Track market-moving stories before they get noisy

Key Takeaways IDEX Q1 EPS rose 14.3% and beat estimates, sales grew 8.9% on strong HST demand.IEX saw robust growth in AI-linked data centers, semiconductors and defense markets.Record orders and raised 2026 guidance reflect improving demand and confidence. IDEX Corporation (IEX - Free Report) delivered first-quarter 2026 adjusted earnings of $2.00 per share, topping the Zacks Consensus Estimate of $1.78 by 12.4%. The metric rose 14.3% year over year. Net sales of $886.9 million beat the consensus mark of $835 million by 6.2% and increased 8.9% from the year-ago quarter.

Results were driven by solid traction in the Health & Science Technologies segment, where higher volumes in AI-linked data center power and semiconductor end markets, along with strength in space and defense, supported growth. IDEX also posted record orders, signaling improving demand early in 2026.

Organic sales increased 5% year over year. While acquisitions/divestitures had a positive impact on sales of 1%, foreign currency translation had a positive impact of 3% on sales.

Segmental DetailsNet sales from the Fluid & Metering Technologies segment totaled $301.5 million, up 4% year over year. Our estimate for segmental net sales was $297.3 million. Organic sales increased 2% year over year. Foreign currency translation had a positive impact of 2% on sales.

Net sales from the Health & Science Technologies segment totaled $398.4 million, up 17% year over year. Organic sales increased 11% year over year. Acquisitions/divestitures and foreign currency translation had a positive impact of 3% each on sales.

Net sales from the Fire & Safety/Diversified Products segment totaled $188.3 million, which increased 2% year over year. Our estimate for segmental net sales was $182 million. Organic sales decreased 1% on a year-over-year basis, while foreign currency translation had a favorable impact of 3% on sales.

IEX’s Orders Signal Broad-Based DemandOrders increased 13% year over year to $988.3 million, with organic orders up 10%. Management pointed to momentum and backlog building in businesses tied to several end markets, particularly AI-driven areas, pharma and space and defense.

IDEX’s Margin ProfileIDEX’s cost of sales increased 9.7% year over year to $488.8 million. The adjusted gross margin was 44.9%, down 40 basis points year over year, reflecting unfavorable mix and higher costs, partially offset by productivity improvements and volume leverage. Selling, general and administrative expenses increased to $218.3 million from $209.4 million in the prior-year period.

Adjusted EBITDA rose 10.8% to $230.4 million and the adjusted EBITDA margin improved 50 basis points to 26%. Operating income increased 21.4% to $172.4 million, aided by stronger operating performance and a lower restructuring and asset impairment burden compared to the prior year period. The operating margin was 19.4%, up 200 bps year over year. Interest expenses (net) were relatively stable year over year at $16 million.

IEX’s Cash Uses Highlight Shareholder ReturnsCash flows from operating activities were $103.7 million compared with $105.7 million a year ago, as increased earnings were offset by customer payment timing. Free cash flow declined 5.9% to $86 million, reflecting both working-capital timing and higher capital expenditures of $17.7 million.

The company continued to return capital, repurchasing $76.3 million of stock and paying $52.8 million in dividends during the quarter. On the balance sheet, cash and cash equivalents were $586.2 million exiting the first quarter, while long-term borrowings (net) stood at $1.87 billion.

IDEX’s Raised 2026 Outlook Reflects ConfidenceManagement raised full-year 2026 guidance, projecting organic sales growth of 3-4% compared with prior expectations of 1-2%. The company also lifted its full-year adjusted earnings outlook to $8.35-$8.55 per share from $8.15-$8.35 previously.

For the second quarter of 2026, IDEX expects organic sales to increase 3-4% from the year-ago period and expects adjusted earnings in the range of $2.07-$2.12.

Zacks Rank and Stocks to ConsiderThe company currently carries a Zacks Rank #4 (Sell). Some better-ranked stocks are discussed below:

DXP Enterprises (DXPE - Free Report) presently sports a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.

DXP Enterprises’ earnings surpassed the consensus estimate by 52.8% in the last reported quarter. In the past 60 days, the Zacks Consensus Estimate for DXPE’s 2026 earnings has increased by 17.2%.

Nordson Corporation (NDSN - Free Report) currently carries a Zacks Rank #2 (Buy). Nordson’s earnings topped the consensus estimate in each of the trailing four quarters. The average earnings surprise was 2.5%. In the past 60 days, the Zacks Consensus Estimate for Nordson’s fiscal 2026 earnings has increased 0.5%.

RBC Bearings (RBC - Free Report) presently carries a Zacks Rank of 2. RBC Bearings’ earnings surpassed the consensus estimate in each of the trailing four quarters. The average earnings surprise was 5.3%. In the past 60 days, the Zacks Consensus Estimate for RBC Bearings’ fiscal 2026 earnings has inched down 0.3%.

IDEX Corporation (IEX) Presents at Oppenheimer 21st Annual Industrial Growth Virtual Conference Transcript

It has been about a month since the last earnings report for Idex (IEX - Free Report) . Shares have lost about 3.6% in that time frame, underperforming the S&P 500.

But investors have to be wondering, will the recent negative trend continue leading up to its next earnings release, or is Idex due for a breakout? Before we dive into how investors and analysts have reacted as of late, let's take a quick look at the latest earnings report in order to get a better handle on the important drivers.

IDEX Beats Q1 Earnings Estimates on HST Momentum, Raises ViewIDEX delivered first-quarter 2026 adjusted earnings of $2.00 per share, topping the Zacks Consensus Estimate of $1.78 by 12.4%. The metric rose 14.3% year over year. Net sales of $886.9 million beat the consensus mark of $835 million by 6.2% and increased 8.9% from the year-ago quarter.

Results were driven by solid traction in the Health & Science Technologies segment, where higher volumes in AI-linked data center power and semiconductor end markets, along with strength in space and defense, supported growth. IDEX also posted record orders, signaling improving demand early in 2026.

Organic sales increased 5% year over year. While acquisitions/divestitures had a positive impact on sales of 1%, foreign currency translation had a positive impact of 3% on sales.

Segmental DetailsNet sales from the Fluid & Metering Technologies segment totaled $301.5 million, up 4% year over year. Our estimate for segmental net sales was $297.3 million. Organic sales increased 2% year over year. Foreign currency translation had a positive impact of 2% on sales.

Net sales from the Health & Science Technologies segment totaled $398.4 million, up 17% year over year. Organic sales increased 11% year over year. Acquisitions/divestitures and foreign currency translation had a positive impact of 3% each on sales.

Net sales from the Fire & Safety/Diversified Products segment totaled $188.3 million, which increased 2% year over year. Our estimate for segmental net sales was $182 million. Organic sales decreased 1% on a year-over-year basis, while foreign currency translation had a favorable impact of 3% on sales.

Orders Signal Broad-Based DemandOrders increased 13% year over year to $988.3 million, with organic orders up 10%. Management pointed to momentum and backlog building in businesses tied to several end markets, particularly AI-driven areas, pharma and space and defense.

IDEX’s Margin ProfileIDEX’s cost of sales increased 9.7% year over year to $488.8 million. The adjusted gross margin was 44.9%, down 40 basis points year over year, reflecting unfavorable mix and higher costs, partially offset by productivity improvements and volume leverage. Selling, general and administrative expenses increased to $218.3 million from $209.4 million in the prior-year period.

Adjusted EBITDA rose 10.8% to $230.4 million and the adjusted EBITDA margin improved 50 basis points to 26%. Operating income increased 21.4% to $172.4 million, aided by stronger operating performance and a lower restructuring and asset impairment burden compared to the prior year period. The operating margin was 19.4%, up 200 bps year over year. Interest expenses (net) were relatively stable year over year at $16 million.

Cash Uses Highlight Shareholder ReturnsCash flows from operating activities were $103.7 million compared with $105.7 million a year ago, as increased earnings were offset by customer payment timing. Free cash flow declined 5.9% to $86 million, reflecting both working-capital timing and higher capital expenditures of $17.7 million.

The company continued to return capital, repurchasing $76.3 million of stock and paying $52.8 million in dividends during the quarter. On the balance sheet, cash and cash equivalents were $586.2 million exiting the first quarter, while long-term borrowings (net) stood at $1.87 billion.

IDEX’s Raised 2026 Outlook Reflects ConfidenceManagement raised full-year 2026 guidance, projecting organic sales growth of 3-4% compared with prior expectations of 1-2%. The company also lifted its full-year adjusted earnings outlook to $8.35-$8.55 per share from $8.15-$8.35 previously.

For the second quarter of 2026, IDEX expects organic sales to increase 3-4% from the year-ago period and expects adjusted earnings in the range of $2.07-$2.12.

How Have Estimates Been Moving Since Then?In the past month, investors have witnessed a upward trend in estimates revision.

VGM ScoresAt this time, Idex has a subpar Growth Score of D, however its Momentum Score is doing a bit better with a C. Charting a somewhat similar path, the stock has a score of D on the value side, putting it in the bottom 40% for value investors.

Overall, the stock has an aggregate VGM Score of D. If you aren't focused on one strategy, this score is the one you should be interested in.

OutlookEstimates have been broadly trending upward for the stock, and the magnitude of these revisions looks promising. It comes with little surprise Idex has a Zacks Rank #2 (Buy). We expect an above average return from the stock in the next few months.

Performance of an Industry PlayerIdex belongs to the Zacks Manufacturing - General Industrial industry. Another stock from the same industry, Applied Industrial Technologies (AIT - Free Report) , has gained 0.9% over the past month. More than a month has passed since the company reported results for the quarter ended March 2026.

Applied Industrial Technologies reported revenues of $1.25 billion in the last reported quarter, representing a year-over-year change of +7.3%. EPS of $2.65 for the same period compares with $2.57 a year ago.

Applied Industrial Technologies is expected to post earnings of $2.91 per share for the current quarter, representing a year-over-year change of +3.9%. Over the last 30 days, the Zacks Consensus Estimate has changed -0.2%.

The overall direction and magnitude of estimate revisions translate into a Zacks Rank #3 (Hold) for Applied Industrial Technologies. Also, the stock has a VGM Score of D.

CHESAPEAKE, Va.--(BUSINESS WIRE)--Dollar Tree, Inc. (NASDAQ: DLTR) today reported financial results for its first quarter ended May 2, 2026.

