akcii.
, /PRNewswire/ -- Darden Restaurants, Inc. (NYSE:DRI) today reported its financial results for the fourth quarter and fiscal year ended May 31, 2026, which included a 53rd week of operations compared to 52 weeks last year.
Fourth Quarter 2026 Financial Highlights
Total sales increased 13.7% to $3.72 billion driven by 7.6% in additional sales from an extra week of operations, a blended same-restaurant sales1 increase of 4.6%, and sales from 43 net new restaurants Same-restaurant sales:
Consolidated Darden1
4.6 %
Olive Garden
2.4 %
LongHorn Steakhouse
9.5 %
Fine Dining
1.9 %
Other Business1
4.6 %
Reported diluted net earnings per share from continuing operations were $3.54 Excluding $0.12 of costs primarily related to restaurant closures and associated impairments and the Chuy's integration, adjusted diluted net earnings per share from continuing operations were $3.66, an increase of 22.8%2 The extra week of operations contributed $0.25 to both reported and adjusted diluted net earnings per share from continuing operations The Company repurchased $138 million3 of its outstanding common stock Fiscal 2026 Financial Highlights
Total sales increased 9.4% to $13.21 billion driven by 2.1% in additional sales from an extra week of operations, a blended same-restaurant sales4 increase of 4.5%, and sales from 43 net new restaurants Same-restaurant sales:
Consolidated Darden4
4.5 %
Olive Garden
4.0 %
LongHorn Steakhouse
7.2 %
Fine Dining
1.2 %
Other Business4
3.9 %
Reported diluted net earnings per share from continuing operations were $10.44 Excluding $0.20 primarily related to restaurant closures and associated impairments, income tax adjustments and benefits, the Chuy's integration, and the Olive Garden Canada sale, adjusted diluted net earnings per share from continuing operations were $10.64, an increase of 11.4%2 The extra week of operations contributed $0.25 to both reported and adjusted diluted net earnings per share from continuing operations
1 Quarter same-restaurant sales is a 13-week metric and excludes the impact of Bahama Breeze as all locations are expected to be closed or converted to other brands (between Q3 fiscal 2026 and Q4 fiscal 2027).
2 See the "Non-GAAP Information" below for more details.
3 Inclusive of 1% excise tax incurred on net repurchases, resulting from the Inflation Reduction Act of 2022.
4 Annual same-restaurant sales is a 52-week metric and excludes the impact of Chuy's, as they were not owned and operated by Darden for a 16-month period prior to the beginning of Fiscal 2026, as well as Bahama Breeze as all locations are expected to be closed or converted to other brands (between Q3 fiscal 2026 and Q4 fiscal 2027).
"The fourth quarter was a strong finish to an excellent year, one in which we significantly outperformed the industry," said Darden President & CEO Rick Cardenas. "Our restaurant teams continued to execute at a high level and that consistent execution helped each of our brands deliver positive same-restaurant sales for the quarter.
"Our performance throughout the fiscal year reflects the strength of our brands, the discipline of our strategy, and the quality of our teams. With the right brands, strategy, and team in place, I am confident we are well positioned to continue growing the business and creating long-term shareholder value."
Segment Performance
Segment profit represents sales, less costs for food and beverage, restaurant labor, restaurant expenses and marketing expenses. Segment profit excludes non-cash real estate related expenses. Sales and profits from Chuy's restaurants are included within the Other Business segment from the date of acquisition forward.
Q4 Sales
Q4 Segment Profit
($ in millions)
2026
2025
2026
2025
Consolidated Darden
$3,718.8
$3,271.7
Olive Garden
$1,538.0
$1,381.0
$373.0
$328.4
LongHorn Steakhouse
$1,016.5
$833.8
$215.2
$167.8
Fine Dining
$371.0
$334.6
$69.0
$62.9
Other Business
$793.3
$722.3
$142.1
$126.3
Annual Sales
Annual Segment Profit
($ in millions)
2026
2025
2026
2025
Consolidated Darden
$13,210.9
$12,076.7
Olive Garden
$5,594.8
$5,212.9
$1,257.9
$1,163.9
LongHorn Steakhouse
$3,423.0
$3,025.5
$635.1
$582.7
Fine Dining
$1,375.7
$1,304.8
$243.1
$242.5
Other Business
$2,817.4
$2,533.5
$446.9
$397.4
Dividend Declared
Darden's Board of Directors declared a quarterly cash dividend of $1.62 per share on the Company's outstanding common stock, an 8.0% increase from the third quarter of fiscal 2026. The dividend is payable on August 3, 2026 to shareholders of record at the close of business on July 10, 2026.
Share Repurchase Program
During the quarter, the Company repurchased approximately 0.7 million shares of its common stock for a total of $138 million4. In addition, on Wednesday, June 24, 2026, Darden's Board of Directors authorized a new share repurchase program under which the Company may repurchase up to $1.5 billion of its outstanding common stock. This repurchase program does not have an expiration and replaces the previously existing share repurchase authorization.
"Our strong operating model generates significant and durable cash flows," said Darden CFO Raj Vennam. "Since 2019, we have delivered 9% annualized adjusted EBITDA growth. This consistent cash generation provides more than sufficient capacity each year to fund the core requirements of the business, including maintenance capital to sustain our existing asset base, continued growth of our dividend, and investment in new restaurant development."
Fiscal 2027 Financial Outlook
Below is the full year financial outlook for fiscal 2027. We will provide more details during our investor conference call scheduled for this morning at 8:30 am ET.
Total sales of $13.60 billion to $13.75 billion Same-restaurant sales5 growth of 2.5% to 3.5% New restaurant openings of 75 to 80 Total capital spending of approximately $875 million Total inflation of approximately 3.0% An effective tax rate of approximately 13.5% Diluted net earnings per share from continuing operations of $11.10 to $11.35 EBITDA of $2.26 to $2.29 billion2 Approximately 114 million weighted average diluted shares outstanding
5 Annual same-restaurant sales is a 52-week metric and excludes the impact of Bahama Breeze as all locations are expected to be closed or converted to other brands (between Q3 fiscal 2026 and Q4 fiscal 2027).
Annual Meeting of Shareholders
Darden will hold its Annual Meeting of Shareholders on September 23, 2026. The meeting will be held in a virtual format only. The record date for shareholders to vote in the Annual Meeting is July 29, 2026.
Investor Conference Call
The Company will host a conference call today, Thursday, June 25, 2026 at 8:30 am ET to review its recent financial performance, which will be available via a live webcast through the Company's Investor Relations website at investor.darden.com. Please allow extra time prior to the call to visit the site and download any software required to listen to the webcast. Supplemental materials will be available on the Investor Relations website prior to the start of the conference call. For those who are unable to listen to the live broadcast, a replay will be available shortly after the call.
About Darden
Darden is a restaurant company featuring a portfolio of differentiated brands that include Olive Garden, LongHorn Steakhouse, Yard House, Ruth's Chris Steak House, Cheddar's Scratch Kitchen, The Capital Grille, Chuy's, Seasons 52, and Eddie V's. For more information, please visit www.darden.com.
Information About Forward-Looking Statements
Forward-looking statements in this communication regarding our expected earnings performance and all other statements that are not historical facts, including without limitation statements concerning our future economic performance, are made under the Safe Harbor provisions of the Private Securities Litigation Reform Act of 1995. These forward-looking statements are generally identified by the use of forward-looking terminology, including the terms "may," "will," "expect," "intend," "focus," "anticipate," "continue," "could," "estimate," "project," "believe," "plan," "outlook," or similar expressions. Any forward-looking statements speak only as of the date on which such statements are first made, and we undertake no obligation to update such statements to reflect events or circumstances arising after such date. We wish to caution investors not to place undue reliance on any such forward-looking statements. By their nature, forward-looking statements involve risks and uncertainties that could cause actual results to materially differ from those anticipated in the statements. The most significant of these uncertainties are described in Darden's Form 10-K, Form 10-Q and Form 8-K reports. These risks and uncertainties include: a failure to address cost pressures and a failure to effectively deliver cost management activities and achieve some economies of scale in purchasing, certain economic and business factors and their impacts on the restaurant industry and other general macroeconomic factors including unemployment, energy prices, tariffs and interest rates, the inability to hire, train, reward and retain restaurant team members and determine and maintain adequate staffing, a failure to recruit, develop and retain effective leaders or the loss or shortage of personnel with key capacities and skills that could impact our strategic direction, increased labor and insurance costs, health concerns arising from food-related pandemics, outbreaks of flu, viruses or other diseases, food safety and food-borne illness concerns, insufficient guest or employee facing technology or a failure to maintain a continuous and secure cyber network, compliance with privacy and data protection laws and risks of failures or breaches of our data protection systems, risks relating to public policy changes and federal, state and local regulation of our business, intense competition, changing consumer preferences, an inability or failure to recognize, respond to and effectively manage the accelerated impact of social media, a failure to identify and execute innovative marketing and guest relationship tactics, ineffective or improper use of other marketing initiatives and increased advertising and marketing costs, climate change, adverse weather conditions and natural disasters, long-term and non-cancelable property leases, inability or failure to execute a business continuity plan following a major natural disaster, shortages, delays or interruptions in the delivery of food and other products and services from our third-party vendors and suppliers, failure to drive profitable sales growth, a lack of availability of suitable locations for new restaurants or a decline in the quality of locations of our current restaurants, higher-than-anticipated costs associated with the opening of new restaurants or with the closing, relocating or remodeling of existing restaurants, risks associated with doing business with franchisees, licensees and vendors in foreign markets, volatility in the market value of derivatives, volatility in the U.S. equity markets affecting our ability to efficiently hedge exposures, failure to protect our intellectual property, our reporting on environmental, social and governance matters or our sustainability ratings, litigation, unfavorable publicity or failure to respond effectively to adverse publicity, disruptions in the financial and credit markets, impairment of the carrying value of our goodwill or other intangible assets, changes in tax laws or unanticipated tax liabilities, failure of our internal controls over financial reporting and future changes in accounting standards, and other factors and uncertainties discussed from time to time in reports filed by Darden with the Securities and Exchange Commission.
Non-GAAP Information
The information in this press release includes financial information determined by methods other than in accordance with U.S. generally accepted accounting principles ("GAAP"), such as adjusted diluted net earnings per share from continuing operations and Earnings Before Interest, Taxes, Depreciation and Amortization ("EBITDA"). The Company's management uses these non-GAAP measures in its analysis of the Company's performance. The Company believes that the presentation of certain non-GAAP measures provides useful supplemental information that is essential to a proper understanding of the operating results of the Company's businesses. These non-GAAP disclosures should not be viewed as a substitute for operating results determined in accordance with GAAP, nor are they necessarily comparable to non-GAAP performance measures that may be presented by other companies. Reconciliations of these non-GAAP measures are included in this release.
(Analysts) Courtney Aquilla, (407) 245-5054; (Media) Rich Jeffers, (407) 245-4189
Fiscal Q4 Reported to Adjusted Earnings Reconciliation
Q4 2026
Q4 2025
$ in millions, except per share amounts
Earnings
Before
Income
Tax
Income
Tax
Expense
Net
Earnings
Diluted
Net
Earnings
Per
Share
Earnings
Before
Income
Tax
Income
Tax
Expense
Net
Earnings
Diluted
Net
Earnings
Per
Share
Reported Earnings from Continuing Operations
$ 465.6
$ 57.8
$ 407.8
$ 3.54
$ 336.5
$ 32.5
$ 304.0
$ 2.58
Adjustments:
Closed restaurant and other strategic review costs6
7.2
1.5
5.7
0.05
9.2
2.3
6.9
0.06
General and administrative expenses
4.3
0.7
3.6
0.03
9.2
2.3
6.9
0.06
Depreciation and amortization
2.9
0.8
2.1
0.02
—
—
—
—
Impairment due to restaurant closures7
9.7
2.4
7.3
0.06
47.7
11.9
35.8
0.30
Chuy's integration related one-time costs
1.1
0.3
0.8
0.01
7.0
2.1
4.9
0.04
Adjusted Earnings from Continuing Operations
$ 483.6
$ 62.0
$ 421.6
$ 3.66
$ 400.4
$ 48.8
$ 351.6
$ 2.98
% Change vs Prior Year
22.8 %
Fiscal YTD Reported to Adjusted Earnings Reconciliation
2026
2025
$ in millions, except per share amounts
Earnings
Before
Income
Tax
Income
Tax
Expense
Net
Earnings
Diluted
Net
Earnings
Per
Share
Earnings
Before
Income
Tax
Income
Tax
Expense
Net
Earnings
Diluted
Net
Earnings
Per
Share
Reported Earnings from Continuing Operations
$ 1,388.6
$ 174.9
$ 1,213.7
$ 10.44
$ 1,187.2
$ 136.2
$ 1,051.0
$ 8.88
Adjustments:
Closed restaurant and other strategic review costs6
19.4
4.5
14.9
0.13
9.2
2.3
6.9
0.06
General and administrative expenses
15.7
3.6
12.1
0.10
9.2
2.3
6.9
0.06
Depreciation and amortization
3.7
0.9
2.8
0.03
—
—
—
—
Impairment due to restaurant closures7
34.8
8.6
26.2
0.22
47.7
11.9
35.8
0.30
Income tax adjustments and benefits
—
(7.1)
7.1
0.06
—
—
—
—
Chuy's integration related one-time costs
9.5
2.4
7.1
0.06
44.6
7.9
36.7
0.31
Gain on Olive Garden Canada sale
(42.1)
(10.5)
(31.6)
(0.27)
—
—
—
—
Impairment and restaurant disposals, net
(42.3)
(10.5)
(31.8)
(0.27)
—
—
—
—
General and administrative expenses
0.2
—
0.2
—
—
—
—
—
Adjusted Earnings from Continuing Operations
$ 1,410.2
$ 172.8
$ 1,237.4
$ 10.64
$ 1,288.7
$ 158.3
$ 1,130.4
$ 9.55
% Change vs Prior Year
11.4 %
YTD Adjusted EBITDA Reconciliation
$ in millions
5/26/2019
5/31/2026
Net Earnings from Continuing Operations
$ 718.6
$ 1,213.7
Interest, Net
50.2
194.2
Income Tax Expense (Benefit)
63.7
174.9
Depreciation and Amortization
336.7
561.1
EBITDA
$ 1,169.2
$ 2,143.9
Adjustments:
Restaurant impairments7
14.6
34.8
Chuy's integration related one-time costs
—
9.5
Restaurant closing costs6
—
15.7
Gain on Olive Garden Canada sale
—
(42.1)
Adjusted EBITDA
$ 1,183.8
$ 2,161.8
Fiscal 2027 EBITDA Outlook Reconciliation
Net Earnings from Continuing Operations
$1.26 billion
to
$1.29 billion
Interest, Net
$0.21 billion
$0.20 billion
Income Tax Expense
$0.19 billion
$0.20 billion
Depreciation and Amortization
$0.60 billion
$0.60 billion
EBITDA
$2.26 billion
to
$2.29 billion
6 Closed restaurant costs and costs related to the exploration of strategic alternatives for the Bahama Breeze brand
7 Fiscal 2026 impairment costs due to non-cash asset impairment charges primarily related to the closures of Bahama Breeze locations and another underperforming location in the fourth quarter of fiscal 2026. Fiscal 2025 impairment costs were due to restaurant closures primarily related to the closure of 22 underperforming restaurants that were permanently closed during the fourth quarter of fiscal 2025. Fiscal 2019 non-cash asset impairment charges related to four underperforming restaurants whose projected cash flows were not sufficient to cover their respective carrying values.
DARDEN RESTAURANTS, INC.
NUMBER OF COMPANY-OWNED RESTAURANTS
5/31/26
5/25/25
Olive Garden
949
935
LongHorn Steakhouse
618
591
Cheddar's Scratch Kitchen
184
181
Chuy's
110
108
Yard House
93
88
Ruth's Chris Steak House
83
82
The Capital Grille
74
71
Seasons 52
44
43
Eddie V's
31
29
Bahama Breeze
13
28
The Capital Burger
3
3
Darden Continuing Operations
2,202
2,159
DARDEN RESTAURANTS, INC.
CONSOLIDATED STATEMENTS OF EARNINGS
(In millions, except per share data)
(Unaudited)
Three Months Ended
Twelve Months Ended
5/31/2026
5/25/2025
5/31/2026
5/25/2025
Sales
$ 3,718.8
$ 3,271.7
$ 13,210.9
$ 12,076.7
Costs and expenses:
Food and beverage
1,119.3
983.9
4,038.8
3,657.0
Restaurant labor
1,147.4
1,022.0
4,182.4
3,833.1
Restaurant expenses
586.0
517.1
2,127.2
1,944.0
Marketing expenses
43.2
41.0
180.4
169.9
Pre-opening costs
11.7
8.7
34.5
24.8
General and administrative expenses
139.0
133.1
514.4
520.3
Depreciation and amortization
146.3
135.0
561.1
516.1
Impairments and disposal of assets, net
9.1
48.1
(10.7)
49.2
Total operating costs and expenses
$ 3,202.0
$ 2,888.9
$ 11,628.1
$ 10,714.4
Operating income
516.8
382.8
1,582.8
1,362.3
Interest, net
51.2
46.3
194.2
175.1
Earnings before income taxes
465.6
336.5
1,388.6
1,187.2
Income tax expense
57.8
32.5
174.9
136.2
Earnings from continuing operations
$ 407.8
$ 304.0
$ 1,213.7
$ 1,051.0
Losses from discontinued operations, net of tax benefit of $1.3, $0.1, $2.9 and
$0.8, respectively
(2.9)
(0.2)
(7.0)
(1.4)
Net earnings
$ 404.9
$ 303.8
$ 1,206.7
$ 1,049.6
Basic net earnings per share:
Earnings from continuing operations
$ 3.57
$ 2.60
$ 10.51
$ 8.94
Losses from discontinued operations
(0.03)
(0.01)
(0.06)
(0.01)
Net earnings
$ 3.54
$ 2.59
$ 10.45
$ 8.93
Diluted net earnings per share:
Earnings from continuing operations
$ 3.54
$ 2.58
$ 10.44
$ 8.88
Losses from discontinued operations
(0.03)
—
(0.06)
(0.02)
Net earnings
$ 3.51
$ 2.58
$ 10.38
$ 8.86
Average number of common shares outstanding:
Basic
114.3
117.1
115.5
117.5
Diluted
115.2
117.9
116.3
118.4
DARDEN RESTAURANTS, INC.
CONSOLIDATED BALANCE SHEETS
(In millions)
5/31/2026
5/25/2025
(Unaudited)
ASSETS
Current assets:
Cash and cash equivalents
$ 219.5
$ 240.0
Receivables, net
129.9
93.8
Inventories
326.3
311.6
Prepaid income taxes
139.8
135.6
Prepaid expenses and other current assets
127.4
156.7
Total current assets
$ 942.9
$ 937.7
Land, buildings and equipment, net
5,048.6
4,716.0
Operating lease right-of-use assets
3,433.1
3,555.9
Goodwill
1,658.2
1,659.4
Trademarks
1,346.4
1,346.4
Other assets
433.2
371.6
Total assets
$ 12,862.4
$ 12,587.0
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Accounts payable
$ 427.7
$ 439.6
Short-term debt and current portion of long-term debt
693.6
—
Accrued payroll
236.1
207.5
Accrued taxes
87.0
87.7
Unearned revenues
606.0
599.4
Other current liabilities
955.0
913.3
Total current liabilities
$ 3,005.4
$ 2,247.5
Long-term debt
1,637.7
2,128.9
Deferred income taxes
343.6
278.8
Operating lease liabilities - non-current
3,722.3
3,816.9
Other liabilities
1,945.9
1,803.6
Total liabilities
$ 10,654.9
$ 10,275.7
Stockholders' equity:
Common stock and surplus
$ 2,296.3
$ 2,295.6
Retained earnings (deficit)
(108.4)
(16.1)
Accumulated other comprehensive income
19.6
31.8
Total stockholders' equity
$ 2,207.5
$ 2,311.3
Total liabilities and stockholders' equity
$ 12,862.4
$ 12,587.0
DARDEN RESTAURANTS, INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(In millions)
(Unaudited)
Twelve Months Ended
5/31/2026
5/25/2025
Cash flows—operating activities
Net earnings
$ 1,206.7
$ 1,049.6
Losses from discontinued operations, net of tax
7.0
1.4
Adjustments to reconcile net earnings from continuing operations to cash flows:
Depreciation and amortization
561.1
516.1
Impairments and disposal of assets, net
(10.7)
49.2
Stock-based compensation expense
79.1
79.1
Change in current assets and liabilities and other, net
9.9
11.6
Net cash provided by operating activities of continuing operations
$ 1,853.1
$ 1,707.0
Cash flows—investing activities
Purchases of land, buildings and equipment
(734.0)
(644.6)
Proceeds from disposal of land, buildings and equipment
45.5
2.5
Cash used in business acquisitions, net of cash acquired
—
(613.7)
Purchases of capitalized software and changes in other assets, net
(22.9)
(22.5)
Net cash used in investing activities of continuing operations
$ (711.4)
$ (1,278.3)
Cash flows—financing activities
Net proceeds from issuance of common stock
25.0
55.6
Dividends paid
(693.0)
(658.5)
Repurchases of common stock
(671.7)
(418.2)
Proceeds from (repayments of) short-term debt, net
194.0
(86.8)
Proceeds from issuance of long-term debt, net
—
750.0
Principal payments on finance leases, net
(18.1)
(21.0)
Payments of debt issuance costs
—
(6.9)
Net cash used in financing activities of continuing operations
$ (1,163.8)
$ (385.8)
Cash flows—discontinued operations
Net cash used in operating activities of discontinued operations
(4.8)
(8.5)
Net cash used in discontinued operations
$ (4.8)
$ (8.5)
Increase (decrease) in cash, cash equivalents, and restricted cash
(26.9)
34.4
Cash, cash equivalents, and restricted cash - beginning of period
254.5
220.1
Cash, cash equivalents, and restricted cash - end of period
$ 227.6
$ 254.5
Reconciliation of cash, cash equivalents, and restricted cash:
5/31/2026
5/25/2025
Cash and cash equivalents
$ 219.5
$ 240.0
Restricted cash included in prepaid expenses and other current assets
8.1
14.5
Total cash, cash equivalents, and restricted cash shown in the statement of cash flows
Darden Restaurants překonal odhad zisku na akcii, ale růst tržeb Olive Garden ve stejných prodejnách zpomalil na 2,4 % a zaostal za očekáváním. Výhled pro fiskální rok 2027 je také na spodní hraně odhadů Wall Street.
Darden Restaurants on Thursday reported mixed quarterly results as same-store sales growth at the company's fine-dining restaurants and Olive Garden fell short of expectations.
The company's forecast for its fiscal 2027 earnings and revenue also came on the lower end of Wall Street's projections.
Shares of the company slid more than 3% in premarket trading.
Here's what the company reported for its fiscal fourth quarter ended May 31 compared with what Wall Street was expecting, based on a survey of analysts by LSEG:
Earnings per share: $3.66 adjusted vs. $3.63 expectedRevenue: $3.72 billion vs. $3.73 billion expectedDarden reported net income of $404.9 million, or $3.51 per share, up from $303.8 million, or $2.58 per share, a year earlier.
Excluding costs of restaurant closures and other items, the company earned $3.66 per share.
Net sales climbed 13.7% to $3.72 billion, boosted by the inclusion of an extra week during the fiscal year.
Across all of Darden's restaurants, same-store sales rose 4.6%, topping expectations of 4.1% growth based on StreetAccount estimates.
LongHorn Steakhouse led the portfolio with same-store sales growth of 9.5%, beating StreetAccount projections of 7.1%. The chain has overtaken Olive Garden to become Darden's top performer, although it still accounts for less of the company's overall sales.
For its part, Olive Garden saw same-store sales grow 2.4% in the quarter, missing expectations of 3.2% growth.
Darden's fine-dining segment reported same-store sales growth of 1.9%, falling short of StreetAccount estimates of 3.1%. The division includes The Capital Grille and Ruth's Chris.
The company's "other business" segment saw same-store sales rise 4.6%, higher than the 3% projected by analysts. The division includes a handful of smaller restaurant chains, like Yard House and Chuy's.
Looking ahead to the next fiscal year, Darden is projecting total sales of $13.60 billion to $13.75 billion and net earnings per share from continuing operations in a range of $11.10 to $11.35. Wall Street is expecting the company to report fiscal 2027 revenue of $13.72 billion and earnings per share of $11.40.
Darden is also forecasting that it will report same-store sales growth of 2.5% to 3.5% for fiscal 2027 and open between 75 and 80 new locations.
Enlight uzavřel financování svého projektu CO Bar Complex v Arizoně za zhruba 2,6 miliardy USD. Jde o jeho dosud největší projekt s kapacitou 1,2 GW solární energie a 4,0 GWh bateriového úložiště.
The CO Bar Complex, one of the largest projects in the United States, totals approximately 1.2 GW of solar power generation and 4.0 GWh of energy storage
The Complex is expected to contribute approximately $255 million in revenues and approximately $205 million in EBITDA in its first full year of Complex operation
Commercial operation of the projects is expected in phases from the second half of 2027 through the first half of 2028
TEL AVIV, Israel, June 25, 2026 (GLOBE NEWSWIRE) -- Enlight Renewable Energy (TASE: ENLT; NASDAQ: ENLT), a global renewable energy developer and independent power producer, announced today that its U.S. subsidiary Clēnera Holdings has entered into a debt financing framework agreement for the CO Bar Complex, located in Arizona.
The CO Bar Complex comprises five projects, totaling approximately 1.2 GW of solar power generation capacity and 4.0 GWh of energy storage capacity. The Complex is anchored by a 1 GW AC interconnection agreement and demonstrates Enlight’s Connect and Expand strategy, leveraging a large grid connection to develop multiple solar and energy storage projects as part of a single large-scale cluster. Commercial operation of the projects within the Complex is expected to occur in phases during the second half of 2027 and the first half of 2028.
CO Bar represents a total Complex investment in the range of $2,900 million to $3,045 million, including $1,705 million of term debt and with estimated tax equity proceeds of $1,450 million to $1,525 million and total Complex investment net of tax equity of $1,450 million to $1,520 million.
In its first full year of operation, the Complex is expected to generate $250 million to $260 million in revenues and $205 million to $210 million in EBITDA.
The financing commitments, totaling approximately $2.6 billion, were provided by a consortium of seven leading global financial institutions: BNP Paribas Securities Corp., Crédit Agricole CIB, MUFG Bank, Ltd., Natixis, New York Branch, Norddeutsche Landesbank Girozentrale, New York Branch (Nord/LB), Societe Generale, and Wells Fargo Securities, LLC.
CO Bar 1-2 have met the conditions precedent to the debt draw, and CO Bar 3-5 are expected to satisfy the applicable conditions precedent to their debt draws in the coming months.
CO Bar 1 combines solar power generation and energy storage, CO Bar 2 and 3 are solar generation projects, and CO Bar 4 and 5 are energy storage projects. Construction of CO Bar 1-3 is fully mobilized, and CO Bar 4 and 5 are expected to be fully mobilized in the second half of 2026.
The Complex is fully subscribed through five offtake agreements, including 20 year busbar solar power purchase agreements and energy storage agreements with Salt River Project (SRP) and Arizona Public Service (APS), providing long term contracted revenues across the Complex.
The Company expects to sign an agreement with a tax equity partner during 2027. Each project in the Complex is expected to be eligible for the 10% Energy Community bonus tax credit. Enlight also intends to pursue the 10% Domestic Content bonus tax credit for CO Bar 4 and 5.
“CO Bar is one of the clearest examples of Enlight’s ability to convert its large development pipeline into financed, contracted and executable assets,” said Adi Leviatan, CEO of Enlight. “Securing this financing for our largest project to date is a strong vote of confidence in Enlight and Clēnera, and in the quality of our U.S. portfolio. As electricity demand continues to grow, projects like CO Bar demonstrate the role we can play in delivering reliable, clean power at scale.”
“The CO Bar project represents a defining milestone in Clēnera’s growth in the United States,” said Jared McKee, CEO of Clēnera. “As the largest financing in our history, it supports the development of a landmark energy asset that will generate enough power for nearly 220,000 homes across Arizona. CO Bar is more than a project—it is a long-term, generational asset that will provide reliable, sustainable energy and support the region’s continued growth.”
Within the consortium of banks associated with the deal, various entities took on specialized roles. Nord/LB served as documentation agent. Natixis was the due diligence coordinator. MUFG was the administrative agent. BNP was collateral agent and depositary. Crédit Agricole CIB was the hedge coordinator.
