Track market-moving stories before they get noisy

Key Takeaways IonQ ended Q1 2026 with about $3.1B in cash and investments, supporting multi-year investments. IONQ's remaining performance obligations rose to $470M, improving multi-quarter revenue visibility. IONQ reaffirmed a $310-$330M adjusted EBITDA loss outlook, backed by strong liquidity to fund plans. IonQ (IONQ - Free Report) exited the first quarter of 2026 with approximately $3.1 billion in cash, cash equivalents, restricted cash, and investments. This is one of the strongest balance sheets in the quantum computing industry. This substantial liquidity supports multi-year investment needs and reduces near-term financing risk.

A notable indicator of revenue visibility is the continued expansion of remaining performance obligations, which increased to $470 million (as of March 31, 2026) from $370 million at the end of 2025. While the timing of revenue recognition remains contingent on project execution and customer deployments, the expanding contracted backlog reduces reliance on an early-stage proposal pipeline and offers greater multi-quarter revenue visibility.

For 2026, management reaffirmed its adjusted EBITDA loss guidance of $310 million to $330 million. Coupled with a first-quarter adjusted EBITDA loss of $96.8 million, this implies continued elevated cash burn. Given IonQ's exceptionally strong liquidity position, the company appears well positioned to fund this investment cycle internally without facing meaningful near-term financing risk.

Peer UpdateQuantum Computing (QUBT - Free Report) or QCi ended the quarter with cash, cash equivalents and investments of about $1.4 billion, underscoring a substantial liquidity position despite the acquisitions of Luminar Semiconductor (“LSI”) and NuCrypt. QCi’s financial strength is further reflected in its total assets of about $1.6 billion and stockholders' equity of approximately $1.6 billion. Meanwhile, total liabilities accounted for $23.4 million, much lower than the cash level.

Rigetti (RGTI - Free Report) exited the first quarter of 2026 with cash, cash equivalents and short-term available-for-sale investments of $418.2 million. The company ended the quarter with no debt on its balance sheet, underscoring a solid solvency position. This means Rigetti has ample liquidity to fund its operations and roadmap execution without near-term financing pressure. 

IONQ’s Price PerformanceOver the past year, IONQ’s shares have gained 32.8% compared with the industry’s 252.5% growth. 

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Expensive ValuationIonQ currently trades at a forward 12-month price-to-sales (P/S) of 59.44X compared with the industry median of 4.45X.

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IONQ Stock Estimate TrendIn the past 30 days, its loss per share estimate for 2026 has remained unchanged at $2.26.

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IonQ currently has a Zacks Rank #4 (Sell). 

You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.

LOS ANGELES, CALIFORNIA - JUNE 29: Comcast announced plans to split into two publicly traded companies by spinning off NBCUniversal and Sky into a separate media company, pending regulatory and board approvals. (Photo by Justin Sullivan/Getty Images)

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When Brian Roberts announced on June 29 that Comcast would spin off NBCUniversal and Sky into a separate public company, an analyst asked the question behind the transaction: was this a step toward a sale?

His answer was two words: “Absolutely not.”

Pay less attention to the denial than to the admission beside it. Co-CEO Mike Cavanagh told analysts the company had “changed our mind” about whether broadband and media still belonged under one roof.

That is the more useful piece of information. The people who built a 15-year convergence bet were acknowledging that its logic no longer held.

The Convergence Bet Comes UndoneComcast bought NBCUniversal more than 15 years ago on a simple theory: own the pipe into the living room and the programming that travels through it, and you sit on both ends of the relationship with the viewer.

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That theory held while the cable wire was the gatekeeper. Streaming dissolved it.

Once any studio can reach a television over the open internet, owning the wire no longer confers the same advantage over owning the content, and the two businesses no longer share the same reason to sit together.

The market had already reached this verdict. Comcast shares had fallen about 32% over the year, to roughly $23 in the days before the announcement, down from the mid-$30s last summer. Investors had been valuing the company at a discount to the sum of its parts.

Comcast is keeping the word “converged” for the part that still works, describing its broadband-and-mobile network as the largest converged platform in the country.

The convergence that failed was the holding-company kind, distribution married to content. The kind that survives lives inside the wires.

A Script Warner Bros. Already RanComcast had already rehearsed the move with Versant, the cable-network separation that pulled slower-growth linear assets away from the rest of NBCUniversal.

The fuller template was set by Warner Bros. Discovery. It reorganized into two divisions in December 2024, then announced a full tax-free split into two public companies in June 2025, with David Zaslav describing each as built to succeed on its own terms.

The framing was standalone strength, not sale preparation.

Within months the company had a buyer and then a fight over it.

Netflix agreed on December 4 to buy the Warner Bros. studio, HBO and HBO Max, the content jewel, taken only after the linear networks were carved off, at an enterprise value of about $82.7 billion.

Paramount Skydance came over the top with a hostile all-cash offer, raised it to $31 a share with a personal financing guarantee from Larry Ellison, and won the contest in February at roughly $110 billion. Netflix, which had held the board’s recommendation, declined to match.

The Justice Department cleared the antitrust review in June, and the transaction is set to close this quarter.

Read the arc plainly: split into two, sell it as independence, deny any deal, and within a year there is an auction.

Comcast has just finished the first step using the same language. The denial is not the data point. The script is.

Why NBCUniversal Does Not Cleave As CleanlyThe flexibility Comcast keeps invoking is already being read as a deal signal. The sharper question is not whether the pieces draw buyers but which ones, because the Warner Bros. ending does not transfer cleanly to NBCUniversal.

Netflix could buy Warner Bros. because Warner Bros. had already been separated from its cable networks. NBCUniversal is being spun off whole: Universal’s studios, Peacock, NBC, Telemundo, major sports rights, Sky and theme parks, all in one company.

A content buyer that wants the studio and the streamer may not want a capital-heavy theme-park business, a broadcast network with FCC licenses or the linear exposure Netflix tried to avoid. For a clean sale of the jewel, NBCUniversal would most likely have to split a second time.

The behavior on the call already points that way. Comcast is keeping up to 19.9% of NBCUniversal to sell down over time.

Cavanagh matched the denial with his own “Definitely not,” then in the same answer claimed the freedom to go after “adjacent businesses where we have the right to play,” a denial of being a seller and an announcement of being a buyer, one sentence apart.

The analysts ended the call on the one soft question: whether each smaller company keeps the scale it needs with content partners and distributors. For NBCUniversal, that question lands hardest on the sports rights, whose escalating cost rests on the balance sheet it is about to lose.

The convergence era is not ending with one sale. It is ending with a sequence of separations that make sales easier to imagine, even when companies insist that is not the plan.

The old argument joined distribution to content. The new one prices them separately.

You can now trade synthetic exposure to Revolut shares on a decentralized exchange.

PancakeSwap has listed $CREV, a BEP-20 token on BNB Chain that offers tokenized economic exposure to pre-IPO equity in the British fintech giant. The token, issued by Swiss-based Colb Finance, launched on May 28 with a net asset value of $2,139 per token and a total asset value of roughly $88 million across 41,185 tokens in circulation.

What $CREV actually is (and isn’t) $CREV does not give holders direct ownership of Revolut shares. Instead, it’s structured as a Swiss-regulated certificate that provides economic exposure to the underlying equity. You get the price upside (or downside) tied to Revolut’s valuation, but you’re not technically a shareholder with voting rights or a seat at the cap table.

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The minimum subscription is $25,000 in stablecoins, with a 2.5% subscription fee. There are no management or performance fees attached. It’s aimed at professional and qualified investors who want private market exposure without the traditional gatekeeping of venture capital or secondary share platforms.

Each token is backed 1:1 by the economic rights of the equity it represents, according to Colb Finance’s structure.

The bigger picture: private equity goes on-chain $CREV isn’t Colb Finance’s first rodeo on PancakeSwap. The firm previously launched $CSPX, a similar tokenized certificate offering pre-IPO exposure to SpaceX shares.

What this means for investors A $25,000 minimum and a 2.5% entry fee means this is not the kind of token most retail traders will stumble into. The qualified investor requirement adds another filter.

There are real risks to consider. The 1:1 backing claim relies entirely on Colb Finance’s custody and legal structure. If the issuer faces regulatory challenges, or if the underlying equity position is impaired, token holders bear that risk. There’s also the question of what happens to $CREV if Revolut actually does IPO. The conversion mechanism, whether tokens are redeemed for cash at IPO price or continue trading, is a detail that qualified investors should examine closely before committing capital.

Disclosure: This article was edited by Editorial Team. For more information on how we create and review content, see our Editorial Policy.

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THOMASVILLE, N.C.--(BUSINESS WIRE)--Old Dominion Freight Line, Inc. (Nasdaq: ODFL) announced today that it plans to release its second quarter 2026 financial results before opening of trading on Wednesday, July 29, 2026. The Company will also hold a conference call to discuss its financial results and outlook at 10:00 a.m. (Eastern Time) on Wednesday, July 29, 2026.

An online, real-time webcast of Old Dominion’s quarterly conference call will be available at ir.odfl.com on Wednesday, July 29, 2026, at 10:00 a.m. (Eastern Time). The online replay will be available at approximately 1:00 p.m. (Eastern Time) and continue for 30 days. A telephonic replay of the call can be accessed starting at 1:00 p.m. (Eastern Time) and will be available through August 5, 2026, at 1-855-669-9658, access code 8521187.

Old Dominion Freight Line, Inc. is one of the largest North American LTL motor carriers and provides regional, inter-regional and national LTL services through a single integrated, union-free organization. Our service offerings, which include expedited transportation, are provided through an expansive network of service centers located throughout the continental United States. Through strategic alliances, we also provide LTL services throughout North America. In addition to our core LTL services, we offer a range of value-added services including container drayage, truckload brokerage and supply chain consulting.

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Fowler to Succeed Teague as CEO

HOUSTON--(BUSINESS WIRE)--Enterprise Products Partners L.P. (NYSE: EPD) today reported that A.J. “Jim” Teague, co-chief executive officer of Enterprise’s general partner, has announced his intention to retire as of January 4, 2027. W. Randall “Randy” Fowler, Enterprise’s co-chief executive officer, will serve as chief executive officer effective upon Mr. Teague’s retirement.

“Jim has been integral to our success since he joined Enterprise in 1999,” said Randa Duncan, non-executive chairman of Enterprise’s general partner. “Under Jim’s leadership, Enterprise has played a leading role in developing and serving both domestic and international markets for prolific supplies of NGL production from the U.S. shale plays. Enterprise became the first midstream company to provide wellhead to water NGL services in 2009. These efforts have facilitated production and generated incremental revenue for U.S. shale producers, contributed to the renaissance of the U.S. petrochemical industry and provided reliable and affordable U.S. ethane and propane supplies to international markets, which has literally improved the lives of millions of people globally by lifting them out of energy poverty.”

“Jim also led Enterprise’s innovation to deliver additional value and flexibility for our petrochemical customers by transitioning a historically opaque contract market for ethylene and polymer-grade propylene on the U.S. Gulf Coast to transparent and liquid pricing and storage hubs for these products in Mont Belvieu, Texas. The industry adoption and success of these pricing points ultimately led to the development of financial futures markets for these products,” continued Ms. Duncan.

“Over this period, we have grown the enterprise value of the partnership from $1.8 billion to almost $120 billion. All of us at Enterprise are grateful for Jim’s twenty-eight years of leadership and contributions. We wish him the very best in his future endeavors and a well-deserved retirement. Over the next six months, in addition to his normal duties, Jim will be actively involved in transition activities as we prepare for his retirement,” said Ms. Duncan.

“I look forward to continue working with Randy as our chief executive officer to continue to execute on Enterprise’s growth capital investments and pursue new opportunities,” said Ms. Duncan.

“Throughout my career, I have been fortunate to experience two exceptionally rewarding chapters,” said Teague. “I spent 22 years with Dow Chemical, where I had the opportunity to travel extensively around the world, serving as Vice President of Hydrocarbon Feedstocks. That experience provided me with a deep appreciation for the global energy and petrochemical landscape, as well as exposure to diverse cultures.”

“My 28 years with Enterprise Products have been even more meaningful. I have had the privilege of being part of an organization that has grown far beyond what I could have ever imagined. It has been truly rewarding to witness not only our significant growth in earnings, but also the increasing sophistication of our business as we have learned to fully capture the opportunities within our asset footprint,” stated Teague.

“Most importantly, at Enterprise Products I have had the honor of working alongside some of the most talented, dedicated, and principled individuals in our industry. This has been a remarkable journey, and I am deeply proud of the relationships we have built, the experiences we have shared, and the accomplishments we have achieved," said Teague.

Mr. Fowler has served as a director of Enterprise’s general partner since 2011 and as Enterprise’s co-chief executive officer since 2020. He also served as our chief financial officer from 2007 to 2015 and then again from 2018 to 2024. He joined Enterprise in 1999, shortly after Enterprise’s initial public offering. Mr. Fowler has 48 years of finance and accounting experience in various sectors of the energy industry.

Upon Mr. Teague’s retirement, Enterprise’s general partner will expand the Office of the Chairman, which is a management oversight group that serves as a liaison between the board of Enterprise’s general partner and senior management. Currently, the Office of the Chairman is comprised of Ms. Duncan serving as non-executive chairman, Richard H. “Hank” Bachmann serving as vice chairman of Enterprise’s general partner, and Teague and Fowler each serving as co-chief executive officers. Upon Mr. Teague’s retirement, the Office of the Chairman will be comprised of Ms. Duncan, Mr. Bachmann, Mr. Fowler, Michael C. “Tug” Hanley serving as chief commercial officer and R. Daniel Boss serving as chief financial officer.

Enterprise Products Partners L.P. is one of the largest publicly traded partnerships and a leading North American provider of midstream energy services to producers and consumers of natural gas, NGLs, crude oil, refined products and petrochemicals. Our services include: natural gas gathering, treating, processing, transportation and storage; NGL transportation, fractionation, storage and import and export terminals; crude oil and refined products transportation, storage and terminals; petrochemical transportation and services; and a marine transportation business that operates on key U.S. inland and intracoastal waterway systems. The partnership’s assets currently include over 50,000 miles of pipelines; over 300 million barrels of storage capacity for NGLs, crude oil, refined products and petrochemicals; and 14 billion cubic feet of natural gas storage capacity.

This press release includes “forward-looking statements” as defined by the Securities and Exchange Commission. All statements, other than statements of historical fact, included herein that address activities, events, developments or transactions that Enterprise and its general partner expect, believe or anticipate will or may occur in the future are forward-looking statements. These forward-looking statements are subject to risks and uncertainties that may cause actual results to differ materially from expectations, including required approvals by regulatory agencies, the possibility that the anticipated benefits from such activities, events, developments or transactions cannot be fully realized, the possibility that costs or difficulties related thereto will be greater than expected, the impact of competition, and other risk factors included in Enterprise’s reports filed with the Securities and Exchange Commission. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of their dates. Except as required by law, Enterprise does not intend to update or revise its forward-looking statements, whether as a result of new information, future events or otherwise.

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Beyond the details provided by the official announcement, the timing of the alliance between South Korea's third-largest internet-only bank and a public blockchain says a lot.

On June 19, Toss Bank, an online-only bank in Korea, and the Solana Foundation, an organization that supports Solana, signed a memorandum of agreement in Seoul. This is the first direct relationship between these two entities.

To see whether stablecoins can help with international transactions and remittances cheaper and more effectively than conventional banking systems, the effort will go through a proof-of-concept phase.

Currently, seven distinct currencies power Toss's operations in thirty different nations.

The deal was sealed at Toss Bank's headquarters in Seoul by Park Jin-hyun, head of strategy, and Lily Liu, president of the Solana Foundation.

No binding legal force may be exerted by the memorandum of understanding. The significance of the element is overshadowed by the surrounding context.

The IPO Subtext

Reports indicate that Viva Republica, the parent company of Toss Bank, is valued at more than $10 billion, with some estimations coming close to $20 billion.

The corporation is preparing for an American IPO.

The paid-in capital of Toss Bank has increased to almost 1.4 trillion won through six rounds of fundraising, with the organization successfully securing over $1.2 billion from major investors including GIC, Sequoia China, and Kleiner Perkins.

A prospectus is improved in three major ways compared to a remittance feature alone when an agreement is reached with a blockchain foundation four months before a listing roadshow.

At first, this changes Viva Republica's image from that of a small-town neobank to that of an important participant in the international payments system, interacting with a worldwide payments industry that, according to some estimates, is nearly $320 trillion.

This narrative, in contrast to being referred to as "Korean Chime," receives a different valuation on Nasdaq.

Next, it highlights a compliance-oriented strategy by highlighting features like AML/KYC integration, a well-established banking license, and regulatory frameworks.

US institutional investors, who differentiate between licensed financial tech firms investigating blockchain and those operating in the unregulated cryptocurrency arena, find this very attractive.

As a third benefit, blockchain settlement may lead to lower marginal costs per transaction, which is an important factor for pre-IPO margin calculations.