“Our first quarter results reflect continued progress across the business and demonstrate the strength of Dollar Tree’s position as the preferred destination for value, convenience, and discovery,” said Mike Creedon, Chief Executive Officer. “We continued advancing our strategic plan – a more relevant assortment, agile cost management, a stronger customer connection, and new store growth coupled with improved store conditions – all driving operating margin expansion and delivering a strong bottom-line performance. As we celebrate our 40th anniversary in 2026, we are encouraged by the progress we are seeing across the business and remain focused on making thoughtful investments in our stores, assortment and customer experience – building Dollar Tree to last for decades to come.”

Additional Business Highlights

Opened 113 new Dollar Tree stores during the quarter Converted or added about 630 stores to the Dollar Tree multi-price format, ending the quarter with approximately 5,900 multi-price stores Generated $644 million of net cash provided by operating activities from continuing operations and $392 million of free cash flow Ended the quarter with 9,382 stores across the Dollar Tree U.S. and Dollar Tree Canada banners First Quarter 2026 Key Operating Results (unaudited)

(from continuing operations unless otherwise noted)

(Compared to same period fiscal 2025)

Q1

Fiscal 2026

Change

Net Sales

$5.0B

7.2%

Same-Store Net Sales Growth

3.5%

Operating Income

$473M

23.2%

Diluted EPS

$1.76

19.7%

Adjusted Operating Income1

$473M

22.0%

Adjusted Diluted EPS1

$1.74

38.1%

1Adjustment for the first quarter of 2026 is a non-operating insurance gain. For the first quarter of 2025, adjustments are for strategic review costs and a non-operating insurance gain. See "Reconciliation of Non-GAAP Financial Measures" below for detailed schedules of this adjustment and the adjustments for the prior year comparable period.

  First Quarter Results

Results for the first quarter ended May 2, 2026 are reported on a continuing operations basis. Continuing operations reflect the results of Dollar Tree brands in the United States and Canada.

Unless otherwise noted, all comparisons are to the prior year’s first quarter ended May 3, 2025 for the results of continuing operations.

Net sales increased 7.2% to $5.0 billion. Comparable store net sales increased 3.5%, driven by a 4.5% increase in average ticket, partially offset by a 1.0% decline in traffic.

Gross profit margin increased 120 basis points. The improvement in gross margin was primarily driven by higher mark-on, lower freight costs, and lower shrink. These benefits were partially offset by higher tariff costs and higher markdowns.

Selling, general and administrative expenses increased 50 basis points to 27.8% of total revenue. The increase was primarily due to higher marketing costs, general liability costs, and higher depreciation partially offset by lower payroll costs.

Adjusted selling, general and administrative expenses inclusive of transition services agreement income, net increased 10 basis points as a percent of total revenue.

Transition services agreement income, net was $21.1 million for services provided between Dollar Tree and Family Dollar following the sale.

Operating income increased 23% to $473.3 million and operating margin expanded 120 basis points. Adjusted operating income increased 22% to $473.3 million.

The Company’s effective tax rate was 24.9%.

Income from continuing operations was $347.3 million and diluted earnings per share from continuing operations was $1.76. On an adjusted basis, income from continuing operations was $343.4 million and adjusted diluted earnings per share was $1.74.

The Company repurchased 5.5 million shares of its common stock during the first quarter of fiscal 2026 for $595 million.

As of May 2, 2026, the Company had $1.3 billion remaining under its share repurchase authorization, $1 billion of cash and cash equivalents, no commercial paper outstanding, and no borrowings under its revolving credit facility.

Fiscal 2026 Outlook

Our full-year fiscal 2026 outlook is presented on a continuing operations basis and excludes the impact of tariff refunds.

For fiscal 2026, the Company now expects:

Net sales from continuing operations in the range of $20.5 billion to $20.7 billion, based on comparable
store net sales growth in the range of 3% to 4% Approximately 400 new store openings and 75 closings Adjusted diluted earnings per share in the range of $6.70 to $7.10 Second Quarter 2026 Outlook

The Company expects net sales from continuing operations for the second quarter will range from $4.8 billion to $4.9 billion, based on comparable store net sales growth in the range of 2.5% to 3.5%.

Adjusted diluted EPS for the second quarter 2026 is estimated to be in the range of $1.00 to $1.15.

Conference Call Information

On May 28, 2026, the Company will host a conference call to discuss its earnings results at 8:00 a.m. Eastern Time. The telephone number for the call is (877) 407-3943 or (201) 689-8855. A recorded version of the call will be available for seven days after the call and may be accessed by dialing (877) 660-6853 or (201) 612-7415. The access code is 13760394. A webcast of the call is also accessible through the Investor Relations portion of the Company’s website.

Supplemental financial information for the fourth quarter is available on the Investor Relations portion of the Company’s website, at https://corporate.dollartree.com/investors.

Dollar Tree, Inc., headquartered in Chesapeake, VA, is one of North America’s largest and most loved value retailers, known for delivering great value, convenience, and a “thrill-of-the-hunt” discovery shopping experience. With a team of approximately 150,000 associates, Dollar Tree operates more than 9,300 stores and 19 distribution centers across 48 contiguous states and seven Canadian provinces under the brands Dollar Tree and Dollar Tree Canada. The Company is committed to being a responsible steward of its business – supporting its people, serving its communities, and creating lasting value. To learn more about the Company, visit www.DollarTree.com.

Use of Non-GAAP Financial Measures

The Company reports its financial results in accordance with accounting principles generally accepted in the United States (“GAAP”). From time to time, the Company supplements the reporting of its financial information determined under GAAP with certain non-GAAP financial information. The non-GAAP financial measures we have disclosed include adjusted corporate selling, general and administrative expenses, exclusive and inclusive of transition services agreement income, net; adjusted corporate selling, general and administrative expenses, exclusive and inclusive of transition services agreement income, net as a percentage of total revenue; adjusted selling, general and administrative expenses, exclusive and inclusive of transition services agreement income, net; adjusted selling, general and administrative expenses, exclusive and inclusive of transition services agreement income, net as a percentage of total revenue; adjusted selling, general and administrative expenses, exclusive of corporate selling, general and administrative expenses; adjusted selling, general and administrative expenses, exclusive of corporate selling, general and administrative expenses as a percentage of total revenue; adjusted operating income; adjusted operating income margin; adjusted income from continuing operations; adjusted income from continuing operations as a percentage of total revenue; adjusted diluted earnings per share - continuing operations; and adjusted effective tax rate, in each case with respect to our continuing operations; and free cash flow.

Reconciliations of the non-GAAP financial measures to the corresponding amounts prepared in accordance with GAAP appears in the tables under the heading “Reconciliation of Non-GAAP Financial Measures” below. These tables provide additional information regarding the adjusted measures.

A WARNING ABOUT FORWARD-LOOKING STATEMENTS: Our press release contains "forward-looking statements" as that term is used in the Private Securities Litigation Reform Act of 1995. Forward-looking statements can be identified by the fact that they address future events, developments or results and do not relate strictly to historical facts. Any statements contained in this press release that are not statements of historical fact may be deemed to be forward-looking statements. Forward-looking statements include, without limitation, statements preceded by, followed by or including words such as: “believe”, “anticipate”, “expect”, “intend”, “plan”, “view”, “target” or “estimate”, “may”, “will”, “should”, “predict”, “possible”, “potential”, “continue”, “strategy”, and similar expressions. For example, our forward-looking statements include statements relating to our business and financial outlook for fiscal 2026, including without limitation our expectations regarding net sales, comparable store sales and adjusted diluted earnings per share for the second fiscal quarter and full fiscal year 2026, new store openings and closings for 2026 and various factors that are expected to impact our quarterly and annual results of operations for fiscal 2026; the direct and indirect impacts of current and potential tariffs and other trade-related measures and our plans to mitigate those impacts; our plans and expectations regarding our business, including the impact of various initiatives, investments, and strategies on the company’s performance and prospects for long-term growth; and our other plans, objectives, expectations (financial and otherwise) and intentions. These statements are subject to risks and uncertainties. For a discussion of the risks, uncertainties and assumptions that could affect our future events, developments or results, you should carefully review the "Risk Factors," "Business" and "Management's Discussion and Analysis of Financial Condition and Results of Operations" sections in our Annual Report on Form 10-K filed March 16, 2026, our Form 10-Q for the most recently ended fiscal quarter and other filings we make from time to time with the Securities and Exchange Commission. We are not obligated to release publicly any revisions to any forward-looking statements contained in this press release to reflect events or circumstances occurring after the date of this report and you should not expect us to do so. 

DLTR-E

DOLLAR TREE, INC.

Condensed Consolidated Income Statements

(In millions, except per share data)

(Unaudited)

13 Weeks Ended

May 2, 2026

May 3, 2025

Revenues

Net sales

$

4,970.5

$

4,636.5

Other revenue

5.3

3.2

Total revenue

4,975.8

4,639.7

Expenses and other operating items

Cost of sales

3,141.0

2,987.0

Selling, general and administrative expenses

1,382.6

1,268.6

Transition services agreement income, net

21.1

—

Operating income

473.3

384.1

Interest expense, net

16.3

22.7

Other income, net

5.4

61.7

Income from continuing operations before income taxes

462.4

423.1

Provision for income taxes

115.1

109.6

Income from continuing operations

347.3

313.5

Income from discontinued operations, net of tax

—

29.9

Net income

$

347.3

$

343.4

Net earnings per share:

Basic from continuing operations

$

1.76

$

1.47

Basic from discontinued operations

—

0.14

Basic per share of common stock

$

1.76

$

1.61

Basic weighted average number of shares

196.8

213.6

Diluted from continuing operations

$

1.76

$

1.47

Diluted from discontinued operations

—

0.14

Diluted per share of common stock

$

1.76

$

1.61

Diluted weighted average number of shares

197.4

213.9

Selling, general and administrative expense rate

27.8

%

27.3

%

Transition services agreement income, net as a percentage of total revenue

0.4

%

—

%

Operating income margin

9.5

%

8.3

%

Income from continuing operations before income taxes as percentage of total revenue

9.3

%

9.1

%

Effective tax rate

24.9

%

25.9

%

Income from continuing operations as percentage of total revenue

7.0

%

6.8

%

The selling, general and administrative expense rate and operating income margin are calculated by dividing the applicable amount by total revenue.