About Enlight Renewable Energy:
Founded in 2008, Enlight Renewable Energy is a leading global renewable energy developer and independent power producer. The Company develops, finances, constructs, owns, and operates utility-scale renewable energy projects across solar, wind, and energy storage. Enlight operates in the United States, Israel, and Europe. Enlight has been traded on the Tel Aviv Stock Exchange (TASE: ENLT) since 2010 and has been listed on Nasdaq following its U.S. IPO in 2023 (Nasdaq: ENLT). Learn more at www.enlightenergy.com
This report on Form 6-K contains forward-looking statements within the meaning of the U.S. Private Securities Litigation Reform Act of 1995. We intend such forward-looking statements to be covered by the safe harbor provisions for forward-looking statements as contained in Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All statements contained in this report on Form 6-K other than statements of historical fact, including, without limitation, statements regarding the Company’s expectations relating to projects, their financing, operational timeline, as well as estimated revenues and EBITDA, statements regarding the offering of the Notes, including the consideration of expanding the existing series of Notes, the Company’s intention to accept prior undertakings from Classified Investors and expectations about use of proceeds, are forward-looking statements. The words “may,” “might,” “will,” “could,” “would,” “should,” “expect,” “plan,” “anticipate,” “intend,” “target,” “seek,” “believe,” “estimate,” “predict,” “potential,” “continue,” “contemplate,” “possible,” “forecasts,” “aims” or the negative of these terms and similar expressions are intended to identify forward-looking statements, though not all forward-looking statements use these words or expressions. These statements are neither promises nor guarantees, but involve known and unknown risks, uncertainties and other important factors that may cause our actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements, including, but not limited to, the following: uncertainties related to market conditions and completion of the offering of the Notes on the anticipated terms or at all; the timing of construction of any project; availability of, and access to, interconnection facilities and transmission systems; our ability to obtain and maintain governmental and other regulatory approvals and permits, including environmental approvals and permits; construction delays, operational delays and supply chain disruptions leading to increased cost of materials required for the construction of our projects, as well as cost overruns and delays related to disputes with contractors; disruptions in trade caused by political, social or economic instability in regions where our components and materials are made; our suppliers’ ability and willingness to perform both existing and future obligations; competition from traditional and renewable energy companies in developing renewable energy projects; potential slowed demand for renewable energy projects and our ability to enter into new offtake contracts on acceptable terms and prices as current offtake contracts expire; offtakers’ ability to terminate contracts or seek other remedies resulting from failure of our projects to meet development, operational or performance benchmarks; exposure to market prices in some of our offtake contracts; various technical and operational challenges leading to unplanned outages, reduced output, interconnection or termination issues; the dependence of our production and revenue on suitable meteorological and environmental conditions, and our ability to accurately predict such conditions; our ability to enforce warranties provided by our counterparties in the event that our projects do not perform as expected; government curtailment, energy price caps and other government actions that restrict or reduce the profitability of renewable energy production; electricity price volatility, unusual weather conditions (including the effects of climate change, could adversely affect wind and solar conditions), catastrophic weather-related or other damage to facilities, unscheduled generation outages, maintenance or repairs, unanticipated changes to availability due to higher demand, shortages, transportation problems or other developments, environmental incidents, or electric transmission system constraints and the possibility that we may not have adequate insurance to cover losses as a result of such hazards; our dependence on certain operational projects for a substantial portion of our cash flows; our ability to continue to grow our portfolio of projects through successful acquisitions; changes and advances in technology that impair or eliminate the competitive advantage of our projects or upsets the expectations underlying investments in our technologies; our ability to effectively anticipate and manage cost inflation, interest rate risk, currency exchange fluctuations and other macroeconomic conditions that impact our business; our ability to retain and attract key personnel; our ability to manage legal and regulatory compliance and litigation risk across our global corporate structure; our ability to protect our business from, and manage the impact of, cyber-attacks, disruptions and security incidents, as well as acts of terrorism or war; changes to existing renewable energy industry policies and regulations that present technical, regulatory and economic barriers to renewable energy projects; the reduction, elimination or expiration of government incentives for, or regulations mandating the use of, renewable energy; our ability to effectively manage the global expansion of the scale of our business operations; our ability to perform to expectations in our new line of business involving the construction of PV systems for municipalities in Israel; our ability to effectively manage our supply chain and comply with applicable regulations with respect to international trade relations, tariffs, sanctions, export controls and anti-bribery and anti-corruption laws; our ability to effectively comply with Environmental Health and Safety and other laws and regulations and receive and maintain all necessary licenses, permits and authorizations; our performance of various obligations under the terms of our indebtedness (and the indebtedness of our subsidiaries that we guarantee) and our ability to continue to secure project financing on attractive terms for our projects; limitations on our management rights and operational flexibility due to our use of tax equity arrangements; potential claims and disagreements with partners, investors and other counterparties that could reduce our right to cash flows generated by our projects; our ability to comply with increasingly complex tax laws of various jurisdictions in which we currently operate as well as the tax laws in jurisdictions in which we intend to operate in the future; our ability to obtain tax benefits and credits in the U.S. or other jurisdictions; the unknown effect of the dual listing of our ordinary shares on the price of our ordinary shares; various risks related to our incorporation and location in Israel, including the ongoing war in Israel, where our headquarters and some of our wind energy and solar energy projects are located; the costs and requirements of being a public company, including the diversion of management’s attention with respect to such requirements; certain provisions in our Articles of Association and certain applicable regulations that may delay or prevent a change of control; and other risk factors set forth in the section titled “Risk factors” in our Annual Report on Form 20-F for the fiscal year ended December 31, 2025, filed with the Securities and Exchange Commission (the “SEC”), as may be updated in our other documents filed with or furnished to the SEC.
These statements reflect management’s current expectations regarding future events and operating performance and speak only as of the date of this Form 6-K. You should not put undue reliance on any forward-looking statements. Although we believe that the expectations reflected in the forward-looking statements are reasonable, we cannot guarantee that future results, levels of activity, performance and events and circumstances reflected in the forward-looking statements will be achieved or will occur. Except as required by applicable law, we undertake no obligation to update or revise publicly any forward-looking statements, whether as a result of new information, future events or otherwise, after the date on which the statements are made or to reflect the occurrence of unanticipated events.
Worksport oznámil, že jeho akcie uzavřely nad 1 USD a firma je podle něj zpět v souladu s požadavkem Nasdaq na minimální cenu. Zároveň svolává investorské setkání, kde chce mluvit o růstu marže, distribuce a cíli 12měsíčního ročního run-rate tržeb přes 36 milionů USD.
CEO Shares Letter to Shareholders, inviting them to attend the townhall; Management to discuss Nasdaq bid price compliance, 35% May gross margin, Meyer Distributing, $36M+ revenue run-rate target, direct investments, insider alignment, NEXUS traction, Terravis Energy, and the Company's 2026 execution plan.
The live event will provide shareholders an opportunity to hear directly from CEO Steven Rossi and ask questions about Worksport's business momentum and long-term value creation strategy.
WEST SENECA, NY / ACCESS Newswire / June 25, 2026 / Worksport Ltd. (NASDAQ:WKSP) ("Worksport" or the "Company"), a U.S.-based innovator and manufacturer of hybrid and clean energy solutions primarily for the light truck, overlanding, and global consumer goods markets, today announced that its common stock closed above $1.00 on June 24, 2026, which the Company believes keeps Worksport in full compliance with Nasdaq's minimum bid price requirement, and represents a 75% increase in 5 trading days.
The Company also announced that it will host a live investor town hall on Tuesday, June 30, 2026, at 12:05 p.m. Eastern Time. The town hall will provide shareholders, prospective investors, analysts, media, and other interested parties an opportunity to hear directly from Founder and Chief Executive Officer Steven Rossi regarding Worksport's recent business developments, current execution priorities, and the Company's strategy for the second half of 2026 and beyond.
Link to register for townhall: Register to WKSP's June Townhall Here
Worksport encourages shareholders, prospective investors, analysts, media, and other interested parties to attend.
Management believes the upcoming town hall comes at an important moment for Worksport. Over the past several weeks, the Company has announced multiple developments that are believed to support a stronger operating foundation, improved market positioning, and an increasingly visible path toward operational cash flow positivity:
Operational progress: Worksport announced preliminary May 2026 gross margin of approximately 35%, up ~660 basis points from 28.4% in Q1 2026, reflecting continued manufacturing efficiency, pricing discipline, and operating leverage, despite domestic inflation of aluminum, a core component of its tonneau covers.
Distribution expansion: The Company announced Meyer Distributing as a new national distribution partner, expanding Worksport's access to a broader base of dealers, installers, and aftermarket resellers across North America.
Revenue opportunity: Worksport is projecting a $36+ million 12-month annual run rate target supported by B2C activity, expanding B2B distribution, new product launches, and channel ramp-up. Current 2026 revenue run-rate is growing healthily, at $21+ million.
Premium-priced capital: The Company recently completed two direct investments, including one priced at a premium to then-recent trading levels, while also receiving expressed investor interest in evaluating additional financing of up to $10 million, subject to customary conditions.
Insider alignment: On June 9, 2026, Founder and CEO Steven Rossi elected to receive additional Company shares in lieu of cash compensation, the second time this year, reinforcing his stated confidence in Worksport's long-term value creation opportunity.
CEO Letter to Shareholders
"Over the last several weeks, Worksport has released some of the most important updates in our Company's recent history," said Steven Rossi. "We achieved a preliminary 35% gross margin in May, setting a new record, added Meyer Distributing as a major multi-national master distribution partner, outlined a $36+ million annualized revenue opportunity, secured premium-priced capital, and saw our shares close back above $1.00 on June 24. We believe these are meaningful milestones, and shareholders deserve a clear explanation of how they connect."
Mr. Rossi continued, "Nasdaq compliance is important, but our deeper focus remains on building the business behind the ticker. Worksport today is operating from a much stronger foundation than it was one year ago: margins have improved, distribution is expanding, B2C demand remains active, B2B channels are growing, and our newly launched NEXUS tonneau cover is contributing to a broader commercial strategy. We believe these are the ingredients that can support our stated goal of achieving initial operational cash-flow positivity within 2026."
"This town hall is intended to be direct, transparent, and useful," Mr. Rossi added. "It is the place for shareholders to ask questions, hear from management, and better understand what we believe is ahead for Worksport. We intend to discuss our revenue trajectory, margin growth, distributor onboarding, NEXUS traction, SOLIS and COR progress, OE-focused opportunities, and how we are evaluating potential business development opportunities and accretive strategic synergies that could strengthen the Company's platform over time."
Mr. Rossi concluded, "Worksport's objective is clear: grow revenue, expand margins, convert inventory, strengthen distribution, continue advancing our intellectual property-backed product portfolio, and build long-term shareholder value. We believe Worksport has entered an important inflection point, and we look forward to discussing that future with shareholders on June 30."
Terravis Energy and Broader Product Platform
In addition to Worksport's core tonneau cover, SOLIS solar cover, and COR portable power strategies, the Company continues to actively develop its Terravis Energy subsidiary. Terravis remains focused on highly efficient heating and cooling technologies, including its patented ZeroFrost™ heat-pump technology. Management currently expects product certification during the second half of 2026, subject to testing, certification timing, and other customary development considerations.
Worksport believes its broader product platform, spanning truck accessories, solar integrations, portable energy systems, and clean heating and cooling solutions, provides multiple long-term growth pathways. The Company expects to address these opportunities during the June 30 town hall.
Town Hall Details
Date: Tuesday, June 30, 2026
Time: 12:05 p.m. ET - 1:00 p.m. ET
Format: Live Zoom town hall with CEO commentary and investor Q&A
Registration: Click here to register for Worksport's June 2026 Townhall
Replay: Recording expected to be available on investors.worksport.com
Investors may submit questions in advance by emailing [email protected]. Management expects to answer selected questions during the live session, subject to time availability and public disclosure considerations.
Worksport encourages shareholders, prospective investors, analysts, media, and other interested parties to attend.
Stay tuned for more information and join our mailing list to stay up to date with the latest: Join Worksport's Newsletter
Connect with Worksport Chief Executive Officer, Steven Rossi
Steven Rossi X (Twitter)
Steven Rossi LinkedIn
About Worksport
Worksport Ltd. (Nasdaq: WKSP), through its subsidiaries, designs, develops, manufactures, and owns the intellectual property on a variety of tonneau covers, solar integrations, portable power systems, and clean heating & cooling solutions. Worksport's hard-folding cover, designed and manufactured in-house, is compatible with all major truck models and is gaining traction with newer truck makers including the electric vehicle (EV) sector. Worksport seeks to capitalize on the growing shift of consumer mindsets towards clean energy integrations with its proprietary solar solutions, mobile energy storage systems (ESS), and Cold-Climate Heat Pump (CCHP) technology. Terravis Energy's website is terravisenergy.com.
Connect with Worksport
Please follow the Company's social media accounts on X (previously Twitter), Facebook, LinkedIn, YouTube, and Instagram, the links of which are links to external third-party websites, as well as sign up for the Company's newsletters at investors.worksport.com.
Social Media Disclaimer
The Company does not endorse, ensure the accuracy of, or accept any responsibility for any content on these third-party websites other than content published by the Company. Investors and others should note that the Company announces material financial information to our investors using our investor relations website, press releases, Securities and Exchange Commission ("SEC") filings, and public conference calls and webcasts. The Company also uses social media to announce Company news and other information. The Company encourages investors, the media, and others to review the information the Company publishes on social media. The Company does not selectively disclose material non-public information on social media. If there is any significant financial information, the Company will release it broadly to the public through a press release or SEC filing prior to publishing it on social media.
Forward-Looking Statements
The information contained herein may contain "forward‐looking statements." Forward‐looking statements reflect the current view about future events. When used in this press release, the words "anticipate," "believe," "estimate," "scheduled," "expect," "future," "intend," "plan," "project," "envisioned," "should," or the negative of these terms and similar expressions, as they relate to us or our management, identify forward‐looking statements. These statements are neither historical facts nor assurances of future performance. Instead, they are based only on our current beliefs, expectations and assumptions regarding the future of our business, future plans and strategies, projections, anticipated events and trends, the economy and other future conditions. Because forward-looking statements relate to the future, they are subject to inherent uncertainties, risks and changes in circumstances that are difficult to predict and many of which are outside of our control. Our actual results and financial situation may differ materially from those indicated in the forward-looking statements. Therefore, you should not rely on any of these forward-looking statements. Important factors that could cause our actual results and financial condition to differ materially from those indicated in the forward-looking statements include, among others, the following: (i) supply chain delays; (ii) acceptance of our products by consumers; (iii) delays in or nonacceptance by third parties to sell our products; and (iv) competition from other producers of similar products. More detailed information about the Company and the risk factors that may affect the realization of forward-looking statements is set forth in the Company's filings with the SEC, including, without limitation, our latest Annual Report on Form 10-K and our Quarterly Reports on Form 10-Q. Investors and security holders are urged to read these documents free of charge on the SEC's web site at www.sec.gov. As a result of these matters, changes in facts, assumptions not being realized or other circumstances, the Company's actual results may differ materially from the expected results discussed in the forward-looking statements contained in this press release. The forward-looking statements made in this press release are made only as of the date of this press release, and the Company undertakes no obligation to update them to reflect subsequent events or circumstances.
Moderna uvedla, že její program mRNA-2808 v oblasti mnohočetného myelomu podporuje rychlý postup mRNA-2151 do rané fáze vývoje u ovariálního karcinomu. Zároveň představila in vivo CAR-T mRNA-6007 pro autoimunitní onemocnění.
Provides broad overview of Company's research and early development programs expected to continue to fuel future growth
Highlights validation of T-cell engager modality with mRNA-2808 in multiple myeloma, supporting rapid advancement of second T-cell engager mRNA-2151 in ovarian cancer
Introduces in vivo CAR-T modality with mRNA-6007 moving into early development for autoimmune diseases
CAMBRIDGE, MA / ACCESS Newswire / June 25, 2026 / Moderna, Inc. (NASDAQ:MRNA) today announced research and early development updates at its Science Day event.
"As we execute our strategic plan to become a diversified, multi-modality biotechnology company, we are preparing to manage three commercial franchises, Infectious Disease Vaccines, Intismeran, and Rare Disease Therapeutics, while advancing a broad mRNA pipeline and continuing to invest in research and development," said Stéphane Bancel, CEO of Moderna. "Working across three strategic horizons, we are applying our mRNA platform expertise to validate, scale and expand our modalities, with new modalities in the clinic, including T-cell engagers, and new modalities soon to be in the clinic, like in vivo CAR-T. At the same time, we are driving innovation by using data, AI and machine learning, and robotics to accelerate discovery and continuously improve how we execute for near-term growth while fueling the next generation of mRNA medicines for patients around the world. We are fortunate to have the privilege to make medicine at this moment in time."
Moderna is executing a strategy that balances near-term growth with long-term innovation. Building on the momentum of its four approved products -- Spikevax®, mRESVIA®, mNEXSPIKE® and mCOMBRIAX® -- the Company is driving growth through infectious disease launches, geographic expansion, and the advancement of late-stage pipeline opportunities, including its investigational intismeran autogene therapy and propionic acidemia therapeutic.
In parallel, Moderna Research and Early Development, mRED, is focused on emerging and future modalities to advance high-potential programs toward clinical proof-of-concept and first-in-human milestones. Moderna's Scientific Intelligence Engine is harnessing data, AI and machine learning, automation, and robotics to accelerate discovery and continuously improve how the Company operates.
Platform Strategy
Moderna's platform is built on three integrated pillars: mRNA science, delivery science and manufacturing processes. By combining the components of its mRNA platform, the Company creates modalities, or groups of potential mRNA medicines that share similar mRNA technologies, delivery technologies, and manufacturing processes to achieve shared product features.
These modalities turn platform expertise into repeatable development by generating proof-of-concept data from sentinel programs to de-risk modalities and accelerate development plans. Moderna has established and scaled multiple modalities, including infectious disease vaccines, intismeran autogene, and rare disease therapeutics, to validate its platform and considers these its Horizon 1 established modalities. Horizon 1 comprises Moderna's late-stage and approved products, while continuing to enable innovation in these established modalities, and drives an end-to-end path from discovery through commercialization.
Moderna Research and Early Development
Moderna Research and Early Development (mRED) builds Moderna's next growth horizons by advancing differentiated, platform-enabled modalities. Horizon 2 emerging modalities and Horizon 3 future modalities are led by mRED to scale and expand the Company's mRNA platform. Horizon 2 modalities are in the clinic and awaiting human proof-of-concept. The majority are in Phase 1/2 studies in oncology, with a multiple sclerosis therapeutic in Phase 2. Horizon 3 modalities have the potential to advance to first-in-human clinical trials by the end of 2027.
Scientific Intelligence Engine
Data from across Moderna's three Horizons powers an AI-enabled engine for accelerated discovery. This includes data generated by the Company's mRNA platform as well as internal proprietary and publicly available data. The engine feeds a continuous learning loop that helps de-risk program development through mRNA platform innovation.
Early Pipeline Progress
Highlights from Moderna's early-stage pipeline include:
Horizon 2
mRNA-4106 (Cancer antigen therapy): Encodes shared nonmutated cancer testes antigens designed to elicit T-cell immune responses against tumor cells. The Phase 1 study is ongoing with mRNA-4106 as monotherapy in advanced solid tumors.
mRNA-4200 (Cancer antigen therapy): Encodes shared nonmutated tumor associated antigens designed to elicit T-cell immune responses against tumors. The Phase 1 study is planned in combination with pembrolizumab in advanced solid tumors.
mRNA-4194 (Cancer antigen therapy): Encodes frameshift peptides frequently identified in Lynch syndrome, an inherited condition that increases cancer risk. The Phase 1/2 study is planned to start in Lynch syndrome this summer with the goal of preventing progression of pre-malignancies to cancer. mRNA-4194 represents Moderna's first investigational cancer prevention program.
mRNA-4359 (Cancer antigen therapy): Designed to elicit T-cell immune responses against tumor and immunosuppressive cells, the Phase 1/2 study is ongoing with the Phase 2 portion including cohorts in first-line metastatic melanoma and first-line metastatic non-small cell lung cancer (NSCLC).
mRNA-2808 (T-cell engager): Designed to use multiplexed T-cell engagers to improve efficacy and overcome mechanisms of resistance for multiple myeloma, the Phase 1/2 study is ongoing and includes three distinct T-cell engagers against clinically validated targets.
mRNA-2151 (T-cell engager): Designed to improve anti-tumor efficacy in solid tumors, this preclinical multiplexed T-cell engager program is moving toward early development in ovarian cancer. Advancement of mRNA-2151 is supported by an encouraging early clinical signal with mRNA-2808.
mRNA-1195 (Multiple sclerosis therapeutic): Designed to address Epstein-Barr virus (EBV)-associated conditions including multiple sclerosis, the Phase 1 part B data is expected in the second half of 2026. The Phase 2 study in multiple sclerosis is ongoing; with its sentinel cohort fully enrolled, the DSMB has recommended to proceed with dose escalation.
Horizon 3
mRNA-6007 (In vivo CAR-T): Designed to enable deep B-cell depletion for autoimmune conditions using a multiplexed mRNA approach with targeted lipid nanoparticles, the program aims to deliver mRNA into immune cells in vivo, enabling transient CAR expression and potential immune reset. The initial clinical focus is systemic lupus erythematosus (SLE) and other B cell mediated autoimmune diseases.
For more details on the data and programmatic updates shared during Moderna's Science Day investor event today, please visit "Events and Presentations" in the Investors section of the Moderna website.
About Moderna
Moderna is a pioneer and leader in the field of mRNA medicine. Through the advancement of its technology platform, Moderna is reimagining how medicines are made to transform how we treat and prevent diseases. Since its founding, Moderna's mRNA platform has enabled the development of vaccines and therapeutics across infectious diseases, cancer, rare diseases and more.
With a global team and a unique culture, driven by the company's values and mindsets, Moderna's mission is to deliver the greatest possible impact to people through mRNA medicines. For more information about Moderna, please visit modernatx.com and connect with us on X, Facebook, Instagram, YouTube and LinkedIn.
Spikevax®, mRESVIA®, mNEXSPIKE® and mCOMBRIAX® are registered trademarks of Moderna.
Forward-Looking Statements
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, as amended, including statements regarding: the potential of Moderna's mRNA platform and promise as a multi-modality biotechnology company; Moderna's potential three commercial franchises; Moderna's ability to use data, AI and machine learning, and robotics to drive innovation; anticipated infectious disease launches and geographic expansion; Moderna's late-stage pipeline opportunities in intismeran and propionic acidemia; the potential of mRNA-4194 to address Lynch syndrome and prevent cancer from occurring; Moderna's T-cell engager modality and the encouraging early clinical signal with mRNA-2808; Moderna's in vivo CAR-T modality and the potential in autoimmune diseases; Moderna's ongoing and planned clinical studies; and anticipated progress and milestones for Moderna's programs, including anticipated timing. In some cases, forward-looking statements can be identified by terminology such as "will," "may," "should," "could," "expects," "intends," "plans," "aims," "anticipates," "believes," "estimates," "predicts," "potential," "continue," or the negative of these terms or other comparable terminology, although not all forward-looking statements contain these words. The forward-looking statements in this press release are neither promises nor guarantees, and you should not place undue reliance on these forward-looking statements because they involve known and unknown risks, uncertainties, and other factors, many of which are beyond Moderna's control and which could cause actual results to differ materially from those expressed or implied by these forward-looking statements. These risks, uncertainties, and other factors include, among others, those risks and uncertainties described under the heading "Risk Factors" in Moderna's Annual Report on Form 10-K for the fiscal year ended December 31, 2025, filed with the U.S. Securities and Exchange Commission (SEC), and in subsequent filings made by Moderna with the SEC, which are available on the SEC's website at www.sec.gov. Except as required by law, Moderna disclaims any intention or responsibility for updating or revising any forward-looking statements contained in this press release in the event of new information, future developments or otherwise. These forward-looking statements are based on Moderna's current expectations and speak only as of the date of this press release.
###
Moderna Contacts
Media:
Chris Ridley
Vice President, Global Head of Communications
+1 617-800-3651 [email protected]
Investors:
Lavina Talukdar
Senior Vice President & Head of Investor Relations
+1 617-209-5834 [email protected]
IBM představila technologii pro výrobu čipů menších než 1 nanometr, která má zlepšit výkon i energetickou efektivitu pro AI. Produkce by mohla začít do pěti let.
Visitors walk past IBM logo at the Mobile World Congress (MWC) in Barcelona, Spain, March 3, 2026. REUTERS/Nacho Doce Purchase Licensing Rights, opens new tab
June 25 (Reuters) - IBM (IBM.N), opens new tab on Thursday unveiled what it said was the world's first technology capable of producing chips smaller than one nanometer, as tech companies race to build semiconductors that can handle increasingly demanding AI workloads.
Shares of the Armonk, New York-based company rose over 6% in premarket trading. They have fallen about 11% so far this year.
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The announcement comes at a time when chipmakers are searching for ways to maintain the decades-long trend of cramming more computing power into smaller spaces, a phenomenon known as Moore's Law.
The new chip technology, which bolsters IBM's position to compete with contract chipmakers TSMC (2330.TW), opens new tab and Intel (INTC.O), opens new tab, has a transistor architecture of 0.7 nanometers, or 7 angstroms.
Last week, Intel said the new generation of its 18A manufacturing process, which makes 1.8 nanometer chips, moved into risk production, the testing phase before commercial manufacturing.
IBM said the 0.7-nanometer chip packs nearly 100 billion transistors onto a fingernail-sized surface, about twice the density of its 2-nanometer chip unveiled in 2021, delivering up to 50% higher performance or 70% greater energy efficiency.
To get there, IBM developed a new transistor design called "nanostack". Instead of laying transistors flat, the design stacks them on top of each other in three dimensions, fitting more into the same volume of space.
"With our new nanostack architecture, we’re not just making smaller transistors, we’re reinventing how chips are built to deliver dramatically more power and energy efficiency,” director of IBM Research Jay Gambetta said.
IBM says production could begin within five years. The company has previously licensed chip technologies to Samsung (005930.KS), opens new tab and Japan's Rapidus. It has not announced a manufacturing partner for this technology.
Reporting by Anhata Rooprai in Bengaluru and Stephen Nellis in San Francisco; Editing by Varun H K and Devika Syamnath
Our Standards: The Thomson Reuters Trust Principles., opens new tab
BlackBerry zvýšila výnosy meziročně o 26 % na 152,9 milionu USD a poprvé za devět let vykázala kladné provozní cash flow ve výši 4,6 milionu USD v prvním fiskálním čtvrtletí, po zohlednění prodeje patentového portfolia v roce 2024. Čistý zisk podle GAAP byl kladný už páté čtvrtletí v řadě, a to ve výši 8,5 milionu USD.
Revenue increased 26% year-over-year to approximately $153 million
Adjusted EBITDA grew 144% year-over-year; GAAP operating income increased year-over-year to approximately $15 million
Both QNX and Secure Communications achieved Rule of 401 performance, contributing to BlackBerry's fifth consecutive quarter of positive GAAP net income; Adjusted EPS exceeded expectations
First fiscal quarter of positive operating cash flow in nine years, excluding the patent sale in FY24
WATERLOO, ON / ACCESS Newswire / June 25, 2026 / BlackBerry Limited (NYSE:BB)(TSX:BB) today reported financial results for the three months ended May 31, 2026 (all figures in U.S. dollars and U.S. GAAP, except where otherwise indicated).
"Our first quarter results demonstrate continued momentum following our transformation, as we advance our strategy to drive profitable growth. We exceeded expectations for revenue, profitability, and cash generation through solid performance by our world class QNX and Secure Communications teams," said John J. Giamatteo, CEO, BlackBerry. "We are particularly encouraged by the multi-year growth opportunities ahead in software-defined vehicles, including significant content expansion with the Alloy Kore platform, as well as broad opportunities in the general embedded market, especially physical AI. We believe these opportunities significantly enhance QNX's long-term potential. While we remain early in the fiscal year, the foundation of the business is stronger than it has been in years, and we continue to focus on disciplined execution and creating long-term value for our shareholders."
First Quarter Fiscal 2027 Financial Highlights
Total company revenue of $152.9 million increased 26% year-over-year.
Total company adjusted gross margin improved approximately 4 percentage points year-over-year to 78.6%; GAAP gross margin improved by approximately 4 percentage points year-over-year to 78.3%.
Total company adjusted EBITDA increased by 144% year-over-year to $36.3 million; GAAP operating income improved by $13.3 million year-over-year to $15.3 million.
QNX revenue increased 26% year-over-year to $72.3 million; QNX segment adjusted gross margin expanded by 5 percentage points year-over-year to 86%.
QNX segment adjusted EBITDA increased 52% year-over-year to $19.3 million, representing a 27% margin.
Secure Communications revenue increased by 24% year-over-year to $73.6 million; Secure Communications segment adjusted gross margin increased by 2 percentage points year-over-year to 72%.
Secure Communications segment adjusted EBITDA increased 110% year-over-year to $20.2 million, representing a 27% margin.
Secure Communications ARR remained stable at $220 million and DBNRR was 92%.
Licensing revenue was $7.0 million; Licensing segment adjusted EBITDA was $6.2 million.
Adjusted net income increased 135% year-over-year to $25.4 million; GAAP net income was positive for the fifth consecutive quarter at $8.5 million.
Adjusted basic earnings per share was $0.04; GAAP basic earnings per share was $0.01.
Operating cash flow was $4.6 million, marking BlackBerry's first cash positive fiscal first quarter in nine years, when allowing for the sale of the non-core patent portfolio to Malikie in fiscal year 2024.
Repurchased 2.6 million shares for $10.0 million during the quarter.
Ended the first quarter with $422.9 million in cash and investments.
1 The company defines the Rule of 40 metric as the sum of its GAAP revenue year-over-year growth percentage and its non-GAAP adjusted EBITDA margin percentage. Where the sum equals or exceeds 40, then the Rule of 40 is considered to have been achieved.