This is not just an attempt to sweeten the sale. The time between the events of "MOU signed" and "shipped product" should be taken into account when determining values, not disregarded.

What's Actually Being Tested

The mechanics are purposefully limited in their use. The Solana Foundation supplies the infrastructure for settlement, while Toss oversees the user experience and financial services.

In the first stage, we test the waters to see if we can transfer stablecoins on the Solana network and integrate settlement with existing remittance processes in a way that complies with the anti-money-laundering, know-your-customer, and consumer protection rules that govern Toss's licensed transfer operations.

In January 2026, Toss expanded its foreign remittance service to 30 countries; this proof of concept builds upon that base instead of beginning from square one.

If the first phase is successful, the next steps will involve tokenizing physical assets, expanding the range of digital assets offered, and payment methods.

When contrasted with the antiquated SWIFT system, which is weighed down by long settlement delays and various intermediary fees, Solana's near-instant finality and transaction costs of a fraction of a penny stand out.

The uptime record has improved greatly since the network's reputation was established by the failures.

The fact that Solana has gone more than 15 months without a major consensus failure is taken seriously by institutional risk committees as proof of reliability, not luck.

Skepticism is evident, nevertheless, because the viewpoint that "Solana requires three years without an outage" is still voiced, even in comment letters sent to the SEC.

In late 2025, with the release of Firedancer and the upcoming Alpenglow consensus update, validator client diversity will be implemented to resolve concerns by drastically decreasing the finality time from 12 seconds to 150 milliseconds.

These innovations address the widespread doubt by providing technological answers.

Despite increases in throughput and uptime, they haven't totally resolved the issue; the number of validators has reduced from over 2,500 to about 800, suggesting a tendency towards concentration that goes against the narrative of decentralization.

Korea's Crowded Stablecoin Field

Solana has had and will continue to have many institutional partners in Korea, including Toss.

A pilot initiative centered on stablecoin payments was launched in April by Shinhan Card and the Solana Foundation. Shinhan Card is the top credit card provider in the country.

Wavebridge and Solana have separately signed an MOU that will center on a won-pegged stablecoin developed for use by institutions. In conjunction with well-known Korean financial institutions, this project will introduce on-chain settlement and tokenized deposit features.

Currently, eight different commercial banks are undergoing regulatory examination as they develop a KRW stablecoin that is built on trust and backed by deposits.

A wholesale CBDC and tokenized-deposit trial is underway at the Bank of Korea, and 100,000 users are a part of it.

This project lays the groundwork for a compliant innovation in bank-grade stablecoin remittance products, rather than a strategy to take advantage of regulatory loopholes.

The tendency is toward more scrutiny, not less, and that framework is changing fast.

The Financial Intelligence Unit of South Korea pushed for the elimination of the worldwide minimum transaction threshold for the Travel Rule during the June 15–19 FATF plenary in Paris.

The Toss-Solana signing occurred around the same time as this endeavor, as they argued that the current limit of 1 million won (about $730) promotes "smurfing," the practice of dividing large transactions into smaller sums in order to avoid detection.

That threshold will be eliminated entirely on August 20, 2026, according to a change to the Enforcement Decree in Korea.

Furthermore, stablecoins used in international transactions would be classified as an official "means of payment" under the Foreign Exchange Transactions Act under the Digital Asset Basic Act, which is Korea's "Phase 2" framework.

It is expected to be implemented beginning in December 2026 and will provide a new registration system for cross-border virtual-asset transfer enterprises as well as mandate over 100% reserve backing.

Now is the time for a financial institution to position itself ahead of that deadline while still functioning inside a regulated and compliance environment.

Adjustments will be made to improve operations by a financial technology business that transitions later on, beyond its existing scope.

The Market's Verdict, So Far: Muted

As trading activity increased by single-digit percentages, SOL's price rose slightly to around $74 after the news.

It was already difficult to pin the shifts in risk assets that week on the Toss news alone when concomitant reports about U.S.-Iran peace talks began making headlines.

There is meaning in that muted reaction.

The market has grown accustomed to discounting collaborations announced at this level until concrete proof-of-concept data and regulatory permissions are revealed.

This trend has been seen before with Shinhan, Western Union’s Solana-based stablecoin attempts, and a slew of bank MOUs.

Until the end of June, the price of SOL ranged from $60 to $88.

A weekly closing below the $60-65 area might imply a probable collapse towards $30, according to analysts.

Even though the network has processed more than 100 billion transactions in its history, spot Solana ETFs have had net outflows as late as June 26.

Forming the crucial structural framework for the Toss agreement is the difference between rising on-chain use milestones and lacklustre ETF flows, as well as a price that is still around two-thirds below its all-time highs.

Among the many prominent institutional relationships that Solana is amassing are those with Toss, Shinhan, Western Union, and integrations with Visa-related commerce, as well as a staking ETF linked to Morgan Stanley.

Supporters of the changes are hoping that the network's risk premium would go down as a result.

Although it has improved, its dependability history is still not up to the long-term criteria that institutional risk teams are looking for, and it still has validator concentration and an unsolved securities-classification issue.

The Takeaway

Rather than being a finished solution, the Toss-Solana MOU shows a major path for the future of Korean banking infrastructure.

The biggest neobanks in Korea aren't sitting on their hands; instead, they're getting ready for the impending foreign-exchange revamp in December and the tightening of the Travel Rule in August.

Rethinking the best way for US allocators to model the company has been prompted by the incorporation of a blockchain framework into Viva Republica's IPO story.

This bodes well for Solana's institutional pipeline, which is large, strong, and growing; yet, until the proof-of-concept data passes compliance review and a working product is released, these agreements are only declarations of intent.

All eyes are on the memorandum of agreement. The results that matter the most will be disclosed in the second round of testing after Toss begins to connect its AML/KYC systems and partner networks.

NEW YORK--(BUSINESS WIRE)--Sprinklr (NYSE: CXM), the definitive, AI-native platform for Unified Customer Experience Management (Unified-CXM), today announced that Thomas Addis will join Sprinklr as its Chief Revenue Officer, effective immediately, reporting to Sprinklr President and CEO, Rory Read.

“What stands out to me about Sprinklr is the combination of a powerful platform, a clear strategy, and a team that’s ready to execute,” Thomas Addis

Share “We are thrilled to welcome Thomas to the Sprinklr team. As we continue to evolve our go-to-market model and accelerate into our next phase of growth, execution and alignment matter more than ever,” said Rory Read, President and Chief Executive Officer of Sprinklr. “Thomas brings a proven track record of driving growth through customer engagement, an innovative, AI-forward approach, and a passion for building high-performing global teams with strong sales cultures – all of which are critical as we continue our transformation journey. I’m confident that he will help us further strengthen how we serve customers and operate as one team.”

Addis brings more than two decades of global go-to-market and revenue leadership experience across high-growth enterprise technology companies. Most recently, he served as President and Chief Revenue Officer at Bazaarvoice, where he led a large, global organization and helped nearly double company revenue through a scalable, AI-driven model. Prior to that, he was CEO of Kinetica, where he aligned product and go-to-market strategy to drive sustainable, profitable growth.

Earlier in his career, Addis served as Global Chief Revenue Officer at Box, where he helped to significantly scale revenue and build the company’s commercial foundation as a leader in intelligent content management. He also held leadership roles at Salesforce, joining prior to its IPO and contributing to its growth from $51 million to more than $2 billion in revenue.

“What stands out to me about Sprinklr is the combination of a powerful platform, a clear strategy, and a team that’s ready to execute,” said Addis. “Sprinklr is uniquely positioned to help enterprises deliver extraordinary customer experiences at scale, and I’m excited to work alongside this team to build a more aligned, execution-focused go-to-market approach that delivers meaningful results for our customers.”

Addis holds a Bachelor’s of Arts degree from the University of California, Los Angeles (UCLA).

About Sprinklr

Sprinklr is the definitive, AI-native platform for Unified Customer Experience Management (Unified-CXM), empowering brands to deliver extraordinary experiences at scale — across every customer touchpoint.

By combining human intelligence with the enhancements and insights of artificial intelligence, Sprinklr helps brands earn trust and loyalty through personalized, seamless, and efficient customer interactions. Sprinklr’s unified platform provides powerful solutions for every customer-facing team — spanning social media management, marketing, advertising, customer feedback, and omnichannel contact center management — enabling enterprises to unify data, break down silos, and act on real-time insights.

Today, 1,600+ enterprises — including Microsoft, P&G, Samsung, and 59% of the Fortune 100 — rely on Sprinklr to help them deliver consistent, trusted customer experiences worldwide.

Forward Looking Statements

This press release contains forward-looking information and statements within the meaning of the Private Securities Litigation Reform Act of 1995, including statements regarding the potential benefits of Thomas Addis joining Sprinklr as its Chief Revenue Officer. By their nature, forward-looking information and statements are subject to risks, uncertainties, and contingencies, including (i) the risk that the potential benefits of Mr. Addis’s joining Sprinklr are not realized and (ii) risks, uncertainties and contingencies that may apply to Sprinklr’s business. Additional risks and uncertainties that could cause actual outcomes and results to differ materially from those contemplated by the forward-looking statements are discussed in our Quarterly Report on Form 10-Q for the quarter ended April 30, 2026, filed with the Securities and Exchange Commission (the “SEC”) on June 4, 2026, under the caption “Risk Factors,” and in other filings that we make from time to time with the SEC. Sprinklr does not undertake to update any forward-looking statements or information, including those contained in this press release.

- Preferred equity investment led by Sixth Street and with participation from HealthCare Royalty, a business of KKR, with an initial conversion price of approximately $138 per share (more than 100% premium to Company’s 30-day VWAP)

- The financing significantly strengthens the Company’s balance sheet, enabling it to efficiently allocate capital across its highest return opportunities

- The financing comes at a pivotal moment for the Company, as Attruby® continues to grow into a multi-billion-dollar blockbuster drug, and as BridgeBio prepares for three additional potential blockbuster U.S. product launches over the next 12 months across BBP-418 for LGMD2I/R9, encaleret for ADH1, and infigratinib for achondroplasia

PALO ALTO, Calif., July 01, 2026 (GLOBE NEWSWIRE) -- BridgeBio Pharma, Inc. (Nasdaq: BBIO) (“BridgeBio” or the “Company”), a commercial-stage, multi-product biopharmaceutical company focused on developing medicines for genetic conditions, today announced that it has entered into an agreement with funds managed by Sixth Street (“Sixth Street”) and funds managed by HealthCare Royalty, a business of KKR (“HCRx” and, together with Sixth Street, the “Purchasers”) under which the Purchasers have invested up to $1 billion in newly issued convertible preferred equity of the Company.

The Series A Cumulative Convertible Participating Preferred Stock has the following principal terms:

7.00% initial dividend, payable in kind or in cash at the Company’s electionInitial conversion price of $137.79 per share (more than 100% premium to BridgeBio’s 30-day volume-weighted average price), increasing to $153.10 per share (more than 125% premium) from the fifth anniversaryPermanent equity with no scheduled maturity and no redemption at the holder’s optionBridgeBio may redeem the preferred stock for cash or, in certain circumstances, convert it into common stock, in each case on the terms set forth in the definitive agreements Sixth Street funded $800M as the lead investor, and HealthCare Royalty funded $133.9M at today’s close of the preferred equity investment.

“We are privileged to be partnering with Sixth Street and HealthCare Royalty at this pivotal time in BridgeBio’s trajectory. This financing represents the best of our dual mission – 1) to put patients first and ensure that we have the resources to do so, and 2) that we execute those responsibilities in a manner that maximizes the economic value of our Firm. Access to this type and quantum of capital ensures we can deliver on the promise of our launching medicines and beyond,” said Neil Kumar, Ph.D., Co-Founder and CEO of BridgeBio.

“Sixth Street is proud to support BridgeBio’s mission of bringing meaningful medicines to patients during this exciting stage as the company is on the cusp of potential approval and launch of three important new therapies,” said Jeff Pootoolal, Partner at Sixth Street. “Providing flexible capital at scale to leading developers of transformative medicines is central to what we do, and we look forward to a long and productive partnership with the BridgeBio team."

“The BridgeBio management team has a proven track record in launching and developing life-changing therapies, and we are pleased to partner with them on this transaction,” said Clarke Futch, Chairman and CEO of HealthCare Royalty. “This capital support reaffirms our belief in the company’s growth and ability to bring to market multiple products that serve high unmet medical needs.”

Latham & Watkins LLP served as legal advisor to BridgeBio. Evercore served as financial advisor and Sullivan & Cromwell LLP and Mintz LLP served as legal advisors to Sixth Street. Gibson, Dunn & Crutcher LLP served as legal advisor to HealthCare Royalty.

Additional details about the transaction and the related definitive agreements will be included in a Current Report on Form 8-K to be filed by the Company.

About BridgeBio Pharma, Inc.
BridgeBio Pharma, Inc. (BridgeBio; Nasdaq: BBIO) exists to develop transformative medicines for genetic conditions. Millions of people worldwide living with genetic conditions lack treatment options, often because drug development for small patient populations can be commercially challenging. We aim to bridge the gap between advancements in genetic science and meaningful medicines for underserved patient populations. Our decentralized, hub-and-spoke model is designed for speed, precision, and scalability. Autonomous and empowered teams focus on individual conditions, while a central hub provides the clinical, regulatory, and commercial capabilities needed to bring innovation to market. For more information visit bridgebio.com and follow us on LinkedIn, X, Facebook, Instagram, and YouTube.

About Sixth Street
Sixth Street is a global investment firm with over $130 billion in assets under management and committed capital. Sixth Street uses its long-term flexible capital, data-enabled capabilities, and One Team culture to develop themes and offer solutions to companies across all stages of growth. Sixth Street Healthcare and Life Sciences invests thematically throughout the healthcare ecosystem, providing flexible capital solutions to companies addressing our most pressing healthcare challenges and improving patient outcomes. Investments in the sector include Apellis Pharmaceuticals, Arrowhead Pharmaceuticals, Arsenal Biosciences, Beam Therapeutics, Biohaven, Blueprint Medicines, Caris Life Sciences, Chroma Medicine, ConcertAI, Datavant, Essential Pharma, Immunogen, Ironwood, Mammoth Biosciences, Paratek Pharmaceuticals, and Velocity Clinical Research, among many others. Founded in 2009, Sixth Street has more than 750 team members including approximately 300 investment professionals around the world. For more information, visit https://www.sixthstreet.com/, or follow Sixth Street on LinkedIn.

About HealthCare Royalty
HealthCare Royalty (“HCRx”) is a leading royalty acquisition company founded in 2006 that is majority owned by KKR & Co. Inc. (NYSE: KKR). Over two decades, the HCRx team has developed a strong track record of investing in commercial-stage and near-commercial-stage biopharmaceutical assets, committing $7+ billion in over 110 biopharmaceutical products. With offices in New York, Stamford, San Francisco, Boston, London and Miami, HCRx continues to advance biopharmaceutical innovation by providing innovative capital solutions to counterparties. For more information, visit https://www.hcrx.com. HEALTHCARE ROYALTY®, HEALTHCARE ROYALTY PARTNERS® and HCRx® are registered trademarks of HealthCare Royalty Management, LLC

BridgeBio Pharma, Inc. Forward-Looking Statements
This press release contains forward-looking statements. Statements in this press release may include statements that are not historical facts and are considered forward-looking within the meaning of Section 27A of the Securities Act of 1933, as amended (the Securities Act), and Section 21E of the Securities Exchange Act of 1934, as amended (the Exchange Act), which are usually identified by the use of words such as “anticipates,” “believes,” “continues,” “estimates,” “expects,” “hopes,” “intends,” “may,” “plans,” “projects,” “remains,” “seeks,” “should,” “will,” and variations of such words or similar expressions. BridgeBio intends these forward-looking statements to be covered by the safe harbor provisions for forward-looking statements contained in Section 27A of the Securities Act and Section 21E of the Exchange Act. These forward-looking statements include express and implied statements relating to the Company’s expectations regarding its anticipated growth and expected product launches and intentions for investing in indication expansions. Such statements reflect the Company’s current views about the Company’s plans, intentions, expectations and strategies, which are based on the information currently available to it and on assumptions the Company has made. Although the Company believes that its plans, intentions, expectations and strategies as reflected in or suggested by those forward-looking statements are reasonable, the Company can give no assurance that the plans, intentions, expectations or strategies will be attained or achieved. Furthermore, actual results may differ materially from those described in the forward-looking statements and will be affected by a number of risks, uncertainties and assumptions, including, but not limited to, initial and ongoing data from the Company’s clinical trials not being indicative of final data, the design and success of ongoing and planned clinical trials, future regulatory filings, approvals and/or sales, despite having ongoing and future interactions with the FDA or other regulatory agencies to discuss potential paths to registration for the Company’s product candidates, the FDA or such other regulatory agencies not agreeing with the Company’s regulatory approval strategies, components of the Company’s filings, such as clinical trial designs, conduct and methodologies, or the sufficiency of data submitted, the impacts of current macroeconomic and geopolitical events, including changing conditions from hostilities in Ukraine and in Israel and the Gaza Strip, increasing rates of inflation and changing interest rates, on business operations and expectations, as well as those risks set forth in the Risk Factors section of the Company’s most recent Annual Report on Form 10-K and the Company’s other filings with the U.S. Securities and Exchange Commission. Moreover, the Company operates in a very competitive and rapidly changing environment in which new risks emerge from time to time. These forward-looking statements are based upon the current expectations and beliefs of the Company’s management as of the date of this press release, and are subject to certain risks and uncertainties that could cause actual results to differ materially from those described in the forward-looking statements. Except as required by applicable law, BridgeBio assumes no obligation to update publicly any forward-looking statements, whether as a result of new information, future events or otherwise.