Amounts in tables above may not recalculate due to rounding.

DOLLAR TREE, INC.

Condensed Consolidated Balance Sheets

(In millions)

(Unaudited)

May 2, 2026

January 31, 2026

May 3, 2025

ASSETS

Current Assets:

Cash and cash equivalents

$

1,007.3

$

717.8

$

1,007.4

Merchandise inventories

2,470.8

2,495.4

2,704.0

Other current assets

220.3

233.0

179.8

Current assets of discontinued operations

—

—

4,705.5

Total current assets

3,698.4

3,446.2

8,596.7

Restricted cash

43.4

42.9

76.7

Property, plant and equipment, net

5,028.1

4,959.6

4,587.9

Operating lease right-of-use assets

4,478.2

4,435.1

4,205.6

Goodwill

423.0

423.2

422.6

Deferred income taxes, net

1.7

1.0

268.7

Other assets

151.0

158.2

133.0

Total assets

$

13,823.8

$

13,466.2

$

18,291.2

LIABILITIES AND SHAREHOLDERS' EQUITY

Current liabilities:

Current portion of long-term debt

$

—

$

—

$

1,000.0

Current portion of operating lease liabilities

1,005.2

1,000.2

971.3

Accounts payable

1,563.8

1,530.7

1,572.0

Income taxes payable

—

—

239.9

Other current liabilities

615.4

697.7

549.9

Current liabilities of discontinued operations

—

—

3,903.7

Total current liabilities

3,184.4

3,228.6

8,236.8

Long-term debt, net, excluding current portion

2,932.6

2,431.7

2,428.8

Operating lease liabilities, long-term

3,655.5

3,623.7

3,507.3

Deferred income taxes, net

264.3

153.3

—

Income taxes payable, long-term

27.5

29.7

27.3

Other liabilities

252.5

244.3

186.2

Total liabilities

10,316.8

9,711.3

14,386.4

Shareholders' equity

3,507.0

3,754.9

3,904.8

Total liabilities and shareholders' equity

$

13,823.8

$

13,466.2

$

18,291.2

The January 31, 2026 information was derived from the audited consolidated financial statements as of that date.

DOLLAR TREE, INC.

Condensed Consolidated Statements of Cash Flows

(In millions)

(Unaudited)

13 Weeks Ended

May 2, 2026

May 3, 2025

Cash flows from operating activities:

Net income

$

347.3

$

343.4

Income from discontinued operations, net of tax

—

29.9

Income from continuing operations

$

347.3

$

313.5

Adjustments to reconcile income from continuing operations to net cash provided by operating activities:

Depreciation and amortization

177.0

151.1

Provision for deferred income taxes

110.4

14.1

Stock-based compensation expense

21.1

17.2

Impairments

0.4

0.1

Gain on insurance proceeds related to fixed assets

—

(41.0

)

Other non-cash adjustments to income from continuing operations

12.4

3.1

Changes in operating assets and liabilities:

Merchandise inventories

24.1

(27.6

)

Income taxes receivable

5.5

—

Other current assets

7.2

(18.6

)

Other assets

(2.5

)

0.7

Accounts payable

33.4

(135.9

)

Income taxes payable

—

92.5

Other current liabilities

(91.9

)

(13.0

)

Other liabilities

5.9

2.6

Operating lease right-of-use assets and liabilities, net

(6.3

)

19.7

Net cash provided by operating activities of continuing operations

644.0

378.5

Cash flows from investing activities:

Capital expenditures

(252.5

)

(248.8

)

Proceeds from insurance recoveries

—

50.0

Payments for fixed asset disposition

(0.4

)

(0.1

)

Net cash used in investing activities of continuing operations

(252.9

)

(198.9

)

Cash flows from financing activities:

Proceeds from long-term debt

500.0

—

Debt-issuance costs

—

(3.8

)

Proceeds from stock issued pursuant to stock-based compensation plans

2.4

2.8

Cash paid for taxes on exercises/vesting of stock-based compensation

(17.5

)

(10.7

)

Payments for repurchase of stock

(585.8

)

(427.7

)

Net cash used in financing activities

(100.9

)

(439.4

)

Cash flows from discontinued operations:

Net cash provided by operating activities of discontinued operations

—

104.5

Net cash used in investing activities of discontinued operations

—

(45.4

)

Net cash provided by discontinued operations

—

59.1

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

(0.2

)

0.7

Net change in cash, cash equivalents and restricted cash

290.0

(200.0

)

Cash, cash equivalents and restricted cash at beginning of period

760.7

1,511.2

Cash, cash equivalents and restricted cash at end of period

$

1,050.7

$

1,311.2

DOLLAR TREE, INC.

Store Activity and Selected Sales Data

(Unaudited)

13 Weeks Ended

May 2, 2026

May 3, 2025

Store Count:

Beginning

9,282

8,881

New stores

113

148

Stores converted from Family Dollar (a)

—

5

Closings

(13

)

(18

)

Ending

9,382

9,016

Selling Square Footage (in millions)

83.5

79.6

Growth Rate (Square Footage)

4.9

%

7.4

%

52 Weeks Ended

May 2, 2026

May 3, 2025

Sales per Square Foot (b)

$

242

$

235

(a)

Stores converted from a Family Dollar store to a Dollar Tree store are reflected in the table above when they re-opened as a Dollar Tree store.

(b)

Sales per square foot is calculated based on total net sales for the reporting period divided by the average selling square footage during the period.

DOLLAR TREE, INC.

Reconciliation of Non-GAAP Financial Measures

(In millions, except per share data)

(Unaudited)

From time-to-time, the Company discloses certain financial measures not derived in accordance with GAAP. These non-GAAP financial measures should not be used as a substitute for GAAP financial measures, or considered in isolation, for the purposes of analyzing operating performance, financial position, liquidity, or cash flows. The non-GAAP financial measures we have disclosed include adjusted corporate selling, general and administrative expenses, exclusive and inclusive of transition services agreement income, net; adjusted corporate selling, general and administrative expenses, exclusive and inclusive of transition services agreement income, net as a percentage of total revenue; adjusted selling, general and administrative expenses, exclusive and inclusive of transition services agreement income, net; adjusted selling, general and administrative expenses, exclusive and inclusive of transition services agreement income, net as a percentage of total revenue; adjusted selling, general and administrative expenses, exclusive of corporate selling, general and administrative expenses; adjusted selling, general and administrative expenses, exclusive of corporate selling, general and administrative expenses as a percentage of total revenue; adjusted operating income; adjusted operating income margin; adjusted income from continuing operations; adjusted income from continuing operations as a percentage of total revenue; adjusted diluted earnings per share - continuing operations; and adjusted effective tax rate, in each case with respect to our continuing operations. The Company believes providing additional information in these non-GAAP measures that exclude the unusual expenses and income described below is beneficial to the users of its financial statements in evaluating the Company's current operating results in relation to past periods. In addition, the Company's debt covenants exclude the impact of certain unusual expenses. The Company has included a reconciliation of these non-GAAP financial measures to the most comparable GAAP measures in the following tables.

1.)

During the first quarter of fiscal 2025, the Company entered into a definitive agreement to sell the Family Dollar business, and completed the sale on July 5, 2025. We incurred consulting, legal and other expenses related to the sale and separation activities, including costs associated with optimizing the remaining Dollar Tree business post-divestiture. Costs associated with these activities incurred in the first quarter of fiscal 2025 totaled $3.7 million.

2.)

During the first quarter of fiscal 2024, a tornado destroyed our Dollar Tree distribution center in Marietta, Oklahoma ("DC 8"). As a result of the destruction, we have incurred losses totaling $129.0 million, consisting of $70.0 million related to damaged inventory and $59.0 million related to property and equipment. These losses are fully insured and therefore not contemplated in the non-GAAP adjustments below. Since the end of the first quarter of fiscal 2024, we have received insurance proceeds totaling $125.0 million related to damaged inventory, and $100.0 million related to damaged property, including $70.0 million in the first quarter of fiscal 2025 and $5.2 million in the first quarter of fiscal 2026. In the fourth quarter of fiscal 2024, we recorded a gain of $29.7 million for insurance proceeds received. We recorded additional gains in the first quarters of fiscal 2025 and fiscal 2026 totaling $61.8 million and $5.2 million, respectively, for insurance proceeds received.

In addition, the Company discloses free cash flow, a non-GAAP financial measure that we calculate as net cash provided by operating activities less capital expenditures. The Company believes free cash flow is an important indicator of our liquidity as it measures the amount of cash we generate from our business operations. Free cash flow may not represent the amount of cash flow available for general discretionary use, because it excludes non-discretionary expenditures, such as mandatory debt repayments and required settlements of recorded and/or contingent liabilities not reflected in cash flow from operations. The Company has included a reconciliation of free cash flow to the most comparable GAAP measures in the following tables.

A reconciliation of the projected adjusted diluted EPS, which is a forward-looking non-GAAP financial measure, to the most directly comparable GAAP financial measure, is not provided because the company is unable to provide such reconciliation without unreasonable effort. The inability to provide a reconciliation is due to the uncertainty and inherent difficulty predicting the occurrence, the financial impact and the periods in which the non-GAAP adjustments may be recognized. GAAP measures may include the impact of such items as litigation reserves; restructuring charges; goodwill and intangible asset impairments; natural disasters; our store portfolio optimization review and strategic review and sale of Family Dollar, and the tax effect of all such items. Historically, the company has excluded these items from non-GAAP financial measures. The company currently expects to continue to exclude these items in future disclosures of non-GAAP financial measures and may also exclude other items that may arise (collectively, “non-GAAP adjustments”). The decisions and events that typically lead to the recognition of non-GAAP adjustments, such as a decision to exit part of the business or reaching settlement of a legal dispute, are inherently unpredictable as to if or when they may occur. For the same reasons, the company is unable to address the probable significance of the unavailable information, which could be material to future results.

DOLLAR TREE, INC.