Business Highlights & Strategic Announcements
Expanded QNX's collaboration with NVIDIA to advance safety-critical edge AI across robotics, medical, and industrial systems through the integration of QNX OS for Safety 8.0 with NVIDIA IGX Thor and the NVIDIA Halos Safety Stack.
Released QNX Hypervisor 8.0 for Safety, further strengthening QNX's position as a foundational software platform for software-defined vehicles, robotics, medical devices, and other safety critical applications.
Leading Chinese electric vehicle company, Leapmotor, selected the QNX® Software Development Platform 8.0 and QNX® Hypervisor for Safety 8.0 to serve as the foundational software platform for its forthcoming premium electric SUV, the D19.
Announced a collaboration with TKMS, one of the world's leading naval defence companies, for strategic collaboration in support of Canada's submarine program. TKMS will adopt QNX's trusted foundational software across its next‑generation naval platforms.
Achieved FedRAMP Class D (High) re-certification for BlackBerry® AtHoc®.
Announced a strategic partnership between BlackBerry Secure Communications and The IP Company to bring highly secure, certified communications capabilities to naval and military environments worldwide.
Announced the renewal of its normal course issuer bid ("NCIB") share buyback program for up to 26.8 million common shares.
Financial Outlook
BlackBerry is providing the following guidance for the second fiscal quarter ending August 31, 2026 and the fiscal year ending February 28, 2027.
Q2 FY27
FY27
Total BlackBerry revenue:
$137 - $148 million
$594 - $621 million
QNX revenue:
$70 - $75 million
$295 - $312 million
Secure Communications revenue:
$57 - $63 million
$270 - $280 million
Licensing revenue:
Approximately $10 million
Approximately $29 million
Total Company adjusted EBITDA:
$20 - $30 million
$119 - $139 million
QNX segment adjusted EBITDA:
$16 - $21 million
$74 - $86 million
Secure Communications segment adjusted EBITDA:
$5 - $10 million
$57 - $65 million
Licensing segment adjusted EBITDA:
Approximately $9 million
Approximately $25 million
Non-GAAP basic EPS2:
$0.03 - $0.04
$0.16 - $0.20
Operating cash flow
Breakeven - $10 million
Approximately $100 million
2 EPS guidance does not include the effect of any potential future share repurchases not yet completed as of the date of this release.
Use of Non-GAAP Financial Measures
The tables at the end of this press release include a reconciliation of the non-GAAP financial measures and non-GAAP financial ratios used by the Company to comparable U.S. GAAP measures and an explanation of why the Company uses them. The Company does not provide a reconciliation of expected Adjusted EBITDA and expected Non-GAAP basic EPS for the second quarter and full fiscal year 2027 to the most directly comparable expected GAAP measures because it is unable to predict with reasonable certainty, among other things, restructuring charges and impairment charges and, accordingly, a reconciliation is not available without unreasonable effort. These items are uncertain, depend on various factors, and could have a material impact on GAAP reported results for the guidance period. For more information on the non-GAAP financial measures, please refer to the tables at the end of this press release.
Conference Call and Webcast
A conference call and live webcast will be held today beginning at 8:00 a.m. ET, which can be accessed using the following link (here) or through the Company's investor webpage (BlackBerry.com/Investors) or by dialing toll free +1 (877) 883-0383 and entering Entry Number 1747488.
A replay of the conference call will be available at approximately one hour after the event using the same webcast link (here) or by dialing toll free +1 (855) 669-9658 and entering Replay Access Code 4857611.
About BlackBerry
BlackBerry (NYSE:BB)(TSX:BB) provides enterprises and governments the intelligent software and services that power the world around us. Based in Waterloo, Ontario, the company's high-performance foundational software enables major automakers and industrial giants alike to unlock transformative applications, drive new revenue streams and launch innovative business models, all without sacrificing safety, security, and reliability. With a deep heritage in Secure Communications, BlackBerry delivers operational resiliency with a comprehensive, highly secure, and extensively certified portfolio for mobile fortification, mission-critical communications, and critical events management.
For more information, visit BlackBerry.com and follow @BlackBerry.
This news release contains forward-looking statements within the meaning of certain securities laws, including under the U.S. Private Securities Litigation Reform Act of 1995 and applicable Canadian securities laws, including statements regarding BlackBerry's plans, strategies and objectives.
The words "expect", "anticipate", "estimate", "may", "will", "should", "could", "intend", "believe", "target", "plan" and similar expressions are intended to identify these forward-looking statements. Forward-looking statements are based on estimates and assumptions made by BlackBerry in light of its experience and its perception of historical trends, current conditions and expected future developments, as well as other factors that BlackBerry believes are appropriate in the circumstances, including but not limited to, BlackBerry's expectations regarding its business, strategy, opportunities and prospects, the launch of new products and services, general economic conditions, competition, and BlackBerry's expectations regarding its financial performance. Many factors could cause BlackBerry's actual results, performance or achievements to differ materially from those expressed or implied by the forward-looking statements, including, without limitation, risks related to the following factors: BlackBerry's ability to maintain or expand its customer base for its software and services offerings to grow revenue or achieve sustained profitability; the intense competition faced by BlackBerry; BlackBerry's ability to enhance, develop, introduce or monetize its products and services in a timely manner with competitive pricing, features and performance; significant changes in government customer demand or procurement requirements; BlackBerry's sales cycles and the time and expense of its sales efforts; the occurrence or perception of a breach of BlackBerry's network cybersecurity measures, or an inappropriate disclosure of confidential or personal information; BlackBerry's use of artificial intelligence technology and tools in its operations and in product development; adverse macroeconomic and geopolitical conditions, including trade policies and national security concerns; risks arising from a failure or perceived failure of the security features or functionality of BlackBerry's solutions; litigation against BlackBerry; BlackBerry's continuing ability to attract new personnel, retain existing key personnel and manage its staffing effectively; network disruptions or other business interruptions; BlackBerry's ability to foster an ecosystem of third-party application developers; BlackBerry's dependence in part on its relationships with resellers and channel partners; BlackBerry's products and services being dependent upon interoperability with rapidly changing systems provided by third parties; failure to protect BlackBerry's intellectual property and to earn expected revenues from intellectual property rights; BlackBerry's use of open source software and its ability to obtain rights to use third-party software; BlackBerry potentially being found to have infringed on the intellectual property rights of others; BlackBerry's indebtedness, which could impact its operating flexibility and financial condition; the asset risk faced by BlackBerry, including the potential for charges related to its long-lived assets and goodwill; tax provision changes, the adoption of new tax legislation or exposure to additional tax liabilities; the use and management of user data and personal information; government regulations applicable to BlackBerry's products and services, including products containing encryption capabilities; environmental, social and governance expectations and standards; the failure of BlackBerry's suppliers, subcontractors, channel partners and representatives to use acceptable ethical business practices or comply with applicable laws; potential impacts of acquisitions, divestitures and other business initiatives; risks associated with foreign operations, including fluctuations in foreign currencies; environmental events; the fluctuation of BlackBerry's quarterly revenue and operating results; and the volatility of the market price of BlackBerry's common shares.
These risk factors and others relating to BlackBerry are discussed in greater detail in BlackBerry's Annual Report on Form 10-K and the "Cautionary Note Regarding Forward-Looking Statements" section of BlackBerry's MD&A (copies of which filings may be obtained at www.sedarplus.ca or www.sec.gov). All of these factors should be considered carefully, and readers should not place undue reliance on BlackBerry's forward-looking statements. Any statements that are forward-looking statements are intended to enable BlackBerry's shareholders to view the anticipated performance and prospects of BlackBerry from management's perspective at the time such statements are made, and they are subject to the risks that are inherent in all forward-looking statements, as described above, as well as difficulties in forecasting BlackBerry's financial results and performance for future periods, particularly over longer periods, given changes in technology and BlackBerry's business strategy, evolving industry standards, intense competition and short product life cycles that characterize the industries in which BlackBerry operates. Any forward-looking statements are made only as of today and BlackBerry has no intention and undertakes no obligation to update or revise any of them, except as required by law.
BlackBerry Limited
Incorporated under the Laws of Ontario
(United States dollars, in millions except share and per share amounts)
Consolidated Statements of Operations
Three Months Ended
May 31, 2026
May 31, 2025
Revenue
$
152.9
$
121.7
Cost of sales
33.2
31.4
Gross margin
119.7
90.3
Gross margin %
78.3
%
74.2
%
Operating expenses
Research and development
33.0
25.0
Sales and marketing
29.5
28.7
General and administrative
39.3
30.5
Amortization
2.5
4.0
Impairment of long-lived assets
0.1
0.1
104.4
88.3
Operating income
15.3
2.0
Investment income, net
1.1
2.9
Income before income tax
16.4
4.9
Provision for income taxes
7.9
3.0
Net income
$
8.5
$
1.9
Earnings per share
Basic
$
0.01
$
0.00
Diluted
$
0.01
$
0.00
Weighted-average number of common shares outstanding (000s)
Basic
586,741
596,300
Diluted
593,193
600,831
Total common shares outstanding (000s)
586,061
594,529
BlackBerry Limited
Incorporated under the Laws of Ontario
(United States dollars, in millions)
Consolidated Balance Sheets
As at
May 31,
2026
February 28,
2026
Assets
Current
Cash and cash equivalents
$
256.8
$
274.7
Short-term investments
94.1
85.2
Accounts receivable, net of allowance of $3.6 and $3.4, respectively
160.6
156.0
Other receivables
5.5
7.5
Income taxes receivable
2.5
2.6
Other current assets
40.9
42.2
560.4
568.2
Restricted cash and cash equivalents
14.2
14.2
Long-term investments
57.8
58.3
Other long-term assets
53.8
56.3
Operating lease right-of-use assets, net
23.8
16.7
Property, plant and equipment, net
13.1
12.3
Intangible assets, net
39.2
40.1
Goodwill
478.4
479.1
$
1,240.7
$
1,245.2
Liabilities
Current
Accounts payable
$
16.3
$
5.5
Accrued liabilities
99.0
111.7
Income taxes payable
18.3
12.4
Deferred revenue, current
121.5
138.5
255.1
268.1
Deferred revenue, non-current
12.4
14.1
Operating lease liabilities
24.3
18.8
Other long-term liabilities
1.4
1.7
Long-term notes
196.8
196.5
490.0
499.2
Shareholders' equity
Capital stock and additional paid-in capital
2,919.3
2,924.4
Deficit
(2,155.8
)
(2,167.2
)
Accumulated other comprehensive loss
(12.8
)
(11.2
)
750.7
746.0
$
1,240.7
$
1,245.2
BlackBerry Limited
Incorporated under the Laws of Ontario
(United States dollars, in millions)
Consolidated Statements of Cash Flows
Three Months Ended
May 31, 2026
May 31, 2025
Cash flows from operating activities
Net income
$
8.5
$
1.9
Adjustments to reconcile net income to net cash provided by (used in) operating activities:
Amortization
4.1
5.7
Stock-based compensation
6.5
5.7
Operating leases
1.0
(1.6
)
Other
1.0
(0.6
)
Net changes in working capital items
Accounts receivable, net of allowance
(4.6
)
43.8
Other receivables
2.0
(3.3
)
Income taxes receivable
0.1
(0.1
)
Other assets
3.0
17.0
Accounts payable
11.0
(25.9
)
Accrued liabilities
(15.2
)
(41.7
)
Income taxes payable
5.9
3.1
Deferred revenue
(18.7
)
(22.0
)
Net cash provided by (used in) operating activities
4.6
(18.0
)
Cash flows from investing activities
Proceeds on sale, maturity or distribution from long-term investments
-
0.1
Acquisition of property, plant and equipment
(2.9
)
(0.9
)
Acquisition of intangible assets
(1.6
)
(1.2
)
Acquisition of short-term investments
(70.4
)
(21.7
)
Proceeds on sale or maturity of short-term investments
61.4
62.2
Net cash provided by (used in) investing activities
(13.5
)
38.5
Cash flows from financing activities
Issuance of common shares
1.3
1.2
Common shares repurchased
(10.0
)
(10.0
)
Net cash used in financing activities
(8.7
)
(8.8
)
Effect of foreign exchange gain (loss) on cash, cash equivalents, restricted cash, and restricted cash equivalents
(0.3
)
0.5
Net increase (decrease) in cash, cash equivalents, restricted cash, and restricted cash equivalents during the period
(17.9
)
12.2
Cash, cash equivalents, restricted cash, and restricted cash equivalents, beginning of period
288.9
280.3
Cash, cash equivalents, restricted cash, and restricted cash equivalents, end of period
$
271.0
$
292.5
As at
May 31,
2026
February 28,
2026
Cash and cash equivalents
$
256.8
$
274.7
Restricted cash and cash equivalents
14.2
14.2
Short-term investments
94.1
85.2
Long-term investments
57.8
58.3
$
422.9
$
432.4
Reconciliations of the Company's Segment Results and Segment Adjusted EBITDA to the Consolidated Results
The following table shows information by operating segments for the three months ended May 31, 2026 and May 31, 2025. The Company reports segment information in accordance with U.S. GAAP, pursuant to the Financial Accounting Standards Board's Accounting Standard Codification Topic 280, Segment Reporting, based on the "management" approach. The management approach designates the internal reporting used by the Chief Operating Decision Maker ("CODM") for making decisions and assessing performance of the Company's reportable operating segments. The measure of segment profit or loss disclosed by the Company in the Consolidated Financial Statements under the "management" approach in reviewing the results of the Company's operating segments is segment adjusted gross margin. Additionally, the following tables include the additional measures of segment profit or loss used by the CODM which is segment adjusted EBITDA, a non-GAAP financial measure, which excludes amounts related to investment income, taxes, amortization, restructuring charges, stock compensation expenses and long-lived asset impairment charge. For the three months ended May 31, 2026, the Company presented segment adjusted EBITDA results excluding amortization in segment research and development, segment sales and marketing and segment general and administrative to align to the operating expense presentation on the Consolidated Statement of Operations. For purposes of comparability, the Company's segment adjusted EBITDA for the three months ended May 31, 2025 has been updated to conform to the current year's presentation. See Note 10 to the Consolidated Financial Statements for a description of the Company's operating segments.
For the Three Months Ended
(in millions)
QNX
Secure Communications
Licensing
May 31,
Change
May 31,
Change
May 31,
Change
2026
2025
2026
2025
2026
2025
Segment revenue
$
72.3
$
57.5
$
14.8
$
73.6
$
59.5
$
14.1
$
7.0
$
4.7
$
2.3
Segment cost of sales
10.4
11.2
(0.8
)
20.8
18.1
2.7
1.5
1.6
(0.1
)
Segment adjusted gross margin
$
61.9
$
46.3
$
15.6
$
52.8
$
41.4
$
11.4
$
5.5
$
3.1
$
2.4
Segment research and development
18.9
12.3
6.6
12.6
11.2
1.4
-
-
-
Segment sales and marketing
15.6
13.2
2.4
12.3
13.6
(1.3
)
-
-
-
Segment general and administrative
8.1
8.1
-
7.8
7.1
0.7
0.8
0.9
(0.1
)
Less amortization included in segment cost of sales
-
-
-
0.1
0.1
-
1.5
1.6
(0.1
)
Segment adjusted EBITDA
$
19.3
$
12.7
$
6.6
$
20.2
$
9.6
$
10.6
$
6.2
$
3.8
$
2.4
Reconciliation of Non-GAAP Measures with the Nearest Comparable U.S. GAAP Measures
In the Company's internal reports, management evaluates the performance of the Company's business on a non-GAAP basis by excluding the impact of certain items from the Company's U.S. GAAP financial results. The Company believes that these non-GAAP financial measures and non-GAAP ratios provide management, as well as readers of the Company's financial statements, with a consistent basis for comparison across accounting periods and are useful in helping management and readers understand the Company's operating results and underlying operational trends. Beginning with the fiscal quarter ended May 31, 2026, the Company has included deferred share units revaluation adjustment as a non-GAAP adjustment and has applied this adjustment to comparative period.
Readers are cautioned that adjusted gross margin, adjusted gross margin percentage, adjusted operating expenses, adjusted net income, adjusted earnings per share, adjusted research and development expense, adjusted sales and marketing expense, adjusted general and administrative expense, adjusted amortization expense, adjusted operating income, adjusted EBITDA, segment adjusted EBITDA, adjusted operating income margin percentage, adjusted EBITDA margin percentage and free cash flow (usage) and similar measures do not have any standardized meaning prescribed by U.S. GAAP and are therefore unlikely to be comparable to similarly titled measures reported by other companies.
Reconciliation of non-GAAP based measures with most directly comparable U.S. GAAP based measures for the three months ended May 31, 2026 and May 31, 2025
A reconciliation of the most directly comparable U.S. GAAP gross margin and gross margin percentage for the three months ended May 31, 2026 and May 31, 2025 to both adjusted gross margin and adjusted gross margin percentage are reflected in the table below:
For the Three Months Ended (in millions)
May 31, 2026
May 31, 2025
Gross margin
$
119.7
$
90.3
Stock compensation expense
0.5
0.5
Adjusted gross margin
$
120.2
$
90.8
Gross margin %
78.3
%
74.2
%
Stock compensation expense
0.3
%
0.4
%
Adjusted gross margin %
78.6
%
74.6
%
Reconciliation of U.S. GAAP operating expenses for the three months ended May 31, 2026, and May 31, 2025 to adjusted operating expenses is reflected in the table below:
For the Three Months Ended (in millions)
May 31, 2026
May 31, 2025
Operating expenses
$
104.4
$
88.3
Restructuring charges
0.3
2.9
Stock compensation expense
6.0
5.2
Acquired intangibles amortization
-
1.7
LLA impairment charge
0.1
0.1
Deferred share units revaluation adjustment
10.0
(1.5
)
Adjusted operating expenses
$
88.0
$
79.9
Reconciliation of U.S. GAAP net income and U.S. GAAP basic earnings per share for the three months ended May 31, 2026 and May 31, 2025 to adjusted net income and adjusted basic earnings per share is reflected in the table below:
For the Three Months Ended (in millions, except per share amounts)
May 31, 2026
May 31, 2025
Basic earnings
per share
Basic earnings per share
Net income
$
8.5
$
0.01
$
1.9
$
0.00
Restructuring charges
0.3
2.9
Stock compensation expense
6.5
5.7
Acquired intangibles amortization
-
1.7
LLA impairment charge
0.1
0.1
Deferred share units revaluation adjustment
10.0
(1.5
)
Adjusted net income
$
25.4
$
0.04
$
10.8
$
0.02
Reconciliation of U.S. GAAP research and development, sales and marketing, general and administrative, and amortization expense for the three months ended May 31, 2026 and May 31, 2025 to adjusted research and development, sales and marketing, general and administrative, and amortization expense is reflected in the table below:
For the Three Months Ended (in millions)
May 31, 2026
May 31, 2025
Research and development
$
33.0
$
25.0
Stock compensation expense
1.5
1.3
Adjusted research and development expense
$
31.5
$
23.7
Sales and marketing
$
29.5
$
28.7
Stock compensation expense
1.1
1.4
Adjusted sales and marketing expense
$
28.4
$
27.3
General and administrative
$
39.3
$
30.5
Restructuring charges
0.3
2.9
Stock compensation expense
3.4
2.5
Deferred share units revaluation adjustment
10.0
(1.5
)
Adjusted general and administrative expense
$
25.6
$
26.6
Amortization
$
2.5
$
4.0
Acquired intangibles amortization
-
1.7
Adjusted amortization expense
$
2.5
$
2.3
Reconciliation of U.S GAAP operating income to adjusted operating income, adjusted EBITDA, adjusted operating income margin percentage and adjusted EBITDA margin percentage for the three months ended May 31, 2026 and May 31, 2025 is reflected in the table below.
For the Three Months Ended (in millions)
May 31, 2026
May 31, 2025
Operating income
$
15.3
$
2.0
Non-GAAP adjustments to operating income
Restructuring charges
0.3
2.9
Stock compensation expense
6.5
5.7
Acquired intangibles amortization
-
1.7
LLA impairment charge
0.1
0.1
Deferred share units revaluation adjustment
10.0
(1.5
)
Total non-GAAP adjustments to operating income
16.9
8.9
Adjusted operating income
32.2
10.9
Amortization
4.1
5.7
Acquired intangibles amortization
-
(1.7
)
Adjusted EBITDA
$
36.3
$
14.9
Revenue
$
152.9
$
121.7
Adjusted operating income margin % (1)
21
%
9
%
Adjusted EBITDA margin % (2)
24
%
12
%
______________________________
(1) Adjusted operating income margin % is calculated by dividing adjusted operating income by revenue.
(2) Adjusted EBITDA margin % is calculated by dividing adjusted EBITDA by revenue.
The CODM also uses the segment metric of segment adjusted EBITDA, which is a non-GAAP measure including segment expenses that exclude amounts related to investment income, taxes, amortization, restructuring charges, stock compensation expenses and long-lived asset impairment. The following table reconciles the U.S. GAAP measures of segment profit or loss disclosed by the Company in the Consolidated Financial Statements from segment adjusted gross margin to segment adjusted EBITDA for the three months ended May 31, 2026 and May 31, 2025.
For the Three Months Ended
(in millions)
QNX
Secure Communications
Licensing
May 31,
May 31,
May 31,
2026
2025
2026
2025
2026
2025
Segment adjusted gross margin
$
61.9
$
46.3
$
52.8
$
41.4
$
5.5
$
3.1
Segment research and development
18.9
12.3
12.6
11.2
-
-
Segment sales and marketing
15.6
13.2
12.3
13.6
-
-
Segment general and administrative
8.1
8.1
7.8
7.1
0.8
0.9
Less amortization included in segment cost of sales
-
-
0.1
0.1
1.5
1.6
Segment adjusted EBITDA
$
19.3
$
12.7
$
20.2
$
9.6
$
6.2
$
3.8
Free cash flow (usage)
The Company uses free cash flow (usage) when assessing its sources of liquidity, capital resources, and quality of earnings. The Company believes that free cash flow (usage) is helpful in understanding the Company's capital requirements and provides an additional means to reflect the cash flow (usage) trends in the Company's business.
Reconciliation of U.S. GAAP net cash provided by (used in) operating activities for the three months ended May 31, 2026 and May 31, 2025 to free cash flow (usage) is reflected in the table below:
For the Three Months Ended (in millions)
May 31, 2026
May 31, 2025
Net cash provided by (used in) operating activities
$
4.6
$
(18.0
)
Acquisition of property, plant and equipment
(2.9
)
(0.9
)
Free cash flow (usage)
$
1.7
$
(18.9
)
Key Metrics
The Company regularly monitors a number of financial and operating metrics, including the following key metrics, in order to measure the Company's current performance and estimated future performance. Readers are cautioned that Secure Communications annual recurring revenue ("ARR") and Secure Communications dollar-based net retention rate ("DBNRR") do not have any standardized meaning and are unlikely to be comparable to similarly titled measures reported by other companies.
Comparative breakdowns of certain key metrics for the three months ended or as at May 31, 2026 and May 31, 2025 are set forth below:
For the Three Months Ended (in millions)
May 31, 2026
May 31, 2025
Change
Secure Communications Annual Recurring Revenue
$
220
$
209
$
11
Secure Communications Dollar-Based Net Retention Rate
BlackBerry zvýšila celoroční výhled tržeb díky silnému růstu divize QNX, jejíž tržby v 1. čtvrtletí vzrostly téměř o 26 % na 72,3 milionu USD. Celoroční tržby nyní očekává v rozmezí 594 až 621 milionů USD.
An autonomous vehicle is seen at the BlackBerry QNX headquarters in Ottawa, Ontario, Canada, February 15, 2019. REUTERS/Chris Wattie Purchase Licensing Rights, opens new tab
June 25 (Reuters) - BlackBerry (BB.TO), opens new tab raised its annual revenue forecast on Thursday, betting on continued momentum for its QNX division following the completion of its turnaround efforts, sending its U.S.-listed shares up around 8% in premarket trading.
Once a powerhouse in the smartphone industry, BlackBerry has shifted its focus towards software for connected devices and self-driving vehicles over the past several years.
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BlackBerry's QNX division, which provides secure real-time operating systems for mission-critical embedded systems most notably in the automotive sector, has maintained its strong growth trajectory, with revenue surging nearly 26% to $72.3 million during the first quarter ending May 31.
QNX has a backlog of almost $1 billion in future royalties.
"We see more of our QNX customers are leaning into next-generation software defined vehicles. They're working with us closely to deploy our platform across the board to help them meet those needs, so we actually see really healthy demand," CEO John Giamatteo told Reuters.
BlackBerry now expects full-year 2027 revenue of between $594 million and $621 million, above its earlier projection of between $584 million and $611 million.
It forecast annual QNX revenue of $295 million to $312 million, compared with its previous range of $290 million to $307 million.
BlackBerry's secure communications division, which encompasses encrypted voice, messaging and critical event management solutions, reported a 24% rise in revenue to $73.6 million.
A vast majority of the secure communications business is government, and a significant portion of the pipeline is also government, CFO Tim Foote said.
The company posted total revenue of $152.9 million for the first quarter, up 26% from the same period a year earlier.
Reporting by Juby Babu in Mexico City; Editing by Anil D'Silva
Our Standards: The Thomson Reuters Trust Principles., opens new tab
McCormick překonal odhady za druhé čtvrtletí díky silné poptávce po koření a dochucovadlech. Tržby dosáhly 1,94 miliardy USD a upravený zisk činil 80 centů na akcii.
McCormick brand spices at a grocery store in Medford, Massachusetts, U.S., March 31, 2026. REUTERS/Brian Snyder/File Photo Purchase Licensing Rights, opens new tab
June 25 (Reuters) - Cholula hot sauce maker McCormick (MKC.N), opens new tab beat Wall Street estimates for second-quarter sales and profit on Thursday, driven by strong demand for its spices and seasonings as consumers cook more at home amid economic uncertainty.
Shares of the Hunt Valley, Maryland-based company were up about 3% in premarket trading.
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Persistent inflation and the economic fallout from U.S. President Donald Trump's import tariffs and the Iran war have forced consumers to curb discretionary spending, including dining out, driving demand for companies like McCormick.
McCormick is also pushing ahead with its planned merger with Unilever's (ULVR.L), opens new tab food business in a roughly $45 billion deal that would significantly expand its presence beyond spices into condiments and meal solutions.
The Stubb's barbecue sauce maker reported a quarterly revenue of $1.94 billion, compared with estimates of $1.91 billion, according to data compiled by LSEG.
The company reported an adjusted profit of 80 cents per share for the quarter, beating analysts' average estimate of 69 cents per share.
McCormick had faced pressure from steep tariffs as it sources its most significant raw materials, including pepper and various spices and herbs, from outside the U.S.
The company said tariff refunds reduced the costs of goods sold by $28 million in the quarter. However, it expects those gains to be offset by increased costs, including those related to the Middle East conflict, and continued investments into its business.
The company reaffirmed its annual sales growth target of between 13% and 17% and annual adjusted profit per share in the range of $3.05 to $3.13.
McCormick said its forecast reflects an uncertain demand environment, the Middle East conflict and benefits from increasing its stake in its Mexico joint venture.
Packaged foods peer Campbell's (CPB.O), opens new tab had also reaffirmed its annual forecasts earlier this month.
Reporting by Neil J Kanatt in Bengaluru; Editing by Leroy Leo
Our Standards: The Thomson Reuters Trust Principles., opens new tab
Yiren Digital za 1. čtvrtletí vykázala čistou ztrátu RMB494,7 mil. oproti zisku RMB247,5 mil. před rokem. Tržby klesly na RMB915,1 mil. z RMB1,5545 mld.
, /PRNewswire/ -- Yiren Digital Ltd. (NYSE: YRD) ("Yiren Digital" or the "Company"), a leading fintech company specializing in digital consumer lending, insurance and financial technology innovation across China and global markets, today announced its unaudited financial results for the first quarter ended March 31, 2026.
