Track market-moving stories before they get noisy

Nasdaq (NDAQ - Free Report) came out with quarterly earnings of $1.07 per share, beating the Zacks Consensus Estimate of $0.98 per share. This compares to earnings of $0.85 per share a year ago. These figures are adjusted for non-recurring items.

This quarterly report represents an earnings surprise of +9.18%. A quarter ago, it was expected that this exchange operator would post earnings of $0.93 per share when it actually produced earnings of $0.96, delivering a surprise of +3.23%.

Over the last four quarters, the company has surpassed consensus EPS estimates four times.

Nasdaq, which belongs to the Zacks Securities and Exchanges industry, posted revenues of $1.5 billion for the quarter ended June 2026, surpassing the Zacks Consensus Estimate by 3.87%. This compares to year-ago revenues of $1.31 billion. The company has topped consensus revenue estimates four times over the last four quarters.

The sustainability of the stock's immediate price movement based on the recently-released numbers and future earnings expectations will mostly depend on management's commentary on the earnings call.

Nasdaq shares have lost about 6.4% since the beginning of the year versus the S&P 500's gain of 9.6%.

What's Next for Nasdaq?While Nasdaq has underperformed the market so far this year, the question that comes to investors' minds is: what's next for the stock?

There are no easy answers to this key question, but one reliable measure that can help investors address this is the company's earnings outlook. Not only does this include current consensus earnings expectations for the coming quarter(s), but also how these expectations have changed lately.

Empirical research shows a strong correlation between near-term stock movements and trends in earnings estimate revisions. Investors can track such revisions by themselves or rely on a tried-and-tested rating tool like the Zacks Rank, which has an impressive track record of harnessing the power of earnings estimate revisions.

Ahead of this earnings release, the estimate revisions trend for Nasdaq was mixed. While the magnitude and direction of estimate revisions could change following the company's just-released earnings report, the current status translates into a Zacks Rank #3 (Hold) for the stock. So, the shares are expected to perform in line with the market in the near future. You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here.

It will be interesting to see how estimates for the coming quarters and the current fiscal year change in the days ahead. The current consensus EPS estimate is $1.00 on $1.44 billion in revenues for the coming quarter and $3.93 on $5.79 billion in revenues for the current fiscal year.

Investors should be mindful of the fact that the outlook for the industry can have a material impact on the performance of the stock as well. In terms of the Zacks Industry Rank, Securities and Exchanges is currently in the bottom 10% of the 250 plus Zacks industries. Our research shows that the top 50% of the Zacks-ranked industries outperform the bottom 50% by a factor of more than 2 to 1.

One other stock from the same industry, S&P Global (SPGI - Free Report) , is yet to report results for the quarter ended June 2026. The results are expected to be released on July 28.

This independent ratings and analytics provider is expected to post quarterly earnings of $4.49 per share in its upcoming report, which represents a year-over-year change of +1.4%. The consensus EPS estimate for the quarter has been revised 8.3% lower over the last 30 days to the current level.

S&P Global's revenues are expected to be $3.65 billion, down 2.9% from the year-ago quarter.

A screen displays the logo and trading information for Ameriprise Financial, Inc. on the floor of the New York Stock Exchange (NYSE) in New York City, U.S., March 29, 2023. REUTERS/Brendan... Purchase Licensing Rights, opens new tab Read more

July 23 (Reuters) - Asset and wealth manager Ameriprise Financial (AMP.N), opens new tab reported a rise in its second-quarter ​profit on Thursday, driven by a ‌market rally that boosted the value of its fee-generating assets.

Here are more details from ​the earnings report:

Get a look at the day ahead in U.S. and global markets with the Morning Bid U.S. newsletter. Sign up here.

Ameriprise's assets under management, ​administration and advisement came in at $1.8 trillion ⁠during the three months ended June ​30, up 14% from a year ​ago.

Assets under management and the fees earned by managers depend on two factors — money flowing in ​and out of the funds and ​the performance of investments.

Ameriprise's management and financial advice fees ‌rose ⁠18% to $3.06 billion during the second quarter, while its net investment income remained almost flat at $893 million.

Total client assets ​at its ​advice and ⁠wealth management business grew 15% to $1.2 trillion.

Ameriprise's second-quarter profit rose ​to $1.11 billion, or $11.98 per share, ​compared ⁠with $1.06 billion, or $10.73 per share, a year earlier.

Shares of the company have gained a ⁠little ​over 7% in 2026, ​underperforming the broader benchmark S&P 500 index (.SPX), opens new tab.

Reporting by Pritam ​Biswas in Bengaluru; Editing by Sahal Muhammed

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

, /PRNewswire/ -- Visteon Corporation (NASDAQ: VC) today reported second quarter financial results. Highlights include:

Sales of $960 million with Growth-over-Market of 4%1  Net income attributable to Visteon of $49 million Adjusted EBITDA of $116 million, representing a 12.1% margin Operating cash flow of $37 million and adjusted free cash flow of $20 million  Strong balance sheet with net cash of $351 million at quarter end New business wins of $2.0 billion support strategic objectives for long-term growth $200 million accelerated share repurchase program Second Quarter Results

Visteon reported net sales of $960 million, compared to $969 million in the prior year. Sales reflected 4% growth-over-market1, driven by launch ramps and regional execution, despite lower customer vehicle production and legacy program roll-offs.

Gross margin in the second quarter was $118 million. Net income attributable to Visteon was $49 million or $1.80 per diluted share. Adjusted EBITDA, a non-GAAP measure defined below, was $116 million, reflecting continued operational discipline in a dynamic supply chain environment. Margin performance in the quarter benefited from customer commercial recoveries and disciplined cost execution, partially offset by higher supplier costs and continued engineering investments.

For the first six months of 2026, cash from operations was $43 million, capital expenditures were $61 million, and adjusted free cash flow, a non-GAAP measure defined below, was an outflow of $3 million. The Company ended the second quarter with cash of $650 million and debt of $299 million. The Company's strong balance sheet, with a net cash position of $351 million, provides flexibility to continue investing in the business while supporting capital allocation priorities.

Visteon secured approximately $2.0 billion in new business during the second quarter, reflecting continued momentum across the Company's strategic growth areas. Highlights included an additional next-generation SmartCore™ high-performance compute ("HPC") award with another premium vehicle brand of a large Chinese OEM, further strengthening the Company's position in next-generation cockpit computing. The quarter also included strategic awards with North American OEMs, additional wins in India, as well as commercial vehicle and two-wheeler awards. These awards reflect ongoing diversification of the Company across customers and markets.

Visteon launched 24 new products during the second quarter across 11 customers, demonstrating continued execution across its strategic growth areas. Highlights included an integrated center and passenger display system for a German premium OEM, ongoing expansion of Renault displays, a digital cluster on the Hyundai Exter, and a vehicle control unit for Royal Enfield's first electric motorcycle, the "Flying Flea." These launches demonstrate ongoing adoption of Visteon's advanced cockpit portfolio and support the industry's transition toward software-defined vehicles.

"Our second quarter results support the strategic priorities we outlined at Investor Day," said President and CEO Sachin Lawande. "Our SmartCore™ HPC momentum, progress across our strategic growth areas and successful product launches reinforce the long-term growth objectives we shared with investors."

Accelerated Share Repurchase Program

The Company today announced that it has entered into a $200 million accelerated share repurchase ("ASR") agreement under its previously announced $800 million share repurchase authorization. The ASR is expected to be completed early in the fourth quarter of 2026.

The ASR reflects the Company's capital allocation priorities, supporting shareholder returns while maintaining the flexibility to invest in future growth.

About Visteon

Visteon (NASDAQ: VC) is advancing mobility through innovative technology solutions that enable a software-defined future. The Company's state-of-the-art product portfolio merges digital cockpit innovations, advanced displays, AI-enhanced software solutions, and integrated EV architecture solutions. With expertise spanning passenger vehicles, commercial transportation, and two-wheelers, Visteon partners with global OEMs to create safer, cleaner, and more connected journeys. Headquartered in Van Buren Township, Michigan, Visteon operates in 17 countries, employing a global network of innovation centers and manufacturing facilities. For more information, visit visteon.com.

Conference Call and Presentation

Today, Thursday, July 23, at 9 a.m. ET, the Company will host a conference call for the investment community to discuss the quarter's results and other related items. The conference call is available to the general public via a live audio webcast.

The dial-in numbers to participate in the call are:

U.S./Canada: 1-833-461-5787
Outside U.S./Canada: 1-585-542-9983
Conference ID: 113899249

(Call approximately 10 minutes before the start of the conference.)

The conference call and live audio webcast, related presentation materials and other supplemental information will be accessible in the Investors section of Visteon's website.

__

Use of Non-GAAP Financial Information

Because not all companies use identical calculations, adjusted EBITDA, adjusted net income, adjusted EPS, free cash flow and adjusted free cash flow used throughout this press release may not be comparable to other similarly titled measures of other companies.

Forward-looking Information 

This press release contains "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. The words "will," "may," "designed to," "outlook," "believes," "should," "anticipates," "plans," "expects," "intends," "estimates," "forecasts" and similar expressions identify certain of these forward-looking statements. Forward-looking statements are not guarantees of future results and conditions but rather are subject to various factors, risks and uncertainties that could cause our actual results to differ materially from those expressed in these forward-looking statements, including, but not limited to:

uncertainties in U.S. or foreign policy regarding trade agreements, tariffs or other international trade policies and any response to such actions by foreign countries; continued and future impacts of the geopolitical conflicts and related supply chain disruptions, including but not limited to the conflicts in the Middle East, Russia and East Asia and the possible imposition of sanctions; significant and prolonged shortages of, or unrecoverable price increases in, critical components, including but not limited to semiconductors such as DRAM, particularly where such components are sourced from sole or primary suppliers; failure of the Company's joint venture partners to comply with contractual obligations or to exert influence or pressure in China; conditions within the automotive industry, including (i) the automotive vehicle production volumes and schedules of our customers, (ii) the financial condition of our customers and the effects of any restructuring or reorganization plans that may be undertaken by our customers, including work stoppages at our customers, and (iii) possible disruptions in the supply of commodities to us or our customers due to financial distress, work stoppages, natural disasters or civil unrest; our ability to satisfy future capital and liquidity requirements; including our ability to access the credit and capital markets at the times and in the amounts needed and on terms acceptable to us; our ability to comply with financial and other covenants in our credit agreements; and the continuation of acceptable supplier payment terms; our ability to access funds generated by foreign subsidiaries and joint ventures on a timely and cost-effective basis; our ability to grow our business with Chinese domestic OEMs and to compete with Chinese domestic suppliers as they expand their market-share outside of China; general economic conditions, currency exchange rates, interest rates, changes in foreign laws, regulations or trade policies, including export controls of certain parts or materials or political stability in foreign countries where Visteon procures materials, components, or supplies or where its products are manufactured, distributed, or sold; disruptions in information technology systems including, but not limited to, system failure, cyber-attack, malicious computer software (malware including ransomware), unauthorized physical or electronic access, or other natural or man-made incidents or disasters; increases in raw material and energy costs and our ability to offset or recover these costs; increases in our warranty, product liability and recall costs or the outcome of legal or regulatory proceedings to which we are or may become a party; changes in laws, regulations, policies or other activities of governments, agencies and similar organizations, domestic and foreign, that may tax or otherwise increase the cost of, prohibit, or otherwise affect, the manufacture, licensing, distribution, sale, ownership or use of Visteon's or its suppliers' products or assets; and those factors identified in our filings with the SEC (including our Annual Report on Form 10-K for the fiscal year ended December 31, 2025, as updated by our subsequent filings with the Securities and Exchange Commission). Caution should be taken not to place undue reliance on our forward-looking statements, which represent our view only as of the date of this release, and which we assume no obligation to update. The financial results presented herein are preliminary and unaudited; final financial results will be included in the Company's Quarterly Report on Form 10-Q for the fiscal quarter ended June 30, 2026. New business wins and re-wins do not represent firm orders or firm commitments from customers, but are based on various assumptions, including the timing and duration of product launches, vehicle production levels, customer price reductions and currency exchange rates.

Visteon Contacts:

Media: 
[email protected]

Investors:
[email protected]

VISTEON CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)
(In millions except per share amounts) 
(Unaudited)

Three Months Ended

Six Months Ended

June 30,

June 30,

2026

2025

2026

2025

Net sales

$        960

$        969

$     1,914

$     1,903

Cost of sales

(842)

(828)

(1,683)

(1,624)

Gross margin

118

141

231

279

Selling, general and administrative expenses

(46)

(48)

(100)

(95)

Restructuring, net

1

(1)

(17)

(1)

Interest income, net

3

2

5

3

Equity in net income (loss) of non-consolidated affiliates

2

2

4

4

Other income (expense), net

(2)

1

2

2

Income (loss) before income taxes

76

97

125

192

Provision for income taxes

(26)

(22)

(42)

(48)

Net income (loss)

50

75

83

144

Less: Net (income) loss attributable to non-controlling interests

(1)

(4)

(3)

(6)

Net income (loss) attributable to Visteon Corporation

$         49

$         71

$         80

$        138

Comprehensive income (loss)

$         57

$        112

$         79

$        201

Less: Comprehensive (income) loss attributable to non-controlling
interests

1

(9)

(2)

(12)

Comprehensive income (loss) attributable to Visteon Corporation

$         58

$        103

$         77

$        189

Basic earnings (loss) per share attributable to Visteon Corporation

$       1.84

$       2.60

$       2.99

$       5.07

Diluted earnings (loss) per share attributable to Visteon Corporation

$       1.80

$       2.57

$       2.93

$       5.02

Average shares outstanding (in millions)

Basic

26.7

27.3

26.8

27.2

Diluted

27.2

27.6

27.3

27.5

VISTEON CORPORATION AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
(In millions)

(Unaudited)

June 30,

December 31,

2026

2025

ASSETS

Cash and equivalents

$             648

$             771

Restricted cash

2

2

Accounts receivable, net

666

613

Inventories, net

328

269

Other current assets

158

130

Total current assets

1,802

1,785

Property and equipment, net

524

524

Intangible assets, net

233

222

Right-of-use assets

131

126

Investments in non-consolidated affiliates

25

29

Deferred tax assets

512

511

Other non-current assets

229

189

Total assets

$           3,456

$           3,386

LIABILITIES AND EQUITY

Short-term debt

$               15

$               18

Accounts payable

620

540

Accrued employee liabilities

85

122

Current lease liability

24

21

Other current liabilities

271

291

Total current liabilities

1,015

992

Long-term debt, net

284

283

Employee benefits

80

88

Non-current lease liability

111

109

Deferred tax liabilities

47

51

Other non-current liabilities

230

212

Stockholders' equity:

Common stock

1

1

Additional paid-in capital

1,398

1,398

Retained earnings

2,897

2,838

Accumulated other comprehensive loss

(243)

(240)

Treasury stock

(2,442)

(2,429)

Total Visteon Corporation stockholders' equity

1,611

1,568

Non-controlling interests

78

83

Total equity

1,689

1,651

Total liabilities and equity

$           3,456

$           3,386

VISTEON CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS 
 (In millions) 
(Unaudited)

Three Months Ended

Six Months Ended

June 30,

June 30,

2026

2025

2026

2025

OPERATING

Net income (loss)

$         50

$       75

$          83

$        144

Adjustments to reconcile net income (loss) to net cash provided from
(used by) operating activities:

Depreciation and amortization

29

27

58

52

Non-cash stock-based compensation

12

12

24

23

Equity in net loss (income) of non-consolidated affiliates, net of
 dividends remitted

(2)

(2)

(4)

(4)

Tax valuation allowance expense (benefit)

—

(6)

—

(8)

Other non-cash items

1

(3)

1

(4)

Changes in assets and liabilities:

Accounts receivable

13

21

(58)

(3)

Inventories

(12)

24

(63)

4

Accounts payable

(3)

(11)

86

40

Other assets and other liabilities

(51)

(42)

(84)

(79)

Net cash provided from operating activities

37

95

43

165

INVESTING

Capital expenditures, including intangibles

(25)

(31)

(61)

(66)

Acquisition of business, net of cash acquired

(20)

(50)

(20)

(50)

Net investment hedge transactions

—

1

(12)

2

Other

—

(2)

—

(1)

Net cash used by investing activities

(45)

(82)

(93)

(115)

FINANCING

Borrowing on debt

2

—

2

—

Principal repayment of term debt facility

—

(5)

(4)

(9)

Dividend to shareholders

(10)

—

(20)

—

Dividends to non-controlling interests

(9)

(14)

(9)

(18)

Repurchase of common stock

(6)

—

(36)

(7)

Stock-based compensation tax withholding payments

(2)

(1)

(9)

(7)

Proceeds from the exercise of stock options

4

—

8

3

Contingent consideration payments

(7)

—

(7)

—

Other

(2)

—

(2)

—

Net cash used by financing activities

(30)

(20)

(77)

(38)

Effect of exchange rate changes on cash

6

20

4

33

Net increase (decrease) in cash, equivalents, and restricted cash

(32)

13

(123)

45

Cash, equivalents, and restricted cash at beginning of the period

682

658

773

626

Cash, equivalents, and restricted cash at end of the period

$       650

$      671

$        650

$        671

VISTEON CORPORATION AND SUBSIDIARIES
RECONCILIATION OF NON-GAAP FINANCIAL MEASURES
(In millions except per share amounts) 
(Unaudited)

Adjusted EBITDA: Adjusted EBITDA is presented as a supplemental measure of the Company's performance that management believes is useful to investors because the excluded items may vary significantly in timing or amounts and/or may obscure trends useful in evaluating and comparing the Company's operating activities across reporting periods. The Company defines adjusted EBITDA as net income attributable to the Company adjusted to eliminate the impact of depreciation and amortization, net restructuring, provision for (benefit from) income taxes, non-cash, stock-based compensation expense, net interest (income) expense, net income (loss) attributable to non-controlling interests, equity in net (income) loss of non-consolidated affiliates, and other gains and losses not reflective of the Company's ongoing operations. Because not all companies use identical calculations, this presentation of adjusted EBITDA may not be comparable to similarly titled measures of other companies.