Enhanced Flexibility with Revolving Line of Credit Increasing from $900 Million to $1.5 Billion July 01, 2026 07:30 ET  | Source: FTI Consulting, Inc.

WASHINGTON, July 01, 2026 (GLOBE NEWSWIRE) -- FTI Consulting, Inc. (NYSE: FCN) today announced that it entered into the third amendment and restatement of its senior unsecured credit facility (the “Third A&R Credit Agreement”), increasing the total available revolving credit facility and extending the maturity, while enhancing overall financial flexibility with improved pricing. The Third A&R Credit Agreement increases the revolving line of credit from $900.0 million to $1.5 billion and extends the maturity date from November 21, 2027, to June 30, 2031. Following the upgrade of FTI Consulting’s credit rating by S&P Global to investment grade in October 2024, the Third A&R Credit Agreement provides more favorable ratings-based pricing terms, and also includes more favorable restricted payment, debt and certain other restrictive covenants, taken as a whole (while also removing certain other restrictive covenants in their entirety) to provide the Company with more financial flexibility than under its previous credit agreement. BofA Securities, Inc., JPMorgan Chase Bank, N.A., HSBC Securities (USA) Inc., PNC Capital Markets LLC and TD Bank N.A. acted as joint lead arrangers and joint book managers. Borrowings under the Third A&R Credit Agreement may be used to finance working capital and for capital expenditures, other general corporate purposes, certain repayments, redemptions and repurchases of indebtedness, and permitted acquisitions and other investments.

Angela Nam, Chief Financial Officer of FTI Consulting, commented, “On behalf of FTI Consulting, I would like to express my appreciation to our existing lenders and new participants for their confidence in FTI Consulting. The increased size, extended maturity and improved pricing strengthen our financial position and provide meaningful flexibility as we remain focused on disciplined capital allocation and delivering long-term value for shareholders.”

About FTI Consulting

FTI Consulting, Inc. is a leading global expert firm for organizations facing crisis and transformation, with more than 8,100 employees located in 32 countries and territories as of March 31, 2026. In certain jurisdictions, FTI Consulting’s services are provided through distinct legal entities that are separately capitalized and independently managed. The Company generated $3.8 billion in revenues during fiscal year 2025. More information can be found at www.fticonsulting.com.

Safe Harbor Statement

This press release includes “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. All statements other than statements of historical fact, including among other things, statements about plans for common stock repurchases, are forward-looking statements. When used in this release, words such as “estimates,” “expects,” “anticipates,” “projects,” “plans,” “intends,” “believes,” “forecasts,” “may” and variations of such words or similar expressions are intended to identify forward-looking statements. All forward-looking statements are based upon FTI Consulting’s expectations at the time it makes them and various assumptions. FTI Consulting’s expectations, beliefs and projections are expressed in good faith, and it believes there is a reasonable basis for them. However, there can be no assurance that management’s plans, expectations or forecasts will be achieved. Factors that could cause changes to FTI Consulting’s plans, expectations or forecasts include risks described under the heading “Item 1A Risk Factors” in FTI Consulting’s Form 10-K for the year ended December 31, 2025 filed with the SEC on February 26, 2026, and in FTI Consulting’s other filings with the SEC. FTI Consulting is under no duty to update any of the forward-looking statements to conform such statements to actual results or events and does not intend to do so.

FTI Consulting, Inc.
555 12th Street NW
Washington, DC
20004
+1.202.312.9100

https://www.fticonsulting.com Contact Data Investor & Media Contact: Mollie Hawkes +1.617.747.1791

Restaurant Brands International Today

QSR

Restaurant Brands International

$72.45 -0.80 (-1.09%)

As of 06/30/2026 03:59 PM Eastern

This is a fair market value price provided by Massive. Learn more.

52-Week Range$61.33▼

$81.96Dividend Yield3.59%

P/E Ratio25.51

Price Target$83.54

Investors could be forgiven if they thought Restaurant Brands International NYSE: QSR was just another holding company for aging fast-food brands.

That has changed. The numbers from the first quarter of 2026 paint a picture that the market appears to have only partially absorbed. Revenue and income are up. Systemwide sales are on the rise. Investment firms are buying into the company. And the company’s push for modernization and expansion is accelerating.

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Whether investors see similar results when the second quarter figures are released remains to be seen. But investors should be paying attention as the company’s plans are being aggressively rolled out.

Restaurant Brands Is Seeing New MomentumRestaurant Brands, with 33,000 restaurants in more than 125 markets, was assembled over the past dozen years through a series of mergers. Today, it includes Burger King, Tim Hortons, Popeyes, and Firehouse Subs.

The business runs almost entirely on franchising, which means the company collects royalties and licensing fees rather than cooking hamburgers itself. The benefit is that earnings are structurally protected from the daily volatility of food costs and labor markets. Instead, the model produces steadier, high-margin cash flows that have long supported a generous dividend.

Burger King Turnaround Is Gaining TractionA significant turning point came in 2022, when management launched a program called Reclaim the Flame, a multi-year effort to rescue Burger King in the United States. The brand had been languishing in its fight with McDonald's NYSE: MCD and Wendy's NASDAQ: WEN. Franchisees were struggling, and the marketing had gone stale.

With plans to invest up to $700 million through 2028, the Reclaim the Flame program was aimed at increasing sales and helping franchisee profitability with improved advertising and digital investments. Part of that initiative, targeting remodels, technology, and kitchen equipment, has already seen $189 million of the $550 million funded. Marketing campaigns, such as the recent early tie-in with the Star Wars film "The Mandalorian and Grogu," have also taken hold.

Sales Growth Signals Real ProgressThe results are encouraging. In the first quarter of 2026, Burger King U.S. delivered comparable sales growth of 5.8%, a swing of nearly seven percentage points from a 1.1% decline in the same quarter a year earlier.

Systemwide sales at the 7,000 restaurants grew 5.5%, and segment adjusted operating income reached $115 million, up from $103 million a year prior. While notable for any restaurant brand. For Burger King, they represent a fundamental shift in the business.

The company’s international segment also enjoyed a significant increase. Its 16,400 restaurants reported a 5.7% increase in comparable sales during the quarter compared with a year earlier, more than twice the pace of growth in the year-ago period.

Strong Financial Results Support ExpansionThe broader portfolio reflects a similar momentum. While the restaurant chains collected $11.5 billion from sales in the first quarter, up $1 billion from a year ago, not all of that flows to the parent company.

Total corporate revenue for the first quarter rose above analysts’ expectations to $2.26 billion from $2.11 billion a year earlier. Adjusted diluted earnings per share increased to 86 cents from 75 cents, also beating what analysts expected. Adjusted operating income climbed to $610 million from $539 million. GAAP net income from continuing operations doubled to $445 million.

Consolidated systemwide sales growth reached 6.2%, supported by 5.7% comparable sales growth in the international segment, which spans markets from Europe to Latin America to Southeast Asia. Under current plans, it also represents the company's most significant long-term expansion opportunity.

With plans to be 99% franchised by 2028, the company has said it plans to add 1,800 new units per year through that date, with a particular focus on the expansion of Burger King China.

Analysts See More Upside AheadOverall MarketRank™86th Percentile

Analyst RatingModerate Buy

Upside/Downside15.3% Upside

Short Interest LevelBearish

Dividend StrengthStrong

News Sentiment0.84 Insider TradingN/A

Proj. Earnings Growth9.34%

See Full Analysis

The recent results have analysts mostly encouraged. Of the 25 analysts following the stock, they have a consensus rating of Moderate Buy, with 15 placing the company as a Buy, nine rating it a Hold, and one recommending Sell. The average 12-month target price is $83.54 per share, suggesting an approximately 15% upside.

Beyond the targeted appreciation, the company also has an attractive dividend yield, currently about 3.6% based on its quarterly payout of 65 cents per share.

Management also announced that it bought back $34 million of company stock in the first quarter, with an additional $26 million purchased in April, leaving $940 million remaining under the board's broader authorization.

Risks Still Deserve Investor AttentionDespite the positive numbers and trajectory, the risks for Restaurant Brands remain. While the highest analyst target price is $92 per share, the lowest is $60, signaling clearly that some doubts remain.

Tim Hortons, the Canadian coffee-and-breakfast chain that accounts for approximately 38% of the company's operating profits, saw comparable sales grow only 1.5% in the first quarter. Popeyes, which has over 3,500 outlets, had a difficult first quarter with comparable sales in the United States falling 6.5%, and adjusted operating income slipping to $57 million from $60 million.

The broader consumer discretionary sector is also prone to sudden changes. Rising costs, consumer preferences, tariffs, and franchisee financial health are all active concerns.

A Promising Story Still Needs ConfirmationFor investors, the momentum is attractive, but the strategy rollout is not yet complete. Investors wanting a cleaner story might find more comfort in waiting and letting the next quarter or two confirm the trajectory.

Either way, this is not a situation that will likely announce itself loudly. The company is not a startup with a revolutionary new product. It is a franchise operator with four well-known brands, a disciplined management team, and a key brand turnaround that is quietly producing.

Should You Invest $1,000 in Restaurant Brands International Right Now?Before you consider Restaurant Brands International, you'll want to hear this.

MarketBeat keeps track of Wall Street's top-rated and best performing research analysts and the stocks they recommend to their clients on a daily basis. MarketBeat has identified the five stocks that top analysts are quietly whispering to their clients to buy now before the broader market catches on... and Restaurant Brands International wasn't on the list.

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HAMILTON, Bermuda and LONDON, July 01, 2026 (GLOBE NEWSWIRE) -- Marex Group Limited (NASDAQ: MRX), the diversified global financial services platform, today announced the completion of its redomiciliation to Bermuda from England and Wales, which took effect from 08:41am London time on July 1, 2026.

This follows shareholders voting in favor of the redomiciliation at the shareholder meetings held on May 21, 2026, receipt of global regulatory approvals and, lastly, the sanction of the scheme of arrangement implementing the redomicile by the English High Court on June 26, 2026.

Ian Lowitt, Marex Chief Executive Officer, commented: “We’re very pleased to have completed the redomiciliation to Bermuda. Our corporate structure and regulatory framework had become complex due to our significant growth in recent years, including through acquisitions. This move is expected to rationalize our corporate structure and regulatory framework, deliver cost savings and efficiencies and brings us under the US style corporate law of Bermuda, which aligns with our listing on Nasdaq.”

Forward-looking statements:

This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. All statements contained in this press release that do not relate to matters of historical fact should be considered forward-looking statements, including statements regarding the expected benefits from the redomiciliation. In some cases, these forward-looking statements can be identified by words or phrases such as “may,” “will,” “expect,” “anticipate,” “aim,” “estimate,” “intend,” “plan,” “believe,” “potential,” “continue,” “would,” “is/are likely to” or other similar expressions.

These forward-looking statements are subject to risks, uncertainties and assumptions, some of which are beyond our control. In addition, these forward-looking statements reflect our current views with respect to future events and are not a guarantee of future performance. Actual outcomes may differ materially from the information contained in the forward-looking statements as a result of a number of factors, including, without limitation, the risks discussed under the caption “Risk Factors” in our Annual Report on Form 20-F for the year-ended December 31, 2025, filed with the Securities and Exchange Commission (the “SEC”) and our other reports filed with the SEC. The forward-looking statements made in this press release relate only to events or information as of the date on which the statements are made in this press release. Except as required by 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. In addition, statements that "we believe" and similar statements reflect our beliefs and opinions on the relevant subject. These statements are based upon information available to us as of the date of this press release, and while we believe such information forms a reasonable basis for such statements, such information may be limited or incomplete, and our statements should not be read to indicate that we have conducted an exhaustive inquiry into, or review of, all potentially available relevant information. These statements are inherently uncertain, and investors are cautioned not to unduly rely upon these statements.

About Marex:

Marex Group plc (NASDAQ:MRX) provides market access, infrastructure services and essential liquidity to clients across global commodity and financial markets. The Group provides comprehensive breadth and depth of coverage across four services: Clearing, Agency and Execution, Market Making and Hedging and Investment Solutions. It has a leading franchise in many major metals, energy and agricultural products, with access to more than 60 exchanges. Marex has over 3,400 active clients, including some of the largest commodity producers, consumers and traders, banks, hedge funds and asset managers. With more than 50 offices worldwide, the Group has over 3000 employees across Europe, Asia and the Americas. For more information visit www.marex.com.

Enquiries please contact:
Marex: Nicola Ratchford / Adam Strachan
+44 778 654 8889 / +1 914 200 2508
[email protected] / [email protected]

FTI Consulting US / UK
+1 716 525 7239 / +44 7976870961
[email protected]

Shutterstock SSTK shares plunged more than 30% in premarket trading on Wednesday after Getty Images abandoned its planned $3.7 billion merger with the company, ending a deal that was expected to create one of the world's largest licensed visual content providers.

Getty Images shares were also lower, falling more than 5% in premarket trading following the announcement.

The companies said the merger was terminated after Britain's Competition and Markets Authority (CMA) required Shutterstock to divest its editorial business as a condition for approving the transaction.

Getty and Shutterstock first announced the all-stock merger in January last year, positioning the combination as a way to strengthen their businesses amid rapid changes brought about by generative artificial intelligence.

The CMA granted conditional approval in May but required Shutterstock to sell its editorial division after concluding that the combined company would reduce competition in supplying editorial images to UK media organizations.

The regulator said Shutterstock was one of the few meaningful competitors to Getty in the editorial content market and warned that the merger could reduce customer choice and ultimately lead to higher prices.

Getty said in a regulatory filing on Tuesday that it would officially terminate the merger after the extended July 6 deadline.

The company also said it plans to redeem its 10.5% senior secured notes due in 2030 and retain a financial adviser to evaluate strategic financing alternatives.

Getty, which competes with Reuters and The Associated Press in supplying editorial photographs and videos, said its board would also explore broader financing options.

The merger had been pitched as a way to generate annual operating and capital expense savings of between $150 million and $200 million while strengthening the companies' ability to compete with technology firms developing AI-powered image generation tools.

The combined company was expected to have greater scale to respond to rapid changes in the visual content industry as artificial intelligence increasingly transforms how images are created.

However, analysts questioned whether the merger would have been enough to offset the structural challenges facing the sector.

"We are not convinced that scale would have done more than stave off competitive pressures for a little while longer, but without the scale that the merger would bring, the outlook for each looks even more difficult," said Luke Stillman, managing director at trend advisory firm Madison and Wall.

Both companies have faced growing competition from AI image generators that allow users to create visual content more cheaply and quickly than purchasing licensed images.

The failed merger comes at a difficult time for Shutterstock.

In April, the company missed Wall Street's first-quarter revenue expectations after sales fell 17.9% year over year to $199.2 million, reflecting weaker new customer acquisition.

Investor sentiment had improved earlier this month after Getty announced a display agreement with OpenAI, allowing Getty Images' content to be displayed within ChatGPT to enhance visual responses.

The partnership lifted Shutterstock shares by around 20% on expectations that closer ties between Getty and OpenAI could ultimately benefit the planned merger.

Shutterstock shares tumble after Getty Images abandons its $3.7 billion merger following UK antitrust demands to divest Shutterstock's editorial business.

The Google logo is pictured at the entrance to the Google offices in London, Britain January 18, 2019. REUTERS/Hannah McKay/File Photo/File Photo Purchase Licensing Rights, opens new tab

SummaryCompaniestheSTOCKHOLM, July 1 (Reuters) - A Swedish ‌court said on Wednesday Alphabet's Google (GOOGL.O), opens new tab is to pay ​the equivalent of around ​14.3 billion Swedish crowns ($1.5 billion) ⁠in antitrust damages to ​Klarna's (KLAR.N), opens new tab price comparison company PriceRunner.

"PriceRunner ​is considered to have suffered damage as a result of ​Google having illegally favoured ​its price comparison service for many ‌years," ⁠the Stockholm Patent and Market Court said in a statement.

The Reuters Daily Briefing newsletter provides all the news you need to start your day. Sign up here.

PriceRunner in 2022 sued ​Google for ​around €2.1 ⁠billion ($2.4 billion) at the court, saying the ​company breached antitrust ​laws ⁠by manipulating search results in favour of its own ⁠comparison ​shopping services.

($1 = 9.7291 ​Swedish crowns)

($1 = 0.8775 euros)

Reporting by Anna ​Ringstrom, editing by Essi Lehto

Our Standards: The Thomson Reuters Trust Principles., opens new tab

Citigroup Inc. (NYSE:C) will release earnings for its second quarter before the opening bell on Tuesday, July 14.