First Quarter 2026 Operational Results
Credit Solution Business
Total loans facilitated in the first quarter of 2026 were RMB8.9 billion (US$1.3 billion), representing a decrease of 26% compared to RMB12.0 billion in the fourth quarter of 2025, and a decrease of 42% compared to RMB15.2 billion in the same period of 2025. Number of borrowers served in the first quarter of 2026 was 531,500, representing a decrease of 28% compared to 742,444 in the fourth quarter of 2025, and a decrease of 61% compared to 1,375,406 in the same period of 2025. Repeat borrowers' loan amount[1] accounted for 78% of the total loans facilitated in the first quarter of 2026, compared to 77% in the fourth quarter of 2025, and 74% in the same period of 2025. Cumulative number of borrowers served reached 14,518,023 as of March 31, 2026, representing an increase of 2% from 14,295,499 as of December 31, 2025, and an increase of 12% from 12,909,436 as of March 31, 2025. Average loan size was RMB11,991 during the first quarter of 2026, an increase of 5% from RMB11,454 in the fourth quarter of 2025, and an increase of 67% from RMB7,176 in the same period of 2025. Outstanding balance of performing loans facilitated was RMB21.6 billion (US$3.1 billion) as of March 31, 2026, representing a decrease of 24% from RMB28.6 billion as of December 31, 2025, and a decrease of 21% from RMB27.5 billion as of March 31, 2025. Insurance Brokerage Business
Number of insurance clients during the first quarter of 2026 was 397,854, representing an increase of 49% from 267,730 in the fourth quarter of 2025 and a 413% year-over-year increase from 77,541 in the same period of 2025. Cumulative number of insurance clients was 2,357,951 as of March 31, 2026, representing an increase of 16% from 2,035,550 as of December 31, 2025, and a 48% year-over-year increase from 1,590,394 as of March 31, 2025. Number of new insurance policies in the first quarter of 2026 was 999,575, representing a 21% increase from 824,225 in the fourth quarter of 2025, and a 135% year-over-year increase from 425,044 in the same period of 2025. Recent Developments
All-in-AI Strategic Updates
Enterprise AI Architecture Rollout: The Company's MagiCube multi-agent platform launched an upgraded 2.0 version with two additional specialized layers: XuanJi, the execution layer for facilitating human-to-enterprise workflows, and ZhiNao, the enterprise-AI AgentOS for multi-agent orchestration. The system is currently used within the Company and is being tested for external deployment. The Company also introduced AI Buddy, the employee office co-pilot within its enterprise AI workspace platform, giving knowledge-intensive employees direct access to enterprise data, agentic workflows and approved AI tools, to enable faster decisions and higher productivity. AI Application-Layer Strategic Investments Expansion: The Company has made seed investments in three early-stage, high-growth AI application companies, covering AI entertainment, AI-assisted language learning and AI research productivity tools. "During the first quarter of 2026, we continued to demonstrate resilience and strong execution across our businesses," said Mr. Ning Tang, Chairman and Chief Executive Officer of Yiren Digital. "We maintained a highly disciplined approach in our credit solutions business while driving robust customer growth in our insurance brokerage business, further diversifying our revenue streams. At the same time, we are rapidly advancing our 'All-in-AI' strategy, deepening AI integration across our existing operations and actively expanding our AI application portfolio. Each of these steps accelerates our evolution into an AI-native, multi-industry operating platform, which we expect will unlock significant new growth and enduring value for our Company."
"The credit performance of our newly originated loan assets continued to improve during the quarter, and the overall quality of our loan portfolio has successfully stabilized," Mr. William Hui, Chief Financial Officer of Yiren Digital, said. "The underlying risk trends of our legacy book continue to improve, and we expect to see more meaningful profitability gains in the second half of the year. Meanwhile, we remain focused on optimizing capital allocation and improving investment efficiency to further strengthen our financial position and long-term competitiveness."
First Quarter 2026 Financial Results
Total net revenue in the first quarter of 2026 was RMB915.1 million (US$132.7 million), compared to RMB957.6 million in the fourth quarter of 2025, representing a decrease of 41% from RMB1,554.5 million in the same period of 2025.
Within this, revenue from the credit solution business was RMB795.7 million (US$115.4 million), representing a slight decrease of 4% from RMB832.7 million in the fourth quarter of 2025, and a decrease of 39% compared to the same period in 2025. The decrease was primarily due to lower loan facilitation volume and a reduced service fee rate under the new regulatory framework, as the Company continued to prioritize risk-adjusted growth and maintain a disciplined operating strategy amid evolving market conditions. Revenue from the credit solution business accounted for 87% of total net revenue in the first quarter of 2026, unchanged from the fourth quarter of 2025.
Revenue from the insurance brokerage business was RMB87.2 million (US$12.6 million) in the first quarter of 2026, representing an increase of 4% from RMB83.8 million in the fourth quarter of 2025, and an increase of 22% from RMB71.5 million in the same period of 2025. The sequential and year-over-year growth was primarily driven by the continued expansion of the Company's internet distribution business, which has maintained strong momentum since mid-2025. As a result, the internet distribution business contributed 29% of the insurance brokerage business segment's revenue in the first quarter of 2026, compared with 22% in the fourth quarter of 2025, reflecting the ongoing optimization of the Company's business mix and digital distribution capabilities.
Revenue from other businesses was RMB32.2 million (US$4.7 million), compared with RMB41.1 million in the fourth quarter of 2025 and RMB188.6 million in the same period of 2025. The decrease was mainly attributable to the continued scaling down of the e-commerce business.
Sales and marketing expenses in the first quarter of 2026 were RMB113.6 million (US$16.5 million), compared to RMB206.1 million in the fourth quarter of 2025 and RMB277.0 million in the same period of 2025. The decrease was primarily attributable to lower customer acquisition and marketing spending as the Company maintained a disciplined approach to loan facilitation growth. In addition, the contribution of repeat borrowers increased to 78% in the first quarter of 2026 from 74% in the same period of 2025. The cost decline was further supported by improved marketing efficiency driven by AI-assisted precision marketing initiatives.
Origination, servicing and other operating costs in the first quarter of 2026 were RMB197.6 million (US$28.6 million), compared to RMB250.9 million in the fourth quarter of 2025 and RMB224.7 million in the same period of 2025. The cost decrease was primarily attributable to continued operational cost optimization within the insurance brokerage business, driven by the ongoing transition toward more efficient digital distribution channels and a reduced reliance on traditional distribution operations.
Research and development expenses in the first quarter of 2026 were RMB108.9 million (US$15.8 million), compared to RMB121.4 million in the fourth quarter of 2025 and RMB86.0 million in the same period of 2025. The year-over-year increase in R&D expenses was mainly due to increased recruitment of senior AI R&D talent to support the execution of the 2026 All-in-AI strategy.
General and administrative expenses in the first quarter of 2026 were RMB70.5 million (US$10.2 million), compared to RMB43.0 million in the fourth quarter of 2025 and RMB95.8 million in the same period of 2025. The year-over-year decrease was primarily due to enhanced overall corporate efficiency.
Allowance for contract assets, receivables and others in the first quarter of 2026 was RMB176.4 million (US$25.6 million), compared to RMB302.8 million in the fourth quarter of 2025 and RMB152.8 million in the same period of 2025. The year-over-year increase was primarily driven by higher credit loss provisions recognized on accounts receivable, financing receivables and guarantee receivables, partially offset by reduced credit loss provisions on contract assets amid scaled-back loan facilitation activities. The quarter-over-quarter decline mainly reflected stabilized credit performance in the first quarter of 2026, together with no material portfolio revaluation adjustments recorded in the current period—such adjustments had been recorded in the fourth quarter of 2025 from updated expected loss assumptions.
Provision for contingent liabilities in the first quarter of 2026 was RMB632.2 million (US$91.7 million), compared to RMB1,110.1 million in the fourth quarter of 2025 and RMB410.8 million in the same period of 2025. The year-over-year increase was primarily attributable to higher loan volume under the risk-taking model[2] and increased expected loss provisions for newly originated loans. The quarter-over-quarter decline mainly reflected a stabilized asset risk level and no material portfolio revaluation adjustments recorded.
Fair value adjustments loss in the first quarter of 2026 was RMB89.0 million (US$12.9 million), compared to RMB62.0 million in the fourth quarter of 2025 and RMB58.4 million in the same period of 2025. The increase in fair value loss is attributable to fair value adjustment in crypto assets reflecting change in market value of the digital assets.
Income tax expense in the first quarter of 2026 was RMB37.0 million (US$5.4 million).
Net loss for the first quarter of 2026 was RMB494.7 million (US$71.7 million), compared to a net loss of RMB868.2 million in the fourth quarter of 2025 and a net income of RMB247.5 million in the same period of 2025. The year-over-year change was mainly attributable to reduced credit solution business scale, reflecting lower overall loan origination volume, lower service fee rates under the new regulatory framework and higher credit-related costs. The quarter-over-quarter improvement primarily reflects a stabilized risk level and no material portfolio revaluation adjustments recorded with the risk-taking model. The improvement was further supported by improved asset quality, higher revenue contribution from the insurance brokerage business through internet distribution channels, and continued operational efficiency gains driven by AI-enabled cost optimization.
Adjusted EBITDA[3] (non-GAAP) in the first quarter of 2026 was a loss of RMB336.8 million (US$48.8 million), compared to a loss of RMB1,028.5 million in the fourth quarter of 2025 and a gain of RMB325.0 million in the same period of 2025.
Basic and diluted loss per ADS in the first quarter of 2026 were both RMB5.6420 (US$0.8180), compared to basic and diluted loss per ADS of both RMB9.9624 in the fourth quarter of 2025; and basic and diluted income per ADS of RMB2.8646 and RMB2.8460, respectively, in the same period of 2025.
Net cash used in operating activities in the first quarter of 2026 was RMB655.6 million (US$95.0 million), compared to RMB180.8 million used in operating activities in the fourth quarter of 2025, and to RMB478.7 million generated from operating activities in the same period of 2025. The higher net operating cash outflow for the period is primarily attributable to prepayments of operating costs and expenses, longer collection terms for operating receivables and higher indemnity disbursements under the risk-taking model.
Net cash used in investing activities in the first quarter of 2026 was RMB24.8 million (US$3.6 million), compared to RMB29.2 million provided by investing activities in the fourth quarter of 2025 and RMB145.6 million used in investing activities in the same period of 2025.
Net cash used in financing activities in the first quarter of 2026 was RMB345.6 million (US$50.1 million), compared to RMB234.1 million in the fourth quarter of 2025 and RMB80.6 million in the same period of 2025.
As of March 31, 2026, cash and cash equivalents were RMB2,453.1 million (US$355.6 million), compared to RMB3,348.1 million as of December 31, 2025. As of March 31, 2026, the balance of financial investments was RMB507.5 million (US$73.6 million), compared to RMB483.7 million as of December 31, 2025.
As of March 31, 2026, delinquency rates[4] for loans that were past due for 1-30 days, 31-60 days and 61-90 days were 2.5%, 2.7% and 3.2%, respectively, compared to 3.4%, 3.0% and 2.8%, respectively, as of December 31, 2025.
Recent Updates
The Company issued a statement in May regarding media reports relating to certain financial products offered by affiliates of the Company's controlling shareholder. Those matters are unrelated to the Company. Management is monitoring the situation closely and will make further disclosures as required under applicable laws, regulations, and listing standards.
Dividend Policy
Under the Company's semi-annual dividend policy, the Board will review operating results and evaluate the Company's cash dividend policy for the first half of 2026 following the conclusion of the second quarter.
Non-GAAP Financial Measures
In evaluating the business, the Company considers and uses several non-GAAP financial measures, such as adjusted EBITDA and adjusted EBITDA margin as supplemental measures to review and assess operating performance. We believe these non-GAAP measures provide useful information about our core operating results, enhance the overall understanding of our past performance and prospects and allow for greater visibility with respect to key metrics used by our management in our financial and operational decision-making. The presentation of these non-GAAP financial measures is not intended to be considered in isolation or as a substitute for the financial information prepared and presented in accordance with accounting principles generally accepted in the United States of America ("U.S. GAAP"). The non-GAAP financial measures have limitations as analytical tools. Other companies, including peer companies in the industry, may calculate these non-GAAP measures differently, which may reduce their usefulness as a comparative measure. The Company compensates for these limitations by reconciling the non-GAAP financial measures to the nearest U.S. GAAP performance measure, all of which should be considered when evaluating our performance. See "Operating Highlights and Reconciliation of GAAP to Non-GAAP measures" at the end of this press release.
Currency Conversion
This announcement contains currency conversions of certain RMB amounts into US$ at specified rates solely for the convenience of the reader. Unless otherwise noted, all translations from RMB to US$ are made at a rate of RMB6.8980 to US$1.00, the effective noon buying rate on March 31, 2026, as set forth in the H.10 statistical release of the Federal Reserve Board.
Conference Call
Yiren Digital's management will host an earnings conference call at 8:00 a.m. U.S. Eastern Time on June 25, 2026 (or 8:00 p.m. Beijing/Hong Kong Time on June 25, 2026).
Participants who wish to join the call should register online in advance of the conference at:
https://dpregister.com/sreg/10209861/10439ec2351.
Once registration is completed, participants will receive the dial-in details for the conference call.
Additionally, a live and archived webcast of the conference call will be available at:
https://ir.yiren.com.
[1] "Repeat borrowers' loan amount" refers to the proportion of total loan facilitation and origination volume through Yixianghua platform in a given period that is generated by borrowers who have previously completed at least one successful drawdown during that period.
[2] "The risk-taking model" refers to the framework in which Yiren Digital assumes the credit risk for the loans facilitated on its platform.
[3] "Adjusted EBITDA" is a non-GAAP financial measure. For more information on this non-GAAP financial measure, please see the section of "Operating Highlights and Reconciliations of GAAP to Non-GAAP Measures" and the table captioned "Reconciliations of Adjusted EBITDA" set forth at the end of this press release.
[4] "Delinquency rates" refers to the outstanding principal balance of loans that were 1-30 days, 31-60 days and 61-90 days past due as a percentage of the total performing outstanding principal balance of loans as of a specific date. Loans originating outside mainland China are not included in the calculation. We define a performing loan as one that is being repaid according to the agreed terms and has not become delinquent for more than 90 days.
Safe Harbor Statement
This press release contains forward-looking statements. These statements are made under the "safe harbor" provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as "aim," "anticipate," "believe," "estimate," "expect," "hope," "going forward," "intend," "ought to," "plan," "project," "potential," "seek," "may," "might," "can," "could," "will," "would," "shall," "should," "is likely to" and the negative form of these words and other similar expressions. This press release contains forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended, and as defined in the U.S. Private Securities Litigation Reform Act of 1995. These statements can be identified by terminology such as "will," "expects," "anticipates," "future," "intends," "plans," "believes," "estimates," "target," "confident," and similar expressions. Forward-looking statements are based on management's current expectations, assumptions, and assessments of current market and operating conditions. These statements involve inherent risks, uncertainties, and other factors, many of which are outside the control of the Company, and which could cause actual results to differ materially from those expressed or implied in such statements. Actual results may differ materially from those expressed or implied in forward-looking statements due to a variety of factors and other risks described in the Company's filings with the U.S. Securities and Exchange Commission. All forward-looking statements speak only as of the date of this press release. The Company undertakes no, and expressly disclaims any, obligation to update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise, except as required under applicable law.
About Yiren Digital
Yiren Digital Ltd. is a leading fintech company specializing in digital consumer lending, insurance, and financial technology innovation across China and global markets. The Company leverages advanced artificial intelligence and emerging technologies to enhance customer experience, optimize capital efficiency, and expand financial inclusion. Following the regulatory filing of its in-house developed Large Language Model Zhiyu, and the significant enhancement of its MagiCube Agent platform, Yiren Digital is establishing a new growth engine to accelerate its evolution into an AI-native, multi-industry operating platform extending beyond traditional financial services. For more information, please visit https://ir.yiren.com.
Unaudited Condensed Consolidated Statements of Operations
(in thousands, except for share, per share and per ADS data, and percentages)
For the Three Months Ended
March 31,
2025
March 31,
2026
March 31,
2026
RMB
RMB
USD
Net revenue:
Loan facilitation services
742,394
(3,909)
(567)
Post-origination services
1,744
(41)
(6)
Guarantee services
318,397
519,155
75,262
Financing services
41,887
66,145
9,589
Insurance brokerage services
71,460
87,160
12,636
Electronic commerce services
184,074
921
133
Network and marketing services *
124,358
145,697
21,122
Technology services *
68,590
98,129
14,226
Others *
1,622
1,883
273
Total net revenue
1,554,526
915,140
132,668
Operating costs and expenses:
Sales and marketing
276,952
113,569
16,464
Origination,servicing and other operating costs
224,738
197,552
28,639
Research and development
85,954
108,933
15,792
General and administrative
95,837
70,504
10,221
Allowance for contract assets, receivables and others
152,805
176,424
25,576
Provision for contingent liabilities
410,763
632,219
91,653
Total operating costs and expenses
1,247,049
1,299,201
188,345
Other income/(loss):
Investment income
1,281
1,318
191
Interest income
22,925
12,498
1,812
Fair value adjustments loss
(58,376)
(89,036)
(12,908)
Others, net
674
1,591
231
Total other loss
(33,496)
(73,629)
(10,674)
Income/(loss) before provision for income taxes
273,981
(457,690)
(66,351)
Share of results of equity investees
(129)
-
-
Income tax expense
26,346
37,024
5,368
Net income/(loss)
247,506
(494,714)
(71,719)
Net loss attributable to non-controlling interests
-
1,173
171
Net income/(loss) attributable to ordinary shareholders
of the Company
247,506
(493,541)
(71,548)
Weighted-average number of ordinary shares used in
computing basic net income/(loss) per share
172,800,275
174,951,573
174,951,573
Basic net income/(loss) per share attributable to
ordinary shareholders of the Company
1.4323
(2.8210)
(0.4090)
Basic diluted net income/(loss) per ADS
attributable to ordinary shareholders of the
Company
2.8646
(5.6420)
(0.8180)
Weighted-average number of ordinary shares used in
computing diluted net income/(loss) per share
173,935,749
174,951,573
174,951,573
Diluted net income/(loss) per share attributable to
ordinary shareholders of the Company
1.4230
(2.8210)
(0.4090)
Diluted net income/(loss) per ADS attributable to
ordinary shareholders of the Company
2.8460
(5.6420)
(0.8180)
Unaudited Condensed Consolidated Cash Flow Data
Net cash generated from/(used in) operating activities
478,650
(655,588)
(95,040)
Net cash used in investing activities
(145,590)
(24,764)
(3,590)
Net cash used in financing activities
(80,576)
(345,590)
(50,100)
Effect of foreign exchange rate changes
2,367
(8,389)
(1,216)
Net increase/(decrease) in cash, cash equivalents and
restricted cash
254,851
(1,034,331)
(149,946)
Cash, cash equivalents and restricted cash, beginning of
period
4,101,557
3,870,834
561,153
Cash, cash equivalents and restricted cash, end of
period
4,356,408
2,836,503
411,207
* Given the Company's diversified revenue streams, Network and marketing services and Technology services are now
separately presented from Other revenue, with the remaining balance classified as Others. Comparative figures for the prior
period have been restated.
Unaudited Condensed Consolidated Balance Sheets
(in thousands)
As of
December 31,
2025
March 31,
2026
March 31,
2026
RMB
RMB
USD
Cash and cash equivalents
3,348,126
2,453,140
355,631
Restricted cash
522,708
383,363
55,576
Accounts receivable
826,141
911,368
132,121
Guarantee receivable
832,905
868,827
125,953
Contract assets, net
619,291
305,106
44,231
Contract cost
4,287
2,149
312
Prepaid expenses and other assets
1,776,019
1,756,162
254,590
Loans at fair value
342,895
156,134
22,635
Financing receivables
909,182
938,958
136,120
Amounts due from related parties*
2,974,080
3,429,417
497,161
Financial investments
483,700
507,528
73,576
Equity investments
11,528
23,455
3,400
Property, equipment and software, net
50,403
84,630
12,269
Digital Assets
391,267
287,228
41,639
Deferred tax assets
325,094
361,981
52,476
Right-of-use assets
37,329
33,891
4,913
Total assets
13,454,955
12,503,337
1,812,603
Accounts payable
79,630
93,759
13,592
Amounts due to related parties
44,179
14,982
2,172
Guarantee liabilities-stand ready
989,701
1,025,763
148,704
Guarantee liabilities-contingent
1,300,097
1,172,209
169,935
Deferred revenue
227
150
22
Payable to investors of consolidated ABFE
1,294,792
941,068
136,426
Accrued expenses and other liabilities
404,680
406,222
58,890
Deferred tax liabilities
29,854
34,197
4,957
Lease liabilities
39,758
35,289
5,116
Total liabilities
4,182,918
3,723,639
539,814
Ordinary shares
133
134
19
Additional paid-in capital
5,239,550
5,242,914
760,063
Treasury stock
(170,686)
(170,686)
(24,744)
Accumulated other comprehensive income
(2,517)
(17,369)
(2,518)
Retained earnings
4,205,557
3,710,721
537,942
Total Yiren Digital Ltd shareholders' equity
9,272,037
8,765,714
1,270,762
Non-controlling interests
-
13,984
2,027
Total equity
9,272,037
8,779,698
1,272,789
Total liabilities and equity
13,454,955
12,503,337
1,812,603
* The Company has outstanding related party balances due from our controlling shareholder and its affiliates. These
balances are currently performing in accordance with their contractual terms. Should our controlling shareholder fail to
satisfy its payment obligations in the future, we may be required to adjust the carrying value of such related receivables
accordingly.
Operating Highlights and Reconciliation of GAAP to Non-GAAP Measures
(in thousands, except for number of borrowers, number of insurance clients, cumulative number of insurance clients
and percentages)
For the Three Months Ended
March 31,
2025
March 31,
2026
March 31,
2026
RMB
RMB
USD
Operating Highlights
Amount of loans facilitated
15,237,923
8,910,760
1,291,789
Number of borrowers
1,375,406
531,500
531,500
Remaining principal of performing loans
27,458,292
21,603,502
3,131,850
Cumulative number of insurance clients
1,590,394
2,357,951
2,357,951
Number of insurance clients
77,541
397,854
397,854
Gross written premiums
801,798
822,991
119,309
First year premium
412,497
536,332
77,752
Renewal premium
389,301
286,659
41,557
Segment Information
Credit solution business:
Revenue
1,294,480
795,746
115,359
Sales and marketing expenses
260,903
80,760
11,708
Origination, servicing and other operating costs
140,623
140,143
20,317
Allowance for contract assets, receivables and others
152,112
174,866
25,350
Provision for contingent liabilities
410,763
632,219
91,653
Insurance brokerage business:
Revenue
71,460
87,160
12,636
Sales and marketing expenses
2,795
2,388
346
Origination, servicing and other operating costs
81,440
54,475
7,897
Allowance for contract assets, receivables and others
(578)
(117)
(17)
Others:
Revenue
188,586
32,234
4,673
Sales and marketing expenses
13,254
30,421
4,410
Origination, servicing and other operating costs
2,675
2,934
425
Allowance for contract assets, receivables and others
(1,994)
188
27
Reconciliation of Adjusted EBITDA
Net income/(loss)
247,506
(494,714)
(71,719)
Interest income and investment income, net
(24,206)
(13,816)
(2,003)
Income tax expense
26,346
37,024
5,368
Depreciation and amortization
2,297
3,561
516
Share-based compensation
2,187
2,071
300
Fair value adjustments related to digital assets and
financial investments
70,824
129,059
18,710
Adjusted EBITDA
324,954
(336,815)
(48,828)
Adjusted EBITDA margin
20.9 %
-36.8 %
-36.8 %
Delinquency Rates
1-30 days
31-60 days
61-90 days
December 31, 2022
1.7 %
1.2 %
1.1 %
December 31, 2023
2.0 %
1.4 %
1.2 %
December 31, 2024
1.6 %
1.2 %
1.1 %
December 31, 2025
3.4 %
3.0 %
2.8 %
March 31, 2026
2.5 %
2.7 %
3.2 %
90+ Days Delinquency Rates by Vintage*
Loan
Issued Period
Month on Book
4
6
8
10
12
14
16
18
20
22
24
2022Q1
0.6 %
2.0 %
3.1 %
3.9 %
4.5 %
4.7 %
4.6 %
4.6 %
4.5 %
4.5 %
4.4 %
2022Q2
0.5 %
1.7 %
2.9 %
3.7 %
4.2 %
4.4 %
4.3 %
4.3 %
4.2 %
4.2 %
4.1 %
2022Q3
0.5 %
2.1 %
3.4 %
4.2 %
4.7 %
5.0 %
4.9 %
4.9 %
4.8 %
4.7 %
4.7 %
2022Q4
0.7 %
2.5 %
3.8 %
4.8 %
5.5 %
5.8 %
5.8 %
5.7 %
5.6 %
5.5 %
5.4 %
2023Q1
0.5 %
2.3 %
3.9 %
5.0 %
5.8 %
6.1 %
6.0 %
5.9 %
5.8 %
5.7 %
5.6 %
2023Q2
0.6 %
2.8 %
4.7 %
6.1 %
6.8 %
7.1 %
7.0 %
6.9 %
6.8 %
6.7 %
6.6 %
2023Q3
0.8 %
3.5 %
5.6 %
7.0 %
7.7 %
7.9 %
7.9 %
7.7 %
7.6 %
7.5 %
7.5 %
2023Q4
0.7 %
3.4 %
5.6 %
6.8 %
7.4 %
7.6 %
7.6 %
7.4 %
7.3 %
7.3 %
7.2 %
2024Q1
0.6 %
3.0 %
4.8 %
5.9 %
6.6 %
6.8 %
6.8 %
6.7 %
6.6 %
6.6 %
6.5 %
2024Q2
0.6 %
2.4 %
4.0 %
5.1 %
5.8 %
6.1 %
6.1 %
6.0 %
5.9 %
6.0 %
2024Q3
0.5 %
2.2 %
3.7 %
4.7 %
5.4 %
5.8 %
5.8 %
5.7 %
5.5 %
2024Q4
0.6 %
2.2 %
3.8 %
4.9 %
5.9 %
6.4 %
6.3 %
2025Q1
0.6 %
2.3 %
4.2 %
6.0 %
7.2 %
6.9 %
2025Q2
0.8 %
3.5 %
6.6 %
8.3 %
2025Q3
1.1 %
4.8 %
8.0 %
2025Q4
1.2 %
*The 90+ days delinquency rate by vintage refers to the outstanding principal balance of loans facilitated over a specified period that are more than 90 days past due, as a percentage of the total loans facilitated during that same period. Loans originating outside mainland China are excluded from the calculation.
A cyclist drives past a logo of drugs and chemicals group Merck KGaA in Darmstadt, Germany January 28, 2016. REUTERS/Ralph Orlowski/File Photo Purchase Licensing Rights, opens new tab
CompaniesJune 25 (Reuters) - German drugmaker Merck KGaA (MRCG.DE), opens new tab said on Thursday it will acquire U.S. biotech firm Bio-Techne Corp (TECH.O), opens new tab for $11.3 billion, expanding its presence in the life sciences market.
Shares of Bio-Techne rose 22% in premarket trading following Merck's offer of $73 per share, which implies a 24% premium to Bio-Techne's close on Wednesday.
Keep up with the latest medical breakthroughs and healthcare trends with the Reuters Health Rounds newsletter. Sign up here.
With this deal, Merck will gain access to Bio-Techne's expertise and supplies of research reagents, proteins, antibodies, analytical instruments and other tools that are used by scientists and drug developers.
The deal follows a series of large healthcare transactions this year, including Danaher's (DHR.N), opens new tab $9.9 billion acquisition of patient-monitoring company Masimo in February, as medical technology and life sciences firms seek to broaden their product offerings and gain market share across multiple segments.
The Bio-Techne acquisition is Merck's largest life sciences deal since its $17 billion takeover of Sigma-Aldrich in 2014, which bolstered the German group's laboratory supplies and research tools business and accelerated its diversification beyond pharmaceuticals.
The German firm said it would fund the Bio-Techne acquisition through a combination of cash and debt. The company has cash and cash equivalents of about 2.74 billion euros, according to its latest quarterly results.
The deal is expected to close by late 2026 or early 2027. Merck expects cost savings of about 140 million euros to be fully realized by the third year after the deal is closed.
Reporting by Danny Callaghan, Christy Santhosh and Padmanabhan Ananthan; Editing by Linda Pasquini and Shinjini Ganguli
Our Standards: The Thomson Reuters Trust Principles., opens new tab
Winnebago Industries ve 3. čtvrtletí vykázala tržby 698,7 mil. USD a upravený zisk na akcii (EPS) 0,66 USD, ale snížila výhled pro fiskální rok 2026. Nově čeká tržby 2,65–2,75 mld. USD a upravený zisk na akcii (EPS) 1,65–2,00 USD.
-- Motorhome RV Sales, Profit Dollars and Profit Margins Improved Meaningfully Year Over Year --
-- Winnebago Towables Improved Share Results Through Product Refreshes and Execution --
— Barletta Continues to Expand Share of U.S. Aluminum Pontoon Market --
-- Company Updates Fiscal 2026 Guidance --
EDEN PRAIRIE, Minn., June 25, 2026 (GLOBE NEWSWIRE) -- Winnebago Industries, Inc. (NYSE: WGO), a leading manufacturer of outdoor recreation products, today reported financial results for the Fiscal 2026 third quarter ended May 30, 2026.
Third Quarter Fiscal 2026 Financial Summary
Net revenues of $698.7 million compared to $775.1 million in the third quarter of Fiscal 2025Gross profit of $94.9 million, representing 13.6% gross margin, compared to $106.0 million in the third quarter of Fiscal 2025Net income of $14.5 million, or $0.51 per diluted share; adjusted earnings per diluted share of $0.66 compared to adjusted earnings per diluted share of $0.81 in the third quarter of Fiscal 2025Adjusted EBITDA of $37.8 million, representing 5.4% adjusted EBITDA margin CEO Commentary
“Our teams continue to execute in a retail environment that remained challenging through the third quarter,” said President and Chief Executive Officer Michael Happe. “Industry retail demand was pressured by broader macro factors, including elevated fuel costs, geopolitical uncertainty, and weak consumer confidence which continued to drive cautious dealer ordering and tighter inventory management across the channel. In response, we stayed disciplined, aligning production closely with retail while continuing to advance our key product, operational and cost initiatives.