Three Months Ended

Six Months Ended

Estimated

June 30,

June 30,

Full Year

Visteon:

2026

2025

2026

2025

2026

Net income (loss) attributable to Visteon Corporation*

$        49

$        71

$        80

$       138

$       190

  Depreciation and amortization

29

27

58

52

120

  Restructuring, net

(1)

1

17

1

25

  Provision for (benefit from) income taxes*

26

22

42

48

90

  Non-cash, stock-based compensation expense

12

12

24

23

50

  Interest (income) expense, net

(3)

(2)

(5)

(3)

(5)

  Net income (loss) attributable to non-controlling interests

1

4

3

6

10

  Equity in net loss (income) of non-consolidated affiliates

(2)

(2)

(4)

(4)

(10)

  Other, net

5

1

5

2

5

Adjusted EBITDA

$       116

$       134

$       220

$       263

$      4752

*Amounts shown reflect the change in accounting principle related to the method for assessing the realizability of U.S. deferred tax assets
described in the Company's 2025 Form 10-K.

Adjusted EBITDA is not a recognized term under U.S. GAAP and does not purport to be a substitute for net income as an indicator of operating performance or cash flows from operating activities as a measure of liquidity. Adjusted EBITDA has limitations as an analytical tool and is not intended to be a measure of cash flow available for management's discretionary use, as it does not consider certain cash requirements such as interest payments, tax payments and debt service requirements. In addition, the Company uses adjusted EBITDA (i) as a factor in incentive compensation decisions, (ii) to evaluate the effectiveness of the Company's business strategies, and (iii) because the Company's credit agreements use similar measures for compliance with certain covenants.

VISTEON CORPORATION AND SUBSIDIARIES
RECONCILIATION OF NON-GAAP FINANCIAL MEASURES
(In millions except per share amounts) 
(Unaudited)

Free Cash Flow and Adjusted Free Cash Flow: Free cash flow and adjusted free cash flow are presented as supplemental measures of the Company's liquidity that management believes are useful to investors in analyzing the Company's ability to service and repay its debt. The Company defines free cash flow as cash flow provided from operating activities less capital expenditures, including intangibles. The Company defines adjusted free cash flow as cash flow provided from operating activities less capital expenditures, including intangibles as further adjusted for restructuring related payments. Because not all companies use identical calculations, this presentation of free cash flow and adjusted free cash flow may not be comparable to other similarly titled measures of other companies.

Three Months Ended

Six Months Ended

Estimated

June 30,

June 30,

Full Year

Visteon:

2026

2025

2026

2025

2026

Cash provided from operating activities

$         37

$         95

$         43

$        165

$        300

Capital expenditures, including intangibles

(25)

(31)

(61)

(66)

(150)

Free cash flow

$         12

$         64

$        (18)

$         99

$        150

Restructuring related payments

8

3

15

6

20

Adjusted free cash flow

$         20

$         67

$         (3)

$        105

$        170

Free cash flow and adjusted free cash flow are not recognized terms under U.S. GAAP and do not purport to be a substitute for cash flows from operating activities as a measure of liquidity. Free cash flow and adjusted free cash flow have limitations as analytical tools as they do not reflect cash used to service debt and do not reflect funds available for investment or other discretionary uses. In addition, the Company uses free cash flow and adjusted free cash flow (i) as factors in incentive compensation decisions and (ii) for planning and forecasting future periods.

VISTEON CORPORATION AND SUBSIDIARIES
RECONCILIATION OF NON-GAAP FINANCIAL MEASURES
(In millions except per share amounts) 
(Unaudited)

Adjusted Net Income and Adjusted Earnings Per Share: Adjusted net income and adjusted earnings per share are presented as supplemental measures that management believes are useful to investors in analyzing the Company's profitability, providing comparability between periods by excluding certain items that may not be indicative of recurring business operating results. The Company believes management and investors benefit from referring to these supplemental measures in assessing company performance and when planning, forecasting and analyzing future periods. The Company defines adjusted net income as net income attributable to Visteon adjusted to eliminate the impact of net restructuring, other gains and losses not reflective of the Company's ongoing operations and related tax effects. The Company defines adjusted earnings per share as adjusted net income divided by diluted shares. Because not all companies use identical calculations, this presentation of adjusted net income and adjusted earnings per share may not be comparable to other similarly titled measures of other companies.

Three Months Ended

Six Months Ended

June 30,

June 30,

2026

2025

2026

2025

Net income (loss) attributable to Visteon*

$         49

$         71

$         80

$        138

Diluted earnings (loss) per share:

Net income (loss) attributable to Visteon*

$         49

$         71

$         80

$        138

Average shares outstanding, diluted

27.2

27.6

27.3

27.5

Diluted earnings (loss) per share

$       1.80

$       2.57

$       2.93

$       5.02

Adjusted net income (loss) and adjusted earnings (loss) per share:

Net income (loss) attributable to Visteon*

$         49

$         71

$         80

$        138

Restructuring, net

(1)

1

17

1

Other

5

1

5

2

Tax impacts of adjustments

(1)

(1)

(5)

(1)

Adjusted net income (loss)

$         52

$         72

$         97

$        140

Average shares outstanding, diluted

27.2

27.6

27.3

27.5

Adjusted earnings (loss) per share

$       1.91

$       2.61

$       3.55

$       5.09

*Amounts shown reflect the change in accounting principle related to the method for assessing the realizability of U.S. deferred tax assets
described in the Company's 2025 Form 10-K.

Adjusted net income and adjusted earnings per share are not recognized terms under U.S. GAAP and do not purport to be a substitute for profitability. Adjusted net income and adjusted earnings per share have limitations as analytical tools as they do not consider certain restructuring and transaction-related payments and/or expenses. In addition, the Company uses adjusted net income and adjusted earnings per share for internal planning and forecasting purposes.

_______________

1

Visteon y/y sales growth (ex. FX and net pricing) compared to production for Visteon customers weighted on Visteon sales contribution.

2

Based on mid-point of the range of the Company's financial guidance

SOURCE Visteon Corporation

Norfolk Southern logo is seen in this illustration taken August 5, 2025. REUTERS/Dado Ruvic/Illustration Purchase Licensing Rights, opens new tab

July 23 (Reuters) - Norfolk Southern (NSC.N), opens new tab beat Wall Street expectations for second-quarter adjusted profit on Thursday, as ​stronger freight demand and increased fuel ‌surcharges billed to customers helped counter fuel-cost pressures.

Fuel costs have remained a headwind for transportation companies, ​though railroads have partly offset the ​pressure by passing costs to shippers via ⁠fuel surcharges, operational efficiencies and steady ​intermodal demand.

The Reuters Power Up newsletter provides everything you need to know about the global energy industry. Sign up here.

Here are more details:

U.S. gasoline prices topped $4 ​a gallon in March for the first time in more than three years and have remained near that ​level, keeping pressure on fuel-intensive industries.

Atlanta, ​Georgia-based Norfolk reported an adjusted profit of $3.52 per share, ‌compared ⁠with $3.29 per share a year earlier. Analysts expected an adjusted profit of $3.31 per share, according to data compiled by LSEG.

The company's ​railway operating income ​for ⁠the second quarter rose 11% to $3.5 billion from a year earlier.

On ​an adjusted basis, the company's operating ​ratio - ⁠a key measure of efficiency - was 65.5% for the quarter, deteriorating by 210 basis ⁠points from ​a year earlier.

Union Pacific outperforms peers since FebruaryReporting by ​Apratim Sarkar in Bengaluru; Editing by Vijay Kishore

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Comcast's second-quarter results on Thursday showcased strength at NBCUniversal — particularly in its TV and film units — as the company prepares to split its media and broadband businesses apart.

NBCUniversal's streaming service, Peacock, hit profitability during the quarter for the first time, Comcast said, giving the media business a lift. The streaming service also benefited from live sports including the FIFA World Cup and NBA postseason and brought in new subscribers.

Revenue in the company's content and experiences division, which includes media unit NBCUniversal, rose almost 23% year over year.

Meanwhile, it was a different story with the traditional cable and connectivity business. The company said that its shifted strategy for the broadband business is "gaining traction" following years of significant competition and pressure due to the rise of alternatives like 5G providers.

But Comcast once again reported broadband customer losses for the period, and revenue for the connectivity and platforms segment notched down as its lower pricing plans and promotions took hold.

The diverging storylines for broadband and media come weeks after Comcast said it would divide the two businesses into separate publicly traded companies. In Thursday's release co-CEOs Brian Roberts and Mike Cavanagh called the split "an important step toward creating two focused companies with the financial strength and flexibility to pursue their respective growth strategies."

During Thursday's call with investors, Roberts addressed the separation immediately, noting that there's been a positive reaction following weeks of discussions with "key constituencies, employees at every level, and most of our key partners."

"I feel more positive and energized today than I was on the day we announced," Roberts said Thursday.

Revenue for the connectivity and platforms segment, which includes the Xfinity-branded broadband, mobile and cable TV offerings, was down 3% to $19.8 billion. Earnings before interest, taxes, depreciation and amortization for the unit dropped nearly 6% to $7.96 billion.

Comcast lost 167,000 total broadband residential customers and 280,000 cable TV subscribers during the quarter. Mobile remained a bright spot with additions that once again marked a record quarter and brought its total to 10.2 million lines. Mobile has become a major driver and key part of Comcast's strategy to boost the broadband business.

The content and experiences segment that houses NBCUniversal's TV, film and theme parks, saw revenue of $10.73 billion, boosted by the impact of the FIFA World Cup that began in mid-June and was aired in Spanish in the U.S. on the company's Telemundo network.

Revenue for the TV media unit in particular benefited from Peacock and an increase in advertising, and film studio revenue rose 25%. Theme parks revenue was up nearly 3% as softness at international parks offset higher revenue in Orlando, Florida.

Overall revenue for Comcast was down 1.2% during the second quarter to $29.94 billion. On a pro-forma basis, accounting for the impact of Comcast's Versant spinoff that was completed at the start of the year, the company said quarterly revenue was 4.7% higher.

Comcast reported adjusted earnings per share of $1.04, topping Wall Street estimates of 97 cents, according to LSEG. Comcast reported net income attributable to the company of $3.53 billion.

Disclosure: Versant Media Group is the parent company of CNBC.

, /PRNewswire/ -- Old Republic International Corporation (NYSE: ORI) – today reported the following results for the second quarter 2026:

Net income of $322.3 million, compared to $204.4 million last year. Net income excluding investment gains (net operating income) of $186.0 million, compared to $209.2 million last year. Net operating income per diluted share of $0.76, compared to $0.83 last year. Consolidated net premiums and fees earned of nearly $2.1 billion, compared to nearly $2.0 billion last year. Net investment income of $182.0 million, compared to $171.5 million last year. Consolidated combined ratio of 95.3%, compared to 93.6% last year. Favorable loss reserve development of 0.1 points, compared to 2.1 points last year. Book value per share of $25.33, inclusive of dividends declared, up 7.2% since year-end 2025. Annualized operating return on equity of 12.1%. Total capital returned to shareholders of $137.4 million.                                            Dollar amounts (other than per share amounts) are presented in millions, except as otherwise indicated.

OVERALL RESULTS ATTRIBUTABLE TO SHAREHOLDERS

Quarters Ended June 30,

Six Months Ended June 30,

2026

2025

% Change

2026

2025

% Change

Net income

$  322.3

$  204.4

$  652.4

$  449.5

Net of tax investment gains (losses)

136.2

(4.7)

295.7

38.5

Net income excluding investment gains (losses)

$  186.0

$  209.2

(11.1) %

$  356.6

$  410.9

(13.2) %

Combined ratio

95.3 %

93.6 %

96.0 %

93.7 %

PER DILUTED SHARE ATTRIBUTABLE TO SHAREHOLDERS

Quarters Ended June 30,

Six Months Ended June 30,

2026

2025

% Change

2026

2025

% Change

Net income

$   1.31

$   0.81

$    2.63

$    1.79

Net of tax investment gains (losses)

0.55

(0.02)

1.19

0.15

Net income excluding investment gains (losses)

$   0.76

$   0.83

(9.3) %

$    1.44

$    1.64

(12.3) %

SHAREHOLDERS' EQUITY (BOOK VALUE)

June 30,

Dec. 31,

2026

2025

% Change

Total

$  6,072.8

$  5,914.0

2.7 %

Per common share

$     25.33

$     24.21

4.6 %

Old Republic's business is managed for the long run. In this context, management's key objectives are to achieve highly profitable operating results over the long term, and to ensure balance sheet strength for the Company's obligations. Although Generally Accepted Accounting Principles (GAAP) uses net income as the measure of total profitability, management uses net income excluding net investment gains (losses) (net operating income), a non-GAAP financial measure, in its evaluation of periodic and long-term results.

In management's opinion, excluding investment gains (losses) from income provides a better way to analyze, evaluate, and establish accountability for the results of the insurance operations. The inclusion of realized investment gains (losses) in net income can mask trends in operating results because such realizations are often highly discretionary. Similarly, the inclusion of unrealized investment gains (losses) in equity securities can further distort such operating results with significant period-to-period fluctuations that are unrelated to the insurance operations. Net operating income, however, does not replace GAAP net income as a measure of total profitability.

FINANCIAL HIGHLIGHTS

Quarters Ended June 30,

Six Months Ended June 30,

SUMMARY INCOME STATEMENTS:

2026

2025

% Change

2026

2025

% Change

Revenues: 

Net premiums and fees earned

$  2,097.8

$  1,994.6

5.2 %

$  4,070.0

$  3,835.7

6.1 %

Net investment income

182.0

171.5

6.1

360.1

342.2

5.2

Other income

51.4

49.6

3.7

98.8

96.8

2.0

Total operating revenues

2,331.3

2,215.8

5.2

4,528.9

4,274.9

5.9

Net investment gains (losses):

Realized from actual transactions and

impairments

38.1

(2.4)

123.5

34.9

Unrealized from changes in fair value of

equity securities

134.2

(4.9)

250.7

12.7

Total net investment gains (losses)

172.4

(7.3)

374.3

47.7

Total revenues

2,503.8

2,208.5

4,903.3

4,322.6

Operating expenses:

Loss and loss adjustment expenses

896.7

830.6

8.0

1,737.0

1,608.4

8.0

Underwriting, acquisition, and other expenses

1,170.2

1,099.9

6.4

2,298.2

2,110.7

8.9

Interest and other charges

26.5

17.6

50.3

44.3

35.5

24.8

Total expenses

2,093.6

1,948.3

7.5 %

4,079.6

3,754.6

8.7 %

Pretax income

410.2

260.1

823.6

567.9

Income taxes

85.7

51.7

169.6

113.3

Total net income

324.4

208.4

653.9

454.5

Net income attributable to noncontrolling interests

2.0

3.9

1.5

5.0

Net income attributable to shareholders

$    322.3

$    204.4

$    652.4

$    449.5

COMMON STOCK STATISTICS:

Components of net income per share:

Basic net income excluding investment gains (losses)

$      0.78

$      0.85

(9.2) %

$      1.48

$      1.68

(12.2) %

Net investment gains (losses):

Realized investment gains (losses)

0.12

(0.01)

0.40

0.11

Unrealized from changes in fair value of

equity securities

0.44

(0.01)

0.82

0.05

Basic net income

$      1.34

$      0.83

$      2.70

$      1.84

Diluted net income excluding investment gains (losses)

$      0.76

$      0.83

(9.3) %

$      1.44

$      1.64

(12.3) %

Net investment gains (losses):

Realized investment gains (losses)

0.12

(0.01)

0.39

0.11

Unrealized from changes in fair value of

 equity securities

0.43

(0.01)

0.80

0.04

Diluted net income

$      1.31

$      0.81

$      2.63

$      1.79

Dividends declared on common stock

$    0.315

$    0.290

8.6 %

$    0.630

$    0.580

8.6 %

The information presented in the following table highlights the most meaningful indicators of Old Republic's segmented and consolidated financial performance. The information underscores the performance of the operating companies, as well as the sound investment of their capital and underwriting cash flows.

Sources of Consolidated Income

Quarters Ended June 30,

Six Months Ended June 30,

2026

2025

% Change

2026

2025

% Change

Net premiums and fees earned:

Specialty Insurance

$   1,323.8

$   1,294.5

2.3 %

$   2,615.7

$   2,528.1

3.5 %

Title Insurance

772.6

697.8

10.7

1,450.5

1,302.9

11.3

Corporate & Other

1.2

2.3

(45.6)

3.7

4.6

(19.2)

Consolidated

$   2,097.8

$   1,994.6

5.2 %

$   4,070.0

$   3,835.7

6.1 %

Underwriting income (loss): (a)

Specialty Insurance

$      59.3

$     119.9

(50.5) %

$     126.5

$     246.1

(48.6) %

Title Insurance

37.6

6.9

N/M

37.0

(5.2)

N/M

Corporate & Other

(14.7)

(13.3)

(10.6)

(30.1)

(27.4)

(10.0)

Consolidated

$      82.2

$     113.6

(27.6) %

$     133.5

$     213.4

(37.5) %

Net investment income:

Specialty Insurance

$     159.5

$     149.9

6.4 %

$     317.6

$     299.9

5.9 %

Title Insurance

18.3

17.3

5.8

35.8

34.0

5.1

Corporate & Other

4.1

4.2

(2.3)

6.6

8.2

(19.5)

Consolidated

$     182.0

$     171.5

6.1 %

$     360.1

$     342.2

5.2 %

Interest and other charges:

Specialty Insurance

$      20.2

$      16.1

$       36.5

$       32.1

Title Insurance

—

—

0.1

0.1

Corporate & Other (b)

6.2

1.5

7.6

3.2

Consolidated

$      26.5

$      17.6

50.3 %

$       44.3

$       35.5

24.8 %

Pretax income (loss) excluding investment

gains (losses):

Specialty Insurance

$     198.6

$     253.7

(21.7) %

$     407.6

$     513.9

(20.7) %

Title Insurance

55.9

24.2

130.5

72.7

28.6

153.9

Corporate & Other

(16.8)

(10.5)

(59.2)

(31.1)

(22.3)

(39.1)

Consolidated

237.7

267.5

(11.1) %

449.3

520.2

(13.6) %

Income taxes

49.5

54.3

91.0

104.1

Net income excluding investment

gains (losses)

188.1

213.2

(11.7) %

358.2

416.0

(13.9) %

Consolidated pretax investment gains (losses):

Realized from actual transactions

and impairments

38.1

(2.4)

123.5

34.9

Unrealized from changes in

fair value of equity securities

134.2

(4.9)

250.7

12.7

Total

172.4

(7.3)

374.3

47.7

Income taxes (credits)

36.2

(2.6)

78.6

9.1

Net of tax investment gains (losses)

136.2

(4.7)

295.7

38.5

 Total net income

324.4

208.4

653.9

454.5

Net income attributable to

noncontrolling interests

2.0

3.9

1.5

5.0

Net income attributable to shareholders

$     322.3

$     204.4

$     652.4

$     449.5

(a) Includes related services.