Analysts expect the New York-based company to report quarterly earnings of $2.64 per share, up from $2.04 per share in the year-ago period. The consensus estimate for Citigroup’s quarterly revenue is $23.37 billion. It reported $21.67 billion last year, according to Benzinga Pro.

On June 4, Citigroup announced $2.75 billion redemption of 1.462% fixed rate/floating rate notes due 2027 and $400 million redemption of floating rate notes due 2027.

Shares of Citigroup fell 1.8% to close at $139.96 on Tuesday.

Benzinga readers can access the latest analyst ratings on the Analyst Stock Ratings page. Readers can sort by stock ticker, company name, analyst firm, rating change or other variables.

Let’s have a look at how Benzinga’s most-accurate analysts have rated the company in the recent period.

Considering buying C stock? Here’s what analysts think:

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Moderna Today

$70.03 +0.33 (+0.47%)

As of 06/30/2026 04:00 PM Eastern

52-Week Range$22.28▼

$73.28Price Target$37.13

Shares of Moderna NASDAQ: MRNA are behaving like it's 2020. The stock is up nearly 20% since the company’s Science Day event.

At that time, Moderna revealed its strategy for using mRNA to combat cancer and rare diseases. It’s a move beyond vaccines, and investors seem to like it.

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Looks, however, can be deceiving. Prior to the event, MRNA had short interest of over 16.5% which required over 10 days for short sellers to cover their positions.

The result? A classic short squeeze that has sent the stock to nearly double its consensus price target of around $37 as of June 30.

However, the price movement by itself isn’t disqualifying. The expansion of mRNA as a treatment for diseases is where the promise has always been. Therefore, investors are left with a decision ahead of its Q2 2026 earnings report, scheduled for July 30.

Why mRNA Still MattersThe promise of mRNA is that it changes how medicine gets made. Traditional drugs are manufactured in factories and injected into the body. mRNA medicines work differently. They deliver genetic instructions, and the body's own cells produce the protein needed to treat the disease.

That matters for two reasons. The same platform can be reprogrammed for different diseases by changing only the instructions. And that flexibility could make drug development faster and more efficient over time.

COVID-19 vaccines proved the platform works in infectious disease. The question Moderna is now trying to answer is whether the same approach can deliver meaningful results for cancer, autoimmune diseases, and rare diseases.

If the answer is yes, the platform becomes far more valuable than its vaccine franchise alone. That's the long-term story driving the recent move.

3 Horizons, 1 Long RunwayAt Science Day, Moderna organized its business into three "Horizons" that map how the platform scales over time.

Horizon 1 is Moderna’s commercial engine. It includes four approved vaccines (Spikevax, mRESVIA, mNEXSPIKE, and mCOMBRIAX), the investigational intismeran autogene cancer therapy, and a rare disease franchise led by a propionic acidemia treatment. This accounts for the bulk of the company’s current revenue.

Horizon 2 is the next wave. T-cell engagers targeting multiple myeloma and ovarian cancer, cancer antigen therapies for solid tumors and Lynch syndrome, and a multiple sclerosis therapeutic linked to the Epstein-Barr virus. Most are in Phase 1 or Phase 2 trials. The earliest meaningful readout is mRNA-1195 for multiple sclerosis, which is expected in the second half of 2026.

Horizon 3 is the long-term bet. The headline asset is mRNA-6007, an in vivo CAR-T therapy aimed at lupus. Moderna expects this to enter human trials by the end of 2027.

That’s a whole lot of potential. However, none of Horizon 2 or Horizon 3 will generate revenue until after 2028. Phase 1 and Phase 2 readouts are clinical milestones, not commercial ones. The path from trial to approval to launch takes years.

Why Caution Is WarrantedOn June 26, the day after Moderna’s Science Day event, Piper Sandler reiterated its Overweight rating on MRNA and raised its price target to $77 from $69. Even at the former price target, Piper Sandler was already one of the most bullish analysts.

It’s important to note, however, that the new price target doesn’t leave much upside for MRNA after its recent gains. Analysts may be holding off on issuing opinions until the company’s earnings report, especially since there won’t be any revenue or earnings from these new initiatives for several years.

That puts the entire burden on Horizon 1. The four approved vaccines, the intismeran Phase 3 program, and disciplined cash management have to fund the pipeline long enough for the platform story to pay off.

That’s why long-term investors who aren’t in the stock should wait for a better entry point. It’s also a reason for current shareholders to take some risk off the table.

Where the Squeeze Logically Gives BackThe most likely first pullback level is $60. It's a round-number psychological level and represents a healthy give-back of about half the move off the mid-June breakout. Pullbacks of that size are normal after a sharp rally; they are normal profit-taking and leave the bullish structure intact.  Anyone trimming into the squeeze would look to add back near this level.

The deeper, higher-conviction support is $55. That was the top of the April-to-June trading range, and the launch point of the Science Day breakout candle. Prior resistance becomes new support, and this is where the squeeze froth fully resets without breaking the thesis.

The line in the sand is $52, where the 50-day SMA sits at $51.83. A close below that level would mean the breakout has failed, and the stock has fallen back into the range it traded in before Science Day. At that point, the platform re-rate needs a fresh catalyst, such as the July 30 earnings report, to reassert itself.

Should You Invest $1,000 in Moderna Right Now?Before you consider Moderna, you'll want to hear this.

MarketBeat keeps track of Wall Street's top-rated and best performing research analysts and the stocks they recommend to their clients on a daily basis. MarketBeat has identified the five stocks that top analysts are quietly whispering to their clients to buy now before the broader market catches on... and Moderna wasn't on the list.

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MINNEAPOLIS--(BUSINESS WIRE)--General Mills, Inc. (NYSE: GIS) today reported results for its fourth quarter and fiscal year ended May 31, 2026. Fiscal 2026 was a 53-week year, with the extra week falling in the fourth quarter.

“We finished fiscal 2026 on a positive note, delivering fourth-quarter adjusted results that met our expectations while continuing to strengthen our foundation to position General Mills for long-term success,” said General Mills Chairman and Chief Executive Officer Jeff Harmening. “With our price investment work behind us, our focus in fiscal 2027 is to improve our topline growth by driving a step change in the remarkability of our brands. This includes a significant increase in innovation and renovation centered on the benefits that matter most to today’s consumers.

“At the same time, we are laser focused on increasing our efficiency to help offset elevated inflation, fund our growth investments, and generate stronger earnings and cash flow,” Harmening continued. “We’re targeting $3 billion in cumulative cost savings by fiscal 2030, primarily through our Holistic Margin Management productivity program and our global transformation initiative, with $750 million expected to be delivered in fiscal 2027.

“With plans to strengthen our remarkability and a sharp focus on efficiency and capital discipline, I’m confident we’re on the path to restoring profitable growth and driving shareholder value over the long term.”

Guided by its Accelerate strategy, General Mills is investing in its brands to restore profitable organic net sales growth, with initiatives that touch all elements of the company’s Remarkable Experience Framework: product, packaging, brand communication, omnichannel execution, and consumer value. With a stronger foundation of brand remarkability, General Mills believes it is better positioned to deliver stronger, more sustainable, and more profitable growth and value creation over the long term.

Fourth Quarter Results Summary

Net sales were up 1 percent to $4.6 billion, including a 7-point benefit from the 53rd week, a 1-point benefit from foreign currency exchange, and a 7-point headwind from the net impact of divestitures and acquisitions. Organic net sales were flat, including a 1-point benefit from favorable trade expense timing. Gross margin increased 240 basis points to 34.8 percent of net sales, driven by favorable net price realization and mix and favorable mark-to-market effects, partially offset by higher input costs. Adjusted gross margin increased 150 basis points to 34.2 percent of net sales, driven by favorable net price realization and mix, partially offset by higher input costs. Favorable trade expense timing was a 60-basis point benefit to adjusted gross margin in the quarter. Operating loss totaled $2.1 billion compared to operating profit of $504 million a year ago. The change in operating profit was due primarily to $1.8 billion in non-cash goodwill and brand intangible asset charges driven primarily by an increase in discount rates (please see Note 3 below for more information on these items) and a $1.0 billion non-cash pre-tax valuation loss related to the planned divestiture of the Brazil business (please see Note 2 below for more information on this item). Operating profit margin was (45.4) percent compared to 11.1 percent a year ago. Adjusted operating profit of $705 million was up 13 percent in constant currency, driven by higher adjusted gross profit dollars including a 7-point benefit from favorable trade expense timing. Adjusted operating profit margin increased 160 basis points to 15.3 percent. Net loss attributable to General Mills totaled $2.0 billion and diluted loss per share was $3.74 compared to net earnings of $294 million and diluted EPS of $0.53 last year, driven primarily by lower operating profit. Adjusted diluted EPS of $0.95 was up 27 percent in constant currency, driven primarily by higher adjusted operating profit, a lower adjusted effective tax rate, and lower net shares outstanding, partially offset by higher net interest expense. Full Year Results Summary

Net sales were down 5 percent to $18.4 billion, including a 6-point headwind from the net impact of divestitures and acquisitions, a 2-point benefit from the 53rd week, and a 1-point benefit from foreign currency exchange. Organic net sales were down 2 percent, due in part to weaker consumer sentiment and significant volatility that weighed on category volume growth and drove a higher share of consumer purchases on promotion. Gross margin was down 100 basis points to 33.6 percent of net sales and adjusted gross margin was down 100 basis points to 33.5 percent of net sales, both driven by higher input costs, partially offset by the favorable impact of net price realization and mix to gross margin, including the product mix benefit from the North American Yogurt divestitures. Operating profit of $886 million was down 73 percent, driven primarily by the goodwill and brand intangible asset charges, the valuation loss, and lower gross profit dollars in fiscal 2026, partially offset by a $1.0 billion gain on the yogurt divestitures (please see Note 2 for more information on this item). Operating profit margin was 4.8 percent compared to 17.0 percent a year ago. Adjusted operating profit of $2.8 billion was down 16 percent in constant currency, driven primarily by lower adjusted gross profit dollars. Adjusted operating profit margin was down 190 basis points to 15.3 percent. Net loss attributable to General Mills totaled $88 million and diluted loss per share was $0.16 compared to net earnings of $2.3 billion and diluted EPS of $4.10 a year ago, driven primarily by lower operating profit, a higher effective tax rate, and lower after-tax earnings from joint ventures, partially offset by lower net shares outstanding. Adjusted diluted EPS of $3.55 was down 16 percent in constant currency, driven primarily by lower adjusted operating profit. Operating Segment Results

The following items impacted the comparability of year-to-date financial results between fiscal 2025 and fiscal 2026: the divestiture of the U.S. Yogurt business in the first quarter of fiscal 2026, the 53rd week in the fourth quarter of fiscal 2026, the divestiture of the Canada Yogurt business in the third quarter of fiscal 2025, and the acquisition of the North American Whitebridge Pet Brands business in the third quarter of fiscal 2025. Tables may not foot due to rounding. Components of Fiscal 2026 Reported Net Sales Growth

Fourth Quarter

Volume

Price/Mix

Foreign

Exchange

Reported

Net Sales

North America Retail

(13) pts

9 pts

--

(4)%

North America Pet

1 pt

3 pts

--

4%

North America Foodservice

--

(1) pt

--

(1)%

International

8 pts

3 pts

5 pts

16%

Total

(4) pts

4 pts

1 pt

1%

Full Year

North America Retail

(16) pts

5 pts

--

(11)%

North America Pet

--

5 pts

--

6%

North America Foodservice

(4) pts

(2) pts

--

(6)%

International

3 pts

2 pts

4 pts

9%

Total

(8) pts

2 pts

1 pt

(5)%

  Components of Fiscal 2026 Organic Net Sales Growth

Fourth Quarter

Organic

Volume

Organic

Price/Mix

Organic

Net Sales

Foreign

Exchange

Acquisitions & Divestitures

53rd Week

Reported

Net Sales

North America Retail

(2) pts

2 pts

Flat

--

(10) pts

7 pts

(4)%

North America Pet

(6) pts

3 pts

(3)%

--

--

7 pts

4%

North America Foodservice

(2) pts

2 pts

Flat

--

(7) pts

6 pts

(1)%

International

1 pt

2 pts

3%

5 pts

--

8 pts

16%

Total

(2) pts

2 pts

Flat

1 pt

(7) pts

7 pts

1%

Full Year

North America Retail

(1) pt

(2) pts

(3)%

--

(9) pts

1 pt

(11)%

North America Pet

(5) pts

2 pts

(3)%

--

6 pts

2 pts

6%

North America Foodservice

(2) pts

1 pt

(1)%

--

(7) pts

2 pts

(6)%

International

2 pts

1 pt

3%

4 pts

--

2 pts

9%

Total

(1) pt

(1) pt

(2)%

1 pt

(6) pts

2 pts

(5)%

  Fiscal 2026 Segment Operating Profit Growth

Fourth Quarter

% Change

as Reported

% Change in

Constant Currency

North America Retail

7%

7%

North America Pet

14%

14%

North America Foodservice

22%

22%

International

81%

72%

Total

13%

13%

Full Year

North America Retail

(20)%

(20)%

North America Pet

Flat

Flat

North America Foodservice

(6)%

(6)%

International

96%

90%

Total

(13)%

(13)%

  North America Retail Segment
Fourth-quarter net sales for General Mills’ North America Retail segment were down 4 percent to $2.5 billion, including a 10-point headwind from divestitures and a 7-point benefit from the 53rd week. Organic net sales essentially matched year-ago results while Nielsen-measured retail sales were down 4 percent, with the gap driven by a previously expected 2-point benefit from trade expense timing as well as a benefit from changes in retailer inventory. Segment operating profit of $506 million increased 7 percent as reported and in constant currency, driven by favorable net price realization and mix and lower selling, general, and administrative (SG&A) expenses, partially offset by lower volume, including the impact of the U.S. yogurt divestiture, and higher input costs. Favorable trade expense timing was a 9-point benefit to operating profit growth in the quarter.

For the full year, North America Retail segment net sales were down 11 percent to $10.6 billion, including a 9-point headwind from divestitures and a 1-point benefit from the 53rd week. Organic net sales were down 3 percent. Increased consumer value, innovation, and product news drove strong pound competitiveness, with the segment holding or gaining pound share in 65 percent of its top 10 U.S. categories. Segment operating profit of $2.2 billion was down 20 percent as reported and in constant currency, due primarily to lower volume, including the impact of the yogurt divestitures, and higher input costs, partially offset by favorable net price realization and mix and lower SG&A expenses.

North America Pet Segment
Fourth-quarter net sales for the North America Pet segment were up 4 percent to $702 million, including a 7-point benefit from the 53rd week. Net sales were up double digits for cat food, up low-single digits for dog food, and down low-single digits for pet treats. Organic net sales were down 3 percent and all-channel retail sales were down approximately 1 percent, with the 2-point gap driven largely by changes in retailer inventory. Segment operating profit of $160 million was up 14 percent as reported and in constant currency, driven primarily by favorable net price realization and mix and lower input costs, partially offset by higher SG&A expenses, including a double-digit increase in media investment.

For the full year, North America Pet segment net sales were up 6 percent to $2.6 billion, including a 6-point benefit from the North American Whitebridge Pet Brands acquisition and a 2-point benefit from the 53rd week. Organic net sales were down 3 percent and lagged all-channel retail sales growth by approximately 4 points. The segment held dollar share in dog feeding and cat feeding, which represented approximately 80 percent of its retail sales. Segment operating profit of $499 million essentially matched year-ago levels, with higher input costs and higher SG&A expenses, including a double-digit increase in media investment, offset by favorable net price realization and mix and higher volume.

North America Foodservice Segment
Fourth-quarter net sales for the North America Foodservice segment were down 1 percent to $575 million, including a 7-point headwind from the U.S. yogurt divestiture and a 6-point benefit from the 53rd week. Organic net sales essentially matched year-ago results, including a 2-point headwind from index pricing on bakery flour. Segment operating profit increased 22 percent to $101 million, driven primarily by Holistic Margin Management (HMM) cost savings and favorable net price realization and mix, partially offset by input cost inflation.

For the full year, North America Foodservice net sales were down 6 percent to $2.2 billion, including a 7-point headwind from the yogurt divestitures and a 2-point benefit from the 53rd week. Organic net sales were down 1 percent, including a 2-point headwind from index pricing on bakery flour. The segment held or gained dollar share in nearly 90 percent of its priority businesses, driven by gains in healthcare, lodging, recreation, and college and university channels. Segment operating profit was down 6 percent to $333 million, driven by the impact of the yogurt divestitures.

International Segment
Fourth-quarter net sales for the International segment increased 16 percent to $858 million, including an 8-point benefit from the 53rd week and a 5-point benefit from foreign currency exchange. Organic net sales were up 3 percent, driven by growth in Brazil, Europe, India, and China. Segment operating profit of $61 million was up 81 percent as reported and up 72 percent in constant currency, driven by favorable net price realization and mix and higher volume, partially offset by higher input costs and higher SG&A expenses.

