Track market-moving stories before they get noisy

Rayonier (RYN - Free Report) is expected to deliver a year-over-year increase in earnings on higher revenues when it reports results for the quarter ended March 2026. This widely-known consensus outlook gives a good sense of the company's earnings picture, but how the actual results compare to these estimates is a powerful factor that could impact its near-term stock price.

The stock might move higher if these key numbers top expectations in the upcoming earnings report, which is expected to be released on May 6. On the other hand, if they miss, the stock may move lower.

While management's discussion of business conditions on the earnings call will mostly determine the sustainability of the immediate price change and future earnings expectations, it's worth having a handicapping insight into the odds of a positive EPS surprise.

Zacks Consensus EstimateThis forest products company is expected to post quarterly earnings of $0.06 per share in its upcoming report, which represents a year-over-year change of +400%.

Revenues are expected to be $282.95 million, up 241.3% from the year-ago quarter.

Estimate Revisions TrendThe consensus EPS estimate for the quarter has been revised 5.26% lower over the last 30 days to the current level. 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 Rayonier?For Rayonier, 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 Rayonier will beat the consensus EPS estimate.

Does Earnings Surprise History Hold Any Clue?Analysts often consider to what extent a company has been able to match consensus estimates in the past while calculating their estimates for its future earnings. 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 Rayonier would post earnings of $0.12 per share when it actually produced earnings of $0.20, delivering a surprise of +66.67%.

Over the last four quarters, the company has beaten consensus EPS estimates three 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.

Rayonier 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.

WILDLIGHT, Fla.--(BUSINESS WIRE)--Rayonier Inc. (NYSE:RYN) today reported first quarter net loss attributable to Rayonier of ($12.4) million, or ($0.05) per diluted share, on revenues of $276.8 million. This compares to net loss attributable to Rayonier of ($3.4) million, or ($0.02) per diluted share, on revenues of $82.9 million in the prior year quarter.

The first quarter results included $69.5 million of costs (net of tax) related to the merger with PotlatchDeltic1 and a $0.9 million inventory purchase price adjustment (net of tax) in cost of sales,2 which was partially offset by a $40.3 million income tax benefit from the release of a valuation allowance.3 Excluding these items and adjusting for pro forma net income adjustments attributable to noncontrolling interests,4 first quarter pro forma net income5 was $17.4 million, or $0.07 per share. This compares to pro forma net loss5 of ($2.7) million, or ($0.02) per share, in the prior year period.

The following table summarizes the current quarter and comparable prior year period results. Consolidated results for the first quarter of 2026 include the operations of PotlatchDeltic for the period from January 31, 2026 through March 31, 2026.

Three Months Ended

(millions of dollars, except earnings per share (EPS))

March 31, 2026

March 31, 2025

$

EPS

$

EPS

Revenues

$276.8

$82.9

Net loss attributable to Rayonier

($12.4

)

($0.05

)

($3.4

)

($0.02

)

Pro forma items net of tax:

Costs related to the merger with PotlatchDeltic1

69.5

0.27

—

—

Inventory purchase price adjustment in cost of sales2

0.9

—

—

—

Tax benefit from valuation allowance release3

(40.3

)

(0.16

)

—

—

Income from operations of discontinued operations6

—

—

(2.5

)

(0.02

)

Restructuring charges7

—

—

1.1

0.01

Net cost on legal settlements8

—

—

1.7

0.01

Pro forma net income (loss) adjustments attributable to noncontrolling interests4

(0.2

)

—

0.4

—

Pro forma net income (loss)5

$17.4

$0.07

($2.7

)

($0.02

)

First quarter operating loss was ($45.7) million versus operating income of $0.1 million in the prior year period. First quarter operating loss included $70.4 million of costs related to the merger with PotlatchDeltic1 and a $1.2 million inventory purchase price adjustment in cost of sales.2 Excluding these items, pro forma operating income5 was $25.9 million. This compares to pro forma operating income5 of $1.2 million in the prior year period. First quarter Adjusted EBITDA5 was $94.1 million versus $27.1 million in the prior year period.

The following table summarizes operating income, pro forma operating income,5 and Adjusted EBITDA5 for the current quarter and the comparable prior-year period. The presentation reflects the addition of the Wood Products segment and the renaming of the Pacific Northwest Timber segment following the merger with PotlatchDeltic (as further described below).

Three Months Ended March 31,

Operating (Loss) Income

Pro forma Operating Income (Loss)5

Adjusted EBITDA5

(millions of dollars)

2026

2025

2026

2025

2026

2025

Southern Timber

$12.4

$10.1

$12.4

$10.1

$45.5

$27.0

Northwest Timber

(0.4

)

0.3

(0.4

)

0.3

8.6

5.9

Wood Products

(1.0

)

—

0.1

—

6.8

—

Real Estate

27.4

(1.0

)

27.4

(1.0

)

46.2

2.0

Corporate and Other

(82.8

)

(9.3

)

(12.3

)

(8.2

)

(11.8

)

(7.9

)

Intersegment Eliminations9

(1.2

)

—

(1.2

)

—

(1.2

)

—

Total

($45.7

)

$0.1

$25.9

$1.2

$94.1

$27.1

Cash provided by operating activities was $34.6 million versus $27.7 million in the prior year period. Cash available for distribution (CAD)5 was $90.2 million, which increased $69.9 million versus the prior year period due to higher Adjusted EBITDA5 ($67.1 million) and higher cash interest received (net) ($11.0 million), partially offset by higher capital expenditures ($8.4 million).

“During the first quarter, we generated total Adjusted EBITDA of $94.1 million, reflecting two months of post-merger contribution from the legacy PotlatchDeltic businesses following the successful closing of our merger of equals on January 30th,” said Mark McHugh, President and Chief Executive Officer. “In addition to delivering solid financial results to start the year, I am extremely proud of the collaboration, focus and dedication that our team has demonstrated as we’ve executed on integration initiatives.”

“In our Southern Timber segment, Adjusted EBITDA of $45.5 million increased 68% versus the prior year quarter, largely due to the contribution of approximately 1.0 million tons of harvest volume from the PotlatchDeltic timberlands. In Northwest Timber, Adjusted EBITDA of $8.6 million was 45% higher than the prior year quarter, primarily due to 116,000 tons of incremental harvest volume from the PotlatchDeltic timberlands.”

“In our newly established Wood Products segment, we generated Adjusted EBITDA of $6.8 million, as lumber price realizations trended higher through the first quarter.”

“In our Real Estate segment, Adjusted EBITDA totaled $46.2 million—above the high-end of our prior guidance for the quarter—as we continued to see strong momentum across our real estate categories. Notably, our real estate results for the quarter included a $22.5 million land sale to a solar developer at over $10,000 per acre.”

PotlatchDeltic Corporation Merger and Changes to Reportable Business Segments

On January 30, 2026, Rayonier completed the previously announced merger with PotlatchDeltic Corporation (“PotlatchDeltic”). Accordingly, PotlatchDeltic’s balance sheet and results of operations are included in our consolidated financial statements from and after the date of acquisition.

As a result of the merger, we revised our reportable business segments to include a new “Wood Products” segment, which manufactures and sells lumber, plywood and residual products at seven mills located in Arkansas, Idaho, Michigan and Minnesota. We further renamed the Pacific Northwest Timber segment to “Northwest Timber,” reflecting the addition of approximately 623,000 acres of timberlands in Idaho. Within our Southern Timber segment, we revised our price reporting to reflect delivered log prices rather than net stumpage realizations, reflecting the change in the prevalent mode of sale following the addition of approximately 1.5 million acres to the segment through the merger.

Southern Timber

First quarter sales of $88.7 million increased $37.7 million, or 74%, versus the prior year period. Harvest volumes increased 76% to 2.78 million tons versus 1.58 million tons in the prior year period, primarily driven by 1.0 million tons of incremental volume from the PotlatchDeltic timberlands. Average delivered pine sawtimber prices decreased to $44.59 per ton versus $47.69 per ton in the prior year period, primarily reflecting changes in geographic mix associated with the expanded Southern Timber footprint, as well as modestly weaker market conditions. Average delivered pine pulpwood prices decreased to $30.20 per ton versus $37.83 per ton in the prior year period, reflecting geographic mix impacts from the expanded footprint, as well as softer pulpwood markets. Meanwhile, weighted-average prices on stumpage sales (including hardwood) decreased to $16.65 per ton versus $18.11 per ton in the prior year period, largely attributable to the geographic mix shift due to the merger. Operating income of $12.4 million increased $2.2 million versus the prior year period due to higher volumes ($6.7 million) and higher non-timber income ($4.8 million), partially offset by higher depletion expense ($3.4 million), lower prices ($3.3 million) and higher costs ($2.5 million).

First quarter Adjusted EBITDA5 of $45.5 million was 68%, or $18.5 million, above the prior year period.

Northwest Timber

First quarter sales of $32.1 million increased $10.3 million, or 47%, versus the prior year period. Harvest volumes increased 38% to 361,000 tons versus 261,000 tons in the prior year period, primarily driven by 116,000 tons of incremental volume from legacy PotlatchDeltic timberlands. Idaho harvest activity was limited during the first quarter due to extended spring break-up conditions following a relatively mild winter. Average delivered prices for sawtimber increased to $94.37 per ton versus $90.58 per ton in the prior year period, primarily reflecting geographic mix due to the addition of Idaho sawtimber (most of which is indexed to lumber prices), which more than offset modestly lower prices in the Pacific Northwest. Average delivered pulpwood prices increased to $36.82 per ton versus $30.05 per ton in the prior year period, primarily due to improved pulpwood demand and less competition from sawmill residuals. Operating loss of ($0.4) million versus operating income of $0.3 million in the prior year period was driven by higher costs ($2.4 million) and higher depletion expense ($1.3 million), partially offset by higher volumes ($1.5 million), higher prices ($1.2 million) and higher non-timber income ($0.3 million).

First quarter Adjusted EBITDA5 of $8.6 million was 45%, or $2.7 million, above the prior year period.

Wood Products

First quarter sales totaled $108.5 million, consisting of $87.2 million of lumber sales and $21.3 million of plywood, residual, and other sales. Improved supply-demand conditions due to capacity curtailments announced last year, coupled with seasonal restocking ahead of the spring building season, drove higher lumber prices throughout the first quarter, particularly for southern yellow pine. Lumber shipments totaled 199 MMBF, with average lumber price realizations of $437 per thousand board feet. While shipment volumes were impacted by adverse weather in both our Northern and Southern mills, overall manufacturing costs per unit remained stable. Industrial plywood demand and costs were also relatively stable during the quarter.

First quarter operating loss and Adjusted EBITDA5 were ($1.0) million and $6.8 million, respectively.

Real Estate

First quarter sales of $59.8 million increased $49.6 million versus the prior year period, while operating income of $27.4 million increased $28.3 million versus the prior year period. Sales and operating income increased primarily due to higher acres sold (7,695 acres sold versus 1,031 acres sold in the prior year period), partially offset by lower weighted-average prices ($7,280 per acre versus $8,308 per acre in the prior year period).

Improved Development sales of $6.6 million included $3.5 million from the Heartwood development project south of Savannah, Georgia and $3.1 million from the Chenal Valley development project in Little Rock, Arkansas. Sales in Heartwood consisted of a 32-acre church site for $2.2 million ($68,000 per acre) and two commercial properties totaling 2.4 acres for $1.3 million ($538,000 per acre). Sales in Chenal Valley included 20 residential lots for $3.1 million ($157,000 per lot). This compares to Improved Development sales of $3.3 million in the prior year period.

Rural sales of $49.4 million consisted of 7,656 acres at an average price of $6,457 per acre, including a 2,226-acre sale to a solar developer for $10,100 per acre. This compares to prior year period sales of $5.3 million, which consisted of 953 acres at an average price of $5,534 per acre.

First quarter Adjusted EBITDA5 of $46.2 million increased $44.2 million versus the prior year period.

Other Items

First quarter corporate and other operating expenses of $82.8 million increased $73.4 million versus the prior year period, primarily due to $70.4 million of costs related to the merger with PotlatchDeltic.1 The prior year period included $1.1 million of restructuring charges.7

First quarter interest expense of $14.3 million increased $7.9 million versus the prior year period, primarily due to incremental debt assumed in the merger with PotlatchDeltic. First quarter interest income of $7.2 million increased $4.3 million versus the prior year period, primarily due to a higher cash balance following the sale of the Company’s New Zealand joint venture interest in the second quarter of 2025.

First quarter income tax benefit of $39.4 million versus $0.3 million of income tax expense in the prior year period was primarily driven by a $40.3 million benefit associated with the release of a valuation allowance.3 This valuation allowance was primarily related to net operating losses generated by the Company’s taxable REIT subsidiary, which are now expected to be utilized following the merger with PotlatchDeltic.

Share Repurchases

During the first quarter, the Company repurchased approximately 1.5 million shares at an average price of $20.98 per share, or $31.1 million in total. As of March 31, 2026, the Company had $198.4 million remaining on its current share repurchase authorization.

Outlook

Consistent with the initial 2026 financial guidance we provided in February, the following full-year metrics reflect a pro rata contribution from legacy PotlatchDeltic operations for January 31, 2026 through December 31, 2026.