(b) Includes consolidation/elimination entries.

Specialty Insurance Segment Operating Results                                                                                                                                 

Quarters Ended June 30,

Six Months Ended June 30,

2026

2025

% Change

2026

2025

% Change

Revenues:

Net premiums written

$ 1,483.2

$ 1,361.0

9.0 %

$ 2,822.6

$ 2,633.1

7.2 %

Net premiums earned

1,323.8

1,294.5

2.3

2,615.7

2,528.1

3.5

Other income

51.2

49.3

3.8

98.4

96.4

2.1

Expenses:

Loss and loss adjustment expenses

872.8

809.6

7.8

1,694.7

1,570.7

7.9

Underwriting, acquisition, and other expenses

442.9

414.2

6.9

892.8

807.7

10.5

Segment underwriting income

59.3

119.9

(50.5)

126.5

246.1

(48.6)

Add: Net investment income

159.5

149.9

6.4

317.6

299.9

5.9

Less: Interest and other charges

20.2

16.1

25.7

36.5

32.1

13.7

Segment pretax operating income

$   198.6

$   253.7

(21.7) %

$   407.6

$   513.9

(20.7) %

Loss ratio:

Current year

65.6 %

65.4 %

65.4 %

65.2 %

Prior years

0.3

(2.9)

(0.6)

(3.1)

Total

65.9

62.5

64.8

62.1

Expense ratio

29.6

28.2

30.4

28.1

Combined ratio

95.5 %

90.7 %

95.2 %

90.2 %

Specialty Insurance net premiums written reflects significant growth in a large auto warranty program which requires net premiums written to include the retail selling price of the service contract. Excluding the write-up to retail pricing from all auto warranty programs, net premiums written increased 1.6% and 2.2% for the quarter and first six months, respectively.

Net premiums earned increased 2.3% for the quarter and 3.5% for the first six months. Growth in the quarter was driven by a combination of premium rate increases and new business production, including an increasing contribution from new operating companies, partially offset by a decline in renewal retention ratios compared to last year. Commercial auto renewal retention improved slightly compared to the first quarter of 2026, while Specialty Insurance continued to prioritize rate. Earned premium growth was most pronounced within commercial auto, accident & health, general liability, property, and auto warranty coverages while workers' compensation and Canadian travel accident and trucking declined.

The increase in net investment income was primarily driven by a higher invested asset base.

The Specialty Insurance loss ratio increase was largely due to changes in prior year loss reserve development, while the current year loss ratio remained consistent. In the quarter, Specialty Insurance experienced unfavorable development  of approximately $40 (3.0 points) from its run-off transactional risk business reported in financial indemnity. This unfavorable development was mostly offset by significant favorable development from commercial auto and property.

The expense ratio remains elevated due to continued investments in start-up operating companies which are not at scale, information technology modernization, data and analytics, and artificial intelligence, including the additional personnel costs to manage all of these key initiatives. Several of the information technology modernization efforts are entering a phase in which costs are being amortized while the systems being replaced are not yet decommissioned.

Together, these factors produced a profitable combined ratio and strong pretax operating income for the quarter and first six months. For Specialty Insurance, combined ratios between 90% and 95% are targeted over a full underwriting cycle, recognizing that quarterly and annual ratios and trends may deviate from this range, particularly with long-tailed lines of coverage.

Old Republic's previously announced acquisition of Everett Cash Mutual Insurance Co. (ECM) and affiliated companies following its conversion to a stock company in a sponsored demutualization transaction closed effective July 1, 2026. ECM will be included in the Specialty Insurance segment beginning in the third quarter of 2026. Specialty Insurance expects to report a gain on the acquisition of approximately $125 subject to final valuations as of the closing date, and for the business to be accretive to earnings in 2026.

Title Insurance Segment Operating Results                                                                                                                                       

Quarters Ended June 30,

Six Months Ended June 30,

2026

2025

% Change

2026

2025

% Change

Revenues:

Net premiums earned

$   699.3

$   629.8

11.0 %

$ 1,318.2

$ 1,176.8

12.0 %

Title, escrow, and other fees

73.3

67.9

7.9

132.2

126.1

4.9

Net premiums and fees earned

772.6

697.8

10.7

1,450.5

1,302.9

11.3

Other income

0.2

0.1

15.3

0.3

0.3

21.0

Expenses:

Loss and loss adjustment expenses

23.4

20.3

15.2

40.8

36.3

12.4

Underwriting, acquisition, and other expenses

711.8

670.7

6.1

1,372.9

1,272.1

7.9

Segment underwriting income (loss)

37.6

6.9

N/M

37.0

(5.2)

N/M

Add: Net investment income

18.3

17.3

5.8

35.8

34.0

5.1

Less: Interest and other charges

—

—

N/M

0.1

0.1

(14.2)

Segment pretax operating income

$    55.9

$    24.2

130.5 %

$    72.7

$    28.6

153.9 %

Loss ratio:

Current year

3.7 %

3.5 %

3.7 %

3.5 %

Prior years

(0.7)

(0.6)

(0.9)

(0.7)

Total

3.0

2.9

2.8

2.8

Expense ratio

92.1

96.1

94.6

97.6

Combined ratio

95.1 %

99.0 %

97.4 %

100.4 %

Title Insurance net premiums and fees earned increased 10.7% for the quarter and 11.3% for the first six months. Both agency and directly produced premiums experienced solid growth and continued strong commercial business production. Commercial premiums represented 25.4% of net premiums earned compared to 23.0% in the second quarter of last year.

Net investment income increased, reflecting a slightly higher invested asset base.

The Title Insurance loss ratio remained consistent with last year, reflecting a slightly higher level of favorable prior year loss reserve development offset by slightly higher current year losses. The second quarter and first half of 2025 expense ratios included approximately $15 (2.1 and 1.1 points, respectively) in litigation settlement expenses. Excluding that impact, the expense ratios for both 2026 periods improved as a result of expense management and scale, partially offset by a higher amount of agent commissions as a result of increased agency business compared to the direct operation.

Together, these factors produced higher pretax operating income for the quarter and first six months. For Title Insurance, combined ratios between 90% to 95% are targeted over a full underwriting cycle, recognizing that quarterly and annual ratios and trends may deviate from this range. Although Title Insurance has been navigating a difficult real estate environment over the last few years resulting in ratios in excess of this range, they continue to strive to come into range in the near term.

Corporate & Other Operating Results                                                                                                                                                

Quarters Ended June 30,

Six Months Ended June 30,

2026

2025

% Change

2026

2025

% Change

Net premiums earned

$       1.2

$       2.3

(45.6) %

$       3.7

$       4.6

(19.2) %

Net investment income (a)

4.1

4.2

(2.3)

6.6

8.2

(19.5)

Operating revenues

5.4

6.6

(18.6)

10.3

12.8

(20.0)

Operating expenses

22.2

17.2

29.1

41.4

35.2

17.5

Corporate & Other pretax operating loss

$    (16.8)

$    (10.5)

(59.2) %

$    (31.1)

$    (22.3)

(39.1) %

(a) Net of elimination entries.

Corporate & Other includes a small life and accident insurance business, the parent holding company, and several internal corporate services subsidiaries. Net investment income was impacted by a lower portfolio yield and invested asset base due to the return of capital to shareholders, partially offset by proceeds from the May 2026 debt issuance. The Company issued $700 in Senior Notes in anticipation of the August 2026 maturity of the existing $550 Senior Notes. Operating expenses for both 2026 periods reflect the increased interest costs associated with the debt issuance.

Consolidated Balance Sheets                                                                                                    

June 30,

December 31,

2026

2025

Assets:

Fixed income securities (at fair value)

$       12,161.2

$       12,709.8

Equity securities (at fair value)

2,679.0

2,487.7

Short-term investments (at fair value which approximates cost)

2,233.1

1,613.6

Other investments

17.8

27.7

Cash

417.7

263.2

Accrued investment income

142.5

141.1

Accounts and notes receivable

3,140.2

2,782.2

Reinsurance balances and funds held

385.7

404.5

Reinsurance recoverable

8,426.3

7,740.2

Deferred policy acquisition costs

814.8

636.2

Other assets

1,173.7

1,055.9

Total assets

$       31,592.4

$       29,862.7

Liabilities and Equity:

Loss and loss adjustment expense reserves

$       15,326.9

$       14,775.7

Unearned premiums

4,559.0

3,982.5

Other policyholders' benefits and funds held

183.5

177.8

Commissions, expenses, fees, and taxes

544.4

601.8

Reinsurance balances and funds held

1,689.5

1,428.0

Federal income tax: Deferred

262.9

219.3

Debt

2,284.0

1,589.9

Other liabilities

653.9

1,158.7

Total liabilities

25,504.5

23,934.2

Total shareholders' equity

6,072.8

5,914.0

Noncontrolling interests

15.0

14.4

Total equity

6,087.8

5,928.4

Total liabilities and equity

$       31,592.4

$       29,862.7

Investments

As of June 30, 2026, the consolidated investment portfolio reflected an allocation of approximately 84% to fixed income securities (bonds and notes) and short-term investments, and 16% to equity securities (common and preferred stocks). The investment management process remains focused on retaining quality investments that produce consistent streams of investment income, while monitoring concentration limits among the operating companies. The equity portfolio consists of high-quality common stocks of U.S. companies with long-term records of reasonable earnings growth and steadily increasing dividends.

The investment portfolio has extremely limited exposure to high risk or illiquid asset classes such as limited partnerships, derivatives, hedge funds or private equity investments. In addition, the Company does not engage in hedging or securities lending transactions, nor does it invest in securities with values predicated on non-regulated financial instruments with unfunded counterparty risk attributes.

Shareholders' Equity Per Share

Changes in shareholders' equity per share are reflected in the following table. These changes resulted mostly from net operating income, realized and unrealized investment gains (losses), and dividends to shareholders declared during the year.

Quarter

Year

Ended

Ended

June 30,

Six Months Ended June 30,

Dec. 31,

2026

2026

2025

2025

Beginning balance

$     24.53

$     24.21

$     22.84

$     22.84

Changes in shareholders' equity:

Net income excluding net investment gains (losses)

0.78

1.48

1.68

3.23

Net of tax realized investment gains

0.12

0.40

0.11

0.65

Net of tax unrealized investment gains (losses):

Fixed income securities

(0.14)

(0.61)

0.75

1.02

Equity securities

0.44

0.82

0.05

(0.06)

Total net of tax realized and unrealized investment gains

0.42

0.61

0.91

1.61

Dividends declared

(0.315)

(0.630)

(0.580)

(3.660)

Other – net

(0.09)

(0.34)

0.29

0.19

Net change

0.80

1.12

2.30

1.37

Ending balance

$     25.33

$     25.33

$     25.14

$     24.21

Change for the period

3.3 %

4.6 %

10.1 %

6.0 %

Change for the period, inclusive of dividends declared

4.5 %

7.2 %

12.6 %

22.0 %

Total capital returned to shareholders during the quarter was $137.4, comprised of $76.6 in dividends and $60.7 in share repurchases. For the first six months, total capital returned was $374.9, comprised of $153.3 in dividends and $221.5 in share repurchases.

Financial Supplement

A financial supplement to this news release is available on the Company's website: www.oldrepublic.com

Conference Call Information

Old Republic has scheduled a conference call at 3:00 p.m. ET (2:00 p.m. CT) today to discuss its second quarter 2026 performance and to review major operating trends and business developments. The call can be accessed live on Old Republic's website at www.oldrepublic.com or by dialing 1-800-715-9871, passcode 2246765. Interested parties may also listen to a replay of the call through July 30, 2026 by dialing 1-800-770-2030, passcode 2246765, or by accessing it on Old Republic's  website.

About Old Republic

Old Republic is a leading specialty insurer that operates diverse property & casualty and title insurance companies. Founded in 1923 and a member of the Fortune 500, Old Republic is a leader in underwriting and risk management services for business partners across the United States and Canada. Old Republic's specialized operating companies are experts in their fields, enabling them to provide tailored solutions that set them apart. For more information, please visit www.oldrepublic.com.

Forward-Looking Statements

Some of the oral or written statements made in the Company's reports, press releases, and conference calls following earnings releases, can constitute "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements generally include words such as "expect," "predict," "estimate," "will," "should," "anticipate," "believe," and similar expressions. Any such forward-looking statements involve assumptions, uncertainties, and risks that may affect the Company's future performance.

Historical data pertaining to the operating results, liquidity, and other performance indicators applicable to an insurance enterprise such as Old Republic are not necessarily indicative of results to be achieved in succeeding years. In addition to the factors cited below, the long-term nature of the insurance business, seasonal and annual patterns in premium production and incidence of claims, changes in yields obtained on invested assets, changes in government policies and free markets affecting inflation rates and general economic conditions, and changes in legal precedents or the application of law affecting the settlement of disputed and other claims can have a bearing on period-to-period comparisons and future operating results.

Old Republic's Specialty Insurance segment results can be affected by the level of market competition, which is typically a function of available capital and expected returns on such capital among competitors; general economic considerations, including the levels of investment yields, inflation rates, and the impacts of tariffs; periodic changes in claim frequency and severity patterns caused by natural disasters, weather conditions, accidents, illnesses, and work-related injuries; claims development and the impact on loss reserves; adequacy and availability of reinsurance; uncertainties in underwriting and pricing risks; and unanticipated external events. Old Republic's Title Insurance segment results can be affected by similar factors, and by changes in national and regional housing demand and values, the availability and cost of mortgage loans, and employment trends. Life and accident insurance earnings can be affected by the levels of employment and consumer spending, changes in mortality and health trends, and alterations in policy lapsation rates. At the parent holding company level, operating earnings or losses are generally reflective of the amount of debt outstanding and its cost, interest income, the levels of investments held, and period-to-period variations in the costs of administering the Company's widespread operations. In addition, results could be particularly affected by technology and security breaches or failures, including cybersecurity incidents.

A more detailed listing and discussion of the risks and other factors which affect the Company's risk-taking insurance business are included in Part I, Item 1A - Risk Factors, of the Company's 2025 Form 10-K, and the various risks, uncertainties, and other factors that are included from time to time in other Securities and Exchange Commission filings.

Any forward-looking statements or commentaries speak only as of their dates. Old Republic undertakes no obligation to publicly update or revise any and all such comments, whether as a result of new information, future events or otherwise, and accordingly they may not be unduly relied upon.

At Old Republic:

At Financial Relations Board:

Craig R. Smiddy, President and Chief Executive Officer

Analysts/Investors: Joe Calabrese/[email protected]

SOURCE Old Republic International Corporation

NEW YORK, July 23, 2026 (GLOBE NEWSWIRE) -- Valley National Bancorp (NASDAQ: VLY), the holding company for Valley National Bank, today reported net income for the second quarter 2026 of $170.9 million, or $0.29 per diluted common share, as compared to the first quarter 2026 net income of $163.9 million, or $0.28 per diluted common share, and net income of $133.2 million, or $0.22 per diluted common share, for the second quarter 2025. Excluding all non-core charges, our adjusted net income (a non-GAAP measure) was $172.8 million, or $0.30 per diluted common share, for the second quarter 2026, $168.9 million, or $0.29 per diluted common share, for the first quarter 2026, and $134.4 million, or $0.23 per diluted common share, for the second quarter 2025. See further details below, including a reconciliation of our non-GAAP adjusted net income, in the "Consolidated Financial Highlights" tables.

Ira Robbins, CEO, commented, "This quarter's strong results reflect the continued execution of our strategic vision. Despite continued competition across our geographies and business lines, our relationship-led value proposition has resulted in strong non-interest bearing deposit and C&I loan growth."

Mr. Robbins continued, "At the same time, we remain focused on operational efficiency and the re-allocation of resources from manual processing to franchise-enhancing customer acquisition areas. We anticipate further financial improvement through the remainder of the year and we look forward to continuing to create long-term value for our shareholders."