Reconciliation of Non-GAAP Financial Measures - Continuing Operations

(In millions, except per share data)

(Unaudited)

13 Weeks Ended

May 2, 2026

May 3, 2025

Reconciliation of Adjusted Corporate Selling, General and Administrative Expenses, Exclusive of Transition Services Agreement Income, Net

Corporate selling, general and administrative expenses (GAAP)

$

141.8

$

141.8

Deduct: Strategic review costs

—

(0.1

)

Adjusted corporate selling, general and administrative expenses, exclusive of transition services agreement income, net (Non-GAAP)

$

141.8

$

141.7

Adjusted corporate selling, general and administrative expenses, exclusive of transition services agreement income, net as percentage of total revenue (Non-GAAP)

2.8

%

3.1

%

Reconciliation of Adjusted Corporate Selling, General and Administrative Expenses, Inclusive of Transition Services Agreement Income, Net

Corporate selling, general and administrative expenses (GAAP)

$

141.8

$

141.8

Deduct: Strategic review costs

—

(0.1

)

Deduct: Transition services agreement income, net

(21.1

)

—

Adjusted corporate selling, general and administrative expenses, inclusive of transition services agreement income, net (Non-GAAP)

$

120.7

$

141.7

Adjusted corporate selling, general and administrative expenses, inclusive of transition services agreement income, net as percentage of total revenue (Non-GAAP)

2.4

%

3.1

%

Reconciliation of Adjusted Selling, General and Administrative Expenses, Exclusive of Transition Services Agreement Income, Net

Selling, general and administrative expenses (GAAP)

$

1,382.6

$

1,268.6

Deduct: Strategic review costs

—

(3.7

)

Adjusted selling, general and administrative expenses, exclusive of transition services agreement income, net (Non-GAAP)

$

1,382.6

$

1,264.9

Adjusted selling, general and administrative expenses, exclusive of transition services agreement income, net as percentage of total revenue (Non-GAAP)

27.8

%

27.3

%

  DOLLAR TREE, INC.

Reconciliation of Non-GAAP Financial Measures - Continuing Operations

(In millions, except per share data)

(Unaudited)

13 Weeks Ended

May 2, 2026

May 3, 2025

Reconciliation of Adjusted Selling, General and Administrative Expenses, Inclusive of Transition Services Agreement Income, Net

Selling, general and administrative expenses (GAAP)

$

1,382.6

$

1,268.6

Deduct: Strategic review costs

—

(3.7

)

Deduct: Transition services agreement income, net

(21.1

)

—

Adjusted selling, general and administrative expenses, inclusive of transition services agreement income, net (Non-GAAP)

$

1,361.5

$

1,264.9

Adjusted selling, general and administrative expenses, inclusive of transition services agreement income, net as percentage of total revenue (Non-GAAP)

27.4

%

27.3

%

Reconciliation of Adjusted Selling, General and Administrative Expenses, Exclusive of Corporate Selling, General and Administrative Expenses

Selling, general and administrative expenses (GAAP)

$

1,382.6

$

1,268.6

Deduct: Strategic review costs

—

(3.6

)

Deduct: Corporate selling, general and administrative expenses

(141.8

)

(141.8

)

Adjusted selling, general and administrative expenses, exclusive of corporate selling, general and administrative expenses (Non-GAAP)

$

1,240.8

$

1,123.2

Adjusted selling, general and administrative expenses, exclusive of corporate selling, general and administrative expenses as percentage of total revenue (Non-GAAP)

24.9

%

24.2

%

Reconciliation of Adjusted Operating Income

Operating income (GAAP)

$

473.3

$

384.1

Add: Strategic review costs

—

3.7

Adjusted operating income (Non-GAAP)

$

473.3

$

387.8

Adjusted operating income margin (Non-GAAP)

9.5

%

8.4

%

Reconciliation of Adjusted Income from Continuing Operations

Income from Continuing Operations (GAAP)

$

347.3

$

313.5

SG&A adjustments:

Add: Strategic review costs

—

3.7

Non-operating adjustment:

Deduct: Non-operating insurance gain

(5.2

)

(61.8

)

Provision for income tax adjustments

1.3

14.3

Adjusted income from continuing operations (Non-GAAP)

$

343.4

$

269.7

Adjusted income from continuing operations as percentage of total revenue (Non-GAAP)

6.9

%

5.8

%

DOLLAR TREE, INC.

Reconciliation of Non-GAAP Financial Measures - Continuing Operations

(In millions, except per share data)

(Unaudited)

13 Weeks Ended

May 2, 2026

May 3, 2025

Reconciliation of Adjusted Diluted Earnings Per Share - Continuing Operations

Diluted earnings per share - continuing operations (GAAP)

$

1.76

$

1.47

SG&A adjustments:

Add: Strategic review costs

—

0.02

Non-operating adjustment:

Deduct: Non-operating insurance gain

(0.03

)

(0.29

)

Provision for income tax adjustments

0.01

0.07

Adjusted diluted earnings per share - continuing operations (Non-GAAP)

$

1.74

$

1.26

Reconciliation of Adjusted Effective Tax Rate

Effective tax rate (GAAP)

24.9

%

25.9

%

Add/Deduct: Tax impact of non-GAAP adjustments1

—

%

0.2

%

Adjusted effective tax rate (Non-GAAP)

24.9

%

26.1

%

1Relates to the tax effect of non-GAAP adjustments, which were determined based on the nature of the underlying non-GAAP adjustments and their relevant tax rates.

Amounts in tables above may not recalculate due to rounding.

DOLLAR TREE, INC.

Reconciliation of Non-GAAP Financial Measures

(In millions, except per share data)

(Unaudited)

13 Weeks Ended

May 2, 2026

May 3, 2025

Reconciliation of Net Cash Provided by Operating Activities of Continuing Operations to Free Cash Flow from Continuing Operations

Net cash provided by operating activities of continuing operations (GAAP)

$

644.0

$

378.5

Deduct:

Capital expenditures of continuing operations

(252.5

)

(248.8

)

Free cash flow from continuing operations (Non-GAAP)

$

391.5

$

129.7

Net cash used in investing activities of continuing operations (GAAP) (c)

$

(252.9

)

$

(198.9

)

Net cash used in financing activities (GAAP)

$

(100.9

)

$

(439.4

)

(c)

Net cash used in investing activities includes capital expenditures, which is included in our computation of free cash flow.

More News From Dollar Tree, Inc.

Dollar Tree stock was down 22% in 2026 as of Wednesday’s close of trading. (Jake Dockins/Bloomberg)

Dollar Tree was the best performer in the S&P 500 Thursday after the discount retailer reported better-than-expected quarterly earnings, lifted its fiscal-year guidance, and unveiled a partnership with DoorDash.

Dollar Tree, Inc. (NASDAQ:DLTR) shares jumped almost 18% on Thursday morning after the discount retailer reported stronger-than-expected earnings and upwardly revised its full-year profit guidance.

Adjusted earnings per share were $1.74, above analyst expectations of $1.55.

Revenue totaled $4.97 billion, matching consensus estimates and increasing 7.2% year over year. Comparable store sales rose 3.5%, supported by ongoing momentum in the company’s multi-price format expansion.

Dollar Tree also raised its full-year 2026 adjusted EPS outlook to a range of $6.70 to $7.10, above the prior consensus estimate of $6.67. The company said the improved outlook reflects stronger operating performance and continued execution of its strategic initiatives.

The company returned $595 million to shareholders through share repurchases during the first quarter and reported $644 million in net cash provided by operating activities from continuing operations, alongside $392 million in free cash flow.

Dollar Tree also opened 113 new stores and converted or added about 630 locations to its multi-price format, ending the quarter with roughly 5,900 stores in that model.

“Our first quarter results reflect continued progress across the business and demonstrate the strength of Dollar Tree’s position as the preferred destination for value, convenience, and discovery,” Dollar Tree CEO Mike Creedon said.

“As we celebrate our 40th anniversary in 2026, we are encouraged by the progress we are seeing across the business and remain focused on making thoughtful investments in our stores, assortment and customer experience – building Dollar Tree to last for decades to come.”

Stock futures are easing from earlier losses after inflation and GDP data released

For the quarter ended April 2026, Dollar Tree (DLTR - Free Report) reported revenue of $4.97 billion, up 7.2% over the same period last year. EPS came in at $1.74, compared to $1.26 in the year-ago quarter.

The reported revenue represents a surprise of +0.14% over the Zacks Consensus Estimate of $4.96 billion. With the consensus EPS estimate being $1.53, the EPS surprise was +13.5%.

While investors scrutinize revenue and earnings changes year-over-year and how they compare with Wall Street expectations to determine their next move, some key metrics always offer a more accurate picture of a company's financial health.

As these metrics influence top- and bottom-line performance, comparing them to the year-ago numbers and what analysts estimated helps investors project a stock's price performance more accurately.

Here is how Dollar Tree performed in the just reported quarter in terms of the metrics most widely monitored and projected by Wall Street analysts:

Dollar Tree - Same-Store Net Sales: 3.5% versus 3.4% estimated by seven analysts on average.Dollar Tree - Ending stores: 9,382 versus 9,366 estimated by five analysts on average.Dollar Tree - Selling Square Footage: 83.50 Msq ft compared to the 83.33 Msq ft average estimate based on five analysts.Dollar Tree - New stores: 113 compared to the 103 average estimate based on four analysts.Dollar Tree - Beginning stores: 9,282 versus the four-analyst average estimate of 9,282.Dollar Tree - Number of stores closed: 13 versus the four-analyst average estimate of 19.Revenues- Other revenue: $5.3 million compared to the $3.84 million average estimate based on six analysts. The reported number represents a change of +65.6% year over year.Revenues- Net sales: $4.97 billion versus the six-analyst average estimate of $4.97 billion. The reported number represents a year-over-year change of +7.2%.View all Key Company Metrics for Dollar Tree here>>>

Shares of Dollar Tree have returned +0.2% over the past month versus the Zacks S&P 500 composite's +5% change. The stock currently has a Zacks Rank #3 (Hold), indicating that it could perform in line with the broader market in the near term.

Dollar Tree, Inc. (NASDAQ:DLTR) shares jumped almost 18% on Thursday morning after the discount retailer reported stronger-than-expected earnings and upwardly revised its full-year profit guidance. Adjusted earnings per share were $1.74, above analyst expectations of $1.55.

Dollar Tree, Inc. delivered a double-line beat, raising its outlook and demonstrating robust sales and margin expansion. Same-store sales grew 3.5%, with a 4.5% increase in average ticket offsetting a 1% decline in traffic. Gross margin expanded 120 basis points to 36.9%, driven by price increases, lower freight, and reduced shrink.