Southern Timber: In our Southern Timber segment, we expect to achieve full-year harvest volumes of 12.1 to 12.6 million tons, with anticipated harvest volumes of 2.9 to 3.1 million tons in the second quarter. We expect regional sawtimber and pulpwood prices to remain relatively stable for the second quarter compared to the first quarter. However, full-year and quarterly average pine prices for the combined company’s Southern Timber segment are expected to be lower than the standalone prices for Rayonier in the prior year based on the geographic mix of the combined company. Northwest Timber: In our Northwest Timber segment, we expect to achieve full-year harvest volumes of 2.0 to 2.3 million tons, with anticipated harvest volumes of approximately 500,000 tons in the second quarter. We expect overall sawtimber prices to be higher in the second quarter compared to the first quarter primarily due to the addition of PotlatchDeltic’s Idaho timberlands. We also continue to expect that full-year 2026 average log pricing for the combined company’s Northwest Timber segment will be higher than the standalone pricing for Rayonier in the prior year. However, as we previously highlighted, our pricing in the Northwest following the merger will be more sensitive to fluctuations in lumber pricing, as a significant portion of our sawlog sales in Idaho are indexed to lumber prices. Wood Products: In our Wood Products segment, we continue to expect lumber shipments to total ~1.1 billion board feet for the 11 months of contribution in 2026. We further expect lumber shipments in the second quarter of approximately 310 to 320 million board feet. We were encouraged by the positive trajectory in lumber prices through mid-April, but pricing in recent weeks across some products has moderated amid more balanced supply/demand dynamics. Based on quarter-to-date price realizations and current lumber pricing, we expect the Adjusted EBITDA contribution from the Wood Products segment to be higher in the second quarter as compared to the first quarter results. Real Estate: We are pleased by the continued momentum in our Real Estate segment and maintain a strong pipeline of rural and improved development land sales for the balance of the year. Based on our current transaction pipeline and sales closed quarter-to-date, we expect an Adjusted EBITDA contribution in the second quarter of $25 to $35 million. For the full year, we continue to expect an Adjusted EBITDA contribution from our Real Estate segment of $180 to $200 million. Conference Call

A conference call and live audio webcast will be held on Thursday, May 7, 2026 at 10:00 AM (ET) to discuss these results. The conference call can be accessed by registering online at www.rayonier.com, at which time registrants will receive dial-in information.

Access to the live audio webcast will be available at www.rayonier.com. A replay of the webcast will be archived on the Company’s website and available shortly after the call.

Complimentary copies of Rayonier press releases and other financial documents are also available by calling (904) 357-9100.

1

"Costs related to the merger with PotlatchDeltic" include professional services fees, employee-related costs, accelerated stock-based compensation, and other integration-related costs incurred in connection with the merger, which closed on January 30, 2026.

2

"Inventory purchase price adjustment in cost of sales" reflects a non-cash, one-time charge reflecting the excess of fair value over PotlatchDeltic’s historical cost on acquired finished goods inventory sold post-closing.

3

"Tax benefit from valuation allowance release" reflects a non-cash release of Rayonier's pre-existing valuation allowance, triggered by deferred tax liabilities recognized in the PotlatchDeltic purchase price allocation.

4

"Pro forma net income (loss) adjustments attributable to noncontrolling interests" are the proportionate share of pro forma items that are attributable to noncontrolling interests.

5

"Pro forma net income (loss)," "Pro forma operating income (loss)," "Adjusted EBITDA" and "CAD" are non-GAAP measures defined and reconciled to GAAP in the attached exhibits.

6

"Income from operations of discontinued operations" includes income generated by the Company’s New Zealand joint venture interest, which was classified as discontinued operations prior to its June 30, 2025 disposition.

7

"Restructuring charges" include severance costs related to workforce optimization initiatives.

8

"Net cost on legal settlements" reflects the net loss from litigation regarding insurance claims.

9

"Intersegment eliminations" reflects the elimination of profit on log sales from the Timber segments to Wood Products that remain in inventory at the end of the period.

About Rayonier

Rayonier is a land resources real estate investment trust (REIT) with a portfolio comprising over four million acres in the U.S. South and U.S. Northwest. The company is focused on managing its timberlands on a sustainable basis while optimizing its overall portfolio value by delivering land to its highest and best use. Rayonier also operates six sawmills, an industrial-grade plywood mill, residential and commercial real estate developments, and a rural land sales program. Rayonier is committed to corporate responsibility, third-party forest certification, and supporting climate change mitigation through its land-based solutions business.

More information is available at www.rayonier.com.

Forward-Looking Statements - Certain statements in this press release regarding anticipated financial outcomes including Rayonier’s earnings guidance, if any, business and market conditions, outlook, expected dividend rate, acquisition and disposition activity, including the ability to realize the intended benefits of our recent merger with PotlatchDeltic Corporation, expected harvest schedules, timberland acquisitions and dispositions, the anticipated benefits of Rayonier’s business strategies, including the recent sale of the entities holding Rayonier’s interest in the New Zealand joint venture and the anticipated use of proceeds from such sale, and other similar statements relating to Rayonier’s future events, developments or financial or operational performance or results, are “forward-looking statements” made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995 and other federal securities laws. These forward-looking statements are identified by the use of words such as “may,” “will,” “should,” “expect,” “estimate,” “believe,” “intend,” “project,” “anticipate,” “long-term,” “looking ahead” and other similar language. However, the absence of these or similar words or expressions does not mean that a statement is not forward-looking. While management believes that these forward-looking statements are reasonable when made, forward-looking statements are not guarantees of future performance or events and undue reliance should not be placed on these statements.

The following important factors, among others, could cause actual results or events to differ materially from those expressed in forward-looking statements that may have been made in this document: our ability to obtain the intended benefits of our merger with PotlatchDeltic Corporation, including future financial and operating results; the cyclical and competitive nature of the industries in which we operate; fluctuations in demand for, or supply of, our forest products and real estate offerings, including any further downturn in the housing market; entry of new competitors into our markets; changes in production and production capacity in the forest products industry; unanticipated manufacturing disruptions or inefficiencies in our supply chain and/or operations; fires at our manufacturing facilities; changes in policy regarding governmental timber sales; changes in global economic conditions and geopolitical tensions, including the war in Ukraine and elevated tensions in the Middle East; business disruptions arising from government shutdowns, public health crises and outbreaks of communicable diseases; the uncertainties of potential impacts of climate-related initiatives; the cost and availability of third-party logging and trucking services; the geographic concentration of a significant portion of our timberland; our ability to identify, finance and complete timberland acquisitions and/or to complete dispositions; changes in timberland values; changes in environmental laws and regulations regarding timber harvesting, delineation of wetlands, endangered species and development of real estate generally, that may restrict or adversely impact our ability to conduct our business, or increase the cost of doing so; adverse weather conditions, natural disasters and other catastrophic events such as hurricanes, wind storms and wildfires; the lengthy, uncertain and costly process associated with the ownership, entitlement and development of real estate, especially in Florida and Washington, including changes in law, policy and political factors beyond our control; the availability and cost of financing for real estate development and mortgage loans; changes in tariffs, taxes or treaties relating to the import and export of our products, our customers’ products or those of our and our customers’ competitors; changes in key management and personnel; and our ability to meet all necessary legal requirements to continue to qualify as a real estate investment trust (“REIT”) and changes in tax laws that could adversely affect beneficial tax treatment.

For additional factors that could impact future results, please see Item 1A - Risk Factors in the Company’s most recent Annual Report on Form 10-K and similar discussion included in other reports that we subsequently file with the Securities and Exchange Commission (the “SEC”). Forward-looking statements are only as of the date they are made, and the Company undertakes no duty to update its forward-looking statements except as required by law. You are advised, however, to review any further disclosures we make on related subjects in our subsequent reports filed with the SEC.

Non-GAAP Financial Measures - To supplement Rayonier’s financial statements presented in accordance with generally accepted accounting principles in the United States (“GAAP”), Rayonier uses certain non-GAAP measures, including “cash available for distribution,” “pro forma operating income (loss),” “pro forma net income (loss),” and “Adjusted EBITDA,” which are defined and further explained in this communication. Reconciliation of such measures to the nearest GAAP measures can also be found in this communication. Rayonier’s definitions of these non-GAAP measures may differ from similarly titled measures used by others. These non-GAAP measures should be considered supplemental to, and not a substitute for, financial information prepared in accordance with GAAP.

RAYONIER INC. AND SUBSIDIARIES

CONDENSED STATEMENTS OF CONSOLIDATED INCOME

March 31, 2026 (unaudited)

(millions of dollars, except per share information)

Three Months Ended

March 31,

December 31,

March 31,

2026

2025

2025

  SALES

$276.8

$117.5

$82.9

Costs and Expenses

Cost of sales

(230.3

)

(68.2

)

(65.0

)

Selling and general expenses

(21.8

)

(16.1

)

(16.7

)

Other operating expense, net

(70.4

)

(6.2

)

(1.1

)

OPERATING (LOSS) INCOME

(45.7

)

27.0

0.1

Interest expense, net

(14.3

)

(6.7

)

(6.4

)

Interest income

7.2

9.3

2.9

Other miscellaneous income (expense), net

0.9

(3.2

)

(1.9

)

(LOSS) INCOME FROM CONTINUING OPERATIONS BEFORE INCOME TAXES

(51.9

)

26.4

(5.3

)

Income tax benefit (expense)

39.4

(0.2

)

(0.3

)

(LOSS) INCOME FROM CONTINUING OPERATIONS

(12.5

)

26.2

(5.6

)

Income from operations of discontinued operations, net of tax

—

—

2.5

NET (LOSS) INCOME

(12.5

)

26.2

(3.1

)

Less: Net loss (income) attributable to noncontrolling interests in the Operating Partnership

0.1

(0.3

)

0.1

Less: Net income attributable to noncontrolling interests in consolidated affiliates

—

—

(0.4

)

NET (LOSS) INCOME ATTRIBUTABLE TO RAYONIER INC.

($12.4

)

$25.9

($3.4

)

(LOSS) EARNINGS PER COMMON SHARE

BASIC (LOSS) EARNINGS PER SHARE ATTRIBUTABLE TO RAYONIER INC.

Continuing Operations

($0.05

)

$0.17

($0.04

)

Discontinued Operations

—

—

$0.01

Net Income

($0.05

)

$0.17

($0.02

)

DILUTED (LOSS) EARNINGS PER SHARE ATTRIBUTABLE TO RAYONIER INC.

Continuing Operations

($0.05

)

$0.16

($0.04

)

Discontinued Operations

—

—

$0.01

Net Income

($0.05

)

$0.16

($0.02

)

Pro forma net income (loss) per share (a)

$0.07

$0.20

($0.02

)

Weighted Average Common Shares used for determining

Basic EPS

255,954,391

155,506,254

153,677,854

Diluted EPS (b)

255,954,391

162,170,418

153,677,854

(a)

Pro forma net income per share is a non-GAAP measure. See Schedule F for definition and reconciliation to the nearest GAAP measure.

(b)

Diluted earnings per share is calculated based on the weighted average number of shares of common stock outstanding combined with the incremental weighted average number of shares that would have been outstanding assuming all potentially dilutive securities (including Redeemable Operating Partnership Units) were converted into shares of common stock at the earliest date possible. The incremental weighted average number of shares used for determining diluted EPS for the three months ended December 31, 2025 also includes 4,866,708 of contingently issuable shares from the additional dividend of $1.40 per share, which was declared on October 14, 2025. For the three months ended March 31, 2026 and 2025, because net (loss) earnings from continuing operations was a loss, the effect of anti-dilutive securities was excluded in the denominator of calculating diluted EPS. As of March 31, 2026, there were 301,675,323 common shares and 1,682,257 Redeemable Operating Partnership Units outstanding.