Key financial highlights for the second quarter 2026:

Net Interest Margin and Income: Our net interest margin on a tax equivalent basis of 3.20 percent for the second quarter 2026 increased 3 basis points and 19 basis points from the first quarter 2026 and second quarter 2025, respectively. Net interest income on a tax equivalent basis of $488.4 million for the second quarter 2026 increased $15.6 million and $54.7 million compared to the first quarter 2026 and second quarter 2025, respectively. The increase in net interest income from the first quarter 2026 was mainly driven by an increase in average loans, higher yields on new loan originations and investment securities purchased, as well as one additional day during the second quarter 2026. These tailwinds were partially offset by the cost of carrying excess subordinated notes between the time of our successful issuance of $500 million of new notes in May 2026 and the redemption of $300 million of callable notes in June 2026. See additional details in the "Net Interest Income and Margin" and "Other Borrowings" sections below.Deposits: Total deposit balances increased $1.3 billion to $54.1 billion at June 30, 2026 as compared to $52.9 billion at March 31, 2026. Direct customer deposits increased $1.1 billion during the second quarter 2026 mainly due to inflows from retail CD offerings and growth in our commercial customer deposits. Non-interest bearing deposits increased $298.6 million reflecting continued expansion of relationships with commercial banking customers during the second quarter 2026. See the "Deposits" section below for more details.Loan Portfolio: Total loans increased $1.6 billion, or 12.9 percent on an annualized basis, to $52.5 billion at June 30, 2026 from March 31, 2026 mostly due to increases of $857.2 million and $638.9 million in commercial and industrial (C&I) loans and total commercial real estate (CRE) loans, respectively. Loan originations from a range of relationship-driven small to midsize clients continued to drive the growth in C&I loans during the second quarter 2026, while new owner occupied and select multifamily loan originations were the primary contributors to the growth in the CRE loan portfolio at June 30, 2026. Our CRE loan concentration ratio (defined as total CRE loans held for investment and held for sale, excluding owner occupied loans, as a percentage of total risk-based capital) continued to decline to approximately 317 percent at June 30, 2026 from 329 percent at March 31, 2026 largely due to organic capital accretion and a $200 million increase in (Tier 2) total risk-based capital during the quarter. See the "Loans" section below for more details.Allowance and Provision for Credit Losses for Loans: The allowance for credit losses for loans totaled $606.9 million and $599.8 million at June 30, 2026 and March 31, 2026, respectively, representing 1.16 percent and 1.18 percent of total loans at each respective date. During the second quarter 2026, we recorded a provision for credit losses for loans of $29.2 million as compared to $21.2 million and $37.8 million for the first quarter 2026 and second quarter 2025, respectively. See the "Credit Quality" section below for more details.Credit Quality: Net loan charge-offs totaled $22.0 million for the second quarter 2026 as compared to $17.5 million and $37.8 million for the first quarter 2026 and second quarter 2025, respectively. Total accruing past due loans (i.e., loans past due 30 days or more and still accruing interest) increased $52.3 million to $180.2 million, or 0.34 percent of total loans, at June 30, 2026 as compared to $127.9 million, or 0.25 percent of total loans, at March 31, 2026. The increase was mainly due to a few larger CRE loans within the 30 to 59 days past due delinquency category. Non-accrual loans totaled $462.6 million, or 0.88 percent of total loans, at June 30, 2026 as compared to $432.6 million, or 0.85 percent of total loans, at March 31, 2026. See the "Credit Quality" section below for more details.Non-Interest Income: Non-interest income increased $4.9 million to $73.7 million for the second quarter 2026 as compared to the first quarter 2026 mainly driven by $2.6 million and $1.6 million increases in capital markets, and wealth management and trust fees, respectively. The fee increases were largely due to increased transaction volumes within loan participations and syndications and tax credit advisory services during the second quarter 2026.Non-Interest Expense: Non-interest expense increased $1.2 million to $311.1 million for the second quarter 2026 as compared to the first quarter 2026. The increase was largely driven by a $4.4 million increase in professional and legal fees mostly due to higher third-party managed services and consulting fees related to our operational transformation efforts, as well as incremental increases in technology and FDIC assessment expenses. These items were partially offset by a $5.3 million decrease in salary and employee benefits expense during the second quarter 2026 largely resulting from our continued focus on resource optimization, as well as the normal seasonal decline in payroll taxes from the first quarter 2026.Efficiency Ratio: Our efficiency ratio was 52.11 percent for the second quarter 2026 as compared to 53.10 percent and 55.20 percent for the first quarter 2026 and second quarter 2025, respectively. See the "Consolidated Financial Highlights" tables below for additional information regarding our non-GAAP measures.Performance Ratios: Annualized return on average assets (ROA), shareholders’ equity (ROE) and tangible common shareholders' equity (ROTCE) were 1.04 percent, 8.65 percent and 11.91 percent for the second quarter 2026, respectively. Annualized ROA, ROE, and ROTCE, adjusted for non-core income and charges, were 1.05 percent, 8.75 percent and 12.05 percent for the second quarter 2026, respectively. See the "Consolidated Financial Highlights" tables below for additional information regarding our non-GAAP measures.
Net Interest Income and Margin

Net interest income on a tax equivalent basis of $488.4 million for the second quarter 2026 increased $15.6 million and $54.7 million compared to the first quarter 2026 and the second quarter 2025, respectively. Interest income on a tax equivalent basis increased $26.7 million to $830.7 million for the second quarter 2026 as compared to the first quarter 2026. The increase was mostly due to (i) increased average loan balances largely driven by growth in C&I and owner occupied CRE loans during the first half of 2026, (ii) additional interest income from purchases of higher-yielding taxable investments and (iii) one additional day in the second quarter 2026. Total interest expense increased $11.2 million to $342.4 million for the second quarter 2026 as compared to the first quarter 2026. The increase was mainly the result of (i) higher average time deposits and short-term borrowings balances during the second quarter 2026, (ii) the higher cost of certain non-maturity deposit products and short-term borrowings, (iii) the cost of carrying excess subordinated debt for a portion of the quarter, as well as (iv) the aforementioned increase in day count as compared to the first quarter 2026. See the "Deposits" and "Other Borrowings" sections below for more details.

Net interest margin on a tax equivalent basis of 3.20 percent for the second quarter 2026 increased 3 basis points from 3.17 percent for the first quarter 2026 and 19 basis points from 3.01 percent for the second quarter 2025. The yield on average interest earning assets increased by 5 basis points to 5.44 percent on a linked quarter basis largely due to higher yields on new loan originations and investment securities purchased during the second quarter 2026. The overall cost of average interest bearing liabilities increased by 4 basis points to 3.10 percent for the second quarter 2026 as compared to the first quarter 2026 largely due to the higher cost of non-maturity deposits and short-term borrowings, as well as the cost of carrying excess subordinated debt for a portion of the quarter. Our cost of total average deposits was 2.28 percent for the second quarter 2026 as compared to 2.27 percent and 2.67 percent for the first quarter 2026 and second quarter 2025, respectively.

Loans, Deposits and Other Borrowings

Loans. Total loans increased $1.6 billion, or 12.9 percent on an annualized basis, to $52.5 billion at June 30, 2026 from March 31, 2026. C&I loans increased by $857.2 million, or 30.9 percent on an annualized basis, to $12.0 billion at June 30, 2026 from March 31, 2026 largely driven by new originations from a range of relationship-driven small to midsize clients as a result of our continued focus on expansion of new loan production within this category. Total CRE (including construction) loans increased $638.9 million to $30.3 billion at June 30, 2026 from March 31, 2026 mostly due to solid customer demand and loan originations largely within our healthcare vertical of the owner occupied loan category. Non-owner occupied loans decreased $357.2 million from March 31, 2026 mainly due to our continued targeted runoff of transactional/non-relationship loans, which outpaced limited new originations in this category during the second quarter 2026. Residential mortgage loans increased $113.9 million from March 31, 2026 mainly due to continued retention of most new loan origination activity and modest levels of prepayments. Total consumer loans increased $28.5 million from March 31, 2026 primarily due to the combined growth in home equity loans and other collateralized personal lines of credit, partially offset by a $48.0 million decrease in automobile loans as repayments outpaced consumer demand.

Deposits. Actual ending balances for deposits increased $1.3 billion to $54.1 billion at June 30, 2026 from March 31, 2026 mainly due to increases of $1.5 billion and $298.6 million in time and non-interest bearing deposits, respectively, partially offset by a $506.1 million decline in the savings, NOW and money market deposit category. The increase in time deposits was largely driven by our targeted retail CD offerings and higher indirect customer CD balances. The increase in non-interest bearing deposits was mainly due to continued deposit inflows from commercial banking customers during the second quarter 2026. The decrease in savings, NOW and money market deposits from March 31, 2026 was mainly driven by lower brokered and governmental account balances at June 30, 2026. Total indirect customer deposits (consisting of both brokered time and money market deposits) totaled $5.3 billion and $5.1 billion at June 30, 2026 and March 31, 2026, respectively. Non-interest bearing deposits; savings, NOW and money market deposits; and time deposits represented approximately 23 percent, 53 percent and 24 percent of total deposits at June 30, 2026 as compared to 23 percent, 55 percent and 22 percent at March 31, 2026.

Other Borrowings. Short-term borrowings increased $369.6 million to $433.5 million at June 30, 2026 from March 31, 2026 due to $375 million of short-term FHLB advances outstanding at June 30, 2026, partially offset by a modest decline in securities sold under repurchase agreements. Long-term borrowings totaled $2.6 billion at June 30, 2026 and increased $46.3 million as compared to March 31, 2026. The increase was mainly attributable to $500 million of 6.219 percent fixed-to-floating rate subordinated notes issued in May 2026 due June 1, 2036, partially offset by the full early redemption of our $300 million of 3.00 percent fixed-to-floating rate subordinated notes originally due June 15, 2031, as well as normal repayments of maturing FHLB advances. No gain or loss was recognized on the early redemption of the subordinated notes during the second quarter 2026.

Credit Quality

Non-Performing Assets (NPAs). NPAs, consisting of non-accrual loans, other real estate owned (OREO) and other repossessed assets, increased $28.2 million to $467.8 million at June 30, 2026 from March 31, 2026. Non-accrual loans increased $30.0 million to $462.6 million, or 0.88 percent of total loans, at June 30, 2026 as compared to $432.6 million, or 0.85 percent of total loans, at March 31, 2026. The increase was mainly attributable to three CRE loans that migrated from the 30 to 59 days past due delinquency category at March 31, 2026 to non-accrual loans during the second quarter of 2026. These three collateral dependent non-accrual CRE loans totaled $49.6 million, net of partial charge-offs of $1.3 million during the second quarter 2026, and had no related allocated reserves within our allowance for credit losses for loans at June 30, 2026.

Accruing Past Due Loans. Total accruing past due loans (i.e., loans past due 30 days or more and still accruing interest) increased $52.3 million to $180.2 million, or 0.34 percent of total loans, at June 30, 2026 as compared to $127.9 million, or 0.25 percent of total loans, at March 31, 2026.

Loans 30 to 59 days past due increased $42.6 million to $151.0 million at June 30, 2026 as compared to March 31, 2026 mainly due to a few larger CRE loans, partially offset by the migration of the aforementioned CRE loans to non-accrual loans during the second quarter 2026. Loans 60 to 89 days past due increased $4.3 million to $13.1 million at June 30, 2026 as compared to March 31, 2026 mainly due to moderate increases in the residential mortgage and C&I loan categories. Loans 90 days or more past due and still accruing interest increased $5.4 million to $16.1 million at June 30, 2026 as compared to March 31, 2026 primarily due to the second quarter 2026 migration of a $5.5 million CRE loan previously reported in the 30 to 59 days past due delinquency category at March 31, 2026. All loans 90 days or more past due and still accruing interest are well-secured and in the process of collection.

Allowance for Credit Losses for Loans and Unfunded Commitments. The following table summarizes the allocation of the allowance for credit losses to loan categories and the allocation as a percentage of each loan category at June 30, 2026, March 31, 2026, and June 30, 2025:

  June 30, 2026 March 31, 2026 June 30, 2025    Allocation   Allocation   Allocation    as a % of   as a % of   as a % of  Allowance Loan Allowance Loan Allowance Loan Allocation Category Allocation Category Allocation Category ($ in thousands)Loan Category:           Commercial and industrial loans$198,910 1.66% $186,143 1.68% $173,415 1.60%Commercial real estate loans:            Commercial real estate 268,445 0.96   269,847 0.99   270,937 1.04  Construction 50,623 2.05   54,946 2.21   64,042 2.24 Total commercial real estate loans 319,068 1.05   324,793 1.09   334,979 1.16 Residential mortgage loans 48,905 0.82   51,700 0.88   48,830 0.86 Consumer loans:            Home equity 4,333 0.59   4,120 0.59   3,689 0.58  Auto and other consumer 19,384 0.56   17,744 0.52   18,587 0.55 Total consumer loans 23,717 0.57   21,864 0.53   22,276 0.56 Allowance for loan losses 590,600 1.13   584,500 1.15   579,500 1.17 Allowance for unfunded credit commitments 16,320    15,300    14,520  Total allowance for credit losses for loans$606,920   $599,800   $594,020  Allowance for credit losses for loans as a % of total loans  1.16%   1.18%   1.20%
Our loan portfolio, totaling $52.5 billion at June 30, 2026, had net loan charge-offs totaling $22.0 million for the second quarter 2026 as compared to $17.5 million and $37.8 million for the first quarter 2026 and the second quarter 2025, respectively. Gross loan charge-offs totaled $27.6 million for the second quarter 2026 and were largely due to partial charge-offs of non-performing CRE and C&I loans.

The allowance for credit losses for loans, comprised of our allowance for loan losses and unfunded credit commitments, as a percentage of total loans was 1.16 percent at June 30, 2026, 1.18 percent at March 31, 2026, and 1.20 percent at June 30, 2025. For the second quarter 2026, the provision for credit losses for loans totaled $29.2 million as compared to $21.2 million and $37.8 million for the first quarter 2026 and second quarter 2025, respectively. The second quarter 2026 provision was mainly impacted by (i) higher specific reserves associated with collateral dependent loans, (ii) an increase in the economic forecast component of our reserve and (iii) strong commercial loan growth, partially offset by a decline in quantitative reserves largely within certain CRE loan categories at June 30, 2026.

Capital Adequacy

Valley's total risk-based capital, Tier 1 capital, common equity tier 1 capital, and Tier 1 leverage capital ratios were 13.77 percent, 11.37 percent, 10.71 percent and 9.49 percent, respectively, at June 30, 2026 as compared to 13.66 percent, 11.60 percent, 10.91 percent and 9.56 percent, respectively, at March 31, 2026. During the second quarter 2026, we repurchased 1.5 million shares of our common stock at an average price of $13.40 under our current stock repurchase plan.

Investor Conference Call

Valley’s CEO, Ira Robbins, will host a conference call on Thursday, July 23, 2026 at 8:30 AM (ET) to discuss Valley’s second quarter 2026 earnings and related matters. Interested parties should pre-register using this link: https://register-conf.media-server.com/register to receive the dial-in number and a personal PIN, which are required to access the conference call. The teleconference will also be webcast live: https://edge.media-server.com/ and archived on Valley’s website through Monday, August 24, 2026. Investor presentation materials will be made available prior to the conference call at www.valley.com.

About Valley

As the principal subsidiary of Valley National Bancorp (NASDAQ: VLY), Valley National Bank is a regional financial institution with over $66 billion in assets. Founded in 1927, Valley has more than 220 branch locations and commercial offices nationwide and serves clients across New Jersey, New York, Florida, Alabama, California, Illinois, Pennsylvania and Arizona. Valley delivers a full range of consumer, commercial, and wealth management solutions designed to support everything from homeownership and business growth to long-term financial planning. Big enough to support complex financial needs and small enough to stay deeply connected, Valley is grounded in a relationship-led approach focused on understanding people first. That same relationship-led approach guides Valley’s commitment to community investment and responsible corporate citizenship. To learn more, visit www.valley.com or call the Valley Customer Care Center at 800-522-4100.

Forward-Looking Statements

The foregoing contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such statements are not historical facts and include expressions about management’s confidence and strategies and management’s expectations about our business, new and existing programs and products, acquisitions, relationships, opportunities, taxation, technology, market conditions and economic expectations. These statements may be identified by forward-looking terminology such as “intend,” “should,” “expect,” “believe,” “position,” “view,” “opportunity,” “allow,” “continues,” “reflects,” “would,” “could,” “typically,” “usually,” “anticipate,” “may,” “estimate,” “outlook,” “project” or similar statements or variations of such terms. Such forward-looking statements involve certain risks and uncertainties. Actual results may differ materially from such forward-looking statements. Factors that may cause actual results to differ materially from those contemplated in these forward-looking statements include, but are not limited to:

the impact of market interest rates and monetary and fiscal policies of the U.S. federal government and its agencies in connection with prolonged inflationary pressures, which could have a material adverse effect on our clients, our business, our employees, and our ability to provide services to our customers;the impact of unfavorable macroeconomic conditions or downturns, including instability or volatility in financial markets resulting from the impact of tariffs/import fees and other trade policies and practices, any retaliatory actions, changes in energy commodity prices, related market uncertainty, or other factors; U.S. government debt default or rating downgrade; unanticipated loan delinquencies; loss of collateral; decreased service revenues; increased business disruptions or failures; reductions in employment; and other potential negative effects on our business, employees or clients caused by factors outside of our control, such as new legislation and policy changes under the current U.S. presidential administration, any shutdown of the U.S federal government, geopolitical instabilities or events, including ongoing conflicts in the Middle East, natural and other disasters, including severe weather events and other climate-related risks, health emergencies, acts of terrorism, or other external events;the impact of any potential instability within the U.S. financial sector or future bank failures, including the possibility of a run on deposits by a coordinated deposit base, and the impact of any actual or perceived concerns regarding the soundness, or creditworthiness, of other financial institutions, including any resulting disruption within the financial markets, increased expenses, including FDIC insurance assessments, or adverse impact on our stock price, deposits or our ability to borrow or raise capital;the impact of negative public opinion regarding Valley or banks in general that damages our reputation and adversely impacts business and revenues;changes in the statutes, regulations, policies, enforcement priorities, or composition of the federal bank regulatory agencies;the loss of or decrease in lower-cost funding sources within our deposit base;investigations, damage verdicts, settlements or restrictions related to existing or potential class action litigation or individual litigation arising from claims of violations of laws or regulations, contractual claims, breach of fiduciary responsibility, negligence, fraud, environmental laws, patent, trademark or other intellectual property infringement, misappropriation or other violation, employment-related claims, and other matters;a prolonged downturn and contraction in the economy, as well as any decline in commercial real estate values collateralizing a significant portion of our loan portfolio;higher or lower than expected income tax expense or tax rates, including increases or decreases resulting from changes in uncertain tax position liabilities, tax laws, regulations, and case law;the inability to grow customer deposits to keep pace with the level of loan growth;a material change in our allowance for credit losses due to forecasted economic conditions and/or unexpected credit deterioration in our loan and investment portfolios;the need to supplement debt or equity capital to maintain or exceed internal capital thresholds;changes in our business, strategy, market conditions or other factors that may negatively impact the estimated fair value of our goodwill and other intangible assets and result in future impairment charges;greater than expected technology-related costs due to, among other factors, prolonged or failed implementations, additional project staffing and obsolescence caused by continuous and rapid market innovations;increased competitive challenges and competitive pressure on pricing of our products and services;our ability to stay current with rapid technological changes and evolving legal and regulatory requirements in the financial services industry, including developments relating to the use of artificial intelligence, blockchain, and related regulatory developments, as well as our ability to effectively assess and monitor the effects of, and risks associated with, the implementation and use of such technology;cyberattacks, ransomware attacks, computer viruses, malware or other cybersecurity incidents that may breach the security of our or our third-party service providers’ websites or other systems or networks to obtain unauthorized access to personal, confidential, proprietary or sensitive information, destroy data, disable or degrade service, or sabotage our systems or networks, and the increasing sophistication of such attacks and use of targeted tactics against the financial services industry;any disruption of our systems and network, or those of our third-party service providers, resulting from events that are wholly or partially beyond our control, including, for example, electrical, telecommunications, or other major service outages, or actions by employees, which may give rise to financial loss or liability;results of examinations by the Office of the Comptroller of the Currency (OCC), the Federal Reserve Bank, the Consumer Financial Protection Bureau and other regulatory authorities, including the possibility that any such regulatory authority may, among other things, require us to increase our allowance for credit losses, write-down assets, reimburse customers, change the way we do business, or limit or eliminate certain other banking activities;application of heightened regulatory standards for certain large insured national banks, and the expenses we will incur to develop policies, programs, and systems that comply with the enhanced standards applicable to us;our inability or determination not to pay dividends at current levels, or at all, because of inadequate earnings, regulatory restrictions or limitations, changes in our capital requirements, or a decision to increase capital by retaining more earnings;unanticipated loan delinquencies, loss of collateral, decreased service revenues, and other potential negative effects on our business caused by severe weather and other climate-related risks, pandemics or other public health crises, acts of terrorism or other external events;our ability to successfully execute our business plan and strategic initiatives; andunexpected significant declines in the loan portfolio due to the lack of economic expansion, increased competition, large prepayments, risk mitigation strategies, changes in regulatory lending guidance or other factors. A detailed discussion of factors that could affect our results is included in our SEC filings, including Item 1A. "Risk Factors" of our Annual Report on Form 10-K for the year ended December 31, 2025.

