Realtor.com® Introduces the Realtor.com® Market Clock, a New Tool That Distills Local Housing Conditions Into a Measure of Whether It's a Buyer, Seller or Balanced Market and Where It's Headed
, /PRNewswire/ -- Just over 60% of the nation's largest housing markets have tilted into balanced or buyer-friendly territory, while only 26% remain seller's markets, according to a new analysis from Realtor.com®. The findings come alongside the debut of the Realtor.com® Market Clock, a new tool designed to cut through the noise of housing data and give buyers, sellers and market watchers a clearer picture of where local markets stand and where they may be headed.
The Realtor.com® Market Clock places the national housing market at 3 o'clock — a "Balanced-Loosening" phase, heading toward buyer-friendly conditions The Realtor.com® Market Clock places the national housing market at 3 o'clock — a "Balanced-Loosening" phase, heading toward buyer-friendly conditions, though not necessarily approaching them quickly. But that national reading masks striking variation across the country's 50 largest metros, which currently span nearly the full face of the clock.
Of the top 50 metros, 13 (26%) remain seller's markets, 23 (46%) are in balanced-loosening phases, 8 (16%) are buyer's markets, and 6 (12%) are in balanced-tightening territory — meaning a small but notable group of markets are actually trending back toward seller advantage.
"A national picture is useful, but when making a real estate decision, the local details are what really matter," said Danielle Hale, Chief Economist at Realtor.com®. "Right now, a homebuyer in Houston or San Antonio is navigating a very different market than someone in Hartford or Milwaukee. The Realtor.com® Market Clock was built to make those differences visible at a glance."
A Buyer-Friendly South and West, With Pockets of Seller Strength in the Midwest and Northeast
The regional picture is varied, with all 8 buyer's markets located in the South (7) or West (1). and most of the 13 seller's markets coming from the Midwest (7) and Northeast (3). Of the metros currently classified as buyer's markets, 5 of 8 are in either Florida or Texas – including Austin, Texas; Tampa, Fla.; Jacksonville, Fla; Orlando, Fla.; and Miami. All 8 buyer's market metros currently sit in what the framework calls 'Early Buyer' conditions – meaning inventory is growing, price cuts are common, buyers are starting to hold the upper hand, and their negotiating leverage is likely to get even stronger in the coming months.
By contrast, most seller's markets are concentrated in the Midwest and Northeast. Four markets among the top 50, including Hartford, Connecticut, hold the "Peak Seller" position, while six, including Milwaukee, San Francisco, and Providence, RI, are exhibiting "Early Seller" conditions, meaning the conditions are already hot and getting hotter. Three metros, including Boston and San Jose, remain in late seller phases — still competitive, though seller advantage is beginning to soften in those markets.
A further 8 of the top 50 markets sit at 4 o'clock, or in the Late Balanced phase of the Market Clock. While these metros – which include Charlotte, NC; Washington, DC; Phoenix, and Las Vegas–are still balanced, homes are sitting longer, prices are softening, and buyers are likely to hold the upper hand outright in the coming months.
The New Realtor.com® Market Clock
The Realtor.com® Market Clock is a new tool based on key market signals like market balance, market pressure and market pace with the goal of helping people understand their local markets. The market clock is organized as a 12-hour clockface. Seller-leaning conditions occupy the top of the clock (the 11, 12, and 1 o'clock positions), buyer-leaning conditions fall toward the bottom (5, 6, and 7 o'clock), and balanced phases occupy the space in between — with one set loosening toward buyers (2, 3, 4 o'clock) and the other tightening back toward sellers (8, 9, 10 o'clock). At 12 o'clock, conditions favor sellers most: homes sell quickly, competition is fierce, and buyers have limited leverage. At 6 o'clock, the market favors buyers: there's more inventory, less urgency, and more room to negotiate.
The framework is built on metro-level housing data tracking supply and inventory balance, market pace and competition, and pricing pressure and adjustment. Grounded in data, the Realtor.com® Market Clock is built using consistent, metro-level housing market information that tracks conditions over time, allowing markets to be compared both across geographies and across different points in the cycle. Critically, the clock captures not just where a market stands, but how fast and in which direction it is moving — a distinction that matters significantly in markets currently in transition.
"Consumers and professionals are exposed to more information than ever before, but more data hasn't always meant more clarity for people trying to make one of the biggest financial decisions of their lives," said Hale. "The Market Clock is our attempt to change that — to take the full range of signals we track and translate them into something that reflects what the market actually feels like on the ground."
The Realtor.com® Market Clock is designed to describe current conditions and track shifts in leverage over time — not to forecast home prices, sales volumes, or mortgage rates. A market moving into buyer-friendly territory does not guarantee price declines, just as a seller's market does not ensure continued price appreciation.
A Framework Validated by the Last Cycle
The Market Clock's track record from 2019 through 2025 reflects the housing cycle that consumers and industry professionals have lived through. In December 2019, conditions were already tight: 72% of the top 50 metros were in seller-leaning phases and 26% were in balanced-tightening territory — underscoring just how primed the market was for the pandemic-era boom that followed.
By December 2021, the compression was dramatic. Ninety-eight percent of the top 50 metros had reached seller-market territory — one of the most compressed and competitive environments in modern housing history, with only one metro outside seller territory.
The rate shock of 2022 began to shift conditions, and by December 2023, 62% of large metros remained in seller phases, even as the lock-in effect kept inventory constrained and markets from fully cooling. By December 2025, the landscape had opened considerably: seller markets had shrunk to 26% of large metros, buyer's markets had grown to 16%, and balanced-loosening conditions had become the dominant category at 46% — reflecting a housing market defined less by uniformity than by geographic dispersion.
How Buyers and Sellers Can Use the Market Clock
For anyone interested in buying and selling now or in the future, the Market Clock is designed to help set expectations. Buyers can use their metro's position to gauge how competitive local conditions are, how quickly they may need to act, and how much negotiating room it is realistic to expect. Sellers can use it to help calibrate pricing strategy and understand whether patience or flexibility is likely to be rewarded in their market.
"Whether you're a first-time buyer trying to figure out how aggressive your offer needs to be, or a seller wondering whether to hold firm on price, the Realtor.com market clock is a much needed solution for today's buyers and sellers," said Jake Krimmel, senior economist, Realtor.com. "It's a professional grade tool that's meant to be simple enough to give non-experts a clear takeaway. And it's best when paired with the advice and guidance of a skilled Realtor® agent when you're ready to move."
The Realtor.com® Market Clock is available as part of Realtor.com® Economics housing market research portal and the report will be updated on a quarterly basis.
Quadrant
Region
Metro
Clock Hour
Hour
Description
Seller's Markets
13 metros
(3 Northeast, 7
Midwest, 1
South, 1 West)
Midwest
Grand Rapids-Wyoming, Mich
11
Early Seller
Midwest
Kansas City, Mo.-Kan.
11
Early Seller
Midwest
Milwaukee-Waukesha-West Allis,
Wis.
11
Early Seller
Midwest
St. Louis, Mo.-Ill.
11
Early Seller
Northeast
Providence-Warwick, R.I.-Mass.
11
Early Seller
West
San Francisco-Oakland-Hayward,
Calif.
11
Early Seller
Midwest
Chicago-Naperville-Elgin, Ill.-Ind.-
Wis.
12
Peak Seller
Midwest
Indianapolis-Carmel-Anderson,
Ind.
12
Peak Seller
Northeast
Hartford-West Hartford-East
Hartford, Conn.
12
Peak Seller
South
Virginia Beach-Norfolk-Newport
News, Va.-N.C.
12
Peak Seller
Midwest
Columbus, OH
1
Late Seller
Northeast
Boston
1
Late Seller
West
San Jose
1
Late Seller
Balanced -
Loosening
23 metros +
USA Avg
(1 Northeast, 3
Midwest, 12
South, 7 West)
Methodology
The Realtor.com® Market Clock is built on Realtor.com® housing market data and analysis of deed records to classify the top 50 U.S. metropolitan areas and a national aggregate into one of 12 phases of the buyer-seller leverage cycle. The framework synthesizes measures of market balance, pace and momentum, and pricing pressure into a single clock position for each metro. Data will be updated monthly and a report released quarterly. Data span January 2018 through December 2025. The 50 largest U.S. metropolitan areas are defined by the Office of Management and Budget (OMB-202301) and Claritas 2025 estimates of household counts.
About Realtor.com®
Realtor.com® pioneered online real estate and has been at the forefront for over 25 years, connecting buyers, sellers, and renters with trusted insights, professional guidance and powerful tools to help them find their perfect home. Recognized as the No. 1 site trusted by real estate professionals, Realtor.com® is a valued partner, delivering consumer connections and a robust suite of marketing tools to support business growth. Realtor.com® is operated by News Corp [Nasdaq: NWS, NWSA] [ASX: NWS, NWSLV] subsidiary Move, Inc.
Media contact: Mallory Micetich, [email protected]
New data shows land listings remain 24% below pre-pandemic levels, with build-ready lots, raw acreage, and regional markets charting starkly different paths
, /PRNewswire/ -- Realtor.com® today released its first-ever analysis of land listings for sale in the United States, offering an unprecedented look at one of the most fundamental — and least examined — inputs to housing supply. The report, which draws on land listing data from June 2016 through March 2026, finds that the pandemic-era buying frenzy permanently transformed the land market: inventory has contracted 23.6% since the first quarter of 2019 and has yet to recover, while prices per acre have surged 76.6% over the same period. In the first quarter of 2026, there were 426,986 land listings for sale on Realtor.com with a median price per acre of $62,365.
"The pandemic didn't only drain home inventory, it drained land inventory, and that loss is permanent," said Joel Berner, senior economist at Realtor.com®. "When a builder develops a parcel, that land never returns to the market. The construction boom of 2020 to 2022 burned through years of supply, and the market is still paying for it. Prices sit 77% above pre-pandemic levels, inventory has gone nowhere, and until the development pipeline catches up, neither of those things will change and future new construction could be more costly."
Key Findings
Land listings on Realtor.com® have contracted 23.6% nationally since 2019 Q1, a decline that has not meaningfully reversed even as existing home inventory has rebounded. Median prices per acre are up 76.6% since 2019 Q1, led by the Northeast (+101%) and Midwest (+89%), while Western markets have seen the softest appreciation. Raw land has appreciated the most of any development category — up 86.5% since 2019 Q1 — while build-ready listings have risen the least, at 53.3%. Land prices declined 0.5% year over year in 2026 Q1, driven largely by a sharp -5.9% drop in the West as builder activity slows and housing inventory normalizes. Port St. Lucie, FL and Fargo, ND-MN lead all metros in price appreciation since the pandemic, both exceeding 310% price-per-acre growth. Land Inventory Has Not Recovered — and Here's Why
The trajectory of land listings has closely mirrored that of home listings over the past several years until recently. Before the pandemic, prices for both were steadily rising. In early 2020, inventories plummeted while prices surged. The years 2021 and 2022 saw intense, sustained price growth and inventory reduction during the ultra-low interest rate environment.
The critical divergence arrived in 2024. While for-sale home inventory began posting 20% year-over-year gains as sellers re-entered the market, land inventory made virtually no progress toward pre-pandemic counts. The explanation is structural: many land listings purchased from 2020 to 2022 became new homes in 2023 to 2025. Homes eventually return to the listing pool when put up for resale, but land that is developed is permanently converted. The post-pandemic buying frenzy put a lasting dent in the supply of land for sale across the United States.
Regional Picture: Northeast Prices Surge; West Cools
Since the first quarter of 2019, land prices per acre have grown the most in the Northeast, followed closely by the Midwest and South. The West, which entered the pandemic with the highest land prices in the country, has seen the softest appreciation and is the only region posting meaningful year-over-year price declines.
Region
2019 Q1 Price/Acre
2026 Q1 Price/Acre
Change
Midwest
$38,757
$73,448
+89.5 %
Northeast
$23,584
$47,511
+101.5 %
South
$34,130
$63,110
+84.9 %
West
$41,173
$54,423
+32.2 %
The Northeast's persistent price appreciation reflects structural constraints. Much of the region is already densely developed, and remaining undeveloped land is often subject to restrictive zoning, historic preservation laws, and environmental regulations. The pandemic-era construction boom consumed a significant share of what was available, and because that land was permanently transformed into housing, the supply base has contracted in ways that are difficult to reverse.
Western markets have taken a different path. The region experienced the steepest pullback in new residential construction activity, with single-family building permits declining faster than in any other region in 2025. Several Western states have also seen housing inventories return to or exceed pre-pandemic levels, reducing urgency among builders for land acquisition. Combined with the region's already-high starting price point, Western land prices have cooled accordingly — falling 5.9% year over year in 2026 Q1.
Raw Land Has Appreciated the Most
Realtor.com® classifies land listings by development status: raw land (no development), partially developed lots (some clearing or utilities in place), and build-ready lots (marketed as immediately suitable to build on). Raw land has seen the steepest price gains since the pandemic, rising 86.5% per acre since 2019 Q1, compared to 53.3% for build-ready listings.
Type
Listings for Sale
Median Price/Acre
Median Acres
Build-Ready
154,100
$126,071
1.00
Partially Developed
189,038
$53,530
1.34
Raw Land
86,637
$22,682
2.25
Raw land's outperformance reflects both its lower starting price point and its nature as a more speculative asset class. Unlike build-ready lots, which are ultimately capped in value by what a completed home can sell for, raw land's pricing is driven more by expectations, geography, and demand for development potential. In the current environment of softening construction activity, raw land has also led the recent pullback, declining 2.4% year over year compared to -1.1% for build-ready and +0.8% for partially developed listings.
Markets Most Impacted Since the Pandemic
Among metros with at least 500 land listings in first quarter of 2026, the Hilton Head Island-Bluffton-Port Royal, SC area has seen the steepest inventory decline compared to 2019 Q1 (-72.1%), followed by Morristown, TN (-65.7%) and Wilmington, NC (-61.2%). Notably, all ten of the hardest-hit markets are located in the eastern half of the country, where raw land is scarcer and listing stocks have not been able to be refreshed.
For price appreciation, Port St. Lucie, FL leads all markets with a 314.0% gain in price per acre since 2019 Q1, followed by Fargo, ND-MN (+311.1%) and Spearfish, SD (+286.7%). Philadelphia and Kansas City, both nationally recognized for relative affordability and strong in-migration, also rank among the top ten, with price-per-acre gains of 285.4% and 260.8%, respectively.
Land Prices Have Softened in the Past Year
Overall land prices per acre fell 0.5% from 2025 Q1 to 2026 Q1 as demand softened. The primary driver is the slowdown in new residential construction activity, which finished 2025 below 2024 levels as builders faced increased cost pressures and weak homebuyer demand. Regionally, the South (+1.3%), Northeast (+0.9%), and Midwest (+0.2%) posted modest gains, while the West declined sharply (-5.9%).
Methodology
Listing data consist of for-sale land on Realtor.com® from June 2016 through March 2026. Year-over-year land price comparisons are made from the first quarter of 2026 against the first quarter of 2025, and all current statistics are as of the first quarter of 2026. Land listings are classified by development status using listing description keywords as well as price and size categorizations. Each listing is analyzed for words and phrases in the property description that indicate development status, with listings that lack clear signals falling back to a price-per-acre comparison against similar properties in the same county and acreage range, using percentile rank cutoffs to sort into categories. Metro-level data requires a minimum of 500 land listings to be included in rankings.
About Realtor.com®
Realtor.com® pioneered online real estate and has been at the forefront for over 25 years, connecting buyers, sellers, and renters with trusted insights, professional guidance, and powerful tools to help them find their perfect home. Recognized as the No. 1 site trusted by real estate professionals, Realtor.com® is a valued partner, delivering consumer connections and a robust suite of marketing tools to support business growth. Realtor.com® is operated by News Corp [Nasdaq: NWS, NWSA] [ASX: NWS, NWSLV] subsidiary Move, Inc.
Media Contact: Mallory Micetich, [email protected]
NEW YORK--(BUSINESS WIRE)--News Corp will release its third quarter Fiscal 2026 results on Thursday, May 7, 2026. News Corp Chief Executive Robert Thomson and Chief Financial Officer Lavanya Chandrashekar will discuss the results via a live audio webcast at 5:00 p.m. EDT (Sydney: May 8, at 7:00 a.m. AEST). To listen to the webcast, please register using the following link: https://newscorp-q3fy2026-earnings-call.open-exchange.net/registration A live audio webcast of the call and the archived we.
With a rent freeze looming for nearly one million stabilized households, a widening rent gap is turning residential mobility from a matter of preference into a financial impossibility
, /PRNewswire/ -- New York City renters are facing a market defined by rising costs and shrinking options, as the median asking rent climbed to $3,616 in the first quarter of 2026, a 6.2% year-over-year increase, while the rent gap between what current tenants pay and what the market demands has surpassed $1,750 per month, according to the Q1 2026 NYC Rental Report from Realtor.com®.
The report underscores a city where switching apartments has become financially out of reach for most renters. A typical New York renter currently pays an estimated median contract rent of $1,855 per month in 2026–projected forward from 2024 ACS data. Leaving that unit for a typical available unit, would expose them to a rent gap of $1,761 per month, requiring more than $70,4400 in additional annual household income just to stay within the standard 30% affordability threshold.
"Much like homeowners who locked-in low, pandemic-era mortgage rates, many of New York City's renters who have lived there for a few years or more wear their own golden handcuffs," said Danielle Hale, chief economist at Realtor.com®. "The rent gap between what tenants pay today and what the market asks has grown so wide that leaving your apartment is no longer just a logistical challenge. For most New Yorkers, it's become a financial near-impossibility. With a rent freeze on stabilized units potentially taking effect later this year, that gap could widen further, making it even costlier to leave a stabilized apartment for years to come."
Rents Rise Across Every Borough, Manhattan Leads
In 2026Q1, all four boroughs posted year-over-year rent increases, with Manhattan recording the steepest climb. The borough's median asking rent rose 8.3% to $4,878, requiring an annual household income of $195,120 to meet the 30% affordability benchmark. Brooklyn followed with a 3.9% increase to $3,985, Queens rose 3.3% to $3,427, and the Bronx saw a 1.7% gain to $3,099.
Rents by Borough in New York City, 2026Q1
Borough
Median Asking Rent
Rent YoY
Rent Change –6years
Annual Income
Required (30%)
Manhattan
$4,878
8.3 %
21.7 %
$195,120
Brooklyn
$3,985
3.9 %
47.3 %
$159,400
Queens
$3,427
3.3 %
41.7 %
$137,080
The Bronx
$3,099
1.7 %
46.9 %
$123,960
Smaller Units Drive Demand and Price Pressure
The demand for smaller, more affordable units is intensifying competition at the lower end of the market. The median asking rent for 0-2 bedroom apartments rose 7.6% year over year to $3,480 in Q1 2026, outpacing the 2.0% increase seen among larger 3+ bedroom units, which reached a median of $4,764. The faster rent growth in smaller units reflects the squeeze facing renters priced out of larger apartments and the lack of affordable alternatives at the entry level.
The Rent Gap: No Borough Is Spared
Across every corner of the city, the rent gap between staying and switching units is steep. In the Bronx, the city's most affordable borough, a typical renter faces a rent gap of $1,756 per month when looking for a new unit within the same borough, requiring roughly $70,240 in additional annual income to remain within affordability guidelines. In Brooklyn, that gap rises to $2,108 per month ($84,320 annually), in Queens to $1,499 ($59,960), and in Manhattan to $2,545 ($101,800).
For a typical Manhattan renter, the numbers are especially daunting: even relocating to the Bronx, the city's most affordable borough, would require bridging a rent gap of $766, meaning that $2,553 in additional monthly income would be required to afford such a move.
The Rent Gap by Borough, NYC 2026
Median Asking
Rent, 2026Q1
Estimated Median
Contract Rent, 2026Q1
Estimated Difference in Asking
vs. Contract Rent
Manhattan
$4,878
$2,333
$2,545
Brooklyn
$3,985
$1,877
$2,108
Queens
$3,427
$1,928
$1,499
The Bronx
$3,099
$1,343
$1,756
NYC
$3,616
$1,855
$1,761
A Rent Freeze Could Widen the Gap Further
Roughly 42% of NYC's rental units are rent-stabilized, with annual increases capped by the Rent Guidelines Board. A proposed freeze on those increases would provide immediate relief to nearly one million households, but it would also cement the growing rent gap between what stabilized tenants pay and what the open market demands.
"The rent freeze would offer meaningful short-term relief, but it's a policy with long-term consequences that deserve serious scrutiny," said Realtor.com® Economist Jiayi Xu. "If the rent gap between staying and moving continues to widen, the financial barrier to leaving a stabilized unit only grows. Renters may find themselves protected on paper, but effectively locked in place, unable to move for a new job, upsize for a growing family, or simply find a better fit for their lives."
NYC rents now sit 28.0% above pre-pandemic levels, compared with just 17.5% gains nationally, underscoring the severity of affordability pressures in the metro relative to the rest of the country.
Methodology
New York City rental data as of 2026Q1 for all units advertised for rent on Realtor.com®. Rental units include apartments as well as private rentals (condos, townhomes, single-family homes). We use rental sources that reliably report data each month within New York City and each of its boroughs. To calculate the median asking rent for each quarter, we first obtain the median asking rent for each month within that quarter and then take the average of the three months. Data for Staten Island is currently under review.
Realtor.com®began releasing regular monthly reports for New York City in August 2024 and transitioned to quarterly rental trend reports in April 2025, with historical data available dating back to Q2 2019.
About Realtor.com®
Realtor.com® pioneered online real estate and has been at the forefront for over 25 years, connecting buyers, sellers, and renters with trusted insights, professional guidance and powerful tools to help them find their perfect home. Recognized as the No. 1 site trusted by real estate professionals, Realtor.com® is a valued partner, delivering consumer connections and a robust suite of marketing tools to support business growth. Realtor.com® is operated by News Corp [Nasdaq: NWS, NWSA] [ASX: NWS, NWSLV] subsidiary Move, Inc.
In Realtor.com®'s inaugural Los Angeles County rental report, a cooling market and landmark rent reform are converging, raising questions about affordability and mobility
, /PRNewswire/ -- Los Angeles County renters are seeing rents fall to their lowest point in four years, but for many, the relief only goes so far. The median asking rent dropped to $2,520 in the first quarter of 2026, according to the Q1 2026 Los Angeles County Rental Report from Realtor.com®, Realtor.com®'s first quarterly rental analysis dedicated to the nation's second-largest metro.
The $97 drop, 3.7% below a year ago, marks a new low point since the region's summer 2022 peak, when pandemic-driven demand and constrained supply pushed rents to record highs. Today, a wave of new multifamily construction is putting sustained downward pressure on the market, pulling median asking rents $298, or 10.6%, below that prior ceiling.
"Los Angeles is a market in transition," said Danielle Hale, chief economist at Realtor.com®. "Supply has finally caught up, giving renters more options and more negotiating power than they've had in years. But falling rents don't automatically mean affordable rents. A typical rental in Los Angeles still requires an annual household income of over $107,000, and for many families in this city, that bar remains simply out of reach."
City of Los Angeles: Relief at the Margin, Still Out of Reach for Many
In the City of Los Angeles, the median asking rent was $2,682 in Q1 2026, down $96 or 3.5% year-over-year. While renters are saving $219 per month, or $2,628 annually, compared to the 2022 peak, the math remains daunting: affording a typical city rental still requires a minimum annual household income of $107,280, roughly 20% above the city's estimated median of $88,730.
The affordability gap between renting in the open market and staying put is already stark. The median contract rent paid by Los Angeles tenants, reflecting years of rent stabilization, was $1,804 in 2024, more than $1,000 below the current median asking rent. That gap underpins a striking statistic: 86.5% of Los Angeles renters remained in the same unit as one year ago in 2024, up from 79% in 2010 and well above the national rate of 78.4%.
In December 2025, the city enacted its most significant rent control reform in four decades, set to take effect in July 2026. The updated Rent Stabilization Ordinance caps annual increases at 4%, down from a prior ceiling of 8%, covering approximately 650,000 units, or roughly 74% of all rentals in the city.
"The new cap is meaningful protection for the renters it covers," said Realtor.com® Economist Jiayi Xu. "But rent control is a double-edged policy. The same financial incentives that keep tenants safely housed in below-market apartments also make it harder to move, for a new job, a bigger space, a different neighborhood. With the gap between staying and switching already exceeding $1,000 a month, that lock-in will only deepen."
Coastal Luxury Cools While Inland Cities Hold Firm
City-level data reveals a market of sharp contrasts. Luxury coastal enclaves, where rents are higher, absorbed the steepest declines, with Beverly Hills falling 9.3% to $4,574 and Santa Monica dropping 2.6% to $4,187. Meanwhile, walkable, transit-connected cities held firm, with Pasadena gaining 5.8% to $2,823 and Long Beach rising 2.4% to $2,624
City-Level Rents Across LA County, 2026Q1
City
Median Asking Rent
Rent YoY
Malibu
$14,871
-3.6 %
Beverly Hills
$4,574
-9.3 %
Santa Monica
$4,187
-2.6 %
City of Los Angeles
$2,682
-3.5 %
Pasadena
$2,823
+5.8 %
Culver City
$2,821
+0.2 %
Long Beach
$2,624
+2.4 %
LA Renters Stay Local
Demand for LA County rentals is overwhelmingly homegrown. In Q1 2026, nearly two-thirds (60.6%) of online traffic to LA County rental listings on Realtor.com® originated from within the county itself, with another 18.9% from elsewhere in California. Out-of-state interest accounted for 16.6% of traffic, and international interest represented 3.8%, suggesting the market's trajectory is closely tied to the economic fortunes of its existing residents.
Small Apartments Are Leading the Decline
The steepest rent declines are concentrated among smaller apartments. The median asking rent for 0-2 bedroom units dropped $135, or 5.7%, year-over-year to $2,241, while three-bedroom-plus units saw a more modest decline of $103, or 2.8%, to $3,585.
LA County Rents by Unit Size-2026Q1
Unit Size
Median Asking Rent
Rent YoY
vs. Peak
Overall
$2,520
-3.7 %
-10.6 %
0-2 beds
$2,241
-5.7 %
-9.2 %
3+ beds
$3,585
-2.8 %
-12.2 %
Methodology
LA rental data as of 2026Q1 for all units advertised for rent on Realtor.com®. Rental units include apartments as well as private rentals (condos, townhomes, single-family homes). We use rental sources that reliably report data each month within LA county. To calculate the median asking rent for each quarter, we first obtain the median asking rent for each month within that quarter and then take the average of the three months.
About Realtor.com®
Realtor.com® pioneered online real estate and has been at the forefront for over 25 years, connecting buyers, sellers, and renters with trusted insights, professional guidance and powerful tools to help them find their perfect home. Recognized as the No. 1 site trusted by real estate professionals, Realtor.com® is a valued partner, delivering consumer connections and a robust suite of marketing tools to support business growth. Realtor.com® is operated by News Corp [Nasdaq: NWS, NWSA] [ASX: NWS, NWSLV] subsidiary Move, Inc.
/PRNewswire/ -- With Mother's Day around the corner, nearly 3 million owner-occupied homes across the country have at least two mothers living under one roof
/PRNewswire/ -- Zillow and Realtor.com today set a new standard for pre-market transparency in residential real estate - one in which more buyers can see
Urban new builds account for just 11% of listings but carry a 78% price premium AUSTIN, Texas, May 7, 2026 /PRNewswire/ -- Realtor.com® today released its first quarter 2026 New Construction Insights Report, revealing a tale of two housing markets: an urban new construction market defined by scarcity and steep premiums, and a suburban one marked by stability and competitive pricing. The report finds that while new construction has shown remarkable resilience overall, where new homes are being built is shaping who can afford them and how much they will pay.
NEW YORK--(BUSINESS WIRE)--News Corporation (“News Corp” or the “Company”) (Nasdaq: NWS, NWSA; ASX: NWS, NWSLV) today reported financial results for the three months ended March 31, 2026.
Commenting on the results, Chief Executive Robert Thomson said:
“News Corp has again delivered resounding results this quarter, and we remain on track for another year of record profitability given the strength seen thus far in the fourth quarter. For the third quarter of fiscal 2026, our total revenue rose 9 percent to $2.2 billion, while net income from continuing operations rose 13 percent to $121 million and Total Segment EBITDA increased a robust 18 percent to $343 million. Both EPS and Adjusted EPS were also notably higher.
The third quarter was compelling evidence of the transformation of our business, and demonstrated the robustness of our core growth engines, which we expect will propel us towards a strong fiscal finish. Given our firm belief that the current share price does not reflect the intrinsic value of the company or its prospects, we have continued to execute our enhanced buyback program at an accelerated rate.
Our confidence comes as the world is grappling with the potential impact of AI. We are an AI inputs company and that fact was reflected in our recent deal with Meta, which complements our partnership with OpenAI. We are in discussions with other companies who recognize the preciousness of provenance, and these potential deals should have a positive impact on our revenue and profitability.