For the full year, International net sales were up 9 percent to $3.0 billion, including a 4-point benefit from foreign currency exchange and a 2-point benefit from the 53rd week. Organic net sales were up 3 percent. The segment held or gained dollar share in 45 percent of its priority businesses. Segment operating profit of $189 million was up 96 percent as reported and up 90 percent in constant currency, driven by favorable net price realization and mix and higher volume, partially offset by higher input costs and higher SG&A expenses.

Joint Venture Summary
Fourth-quarter constant-currency net sales were down 3 percent for Cereal Partners Worldwide (CPW) and up 12 percent for Häagen-Dazs Japan (HDJ). Combined after-tax loss from joint ventures totaled $18 million in the quarter, compared to a loss of $6 million in the prior year, driven primarily by the company’s share of losses related to the sale of certain assets at CPW. For the full year, after-tax loss from joint ventures totaled $76 million compared to earnings of $58 million a year ago, driven primarily by the company’s share of a non-cash goodwill impairment charge at CPW as well as losses related to the sale of certain assets at CPW.

Other Income Statement Items
Full-year unallocated corporate items totaled $402 million net expense in fiscal 2026 compared to $396 million net expense a year ago (please see Note 4 below for more information on these expenses). Excluding mark-to-market valuation effects and other items affecting comparability, unallocated corporate items totaled $398 million net expense this year compared to $331 million net expense a year ago.

Restructuring, transformation, impairment, and other exit costs totaled $3.0 billion of net expense in fiscal 2026 compared to $78 million of net expense a year ago (please see Note 3 below for more information on these charges).

Net interest expense totaled $539 million in fiscal 2026 compared to $524 million a year ago, driven primarily by the 53rd week. The effective tax rate was 102.2 percent in fiscal 2026 compared to 20.2 percent last year (please see Note 6 below for more information on our effective tax rate), driven primarily by the non-cash goodwill charge in fiscal 2026 that was not deductible for tax purposes. The adjusted effective tax rate was 21.1 percent compared to 20.6 percent a year ago, driven primarily by unfavorable earnings mix by jurisdiction in fiscal 2026, partially offset by certain non-recurring tax benefits in fiscal 2026.

Cash Flow Generation and Cash Returns
Cash provided by operating activities totaled $2.2 billion in fiscal 2026 compared to $2.9 billion a year ago, driven primarily by changes in accounts payable, other current assets, and other current liabilities. Capital investments totaled $540 million compared to $625 million a year ago. Full-year operating cash flow conversion was not meaningful as a percent of after-tax earnings and free cash flow conversion was 85 percent of adjusted after-tax earnings. Dividends paid decreased 2 percent to $1.3 billion, driven by lower average shares outstanding. The company’s share repurchase activity in fiscal 2026 totaled $500 million compared to $1.2 billion in share repurchases a year ago. Average diluted shares outstanding decreased 4 percent in fiscal 2026 to 538 million.

Targeting $3 Billion in Cost Savings by Fiscal 2030
In an effort to help address input cost inflation, fund growth investments, and deliver accelerated profit and cash flow growth, General Mills announced that it expects to generate $3 billion in cumulative cost savings in the four years through fiscal 2030. Roughly $2 billion of this target is expected to be generated through the company’s ongoing HMM productivity program, equating to annual savings of approximately 4 percent of cost of goods sold. The remaining $1 billion is expected to be generated by the company’s global transformation initiative and other cost efficiency efforts, including redesigning the supply chain network, further streamlining business processes, and driving improvement across other elements of its cost base. These efforts will create a more agile and efficient structure that is better fit for future growth. General Mills expects to generate at least $750 million in total savings in fiscal 2027 toward this $3 billion target.

Dividend Declared
The General Mills board of directors declared a quarterly dividend at the prevailing rate of $0.61 per share, payable August 3, 2026, to shareholders of record July 10, 2026. General Mills and its predecessor company have paid dividends without interruption for 127 years.

Fiscal 2027 Outlook
General Mills’ top priority is to restore profitable organic net sales growth over the long term by improving the remarkability of its brands. For fiscal 2027, the company expects category growth to be consistent with recent trends and below its long-term historical growth rate, driven by a continued challenging consumer backdrop. With its base price investment actions completed in fiscal 2026, the company expects to shift its focus in fiscal 2027 to product innovation and renovation news centered on the benefits that matter most to today’s consumers, including better-for-you benefits like protein and fiber, bold flavors, fun and indulgence, and pet humanization. This approach is expected to further strengthen brand remarkability and drive improved organic net sales performance in fiscal 2027.

On the bottom line, General Mills expects to generate at least $750 million in savings from HMM, its global transformation initiative, and other cost savings actions in fiscal 2027, which are expected to offset input cost inflation and sustained investments in brand remarkability. In addition to those factors, the company expects headwinds of approximately 9 points on operating profit and 11 points on EPS in fiscal 2027 from lapping the 53rd week in fiscal 2026, normalizing corporate incentive expense, and the impact of fiscal 2026 divestitures.

Based on the above assumptions, General Mills outlined its full-year financial targets² for fiscal 2027:

Organic net sales are expected to range between down 1.5 percent and up 0.5 percent. Adjusted operating profit is expected to be down 13 percent to down 8 percent in constant currency from the base of $2.8 billion reported in fiscal 2026. Adjusted diluted earnings are expected to be between $3.00 and $3.20 per share, including an immaterial impact from foreign currency exchange. Free cash flow conversion is expected to be approximately 95 percent of adjusted after-tax earnings. The net impact of divestitures, foreign currency exchange, and the 53rd week is expected to reduce full-year reported net sales growth by approximately 2 percent. Foreign currency exchange is not expected to have a material impact on adjusted operating profit growth. 2 Financial targets are provided on a non-GAAP basis because certain information necessary to calculate comparable GAAP measures is not available. Please see Note 7 to the Consolidated Financial Statements below for discussion of the unavailable information.

General Mills will issue pre-recorded management remarks today, July 1, 2026, at approximately 6:30 a.m. Central time (7:30 a.m. Eastern time) and will hold a live, webcasted question and answer session beginning at 8:00 a.m. Central time (9:00 a.m. Eastern time). The pre-recorded remarks and the webcast will be made available at www.generalmills.com/investors.

This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 that are based on our current expectations and assumptions. These forward-looking statements, including the statements under the captions “Targeting $3 Billion in Cost Savings by Fiscal 2030” and “Fiscal 2027 Outlook,” and statements made by Mr. Harmening, are subject to certain risks and uncertainties that could cause actual results to differ materially from the potential results discussed in the forward-looking statements. In particular, our predictions about future net sales, earnings, and cost savings could be affected by a variety of factors, including: imposed and threatened tariffs by the United States and its trading partners; disruptions or inefficiencies in the supply chain; competitive dynamics in the consumer foods industry and the markets for our products, including new product introductions, advertising activities, pricing actions, and promotional activities of our competitors; economic conditions, including changes in inflation rates, interest rates, tax rates, tariffs, or the availability of capital; product development and innovation; consumer acceptance of new products and product improvements; consumer reaction to pricing actions and changes in promotion levels; acquisitions or dispositions of businesses or assets; changes in capital structure; changes in the legal and regulatory environment, including tax legislation, labeling and advertising regulations, and litigation; impairments in the carrying value of goodwill, other intangible assets, or other long-lived assets, or changes in the useful lives of other intangible assets; changes in accounting standards and the impact of critical accounting estimates; product quality and safety issues, including recalls and product liability; changes in consumer demand for our products; effectiveness of advertising, marketing, and promotional programs; changes in consumer behavior, trends, and preferences, including weight loss trends; consumer perception of health-related issues, including obesity; consolidation in the retail environment; changes in purchasing and inventory levels of significant customers; fluctuations in the cost and availability of supply chain resources, including raw materials, packaging, energy, and transportation; effectiveness of restructuring, transformation and cost saving initiatives; volatility in the market value of derivatives used to manage price risk for certain commodities; benefit plan expenses due to changes in plan asset values and discount rates used to determine plan liabilities; failure or breach of our information technology systems; foreign economic conditions, including currency rate fluctuations; and political unrest in foreign markets and economic uncertainty due to terrorism or war. The Company undertakes no obligation to publicly revise any forward-looking statement to reflect any future events or circumstances.

# # #

      Consolidated Statements of (Loss) Earnings and Supplementary Information
GENERAL MILLS, INC. AND SUBSIDIARIES
(In Millions, Except per Share Data) 

  Fiscal Year

2026

% Change

2025

% Change

2024

(Unaudited)

Net sales

$

18,424.6

(5

)

%

$

19,486.6

(2

)

%

$

19,857.2

Cost of sales

12,228.9

(4

)

%

12,753.6

(1

)

%

12,925.1

Selling, general, and administrative expenses

3,388.5

(2

)

%

3,445.8

6

%

3,259.0

Divestitures gain, net

(1,049.4

)

NM

(95.9

)

NM

—

Restructuring, transformation, impairment, and other exit costs

2,970.8

NM

78.3

(68

)

%

241.4

Operating profit

885.8

(73

)

%

3,304.8

(4

)

%

3,431.7

Benefit plan non-service income

(58.3

)

7

%

(54.4

)

(28

)

%

(75.8

)

Interest, net

538.6

3

%

524.2

9

%

479.2

Earnings before income taxes and after-tax (loss) earnings from joint ventures

405.5

(86

)

%

2,835.0

(6

)

%

3,028.3

Income taxes

414.3

(28

)

%

573.7

(3

)

%

594.5

After-tax (loss) earnings from joint ventures

(76.5

)

NM

57.6

(32

)

%

84.8

Net (loss) earnings, including earnings attributable to noncontrolling interests

(85.3

)

(104

)

%

2,318.9

(8

)

%

2,518.6

Net earnings attributable to noncontrolling interests

2.3

(90

)

%

23.7

8

%

22.0

Net (loss) earnings attributable to General Mills

$

(87.6

)

(104

)

%

$

2,295.2

(8

)

%

$

2,496.6

(Loss) earnings per share — basic

$

(0.16

)

(104

)

%

$

4.12

(5

)

%

$

4.34

(Loss) earnings per share — diluted

$

(0.16

)

(104

)

%

$

4.10

(5

)

%

$

4.31

Dividends per share

$

2.44

2

%

$

2.40

2

%

$

2.36

Fiscal Year

Comparisons as a % of net sales

2026

Basis Pt

Change

2025

Basis Pt

Change

2024

Gross margin

33.6

%

(100

)

34.6

%

(30

)

34.9

%

Selling, general, and administrative expenses

18.4

%

70

17.7

%

130

16.4

%

Operating profit

4.8

%

(1,220

)

17.0

%

(30

)

17.3

%

Net (loss) earnings attributable to General Mills

(0.5

)%

(1,230

)

11.8

%

(80

)

12.6

%

Fiscal Year

Adjusted comparisons as a % of net sales (a):

2026

Basis Pt

Change

2025

Basis Pt

Change

2024

Adjusted gross margin

33.5

%

(100

)

34.5

%

(30

)

34.8

%

Adjusted operating profit

15.3

%

(190

)

17.2

%

(90

)

18.1

%

Adjusted net earnings attributable to General Mills

10.4

%

(160

)

12.0

%

(120

)

13.2

%

  (a) See Note 7 for a reconciliation of these measures not defined by generally accepted accounting principles (GAAP). 

  See accompanying notes to consolidated financial statements. 

        Consolidated Statements of (Loss) Earnings and Supplementary Information
GENERAL MILLS, INC. AND SUBSIDIARIES
(Unaudited) (In Millions, Except per Share Data) 

  Quarter Ended

May 31,

2026

May 25,

2025

% Change

Net sales

$

4,609.6

$

4,556.2

1

%

Cost of sales

3,006.1

3,082.2

(2

)

%

Selling, general, and administrative expenses

888.1

894.3

(1

)

%

Restructuring, transformation, impairment, and other exit costs

2,808.0

75.7

NM

Operating (loss) profit

(2,092.6

)

504.0

NM

Benefit plan non-service income

(12.2

)

(12.8

)

(5

)

%

Interest, net

151.5

139.7

8

%

(Loss) earnings before income taxes and after-tax loss from joint ventures

(2,231.9

)

377.1

NM

Income taxes

(240.4

)

69.1

NM

After-tax loss from joint ventures

(17.6

)

(6.0

)

193

%

Net (loss) earnings, including earnings attributable to noncontrolling interests

(2,009.1

)

302.0

NM

Net (loss) earnings attributable to noncontrolling interests

(1.2

)

8.0

(115

)

%

Net (loss) earnings attributable to General Mills

$

(2,007.9

)

$

294.0

NM

(Loss) earnings per share – basic

$

(3.74

)

$

0.53

NM

(Loss) earnings per share – diluted

$

(3.74

)

$

0.53

NM

Quarter Ended

Comparisons as a % of net sales

May 31,

2026

May 25,

2025

Basis Pt

Change

Gross margin

34.8

%

32.4

%

240

Selling, general, and administrative expenses

19.3

%

19.6

%

(30

)

Operating (loss) profit

NM

11.1

%

NM

Net (loss) earnings attributable to General Mills

NM

6.5

%

NM

Quarter Ended

Adjusted comparisons as a % of net sales (a):

May 31,

2026

May 25,

2025

Basis Pt

Change

Adjusted gross margin

34.2

%

32.7

%

150

Adjusted operating profit

15.3

%

13.7

%

160

Adjusted net earnings attributable to General Mills

11.0

%

8.8

%

220

  (a) See Note 7 for a reconciliation of these measures not defined by generally accepted accounting principles (GAAP). 

  See accompanying notes to consolidated financial statements. 

        Operating Segment Results and Supplementary Information
GENERAL MILLS, INC. AND SUBSIDIARIES
(In Millions) 

  Fiscal Year

2026

% Change

2025

% Change

2024

(Unaudited)

Net sales:

North America Retail

$

10,571.8

(11

)

%

$

11,907.0

(5

)

%

$

12,473.4

International

3,043.8

9

%

2,797.8

2

%

2,746.5

North America Pet

2,613.3

6

%

2,470.8

4

%

2,375.8

North America Foodservice

2,169.5

(6

)

%

2,300.9

2

%

2,258.7

Total segment net sales

$

18,398.4

(6

)

%

$

19,476.5

(2

)

%

$

19,854.4

Corporate and other

26.2

159

%

10.1

NM

2.8

Total net sales

$

18,424.6

(5

)

%

$

19,486.6

(2

)

%

$

19,857.2

Operating profit:

North America Retail

$

2,189.0

(20

)

%

$

2,729.9

(11

)

%

$

3,080.4

International

188.7

96

%

96.4

(23

)

%

125.2

North America Pet

498.8

—

%

501.0

3

%

485.9

North America Foodservice

333.0

(6

)

%

355.4

13

%

315.5

Total segment operating profit

$

3,209.5

(13

)

%

$

3,682.7

(8

)

%

$

4,007.0

Unallocated corporate items

402.3

2

%

395.5

18

%

333.9

Divestitures gain, net

(1,049.4

)

NM

(95.9

)

NM

—

Restructuring, transformation, impairment, and other exit costs

2,970.8

NM

78.3

(68

)

%

241.4

Operating profit

$

885.8

(73

)

%

$

3,304.8

(4

)

%

$

3,431.7

  See accompanying notes to consolidated financial statements. 

        Operating Segment Results and Supplementary Information
GENERAL MILLS, INC. AND SUBSIDIARIES
(Unaudited) (In Millions) 

  Quarter Ended

May 31,

2026

May 25,

2025

% Change

Net sales:

North America Retail

$

2,466.6

$

2,559.8

(4

)

%

International

858.4

738.9

16

%

North America Pet

702.4

675.2

4

%

North America Foodservice

574.6

579.4

(1

)

%

Total segment net sales

$

4,602.0

$

4,553.3

1

%

Corporate and other

7.6

2.9

162

%

Total net sales

$

4,609.6

$

4,556.2

1

%

Operating (loss) profit:

North America Retail

$

506.4

$

473.8

7

%

International

61.0

33.7

81

%

North America Pet

160.0

140.1

14

%

North America Foodservice

101.3

83.1

22

%

Total segment operating profit

$

828.7

$

730.7

13

%

Unallocated corporate items

113.3

151.0

(25

)

%

Restructuring, transformation, impairment, and other exit costs

2,808.0

75.7

NM

Operating (loss) profit

$

(2,092.6

)

$

504.0

NM

  See accompanying notes to consolidated financial statements. 