We undertake no duty to update any forward-looking statement to conform the statement to actual results or changes in our expectations, except as required by law. Although we believe that the expectations reflected in the forward-looking statements are reasonable, we cannot guarantee future results, levels of activity, performance or achievements.

-Tables to Follow-

VALLEY NATIONAL BANCORP
CONSOLIDATED FINANCIAL HIGHLIGHTS

SELECTED FINANCIAL DATA

 Three Months Ended Six Months Ended June 30, March 31, June 30, June 30,($ in thousands, except for share data and stock price) 2026   2026   2025   2026   2025 FINANCIAL DATA:         Net interest income - FTE(1)$488,388  $472,801  $433,675  $961,189  $855,052 Net interest income 487,024   471,525   432,408   958,549   852,513 Non-interest income 73,711   68,836   62,604   142,547   120,898 Total revenue 560,735   540,361   495,012   1,101,096   973,411 Non-interest expense 311,123   309,926   284,122   621,049   560,740 Pre-provision net revenue 249,612   230,435   210,890   480,047   412,671 Provision for credit losses 29,164   21,256   37,799   50,420   100,460 Income tax expense 49,563   45,266   39,924   94,829   72,986 Net income 170,885   163,913   133,167   334,798   239,225 Dividends on preferred stock 7,316   7,217   6,948   14,533   13,903 Net income available to common shareholders$163,569  $156,696  $126,219  $320,265  $225,322 Weighted average number of common shares outstanding:         Basic 553,740,562   555,777,748   560,336,610   554,753,527   559,976,939 Diluted 556,958,049   559,254,972   562,312,330   557,968,183   563,431,390 Per common share data:         Basic earnings$0.30  $0.28  $0.23  $0.58  $0.40 Diluted earnings 0.29   0.28   0.22   0.57   0.40 Cash dividends declared 0.11   0.11   0.11   0.22   0.22 Closing stock price - high 14.78   13.71   9.20   14.78   10.42 Closing stock price - low 12.42   11.66   7.87   11.66   7.87 FINANCIAL RATIOS:         Net interest margin 3.19%  3.16%  3.01%  3.17%  2.98%Net interest margin - FTE(1) 3.20   3.17   3.01   3.18   2.99 Annualized return on average assets 1.04   1.02   0.86   1.03   0.77 Annualized return on average shareholders' equity 8.65   8.35   7.08   8.50   6.39 NON-GAAP FINANCIAL DATA AND RATIOS:(2)         Basic earnings per share, as adjusted$0.30  $0.29  $0.23  $0.59  $0.40 Diluted earnings per share, as adjusted 0.30   0.29   0.23   0.59   0.40 Annualized return on average assets, as adjusted 1.05%  1.05%  0.87%  1.05%  0.78%Annualized return on average shareholders' equity, as adjusted 8.75   8.60   7.15   8.67   6.42 Annualized return on average tangible common shareholders' equity 11.91   11.56   10.02   11.74   9.07 Annualized return on average tangible common shareholders' equity, as adjusted 12.05   11.92   10.12   11.98   9.12 Efficiency ratio 52.11   53.10   55.20   52.60   55.53           AVERAGE BALANCE SHEET ITEMS:         Assets$65,584,823  $64,190,084  $62,106,945  $64,891,306  $61,806,614 Interest earning assets 61,057,362   59,718,887   57,553,624   60,391,821   57,224,486 Loans 51,884,173   50,265,383   49,032,637   51,079,250   48,844,823 Interest bearing liabilities 44,160,202   43,352,140   41,913,735   43,758,403   41,574,732 Deposits 53,174,301   52,373,174   49,907,124   52,775,949   49,525,957 Shareholders' equity 7,901,688   7,855,550   7,524,231   7,878,746   7,491,395   As ofBALANCE SHEET ITEMS:June 30, March 31, December 31, September 30, June 30,(In thousands) 2026   2026   2025   2025   2025 Assets$66,318,308  $64,466,585  $64,132,725  $63,018,614  $62,705,358 Total loans 52,467,251   50,828,820   50,136,728   49,272,823   49,391,420 Deposits 54,118,607   52,859,621   52,183,093   51,175,758   50,725,284 Shareholders' equity 7,917,144   7,828,443   7,807,698   7,695,374   7,575,421           LOANS:         (In thousands)         Commercial and industrial$11,961,242  $11,104,079  $10,961,519  $10,757,857  $10,870,036 Commercial real estate:         Non-owner occupied 11,146,663   11,503,874   11,571,127   11,674,103   11,747,491 Multifamily 9,034,186   8,588,462   8,571,713   8,394,694   8,434,173 Owner occupied 7,692,877   7,132,254   6,629,909   6,097,319   5,789,397 Construction 2,475,109   2,485,387   2,471,233   2,517,258   2,854,859 Total commercial real estate 30,348,835   29,709,977   29,243,982   28,683,374   28,825,920 Residential mortgage 5,982,941   5,869,070   5,826,192   5,795,395   5,709,971 Consumer:         Home equity 728,623   701,136   687,680   655,872   634,553 Automobile 2,150,089   2,198,102   2,184,600   2,191,976   2,178,841 Other consumer 1,295,521   1,246,456   1,232,755   1,188,349   1,172,099 Total consumer loans 4,174,233   4,145,694   4,105,035   4,036,197   3,985,493 Total loans$52,467,251  $50,828,820  $50,136,728  $49,272,823  $49,391,420           CAPITAL RATIOS:         Book value per common share$13.67  $13.48  $13.39  $13.09  $12.89 Tangible book value per common share(2) 10.13   9.94   9.85   9.57   9.35 Tangible common equity to tangible assets(2) 8.71%  8.82%  8.82%  8.79%  8.63%Tier 1 leverage capital 9.49   9.56   9.63   9.52   9.49 Common equity tier 1 capital 10.71   10.91   10.99   11.00   10.85 Tier 1 risk-based capital 11.37   11.60   11.69   11.72   11.57 Total risk-based capital 13.77   13.66   13.77   13.83   13.67   Three Months Ended Six Months EndedALLOWANCE FOR CREDIT LOSSES:June 30, March 31, June 30, June 30,($ in thousands) 2026   2026   2025   2026   2025 Allowance for credit losses for loans         Beginning balance - Allowance for credit losses for loans$599,800  $596,100  $594,054  $596,100  $573,328 Loans charged-off:         Commercial and industrial (9,838)  (2,782)  (25,189)  (12,620)  (53,645)Commercial real estate (14,434)  (13,756)  (14,623)  (28,190)  (26,883)Construction —   —   —   —   (1,163)Residential mortgage —   —   (46)  —   (46)Total consumer (3,354)  (3,263)  (2,213)  (6,617)  (4,353)Total loans charged-off (27,626)  (19,801)  (42,071)  (47,427)  (86,090)Charged-off loans recovered:         Commercial and industrial 1,669   1,398   2,789   3,067   3,599 Commercial real estate 2,790   347   188   3,137   437 Construction —   —   455   —   455 Residential mortgage 41   83   37   124   205 Total consumer 1,080   429   773   1,509   1,616 Total loans recovered 5,580   2,257   4,242   7,837   6,312 Total net charge-offs (22,046)  (17,544)  (37,829)  (39,590)  (79,778)Provision for credit losses for loans 29,166   21,244   37,795   50,410   100,470 Ending balance$606,920  $599,800  $594,020  $606,920  $594,020 Components of allowance for credit losses for loans:         Allowance for loan losses$590,600  $584,500  $579,500  $590,600  $579,500 Allowance for unfunded credit commitments 16,320   15,300   14,520   16,320   14,520 Allowance for credit losses for loans$606,920  $599,800  $594,020  $606,920  $594,020 Components of provision for credit losses for loans:         Provision for credit losses for loans$28,146  $18,644  $39,129  $46,790  $100,428 Provision (credit) for unfunded credit commitments 1,020   2,600   (1,334)  3,620   42 Total provision for credit losses for loans$29,166  $21,244  $37,795  $50,410  $100,470 Annualized ratio of total net charge-offs to total average loans 0.17%  0.14%  0.31%  0.16%  0.33%Allowance for credit losses for loans as a % of total loans 1.16%  1.18%  1.20%  1.16%  1.20%  As ofASSET QUALITY:June 30, March 31, December 31, September 30, June 30,($ in thousands) 2026   2026   2025   2025   2025 Accruing past due loans:         30 to 59 days past due:         Commercial and industrial$5,083  $5,285  $11,177  $912  $10,451 Commercial real estate 106,034   69,494   72,810   26,371   42,884 Construction 1,752   —   —   —   35,000 Residential mortgage 22,154   20,534   21,615   23,556   21,744 Total consumer 15,974   13,112   14,420   12,728   12,878 Total 30 to 59 days past due 150,997   108,425   120,022   63,567   122,957 60 to 89 days past due:         Commercial and industrial 2,748   1,015   1,274   1,061   1,095 Commercial real estate —   —   —   6,033   60,601 Residential mortgage 6,495   4,285   10,181   5,040   7,627 Total consumer 3,904   3,506   5,269   4,023   4,001 Total 60 to 89 days past due 13,147   8,806   16,724   16,157   73,324 90 or more days past due:         Commercial and industrial 3,527   3,499   —   —   — Commercial real estate 5,454   —   212   —   — Residential mortgage 5,223   5,894   3,300   3,911   2,062 Total consumer 1,862   1,309   1,070   1,125   859 Total 90 or more days past due 16,066   10,702   4,582   5,036   2,921 Total accruing past due loans$180,210  $127,933  $141,328  $84,760  $199,202 Non-accrual loans:         Commercial and industrial$147,731  $145,804  $138,321  $92,214  $90,973 Commercial real estate 256,081   225,417   236,221   235,754   193,604 Construction 9,139   9,148   9,140   48,248   24,068 Residential mortgage 42,992   45,988   44,424   38,949   41,099 Total consumer 6,686   6,289   5,832   6,324   4,615 Total non-accrual loans 462,629   432,646   433,938   421,489   354,359 Other real estate owned (OREO) 4,126   5,161   4,531   4,783   4,783 Other repossessed assets 1,020   1,758   1,286   1,065   1,642 Total non-performing assets$467,775  $439,565  $439,755  $427,337  $360,784 Total non-accrual loans as a % of loans 0.88%  0.85%  0.87%  0.86%  0.72%Total accruing past due and non-accrual loans as a % of loans 1.23%  1.10%  1.15%  1.03%  1.12%Allowance for losses on loans as a % of non-accrual loans 127.66%  135.10%  134.44%  138.79%  163.53%
NOTES TO SELECTED FINANCIAL DATA

(1)Net interest income and net interest margin are presented on a tax equivalent basis using a 21 percent federal tax rate. Valley believes that this presentation provides comparability of net interest income and net interest margin arising from both taxable and tax-exempt sources and is consistent with industry practice and SEC rules.(2)Non-GAAP Reconciliations. This press release contains certain supplemental financial information, described in the Notes below, which has been determined by methods other than U.S. Generally Accepted Accounting Principles ("GAAP") that management uses in its analysis of Valley's performance. The Company believes that the non-GAAP financial measures provide useful supplemental information to both management and investors in understanding Valley’s underlying operational performance, business and performance trends, and may facilitate comparisons of our current and prior performance with the performance of others in the financial services industry. Management utilizes these measures for internal planning, forecasting and analysis purposes. Management believes that Valley’s presentation and discussion of this supplemental information, together with the accompanying reconciliations to the GAAP financial measures, also allows investors to view performance in a manner similar to management. These non-GAAP financial measures should not be considered in isolation or as a substitute for or superior to financial measures calculated in accordance with U.S. GAAP. These non-GAAP financial measures may also be calculated differently from similar measures disclosed by other companies. Non-GAAP Reconciliations to GAAP Financial Measures

 Three Months Ended Six Months Ended June 30, March 31, June 30, June 30,($ in thousands, except for share data) 2026   2026   2025   2026   2025 Adjusted net income available to common shareholders (non-GAAP):         Net income, as reported (GAAP)$170,885  $163,913  $133,167  $334,798  $239,225 Add: Restructuring charge(a) 2,513   5,689   800   8,202   800 Add: Litigation reserve(b) 230   1,262   —   1,492   — Add: Losses on available for sale and held to maturity debt securities, net(c) —   10   —   10   11 Add: Loss on extinguishment of debt —   —   922   —   922 Total non-GAAP adjustments to net income 2,743   6,961   1,722   9,704   1,733 Income tax adjustments related to non-GAAP adjustments(d) (782)  (1,984)  (474)  (2,766)  (477)Net income, as adjusted (non-GAAP)$172,846  $168,890  $134,415  $341,736  $240,481 Dividends on preferred stock 7,316   7,217   6,948   14,533   13,903 Net income available to common shareholders, as adjusted (non-GAAP)$165,530  $161,673  $127,467  $327,203  $226,578 __________         (a) Represents severance expense related to workforce reductions within salary and employee benefits expense.(b) Represents the change in legal reserves and settlement charges included in professional and legal fees.(c) Included in gains (losses) on securities transactions, net.(d) Calculated using the appropriate blended statutory tax rate for the applicable period. Adjusted per common share data (non-GAAP):         Net income available to common shareholders, as adjusted (non-GAAP)$165,530  $161,673  $127,467  $327,203  $226,578 Weighted average number of shares outstanding 553,740,562   555,777,748   560,336,610   554,753,527   559,976,939 Basic earnings, as adjusted (non-GAAP)$0.30  $0.29  $0.23  $0.59  $0.40 Weighted average number of diluted shares outstanding 556,958,049   559,254,972   562,312,330   557,968,183   563,431,390 Diluted earnings, as adjusted (non-GAAP)$0.30  $0.29  $0.23  $0.59  $0.40 Adjusted annualized return on average tangible common shareholder's equity (non-GAAP):         Net income available to common shareholders, as adjusted (non-GAAP)$165,530  $161,673  $127,467  $327,203  $226,578 Add: Amortization of other intangible assets (net of tax), other than loan servicing rights 4,247   4,746   5,120   8,993   10,739 Net income available to common shareholders excluding intangible amortization, as adjusted (non-GAAP) 169,777   166,419   132,587   336,196   237,317 Average shareholders' equity 7,901,688   7,855,550   7,524,231   7,878,746   7,491,395 Less: Average preferred shareholders equity 354,345   354,345   354,345   354,345   354,345 Less: Average goodwill (net of deferred tax liability) 1,858,851   1,858,851   1,859,614   1,858,851   1,859,614 Less: Average intangible assets (net of deferred tax liability), other than loan servicing rights 51,387   57,080   69,367   54,218   72,748 Average tangible common shareholders' equity$5,637,105  $5,585,274  $5,240,905  $5,611,332  $5,204,688 Annualized return on average tangible common shareholders' equity, as adjusted (non-GAAP) 12.05%  11.92%  10.12%  11.98%  9.12% Non-GAAP Reconciliations to GAAP Financial Measures (Continued)