We are also tracking a number of dodgy digital firms scraping illicitly, illegally our precious content and shamelessly reselling this purloined property. We have these baleful bad-boy bots in our sights and intend to pursue them vigorously. And we believe companies that willingly buy this stolen content from these nefarious fences are also culpable.”
THIRD QUARTER RESULTS
The Company reported fiscal 2026 third quarter total revenues of $2.19 billion, a 9% increase compared to $2.01 billion in the prior year period, primarily driven by higher real estate revenues at the Digital Real Estate Services segment, higher circulation and subscription revenues at the Dow Jones segment and higher sales at the Book Publishing segment. Results included an $88 million, or 5%, positive impact from foreign currency fluctuations. Adjusted Revenues (which excludes the foreign currency impact, acquisitions and divestitures as defined in Note 2) increased 4% compared to the prior year.
Net income from continuing operations for the quarter was $121 million, a 13% increase compared to $107 million in the prior year, primarily driven by higher Total Segment EBITDA, partially offset by higher tax expense.
The Company reported third quarter Total Segment EBITDA of $343 million, an 18% increase compared to $290 million in the prior year primarily due to strong contributions from the Digital Real Estate Services and Dow Jones segments and lower employee costs in the Other segment. Adjusted Total Segment EBITDA (as defined in Note 2) increased 13%.
Net income from continuing operations per share attributable to News Corporation stockholders was $0.16 as compared to $0.14 in the prior year. Adjusted EPS (as defined in Note 3) were $0.21 compared to $0.17 in the prior year.
SEGMENT REVIEW
For the three months ended
March 31,
For the nine months ended
March 31,
2026
2025
%
Change
2026
2025
%
Change
(in millions)
Better/
(Worse)
(in millions)
Better/
(Worse)
Revenues:
Dow Jones
$
619
$
575
8
%
$
1,853
$
1,727
7
%
Digital Real Estate Services
473
406
17
%
1,463
1,336
10
%
Book Publishing
555
514
8
%
1,722
1,655
4
%
News Media
538
514
5
%
1,653
1,625
2
%
Other
—
—
—
%
—
—
—
%
Total Revenues
$
2,185
$
2,009
9
%
$
6,691
$
6,343
5
%
Segment EBITDA:
Dow Jones
$
147
$
132
11
%
$
482
$
437
10
%
Digital Real Estate Services
155
124
25
%
519
449
16
%
Book Publishing
73
64
14
%
230
246
(7
)%
News Media
15
33
(55
)%
115
125
(8
)%
Other
(47
)
(63
)
25
%
(142
)
(164
)
13
%
Total Segment EBITDA
$
343
$
290
18
%
$
1,204
$
1,093
10
%
Dow Jones
Revenues in the quarter increased $44 million, or 8%, compared to the prior year, driven by continued growth in the professional information business and higher digital advertising revenues. Results included a $7 million, or 2%, positive impact from foreign currency fluctuations. Digital revenues at Dow Jones in the quarter represented 84% of total revenues compared to 82% in the prior year. Adjusted Revenues increased 6%.
Circulation and subscription revenues increased $33 million, or 7%, reflecting an 11% increase in professional information business revenues, led by 19% growth in Risk & Compliance revenues to $100 million, which includes a modest contribution from recent acquisitions, and 12% growth in Dow Jones Energy revenues to $77 million. Circulation revenues increased 1% compared to the prior year driven by the conversion of customers from introductory promotions to higher pricing and the continued growth in digital-only subscriptions, partly offset by lower print volume and the absence of a licensing revenue timing benefit in the prior year. Digital circulation revenues accounted for 76% of circulation revenues for the quarter, compared to 75% in the prior year.
During the third quarter, total average subscriptions to Dow Jones’ consumer products were over 6.5 million, a 7% increase compared to the prior year. Digital-only subscriptions to Dow Jones’ consumer products grew 9% to nearly 6.1 million. Total subscriptions to The Wall Street Journal grew 8% compared to the prior year, to 4.7 million average subscriptions in the quarter. Digital-only subscriptions to The Wall Street Journal grew 11% to 4.3 million average subscriptions in the quarter, driven by growth in enterprise subscriptions, and represented 92% of total Wall Street Journal subscriptions.
For the three months ended March 31,
2026
2025
% Change
(in thousands, except %)
Better/(Worse)
The Wall Street Journal
Digital-only subscriptions
4,332
3,913
11
%
Total subscriptions
4,707
4,339
8
%
Barron’s Group
Digital-only subscriptions
1,438
1,368
5
%
Total subscriptions
1,530
1,485
3
%
Total Consumer
Digital-only subscriptions
6,064
5,543
9
%
Total subscriptions
6,546
6,103
7
%
Advertising revenues for the quarter increased $5 million, or 6%, driven by digital advertising revenues, which grew 13%, partially offset by a 6% decrease in print advertising revenues. Digital advertising accounted for 67% of total advertising revenues for the quarter, compared to 63% in the prior year.
Segment EBITDA for the quarter increased $15 million, or 11%, primarily as a result of the higher revenues discussed above, partially offset by higher employee costs. Adjusted Segment EBITDA increased 12%.
On March 16th, 2026, News Corp hosted a Dow Jones investor briefing in New York, announcing, among other things, a pathway to $1 billion in annual Segment EBITDA within five years(1), which should benefit from strong growth in Risk & Compliance and Dow Jones Energy.
Investor briefing materials can be located on the News Corp Investor Relations website: https://newscorp.com/news-corp-quarterly-earnings-reports/investor-presentation-dow-jones-investor-briefing-2026/.
Digital Real Estate Services
Revenues in the quarter increased $67 million, or 17%, compared to the prior year, driven by higher revenues at both REA Group and Move. Segment EBITDA in the quarter increased $31 million, or 25%, compared to the prior year, due to higher contribution from REA Group and improved results at Move. Adjusted Revenues and Adjusted Segment EBITDA increased 8% and 16%, respectively.
In the quarter, revenues at REA Group increased $54 million, or 20%, to $325 million, driven by a $31 million, or 12%, positive impact from foreign currency fluctuations, higher Australian residential revenues due to price increases, growth in add-on products and geographical mix and higher financial services revenues. Strong Australian revenues were partly offset by a decrease in REA India revenues due to the sale of PropTiger and the closure of Housing Edge. Australian national residential buy listing volumes in the quarter were up 1% compared to the prior year, with listings in Sydney up 4% and Melbourne up 7%.
Move’s revenues in the quarter increased $13 million, or 10%, to $148 million, primarily as a result of higher sales of RealPRO SelectSM, as Move shifts its focus to more premium offerings with higher revenues per lead, and revenue growth in seller, new homes and rentals. Based on Move’s internal data, average monthly unique users of Realtor.com®’s web and mobile sites for the fiscal third quarter were 66 million, or flat compared to the prior year. Lead volume rose 6% compared to the prior year period. Monthly average visits for the third quarter for Realtor.com®, according to Comscore, were 261 million.
Book Publishing
Revenues in the quarter increased $41 million, or 8%, compared to the prior year, driven by higher physical and digital book sales led by Rachel Reid’s Game Changers, and a $6 million impact from recent acquisitions. The increase included a $12 million, or 2%, positive impact from foreign currency fluctuations. Adjusted Revenues increased 4%.
Digital sales increased 11% compared to the prior year driven by an increase in e-book and audiobook sales. Digital sales represented 26% of consumer revenues for the quarter compared to 25% for the prior year period. Backlist sales represented approximately 64% of consumer revenues in the quarter compared to 65% in the prior year.
Segment EBITDA for the quarter increased $9 million, or 14%, compared to the prior year, primarily due to the higher revenues discussed above, partially offset by higher costs due to higher sales volume. Adjusted Segment EBITDA also increased 14%.
News Media
Revenues in the quarter increased $24 million, or 5%, compared to the prior year, primarily due to a $38 million, or 8%, positive impact from foreign currency fluctuations. Adjusted Revenues for the segment decreased 2% compared to the prior year.
Circulation and subscription revenues increased $20 million, or 7%, compared to the prior year, due to a $21 million, or 7%, positive impact from foreign currency fluctuations, increased cover and subscription pricing and digital subscriber growth, partially offset by print volume declines.
Advertising revenues increased $5 million, or 3%, compared to the prior year, primarily due to a $13 million, or 7%, positive impact from foreign currency fluctuations and higher digital advertising revenues, partially offset by lower print advertising revenues, notably at News UK.
In the quarter, Segment EBITDA decreased $18 million, or 55%, compared to the prior year, primarily driven by lower contribution from News UK and costs related to the recently launched California Post. Adjusted Segment EBITDA decreased 61%.
Digital revenues represented 40% of News Media segment revenues in the quarter, compared to 39% in the prior year, and represented 38% of the combined revenues of the newspaper mastheads. Digital subscribers and users across key properties within the News Media segment are summarized below:
Closing digital subscribers at News Corp Australia as of March 31, 2026 were 1,171,000 (992,000 for news mastheads), compared to 1,148,000 (981,000 for news mastheads) in the prior year (Source: Internal data) The Times and Sunday Times closing digital subscribers, including the Times Literary Supplement, as of March 31, 2026 were 676,000, compared to 629,000 in the prior year (Source: Internal data). The Sun’s digital offering reached 65 million global monthly unique users in March 2026, compared to 74 million in the prior year (Source: Meta Pixel) New York Post’s digital network reached 78 million unique users in March 2026, compared to 85 million in the prior year (Source: Google Analytics) CASH FLOW
The following table presents a reconciliation of net cash provided by operating activities from continuing operations to free cash flow:
For the nine months ended
March 31,
2026
2025
(in millions)
Net cash provided by operating activities from continuing operations
$
815
$
789
Less: Capital expenditures
(280
)
(250
)
Free cash flow
$
535
$
539
Net cash provided by operating activities from continuing operations of $815 million for the nine months ended March 31, 2026 was $26 million higher than net cash provided by operating activities from continuing operations of $789 million in the prior year, primarily due to higher Total Segment EBITDA, partially offset by higher working capital due to the timing of payments and higher tax payments.
Free cash flow in the nine months ended March 31, 2026 was $535 million compared to $539 million in the prior year. The decrease in free cash flow was primarily due to higher capital expenditures, partially offset by higher cash provided by operating activities from continuing operations. News Corp expects strong growth in free cash flow generation for the full fiscal year despite moderately higher capital expenditures.
Free cash flow is a non-GAAP financial measure. Free cash flow is defined as net cash provided by (used in) operating activities from continuing operations less capital expenditures. Free cash flow excludes cash flows from discontinued operations. Free cash flow may not be comparable to similarly titled measures reported by other companies, since companies and investors may differ as to what items should be included in the calculation of free cash flow.
Free cash flow does not represent the total increase or decrease in the cash balance for the period and should be considered in addition to, not as a substitute for, the net change in cash and cash equivalents as presented in the Company’s consolidated statements of cash flows prepared in accordance with GAAP, which incorporates all cash movements during the period.
The Company believes free cash flow provides useful information to management and investors about the Company’s liquidity and cash flow trends.
COMPARISON OF NON-GAAP TO U.S. GAAP INFORMATION
Adjusted Revenues, Total Segment EBITDA, Adjusted Total Segment EBITDA, Adjusted Segment EBITDA, adjusted net income attributable to News Corporation stockholders, Adjusted EPS, constant currency revenues and free cash flow are non-GAAP financial measures contained in this earnings release. The Company believes these measures are important tools for investors and analysts to use in assessing the Company’s underlying business performance and to provide for more meaningful comparisons of the Company’s operating performance between periods. These measures also allow investors and analysts to view the Company’s business from the same perspective as Company management. These non-GAAP measures may be different than similar measures used by other companies and should be considered in addition to, not as a substitute for, measures of financial performance calculated in accordance with GAAP. Reconciliations for the differences between non-GAAP measures used in this earnings release and comparable financial measures calculated in accordance with U.S. GAAP are included in Notes 1, 2, 3 and 4 and the reconciliation of net cash provided by operating activities from continuing operations to free cash flow is included above.
Footnotes
(1) Forward-looking view of Dow Jones Segment EBITDA is not a profit forecast.
Conference call
News Corporation’s earnings conference call can be heard live at 5:00 p.m. EDT on May 7, 2026. To listen to the call, please visit http://investors.newscorp.com.
This document contains certain “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements include, but are not limited to, statements regarding trends and uncertainties affecting the Company’s business, results of operations and financial condition, Dow Jones’ business, the Company’s strategy and strategic initiatives, including potential acquisitions, investments and dispositions, the Company’s cost savings initiatives and the outcome of contingencies such as litigation and investigations. These statements are based on management’s views and assumptions regarding future events and business performance as of the time the statements are made. Actual results may differ materially from these expectations due to the risks, uncertainties and other factors described in the Company’s filings with the Securities and Exchange Commission. More detailed information about factors that could affect future results is contained in our filings with the Securities and Exchange Commission. The “forward-looking statements” included in this document are made only as of the date of this document and we do not have and do not undertake any obligation to publicly update any “forward-looking statements” to reflect subsequent events or circumstances, and we expressly disclaim any such obligation, except as required by law or regulation.
About News Corporation
News Corp (Nasdaq: NWS, NWSA; ASX: NWS, NWSLV) is a global, diversified media and information services company focused on creating and distributing authoritative and engaging content and other products and services. The company comprises businesses across a range of media, including: information services and news, digital real estate services and book publishing. Headquartered in New York, News Corp operates primarily in the United States, Australia, and the United Kingdom, and its content and other products and services are distributed and consumed worldwide. More information is available at: www.newscorp.com.
NEWS CORPORATION
CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited; in millions, except per share amounts)
For the three months ended
March 31,
For the nine months ended
March 31,
2026
2025
2026
2025
Revenues:
Circulation and subscription
$
809
$
755
$
2,383
$
2,243
Advertising
322
308
1,028
1,014
Consumer
530
492
1,647
1,585
Real estate
365
318
1,136
1,052
Other
159
136
497
449
Total Revenues
2,185
2,009
6,691
6,343
Operating expenses
(952
)
(904
)
(2,901
)
(2,819
)
Selling, general and administrative
(890
)
(815
)
(2,586
)
(2,431
)
Depreciation and amortization
(122
)
(114
)
(357
)
(339
)
Impairment and restructuring charges
(18
)
(13
)
(67
)
(51
)
Equity losses of affiliates
(1
)
—
(5
)
(11
)
Interest income (expense), net
5
1
20
(2
)
Other, net
(18
)
(13
)
(27
)
101
Income before income tax expense from continuing operations
189
151
768
791
Income tax expense from continuing operations
(68
)
(44
)
(255
)
(229
)
Net income from continuing operations
121
107
513
562
Net income from discontinued operations, net of tax
—
30
—
2
Net income
121
137
513
564
Net income attributable to noncontrolling interests from continuing operations
(32
)
(26
)
(119
)
(135
)
Net (income) loss attributable to noncontrolling interests from discontinued operations
—
(8
)
—
8
Net income attributable to News Corporation stockholders
$
89
$
103
$
394
$
437
Weighted-average shares outstanding
Basic
554.0
567.2
559.8
568.3
Diluted
555.7
569.5
561.5
570.3
Net income attributable to News Corporation stockholders per share:
Basic
Continuing operations
$
0.16
$
0.14
$
0.70
$
0.75
Discontinued operations
$
—
$
0.04
$
—
$
0.02
$
0.16
$
0.18
$
0.70
$
0.77
Diluted
Continuing operations
$
0.16
$
0.14
$
0.70
$
0.75
Discontinued operations
$
—
$
0.04
$
—
$
0.02
$
0.16
$
0.18
$
0.70
$
0.77
NEWS CORPORATION
CONSOLIDATED BALANCE SHEETS
(Unaudited; in millions)
As of March 31, 2026
As of June 30, 2025
ASSETS
Current assets:
Cash and cash equivalents
$
2,171
$
2,403
Receivables, net
1,778
1,562
Inventory, net
303
327
Other current assets
327
519
Total current assets
4,579
4,811
Non-current assets:
Investments
1,000
1,016
Property, plant and equipment, net
1,350
1,331
Operating lease right-of-use assets
765
789
Intangible assets, net
1,877
1,930
Goodwill
4,485
4,373
Deferred income tax assets, net
186
254
Other non-current assets
1,274
1,000
Total assets
$
15,516
$
15,504
LIABILITIES AND EQUITY
Current liabilities:
Accounts payable
$
384
$
335
Accrued expenses
1,041
1,036
Deferred revenue
556
498
Current borrowings
—
25
Other current liabilities
709
714
Total current liabilities
2,690
2,608
Non-current liabilities:
Borrowings
1,988
1,937
Retirement benefit obligations
115
117
Deferred income tax liabilities, net
54
57
Operating lease liabilities
854
904
Other non-current liabilities
534
492
Commitments and contingencies
Equity:
Class A common stock
4
4
Class B common stock
2
2
Additional paid-in capital
10,567
11,058
Accumulated deficit
(452
)
(747
)
Accumulated other comprehensive loss
(1,537
)
(1,543
)
Total News Corporation stockholders' equity
8,584
8,774
Noncontrolling interests
697
615
Total equity
9,281
9,389
Total liabilities and equity
$
15,516
$
15,504
NEWS CORPORATION
CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited; in millions)
For the nine months ended
March 31,
2026
2025
Operating activities:
Net income
$
513
$
564
Net loss (income) from discontinued operations, net of tax
—
(2
)
Net income from continuing operations
513
562
Adjustments to reconcile net income from continuing operations to net cash provided by operating activities from continuing operations:
Depreciation and amortization
357
339
Operating lease expense
51
55
Equity losses of affiliates
5
11
Impairment charges
17
2
Deferred income taxes
69
83
Other, net
31
(99
)
Change in operating assets and liabilities, net of acquisitions:
Receivables and other assets
(270
)
(95
)
Inventories, net
32
(49
)
Accounts payable and other liabilities
10
(20
)
Net cash provided by operating activities from continuing operations
815
789
Investing activities:
Capital expenditures
(280
)
(250
)
Proceeds from sales of property, plant and equipment
1
—
Acquisitions, net of cash acquired
(96
)
(53
)
Purchases of investments in equity affiliates and other
(53
)
(141
)
Proceeds from sales of investments in equity affiliates and other
65
263
Other, net
(16
)
(13
)
Net cash used in investing activities from continuing operations
(379
)
(194
)
Financing activities:
Borrowings
125
61
Repayment of borrowings
(100
)
(200
)
Repurchase of News Corp shares
(456
)
(114
)
Dividends paid
(149
)
(128
)
Other, net
(96
)
(44
)
Net cash used in financing activities from continuing operations
(676
)
(425
)
Cash flows from discontinued operations:
Net cash (used in) provided by operating activities from discontinued operations
(6
)
157
Net cash used in investing activities from discontinued operations
—
(65
)
Net cash used in financing activities from discontinued operations
—
(39
)
Net cash (used in) provided by discontinued operations
(6
)
53
Net change in cash, cash equivalents and restricted cash, including discontinued operations
(246
)
223
Effect of exchange rate changes on cash, cash equivalents and restricted cash, including discontinued operations
14
(12
)
Cash, cash equivalents and restricted cash, including discontinued operations, beginning of year
2,403
1,960
Cash, cash equivalents and restricted cash, including discontinued operations, end of period
2,171
2,171
Less: Cash and cash equivalents at end of period of discontinued operations
—
(76
)
Cash and cash equivalents
$
2,171
$
2,095
NOTE 1 – TOTAL SEGMENT EBITDA
Segment EBITDA is defined as revenues less operating expenses and selling, general and administrative expenses. Segment EBITDA does not include: depreciation and amortization, impairment and restructuring charges, equity losses of affiliates, interest (expense) income, net, other, net, income tax (expense) benefit and net income (loss) from discontinued operations, net of tax. Management believes that Segment EBITDA is an appropriate measure for evaluating the operating performance of the Company’s business segments because it is the primary measure used by the Company’s chief operating decision maker to evaluate the performance of and allocate resources within the Company’s businesses. Segment EBITDA provides management, investors and equity analysts with a measure to analyze the operating performance of each of the Company’s business segments and its enterprise value against historical data and competitors’ data, although historical results may not be indicative of future results (as operating performance is highly contingent on many factors, including customer tastes and preferences).
Total Segment EBITDA is a non-GAAP measure and should be considered in addition to, not as a substitute for, net income (loss) from continuing operations, cash flow from continuing operations and other measures of financial performance reported in accordance with GAAP. In addition, this measure does not reflect cash available to fund requirements and excludes items, such as depreciation and amortization and impairment and restructuring charges, which are significant components in assessing the Company’s financial performance. The Company believes that the presentation of Total Segment EBITDA provides useful information regarding the Company’s operations and other factors that affect the Company’s reported results. Specifically, the Company believes that by excluding certain one-time or non-cash items such as impairment and restructuring charges and depreciation and amortization, as well as potential distortions between periods caused by factors such as financing and capital structures and changes in tax positions or regimes, the Company provides users of its consolidated financial statements with insight into both its core operations as well as the factors that affect reported results between periods but which the Company believes are not representative of its core business. As a result, users of the Company’s consolidated financial statements are better able to evaluate changes in the core operating results of the Company across different periods. The following tables reconcile net income from continuing operations to Total Segment EBITDA for the three and nine months ended March 31, 2026 and 2025:
For the three months ended March 31,
2026
2025
Change
% Change
(in millions)
Net income from continuing operations
121
107
14
13
%
Reconciling items:
Income tax expense from continuing operations
68
44
24
55
%
Other, net
18
13
5
38
%
Interest income, net
(5
)
(1
)
(4
)
(400
)%
Equity losses of affiliates
1
—
1
**
Impairment and restructuring charges
18
13
5
38
%
Depreciation and amortization
122
114
8
7
%
Total Segment EBITDA
$
343
$
290
$
53
18
%
For the nine months ended March 31,
2026
2025
Change
% Change
(in millions)
Net income from continuing operations
513
562
(49
)
(9
)%
Reconciling items:
Income tax expense from continuing operations
255
229
26
11
%
Other, net
27
(101
)
128
**
Interest (income) expense, net
(20
)
2
(22
)
**
Equity losses of affiliates
5
11
(6
)
(55
)%
Impairment and restructuring charges
67
51
16
31
%
Depreciation and amortization
357
339
18
5
%
Total Segment EBITDA
$
1,204
$
1,093
$
111
10
%
** Not meaningful
NOTE 2 – ADJUSTED REVENUES, ADJUSTED TOTAL SEGMENT EBITDA AND ADJUSTED SEGMENT EBITDA
The Company uses revenues, Total Segment EBITDA and Segment EBITDA excluding the impact of acquisitions, divestitures, fees and costs, net of indemnification, related to the claims and investigations arising out of certain conduct at The News of the World (the “U.K. Newspaper Matters”), charges for other significant, non-ordinary course legal or regulatory matters (“litigation charges”) and foreign currency fluctuations (“Adjusted Revenues,” “Adjusted Total Segment EBITDA” and “Adjusted Segment EBITDA,” respectively) to evaluate the performance of the Company’s core business operations exclusive of certain items that impact the comparability of results from period to period such as the unpredictability and volatility of currency fluctuations. The Company calculates the impact of foreign currency fluctuations for businesses reporting in currencies other than the U.S. dollar by multiplying the results for each quarter in the current period by the difference between the average exchange rate for that quarter and the average exchange rate in effect during the corresponding quarter of the prior year and totaling the impact for all quarters in the current period.
The calculation of Adjusted Revenues, Adjusted Total Segment EBITDA and Adjusted Segment EBITDA may not be comparable to similarly titled measures reported by other companies, since companies and investors may differ as to what type of events warrant adjustment. Adjusted Revenues, Adjusted Total Segment EBITDA and Adjusted Segment EBITDA are not measures of performance under generally accepted accounting principles and should not be construed as substitutes for amounts determined under GAAP as measures of performance. However, management uses these measures in comparing the Company’s historical performance and believes that they provide meaningful and comparable information to investors to assist in their analysis of our performance relative to prior periods and our competitors.
The following tables reconcile reported revenues and reported Total Segment EBITDA to Adjusted Revenues and Adjusted Total Segment EBITDA for the three and nine months ended March 31, 2026 and 2025:
Revenues
Total Segment EBITDA
For the three months ended March 31,
For the three months ended March 31,
2026
2025
Difference
2026
2025
Difference
(in millions)
(in millions)
As reported
$
2,185
$
2,009
$
176
$
343
$
290
$
53
Impact of acquisitions
(16
)
—
(16
)
4
—
4
Impact of divestitures
—
(4
)
4
—
—
—
Impact of foreign currency fluctuations
(88
)
—
(88
)
(16
)
—
(16
)
Net impact of U.K. Newspaper Matters
—
—
—
—
4
(4
)
As adjusted
$
2,081
$
2,005
$
76
$
331
$
294
$
37
Revenues
Total Segment EBITDA
For the nine months ended March 31,
For the nine months ended March 31,
2026
2025
Difference
2026
2025
Difference
(in millions)
(in millions)
As reported
$
6,691
$
6,343
$
348
$
1,204
$
1,093
$
111
Impact of acquisitions
(52
)
—
(52
)
9
—
9
Impact of divestitures
(3
)
(15
)
12
1
3
(2
)
Impact of foreign currency fluctuations
(118
)
—
(118
)
(20
)
—
(20
)
Net impact of U.K. Newspaper Matters
—
—
—
1
10
(9
)
As adjusted
$
6,518
$
6,328
$
190
$
1,195
$
1,106
$
89
Foreign Exchange Rates
Average foreign exchange rates used in the calculation of the impact of foreign currency fluctuations for the three and nine months ended March 31, 2026 and 2025 are as follows:
Fiscal Year 2026
Q1
Q2
Q3
U.S. Dollar per Australian Dollar
$0.65
$0.66
$0.69
U.S. Dollar per British Pound Sterling
$1.35
$1.33
$1.35
Fiscal Year 2025
Q1
Q2
Q3
U.S. Dollar per Australian Dollar
$0.67
$0.65
$0.63
U.S. Dollar per British Pound Sterling
$1.30
$1.28
$1.26
Adjusted Revenues and Adjusted Segment EBITDA by segment for the three and nine months ended March 31, 2026 and 2025 are as follows:
For the three months ended March 31,
2026
2025
% Change
(in millions)
Better/(Worse)
Adjusted Revenues:
Dow Jones
$
607
$
575
6
%
Digital Real Estate Services
437
404
8
%
Book Publishing
537
514
4
%
News Media
500
512
(2
)%
Other
—
—
—
%
Adjusted Total Revenues
$
2,081
$
2,005
4
%
Adjusted Segment EBITDA:
Dow Jones
$
148
$
132
12
%
Digital Real Estate Services
144
124
16
%
Book Publishing
73
64
14
%
News Media
13
33
(61
)%
Other
(47
)
(59
)
20
%
Adjusted Total Segment EBITDA
$
331
$
294
13
%
For the nine months ended March 31,
2026
2025
% Change
(in millions)
Better/(Worse)
Adjusted Revenues:
Dow Jones
$
1,823
$
1,727
6
%
Digital Real Estate Services
1,428
1,330
7
%
Book Publishing
1,669
1,655
1
%
News Media
1,598
1,616
(1
)%
Other
—
—
—
%
Adjusted Total Revenues
$
6,518
$
6,328
3
%
Adjusted Segment EBITDA:
Dow Jones
$
483
$
437
11
%
Digital Real Estate Services
515
450
14
%
Book Publishing
228
246
(7
)%
News Media
110
127
(13
)%
Other
(141
)
(154
)
8
%
Adjusted Total Segment EBITDA
$
1,195
$
1,106
8
%
The following tables reconcile reported revenues and Segment EBITDA by segment to Adjusted Revenues and Adjusted Segment EBITDA by segment for the three and nine months ended March 31, 2026 and 2025:
For the three months ended March 31, 2026
As
Reported
Impact of Acquisitions
Impact of
Divestitures
Impact of
Foreign
Currency
Fluctuations
Net Impact
of U.K.
Newspaper
Matters
As Adjusted
(in millions)
Revenues:
Dow Jones
$
619
$
(5
)
$
—
$
(7
)
$
—
$
607
Digital Real Estate Services
473
(5
)
—
(31
)
—
437
Book Publishing
555
(6
)
—
(12
)
—
537
News Media
538
—
—
(38
)
—
500
Other
—
—
—
—
—
—
Total Revenues
$
2,185
$
(16
)
$
—
$
(88
)
$
—
$
2,081
Segment EBITDA:
Dow Jones
$
147
$
1
$
—
$
—
$
—
$
148
Digital Real Estate Services
155
3
—
(14
)
—
144
Book Publishing
73
—
—
—
—
73
News Media
15
—
—
(2
)
—
13
Other
(47
)
—
—
—
—
(47
)
Total Segment EBITDA
$
343
$
4
$
—
$
(16
)
$
—
$
331
For the three months ended March 31, 2025
As
Reported
Impact of Acquisitions
Impact of Divestitures
Impact of
Foreign
Currency Fluctuations
Net Impact
of U.K.