        Consolidated Balance Sheets
GENERAL MILLS, INC. AND SUBSIDIARIES
(In Millions, Except Par Value) 

May 31, 2026

May 25, 2025

(Unaudited)

ASSETS

Current assets:

Cash and cash equivalents

$

453.8

$

363.9

Receivables

1,646.8

1,795.9

Inventories

1,917.9

1,910.8

Prepaid expenses and other current assets

599.8

464.7

Assets held for sale

—

740.4

Total current assets

4,618.3

5,275.7

Land, buildings, and equipment

3,443.4

3,632.6

Goodwill

14,122.4

15,622.4

Other intangible assets

6,716.9

7,081.4

Other assets

1,115.7

1,459.0

Total assets

$

30,016.7

$

33,071.1

LIABILITIES AND EQUITY

Current liabilities:

Accounts payable

$

3,729.5

$

4,009.5

Current portion of long-term debt

1,053.6

1,528.4

Notes payable

68.4

677.0

Other current liabilities

1,472.8

1,624.0

Liabilities held for sale

449.8

18.4

Total current liabilities

6,774.1

7,857.3

Long-term debt

12,416.0

12,673.2

Deferred income taxes

2,265.8

2,100.8

Other liabilities

1,180.2

1,228.6

Total liabilities

22,636.1

23,859.9

Stockholders’ equity:

Common stock, 754.6 shares issued, $0.10 par value

75.5

75.5

Additional paid-in capital

1,200.9

1,218.8

Retained earnings

20,514.9

21,917.8

Common stock in treasury, at cost, shares of 220.9 and 212.2

(11,900.6

)

(11,467.9

)

Accumulated other comprehensive loss

(2,522.3

)

(2,545.0

)

Total stockholders’ equity

7,368.4

9,199.2

Noncontrolling interests

12.2

12.0

Total equity

7,380.6

9,211.2

Total liabilities and equity

$

30,016.7

$

33,071.1

  See accompanying notes to consolidated financial statements. 

        Consolidated Statements of Cash Flows
GENERAL MILLS, INC. AND SUBSIDIARIES
(In Millions) 

  Fiscal Year

2026

2025

(Unaudited)

Cash Flows - Operating Activities

Net (loss) earnings, including earnings attributable to noncontrolling interests

$

(85.3

)

$

2,318.9

Adjustments to reconcile net earnings to net cash provided by operating activities:

Depreciation and amortization

555.2

539.0

After-tax loss (earnings) from joint ventures

76.5

(57.6

)

Distributions of earnings from joint ventures

39.0

44.6

Stock-based compensation

79.4

91.7

Deferred income taxes

203.2

(120.9

)

Pension and other postretirement benefit plan contributions

(31.7

)

(30.8

)

Pension and other postretirement benefit plan costs

(23.7

)

(12.7

)

Divestitures gain, net

(1,049.4

)

(95.9

)

Restructuring, transformation, impairment, and other exit costs

2,897.7

74.3

Changes in current assets and liabilities, excluding the effects of acquisitions and divestitures

(478.3

)

192.4

Other, net

(16.4

)

(24.8

)

Net cash provided by operating activities

2,166.2

2,918.2

Cash Flows - Investing Activities

Purchases of land, buildings, and equipment

(539.9

)

(625.3

)

Acquisitions, net of cash acquired

—

(1,419.3

)

Proceeds from divestitures

1,830.2

241.8

Investments in affiliates, net

(31.8

)

13.3

Proceeds from disposal of land, buildings, and equipment

4.8

1.1

Other, net

(5.1

)

(6.5

)

Net cash provided (used) by investing activities

1,258.2

(1,794.9

)

Cash Flows - Financing Activities

Change in notes payable

(608.2

)

667.1

Issuance of long-term debt

2,005.8

2,354.9

Payment of long-term debt

(2,823.3

)

(1,300.0

)

Repurchase of Class A limited membership interests in General Mills Cereals, LLC

—

(252.8

)

Proceeds from common stock issued on exercised options

0.5

43.0

Purchases of common stock for treasury

(500.3

)

(1,202.9

)

Dividends paid

(1,315.3

)

(1,338.7

)

Distributions to noncontrolling interest holders

(2.1

)

(21.6

)

Other, net

(72.1

)

(129.1

)

Net cash used by financing activities

(3,315.0

)

(1,180.1

)

Effect of exchange rate changes on cash and cash equivalents

18.4

2.7

Increase (decrease) in cash and cash equivalents

127.8

(54.1

)

Cash and cash equivalents - beginning of year

363.9

418.0

Cash and cash equivalents - end of year (includes $37.9 million of cash classified as held for sale as of May 31, 2026)

$

491.7

$

363.9

Cash flow from changes in current assets and liabilities, excluding the effects of acquisitions and divestitures:

Receivables

$

12.9

$

(79.0

)

Inventories

(82.2

)

(18.5

)

Prepaid expenses and other current assets

(147.7

)

80.8

Accounts payable

(186.2

)

86.7

Other current liabilities

(75.1

)

122.4

Changes in current assets and liabilities

$

(478.3

)

$

192.4

  See accompanying notes to consolidated financial statements. 

        GENERAL MILLS, INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(Unaudited)

  (1)

The accompanying Consolidated Financial Statements of General Mills, Inc. (we, us, our, General Mills, or the Company) have been prepared in accordance with accounting principles generally accepted in the United States for annual and interim financial information. In the opinion of management, all adjustments considered necessary for a fair presentation have been included and are of a normal recurring nature.

Our fiscal year ends on the last Sunday in May. Fiscal year 2026 consists of 53 weeks, while fiscal years 2025 and 2024 consisted of 52 weeks. Our India business is on an April fiscal year end. In addition, the consolidated results of certain recent acquisitions are reported on a one-month lag. Please see Note 2 for more information.

  (2)

During the fourth quarter of fiscal 2026, we entered into a definitive agreement to sell our business in Brazil to Café Três Corações S.A. (3corações) for a base price of R$800 million, subject to certain specified deductions and customary post-closing adjustments. The sale is anticipated to close in calendar 2026, subject to regulatory approvals and other customary closing conditions. As a result, we have classified relevant assets and liabilities (the disposal group) associated with our Brazil business as held for sale in our Consolidated Balance Sheets as of May 31, 2026. Additionally, in the fourth quarter of fiscal 2026, we recorded a $1,032 million non-cash pre-tax loss to value the disposal group at the lower of its carrying value or fair value less costs to sell based on estimated net proceeds, which was based on Level 2 inputs in the fair value hierarchy and includes the impact of accumulated foreign currency translation losses that will be reclassified to earnings upon sale. We recorded the loss in restructuring, transformation, impairment, and other exit costs in our Consolidated Statements of (Loss) Earnings, which consisted of a $753 million reserve against the assets held for sale and a $265 million accrual of the remaining difference between the carrying amount and the estimated net proceeds within liabilities held for sale. We will monitor changes in the estimated net proceeds that could further impact the value of the disposal group and the loss on sale.

  In fiscal 2025 and 2026, we divested our North American yogurt businesses (Divestitures). During the first quarter of fiscal 2026, we completed the sale of our United States yogurt business to Groupe Lactalis S.A. and recorded a pre-tax gain of $1,046 million. During the third quarter of fiscal 2025, we completed the sale of our Canada yogurt business to Sodiaal International and recorded a pre-tax gain of $96 million. In the first quarter of fiscal 2026, we recorded a sale price adjustment that resulted in an $8 million increase to the pre-tax gain.

  During the third quarter of fiscal 2025, we acquired NX Pet Holding, Inc., representing Whitebridge Pet Brands’ North American premium cat feeding and pet treating business, for a purchase price of $1.4 billion (Acquisition). We financed the transaction with cash on hand and new debt. We consolidated Whitebridge Pet Brands into our Consolidated Balance Sheets and recorded goodwill of $1,087 million, an indefinite-lived intangible asset for the Tiki Pets brand totaling $289 million, and a finite-lived customer relationship asset of $31 million. The goodwill is included in the North America Pet segment and is not deductible for tax purposes. The pro forma effects of this acquisition were not material. The consolidated results are reported in our North America Pet operating segment on a one-month lag. In fiscal 2026, we recorded a $32 million decrease to goodwill, primarily related to adjustments to certain purchase accounting liabilities upon finalization of income tax returns recorded in the second quarter of fiscal 2026.

  During the fourth quarter of fiscal 2024, we acquired a pet food business in Europe for a purchase price of $434 million, net of cash acquired. During fiscal 2025, we paid $8 million related to a purchase price holdback after closing conditions were met. We financed the transaction with cash on hand. We consolidated the business into our Consolidated Balance Sheets and recorded goodwill of $318 million, an indefinite-lived brand intangible asset of $118 million, and a finite-lived customer relationship asset of $14 million. The goodwill is included in the International segment and is not deductible for tax purposes. The pro forma effects of this acquisition were not material. The consolidated results of the business are reported as part of our International operating segment on a one-month lag.

  (3)

Restructuring, transformation, and impairment charges are recorded in our Consolidated Statement of (Loss) Earnings as follows:

Quarter Ended

Fiscal Year

In Millions

May 31,

2026

May 25,

2025

2026

2025

2024

Restructuring, transformation, impairment, and other exit costs

$

2,808.0

$

75.7

$

2,970.8

$

78.3

$

241.4

Cost of sales

6.0

8.2

19.4

9.2

17.6

Total restructuring, transformation, and impairment charges

2,814.0

83.9

2,990.2

87.5

259.0

In the second quarter of fiscal 2026, we recorded a $53 million non-cash impairment charge related to our Uncle Toby’s brand intangible asset. 

Additionally, we identified a triggering event due to a sustained decline in market capitalization and stock price in the fourth quarter of fiscal 2026 reflecting heightened macroeconomic uncertainty and lower market multiples in our industry, which caused a related increase in our discount rates and required an interim impairment assessment. We performed the interim impairment assessment of our goodwill and other intangible assets as of May 31, 2026, and determined that the fair values of our North America Pet reporting unit and our Nudges and True Chews brand intangible assets no longer exceeded the carrying values of the respective assets, primarily driven by an increase in the discount rates. As a result, we recorded a $1,500 million non-cash goodwill impairment charge related to our North America Pet reporting unit and $250 million of non-cash impairment charges related to our Nudges and True Chews brand intangible assets, primarily driven by an increase in the discount rates. The $1,500 million goodwill impairment charge is not deductible for tax purposes.

  In fiscal 2024, we recorded a $117 million non-cash goodwill impairment charge related to our Latin America reporting unit and $103 million of non-cash impairment charges related to our Top Chews, True Chews, and EPIC brand intangible assets. 

  In fiscal 2026, we recorded a $1,032 million non-cash pre-tax valuation loss related to the planned divestiture of our Brazil business. Please see Note 2 for additional information. 

  In fiscal 2026, we approved a multi-year organizational initiative to increase the competitiveness of our supply chain. We expect to incur approximately $101 million of restructuring charges related to these actions, of which approximately $33 million will be cash. These charges are expected to consist of approximately $66 million of net asset write-offs and $35 million of other costs, including severance. We recognized $71 million of asset write-offs and $24 million of other costs in fiscal 2026. We expect these actions to be completed by the end of fiscal 2029. 

  (4)

Unallocated corporate expense totaled $113 million in the fourth quarter of fiscal 2026, compared to $151 million in the same period last year. We recorded a $36 million net decrease in expense related to the mark-to-market valuation of certain commodity positions and grain inventories in the fourth quarter of fiscal 2026, compared to an $8 million net increase in expense in the same period last year. In the fourth quarter of fiscal 2026, we also recorded $15 million of transaction costs, primarily related to the definitive agreements to sell our Brazil business, compared to $16 million of transaction costs related to the Divestitures in the fourth quarter of fiscal 2025. We recorded $6 million of restructuring charges in costs of sales in the fourth quarter of fiscal 2026, compared to $8 million of restructuring charges in costs of sales in the fourth quarter of fiscal 2025. Additionally, in the fourth quarter of fiscal 2026, certain compensation and benefits expenses increased compared to the same period last year, including the impact of the 53rd week. 

  Unallocated corporate expense totaled $402 million in fiscal 2026, compared to $396 million last year. In fiscal 2026, certain compensation and benefits expenses increased compared to fiscal 2025, including the impact of the 53rd week. We recorded $19 million of restructuring charges in cost of sales in fiscal 2026, compared to $9 million of charges in cost of sales in fiscal 2025. Additionally, we recorded a $48 million net decrease in expense related to the mark-to-market valuation of certain commodity positions and grain inventories in fiscal 2026, compared to a $16 million net decrease last year. In fiscal 2026, we also recorded $31 million of transaction costs, primarily related to the Divestitures and the definitive agreement to sell our Brazil business, compared to $49 million of transaction costs related to the Divestitures and the Acquisition last year. 

  (5)

Basic and diluted earnings per share (EPS) were calculated as follows: 

Quarter Ended

Fiscal Year

In Millions, Except per Share Data

May 31,

2026

May 25,

2025

2026

2025

2024

Net (loss) earnings attributable to General Mills

- as reported

$

(2,007.9

)

$

294.0

$

(87.6

)

$

2,295.2

$

2,496.6

Capital appreciation paid on Class A Interests in GMC (a)

—

(10.5

)

—

(10.5

)

—

Net (loss) earnings for EPS calculation

$

(2,007.9

)

$

283.5

$

(87.6

)

$

2,284.7

$

2,496.6

Average number of common shares - basic EPS

536.6

548.2

537.7

554.5

575.5

Incremental share effect from: (b) (c)

Stock options

—

0.6

—

1.2

1.8

Restricted stock units and performance share units

—

1.6

—

1.8

2.2

Average number of common shares - diluted EPS

536.6

550.4

537.7

557.5

579.5

(Loss) earnings per share — basic

$

(3.74

)

$

0.53

$

(0.16

)

$

4.12

$

4.34

(Loss) earnings per share — diluted

$

(3.74

)

$

0.53

$

(0.16

)

$

4.10

$

4.31

  (a) Please see Note 7 for additional information  (b) Incremental shares from stock options, restricted stock units, and performance share units are computed by the treasury stock method. 

(c) During fiscal 2026, we reported a net loss attributable to General Mills. Inclusion of dilutive shares would result in a lower loss per share. As a result, the dilutive shares are considered to be antidilutive and were excluded from the calculation of diluted EPS for fiscal 2026. 

  (6)

The effective tax rate for the fourth quarter of fiscal 2026 was 10.8 percent compared to 18.3 percent for the fourth quarter of fiscal 2025. The 7.5 percentage point decrease was primarily due to certain nonrecurring discrete tax benefits, partially offset by a non-deductible goodwill impairment charge and unfavorable earnings mix by jurisdiction in fiscal 2026. Our adjusted effective tax rate was 12.7 percent in the fourth quarter of fiscal 2026, compared to 19.2 percent in the same period last year (see Note 7 below for a description of our use of measures not defined by GAAP). The 6.5 percentage point decrease was primarily due to certain nonrecurring discrete tax benefits in fiscal 2026, partially offset by unfavorable earnings mix by jurisdiction in fiscal 2026.  

  The effective tax rate for fiscal 2026 was 102.2 percent compared to 20.2 percent in fiscal 2025. The 82.0 percentage point increase was primarily driven by a non-deductible goodwill impairment charge and unfavorable earnings mix by jurisdiction in fiscal 2026, partially offset by certain nonrecurring tax benefits in fiscal 2026. Our adjusted effective tax rate was 21.1 percent, compared to 20.6 percent in fiscal 2025 (see Note 7 below for a description of our use of measures not defined by GAAP). The 0.5 percentage point increase is primarily due to unfavorable earnings mix by jurisdiction in fiscal 2026, partially offset by certain nonrecurring tax benefits in fiscal 2026. 

  (7)

We have included measures in this release that are not defined by GAAP. We believe that these measures provide useful information to investors, and include these measures in other communications to investors. For each of these non-GAAP financial measures, we are providing below a reconciliation of the differences between the non-GAAP measure and the most directly comparable GAAP measure, an explanation of why we believe the non-GAAP measure provides useful information to investors, and any additional material purposes for which our management or Board of Directors uses the non-GAAP measure. These non-GAAP measures should be viewed in addition to, and not in lieu of, the comparable GAAP measure. 

  We provide organic net sales growth rates for our consolidated net sales and segment net sales. This measure is used in reporting to our Board of Directors and executive management and as a component of the Board of Directors’ measurement of our performance for incentive compensation purposes. We believe that organic net sales growth rates provide useful information to investors because they provide transparency to underlying performance in our net sales by excluding the effect that foreign currency exchange rate fluctuations, acquisitions, divestitures, and a 53rd fiscal week, when applicable, have on year-to-year comparability. A reconciliation of these measures to reported net sales growth rates, the relevant GAAP measures, are included in our Operating Segment Results above. 

  Certain measures in this release are presented excluding the impact of foreign currency exchange (constant-currency). To present this information, current period results for entities reporting in currencies other than United States dollars are translated into United States dollars at the average exchange rates in effect during the corresponding period of the prior fiscal year, rather than the actual average exchange rates in effect during the current fiscal year. Therefore, the foreign currency impact is equal to current year results in local currencies multiplied by the change in the average foreign currency exchange rate between the current fiscal period and the corresponding period of the prior fiscal year. We believe that these constant-currency measures provide useful information to investors because they provide transparency to underlying performance by excluding the effect that foreign currency exchange rate fluctuations have on period-to-period comparability given volatility in foreign currency exchange markets. 