  A

RAYONIER INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED BALANCE SHEETS

March 31, 2026 (unaudited)

(millions of dollars)

March 31,

December 31,

2026

2025

  Assets

Cash and cash equivalents

$681.7

$842.9

Inventory

113.2

6.8

Assets held for sale

28.4

5.4

Other current assets

72.4

28.6

Timber and timberlands, net of depletion and amortization

5,867.7

2,299.5

Higher and better use timberlands and real estate development investments

187.6

126.1

Property, plant and equipment

606.8

39.4

Less - accumulated depreciation

(28.4

)

(20.9

)

Net property, plant and equipment

578.4

18.5

Restricted cash, non-current

0.5

0.5

Operating lease right-of-use assets

23.5

16.3

Other assets

192.0

60.1

$7,745.4

$3,404.7

Liabilities, Noncontrolling Interests in the Operating Partnership and Shareholders’ Equity

Current maturities of long-term debt

200.0

200.0

Other current liabilities

154.1

71.3

Long-term debt

1,855.1

845.3

Pension and other postretirement benefits, non-current

61.6

1.4

Other non-current liabilities

105.3

36.5

Noncontrolling interests in the Operating Partnership

39.9

40.5

Total shareholders’ equity

5,329.4

2,209.7

$7,745.4

$3,404.7

  B

RAYONIER INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS’ EQUITY

March 31, 2026 (unaudited)

(millions of dollars, except share information)

Common Shares

Retained Earnings

Accumulated

Other

Comprehensive Income

Shareholders’ Equity

Shares

Amount

  Balance, January 1, 2026

161,425,616

$1,904.3

$280.9

$24.5

$2,209.7

Net loss

—

—

(12.5

)

—

(12.5

)

Net loss attributable to noncontrolling interests in the Operating Partnership

—

—

0.1

—

0.1

Dividends ($0.26 per share)

—

—

(81.1

)

—

(81.1

)

Issuance of shares associated with the merger with PotlatchDeltic, net of equity issuance costs of $0.9 million

140,872,342

3,202.6

—

—

3,202.6

Replacement equity awards granted in connection with the merger with PotlatchDeltic — precombination service portion

—

25.0

—

—

25.0

Issuance of shares under incentive stock plans

903,045

—

—

—

—

Stock-based incentive compensation

—

15.4

—

—

15.4

Repurchase of common shares made under repurchase program

(1,480,753

)

—

(31.1

)

—

(31.1

)

Other (a)

(44,927

)

(0.8

)

(0.1

)

2.2

1.3

Balance, March 31, 2026

301,675,323

$5,146.5

$156.2

$26.7

$5,329.4

Common Shares

Retained Earnings

Accumulated

Other

Comprehensive Loss

Noncontrolling Interests in Consolidated Affiliates

Shareholders’ Equity

Shares

Amount

  Balance, January 1, 2025

148,536,643

$1,522.5

$257.2

($10.4

)

$11.2

$1,780.5

Loss from continuing operations

—

—

(5.6

)

—

—

(5.6

)

Income from discontinued operations

—

—

2.1

—

0.4

2.5

Net loss attributable to noncontrolling interests in the Operating Partnership

—

—

0.1

—

—

0.1

Dividends ($0.2725 per share)

—

—

(42.7

)

—

—

(42.7

)

Issuance of common shares from special

dividend (b)

7,560,983

200.4

—

—

—

200.4

Issuance of shares under incentive stock plans

5,566

—

—

—

—

—

Stock-based incentive compensation

—

2.3

—

—

—

2.3

Repurchase of common shares made under repurchase program

(95,000

)

—

(2.6

)

—

—

(2.6

)

Adjustment of noncontrolling interests in the Operating Partnership

—

—

(4.3

)

—

—

(4.3

)

Other (a)

(420

)

—

—

(3.9

)

(1.4

)

(5.3

)

Balance, March 31, 2025

156,007,772

$1,725.2

$204.2

($14.3

)

$10.2

$1,925.3

(a)

Primarily includes shares purchased from employees in non-open market transactions to pay withholding taxes associated with the vesting of shares granted under the Company’s Incentive Stock Plan, dividend equivalents on deferred stock, pension and post-retirement benefit plan adjustments, foreign currency translation adjustments, mark-to-market adjustments of qualifying cash flow hedges, distributions to noncontrolling interests in consolidated affiliates and the allocation of other comprehensive income (loss) to noncontrolling interests in the Operating Partnership. The three months ended March 31, 2026 and March 31, 2025 also includes the redemption of 637 and 1,000 Redeemable Operating Partnership Units, respectively, for an equal number of Rayonier Inc. common shares.

(b)

Reflects the issuance of shares related to the Company’s special dividend of $1.80 per common share, paid on January 30, 2025, to shareholders of record as of December 12, 2024. This dividend comprised a combination of cash and the Company’s common shares.

  C

RAYONIER INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

March 31, 2026 (unaudited)

(millions of dollars)

Three Months Ended March 31,

2026

2025

  Cash provided by operating activities:

Net loss

($12.5

)

($3.1

)

Depreciation, depletion and amortization from continuing operations

56.2

23.5

Depreciation, depletion and amortization from discontinued operations

—

4.3

Non-cash cost of land and improved development

12.0

2.4

Stock-based incentive compensation expense

15.4

2.3

Deferred income taxes

(39.5

)

(1.0

)

Other items to reconcile net income to cash provided by operating activities

1.7

8.7

Changes in working capital and other assets and liabilities

1.3

(9.4

)

34.6

27.7

Cash used for investing activities:

Capital expenditures from continuing operations

(20.4

)

(12.0

)

Capital expenditures from discontinued operations

—

(2.7

)

Real estate development investments

(4.5

)

(4.1

)

Net cash consideration for merger with PotlatchDeltic

(24.8

)

—

Interest received under swaps with other-than-insignificant financing element

4.1

—

Other

(7.4

)

(2.6

)

(53.0

)

(21.4

)

Cash used for financing activities:

Repayment of debt

(27.5

)

—

Dividends paid (a)

(81.1

)

(110.4

)

Distributions to noncontrolling interests in the Operating Partnership (b)

(0.4

)

(1.5

)

Equity issuance costs

(0.9

)

—

Repurchase of common shares made under repurchase program

(31.1

)

(2.6

)

Distributions to noncontrolling interests in consolidated affiliates

—

(1.9

)

Other

(1.8

)

(0.1

)

(142.8

)

(116.5

)

Cash, cash equivalents and restricted cash:

Change in cash, cash equivalents and restricted cash

(161.2

)

(110.2

)

Balance from continuing operations, beginning of year

843.4

323.1

Balance from discontinued operations, beginning of year

—

20.1

Total Balance, beginning of year

843.4

343.2

Balance from continuing operations, end of period

682.2

216.9

Balance from discontinued operations, end of period

—

16.1

Total Balance, end of period

$682.2

$233.0

(a)

The three months ended March 31, 2025 includes an additional dividend of $1.80 per common share, consisting of a combination of cash and the Company’s common shares. The cash portion of $67.8 million was paid on January 30, 2025, to shareholders of record on December 12, 2024.

(b)

The three months ended March 31, 2025 includes an additional distribution of $1.80 per Redeemable Operating Partnership Unit, consisting of a combination of cash and the Company’s Redeemable Operating Partnership Units. The cash portion of $0.9 million was paid on January 30, 2025, to holders of record on December 12, 2024.

  D

RAYONIER INC. AND SUBSIDIARIES

BUSINESS SEGMENT SALES, OPERATING (LOSS) INCOME,

PRO FORMA OPERATING INCOME AND ADJUSTED EBITDA

March 31, 2026 (unaudited)

(millions of dollars)

Three Months Ended

March 31,

December 31,

March 31,

2026

2025

2025

  Sales

Southern Timber

$88.7

$57.2

$50.9

Northwest Timber

32.1

18.0

21.8

Wood Products

108.5

—

—

Real Estate

59.8

42.3

10.2

Intersegment Eliminations (a)

(12.2

)

—

—

Sales

$276.8

$117.5

$82.9

Operating (loss) income

Southern Timber

$12.4

$15.8

$10.1

Northwest Timber

(0.4

)

(1.6

)

0.3

Wood Products

(1.0

)

—

—

Real Estate

27.4

27.1

(1.0

)

Corporate and Other

(82.8

)

(14.3

)

(9.3

)

Intersegment Eliminations (a)

(1.2

)

—

—

Operating (loss) income

($45.7

)

$27.0

$0.1

Pro forma operating income (loss) (b)

Southern Timber

$12.4

$15.8

$10.1

Northwest Timber

(0.4

)

(1.6

)

0.3

Wood Products

0.1

—

—

Real Estate

27.4

27.1

(1.0

)

Corporate and Other

(12.3

)

(8.0

)

(8.2

)

Intersegment Eliminations (a)

(1.2

)

—

—

Pro forma operating income

$25.9

$33.3

$1.2

Adjusted EBITDA (b)

Southern Timber

$45.5

$32.0

$27.0

Northwest Timber

8.6

4.6

5.9

Wood Products

6.8

—

—

Real Estate

46.2

32.7

2.0

Corporate and Other

(11.8

)

(7.5

)

(7.9

)

Intersegment Eliminations (a)

(1.2

)

—

—

Adjusted EBITDA

$94.1

$61.7

$27.1

(a)

Intersegment eliminations represents logs sold by the Timber segments to Wood Products, and includes the elimination of intersegment profit remaining in ending Wood Products inventory.

(b)

Pro forma operating income (loss) and Adjusted EBITDA are non-GAAP measures. See Schedule F for definitions and reconciliations.

  E

RAYONIER INC. AND SUBSIDIARIES

RECONCILIATION OF NON-GAAP MEASURES

March 31, 2026 (unaudited)

(millions of dollars, except per share information)

LIQUIDITY MEASURES:

Three Months Ended

March 31,

March 31,

2026

2025

  Cash Provided by Operating Activities

$34.6

$27.7

Working capital and other balance sheet changes

5.6

13.6

Costs related to the merger with PotlatchDeltic (a)

70.4

—

Capital expenditures

(20.4

)

(12.0

)

Cash provided by operating activities from discontinued operations

—

(9.0

)

Cash Available for Distribution (b)

$90.2

$20.3

Net Loss

($12.5

)

($3.1

)

Interest, net and miscellaneous expense

7.1

3.5

Income tax (benefit) expense (c)

(39.4

)

0.3

Depreciation, depletion and amortization

56.2

23.5

Non-cash cost of land and improved development

12.0

2.4

Non-operating (income) expense (d)

(0.9

)

1.8

Costs related to the merger with PotlatchDeltic (a)

70.4

—

Inventory purchase price adjustment in cost of sales (e)

1.2

—

Restructuring charges (f)

—

1.1

Income from operations of discontinued operations, net of tax (g)

—

(2.5

)

Adjusted EBITDA (h)

$94.1

$27.1

Cash interest received, net (i)

16.5

5.5

Cash taxes paid

—

(0.3

)

Capital expenditures

(20.4

)

(12.0

)

Cash Available for Distribution (b)

$90.2

$20.3

Cash Available for Distribution (b)

$90.2

$20.3

Real estate development investments

(4.5

)

(4.1

)

Cash Available for Distribution after real estate development investments

$85.6

$16.2

PRO FORMA NET INCOME (LOSS) (j):

Three Months Ended

March 31, 2026

December 31, 2025

March 31, 2025

$

Per Diluted Share

$

Per Diluted Share

$

Per Diluted Share

  Net (Loss) Income Attributable to Rayonier Inc.

($12.4

)

($0.05

)

$25.9

$0.16

($3.4

)

($0.02

)

Pro Forma items net of tax:

Costs related to the merger with PotlatchDeltic (a)

69.5

0.27

6.3

0.04

—

—

Inventory purchase price adjustment in cost of sales (e)

0.9

—

—

—

—

—

Tax benefit from valuation allowance release (k)

(40.3

)

(0.16

)

—

—

—

—

Income from operations of discontinued operations (g)

—

—

—

—

(2.5

)

(0.02

)

Restructuring charges (f)

—

—

—

—

1.1

0.01

Net cost on legal settlements (l)

—

—

—

—

1.7

0.01

Pro forma net income (loss) adjustments attributable to noncontrolling interests (m)

(0.2

)

—

(0.1

)

—

0.4

—

Pro Forma Net Income (Loss)

$17.4

$0.07

$32.1

$0.20

($2.7

)

($0.02

)

PRO FORMA OPERATING INCOME (LOSS) AND ADJUSTED EBITDA (n) (h):

Three Months Ended

Southern Timber

Northwest Timber

Wood Products

Real

Estate

Corporate

and

Other

Intersegment Eliminations

Total

  March 31, 2026

Operating income (loss)

$12.4

($0.4

)

($1.0

)

$27.4

($82.8

)

($1.2

)

($45.7

)

Costs related to the merger with PotlatchDeltic (a)

—

—

—

—

70.4

—

70.4

Inventory purchase price adjustment in cost of sales (e)

—

—

1.2

—

—

—

1.2

Pro forma operating income (loss)

$12.4

($0.4

)

$0.1

$27.4

($12.3

)

($1.2

)

$25.9

Depreciation, depletion and amortization

33.1

9.0

6.7

6.9

0.6

—

56.2

Non-cash cost of land and improved development

—

—

—

12.0

—

—

12.0

Adjusted EBITDA

$45.5

$8.6

$6.8

$46.2

($11.8

)

($1.2

)

$94.1

December 31, 2025

Operating income (loss)

$15.8

($1.6

)

—

$27.1

($14.3

)

—

$27.0

Costs related to the merger with PotlatchDeltic (a)

—

—

—

—

6.3

—

6.3

Pro forma operating income (loss)

$15.8

($1.6

)

—

$27.1

($8.0

)

—

$33.3

Depreciation, depletion and amortization

16.2

6.2

—

1.9

0.4

—

24.7

Non-cash cost of land and improved development

—

—

—

3.7

—

—

3.7

Adjusted EBITDA

$32.0

$4.6

—

$32.7

($7.5

)

—

$61.7

March 31, 2025

Operating income (loss)

$10.1

$0.3

—

($1.0

)

($9.3

)

—

$0.1

Restructuring charges (f)

—

—

—

—

1.1

—

1.1

Pro forma operating income (loss)

$10.1

$0.3

—

($1.0

)

($8.2

)

—

$1.2

Depreciation, depletion and amortization

16.9

5.6

—

0.6

0.4

—

23.5

Non-cash cost of land and improved development

—

—

—

2.4

—

—

2.4

Adjusted EBITDA

$27.0

$5.9

—

$2.0

($7.9

)

—

$27.1

(a)

“Costs related to the merger with PotlatchDeltic” include professional services fees, employee-related costs, accelerated stock-based compensation, and other integration-related costs incurred in connection with the merger, which closed on January 30, 2026.

(b)

“Cash Available for Distribution” (CAD) is defined as cash provided by operating activities adjusted for capital spending (excluding timberland acquisitions and real estate development investments) and working capital and other balance sheet changes. CAD is a non-GAAP measure of cash generated during a period that is available for common share dividends, distributions to Operating Partnership unitholders, common share repurchases, debt reduction, timberland acquisitions and real estate development investments. CAD is not necessarily indicative of the CAD that may be generated in future periods.