Newspaper
Matters
As Adjusted
(in millions)
Revenues:
Dow Jones
$
575
$
—
$
—
$
—
$
—
$
575
Digital Real Estate Services
406
—
(2
)
—
—
404
Book Publishing
514
—
—
—
—
514
News Media
514
—
(2
)
—
—
512
Other
—
—
—
—
—
—
Total Revenues
$
2,009
$
—
$
(4
)
$
—
$
—
$
2,005
Segment EBITDA:
Dow Jones
$
132
$
—
$
—
$
—
$
—
$
132
Digital Real Estate Services
124
—
—
—
—
124
Book Publishing
64
—
—
—
—
64
News Media
33
—
—
—
—
33
Other
(63
)
—
—
—
4
(59
)
Total Segment EBITDA
$
290
$
—
$
—
$
—
$
4
$
294
For the nine months ended March 31, 2026
As
Reported
Impact of Acquisitions
Impact of Divestitures
Impact of
Foreign
Currency
Fluctuations
Net Impact
of U.K.
Newspaper
Matters
As Adjusted
(in millions)
Revenues:
Dow Jones
$
1,853
$
(15
)
$
—
$
(15
)
$
—
$
1,823
Digital Real Estate Services
1,463
(9
)
(1
)
(25
)
—
1,428
Book Publishing
1,722
(28
)
—
(25
)
—
1,669
News Media
1,653
—
(2
)
(53
)
—
1,598
Other
—
—
—
—
—
—
Total Revenues
$
6,691
$
(52
)
$
(3
)
$
(118
)
$
—
$
6,518
Segment EBITDA:
Dow Jones
$
482
$
2
$
—
$
(1
)
$
—
$
483
Digital Real Estate Services
519
6
1
(11
)
—
515
Book Publishing
230
1
—
(3
)
—
228
News Media
115
—
—
(5
)
—
110
Other
(142
)
—
—
—
1
(141
)
Total Segment EBITDA
$
1,204
$
9
$
1
$
(20
)
$
1
$
1,195
For the nine months ended March 31, 2025
As
Reported
Impact of Acquisitions
Impact of Divestitures
Impact of
Foreign
Currency
Fluctuations
Net Impact
of U.K.
Newspaper
Matters
As Adjusted
(in millions)
Revenues:
Dow Jones
$
1,727
$
—
$
—
$
—
$
—
$
1,727
Digital Real Estate Services
1,336
—
(6
)
—
—
1,330
Book Publishing
1,655
—
—
—
—
1,655
News Media
1,625
—
(9
)
—
—
1,616
Other
—
—
—
—
—
—
Total Revenues
$
6,343
$
—
$
(15
)
$
—
$
—
$
6,328
Segment EBITDA:
Dow Jones
$
437
$
—
$
—
$
—
$
—
$
437
Digital Real Estate Services
449
—
1
—
—
450
Book Publishing
246
—
—
—
—
246
News Media
125
—
2
—
—
127
Other
(164
)
—
—
—
10
(154
)
Total Segment EBITDA
$
1,093
$
—
$
3
$
—
$
10
$
1,106
NOTE 3 – ADJUSTED NET INCOME (LOSS) ATTRIBUTABLE TO NEWS CORPORATION STOCKHOLDERS AND ADJUSTED EPS
The Company uses net income (loss) attributable to News Corporation stockholders from continuing operations and diluted earnings per share from continuing operations (“EPS”) excluding expenses related to U.K. Newspaper Matters, litigation charges, impairment and restructuring charges and “Other, net”, net of tax, recognized by the Company or its equity method investees, as well as the settlement of certain pre-Separation tax matters (“adjusted net income (loss) attributable to News Corporation stockholders” and “adjusted EPS,” respectively), to evaluate the performance of the Company’s operations exclusive of certain items that impact the comparability of results from period to period, as well as certain non-operational items. The calculation of adjusted net income (loss) attributable to News Corporation stockholders and adjusted EPS may not be comparable to similarly titled measures reported by other companies, since companies and investors may differ as to what type of events warrant adjustment. Adjusted net income (loss) attributable to News Corporation stockholders and adjusted EPS are not measures of performance under generally accepted accounting principles and should not be construed as substitutes for consolidated net income (loss) attributable to News Corporation stockholders from continuing operations and net income (loss) per share from continuing operations as determined under GAAP as a measure of performance. However, management uses these measures in comparing the Company’s historical performance and believes that they provide meaningful and comparable information to investors to assist in their analysis of our performance relative to prior periods and our competitors.
The following tables reconcile reported net income attributable to News Corporation stockholders from continuing operations and reported diluted EPS to adjusted net income attributable to News Corporation stockholders and adjusted EPS for the three and nine months ended March 31, 2026 and 2025:
For the three months ended
March 31, 2026
For the three months ended
March 31, 2025
(in millions, except per share data)
Net income
attributable to
stockholders
EPS
Net income
attributable to
stockholders
EPS
Net income from continuing operations
$
121
$
107
Less: Net income attributable to noncontrolling interests from continuing operations
(32
)
(26
)
Net income attributable to News Corporation stockholders from continuing operations
$
89
$
0.16
$
81
$
0.14
U.K. Newspaper Matters
—
—
4
0.01
Impairment and restructuring charges
18
0.03
13
0.02
Other, net
18
0.03
13
0.02
Tax impact on items above
(6
)
(0.01
)
(15
)
(0.02
)
Impact of noncontrolling interest on items above
(1
)
—
2
—
As adjusted
$
118
$
0.21
$
98
$
0.17
For the nine months ended
March 31, 2026
For the nine months ended
March 31, 2025
(in millions, except per share data)
Net income
attributable to
stockholders
EPS
Net income
attributable to
stockholders
EPS
Net income from continuing operations
$
513
$
562
Less: Net income attributable to noncontrolling interests from continuing operations
(119
)
(135
)
Net income attributable to News Corporation stockholders from continuing operations
$
394
$
0.70
$
427
$
0.75
U.K. Newspaper Matters
1
—
10
0.02
Impairment and restructuring charges
67
0.12
51
0.09
Other, net
27
0.05
(101
)
(0.18
)
Tax impact on items above
(22
)
(0.04
)
(18
)
(0.03
)
Impact of noncontrolling interest on items above
—
—
35
0.06
As adjusted
$
467
$
0.83
$
404
$
0.71
NOTE 4 – CONSTANT CURRENCY REVENUES
The Company believes that the presentation of revenues excluding the impact of foreign currency fluctuations (“constant currency revenues”) provides useful information regarding the performance of the Company’s core business operations exclusive of distortions between periods caused by the unpredictability and volatility of currency fluctuations. The Company calculates the impact of foreign currency fluctuations for businesses reporting in currencies other than the U.S. dollar as described in Note 2.
Constant currency revenues are not measures of performance under generally accepted accounting principles and should not be construed as substitutes for revenues as determined under GAAP as measures of performance. However, management uses these measures in comparing the Company’s historical performance and believes that they provide meaningful and comparable information to investors to assist in their analysis of our performance relative to prior periods and our competitors.
The following tables reconcile reported revenues to constant currency revenues for the three and nine months ended March 31, 2026:
Q3 Fiscal
2025
Q3 Fiscal
2026
FX impact
Q3 Fiscal
2026
constant
currency
% Change -
reported
% Change -
constant
currency
($ in millions)
Better/(Worse)
Consolidated results:
Circulation and subscription
$
755
$
809
$
28
$
781
7
%
3
%
Advertising
308
322
14
308
5
%
—
%
Consumer
492
530
12
518
8
%
5
%
Real estate
318
365
24
341
15
%
7
%
Other
136
159
10
149
17
%
10
%
Total revenues
$
2,009
$
2,185
$
88
$
2,097
9
%
4
%
Dow Jones:
Circulation and subscription
$
478
$
511
$
7
$
504
7
%
5
%
Advertising
86
91
—
91
6
%
6
%
Other
11
17
—
17
55
%
55
%
Total Dow Jones segment revenues
$
575
$
619
$
7
$
612
8
%
6
%
Digital Real Estate Services:
Circulation and subscription
$
1
$
2
$
—
$
2
100
%
100
%
Advertising
36
40
1
39
11
%
8
%
Real estate
318
365
24
341
15
%
7
%
Other
51
66
6
60
29
%
18
%
Total Digital Real Estate Services segment revenues
$
406
$
473
$
31
$
442
17
%
9
%
REA Group revenues
$
271
$
325
$
31
$
294
20
%
8
%
Q3 Fiscal
2025
Q3 Fiscal
2026
FX impact
Q3 Fiscal
2026
constant
currency
% Change -
reported
% Change -
constant
currency
($ in millions)
Better/(Worse)
Book Publishing:
Consumer
$
492
$
530
$
12
$
518
8
%
5
%
Other
22
25
—
25
14
%
14
%
Total Book Publishing segment revenues
$
514
$
555
$
12
$
543
8
%
6
%
News Media:
Circulation and subscription
$
276
$
296
$
21
$
275
7
%
—
%
Advertising
186
191
13
178
3
%
(4
)%
Other
52
51
4
47
(2
)%
(10
)%
Total News Media segment revenues
$
514
$
538
$
38
$
500
5
%
(3
)%
Q3 YTD
Fiscal 2025
Q3 YTD
Fiscal 2026
FX impact
Q3 YTD
Fiscal 2026
constant
currency
% Change -
reported
% Change -
constant
currency
($ in millions)
Better/(Worse)
Consolidated results:
Circulation and subscription
$
2,243
$
2,383
$
45
$
2,338
6
%
4
%
Advertising
1,014
1,028
20
1,008
1
%
(1
)%
Consumer
1,585
1,647
25
1,622
4
%
2
%
Real estate
1,052
1,136
19
1,117
8
%
6
%
Other
449
497
9
488
11
%
9
%
Total revenues
$
6,343
$
6,691
$
118
$
6,573
5
%
4
%
Dow Jones:
Circulation and subscription
$
1,398
$
1,499
$
15
$
1,484
7
%
6
%
Advertising
292
309
—
$
309
6
%
6
%
Other
37
45
—
$
45
22
%
22
%
Total Dow Jones segment revenues
$
1,727
$
1,853
$
15
$
1,838
7
%
6
%
Digital Real Estate Services:
Circulation and subscription
$
5
$
6
$
—
$
6
20
%
20
%
Advertising
109
121
1
$
120
11
%
10
%
Real estate
1,052
1,136
19
$
1,117
8
%
6
%
Other
170
200
5
$
195
18
%
15
%
Total Digital Real Estate Services segment revenues
The Post’s parent company News Corp reported better-than-expected quarterly earnings on Thursday, driven by growth in its Dow Jones, digital real estate and book publishing divisions.
The New York-based media giant reported $121 million from continuing operations, or 16 cents a share, compared with income of $107 million, or 14 cents, the prior year. Adjusted earnings per share totaled 21 cents.
Third-quarter revenue grew 9% to $2.19 billion, compared with $2.01 billion a year ago. That beat Wall Street expectations of 16 cents EPS on $2.11 billion revenue.
News Corp reported better-than-expected quarterly earnings, driven by growth in its digital real estate, Dow Jones and book publishing divisions. Getty Images “News Corp has again delivered resounding results this quarter, and we remain on track for another year of record profitability given the strength seen thus far in the fourth quarter,” News Corp CEO Robert Thomson said in a statement.
“The third quarter was compelling evidence of the transformation of our business, and demonstrated the robustness of our core growth engines, which we expect will propel us towards a strong fiscal finish,” he added.
During the quarter, News Corp’s financial results were driven by an 8% increase in revenue to $619 million at its Dow Jones unit, which publishes The Wall Street Journal and MarketWatch. News Corp saw a 17% increase at its real estate division to $473 million and an 8% jump in book publishing revenue to $555 million.
Thomson — who previously blasted AI companies for failing to pay enough for content — trumpeted News Corp’s artificial intelligence partnerships.
“Our confidence comes as the world is grappling with the potential impact of AI. We are an AI inputs company and that fact was reflected in our recent deal with Meta, which complements our partnership with OpenAI,” he said.
Earlier this year, News Corp. struck a multiyear AI content licensing deal with Meta that will pay News Corp up to $50 million a year. In 2024, News Corp agreed to a landmark content licensing deal with OpenAI.
“We are in discussions with other companies who recognize the preciousness of provenance, and these potential deals should have a positive impact on our revenue and profitability,” Thomson said.
News Corp CEO Robert Thomson said the company is “on track for another year of record profitability.” Jordan Strauss/Invision/AP He issued a warning to unscrupulous businesses in the digital space.
“We are also tracking a number of dodgy digital firms scraping illicitly, illegally our precious content and shamelessly reselling this purloined property,” the exec said.
“We have these baleful bad-boy bots in our sights and intend to pursue them vigorously. And we believe companies that willingly buy this stolen content from these nefarious fences are also culpable.”
CocaCola (NYSE:KO) EVP Jennifer Mann Sells 23,984 SharesCocaCola Company (The) (NYSE:KO - Get Free Report) EVP Jennifer Mann sold 23,984 shares of the firm's stock in a transaction dated Wednesday, June 10th. The stock was sold at an average price of $83.41, for a total value of $2,000,505.44. Following the completion of the transaction, the executive vice president owned 157,400 shares of the company's stock, valued at approximately $13,128,734. The trade was a 13.22% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.
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Dutch Bros (NYSE:BROS) Major Shareholder Sells $15,759,829.98 in StockMarketBeat
Dutch Bros Inc. (NYSE:BROS - Get Free Report) major shareholder Dm Individual Aggregator, Llc sold 261,054 shares of the company's stock in a transaction dated Wednesday, June 10th. The stock was sold at an average price of $60.37, for a total transaction of $15,759,829.98. Following the completion of the sale, the insider owned 2,671,855 shares in the company, valued at $161,299,886.35. This represents a 8.90% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Large shareholders that own at least 10% of a company's shares are required to disclose their transactions with the SEC.
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Insider Selling: Dutch Bros (NYSE:BROS) Major Shareholder Sells 261,055 Shares of StockMarketBeat
Dutch Bros Inc. (NYSE:BROS - Get Free Report) major shareholder Dm Individual Aggregator, Llc sold 261,055 shares of the business's stock in a transaction dated Thursday, June 11th. The stock was sold at an average price of $63.02, for a total value of $16,451,686.10. Following the completion of the transaction, the insider owned 2,410,800 shares in the company, valued at approximately $151,928,616. This trade represents a 9.77% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Large shareholders that own at least 10% of a company's shares are required to disclose their transactions with the SEC.
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Travis Boersma Sells 749,999 Shares of Dutch Bros (NYSE:BROS) StockMarketBeat
Dutch Bros Inc. (NYSE:BROS - Get Free Report) Chairman Travis Boersma sold 749,999 shares of Dutch Bros stock in a transaction that occurred on Wednesday, June 10th. The stock was sold at an average price of $60.39, for a total transaction of $45,292,439.61. Following the completion of the sale, the chairman owned 2,671,855 shares of the company's stock, valued at $161,353,323.45. This represents a 21.92% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.
Dutch Bros Inc. (NYSE:BROS - Get Free Report) Chairman Travis Boersma sold 750,000 shares of the company's stock in a transaction that occurred on Thursday, June 11th. The shares were sold at an average price of $63.02, for a total value of $47,265,000.00. Following the sale, the chairman owned 2,410,800 shares in the company, valued at approximately $151,928,616. This trade represents a 23.73% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.
The Northeast is showing the strongest construction momentum, while the West is falling behind its own historical norms
, /PRNewswire/ -- The U.S. rental market continues to favor renters, and a new wave of supply may keep it that way. According to the Realtor.com® April Rental Report, the national median asking monthly rent across the 50 largest metropolitan areas fell to $1,673 in April 2026, down $29, or 1.7%, year-over-year, marking the 33rd consecutive month of annual declines for 0-2 bedroom properties. At the same time, the robustness of new multi-family construction signals that rental supply relief could continue into the next several years.
While the national median remains $254 (17.9%) above pre-pandemic levels recorded in April 2019, it has fallen $92 (-5.2%) from its August 2022 peak. The multi-family construction pipeline, though pulling back from its historic peak, remains 11.4% above pre-pandemic norms, and a fresh surge in new groundbreakings suggests the downward pressure on rents is not over.
"Many renters have experienced meaningful relief over the past nearly three years, and although completions have slowed, forward-looking indicators are renter friendly," said Danielle Hale, chief economist at Realtor.com®. "New multi-family groundbreakings jumped nearly 20% in the first quarter of 2026, and units that break ground today typically reach the market within 12 to 24 months — so the pipeline points to continued downward pressure on rents well into 2027."
The National Multi-Family Pipeline Remains Strong
The national multi-family construction pipeline remains well above historical norms, even as it pulls back from its peak. The number of multi-family constructions currently being built averaged 684,000 units on a seasonally adjusted annual rate in 2026Q1, down from a peak of 971,000 in 2024Q1, but still 11.4% above the pre-pandemic average of 614,000.
New construction activity picked up sharply in early 2026, with the rate of new multi-family groundbreakings jumping nearly 20% compared to a year ago and running 21.3% above pre-pandemic levels. While the annual completion rate of 470,000 trail behind a year ago, it is still 23% above the pre-pandemic norm. If that pace holds, the total U.S. rental housing stock is on track to grow to over 50.5 million units by 2027Q1, a level 8.5% higher than before the pandemic.
Rising Multi-Family Starts Signal a New Wave of Rental Supply on the Horizon
2026Q1
2025Q1
Avg. Q1 of 2017-
2019
%Change vs.
2025Q1
% Change vs. pre-
pandemic
Under
Construction
684,000
765,000
614,000
-10.6 %
11.4 %
Starts
462,000
386,000
381,000
19.7 %
21.3 %
Completions
470,000
570,000
382,000
-17.5 %
23.0 %
More Multi-Family Units Are Coming, But Not Everywhere Equally
The regional picture, however, is uneven. The Northeast saw new multi-family groundbreakings nearly double year-over-year in 2026Q1, and the number of newly completed multi-family units jumped 42.1%, the strongest growth of any region. That supply is already showing up in rent data: Boston, Mass. fell 2.9% and Philadelphia, Pa. fell 1.5% year-over-year in April. New York, N.Y. remains an exception, with rents still edging up 1.1% amid persistently tight conditions.
The West tells a more cautionary tale. New groundbreakings there fell to their lowest first-quarter level since at least 2017, and the number of newly completed multi-family units dropped 37.9% year-over-year, the only region where completions have fallen below pre-pandemic norms. Renters in Los Angeles, Calif. (-1.7%), Denver, Colo. (-3.4%), and Phoenix, Ariz. (-4.2%) are still seeing some relief today, but the slowdown in construction raises the risk that the trend reverses in the years ahead.
"The story isn't the same in every region, and that matters for where renters will feel relief next," said Jiayi Xu, economist at Realtor.com®. "The Northeast is already seeing new multi-family units come online and rents respond in some large markets. The West is telling a very different story. Renters there who are benefiting from lower rents today may find that window closing as fewer new multi-family units enter the market."
Northeast Sees the Highest YOY Growth in Starts and Completions
2026Q1
2025Q1
Avg. Q1 of 2017-
2019
%Change vs.
2025Q1
% Change vs. pre-
pandemic
Northeast
Under
Construction
144,000
155,000
132,000
-7.1 %
9.1 %
Northeast
Starts
105,000
58,000
52,000
81.0 %
101.9 %
Northeast
Completions
108,000
76,000
60,000
42.1 %
80.0 %
South
Under
Construction
279,000
314,000
227,000
-11.1 %
22.9 %
South
Starts
230,000
164,000
180,000
40.2 %
27.8 %
South
Completions
199,000
269,000
172,000
-26.0 %
15.7 %
Midwest
Under
Construction
87,000
92,000
72,000
-5.4 %
20.8 %
Midwest
Starts
49,000
56,000
35,000
-12.5 %
40.0 %
Midwest
Completions
63,000
64,000
41,000
-1.6 %
53.7 %
West
Under
Construction
174,000
204,000
182,000
-14.7 %
-4.4 %
West
Starts
77,000
107,000
114,000
-28.0 %
-32.5 %
West
Completions
100,000
161,000
109,000
-37.9 %
-8.3 %
Looking ahead, rental stock growth is expected to be strongest in the Northeast (+1.1%) by 2027Q1, followed by the South (+0.9%), and the Midwest and West (both +0.7%).
"As we move into the spring and summer leasing seasons, we expect the median asking rent to tick up modestly on a monthly basis, which is the typical seasonal pattern," said Xu. "But given the sustained level of multi-family construction relative to pre-pandemic norms, year-over-year declines are likely to continue through 2026. Modest rent relief is still the story for most renters."
Rental Data – 50 Largest Metropolitan Areas – April 2026
Methodology
Rental data as of April 2026 for studio, 1-bedroom, or 2-bedroom units advertised for rent on Realtor.com®. Rental units include apartments as well as private rentals (condos, townhomes, single-family homes). We use rental sources that reliably report data each month within the 50 largest metropolitan areas. Realtor.com® began publishing regular monthly rental trends reports in October 2020 with data history stretching to March 2019.
About Realtor.com®
Realtor.com® pioneered online real estate and has been at the forefront for over 25 years, connecting buyers, sellers, and renters with trusted insights, professional guidance and powerful tools to help them find their perfect home. Recognized as the No. 1 site trusted by real estate professionals, Realtor.com® is a valued partner, delivering consumer connections and a robust suite of marketing tools to support business growth. Realtor.com® is operated by News Corp [Nasdaq: NWS, NWSA] [ASX: NWS, NWSLV] subsidiary Move, Inc.
New England leads the country in new construction savings; in 16 metros, a decade of lower bills and repair costs more than covers the new construction price premium
, /PRNewswire/ -- Realtor.com® today released new research showing that buyers of newly built homes save an average of $25,335 over the first ten years of ownership compared to buyers of 20-year-old homes. The savings are driven by lower energy bills and fewer major repairs. The findings reveal a wide geographic divide, with New England states offering the greatest advantage and Southern states the least, and identify 16 metros where a decade of savings from new construction fully erases the price gap with existing homes.
New construction savings come in two forms: lower utility costs from more energy-efficient construction, and delayed replacement of major systems like HVAC, roofs, and water heaters. The analysis draws on data from Pearl, whose Pearl SCORE® rates every single-family home in the country across five performance pillars — Safety, Comfort, Operations, Resilience, and Energy. The analysis finds these benefits vary dramatically depending on where a home is located, how cold the winters are, and how stringent local building codes are.
To help buyers see these savings in action, Realtor.com is introducing interactive total cost of ownership content through a dedicated cost of ownership hub and experience on new construction listings, showing personalized ten-year savings estimates on utilities, roof replacement, HVAC, and water heater costs compared to a comparable resale home, giving buyers a clearer picture of the true cost of ownership before they contact a builder.
"Homeownership is not a one-time expense, and the ongoing costs of owning a home are where new construction really shines," said Joel Berner, senior economist at Realtor.com®. "Buyers who focus only on the listing price are missing a significant part of the financial picture."
The geographic pattern is stark. New England leads the country in new construction savings, with Massachusetts topping the list at $38,927 over ten years. Stricter building codes and harsher winters amplify the efficiency advantages of newer homes in these states. The South, despite being the most active new construction market in the country, sees smaller savings. Less demanding codes and milder climates mean the energy performance gap between new and existing homes is narrower there.
Top States for New Construction Savings
State
10-Year Total
New
Construction
Savings
New
Construction
Premium
Massachusetts
$38,927
46.7 %
New Hampshire
$35,885
45.5 %
Maine
$34,763
48.3 %
Rhode Island
$34,641
46.6 %
Vermont
$33,998
25.9 %
In 16 of the 300 largest metropolitan areas, the ten-year savings from buying new fully cover the price premium over existing homes. These markets span a wide range of price points and are concentrated in the South and West, where new construction premiums are modest enough to fall within reach of long-run savings. Madison, WI and Bloomington, IN are the only Midwestern markets on the list.
Metros Where 10-Year New Construction Savings Exceed the Price Premium
Metro
New
Construction
Median Listing
Price
Existing Home
Median Listing
Price
10-Year Total
New
Construction
Savings
San Diego-Chula Vista-Carlsbad, CA
$1,226,693
$1,210,500
$29,243
St. George, UT
$684,447
$683,984
$27,670
Salt Lake City-Murray, UT
$652,982
$637,650
$27,670
Seaford, DE
$580,619
$567,742
$22,075
Salem, OR
$545,333
$517,467
$31,404
Madison, WI
$534,284
$527,358
$25,983
Kennewick-Richland, WA
$528,807
$516,383
$21,187
Billings, MT
$525,477
$504,142
$28,520
Merced, CA
$455,719
$429,644
$29,243
Jacksonville, FL
$415,901
$411,583
$16,644
Bloomington, IN
$402,325
$390,692
$28,836
Greenville-Anderson-Greer, SC
$391,793
$390,098
$16,163
San Antonio-New Braunfels, TX
$339,642
$329,083
$18,227
Hattiesburg, MS
$317,817
$302,683
$25,997
Spartanburg, SC
$315,248
$314,967
$16,163
Abilene, TX
$310,873
$298,933
$18,227
"These savings estimates are actually conservative," said Berner. "Builder warranties frequently cover HVAC repairs in the early years, meaning new construction buyers often pay nothing out of pocket. And when you factor in the mortgage rate buydowns builders have been offering, which can translate to roughly $30,000 in savings over ten years, the total financial advantage of buying new becomes even more substantial."
The report also notes that builders have been more willing than existing home sellers to negotiate on price, giving buyers additional room to improve the long-run economics of a new construction purchase.
Methodology
Listing price data come from listings on Realtor.com® in the first quarter of 2026. Utility savings data come from estimates modeled by Pearl, through their Pearl SCORE®. Energy costs are generated by multiplying consumption by retail gas and electric prices, averaged at the state level. An escalation factor sourced from EIA is applied to the state-level costs to generate cumulative savings over time. Replacement and maintenance cost data come from estimates modeled by Pearl with these three components: lifespan and degradation, replacement cost, and maintenance cost. Each component is estimated at the zip code level and aggregated to the state level. National estimates are a weighted average of state estimates based on the number of single family homes. Degree-day estimates are sourced from EIA and totaled by adding heating degree days to cooling degree days.
About Pearl
Pearl is a ratings and standards company building the national standard for home performance. Pearl SCORE® rates every single-family home in the U.S. on a 1-to-1,000 scale across five pillars — Safety, Comfort, Operations, Resilience, and Energy — so buyers, sellers, and real estate professionals can understand how a home performs in daily life. Learn more at PearlScore.com.
About Realtor.com®
Realtor.com® pioneered online real estate and has been at the forefront for over 25 years, connecting buyers, sellers, and renters with trusted insights, professional guidance, and powerful tools to help them find their perfect home. Recognized as the No. 1 site trusted by real estate professionals, Realtor.com® is a valued partner, delivering consumer connections and a robust suite of marketing tools to support business growth. Realtor.com® is operated by News Corp [Nasdaq: NWS, NWSA] [ASX: NWS, NWSLV] subsidiary Move, Inc.
Media Contact: Mallory Micetich, [email protected]
After years of post-pandemic highs, the era of outsized down payments is beginning to unwind AUSTIN, Texas, May 19, 2026 /PRNewswire/ -- The typical down payment fell to $23,400 in the first quarter of 2026, the lowest level since 2021, according to the latest Realtor.com ® Down Payment Report. That represents a 19% decline year-over-year and the fourth consecutive quarterly drop, as rising inventory and moderating prices give buyers more negotiating room and reduce the pressure to lead with an outsized down payment.
Contract Signings Are Up 4.5% As the Spring Housing Market Becomes More Active Than Any Point Since Rates Surged In 2022
, /PRNewswire/ -- Today, Realtor.com® released its Spring 2026 Housing Market Progress Report, which finds that new listings and contract signings have each reached their highest levels since 2022, with contract signings up 4.5% year-over-year in April — the strongest reading in three years — as sellers who priced their homes competitively from the start found buyers willing to act. This new report shows the housing market is more dynamic through the first four months of 2026 than at any point since mortgage rates first surged in 2022.
"For the first time in three years, we're seeing contract signing growth that genuinely outpaces the trend of the recent past," said Jake Krimmel, senior economist at Realtor.com®. "Buyers have been sidelined but they haven't disappeared – they've simply been waiting for the right conditions. In the metros where sellers have come to market with realistic prices, buyers are showing up. That supply-demand-price alignment is what separates a dynamic market from a stagnant one, and we're beginning to see it take hold in a meaningful way."
New listings and contract signings each represent one side of a functioning housing market: sellers coming to market and buyers responding by going under contract. This report tracks both flows and finds that where sellers have priced their homes realistically, buyers are showing up — a pattern that separates moving markets from stagnant ones in 2026. Rather than relying on a single month's snapshot, the report tracks the full arc of 2026 year-to-date — January through April — at the national, regional, and local level across the top 50 metros.
New Listings,
Apr '26 YoY
Growth
New Listings
YTD Total vs.