“We're seeing a mixed demand environment across the portfolio. In Motorhome RV, sales, profitability and market presence continue to improve, supported by sustained performance at Grand Design Motorized and solid execution at Newmar. New product introductions, expanding brand presence and improved profitability continue to strengthen our standing in the segment. In Towables RV, category demand remained muted during the quarter, particularly at higher price points where competitive and promotional activity remained elevated. At the same time, our newer, more accessible offerings such as Thrive and Access contributed to improved retail dollar share and stronger year-over-year financial performance within our Winnebago-branded portfolio. These results reflect both dealer commitment to our strategy and the positive reception to our refreshed product lineup.
In Marine, Barletta continues to perform well, maintaining consistent market share gains, reaching 9.3% on a trailing twelve-month basis through April, despite softer volumes in the quarter. This performance reflects continued consumer interest in its premium pontoons and an expanding product lineup, including the recent Sanza introduction.
“We delivered solid SG&A improvement year-over-year, while continuing to invest in Grand Design Motorized, and advancing footprint rationalization and capacity alignment actions within our RV businesses. While industry retail pressure in the quarter slowed the pace of improvement in field inventory turns, our focus remains on driving sustainable progress, which will require continued discipline around shipments and production.
"One of the most encouraging aspects of our performance this quarter was the stability of our gross margins despite a challenging retail environment, reflecting the strength of our product mix, pricing discipline and operational execution. We have remained focused on profitable market share, while our higher average selling prices continue to support a more resilient retail dollar share position. We are executing against the levers we control including product, brand, cost structure, and inventory discipline, positioning the business to deliver improved performance as conditions evolve.”
Third Quarter Fiscal 2026 Results
Net revenues were $698.7 million, a decrease of 9.9% compared to $775.1 million in the third quarter of Fiscal 2025, driven primarily by lower unit volume, partially offset by selective price adjustments and product mix. Unit volume trends reflected growth in the Motorhome RV segment, partially offset by declines in the Towable RV and Marine segments, as dealer ordering remained measured and production levels were closely aligned to retail demand.
Gross profit was $94.9 million, a decrease of 10.5% compared to $106.0 million in the third quarter of Fiscal 2025. Gross profit margin was consistent with prior year as higher input costs and deleverage were largely offset by selective price adjustments.
Selling, general and administrative expenses were $66.5 million, a decrease of 5.4% compared to $70.3 million in the third quarter of Fiscal 2025, primarily due to cost reduction initiatives.
Operating income was $23.0 million, a decrease of 23.9% compared to $30.2 million in the third quarter of Fiscal 2025.
Net income was $14.5 million, compared to $17.6 million in the third quarter of Fiscal 2025. Reported earnings per diluted share was $0.51, compared to $0.62 in the third quarter of Fiscal 2025. Adjusted earnings per diluted share was $0.66, a decrease of 18.5% compared to $0.81 in the third quarter of Fiscal 2025.
Consolidated Adjusted EBITDA was $37.8 million, a decrease of 18.7%, compared to $46.5 million in the third quarter of Fiscal 2025.
Third Quarter Fiscal 2026 Segments Summary
Towable RV
Three Months Ended ($, in millions)May 30, 2026 May 31, 2025 Change(1) Net revenues$274.7 $371.7 (26.1)%Operating income$16.0 $29.7 (46.3)%Operating income margin 5.8 % 8.0 % (220)bps (1) Amounts are calculated based on unrounded numbers and therefore may not recalculate using the rounded numbers provided.
Net revenues decreased primarily due to lower unit volume and a shift in product mix toward lower price-point models, partially offset by selective price adjustments.Operating income margin decreased primarily due to higher input costs, volume deleverage, and product mix, partially offset by selective price adjustments and cost containment initiatives. Motorhome RV
Three Months Ended($, in millions)May 30, 2026 May 31, 2025 Change(1)Net revenues$320.7 $291.2 10.1%Operating income (loss)$9.6 $(3.2) NMOperating income margin 3.0 % (1.1)% 410bps (1) Amounts are calculated based on unrounded numbers and therefore may not recalculate using the rounded numbers provided.
NM: Not meaningful.
Net revenues increased primarily due to higher unit volume and selective price adjustments.Operating income margin increased primarily due to higher unit volume driven by new products and selective price adjustments, partially offset by higher input costs. Marine
Three Months Ended
($, in millions)May 30, 2026 May 31, 2025 Change(1)
Net revenues$92.4 $100.7 (8.3)%Operating income$5.3 $9.4 (43.4)%Operating income margin 5.8% 9.3% (350)bps (1) Amounts are calculated based on unrounded numbers and therefore may not recalculate using the rounded numbers provided.
Net revenues decreased primarily due to lower unit volume and product mix, partially offset by selective price adjustments.Operating income decreased primarily due to higher input costs and volume deleverage, partially offset by selective price adjustments. Balance Sheet and Cash Flow
As of May 30, 2026, cash and cash equivalents totaled $57.1 million. The Company had total outstanding debt of $442.9 million ($450.0 million of debt, net of debt issuance costs of $7.1 million) and working capital of $411.6 million. Cash flow provided by operating activities during the nine months ended May 30, 2026 was $26.2 million compared to cash flow used in operating activities of $52.5 million during the same period last year. Operating cash flow improved by $78.7 million year over year, shifting from a use of cash in the prior-year period to a source of cash in the current year.
Quarterly Cash Dividend
On May 15, 2026, the Company’s Board of Directors approved a quarterly cash dividend of $0.35 per share payable on June 24, 2026, to common stockholders of record at the close of business on June 10, 2026.
Outlook
For calendar year 2026, Winnebago Industries now expects North American RV wholesale shipments in the range of 290,000 to 310,000 units. Based on this outlook, the current business environment, and results through the first nine months of the fiscal year, Winnebago Industries is updating its Fiscal 2026 revenue and EPS guidance as follows:
Consolidated net revenues in the range of $2.65 billion to $2.75 billion;Reported earnings per diluted share in the range of $1.05 to $1.40 compared to the Company's prior expectations for reported earnings per diluted share in the range of $1.50 to $2.20; andAdjusted earnings per diluted share guidance in the range of $1.65 to $2.00(1) compared to a prior range of $2.10 to $2.80. The Company’s outlook takes into account prevailing trends in the RV sector, including the impacts from current policy and trade environment, competitive dynamics, shifts in consumer preferences, and key macroeconomic factors that may influence overall demand.
“Our outlook reflects a measured view of the environment,” Happe said. “We expect demand conditions to remain challenged in the near term, with continued variability across segments. The actions we are taking across our portfolio, cost structure and product roadmap position us to manage through the cycle and improve the earnings profile of the business over time, including further operational and capacity initiatives expected to begin benefiting performance as we move through fiscal 2027.”
Q3 FY 2026 Conference Call
Winnebago Industries, Inc. will discuss third quarter of Fiscal 2026 earnings results during a conference call scheduled for 9:00 a.m. Central Time today. Members of the news media, investors and the general public are invited to access a live broadcast of the conference call and view the accompanying presentation slides via the Investor Relations page of the Company's website at http://investor.wgo.net. The event will be archived and available for replay for the next 90 days.
About Winnebago Industries
Winnebago Industries, Inc. is a leading North American manufacturer of outdoor recreation products under the Winnebago, Grand Design, Chris-Craft, Newmar and Barletta brands, which are used primarily in leisure travel and outdoor recreation activities. The Company builds high-quality motorhomes, travel trailers, fifth-wheel products, outboard and sterndrive powerboats, pontoons, and commercial community outreach vehicles. Committed to advancing sustainable innovation and leveraging vertical integration in key component areas, Winnebago Industries has multiple facilities in Iowa, Indiana, Minnesota and Florida. The Company’s common stock is listed on the New York Stock Exchange and traded under the symbol WGO. For access to Winnebago Industries' investor relations material or to add your name to an automatic email list for Company news releases, visit http://investor.wgo.net.
Forward-Looking Statements
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including the business outlook and financial guidance for Fiscal 2026. Investors are cautioned that forward-looking statements are inherently uncertain and involve potential risks and uncertainties. A number of factors could cause actual results to differ materially from these statements, including, but not limited to general economic uncertainty in key markets and a worsening of domestic and global economic conditions or low levels of economic growth; availability of financing for RV and marine dealers and retail purchasers; competition and new product introductions by competitors; ability to innovate and commercialize new products; ability to manage our inventory to meet demand; risk related to cyclicality and seasonality of our business; risk related to independent dealers; risk related to dealer consolidation or the loss of a significant dealer; significant increase in repurchase obligations; ability to retain relationships with our suppliers and obtain components; business or production disruptions; inadequate management of dealer inventory levels; increased material and component costs, including availability and price of fuel and other raw materials; ability to integrate mergers and acquisitions; ability to attract and retain qualified personnel and changes in market compensation rates; exposure to warranty claims and product recalls; ability to protect our information technology systems from data security, cyberattacks, and network disruption risks and the ability to successfully upgrade and evolve our information technology systems; ability to retain brand reputation and related exposure to product liability claims; governmental regulation, including for climate change; increased attention to environmental, social, and governance matters, and our ability to meet our commitments; impairment of goodwill and trade names; risks related to our 2030 Convertible Notes and Senior Secured Notes, including our ability to satisfy our obligations under these notes; and changes in recommendations or a withdrawal of coverage by third party securities analysts. Additional information concerning certain risks and uncertainties that could cause actual results to differ materially from that projected or suggested is contained in the Company's filings with the Securities and Exchange Commission ("SEC") over the last 12 months, copies of which are available from the SEC or from the Company upon request. We caution that the foregoing list of important factors is not complete. The Company disclaims any obligation or undertaking to disseminate any updates or revisions to any forward-looking statements contained in this release or to reflect any changes in the Company's expectations after the date of this release or any change in events, conditions or circumstances on which any statement is based, except as required by law.
Winnebago Industries, Inc.
Footnotes to News Release Footnotes:
(1) Fiscal 2026 adjusted EPS guidance primarily excludes the pretax impact of intangible amortization of approximately $22 million.
Winnebago Industries, Inc.
Condensed Consolidated Statements of Income
(Unaudited and subject to reclassification)
Three Months Ended(in millions, except percent and per share data)May 30, 2026 May 31, 2025Net revenues$698.7 100.0% $775.1 100.0%Cost of goods sold 603.8 86.4% 669.1 86.3%Gross profit 94.9 13.6% 106.0 13.7%Selling, general, and administrative expenses 66.5 9.5% 70.3 9.1%Amortization 5.4 0.8% 5.5 0.7%Total operating expenses 71.9 10.3% 75.8 9.8%Operating income 23.0 3.3% 30.2 3.9%Interest expense, net 5.0 0.7% 6.7 0.9%Non-operating income — —% (0.4) (0.1)%Income before income taxes 18.0 2.6% 23.9 3.1%Income tax provision 3.5 0.5% 6.3 0.8%Net income$14.5 2.1% $17.6 2.3% Earnings per common share: Basic$0.51 $0.63 Diluted$0.51 $0.62 Weighted average common shares outstanding: Basic 28.3 28.0 Diluted 28.4 28.4 Nine Months Ended(in millions, except percent and per share data)May 30, 2026 May 31, 2025Net revenues$2,058.8 100.0% $2,020.9 100.0%Cost of goods sold 1,789.3 86.9% 1,755.0 86.8%Gross profit 269.5 13.1% 265.9 13.2%Selling, general, and administrative expenses 204.7 9.9% 212.1 10.5%Amortization 16.2 0.8% 16.7 0.8%Total operating expenses 220.9 10.7% 228.8 11.3%Operating income 48.6 2.4% 37.1 1.8%Interest expense, net 16.3 0.8% 19.3 1.0%Loss on note repurchase 0.8 —% 2.0 0.1%Non-operating income (0.3) —% (1.0) (0.1)%Income before income taxes 31.8 1.5% 16.8 0.8%Income tax provision 7.0 0.3% 4.8 0.2%Net income$24.8 1.2% $12.0 0.6% Earnings per common share: Basic$0.88 $0.43 Diluted$0.87 $0.42 Weighted average common shares outstanding: Basic 28.2 28.3 Diluted 28.4 28.4 Amounts in tables are calculated based on unrounded numbers and therefore may not recalculate using the rounded numbers provided.
In addition, percentages may not add in total due to rounding.
Winnebago Industries, Inc.
Condensed Consolidated Balance Sheets
(Unaudited and subject to reclassification)
(in millions)May 30, 2026 August 30, 2025Assets Current assets Cash and cash equivalents$57.1 $174.0Receivables, net 186.1 192.0Inventories, net 435.2 396.4Prepaid expenses and other current assets 32.9 29.8Total current assets 711.3 792.2Property, plant, and equipment, net 319.9 333.0Goodwill 484.2 484.2Other intangible assets, net 440.7 456.9Investment in life insurance 27.9 27.1Operating lease assets 37.2 41.6Other long-term assets 17.3 19.4Total assets$2,038.5 $2,154.4 Liabilities and Shareholders' Equity Current liabilities Accounts payable$113.5 $129.3Accrued expenses 186.2 197.8Total current liabilities 299.7 327.1Long-term debt, net 442.9 540.5Deferred income tax liabilities, net 11.4 5.9Unrecognized tax benefits 5.7 4.8Long-term operating lease liabilities 34.1 39.3Deferred compensation benefits, net of current portion 4.4 5.1Other long-term liabilities 5.9 7.0Total liabilities 804.1 929.7Shareholders' equity 1,234.4 1,224.7Total liabilities and shareholders' equity$2,038.5 $2,154.4 Winnebago Industries, Inc.
Condensed Consolidated Statements of Cash Flows
(Unaudited and subject to reclassification)
Nine Months Ended(in millions)May 30, 2026 May 31, 2025Operating activities Net income$24.8 $12.0 Adjustments to reconcile net income to net cash provided by (used in) operating activities Depreciation 28.8 28.7 Amortization 16.2 16.7 Amortization of debt issuance costs 1.9 2.3 Last in, first-out ("LIFO") expense (2.4) (0.6)Stock-based compensation 15.8 12.2 Deferred income taxes 5.5 (0.7)Deferred compensation expense 0.5 — Loss on note repurchase 0.8 2.0 Asset impairment — 1.2 Restructuring and related costs 1.6 — Other, net (2.8) (1.2)Change in operating assets and liabilities, net of assets and liabilities acquired Receivables, net 6.0 (59.0)Inventories, net (36.3) (38.5)Prepaid expenses and other assets 4.0 7.2 Accounts payable (16.9) (15.8)Income taxes and unrecognized tax benefits (0.4) 4.3 Accrued expenses and other liabilities (20.9) (23.3)Net cash provided by (used in) operating activities 26.2 (52.5) Investing activities Purchases of property, plant, and equipment (16.8) (29.2)Proceeds from sale of property, plant, and equipment 5.4 2.1 Other, net 0.1 1.6 Net cash used in investing activities (11.3) (25.5) Financing activities Borrowings on long-term debt 3.0 15.3 Repayments on long-term debt (103.0) (175.2)Payments of cash dividends (30.1) (29.3)Payments for repurchases of common stock (1.7) (53.6)Other, net — 0.4 Net cash used in financing activities (131.8) (242.4) Net decrease in cash and cash equivalents (116.9) (320.4)Cash and cash equivalents at beginning of period 174.0 330.9 Cash and cash equivalents at end of period$57.1 $10.5 Supplemental Disclosures Income taxes paid, net$2.1 $2.3 Interest paid 13.3 17.3 Non-cash investing and financing activities Capital expenditures in accounts payable$1.4 $3.9 Dividends declared not yet paid 11.4 10.5 Increase in lease assets in exchange for lease liabilities: Operating leases 1.1 2.3 Finance leases — 0.2 Winnebago Industries, Inc.
Supplemental Information by Reportable Segment - Towable RV
(in millions, except unit data)
(Unaudited and subject to reclassification)
Three Months Ended May 30, 2026 % of Revenues(1) May 31, 2025 % of Revenues(1) $ Change(1) % Change(1)Net revenues$274.7 $371.7 $(96.9) (26.1)%Operating income 16.0 5.8% 29.7 8.0% (13.8) (46.3)% Three Months EndedUnit deliveriesMay 30, 2026 Product Mix(2) May 31, 2025 Product Mix(2) Unit Change % ChangeTravel trailer 5,274 75.5% 6,569 69.2% (1,295) (19.7)%Fifth wheel 1,709 24.5% 2,926 30.8% (1,217) (41.6)%Total Towable RV 6,983 100.0% 9,495 100.0% (2,512) (26.5)% Nine Months Ended May 30, 2026 % of Revenues(1) May 31, 2025 % of Revenues(1) $ Change(1) % Change(1)Net revenues$830.5 $913.9 $(83.4) (9.1)%Operating income 38.2 4.6% 51.3 5.6% (13.1) (25.6)% Nine Months EndedUnit deliveriesMay 30, 2026 Product Mix(2) May 31, 2025 Product Mix(2) Unit Change % ChangeTravel trailer 15,350 73.0% 16,034 68.7% (684) (4.3)%Fifth wheel 5,669 27.0% 7,302 31.3% (1,633) (22.4)%Total Towable RV 21,019 100.0% 23,336 100.0% (2,317) (9.9)% Dealer Inventory(3)May 30, 2026 May 31, 2025 Unit Change % ChangeUnits 18,721 17,747 974 5.5%
(1) Amounts are calculated based on unrounded numbers and therefore may not recalculate using the rounded numbers provided.
(2) Percentages may not add due to rounding differences.
(3) Data is based on the latest information available from our dealer partners and is subject to timing of reporting and other limitations.
Winnebago Industries, Inc.
Supplemental Information by Reportable Segment - Motorhome RV
(in millions, except unit data)
(Unaudited and subject to reclassification)
Three Months Ended May 30, 2026 % of Revenues(1) May 31, 2025 % of Revenues(1) $ Change(1) % Change(1)Net revenues$320.7 $291.2 $29.5 10.1%Operating income (loss) 9.6 3.0% (3.2) (1.1)% 12.7 NM Three Months EndedUnit deliveriesMay 30, 2026 Product Mix(2) May 31, 2025 Product Mix(2) Unit Change % ChangeClass A 219 14.3% 288 20.1% (69) (24.0)%Class B 517 33.7% 406 28.4% 111 27.3%Class C 797 52.0% 737 51.5% 60 8.1%Total Motorhome RV 1,533 100.0% 1,431 100.0% 102 7.1% Nine Months Ended May 30, 2026 % of Revenues(1) May 31, 2025 % of Revenues(1) $ Change(1) % Change(1)Net revenues$933.9 $798.5 $135.3 16.9%Operating income (loss) 25.3 2.7% (7.0) (0.9)% 32.2 NM Nine Months EndedUnit deliveriesMay 30, 2026 Product Mix(2) May 31, 2025 Product Mix(2) Unit Change % ChangeClass A 705 16.2% 808 20.2% (103) (12.7)%Class B 1,416 32.5% 1,158 29.0% 258 22.3%Class C 2,234 51.3% 2,031 50.8% 203 10.0%Total Motorhome RV 4,355 100.0% 3,997 100.0% 358 9.0% Dealer Inventory(3)May 30, 2026 May 31, 2025 Unit Change % ChangeUnits 3,468 3,614 (146) (4.0)% (1) Amounts are calculated based on unrounded numbers and therefore may not recalculate using the rounded numbers provided.
(2) Percentages may not add due to rounding differences.
(3) Data is based on the latest information available from our dealer partners and is subject to timing of reporting and other limitations.
NM: Not meaningful.
Winnebago Industries, Inc.
Supplemental Information by Reportable Segment - Marine
(in millions, except unit data)
(Unaudited and subject to reclassification)
Three Months Ended May 30, 2026 % of Revenues(1) May 31, 2025 % of Revenues(1) $ Change(1) % Change(1)Net revenues$92.4 $100.7 $(8.3) (8.3)%Operating income 5.3 5.8% 9.4 9.3% (4.1) (43.4)% Three Months EndedUnit deliveriesMay 30, 2026 May 31, 2025 Unit Change % ChangeBoats 1,155 1,254 (99) (7.9)% Nine Months Ended May 30, 2026 % of Revenues(1) May 31, 2025 % of Revenues(1) $ Change(1) % Change(1)Net revenues$264.1 $272.9 $(8.8) (3.2)%Operating income 14.3 5.4% 21.0 7.7% (6.6) (31.6)% Nine Months EndedUnit deliveriesMay 30, 2026 May 31, 2025 Unit Change % ChangeBoats 3,282 3,471 (189) (5.4)% Dealer Inventory(2,3)May 30, 2026 May 31, 2025 Unit Change % ChangeUnits 3,175 3,069 106 3.5% (1) Amounts are calculated based on unrounded numbers and therefore may not recalculate using the rounded numbers provided.
(2) Due to the nature of the Marine industry, this amount includes a higher proportion of retail sold units than our other segments.
(3) Data is based on the latest information available from our dealer partners and is subject to timing of reporting and other limitations.
Winnebago Industries, Inc.
Non-GAAP Reconciliation
(Unaudited and subject to reclassification) Non-GAAP financial measures, which are not calculated or presented in accordance with accounting principles generally accepted in the United States (“GAAP”), have been provided as information supplemental and in addition to the financial measures presented in the accompanying news release that are calculated and presented in accordance with GAAP. Such non-GAAP financial measures should not be considered superior to, as a substitute for, or as an alternative to, and should be considered in conjunction with, the GAAP financial measures presented in the news release. The non-GAAP financial measures presented may differ from similar measures used by other companies.
The following table reconciles diluted earnings per share to Adjusted diluted earnings per share:
Three Months Ended Nine Months Ended May 30, 2026 May 31, 2025 May 30, 2026 May 31, 2025Diluted earnings per share$0.51 $0.62 $0.87 $0.42 Amortization(1) 0.19 0.19 0.57 0.59 Loss on note repurchase(1) — — 0.03 0.07 Asset impairment(1) — 0.04 — 0.04 Restructuring and related costs(1) — — 0.06 — Gain on sale of property, plant and equipment(1) — — (0.10) — Tax impact of adjustments(2) (0.04) (0.05) (0.12) (0.16)Adjusted diluted earnings per share(3)$0.66 $0.81 $1.31 $0.96 (1) Represents a pre-tax adjustment.
(2) The company's non-GAAP income tax impact is calculated using an estimated tax rate for the U.S. of 22.0% for Fiscal 2026 and 23.0% for Fiscal 2025.
(3) Per share numbers may not foot due to rounding.
The following table reconciles net income to consolidated EBITDA and Adjusted EBITDA.
Three Months Ended Nine Months Ended(in millions)May 30, 2026 May 31, 2025 May 30, 2026 May 31, 2025Net income$14.5 $17.6 $24.8 $12.0 Interest expense, net 5.0 6.7 16.3 19.3 Income tax provision 3.5 6.3 7.0 4.8 Depreciation 9.4 9.6 28.8 28.7 Amortization 5.4 5.5 16.2 16.7 EBITDA 37.8 45.7 93.1 81.5 Loss on note repurchase — — 0.8 2.0 Asset impairment — 1.2 — 1.2 Restructuring and related costs — — 1.6 — Gain on sale of property, plant and equipment — — (2.8) — Non-operating income — (0.4) (0.3) (1.0)Adjusted EBITDA$37.8 $46.5 $92.4 $83.7 Non-GAAP performance measures of Adjusted diluted earnings per share, EBITDA and Adjusted EBITDA have been provided as comparable measures to illustrate the effect of non-recurring transactions occurring during the reported periods and to improve comparability of our results from period to period. Adjusted diluted earnings per share is defined as diluted earnings per share adjusted for after-tax items that impact the comparability of our results from period to period. EBITDA is defined as net income before interest expense, provision for income taxes, and depreciation and amortization expense. Adjusted EBITDA is defined as net income before interest expense, provision for income taxes, depreciation and amortization expense and other pretax adjustments made in order to present comparable results from period to period. Management believes Adjusted diluted earnings per share and Adjusted EBITDA provide meaningful supplemental information about our operating performance because these measures exclude amounts that we do not consider part of our core operating results when assessing our performance.
Management uses these non-GAAP financial measures (a) to evaluate historical and prospective financial performance and trends as well as assess performance relative to competitors and peers; (b) to measure operational profitability on a consistent basis; (c) in presentations to the members of our Board of Directors to enable our Board of Directors to have the same measurement basis of operating performance as is used by management in its assessments of performance and in forecasting and budgeting for the Company; (d) to evaluate potential acquisitions; and (e) to ensure compliance with restricted activities under the terms of our asset-backed revolving credit facility and outstanding notes. Management believes these non-GAAP financial measures are frequently used by securities analysts, investors and other interested parties to evaluate companies in our industry.
Delivered Net Sales of $1.2B, an Increase of 2% Compared to the Prior YearDelivered Operating Profit of $193M, Up 38% Compared to the Prior Year; Grew Adjusted Operating Profit to $224M, Up 1% Compared to the Prior YearDelivered Diluted EPS of $4.56, Up 46% Compared to the Prior Year; Grew Adjusted Diluted EPS to $5.31, Up 4% Compared to the Prior Year ATLANTA, June 25, 2026 (GLOBE NEWSWIRE) -- Acuity Inc. (NYSE: AYI), ("Acuity"), a market-leading industrial technology company, delivered net sales of $1.2 billion in the third quarter, ended May 31, 2026, an increase of $19.4 million, or 1.6 percent, compared to the prior year.
"We demonstrated solid execution in our third quarter of fiscal 2026," stated Neil Ashe, Chairman, President and Chief Executive Officer of Acuity Inc. "We grew net sales, we expanded our adjusted operating profit and we increased our adjusted diluted earnings per share. We generated strong cash flow and allocated capital effectively."
During the third quarter of fiscal 2026, we received $6.4 million in tariff refunds in Acuity Brands Lighting, which are reflected as a non-GAAP adjustment in our results.
Operating profit was $193.3 million in the third quarter of fiscal 2026, an increase of $53.5 million, or 38.3 percent, compared to the prior year. Operating profit as a percent of net sales was 16.1 percent in the third quarter of fiscal 2026, an increase of 420 basis points compared to the prior year. Adjusted operating profit was $223.5 million in the third quarter of fiscal 2026, an increase of $1.8 million, or 0.8 percent, compared to the prior year. Adjusted operating profit as a percent of net sales was 18.7 percent in the third quarter of fiscal 2026, a decrease of 10 basis points compared to the prior year.
Diluted earnings per share was $4.56 in the third quarter of fiscal 2026, an increase of $1.44, or 46.2 percent, compared to the prior year. Adjusted diluted earnings per share was $5.31 in the third quarter of fiscal 2026, an increase of $0.19, or 3.7 percent.
Segment Performance
Acuity Brands Lighting ("ABL")
ABL generated net sales of $905.2 million in the third quarter of fiscal 2026, a decrease of $18.0 million, or 1.9 percent, compared to the prior year.
Operating profit was $160.6 million in the third quarter of fiscal 2026, an increase of $26.6 million, or 19.9 percent, compared to the prior year. Operating profit as a percent of ABL net sales was 17.7 percent in the third quarter of fiscal 2026, an increase of 320 basis points compared to the prior year. Adjusted operating profit was $164.6 million in the third quarter of fiscal 2026, a decrease of $9.3 million, or 5.3 percent, compared to the prior year. Adjusted operating profit as a percent of ABL net sales was 18.2 percent in the third quarter of fiscal 2026, a decrease of 60 basis points compared to the prior year.
Acuity Intelligent Spaces ("AIS")
AIS generated net sales of $303.5 million in the third quarter of fiscal 2026, an increase of $39.4 million, or 14.9 percent, compared to the prior year.
Operating profit was $56.5 million in the third quarter of fiscal 2026, an increase of $29.1 million, or 106.2 percent, compared to the prior year. Operating profit as a percent of AIS net sales was 18.6 percent in the third quarter of fiscal 2026, an increase of 820 basis points compared to the prior year. Adjusted operating profit was $76.3 million in the third quarter of fiscal 2026, an increase of $14.0 million, or 22.5 percent, compared to the prior year. Adjusted operating profit as a percent of AIS net sales was 25.1 percent in the third quarter of fiscal 2026, an increase of 150 basis points compared to the prior year.
Cash Flow and Capital Allocation
Net cash from operating activities was $520.2 million for the first nine months of fiscal 2026. Year to date, we repurchased approximately 766,000 shares of common stock for a total of $230 million.
Call Details
We will host a conference call at 8:00 a.m. ET today, Thursday, June 25, 2026. Neil Ashe, Chief Executive Officer of Acuity Inc. will lead the call. The conference call and earnings release can be accessed via our Investor Relations section of our website at www.investors.acuityinc.com. A replay of the call will also be posted to the Investor Relations website within two hours of the completion of the conference call and will be available on the website for a limited time.
About Acuity
Acuity Inc. (NYSE: AYI) is a market-leading industrial technology company. We use technology to solve problems in spaces, light and more things to come. Through our two business segments, Acuity Brands Lighting (ABL) and Acuity Intelligent Spaces (AIS), we design, manufacture, and bring to market products and services that make a valuable difference in people’s lives.
We achieve growth through the development of innovative new products and services, including lighting, lighting controls, building management solutions, and an audio, video and control platform. We focus on customer outcomes and drive growth and productivity to increase market share and deliver superior returns. We look to aggressively deploy capital to grow the business and to enter attractive new verticals.