(c)

The three months ended March 31, 2026 includes a $40.3 million tax benefit from our valuation allowance release. (d)

The three months ended March 31, 2025 includes $1.7 million of net costs associated with legal settlements. (e)

“Inventory purchase price adjustment in cost of sales” reflects a non-cash, one-time charge reflecting the excess of fair value over PotlatchDeltic’s historical cost on acquired finished goods inventory sold post-closing. (f)

“Restructuring charges” include severance costs related to workforce optimization initiatives. (g)

“Income from operations of discontinued operations, net of tax” includes income generated by the Company’s New Zealand joint venture interest, which was classified as discontinued operations prior to its June 30, 2025 disposition. (h)

“Adjusted EBITDA” is defined as earnings before interest, taxes, depreciation, depletion, amortization, the non-cash cost of land and improved development, non-operating (income) expense, costs related to the merger with PotlatchDeltic, an inventory purchase price adjustment in cost of sales, restructuring charges, income from operations of discontinued operations and Large Dispositions. Adjusted EBITDA is a non-GAAP measure that management uses to make strategic decisions about the business and that investors can use to evaluate the operational performance of the assets under management. It excludes specific items that management believes are not indicative of the Company’s ongoing operating results. (i)

“Cash interest received, net” includes patronage refunds received of $14.8 million and $7.7 million during the three months ended March 31, 2026 and March 31, 2025, respectively. In addition, cash interest received, net includes cash interest received of $7.1 million and $2.9 million during the three months ended March 31, 2026 and March 31, 2025, respectively. (j)

“Pro forma net income (loss)” is defined as net income (loss) attributable to Rayonier Inc. adjusted for its proportionate share of costs related to the merger with PotlatchDeltic, an inventory purchase price adjustment in cost of sales, a tax benefit from valuation allowance release, income from operations of discontinued operations (net of tax), net costs associated with legal settlements, restructuring charges and Large Dispositions. Rayonier believes that this non-GAAP financial measure provides investors with useful information to evaluate our core business operations because it excludes specific items that are not indicative of the Company’s ongoing operating results. (k)

“Tax benefit from valuation allowance release" reflects a non-cash release of Rayonier's pre-existing valuation allowance, triggered by deferred tax liabilities recognized in the PotlatchDeltic purchase price allocation. (l)

“Net cost on legal settlements” reflects the net loss from litigation regarding insurance claims. (m)

“Pro forma net income (loss) adjustments attributable to noncontrolling interests” are the proportionate share of pro forma items that are attributable to noncontrolling interests. (n)

“Pro forma operating income (loss)” is defined as operating income (loss) adjusted for costs related to the merger with PotlatchDeltic, an inventory purchase price adjustment in cost of sales, restructuring charges and Large Dispositions. Rayonier believes that this non-GAAP financial measure provides investors with useful information to evaluate our core business operations because it excludes specific items that are not indicative of the Company’s ongoing operating results.   F

Rayonier Inc. (RYN) Q1 2026 Earnings Call Transcript

-

WILDLIGHT, Fla.--(BUSINESS WIRE)--Rayonier Inc. (NYSE:RYN) announced today that the Company’s board of directors has declared a second quarter cash dividend of $0.26 per common share. The dividend is payable on June 30, 2026, to shareholders of record on June 16, 2026.

The Company also announced today that the Company’s board of directors, in its capacity as the board of directors of the general partner of Rayonier, L.P., has declared a second quarter cash distribution of $0.26 per operating partnership unit. The cash distribution is payable on June 30, 2026, to holders of record on June 16, 2026.

About Rayonier

Rayonier is a land resources real estate investment trust (REIT) with a portfolio comprising over four million acres in the U.S. South and U.S. Northwest. The company is focused on managing its timberlands on a sustainable basis while optimizing its overall portfolio value by delivering land to its highest and best use. Rayonier also operates six sawmills, an industrial-grade plywood mill, residential and commercial real estate developments, and a rural land sales program. Rayonier is committed to corporate responsibility, third-party forest certification, and supporting climate change mitigation through its land-based solutions business. More information is available at www.rayonier.com.

More News From Rayonier

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Rayonier offers unique hard asset exposure, trading at a rare 27% discount to estimated NAV and a 57% discount to its historical price-to-book. RYN's diversified portfolio includes timberland, real estate, solar, and over 4.1 million acres, with significant optionality in higher-and-better-use land strategies. The PotlatchDeltic merger increased RYN's exposure to cyclical lumber manufacturing, pressuring margins, but the real estate and solar segments provide high-margin, lumpy upside.

Rayonier Inc. trades below its "sum-of-the-parts" net asset value after the PotlatchDeltic merger but lacks a near-term catalyst. The Real Estate segment beat Q1 guidance at $46.2M of EBITDA, but soft timber and lumber pricing left dividend coverage tight. Management targets $40 million in annual merger cost savings within 24 months; none has reached the income statement yet.

Rayonier Inc. (RYN) Presents at Nareit REITweek: 2026 Investor Conference Transcript

Assenagon Asset Management S.A. bought a new stake in shares of MGIC Investment Corporation (NYSE:MTG – Free Report) during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm bought 135,914 shares of the insurance provider’s stock, valued at approximately $3,971,000. Assenagon Asset Management S.A. owned 0.06% of MGIC Investment as of its most recent filing with the Securities and Exchange Commission.

Other large investors have also modified their holdings of the company. Norges Bank bought a new position in shares of MGIC Investment during the second quarter valued at approximately $95,857,000. AQR Capital Management LLC raised its stake in MGIC Investment by 92.4% in the second quarter. AQR Capital Management LLC now owns 6,333,091 shares of the insurance provider’s stock worth $176,313,000 after buying an additional 3,041,446 shares in the last quarter. First Trust Advisors LP raised its stake in MGIC Investment by 48.1% in the second quarter. First Trust Advisors LP now owns 7,302,263 shares of the insurance provider’s stock worth $203,295,000 after buying an additional 2,370,403 shares in the last quarter. Assetmark Inc. lifted its holdings in MGIC Investment by 1,208.1% during the third quarter. Assetmark Inc. now owns 1,674,152 shares of the insurance provider’s stock worth $47,496,000 after buying an additional 1,546,173 shares during the period. Finally, Caisse de depot et placement du Quebec boosted its position in MGIC Investment by 20.4% during the 3rd quarter. Caisse de depot et placement du Quebec now owns 3,943,965 shares of the insurance provider’s stock valued at $111,890,000 after acquiring an additional 667,876 shares in the last quarter. Institutional investors own 95.58% of the company’s stock.

Wall Street Analysts Forecast Growth MTG has been the subject of several recent research reports. UBS Group reduced their price target on MGIC Investment from $29.50 to $28.00 and set a “neutral” rating for the company in a research report on Thursday, March 12th. Weiss Ratings downgraded shares of MGIC Investment from a “buy (a-)” rating to a “buy (b+)” rating in a report on Thursday, February 5th. Keefe, Bruyette & Woods raised their price target on shares of MGIC Investment from $27.00 to $28.00 and gave the company a “market perform” rating in a report on Thursday, December 18th. Finally, Barclays reduced their price objective on shares of MGIC Investment from $30.00 to $28.00 and set an “equal weight” rating for the company in a research note on Wednesday, February 4th. One investment analyst has rated the stock with a Buy rating and four have issued a Hold rating to the stock. According to MarketBeat.com, MGIC Investment presently has a consensus rating of “Hold” and a consensus price target of $28.00.

Read Our Latest Analysis on MGIC Investment

MGIC Investment Stock Down 0.1% NYSE:MTG opened at $25.71 on Monday. The company has a current ratio of 1.52, a quick ratio of 1.52 and a debt-to-equity ratio of 0.13. MGIC Investment Corporation has a twelve month low of $21.94 and a twelve month high of $29.97. The company has a market cap of $5.53 billion, a PE ratio of 8.19, a P/E/G ratio of 2.04 and a beta of 0.83. The company’s 50 day moving average is $26.49 and its two-hundred day moving average is $27.55.

MGIC Investment (NYSE:MTG – Get Free Report) last posted its quarterly earnings data on Monday, February 2nd. The insurance provider reported $0.75 EPS for the quarter, topping the consensus estimate of $0.73 by $0.02. MGIC Investment had a net margin of 60.84% and a return on equity of 14.33%. The firm’s revenue was down .9% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.72 earnings per share. Analysts anticipate that MGIC Investment Corporation will post 2.71 EPS for the current year.

MGIC Investment Dividend Announcement The company also recently disclosed a quarterly dividend, which was paid on Friday, March 6th. Stockholders of record on Tuesday, February 17th were paid a $0.15 dividend. This represents a $0.60 annualized dividend and a dividend yield of 2.3%. The ex-dividend date was Tuesday, February 17th. MGIC Investment’s dividend payout ratio (DPR) is presently 19.11%.

Insider Transactions at MGIC Investment In related news, CEO Timothy J. Mattke sold 139,203 shares of MGIC Investment stock in a transaction dated Tuesday, January 13th. The stock was sold at an average price of $26.51, for a total transaction of $3,690,271.53. Following the completion of the sale, the chief executive officer owned 822,588 shares of the company’s stock, valued at $21,806,807.88. The trade was a 14.47% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, COO Salvatore A. Miosi sold 30,000 shares of the company’s stock in a transaction on Monday, February 2nd. The shares were sold at an average price of $27.27, for a total transaction of $818,100.00. Following the completion of the sale, the chief operating officer directly owned 454,245 shares in the company, valued at $12,387,261.15. This trade represents a 6.20% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders sold a total of 189,203 shares of company stock worth $5,058,572 over the last three months. 1.34% of the stock is currently owned by insiders.

MGIC Investment Profile (Free Report)

MGIC Investment Corporation (NYSE: MTG) is a leading provider of private mortgage insurance in the United States. Established in 1957 as the nation’s first private mortgage insurer, MGIC helps lenders manage credit risk and facilitates homeownership by protecting mortgage loans against default. Headquartered in Milwaukee, Wisconsin, the company operates through its principal subsidiary, Mortgage Guaranty Insurance Corporation, and maintains relationships with a broad network of originators and servicers nationwide.

The company’s primary business activity involves issuing mortgage insurance policies that enable borrowers to purchase homes with down payments below traditional lending thresholds.

Read More Five stocks we like better than MGIC Investment Want to see what other hedge funds are holding MTG? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for MGIC Investment Corporation (NYSE:MTG – Free Report).

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, /PRNewswire/ -- MGIC Investment Corporation (NYSE: MTG) has announced plans to release its first quarter 2026 financial results after the market closes on Wednesday, April 29, 2026. A conference call/webcast has been scheduled for 10:00 a.m. Eastern Time on Thursday, April 30, 2026, to discuss the Company's results for the quarter ended March 31, 2026.

Individuals interested in joining by telephone should register for the call "here" to receive the dial-in number and unique PIN to access the call. It is recommended that you join the call at least 10 minutes before the conference call begins. The call is also being webcast and can be accessed via the Company's Investor website found at http://mtg.mgic.com under Newsroom. A replay of the webcast will be available on the Company's website through May 30, 2026.

About MGIC
Mortgage Guaranty Insurance Corporation (MGIC) (mgic.com), the principal subsidiary of MGIC Investment Corporation, provides mortgage insurance solutions that support responsible credit risk management for mortgage lenders and investors and enable borrowers to qualify for mortgages with lower down payments. As the founder and longstanding leader of today's private mortgage insurance industry, MGIC continues to guide the industry's evolution while serving as a trusted partner to lenders across the country.

From time-to-time MGIC Investment Corporation releases important information via postings on its corporate website, and via postings on MGIC's website, and it intends to continue to do so in the future. Such postings include corrections of previous disclosures and may be made without any other disclosure. Investors and other interested parties are encouraged to enroll to receive automatic email alerts and Really Simple Syndication (RSS) feeds regarding new postings. Enrollment information for MGIC Investment Corporation alerts can be found at https://mtg.mgic.com/shareholder-services/email-alerts. For information about our underwriting and rates, see https://www.mgic.com/underwriting.

SOURCE MGIC Investment Corporation

Posted by Defense World Staff on Apr 8th, 2026

SG Americas Securities LLC raised its holdings in shares of MGIC Investment Corporation (NYSE:MTG – Free Report) by 103.0% in the 4th quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 46,708 shares of the insurance provider’s stock after acquiring an additional 23,704 shares during the quarter. SG Americas Securities LLC’s holdings in MGIC Investment were worth $1,365,000 as of its most recent filing with the SEC.

Other institutional investors and hedge funds have also made changes to their positions in the company. Alps Advisors Inc. boosted its position in shares of MGIC Investment by 60.6% during the 3rd quarter. Alps Advisors Inc. now owns 701,943 shares of the insurance provider’s stock worth $19,914,000 after acquiring an additional 264,968 shares in the last quarter. Lingohr Asset Management GmbH boosted its position in shares of MGIC Investment by 1,625.5% during the 3rd quarter. Lingohr Asset Management GmbH now owns 233,534 shares of the insurance provider’s stock worth $6,625,000 after acquiring an additional 220,000 shares in the last quarter. Thrivent Financial for Lutherans boosted its position in shares of MGIC Investment by 17.8% during the 3rd quarter. Thrivent Financial for Lutherans now owns 472,083 shares of the insurance provider’s stock worth $13,393,000 after acquiring an additional 71,474 shares in the last quarter. Tudor Investment Corp ET AL boosted its position in shares of MGIC Investment by 106.1% during the 3rd quarter. Tudor Investment Corp ET AL now owns 687,445 shares of the insurance provider’s stock worth $19,503,000 after acquiring an additional 353,935 shares in the last quarter. Finally, Moody Aldrich Partners LLC acquired a new position in shares of MGIC Investment during the 3rd quarter worth about $4,648,000. 95.58% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes MTG has been the subject of several analyst reports. Barclays upped their price objective on MGIC Investment from $28.00 to $29.00 and gave the stock an “equal weight” rating in a research report on Monday. Weiss Ratings downgraded MGIC Investment from a “buy (a-)” rating to a “buy (b+)” rating in a report on Thursday, February 5th. Keefe, Bruyette & Woods boosted their target price on MGIC Investment from $27.00 to $28.00 and gave the company a “market perform” rating in a report on Thursday, December 18th. Finally, UBS Group reduced their target price on MGIC Investment from $29.50 to $28.00 and set a “neutral” rating for the company in a report on Thursday, March 12th. One research analyst has rated the stock with a Buy rating and four have issued a Hold rating to the company’s stock. According to data from MarketBeat.com, MGIC Investment has an average rating of “Hold” and an average target price of $28.25.