2025
Contract
Signings Apr
'26 YoY
Growth
Contract
Signings YTD
Total vs. 2025
Med. PPSF,
Apr '26 YoY
Growth
Price
Reductions,
Apr. '26 Y-Y
USA
1.1
1.4
4.5
2.9
-2.4
-1.3
Northeast
9.4
1.0
5.1
-1.6
-0.3
0.4
Midwest
6.6
4.3
3.7
2.7
1.3
0.6
South
0.6
1.5
5.0
3.5
-3.4
-1.8
West
-3.5
0.9
4.0
3.9
-1.7
-1.1
Spring 2026: A Market Starting to Move
The two metrics that define a functioning spring market, new listings and contract signings, are each at their highest levels since 2022, and for the first time in three years, both are moving in the right direction at the same time. Through April, new listings are up 1.4% year-over-year and 22% above the 2023 trough. Contract signings, which had been stuck 20 to 25 percentage points below 2022 levels from 2023 through 2025, rose 4.5% year-over-year in April, accelerating from 2.9% in March.
That acceleration matters beyond the headline number. Year-to-date contract signings are up 2.9% versus 2025 and 4.1% above their 2023 low, and growth in signings is now outpacing growth in new listings — narrowing the gap between supply recovery and demand recovery that has defined the past three springs. With homes that go under contract typically closing within four to six weeks, that demand signal is on track to show up in closed sales data by June, the clearest evidence yet that the 2026 housing market is starting to move.
Where Are Markets Actually Moving?
Across the top 50 metros, 34 have seen more contract signings year-to-date in 2026 than over the same period in 2025, and 31 have seen more new listings. The trends are widespread, but the strength varies considerably by market.
Twenty-one metros have seen both new listings and contract signings rise year-over-year — markets genuinely delivering on the spring promise. The Midwest dominates this group, with Kansas City (+12.5% listings, +20.7% contract signings), Louisville (+13.6%, +18.9%), Indianapolis (+14.7%, +6.6%), Columbus (+8.0%, +7.9%), and Cincinnati (+10.8%, +4.7%) all showing strong two-sided momentum.
A more surprising cluster of markets is seeing contract signings rise despite fewer new listings than last year. Phoenix (-0.4% listings, +8.1% signings), Austin (-3.5%, +7.6%), and Jacksonville (-9.5%, +5.2%) all fit this profile. These markets have undergone significant price corrections over the past two years, and buyers are responding even where new supply has not surged.
Not all markets have found this footing. Las Vegas (-0.8% listings, -8.4% signings) and Tampa (-12.2%, -3.1%) show stagnation driven by weak demand, with days-on-market climbing by more than a week year-over-year. Hartford (-13.1%, -9.2%) and Providence (-8.0%, -5.6%), by contrast, are constrained by limited supply, with inventories still well below pre-pandemic norms and time on market actually falling compared to last year.
What the Market Clock Tells Us
The pattern of which markets are most and least active is not random. At the start of 2026, the Realtor.com® Market Clock placed 8 of the top 50 metros in buyer's market territory, with nearly all of them in the South — and so far this year, almost all of those markets have seen fewer new listings than last year. Sellers in buyer's markets know the conditions are not in their favor, and many are choosing to wait.
But two of those buyer's markets — Jacksonville and Austin — tell a different story. Both have seen significant contract signing gains (+5.2% and +7.6% year-to-date, respectively) despite falling new listings. Sellers who have come to market in those metros have dropped their initial list prices aggressively enough to bring buyers off the sidelines. The price corrections that pushed Jacksonville and Austin into buyer's market territory are now doing the work of unlocking demand — without any surge in new supply.
The picture looks different on the seller's market side. Of the 13 seller's markets identified by the Market Clock at the start of the year, some — like Kansas City (+20.7% contract signings) and Columbus (+7.9%) — are among the most active markets in the country, with both new listings and signings rising. Others, like Providence and Hartford, look stagnant despite their seller-friendly designation.
Pricing Realism: The Key Differentiator
Seller pricing behavior is one of the most consequential variables in determining whether a local market moves or stagnates. Nationally, the median list price per square foot is down 2.4% year-over-year in April — and yet the share of listings with price cuts has also declined, by 1.25 percentage points. This pattern is consistent with sellers pricing more realistically from the outset, reducing the need for subsequent reductions.
This dynamic is most visible in Southern metros that have absorbed significant price corrections over the past two years. Austin has seen asking prices per square foot fall 7.7% year-over-year — the steepest decline among the top 50 metros — yet its price-cut share is down 2.3 percentage points. Jacksonville, where prices are down 2.4%, has seen price cuts fall by 5 percentage points. Dallas, San Antonio, Miami, and Tampa follow the same pattern.
Critically, many of these same markets are among those where contract signings are rising even without a surge in new supply, reinforcing the conclusion that pricing realism does work that new supply alone cannot. A functioning spring market requires not just willing buyers and motivated sellers, but a shared and realistic understanding of what homes are worth.
"May and June will be decisive," said Krimmel. "If some resolution to Middle East uncertainty stabilizes mortgage rates and restores consumer confidence, the housing market may finally break out of the lower equilibrium it has occupied since 2022. If macro headwinds intensify — through rising rates, reaccelerating inflation, or a deterioration in confidence — the market could face the same fate as 2025, when tariff-related uncertainty stalled what had been a promising early spring."
New
Listings,
Apr '26
YoY
Growth
New Listings
YTD Total
vs. 2025
Contract
Signings Apr
'26 YoY
Growth
Contract
Signings
YTD Total
vs. 2025
Med. PPSF,
Apr '26 YoY
Growth
Price
Reductions,
Apr. '26 Y-Y
Atlanta-Sandy Springs-Roswell, GA
-4.1
-3.7
1.9
0.9
-0.2
-1.4
Austin-Round Rock-San Marcos, TX
-13.5
-3.5
8.0
7.6
-7.7
-2.3
Baltimore-Columbia-Towson, MD
3.6
3.1
-3.9
-0.2
-0.8
1.5
Birmingham, AL
2.5
8.0
1.5
3.5
0.8
0.2
Boston-Cambridge-Newton, MA-NH
-3.8
-1.1
9.3
5.6
0.3
-0.1
Buffalo-Cheektowaga, NY
-0.4
6.2
2.4
-3.2
0.4
-1.1
Charlotte-Concord-Gastonia, NC-SC
6.2
10.0
9.1
5.1
-1.8
-0.1
Chicago-Naperville-Elgin, IL-IN
-5.2
-3.2
-1.1
1.4
0.9
-0.4
Cincinnati, OH-KY-IN
13.7
10.8
8.0
4.7
-0.3
1.7
Cleveland, OH
7.8
4.0
2.1
-1.6
1.9
0.4
Columbus, OH
18.0
8.0
11.5
7.9
-1.5
-1.6
Dallas-Fort Worth-Arlington, TX
-5.9
-3.4
0.6
1.8
-1.8
-3.7
Denver-Aurora-Centennial, CO
-12.6
-2.4
0.6
3.1
-3.2
-2.8
Detroit-Warren-Dearborn, MI
6.7
6.0
1.9
0.3
0.5
0.9
Hartford-West Hartford-East Hartford, CT
-4.2
-13.1
-3.6
-9.2
-1.4
-0.4
Houston-Pasadena-The Woodlands, TX
-3.5
0.8
-0.2
2.2
-2.3
-1.0
Indianapolis-Carmel-Greenwood, IN
21.1
14.7
14.4
6.6
5.4
0.1
Jacksonville, FL
-8.1
-9.5
1.8
5.2
-2.4
-5.1
Kansas City, MO-KS
-2.5
12.5
18.9
20.7
0.3
-1.5
Las Vegas-Henderson-North Las Vegas, NV
-8.8
-0.8
-10.0
-7.4
-2.2
0.3
Los Angeles-Long Beach-Anaheim, CA
-3.3
-2.2
3.6
0.1
-3.3
-1.2
Louisville/Jefferson County, KY-IN
19.2
13.6
16.1
18.9
0.8
3.0
Memphis, TN-MS-AR
9.9
10.7
1.1
-0.6
-5.8
1.6
Miami-Fort Lauderdale-West Palm Beach, FL
-7.2
-8.7
7.9
-1.0
-1.6
-4.4
Milwaukee-Waukesha, WI
14.3
17.1
6.0
2.7
3.4
0.7
Minneapolis-St. Paul-Bloomington, MN-WI
10.7
5.4
8.9
0.2
-0.9
1.6
Nashville-Davidson--Murfreesboro--Franklin, TN
7.3
9.9
12.1
-2.8
-1.2
-0.1
New York-Newark-Jersey City, NY-NJ
11.4
0.6
-14.8
-23.1
-1.3
0.6
Oklahoma City, OK
6.5
5.6
1.3
3.9
-0.7
0.7
Orlando-Kissimmee-Sanford, FL
-9.0
-6.1
-0.2
-0.7
-3.3
-2.6
Philadelphia-Camden-Wilmington, PA-NJ-DE-MD
9.9
3.4
1.6
-2.5
0.0
0.5
Phoenix-Mesa-Chandler, AZ
-4.9
-0.4
4.8
8.1
-1.7
-2.2
Pittsburgh, PA
10.5
0.7
4.7
-2.3
2.7
-1.1
Portland-Vancouver-Hillsboro, OR-WA
-6.1
5.0
7.8
7.4
-2.7
0.7
Providence-Warwick, RI-MA
3.8
-8.0
2.9
-5.6
7.5
-0.1
Raleigh-Cary, NC
3.6
0.8
5.6
5.0
-2.0
-1.1
Richmond, VA
6.3
8.7
5.5
6.9
2.2
0.6
Riverside-San Bernardino-Ontario, CA
-5.6
-2.6
2.0
0.6
-2.3
-2.4
Sacramento-Roseville-Folsom, CA
-5.7
0.4
5.4
5.2
-0.2
-1.3
St. Louis, MO-IL
4.6
3.8
-1.9
-0.8
1.1
0.4
Salt Lake City-Murray, UT
2.5
6.9
1.5
5.6
-0.1
-3.1
San Antonio-New Braunfels, TX
7.3
4.1
8.5
4.1
-5.8
-0.7
San Diego-Chula Vista-Carlsbad, CA
-5.5
-3.5
6.7
3.5
-4.1
-2.9
San Francisco-Oakland-Fremont, CA
-1.5
-4.3
9.2
1.8
-3.0
-2.0
San Jose-Sunnyvale-Santa Clara, CA
0.9
6.0
10.1
3.8
-2.5
1.1
Seattle-Tacoma-Bellevue, WA
2.4
5.5
-0.1
-1.5
-3.0
1.8
Tampa-St. Petersburg-Clearwater, FL
-15.7
-12.2
0.9
-3.1
-2.8
-4.2
Tucson, AZ
-13.9
-5.6
2.3
0.1
-2.0
-0.1
Virginia Beach-Chesapeake-Norfolk, VA-NC
23.8
9.6
5.2
5.6
2.2
-0.4
Washington-Arlington-Alexandria, DC-VA-MD-WV
4.9
6.5
8.1
7.8
-3.6
-0.9
Methodology
Realtor.com housing data as of April 2026. Listings include the active inventory of existing single-family homes and condos/townhomes/row homes/co-ops for the given level of geography on Realtor.com. New construction is excluded unless listed on an MLS that provides listing data to Realtor.com. Realtor.com data history goes back to July 2016. The 50 largest U.S. metropolitan areas as defined by the Office of Management and Budget (OMB-202301) and Claritas 2025 estimates of household counts.
New Listings represent the count of residential properties that were listed for sale for the first time in a given month. Contract Signings represent the flow of homes entering pending status in a given month (i.e. homes that went under contract for the first time in that period). This is a flow measure, not a stock measure. This distinguishes it from the stock of pending listings, which measures the total number of homes under contract at a given point in time regardless of when they entered that status.
Year-to-date (YTD) through April totals are calculated by summing monthly values for January through April of the relevant year. YTD growth rates compare the January-April sum in 2026 to the same four-month sum in the comparison year. For example, a YTD growth rate vs. 2025 reflects the percentage change in total activity over the first four months of 2026 relative to the first four months of 2025.
About Realtor.com®
Realtor.com® pioneered online real estate and has been at the forefront for over 25 years, connecting buyers, sellers, and renters with trusted insights, professional guidance, and powerful tools to help them find their perfect home. Recognized as the No. 1 site trusted by real estate professionals, Realtor.com® is a valued partner, delivering consumer connections and a robust suite of marketing tools to support business growth. Realtor.com® is operated by News Corp [Nasdaq: NWS, NWSA] [ASX: NWS, NWSLV] subsidiary Move, Inc.
Media Contact: Mallory Micetich, [email protected]
How Timing and Pricing Shape Your Home's Final Sale Price, according to a New Realtor.com ® Report AUSTIN, Texas, June 11, 2026 /PRNewswire/ -- The bidding war era is over. A new report from Realtor.com ® shows the average home is now selling below its asking price, a sharp U-turn from the pandemic frenzy of 2021 and 2022.
NEW YORK, April 29, 2026 (GLOBE NEWSWIRE) -- Virtu Financial, Inc. (NYSE: VIRT), a leading provider of financial services and products that leverages cutting edge technology to deliver innovative, transparent trading solutions to its clients and liquidity to the global markets, today reported results for the first quarter ended March 31, 2026.
Virtu Financial (VIRT - Free Report) came out with quarterly earnings of $2.24 per share, beating the Zacks Consensus Estimate of $1.66 per share. This compares to earnings of $1.3 per share a year ago. These figures are adjusted for non-recurring items.
This quarterly report represents an earnings surprise of +35.21%. A quarter ago, it was expected that this high-speed trading company would post earnings of $1.28 per share when it actually produced earnings of $1.85, delivering a surprise of +44.53%.
Over the last four quarters, the company has surpassed consensus EPS estimates four times.
Virtu Financial, which belongs to the Zacks Financial - Miscellaneous Services industry, posted revenues of $786.53 million for the quarter ended March 2026, surpassing the Zacks Consensus Estimate by 37.50%. This compares to year-ago revenues of $497.14 million. The company has topped consensus revenue estimates four times over the last four quarters.
The sustainability of the stock's immediate price movement based on the recently-released numbers and future earnings expectations will mostly depend on management's commentary on the earnings call.
Virtu Financial shares have added about 46.8% since the beginning of the year versus the S&P 500's gain of 4.3%.
What's Next for Virtu Financial?While Virtu Financial has outperformed the market so far this year, the question that comes to investors' minds is: what's next for the stock?
There are no easy answers to this key question, but one reliable measure that can help investors address this is the company's earnings outlook. Not only does this include current consensus earnings expectations for the coming quarter(s), but also how these expectations have changed lately.
Empirical research shows a strong correlation between near-term stock movements and trends in earnings estimate revisions. Investors can track such revisions by themselves or rely on a tried-and-tested rating tool like the Zacks Rank, which has an impressive track record of harnessing the power of earnings estimate revisions.
Ahead of this earnings release, the estimate revisions trend for Virtu Financial was favorable. While the magnitude and direction of estimate revisions could change following the company's just-released earnings report, the current status translates into a Zacks Rank #1 (Strong Buy) for the stock. So, the shares are expected to outperform the market in the near future. You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here.
It will be interesting to see how estimates for the coming quarters and the current fiscal year change in the days ahead. The current consensus EPS estimate is $1.22 on $515.15 million in revenues for the coming quarter and $5.62 on $2.05 billion in revenues for the current fiscal year.
Investors should be mindful of the fact that the outlook for the industry can have a material impact on the performance of the stock as well. In terms of the Zacks Industry Rank, Financial - Miscellaneous Services is currently in the top 27% of the 250 plus Zacks industries. Our research shows that the top 50% of the Zacks-ranked industries outperform the bottom 50% by a factor of more than 2 to 1.
Orion Digital Corp. (ORIO - Free Report) , another stock in the same industry, has yet to report results for the quarter ended March 2026.
This company is expected to post quarterly loss of $0.07 per share in its upcoming report, which represents a year-over-year change of -75%. The consensus EPS estimate for the quarter has remained unchanged over the last 30 days.
Orion Digital Corp.'s revenues are expected to be $12.43 million, up 3% from the year-ago quarter.
After reaching an important support level, Virtu Financial (VIRT) could be a good stock pick from a technical perspective. VIRT surpassed resistance at the 20-day moving average, suggesting a short-term bullish trend.
On April 29, 2026, Virtu Financial Inc VIRT shares rose 3.9% to $50.82. The stock has shown strong price performance with a 52-week high of $52.21 and a low of $31.55.
GF Value™ verdict: Current price of $50.82 is 53.5% above the GF Value™ estimate of $33.10.GF Score™ is 74/100, indicating an Above Average ranking in terms of potential for long-term returns.Notable signal: Insiders have sold $11.7 million in stock over the past three months, with no insider buying reported. Is VIRT Overvalued or Undervalued? Based on the current price of $50.82 and the GF Value™ estimate of $33.10, Virtu Financial Inc appears to be significantly overvalued, presenting a margin of safety of -53.5%. The GF Valuation label of 'Significantly Overvalued' reinforces this assessment, suggesting that the current market price does not reflect the intrinsic value of the company. This overvaluation indicates potential risks for investors, as market corrections could lead to a decline in stock price as it realigns with its intrinsic value.
GF Value™ is GuruFocus' proprietary measure of intrinsic value, calculated from historical trading multiples, past business growth, and future performance estimates. Given the substantial gap between the current market price and the estimated fair value, investors may want to approach this stock with caution, as the risk of a price correction could be significant.
How Does VIRT's Valuation Compare to Its History? Metric Current Historical P/E (TTM) 9.9x 9.3x Forward P/E 9.0x N/A The current P/E ratio of 9.9x is 6% above its 5-year median P/E of 9.3x, indicating that the stock is trading at a premium relative to its historical valuation. This P/E analysis aligns with the GF Value™ verdict of overvaluation, further suggesting that the current market price may not be justified by the company's earnings potential.
What Does VIRT's GF Score™ Tell Us? Metric Rating GF Score™ 74 Financial Strength 3/10 Profitability 8/10 Growth 5/10 Valuation 3/10 Momentum 9/10 The GF Score™ of 74 indicates that Virtu Financial Inc possesses an Above Average ranking in terms of potential long-term returns. The strongest area is its Profitability rank at 8/10, suggesting solid earnings performance. However, the weakest point is its Financial Strength, with a rating of 3/10, indicating potential vulnerabilities in its financial structure. The Momentum rank of 9/10 highlights positive price performance trends, but the lower Valuation rank suggests caution regarding the current market price.
What Are Insiders Doing with VIRT Stock? In the last three months, insiders at Virtu Financial Inc have sold a total of $11.7 million worth of shares, with no reported insider buying. This pattern of selling may indicate a lack of confidence among insiders regarding the stock's future performance at its current valuation level. While insider selling can occur for various reasons, the absence of buying raises concerns about the company's prospects from the perspective of those closest to its operations.
What This Means for Investors Based on the GF Value™ analysis, Virtu Financial Inc is currently overvalued. The significant gap between the current price and the estimated fair value indicates potential risks for investors, as the stock may be susceptible to correction in alignment with its intrinsic value.
For the complete analysis, visit the Virtu Financial Inc VIRT stock page. You can also explore the GF Value™ page for detailed valuation methodology, or use the GuruFocus Stock Screener to find similar opportunities.
Frequently Asked Questions What is VIRT's GF Score™?
The GF Score™ for Virtu Financial Inc is 74/100, indicating an Above Average ranking based on key aspects of financial performance and potential for long-term returns.
Is VIRT overvalued or undervalued?
Virtu Financial Inc is currently overvalued, with a market price that is 53.5% above its GF Value™ estimate of $33.10.
What is VIRT's P/E ratio?
Virtu Financial Inc has a P/E ratio of 9.9x, which is above its 5-year median P/E of 9.3x, suggesting that it is trading at a premium compared to its historical valuation.
This stock alert was generated using automated technology and GuruFocus financial data to provide readers with timely and accurate market reporting. This content was reviewed by GuruFocus editorial team prior to publication. Please send any questions or comments about this story to [email protected].
NEW YORK, May 05, 2026 (GLOBE NEWSWIRE) -- zerohash, the leading digital asset infrastructure platform powering crypto, stablecoin, and tokenization capabilities for financial institutions, today announced that Virtu Financial, a global market maker and liquidity provider across equities, options, fixed income, FX, and digital assets, has joined the zerohash liquidity ecosystem as a market-making partner.
Through this partnership, Virtu now provides liquidity across zerohash’s full liquidity stack, including its central limit order book and RFQ (Request for Quote) systems. The integration further enhances existing pricing depth, execution quality, and market stability for zerohash’s partners, which include broker-dealers, banks, fintech platforms, and payment providers.
Virtu is one of the world’s largest market makers, known for its deep expertise in providing continuous, two-sided liquidity across asset classes. Its participation in zerohash’s liquidity ecosystem reinforces the convergence between traditional financial market structure and digital asset infrastructure.
As digital asset adoption accelerates among retail and institutional investors, execution quality has become a critical differentiator. By integrating Virtu’s liquidity into its platform, zerohash continues to strengthen its ability to deliver deeper liquidity and tighter spreads, as well as more consistent execution during volatile markets.
For zerohash partners, this translates directly into better trading experiences for end customers without additional operational complexity.
“zerohash is the leading infrastructure to financial institutions and enterprises, including Interactive Brokers, Morgan Stanley, Public.com and tastytrade. The partnership further underscores zerohash’s continued focus on delivering the best and most reliable pricing to customers,” said Edward Woodford, Founder and CEO of zerohash.
“The adoption of digital assets by the broader financial ecosystem continues to take form quicker than most anticipated,” said Scotte Moegling, Head of Business Development for Digital Assets at Virtu Financial. “We are pleased to partner with zerohash, one of the leading crypto venues, as we bring our market making expertise via quality pricing and execution to a growing network of financial institutions.”
About zerohash
zerohash is the leading infrastructure provider for crypto, stablecoin, and tokenized assets. Its API and embeddable dev-kit enable innovators to easily launch solutions across cross-border payments, commerce, trading, remittance, payroll, tokenization, and on/off-ramps. The company has a global regulatory footprint across the EU, Latin America, Australia, New Zealand, Bermuda, and the U.S., and operates regulated entities in 51 U.S. jurisdictions. For more information, visit zerohash.com.
Disclosures: zerohash services and product offerings may not be available in all jurisdictions. zerohash accounts are not subject to FDIC or SIPC protections, or any such equivalent protections that may exist outside of the US. zerohash’s technical support and enablement of any asset is not an endorsement of such asset and is not a recommendation to buy, sell, or hold any crypto asset. zerohash is not registered with the SEC or FINRA.
About Virtu Financial
Virtu is a leading provider of financial services and products that leverages cutting-edge technology to deliver liquidity to the global markets and innovative, transparent trading solutions to its clients. Leveraging its global market making expertise and infrastructure, Virtu provides a robust product suite including offerings in execution, liquidity sourcing, analytics and broker-neutral, multi-dealer platforms in workflow technology. Virtu’s product offerings allow clients to trade on hundreds of venues across 50+ countries and in multiple asset classes, including global equities, ETFs, foreign exchange, futures, fixed income, cryptocurrency and myriad other commodities. In addition, Virtu’s integrated, multi-asset analytics platform provides a range of pre-, intra-, and post-trade services, data products and compliance tools that clients rely upon to invest, trade and manage risk across global markets.
Virtu Financial's Q1 EPS jumps 72% y/y and crushes estimates as Execution Services and Market Making surge, boosting trading income despite higher costs.
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Value ScoreFor value investors, it's all about finding good stocks at good prices, and discovering which companies are trading under their true value before the broader market catches on. The Value Style Score utilizes ratios like P/E, PEG, Price/Sales, Price/Cash Flow, and a host of other multiples to help pick out the most attractive and discounted stocks.
Growth ScoreGrowth investors are more concerned with a stock's future prospects, and the overall financial health and strength of a company. Thus, the Growth Style Score analyzes characteristics like projected and historic earnings, sales, and cash flow to find stocks that will see sustainable growth over time.
Momentum ScoreMomentum investors, who live by the saying "the trend is your friend," are most interested in taking advantage of upward or downward trends in a stock's price or earnings outlook. Utilizing one-week price change and the monthly percentage change in earnings estimates, among other factors, the Momentum Style Score can help determine favorable times to buy high-momentum stocks.
VGM ScoreIf you like to use all three kinds of investing, then the VGM Score is for you. It's a combination of all Style Scores, and is an important indicator to use with the Zacks Rank. The VGM Score rates each stock on their shared weighted styles, narrowing down the companies with the most attractive value, best growth forecast, and most promising momentum.
How Style Scores Work with the Zacks Rank The Zacks Rank, which is a proprietary stock-rating model, employs earnings estimate revisions, or changes to a company's earnings expectations, to make building a winning portfolio easier.
#1 (Strong Buy) stocks have produced an unmatched +23.93% average annual return since 1988, which is more than double the S&P 500's performance over the same time frame. However, the Zacks Rank examines a ton of stocks, and there can be more than 200 companies with a Strong Buy rank, and another 600 with a #2 (Buy) rank, on any given day.
But it can feel overwhelming to pick the right stocks for you and your investing goals with over 800 top-rated stocks to choose from.
That's where the Style Scores come in.
You want to make sure you're buying stocks with the highest likelihood of success, and to do that, you'll need to pick stocks with a Zacks Rank #1 or #2 that also have Style Scores of A or B. If you like a stock that only has a #3 (Hold) rank, it should also have Scores of A or B to guarantee as much upside potential as possible.
The direction of a stock's earnings estimate revisions should always be a key factor when choosing which stocks to buy, since the Scores were created to work together with the Zacks Rank.
A stock with a #4 (Sell) or #5 (Strong Sell) rating, for instance, even one with Scores of A and B, will still have a declining earnings forecast, and a greater chance its share price will fall too.
Thus, the more stocks you own with a #1 or #2 Rank and Scores of A or B, the better.
Stock to Watch: Virtu Financial (VIRT - Free Report) Headquartered in New York, NY, Virtu Financial is a market-leading financial services firm that leverages cutting-edge technology to provide execution services and data, analytics and connectivity products to its clients and deliver liquidity to the global markets. It provides a wide array of offerings in execution, liquidity sourcing, analytics and broker-neutral, multi-dealer platforms in workflow technology. The company was founded in 2008.
VIRT is a #1 (Strong Buy) on the Zacks Rank, with a VGM Score of B.
It also boasts a Value Style Score of B thanks to attractive valuation metrics like a forward P/E ratio of 8; value investors should take notice.
For fiscal 2026, five analysts revised their earnings estimate upwards in the last 60 days, and the Zacks Consensus Estimate has increased $1.64 to $6.33 per share. VIRT boasts an average earnings surprise of +25.1%.
With a solid Zacks Rank and top-tier Value and VGM Style Scores, VIRT should be on investors' short list.
For new and old investors, taking full advantage of the stock market and investing with confidence are common goals. Zacks Premium provides lots of different ways to do both.
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Zacks Premium also includes the Zacks Style Scores.
What are the Zacks Style Scores? The Zacks Style Scores, developed alongside the Zacks Rank, are complementary indicators that rate stocks based on three widely-followed investing methodologies; they also help investors pick stocks with the best chances of beating the market over the next 30 days.
Each stock is given an alphabetic rating of A, B, C, D or F based on their value, growth, and momentum qualities. With this system, an A is better than a B, a B is better than a C, and so on, meaning the better the score, the better chance the stock will outperform.
The Style Scores are broken down into four categories:
Value ScoreFinding good stocks at good prices, and discovering which companies are trading under their true value, are what value investors like to focus on. So, the Value Style Score takes into account ratios like P/E, PEG, Price/Sales, Price/Cash Flow, and a host of other multiples to highlight the most attractive and discounted stocks.
Growth ScoreGrowth investors are more concerned with a stock's future prospects, and the overall financial health and strength of a company. Thus, the Growth Style Score analyzes characteristics like projected and historic earnings, sales, and cash flow to find stocks that will see sustainable growth over time.
Momentum ScoreMomentum trading is all about taking advantage of upward or downward trends in a stock's price or earnings outlook, and these investors live by the saying "the trend is your friend." The Momentum Style Score can pinpoint good times to build a position in a stock, using factors like one-week price change and the monthly percentage change in earnings estimates.
VGM ScoreIf you want a combination of all three Style Scores, then the VGM Score will be your friend. It rates each stock on their combined weighted styles, helping you find the companies with the most attractive value, best growth forecast, and most promising momentum. It's also one of the best indicators to use with the Zacks Rank.
How Style Scores Work with the Zacks Rank A proprietary stock-rating model, the Zacks Rank utilizes the power of earnings estimate revisions, or changes to a company's earnings outlook, to help investors create a successful portfolio.
Investors can count on the Zacks Rank's success, with #1 (Strong Buy) stocks producing an unmatched +23.93% average annual return since 1988, more than double the S&P 500's performance. But the model rates a large number of stocks, and there are over 200 companies with a Strong Buy rank, plus another 600 with a #2 (Buy) rank, on any given day.