 Three Months Ended Six Months Ended June 30, March 31, June 30, June 30,($ in thousands, except for share data) 2026   2026   2025   2026   2025 Adjusted annualized return on average assets (non-GAAP):         Net income, as adjusted (non-GAAP)$172,846  $168,890  $134,415  $341,736  $240,481 Average assets$65,584,823  $64,190,084  $62,106,945  $64,891,306  $61,806,614 Annualized return on average assets, as adjusted (non-GAAP) 1.05%  1.05%  0.87%  1.05%  0.78%Adjusted annualized return on average shareholders' equity (non-GAAP):         Net income, as adjusted (non-GAAP)$172,846  $168,890  $134,415  $341,736  $240,481 Average shareholders' equity$7,901,688  $7,855,550  $7,524,231  $7,878,746  $7,491,395 Annualized return on average shareholders' equity, as adjusted (non-GAAP) 8.75%  8.60%  7.15%  8.67%  6.42%Annualized return on average tangible common shareholders' equity (non-GAAP):         Net income available to common shareholders$163,569  $156,696  $126,219  $320,265  $225,322 Add: Amortization of other intangible assets (net of tax), other than loan servicing rights 4,247   4,746   5,120   8,993   10,739 Net income available to common shareholders excluding intangible amortization (non-GAAP) 167,816   161,442   131,339   329,258   236,061 Average tangible common shareholders' equity (non-GAAP)$5,637,105  $5,585,274  $5,240,905  $5,611,332  $5,204,688 Annualized return on average tangible common shareholders' equity (non-GAAP) 11.91%  11.56%  10.02%  11.74%  9.07%          Efficiency ratio (non-GAAP):         Non-interest expense, as reported (GAAP)$311,123  $309,926  $284,122  $621,049  $560,740 Less: Restructuring charge (pre-tax) 2,513   5,689   800   8,202   800 Less: Amortization of tax credit investments (pre-tax) 16,157   16,014   9,134   32,171   18,454 Less: Litigation reserve (pre-tax) 230   1,262   —   1,492   — Less: Loss on extinguishment of debt (pre-tax) —   —   922   —   922 Non-interest expense, as adjusted (non-GAAP)$292,223  $286,961  $273,266  $579,184  $540,564 Net interest income, as reported (GAAP) 487,024   471,525   432,408   958,549   852,513 Non-interest income, as reported (GAAP) 73,711   68,836   62,604   142,547   120,898 Add: Losses on available for sale and held to maturity securities transactions, net (pre-tax) —   10   —   10   11 Gross operating income, as adjusted (non-GAAP)$560,735  $540,371  $495,012  $1,101,106  $973,422 Efficiency ratio (non-GAAP) 52.11%  53.10%  55.20%  52.60%  55.53%  As of June 30, March 31, December 31, September 30, June 30,($ in thousands, except for share data) 2026   2026   2025   2025   2025 Tangible book value per common share (non-GAAP):         Common shares outstanding 553,069,100   554,316,876   556,618,021   560,784,352   560,281,821 Shareholders' equity (GAAP)$7,917,144  $7,828,443  $7,807,698  $7,695,374  $7,575,421 Less: Preferred stock 354,345   354,345   354,345   354,345   354,345 Less: Goodwill and other intangible assets 1,958,135   1,963,706   1,969,811   1,976,594   1,983,515 Tangible common shareholders' equity (non-GAAP)$5,604,664  $5,510,392  $5,483,542  $5,364,435  $5,237,561 Tangible book value per common share (non-GAAP)$10.13  $9.94  $9.85  $9.57  $9.35 Tangible common equity to tangible assets (non-GAAP):         Tangible common shareholders' equity (non-GAAP)$5,604,664  $5,510,392  $5,483,542  $5,364,435  $5,237,561 Total assets (GAAP) 66,318,308   64,466,585   64,132,725   63,018,614   62,705,358 Less: Goodwill and other intangible assets 1,958,135   1,963,706   1,969,811   1,976,594   1,983,515 Tangible assets (non-GAAP)$64,360,173  $62,502,879  $62,162,914  $61,042,020  $60,721,843 Tangible common equity to tangible assets (non-GAAP) 8.71%  8.82%  8.82%  8.79%  8.63%           VALLEY NATIONAL BANCORP
CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION
(in thousands, except for share data)    June 30, December 31,  2026   2025  (Unaudited)  Assets   Cash and due from banks$388,741  $315,166 Interest bearing deposits with banks 578,148   1,268,399 Investment securities:   Equity securities 88,541   82,774 Trading debt securities 26,493   — Available for sale debt securities 4,292,148   4,202,218 Held to maturity debt securities (net of allowance for credit losses of $744 at June 30, 2026 and $734 at December 31, 2025) 3,757,200   3,495,837 Total investment securities 8,164,382   7,780,829 Loans held for sale (includes fair value of $4,940 at June 30, 2026 and $8,212 at December 31, 2025 for loans originated for sale) 13,690   26,236 Loans 52,467,251   50,136,728 Less: Allowance for loan losses (590,600)  (583,400)Net loans 51,876,651   49,553,328 Premises and equipment, net 316,364   330,757 Lease right of use assets 298,807   313,891 Bank owned life insurance 742,230   738,090 Accrued interest receivable 250,703   243,897 Goodwill 1,868,936   1,868,936 Other intangible assets, net 89,199   100,875 Other assets 1,730,457   1,592,321 Total Assets$66,318,308  $64,132,725 Liabilities   Deposits:   Non-interest bearing$12,549,527  $12,155,500 Interest bearing:   Savings, NOW and money market 28,666,443   28,603,470 Time 12,902,637   11,424,123 Total deposits 54,118,607   52,183,093 Short-term borrowings 433,484   91,475 Long-term borrowings 2,607,222   2,908,579 Junior subordinated debentures issued to capital trusts 57,977   57,803 Lease liabilities 355,482   372,448 Accrued expenses and other liabilities 828,392   711,629 Total Liabilities 58,401,164   56,325,027 Shareholders’ Equity   Preferred stock, no par value; 50,000,000 authorized shares:   Series A (4,600,000 shares issued at June 30, 2026 and December 31, 2025) 111,590   111,590 Series B (4,000,000 shares issued at June 30, 2026 and December 31, 2025) 98,101   98,101 Series C (6,000,000 shares issued at June 30, 2026 and December 31, 2025) 144,654   144,654 Common stock (no par value, authorized 650,000,000 shares; issued 560,878,750 shares at June 30, 2026 and December 31, 2025) 196,730   196,730 Surplus 5,458,768   5,464,845 Retained earnings 2,103,922   1,912,933 Accumulated other comprehensive loss (99,617)  (74,379)Treasury stock, at cost (7,809,650 common shares at June 30, 2026 and 4,260,729 common shares at December 31, 2025) (97,004)  (46,776)Total Shareholders’ Equity 7,917,144   7,807,698 Total Liabilities and Shareholders’ Equity$66,318,308  $64,132,725  VALLEY NATIONAL BANCORP
CONSOLIDATED STATEMENTS OF INCOME (Unaudited)
(in thousands, except for share data)
 Three Months Ended Six Months Ended June 30, March 31, June 30, June 30,  2026   2026  2025   2026  2025 Interest Income         Interest and fees on loans$736,060  $708,640 $720,282  $1,444,700 $1,423,891 Interest and dividends on investment securities:         Taxable 76,113   73,808  67,164   149,921  131,062 Tax-exempt 5,048   4,718  4,681   9,766  9,383 Dividends 5,771   4,800  5,528   10,571  11,192 Interest on federal funds sold and other short-term investments 6,383   10,758  7,357   17,141  14,236 Total interest income 829,375   802,724  805,012   1,632,099  1,589,764 Interest Expense         Interest on deposits:         Savings, NOW and money market 190,973   190,785  203,390   381,758  403,611 Time 112,693   106,678  129,324   219,371  254,393 Interest on short-term borrowings 6,047   236  1,736   6,283  4,682 Interest on long-term borrowings and junior subordinated debentures 32,638   33,500  38,154   66,138  74,565 Total interest expense 342,351   331,199  372,604   673,550  737,251 Net Interest Income 487,024   471,525  432,408   958,549  852,513 (Credit) provision for credit losses for available for sale and held to maturity securities (2)  12  4   10  (10)Provision for credit losses for loans 29,166   21,244  37,795   50,410  100,470 Net Interest Income After Provision for Credit Losses 457,860   450,269  394,609   908,129  752,053 Non-Interest Income         Wealth management and trust fees 17,655   16,006  14,056   33,661  29,087 Insurance commissions 3,770   2,867  3,430   6,637  6,832 Capital markets 12,933   10,381  9,767   23,314  16,707 Service charges on deposit accounts 18,728   18,204  14,705   36,932  27,431 Gains (losses) on securities transactions, net 50   21  (1)  71  45 Fees from loan servicing 3,268   3,218  3,671   6,486  6,886 Gains on sales of loans, net 1,742   3,090  2,025   4,832  4,222 Bank owned life insurance 5,913   5,835  6,019   11,748  10,796 Other 9,652   9,214  8,932   18,866  18,892 Total non-interest income 73,711   68,836  62,604   142,547  120,898 Non-Interest Expense         Salary and employee benefits expense 150,432   155,715  145,422   306,147  288,040 Net occupancy expense 27,179   27,182  25,483   54,361  51,371 Technology, furniture and equipment expense 33,247   31,878  30,667   65,125  60,563 FDIC insurance assessment 11,691   10,476  12,192   22,167  25,059 Amortization of other intangible assets 6,268   6,919  7,427   13,187  15,446 Professional and legal fees 29,533   25,142  19,970   54,675  35,640 Loss on extinguishment of debt —   —  922   —  922 Amortization of tax credit investments 16,157   16,014  9,134   32,171  18,454 Other 36,616   36,600  32,905   73,216  65,245 Total non-interest expense 311,123   309,926  284,122   621,049  560,740 Income Before Income Taxes 220,448   209,179  173,091   429,627  312,211 Income tax expense 49,563   45,266  39,924   94,829  72,986 Net Income 170,885   163,913  133,167   334,798  239,225 Dividends on preferred stock 7,316   7,217  6,948   14,533  13,903 Net Income Available to Common Shareholders$163,569  $156,696 $126,219  $320,265 $225,322  VALLEY NATIONAL BANCORP
Quarterly Analysis of Average Assets, Liabilities and Shareholders' Equity and
Net Interest Income on a Tax Equivalent Basis
 Three Months Ended June 30, 2026 March 31, 2026 June 30, 2025 Average   Avg. Average   Avg. Average   Avg.($ in thousands)Balance Interest Rate Balance Interest Rate Balance Interest RateAssets                 Interest earning assets:               Loans(1)(2)$51,884,173 $736,082  5.67% $50,265,383 $708,662  5.64% $49,032,637 $720,305  5.88%Taxable investments(3) 7,928,555  81,884  4.13   7,732,330  78,608  4.07   7,350,792  72,692  3.96 Tax-exempt investments(1)(3) 544,950  6,390  4.69   542,177  5,972  4.41   544,302  5,925  4.35 Interest bearing deposits with banks 699,684  6,383  3.65   1,178,997  10,758  3.65   625,893  7,357  4.70 Total interest earning assets 61,057,362  830,739  5.44   59,718,887  804,000  5.39   57,553,624  806,279  5.60 Other assets 4,527,461      4,471,197      4,553,321    Total assets$65,584,823     $64,190,084     $62,106,945    Liabilities and shareholders' equity                 Interest bearing liabilities:                 Savings, NOW and money market deposits$28,920,057 $190,973  2.64% $29,203,978 $190,785  2.61% $26,451,349 $203,390  3.08%Time deposits 11,881,270  112,693  3.79   11,226,874  106,678  3.80   12,119,461  129,324  4.27 Short-term borrowings 674,094  6,047  3.59   71,809  236  1.31   196,491  1,736  3.53 Long-term borrowings(4) 2,684,781  32,638  4.86   2,849,479  33,500  4.70   3,146,434  38,154  4.85 Total interest bearing liabilities 44,160,202  342,351  3.10   43,352,140  331,199  3.06   41,913,735  372,604  3.56 Non-interest bearing deposits 12,372,974      11,942,322      11,336,314    Other liabilities 1,149,959      1,040,072      1,332,665    Shareholders' equity 7,901,688      7,855,550      7,524,231    Total liabilities and shareholders' equity$65,584,823     $64,190,084     $62,106,945                      Net interest income/interest rate spread(5)  $488,388  2.34%   $472,801  2.33%   $433,675  2.04%Tax equivalent adjustment   (1,364)      (1,276)      (1,267)  Net interest income, as reported  $487,024      $471,525      $432,408   Net interest margin(6)    3.19%     3.16%     3.01%Tax equivalent effect    0.01      0.01      0.00 Net interest margin on a fully tax equivalent basis(6)    3.20%     3.17%     3.01% _____________________

(1) Interest income is presented on a tax equivalent basis using a 21 percent federal tax rate.
(2) Loans are stated net of unearned income and include non-accrual loans.
(3) The yield for securities that are classified as available for sale is based on the average historical amortized cost.
(4) Includes junior subordinated debentures issued to capital trusts which are presented separately on the consolidated statements of financial condition.
(5) Interest rate spread represents the difference between the average yield on interest earning assets and the average cost of interest bearing liabilities and is presented on a fully tax equivalent basis.
(6) Net interest income as a percentage of total average interest earning assets.

 INVESTOR RELATIONS
Requests for copies of reports and/or other inquiries should be directed to Andrew Jianette, Investor Relations, Valley National Bancorp, 70 Speedwell Avenue, Morristown, New Jersey, 07960 by e-mail at [email protected].  Contact: Travis Lan  Senior Executive Vice President and Chief Financial Officer  973-686-5007

, /PRNewswire/ -- Encompass Health Corp. (NYSE: EHC) today announced that its board of directors approved an increase of $0.02 in the Company's quarterly dividend and declared a quarterly cash dividend on its common stock of $0.21 per share, payable on Oct. 15, 2026, to holders of record on Oct. 1, 2026.

About Encompass Health 
Encompass Health (NYSE: EHC) is the largest owner and operator of inpatient rehabilitation hospitals in the United States. With a national footprint that includes 176 hospitals in 39 states and Puerto Rico, the Company provides high-quality, compassionate rehabilitative care for patients recovering from major injuries or illnesses, using advanced technology and innovative treatments to maximize recovery. Encompass Health is recognized by Newsweek as America's Most Awarded Leader in Inpatient Rehabilitation and is ranked among Fortune's World's Most Admired Companies™ and Forbes' America's Best Companies. It is also recognized by Becker's Healthcare and Modern Healthcare as a top healthcare employer. For more information, visit encompasshealth.com and follow us on our newsroom, X, Instagram and Facebook.

From Fortune.© 2026 Fortune Media IP Limited. All rights reserved. Fortune® is a registered trademark and Fortune World's Most Admired Companies™ is a trademark of Fortune Media IP Limited and are used under license. Fortune and Fortune Media IP Limited are not affiliated with, and do not endorse products or services of, Encompass Health.

Forward-looking statements 
Statements contained in this press release which are not historical facts, such as the timing and amounts of dividends, are forward-looking within the meaning of the Private Securities Litigation Reform Act of 1995. In addition, Encompass Health, through its senior management, may from time to time make forward-looking public statements concerning the matters described herein. All such estimates, projections, and forward-looking statements speak only as of the date hereof, and Encompass Health undertakes no duty to publicly update or revise such forward-looking statements, whether as a result of new information, future events, or otherwise. Such forward-looking statements are necessarily estimates based upon current information and involve a number of risks and uncertainties. Actual events or results may differ materially from those anticipated in these forward-looking statements as a result of a variety of factors. While it is impossible to identify all such factors, factors which could cause actual events or results to differ materially from those estimated by Encompass Health include, but are not limited to, a decision by the board of directors to change the dividend rate in the future; the legal, regulatory and administrative developments that occur at the federal, state and local levels; general conditions in the economy and capital markets, including any instability or uncertainty related to armed conflict or an act of terrorism, governmental impasse over approval of the United States federal budget, an increase in the debt ceiling, or an international sovereign debt crisis; Encompass Health's ability to comply with extensive, complex, and ever-changing regulations in the healthcare industry; potential disruptions, breaches, or other incidents affecting the proper operation, availability, or security of Encompass Health's information systems, including unauthorized access to or theft of patient, business associate, or other sensitive information; changes, delays in (including in connection with resolution of Medicare payment reviews or appeals), or suspension of reimbursement for Encompass Health's services by governmental or private payors; and other factors which may be identified from time to time in Encompass Health's SEC filings and other public announcements, including Encompass Health's Form 10‑K for the year ended December 31, 2025, and Form 10-Q for the quarter ended Mar. 31, 2026.

Media contact:
Polly Manuel | 205-970-5912
[email protected]

Investor relations contact:
Mark Miller | 205-970-5860
[email protected]

SOURCE Encompass Health Corp.

Posted by Defense World Staff on Jul 23rd, 2026

ABN Amro Investment Solutions bought a new position in TE Connectivity Ltd. (NYSE:TEL – Free Report) during the first quarter, according to its most recent 13F filing with the SEC. The fund bought 28,404 shares of the electronics maker’s stock, valued at approximately $5,937,000.

Other hedge funds have also recently made changes to their positions in the company. Brighton Jones LLC bought a new stake in shares of TE Connectivity in the 4th quarter valued at approximately $820,000. Sivia Capital Partners LLC increased its position in shares of TE Connectivity by 66.7% during the 2nd quarter. Sivia Capital Partners LLC now owns 2,517 shares of the electronics maker’s stock valued at $425,000 after purchasing an additional 1,007 shares during the last quarter. Walleye Capital LLC raised its holdings in TE Connectivity by 14.6% during the 2nd quarter. Walleye Capital LLC now owns 2,688 shares of the electronics maker’s stock valued at $453,000 after buying an additional 343 shares during the period. Squarepoint Ops LLC raised its holdings in TE Connectivity by 1,214.0% during the 2nd quarter. Squarepoint Ops LLC now owns 105,267 shares of the electronics maker’s stock valued at $17,755,000 after buying an additional 97,256 shares during the period. Finally, Ieq Capital LLC lifted its position in TE Connectivity by 75.0% in the second quarter. Ieq Capital LLC now owns 23,284 shares of the electronics maker’s stock worth $3,927,000 after buying an additional 9,980 shares during the last quarter. 91.43% of the stock is currently owned by hedge funds and other institutional investors.