Check Out Our Latest Report on MGIC Investment

MGIC Investment Stock Performance NYSE MTG opened at $27.03 on Wednesday. The company has a current ratio of 1.52, a quick ratio of 1.52 and a debt-to-equity ratio of 0.13. The business’s 50 day moving average is $26.49 and its two-hundred day moving average is $27.47. MGIC Investment Corporation has a 12-month low of $21.94 and a 12-month high of $29.97. The stock has a market capitalization of $5.81 billion, a price-to-earnings ratio of 8.61, a PEG ratio of 2.11 and a beta of 0.79.

MGIC Investment (NYSE:MTG – Get Free Report) last released its earnings results on Monday, February 2nd. The insurance provider reported $0.75 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.73 by $0.02. MGIC Investment had a return on equity of 14.33% and a net margin of 60.84%.During the same quarter in the previous year, the business posted $0.72 EPS. MGIC Investment’s revenue was down .9% on a year-over-year basis. Research analysts expect that MGIC Investment Corporation will post 2.71 EPS for the current year.

MGIC Investment Dividend Announcement The firm also recently announced a quarterly dividend, which was paid on Friday, March 6th. Shareholders of record on Tuesday, February 17th were given a dividend of $0.15 per share. The ex-dividend date was Tuesday, February 17th. This represents a $0.60 annualized dividend and a yield of 2.2%. MGIC Investment’s payout ratio is presently 19.11%.

Insiders Place Their Bets In other MGIC Investment news, COO Salvatore A. Miosi sold 30,000 shares of the business’s stock in a transaction that occurred on Monday, February 2nd. The stock was sold at an average price of $27.27, for a total transaction of $818,100.00. Following the transaction, the chief operating officer owned 454,245 shares in the company, valued at approximately $12,387,261.15. The trade was a 6.20% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, EVP Paula C. Maggio sold 20,000 shares of the business’s stock in a transaction that occurred on Friday, February 6th. The stock was sold at an average price of $27.51, for a total value of $550,200.00. Following the transaction, the executive vice president owned 114,689 shares in the company, valued at $3,155,094.39. The trade was a 14.85% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. In the last 90 days, insiders have sold 339,336 shares of company stock worth $9,032,971. Company insiders own 1.05% of the company’s stock.

MGIC Investment Profile (Free Report)

MGIC Investment Corporation (NYSE: MTG) is a leading provider of private mortgage insurance in the United States. Established in 1957 as the nation’s first private mortgage insurer, MGIC helps lenders manage credit risk and facilitates homeownership by protecting mortgage loans against default. Headquartered in Milwaukee, Wisconsin, the company operates through its principal subsidiary, Mortgage Guaranty Insurance Corporation, and maintains relationships with a broad network of originators and servicers nationwide.

The company’s primary business activity involves issuing mortgage insurance policies that enable borrowers to purchase homes with down payments below traditional lending thresholds.

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MGIC Investment Corporation remains rated Hold due to persistent headwinds in the US housing market and lack of competitive differentiation. MTG's EPS growth is primarily driven by aggressive share buybacks, with a 31.9% share reduction over five years, masking declines in net income. Despite a five-year streak of dividend increases and robust capital returns, MTG faces rising net losses and uneven home buying activity in key states.

Posted by Defense World Staff on Apr 25th, 2026

Caprock Group LLC boosted its position in MGIC Investment Corporation (NYSE:MTG – Free Report) by 86.7% in the fourth quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 97,651 shares of the insurance provider’s stock after purchasing an additional 45,335 shares during the period. Caprock Group LLC’s holdings in MGIC Investment were worth $2,853,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also bought and sold shares of the company. Alpine Bank Wealth Management acquired a new position in MGIC Investment in the 3rd quarter worth about $28,000. Newbridge Financial Services Group Inc. acquired a new position in MGIC Investment in the 3rd quarter worth about $28,000. SBI Securities Co. Ltd. increased its holdings in MGIC Investment by 61.1% in the 3rd quarter. SBI Securities Co. Ltd. now owns 1,041 shares of the insurance provider’s stock worth $30,000 after purchasing an additional 395 shares in the last quarter. V Square Quantitative Management LLC acquired a new position in MGIC Investment in the 4th quarter worth about $36,000. Finally, Root Financial Partners LLC acquired a new position in MGIC Investment in the 3rd quarter worth about $38,000. Institutional investors and hedge funds own 95.58% of the company’s stock.

Insider Buying and Selling at MGIC Investment In other MGIC Investment news, CEO Timothy J. Mattke sold 139,202 shares of the company’s stock in a transaction dated Thursday, April 2nd. The stock was sold at an average price of $26.49, for a total value of $3,687,460.98. Following the sale, the chief executive officer owned 1,118,005 shares in the company, valued at approximately $29,615,952.45. The trade was a 11.07% decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, EVP Paula C. Maggio sold 20,000 shares of the company’s stock in a transaction dated Friday, February 6th. The shares were sold at an average price of $27.51, for a total value of $550,200.00. Following the completion of the sale, the executive vice president owned 114,689 shares in the company, valued at $3,155,094.39. This trade represents a 14.85% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. In the last quarter, insiders have sold 200,133 shares of company stock worth $5,342,700. Insiders own 1.34% of the company’s stock.

MGIC Investment Trading Down 0.4% NYSE MTG opened at $28.66 on Friday. The business’s 50-day moving average price is $26.71 and its two-hundred day moving average price is $27.44. MGIC Investment Corporation has a 12 month low of $24.14 and a 12 month high of $29.97. The firm has a market capitalization of $6.16 billion, a PE ratio of 9.13, a price-to-earnings-growth ratio of 2.29 and a beta of 0.79. The company has a current ratio of 1.52, a quick ratio of 1.52 and a debt-to-equity ratio of 0.13.

MGIC Investment (NYSE:MTG – Get Free Report) last released its quarterly earnings results on Monday, February 2nd. The insurance provider reported $0.75 EPS for the quarter, beating analysts’ consensus estimates of $0.73 by $0.02. MGIC Investment had a return on equity of 14.33% and a net margin of 60.84%.During the same period last year, the firm posted $0.72 EPS. MGIC Investment’s quarterly revenue was down .9% on a year-over-year basis. On average, analysts expect that MGIC Investment Corporation will post 3.08 EPS for the current year.

MGIC Investment announced that its Board of Directors has approved a stock repurchase plan on Thursday, April 23rd that allows the company to buyback $750.00 million in outstanding shares. This buyback authorization allows the insurance provider to reacquire up to 12.4% of its stock through open market purchases. Stock buyback plans are often an indication that the company’s board of directors believes its shares are undervalued.

MGIC Investment Announces Dividend The business also recently declared a quarterly dividend, which will be paid on Thursday, May 21st. Shareholders of record on Wednesday, May 6th will be given a $0.15 dividend. This represents a $0.60 dividend on an annualized basis and a dividend yield of 2.1%. The ex-dividend date is Wednesday, May 6th. MGIC Investment’s payout ratio is 19.11%.

Wall Street Analysts Forecast Growth A number of equities analysts have issued reports on MTG shares. Keefe, Bruyette & Woods upped their target price on MGIC Investment from $28.00 to $29.00 and gave the stock a “market perform” rating in a report on Friday, April 10th. UBS Group lowered their target price on MGIC Investment from $29.50 to $28.00 and set a “neutral” rating for the company in a report on Thursday, March 12th. Barclays upped their target price on MGIC Investment from $28.00 to $29.00 and gave the stock an “equal weight” rating in a report on Monday, April 6th. Finally, Weiss Ratings cut MGIC Investment from a “buy (a-)” rating to a “buy (b+)” rating in a report on Thursday, February 5th. One analyst has rated the stock with a Buy rating and four have given a Hold rating to the company’s stock. According to MarketBeat, the stock currently has an average rating of “Hold” and an average target price of $28.50.

View Our Latest Stock Report on MTG

About MGIC Investment (Free Report)

MGIC Investment Corporation (NYSE: MTG) is a leading provider of private mortgage insurance in the United States. Established in 1957 as the nation’s first private mortgage insurer, MGIC helps lenders manage credit risk and facilitates homeownership by protecting mortgage loans against default. Headquartered in Milwaukee, Wisconsin, the company operates through its principal subsidiary, Mortgage Guaranty Insurance Corporation, and maintains relationships with a broad network of originators and servicers nationwide.

The company’s primary business activity involves issuing mortgage insurance policies that enable borrowers to purchase homes with down payments below traditional lending thresholds.

See Also Five stocks we like better than MGIC Investment Want to see what other hedge funds are holding MTG? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for MGIC Investment Corporation (NYSE:MTG – Free Report).

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First Quarter 2026 Net Income of $165.3 million or $0.76 per Diluted Share

First Quarter 2026 Adjusted Net Operating Income (Non-GAAP) of $165.1 million or $0.76 per Diluted Share

, /PRNewswire/ -- MGIC Investment Corporation (NYSE: MTG) today reported operating and financial results for the first quarter of 2026.

Tim Mattke, CEO of MTG and Mortgage Guaranty Insurance Corporation ("MGIC") said, "We had a strong start to the year, successfully executing on our business strategies and generating solid first quarter results. We achieved a return on equity of 13% while continuing to return meaningful capital to our shareholders.

"We are well-positioned to navigate dynamic environments, supported by our deep industry expertise, strong balance sheet, and disciplined approach to capital allocation. Our continued focus and commitment to meet our customers' evolving needs has allowed us to drive long-term shareholder value," concluded Mattke.

SUMMARY FINANCIAL METRICS

Quarter ended

 ($ in millions, except where otherwise noted)

Q1 2026

Q4 2025

Q1 2025

Net income

$              165.3

$              169.3

$              185.5

Net income per diluted share

$                0.76

$                0.75

$                0.75

Adjusted net operating income

$              165.1

$              168.4

$              185.2

Adjusted net operating income per diluted share

$                0.76

$                0.75

$                0.75

New insurance written (NIW) (billions)

$                14.4

$                17.1

$                10.2

Net premiums earned

$              235.4

$              236.0

$              243.7

Insurance in force (billions)

$              302.7

$              303.1

$              293.8

Annual persistency

84.0 %

84.8 %

84.7 %

Losses incurred, net

$                33.2

$                31.2

$                  9.6

Primary delinquency inventory

27,006

27,072

25,438

Primary IIF delinquency rate (count based)

2.44 %

2.43 %

2.30 %

Loss ratio

14.1 %

13.2 %

3.9 %

Underwriting expense ratio

20.5 %

19.9 %

22.5 %

In force portfolio yield (bps)

38.0

38.0

38.4

Net premium yield (bps)

31.1

31.2

33.0

Annualized return on equity

13.0 %

13.1 %

14.3 %

Book value per common share outstanding

$              23.63

$              23.47

$              21.40

Adjust for AOCI

$                0.79

$                0.61

$                0.98

Tangible book value per share

$              24.41

$              24.08

$              22.38

CAPITAL AND LIQUIDITY

As of

($ in billions, except where otherwise noted)

March 31, 2026

December 31, 2025

March 31, 2025

PMIERs available assets

$                     5.8

$                     5.7

$                     5.9

PMIERs excess

$                     2.9

$                     2.5

$                     2.6

Holding company liquidity (millions)

$                    709

$                 1,074

$                    824

FIRST QUARTER 2026 HIGHLIGHTS

Through an insurance linked note transaction, we executed a $324 million excess of loss reinsurance agreement that covers certain policies written between January 1, 2022 and March 31, 2025. We repurchased 7.2 million shares of common stock for $192.6 million. We paid a dividend of $0.15 per common share to shareholders. SECOND QUARTER 2026 HIGHLIGHTS

Through April 24, 2026 we repurchased an additional 1.7 million shares of our common stock for $47.4 million. We declared a dividend of $0.15 per common share to shareholders payable on May 21, 2026, to shareholders of record at the close of business on May 6, 2026. MGIC paid a $400 million dividend to our holding company. Our board of directors approved a share repurchase program, authorizing us to purchase an additional $750 million of common stock prior to December 31, 2028. Conference Call and Webcast Details

MGIC Investment Corporation will hold a conference call April 30, 2026, at 10:00 a.m. ET to allow securities analysts and shareholders the opportunity to hear management discuss the company's quarterly results. Individuals interested in joining by telephone should register for the call at https://register-conf.media-server.com/register/BIeb1b95ef583c49419a8d6b744e509dce to receive the dial-in number and unique PIN to access the call. It is recommended that you join the call at least 10 minutes before the conference call begins. The call is also being webcast and can be accessed at the company's website at http://mtg.mgic.com/ under "Newsroom." A replay of the webcast will be available on the company's website through May 30, 2026.