DLTR's Q1 earnings call highlights margin gains from tighter execution and shrink control. It raises the EPS outlook, but warns on fuel, tariffs and traffic.

Dollar Tree beat comparable-sales estimates as average transaction size rose 4.5% despite weaker customer traffic. Summary

Higher-price items are helping Dollar Tree lift spending per visit.

Dollar Tree DLTR gave investors a sharp reminder that value retail still has room to surprise. Comparable sales rose 3.5% in the first quarter, beating estimates, even though customer traffic declined. The driver was larger baskets, with average transaction size climbing 4.5%, suggesting shoppers are spending more when they visit rather than simply showing up in bigger numbers.

That matters because Dollar Tree is no longer leaning only on the old $1 model. The company has been converting stores to carry more products at higher price points, including $3 to $5 items such as toys and party supplies. More than half of its roughly 9,000 locations have already adopted the strategy, giving the chain a wider assortment and possibly helping it pull in deal-seeking shoppers, including higher-income customers, during a period of economic uncertainty.

The market reacted fast. Dollar Tree shares jumped as much as 17%, the stock's largest intraday gain since 2022, after falling 22% this year while the S&P 500 Index SPY gained roughly 10%. The results point to solid demand from higher-income consumers despite higher gas prices, but the broader retail backdrop still carries pressure. Walmart recently warned that higher fuel costs are starting to strain lower-income shoppers, making Dollar Tree's bigger-ticket momentum encouraging, but still worth watching closely.

Investors in Dollar Tree, Inc. (DLTR - Free Report) need to pay close attention to the stock based on moves in the options market lately. That is because the June 18, 2026 $45.00 Call had some of the highest implied volatility of all equity options today.

What is Implied Volatility?Implied volatility shows how much movement the market is expecting in the future. Options with high levels of implied volatility suggest that investors in the underlying stocks are expecting a big move in one direction or the other. It could also mean there is an event coming up soon that may cause a big rally or a huge sell-off. However, implied volatility is only one piece of the puzzle when putting together an options trading strategy.

What do the Analysts Think?Clearly, options traders are pricing in a big move for Dollar Tree, but what is the fundamental picture for the company? Currently, Dollar Tree is a Zacks Rank #3 (Hold) in the Retail - Discount Stores Industry that ranks in the Top 25% of our Zacks Industry Rank. Over the last 60 days, six analysts have increased their earnings estimate for the current quarter, while one has dropped his estimate. The net effect has taken our Zacks Consensus Estimate for the current quarter to move from $1.04 per share to $1.10 per share in the same time period.

Given the way analysts feel about Dollar Tree right now, this huge implied volatility could mean there’s a trade developing. Oftentimes, options traders look for options with high levels of implied volatility to sell premium. This is a strategy many seasoned traders use because it captures decay. At expiration, the hope for these traders is that the underlying stock does not move as much as originally expected.

ELKHART, Ind.--(BUSINESS WIRE)--LCI Industries (NYSE: LCII), a leading supplier of engineered components to the recreation and transportation markets, today reported first quarter 2026 results.

“I am so pleased with our team's performance across the business helping get us off to a very strong start despite very challenging retail and wholesale environments in the leisure markets we serve. Our focus for the last year, in addition to innovation and growth, has been on plant optimizations, G&A restructuring, and other self-help initiatives driving us toward stronger financial health no matter how tough the environment. As a result, we were able to generate meaningful earnings growth,” said Jason Lippert, President and Chief Executive Officer. “This strong performance and the growth we achieved during a muted quarter for industry output further validates the success of our targeted investments in operational excellence and diversification. Our team's emphasis on footprint and cost structure optimization efforts has amplified these results, enhancing the long-term earnings power of our platform. Looking ahead, regardless of the macro environment, our key performance drivers include rapid content-per-unit expansion through innovation, a dedicated focus on growing the aftermarket business that is positioned to service nearly every RV on the road, and accelerating traction across OEM markets. The updated outlook shared today reflects our confidence in broadening our ability to serve our customers and our team’s consistent execution in driving long-term shareholder value.”

First Quarter 2026 Results

Consolidated net sales increased 4.3% to $1.1 billion in the first quarter of 2026, up from $1.0 billion in the same period of 2025. The $44.9 million increase was primarily driven by a $29.3 million increase in the OEM Segment, reflecting sales price increases to cover higher material costs, sales from acquired businesses during the year ($46.8 million in the first quarter), and an increase in North American RV sales driven by recent innovations and a higher mix of premium fifth-wheel units, partially offset by a decrease in North American travel trailer and fifth-wheel shipments.

Net income was up 27% to $62.9 million, or $2.53 per diluted share, compared to $49.4 million, or $1.94 per diluted share, in the first quarter of 2025. Adjusted net income increased to $62.9 million, or $2.59 per adjusted diluted share, compared to $55.6 million, or $2.19 per adjusted diluted share. Adjusted EBITDA increased 13% to $125.0 million, compared to $110.9 million in the first quarter of 2025. Operating profit margin increased to 8.7% in the first quarter of 2026 compared to 7.8% in the same period of 2025. Year-over-year margin expansion was driven primarily by reduced costs resulting from our materials sourcing strategies and the benefits of other cost improvement actions, such as footprint optimizations.

*Additional information regarding adjusted net income, adjusted diluted EPS, and adjusted EBITDA used throughout this release, as well as reconciliations of these non-GAAP financial measures to the most directly comparable GAAP financial measure of net income, is provided in the "Supplementary Information - Reconciliation of Non-GAAP Measures" section below.

OEM Segment - First Quarter Performance

OEM net sales increased $29.3 million, or 4%, to $852.8 million for the first quarter of 2026, compared to the same period of 2025. RV OEM net sales decreased 4% to $509.8 million, primarily due to a decrease in North American travel trailer and fifth-wheel shipments, partially offset by sales price increases to cover higher material costs, an increase in RV sales mix toward higher content fifth-wheel units, an increase in North American motorhome RV unit shipments, and recent innovations. Adjacent Industries OEM net sales increased 17% year-over-year to $343.0 million, primarily driven by sales from acquired businesses and higher sales to North American marine OEMs.

Operating profit of the OEM Segment was $76.5 million in the first quarter of 2026, or 9.0% of net sales, compared to $62.0 million, or 7.5% of net sales, in the same period in 2025. The operating profit margin expansion was primarily driven by increases in selling prices to cover increased material costs, and cost improvement actions such as footprint optimizations and material sourcing strategies. These gains were partially offset by higher material costs related to tariffs and increased steel and aluminum costs.

Aftermarket Segment - First Quarter Performance

Aftermarket net sales increased 7% to $237.7 million for the first quarter of 2026, compared to the same period of 2025. The increase was primarily driven by sales price increases to cover higher material costs and sales from acquired businesses, partially offset by volume decreases in the automotive and marine aftermarkets. Operating profit of the Aftermarket Segment was $18.7 million, or 7.8% of net sales, compared to $19.3 million, or 8.7% of net sales, in the same period of 2025. The operating profit margin decrease was primarily driven by higher material costs related to tariffs and increased steel costs, and investments in capacity and distribution. These pressures were partially offset by increases in selling prices to cover increased material costs, reduced costs as a result of materials sourcing strategies, and a favorable shift in sales mix.

Income Taxes

The Company's effective tax rate was 26.2% for the quarter ended March 31, 2026, compared to 26.5% for the quarter ended March 31, 2025. The improvement in the effective tax rate for the first quarter 2026 compared to 2025 was primarily due to the recognition of excess tax benefits on stock-based compensation.

Balance Sheet and Other Items

At March 31, 2026, the Company's cash and cash equivalents balance was $142.2 million, relative to $222.6 million at December 31, 2025. The Company used $27.9 million for dividend payments to shareholders and $9.7 million for capital expenditures in the three months ended March 31, 2026.

The Company's outstanding long-term indebtedness, including current maturities, was $945.0 million at March 31, 2026. As of March 31, 2026, the Company had $595.2 million of borrowing availability under its revolving credit facility.

Outlook

Based on current market and economic conditions along with existing tariffs, the Company expects the following:

April 2026 net sales of approximately $374 million, down 4% from prior year 2026 North American RV wholesale shipments of 315,000 to 330,000, lowering from the previous range of 335,000 to 350,000 2026 revenue of $4.2 billion to $4.3 billion 2026 operating profit margin of 7.5% to 8.0% 2026 adjusted EPS of $8.75 to $9.25, raising the lower end of previous range from $8.25 and reaffirming the upper end Conference Call & Webcast

LCI Industries will host a conference call to discuss its first quarter results on Tuesday, May 5, 2026, at 8:30 a.m. Eastern time. An online, real-time webcast, as well as a supplemental earnings presentation, will be available on the Company's website, investors.lci1.com. The conference call and webcast can also be accessed by dialing (833) 470-1428 for participants in the U.S. and (929) 526-1599 for participants outside the U.S. using the required access code 894063. Due to the high volume of companies reporting earnings at this time, please be prepared for hold times of up to 15 minutes when dialing in to the call.

A replay of the conference call will be available for two weeks by dialing (866) 813-9403 for participants in the U.S. and (44) 204-525-0658 for those outside the U.S. and referencing access code 565652. A replay of the webcast will be available on the Company’s website immediately following the conclusion of the call.

About LCI Industries

LCI Industries (NYSE: LCII), through its Lippert subsidiary, is a global leader in supplying engineered components to the outdoor recreation and transportation markets. We believe our innovative culture, advanced manufacturing capabilities, and dedication to enhancing the customer experience have established Lippert as a reliable partner for both OEM and aftermarket customers. For more information, visit www.lippert.com.

Forward-Looking Statements

This press release contains certain "forward-looking statements" with respect to our financial condition, results of operations, profitability, margins, business strategies, operating efficiencies or synergies, competitive position, growth opportunities, acquisitions, plans and objectives of management, markets for the Company's common stock, the impact of legal proceedings, and other matters. Statements in this press release that are not historical facts are "forward-looking statements" for the purpose of the safe harbor provided by Section 21E of the Securities Exchange Act of 1934, as amended, and Section 27A of the Securities Act of 1933, as amended, and involve a number of risks and uncertainties.