  Our fiscal 2027 outlook for organic net sales growth, constant-currency adjusted operating profit and adjusted diluted EPS, and free cash flow conversion are non-GAAP financial measures that exclude, or have otherwise been adjusted for, items impacting comparability, including the effect of foreign currency exchange rate fluctuations, restructuring and transformation charges, transaction and acquisition integration costs, acquisitions, divestitures, mark-to-market effects, and a 53rd week from the prior year. We are not able to reconcile these forward-looking non-GAAP financial measures to their most directly comparable forward-looking GAAP financial measures without unreasonable efforts because we are unable to predict with a reasonable degree of certainty the actual impact of changes in foreign currency exchange rates and commodity prices or the timing or impact of acquisitions, divestitures, and restructuring and transformation actions throughout fiscal 2027. The unavailable information could have a significant impact on our fiscal 2027 GAAP financial results. 

  For fiscal 2027, we currently expect: the net impact from foreign currency exchange rates (based on a blend of forward and forecasted rates and hedge positions), divestitures completed prior to fiscal 2027 and those expected to close in fiscal 2027, and a 53rd week from the prior year to decrease net sales growth by approximately 2 percent; foreign currency exchange rates to have an immaterial impact on adjusted operating profit and adjusted diluted EPS growth; and restructuring and transformation charges and transaction and acquisition integration costs related to actions previously announced to total approximately $80 million to $85 million. 

    Significant Items Impacting Comparability

Several measures below are presented on an adjusted basis. The adjustments are either items resulting from infrequently occurring events or items that, in management’s judgment, significantly affect the year-to-year assessment of operating results.

The following are descriptions of significant items impacting comparability of our results.

Goodwill and other intangible assets impairments
Non-cash goodwill and other intangible assets impairment charges related to our North America Pet reporting unit goodwill and our Nudges, Uncle Toby’s, and True Chews brand intangible assets in fiscal 2026. Non-cash impairment charges related to our Latin America reporting unit goodwill and our Top Chews, True Chews, and EPIC brand intangible assets in fiscal 2024. Please see Note 3.

Divestitures gain, net
Net divestitures gain primarily related to the sale of our United States yogurt business in fiscal 2026 and Canada yogurt business in fiscal 2025. Please see Note 2.

Valuation loss on held for sale business
Non-cash valuation loss related to the planned divestiture of our Brazil business recorded in fiscal 2026. Please see Note 2.

CPW asset impairments. losses, and restructuring charges
CPW non-cash goodwill impairment charge related to the Australian market, and other asset impairment charges and losses related to the sale of certain assets recorded in fiscal 2026. CPW impairment charges related to certain long-lived assets recorded in fiscal 2025. CPW restructuring charges related to previously announced actions recorded in fiscal 2024.

Restructuring and transformation charges
Restructuring and transformation charges related to supply chain actions and previously announced actions recorded in fiscal 2026. Restructuring and transformation charges related to global transformation actions and previously announced restructuring actions in fiscal 2025. Restructuring charges related to commercial strategy restructuring actions and previously announced restructuring actions in fiscal 2024. Please see Note 3.

Mark-to-market effects
Net mark-to-market valuation of certain commodity positions recognized in unallocated corporate items. Please see Note 4.

Transaction costs
Fiscal 2026 transaction costs primarily related to the sale of our United States yogurt business and the definitive agreement to sell our Brazil business. Fiscal 2025 transaction costs related to the sale of our North American yogurt businesses and the Whitebridge Pet Brands acquisition. Transaction costs primarily related to the acquisition of a pet food business in Europe in fiscal 2024. Please see Note 2.

Acquisition integration costs
Integration costs related to the Whitebridge Pet Brands acquisition in fiscal 2025 and the acquisition of a pet food business in Europe in fiscal 2024 recorded in fiscal 2026 and fiscal 2025. Integration costs primarily resulting from the acquisition of TNT Crust in fiscal 2024. Please see Note 2.

Investment activity, net
Valuation adjustments of certain corporate investments in fiscal 2026 and fiscal 2025. Valuation adjustments and the gain on sale of certain corporate investments in fiscal 2024. Please see Note 4.

Capital appreciation paid on GMC Class A Interests
Capital account appreciation attributable and paid to the third-party holder of GMC Class A Interests in fiscal 2025.

Project-related costs
Restructuring initiative project-related costs related to previously announced restructuring actions recorded in fiscal 2025 and fiscal 2024.

Legal recovery
Legal recovery recorded in fiscal 2024.

Product recall, net
Net recoveries recorded in fiscal 2024 related to the fiscal 2023 voluntary recall of certain international Häagen-Dazs ice cream products, net of recoveries.

Adjusted Operating Profit Growth and Related Constant-currency Growth Rate

This measure is used in reporting to our Board of Directors and executive management and as a component of the measurement of our performance for incentive compensation purposes. We believe that this measure provides useful information to investors because it is the operating profit measure we use to evaluate operating profit performance on a comparable year-to-year basis. The measure is evaluated on a constant-currency basis by excluding the effect that foreign currency exchange rate fluctuations have on year-to-year comparability given the volatility in foreign currency exchange rates.

Our adjusted operating profit growth on a constant-currency basis is calculated as follows:

Quarter Ended

Fiscal Year

In Millions

May 31,

2026

May 25,

2025

Change

2026

2025

Change

Operating (loss) profit as reported

$

(2,092.6

)

$

504.0

NM

$

885.8

$

3,304.8

(73

)%

Goodwill and other intangible assets impairments

1,750.0

—

1,802.9

—

Divestitures gain, net

—

—

(1,049.4

)

(95.9

)

Valuation loss on held for sale business

1,031.8

—

1,031.8

—

Restructuring and transformation charges

32.2

83.9

155.5

87.5

Mark-to-market effects

(35.7

)

8.1

(48.4

)

(15.7

)

Transaction costs

14.8

16.2

31.3

49.1

Acquisition integration costs

2.9

6.7

9.5

13.9

Investment activity, net

2.0

3.4

(7.6

)

8.3

Project-related costs

—

0.1

—

0.5

Adjusted operating profit

$

705.4

$

622.5

13

%

$

2,811.5

$

3,352.6

(16

)%

Foreign currency exchange impact

1 pt

Flat

Adjusted operating profit growth, on a constant-currency basis

13

%

(16

)%

  Note: Table may not foot due to rounding. 

  For more information on the reconciling items, please refer to the Significant Items Impacting Comparability section above. 

      Adjusted Diluted EPS and Related Constant-currency Growth Rate

This measure is used in reporting to our Board of Directors and executive management. We believe that this measure provides useful information to investors because it is the profitability measure we use to evaluate earnings performance on a comparable year-to-year basis.

The reconciliation of our GAAP measure, diluted EPS, to adjusted diluted EPS and the related constant-currency growth rates follows:

Quarter Ended

Fiscal Year

Per Share Data

May 31,

2026

May 25,

2025

Change

2026

2025

Change

Diluted (loss) earnings per share, as reported

$

(3.74

)

$

0.53

NM

$

(0.16

)

$

4.10

(104

)%

Goodwill and other intangible assets impairments

3.15

—

3.22

—

Valuation loss on held for sale business

1.45

—

1.45

—

Divestitures gain, net

—

—

(1.43

)

(0.15

)

CPW asset impairments, losses, and restructuring charges

0.06

0.03

0.28

0.04

Restructuring and transformation charges

0.04

0.11

0.22

0.12

Mark-to-market effects

(0.05

)

0.01

(0.07

)

(0.02

)

Transaction costs

0.02

0.03

0.04

0.07

Acquisition integration costs

0.01

0.01

0.01

0.02

Investment activity, net

—

—

(0.01

)

0.01

Capital appreciation paid on GMC Class A Interests

—

0.02

—

0.02

Adjusted diluted earnings per share (a)

$

0.95

$

0.74

28

%

$

3.55

$

4.21

(16

)%

Foreign currency exchange impact

1 pt

Flat

Adjusted diluted earnings per share growth, on a constant-currency basis

27

%

(16

)%

  Note: Table may not foot due to rounding. 

  For more information on the reconciling items, please refer to the Significant Items Impacting Comparability section above. 

(a) During fiscal 2026, we reported a net loss attributable to General Mills. Inclusion of dilutive shares would result in a lower loss per share and was therefore excluded from the calculation of diluted EPS. The inclusion of dilutive shares does not have a significant impact on adjusted diluted EPS and the reconciling items. 

  See our reconciliation below of the effective income tax rate as reported to the adjusted effective income tax rate for the tax impact of each item affecting comparability. 

      Adjusted Earnings Comparisons as a Percent of Net Sales

We believe that these measures provide useful information to investors because they are important for assessing our adjusted earnings comparisons as a percent of net sales on a comparable year-to-year basis.

Our adjusted earnings comparisons as a percent of net sales are calculated as follows:

Quarter Ended

In Millions

May 31, 2026

May 25, 2025

Comparisons as a % of Net Sales

Value

Percent of

Net Sales

Value

Percent of

Net Sales

Gross margin as reported (a)

$

1,603.5

34.8

%

$

1,474.0

32.4

%

Mark-to-market effects

(35.7

)

(0.8

)%

8.1

0.2

%

Restructuring and transformation charges

6.0

0.1

%

8.2

0.2

%

Transaction costs

0.4

—

%

—

—

%

Project-related costs

—

—

%

0.1

—

%

Adjusted gross margin

$

1,574.2

34.2

%

$

1,490.3

32.7

%

Operating (loss) profit as reported

$

(2,092.6

)

(45.4

)%

$

504.0

11.1

%

Goodwill and other intangible assets impairments

1,750.0

38.0

%

—

—

%

Valuation loss on held for sale business

1,031.8

22.4

%

—

—

%

Restructuring and transformation charges

32.2

0.7

%

83.9

1.8

%

Mark-to-market effects

(35.7

)

(0.8

)%

8.1

0.2

%

Transaction costs

14.8

0.3

%

16.2

0.4

%

Acquisition integration costs

2.9

0.1

%

6.7

0.1

%

Investment activity, net

2.0

—

%

3.4

0.1

%

Project-related costs

—

—

%

0.1

—

%

Adjusted operating profit

$

705.4

15.3

%

$

622.5

13.7

%

Net (loss) earnings attributable to General Mills as reported

$

(2,007.9

)

(43.6

)%

$

294.0

6.5

%

Goodwill and other intangible assets impairments, net of tax (b)

1,692.5

36.7

%

—

—

%

Valuation loss on held for sale business, net of tax (b)

780.8

16.9

%

—

—

%

CPW asset impairments, losses, and restructuring charges

29.7

0.6

%

16.7

0.4

%

Restructuring and transformation charges, net of tax (b)

24.9

0.5

%

64.4

1.4

%

Mark-to-market effects, net of tax (b)

(27.5

)

(0.6

)%

6.2

0.1

%

Transaction costs, net of tax (b)

11.4

0.2

%

12.4

0.3

%

Acquisition integration costs, net of tax (b)

2.2

—

%

6.4

0.1

%

Investment activity, net, net of tax (b)

1.6

—

%

2.7

0.1

%

Project-related costs, net of tax (b)

—

—

%

0.1

—

%

Adjusted net earnings attributable to General Mills

$

507.6

11.0

%

$

403.0

8.8

%

  Note: Table may not foot due to rounding. 

  For more information on the reconciling items, please refer to the Significant Items Impacting Comparability section above. 

(a) Net sales less cost of sales. 

(b) See reconciliation of adjusted effective income tax rate below for tax impact of each adjustment. 

        Fiscal Year

In Millions

2026

2025

2024

Comparisons as a % of Net Sales

Value

Percent of

Net Sales

Value

Percent of

Net Sales

Value

Percent of

Net Sales

Gross margin as reported (a)

$

6,195.7

33.6

%

$

6,733.0

34.6

%

$

6,932.1

34.9

%

Mark-to-market effects

(48.4

)

(0.3

)%

(15.7

)

(0.1

)%

(39.1

)

(0.2

)%

Restructuring and transformation charges

19.4

0.1

%

9.2

—

%

17.6

0.1

%

Transaction costs

0.4

—

%

—

—

%

—

—

%

Project-related costs

—

—

%

0.5

—

%

2.0

—

%

Product recall, net

—

—

%

—

—

%

0.2

—

%

Adjusted gross margin

$

6,167.0

33.5

%

$

6,727.0

34.5

%

$

6,912.7

34.8

%

Operating profit as reported

$

885.8

4.8

%

$

3,304.8

17.0

%

$

3,431.7

17.3

%

Goodwill and other intangible

assets impairments

1,802.9

9.8

%

—

—

%

220.2

1.1

%

Divestitures gain, net

(1,049.4

)

(5.7

)%

(95.9

)

(0.5

)%

—

—

%

Valuation loss on held for sale business

1,031.8

5.6

%

—

—

%

—

—

%

Restructuring and transformation charges

155.5

0.8

%

87.5

0.4

%

38.8

0.2

%

Mark-to-market effects

(48.4

)

(0.3

)%

(15.7

)

(0.1

)%

(39.1

)

(0.2

)%

Transaction costs

31.3

0.2

%

49.1

0.3

%

14.0

0.1

%

Acquisition integration costs

9.5

0.1

%

13.9

0.1

%

0.2

—

%

Investment activity, net

(7.6

)

—

%

8.3

—

%

18.5

0.1

%

Project-related costs

—

—

%

0.5

—

%

2.0

—

%

Legal recovery

—

—

%

—

—

%

(53.2

)

(0.3

)%

Product recall, net

—

—

%

—

—

%

(30.3

)

(0.2

)%

Adjusted operating profit

$

2,811.5

15.3

%

$

3,352.6

17.2

%

$

3,602.7

18.1

%

Net (loss) earnings attributable to General Mills as reported

$

(87.6

)

(0.5

)%

$

2,295.2

11.8

%

$

2,496.6

12.6

%

Goodwill and other intangible assets impairments, net of tax (b)

1,732.5

9.4

%

—

—

%

161.8

0.8

%

Valuation loss on held for sale business, net of tax (b)

780.8

4.2

%

—

—

%

—

—

%

Divestitures gain, net, net of tax (b)

(772.8

)

(4.2

)%

(84.8

)

(0.4

)%

—

—

%

CPW asset impairments, losses, and restructuring charges

148.8

0.8

%

23.3

0.1

%

2.0

—

%

Restructuring and transformation charges, net of tax (b)

119.7

0.6

%

67.2

0.3

%

28.4

0.1

%

Mark-to-market effects, net of tax (b)

(37.3

)

(0.2

)%

(12.1

)

(0.1

)%

(30.1

)

(0.2

)%

Transaction costs, net of tax (b)

24.1

0.1

%

37.8

0.2

%

11.9

0.1

%

Acquisition integration costs, net of tax (b)

7.3

—

%

11.9

0.1

%

0.2

—

%

Investment activity, net, net of tax (b)

(5.8

)

—

%

6.4

—

%

12.6

0.1

%

Project-related costs, net of tax (b)

—

—

%

0.4

—

%

1.3

—

%

Legal recovery, net of tax (b)

—

—

%

—

—

%

(40.3

)

(0.2

)%

Product recall, net, net of tax (b)

—

—

%

—

—

%

(23.3

)

(0.1

)%

Adjusted net earnings attributable to General Mills

$

1,909.7

10.4

%

$

2,345.4

12.0

%

$

2,621.1

13.2

%

  Note: Table may not foot due to rounding. 

  For more information on the reconciling items, please refer to the Significant Items Impacting Comparability section above. 

(a) Net sales less cost of sales. 

(b) See reconciliation of adjusted effective income tax rate below for tax impact of each adjustment. 

        Constant-currency Segment Operating Profit Growth Rates

We believe that this measure provides useful information to investors because it provides transparency to underlying performance of our segments by excluding the effect that foreign currency exchange rate fluctuations have on year-to-year comparability given volatility in foreign currency exchange markets.

Our segments’ operating profit growth rates on a constant-currency basis are calculated as follows:

Quarter Ended May 31, 2026

Percentage Change in
Operating Profit
as Reported

Impact of Foreign
Currency
Exchange

Percentage Change in
Operating Profit on
Constant-Currency Basis

North America Retail

7 %

Flat

7 %

International

81 %

9 pts

72 %

North America Pet

14 %

Flat

14 %

North America Foodservice

22 %

Flat

22 %

Total segment operating profit

13 %

Flat

13 %

Note: Table may not foot due to rounding.  

  Fiscal Year Ended May 31, 2026

Percentage Change in
Operating Profit
as Reported

Impact of Foreign
Currency
Exchange

Percentage Change in
Operating Profit on
Constant-Currency Basis

North America Retail

(20) %

Flat

(20) %

International

96 %

5 pts

90 %

North America Pet

Flat

Flat

Flat

North America Foodservice

(6) %

Flat

(6) %

Total segment operating profit

(13) %

Flat

(13) %

  Note: Table may not foot due to rounding. 

        Adjusted Effective Income Tax Rate

We believe this measure provides useful information to investors because it presents the adjusted effective income tax rate on a comparable year-to-year basis.