This totals more than 800 top-rated stocks, and it can be overwhelming to try and pick the best stocks for you and your portfolio.
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To have the best chance of big returns, you'll want to always consider stocks with a Zacks Rank #1 or #2 that also have Style Scores of A or B, which will give you the highest probability of success. If you're looking at stocks with a #3 (Hold) rank, it's important they have Scores of A or B as well to ensure as much upside potential as possible.
Since the Scores were created to work together with the Zacks Rank, the direction of a stock's earnings estimate revisions should be a key factor when choosing which stocks to buy.
For instance, a stock with a #4 (Sell) or #5 (Strong Sell) rating, even one that boasts Scores of A and B, still has a downward-trending earnings forecast, and a much greater likelihood its share price will decline as well.
Thus, the more stocks you own with a #1 or #2 Rank and Scores of A or B, the better.
Stock to Watch: Virtu Financial (VIRT - Free Report) Headquartered in New York, NY, Virtu Financial is a market-leading financial services firm that leverages cutting-edge technology to provide execution services and data, analytics and connectivity products to its clients and deliver liquidity to the global markets. It provides a wide array of offerings in execution, liquidity sourcing, analytics and broker-neutral, multi-dealer platforms in workflow technology. The company was founded in 2008.
VIRT is a #1 (Strong Buy) on the Zacks Rank, with a VGM Score of B.
Momentum investors should take note of this Finance stock. VIRT has a Momentum Style Score of A, and shares are up 2.6% over the past four weeks.
Five analysts revised their earnings estimate upwards in the last 60 days for fiscal 2026. The Zacks Consensus Estimate has increased $1.64 to $6.33 per share. VIRT boasts an average earnings surprise of +25.1%.
With a solid Zacks Rank and top-tier Momentum and VGM Style Scores, VIRT should be on investors' short list.
Investors interested in stocks from the Financial - Miscellaneous Services sector have probably already heard of Virtu Financial (VIRT) and Circle Internet Group, Inc. (CRCL). But which of these two stocks presents investors with the better value opportunity right now?
On May 13, 2026, Virtu Financial Inc VIRT shares rose 3.4% today, reflecting a strong performance within a volatile market. The stock has traded between a 52-week low of $31.55 and a high of $53.75, demonstrating significant fluctuations in investor sentiment over the past year.
GF Value™ verdict: The current price of $53.59 is 34.7% above the GF Value™ estimate of $39.77, indicating that the stock is overvalued.GF Score™ of 78/100 suggests that Virtu Financial is in the above-average category, which may indicate potential for long-term returns.Notable signal: Insiders sold $13.3 million worth of shares in the last three months, which could suggest a lack of confidence in the stock's near-term performance. Is VIRT Overvalued or Undervalued? Based on the current price of $53.59 compared to the GF Value™ of $39.77, Virtu Financial appears to be significantly overvalued with a margin of safety of approximately 34.7%. This overvaluation is further supported by the GF Valuation label, which categorizes the stock as "Significantly Overvalued." The significant disparity between the market price and the GF Value™ suggests that investors may be paying a premium for the stock that does not align with its intrinsic value. This could pose a risk, as overvalued stocks may face downward pressure if market sentiment shifts or if the company does not meet growth expectations.
GF Value™ is GuruFocus' proprietary measure of intrinsic value, calculated from historical trading multiples, past business growth, and future performance estimates. Given the current economic landscape and the company's performance metrics, the risk of holding an overvalued stock like Virtu Financial should be carefully considered.
How Does VIRT's Valuation Compare to Its History? Metric Current Historical P/E (TTM) 8.9x 9.1x Forward P/E 8.2x N/A The current P/E (TTM) of 8.9x is slightly below its 5-year median P/E of 9.1x, while the forward P/E of 8.2x indicates that analysts expect a modest decrease in earnings relative to the current price. This P/E analysis suggests that the stock is trading slightly below its historical valuation, which may seem contradictory to the GF Value™ verdict that indicates significant overvaluation. However, it is essential to consider that price-to-earnings ratios alone do not capture the full picture of a stock's value. Thus, while the P/E ratios provide some context, they do not diminish the concerns raised by the GF Value™ assessment.
What Does VIRT's GF Score™ Tell Us? Metric Rating GF Score™ 78/100 Financial Strength 3/10 Profitability 8/10 Growth 5/10 Valuation 5/10 Momentum 9/10 The GF Score™ of 78/100 indicates that Virtu Financial is positioned in the above-average category regarding potential long-term returns. The strongest area for the company is its profitability rank of 8/10, which suggests effective management and consistent earnings generation. Conversely, the financial strength score of 3/10 is the weakest aspect, indicating potential vulnerabilities in the company's balance sheet or overall financial health. The growth and valuation ranks of 5/10 reflect a moderate outlook, while the momentum rank of 9/10 highlights the recent positive price action, which may attract short-term traders.
What Are Insiders Doing with VIRT Stock? In the last three months, insiders have sold $13.3 million worth of Virtu Financial shares without any reported purchases. This pattern of selling could suggest that those closest to the company may lack confidence in its future performance or believe that the stock price has peaked. Such insider activity can often be a red flag for investors, indicating a potential disconnect between management's outlook and market sentiment. Without any buying activity from insiders, it raises questions about their confidence in the company's growth prospects.
What This Means for Investors Based on the GF Value™ assessment, Virtu Financial Inc VIRT is currently overvalued at a price of $53.59 compared to a fair value estimate of $39.77. While the stock has demonstrated strong momentum and profitability, the significant overvaluation signals potential risks for investors. Caution is advised when considering exposure to this stock in the current market environment.
For the complete analysis, visit the Virtu Financial Inc VIRT stock page. You can also explore the GF Value™ page for detailed valuation methodology, or use the GuruFocus Stock Screener to find similar opportunities.
Frequently Asked Questions What is VIRT's GF Score™?
VIRT has a GF Score™ of 78/100, indicating that it is in the above-average category for potential long-term returns based on various financial metrics.
Is VIRT overvalued or undervalued?
VIRT is currently overvalued, as its price of $53.59 is significantly above the GF Value™ estimate of $39.77, suggesting a 34.7% overvaluation.
What is VIRT's P/E ratio?
VIRT's P/E (TTM) is 8.9x, which is slightly below its 5-year median P/E of 9.1x, indicating that the stock is trading at a lower multiple compared to its historical averages.
This stock alert was generated using automated technology and GuruFocus financial data to provide readers with timely and accurate market reporting. This content was reviewed by GuruFocus editorial team prior to publication. Please send any questions or comments about this story to [email protected].
Here at Zacks, we offer our members many different opportunities to take full advantage of the stock market, as well as how to invest in ways that lead to long-term success.
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Focus List MethodologyWhen stocks are picked for the Focus List, it reflects our enduring reliance on the power of earnings estimate revisions.
Earnings estimates, or expectations of growth and profitability, come from brokerage analysts who track publicly traded companies; these analysts work together with company management to analyze every aspect that may affect future earnings, like interest rates, the economy, and sector and industry optimism.
Earnings estimate revisions are very important, since investors also need to take into consideration what a company will earn in the future.
The stocks that receive positive changes to earnings estimates are more likely to receive even more upward changes in the future. Take this example: if an analyst raised their estimates last month, they'll probably do so again this month, and other analysts will follow.
Utilizing the power of earnings estimate revisions is when the Zacks Rank joins the party. A unique, proprietary stock-rating model, the Zacks Rank uses changes to quarterly earnings expectations to help investors create a winning portfolio.
There are four main factors behind the Zacks Rank: Agreement, Magnitude, Upside, and Surprise. Each one of these features is then given a raw score that's recalculated every night and compiled into the Rank. Using this data, stocks are classified into five groups, ranging from "Strong Buy" to "Strong Sell."
The Focus List is comprised of stocks hand-picked from a long list of #1 (Strong Buy) or #2 (Buy) ranked companies, meaning that each new addition boasts a bullish earnings consensus among analysts.
Because stock prices react to revisions, buying stocks with rising earnings estimates can be very profitable. Focus List stocks offer investors a great opportunity to get into companies whose future earnings estimates will be raised, potentially leading to price momentum.
Focus List Spotlight: Virtu Financial (VIRT - Free Report) Headquartered in New York, NY, Virtu Financial is a market-leading financial services firm that leverages cutting-edge technology to provide execution services and data, analytics and connectivity products to its clients and deliver liquidity to the global markets. It provides a wide array of offerings in execution, liquidity sourcing, analytics and broker-neutral, multi-dealer platforms in workflow technology. The company was founded in 2008.
On July 31, 2023, VIRT was added to the Focus List at $18.9 per share. Shares have increased 190.95% to $54.99 since then, and the company is a #1 (Strong Buy) on the Zacks Rank.
Six analysts revised their earnings estimate higher in the last 60 days for fiscal 2026, while the Zacks Consensus Estimate has increased $1.63 to $6.32. VIRT also boasts an average earnings surprise of 25.1%.
Earnings for VIRT are forecasted to see growth of 10.3% for the current fiscal year as well.
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Investors might want to bet on Virtu Financial (VIRT - Free Report) , as earnings estimates for this company have been showing solid improvement lately. The stock has already gained solid short-term price momentum, and this trend might continue with its still improving earnings outlook.
The rising trend in estimate revisions, which is a result of growing analyst optimism on the earnings prospects of this high-speed trading company, should get reflected in its stock price. After all, empirical research shows a strong correlation between trends in earnings estimate revisions and near-term stock price movements. Our stock rating tool -- the Zacks Rank -- is principally built on this insight.
The five-grade Zacks Rank system, which ranges from a Zacks Rank #1 (Strong Buy) to a Zacks Rank #5 (Strong Sell), has an impressive externally-audited track record of outperformance, with Zacks #1 Ranked stocks generating an average annual return of +25% since 2008.
For Virtu Financial, there has been strong agreement among the covering analysts in raising earnings estimates, which has helped push consensus estimates considerably higher for the next quarter and full year.
The chart below shows the evolution of forward 12-month Zacks Consensus EPS estimate:
12 Month EPS
Current-Quarter Estimate RevisionsThe earnings estimate of $1.49 per share for the current quarter represents a change of -2.6% from the number reported a year ago.
Over the last 30 days, the Zacks Consensus Estimate for Virtu Financial has increased 24.72% because four estimates have moved higher compared to no negative revisions.
Current-Year Estimate RevisionsThe company is expected to earn $6.32 per share for the full year, which represents a change of +10.3% from the prior-year number.
In terms of estimate revisions, the trend for the current year also appears quite encouraging for Virtu Financial. Over the past month, five estimates have moved higher compared to no negative revisions, helping the consensus estimate increase 16.95%.
Favorable Zacks RankThanks to promising estimate revisions, Virtu Financial currently carries a Zacks Rank #1 (Strong Buy). The Zacks Rank is a tried-and-tested rating tool that helps investors effectively harness the power of earnings estimate revisions and make the right investment decision.
You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here.
Our research shows that stocks with Zacks Rank #1 (Strong Buy) and 2 (Buy) significantly outperform the S&P 500.
Bottom LineWhile strong estimate revisions for Virtu Financial have attracted decent investments and pushed the stock 7.6% higher over the past four weeks, further upside may still be left in the stock. So, you may consider adding it to your portfolio right away.
Here at Zacks, we offer our members many different opportunities to take full advantage of the stock market, as well as how to invest in ways that lead to long-term success.
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The service also includes the Focus List, which is a long-term portfolio of top stocks that boast a winning, market-beating combination of growth and momentum qualities.
Breaking Down the Zacks Focus ListBuilding an investment portfolio from scratch can be difficult, so if you could, wouldn't you take a peek at a curated list of top stocks?
That's what the Zacks Focus List, a portfolio of 50 stocks, offers investors. Not only does it serve as a starting point for long-term investors, but all stocks included in the list are poised to outperform the market over the next 12 months.
Additionally, each selection is accompanied by a full Zacks Analyst Report, something that makes the Focus List even more valuable. The report explains in detail why each stock was picked and why we believe it's good for the long-term.
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Focus List MethodologyWhen stocks are picked for the Focus List, it reflects our enduring reliance on the power of earnings estimate revisions.
Earnings estimates are expectations of growth and profitability, and are determined by brokerage analysts. Together with company management, these analysts examine every aspect that may affect future earnings, like interest rates, the economy, and sector and industry optimism.
Earnings estimate revisions are very important, since investors also need to take into consideration what a company will earn in the future.
Stocks that receive upward earnings estimate revisions are more likely to receive even more upward changes in the future. For example, if an analyst raised their estimates last month, they're more likely to do it again this month, and other analysts are likely to do the same.
Harnessing the power of earnings estimate revisions is where the Zacks Rank comes in. The Zacks Rank, which is a unique, proprietary stock-rating model, employs earnings estimate revisions to make it easier to build a winning portfolio.
Four primary factors make up the Zacks Rank: Agreement, Magnitude, Upside, and Surprise. Each is given a raw score that's recalculated every night and compiled into the Rank, and with this data, stocks are then classified into five groups, ranging from "Strong Buy" to "Strong Sell."
The Focus List is comprised of stocks hand-picked from a long list of #1 (Strong Buy) or #2 (Buy) ranked companies, meaning that each new addition boasts a bullish earnings consensus among analysts.
Because stock prices react to revisions, buying stocks with rising earnings estimates can be very profitable. Focus List stocks offer investors a great opportunity to get into companies whose future earnings estimates will be raised, potentially leading to price momentum.
Focus List Spotlight: Virtu Financial (VIRT - Free Report) Headquartered in New York, NY, Virtu Financial is a market-leading financial services firm that leverages cutting-edge technology to provide execution services and data, analytics and connectivity products to its clients and deliver liquidity to the global markets. It provides a wide array of offerings in execution, liquidity sourcing, analytics and broker-neutral, multi-dealer platforms in workflow technology. The company was founded in 2008.
On July 31, 2023, VIRT was added to the Focus List at $18.9 per share. Shares have increased 177.62% to $52.47 since then, and the company is a #1 (Strong Buy) on the Zacks Rank.
Six analysts revised their earnings estimate upwards in the last 60 days for fiscal 2026. The Zacks Consensus Estimate has increased $1.58 to $6.32. VIRT boasts an average earnings surprise of 25.1%.
Additionally, VIRT's earnings are expected to grow 10.3% for the current fiscal year.
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Investors interested in stocks from the Financial - Miscellaneous Services sector have probably already heard of Virtu Financial (VIRT - Free Report) and American Express (AXP - Free Report) . But which of these two stocks offers value investors a better bang for their buck right now? We'll need to take a closer look.
Everyone has their own methods for finding great value opportunities, but our model includes pairing an impressive grade in the Value category of our Style Scores system with a strong Zacks Rank. The Zacks Rank is a proven strategy that targets companies with positive earnings estimate revision trends, while our Style Scores work to grade companies based on specific traits.
Right now, Virtu Financial is sporting a Zacks Rank of #1 (Strong Buy), while American Express has a Zacks Rank of #3 (Hold). Investors should feel comfortable knowing that VIRT likely has seen a stronger improvement to its earnings outlook than AXP has recently. However, value investors will care about much more than just this.
Value investors also tend to look at a number of traditional, tried-and-true figures to help them find stocks that they believe are undervalued at their current share price levels.
Our Value category highlights undervalued companies by looking at a variety of key metrics, including the popular P/E ratio, as well as the P/S ratio, earnings yield, cash flow per share, and a variety of other fundamentals that have been used by value investors for years.
VIRT currently has a forward P/E ratio of 8.21, while AXP has a forward P/E of 17.67. We also note that VIRT has a PEG ratio of 1.15. This popular figure is similar to the widely-used P/E ratio, but the PEG ratio also considers a company's expected EPS growth rate. AXP currently has a PEG ratio of 1.26.
Another notable valuation metric for VIRT is its P/B ratio of 3.66. The P/B is a method of comparing a stock's market value to its book value, which is defined as total assets minus total liabilities. By comparison, AXP has a P/B of 6.24.
These metrics, and several others, help VIRT earn a Value grade of B, while AXP has been given a Value grade of C.
VIRT has seen stronger estimate revision activity and sports more attractive valuation metrics than AXP, so it seems like value investors will conclude that VIRT is the superior option right now.
On May 27, 2026, Virtu Financial Inc VIRT shares fell 3.9% today, closing at $49.90. The stock has experienced a 52-week range between $31.55 and $56.48, highlighting significant volatility over the past year.
GF Value™ verdict: Current price $49.90 vs GF Value™ of $39.06, indicating the stock is 27.8% overvalued.GF Score™: 71/100, which is considered above average, suggesting decent overall performance relative to peers.Most notable signal: Recent insider activity shows that insiders sold $1.7M worth of shares in the last 3 months, indicating a lack of buying interest. Is VIRT Overvalued or Undervalued? With a current price of $49.90 and a GF Value™ of $39.06, Virtu Financial Inc is assessed as overvalued by approximately 27.8%. This significant gap indicates that the market price exceeds the intrinsic value calculated through GF Value™. Investors should be cautious as this overvaluation suggests that the stock may be at risk of a price correction, particularly given the modestly overvalued label associated with its GF Valuation. GF Value™ is GuruFocus' proprietary measure of intrinsic value, calculated from historical trading multiples, past business growth, and future performance estimates.
The margin of safety is important in investment decisions, and currently, there is none for VIRT investors, as the share price is substantially above the calculated fair value. This suggests that potential investors may want to consider waiting for a more attractive entry point before committing capital to the stock.
How Does VIRT's Valuation Compare to Its History? MetricCurrentHistorical P/E (TTM)8.3x9.1x Forward P/E7.6xN/A Currently, VIRT's P/E (TTM) is 8.3x, which is 10% below its 5-year median P/E of 9.1x. The forward P/E of 7.6x also suggests that the stock is trading below its historical valuation levels. This P/E analysis supports the GF Value™ verdict of overvaluation, indicating that the stock may not provide sufficient value at its current price level compared to historical norms.
What Does VIRT's GF Score™ Tell Us? MetricRating GF Score™71 Financial Strength3/10 Profitability8/10 Growth3/10 Valuation5/10 Momentum9/10 The GF Score™ of 71/100 for Virtu Financial indicates that the company has a solid performance in profitability and momentum, ranking 8/10 and 9/10 respectively. However, it lags in financial strength and growth, with scores of 3/10. This mixed scoring indicates that while the company is generating profits and experiencing positive momentum, it may not be solidly positioned financially and lacks robust growth prospects, which could impact its long-term sustainability.
What Are Insiders Doing with VIRT Stock? In the last three months, insiders at Virtu Financial have sold approximately $1.7 million worth of shares, with no reported insider buying. This trend of selling, without accompanying purchases, can suggest a lack of confidence from those closest to the company regarding its future price performance. Such behavior often raises red flags for potential investors, as it may indicate that insiders believe the stock is currently overvalued.
What This Means for Investors Based on the GF Value™ assessment, Virtu Financial Inc is currently overvalued. The significant distance between the current stock price and the GF Value™ suggests caution for potential investors, as the risk of a price correction looms with such a high overvaluation percentage. It may be prudent to monitor the stock closely for any signs of a more attractive entry point in the future.
For the complete analysis, visit the Virtu Financial Inc VIRT stock page. You can also explore the GF Value™ page for detailed valuation methodology, or use the GuruFocus Stock Screener to find similar opportunities.
Frequently Asked Questions What is VIRT's GF Score™?
The GF Score™ for Virtu Financial is 71/100, indicating that the stock is above average based on key performance metrics, suggesting potential for higher long-term returns.
Is VIRT overvalued or undervalued?
Virtu Financial is currently overvalued, with a GF Value™ of $39.06 compared to its market price of $49.90, presenting a 27.8% overvaluation.
What is VIRT's P/E ratio?
VIRT's P/E (TTM) is 8.3x, which is below its 5-year median P/E of 9.1x, supporting the assessment of its current overvaluation.
This stock alert was generated using automated technology and GuruFocus financial data to provide readers with timely and accurate market reporting. This content was reviewed by GuruFocus editorial team prior to publication. Please send any questions or comments about this story to [email protected].
A month has gone by since the last earnings report for Virtu Financial (VIRT - Free Report) . Shares have lost about 1.7% 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 Virtu Financial due for a breakout? Before we dive into how investors and analysts have reacted as of late, let's take a quick look at its most recent earnings report in order to get a better handle on the important catalysts.
VIRT Beats Q1 Earnings Estimates on Execution Services Unit Strength
Virtu Financial reported first-quarter adjusted earnings per share (EPS) of $2.24, which beat the Zacks Consensus Estimate by 34.9%. The bottom line increased 72.3% year over year.
Adjusted Net Trading Income rose 58.2% year over year to $786.5 million, surpassing the consensus estimate by 37.5%.
The strong quarterly results can be attributed to the improved commissions and technology services revenues. Strong performance in both the Market Making and Execution Services segments, driven by increased trading activity, also contributed to the upside. However, an increased expense level partially offset the positives.
Virtu Financial’s Q1 Performance DetailsRevenues from commissions, net and technology services rose 23.3% year over year to $186.6 million. The metric beat the Zacks Consensus Estimate and our model estimate of $163.2 million.
Interest and dividend income of $127.5 million increased 16.9% year over year but missed both the Zacks Consensus Estimate and our estimate of $128.6 million.
Adjusted EBITDA increased 62.7% year over year to $520.6 million. Adjusted EBITDA margin improved year over year to 66.2% from 64.4% a year ago.
Total operating expenses rose 11.7% year over year to $685.8 million, but were lower than our estimate of $771.7 million. The increase was due to higher costs related to communication and data processing, as well as employee compensation and payroll taxes.
Q1 Segmental UpdateMarket Making: Adjusted net trading income totaled $637.1 million in the first quarter, climbing 66.8% year over year. The metric surpassed the Zacks Consensus Estimate of $446 million. The unit’s revenues increased 32.5% year over year to $915.7 million, beating both the Zacks Consensus Estimate and our estimate of $815.6 million.
Execution Services: The unit recorded adjusted net trading income of $149.5 million in the quarter under review, representing an increase of 29.8% year over year. The metric surpassed the Zacks Consensus Estimate of $126 million and our estimate of $125.1 million. The unit’s total revenues rose 32.7% year over year to $187.1 million, beating both the consensus estimate and our estimate of $156.6 million.
Financial Update (As of March 31, 2026)Virtu Financial ended the first quarter with cash and cash equivalents of $973.2 million, down 8.3% from the 2025 year-end level. Total assets increased to $25.1 billion from $20.2 billion at the end of 2025.
Long-term borrowings, net, amounted to $2 billion, down 0.7% from the figure as of Dec. 31, 2025. Short-term borrowings totaled $155 million.
Total equity of $2.2 billion was up from the 2025-end level of $2 billion.
Share Repurchase & Dividend UpdateVirtu Financial did not buy back shares in the first quarter of 2026. It announced a quarterly cash dividend of 24 cents per share, payable on June 15, 2026, to its shareholders of record as of June 1.
How Have Estimates Been Moving Since Then?It turns out, estimates revision have trended upward during the past month.
The consensus estimate has shifted 24.72% due to these changes.
VGM ScoresAt this time, Virtu Financial has a subpar Growth Score of D, however its Momentum Score is doing a lot better with a B. Following the exact same course, the stock has a score of B on the value side, putting it in the top 40% for this investment strategy.
Overall, the stock has an aggregate VGM Score of C. If you aren't focused on one strategy, this score is the one you should be interested in.
OutlookEstimates have been trending upward for the stock, and the magnitude of these revisions looks promising. It comes with little surprise Virtu Financial has a Zacks Rank #1 (Strong Buy). We expect an above average return from the stock in the next few months.
Performance of an Industry PlayerVirtu Financial belongs to the Zacks Financial - Miscellaneous Services industry. Another stock from the same industry, Bread Financial Holdings (BFH - Free Report) , has gained 4.3% over the past month. More than a month has passed since the company reported results for the quarter ended March 2026.
Bread Financial reported revenues of $1.02 billion in the last reported quarter, representing a year-over-year change of +4.9%. EPS of $4.18 for the same period compares with $2.86 a year ago.
For the current quarter, Bread Financial is expected to post earnings of $2.49 per share, indicating a change of -20.7% from the year-ago quarter. The Zacks Consensus Estimate has changed -0.8% over the last 30 days.
The overall direction and magnitude of estimate revisions translate into a Zacks Rank #1 (Strong Buy) for Bread Financial. Also, the stock has a VGM Score of C.
Azora Capital disclosed a new stake in Virtu Financial (VIRT +2.60%) in its May 15, 2026, SEC filing, acquiring 1,880,990 shares in a transaction estimated at $73.26 million based on the quarterly average price.
What happenedAccording to its SEC filing dated May 15, 2026, Azora Capital initiated a new position in Virtu Financial, buying 1,880,990 shares. The estimated transaction value, calculated using the average closing price during the quarter, was $73.26 million. The quarter-end value of the stake was $82.73 million, a figure that reflects both the shares acquired and price movement within the period.
This was a new position for Azora Capital LP, now representing 5.44% of its reportable U.S. equity AUM.Top holdings after the filing:NASDAQ:LPLA: $128.56 million (8.45% of AUM)NYSE:BEN: $120.46 million (7.92% of AUM)NASDAQ:VLY: $109.89 million (7.23% of AUM)NYSE:BBT: $94.14 million (6.19% of AUM)NASDAQ:IBOC: $88.33 million (5.81% of AUM)As of Friday, Virtu Financial shares were priced at $50.15, up about 23% over the past year, compared to a 28% gain for the S&P 500.Company OverviewMetricValueRevenue (TTM)$3.89 billionNet Income (TTM)$550.99 millionDividend Yield2%Price (as of Friday)$50.15Company SnapshotVirtu Financial provides data, analytics, and connectivity products, including execution, liquidity sourcing, and multi-asset trading platforms across global equities, ETFs, FX, futures, fixed income, and cryptocurrencies.The firm operates a two-segment business model: Market Making and Execution Services, generating revenue through trading activity and technology-driven execution solutions.It serves institutional clients and professional investors worldwide seeking advanced trading, risk management, and analytics solutions.Virtu Financial, Inc. is a leading global provider of financial technology and market-making services, leveraging advanced analytics and workflow solutions to facilitate efficient trading across multiple asset classes. The company’s scale and technology-driven approach enable it to deliver consistent liquidity and execution quality for institutional clients. Virtu’s diversified revenue streams and robust platform position it competitively within the capital markets sector.
What this transaction means for investorsVirtu's business tends to thrive when trading activity picks up, and Azora might be making a bet on market volatility lingering around. As evidence of that, for the first quarter, Virtu reported revenue of $1.1 billion, up 31% year over year, while net income surged 83% to $346.6 million.
Management also continued returning capital to shareholders, declaring a quarterly dividend of $0.24 per share. Meanwhile, the firm's market-making business generated $782 million of trading income, a testament to the scale advantages that have helped Virtu remain a dominant liquidity provider across global markets. It’s also worth noting that Azora is highly specialized in the financial services sector.
The risk here is that calmer markets can weigh on trading volumes. But Azora's sizable new position suggests it believes the company's earnings power remains underappreciated despite the stock's recent gains, and long-term, the thesis should remain intact.
Jonathan Ponciano has no position in any of the stocks mentioned. The Motley Fool has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy.
June 02, 2026 09:02 ET | Source: Virtu Financial, LLC
NEW YORK, June 02, 2026 (GLOBE NEWSWIRE) -- Virtu Financial, Inc. (NYSE: VIRT), a leading provider of multi-asset liquidity and innovative, transparent products across the complete investment cycle to the global financial markets, announces today that its subsidiary Virtu Financial Ireland Limited has been granted a license under the European Union’s Markets in Crypto-Assets (MiCA) Regulation, enabling Virtu to provide regulated digital asset services across all 27 EU member states.
The MiCA license represents a significant milestone for Virtu as the firm deepens its commitment to the digital asset ecosystem. MiCA, which establishes a comprehensive regulatory framework for crypto-asset service providers (CASPs) across the European Union, provides institutional and professional clients with the confidence and legal certainty they require when engaging in digital asset markets. With this license in place, Virtu is authorized to offer a suite of regulated crypto-asset services, including trading and liquidity provision, under a single framework across all EU member states.
As one of the world's premier electronic market makers and agency execution specialists, Virtu is uniquely positioned to bring its deep expertise in liquidity provision and transparent, technology-driven execution to the regulated digital asset space in Europe. The MiCA license further strengthens Virtu's growing global digital asset capabilities, complementing the firm's existing offerings across traditional financial markets and positioning it as a trusted partner for institutions navigating the evolving crypto-asset landscape.
"Obtaining our CASP license is a testament to Virtu's long-standing commitment to operating within robust regulatory frameworks and providing our clients with transparency and liquidity," said Scotte Moegling, Head of Business Development for Digital Assets at Virtu Financial. "The EU's MiCA framework provides clear rules of engagement for digital asset markets, and we are proud to be among the select group of liquidity providers ready to support institutional clients across Europe under these regulations. This license enables us to bring our proven expertise in liquidity and market structure to a rapidly maturing asset class."