Acuity Inc. is based in Atlanta, Georgia, with operations across North America, Europe and Asia. The Company is powered by approximately 13,000 dedicated and talented associates. Visit us at www.acuityinc.com.
Non-GAAP Financial Measures
This news release includes the following non-generally accepted accounting principles (“GAAP”) financial measures: "adjusted gross profit", "adjusted gross profit margin", “adjusted operating profit” and “adjusted operating profit margin” for total company and by segment; for total company only we additionally include: “adjusted net income;” “adjusted diluted EPS;” “earnings before interest, taxes, depreciation and amortization (“EBITDA”);" "EBITDA margin;" “adjusted EBITDA;” and "adjusted EBITDA margin". These non-GAAP financial measures are provided to enhance the reader's overall understanding of our current financial performance and prospects for the future. Specifically, management believes that these non-GAAP measures provide useful information to investors by excluding or adjusting items for amortization of acquired intangible assets, share-based payment expense, acquired profit in inventory, acquisition-related items, and special charges.
We also provide “free cash flow” (“FCF”) to enhance the reader’s understanding of our ability to generate additional cash from its business.
Management typically adjusts for these items for internal reviews of performance and uses the above non-GAAP measures for baseline comparative operational analysis, decision making and other activities. Management believes these non-GAAP measures provide greater comparability and enhanced visibility into our results of operations as well as comparability with many of its peers, especially those companies focused more on technology and software. Non-GAAP financial measures included in this news release should be considered in addition to, and not as a substitute for or superior to, results prepared in accordance with GAAP.
The most directly comparable GAAP measures for adjusted gross profit and adjusted gross profit margin for total company are “gross profit” and “gross profit margin,” respectively, which include the impact of acquired profit in inventory and tariff refunds. Adjusted gross profit margin is adjusted gross profit divided by net sales for total company and by segment. The most directly comparable GAAP measures for adjusted operating profit and adjusted operating profit margin for total company and by segment are “operating profit” and “operating profit margin,” respectively, which include the impact of amortization of acquired intangible assets, share-based payment expense, acquired profit in inventory, acquisition-related costs, special charges, and tariff refunds. Adjusted operating profit margin is adjusted operating profit divided by net sales for total company and by segment. The most directly comparable GAAP measures for adjusted net income and adjusted diluted EPS are “net income” and “diluted EPS,” respectively, which include the impact of amortization of acquired intangible assets, share-based payment expense, acquired profit in inventory, acquisition-related costs, special charges, and tariff refunds. Adjusted diluted EPS is adjusted net income divided by diluted weighted average shares outstanding. The most directly comparable GAAP measure for EBITDA is “net income”, which includes the impact of net interest expense, income taxes, depreciation and amortization of acquired intangible assets. EBITDA margin is EBITDA divided by net sales for total company. The most directly comparable GAAP measure for adjusted EBITDA is “net income”, which includes the impact of net interest expense, income taxes, depreciation, amortization of acquired intangible assets, share-based payment expense, acquired profit in inventory, acquisition-related items, special charges, miscellaneous (income) expense, net, and tariff refunds. Adjusted EBITDA margin is adjusted EBITDA divided by net sales for total company. A reconciliation of each measure to the most directly comparable GAAP measure is available in this news release.
We define FCF as net cash provided by operating activities less purchases of property, plant and equipment. A calculation of this measure is available in this news release.
Our non-GAAP financial measures may not be comparable to similarly titled non-GAAP financial measures used by other companies, have limitations as an analytical tool, and should not be considered in isolation or as a substitute for GAAP financial measures. Our presentation of such measures, which may include adjustments to exclude unusual or non-recurring items, should not be construed as an inference that our future results will be unaffected by other unusual or non-recurring items.
Forward-Looking 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, pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995 (the “Act”). Forward-looking statements include, but are not limited to, statements that describe or relate to our plans, initiatives, projections, vision, goals, targets, commitments, expectations, objectives, prospects, strategies, or financial outlook, and the assumptions underlying or relating thereto. In some cases, we may use words such as “expect,” “believe,” “intend,” “anticipate,” “estimate,” “forecast,” “indicate,” “project,” “predict,” “plan,” “may,” “will,” “could,” “should,” “would,” “potential,” and words of similar meaning, as well as other words or expressions referencing future events, conditions, or circumstances, to identify forward-looking statements. We intend these forward-looking statements to be covered by the safe harbor provisions for forward-looking statements contained in the Act. Forward-looking statements are not guarantees of future performance. Our forward-looking statements are based on our current beliefs, expectations, and assumptions, which may not prove to be accurate, and are subject to known and unknown risks and uncertainties, assumptions, and other important factors, many of which are outside of our control and any of which could cause our actual results to differ materially from those expressed or implied by the forward-looking statements. These risks and uncertainties are discussed in our filings with the U.S. Securities and Exchange Commission, including our most recent annual report on Form 10-K (including, but not limited to, the sections titled "Risk Factors" and "Management's Discussion and Analysis of Financial Condition and Results of Operations"), quarterly reports on Form 10-Q, and current reports on Form 8-K. Any forward-looking statement speaks only as of the date on which it is made. This press release is not comprehensive, and for that reason, should be read in conjunction with such filings. You are cautioned not to place undue reliance on any forward-looking statements. Except as required by law, we undertake no obligation to publicly update or release any revisions to these forward-looking statements to reflect any events or circumstances after the date of this press release or to reflect the occurrence of unanticipated events, whether as a result of new information, future events, or otherwise.
ACUITY INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(In millions, except per-share data)
May 31, 2026 August 31, 2025 (unaudited) ASSETS Current assets: Cash and cash equivalents$411.9 $422.5 Accounts receivable, less reserve for doubtful accounts of $7.0 and $4.3, respectively 610.9 593.9 Inventories 458.3 526.7 Prepayments and other current assets 137.4 108.4 Total current assets 1,618.5 1,651.5 Property, plant, and equipment, net 345.9 343.2 Operating lease right-of-use assets 96.8 97.4 Goodwill 1,494.6 1,495.5 Intangible assets, net 1,028.9 1,099.0 Deferred income taxes 4.8 23.4 Other long-term assets 45.9 45.2 Total assets$4,635.4 $4,755.2 LIABILITIES AND STOCKHOLDERS’ EQUITY Current liabilities: Accounts payable$363.9 $454.5 Current operating lease liabilities 27.0 23.3 Accrued compensation 126.4 110.0 Other current liabilities 271.0 258.0 Total current liabilities 788.3 845.8 Long-term debt 697.3 896.8 Long-term operating lease liabilities 80.0 84.3 Accrued pension liabilities 40.1 39.2 Deferred income taxes 40.2 24.9 Other long-term liabilities 138.0 139.3 Total liabilities 1,783.9 2,030.3 Stockholders’ equity: Preferred stock, $0.01 par value per share; 50.0 shares authorized; none issued — — Common stock, $0.01 par value per share; 500.0 shares authorized; 55.0 and 54.9 issued, respectively 0.6 0.5 Paid-in capital 1,178.4 1,164.7 Retained earnings 4,626.4 4,285.8 Accumulated other comprehensive loss (71.6) (76.5)Treasury stock, at cost, of 24.9 and 24.2 shares, respectively (2,882.3) (2,649.6)Total stockholders’ equity 2,851.5 2,724.9 Total liabilities and stockholders’ equity$4,635.4 $4,755.2 ACUITY INC.
CONDENSED CONSOLIDATED STATEMENTS OF INCOME (Unaudited)
(In millions, except per-share data)
Three Months Ended Nine Months Ended May 31, 2026 May 31, 2025 May 31, 2026 May 31, 2025Net sales$1,198.0 $1,178.6 $3,397.4 $3,136.5Cost of products sold 591.6 608.4 1,716.8 1,649.0Gross profit 606.4 570.2 1,680.6 1,487.5Selling, distribution, and administrative expenses 413.1 400.7 1,188.0 1,074.5Special charges — 29.7 5.9 29.7Operating profit 193.3 139.8 486.7 383.3Other expense (income): Interest expense, net 6.1 12.1 21.5 15.0Miscellaneous expense, net 2.0 2.3 4.5 5.8Total other expense 8.1 14.4 26.0 20.8Income before income taxes 185.2 125.4 460.7 362.5Income tax expense 44.2 27.0 102.4 79.9Net income$141.0 $98.4 $358.3 $282.6 Earnings per share(1): Basic earnings per share$4.66 $3.19 $11.74 $9.14Basic weighted average number of shares outstanding 30.268 30.851 30.520 30.912Diluted earnings per share$4.56 $3.12 $11.45 $8.92Diluted weighted average number of shares outstanding 30.954 31.565 31.278 31.673Dividends declared per share$0.20 $0.17 $0.57 $0.49 (1) Earnings per share is calculated using unrounded numbers. Amounts in the table may not recalculate exactly due to rounding.
ACUITY INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited)
(In millions)
Nine Months Ended May 31, 2026 May 31, 2025Cash flows from operating activities: Net income$358.3 $282.6 Adjustments to reconcile net income to cash flows from operating activities: Depreciation and amortization 117.8 86.7 Share-based payment expense 39.2 34.0 Asset impairments — 16.7 Changes in operating assets and liabilities, net of acquisitions Accounts receivable (16.6) 10.4 Inventories 66.9 5.1 Accounts payable (82.5) 38.1 Other operating activities 37.1 (74.7)Net cash provided by operating activities 520.2 398.9 Cash flows from investing activities: Purchases of property, plant, and equipment (58.5) (43.6)Acquisition of business, net of cash acquired — (1,189.4)Other investing activities 0.3 (16.3)Net cash used for investing activities (58.2) (1,249.3)Cash flows from financing activities: Borrowings on credit agreement 200.0 — Borrowings from term loan — 600.0 Repayments of term loan borrowings (400.0) (100.0)Repurchases of common stock (229.9) (91.3)Proceeds from stock option exercises and other 2.9 17.5 Payments of taxes withheld on net settlement of equity awards (28.4) (24.0)Dividends paid (17.7) (15.3)Other financing activities (3.6) (9.3)Net cash (used for) provided by financing activities (476.7) 377.6 Effect of exchange rate changes on cash and cash equivalents 4.1 (1.2)Net change in cash and cash equivalents (10.6) (474.0)Cash and cash equivalents at beginning of period 422.5 845.8 Cash and cash equivalents at end of period$411.9 $371.8 ACUITY INC.
DISAGGREGATED NET SALES
(In millions) The following tables show net sales by channel for the periods presented:
Three Months Ended May 31, 2026 May 31, 2025 Increase
(Decrease) Percent ChangeAcuity Brands Lighting: Independent sales network$690.5 $685.3 $5.2 0.8%Direct sales network 73.4 101.5 (28.1) (27.7)%Retail sales 40.4 41.4 (1.0) (2.4)%Corporate accounts 46.3 35.5 10.8 30.4%Original equipment manufacturer and other 54.6 59.5 (4.9) (8.2)%Total Acuity Brands Lighting 905.2 923.2 (18.0) (1.9)%Acuity Intelligent Spaces 303.5 264.1 39.4 14.9%Eliminations (10.7) (8.7) (2.0) 23.0%Total$1,198.0 $1,178.6 $19.4 1.6% Nine Months Ended May 31, 2026 May 31, 2025 Increase
(Decrease) Percent ChangeAcuity Brands Lighting: Independent sales network$1,973.5 $1,944.4 $29.1 1.5%Direct sales network 234.4 306.1 (71.7) (23.4)%Retail sales 127.5 127.3 0.2 0.2%Corporate accounts 126.9 103.8 23.1 22.3%Original equipment manufacturer and other 155.4 168.2 (12.8) (7.6)%Total Acuity Brands Lighting 2,617.7 2,649.8 (32.1) (1.2)%Acuity Intelligent Spaces 809.0 509.1 299.9 58.9%Eliminations (29.3) (22.4) (6.9) 30.8%Total$3,397.4 $3,136.5 $260.9 8.3% ACUITY INC.
Reconciliation of Non-U.S. GAAP MeasuresThe tables below reconcile certain GAAP financial measures to the corresponding non-GAAP measures for total Company as well as our reportable operating segments (in millions except per share data):
Three Months Ended May 31, 2026 May 31, 2025 Increase
(Decrease) Percent
ChangeNet sales$1,198.0 $1,178.6 $19.4 1.6% Gross profit (GAAP)$606.4 $570.2 $36.2 6.3%Percent of net sales 50.6% 48.4% 220 bpsAdd-back: Acquired profit in inventory — 19.2 Less: Tariff refunds (6.4) — Adjusted gross profit (Non-GAAP)$600.0 $589.4 $10.6 1.8%Percent of net sales 50.1% 50.0% 10 bps Operating profit (GAAP)$193.3 $139.8 $53.5 38.3%Percent of net sales (GAAP) 16.1% 11.9% 420 bpsAdd-back: Amortization of acquired intangible assets 23.0 20.0 Add-back: Share-based payment expense 13.6 10.5 Add-back: Acquisition-related costs(1) — 2.5 Add-back: Acquired profit in inventory — 19.2 Add-back: Special charges — 29.7 Less: Tariff refunds (6.4) — Adjusted operating profit (Non-GAAP)$223.5 $221.7 $1.8 0.8%Percent of net sales (Non-GAAP) 18.7% 18.8% (10) bps Net income (GAAP)$141.0 $98.4 $42.6 43.3%Add-back: Amortization of acquired intangible assets 23.0 20.0 Add-back: Share-based payment expense 13.6 10.5 Add-back: Acquisition-related costs(1) — 2.5 Add-back: Acquired profit in inventory — 19.2 Add-back: Special charges — 29.7 Less: Tariff refunds (6.4) — Total pre-tax adjustments to net income 30.2 81.9 Income tax effects (6.9) (18.8) Adjusted net income (Non-GAAP)$164.3 $161.5 $2.8 1.7% Diluted earnings per share (GAAP)$4.56 $3.12 $1.44 46.2%Adjusted diluted earnings per share (Non-GAAP)$5.31 $5.12 $0.19 3.7% Net income (GAAP)$141.0 $98.4 $42.6 43.3%Percent of net sales (GAAP) 11.8% 8.3% 350 bpsInterest expense, net 6.1 12.1 Income tax expense 44.2 27.0 Depreciation 17.7 14.6 Amortization of acquired intangible assets 23.0 20.0 EBITDA (Non-GAAP) 232.0 172.1 59.9 34.8%Percent of net sales (Non-GAAP) 19.4% 14.6% 480 bpsShare-based payment expense 13.6 10.5 Acquisition-related costs(1) — 2.5 Acquired profit in inventory — 19.2 Miscellaneous expense, net 2.0 2.3 Special charges — 29.7 Tariff refunds (6.4) — Adjusted EBITDA (Non-GAAP)$241.2 $236.3 $4.9 2.1%Percent of net sales (Non-GAAP) 20.1% 20.0% 10 bps (1) Acquisition-related items include professional fees.
Three Months Ended Acuity Brands Lighting May 31, 2026 May 31, 2025 Increase
(Decrease) Percent
ChangeNet sales $905.2 $923.2 $(18.0) (1.9)% Gross profit (GAAP) $423.4 $430.4 $(7.0) (1.6)%Less: Tariff refunds (6.4) — Adjusted gross profit (Non-GAAP) $417.0 $430.4 $(13.4) (3.1)% Gross profit margin (GAAP) 46.8% 46.6% 20 bpsAdjusted gross profit margin (Non-GAAP) 46.1% 46.6% (50) bps Operating profit (GAAP) $160.6 $134.0 $26.6 19.9%Add-back: Amortization of acquired intangible assets 6.1 6.3 Add-back: Share-based payment expense 4.3 3.9 Add-back: Special charges — 29.7 Less: Tariff refunds (6.4) — Adjusted operating profit (Non-GAAP) $164.6 $173.9 $(9.3) (5.3)% Operating profit margin (GAAP) 17.7% 14.5% 320 bpsAdjusted operating profit margin (Non-GAAP) 18.2% 18.8% (60) bps Three Months Ended Acuity Intelligent Spaces May 31, 2026 May 31, 2025 Increase
(Decrease) Percent
ChangeNet sales $303.5 $264.1 $39.4 14.9% Gross profit (GAAP) $183.0 $139.8 $43.2 30.9%Add-back: Acquired profit in inventory — 19.2 Adjusted gross profit (Non-GAAP) $183.0 $159.0 $24.0 15.1% Gross profit margin (GAAP) 60.3% 52.9% 740 bpsAdjusted gross profit margin (Non-GAAP) 60.3% 60.2% 10 bps Operating profit (GAAP) $56.5 $27.4 $29.1 106.2%Add-back: Amortization of acquired intangible assets 16.9 13.7 Add-back: Share-based payment expense 2.9 2.0 Add-back: Acquired profit in inventory — 19.2 Adjusted operating profit (Non-GAAP) $76.3 $62.3 $14.0 22.5% Operating profit margin (GAAP) 18.6% 10.4% 820 bpsAdjusted operating profit margin (Non-GAAP) 25.1% 23.6% 150 bps (In millions, except per share data)Nine Months Ended May 31, 2026 May 31, 2025 Increase
(Decrease)Percent
ChangeNet sales$3,397.4 $3,136.5 $260.98.3% Gross profit (GAAP)$1,680.6 $1,487.5 $193.113.0%Percent of net sales (GAAP) 49.5% 47.4% 210bpsAdd-back: Acquired profit in inventory — 29.6 Less: Tariff refunds (6.4) — Adjusted gross profit (Non-GAAP)$1,674.2 $1,517.1 $157.110.4%Percent of net sales (Non-GAAP) 49.3% 48.4% 90bps Operating profit (GAAP)$486.7 $383.3 $103.427.0%Percent of net sales (GAAP) 14.3% 12.2% 210bpsAdd-back: Amortization of acquired intangible assets 70.4 45.5 Add-back: Share-based payment expense 39.2 34.0 Add-back: Acquisition-related costs(1) — 21.2 Add-back: Acquired profit in inventory — 29.6 Add-back: Special charges 5.9 29.7 Less: Tariff refunds (6.4) — Adjusted operating profit (Non-GAAP)$595.8 $543.3 $52.59.7%Percent of net sales (Non-GAAP) 17.5% 17.3% 20bps Net income (GAAP)$358.3 $282.6 $75.726.8%Add-back: Amortization of acquired intangible asset 70.4 45.5 Add-back: Share-based payment expense 39.2 34.0 Add-back: Acquisition-related costs(1) — 21.2 Add-back: Acquired profit in inventory — 29.6 Add-back: Special charges 5.9 29.7 Less: Tariff refunds (6.4) — Total pre-tax adjustments to net income 109.1 160.0 Income tax effect (25.1) (36.8) Adjusted net income (Non-GAAP)$442.3 $405.8 $36.59.0% Diluted earnings per share (GAAP)$11.45 $8.92 $2.5328.4%Adjusted diluted earnings per share (Non-GAAP)$14.14 $12.81 $1.3310.4% Net income (GAAP)$358.3 $282.6 $75.726.8%Percent of net sales (GAAP) 10.5% 9.0% 150bpsInterest expense, net 21.5 15.0 Income tax expense 102.4 79.9 Depreciation 47.4 41.2 Amortization 70.4 45.5 EBITDA (Non-GAAP) 600.0 464.2 135.829.3%Percent of net sales (Non-GAAP) 17.7% 14.8% 290bpsShare-based payment expense 39.2 34.0 Miscellaneous expense, net 4.5 5.8 Special charges 5.9 29.7 Acquisition-related costs(1) — 21.2 Acquired profit in inventory — 29.6 Tariff refunds (6.4) — Adjusted EBITDA (Non-GAAP)$643.2 $584.5 $58.710.0%Percent of net sales (Non-GAAP) 18.9% 18.6% 30bps (1) Acquisition-related items include professional fees.
Společnost Hims and Hers Health může příští rok těžit z toho, že zaměstnavatelé přestanou hradit léky na hubnutí, jako jsou Wegovy a Zepbound. Analytici čekají, že poroste poptávka po předplatném a možnostech plateb v hotovosti.
SummaryCompaniesSubscription demand to increase as insurance options erode, analysts sayRivals are seeing growing demand for oral and cash-pay optionsDrugmakers benefit from selling to Hims' user baseNEW YORK, June 25 (Reuters) - Telehealth provider Hims and Hers Health (HIMS.N), opens new tab may get a boost next year from employers dropping coverage of weight-loss drugs like Novo Nordisk's (NOVOb.CO), opens new tab Wegovy and Eli Lilly's (LLY.N), opens new tab Zepbound and Foundayo to rein in costs, investors and analysts say.
Soaring use of the medications has pushed up costs for employers, some of whom plan to tell employees they will no longer pay for them in 2027, industry experts say.
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Instead, employees are expected to purchase direct-to-consumer products which include subscriptions from telehealth companies like Hims that bundle appointments with providers and access to the medicines.
Analysts currently estimate Hims revenue at $2.89 billion this year and $3.45 billion for 2027. Seven analysts have raised 2026 estimates for the company since May, boosted in part by its deal with Novo to sell its drugs.
About a third of the company's revenue comes from its weight-loss business, and it's growing, said Raul Shah, CEO of DocShah Financial, which owns less than 1% of Hims shares.
"I project that ratio to continue increasing as more Americans partake in the GLP-1 mania," he said, adding that he sees the U.S. weight-loss market shifting away from relying on insurance coverage.
A spokesperson for Hims and Hers declined to comment.
EMPLOYERS PUSH EMPLOYEES OFFEmployer-based plans are the most prevalent source of health insurance in the United States, with over 150 million Americans enrolled in them, KFF data showed.
About 43% of employers covered the drugs for weight-loss in 2025, and estimates for 2026 are about the same.
But 10% of employers currently covering GLP-1 drugs for weight loss said they planned to drop the drugs in 2027, according to the Business Group on Health, a policy research group for large employers.
Truist analyst Jailendra Singh said employers are directly driving cash-pay activity, through benefit guides and by advertising platforms like TrumpRx and manufacturer pharmacies. Health insurer Cigna (CI.N), opens new tab is one example, dropping coverage of the medications for its own employees.
Novo Nordisk and Eli Lilly offer cash-pay pricing through their pharmacies NovoCare and LillyDirect. Novo's Wegovy and Lilly's Foundayo weight-loss pills start at $149 per month for cash pay.
NOVO'S NEW PARTNERHims had become one of the largest U.S. telehealth providers of weight-loss drugs, even after shifting from mass compounding of alternative versions of Novo and Lilly drugs. The company missed earnings and revenue targets last quarter as it adjusted to new compounding rules with the branded drugs no longer in shortage.
Hims in March announced it would partner with Novo Nordisk for its branded drugs but would continue to sell compounded versions in special doses or formulations, as regulations allow.
Jamey Millar, executive vice president of U.S. operations at Novo Nordisk, said Hims and Hers has since brought in the most volume of its telehealth partners.
Analysts said it was too early to provide estimates on how many subscribers Hims gained from the Novo deal. Hims had 2.6 million subscribers in the first quarter, up 9% from the year-ago quarter.
"Second-quarter results should give us a little bit more perspective on how many new subscribers are joining the platform and how well the weight-loss portfolio is performing," said Morningstar analyst Keonhee Kim.
The majority of Hims' revenue comes from auto-renewed subscriptions, which for GLP-1 users cost $39 for the first month and $149 for following months. That comes with access to unlimited clinical consultations but does not include the cost of the medication.
Hims and Hers shares closed at $32.70 on Wednesday, down more than 50% from July of 2025, when they reached $72.
RIVALS SEE GROWING DEMANDRival telehealth companies including Noom, Ivim Health and Ro said they anticipate demand will continue to grow as prices fall.
A spokesperson for Columbus, Ohio-based Ivim said the company has seen a 345% increase in demand for the Wegovy pill since January. Ro has said the Wegovy pill has increased demand and brought in new customers, including men.
Because Hims already has a large, recurring customer base, the company provides drugmakers with a more appealing footprint than smaller rivals, analysts said.
Truist estimates that about 70% to 80% of new Hims weight-loss subscribers renew on a monthly basis, indicating it has remained competitive.
Facing a decline in corporate coverage, drugmakers like Novo may want to target people who are already at Hims and other subscription-based telehealth programs, rather than looking for additional patients itself.
"Pharma knows how to sell business to business," said Rajiv Leventhal, a healthcare analyst at commerce data firm eMarketer.
Reporting by Amina Niasse; editing by Caroline Humer and Bill Berkrot
Our Standards: The Thomson Reuters Trust Principles., opens new tab
Amazon oznámil dodatečnou investici 13 miliard USD do Indie do roku 2030 na rozšíření AI a cloudové infrastruktury. Celkem tak v zemi plánuje investovat 48 miliard USD.
The Amazon logo is seen at its newly inaugurated office in Bengaluru, India, February 23, 2026, REUTERS/Priyanshu Singh Purchase Licensing Rights, opens new tab
June 25 (Reuters) - Amazon (AMZN.O), opens new tab said on Thursday it will invest an additional $13 billion by 2030 in India to expand its AI and cloud infrastructure.
The new investment is in addition to its planned $35 billion funding announced last year, taking the e-commerce firm's investment in the country to $48 billion through 2030.
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The announcement follows a meeting between Amazon CEO Andy Jassy and Indian Prime Minister Narendra Modi on Thursday in New Delhi.
"Shared that we're investing $48 billion over the coming five years, including $21+ billion in AI and cloud infrastructure," Jassy said in a post on social media platform X.
The $13 billion investment will support AI and cloud infrastructure across the Mumbai and Hyderabad regions, the company said in a statement.
Major U.S. tech firms have invested billions of dollars in India, underscoring the country's emergence as a strategic hub for cloud, AI and deep‑tech growth.
Microsoft (MSFT.O), opens new tab has pledged a $17.5 billion investment in India for AI and cloud infrastructure, while Google (GOOGL.O), opens new tab has committed $15 billion over the next five years to build AI data centers.
Reporting by Abinaya V and Akanksha Khushi in Bengaluru; Editing by Saumyadeb Chakrabarty
Our Standards: The Thomson Reuters Trust Principles., opens new tab
Nvidia se poprvé stala největším dodavatelem podle tržeb na trhu ethernetových switchů pro datová centra. V 1. čtvrtletí 2026 měla tržby 2,1 miliardy USD a podíl 21,5 %.
Nvidia CEO Jensen Huang Chris Jung/NurPhoto via Getty Images Nvidia's dominance in AI is moving beyond chips.
For the first time, the company became the top vendor by revenue in data center Ethernet switches — the networking gear that helps connect AI chips inside data centers, according to market research firm IDC.
This market is growing fast because cloud giants and other large businesses are pouring hundreds of billions into building out AI data centers. IDC research vice president Paul Nicholson called Nvidia's ascension "one of the most significant vendor landscape shifts IDC has tracked in enterprise networking."
In the first quarter of 2026, Nvidia generated $2.1 billion in data center Ethernet switch revenue — a 21.5% share of the market. That's up from 4% in the first quarter of 2024, said IDC senior research manager Brandon Butler.
Nvidia has pushed ahead of rivals like Arista Networks, which held a 20.7% share of the data center Ethernet switch market in the first quarter of this year. Other major players include Cisco, Huawei, and HPE.
The data center Ethernet switch market totaled $10 billion in the first quarter, according to IDC, growing 61% from a year earlier.
IDC attributed Nvidia's growth in networking revenue to its Spectrum-X product, "a tightly integrated system" that's designed to work closely with its AI chips, Butler said.
Butler said Nvidia's approach appeals to cloud giants looking to build quickly and avoid piecing together parts from multiple vendors. The trend also reflects a broader shift of companies buying networking and computing products together, IDC said.
The chip giant has increasingly highlighted networking as a major growth driver. At a shareholder meeting on Wednesday, Nvidia CEO Jensen Huang said Spectrum-X is "now larger than all other Ethernet networking peers combined."
The comments echoed Nvidia's most recent earnings call in May, when chief financial officer Colette Kress said the company's broader data center networking revenue had tripled to $15 billion from the previous year.
Nvidia's networking business traces back to its 2019 acquisition of Mellanox, which gave the company a foothold in data center networking before the AI boom took off.
Nvidia's lead isn't guaranteed. Cloud giants are increasingly looking to diversify their supplier base, Butler said, while businesses may lean on existing relationships with networking providers as they ramp up their infrastructure.
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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.
Qualcomm cílí na tržby 15 miliard USD z datových center do roku 2029 a zvyšuje sázku na AI čipy mimo smartphony. Zároveň oznámil, že Microsoft a Meta Platforms použijí jeho nové AI čipy.
Qualcomm has set out an ambitious growth target for its data centre business, forecasting $15 billion in sales from the segment by 2029 as it accelerates efforts to diversify beyond its core smartphone chip business.
At an investor presentation, Qualcomm Chief Financial Officer Akash Palkhiwala stated that the company anticipates its data centre business to generate $5 billion in revenue in fiscal 2027.
At the time of writing, Qualcomm shares were up around 12% in premarket trading.
QCOM also raised its outlook for revenue from chips outside its traditional smartphone business.
The company now expects this segment to bring in $40 billion by 2029, up from an earlier estimate of $22 billion.
“We will be truly diversified,” Palkhiwala said.
The upbeat outlook also lifted shares of Arm Holdings, which provides underlying technology for many Qualcomm chips.