Adjusted effective income tax rates are calculated as follows:

Quarter Ended

May 31, 2026

May 25, 2025

In Millions

(Except Per Share Data)

Pretax (Loss)

Earnings (a)

Income

Taxes

Pretax

Earnings (a)

Income

Taxes

As reported

$

(2,231.9

)

$

(240.4

)

$

377.1

$

69.1

Goodwill and other intangible assets impairments

1,750.0

57.5

—

—

Valuation loss on held for sale business

1,031.8

251.0

—

—

Restructuring and transformation charges

32.2

7.4

83.9

19.3

Mark-to-market charges

(35.7

)

(8.2

)

16.2

3.7

Transaction costs

14.8

3.4

8.1

1.9

Acquisition integration costs

2.9

0.7

3.4

0.8

Investment activity, net

2.0

0.5

6.7

0.4

Project-related costs

—

—

0.1

0.1

As adjusted

566.2

71.7

495.5

95.2

Effective tax rate:

As reported

10.8

%

18.3

%

As adjusted

12.7

%

19.2

%

Sum of adjustments to income taxes

312.3

26.1

Average number of common shares - diluted EPS (b)

$

537.3

$

550.4

Impact of income tax adjustments on adjusted diluted EPS

$

(0.58

)

$

(0.05

)

  Note: Table may not foot due to rounding. 

  For more information on the reconciling items, please refer to the Significant Items Impacting Comparability section above. 

(a) (Loss) earnings before income taxes and after-tax loss from joint ventures. 

(b) During fiscal 2026, we reported a net loss attributable to General Mills. Inclusion of dilutive shares would result in a lower loss per share and was therefore excluded from the calculation of diluted EPS. The inclusion of dilutive shares does not have a significant impact on adjusted diluted EPS and the reconciling items. 

        Fiscal Year Ended

May 31, 2026

May 25, 2025

May 26, 2024

In Millions

(Except Per Share Data)

Pretax

Earnings (a)

Income

Taxes

Pretax

Earnings (a)

Income

Taxes

Pretax

Earnings (a)

Income

Taxes

As reported

$

405.5

$

414.3

$

2,835.0

$

573.7

$

3,028.3

$

594.5

Goodwill and other intangible assets impairments

1,802.9

70.4

—

—

220.2

58.4

Divestitures gain, net

(1,049.4

)

(276.6

)

(95.9

)

(11.1

)

—

—

Valuation loss on held for sale business

1,031.8

251.0

—

—

—

—

Restructuring and transformation charges

155.5

35.9

87.5

20.2

38.8

10.4

Mark-to-market effects

(48.4

)

(11.1

)

(15.7

)

(3.6

)

(39.1

)

(9.0

)

Transaction costs

31.3

7.2

49.1

11.3

14.0

2.1

Acquisition integration costs

9.5

2.2

13.9

2.0

0.2

0.1

Investment activity, net

(7.6

)

(1.7

)

8.3

1.9

18.5

5.9

Project-related costs

—

—

0.5

0.2

2.0

0.7

Legal recovery

—

—

—

—

(53.2

)

(12.9

)

Product recall, net

—

—

—

—

(30.3

)

(7.0

)

As adjusted

$

2,331.2

$

491.4

$

2,882.7

$

594.6

$

3,199.4

$

643.1

Effective tax rate:

As reported

102.2

%

20.2

%

19.6

%

As adjusted

21.1

%

20.6

%

20.1

%

Sum of adjustments to income taxes

$

77.3

$

20.9

$

48.6

Average number of common shares - diluted EPS (b)

538.5

557.5

579.5

Impact of income tax adjustments on adjusted diluted EPS

$

(0.14

)

$

(0.04

)

$

(0.08

)

  Note: Table may not foot due to rounding. 

  For more information on the reconciling items, please refer to the Significant Items Impacting Comparability section above. 

(a) Earnings before income taxes and after-tax (loss) earnings from joint ventures. 

(b) During fiscal 2026, we reported a net loss attributable to General Mills. Inclusion of dilutive shares would result in a lower loss per share and was therefore excluded from the calculation of diluted EPS. The inclusion of dilutive shares does not have a significant impact on adjusted diluted EPS and the reconciling items. 

        Free Cash Flow Conversion Rate

We believe this measure provides useful information to investors because it is important for assessing our efficiency in converting earnings to cash and returning cash to shareholders. The calculation of free cash flow conversion rate and net cash provided by operating activities conversion rate, its equivalent GAAP measure, follows:

In Millions

Fiscal 2026

Net loss, including earnings attributable to noncontrolling interests, as reported

$

(85.3

)

Goodwill and other intangible assets impairments, net of tax

1,732.5

Valuation loss on held for sale business, net of tax

780.8

Divestitures gain, net, net of tax

(772.8

)

CPW asset impairments, losses, and restructuring charges

148.8

Restructuring and transformation charges, net of tax

119.7

Mark-to-market effects, net of tax

(37.3

)

Transaction costs, net of tax

24.1

Acquisition integration costs, net of tax

7.3

Investment activity, net, net of tax

(5.8

)

Adjusted net earnings, including earnings attributable to noncontrolling interests

$

1,912.0

Net cash provided by operating activities

2,166.2

Purchases of land, buildings, and equipment

(539.9

)

Free cash flow

$

1,626.3

Net cash provided by operating activities conversion rate

NM

Free cash flow conversion rate

85

%

  Note: Table may not foot due to rounding. 

  For more information on the reconciling items, please refer to the Significant Items Impacting Comparability section above. 

  See our reconciliation above of the effective income tax rate as reported to the adjusted effective income tax rate for the tax impact of each item affecting comparability. 

      More News From General Mills, Inc.

, /PRNewswire/ -- S&P Global Inc. (NYSE: SPGI) announced today that it has completed the separation of its Mobility division into an independent, public company, Mobility Global Inc. ("Mobility Global"). Mobility Global common stock will begin regular-way trading today on the New York Stock Exchange under the ticker symbol "MBGL".

"The successful completion of this separation reflects the extraordinary work and dedication of the S&P Global and Mobility Global teams over the past 15 months," said Martina Cheung, President and CEO of S&P Global. "Together, we have built a strong foundation for Mobility Global as an independent company and both companies stand well-positioned for the future."

The separation was achieved through the distribution of 100 percent of the shares of Mobility Global to holders of S&P Global common stock effective as of 12:01 a.m. New York City time on July 1, 2026, with S&P Global stockholders receiving one share of Mobility Global common stock for every share of S&P Global common stock held at the close of business on June 15, 2026, the record date. S&P Global stockholders entitled to receive the distribution received a book-entry account statement or a credit to their brokerage account reflecting their ownership of Mobility Global common stock. Fractional shares of Mobility Global common stock were not distributed. Any fractional share of Mobility Global common stock otherwise issuable to a S&P Global stockholder will be sold in the open market on such stockholder's behalf, and such stockholder will receive a cash payment for the fractional share based on its pro rata portion of the net cash proceeds from all sales of fractional shares.

S&P Global expects to issue a press release on July 6, 2026 providing recast financial information for full year 2025, the four quarters of 2025 and the first quarter of 2026, reflecting the completion of the spin-off of Mobility Global.

Morgan Stanley & Co. LLC, Goldman Sachs & Co. LLC, Citigroup Global Markets Inc. and Evercore Group L.L.C. served as financial advisors and Davis Polk & Wardwell LLP and Baker McKenzie LLP served as legal advisors to S&P Global.

About S&P Global

S&P Global (NYSE: SPGI) enables businesses, governments, and individuals with trusted data, expertise and technology to make decisions with conviction. We are Advancing Essential Intelligence through world-leading benchmarks, data, and insights that customers need in order to plan confidently, act decisively, and thrive in a rapidly changing global landscape.

From helping our customers assess new investments across the capital and commodities markets to navigating the energy expansion, acceleration of artificial intelligence, and evolution of public and private markets, we enable the world's leading organizations to unlock opportunities, solve challenges, and plan for tomorrow – today.

Forward-Looking Statements

This press release contains "forward-looking statements," as defined in the Private Securities Litigation Reform Act of 1995. These statements, which express management's current views concerning future events, trends, contingencies or results, appear at various places in this press release and use words like "anticipate," "assume," "believe," "continue," "estimate," "expect," "forecast," "future," "intend," "plan," "potential," "predict," "project," "strategy," "target" and similar terms, and future or conditional tense verbs like "could," "may," "might," "should," "will" and "would." For example, management may use forward-looking statements when addressing topics such as: the outcome of contingencies; future actions by regulators; changes in the business strategies and methods of generating revenue of S&P Global Inc. (the "Company"); the development and performance of the Company's services and products; the expected impact of acquisitions and dispositions; and the Company's effective tax rates; the Company's cost structure, dividend policy, cash flows or liquidity.

Forward-looking statements are subject to inherent risks and uncertainties. Factors that could cause actual results to differ materially from those expressed or implied in forward-looking statements include, among other things:

worldwide economic, financial, political, and regulatory conditions (including slower GDP growth or recession, restrictions on trade (e.g., tariffs), instability in the banking sector and inflation), and factors that contribute to uncertainty and volatility (e.g., supply chain risk), geopolitical uncertainty (including military conflict), natural and man-made disasters, civil unrest, public health crises (e.g., pandemics), and conditions that result from legislative, regulatory, trade and policy changes, including from the U.S. administration; the volatility and health of debt, equity, commodities and energy markets, including credit quality and spreads, the composition and mix of credit maturity profiles, the level of liquidity and future debt issuances, equity flows from active to passive, fluctuations in average asset prices in global equities, demand for investment products that track indices and assessments and trading volumes of certain exchange traded derivatives; the demand and market for credit ratings in and across the sectors and geographies where the Company operates; the Company's ability to maintain adequate physical, technical and administrative safeguards to protect the security of confidential information and data, or protect against a system or network disruption that results in regulatory penalties and remedial costs or improper disclosure of confidential information or data; the outcome of litigation, government and regulatory proceedings, investigations and inquiries; concerns in the marketplace affecting the Company's credibility or otherwise affecting market perceptions of the integrity or utility of independent credit ratings, benchmarks, indices and other services; the level of merger and acquisition activity in the United States and abroad; the level of the Company's future cash flows and capital investments; the effect of competitive products (including those incorporating artificial intelligence ("AI")) and pricing, including the level of success of new product developments and global expansion; the impact of customer cost-cutting pressures; a decline in the demand for our products and services by our customers and other market participants; our ability to develop new products or technologies, to integrate our products with new technologies (e.g., AI), or to compete with new products or technologies offered by new or existing competitors; the introduction of competing products (including those developed by AI) or technologies by other companies; our ability to protect our intellectual property from unauthorized use and infringement, including by others using AI technologies, and to operate our business without violating third-party intellectual property rights, including through our own use of AI in our products and services; our ability to attract, incentivize and retain key employees, especially in a competitive business environment; our ability to successfully navigate key organizational changes; the continuously evolving regulatory environment in Europe, the United States and elsewhere around the globe affecting each of our businesses and the products they offer, and our compliance therewith; the Company's exposure to potential criminal sanctions or civil penalties for noncompliance with foreign and U.S. laws and regulations that are applicable in the jurisdictions in which it operates, including sanctions laws relating to countries such as Iran, Russia and Venezuela, anti-corruption laws such as the U.S. Foreign Corrupt Practices Act and the U.K. Bribery Act of 2010, and local laws prohibiting corrupt payments to government officials, as well as import and export restrictions; the Company's ability to make acquisitions and dispositions and successfully integrate the businesses we acquire; consolidation of the Company's customers, suppliers or competitors; the ability of the Company, and its third-party service providers, to maintain adequate physical and technological infrastructure; the Company's ability to successfully recover from a disaster or other business continuity problem, such as an earthquake, hurricane, flood, civil unrest, protests, military conflict, terrorist attack, outbreak of pandemic or contagious diseases, security breach, cyber attack, data breach, power loss, telecommunications failure or other natural or man-made event; the impact on the Company's revenue and net income caused by fluctuations in foreign currency exchange rates; the impact of changes in applicable tax or accounting requirements on the Company; the ability of the separation of Mobility Global to qualify for tax-free treatment for U.S. federal income tax purposes; any disruption to the Company's business in connection with the separation of Mobility Global; any loss of synergies from separating the businesses of Mobility Global and the Company that adversely impact the results of operations of both businesses, or the companies resulting from the separation of Mobility Global not realizing all of the expected benefits of the separation; and following the separation of Mobility Global, the combined value of the common stock of the two publicly-traded companies not being equal to or greater than the value of the Company's common stock had the separation not occurred. The factors noted above are not exhaustive. The Company and its subsidiaries operate in a dynamic business environment in which new risks emerge frequently. Accordingly, the Company cautions readers not to place undue reliance on any forward-looking statements, which speak only as of the dates on which they are made. The Company undertakes no obligation to update or revise any forward-looking statement to reflect events or circumstances arising after the date on which it is made, except as required by applicable law. Further information about the Company's businesses, including information about factors that could materially affect its results of operations and financial condition, is contained in the Company's filings with the SEC, including Item 1A, Risk Factors in our most recently filed Annual Report on Form 10-K.

Contacts:

S&P Global Investor Relations:
Mark Grant
Senior Vice President, Investor Relations and Treasurer
Tel: +1 (347) 640-1521
[email protected]m 

Media:
Christina Twomey
Chief Communications Officer, S&P Global
Tel: +1 (646) 407-3001
[email protected]

SOURCE S&P Global

, /PRNewswire/ -- Marriott International, Inc. (NASDAQ: MAR) and The Coca‑Cola Company (NYSE: KO) today announced a global agreement that will expand choice and elevate the guest experience across Marriott's portfolio, bringing The Coca‑Cola Company's brands to hotels around the world.

An Iconic Pairing: Marriott International and The Coca‑Cola Company Come Together in Strategic Beverage Agreement Under the agreement, The Coca‑Cola Company becomes Marriott's global beverage partner across several categories, including carbonated soft drinks and a growing range of hydration and functional beverages. Guests will begin seeing Coca-Cola's brands across guestrooms, restaurants, lounges and meetings and events, with a phased rollout beginning today and continuing worldwide over the coming months.

"This agreement brings together two iconic brands with a shared commitment to quality, consistency, and creating memorable experiences," said Anthony Capuano, President and Chief Executive Officer, Marriott International. "We are focused on delivering the products our guests and Marriott Bonvoy Members know and love, better meeting guest preferences, and creating economic benefits for owners and franchise operators across our system. We're excited to collaborate with The Coca‑Cola Company to deliver their great products in more places."

"This is a great day. On behalf of the entire Coca-Cola system, we're excited about our future with Marriott and the opportunity to provide travelers more of the brands they love," said Henrique Braun, CEO of The Coca-Cola Company. "From sparkling beverages to juices, hydration and dairy, we're offering guests options for their beverage needs throughout their entire visit."

The agreement expands beverage choice for guests across Marriott's global portfolio, bringing The Coca-Cola Company's world-class brands to a wide range of stay and dining occasions. Guests will enjoy Coca-Cola beverages across multiple touchpoints — from restaurants and lounges to meetings and events.

The agreement was developed in collaboration with Hot Shoppe Services International, Marriott's global procurement organization, leveraging its scale and supplier network to help drive value for owners and operators worldwide.

ABOUT MARRIOTT INTERNATIONAL

Marriott International, Inc. (Nasdaq: MAR) is based in Bethesda, Maryland, USA, and encompasses a portfolio of compelling brands across luxury, premium, select, midscale, extended stay, and all-inclusive, with approximately 10,000 properties in 146 countries and territories, as of June 11, 2026. Marriott franchises, operates, and licenses hotel, residential, timeshare, yacht, outdoor, and other lodging products all around the world. The company offers Marriott Bonvoy®, its highly awarded travel platform. For more information, please visit our website at www.marriott.com, and for the latest company news, visit www.marriottnewscenter.com. In addition, connect with us on Facebook and @MarriottIntl on X and Instagram.

ABOUT THE COCA‑COLA COMPANY

The Coca‑Cola Company (NYSE: KO) is a total beverage company with products sold in more than 200 countries and territories. Our company's purpose is to refresh the world and make a difference. We sell multiple billion-dollar brands across several beverage categories worldwide. Our portfolio of sparkling soft drink brands includes Coca‑Cola, Sprite and Fanta. Our water, sports, coffee and tea brands include Dasani, smartwater, vitaminwater, Topo Chico, BODYARMOR, Powerade, Costa, Georgia, Fuze Tea, Gold Peak and Ayataka. Our juice, value-added dairy and plant-based beverage brands include Minute Maid, Simply, innocent, Del Valle, fairlife and Santa Clara. We're constantly transforming our portfolio, from reducing sugar in our drinks to bringing innovative new products to market. We seek to positively impact people's lives, communities and the planet through water replenishment, packaging recycling, sustainable sourcing practices and carbon emissions reductions across our value chain. Together with our bottling partners, we employ more than 700,000 people, helping bring economic opportunity to local communities worldwide. Learn more at www.coca-colacompany.com and follow us on Instagram, Facebook and LinkedIn.

SOURCE Marriott International, Inc.