About Virtu Financial, Inc.
Virtu is a leading provider of financial services and products that leverages cutting-edge technology to deliver liquidity to the global markets and innovative, transparent trading solutions to its clients. Leveraging its global market making expertise and infrastructure, Virtu provides a robust product suite including offerings in execution, liquidity sourcing, analytics and broker-neutral, multi-dealer platforms in workflow technology. Virtu’s product offerings allow clients to trade on hundreds of venues across 50+ countries and in multiple asset classes, including global equities, ETFs, foreign exchange, futures, fixed income, cryptocurrency and myriad other commodities. In addition, Virtu’s integrated, multi-asset analytics platform provides a range of pre-, intra-, and post-trade services, data products and compliance tools that clients rely upon to invest, trade and manage risk across global markets.
Here at Zacks, we offer our members many different opportunities to take full advantage of the stock market, as well as how to invest in ways that lead to long-term success.
One of our most popular services, Zacks Premium offers daily updates of the Zacks Rank and Zacks Industry Rank; full access to the Zacks #1 Rank List; Equity Research reports; and Premium stock screens like the Earnings ESP filter. All are useful tools to find what stocks to buy, what to sell, and what are today's hottest industries.
It also includes the Focus List, a long-term portfolio of top stocks that have all the elements to beat the market.
Breaking Down the Zacks Focus ListBuilding an investment portfolio from scratch can be difficult, so if you could, wouldn't you take a peek at a curated list of top stocks?
Enter the Zacks Focus List. It's a portfolio made up of 50 stocks that are set to beat the market over the next 12 months; each company selected serves as a foundation for long-term investors looking to create an individual portfolio.
Additionally, each selection is accompanied by a full Zacks Analyst Report, something that makes the Focus List even more valuable. The report explains in detail why each stock was picked and why we believe it's good for the long-term.
The portfolio's past performance only solidifies why investors should consider it as a starting point. For 2020, the Focus List gained 13.85% on an annualized basis compared to the S&P 500's return of 9.38%. Cumulatively, the portfolio has returned 2,519.23% while the S&P returned 854.95%. Returns are for the period of February 1, 1996 to March 31, 2021.
Focus List MethodologyWhen stocks are picked for the Focus List, it reflects our enduring reliance on the power of earnings estimate revisions.
Earnings estimates, or expectations of growth and profitability, come from brokerage analysts who track publicly traded companies; these analysts work together with company management to analyze every aspect that may affect future earnings, like interest rates, the economy, and sector and industry optimism.
Earnings estimate revisions are very important, since investors also need to take into consideration what a company will earn in the future.
The stocks that receive positive changes to earnings estimates are more likely to receive even more upward changes in the future. Take this example: if an analyst raised their estimates last month, they'll probably do so again this month, and other analysts will follow.
Utilizing the power of earnings estimate revisions is when the Zacks Rank joins the party. A unique, proprietary stock-rating model, the Zacks Rank uses changes to quarterly earnings expectations to help investors create a winning portfolio.
Four primary factors make up the Zacks Rank: Agreement, Magnitude, Upside, and Surprise. Each is given a raw score that's recalculated every night and compiled into the Rank, and with this data, stocks are then classified into five groups, ranging from "Strong Buy" to "Strong Sell."
The Focus List is comprised of stocks hand-picked from a long list of #1 (Strong Buy) or #2 (Buy) ranked companies, meaning that each new addition boasts a bullish earnings consensus among analysts.
Because stock prices react to revisions, buying stocks with rising earnings estimates can be very profitable. Focus List stocks offer investors a great opportunity to get into companies whose future earnings estimates will be raised, potentially leading to price momentum.
Focus List Spotlight: Virtu Financial (VIRT - Free Report) Headquartered in New York, NY, Virtu Financial is a market-leading financial services firm that leverages cutting-edge technology to provide execution services and data, analytics and connectivity products to its clients and deliver liquidity to the global markets. It provides a wide array of offerings in execution, liquidity sourcing, analytics and broker-neutral, multi-dealer platforms in workflow technology. The company was founded in 2008.
On July 31, 2023, VIRT was added to the Focus List at $18.9 per share. Shares have increased 180.53% to $53.02 since then, and the company is a #1 (Strong Buy) on the Zacks Rank.
Six analysts revised their earnings estimate higher in the last 60 days for fiscal 2026, while the Zacks Consensus Estimate has increased $1.21 to $6.32. VIRT also boasts an average earnings surprise of 25.1%.
Earnings for VIRT are forecasted to see growth of 10.3% for the current fiscal year as well.
Reveal Winning StocksUnlock all of our powerful research, tools and analysis, including the Zacks #1 Rank List, Equity Research Reports, Zacks Earnings ESP Filter, Premium Screener and more, as part of Zacks Premium. You'll quickly identify which stocks to buy, hold and sell, and target today's hottest industries, to help improve the performance of your portfolio. Gain full access now >>
March 23, 2026 16:15 ET | Source: South Plains Financial, Inc.
LUBBOCK, Texas, March 23, 2026 (GLOBE NEWSWIRE) -- South Plains Financial, Inc. (NASDAQ:SPFI) (“South Plains” or the “Company”), the parent company of City Bank (“City Bank” or the “Bank”), and BOH Holdings, Inc. (“BOH”), the parent company of Bank of Houston, today jointly announced that, on March 20, 2026, the shareholders of BOH approved the previously announced proposed merger of BOH with and into South Plains, with South Plains continuing as the surviving corporation, followed by the proposed merger of Bank of Houston with and into City Bank, with City Bank continuing as the surviving bank.
The Company has also received the required regulatory approvals and non-objections from the Board of Governors of the Federal Reserve System, the Federal Deposit Insurance Corporation and the Texas Department of Banking regarding the proposed merger.
All required regulatory and shareholder approvals to complete the proposed merger have now been received and the proposed merger is expected to be completed on April 1, 2026, subject to the satisfaction or waiver of the remaining customary closing conditions.
About South Plains Financial, Inc.
South Plains is the bank holding company for City Bank, a Texas state-chartered bank headquartered in Lubbock, Texas. City Bank is one of the largest independent banks in West Texas and has additional banking operations in the Dallas, El Paso, Greater Houston, the Permian Basin, and College Station, Texas markets, and the Ruidoso, New Mexico market. South Plains provides a wide range of commercial and consumer financial services to small and medium-sized businesses and individuals in its market areas. Its principal business activities include commercial and retail banking, along with investment, trust and mortgage services. Please visit https://www.spfi.bank for more information.
About BOH Holdings, Inc.
BOH Holdings, Inc. is the bank holding company for Bank of Houston, a Texas state-chartered bank headquartered in Houston, Texas. Bank of Houston is a community-oriented, full service financial institution that provides a broad array of banking services to small and middle market companies, business owners, executives, entrepreneurs and families. Bank of Houston is a locally-owned, independent financial institution and is engaged in substantially all of the business operations (except for trust services) customarily conducted by independent financial institutions in Texas. Lending activities consist principally of residential real estate, commercial real estate, personal loans, and mortgage loans.
Available Information
The Company routinely posts important information for investors on its web site (under www.spfi.bank and, more specifically, under the News & Events tab at www.spfi.bank/news-events/press-releases). The Company intends to use its web site as a means of disclosing material non-public information and for complying with its disclosure obligations under Regulation FD (Fair Disclosure) promulgated by the U.S. Securities and Exchange Commission (the “SEC”). Accordingly, investors should monitor the Company’s web site, in addition to following the Company’s press releases, SEC filings, public conference calls, presentations and webcasts.
The information contained on, or that may be accessed through, the Company’s web site is not incorporated by reference into, and is not a part of, this document.
Forward-Looking Statements
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements reflect South Plains’ current views with respect to future events and South Plains’ performance. Any statements about South Plains’ expectations, beliefs, plans, predictions, forecasts, objectives, assumptions or future events or performance are not historical facts and may be forward-looking. These statements are often, but not always, made through the use of words or phrases such as “anticipate,” “believes,” “can,” “could,” “may,” “predicts,” “potential,” “should,” “will,” “estimate,” “plans,” “projects,” “continuing,” “ongoing,” “expects,” “intends” and similar words or phrases. South Plains cautions that the forward-looking statements in this press release are based largely on South Plains’ expectations and are subject to a number of known and unknown risks and uncertainties that are subject to change based on factors which are, in many instances, beyond South Plains’ control. Factors that could cause such changes include, but are not limited to, the expected impact of the proposed transaction between South Plains and BOH and on the combined entities’ operations, financial condition, and financial results; the businesses of South Plains and BOH may not be combined successfully, or such combination may take longer to accomplish than expected; the cost savings from the proposed transaction may not be fully realized or may take longer to realize than expected; operating costs, customer loss and business disruption following the proposed transaction, including adverse effects on relationships with employees, may be greater than expected; the impact on South Plains and BOH, and their respective customers, of a decline in general economic conditions that would adversely affect credit quality and loan originations, and any regulatory responses thereto; slower economic growth rates or potential recession in the United States and South Plains’ and BOH’s market areas; the impacts related to or resulting from uncertainty in the banking industry as a whole; increased competition for deposits in our market areas among traditional and nontraditional financial services companies, and related changes in deposit customer behavior; the impact of changes in market interest rates, whether due to a continuation of the elevated interest rate environment or further reductions in interest rates and a resulting decline in net interest income; the lingering inflationary pressures, and the risk of the resurgence of elevated levels of inflation, in the United States and South Plains’ and BOH’s market areas; the uncertain impacts of ongoing quantitative tightening and current and future monetary policies of the Board of Governors of the Federal Reserve System; changes in unemployment rates in the United States and South Plains’ and BOH’s market areas; adverse changes in customer spending, borrowing and savings habits; declines in commercial real estate values and prices; a deterioration of the credit rating for U.S. long-term sovereign debt or the impact of uncertain or changing political conditions, including federal government shutdowns and uncertainty regarding United States fiscal debt, deficit and budget matters; cyber incidents or other failures, disruptions or breaches of our operational or security systems or infrastructure, or those of our third-party vendors or other service providers, including as a result of cyber-attacks; severe weather, natural disasters, acts of war or terrorism, geopolitical instability or other external events, including as a result of the policies of the current U.S. presidential administration or Congress; the impacts of tariffs, sanctions, and other trade policies of the United States and its global trading counterparts and the resulting impact on South Plains and its customers; competition and market expansion opportunities; changes in non-interest expenditures or in the anticipated benefits of such expenditures; the risks related to the development, implementation, use and management of emerging technologies, including artificial intelligence and machine learnings; potential costs related to the impacts of climate change; current or future litigation, regulatory examinations or other legal and/or regulatory actions; and changes in applicable laws and regulations. Additional information regarding these risks and uncertainties to which South Plains’ business and future financial performance are subject is contained in South Plains’ most recent Annual Report on Form 10-K and Quarterly Reports on Form 10-Q on file with the SEC, including the sections entitled “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” of such documents, and other documents South Plains files or furnishes with the SEC from time to time, which are available on the SEC’s website, www.sec.gov. Actual results, performance or achievements could differ materially from those contemplated, expressed, or implied by the forward-looking statements due to additional risks and uncertainties of which South Plains is not currently aware or which it does not currently view as, but in the future may become, material to its business or operating results. Due to these and other possible uncertainties and risks, the Company can give no assurance that the results contemplated in the forward-looking statements will be realized and readers are cautioned not to place undue reliance on the forward-looking statements contained in this press release. Any forward-looking statements presented herein are made only as of the date of this press release, and South Plains does not undertake any obligation to update or revise any forward-looking statements to reflect changes in assumptions, new information, the occurrence of unanticipated events, or otherwise, except as required by applicable law. All forward-looking statements, express or implied, included in the press release are qualified in their entirety by this cautionary statement.
April 01, 2026 16:15 ET | Source: South Plains Financial, Inc.
LUBBOCK, Texas, April 01, 2026 (GLOBE NEWSWIRE) -- South Plains Financial, Inc. (NASDAQ:SPFI) (“South Plains” or the “Company”), the parent company of City Bank (“City Bank”), today announced the completion of the merger of BOH Holdings, Inc. (“BOH”) with and into South Plains, with South Plains continuing as the surviving corporation, and the merger of BOH’s wholly-owned subsidiary, Bank of Houston, with and into City Bank, with City Bank continuing as the surviving bank. The mergers became effective on April 1, 2026. As of December 31, 2025, BOH had total assets of $744 million, total loans of $624 million, and total deposits of $603 million.
Raymond James & Associates, Inc. served as financial advisor to South Plains and rendered a fairness opinion to its board of directors. Hunton Andrews Kurth LLP served as South Plains’ legal advisor. Hillworth Bank Partners served as financial advisor to BOH and rendered a fairness opinion to its board of directors. Fenimore Kay Harrison LLP served as BOH’s legal advisor.
About South Plains Financial, Inc.
South Plains is the bank holding company for City Bank, a Texas state-chartered bank headquartered in Lubbock, Texas. City Bank is one of the largest independent banks in West Texas and has additional banking operations in the Dallas, El Paso, Greater Houston, the Permian Basin, and College Station, Texas markets, and the Ruidoso, New Mexico market. South Plains provides a wide range of commercial and consumer financial services to small and medium-sized businesses and individuals in its market areas. Its principal business activities include commercial and retail banking, along with investment, trust and mortgage services. Please visit https://www.spfi.bank for more information.
Available Information
The Company routinely posts important information for investors on its web site (under www.spfi.bank and, more specifically, under the News & Events tab at www.spfi.bank/news-events/press-releases). The Company intends to use its web site as a means of disclosing material non-public information and for complying with its disclosure obligations under Regulation FD (Fair Disclosure) promulgated by the U.S. Securities and Exchange Commission (the “SEC”). Accordingly, investors should monitor the Company’s web site, in addition to following the Company’s press releases, SEC filings, public conference calls, presentations and webcasts.
The information contained on, or that may be accessed through, the Company’s web site is not incorporated by reference into, and is not a part of, this document.
HONOLULU--(BUSINESS WIRE)--Bank of Hawai‘i Corporation (NYSE: BOH) (the “Company”) will release first quarter 2026 financial results on Monday, April 20, 2026 before the market opens and hold its quarterly conference call at 2:00 p.m. Eastern Time (8:00 a.m. Hawai‘i Time) on the same day.
The live call, including a slide presentation, will be accessible on the investor relations link of the Company's website, www.boh.com. The webcast link is https://register-conf.media-server.com/register/BI42ddba51d0fa4b6dacb219e80a369fdb.
A replay of the webcast will be available for one year beginning at approximately 11:00 a.m. Hawai‘i Time on Monday, April 20, 2026. The replay will be available on the Company's website, www.boh.com.
Additionally, the Board of Directors declared a quarterly dividend payment of $10.94 per share, equivalent to $0.2735 per depositary share, of Fixed Rate Non-Cumulative Perpetual Preferred Stock, Series A, and a quarterly dividend payment of $20.00 per share, equivalent to $0.5000 per depositary share, of Fixed Rate Non-Cumulative Perpetual Preferred Stock, Series B. The depositary shares representing the Series A Preferred Stock and Series B Preferred Stock are traded on the NYSE under the symbol “BOH.PRA” and “BOH.PRB”, respectively. The dividends on the Series A Preferred Stock and Series B Preferred Stock will be payable on May 1, 2026 to shareholders of record of the preferred stock as of the close of business on April 16, 2026.
Bank of Hawai‘i Corporation is a regional financial services company serving businesses, consumers and governments in Hawai‘i and the West Pacific. The Company’s principal subsidiary, Bank of Hawai‘i was founded in 1897. For more information about Bank of Hawai‘i Corporation, see the Company’s website, www.boh.com. Bank of Hawai‘i Corporation is a trade name of Bank of Hawaii Corporation.
SG Americas Securities LLC bought a new position in shares of Bank of Hawaii Corporation (NYSE:BOH – Free Report) in the 4th quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund bought 29,602 shares of the bank’s stock, valued at approximately $2,024,000. SG Americas Securities LLC owned approximately 0.07% of Bank of Hawaii at the end of the most recent reporting period.
Other large investors have also added to or reduced their stakes in the company. Balyasny Asset Management L.P. increased its holdings in Bank of Hawaii by 122.3% during the 3rd quarter. Balyasny Asset Management L.P. now owns 1,012,560 shares of the bank’s stock worth $66,464,000 after purchasing an additional 557,148 shares in the last quarter. Norges Bank bought a new position in shares of Bank of Hawaii in the second quarter valued at approximately $30,569,000. Verition Fund Management LLC boosted its position in shares of Bank of Hawaii by 1,699.7% during the third quarter. Verition Fund Management LLC now owns 265,834 shares of the bank’s stock valued at $17,449,000 after buying an additional 251,063 shares during the last quarter. Two Sigma Investments LP boosted its position in shares of Bank of Hawaii by 163.9% during the third quarter. Two Sigma Investments LP now owns 339,827 shares of the bank’s stock valued at $22,306,000 after buying an additional 211,076 shares during the last quarter. Finally, UBS Group AG grew its holdings in Bank of Hawaii by 199.5% during the third quarter. UBS Group AG now owns 195,454 shares of the bank’s stock worth $12,830,000 after buying an additional 130,188 shares in the last quarter. Institutional investors own 82.18% of the company’s stock.
Analysts Set New Price Targets A number of equities research analysts recently commented on the company. Wall Street Zen raised Bank of Hawaii from a “sell” rating to a “hold” rating in a research report on Saturday, January 31st. Barclays upped their target price on shares of Bank of Hawaii from $75.00 to $83.00 and gave the stock an “equal weight” rating in a research note on Tuesday, January 27th. Weiss Ratings upgraded shares of Bank of Hawaii from a “hold (c+)” rating to a “buy (b-)” rating in a report on Monday, March 30th. Stephens reissued an “overweight” rating on shares of Bank of Hawaii in a research report on Tuesday, January 27th. Finally, Piper Sandler cut their price target on shares of Bank of Hawaii from $84.00 to $78.00 and set a “neutral” rating on the stock in a report on Thursday. One research analyst has rated the stock with a Strong Buy rating, three have assigned a Buy rating and three have assigned a Hold rating to the stock. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus price target of $83.20.
Get Our Latest Research Report on Bank of Hawaii
Bank of Hawaii Stock Up 0.0% BOH stock opened at $74.79 on Monday. The stock has a market cap of $2.97 billion, a P/E ratio of 16.19, a P/E/G ratio of 0.76 and a beta of 0.72. The company has a current ratio of 0.70, a quick ratio of 0.70 and a debt-to-equity ratio of 0.37. The stock’s fifty day simple moving average is $75.62 and its two-hundred day simple moving average is $69.94. Bank of Hawaii Corporation has a 1-year low of $57.44 and a 1-year high of $80.61.
Bank of Hawaii (NYSE:BOH – Get Free Report) last announced its earnings results on Monday, January 26th. The bank reported $1.39 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.25 by $0.14. The firm had revenue of $189.65 million during the quarter, compared to analyst estimates of $184.83 million. Bank of Hawaii had a return on equity of 14.42% and a net margin of 19.30%.During the same period last year, the firm posted $0.85 EPS. Analysts expect that Bank of Hawaii Corporation will post 3.97 EPS for the current year.
Bank of Hawaii Dividend Announcement The business also recently disclosed a quarterly dividend, which was paid on Friday, March 13th. Shareholders of record on Friday, February 27th were given a $0.70 dividend. The ex-dividend date of this dividend was Friday, February 27th. This represents a $2.80 annualized dividend and a yield of 3.7%. Bank of Hawaii’s payout ratio is currently 60.61%.
Bank of Hawaii Company Profile (Free Report)
Bank of Hawaii (NYSE: BOH) is a regional commercial bank headquartered in Honolulu, Hawaii, with roots tracing back to its founding in 1897 by Charles Montague Cooke and Peter Cushman Jones. As one of the oldest financial institutions in the U.S. West Coast region, the bank has built a reputation for stability and community focus. It operates as the principal subsidiary of Bank of Hawaii Corporation, a publicly traded company on the New York Stock Exchange.
The bank offers a comprehensive suite of personal and business banking products and services.
Featured Articles Five stocks we like better than Bank of Hawaii Want to see what other hedge funds are holding BOH? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Bank of Hawaii Corporation (NYSE:BOH – Free Report).
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Bank of Hawaii (NYSE:BOH – Get Free Report) is anticipated to announce its Q1 2026 results before the market opens on Monday, April 20th. Analysts expect the company to announce earnings of $1.34 per share and revenue of $193.5250 million for the quarter. Investors may review the information on the company’s upcoming Q1 2026 earning report for the latest details on the call scheduled for Monday, April 20, 2026 at 2:00 PM ET.
Bank of Hawaii (NYSE:BOH – Get Free Report) last issued its quarterly earnings data on Monday, January 26th. The bank reported $1.39 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.25 by $0.14. Bank of Hawaii had a net margin of 19.30% and a return on equity of 14.42%. The company had revenue of $189.65 million for the quarter, compared to the consensus estimate of $184.83 million. During the same period last year, the firm posted $0.85 EPS. On average, analysts expect Bank of Hawaii to post $4 EPS for the current fiscal year and $5 EPS for the next fiscal year.
Bank of Hawaii Trading Down 0.1% Shares of Bank of Hawaii stock opened at $78.49 on Monday. Bank of Hawaii has a 1 year low of $58.86 and a 1 year high of $80.61. The company has a debt-to-equity ratio of 0.37, a quick ratio of 0.70 and a current ratio of 0.70. The company has a market capitalization of $3.12 billion, a P/E ratio of 16.99, a PEG ratio of 0.73 and a beta of 0.72. The company’s fifty day moving average is $75.92 and its two-hundred day moving average is $70.34.
Bank of Hawaii Dividend Announcement The firm also recently disclosed a quarterly dividend, which was paid on Friday, March 13th. Shareholders of record on Friday, February 27th were given a dividend of $0.70 per share. This represents a $2.80 annualized dividend and a yield of 3.6%. The ex-dividend date of this dividend was Friday, February 27th. Bank of Hawaii’s dividend payout ratio (DPR) is presently 60.61%.
Institutional Trading of Bank of Hawaii Several hedge funds and other institutional investors have recently made changes to their positions in the company. Corient Private Wealth LLC boosted its holdings in shares of Bank of Hawaii by 16.8% in the fourth quarter. Corient Private Wealth LLC now owns 35,149 shares of the bank’s stock valued at $2,273,000 after acquiring an additional 5,053 shares in the last quarter. Mercer Global Advisors Inc. ADV boosted its holdings in shares of Bank of Hawaii by 36.4% in the fourth quarter. Mercer Global Advisors Inc. ADV now owns 8,409 shares of the bank’s stock valued at $575,000 after acquiring an additional 2,243 shares in the last quarter. Man Group plc purchased a new stake in shares of Bank of Hawaii in the fourth quarter valued at about $271,000. Engineers Gate Manager LP boosted its holdings in shares of Bank of Hawaii by 92.8% in the fourth quarter. Engineers Gate Manager LP now owns 21,104 shares of the bank’s stock valued at $1,443,000 after acquiring an additional 10,159 shares in the last quarter. Finally, Capitolis Liquid Global Markets LLC boosted its holdings in Bank of Hawaii by 1,416.4% during the fourth quarter. Capitolis Liquid Global Markets LLC now owns 101,600 shares of the bank’s stock worth $6,946,000 after buying an additional 94,900 shares in the last quarter. Hedge funds and other institutional investors own 82.18% of the company’s stock.
Analyst Ratings Changes Several research analysts have issued reports on BOH shares. Zacks Research downgraded shares of Bank of Hawaii from a “strong-buy” rating to a “hold” rating in a research report on Monday, April 6th. Wall Street Zen raised shares of Bank of Hawaii from a “sell” rating to a “hold” rating in a research report on Saturday, January 31st. Piper Sandler lowered their target price on shares of Bank of Hawaii from $84.00 to $78.00 and set a “neutral” rating on the stock in a report on Thursday, April 2nd. Weiss Ratings raised shares of Bank of Hawaii from a “hold (c+)” rating to a “buy (b-)” rating in a report on Monday, March 30th. Finally, Stephens reaffirmed an “overweight” rating on shares of Bank of Hawaii in a report on Tuesday, January 27th. Three equities research analysts have rated the stock with a Buy rating and four have given a Hold rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average price target of $83.80.
Read Our Latest Research Report on BOH
About Bank of Hawaii (Get Free Report)
Bank of Hawaii (NYSE: BOH) is a regional commercial bank headquartered in Honolulu, Hawaii, with roots tracing back to its founding in 1897 by Charles Montague Cooke and Peter Cushman Jones. As one of the oldest financial institutions in the U.S. West Coast region, the bank has built a reputation for stability and community focus. It operates as the principal subsidiary of Bank of Hawaii Corporation, a publicly traded company on the New York Stock Exchange.
The bank offers a comprehensive suite of personal and business banking products and services.
Further Reading Five stocks we like better than Bank of Hawaii
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Wall Street expects a year-over-year increase in earnings on higher revenues when Bank of Hawaii (BOH - Free Report) reports results for the quarter ended March 2026. While this widely-known consensus outlook is important in gauging the company's earnings picture, a powerful factor that could impact its near-term stock price is how the actual results compare to these estimates.
The earnings report, which is expected to be released on April 20, might help the stock move higher if these key numbers are better than expectations. On the other hand, if they miss, the stock may move lower.
While the sustainability of the immediate price change and future earnings expectations will mostly depend on management's discussion of business conditions on the earnings call, it's worth handicapping the probability of a positive EPS surprise.
Zacks Consensus EstimateThis bank holding company is expected to post quarterly earnings of $1.33 per share in its upcoming report, which represents a year-over-year change of +37.1%.
Revenues are expected to be $192.33 million, up 13.2% from the year-ago quarter.
Estimate Revisions TrendThe consensus EPS estimate for the quarter has remained unchanged over the last 30 days. This is essentially a reflection of how the covering analysts have collectively reassessed their initial estimates over this period.
Investors should keep in mind that the direction of estimate revisions by each of the covering analysts may not always get reflected in the aggregate change.
Price, Consensus and EPS Surprise
Earnings WhisperEstimate revisions ahead of a company's earnings release offer clues to the business conditions for the period whose results are coming out. Our proprietary surprise prediction model -- the Zacks Earnings ESP (Expected Surprise Prediction) -- has this insight at its core.
The Zacks Earnings ESP compares the Most Accurate Estimate to the Zacks Consensus Estimate for the quarter; the Most Accurate Estimate is a more recent version of the Zacks Consensus EPS estimate. The idea here is that analysts revising their estimates right before an earnings release have the latest information, which could potentially be more accurate than what they and others contributing to the consensus had predicted earlier.
Thus, a positive or negative Earnings ESP reading theoretically indicates the likely deviation of the actual earnings from the consensus estimate. However, the model's predictive power is significant for positive ESP readings only.
A positive Earnings ESP is a strong predictor of an earnings beat, particularly when combined with a Zacks Rank #1 (Strong Buy), 2 (Buy) or 3 (Hold). Our research shows that stocks with this combination produce a positive surprise nearly 70% of the time, and a solid Zacks Rank actually increases the predictive power of Earnings ESP.
Please note that a negative Earnings ESP reading is not indicative of an earnings miss. Our research shows that it is difficult to predict an earnings beat with any degree of confidence for stocks with negative Earnings ESP readings and/or Zacks Rank of 4 (Sell) or 5 (Strong Sell).
How Have the Numbers Shaped Up for Bank of Hawaii?For Bank of Hawaii, the Most Accurate Estimate is the same as the Zacks Consensus Estimate, suggesting that there are no recent analyst views which differ from what have been considered to derive the consensus estimate. This has resulted in an Earnings ESP of 0%.
On the other hand, the stock currently carries a Zacks Rank of #3.
So, this combination makes it difficult to conclusively predict that Bank of Hawaii will beat the consensus EPS estimate.
Does Earnings Surprise History Hold Any Clue?While calculating estimates for a company's future earnings, analysts often consider to what extent it has been able to match past consensus estimates. So, it's worth taking a look at the surprise history for gauging its influence on the upcoming number.
For the last reported quarter, it was expected that Bank of Hawaii would post earnings of $1.25 per share when it actually produced earnings of $1.39, delivering a surprise of +11.20%.
Over the last four quarters, the company has beaten consensus EPS estimates four times.
Bottom LineAn earnings beat or miss may not be the sole basis for a stock moving higher or lower. Many stocks end up losing ground despite an earnings beat due to other factors that disappoint investors. Similarly, unforeseen catalysts help a number of stocks gain despite an earnings miss.
That said, betting on stocks that are expected to beat earnings expectations does increase the odds of success. This is why it's worth checking a company's Earnings ESP and Zacks Rank ahead of its quarterly release. Make sure to utilize our Earnings ESP Filter to uncover the best stocks to buy or sell before they've reported.