About MGIC

Mortgage Guaranty Insurance Corporation (MGIC) (www.mgic.com), the principal subsidiary of MGIC Investment Corporation, provides mortgage insurance solutions that support responsible credit risk management for mortgage lenders and investors and enable borrowers to qualify for mortgages with lower down payments. As the founder and longstanding leader of today's private mortgage insurance industry, MGIC continues to guide the industry's evolution while serving as a trusted partner to lenders across the country.

This press release, which includes certain additional statistical and other information, including non-GAAP financial information and a supplement that contains various portfolio statistics, are all available on the Company's website at https://mtg.mgic.com/ under "Newsroom."

From time to time MGIC Investment Corporation releases important information via postings on its corporate website, and via postings on MGIC's website for information related to underwriting and pricing, and intends to continue to do so in the future. Such postings include corrections of previous disclosures and may be made without any other disclosure. Investors and other interested parties are encouraged to enroll to receive automatic email alerts and Really Simple Syndication (RSS) feeds regarding new postings. Enrollment information for MGIC Investment Corporation alerts can be found at https://mtg.mgic.com/shareholder-services/email-alerts. For information about our underwriting and rates, see https://www.mgic.com/underwriting.

Use of Non-GAAP financial measures

We believe that use of the Non-GAAP financial measures of adjusted pre-tax operating income (loss), adjusted net operating income (loss) and adjusted net operating income (loss) per diluted share facilitate the evaluation of the company's core financial performance thereby providing relevant information to investors. These measures are not recognized in accordance with accounting principles generally accepted in the United States of America (GAAP) and should not be viewed as alternatives to GAAP measures of performance.

Adjusted pre-tax operating income (loss) is defined as GAAP income (loss) before tax, excluding the effects of net realized investment gains (losses), gain and losses on debt extinguishment and infrequent or unusual non-operating items where applicable.

Adjusted net operating income (loss) is defined as GAAP net income (loss) excluding the after-tax effects of net realized investment gains (losses), gain and losses on debt extinguishment and infrequent or unusual non-operating items where applicable. The amounts of adjustments to components of pre-tax operating income (loss) are tax effected using a federal statutory tax rate of 21%.

Adjusted net operating income (loss) per diluted share is calculated in a manner consistent with the accounting standard regarding earnings per share by dividing (i) adjusted net operating income (loss) by (ii) diluted weighted average common shares outstanding, which reflects share dilution from unvested restricted stock units.

Although adjusted pre-tax operating income (loss) and adjusted net operating income (loss) exclude certain items that have occurred in the past and are expected to occur in the future, the excluded items represent items that are: (1) not viewed as part of the operating performance of our primary activities; or (2) impacted by both discretionary and other economic or regulatory factors and are not necessarily indicative of operating trends, or both. These adjustments, along with the reasons for their treatment, are described below. Trends in the profitability of our fundamental operating activities can be more clearly identified without the fluctuations of these adjustments. Other companies may calculate these measures differently. Therefore, their measures may not be comparable to those used by us.

(1)

Net realized investment gains (losses). The recognition of net realized investment gains or losses can vary significantly across periods as the timing of individual securities sales is highly discretionary and is influenced by such factors as market opportunities, our tax and capital profile, and overall market cycles.

(2)

Gains and losses on debt extinguishment. Gains and losses on debt extinguishment result from discretionary activities that are undertaken to enhance our capital position, and/or improve our debt profile. 

(3)

Infrequent or unusual non-operating items. Items that are non-recurring in nature and are not part of our primary operating activities.

MGIC INVESTMENT CORPORATION AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED)

Three Months Ended March 31,

(In thousands, except per share data)

2026

2025

Net premiums written

$                 234,943

$                 235,346

Revenues

Net premiums earned

$                 235,363

$                 243,719

Net investment income

61,742

61,443

Net gains (losses) on investments and other financial instruments

(169)

741

Other revenue

141

331

Total revenues

297,077

306,234

Losses and expenses

Losses incurred, net

33,242

9,591

Underwriting and other expenses, net

48,108

53,063

Interest expense

8,899

8,899

Total losses and expenses

90,249

71,553

Income before tax

206,828

234,681

Provision for income taxes

41,525

49,221

Net income

$                 165,303

$                 185,460

Net income per diluted share

$                       0.76

$                       0.75

MGIC INVESTMENT CORPORATION AND SUBSIDIARIES

EARNINGS PER SHARE (UNAUDITED)

Three Months Ended March 31,

(In thousands, except per share data)

2026

2025

Net income - basic and diluted

$                  165,303

$                   185,460

Basic weighted average common shares outstanding

216,135

244,147

Dilutive effect of unvested restricted stock units

2,051

2,343

Diluted weighted average common shares outstanding

218,186

246,490

Diluted earnings per share

$                        0.76

$                         0.75

NON-GAAP RECONCILIATIONS

Reconciliation of Income before tax / Net income to Adjusted pre-tax operating income / Adjusted net operating income

Three Months Ended March 31,

2026

2025

(In thousands, except per share amounts)

Pre-tax

Tax Effect

Net

(after-tax)

Pre-tax

Tax Effect

Net

(after-tax)

Income before tax / Net income

$ 206,828

$  41,525

$   165,303

$ 234,681

$   49,221

$   185,460

Adjustments:

Net realized investment (gains) losses

(200)

(42)

(158)

(319)

(67)

(252)

Adjusted pre-tax operating income / Adjusted

net operating income

$ 206,628

$  41,483

$   165,145

$ 234,362

$   49,154

$   185,208

Reconciliation of Net income per diluted share to Adjusted net operating income per diluted share

Weighted average shares - diluted

218,186

246,490

Net income per diluted share

$        0.76

$         0.75

Net realized investment (gains) losses

0.00

0.00

Adjusted net operating income per diluted share

$        0.76

$         0.75

MGIC INVESTMENT CORPORATION AND SUBSIDIARIES

CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED)

March 31,

December 31,

March 31,

(In thousands, except per share data)

2026

2025

2025

ASSETS

Investments (1)

$    5,719,421

$     5,807,662

$     5,901,057

Cash and cash equivalents

235,090

368,989

206,988

Restricted cash and cash equivalents

14,405

6,525

5,705

Reinsurance recoverable on loss reserves (2)

73,184

65,055

51,864

Home office and equipment, net

31,947

32,454

34,468

Deferred insurance policy acquisition costs

7,955

8,377

11,114

Deferred income taxes, net

15,494

18,512

46,196

Other assets

319,253

331,912

277,744

Total assets

$    6,416,749

$     6,639,486

$     6,535,136

LIABILITIES AND SHAREHOLDERS' EQUITY

Liabilities:

Loss reserves (2)

$       499,120

$        474,884

$        465,033

Unearned premiums

92,606

93,026

111,987

Senior notes

646,506

646,138

645,035

Other liabilities

141,230

277,887

173,197

Total liabilities

1,379,462

1,491,935

1,395,252

Shareholders' equity

5,037,287

5,147,551

5,139,884

Total liabilities and shareholders' equity

$    6,416,749

$     6,639,486

$     6,535,136

Book value per share (3)

$           23.63

$            23.47

$            21.40

(1) Investments include net unrealized gains (losses) on securities

$     (194,840)

$      (152,767)

$      (261,022)

(2) Loss reserves, net of reinsurance recoverable on loss reserves

$      425,936

$       409,829

$       413,169

(3) Shares outstanding

213,200

219,367

240,194

MGIC INVESTMENT CORPORATION AND SUBSIDIARIES

ADDITIONAL INFORMATION - NEW INSURANCE WRITTEN

2026

2025

Q1

Q4

Q3

Q2

Q1

New primary insurance written (NIW) (billions)

$       14.4

$       17.1

$       16.5

$       16.4

$       10.2

Monthly (including split premium plans) and

annual premium plans

13.9

16.6

16.1

16.0

9.9

Single premium plans

0.5

0.5

0.4

0.4

0.3

Product mix as a % of primary NIW

Credit score < 680

5 %

5 %

4 %

4 %

4 %

>95% LTVs

14 %

15 %

17 %

13 %

13 %

>45% DTI

25 %

26 %

27 %

26 %

31 %

Singles

4 %

3 %

2 %

2 %

2 %

Refinances

21 %

17 %

6 %

6 %

6 %

New primary risk written (billions)

$         3.8

$         4.4

$         4.4

$         4.3

$         2.6

MGIC INVESTMENT CORPORATION AND SUBSIDIARIES

ADDITIONAL INFORMATION - INSURANCE IN FORCE and RISK IN FORCE

2026

2025

Q1

Q4

Q3

Q2

Q1

Primary Insurance In Force (IIF) (billions)

$        302.7

$        303.1

$        300.8

$       297.0

$       293.8

Total # of loans

1,106,958

1,112,727

1,111,855

1,107,526

1,105,863

Premium Yield

In force portfolio yield (1)

38.0

38.0

38.3

38.3

38.4

Premium refunds (2)

(0.3)

(0.4)

(0.3)

(0.1)

0.0

Accelerated earnings on single premium

0.2

0.3

0.2

0.2

0.2

Total direct premium yield

37.9

37.9

38.2

38.4

38.6

Ceded premiums earned, net of profit

commission and assumed premiums (3)

(6.8)

(6.7)

(5.9)

(5.4)

(5.6)

Net premium yield

31.1

31.2

32.3

33.0

33.0

Average Loan Size of IIF (thousands)

$        273.4

$        272.4

$        270.6

$       268.2

$       265.7

Annual Persistency

84.0 %

84.8 %

85.0 %

84.7 %

84.7 %

Primary Risk In Force (RIF) (billions)

$          81.2

$          81.2

$          80.6

$         79.5

$         78.5

By credit score (%) (4)

760 & >

45 %

45 %

45 %

44 %

44 %

740-759

18 %

18 %

18 %

18 %

18 %

720-739

14 %

14 %

14 %

14 %

14 %

700-719

10 %

10 %

10 %

10 %

10 %

680-699

7 %

7 %

7 %

7 %

7 %

660-679

3 %

3 %

3 %

3 %

3 %

640-659

2 %

2 %

2 %

2 %

2 %

639 & <

1 %

1 %

1 %

2 %

2 %

Average Coverage Ratio (RIF/IIF)

26.8 %

26.8 %

26.8 %

26.8 %

26.7 %

(1)

Total direct premiums earned, excluding premium refunds and accelerated premiums from single premium policy cancellations divided by average primary insurance in force.

(2)

Premium refunds and our estimate of refundable premium on our delinquency inventory divided by average primary insurance in force.

(3)

Ceded premiums earned, net of profit commissions and assumed premiums. Assumed premiums include our participation in GSE Credit Risk Transfer programs, of which the impact on the net premium yield was 0.5 bps in the first quarter of 2026.

(4)

The credit score at the time of origination for a loan with multiple borrowers is the lowest of the borrowers' "decision credit scores." A borrower's "decision credit score" is determined as follows: if there are three credit scores available, the middle credit score is used; if two credit scores are available, the lower of the two is used; if only one credit score is available, it is used.

MGIC INVESTMENT CORPORATION AND SUBSIDIARIES

ADDITIONAL INFORMATION - DELINQUENCY STATISTICS

2026

2025

Q1

Q4

Q3

Q2

Q1

Primary IIF - Delinquent Roll Forward - # of

Loans

Beginning Delinquent Inventory

27,072

25,747

24,444

25,438

26,791

New Notices

13,791

14,489

13,582

11,970

12,965

Cures

(13,393)

(12,632)

(11,814)

(12,588)

(13,981)

Paid claims

(457)

(359)

(359)

(341)

(312)

Rescissions and denials

(7)

(13)

(18)

(35)

(25)

Other items removed from inventory (1)

—

(160)

(88)

—

—

Ending Delinquent Inventory

27,006

27,072

25,747

24,444

25,438

Primary IIF Delinquency Rate (count based)

2.44 %

2.43 %

2.32 %

2.21 %

2.30 %

Primary claim received inventory included in
ending delinquent inventory

383

398

333

295

304

Composition of Cures

Reported delinquent and cured

intraquarter

3,973

3,917

3,606

3,268

4,321

Number of payments delinquent prior to

cure

3 payments or less

6,262

5,734

5,141

5,708

6,379

4-11 payments

2,702

2,466

2,500

2,887

2,759

12 payments or more

456

515

567

725

522

Total Cures in Quarter

13,393

12,632

11,814

12,588

13,981

Composition of Paids

Number of payments delinquent at time

of claim payment

3 payments or less

1

—

1

—

1

4-11 payments

57

32

32

32

28

12 payments or more

399

327

326

309

283

Total Paids in Quarter

457

359

359

341

312

Aging of Primary Delinquent Inventory

Consecutive months delinquent

      3 months or less

9,655

36 %

10,389

38 %

9,817

38 %

8,552

35 %

8,497

33 %

      4-11 months

10,289

38 %

9,559

35 %

8,858

34 %

8,868

36 %

9,907

39 %

      12 months or more

7,062

26 %

7,124

27 %

7,072

28 %

7,024

29 %

7,034

28 %

Number of payments delinquent

      3 payments or less

13,376

49 %

14,121

52 %

13,406

52 %

12,260

50 %

12,319

48 %

      4-11 payments

9,364

35 %

8,747

32 %

8,122

32 %

7,963

33 %

8,788

35 %

      12 payments or more

4,266

16 %

4,204

16 %

4,219

16 %

4,221

17 %

4,331

17 %

(1)

Items removed from inventory are associated with commutations of coverage on non-performing policies.