TE Connectivity Price Performance Shares of TEL stock opened at $200.16 on Thursday. The company has a market capitalization of $58.43 billion, a P/E ratio of 20.45, a P/E/G ratio of 1.47 and a beta of 1.17. The company’s 50-day simple moving average is $205.57 and its two-hundred day simple moving average is $215.33. TE Connectivity Ltd. has a one year low of $187.00 and a one year high of $252.56. The company has a debt-to-equity ratio of 0.42, a current ratio of 1.89 and a quick ratio of 1.20.

TE Connectivity (NYSE:TEL – Get Free Report) last posted its quarterly earnings results on Wednesday, July 22nd. The electronics maker reported $2.94 earnings per share for the quarter, beating the consensus estimate of $2.85 by $0.09. The firm had revenue of $5.16 billion during the quarter, compared to the consensus estimate of $5.01 billion. TE Connectivity had a net margin of 15.54% and a return on equity of 23.56%. The company’s revenue was up 13.8% on a year-over-year basis. During the same quarter in the previous year, the firm posted $2.27 earnings per share. TE Connectivity has set its Q4 2026 guidance at 3.050-3.050 EPS. As a group, equities analysts anticipate that TE Connectivity Ltd. will post 11.31 EPS for the current year.

TE Connectivity Announces Dividend The company also recently announced a quarterly dividend, which will be paid on Friday, September 11th. Shareholders of record on Friday, August 21st will be issued a $0.78 dividend. This represents a $3.12 annualized dividend and a dividend yield of 1.6%. The ex-dividend date is Friday, August 21st. TE Connectivity’s dividend payout ratio is currently 31.87%.

Insider Activity In other news, insider Shadrak W. Kroeger sold 9,400 shares of the stock in a transaction on Monday, June 1st. The stock was sold at an average price of $215.00, for a total transaction of $2,021,000.00. Following the transaction, the insider owned 25,976 shares of the company’s stock, valued at approximately $5,584,840. This represents a 26.57% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders own 0.60% of the company’s stock.

Trending Headlines about TE Connectivity Here are the key news stories impacting TE Connectivity this week:

Positive Sentiment: TE Connectivity posted Q3 EPS of $2.94, topping estimates, with revenue up 13.8% year over year and record sales of $5.16 billion, showing solid demand across its businesses. PRNewswire earnings release Positive Sentiment: The company issued fourth-quarter guidance above consensus, calling for EPS of $3.05 and revenue of about $5.3 billion, signaling continued momentum into the next quarter. Reuters outlook article Positive Sentiment: Management pointed to strong AI-related and industrial demand as key drivers, suggesting the company is benefiting from secular growth trends rather than a one-quarter rebound. TipRanks earnings call summary Neutral Sentiment: Investors also noted unusual call-option activity ahead of the results, which may reflect rising speculation around the earnings release rather than a fundamental change. U.S. News stock page Analysts Set New Price Targets A number of research firms have weighed in on TEL. Truist Financial cut their price objective on shares of TE Connectivity from $244.00 to $240.00 and set a “hold” rating on the stock in a research report on Thursday, April 23rd. Wells Fargo & Company raised their target price on shares of TE Connectivity from $226.00 to $230.00 and gave the stock an “equal weight” rating in a report on Thursday, June 25th. HSBC cut shares of TE Connectivity from a “buy” rating to a “hold” rating and set a $234.00 price target for the company. in a research note on Thursday, April 23rd. Jefferies Financial Group upgraded shares of TE Connectivity from a “hold” rating to a “strong-buy” rating in a report on Wednesday, April 15th. Finally, Barclays increased their price objective on shares of TE Connectivity from $297.00 to $300.00 and gave the stock an “overweight” rating in a research report on Monday, June 15th. One investment analyst has rated the stock with a Strong Buy rating, eight have assigned a Buy rating and seven have given a Hold rating to the company’s stock. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and an average target price of $255.31.

Check Out Our Latest Stock Analysis on TE Connectivity

About TE Connectivity (Free Report)

TE Connectivity (NYSE: TEL) is a global industrial technology company that designs and manufactures connectivity and sensor solutions used to enable the flow of power and data in a wide range of applications. Its product portfolio includes electrical connectors, cable and wire harness assemblies, sensors, relays and switches, fiber-optic and coaxial interconnects, and other passive and active components that provide mechanical and electrical connections in complex systems.

The company’s products and engineered solutions serve diverse end markets such as automotive and transportation, industrial equipment, data communications and networks, aerospace and defense, medical devices, and energy.

Recommended Stories Five stocks we like better than TE Connectivity Could Truth API Become Trump Media’s First Meaningful Revenue Driver? Small Caps Are Crushing the S&P 500—3 Stocks Still Worth Buying Moog Is More Than a Missile Maker, and Wall Street Is Noticing A Boring Dividend Growth Strategy Becomes a Solid Defensive Play Want to see what other hedge funds are holding TEL? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for TE Connectivity Ltd. (NYSE:TEL – Free Report).

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, /PRNewswire/ -- Harley-Davidson, Inc. ("Harley-Davidson," "HDI," or the "Company") (NYSE: HOG) today reported second quarter 2026 results and raised full-year guidance.

"Our second-quarter performance reflects strength in our domestic retail business, continued focus on healthy dealer inventory levels and the exceptional commitment of our dealer network. We also made meaningful progress against our Back to the Bricks strategic initiatives, strengthening execution across the business and driving improved profitability. Given this progress, our first-half results, and our market share gains, we are raising our full-year guidance and remain confident in our ability to create long-term value for shareholders," said Artie Starrs, President and CEO, Harley-Davidson.

Second Quarter 2026 Highlights

North American retail motorcycle sales of 29,751 units, up 3% vs. prior year Global dealer inventory of new motorcycles ended Q2 '26 down 17% vs. end Q2 '25 Introduced 2026 Super Glide® in June HDMC global motorcycle shipments of 39,209, up 9% vs. prior year Net Income attributable to HDI of $80 million, down 26% from prior year primarily due to HDFS shift to capital light model, partially offset by HDMC improvement HDMC revenue of $1.1 billion, up 6% vs. prior year HDMC Adjusted EBITDA margin of 10.4%, up from 9.3% in Q2 '25 HDFS operating income margin of 18.5%, down from 27.1% in Q2 '25 Delivered diluted EPS of $0.75, down 15% vs. prior year Q2 performance enabled raising FY 2026 guidance for retail sales and wholesale shipments as well as HDMC & HDFS operating income Second Quarter 2026 Results

Harley-Davidson, Inc. Consolidated Financial Results 

$ in millions (except EPS)

2nd quarter

2026

2025

Change

Revenue

$1,230

$1,307

-6 %

Operating Income

$76

$112

-32 %

Net Income Attributable to HDI

$80

$108

-26 %

Diluted EPS

$0.75

$0.88

-15 %

Consolidated revenue in the second quarter was down 6 percent, driven largely by an HDFS revenue decrease of 55 percent.

Consolidated operating income in the second quarter was down 32 percent, driven largely by a decline of 69 percent at HDFS, partially offset by an increase of 18 percent at HDMC. At the LiveWire segment, the operating loss improved by $1 million and was 4 percent lower than the prior year loss. Consolidated operating income margin in the second quarter was 6.2 percent relative to 8.6 percent in the second quarter a year ago.

Harley-Davidson Motor Company (HDMC) – Results

$ in millions

2nd quarter

2026

2025

Change

Motorcycle Shipments (thousands)

39.2

35.8

9 %

Revenue

$1,104

$1,044

6 %

   Motorcycles

$848

$778

9 %

   Parts & Accessories

$177

$187

-5 %

   Apparel & Licensing

$62

$61

2 %

   Other

$17

$18

-4 %

Gross Margin

27.5 %

28.6 %

-1.1 pts.

Operating Income

$72

$61

18 %

Operating Margin

6.6 %

5.9 %

0.7 pts.

Adjusted EBITDA1

$115

$97

18 %

Adjusted EBITDA Margin %1

10.4 %

9.3 %

1.1 pts

1

"Adjusted EBITDA" and "Adjusted EBITDA Margin %" are non-GAAP terms. Please see below for full reconciliation to the most directly comparable GAAP financial measures.

Second quarter global motorcycle shipments increased 9 percent, while wholesale unit shipments were lower than retail unit sales. This is aligned with Company plans as dealer inventory management remains a top priority. Revenue was up 6 percent driven by increased shipments and favorable foreign exchange effects, partially offset by net pricing. Parts & Accessories revenue was down 5 percent and Apparel & Licensing revenue was up 2 percent.

Second quarter gross margin came in at 27.5 percent, which was down 108 basis points versus prior year. Gross profit was impacted favorably by manufacturing and other costs, including a tariff recovery that benefited gross profit. The favorability was offset by unfavorable product mix, net pricing, raw materials, and foreign exchange effects. Operating expenses came in $6 million lower than a year ago, at $232 million, including a restructuring expense of $3 million. Second quarter operating income margin was 6.6 percent compared to 5.9 percent in the prior year quarter.

Harley-Davidson Retail Motorcycle Sales 

Motorcycles (thousands) 

2nd quarter

2026

2025

Change

North America

29.8

28.9

3 %

EMEA

7.0

7.6

-9 %

Asia Pacific

5.0

5.0

0 %

Latin America

0.8

0.7

4 %

Worldwide Total

42.5

42.3

1 %

Global retail motorcycle sales in the second quarter were up 1 percent versus prior year, reflecting North American growth and soft international results. North American retail was up 3 percent, driven by continued strength in the Touring and Sport categories and a positive response to the new '26 motorcycle line-up. EMEA retail performance, down 9 percent, was characterized by positive results in the Touring and Sport categories, while the German region2 experienced a decline. APAC retail performance was slightly positive in the quarter, where Australia & New Zealand led the region from a growth standpoint. Latin America retail was characterized by strong gains in Mexico and a modest decline in Brazil.

2

The German region includes Germany, Austria, and Switzerland

Harley-Davidson Financial Services (HDFS) – Results

$ in millions

2nd quarter

2026

2025

Change

Revenue

$117

$257

-55 %

Operating Income

$22

$70

-69 %

In the second quarter, HDFS revenue was down 55 percent from prior year, driven by lower retail finance receivables. The decline in retail receivables was due to the sale of loan assets that took place in the second half of 2025. Other income within HDFS revenue was favorable year-over-year due to new servicing fees.

HDFS operating income came in at $22 million in the second quarter, a decrease of $48 million or 69 percent from the prior year period. On the expense side, both interest expense and the provision for credit loss expense were significantly lower, which was due to the decreased size of the retail loan portfolio and related debt on a year-over-year basis. Operating expenses increased by $3 million versus prior year. Total quarter-end net finance receivables, including both retail and wholesale loans, were $2.6 billion, a 64 percent decline compared to the prior year primarily due to the sale of loan assets that took place in the second half of 2025.

LiveWire – Results

$ in millions

2nd quarter

2026

2025

Change

Revenue

$9

$6

52 %

Operating Loss

($18)

($19)

4 %

Adjusted EBITDA

($15)

($16)

5 %

LiveWire revenue for the second quarter increased by 52 percent. The revenue increase was due to higher electric motorcycle unit sales and higher STACYC electric balance bike sales. LiveWire's operating loss of $18 million in the second quarter compared to a loss of $19 million in the prior year period.

Harley-Davidson, Inc. Other Results – Six Months ended June 30, 2026

Net cash use of $60 million from operating activities Effective tax rate was 25% Paid cash dividends of $41 million Repurchased $158 million of shares (7.9 million shares) on a discretionary basis Cash and cash equivalents of $1.9 billion as of June 30 2026 Financial Outlook
For the full year 2026, the Company is revising its financial guidance and now expects:

HDMC global motorcycle retail sales of 133,500 to 138,500 units from a previously expected range of 130,000 to 135,000 units HDMC global motorcycle wholesale shipments of 133,500 to 138,500 units from a previously expected range of 130,000 to 135,000 units HDMC operating income of $10 million to $50 million from a previously expected range of a $40 million loss to a $10 million profit HDFS operating income of $55 million to $65 million from a previously expected range of $45 million to $60 million For the full year 2026, the Company continues to expect:

LiveWire operating loss of $70 to $80 million Harley-Davidson, Inc. capital investments of $175 million to $200 million Company Background
Since 1903, Harley-Davidson has defined motorcycle culture by delivering a motorcycle lifestyle with distinctive and customizable motorcycles, parts & accessories, experiences, riding gear and apparel. What We Make: The World's Best Motorcycles. Period. Who We Serve: Motorcycle Riders Worldwide. Why We Do It: To Protect and Grow Motorcycle Culture. What We Stand For: Life, Liberty and the Pursuit of Happiness. Harley-Davidson, Inc. is the parent company of Harley-Davidson Motor Company and has a controlling interest in Harley-Davidson Financial Services and LiveWire Group, Inc. Harley-Davidson Financial Services provides financing, insurance and other programs to help get riders on the road. LiveWire is committed to developing the technology of the future and investing in the capabilities needed to lead the transformation of motorsports. Learn more at harley-davidson.com. 

Webcast
Harley-Davidson will discuss its financial results and outlook on an audio webcast at 8:00 a.m. CDT today. The webcast login and supporting slides can be accessed at http://investor.harley-davidson.com/news-and-events/events-and-presentations. The audio replay will be available by approximately 10:00 a.m. CDT.

Cautionary Note Regarding Forward-Looking Statements
The Company intends that certain matters discussed in this press release are "forward-looking statements" intended to qualify for the safe harbor from liability established by the Private Securities Litigation Reform Act of 1995. These forward-looking statements can generally be identified as such by reference to this footnote or because the context of the statement will include words such as the Company "believes," "anticipates," "expects," "plans," "projects," "may," "will," "estimates," "targets," "intends," "forecasts," "is on track," "remains confident," "seeks," "sees," "should," "feels," "commits," "assumes," "envisions," or words of similar meaning. Similarly, statements that describe or refer to future expectations, future plans, strategies, objectives, outlooks, targets, guidance, commitments or goals are also forward-looking statements. Such forward-looking statements are subject to certain risks and uncertainties that could cause actual results to differ materially, unfavorably or favorably, from those anticipated as of the date of this press release. Certain of such risks and uncertainties are described below. Shareholders, potential investors, and other readers are urged to consider these factors in evaluating the forward-looking statements and are cautioned not to place undue reliance on such forward-looking statements. The forward-looking statements included in this press release are only made as of the date of this press release, and the Company disclaims any obligation to publicly update such forward-looking statements to reflect subsequent events or circumstances.

Important factors that could affect future results and cause those results to differ materially from those expressed in the forward-looking statements include, among others, the Company's ability to: (a) execute its business plans and strategies, including without limitation the Back to the Bricks strategic plan, successfully execute its approach to a full enterprise economic model, and strengthen its existing businesses while allowing for growth; (b) manage supply chain and logistics issues, including without limitation quality issues, unexpected interruptions or price increases caused by supplier volatility, raw material shortages, inflation, war or other hostilities, including the conflict in Iran, or natural disasters and longer shipping times and increased logistics costs; (c) manage and predict the impact that new, reinstated or adjusted tariffs may have on the Company's ability to sell products domestically and internationally, and the cost of raw materials and components, including tariffs recently imposed or that may be imposed by the U.S. on foreign goods or rebalancing or other tariffs recently imposed or that may be imposed by foreign countries on U.S. goods; (d) accurately analyze, predict and react to changing market conditions, interest rates, and geopolitical environments, and successfully adjust to shifting global consumer needs and interests, including successfully realigning its product portfolio, which encompasses re-introducing the Sportster; (e) accurately predict the margins of its segments in light of, among other things, tariffs, rebalancing trade measures, inflation, foreign currency exchange rates, the cost associated with product development initiatives and the Company's complex global supply chain; (f) maintain and enhance the value of the Harley-Davidson brand, including detecting and mitigating or remediating the impact of activist collective actions, such as calls for boycotts and other brand-damaging behaviors that could harm the Company's brand or business; (g) manage through changes in general economic and business conditions, including changing capital, credit and retail markets, and the changing domestic and international political environments, including as a result of the conflict in Iran; (h) successfully access the capital and/or credit markets on terms that are acceptable to the Company and within its expectations; (i) successfully carry out its global manufacturing and assembly operations; (j) develop and introduce products, services and experiences on a timely basis that the market accepts, that enable the Company to generate desired sales levels and that provide the desired financial returns, including successfully implementing and executing plans to shift to a rider-centric portfolio that includes a focus on accessibility and customization and growing its Parts & Accessories and Motor Clothes and apparel businesses; (k) perform in a manner that enables the Company to benefit from market opportunities while competing against existing and new competitors; (l) successfully manage and reduce costs throughout the business; (m) manage the impact that prices for and supply of used motorcycles may have on its business, including on retail sales of new motorcycles; (n) prevent, detect and remediate any issues with its motorcycles or any issues associated with the design, manufacturing, or assembly processes to avoid delays in new model launches, recall campaigns, regulatory agency investigations, increased warranty costs or litigation and adverse effects on its reputation and brand strength, and carry out any product programs or recalls within expected costs and timing; (o) successfully manage and reduce costs throughout the business; (p) continue to develop the capabilities of its distributors and dealers, effectively implement changes relating to its  full enterprise economic model, and manage the risks that its dealers may have difficulty obtaining capital and managing through changing economic conditions and consumer demand; (q) realize the desired business benefits from LiveWire operating as a separate public company, which may be affected by, among other things: (i) the ability of LiveWire to execute its plans to develop, produce, market and sell its electric vehicles; (ii) the demand for and consumer willingness to adopt two- and three-wheeled electric vehicles; (iii) the ability of LiveWire to obtain sufficient funding from sources other than the Company to sustain its operations; and (iv) other risks and uncertainties indicated in documents filed with the SEC by the Company or LiveWire Group, Inc., including those risks and uncertainties noted in Risk Factors under Item 1.A of LiveWire Group Inc.'s most recent Annual Report on Form 10-K; (r) manage the quality and regulatory non-compliance issues relating to the brake hose assemblies provided to the Company by Proterial Cable America, Inc. in a manner that avoids future quality or non-compliance issues and additional costs or recall expenses that are material; (s) maintain a productive relationship with Hero MotoCorp as a distributor and licensee of the Harley-Davidson brand name; (t) successfully maintain or achieve a manner in which to sell motorcycles in Europe, China, and the Company's Association of Southeast Asian Nations (ASEAN) countries that does not subject its motorcycles to incremental tariffs; (u) manage its Thailand corporate and manufacturing operation in a manner that allows the Company to avail itself of preferential free trade agreements and duty rates, and sufficiently lower prices of its motorcycles in certain markets; (v) retain and attract talented employees and leadership and qualified and experienced independent directors for its Board of Directors, eliminate personnel duplication, inefficiencies and complexity throughout the organization, and successfully complete transitions of executives, and effectively manage the return to on-site work of Milwaukee-based corporate employees at specified Company facilities; (w) accurately estimate and adjust to fluctuations in foreign currency exchange rates, interest rates and commodity prices; (x) manage the credit quality, the loan servicing and collection activities, and the recovery rates of Harley-Davidson Financial Services' loan portfolio; (y) prevent a ransomware attack or cybersecurity incidents and data privacy breaches and respond to related evolving regulatory requirements; (z) adjust to tax reform, healthcare inflation and reform and pension reform, and successfully estimate the impact of any such reform on the Company's business; (aa) manage through the effects inconsistent and unpredictable weather patterns may have on retail sales of motorcycles; (bb) implement and manage enterprise-wide information technology systems, including systems at its manufacturing facilities; (cc) manage changes, prepare for, and respond to evolving requirements in legislative and regulatory environments related to its products, services and operations, including increased environmental, safety, emissions or other regulations; (dd) manage its exposure to product liability claims in a manner that avoids or successfully mitigates the impact of substantial jury verdicts and manage exposure in commercial or contractual disputes; (ee) continue to manage the relationships and agreements that the Company has with its labor unions to help drive long-term competitiveness; (ff) realize the desired business benefits from KKR's and PIMCO's investments in Harley-Davidson Financial Services, Inc.; (gg) manage risks related to functions the Company outsources and the use of artificial intelligence by the Company and its vendors and suppliers; (hh) optimize capital allocation in light of the Company's capital allocation priorities; (ii) manage the Company's share repurchase strategy; (jj) manage issues related to climate change and related regulations; and (kk) realize the expected effects of the anticipated increase in Harley-Davidson Financial Services, Inc.'s retail finance receivable based on Harley-Davidson Financial Services, Inc.'s operating income.