Bank of Hawaii doesn't appear a compelling earnings-beat candidate. However, investors should pay attention to other factors too for betting on this stock or staying away from it ahead of its earnings release.
Stay on top of upcoming earnings announcements with the Zacks Earnings Calendar.
Wall Street analysts forecast that Bank of Hawaii (BOH - Free Report) will report quarterly earnings of $1.33 per share in its upcoming release, pointing to a year-over-year increase of 37.1%. It is anticipated that revenues will amount to $192.33 million, exhibiting an increase of 13.2% compared to the year-ago quarter.
Over the past 30 days, the consensus EPS estimate for the quarter has remained unchanged. This demonstrates the covering analysts' collective reassessment of their initial projections during this period.
Before a company reveals its earnings, it is vital to take into account any changes in earnings projections. These revisions play a pivotal role in predicting the possible reactions of investors toward the stock. Multiple empirical studies have consistently shown a strong association between trends in earnings estimates and the short-term price movements of a stock.
While investors typically rely on consensus earnings and revenue estimates to gauge how the business may have fared during the quarter, examining analysts' projections for some of the company's key metrics often helps gain a deeper insight.
Bearing this in mind, let's now explore the average estimates of specific Bank of Hawaii metrics that are commonly monitored and projected by Wall Street analysts.
The consensus among analysts is that 'Total Non-Performing Assets' will reach $18.47 million. The estimate compares to the year-ago value of $17.45 million.
Based on the collective assessment of analysts, 'Total Non-Accrual Loans and Leases' should arrive at $18.18 million. Compared to the present estimate, the company reported $16.09 million in the same quarter last year.
Analysts predict that the 'Average Balance - Total earning assets' will reach $22.43 billion. Compared to the current estimate, the company reported $22.02 billion in the same quarter of the previous year.
Analysts forecast 'Efficiency Ratio' to reach 58.9%. Compared to the current estimate, the company reported 65.0% in the same quarter of the previous year.
According to the collective judgment of analysts, 'Net Interest Income (FTE)' should come in at $150.14 million. Compared to the present estimate, the company reported $127.30 million in the same quarter last year.
The combined assessment of analysts suggests that 'Bank-Owned Life Insurance' will likely reach $3.78 million. Compared to the current estimate, the company reported $3.61 million in the same quarter of the previous year.
The collective assessment of analysts points to an estimated 'Trust and Asset Management' of $12.42 million. The estimate compares to the year-ago value of $11.74 million.
Analysts' assessment points toward 'Net Interest Income' reaching $148.57 million. The estimate compares to the year-ago value of $125.81 million.
The consensus estimate for 'Total Non-Interest Income' stands at $43.00 million. Compared to the current estimate, the company reported $44.06 million in the same quarter of the previous year.
It is projected by analysts that the 'Other non-interest income' will reach $4.49 million. Compared to the current estimate, the company reported $5.07 million in the same quarter of the previous year.
The average prediction of analysts places 'Service Charges on Deposit Accounts' at $8.29 million. The estimate compares to the year-ago value of $8.26 million.
Analysts expect 'Fees Exchange and Other Service Charges' to come in at $12.81 million. The estimate compares to the year-ago value of $14.44 million.
View all Key Company Metrics for Bank of Hawaii here>>>
Shares of Bank of Hawaii have demonstrated returns of +9.5% over the past month compared to the Zacks S&P 500 composite's +5.2% change. With a Zacks Rank #3 (Hold), BOH is expected to mirror the overall market performance in the near future. You can see the complete list of today's Zacks Rank #1 (Strong Buy) stocks here >>>> .
HONOLULU--(BUSINESS WIRE)--Bank of Hawai‘i Corporation (NYSE: BOH) (the “Company”) today reported diluted earnings per common share of $1.30 for the first quarter of 2026, compared with $1.39 during the linked quarter. Net income for the quarter was $57.4 million, down 5.7% from the linked quarter. The return on average common equity for the first quarter of 2026 was 13.90% compared with 15.03% during the linked quarter.
“Bank of Hawai‘i began the year on firm footing,” said Jim Polk, President and CEO. “This performance underscores the strength and resilience of our franchise. Net interest income and net interest margin continued to improve, supported by disciplined balance sheet management and a stable deposit base. Total loans and leases and average noninterest-bearing deposits increased compared to the prior quarter. Credit quality continues to be strong, and we remain focused on expense management. As I step into this role, we are committed to executing our strategy, supporting our customers and communities, and building on our strong, established foundation.”
Financial Highlights
Net interest income for the first quarter of 2026 was $151.0 million, an increase of 3.9% from the linked quarter. The increase was primarily driven by a 22 basis point decline in our interest‑bearing deposit rates following the FOMC interest rate cuts in late 2025, partially offset by a 4 basis point decline in earning asset yields as floating-rate assets repriced down more than the benefit from fixed-rate assets rolling off and being reinvested at higher rates (fixed asset repricing).
Net interest margin was 2.74% in the first quarter of 2026, an increase of 13 basis points from the linked quarter, reflecting the same deposit cost and asset yield dynamics as previously mentioned.
The average yield on total earning assets was 4.03% and the average yield on loans and leases was 4.75% in the first quarter of 2026, down 4 basis points and 6 basis points, respectively, from the linked quarter. As discussed above, the decrease in loan yield from the linked quarter was primarily driven by floating-rate assets repricing to lower current interest rates, partially offset by fixed asset repricing.
The average rate of interest-bearing deposits was 1.72% and the average quarterly rate of total deposits, including noninterest-bearing deposits, was 1.26%, down 22 basis points and 17 basis points, respectively, from the linked quarter. As discussed above, the decreases were primarily due to the repricing down of our interest-bearing deposits following the FOMC interest rate cuts in late 2025. The deposit beta for the downward rate cycle was 36% as of the first quarter of 2026.
Noninterest income was $41.3 million in the first quarter of 2026, a decrease of 6.6% from the linked quarter. Noninterest income in the first quarter of 2026 included a $0.2 million charge related to a Visa Class B share conversion ratio change. Noninterest income in the linked quarter included an $18.1 million gain related to the sale of our merchant services portfolio, a $16.8 million loss on the sale of investments, and a $0.8 million charge related to a Visa Class B share conversion ratio change. Adjusted for these items, noninterest income for the first quarter of 2026 was down 5.1% from the linked quarter. The decrease was primarily due to decreases in other loan fees, which were elevated in the fourth quarter of 2025, as well as lower swap fees and trust and management fees, partially offset by higher BOLI income and annuity and insurance fees.
Noninterest expense was $116.1 million in the first quarter of 2026, an increase of 6.0% from the linked quarter. Noninterest expense in the first quarter included $3.5 million in expenses related to the accelerated vesting of restricted stock awards pursuant to the retirement provision of performance-based restricted stock granted in 2024 and 2025 and $0.7 million in separation expenses. Noninterest expense in the linked quarter included a $1.4 million reduction in our FDIC special assessment charge and a $1.1 million donation to the Bank of Hawai‘i Foundation. Adjusted for these items, noninterest expense for the first quarter of 2026 increased by 1.9% from the linked quarter. The increase was primarily due to higher seasonal payroll expenses, net occupancy, equipment expenses, and professional fees, partially offset by lower FDIC insurance and other expenses.
The effective tax rate for the first quarter of 2026 was 22.91% compared to 21.50% during the linked quarter. The higher effective tax rate in the current quarter as compared to the linked quarter was primarily due to lower benefits from certain tax advantaged investments and an increase in tax expense from discrete items.
Asset Quality
The Company’s overall asset quality remained strong during the first quarter of 2026. Provision for credit losses for the first quarter of 2026 was $1.8 million, down $0.8 million from the linked quarter.
Total non-performing assets were $12.1 million at March 31, 2026, down $2.1 million from December 31, 2025. Non-performing assets as a percentage of total loans and leases and foreclosed real estate were 0.09% at the end of the quarter, a decrease of 1 basis point from the linked quarter.
Net loan and lease charge-offs during the first quarter of 2026 were $1.1 million or 3 basis points annualized of total average loans and leases outstanding. Gross charge-offs of $4.1 million were partially offset by gross recoveries of $3.0 million. Compared to the linked quarter, net loan and lease charge-offs decreased by $3.1 million or 9 basis points annualized on total average loans and leases outstanding.
The allowance for credit losses on loans and leases was $147.0 million at March 31, 2026, an increase of $0.2 million from December 31, 2025. The ratio of the allowance for credit losses to total loans and leases outstanding was 1.04% at the end of the quarter, unchanged from December 31, 2025.
Balance Sheet
Total assets were $23.9 billion at March 31, 2026, a decrease of 1.1% from December 31, 2025. The decrease from December 31, 2025 was primarily due to a reduction in cash and cash equivalents, partially offset by increases in available-for-sale securities and loans and leases.
The investment securities portfolio was $7.9 billion at March 31, 2026, an increase of 1.7% from December 31, 2025. The increase was primarily due to the purchases of available-for-sale investment securities, partially offset by the amortization of the portfolio. The investment securities portfolio remains largely comprised of securities issued by U.S. government agencies and U.S. government-sponsored enterprises.
Total loans and leases were $14.2 billion at March 31, 2026, an increase of 0.8% from December 31, 2025. Total commercial loans were $6.2 billion at March 31, 2026, an increase of 2.0% from December 31, 2025. The increase was primarily due to commercial mortgage production. Total consumer loans were $8.0 billion at March 31, 2026, a decrease of 0.1% from December 31, 2025. The decrease was primarily due to amortization and paydowns, partially offset by increased production in the residential mortgage portfolio.
Total deposits were $21.0 billion at March 31, 2026, a decrease of 1.1% from December 31, 2025. Noninterest-bearing deposits made up 27.0% of total deposit balances at March 31, 2026, down from 27.2% at December 31, 2025. Average total deposits were $20.9 billion for the first quarter of 2026, down 0.3% from December 31, 2025.
Capital and Dividends
The Company’s capital levels remain well above regulatory well-capitalized minimums.
The Tier 1 Capital Ratio was 14.40% at March 31, 2026 compared with 14.49% at December 31, 2025. The decrease from December 31, 2025 was due to an increase in risk-weighted assets and share repurchases, as discussed below, partially offset by retained earnings growth. The Tier 1 Leverage Ratio was 8.62% at March 31, 2026, compared with 8.57% at December 31, 2025. The increase from December 31, 2025 was due to a decline in average assets and an increase in retained earnings.
The Company repurchased 194.1 thousand shares of common stock at a total cost of $15.1 million under the share repurchase program in the first quarter of 2026. Total remaining buyback authority under the share repurchase program was $105.9 million at March 31, 2026.
The Company’s Board of Directors declared a quarterly cash dividend of $0.70 per share on the Company’s outstanding common shares. The dividend will be payable on June 12, 2026 to shareholders of record at the close of business on May 29, 2026.
On April 3, 2026, the Company announced that the Board of Directors declared a quarterly dividend payment of $10.94 per share, equivalent to $0.2735 per depositary share, of Fixed Rate Non-Cumulative Perpetual Preferred Stock, Series A, and a quarterly dividend payment of $20.00 per share, equivalent to $0.5000 per depositary share, of Fixed Rate Non-Cumulative Perpetual Preferred Stock, Series B. The depositary shares representing the Series A Preferred Stock and Series B Preferred Stock are traded on the NYSE under the symbol “BOH.PRA” and “BOH.PRB”, respectively. The dividends on the Series A Preferred Stock and Series B Preferred Stock will be payable on May 1, 2026 to shareholders of record of the preferred stock as of the close of business on April 16, 2026.
Conference Call Information
The Company will review its first quarter financial results today at 8:00 a.m. Hawai‘i Time (2:00 p.m. Eastern Time). The live call, including a slide presentation, will be accessible on the investor relations link of Bank of Hawai‘i Corporation's website, www.boh.com. The webcast can be accessed via the link: https://register-conf.media-server.com/register/BI42ddba51d0fa4b6dacb219e80a369fdb. A replay of the conference call will be available for one year beginning at approximately 11:00 a.m. Hawai‘i Time on Monday, April 20, 2026. The replay will be available on the Company's website, www.boh.com.
Investor Announcements
Investors and others should note that the Company intends to announce financial and other information to the Company’s investors using the Company’s investor relations website at https://ir.boh.com, social media channels, press releases, SEC filings and public conference calls and webcasts, all for purposes of complying with the Company’s disclosure obligations under Regulation FD. Accordingly, investors should monitor these channels, as information is updated, and new information is posted.
Forward-Looking Statements
This news release, and other statements made by the Company in connection with it may contain "forward-looking statements" (as defined in the Private Securities Litigation Reform Act of 1995) that involve risks and uncertainties that could cause results to be materially different from expectations. Forecasts of our financial results and condition, expectations for our operations and business prospects, and our assumptions used in those forecasts and expectations are examples of certain of these forward-looking statements. Do not unduly rely on forward-looking statements. Actual results might differ significantly from our forecasts and expectations because of a variety of factors. More information about these factors is contained in Bank of Hawai‘i Corporation's Annual Report on Form 10-K for the year ended December 31, 2025 which was filed with the U.S. Securities and Exchange Commission. These forward-looking statements are not guarantees of future performance and speak only as of the date made, and, except as required by law, the Company undertakes no obligation to update or revise any forward-looking statements to reflect subsequent events, new information or future circumstances.
Bank of Hawai‘i Corporation is an independent regional financial services company serving businesses, consumers, and governments in Hawai‘i and the West Pacific. The Company's principal subsidiary, Bank of Hawai‘i, was founded in 1897. For more information about Bank of Hawai‘i Corporation, see the Company’s website, www.boh.com. Bank of Hawai‘i Corporation is a trade name of Bank of Hawaii Corporation.
Bank of Hawai‘i Corporation and Subsidiaries
Financial Highlights
Table 1
Three Months Ended
(dollars in thousands, except per share amounts)
March 31, 2026
December 31, 2025
March 31, 2025
For the Period:
Operating Results
Net Interest Income
$
150,990
$
145,374
$
125,807
Provision for Credit Losses
1,750
2,500
3,250
Total Noninterest Income
41,332
44,271
44,058
Total Noninterest Expense
116,071
109,518
110,459
Pre-Provision Net Revenue
76,251
80,127
59,406
Net Income
57,432
60,935
43,985
Net Income Available to Common Shareholders
52,163
55,666
38,716
Basic Earnings Per Common Share
1.32
1.40
0.98
Diluted Earnings Per Common Share
1.30
1.39
0.97
Dividends Declared Per Common Share
0.70
0.70
0.70
Performance Ratios
Return on Average Assets
0.97
%
1.01
%
0.75
%
Return on Average Shareholders' Equity
12.47
13.33
10.65
Return on Average Common Equity
13.90
15.03
11.80
Efficiency Ratio 1
60.35
57.75
65.03
Net Interest Margin 2
2.74
2.61
2.32
Dividend Payout Ratio 3
53.03
50.00
71.43
Average Shareholders' Equity to Average Assets
7.81
7.57
7.09
Average Balances
Average Loans and Leases
$
14,083,875
$
14,013,532
$
14,062,173
Average Assets
23,915,334
23,958,401
23,638,068
Average Deposits
20,915,443
20,980,199
20,669,539
Average Shareholders' Equity
1,867,165
1,814,000
1,675,571
Per Share of Common Stock
Book Value
$
38.10
$
37.92
$
34.23
Tangible Book Value
37.31
37.12
33.43
Market Value
Closing
74.25
68.37
68.97
High
80.61
71.85
76.00
Low
67.04
59.36
65.82
March 31, 2026
December 31, 2025
March 31, 2025
As of Period End:
Balance Sheet Totals
Loans and Leases
$
14,192,811
$
14,082,050
$
14,115,323
Total Assets
23,909,933
24,176,364
23,885,056
Total Deposits
20,957,930
21,188,495
21,008,217
Other Debt
558,150
558,176
558,250
Total Shareholders' Equity
1,854,563
1,851,212
1,704,935
Asset Quality
Non-Performing Assets
$
12,090
$
14,171
$
17,451
Allowance for Credit Losses - Loans and Leases
146,962
146,766
147,707
Allowance to Loans and Leases Outstanding 4
1.04
%
1.04
%
1.05
%
Capital Ratios 5
Common Equity Tier 1 Capital Ratio 6
12.06
%
12.14
%
11.58
%
Tier 1 Capital Ratio
14.40
14.49
13.93
Total Capital Ratio
15.44
15.54
14.97
Tier 1 Leverage Ratio
8.62
8.57
8.36
Total Shareholders' Equity to Total Assets
7.76
7.66
7.14
Tangible Common Equity to Tangible Assets 7
6.19
6.11
5.57
Tangible Common Equity to Risk-Weighted Assets 7
10.28
10.35
9.28
Non-Financial Data
Full-Time Equivalent Employees
1,866
1,877
1,876
Branches
52
51
50
ATMs
319
320
316
1 Efficiency ratio is defined as noninterest expense divided by total revenue (net interest income and total noninterest income).
2 Net interest margin is defined as net interest income, on a taxable-equivalent basis, as a percentage of average earning assets.
3 Dividend payout ratio is defined as dividends declared per common share divided by basic earnings per common share.
4 The numerator comprises the Allowance for Credit Losses - Loans and Leases.
5 Regulatory capital ratios as of March 31, 2026 are preliminary.
6 Capital Ratio as of December 31, 2025 has been updated to reflect final reported ratio.
7 Tangible common equity to tangible assets and tangible common equity to risk-weighted assets are Non-GAAP financial measures. Tangible common equity is defined by the Company as common shareholders' equity minus goodwill. See Table 2 “Reconciliation of Non-GAAP Financial Measures”.
Bank of Hawai‘i Corporation and Subsidiaries
Reconciliation of Non-GAAP Financial Measures
Table 2
(dollars in thousands)
March 31, 2026
December 31, 2025
March 31, 2025
Total Shareholders' Equity
$
1,854,563
$
1,851,212
$
1,704,935
Less: Preferred Stock
345,000
345,000
345,000
Goodwill
31,517
31,517
31,517
Tangible Common Equity
$
1,478,046
$
1,474,695
$
1,328,418
Total Assets
$
23,909,933
$
24,176,364
$
23,885,056
Less: Goodwill
31,517
31,517
31,517
Tangible Assets
$
23,878,416
$
24,144,847
$
23,853,539
Risk-Weighted Assets, determined in accordance with prescribed regulatory requirements 1, 2
$
14,382,622
$
14,246,238
$
14,319,932
Total Shareholders' Equity to Total Assets
7.76%
7.66%
7.14%
Tangible Common Equity to Tangible Assets (Non-GAAP)
6.19%
6.11%
5.57%
Tier 1 Capital Ratio 1
14.40%
14.49%
13.93%
Tangible Common Equity to Risk-Weighted Assets (Non-GAAP) 1
10.28%
10.35%
9.28%
1 Regulatory capital ratios as of March 31, 2026 are preliminary.
2 Capital Ratio as of December 31, 2025 has been updated to reflect final reported ratio.
Bank of Hawai‘i Corporation and Subsidiaries
Consolidated Statements of Income
Table 3
Three Months Ended
(dollars in thousands, except per share amounts)
March 31, 2026
December 31, 2025
March 31, 2025
Interest Income
Interest and Fees on Loans and Leases
$
164,469
$
168,234
$
163,082
Income on Investment Securities
Available-for-Sale
34,575
32,950
24,368
Held-to-Maturity
18,541
18,929
20,291
Cash and Cash Equivalents
3,329
5,936
5,460
Other
1,293
1,245
1,085
Total Interest Income
222,207
227,294
214,286
Interest Expense
Deposits
64,886
75,477
81,692
Securities Sold Under Agreements to Repurchase
486
496
744
Other Debt
5,845
5,947
6,043
Total Interest Expense
71,217
81,920
88,479
Net Interest Income
150,990
145,374
125,807
Provision for Credit Losses
1,750
2,500
3,250
Net Interest Income After Provision for Credit Losses
149,240
142,874
122,557
Noninterest Income
Trust and Asset Management
12,445
12,883
11,741
Fees, Exchange, and Other Service Charges
10,928
12,298
14,437
Service Charges on Deposit Accounts
8,440
8,694
8,259
Bank-Owned Life Insurance
4,147
3,758
3,611
Annuity and Insurance
1,469
1,124
1,555
Mortgage Banking
876
917
988
Investment Securities Losses, Net
(1,272
)
(18,717
)
(1,607
)
Other
4,299
23,314
5,074
Total Noninterest Income
41,332
44,271
44,058
Noninterest Expense
Salaries and Benefits
68,457
61,675
62,884
Net Occupancy
10,782
10,029
10,559
Net Equipment
10,611
10,047
10,192
Data Processing
5,581
5,659
5,267
Professional Fees
4,226
3,682
4,264
FDIC Insurance
2,719
2,378
1,642
Other
13,695
16,048
15,651
Total Noninterest Expense
116,071
109,518
110,459
Income Before Provision for Income Taxes
74,501
77,627
56,156
Provision for Income Taxes
17,069
16,692
12,171
Net Income
$
57,432
$
60,935
$
43,985
Preferred Stock Dividends
5,269
5,269
5,269
Net Income Available to Common Shareholders
$
52,163
$
55,666
$
38,716
Basic Earnings Per Common Share
$
1.32
$
1.40
$
0.98
Diluted Earnings Per Common Share
$
1.30
$
1.39
$
0.97
Dividends Declared Per Common Share
$
0.70
$
0.70
$
0.70
Basic Weighted Average Common Shares
39,568,000
39,641,382
39,554,834
Diluted Weighted Average Common Shares
39,981,356
40,003,635
39,876,406
Bank of Hawai‘i Corporation and Subsidiaries
Consolidated Statements of Comprehensive Income
Table 4
Three Months Ended
(dollars in thousands)
March 31, 2026
December 31, 2025
March 31, 2025
Net Income
$
57,432
$
60,935
$
43,985
Other Comprehensive Income (Loss), Net of Tax:
Net Change in Unrealized Gains (Losses) on Investment Securities
(3,001
)
29,367
24,760
Net Change in Defined Benefit Plans
222
2,446
232
Other Comprehensive Income (Loss)
(2,779
)
31,813
24,992
Comprehensive Income
$
54,653
$
92,748
$
68,977
Bank of Hawai‘i Corporation and Subsidiaries
Consolidated Statements of Condition
Table 5
(dollars in thousands, except per share amounts)
March 31, 2026
December 31, 2025
March 31, 2025
Assets
Cash and Cash Equivalents
$
425,080
$
946,520
$
935,200
Investment Securities
Available-for-Sale
3,722,405
3,510,652
2,887,019
Held-to-Maturity (Fair Value of $3,549,687; $3,651,966; and $3,823,655)
4,163,261
4,245,681
4,535,108
Loans Held for Sale
3,609
4,369
2,640
Loans and Leases
14,192,811
14,082,050
14,115,323
Allowance for Credit Losses
(146,962
)
(146,766
)
(147,707
)
Net Loans and Leases
14,045,849
13,935,284
13,967,616
Premises and Equipment, Net
215,859
199,747
187,858
Operating Lease Right-of-Use Assets
82,244
83,424
83,577
Accrued Interest Receivable
70,555
69,899
67,706
Mortgage Servicing Rights
17,036
17,455
18,770
Goodwill
31,517
31,517
31,517
Bank-Owned Life Insurance
499,681
499,795
481,260
Other Assets
632,837
632,021
686,785
Total Assets
$
23,909,933
$
24,176,364
$
23,885,056
Liabilities
Deposits
Noninterest-Bearing Demand
$
5,653,265
$
5,755,371
$
5,493,232
Interest-Bearing Demand
3,884,305
3,910,952
3,775,948
Savings
8,683,875
8,741,090
8,700,143
Time
2,736,485
2,781,082
3,038,894
Total Deposits
20,957,930
21,188,495
21,008,217
Securities Sold Under Agreements to Repurchase
50,000
50,000
50,000
Other Debt
558,150
558,176
558,250
Operating Lease Liabilities
91,213
92,402
92,267
Retirement Benefits Payable
25,686
20,139
23,640
Accrued Interest Payable
19,757
22,370
23,261
Other Liabilities
352,634
393,570
424,486
Total Liabilities
22,055,370
22,325,152
22,180,121
Shareholders’ Equity
Preferred Stock (Series A, $.01 par value; authorized 180,000 shares issued and outstanding)
180,000
180,000
180,000
Preferred Stock (Series B, $.01 par value; authorized 165,000 shares issued and outstanding)
165,000
165,000
165,000
Common Stock ($.01 par value; authorized 500,000,000 shares; issued / outstanding: March 31, 2026 - 59,000,929 / 39,620,563; December 31, 2025 - 58,780,253 / 39,725,698; and March 31, 2025 - 58,765,864 / 39,734,304)
590
587
586
Capital Surplus
672,584
664,781
651,374
Accumulated Other Comprehensive Loss
(247,217
)
(244,438
)
(318,397
)
Retained Earnings
2,229,539
2,205,707
2,144,326
Treasury Stock, at Cost (Shares: March 31, 2026 - 19,380,366; December 31, 2025 - 19,054,555; and March 31, 2025 - 19,031,560)
(1,145,933
)
(1,120,425
)
(1,117,954
)
Total Shareholders’ Equity
1,854,563
1,851,212
1,704,935
Total Liabilities and Shareholders’ Equity
$
23,909,933
$
24,176,364
$
23,885,056
Bank of Hawai‘i Corporation and Subsidiaries
Consolidated Statements of Shareholders' Equity
Table 6
(dollars in thousands, except per share amounts)
Preferred Shares Series A Outstanding
Preferred Series A Stock
Preferred Shares Series B Outstanding
Preferred Series B Stock
Common Shares Outstanding
Common Stock
Capital Surplus
Accum. Other Comprehensive Income (Loss)
Retained Earnings
Treasury Stock
Total
Balance as of December 31, 2025
180,000
$
180,000
165,000
$
165,000
39,725,698
$
587
$
664,781
$
(244,438
)
$
2,205,707
$
(1,120,425
)
$
1,851,212
Net Income
–
–
–
–
–
–
–
–
57,432
–
57,432
Other Comprehensive Loss
–
–
–
–
–
–
–
(2,779
)
–
–
(2,779
)
Share-Based Compensation
–
–
–
–
–
–
7,459
–
–
–
7,459
Common Stock Issued Under Purchase and Equity Compensation Plans
–
–
–
–
237,399
3
344
–
–
881
1,228
Common Stock Repurchased Under Share Repurchase Program
–
–
–
–
(194,096
)
–
–
–
–
(15,109
)
(15,109
)
Equity Compensation Plan Common Stock Repurchases
–
–
–
–
(148,438
)
–
–
–
–
(11,280
)
(11,280
)
Cash Dividends Declared Common Stock ($0.70 per share)
–
–
–
–
–
–
–
–
(28,331
)
–
(28,331
)
Cash Dividends Declared Preferred Stock
–
–
–
–
–
–
–
–
(5,269
)
–
(5,269
)
Balance as of March 31, 2026
180,000
$
180,000
165,000
$
165,000
39,620,563
$
590
$
672,584
$
(247,217
)
$
2,229,539
$
(1,145,933
)
$
1,854,563
Balance as of December 31, 2024
180,000
$
180,000
165,000
$
165,000
39,762,255
$
585
$
647,403
$
(343,389
)
$
2,133,838
$
(1,115,663
)
$
1,667,774
Net Income
–
–
–
–
–
–
–
–
43,985
–
43,985
Other Comprehensive Income
–
–
–
–
–
–
–
24,992
–
–
24,992
Share-Based Compensation
–
–
–
–
–
–
3,680
–
–
–
3,680
Common Stock Issued Under Purchase and Equity Compensation Plans
–
–
–
–
19,477
1
291
–
–
1,023
1,315
Equity Compensation Plan Common Stock Repurchases
–
–
–
–
(47,428
)
–
–
–
–
(3,314
)
(3,314
)
Cash Dividends Declared Common Stock ($0.70 per share)
–
–
–
–
–
–
–
–
(28,228
)
–
(28,228
)
Cash Dividends Declared Preferred Stock
–
–
–
–
–
–
–
–
(5,269
)
–
(5,269
)
Balance as of March 31, 2025
180,000
$
180,000
165,000
$
165,000
39,734,304
$
586
$
651,374
$
(318,397
)
$
2,144,326
$
(1,117,954
)
$
1,704,935
Bank of Hawai‘i Corporation and Subsidiaries
Average Balances and Interest Rates - Taxable-Equivalent Basis 1
Table 7
Three Months Ended March 31, 2026
Three Months Ended December 31, 2025
Three Months Ended March 31, 2025
(dollars in millions)
Average Balance
Income/Expense 2
Yield/Rate
Average Balance
Income/Expense 2
Yield/Rate
Average Balance
Income/Expense 2
Yield/Rate
Earning Assets
Cash and Cash Equivalents
$
372.5
$
3.3
3.58
%
$
604.5
$
6.0
3.84
%
$
500.0
$
5.5
4.37
%
Investment Securities
Available-for-Sale
Taxable
3,598.1
34.2
3.82
3,363.4
32.5
3.86
2,790.3
24.1
3.47
Non-Taxable
32.1
0.4
5.07
32.0
0.5
5.80
21.3
0.3
5.68
Held-to-Maturity
Taxable
4,175.4
18.4
1.76
4,265.7
18.8
1.76
4,548.6
20.2
1.77
Non-Taxable
33.5
0.2
2.10
33.7
0.2
2.10
34.1
0.2
2.09
Total Investment Securities
7,839.1
53.2
2.72
7,694.8
52.0
2.70
7,394.3
44.8
2.43
Loans Held for Sale
3.6
0.1
5.22
2.4
0.0
5.51
2.3
0.0
6.06
Loans and Leases 3
Commercial Mortgage
4,220.6
54.1
5.19
4,124.5
55.2
5.31
4,015.2
52.5
5.30
Commercial and Industrial
1,583.4
18.7
4.79
1,590.0
19.6
4.90
1,703.7
21.3
5.06
Construction
215.7
3.4
6.46
265.5
4.6
6.89
338.5
6.0
7.22
Commercial Lease Financing
86.9
0.9
4.29
89.7
0.9
4.19
91.1
0.9
3.83
Residential Mortgage
4,781.9
47.8
4.00
4,719.8
47.5
4.03
4,616.7
44.8
3.88
Home Equity
2,103.1
23.6
4.55
2,122.1
24.3
4.54
2,154.4
22.5
4.23
Automobile
684.6
9.4
5.57
692.7
9.6
5.49
752.6
9.3
5.02
Other
407.7
7.8
7.76
409.2
7.9
7.64
390.0
7.1
7.41
Total Loans and Leases
14,083.9
165.7
4.75
14,013.5
169.6
4.81
14,062.2
164.4
4.72
Other
81.9
1.3
6.31
82.2
1.2
6.06
65.1
1.1
6.67
Total Earning Assets
22,381.0
223.6
4.03
22,397.4
228.8
4.07
22,023.9
215.8
3.95
Non-Earning Assets
1,534.3
1,561.0
1,614.2
Total Assets
$
23,915.3
$
23,958.4
$
23,638.1
Interest-Bearing Liabilities
Interest-Bearing Deposits
Demand
$
3,839.0
$
6.6
0.69
%
$
3,697.9
$
7.3
0.78
%
$
3,773.4
$
7.1
0.76
%
Savings
8,668.4
38.7
1.81
8,738.2
44.3
2.01
8,544.5
47.1
2.23
Time
2,753.6
19.6
2.89
2,974.0
23.9
3.18
3,037.3
27.5
3.67
Total Interest-Bearing Deposits
15,261.0
64.9
1.72
15,410.1
75.5
1.94
15,355.2
81.7
2.16
Securities Sold Under Agreements to Repurchase
50.0
0.5
3.89
50.0
0.5
3.89
76.7
0.7
3.88
Other Debt
560.9
5.8
4.23
558.2
5.9
4.23
578.2
6.1
4.24
Total Interest-Bearing Liabilities
15,871.9
71.2
1.82
16,018.3
81.9
2.03
16,010.1
88.5
2.24
Net Interest Income
$
152.4
$
146.9
$
127.3
Interest Rate Spread
2.21
%
2.04
%
1.71
%
Net Interest Margin
2.74
%
2.61
%
2.32
%
Noninterest-Bearing Demand Deposits
5,654.4
5,570.1
5,314.3
Other Liabilities
521.8
556.0
638.1
Shareholders' Equity
1,867.2
1,814.0
1,675.6
Total Liabilities and Shareholders' Equity
$
23,915.3
$
23,958.4
$
23,638.1
1 Due to rounding, the amounts presented in this table may not tie to other amounts presented elsewhere in this report.
2 Interest income includes taxable-equivalent basis adjustments, based upon a federal statutory tax rate of 21%, of $1.4 million, $1.6 million, and $1.5 million for the three months ended March 31, 2026, December 31, 2025, and March 31, 2025, respectively.