Forward-looking statements, including, without limitation, those relating to the Company's 2026 outlook and related assumptions, production levels, future financial results and business prospects, net sales, expenses and income (loss), operating margins, capital expenditures, tax rate, cash flow, financial condition, liquidity, covenant compliance, retail and wholesale demand and shipments, run rates, integration of acquisitions, planned divestitures and facility consolidations, optimization of facilities and infrastructure, R&D investments, commodity prices, addressable markets, and industry trends, whenever they occur in this press release are necessarily estimates reflecting the best judgment of the Company's senior management at the time such statements were made. There are a number of factors, many of which are beyond the Company's control, which could cause actual results and events to differ materially from those described in the forward-looking statements. These factors include, in addition to other matters described in this press release, the impacts of costs and availability of, and tariffs on, raw materials (particularly steel and aluminum) and other components, future pandemics, geopolitical tensions, armed conflicts, or natural disasters on the global economy and on the Company's customers, suppliers, team members, business and cash flows, pricing pressures due to domestic and foreign competition, seasonality and cyclicality in the industries to which we sell our products, availability of credit for financing the retail and wholesale purchase of products for which we sell our components, inventory levels of retail dealers and manufacturers, availability of transportation for products for which we sell our components, the financial condition of our customers, the financial condition of retail dealers of products for which we sell our components, retention and concentration of significant customers, the costs, pace of and successful integration of acquisitions and other growth initiatives, availability and costs of production facilities and labor, team member benefits, team member retention, realization and impact of expansion plans, efficiency improvements and cost reductions, the disruption of business resulting from natural disasters or other unforeseen events, the successful entry into new markets, the costs of compliance with environmental laws, laws of foreign jurisdictions in which we operate, other operational and financial risks related to conducting business internationally, and increased governmental regulation and oversight, information technology performance and security, the ability to protect intellectual property, warranty and product liability claims or product recalls, interest rates, oil and gasoline prices, and availability, the impact of international, national and regional economic conditions and consumer confidence on the retail sale of products for which we sell our components, and other risks and uncertainties discussed more fully under the caption "Risk Factors" in the Company's Annual Report on Form 10-K for the year ended December 31, 2025, and in the Company's subsequent filings with the Securities and Exchange Commission. Readers of this press release are cautioned not to place undue reliance on these forward-looking statements, since there can be no assurance that these forward-looking statements will prove to be accurate. The Company disclaims any obligation or undertaking to update forward-looking statements to reflect circumstances or events that occur after the date the forward-looking statements are made, except as required by law.

LCI INDUSTRIES

OPERATING RESULTS

(unaudited)

  Three Months Ended

March 31,

Last Twelve

2026

2025

Months

(In thousands, except per share amounts)

Net sales

$

1,090,517

$

1,045,590

$

4,166,944

Cost of sales

816,852

793,841

3,164,733

Gross profit

273,665

251,749

1,002,211

Warehouse and transportation

55,882

49,855

211,087

Selling, general and administrative expenses

122,624

120,577

497,360

Operating profit

95,159

81,317

293,764

Interest expense, net

9,913

5,991

39,632

Loss on extinguishment of debt

—

8,053

806

Gain on sale of real estate

—

—

(19,716

)

Income before income taxes

85,246

67,273

273,042

Provision for income taxes

22,299

17,835

71,283

Net income

$

62,947

$

49,438

$

201,759

Net income per common share:

Basic

$

2.60

$

1.94

$

8.23

Diluted

$

2.53

$

1.94

$

8.20

Weighted average common shares outstanding:

Basic

24,243

25,426

24,519

Diluted

24,913

25,426

24,593

Depreciation

$

16,350

$

16,663

$

66,742

Amortization

$

13,448

$

12,879

$

54,745

Capital expenditures

$

9,668

$

9,038

$

53,274

LCI INDUSTRIES

SEGMENT RESULTS

(unaudited)

  Three Months Ended

March 31,

Last Twelve

2026

2025

Months

(In thousands)

Net sales:

OEM Segment:

RV OEMs:

Travel trailers and fifth-wheels

$

442,006

$

471,194

$

1,679,048

Motorhomes

67,838

59,608

244,206

Adjacent Industries OEMs

342,970

292,753

1,295,658

Total OEM Segment net sales

852,814

823,555

3,218,912

Aftermarket Segment:

Total Aftermarket Segment net sales

237,703

222,035

948,032

Total net sales

$

1,090,517

$

1,045,590

$

4,166,944

Operating profit:

OEM Segment

$

76,504

$

61,973

$

198,651

Aftermarket Segment

18,655

19,344

95,113

Total operating profit

$

95,159

$

81,317

$

293,764

Depreciation and amortization:

OEM Segment depreciation

$

11,258

$

12,327

$

47,262

Aftermarket Segment depreciation

5,092

4,336

19,480

Total depreciation

$

16,350

$

16,663

$

66,742

OEM Segment amortization

$

9,411

$

9,114

$

38,961

Aftermarket Segment amortization

4,037

3,765

15,784

Total amortization

$

13,448

$

12,879

$

54,745

LCI INDUSTRIES

BALANCE SHEET INFORMATION

(unaudited)

  March 31,

December 31,

2026

2025

(In thousands)

ASSETS

Current assets

Cash and cash equivalents

$

142,237

$

222,615

Accounts receivable, net

376,112

243,425

Inventories, net

834,453

809,094

Prepaid expenses and other current assets

67,089

74,552

Total current assets

1,419,891

1,349,686

Fixed assets, net

419,363

428,031

Goodwill

619,548

622,183

Other intangible assets, net

386,486

402,568

Operating lease right-of-use assets

272,422

272,995

Other long-term assets

99,086

100,524

Total assets

$

3,216,796

$

3,175,987

LIABILITIES AND STOCKHOLDERS' EQUITY

Current liabilities

Current maturities of long-term indebtedness

$

3,666

$

3,683

Accounts payable, trade

211,530

202,257

Current portion of operating lease obligations

44,983

44,174

Accrued expenses and other current liabilities

227,799

223,253

Total current liabilities

487,978

473,367

Long-term indebtedness

941,339

941,502

Operating lease obligations

245,358

246,047

Deferred taxes

27,699

27,495

Other long-term liabilities

127,207

126,743

Total liabilities

1,829,581

1,815,154

Total stockholders' equity

1,387,215

1,360,833

Total liabilities and stockholders' equity

$

3,216,796

$

3,175,987

LCI INDUSTRIES

SUMMARY OF CASH FLOWS

(unaudited)

  Three Months Ended

March 31,

2026

2025

(In thousands)

Cash flows from operating activities:

Net income

$

62,947

$

49,438

Adjustments to reconcile net income to cash flows (used in) provided by operating activities:

Depreciation and amortization

29,798

29,542

Stock-based compensation expense

5,300

4,933

Loss on extinguishment of debt

—

8,053

Other non-cash items

3,502

2,181

Changes in assets and liabilities, net of acquisitions of businesses:

Accounts receivable, net

(134,457

)

(149,644

)

Inventories, net

(27,282

)

39,121

Prepaid expenses and other assets

8,093

5,800

Accounts payable, trade

11,327

30,005

Accrued expenses and other liabilities

7,313

23,289

Net cash flows (used in) provided by operating activities

(33,459

)

42,718

Cash flows from investing activities:

Capital expenditures

(9,668

)

(9,038

)

Acquisition of businesses

—

(29,579

)

Other investing activities

69

(3,423

)

Net cash flows used in investing activities

(9,599

)

(42,040

)

Cash flows from financing activities:

Vesting of stock-based awards, net of shares tendered for payment of taxes

(6,625

)

(4,813

)

Repayments under revolving credit facility

—

(19,261

)

Proceeds from term loan borrowings

—

391,000

Repayments under term loan and other borrowings

(998

)

(280,093

)

Proceeds from issuance of convertible notes

—

448,500

Repurchase of convertible notes

—

(368,920

)

Purchases of convertible note hedge contracts

—

(67,574

)

Proceeds from issuance of warrants concurrent with note hedge contracts

—

27,600

Partial unwind of convertible note hedge and warrants

—

1,378

Payment of debt issuance costs

—

(3,122

)

Payment of dividends

(27,927

)

(29,352

)

Repurchases of common stock

—

(28,255

)

Other financing activities

—

(217

)

Net cash flows (used in) provided by financing activities

(35,550

)

66,871

Effect of exchange rate changes on cash and cash equivalents

(1,770

)

(2,062

)

Net (decrease) increase in cash and cash equivalents

(80,378

)

65,487

Cash and cash equivalents at beginning of period

222,615

165,756

Cash and cash equivalents at end of period

$

142,237

$

231,243

LCI INDUSTRIES

SUPPLEMENTARY INFORMATION

(unaudited)

  Three Months Ended

March 31,

Last Twelve

2026

2025

Months

Industry Data(1) (in thousands of units):

Industry Wholesale Production:

Travel trailer and fifth-wheel RVs

73.4

86.4

285.2

Motorhome RVs

10.7

9.3

37.4

Industry Retail Sales:

Travel trailer and fifth-wheel RVs

52.2

62.7

307.6

Impact on dealer inventories

21.2

23.7

(22.4

)

Motorhome RVs

6.8

9.0

37.6

Twelve Months Ended

March 31,

2026

2025

Lippert Content Per Industry Unit Produced:

Travel trailer and fifth-wheel RV

$

5,826

$

5,164

Motorhome RV

$

3,970

$

3,750

March 31,

December 31,

2026

2025

2025

Balance Sheet Data (debt availability in millions):

Remaining availability under the revolving credit facility (2)

$

595.2

$

595.3

$

595.2

Days sales in accounts receivable, based on last twelve months

29.7

29.2

29.7

Inventory turns, based on last twelve months

4.1

4.1

4.2

2026

Estimated Full Year Data:

Revenue

$4.2 - $4.3 billion

Operating profit margin

7.5% - 8.0%

Adjusted diluted EPS

$8.75 - $9.25

Capital expenditures

$55 - $75 million

Depreciation and amortization

$115 - $125 million

Stock-based compensation expense

$24 - $27 million

Annual tax rate

25% - 27%

LCI INDUSTRIES
SUPPLEMENTARY INFORMATION
RECONCILIATION OF NON-GAAP MEASURES
(unaudited)

The following table reconciles net income to Adjusted EBITDA and net income as a percentage of net sales to Adjusted EBITDA as a percentage of net sales.