Arm rose 5% after Qualcomm’s forecast.
Earlier in the day, Qualcomm said Microsoft and Meta Platforms will use its new AI chips.
The company also said it will make custom chips for two other unnamed hyperscalers.
The announcements mark a significant step in Qualcomm’s effort to establish itself in the fast-growing AI infrastructure market, where chipmakers are racing to secure a role in data centres and large-scale computing systems.
Qualcomm’s pivot towards AI chips comes as the smartphone market faces increasing pressure.
The company said the market has been squeezed by a memory chip shortage driven by surging demand for AI infrastructure.
At the same time, major customers such as Apple and Samsung are developing more chips in-house, adding to the pressure on Qualcomm’s traditional business.
Bank of America analysts had earlier estimated that Qualcomm’s data centre push could generate modest annual revenue of roughly $2 billion to $5 billion by fiscal 2027 to 2028.
Qualcomm’s new target points to a more aggressive expansion plan.
Alongside its revenue targets, Qualcomm announced that it has reached an agreement to acquire Modular Inc., in a move aimed at strengthening Qualcomm Technologies’ software capabilities for generative and agentic AI across both data centre and edge environments.
The company said the acquisition is designed to deepen the software foundation behind its data centre strategy, with a focus on improving inference, orchestration, and deployment in distributed AI systems.
Qualcomm said Modular provides an open, AI-native software stack that allows AI models to run efficiently across a range of hardware architectures, including CPU, GPU, NPU, and custom ASIC systems, without requiring developers to rewrite software for each accelerator.
According to Qualcomm, the acquisition will help connect system-level optimisation with increasingly heterogeneous and disaggregated computing environments, an area that is becoming more important as AI workloads scale and performance-per-watt becomes a critical factor in inference costs.
By combining Qualcomm Technologies’ chip capabilities with Modular’s software platform, the company said it aims to offer customers a more efficient AI compute layer spanning devices, edge systems, and cloud infrastructure.
“This acquisition marks a pivotal moment not just for Qualcomm, but for the AI industry,” said Cristiano Amon, President and CEO of Qualcomm Incorporated.
He said the industry is shifting towards “disaggregated, multi-vendor architectures” that require “a more open and modern software foundation.”
Modular Co-founder and CEO Chris Lattner said the deal would help advance the company’s mission of building a more open and efficient software foundation for AI.
“Joining Qualcomm gives us the scale and platform reach to accelerate that mission,” he said.
Qualcomm’s revenue targets and the Modular acquisition underline a broader strategic shift.
The company is positioning itself not only as a supplier of smartphone processors, but also as a provider of AI chips, custom silicon, and software infrastructure across data centre and edge computing markets.
The transaction is expected to close in the second half of 2026, subject to customary closing conditions and regulatory approvals.
H.B. Fuller koupí britskou společnost Advanced Medical Solutions v hotovostní transakci za zhruba 715 milionů GBP včetně dluhu. Akcionáři AMS dostanou 285 pencí za akcii, což představuje prémii 35 % oproti předchozí ceně akcií.
CompaniesJune 25 (Reuters) - U.S.-based adhesives maker H.B. Fuller (FUL.N), opens new tab will buy Advanced Medical Solutions Group (AMSU.L), opens new tab in a cash deal that values the British medical supplier at about £715 million ($942.1 million) including debt, the companies said on Thursday.
The British company's shares rose 15.8% to 278 pence, the highest level since February 2023.
Keep up with the latest medical breakthroughs and healthcare trends with the Reuters Health Rounds newsletter. Sign up here.
Here are some details:
H.B. Fuller to pay Winsford-based company shareholders 285 pence per share, a 35% premium to its May 20 closing price, the day before the offer period began.
Deal expected to close by end of 2026.
H.B. Fuller expects the deal to generate about $55 million in annual run-rate synergies by 2031.
Deal marks the latest overseas takeover of a London-listed company amid relatively low UK valuations.
Ends a long stretch of private equity interest in AMS, including TA Associates, which walked away in May without bidding, as well as reported interest from Bridgepoint.
"As part of the combined larger medical adhesives platform, AMS and H.B. Fuller will benefit from enhanced commercial, manufacturing and distribution capabilities, which should accelerate the delivery of our strategy and broaden our offering to patients in the US, Europe and beyond," Grahame Cook, Chair of AMS, said.
AMS board has unanimously recommended the deal to its shareholders.
As of last close, AMS shares have risen 16% since H.B. Fuller launched its unsolicited bid on May 20.
In May, activist Ancora urged the Minnesota-based H.B. Fuller to abandon its "irresponsible" pursuit of AMS and conduct a strategic review.
Ancora did not immediately offer a response for Reuters' request for comment on the deal. ($1 = 0.7590 pounds)
Reporting by Nithyashree R B in Bengaluru; Editing by Subhranshu Sahu and Harikrishnan Nair
Our Standards: The Thomson Reuters Trust Principles., opens new tab
Nvidia stále dominuje v AI: pohání 81 % z top 500 nejrychlejších superpočítačů na světě, tedy více než 400 systémů. I přes rostoucí konkurenci si drží jasné vedení.
Nvidia (NVDA 0.93%) has built an artificial intelligence (AI) empire, offering graphics processing units (GPUs) that power essential tasks like the training of AI models and providing a wide range of related products and services. All of this has sent earnings soaring in recent years -- and the stock price has followed.
Customers flock to Nvidia for these top AI products, and the company has consistently remained No. 1 in the AI chip market. In recent times, Nvidia says it also aims to lead in central processing units (CPUs), a market that's been dominated by Intel and Advanced Micro Devices. This represents a $200 billion opportunity, and Nvidia has said it's on track to accomplish this goal thanks to its first stand-alone CPU, launching later this year.
All of this sounds fantastic, but it's important to remember that Nvidia faces increasing competition from a variety of companies. Will this leader continue to dominate in AI? One number offers a strikingly clear answer.
Image source: Getty Images.
A history of GPU expertise First, let's start with a quick summary of the Nvidia story so far. The company has a long history of GPU expertise, with this chip first serving the gaming market. Nvidia still makes GPUs for gaming, but it has progressively expanded the uses of these high-powered chips over the years. Through the CUDA parallel computing platform, GPUs may be programmed for other needs, and the area of AI has proven to be particularly valuable.
Today, sales of GPUs to data center customers generate the lion's share of Nvidia's revenue. And this doesn't include chips only, but related products such as networking tools, so that Nvidia offers complete AI systems. The company has also designed offerings specifically suited to various industries -- for example, AI platforms that assist healthcare companies with drug discovery.
All of this has helped Nvidia's revenue climb in the double and triple digits in recent years, and it reached a new record of more than $215 billion in the latest fiscal year. In the first quarter of this year, earnings continued to climb, with revenue rising 85% to $81 billion, and net income advancing more than 200% to $58 billion.
So it's not surprising that Nvidia's stock price has also skyrocketed, climbing 900% over five years.
Today's Change
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Nvidia faces competition These points all offer us reason for optimism about the future, but we shouldn't ignore the fact that Nvidia faces growing competition. Fellow chip designers, such as AMD, or new-to-the-market players like Cerebras Systems, aim to take market share. And even some of Nvidia's customers might represent a threat as they're designing their own chips. Amazon is a good example. The company has seen such demand for its own chips that it may even consider creating a separate chip business.
Now, let's consider our question: Will Nvidia continue to dominate in AI as the competition mounts and customers are served with more and more options?
One particular number offers a strikingly clear answer. Almost nine of every 10 systems new to the world's fastest supercomputer list are built on Nvidia, according to the latest rankings. This clearly shows that customers continue to turn to Nvidia -- so even though there is plenty of business for rivals to succeed too, so far this hasn't come even close to threatening Nvidia's leadership position.
The data revealed that Nvidia powers 81% -- or more than 400 -- of the world's top 500 fastest supercomputers. This is an increase of 17 systems from the last report, according to Nvidia. The list is updated twice a year.
Moving forward, Nvidia's new presence in CPUs may help it gain even more ground, as it now offers another key element, particularly in the phase of agentic AI. CPUs are the main chips that help guide AI agents as they take action to handle a problem on behalf of humans.
All of this means that, though Nvidia faces competition, customers still see the value of choosing this leader -- and the company's focus on innovation should keep this going. And that's excellent news for investors who've chosen to buy and hold Nvidia for the long term.
Micron oznámil 16 zákazníků s 22 miliardami USD v zálohách v hotovosti a pětiletými take-or-pay kontrakty, což zvedlo akcie a zastavilo výprodej čipů. Firma zároveň uvedla, že napjatá nabídka potrvá i po roce 2027.
Tuesday’s Sellers Have a Problem Now Tuesday’s 13% decline and Wednesday’s follow-through looked like the start of a real reassessment of chip valuations. Then Micron reported after the close and the after-hours move erased the entire two-day selloff and put the stock above the June 22 high. Every fund that sold chips Tuesday is staring at a gap higher Thursday morning with a decision to make.
The question driving the selloff was whether AI spending was getting ahead of itself. Micron’s CEO Sanjay Mehrotra’s answer was sixteen customers putting down $22 billion in cash deposits and locking into five-year take-or-pay contracts with pricing floors. Data center, consumer electronics, automotive buyers, all fighting for the same allocation. The remaining obligations tied to those deals run to roughly $100 billion. That is not a forecast number. That is revenue on the books.
Qualcomm muddied it slightly. The company said this week its new AI chips are designed to run with less expensive memory, and if competing architectures reduce the premium on high-bandwidth memory over time, Micron’s margins face a question that is not going away. Mehrotra pointed back at the contracts. Buyers are locking in at current pricing because they do not believe alternatives show up at scale, and the way I see it, $22 billion in cash deposits is a stronger argument than a product announcement from a competitor.
The stock tripled in 2026 on the AI trade before this week’s selloff. Now it has $100 billion in contracted obligations underneath. Micron is the only U.S. company producing the high-bandwidth memory that runs alongside Nvidia’s processors in AI servers, and CEO Mehrotra said supply stays tight past 2027. New fabs take years to build. Every major AI buyer just committed in writing. The bears need to explain what changes that picture and they do not have an answer yet.
NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, DIRECTLY OR INDIRECTLY, IN WHOLE OR IN PART IN, INTO OR FROM ANY JURISDICTION WHERE TO DO SO WOULD CONSTITUTE A VIOLATION OF THE RELEVANT LAWS OR REGULATIONS OF THAT JURISDICTION.
THIS IS AN ANNOUNCEMENT FALLING UNDER RULE 2.4 OF THE CITY CODE ON TAKEOVERS AND MERGERS (THE "CODE") AND DOES NOT CONSTITUTE A FIRM INTENTION TO MAKE AN OFFER UNDER RULE 2.7 OF THE CODE. THERE CAN BE NO CERTAINTY THAT ANY FIRM OFFER WILL BE MADE.
, /PRNewswire/ -- Prologis, Inc. ("Prologis") announces that on 16 June 2026 it sent a letter to the Board of SEGRO plc ("SEGRO") setting out the terms of an indicative all-share proposal, pursuant to which Prologis would acquire the entire issued and to be issued share capital of SEGRO (the "Combination").
On 23 June 2026, the Board of SEGRO unequivocally rejected the Combination proposal.
Under the terms of the Combination, SEGRO shareholders would receive for each SEGRO share:
0.084 new Prologis shares (the "Exchange Ratio")
Based on the Prologis share price of $145.3 and a GBP:USD exchange rate of 1.32 in each case at market close on 23 June 2026, being the last trading day prior to this announcement, the Combination implies a value of 925 pence for each SEGRO share and values SEGRO's entire issued and to be issued ordinary share capital at approximately £12.6 billion, representing:
a premium of 24.6 per cent to SEGRO's share price of 742 pence on 23 June 2026 (being the last trading day prior to this announcement); a premium of 26.7 per cent to the 1-month volume weighted average SEGRO share price of 730 pence as of 23 June 2026 (being the last trading day prior to this announcement); a premium of 31.4 per cent to the 3-month volume weighted average SEGRO share price of 704 pence as of 23 June 2026 (being the last trading day prior to this announcement); and a price equal to SEGRO's last reported EPRA NTA* per share of 925 pence as of 31 December 2025 Following completion of the Combination, SEGRO shareholders would hold approximately 10.5 per cent of Prologis' issued share capital.
Prologis believes that the Combination is a highly compelling opportunity for SEGRO shareholders. SEGRO shareholders would receive shares in the world's largest logistics REIT with a $140.9 billion market capitalisation, unlocking, on closing, significant upside to the current share price.
Furthermore, the Combination provides SEGRO shareholders with participation in a global platform with a track record of outperformance across key metrics and the successful integration of major corporate transactions with the delivery of synergies. Prologis believes these factors will provide SEGRO shareholders with accelerated growth compared to the growth available to them in a standalone SEGRO.
Prologis believes that its global platform, balance sheet strength and diversified capital base can unlock the significant embedded value of SEGRO's development and data center pipeline.
Prologis also believes the Combination would deliver significant benefits to its customers, employees and Prologis shareholders.
Clear Strategic Rationale and Value Creation
Prologis believes that the Combination has clear strategic rationale and provides SEGRO shareholders with a compelling value proposition:
Opportunity to Join Forces with the Global Leader in Logistics Real Estate Combination with Prologis will provide SEGRO shareholders with diversification into global growth markets SEGRO and Prologis' European portfolios are highly complementary with an expected clear line of sight to scale benefits Resolves Structural Constraints Limiting SEGRO's Growth Potential SEGRO has traded at a persistent discount to its EPRA NTA per share with an average discount to EPRA NTA* of 19 per cent and 17 per cent over the last two years and three years, respectively Prologis has superior balance sheet strength with Net Debt / Enterprise Value of 22 per cent versus 37 per cent for SEGRO and Net Debt / Adjusted EBITDA of 4.8x versus 8.4x for SEGRO Prologis' access to public equity, debt and private capital will enable Prologis to unlock embedded opportunities for investment for which Prologis believes SEGRO is unable to unlock standalone due to structural constraints, including its balance sheet capacity and trading discount Accelerates Monetisation of SEGRO's Development, Power and Data Center Opportunities Prologis anticipates that its platform, balance sheet strength and significant access to capital can unlock the significant embedded value of SEGRO's development and data center pipeline in a way that SEGRO will not be able to do on a standalone basis Prologis has the scale, capital, and execution capabilities to fund and deliver SEGRO's pipeline Value Realisation at a Premium and Enhanced Growth for SEGRO Shareholders Significant share price premium while retaining an interest in a stronger combined entity Prologis has outperformed SEGRO on total shareholder return over both 3 and 5 years (37 per cent and 39 per cent, respectively) leading its peer group average and significantly exceeding SEGRO's total shareholder return (3 year: 19 per cent; 5 years: negative 20 per cent.) Prologis' Proven Stewardship of Shareholder Capital and Strong M&A Integration Track Record Prologis' history of achieving cost and revenue synergies underscores the strength of the platform and successful integration Consistent with this track record, shareholders of the enlarged group can anticipate significant synergies from the Combination Prologis urges SEGRO shareholders to encourage the SEGRO Board to engage with Prologis to allow a binding offer to be put to SEGRO shareholders for their consideration.
There can be no certainty that an offer for SEGRO will be made. A further announcement will be made as appropriate.
Important Code Notes
In accordance with Rule 2.6(a) of the Code, Prologis is required, by not later than 5:00 pm (London time) on 22 July 2026, to either announce a firm intention to make an offer for SEGRO in accordance with Rule 2.7 of the Code or announce that it does not intend to make an offer for SEGRO, in which case the announcement will be treated as a statement to which Rule 2.8 of the Code applies. This deadline may only be extended with the consent of the Takeover Panel in accordance with Rule 2.6(c) of the Code.
In accordance with Rule 2.5(a) of the Code, Prologis reserves the right to vary the form and/or mix of consideration as set out in this announcement and/or introduce other forms of consideration. Prologis reserves the right to make an offer for SEGRO at a lower value and/or on less favourable terms than those described in this announcement: (a) with the agreement or recommendation of the Board of SEGRO; (b) if a third party announces a possible or a firm intention to make an offer for SEGRO which, at that date, is of a value less than the value implied by the Combination; or (c) following the announcement by SEGRO of a Rule 9 waiver transaction pursuant to Appendix 1 of the Code or a reverse takeover (as defined in the Code). If after the date of this announcement SEGRO declares, makes or pays any dividend or distribution or other return of capital to its shareholders, Prologis reserves the right to make an equivalent reduction to terms of the Combination or an equalisation dividend to a common date.
*EPRA NTA is not calculated from a valuation of SEGRO's assets under Rule 29 of the Takeover Code. It is sourced from SEGRO's 31 December 2025 audited financial statements. At the relevant point, a valuation of SEGRO's assets will be published by SEGRO in accordance with Rule 29 of the Takeover Code.
Linklaters LLP is retained as legal adviser to Prologis.
Further information
N.M. Rothschild & Sons Limited ("Rothschild & Co"), which is authorised and regulated by the Financial Conduct Authority (the "FCA") in the United Kingdom and J.P. Morgan Securities LLC, together with its affiliate J.P. Morgan Securities plc (which conducts its UK investment banking business as J.P. Morgan Cazenove and which is authorised in the United Kingdom by the Prudential Regulation Authority ("PRA") and regulated in the United Kingdom by the PRA and the FCA) (together "J.P. Morgan"), and Eastdil Secured International Limited ("Eastdil Secured" or "ESI") which is authorised and regulated by the Financial Conduct Authority (the "FCA") in the United Kingdom are acting exclusively for Prologis and for no one else in connection with the subject matter of this announcement and will not be responsible to anyone other than Prologis for providing the protections afforded to their clients or for providing advice in connection with the subject matter of this announcement. This announcement is not intended to and does not constitute an offer to sell or the solicitation of an offer to subscribe for or buy or an invitation to purchase or subscribe for any securities or the solicitation of any vote in any jurisdiction.
The release, publication or distribution of this announcement in jurisdictions outside the United Kingdom may be restricted by law and therefore persons into whose possession this announcement comes should inform themselves about, and observe such restrictions. Any failure to comply with such restrictions may constitute a violation of the securities law of any such jurisdiction.
Disclosure requirements of the Code
Under Rule 8.3(a) of the Code, any person who is interested in 1% or more of any class of relevant securities of an offeree company or of any securities exchange offeror (being any offeror other than an offeror in respect of which it has been announced that its offer is, or is likely to be, solely in cash) must make an Opening Position Disclosure following the commencement of the offer period and, if later, following the announcement in which any securities exchange offeror is first identified. An Opening Position Disclosure must contain details of the person's interests and short positions in, and rights to subscribe for, any relevant securities of each of (i) the offeree company and (ii) any securities exchange offeror(s). An Opening Position Disclosure by a person to whom Rule 8.3(a) applies must be made by no later than 3.30 pm (London time) on the 10th business day following the commencement of the offer period and, if appropriate, by no later than 3.30 pm (London time) on the 10th business day following the announcement in which any securities exchange offeror is first identified. Relevant persons who deal in the relevant securities of the offeree company or of a securities exchange offeror prior to the deadline for making an Opening Position Disclosure must instead make a Dealing Disclosure.
Under Rule 8.3(b) of the Code, any person who is, or becomes, interested in 1% or more of any class of relevant securities of the offeree company or of any securities exchange offeror must make a Dealing Disclosure if the person deals in any relevant securities of the offeree company or of any securities exchange offeror. A Dealing Disclosure must contain details of the dealing concerned and of the person's interests and short positions in, and rights to subscribe for, any relevant securities of each of (i) the offeree company and (ii) any securities exchange offeror(s), save to the extent that these details have previously been disclosed under Rule 8. A Dealing Disclosure by a person to whom Rule 8.3(b) applies must be made by no later than 3.30 pm (London time) on the business day following the date of the relevant dealing.
If two or more persons act together pursuant to an agreement or understanding, whether formal or informal, to acquire or control an interest in relevant securities of an offeree company or a securities exchange offeror, they will be deemed to be a single person for the purpose of Rule 8.3.
Opening Position Disclosures must also be made by the offeree company and by any offeror and Dealing Disclosures must also be made by the offeree company, by any offeror and by any persons acting in concert with any of them (see Rules 8.1, 8.2 and 8.4).
Details of the offeree and offeror companies in respect of whose relevant securities Opening Position Disclosures and Dealing Disclosures must be made can be found in the Disclosure Table on the Panel's website at www.thetakeoverpanel.org.uk, including details of the number of relevant securities in issue, when the offer period commenced and when any offeror was first identified. You should contact the Panel's Market Surveillance Unit on +44 (0)20 7638 0129 if you are in any doubt as to whether you are required to make an Opening Position Disclosure or a Dealing Disclosure.
Rule 2.4 information
In accordance with Rule 2.4(c)(iii) of the Code, Prologis confirms that it is not aware of any dealings in SEGRO shares that would require it to offer a minimum level, or a particular form, of consideration under Rule 6 or Rule 11 of the Code. However, it has not been practicable for Prologis to make enquiries of all persons acting in concert with it prior to the date of this announcement in order to confirm whether any details are required to be disclosed under Rule 2.4(c)(iii) of the Code. To the extent that any such details are identified following such enquiries, Prologis will make an announcement disclosing such details as soon as practicable, and in any event by no later than the time it is required to make its Opening Position Disclosure under Rule 8.1 of the Code.
Rule 2.9 information
In accordance with Rule 2.9 of the Code, Prologis confirms that, as of the date of this announcement, it has issued and outstanding 932,983,938 shares of common stock at par value of $0.01 per share. Prologis does not hold any of its common stock in treasury. The International Securities Identification Number (ISIN) of the shares of common stock is US74340W1036. The Legal Entity Identifier (LEI) for Prologis is 529900DFH19P073LZ636.
Publication on Website
In accordance with Rule 26.1 of the Code, a copy of this announcement will be available subject to certain restrictions relating to persons resident in restricted jurisdictions on Prologis' website at https://ir.prologis.com/ promptly and in any event by no later than 12 noon (London time) on 25 June 2026. The content of this website is not incorporated into and does not form part of this announcement.
Forward-Looking Statements
The statements in this announcement that are not historical facts are 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. These forward-looking statements are based on current expectations, estimates and projections about the industry and markets in which Prologis and SEGRO operate as well as management's beliefs and assumptions. Such statements involve uncertainties that could significantly impact Prologis' or SEGRO's financial results. Words such as "expects," "anticipates," "intends," "believes," "would", "could", "should" and "estimates," including variations of such words and similar expressions, are intended to identify such forward-looking statements, which generally are not historical in nature. All statements that address operating performance, events or developments that Prologis expects or anticipates will occur in the future – including statements relating to any possible transaction between Prologis and SEGRO , rent and occupancy growth, acquisition and development activity, including data center developments and power procurement related thereto, contribution and disposition activity, general conditions in the geographic areas where Prologis and SEGRO operate, expectations regarding new lines of business, Prologis' and SEGRO's debt, capital structure and financial position, Prologis' ability to earn revenues from co-investment ventures or form new co-investment ventures and the availability of capital in existing or new co-investment ventures – are forward-looking statements. These statements are not guarantees of future performance and involve certain risks, uncertainties and assumptions that are difficult to predict. Although Prologis believes the expectations reflected in any forward-looking statements are based on reasonable assumptions, Prologis can give no assurance that its expectations will be attained, and therefore actual outcomes and results may differ materially from what is expressed or forecasted in such forward-looking statements. Some of the factors that may affect outcomes and results include, but are not limited to: (i) the ultimate outcome of any possible transaction between Prologis and SEGRO, including the possibility that SEGRO will reject any proposed transaction with Prologis; (ii) uncertainties as to whether SEGRO will cooperate with Prologis regarding any proposed transaction; (iii) the effect of the announcement of any proposed transaction on the ability of Prologis and SEGRO to operate their respective businesses and retain and hire key personnel and to maintain favourable business relationships; (iv) the timing of any proposed transaction; (v) the ability to satisfy closing conditions to the completion of any proposed transaction (including shareholder approvals); (vi) other risks related to the completion of any proposed transaction and actions related thereto; (vii) international, national, regional and local economic and political climates and conditions; (viii) changes in global financial markets, interest rates and foreign currency exchange rates; (ix) increased or unanticipated competition for Prologis' or SEGRO's properties; (x) risks associated with acquisitions, dispositions and development of properties, including the integration of the operations of significant real estate portfolios; (xi) maintenance of Real Estate Investment Trust ("REIT") status, tax structuring and changes in income tax laws and rates; (xii) availability of financing and capital, the levels of debt that Prologis and SEGRO maintain and their credit ratings; (xiii) risks related to Prologis' investments in and management of its co-investment ventures, including ability to establish new co-investment ventures; (xiv) risks of doing business internationally, including currency risks; (xv) environmental uncertainties, including risks of natural disasters; (xvi) risks related to global pandemics; and (xvii) those additional factors discussed under Part I, Item 1A. Risk Factors in Prologis' Annual Report on Form 10-K for the year ended December 31, 2025. Prologis undertakes no duty to update any forward-looking statements appearing in this announcement except as may be required by law.
Non-GAAP Measures
This announcement includes certain terms and non-GAAP financial measures that are not specifically defined herein. These terms and financial measures for Prologis are defined and, in the case of the non-GAAP financial measures, reconciled to the most directly comparable GAAP measures, in Prologis' quarterly Earnings Release and Supplemental Information that is available on Prologis' investor relations website at www.ir.prologis.com and on the SEC's website at www.sec.gov.
Sources of information and bases of calculation
Share price and volume weighted average share price data is derived from FactSet GBP:USD exchange rate of 1.3196 is derived from Chatham Financial as of 23 June 2026 The value attributed to SEGRO's issued share capital (and therefore the value of the Combination) is based upon fully diluted share capital of 1,361,127,593 SEGRO ordinary shares of 10 pence each, comprising: 1,353,927,858 ordinary shares in issue as of 29 May 2026 as announced by SEGRO pursuant to the FCA's Disclosure Guidance and Transparency Rules (with no shares held in treasury); and 7,199,735 shares relating to SEGRO's share schemes, derived from SEGRO's public filings. This figure is net of shares held by the SEGRO Employee Benefit Trust Prologis' issued share capital is based upon fully diluted share capital of 970,140,938 shares at par value of $0.01 per share, comprising: 932,983,938 shares of common stock at par value of $0.01 per share; and 37,157,000 shares relating to Prologis' share schemes, derived from Prologis' public filings. Discount to EPRA NTA is calculated as the see-through value of the offer at the Exchange Ratio divided by the SEGRO last reported EPRA NTA at 31 December 2025 of 925 pence per share Prologis' market capitalisation is calculated based on the share price at market close on 23 June 2026 of $145.3 multiplied by Prologis' fully diluted share count of 970,140,938 shares SEGRO's shareholding in the enlarged group is calculated as (i) newly issued Prologis shares of 114,334,718 (calculated as 1,361,127,593 SEGRO shares multiplied by the Exchange Ratio); divided by (ii) the enlarged group issued share capital of 1,084,475,656 (equal to the existing Prologis fully diluted issued share capital of 970,140,938 plus the newly issued shares of 114,334,718) Enterprise value used for Net Debt / Enterprise Value sourced from FactSet at market close on 23 June 2026 Total shareholder return equals the change in share price plus dividends received over the relevant time period. This data is as of 23 June 2026. Information sourced from FactSet SEGRO EPRA NTA sourced from SEGRO's 2025 Annual Report and Accounts, with prior years' EPRA NTA sourced from its 2024 and 2023 Annual Report and Accounts and its 2024 and 2023 interim results SEGRO Net Debt and Net Debt / Adjusted EBITDA sourced from 2025 annual results announcement released on 20 February 2026 Prologis financial information extracted from Prologis' 2026 Q1 Earnings Release published on 16 April 2026 Prologis Net Debt and Net Debt / Adjusted EBITDA sourced from Prologis' 2026 Q1 Earnings Release published on 16 April 2026 SOURCE Prologis, Inc.
Main Street Capital ukončila dluhovou i akciovou investici do Centre Technologies po dokončení většinové rekapitalizace s novým finančním sponzorem. Z prodeje akciové investice vykázala realizovaný zisk 46,4 milionu USD.
Generates $46.4 Million Realized Gain from Exit of Equity Investment in Centre Technologies Holdings, LLC
, /PRNewswire/ -- Main Street Capital Corporation (NYSE: MAIN) ("Main Street") is pleased to announce that it recently exited its debt investments and equity investment in Centre Technologies Holdings, LLC ("Centre" or the "Company") upon the completion of a majority recapitalization with a new financial sponsor. Founded in 2006 and headquartered in Houston, Texas, Centre is a provider of information technology (IT) services, including managed services, cloud solutions, cyber security, IT consulting and business intelligence (BI) services to lower and middle market businesses, often serving as a fully outsourced IT department.
Main Street partnered with Centre's existing owners and senior management team in January 2019 to facilitate a minority recapitalization of the Company and provide growth capital to help facilitate the Company's acquisition growth strategy. Main Street's initial investment consisted of a $2.4 million revolving line of credit, a $12.2 million first lien, senior secured term loan and a $5.8 million direct equity investment. After Main Street's initial investment, Centre completed seven follow-on acquisitions with Main Street funding an additional cumulative $27.7 million under the first lien, senior secured term loan facility and $0.5 million in direct equity investments to support the Company's acquisition strategy and other corporate activities, resulting in Main Street's total debt investments and total equity investments growing to $42.3 million and $6.4 million, respectively.