The Company's ability to sell its motorcycles and related products and services and to meet its financial expectations also depends on the ability of the Company's dealers to sell its motorcycles and related products and services to retail customers. The Company depends on the capability and financial capacity of its dealers to develop and implement effective retail sales plans to create demand for the motorcycles and related products and services they purchase from the Company. In addition, the Company's dealers and distributors may experience difficulties in operating their businesses and selling Harley-Davidson motorcycles and related products and services as a result of weather, economic conditions, or other factors.

Harley-Davidson Financial Services, Inc.'s retail credit losses will continue to change over time due to changing consumer credit behavior, macroeconomic conditions including the impact of inflation and Harley-Davidson Financial Services, Inc.'s efforts to increase prudently structured loan approvals to sub-prime borrowers. In addition, Harley-Davidson Financial Services, Inc.'s efforts to adjust underwriting criteria based on market and economic conditions, and actions that the Company has taken and could take that impact motorcycle values, may impact Harley-Davidson Financial Services, Inc.'s retail credit losses.

The Company's operations, demand for its products, and its liquidity could be adversely impacted by changes in tariffs, inflation, work stoppages, facility closures, strikes, natural causes, widespread infectious disease, terrorism, war or other hostilities, including the conflict in Iran, or other factors. Refer to "Risk Factors" under Item 1.A of the Company's Annual Report on Form 10-K for the year ended December 31, 2025, filed with the SEC on February 26, 2026, for a discussion of additional risk factors and a more complete discussion of some of the cautionary statements noted above.

Non-GAAP Financial Measures

This earnings release includes financial information that is not presented in accordance with generally accepted accounting principles in the United States ("U.S. GAAP", "GAAP"), including Adjusted EBITDA for HDMC and LiveWire and Adjusted EBITDA Margin for HDMC. These non-GAAP financial measures, which may be different from similarly-titled measures disclosed by other companies, are presented to enhance investors' overall understanding of the Company's financial performance.

Adjusted EBITDA for HDMC and Adjusted EBITDA for LiveWire are defined as Harley-Davidson, Inc. consolidated net income, excluding, on a consolidated basis, interest expense, income tax provision, investment income, and other income, net. Depreciation and amortization for HDMC and LiveWire, respectively, are excluded from Adjusted EBITDA for HDMC and LiveWire, respectively. In addition, certain other items impacting consolidated net income are excluded from HDMC Adjusted EBITDA and/or LiveWire Adjusted EBITDA. For example, the Company may exclude from HDMC or LiveWire Adjusted EBITDA the impacts of certain events, gains, losses or other costs and charges, such as corporate restructuring activities, reorganizations or one-time employee termination benefits, that affect the period-to-period comparability of HDMC's and LiveWire's operating performance. Adjusted EBITDA Margin is used by HDMC and is defined as HDMC Adjusted EBITDA divided by HDMC revenue.

The Company believes that Adjusted EBITDA and Adjusted EBITDA Margin for HDMC and Adjusted EBITDA for LiveWire more clearly identify the core trends in the respective ongoing business operations that could otherwise be masked by the effects of the items that the Company excludes from Adjusted EBITDA and Adjusted EBITDA Margin for HDMC and Adjusted EBITDA for LiveWire. These non-GAAP measures allow management and investors to view operating trends, perform analytical comparisons, and benchmark performance with other comparable companies and between periods without regard to items the Company does not consider a component of core operating performance.

Adjusted EBITDA and Adjusted EBITDA Margin have limitations and should not be considered in isolation from, as a substitute for, or more meaningful than, consolidated net income as determined in accordance with U.S. GAAP. Certain items excluded from HDMC and LiveWire Adjusted EBITDA are significant components in understanding and assessing a company's financial performance. The presentation of Adjusted EBITDA and Adjusted EBITDA Margin should not be construed as implying that the Company's results will be unaffected by unusual or non-recurring items.

This earnings release includes a reconciliation of Harley-Davidson Inc. consolidated net income to HDMC Adjusted EBITDA and LiveWire Adjusted EBITDA.

### (HOG-Earnings)

Harley-Davidson, Inc.

Condensed Consolidated Statements of Operations

(In thousands, except per share amounts)

(Unaudited)

Three months ended

Six months ended

June 30,

June 30,

June 30,

June 30,

2026

2025

2026

2025

HDMC revenue

$    1,104,280

$     1,043,649

$     2,159,751

$     2,125,155

Gross profit

304,126

298,705

571,115

613,949

Selling, administrative and engineering expense

231,788

237,389

479,852

436,362

  Operating income from HDMC

72,338

61,316

91,263

177,587

LiveWire revenue

9,114

6,011

14,230

8,754

Gross (loss) profit

(48)

162

(583)

(1,619)

Selling, administrative and engineering expense

17,879

18,815

35,015

36,842

  Operating loss from Livewire

(17,927)

(18,653)

(35,598)

(38,461)

HDFS revenue

117,043

257,438

228,987

502,399

HDFS expense

95,444

187,665

185,150

368,590

  Operating income from HDFS

21,599

69,773

43,837

133,809

Operating income

76,010

112,436

99,502

272,935

Other income, net

11,047

14,477

24,526

30,750

Investment income

11,840

10,950

20,536

19,891

Interest expense

(3,622)

(7,696)

(7,192)

(15,382)

Income before income taxes

95,275

130,167

137,372

308,194

Income tax provision

16,294

24,422

34,267

71,652

Net income

$         78,981

$        105,745

$        103,105

$        236,542

Less: Loss attributable to noncontrolling interests

824

1,824

1,473

4,131

Net income attributable to Harley-Davidson, Inc. 

$         79,805

$        107,569

$        104,578

$        240,673

Earnings per share:

  Basic

$              0.76

$               0.89

$               0.97

$               1.96

  Diluted

$              0.75

$               0.88

$               0.97

$               1.95

Weighted-average shares:

  Basic

105,099

121,521

107,544

122,727

  Diluted

108,568

122,203

108,325

123,457

Cash dividends per share:

$         0.1875

$           0.1800

$           0.3750

$           0.3600

LiveWire results presented in the Company's financial statements represent the LiveWire reportable segment as determined in accordance with Financial Accounting Standards Board (FASB) Accounting Standards Codification (ASC) 280 Segment Reporting which may differ from LiveWire Group, Inc. results.

Harley-Davidson, Inc.

Condensed Consolidated Balance Sheets

(In thousands)

(Unaudited)

(Unaudited)

June 30

December 31,

June 30

2026

2025

2025

ASSETS

Current assets:

    Cash and cash equivalents

1,895,789

3,091,744

1,587,664

    Accounts receivable, net

301,788

225,760

325,756

    Finance receivables held for sale, net

545,761

264,238

-

    Finance receivables held for investment, net

1,094,533

981,926

2,127,866

    Inventories, net

500,935

730,898

630,287

    Restricted cash

-

-

149,782

    Other current assets

250,420

292,383

327,260

4,589,226

5,586,949

5,148,615

Finance receivables held for investment, net

1,004,886

719,060

5,198,356

Other long-term assets

1,651,753

1,738,806

1,703,474

$     7,245,865

$     8,044,815

$   12,050,445

LIABILITIES AND SHAREHOLDERS' EQUITY

Current liabilities:

    Accounts payable and accrued liabilities

$     1,033,420

$     1,061,194

$     1,040,616

    Short-term deposits, net

266,421

280,095

243,101

    Short-term debt

613,141

497,776

503,353

    Current portion of long-term debt, net

498,466

819,629

1,983,828

2,411,448

2,658,694

3,770,898

Long-term debt, net

1,130,847

1,649,612

4,367,553

Other long-term liabilities

587,551

579,659

604,061

Shareholders' equity

3,116,019

3,156,850

3,307,933

$     7,245,865

$     8,044,815

$   12,050,445

Harley-Davidson, Inc.

Condensed Consolidated Statements of Cash Flows

 (In thousands)

(Unaudited)

Six months ended

June 30

June 30

2026

2025

Net cash (used) provided by operating activities

$         (59,685)

$        509,492

Cash flows from investing activities:

  Capital expenditures

(44,694)

(65,560)

  Finance receivables held for investment, net

(296,798)

(24,985)

  Collection from retained securitization beneficial interests

23,460

-

  Proceeds from derivative instruments

51,574

-

  Other investing activities

(280)

691

Net cash used by investing activities

(266,738)

(89,854)

Cash flows from financing activities:

  Proceeds from issuance of medium-term notes

-

647,088

  Repayments of medium-term notes

(810,950)

(700,000)

  Proceeds from securitization debt

-

497,790

  Repayments of securitization debt

-

(584,153)

  Net increase (decrease) in unsecured commercial paper

114,102

(135,902)

  Borrowings of asset-backed commercial paper

-

155,000

  Repayments of asset-backed commercial paper

-

(145,379)

  Net decrease in deposits

(20,554)

(13,073)

  Dividends paid

(41,211)

(44,756)

  Repurchase of common stock

(100,388)

(93,140)

  Other financing activities

97

6

Net cash used by financing activities

(858,904)

(416,519)

Effect of exchange rate changes on cash, cash equivalents and restricted cash

(10,628)

12,375

Net (decrease) increase in cash, cash equivalents and restricted cash

$    (1,195,955)

$           15,494

Cash, cash equivalents and restricted cash:

Cash, cash equivalents and restricted cash, beginning of period

$     3,091,744

$     1,740,854

Net (decrease) increase in cash, cash equivalents and restricted cash

(1,195,955)

15,494

Cash, cash equivalents and restricted cash, end of period

$     1,895,789

$     1,756,348

Reconciliation of cash, cash equivalents and restricted cash on the Consolidated balance
sheets to the Consolidated statements of cash flows: 

  Cash and cash equivalents

$     1,895,789

$     1,587,664

  Restricted cash

-

149,782

  Restricted cash included in Other long-term assets

-

18,902

  Cash, cash equivalents and restricted cash per the Consolidated statements of cash flows

$     1,895,789

$     1,756,348

HDMC Revenue and Motorcycle Shipment Data

(Unaudited)

Three months ended

Six months ended

June 30,

June 30,

June 30,

June 30,

2026

2025

2026

2025

HDMC REVENUE (in thousands)

  Motorcycles

$       848,057

$        778,051

$     1,684,351

$     1,641,929

  Parts and accessories

176,950

186,874

319,193

330,307

  Apparel

56,068

55,240

113,380

112,564

  Licensing

6,298

5,944

12,345

9,002

  Other

16,907

17,540

30,482

31,353

$    1,104,280

$     1,043,649

$     2,159,751

$     2,125,155

HDMC U.S. MOTORCYCLE SHIPMENTS

25,322

21,736

49,206

46,601

HDMC WORLDWIDE MOTORCYCLE SHIPMENTS

    Grand American Touring(a)

19,641

18,080

41,161

41,758

    Cruiser

13,550

13,110

24,209

24,970

    Sport and Lightweight

4,617

3,188

8,348

5,296

    Adventure Touring

1,401

1,459

2,786

2,414

39,209

35,837

76,504

74,438

(a) Includes Trike

LiveWire Motorcycle Shipments

267

55

358

88

HDMC Gross Profit

(Unaudited)

The estimated impact of significant factors affecting the comparability of gross profit from the second quarter of 2025 to the second quarter of 2026
were as follows (in millions):

 Three months
ended 

 Six months
ended 

2025 gross profit

$               299

$                614

Volume

17

7

Price and sales incentives

(9)

(32)

Foreign currency exchange rates and hedging

(2)

12

Shipment mix

(27)

(47)

Raw material prices

(4)

(3)

Manufacturing and other costs

30

20

5

(43)

2026 gross profit

$               304

$                571

HDFS Finance Receivables Allowance for Credit Losses

(Unaudited)

Three months ended

Six months ended

June 30,

June 30,

June 30,

June 30,

2026

2025

2026

2025

Balance, beginning of period

$         21,596

$        393,178

$             2,235

$        401,183

Provision for credit losses

17,643

49,738

30,796

103,072

Charge-offs, net of recoveries

(1,079)

(43,623)

5,129

(104,962)

Balance, end of period

$         38,160

$        399,293

$           38,160

$        399,293

Worldwide Retail Sales of Harley-Davidson Motorcycles(a)

(Unaudited)

Three months ended

Six months ended

June 30,

June 30,

June 30,

June 30,

2026

2025

2026

2025

United States

27,574

26,704

49,819

45,911

Canada

2,177

2,227

3,735

3,912

Total North America

29,751

28,931

53,554

49,823

EMEA

6,959

7,621

11,993

12,796

Asia Pacific

4,990

4,967

8,957

9,329

Latin America

767

735

1,470

1,316

      Total worldwide retail sales

42,467

42,254

75,974

73,264

(a) Data source for retail sales figures shown above is new sales warranty and registration information provided by dealers and compiled by the Company. The Company must rely on information that its dealers supply concerning new retail sales, and the Company does not regularly verify the information that its dealers supply. This information is subject to revision.

Harley-Davidson, Inc.

Reconciliation from Harley-Davidson, Inc. Net Income to HDMC Adjusted EBITDA

(In thousands) 

(Unaudited)

Three months ended

Six months ended

June 30,

June 30,

June 30,

June 30,

2026

2025

2026

2025

Net income

$         78,981

$        105,745

$        103,105

$        236,542

Interest expense

3,622

7,696

7,192

15,382

Provision for income taxes

16,294

24,422

34,267

71,652

Investment Income(a)

(11,840)

(10,950)

(20,536)

(19,891)

Other income, net(b)

(11,047)

(14,477)

(24,526)

(30,750)

Operating income

76,010

112,436

99,502

272,935

Less: 

LiveWire operating loss

$        (17,927)

$         (18,653)

$         (35,598)

$         (38,461)

HDFS operating income

21,599

69,773

43,837

133,809

HDMC operating income

72,338

61,316

91,263

177,587

HDMC depreciation and amortization

39,644

35,420

80,651

71,679

Adjustments(c)

2,618

-

17,203

-

HDMC Adjusted EBITDA

$       114,600

$           96,736

$        189,117

$        249,266

HDMC Adjusted EBITDA Margin %

10.4 %

9.3 %

8.8 %

11.7 %

Harley-Davidson, Inc.

Reconciliation from Harley-Davidson, Inc. Net Income to LiveWire Adjusted EBITDA

(In thousands) 

(Unaudited)

Three months ended

Six months ended

June 30,

June 30,

June 30,

June 30,

2026

2025

2026

2025

Net income

$         78,981

$        105,745

$        103,105

$        236,542

Interest expense

3,622

7,696

7,192

15,382

Provision for income taxes

16,294

24,422

34,267

71,652

Investment Income(a)

(11,840)

(10,950)

(20,536)

(19,891)

Other income, net(b)

(11,047)

(14,477)

(24,526)

(30,750)

Operating income

76,010

112,436

99,502

272,935

Less: 

HDMC operating income

$         72,338

$           61,316

$           91,263

$        177,587

HDFS operating income

21,599

69,773

43,837

133,809

LiveWire operating loss

(17,927)

(18,653)

(35,598)

(38,461)

LiveWire depreciation and amortization

2,245

2,588

4,660

5,673

Adjustments(d)

424

-

731

-

LiveWire Adjusted EBITDA

$        (15,258)

$         (16,065)

$         (30,207)

$         (32,788)

(a) Represents non-operating investment income, primarily due to income from short-term investments

(b) Represents non-operating other income, primarily related to the Company's defined benefit plans

(c) Represents adjustments related to corporate restructuring, primarily due to one-time employee termination benefits

(d) Represents adjustments related to transaction costs for the acquisition of Dust Motorcycles, Inc. and expenses associated with the LiveWire At-The-Market Program

SOURCE Harley-Davidson, Inc.