Three Months Ended March 31,

2026

2025

(In thousands)

Net income

$

62,947

$

49,438

Interest expense, net

9,913

5,991

Provision for income taxes

22,299

17,835

Depreciation expense

16,350

16,663

Amortization expense

13,448

12,879

EBITDA

$

124,957

$

102,806

Loss on extinguishment of debt

—

8,053

Adjusted EBITDA

$

124,957

$

110,859

Net sales

$

1,090,517

$

1,045,590

Net income as a percentage of net sales

5.8

%

4.7

%

Adjusted EBITDA as a percentage of net sales

11.5

%

10.6

%

The following table reconciles net income to adjusted net income and net income per diluted share to adjusted net income per adjusted diluted share ("Adjusted EPS").

Three Months Ended March 31,

2026

2025

(In thousands, except per share amounts)

Net income

$

62,947

$

49,438

Loss on extinguishment of debt

—

8,053

Tax effect of adjustment

—

(1,930

)

Adjusted net income

$

62,947

$

55,561

Weighted average common shares outstanding - diluted

24,913

25,426

Dilutive effect of 2030 Convertible Notes (1)

(580

)

—

Weighted average common shares outstanding - adjusted diluted

24,333

25,426

Net income per common share - diluted

$

2.53

$

1.94

Loss on extinguishment of debt

—

0.32

Tax effect of adjustment

—

(0.07

)

Dilutive effect of 2030 Convertible Notes (1)

0.06

—

Adjusted net income per common share - adjusted diluted (Adjusted EPS)

$

2.59

$

2.19

In addition to reporting financial results in accordance with U.S. GAAP, the Company has provided the non-GAAP performance measures of Adjusted EBITDA, Adjusted EBITDA as a percentage of net sales, adjusted net income, and Adjusted EPS to illustrate and improve comparability of its results from period to period. Adjusted EBITDA is defined as net income before interest expense, net, provision for income taxes, depreciation expense, amortization expense, and loss on extinguishment of debt, as applicable, during the three month periods ended March 31, 2026 and 2025. Adjusted net income is defined as net income adjusted for loss on extinguishment of debt and the related tax effect, as applicable, during the three month periods ended March 31, 2026 and 2025. Adjusted EPS is defined as adjusted net income divided by weighted average common shares outstanding - adjusted diluted, which includes an adjustment for the dilutive effect of the 2030 Convertible Notes under the if-converted method for the three month period ended March 31, 2026. The Company considers these non-GAAP measures in evaluating and managing the Company's operations and believes that discussion of results adjusted for these items is meaningful to investors because it provides a useful analysis of ongoing underlying operating trends. These measures are not in accordance with, nor are they substitutes for, GAAP measures, and they may not be comparable to similarly titled measures used by other companies.

Further, the Company has provided its outlook for full-year 2026 Adjusted EPS in this release. The Company is unable to provide a reconciliation of forward-looking non-GAAP financial measures to their most directly comparable GAAP financial measures because the Company is unable to provide, without unreasonable effort, a meaningful or accurate calculation or estimation of amounts that would be necessary for the reconciliation due to the complexity and inherent difficulty in forecasting and quantifying future amounts or when they may occur. The financial impact of such items is uncertain and is dependent on various factors, including timing, and could be material to the Company's consolidated statements of income.

LCI (LCII - Free Report) reported $1.09 billion in revenue for the quarter ended March 2026, representing a year-over-year increase of 4.3%. EPS of $2.59 for the same period compares to $2.19 a year ago.

The reported revenue compares to the Zacks Consensus Estimate of $1.09 billion, representing a surprise of +0.42%. The company delivered an EPS surprise of +16.93%, with the consensus EPS estimate being $2.22.

While investors scrutinize revenue and earnings changes year-over-year and how they compare with Wall Street expectations to determine their next move, some key metrics always offer a more accurate picture of a company's financial health.

Since these metrics play a crucial role in driving the top- and bottom-line numbers, comparing them with the year-ago numbers and what analysts estimated about them helps investors better project a stock's price performance.

Here is how LCI performed in the just reported quarter in terms of the metrics most widely monitored and projected by Wall Street analysts:

Net sales- Total OEM Segment: $852.81 million compared to the $853.83 million average estimate based on three analysts.Net sales- Total Aftermarket Segment: $237.7 million versus $231.63 million estimated by three analysts on average.Net sales- Total OEM Segment- Adjacent Industries OEMs: $342.97 million versus the three-analyst average estimate of $318.57 million.Net sales- Total OEM Segment-Travel Trailer and Fifth-Wheels: $442.01 million versus the two-analyst average estimate of $464.35 million.Net sales- Total OEM Segment- Motorhomes [$M]: $67.84 million versus the two-analyst average estimate of $63.5 million.Operating profit- Aftermarket Segment: $18.66 million versus $20.75 million estimated by two analysts on average.Operating profit- OEM Segment: $76.5 million versus the two-analyst average estimate of $62.9 million.View all Key Company Metrics for LCI here>>>

Shares of LCI have returned -12.8% over the past month versus the Zacks S&P 500 composite's +9.5% change. The stock currently has a Zacks Rank #3 (Hold), indicating that it could perform in line with the broader market in the near term.

LCI Industries continues to outperform in a challenged RV market, driven by innovation and increased content per vehicle. Q1 2026 results exceeded analyst expectations, with revenue at $1.09B and EPS at $2.53, despite lowered industry shipment guidance. Acquisitions in adjacent markets and aftermarket expansion are supporting revenue growth and diversification beyond core RVs.

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ELKHART, Ind.--(BUSINESS WIRE)--LCI Industries (NYSE: LCII), a leading supplier of engineered components to the recreation and transportation markets, today announced that its Board of Directors approved a regular quarterly cash dividend of $1.15 per share of common stock.

The dividend is payable on June 12, 2026, to stockholders of record at the close of business on May 29, 2026.

About LCI Industries

LCI Industries (NYSE: LCII), through its Lippert subsidiary, is a global leader in supplying engineered components to the outdoor recreation and transportation markets. We believe our innovative culture, advanced manufacturing capabilities, and dedication to enhancing the customer experience have established Lippert as a reliable partner for both OEM and aftermarket customers. For more information, visit www.lippert.com.

Forward-Looking Statements

This press release contains certain "forward-looking statements" with respect to our financial condition, results of operations, profitability, margin growth, business strategies, operating efficiencies or synergies, competitive position, growth opportunities, acquisitions, plans and objectives of management, markets for the Company's common stock, the impact of legal proceedings, and other matters. Statements in this press release that are not historical facts are "forward-looking statements" for the purpose of the safe harbor provided by Section 21E of the Securities Exchange Act of 1934, as amended, and Section 27A of the Securities Act of 1933, as amended, and involve a number of risks and uncertainties.

Forward-looking statements, including, without limitation, those relating to production levels, future business prospects, net sales, expenses and income (loss), capital expenditures, tax rate, cash flow, financial condition, liquidity, covenant compliance, retail and wholesale demand, integration of acquisitions, R&D investments, commodity prices, addressable markets, and industry trends, whenever they occur in this press release are necessarily estimates reflecting the best judgment of the Company's senior management at the time such statements were made. There are a number of factors, many of which are beyond the Company's control, which could cause actual results and events to differ materially from those described in the forward-looking statements. These factors include, in addition to other matters described in this press release, the impacts of future pandemics, geopolitical tensions, armed conflicts, or natural disasters on the global economy and on the Company's customers, suppliers, employees, business and cash flows, pricing pressures due to domestic and foreign competition, costs and availability of, and tariffs on, raw materials (particularly steel and aluminum) and other components, seasonality and cyclicality in the industries to which we sell our products, availability of credit for financing the retail and wholesale purchase of products for which we sell our components, inventory levels of retail dealers and manufacturers, availability of transportation for products for which we sell our components, the financial condition of our customers, the financial condition of retail dealers of products for which we sell our components, retention and concentration of significant customers, the costs, pace of and successful integration of acquisitions and other growth initiatives, availability and costs of production facilities and labor, team member benefits, team member retention, realization and impact of expansion plans, efficiency improvements and cost reductions, the disruption of business resulting from natural disasters or other unforeseen events, the successful entry into new markets, the costs of compliance with environmental laws, laws of foreign jurisdictions in which we operate, other operational and financial risks related to conducting business internationally, and increased governmental regulation and oversight, information technology performance and security, the ability to protect intellectual property, warranty and product liability claims or product recalls, interest rates, oil and gasoline prices, and availability, the impact of international, national and regional economic conditions and consumer confidence on the retail sale of products for which we sell our components, and other risks and uncertainties discussed more fully under the caption "Risk Factors" in the Company's Annual Report on Form 10-K for the year ended December 31, 2025, and in the Company's subsequent filings with the Securities and Exchange Commission. Readers of this press release are cautioned not to place undue reliance on these forward-looking statements, since there can be no assurance that these forward-looking statements will prove to be accurate. The Company disclaims any obligation or undertaking to update forward-looking statements to reflect circumstances or events that occur after the date the forward-looking statements are made, except as required by law.

-

ELKHART, Ind.--(BUSINESS WIRE)--LCI Industries (NYSE: LCII), a leading supplier of engineered components to the recreation and transportation markets, today announced its participation in the Stifel Boston Cross Sector 1x1 Conference on June 2, 2026. Chief Financial Officer Lillian Etzkorn will host investor meetings throughout the day.

About LCI Industries

LCI Industries (NYSE: LCII), through its Lippert subsidiary, is a global leader in supplying engineered components to the outdoor recreation and transportation markets. We believe our innovative culture, advanced manufacturing capabilities, and dedication to enhancing the customer experience have established Lippert as a reliable partner for both OEM and aftermarket customers. For more information, visit www.lippert.com.

More News From LCI Industries

Back to Newsroom

ELKHART, Ind.--(BUSINESS WIRE)--LCI Industries (NYSE: LCII), a leading supplier of engineered components to the recreation and transportation markets, today announced that Jason Lippert has announced his retirement and has stepped down as the Company’s President and Chief Executive Officer and as a member of the Board of Directors after 32 years in the business. The Board of Directors has appointed Independent Director Johnny Sirpilla to serve as interim Chief Executive Officer, effective immediately. Jason Lippert has agreed to serve in an advisory capacity for a period of one year to support the transition. The Board will conduct a search for a permanent CEO and expects to consider both internal and external candidates.