MGIC INVESTMENT CORPORATION AND SUBSIDIARIES

ADDITIONAL INFORMATION - RESERVES and CLAIMS PAID

2026

2025

Q1

Q4

Q3

Q2

Q1

Reserves (millions)

Primary Direct Loss Reserves

$             497

$             472

$             450

$             450

$             462

Other Gross Loss Reserves

2

3

2

2

3

Total Gross Loss Reserves

$             499

$             475

$             452

$             452

$             465

Primary Average Direct Reserve

Per Delinquency

$          18,398

$          17,449

$          17,462

$          18,395

$          18,167

Net Paid Claims (millions) (1)

$              17

$              16

$              14

$              12

$              12

Total primary (excluding settlements)

20

16

14

13

12

Rescission and NPL settlements

—

3

1

—

—

Reinsurance

(4)

(3)

(2)

(2)

(2)

LAE and other

1

1

1

1

2

Reinsurance Terminations (1)

—

(1)

—

—

—

Primary Average Claim Payment

(thousands) (2)

$            42.7

$            46.1

$            39.7

$            36.5

$            38.8

(1)

Net paid claims, as presented, does not include amounts received in conjunction with terminations or commutations of reinsurance agreements.

(2)

Excludes amounts paid in settlement disputes for claims paying practices and/or commutations of policies.

MGIC INVESTMENT CORPORATION AND SUBSIDIARIES

ADDITIONAL INFORMATION - REINSURANCE AND MI RATIOS

2026

2025

Q1

Q4

Q3

Q2

Q1

Quota Share Reinsurance

% NIW subject to reinsurance

86.4 %

86.2 %

88.2 %

87.7 %

86.8 %

Ceded premiums written and earned (millions)

$       37.8

$       38.9

$       32.0

$       28.1

$       29.9

Ceded losses incurred (millions)

$       12.0

$       11.9

$         6.1

$         4.0

$         6.4

Ceding commissions (millions) (included in

underwriting and other expenses)

$       13.4

$       13.4

$       12.9

$       12.1

$       11.7

Profit commission (millions) (included in ceded

premiums)

$       29.1

$       28.3

$       32.6

$       32.3

$       28.7

Excess-of-Loss Reinsurance

Ceded premiums earned (millions)

$       17.8

$       14.8

$       16.2

$       15.4

$       14.7

GAAP loss ratio

14.1 %

13.2 %

4.5 %

(1.2 %)

3.9 %

GAAP underwriting expense ratio

20.5 %

19.9 %

21.1 %

21.9 %

22.5 %

Mortgage Guaranty Insurance Corporation - Risk to

Capital

9.6:1 

10.0:1 

9.7:1 

10.0:1 

9.8:1 

Combined Insurance Companies - Risk to Capital

9.6:1 

10.0:1 

9.7:1 

10.0:1 

9.7:1 

Safe Harbor Statement

Forward Looking Statements and Risk Factors:

This release contains forward looking statements within the meaning of the U.S. Private Securities Litigation Reform Act of 1995. These statements are based on current assumptions, expectations, and projections and are subject to risks and uncertainties that could cause actual results to differ materially. Forward-looking statements consist of statements which relate to matters other than historical fact, including matters that inherently refer to future events. Among others, statements that include words such as "believe," "anticipate," "will" or "expect," or words of similar import, are forward-looking statements. Our actual results may differ, possibly materially, from those expressed or implied in such forward-looking statements. Factors and uncertainties that could cause actual results to differ can be found in the "Risk Factors" and "Forward-Looking Statements" sections included in MGIC Investment Corporation's Annual Reports on Form 10-K and Quarterly Reports on Form 10-Q. Such factors and uncertainties include, without limitation:

Our results are dependent on U.S. economic and housing market conditions; adverse conditions may cause a decrease in new insurance written and/or an increase in delinquencies, claim frequency, and claim severity. Additionally, if the volume of low down payment home mortgage originations declines, the amount of new insurance that we write could decline. The substantial majority of MGIC's new insurance written is for loans purchased by Fannie Mae and Freddie Mac ("the GSEs"); therefore, changes to their business practices or legislative, regulatory or administrative reforms could materially affect our business and financial results. Failure to comply with the GSEs' Private Mortgage Insurance Eligibility Requirements ("PMIERs") could limit our operations, or at the extreme, lead to suspension or termination of eligibility to insure loans purchased by the GSEs. Loss reserve estimates are subject to uncertainties; actual losses may differ materially from estimates.  Additionally, because reserves are established only upon delinquency, losses may disproportionately impact earnings in certain periods. We operate in a highly regulated environment at both the federal and state levels; regulatory changes or enforcement actions may adversely affect our operations and/or financial results. If we fail to meet the State Capital Requirements of Wisconsin, we could be prevented from writing new business in all jurisdictions; we could be prevented from writing new business in a particular jurisdiction if we fail to meet the state capital requirements of that jurisdiction. Pandemics, severe weather events, and climate related developments may negatively affect home prices and affordability, potentially leading to an increase in delinquencies, claim frequency, and claim severity. Actions by government authorities, including FHFA and the GSEs, to address climate related issues could similarly affect our results.  The availability, cost, and capital credit for reinsurance may change due to market conditions or GSE actions, potentially requiring us to retain more risk and maintain additional capital. Our financial results may be impacted if lenders and investors seek alternatives to private mortgage insurance. In addition, changes in GSE programs, growth in government market share, or changes to regulatory capital rules to limit capital relief for mortgage insurance could affect our business in similar ways. The premium rates we charge may prove inadequate due to unknown future economic conditions, modelling limitations or errors, or other unexpected events. The length of time our insurance policies remain in force ("persistency") affects our results. Among other things, persistency can be influenced by interest rates, borrower equity, refinancing activity, and mortgage insurance cancellation requirements. Instability in financial markets or counterparty failures, including by reinsurers or mortgage servicers, could increase our credit risk and losses. Ineffective risk management programs, inaccurate data or model errors could impair our ability to identify and respond to risks, and materially adversely affect our business, results of operations, and financial condition. Technology system failures, cybersecurity breaches, or data privacy incidents could materially disrupt operations and cause financial and reputational damage. Changes in our underwriting practices and mix of business have the potential to increase risk and negatively affect our financial results. Our business depends on hiring and retaining experienced management and key personnel; the failure to do so could disrupt operations and negatively impact our financial condition. The mortgage insurance market is highly competitive. Competition from private mortgage insurers, government programs, and potential new market entrants —combined with pricing pressure and shifting customer preferences and relationships—could lead to a reduction in our new insurance written. Adverse rating agency actions could affect our competitiveness, GSE eligibility, and access to capital. Litigation and regulatory proceedings could result in fines, settlements, operational restrictions, or reputational harm. Our investment portfolio is exposed to risks that could adversely impact our operations and financial results.  Future capital needs could require issuance of debt or equity, potentially diluting shareholders. Our stock price may fluctuate due to economic, industry, regulatory, or company specific developments. Regulatory limits on dividends from our insurance subsidiaries have the potential to constrain holding company liquidity and our ability to pay shareholder dividends or repurchase stock in the future. We are not undertaking any obligation to update any forward-looking statements or other statements we may make even though these statements may be affected by events or circumstances occurring after the forward looking statements or other statements were made. No investor should rely on the fact that such statements are current at any time other than the time at which this press release was delivered for dissemination to the public.

While we communicate with security analysts from time to time, it is against our policy to disclose to them any material non-public information or other confidential information. Accordingly, investors should not assume that we agree with any statement or report issued by any analyst irrespective of the content of the statement or report, and such reports are not our responsibility.

SOURCE MGIC Investment Corporation

MGIC Investment (MTG - Free Report) reported $297.25 million in revenue for the quarter ended March 2026, representing a year-over-year decline of 2.7%. EPS of $0.76 for the same period compares to $0.75 a year ago.

The reported revenue compares to the Zacks Consensus Estimate of $301.51 million, representing a surprise of -1.41%. The company delivered an EPS surprise of +3.64%, with the consensus EPS estimate being $0.73.

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

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

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

GAAP loss ratio (insurance operations only): 14.1% versus the two-analyst average estimate of 17.7%.Combined Ratio - Insurance Segment (Net of underwriting expense ratio and Loss ratio): 34.6% versus 38.6% estimated by two analysts on average.GAAP underwriting expense ratio (insurance operations only): 20.5% compared to the 20.9% average estimate based on two analysts.Revenues- Net investment income: $61.74 million versus the two-analyst average estimate of $62.38 million. The reported number represents a year-over-year change of +0.5%.Revenues- Net premiums earned: $235.36 million versus $238.75 million estimated by two analysts on average. Compared to the year-ago quarter, this number represents a -3.4% change.Revenues- Other revenue: $0.14 million versus the two-analyst average estimate of $0.39 million. The reported number represents a year-over-year change of -57.4%.View all Key Company Metrics for MGIC here>>>

Shares of MGIC have returned +10.4% over the past month versus the Zacks S&P 500 composite's +12.2% 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.

It has been about a month since the last earnings report for MGIC Investment (MTG - Free Report) . Shares have lost about 3.7% 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 MGIC 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 latest earnings report in order to get a better handle on the important drivers.

MGIC Q1 Earnings Beat, Revenues Miss Estimates, Premiums Down Y/Y

MGIC Investment Corporation reported first-quarter 2026 operating net income per share of 76 cents, which beat the Zacks Consensus Estimate by 4.1%. The bottom line also improved 1.3% year over year. Total operating revenues declined 3% year over year to $297 million, attributable to lower net premiums earned and other revenues. The top line missed the Zacks Consensus Estimate by 1.4%. The quarterly results reflected stable investment income, partially offset by lower net premiums earned and other revenues.

Operational UpdateInsurance in force increased 3% year over year to $302.7 billion, exceeding the Zacks Consensus Estimate of $293.7 billion as well as our estimate of $295.6 billion. Meanwhile, primary delinquency rose 6.2% to 27,006 loans during the quarter. Net premiums earned declined 3.4% year over year to $235.4 million, surpassing our estimate of $234.3 million. Meanwhile, net investment income increased 0.5% year over year to $61.7 million, but came in below our estimate of $61.8 million and the Zacks Consensus Estimate of $62.4 million.

Persistency, the percentage of insurance remaining in force, was 84% as of March 31, 2026, and declined 70 basis points from the year-ago quarter’s level. Meanwhile, new insurance written increased 41.5% year over year to $14.4 billion. Underwriting and other expenses, net, declined 9.4% year over year to $48.1 million. However, underwriting performance weakened materially, with the loss ratio surging to 14.1% from 3.9% in the prior-year quarter.

Total losses and expenses increased 26.1% year over year to $90.2 million, attributable to a sharp rise in losses incurred, net, which nearly doubled from the year-ago period.

Financial UpdateBook value per share, a measure of net worth, increased 10.4% year over year to $23.63 as of March 31, 2026. Shareholder equity was $5.3 billion as of March 31, 2026, down 2.1% from the 2025-end level. MGIC Investment's PMIERs Available Assets totaled $5.8 billion, or $2.9 billion above its Minimum Required Assets as of March 31, 2026. Total assets were $6.4 billion as of March 31, 2026, down 4.4% from the 2025-end level. Senior notes totaled $646.5 million as of March 31, 2026, reflecting a 0.1% increase from the 2025-end level.

Capital DeploymentThe company repurchased 7.2 million shares of common stock for $192.6 million and paid a dividend of $400 million to the holding company. MGIC also paid a dividend of 15 cents per common share to shareholders. In January, the company executed an insurance-linked note transaction, that covers certain policies written between Jan. 1, 2022, and March 31, 2025.

MTG  bought back shares worth $47.4 million in April 2026. The board approved a dividend of 15 cents per common share payable in May 21 to shareholders of record on May 3, 2026. Concurrently, the board of directors also approved a share repurchase program, authorizing MTG to repurchase an additional $750 million of common stock through Dec. 31, 2028.

How Have Estimates Been Moving Since Then?Analysts were quiet during the last two month period as none of them issued any earnings estimate revisions.

VGM ScoresAt this time, MGIC has a poor Growth Score of F, a grade with the same score on the momentum front. However, the stock was allocated a score of B on the value side, putting it in the second quintile for this investment strategy.

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

Outlook MGIC has a Zacks Rank #3 (Hold). We expect an in-line return from the stock in the next few months.

Performance of an Industry PlayerMGIC is part of the Zacks Insurance - Multi line industry. Over the past month, Principal Financial (PFG - Free Report) , a stock from the same industry, has gained 2.4%. The company reported its results for the quarter ended March 2026 more than a month ago.

Principal Financial reported revenues of $3.52 billion in the last reported quarter, representing a year-over-year change of -12.4%. EPS of $2.07 for the same period compares with $1.81 a year ago.

For the current quarter, Principal Financial is expected to post earnings of $2.33 per share, indicating a change of +7.9% from the year-ago quarter. The Zacks Consensus Estimate has changed +0.4% over the last 30 days.

The overall direction and magnitude of estimate revisions translate into a Zacks Rank #3 (Hold) for Principal Financial. Also, the stock has a VGM Score of C.