3 Non-performing loans and leases are included in the respective average loan and lease balances.
Bank of Hawai‘i Corporation and Subsidiaries
Analysis of Change in Net Interest Income - Taxable-Equivalent Basis
Table 8a
Three Months Ended March 31, 2026
Compared to December 31, 2025
(dollars in millions)
Volume 1
Rate 1
Total
Change in Interest Income:
Cash and Cash Equivalents
$
(2.2
)
$
(0.4
)
$
(2.6
)
Investment Securities
Available-for-Sale
Taxable
2.1
(0.4
)
1.7
Non-Taxable
—
(0.1
)
(0.1
)
Held-to-Maturity
Taxable
(0.4
)
0.0
(0.4
)
Non-Taxable
0.0
—
0.0
Total Investment Securities
1.7
(0.5
)
1.2
Loans Held for Sale
0.0
0.0
0.0
Loans and Leases
Commercial Mortgage
0.6
(1.8
)
(1.2
)
Commercial and Industrial
(0.1
)
(0.8
)
(0.9
)
Construction
(0.9
)
(0.3
)
(1.2
)
Commercial Lease Financing
0.0
0.0
0.0
Residential Mortgage
0.6
(0.3
)
0.3
Home Equity
(0.5
)
(0.1
)
(0.6
)
Automobile
(0.2
)
0.0
(0.2
)
Other
(0.1
)
0.0
(0.1
)
Total Loans and Leases
(0.6
)
(3.3
)
(3.9
)
Other
0.0
0.0
0.0
Total Change in Interest Income
(1.1
)
(4.2
)
(5.3
)
Change in Interest Expense:
Interest-Bearing Deposits
Demand
0.2
(0.9
)
(0.7
)
Savings
(0.4
)
(5.2
)
(5.6
)
Time
(1.9
)
(2.4
)
(4.3
)
Total Interest-Bearing Deposits
(2.1
)
(8.5
)
(10.6
)
Securities Sold Under Agreements to Repurchase
—
0.0
0.0
Other Debt
(0.1
)
0.0
(0.1
)
Total Change in Interest Expense
(2.2
)
(8.5
)
(10.7
)
Change in Net Interest Income
$
1.1
$
4.3
$
5.4
1 The change in interest income and expense due to both volume and rate has been allocated between the factors in proportion to the relationship of the absolute dollar amounts of the change in each.
Bank of Hawai‘i Corporation and Subsidiaries
Analysis of Change in Net Interest Income - Taxable-Equivalent Basis
Table 8b
Three Months Ended March 31, 2026
Compared to March 31, 2025
(dollars in millions)
Volume 1
Rate 1
Total
Change in Interest Income:
Cash and Cash Equivalents
$
(1.2
)
$
(0.9
)
$
(2.1
)
Investment Securities
Available-for-Sale
Taxable
7.5
2.6
10.1
Non-Taxable
0.1
0.0
0.1
Held-to-Maturity
Taxable
(1.6
)
(0.1
)
(1.7
)
Non-Taxable
0.0
—
0.0
Total Investment Securities
6.0
2.5
8.5
Loans Held for Sale
0.0
0.0
0.0
Loans and Leases
Commercial Mortgage
2.7
(1.2
)
1.5
Commercial and Industrial
(1.5
)
(1.1
)
(2.6
)
Construction
(2.0
)
(0.6
)
(2.6
)
Commercial Lease Financing
0.0
0.1
0.1
Residential Mortgage
1.6
1.4
3.0
Home Equity
(0.5
)
1.6
1.1
Automobile
(0.9
)
1.0
0.1
Other
0.3
0.4
0.7
Total Loans and Leases
(0.3
)
1.6
1.3
Other
0.4
(0.3
)
0.1
Total Change in Interest Income
4.9
2.9
7.8
Change in Interest Expense:
Interest-Bearing Deposits
Demand
0.2
(0.7
)
(0.5
)
Savings
0.6
(9.0
)
(8.4
)
Time
(2.4
)
(5.5
)
(7.9
)
Total Interest-Bearing Deposits
(1.6
)
(15.2
)
(16.8
)
Securities Sold Under Agreements to Repurchase
(0.3
)
0.0
(0.3
)
Other Debt
(0.2
)
0.0
(0.2
)
Total Change in Interest Expense
(2.1
)
(15.2
)
(17.3
)
Change in Net Interest Income
$
7.0
$
18.1
$
25.1
1 The change in interest income and expense due to both volume and rate has been allocated between the factors in proportion to the relationship of the absolute dollar amounts of the change in each.
Bank of Hawai‘i Corporation and Subsidiaries
Salaries and Benefits
Table 9
Three Months Ended
(dollars in thousands)
March 31, 2026
December 31, 2025
March 31, 2025
Salaries
$
38,990
$
39,915
$
38,242
Share-Based Compensation
7,282
4,379
3,501
Incentive Compensation
6,083
4,535
5,573
Payroll Taxes
5,321
2,740
4,766
Retirement and Other Benefits
4,597
4,378
5,061
Medical, Dental, and Life Insurance
4,222
3,916
4,537
Commission Expense
1,213
1,670
1,123
Separation Expense
749
142
81
Total Salaries and Benefits
$
68,457
$
61,675
$
62,884
Bank of Hawai‘i Corporation and Subsidiaries
Loan and Lease Portfolio Balances
Table 10
(dollars in thousands)
March 31,
2026
December 31,
2025
September 30,
2025
June 30,
2025
March 31,
2025
Commercial
Commercial Mortgage
$
4,341,448
$
4,205,791
$
4,040,711
$
4,038,956
$
4,038,287
Commercial and Industrial
1,575,207
1,584,245
1,581,232
1,597,560
1,703,290
Construction
204,993
208,584
380,944
374,768
363,716
Lease Financing
84,651
88,303
92,213
92,842
92,456
Total Commercial
6,206,299
6,086,923
6,095,100
6,104,126
6,197,749
Consumer
Residential Mortgage
4,800,256
4,775,502
4,685,214
4,637,014
4,630,876
Home Equity
2,095,521
2,114,809
2,129,599
2,139,025
2,144,955
Automobile
680,570
690,376
699,244
715,688
740,390
Other
410,165
414,440
412,422
406,325
401,353
Total Consumer
7,986,512
7,995,127
7,926,479
7,898,052
7,917,574
Total Loans and Leases
$
14,192,811
$
14,082,050
$
14,021,579
$
14,002,178
$
14,115,323
Deposits
(dollars in thousands)
March 31,
2026
December 31,
2025
September 30,
2025
June 30,
2025
March 31,
2025
Consumer
$
10,530,223
$
10,466,617
$
10,393,932
$
10,429,271
$
10,522,627
Commercial
8,340,279
8,597,265
8,348,396
8,243,898
8,411,838
Public and Other
2,087,428
2,124,613
2,338,341
2,125,745
2,073,752
Total Deposits
$
20,957,930
$
21,188,495
$
21,080,669
$
20,798,914
$
21,008,217
Average Deposits
Three Months Ended
(dollars in thousands)
March 31,
2026
December 31,
2025
September 30,
2025
June 30,
2025
March 31,
2025
Consumer
$
10,461,004
$
10,373,200
$
10,387,715
$
10,435,867
$
10,408,747
Commercial
8,431,519
8,478,592
8,504,078
8,316,893
8,318,182
Public and Other
2,022,920
2,128,407
2,176,493
1,946,933
1,942,610
Total Deposits
$
20,915,443
$
20,980,199
$
21,068,286
$
20,699,693
$
20,669,539
Bank of Hawai‘i Corporation and Subsidiaries
Non-Performing Assets and Accruing Loans and Leases Past Due 90 Days or More
Table 11
(dollars in thousands)
March 31,
2026
December 31,
2025
September 30,
2025
June 30,
2025
March 31,
2025
Non-Performing Assets
Non-Accrual Loans and Leases
Commercial
Commercial Mortgage
$
-
$
2,085
$
2,498
$
2,566
$
2,195
Commercial and Industrial
1,860
1,940
3,506
3,744
3,451
Total Commercial
1,860
4,025
6,004
6,310
5,646
Consumer
Residential Mortgage
5,410
5,382
5,628
5,842
4,686
Home Equity
4,525
4,469
5,107
5,387
5,759
Total Consumer
9,935
9,851
10,735
11,229
10,445
Total Non-Accrual Loans and Leases
11,795
13,876
16,739
17,539
16,091
Foreclosed Real Estate
295
295
125
342
1,360
Total Non-Performing Assets
$
12,090
$
14,171
$
16,864
$
17,881
$
17,451
Accruing Loans and Leases Past Due 90 Days or More
Consumer
Residential Mortgage
$
10,733
$
8,834
$
7,456
$
9,070
$
3,895
Home Equity
1,556
2,152
2,765
1,867
2,228
Automobile
672
520
525
680
486
Other
764
753
578
630
943
Total Consumer
13,725
12,259
11,324
12,247
7,552
Total Accruing Loans and Leases Past Due 90 Days or More
$
13,725
$
12,259
$
11,324
$
12,247
$
7,552
Total Loans and Leases
$
14,192,811
$
14,082,050
$
14,021,579
$
14,002,178
$
14,115,323
Ratio of Non-Accrual Loans and Leases to Total Loans and Leases
0.08
%
0.10
%
0.12
%
0.13
%
0.11
%
Ratio of Non-Performing Assets to Total Loans and Leases and Foreclosed Real Estate
0.09
%
0.10
%
0.12
%
0.13
%
0.12
%
Ratio of Non-Performing Assets to Total Assets
0.05
%
0.06
%
0.07
%
0.08
%
0.07
%
Ratio of Commercial Non-Performing Assets to Total Commercial Loans and Leases and Commercial Foreclosed Real Estate
0.03
%
0.07
%
0.10
%
0.10
%
0.09
%
Ratio of Consumer Non-Performing Assets to Total Consumer Loans and Leases and Consumer Foreclosed Real Estate
0.13
%
0.13
%
0.14
%
0.15
%
0.15
%
Ratio of Non-Performing Assets and Accruing Loans and Leases Past Due 90 Days or More to Total Loans and Leases and Foreclosed Real Estate
0.18
%
0.19
%
0.20
%
0.22
%
0.18
%
Quarter to Quarter Changes in Non-Performing Assets Balance at Beginning of Quarter
$
14,171
$
16,864
$
17,881
$
17,451
$
19,300
Additions 1
1,010
2,608
959
3,522
2,209
Reductions
Payments
(2,744
)
(2,631
)
(804
)
(1,424
)
(1,212
)
Return to Accrual Status
(341
)
(1,217
)
(321
)
(574
)
(244
)
Sales of Foreclosed Real Estate
-
(120
)
(216
)
(1,040
)
(1,492
)
Charge-offs / Write-downs 1
(6
)
(1,333
)
(635
)
(54
)
(1,110
)
Total Reductions
(3,091
)
(5,301
)
(1,976
)
(3,092
)
(4,058
)
Balance at End of Quarter
$
12,090
$
14,171
$
16,864
$
17,881
$
17,451
1 Excludes loans that are fully charged-off and placed on non-accrual status during the same period.
Bank of Hawai‘i Corporation and Subsidiaries
Reserve for Credit Losses
Table 12
Three Months Ended
(dollars in thousands)
March 31, 2026
December 31, 2025
March 31, 2025
Balance at Beginning of Period
$
148,403
$
150,051
$
150,649
Loans and Leases Charged-Off
Commercial
Commercial and Industrial
(230
)
(1,331
)
(1,399
)
Consumer
Residential Mortgage
(15
)
—
—
Home Equity
(6
)
(165
)
(75
)
Automobile
(1,417
)
(1,654
)
(1,751
)
Other
(2,394
)
(2,192
)
(2,484
)
Total Loans and Leases Charged-Off
(4,062
)
(5,342
)
(5,709
)
Recoveries on Loans and Leases Previously Charged-Off
Commercial
Commercial Mortgage
1,617
—
—
Commercial and Industrial
53
92
77
Consumer
Residential Mortgage
11
11
11
Home Equity
137
88
128
Automobile
579
517
633
Other
590
486
457
Total Recoveries on Loans and Leases
2,987
1,194
1,306
Net Charged-Off - Loans and Leases
(1,075
)
(4,148
)
(4,403
)
Provision for Credit Losses:
Loans and Leases
1,271
2,136
3,582
Unfunded Commitments
479
364
(332
)
Total Provision for Credit Losses
1,750
2,500
3,250
Balance at End of Period
$
149,078
$
148,403
$
149,496
Components
Allowance for Credit Losses - Loans and Leases
$
146,962
$
146,766
$
147,707
Reserve for Unfunded Commitments
2,116
1,637
1,789
Total Reserve for Credit Losses
$
149,078
$
148,403
$
149,496
Average Loans and Leases Outstanding
$
14,083,875
$
14,013,532
$
14,062,173
Ratio of Net Loans and Leases Charged-Off to Average Loans and Leases Outstanding (annualized)
0.03
%
0.12
%
0.13
%
Ratio of Allowance for Credit Losses to Loans and Leases Outstanding 1
1.04
%
1.04
%
1.05
%
1 The numerator comprises the Allowance for Credit Losses - Loans and Leases.
Bank of Hawai‘i Corporation and Subsidiaries
Selected Quarterly Financial Data
Table 13
Three Months Ended
(dollars in thousands, except per share amounts)
March 31, 2026
December 31, 2025
September 30, 2025
June 30, 2025
March 31, 2025
Quarterly Operating Results
Interest Income
Interest and Fees on Loans and Leases
$
164,469
$
168,234
$
169,411
$
166,779
$
163,082
Income on Investment Securities
Available-for-Sale
34,575
32,950
29,702
27,007
24,368
Held-to-Maturity
18,541
18,929
19,332
19,835
20,291
Cash and Cash Equivalents
3,329
5,936
8,195
3,817
5,460
Other
1,293
1,245
1,068
1,097
1,085
Total Interest Income
222,207
227,294
227,708
218,535
214,286
Interest Expense
Deposits
64,886
75,477
84,590
82,476
81,692
Securities Sold Under Agreements to Repurchase
486
496
496
491
744
Other Debt
5,845
5,947
5,947
5,885
6,043
Total Interest Expense
71,217
81,920
91,033
88,852
88,479
Net Interest Income
150,990
145,374
136,675
129,683
125,807
Provision for Credit Losses
1,750
2,500
2,500
3,250
3,250
Net Interest Income After Provision for Credit Losses
149,240
142,874
134,175
126,433
122,557
Noninterest Income
Trust and Asset Management
12,445
12,883
12,598
12,097
11,741
Fees, Exchange, and Other Service Charges
10,928
12,298
15,219
14,383
14,437
Service Charges on Deposit Accounts
8,440
8,694
8,510
8,119
8,259
Bank-Owned Life Insurance
4,147
3,758
3,681
3,714
3,611
Annuity and Insurance
1,469
1,124
1,095
1,437
1,555
Mortgage Banking
876
917
906
849
988
Investment Securities Losses, Net
(1,272
)
(18,717
)
(1,945
)
(1,126
)
(1,607
)
Other
4,299
23,314
5,902
5,322
5,074
Total Noninterest Income
41,332
44,271
45,966
44,795
44,058
Noninterest Expense
Salaries and Benefits
68,457
61,675
62,905
61,308
62,884
Net Occupancy
10,782
10,029
10,932
10,499
10,559
Net Equipment
10,611
10,047
10,285
9,977
10,192
Data Processing
5,581
5,659
5,603
5,456
5,267
Professional Fees
4,226
3,682
4,022
4,263
4,264
FDIC Insurance
2,719
2,378
3,508
3,640
1,642
Other
13,695
16,048
15,132
15,640
15,651
Total Noninterest Expense
116,071
109,518
112,387
110,783
110,459
Income Before Provision for Income Taxes
74,501
77,627
67,754
60,445
56,156
Provision for Income Taxes
17,069
16,692
14,409
12,808
12,171
Net Income
$
57,432
$
60,935
$
53,345
$
47,637
$
43,985
Preferred Stock Dividends
5,269
5,269
5,269
5,269
5,269
Net Income Available to Common Shareholders
$
52,163
$
55,666
$
48,076
$
42,368
$
38,716
Basic Earnings Per Common Share
$
1.32
$
1.40
$
1.21
$
1.07
$
0.98
Diluted Earnings Per Common Share
$
1.30
$
1.39
$
1.20
$
1.06
$
0.97
Balance Sheet Totals
Loans and Leases
$
14,192,811
$
14,082,050
$
14,021,579
$
14,002,178
$
14,115,323
Total Assets
23,909,933
24,176,364
24,014,609
23,709,752
23,885,056
Total Deposits
20,957,930
21,188,495
21,080,669
20,798,914
21,008,217
Total Shareholders' Equity
1,854,563
1,851,212
1,791,183
1,743,107
1,704,935
Performance Ratios
Return on Average Assets
0.97
%
1.01
%
0.88
%
0.81
%
0.75
%
Return on Average Shareholders' Equity
12.47
13.33
12.10
11.21
10.65
Return on Average Common Equity
13.90
15.03
13.59
12.50
11.80
Efficiency Ratio 1
60.35
57.75
61.53
63.49
65.03
Net Interest Margin 2
2.74
2.61
2.46
2.39
2.32
1 Efficiency ratio is defined as noninterest expense divided by total revenue (net interest income and total noninterest income).
2 Net interest margin is defined as net interest income, on a taxable-equivalent basis, as a percentage of average earning assets.
Bank of Hawai‘i Corporation and Subsidiaries
Hawaii Economic Trends
Table 14
Year Ended
(dollars in millions, jobs in thousands, 1-year percentage change)
December 31, 2025
December 31, 2024
Hawaii Economic Trends
General Excise and Use Tax Revenue 1
889.1
4.1
%
4,773.4
6.2
%
4,495.0
0.5
%
Jobs 2
672.7
672.9
669.0
January 31,
December 31,
2026
2025
2024
Unemployment, seasonally adjusted 2
Statewide
2.6
%
2.6
%
3.0
%
Honolulu County
2.6
2.5
2.9
Hawaii County
2.9
3.1
3.5
Maui County
2.9
2.9
3.6
Kauai County
2.0
2.7
3.0
February 28,
December 31,
(1-year percentage change, except months of inventory)
2026
2025
2024
2023
Housing Trends (Single Family Oahu) 3
Median Home Price
0.9
%
3.5
%
4.8
%
(5.0
)%
Home Sales Volume (units)
2.2
%
3.5
%
9.1
%
(26.3
)%
Months of Inventory
2.8
2.6
2.9
2.8
(in thousands, except percentage change)
Monthly Visitor Arrivals,
Not Seasonally Adjusted
Percentage Change
from Previous Year
Tourism 4
February 28, 2026
760.8
2.9
%
January 31, 2026
858.7
11.1
December 31, 2025
850.3
(4.4
)
November 30, 2025
728.1
(3.7
)
October 31, 2025
727.2
(1.2
)
September 30, 2025
674.9
(2.2
)
August 31, 2025
806.8
(2.6
)
July 31, 2025
870.8
(4.6
)
June 30, 2025
855.7
(1.9
)
May 31, 2025
766.4
1.1
April 30, 2025
810.3
9.4
March 31, 2025
890.0
2.8
February 28, 2025
739.7
(1.7
)
January 31, 2025
773.1
3.7
December 31, 2024
889.6
5.0
November 30, 2024
755.8
4.8
October 31, 2024
736.1
5.1
September 30, 2024
690.2
6.5
August 31, 2024
828.3
8.1
July 31, 2024
912.8
(1.9
)
June 30, 2024
872.6
(1.5
)
May 31, 2024
757.8
(4.1
)
April 30, 2024
740.7
(8.1
)
March 31, 2024
865.8
(3.0
)
February 29, 2024
752.7
2.6
1 Source: Hawaii Department of Business, Economic Development & Tourism. Based on the latest complete available data for February 2026.
2 Source: U.S. Bureau of Labor Statistics. Based on the latest complete available data for January 2026. Prior period numbers most recently reported may differ from previously reported figures.
3 Source: Honolulu Board of Realtors.
4 Source: Hawaii Tourism Authority. Prior period numbers most recently reported may differ from previously reported figures.
Bank of Hawaii (BOH - Free Report) came out with quarterly earnings of $1.3 per share, missing the Zacks Consensus Estimate of $1.33 per share. This compares to earnings of $0.97 per share a year ago. These figures are adjusted for non-recurring items.
This quarterly report represents an earnings surprise of -2.26%. A quarter ago, it was expected that this bank holding company would post earnings of $1.25 per share when it actually produced earnings of $1.39, delivering a surprise of +11.2%.
Over the last four quarters, the company has surpassed consensus EPS estimates three times.
Bank of Hawaii, which belongs to the Zacks Banks - West industry, posted revenues of $192.32 million for the quarter ended March 2026, in line with the Zacks Consensus Estimate. This compares to year-ago revenues of $169.87 million. The company has topped consensus revenue estimates three times over the last four quarters.
The sustainability of the stock's immediate price movement based on the recently-released numbers and future earnings expectations will mostly depend on management's commentary on the earnings call.
Bank of Hawaii shares have added about 17.1% since the beginning of the year versus the S&P 500's gain of 4.1%.
What's Next for Bank of Hawaii?While Bank of Hawaii has outperformed the market so far this year, the question that comes to investors' minds is: what's next for the stock?
There are no easy answers to this key question, but one reliable measure that can help investors address this is the company's earnings outlook. Not only does this include current consensus earnings expectations for the coming quarter(s), but also how these expectations have changed lately.
Empirical research shows a strong correlation between near-term stock movements and trends in earnings estimate revisions. Investors can track such revisions by themselves or rely on a tried-and-tested rating tool like the Zacks Rank, which has an impressive track record of harnessing the power of earnings estimate revisions.
Ahead of this earnings release, the estimate revisions trend for Bank of Hawaii was mixed. While the magnitude and direction of estimate revisions could change following the company's just-released earnings report, the current status translates into a Zacks Rank #3 (Hold) for the stock. So, the shares are expected to perform in line with the market in the near future. You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here.
It will be interesting to see how estimates for the coming quarters and the current fiscal year change in the days ahead. The current consensus EPS estimate is $1.41 on $197.12 million in revenues for the coming quarter and $5.87 on $792.76 million in revenues for the current fiscal year.
Investors should be mindful of the fact that the outlook for the industry can have a material impact on the performance of the stock as well. In terms of the Zacks Industry Rank, Banks - West is currently in the top 38% of the 250 plus Zacks industries. Our research shows that the top 50% of the Zacks-ranked industries outperform the bottom 50% by a factor of more than 2 to 1.
Another stock from the same industry, Heritage Commerce , has yet to report results for the quarter ended March 2026.
This holding company for Heritage Bank of Commerce is expected to post quarterly earnings of $0.23 per share in its upcoming report, which represents a year-over-year change of +21.1%. The consensus EPS estimate for the quarter has remained unchanged over the last 30 days.
Heritage Commerce's revenues are expected to be $50.4 million, up 9.4% from the year-ago quarter.
For the quarter ended March 2026, Bank of Hawaii (BOH - Free Report) reported revenue of $192.32 million, up 13.2% over the same period last year. EPS came in at $1.30, compared to $0.97 in the year-ago quarter.
The reported revenue compares to the Zacks Consensus Estimate of $192.33 million, representing no surprise. The company delivered an EPS surprise of -2.26%, with the consensus EPS estimate being $1.33.
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 Bank of Hawaii performed in the just reported quarter in terms of the metrics most widely monitored and projected by Wall Street analysts:
Total Non-Performing Assets: $12.09 million versus the two-analyst average estimate of $18.47 million.Total Non-Accrual Loans and Leases: $11.8 million compared to the $18.18 million average estimate based on two analysts.Net Interest Margin: 2.7% versus 2.7% estimated by two analysts on average.Average Balance - Total earning assets: $22.38 billion versus $22.43 billion estimated by two analysts on average.Net charge-offs to average loans: 0% versus 0.1% estimated by two analysts on average.Efficiency Ratio: 60.4% versus 58.9% estimated by two analysts on average.Net Interest Income (FTE): $152.4 million versus $150.14 million estimated by two analysts on average.Annuity and Insurance: $1.47 million versus $1.33 million estimated by two analysts on average.Bank-Owned Life Insurance: $4.15 million versus $3.78 million estimated by two analysts on average.Trust and Asset Management: $12.45 million versus $12.42 million estimated by two analysts on average.Mortgage Banking: $0.88 million versus the two-analyst average estimate of $0.93 million.Net Interest Income: $150.99 million versus the two-analyst average estimate of $148.57 million.View all Key Company Metrics for Bank of Hawaii here>>>
Shares of Bank of Hawaii have returned +13.5% over the past month versus the Zacks S&P 500 composite's +6.4% 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.
Bank of Hawaii Corporation offers a compelling Buy case, supported by robust capital, conservative underwriting, and visible earnings growth from fixed reinvestment. BOH's net interest margin is expanding due to declining deposit costs and fixed portfolio reinvestment, with NIM expected to approach 3% over the next year. Despite economic headwinds in Hawaii, BOH's strong reserves and capital buffer protect earnings, with run-rate EPS projected above $7.50 in 18 months.