Separately, as part of its long-term succession planning, the Board of Directors has named Virginia “Ginnie” Henkels as Chair of the Board, succeeding Tracy Graham, who stepped down from the Board of Directors after 10 years of service to dedicate his time to his core business.

The Board of Directors issued the following statement: “LCI Industries is a tremendous company with a bright future ahead, and we are committed to identifying a leader with the operational know-how and perspectives who can build on LCI Industries’ strong foundation to drive the Company’s next phase of profitable growth. With the excellent management team we have in place, the Board is confident that LCI Industries is well-positioned to enhance shareholder value while delivering for customers, consumers and team members. While we conduct a comprehensive search, we are pleased that Johnny Sirpilla, who has served on our Board since 2019 and brings over 35 years of executive and leadership experience in the RV and Outdoor Recreation industries, has stepped up to this interim position and will keep a steady hand on the wheel throughout this transition.”

The Board continued, “We want to thank Jason for his leadership and his deep commitment to LCI Industries over many decades. Under his leadership, LCI Industries grew from a company with $125M in annual revenue, to a company with annual revenue in excess of $4B. His contributions have helped shape this great company and will be important drivers of our future growth.”

“On behalf of the entire Board, I want to thank Tracy for his hard work and dedication over the last decade and for everything he has done for LCI Industries during that time,” said Virginia "Ginnie" Henkels, Chair of the Board. “Over the past several months, Tracy and the Board have been discussing Chairman succession planning, and we mutually agree that this is the appropriate time for this transition. I am honored to take on the Chair role at this important moment for LCI Industries.”

“I am committed to keeping the full focus of this organization on the strong execution of our strategy to serve customers and consumers and deliver compelling shareholder value,” said Johnny Sirpilla, interim Chief Executive Officer. “LCI Industries has a resilient business model, deep customer relationships and a team that has proven it can perform through challenging environments. I look forward to continuing to work with the Board and the leadership team as we move forward.”

“It has been the privilege of my career to lead this company and the extraordinary people who make it what it is," said Jason Lippert. "The Lippert family has been and will continue to be an important part of LCI Industries’ story and a supporter of its continued success. LCI Industries is a stronger business today than when I took the helm, and I am proud of what we have built together. At this important moment in the Company’s journey, this is the right time for this change, and I look forward to working with – and cheering on – our team members and leaders as they take LCI Industries into its next chapter.”

“Ten years ago, I joined this Board committed to helping build something durable, and I believe we have done that,” said Tracy Graham. “In early 2026, I began discussing my succession planning with the Board, and given the announced CEO transition and the commencement of a search for a permanent CEO, I believe now is the right time for this transition. I have the utmost confidence in Ginnie, Johnny, and the team to carry LCI Industries forward and take it to new heights.”

About Johnny Sirpilla

Johnny Sirpilla has been a member of the LCI Industries Board of Directors since 2019 and has over 35 years of executive and leadership experience in the RV and Outdoor Recreation industries, amongst others, and maintains strong relationships with customers and key stakeholders in the industry. Mr. Sirpilla began his career as an independent RV dealer before the business was acquired by Camping World, where he joined the Senior Executive Team. He subsequently served as President and Chief Business Development Officer of Camping World and Good Sam after serving in various executive roles in dealership operations, retail store leadership, logistics, M&A and other areas. Mr. Sirpilla is a current Board member of the Pro Football Hall of Fame and Society Brands.

About Virginia “Ginnie” Henkels

Ginnie Henkels has been a member of the LCI Industries Board of Directors since 2017 and has over 18 years of Board governance experience, and over 30 years of financial and leadership experience across a diverse portfolio of publicly-traded companies. Ms. Henkels previously served as Chief Financial Officer of Swift Transportation Company and held various financial leadership positions at Honeywell Inc. She currently serves on the Boards of Avnet Inc., Pursuit Attractions and Hospitality Inc. and privately-held Isaac Instruments.

About LCI Industries

LCI Industries (NYSE: LCII) is a global leader in supplying engineered components to the outdoor recreation and transportation markets. We believe our innovative culture, advanced manufacturing capabilities and dedication to enhancing the customer experience have established LCI Industries as a reliable partner for both OEM and aftermarket customers. For more information, visit www.lci1.com.

Forward-Looking Statements

This press release contains certain "forward-looking statements". Statements in this press release that are not historical facts are "forward-looking statements" for the purpose of the safe harbor provided by Section 21E of the Securities Exchange Act of 1934, as amended, and Section 27A of the Securities Act of 1933, as amended, and involve a number of risks and uncertainties.

Forward-looking statements are based on current expectations and assumptions and are subject to a number of factors, many of which are beyond the Company's control, which could cause actual results and events to differ materially from those described in the forward-looking statements. These factors include, in addition to other matters described in this press release, the risks and uncertainties discussed more fully under the caption "Risk Factors" in the Company's Annual Report on Form 10-K for the year ended December 31, 2025, and in the Company's subsequent filings with the Securities and Exchange Commission. Readers of this press release are cautioned not to place undue reliance on these forward-looking statements, since there can be no assurance that these forward-looking statements will prove to be accurate. The Company disclaims any obligation or undertaking to update forward-looking statements to reflect circumstances or events that occur after the date the forward-looking statements are made, except as required by law.

While the proven Zacks Rank places an emphasis on earnings estimates and estimate revisions to find strong stocks, we also know that investors tend to develop their own individual strategies. With this in mind, we are always looking at value, growth, and momentum trends to discover great companies.

Looking at the history of these trends, perhaps none is more beloved than value investing. This strategy simply looks to identify companies that are being undervalued by the broader market. Value investors use fundamental analysis and traditional valuation metrics to find stocks that they believe are being undervalued by the market at large.

In addition to the Zacks Rank, investors looking for stocks with specific traits can utilize our Style Scores system. Of course, value investors will be most interested in the system's "Value" category. Stocks with "A" grades for Value and high Zacks Ranks are among the best value stocks available at any given moment.

One company value investors might notice is LCI Industries (LCII - Free Report) . LCII is currently sporting a Zacks Rank #2 (Buy) and an A for Value. The stock is trading with a P/E ratio of 14.19, which compares to its industry's average of 19.40. Over the past 52 weeks, LCII's Forward P/E has been as high as 19.04 and as low as 10.65, with a median of 14.77.

We should also highlight that LCII has a P/B ratio of 1.78. The P/B ratio pits a stock's market value against its book value, which is defined as total assets minus total liabilities. This stock's P/B looks solid versus its industry's average P/B of 4.30. Over the past year, LCII's P/B has been as high as 2.27 and as low as 1.39, with a median of 1.86.

Value investors also love the P/S ratio, which is calculated by simply dividing a stock's price with the company's sales. This is a preferred metric because revenue can't really be manipulated, so sales are often a truer performance indicator. LCII has a P/S ratio of 0.54. This compares to its industry's average P/S of 0.71.

These are only a few of the key metrics included in LCI Industries's strong Value grade, but they help show that the stock is likely undervalued right now. When factoring in the strength of its earnings outlook, LCII looks like an impressive value stock at the moment.

Liberty Broadband Corporation (LBRDK) Q1 2026 Earnings Call Transcript

ATLANTA, May 14, 2026 /PRNewswire/ -- Invesco Mortgage Capital Inc. (NYSE: IVR) (the "Company") today announced that the Company declared a cash dividend of $0.12 per share of common stock for the month of May 2026. The dividend will be paid on June 12, 2026 to stockholders of record at the close of business on May 26, 2026, with an ex-dividend date of May 26, 2026.

Tech exchange-traded funds (ETFs) have been some of the best-performing investments over the past few decades. They give investors access to a broad cross-section of the best technology stocks in one wrapper. This includes the biggest names, like Nvidia and Apple, the hottest tech stocks, like Sandisk and Micron Technology, and emerging stars you may have never even heard of -- yet.

There are some extremely popular tech ETFs that have delivered huge returns for investors over the years, like the Invesco QQQ (QQQ +0.76%), Vanguard Information Technology ETF (VGT +0.64%), State Street Technology Select SPDR ETF (NYSEMKT: XLK), and iShares U.S Technology ETF (IYW +0.86%).

Image source: Getty Images.

But there is one overlooked and underrated tech ETF that has outperformed them all over the years -- the Invesco Dorsey Wright Technology Momentum ETF (PTF +2.33%). If youʻre looking for a tech ETF, add this one to your list.

The best Invesco ETF -- and it's not QQQ The Invesco Dorsey Wright Technology Momentum ETF is based on the Dorsey Wright Technology Technical Leaders Index, which tracks at least 30 technology stocks from the Nasdaq Composite that exhibit strong relative strength or momentum.

Stocks with the best relative strength are considered the strongest performers based on a proprietary methodology that determines a momentum score. The portfolio includes at least 30 of the highest-momentum stocks. The stocks can come from across the technology sector and include small-, mid-, and large-cap names.

NASDAQ: PTFInvesco Exchange-Traded Fund Trust - Invesco Dorsey Wright Technology Momentum ETF

Today's Change

(

2.33

%) $

2.98

Current Price

$

130.83

Currently, the ETF contains 40 stocks with Sandisk, Nvidia, and Apple as the three largest holdings in the cap-weighted portfolio. Small-cap holdings include CACI International, InterDigital, and Vistance Networks.

The Invesco Dorsey Wright Technology Momentum ETF has been around since 2006. Since then, it has posted an average annualized return of 21%. Over the past one-, five-, and 10-year periods, it has had average annualized returns of 88%, 23%, and 26%, respectively. That beats its larger, aforementioned technology ETF competitors for every time period. And this year, as of May 21, this ETF has returned a whopping 58%.

The ETF has an expense ratio that is higher than average at 0.6%, but its consistent outperformance has more than accounted for it.

Investors should note this is a highly concentrated, sector-specific, aggressive-growth ETF, so it is prone to significant swings. But it does cast a wide net for tech stocks with momentum, so even in down markets, like 2022, it has outperformed the Nasdaq.

Investors may want to consider this underrated, overlooked ETF for the tech portion of their portfolio, as it will always hold the best-performing tech stocks at any given time. However, as an aggressive sector fund, it should be a relatively small part of a diversified portfolio.

Invesco Ltd. (IVZ) Presents at Bernstein 42nd Annual Strategic Decisions Conference Transcript