Main Street realized a gain of $46.4 million on the exit of its equity investment in Centre, including a minority equity ownership position in Centre's acquirer that Main Street received as part of the sale proceeds, with this realized value representing an increase of $6.8 million above Main Street's fair market value for this equity investment as of March 31, 2026. Main Street also received total dividends of $2.2 million over the life of its equity investment in the Company. As a result, on a cumulative basis since Main Street's initial investment in January 2019 and taking the realized gain, dividends and fees into consideration, Main Street realized an annual internal rate of return ("IRR") of 40.1% and an 8.8 times money invested ("TMI") return on its equity investment in Centre. On a cumulative basis including both Main Street's debt and equity investments in the Company, Main Street realized an IRR of 23.2% and a 2.4 TMI return.
ABOUT MAIN STREET CAPITAL CORPORATION
Main Street (www.mainstcapital.com) is a principal investment firm that primarily provides customized long-term debt and equity capital solutions to lower middle market companies and debt capital to private companies owned by or in the process of being acquired by a private equity fund. Main Street's portfolio investments are typically made to support management buyouts, recapitalizations, growth financings, refinancings and acquisitions of companies that operate in diverse industry sectors. Main Street seeks to partner with entrepreneurs, business owners and management teams and generally provides customized "one-stop" debt and equity financing solutions within its lower middle market investment strategy. Main Street seeks to partner with private equity fund sponsors and primarily invests in secured debt investments in its private loan investment strategy. Main Street's lower middle market portfolio companies generally have annual revenues between $10 million and $150 million. Main Street's private loan portfolio companies generally have annual revenues between $25 million and $500 million.
Main Street, through its wholly-owned portfolio company MSC Adviser I, LLC ("MSC Adviser"), also maintains an asset management business through which it manages investments for external parties. MSC Adviser is registered as an investment adviser under the Investment Advisers Act of 1940, as amended.
Contacts:
Main Street Capital Corporation
Dwayne L. Hyzak, CEO, [email protected]
Ryan R. Nelson, CFO, [email protected]
713-350-6000
S&P zvýšila ratingy několika dceřiných firem Freedom Holding Corp. na „BB-“ se stabilním výhledem. Firma zároveň oznámila rekordní tržby 2,19 miliardy USD a čistý zisk 153,3 milionu USD.
New York, United States, June 25, 2026 (GLOBE NEWSWIRE) -- S&P Global Ratings has upgraded ratings on several subsidiaries of Freedom Holding Corp., a Nasdaq-listed international investment and technology group. The ratings on Freedom Finance JSC, Freedom Finance Europe Ltd., Freedom Finance Global PLC, and Freedom Bank Kazakhstan JSC were raised to “BB-” with stable outlooks.
S&P also upgraded the long-term Kazakhstan national scale ratings on Freedom Finance JSC and Freedom Bank Kazakhstan JSC to “kzA-.” Earlier, the agency affirmed Kazakhstan’s sovereign credit ratings at “kzAAA” on the national scale and “BBB-” with a positive outlook. Freedom Holding Corp.’s rating remained at “B-” with a stable outlook.
According to S&P, Freedom has shown positive momentum in risk management both within the holding company itself and across the group’s subsidiaries. S&P said this should allow the group to more closely monitor and control risks within its growing business, including sanctions compliance, cybersecurity, reputational, regulatory and cryptocurrency risks.
The agency expects the group to maintain strong capitalization metrics over the next 12–24 months, despite ongoing investments in telecommunications and consumer lifestyle businesses. According to S&P, Freedom’s earnings metrics remain strong, with a three-year average operating profit-to-risk-weighted-assets ratio of approximately 2.2% for the period from March 2024 to March 2026, which remains high in an international context.
S&P also said the development of Freedom’s financial and non-financial businesses is not expected to place significant pressure on Freedom Holding Corp.’s capitalization.
The agency also highlighted Freedom’s position as one of Kazakhstan’s leading digital fintech ecosystems, noting the group’s SuperApp mobile application. Monthly active users of the app stood at approximately 2.6 million in March 2026.
In its rating update, S&P took into account Freedom Holding Corp.’s annual report for fiscal year 2026. The company reported record revenue of $2.19 billion and a twofold increase in net income to $153.3 million. Freedom also significantly expanded its client base across key business segments. The number of users of the bank’s services doubled over the year to 5.03 million, while the brokerage client base grew by 26% to 858,000 clients. In the insurance and other segments, Freedom serves around 2.2 million people. Overall, the client base of the company’s digital ecosystem across all operating markets exceeded 14 million people by the end of fiscal year 2026.
“The expansion of our digital ecosystem beyond our home region, where we built an effective business model in a relatively short period of time, is a key element of our long-term development strategy,” said Timur Turlov, CEO of Freedom Holding Corp. “We are already seeing strong growth in Europe, are close to obtaining banking and brokerage licenses in Turkey, and are actively developing our business in the United States and the Middle East. In Kazakhstan, we have built the experience, expertise and resources needed to compete for global leadership.”
As of May 1, 2026, Freedom’s European brokerage business had reached 453,000 clients. Freedom has also announced plans to expand its banking and digital ecosystem operations in several international markets. In early June, the company said it had applied for a banking license in France and planned to invest €500 million in developing its digital ecosystem there. Freedom also expects to invest $300 million in expanding its Turkish operations and has announced the acquisition of 99.32% of the shares of Turkish Bank. The company’s digital banking subsidiary has been operating in Tajikistan since October 2025, and in November 2025, Kazakhstan’s financial regulator granted Freedom permission to open a bank in Georgia.
About Freedom Holding Corp.
Freedom Holding Corp. provides financial services in 22 countries, including Kazakhstan, the United States, Cyprus, Poland, Spain, Uzbekistan, and Armenia. The Company’s principal executive office is located in New York City. In Kazakhstan, Freedom is actively developing its financial and digital ecosystem, which includes Freedom Bank, Freedom Broker, the insurance companies Freedom Life and Freedom insurance, as well as a lifestyle segment that features Arbuz.kz, Freedom Ticketon, and Aviata. Freedom Holding Corp. shares are traded on the U.S. technology exchange NASDAQ, the Kazakhstan Stock Exchange (KASE), and the Astana International Exchange (AIX) under the ticker symbol FRHC. Freedom Holding Corp. is regulated by the U.S. Securities and Exchange Commission (SEC), and the common stock is included in Russell 3000 Index.
S&P Upgrades Ratings on Freedom Holding Corp. Subsidiaries to “BB-”
S&P Upgrades Ratings on Freedom Holding Corp. Subsidiaries to “BB-” S&P Upgrades Ratings on Freedom Holding Corp. Subsidiaries to “BB-”
Casey's General Stores na Investor Day představila svůj strategický plán. V úvodu zároveň upozornila, že prezentace obsahuje výhledová prohlášení a ne-GAAP ukazatele.
Casey's General Stores, Inc. (CASY) Analyst/Investor Day June 24, 2026 9:30 AM EDT
Company Participants
Brian Johnson - Senior Vice President of Investor Relations & Business Development
Darren Rebelez - President, CEO & Board Chair
Stephen Bramlage - Senior VP & CFO
Thomas Brennan - Senior VP & Chief Merchandising Officer
Brad Haga - Senior Vice President of Prepared Food & Dispensed Beverage
Ena Koschel - Chief Operating Officer
Nathaniel Doddridge - Senior Vice President of Fuel
Chad Frazell - Chief Human Resources Officer
Conference Call Participants
Corey Tarlowe - Jefferies LLC, Research Division
Krisztina Katai - Deutsche Bank AG, Research Division
Bradley Thomas - KeyBanc Capital Markets Inc., Research Division
Robert Griffin - Raymond James & Associates, Inc., Research Division
Jacob Aiken-Phillips - Melius Research LLC
Pooran Sharma - Stephens Inc., Research Division
Michael Montani - Evercore ISI Institutional Equities, Research Division
Phillip Blee - William Blair & Company L.L.C., Research Division
Mark Carden - UBS Investment Bank, Research Division
Kelly Bania - BMO Capital Markets Equity Research
Thomas Palmer - JPMorgan Chase & Co, Research Division
Bonnie Herzog - Goldman Sachs Group, Inc., Research Division
Edward Kelly - Wells Fargo Securities, LLC, Research Division
Presentation
Brian Johnson
Senior Vice President of Investor Relations & Business Development
Hello, and thank you for joining us today for our Investor Day. It's great to see both new and familiar faces in the crowd, and we are very excited to share our strategic plan. I'm Brian Johnson, Senior Vice President of Investor Relations and Business Development.
Before we begin, I'll remind you that today's presentation includes forward-looking statements and non-GAAP measures within the meaning of the Private Securities Litigation Reform Act of 1995, including those related to the expectations for future periods, possible or assumed future results of operations, financial conditions, liquidity and related sources or needs, business and/or integration strategies, plans and synergies, supply chain, growth opportunities and performance at our stores. There are a number of known and
Nokia a AWS rozšiřují spolupráci, aby operátorům nabídly autonomní sítě pro éru AI a přesunuly celý provozní stack do cloudu. Dostupnost se očekává později letos.
Press Release
Nokia, Amazon Web Services expand collaboration to deliver autonomous networks built for the AI era
Leveraging AWS’s AI and cloud services, Nokia’s Autonomous Network Fabric will help operators transition to networks that operate at machine speed to connect intelligence. 24 June 2026
Espoo, Finland — Nokia and Amazon Web Services (AWS) today announced they are expanding their collaboration to deliver autonomous networks built for the AI era, making it easier for telecommunication providers to run their full operational stack in the cloud.
Nokia and AWS are collaborating to run Nokia’s Autonomous Networks Fabric on AWS, giving operators access to advanced AI and cloud services required for Level 4 autonomy. This builds on a set of existing digital operations applications from Nokia — covering orchestration, assurance, and unified inventory — already on the platform. Availability is expected later this year.
Nokia’s Autonomous Network Fabric weaves together a broad portfolio that delivers intent-based service orchestration across multi-domain, multi-vendor networks; provides 360-degree observability with AI-powered anomaly detection, root cause analysis, and closed-loop resolution; and offers a single source of truth for network topology and resources.
The Fabric unifies observability, analytics, security, and automation through four core capabilities:
Unified Data Management across domains.Agentic AI for service operations and optimization.Digital Twin simulations for proactive impact assessment.Intent-Based Networking that translates business goals into automated closed-loop actions. ‘This is how telcos will compete in the AI era’
While legacy network management tools require teams of experts to manually oversee mobile, fixed, and transport networks in silos, Nokia helps operators evolve from static infrastructures to programmable, AI-native platforms that anticipate changing traffic mixes and operate at machine speed to connect intelligence.
“Autonomous networks have gone from far-off vision to business imperative. At Nokia, we move operators toward greater autonomy through the convergence of intent-based networking, agentic AI, and cloud-native architecture. Together with AWS, we’re building a platform that scales operators’ ambitions while maintaining the control and governance they need. This is how telcos will compete in the AI era,” said Oguz Sunay, CTO, AI and Autonomous Networks, Nokia.
Running on AWS, Nokia’s solutions gain elastic scalability, global availability, and broad model choices through cloud AI and ML services — including Amazon Bedrock and Amazon SageMaker — enabling operators to innovate faster while reducing infrastructure costs. Nokia is also engineering an optimized cloud footprint that minimizes compute and storage requirements versus traditional on-premises deployments.
“The shift to autonomous network operations is ultimately about speed and step-change efficiency. Speed to detect, speed to resolve, speed to monetize. Achieving step-change cost efficiency is critical for customers to unlock agentic value in the AI era. Nokia’s decision to optimize its full operational stack on AWS means operators can take advantage of elastic scalability, purpose-built AI and ML services, and the most extensive global infrastructure footprint for wherever their networks operate. Together, we're compressing years of transformation into months, delivering step-change improvements in cost efficiency and revenue growth,” said Amir Rao, global director for Telco Solutions at AWS.
Cloud-based network innovation
Today’s news is the latest in a series of announcements between Nokia and AWS related to cloud-based network innovation. At MWC in March, the companies showcased the industry’s first agentic AI-powered network slicing alongside du and Orange. In February, they announced the world’s first commercial mobile service on 5G Core SaaS, running on Belgium’s Citymesh network.
In addition to these developments, Nokia’s autonomous networks portfolio is already delivering measurable results, with operators achieving automation rates exceeding 90%, service delivery times of four hours or less, and service interruption periods of one minute per year or fewer — along with up to 85% reduction in slice rollout time and up to 50% fewer customer-impacting incidents.
Nokia and AWS are committed to a collaborative innovation agenda that combines Nokia’s telecom-trained AI models and domain expertise with AWS’s AI services to deliver increasingly autonomous network operations. Together, the companies will go to market to help operators evolve their operational stacks, increase autonomous operations and unlock new revenue streams.
Multimedia, technical information and related news
Web Page: Autonomous Networks
Product Page: Digital Operations Center
Press release: Nokia and AWS showcase industry-first agentic AI-powered network slicing with du and Orange #MWC26
Press release: Citymesh goes live with world’s first commercial mobile service on 5G Core SaaS, powered by Nokia and AWS
About Nokia
Nokia is a global leader in connectivity for the AI era. With expertise across fixed, mobile, and transport networks, we're advancing connectivity to secure a brighter world.
About Amazon Web Services
Amazon Web Services (AWS) is guided by customer obsession, pace of innovation, commitment to operational excellence, and long-term thinking. By democratizing technology for nearly two decades and making cloud computing and generative AI accessible to organizations of every size and industry, AWS has built one of the fastest-growing enterprise technology businesses in history. Millions of customers trust AWS to accelerate innovation, transform their businesses, and shape the future. With the most comprehensive AI capabilities and global infrastructure footprint, AWS empowers builders to turn big ideas into reality. Learn more at aws.amazon.com and follow @AWSNewsroom.
Hertz zvýšil emisi zajištěných seniorních směnek směnitelných za akcie na 350 milionů USD s opcí na dalších 50 milionů USD. Výnosy chce použít na splacení dluhu z revolvingového úvěru a na obecné firemní účely.
ESTERO, Fla.--(BUSINESS WIRE)--Hertz Global Holdings, Inc. (NASDAQ: HTZ) (“Hertz” or the “Company”), a leading global rental car company, today announced that its wholly-owned indirect subsidiary, The Hertz Corporation (“Hertz Corp.”), has priced an offering of $350 million aggregate principal amount of 6.75% Exchangeable Senior First-Lien Secured PIK Notes due 2030 (the “Notes”) in a private offering exempt from the registration requirements of the Securities Act of 1933, as amended (the “Securities Act”). Hertz Corp. also granted the initial purchasers of the Notes an option to purchase, for settlement within a period of 13 days from, and including, the date the Notes are first issued, up to an additional $50 million aggregate principal amount of Notes. The aggregate principal amount of the offering was increased from the previously announced offering size of $300 million. The offering is expected to close on or about June 29, 2026, subject to customary closing conditions.
Hertz Corp. estimates that the net proceeds from the issuance of the Notes, after deducting the initial purchasers’ discount but before estimated offering expenses payable by Hertz Corp., will be approximately $339.5 million (or approximately $388.0 million if the initial purchasers exercise in full their option to purchase additional Notes). Hertz Corp. intends to use the net proceeds from the issuance of the Notes to repay outstanding borrowings under its revolving credit facility and for general corporate purposes.
The Notes will bear interest from, and including, June 29, 2026, the issue date of the Notes, payable semi-annually in arrears on January 1 and July 1 of each year, beginning on January 1, 2027. Each payment of interest on the Notes (excluding any additional interest, special interest and default interest) will consist of (i) 3.375% of such interest payment to be paid in cash and (ii) 3.375% of such interest payment to be paid in the form of PIK interest. The Notes will mature on July 1, 2030, unless earlier repurchased, redeemed or exchanged in accordance with their terms prior to maturity.
The Notes will be exchangeable at any time until the close of business on the second scheduled trading day immediately preceding the maturity date. The Notes will be exchangeable on the terms set forth in the indenture governing the Notes into cash, shares of the Company’s common stock, par value $0.01 per share (the “Common Stock”), or a combination thereof, at Hertz Corp.’s election. The aggregate number of shares of Common Stock that may be issued upon exchange of the Notes may not exceed 19.9% of the number of shares of Common Stock outstanding prior to the offering of the Notes unless and until the shareholders of the Company approve such issuance.
The exchange rate will initially be 279.5248 shares of Common Stock per $1,000 capitalized principal amount of Notes (equivalent to an initial exchange price of approximately $3.58 per share of Common Stock). The initial exchange price of the Notes represents a premium of approximately 32.5% above the public offering price of $2.70 per share of the Borrowed Shares in the concurrent offering of the Borrowed Shares described below. The exchange rate and exchange price will be subject to adjustment upon the occurrence of certain events. If a “make-whole fundamental change” (as defined in the indenture for the Notes) occurs, Hertz Corp. will, in certain circumstances, increase the exchange rate for a specified time for holders who exchange their Notes in connection with that make-whole fundamental change.
Holders of the Notes will have the right to require Hertz Corp. to repurchase all or a portion of their Notes at 100% of their capitalized principal amount of the Notes plus accrued and unpaid cash interest to, but excluding, the date of such repurchase, upon the occurrence of certain corporate events constituting a “fundamental change” as defined in the indenture governing the Notes. Hertz Corp. may not redeem the Notes prior to January 6, 2029. On or after January 6, 2029 and on or prior to the 31st scheduled trading day immediately preceding the maturity date, if the last reported sale price per share of Common Stock has been at least 130% of the exchange price for the Notes for certain specified periods, and certain other conditions are satisfied, Hertz Corp. may redeem all or any portion (subject to certain limitations) of the Notes at a cash redemption price equal to 100% of the capitalized principal amount of the Notes to be redeemed plus accrued and unpaid cash interest to, but excluding, the date of such redemption.
The Notes are expected to be guaranteed by the Company, Rental Car Intermediate Holdings, LLC, Hertz Corp.’s direct parent company, and each of Hertz Corp.’s existing domestic subsidiaries and future restricted subsidiaries that guarantee indebtedness under Hertz Corp.’s first lien credit facilities or certain other indebtedness for borrowed money. The Notes and the related guarantees (other than the guarantee by the Company) are expected to be secured (subject to certain exceptions and permitted liens) on a first-lien basis by the same assets (other than certain excluded property) that secure indebtedness under Hertz Corp.’s first lien credit facilities and existing first lien secured notes, and are therefore expected to be effectively pari passu with indebtedness under Hertz Corp.’s first lien credit facilities and existing first lien secured notes.
The Notes and the related guarantees were offered and sold only to persons reasonably believed to be qualified institutional buyers pursuant to Rule 144A under the Securities Act. The Notes, the related guarantees and any shares of Common Stock issuable upon exchange of the Notes have not been and will not be registered under the Securities Act or the securities laws of any other jurisdiction and may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements under the Securities Act and the securities laws of any other jurisdiction.
Concurrently with the offering of the Notes, Hertz also announced today by separate press release the pricing of a separate registered public offering of 37,037,037 shares of Common Stock at a public offering price of $2.70 per share. Such shares (the “Borrowed Shares”) will be loaned by Hertz to a financial institution (the “Share Borrower”), acting as an underwriter in the offering of the Borrowed Shares, pursuant to a share lending agreement. The Share Borrower or its affiliates will receive all of the proceeds of the concurrent offering of Borrowed Shares and neither Hertz nor Hertz Corp. will receive any of the proceeds of that offering, but the Share Borrower will pay Hertz a nominal lending fee for the use of the Borrowed Shares pursuant to the share lending agreement. The Share Borrower will be required to return the Borrowed Shares (or identical shares of Common Stock) to the Company pursuant to the terms of the share lending agreement. Hertz has been informed by the Share Borrower that it or one of its affiliates intends to sell the Borrowed Shares and use the resulting short position to facilitate transactions by which investors in the Notes may hedge their investments through short sales or privately negotiated derivatives transactions. The activity described above could affect the market price of the Common Stock or the Notes otherwise prevailing from time to time.
This press release is not an offer to sell or purchase, or a solicitation of an offer to sell or purchase, the Notes, the related guarantees, the shares of Common Stock issuable upon exchange of the Notes or the Borrowed Shares and does not constitute an offer, solicitation or sale in any state or jurisdiction in which, or to any person to whom such an offer, solicitation or sale would be unlawful.
The concurrent offering of the Borrowed Shares is contingent upon the closing of the offering of the Notes. The offering of the Notes is not contingent upon the closing of the concurrent offering of the Borrowed Shares.
ABOUT HERTZ
Hertz Global Holdings, Inc. is one of the world’s leading car rental and mobility solutions providers. Its subsidiaries, including The Hertz Corporation, and licensees operate the Hertz, Dollar, Thrifty, and Firefly vehicle rental brands, with more than 11,000 rental locations in 160 countries around the globe. The Company also operates the Hertz Car Sales brand, which offers a range of quality, competitively priced used cars for sale online and at locations across the United States, and the Hertz 24/7 car-sharing business in Europe.
This press release contains “forward-looking statements” within the meaning of the federal securities laws. Words such as “expect,” “will” and “intend” and similar expressions identify forward-looking statements, which include but are not limited to statements related to our positioning, strategy, vision, forward looking investments, conditions in the travel industry, our financial and operational condition, our sources of liquidity, the offering of the Notes, the offering of the Borrowed Shares, the anticipated terms of the Notes and Hertz Corp.’s expected use of proceeds from the proposed offering. We caution you that these statements are not guarantees of future performance and are subject to numerous evolving risks and uncertainties that we may not be able to accurately predict or assess, including risks and uncertainties related to completion of the offering on the anticipated terms or at all, market conditions (including market interest rates) and the satisfaction of customary closing conditions related to the offering, unanticipated uses of capital and those in our risk factors that we identify in the offering memorandum for the offering and our most recent annual report on Form 10-K for the year ended December 31, 2025, as filed with the U.S. Securities and Exchange Commission on February 26, 2026, and any updates thereto in the Company’s quarterly reports on Form 10-Q and current reports on Form 8-K. We caution you not to place undue reliance on our forward-looking statements, which speak only as of their date, and we undertake no obligation to update this information.
Hertz oznámil stanovení ceny nabídky 37 037 037 akcií za 2,70 USD za kus. Výnos z nabídky obdrží J.P. Morgan Securities LLC nebo její přidružené společnosti, nikoli Hertz.
ESTERO, Fla.--(BUSINESS WIRE)--Hertz Global Holdings, Inc. (NASDAQ: HTZ) (“Hertz” or the “Company”), a leading global rental car company, today announced that it has priced a SEC-registered offering of 37,037,037 shares of its common stock, par value $0.01 per share, (the “Common Stock”), at a public offering price of $2.70 per share. Such shares (the “Borrowed Shares”) will be loaned by the Company to J.P. Morgan Securities LLC (in such capacity, the “Share Borrower”), one of the underwriters of the offering of the Borrowed Shares, pursuant to a share lending agreement. The Share Borrower or its affiliates will receive all of the proceeds of the offering of Borrowed Shares and neither the Company nor The Hertz Corporation, the Company’s wholly-owned indirect subsidiary (the “Hertz Corp.”), will receive any of the proceeds of the offering, but the Share Borrower will pay the Company a nominal lending fee for the use of the Borrowed Shares pursuant to the share lending agreement. The Share Borrower will be required to return the Borrowed Shares (or identical shares of Common Stock) to the Company pursuant to the terms of the share lending agreement. The Company has been informed by the Share Borrower that it or one of its affiliates intends to sell the Borrowed Shares and use the resulting short position to facilitate transactions by which investors in the Notes (as defined below) may hedge their investments through short sales or privately negotiated derivatives transactions. The activity described above could affect the market price of the Common Stock otherwise prevailing from time to time. The offering of the Borrowed Shares is contingent upon the closing of a private offering of the Exchangeable Senior First-Lien Secured PIK Notes due 2030 (the “Notes”) that Hertz Corp. priced today. The private offering of the Notes is not contingent upon the closing of the offering of the Borrowed Shares.
The offering of the Borrowed Shares was made by means of a prospectus. Copies of the prospectus may be obtained from J.P. Morgan Securities LLC, c/o Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, New York 11717, telephone 1-866-803-9204 or from Barclays Capital Inc, c/o Broadridge Financial Solutions 1155 Long Island Avenue Edgewood, NY 11717 or by phone at 1-888-603-5847.
This press release is not an offer to sell or purchase or a solicitation of an offer to sell or purchase the Borrowed Shares or the Notes, and does not constitute an offer, solicitation or sale in any state or jurisdiction in which, or to any person to whom such an offer, solicitation or sale would be unlawful.
ABOUT HERTZ
Hertz Global Holdings, Inc. is one of the world’s leading car rental and mobility solutions providers. Its subsidiaries, including The Hertz Corporation, and licensees operate the Hertz, Dollar, Thrifty, and Firefly vehicle rental brands, with more than 11,000 rental locations in 160 countries around the globe. The Company also operates the Hertz Car Sales brand, which offers a range of quality, competitively priced used cars for sale online and at locations across the United States, and the Hertz 24/7 car-sharing business in Europe.
This press release contains “forward-looking statements” within the meaning of the federal securities laws. Words such as “expect,” “will” and “intend” and similar expressions identify forward-looking statements, which include but are not limited to statements related to our positioning, strategy, vision, forward looking investments, conditions in the travel industry, our financial and operational condition, our sources of liquidity, the offering of the Borrowed Shares, the offering of the Notes and the anticipated completion and timing of the offering. We caution you that these statements are not guarantees of future performance and are subject to numerous evolving risks and uncertainties that we may not be able to accurately predict or assess, including risks and uncertainties related to completion of the offering on the anticipated terms or at all, market conditions and the satisfaction of customary closing conditions related to the offering, unanticipated uses of capital and those in our risk factors that we identify in the prospectus for the offerings and our most recent annual report on Form 10-K for the year ended December 31, 2025, as filed with the U.S. Securities and Exchange Commission on February 26, 2026, and any updates thereto in the Company’s quarterly reports on Form 10-Q and current reports on Form 8-K. We caution you not to place undue reliance on our forward-looking statements, which speak only as of their date, and we undertake no obligation to update this information.
NVIDIA už podle článku nepotřebuje čínské datacentrové compute tržby, protože její datacentrový, AI, networking a platformový byznys roste silně mimo Čínu. V 1. čtvrtletí tržby stouply o 85 % a výhled činí 91 mld. USD.
SummaryNVIDIA is a Buy as its base case no longer depends on Chinese data center compute revenue.NVDA’s data center, AI, networking, and platform businesses are compounding strongly ex-China, with Q1 revenue up 85% and robust $91B guidance.China now represents high-value optional upside, not a key valuation pillar; partial reopening or compliant chip sales would further boost upside.Downside risk is limited, with base and bull cases supporting 43–70% upside; key risks are AI buildout slowdown and Rubin ramp delays. Robert Way/iStock Editorial via Getty Images
I am not buying NVIDIA (NVDA) because I hope China will reopen someday. In fact, my argument is almost the opposite: I am buying NVDA because it no longer needs Chinese data center compute revenue
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Micron Technology zveřejnila konferenční hovor k výsledkům za fiskální třetí čtvrtletí 2026. V úvodu firma uvedla, že zveřejnila i tiskovou zprávu s čtvrtletními výsledky.
Micron Technology, Inc. (MU) Q3 2026 Earnings Call June 24, 2026 4:30 PM EDT
Company Participants
Satya Kumar - Corporate VP of Investor Relations & Treasurer
Sanjay Mehrotra - CEO, President & Chairman
Mark Murphy - Executive VP & CFO
Conference Call Participants
Timothy Arcuri - UBS Investment Bank, Research Division
Joseph Moore - Morgan Stanley, Research Division
Christopher Muse - Cantor Fitzgerald & Co., Research Division
Vivek Arya - BofA Securities, Research Division
Sreekrishnan Sankarnarayanan - TD Cowen, Research Division
Presentation
Operator
Ladies and gentlemen, thank you for joining us, and welcome to Micron Technology's Fiscal Third Quarter 2026 Financial Conference Call. After today's prepared remarks, we will host a question-and-answer session. Webcast viewers, please note that you will be able to advance the slides as you view at your own pace.
I will now hand the conference over to Satya Kumar, Corporate Vice President of Investor Relations and Treasury. Satya, please go ahead.
Satya Kumar
Corporate VP of Investor Relations & Treasurer
Thank you, and welcome to Micron Technology's Fiscal Third Quarter 2026 Financial Conference Call. On the call with me today are Sanjay Mehrotra, our Chairman, President and CEO; and Mark Murphy, our CFO. Today's call is being webcast from our Investor Relations site at investors.micron.com including audio and slides. In addition, the press release detailing our quarterly results has been posted on the website, along with the prepared remarks for this call.
Today's discussion contains forward-looking statements that are subject to risks and uncertainties. These forward-looking statements include statements regarding our future financial and operating performance and our business model, as well as trends and expectations in our business, customers, market, industry products and regulatory and other matters. These statements are based on our current assumptions, and we assume no obligation to update these statements. Please refer to our most recent financial reports on Form 10-K, Forms 10-Q and