-

Arista delivers next-generation cognitive campus innovations

SANTA CLARA, Calif.--(BUSINESS WIRE)--Arista Networks (NYSE: ANET), a leader in data-driven, client-to-cloud networking, today announced it has been named a Leader in the 2026 Gartner® Magic Quadrant for Enterprise Wired and Wireless LAN.1 This recognition, we feel, highlights Arista’s continued momentum in the enterprise campus, driven by its unified, software-driven approach to networking and its commitment to delivering modern, reliable, and AI-optimized connectivity from the data center to the campus edge.

“We feel this underscores Arista’s commitment to relentless innovation and our significant growth in enterprise campus deployments,” said Kumar Srinkantan, VP and GM Campus, for Arista Networks. “Our momentum is fueled by a clear vision: replacing legacy operational complexity with cloud-grade resilience and pioneering AI. With our architectural consistency, we are now redefining the modern enterprise campus.”

Arista is expanding its Cognitive Campus Networking Portfolio. Highlights include its highly anticipated ruggedized campus wired platforms for the industrial edge, along with the introduction of a new family of internal directional antenna wireless access points (APs).

Extending the Enterprise Campus: Ruggedized Switching and Advanced Antennas

Following are key innovations designed for maximum deployment and flexibility in demanding environments:

Availability of Ruggedized Switch Platform: Engineered for industrial, outdoor, and challenging physical environments, Arista’s new ruggedized switching platform extends the power of EOS® (Extensible Operating System) to the edge. These platforms ensure high availability, cognitive management, and enterprise-grade security, engineered for harsh environments and can withstand extreme temperatures, vibrations, and shock. Both ruggedized platforms, 710HXP-28TXH and 710HXP-20TNH, are available now. Launch of New Internal Directional Antennas: Designed to optimize wireless coverage in high-ceiling, high-density, or complex RF environments (such as warehouses, manufacturing floors, large public venues, auditoriums, indoor & outdoor stadiums), Arista’s new Wi-Fi access points, indoor C460D and outdoor O435D, featuring integrated internal directional antennas eliminate the aesthetic and installation complexities of external enclosures while maximizing wireless connectivity and performance. This also allows bringing 6GHz reliably into indoor environments without requiring Automated Frequency Coordination (AFC). Redefining Network Operations with Agentic AIOps

Building on its pioneering AI-driven network operations, Arista is expanding the capabilities of Arista AVA® (Autonomous Virtual Assist), evolving it into a fully multi-domain, agentic AIOps powerhouse.

Moving beyond traditional reactive alerts and conversational chatbots, the next-generation AVA leverages an advanced agentic AI architecture designed to operate seamlessly across multiple domains, correlating telemetry data across wired, wireless, NAC and data center environments. AVA autonomously analyzes multi-dimensional network data, anticipates potential disruptions before they impact users, and engineers’ intent-based workflows.

Crucially, this expansion introduces closed-loop automation with a human-in-the-loop architecture. AVA can independently diagnose complex cross-domain issues, formulate precise remediation steps, and securely present them to IT administrators for approval. This ensures lean enterprise teams maintain absolute control and visibility while benefiting from dramatic reductions in Mean Time to Resolution (MTTR) and operational overhead across massive, distributed environments.

Unified Vision for the Modern Enterprise

All of Arista’s campus wired and wireless solutions are rooted in EOS and managed via CloudVision®, providing enterprises with a single pane of glass, consistent security policies, and deep telemetry across the entire network fabric.

To learn more about Arista’s recognition in the 2026 Gartner Magic Quadrant for Enterprise Wired and Wireless LAN, please find a complimentary copy here.

For more information regarding Arista’s Cognitive Campus portfolio, please visit www.arista.com/en/solutions/cognitive-campus.

[1] Gartner, “Magic Quadrant for Enterprise Wired and Wireless LAN Infrastructure,” Mike Leibovitz, Christian Canales, Tim Zimmerman, May 18, 2026.

Gartner Disclaimer:

Gartner does not endorse any vendor, product or service depicted in our research publications, and does not advise technology users to select only those vendors with the highest ratings or other designation. Gartner research publications consist of the opinions of Gartner's research organization and should not be construed as statements of fact. Gartner disclaims all warranties, expressed or implied, with respect to this research, including any warranties of merchantability or fitness for a particular purpose.

Gartner and Magic Quadrant are trademarks of Gartner, Inc., and/or its affiliates.

About Arista

Arista Networks is an industry leader in data-driven, client-to-cloud networking for large AI, data center, campus, and routing environments. Its award-winning platforms deliver availability, agility, automation, analytics, and security through an advanced network operating stack. For more information, visit www.arista.com.

ARISTA, EOS, CloudVision and AVA are among the registered and unregistered trademarks of Arista Networks, Inc. in jurisdictions around the world. Other company names or product names may be trademarks of their respective owners. Additional information and resources can be found at www.arista.com. This press release contains forward-looking statements including, but not limited to, statements regarding the performance and capabilities of Arista’s products and services. All statements other than statements of historical fact are statements that could be deemed forward-looking statements. Forward-looking statements are subject to risks and uncertainties that could cause actual performance or results to differ materially from those expressed in the forward-looking statements, including rapid technological and market change, customer requirements, and industry standards, as well as other risks stated in our filings with the SEC available on Arista's website at www.arista.com and the SEC's website at www.sec.gov. Arista disclaims any obligation to publicly update or revise any forward-looking statement to reflect events that occur or circumstances that exist after the date on which they were made.

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Sales organizations that provide sellers with AI-enabled next best actions are 2.6x more likely to achieve commercial growth, according to a survey by Gartner,

It doesn't matter your age or experience: taking full advantage of the stock market and investing with confidence are common goals for all investors. Luckily, Zacks Premium offers several different ways to do both.

The research service features 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, all of which will help you become a smarter, more confident investor.

Zacks Premium also includes the Zacks Style Scores.

What are the Zacks Style Scores? The Zacks Style Scores is a unique set of guidelines that rates stocks based on three popular investing types, and were developed as complementary indicators for the Zacks Rank. This combination helps investors choose securities with the highest 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 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, on the other hand, are more concerned with a company's financial strength and health, and its future outlook. The Growth Style Score examines things like projected and historic earnings, sales, and cash flow to find stocks that will experience 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 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.

Investors can count on the Zacks Rank's success, with #1 (Strong Buy) stocks producing an unmatched +23.7% 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.

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.

To maximize your returns, you want to buy stocks with the highest probability of success. This means picking stocks with a Zacks Rank #1 or #2 that also have Style Scores of A or B. If you find yourself looking at stocks with a #3 (Hold) rank, make sure 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: Gartner (IT - Free Report) Headquartered in Stamford, Connecticut, Gartner, Inc. is reportedly the world's leading information technology research and advisory firm. The company offers rich domain expertise and technology-related insight necessary for an informed decision-making process.

IT is a #3 (Hold) on the Zacks Rank, with a VGM Score of A.

It also boasts a Value Style Score of A thanks to attractive valuation metrics like a forward P/E ratio of 11.67; value investors should take notice.

Four analysts revised their earnings estimate higher in the last 60 days for fiscal 2026, while the Zacks Consensus Estimate has increased $0.34 to $13.71 per share. IT also boasts an average earnings surprise of +10.6%.

With a solid Zacks Rank and top-tier Value and VGM Style Scores, IT should be on investors' short list.

New capabilities across Security Operations, AI and Endpoint Management advance Autonomous IT

EMERYVILLE, Calif.--(BUSINESS WIRE)--Tanium, a leader in Autonomous IT, today announced AI-driven product innovations at the Gartner Security & Risk Management Summit, designed to give security operations, IT and compliance teams more of what they have been asking for: faster threat hunting, earlier anomaly detection, autonomous policy enforcement and broader public-sector coverage.

“Autonomous IT is about giving a single operator the data, guidance and reach to do what once took an entire team — and these innovations are another major step on that journey. With these advancements, we’re embedding more intelligence and automation across the platform so customers can find threats faster, close gaps before they become incidents and keep their environments continuously aligned to policy,” said Harman Kaur, chief technology officer at Tanium. “Each of these capabilities brings our customers closer to a future where IT and security operate as one – autonomous, resilient and unstoppable.”

Built on the Tanium Autonomous IT Platform, driven by AI and real-time endpoint intelligence, the new capabilities span key solution pillars of the portfolio: Security Operations and Endpoint Management, with AI throughout. The company has also expanded its FedRAMP authorized services, extending Autonomous IT to more U.S. Government customers.

Expansion of Security Operations:

Tanium Threat Navigator: Tanium Threat Navigator empowers security operations teams with a true threat hunting workflow, allowing them to rapidly test and refine hypotheses while capturing key insights as they hunt. By automating scalable threat hunting across historical and live data, Tanium Threat Navigator transforms successful hunts into actionable intelligence and converts them into alerts that reduce dwell times and time to response.

Tanium Connector for Microsoft Edge for Business: Tanium Connector for Microsoft Edge for Business integrates browser telemetry into the Tanium Autonomous IT Platform, including crash, extensions, login, password breach, unsafe site visits, malware and sensitive data transfers. By unifying browser and endpoint intelligence in real time, Tanium Connector for Microsoft Edge for Business closes critical security blind spots and enables faster, more informed investigations. Without relying on browser add-ons or extra infrastructure, organizations gain deeper visibility into browser-based threats, improve compliance validation, and strengthen overall endpoint security across the enterprise.

Expansion of AI:

Tanium Anomaly Detection for Enterprise Software: Tanium is expanding its AI competencies with anomaly detection, identifying deviations from normal patterns that may indicate security or performance risk. Tanium Anomaly Detection for Enterprise Software analyzes applications across endpoints against peer groups and organizational norms, surfaces unusual or risky software, enriches those findings with context and pinpoints affected devices. This approach reduces security exposure, eliminates software inventory blind spots and strengthens governance — enabling more efficient and proactive IT and security operations.

New FedRAMP Authorized Services: Tanium has received FedRAMP PMO (Program Management Office) authorization, specifically for US based customers and partners, to add new services to the Tanium Cloud for U.S. Government (TC-USG) boundary, making them available to all TC-USG customers. Newly authorized offerings include Tanium Ask, Tanium Connector for Microsoft Intune, Tanium Jump Gate, Tanium Endpoint Management for Operational Technology (OT) and Tanium Endpoint Management for Mobile.

Expansion of Endpoint Management:

Tanium Enforce: Tanium Enforce streamlines policy enforcement end-to-end, turning configuration standards into autonomously enforced guardrails across the enterprise. Organizations can now import chosen Center for Internet Security (CIS) Build Kits, without re-write, as enforceable policies. Continuous drift detection and automated remediation keep endpoints in the intended state. The result is a simple policy setup based on CIS best practice security guidance and continuous, autonomous, closed-loop enforcement at scale — compressing time to remediation from weeks to minutes.

These innovations are being showcased at the Gartner Security & Risk Management Summit, June 1–3, 2026 at the Tanium booth #309. To see how Tanium can strengthen IT operations and security posture, visit www.tanium.com/see-a-demo.

The company is recognized as a Leader in the inaugural 2026 Gartner® Magic Quadrant™ for Endpoint Management Tools and as a Leader in the IDC MarketScape: Worldwide Client Endpoint Management Software for Windows Device Management 2025–2026 Vendor Assessment.

Gartner, Magic Quadrant for Endpoint Management Tools, Tom Cipolla, Lina Al Dana, et al., 5 January 2026

GARTNER and MAGIC QUADRANT are trademarks of Gartner, Inc. and/or its affiliates.

About the Gartner Security & Risk Management Summit

Gartner analysts will present the latest insights for security and risk management leaders at the Gartner Security & Risk Management Summits, taking place March 9-10 in Mumbai, March 16-17 in Sydney, June 1-3 in National Harbor, MD, July 22-24 in Tokyo, August 4-5 in Sao Paulo and September 22-24 in London. Follow news and updates from the conferences on X and LinkedIn using #GartnerSEC.

About Tanium

Tanium is the Autonomous IT company. Driven by AI and real-time endpoint intelligence, Tanium Autonomous IT empowers IT and security teams to make their organizations unstoppable. Tanium Atlas, the company's autonomous operating system, gives a single IT or security operator the data, guidance and reach to accomplish what once required an entire team.

The company is recognized as a Leader in the inaugural 2026 Gartner® Magic Quadrant™ for Endpoint Management Tools and as a Leader in the IDC MarketScape: Worldwide Client Endpoint Management Software for Windows Device Management 2025–2026 Vendor Assessment.

Many of the world’s leading organizations trust Tanium’s single, unified platform for endpoint management and security to innovate faster, stay resilient and move business forward with confidence, at scale.

To learn how Tanium delivers Autonomous IT for unstoppable business – visit www.tanium.com and LinkedIn.

Tanium’s statements and content regarding its plans, directions, and intent are subject to change without notice at Tanium’s sole discretion. Information regarding potential future products or functionality is intended to outline Tanium’s general product direction and it should not be relied on in making a purchasing decision, nor is it incorporated into any contract. It is not a commitment, promise, or legal obligation. The development, release, and timing of any future products or functionality remain at Tanium’s sole discretion.

On June 02, 2026, Gartner Inc (IT) shares fell 5.0% today, bringing the current price to $170.62. The stock has experienced significant volatility, trading with

Gartner, Inc. (IT) Presents at 2026 Baird Global Consumer, Technology & Services Conference Transcript

Key Takeaways IT is benefiting from its data-driven insights, broad services and low customer concentration.IT is enhancing AskGartner and expanding its AI tools to provide faster access to business insights.Gartner repurchased $2B of shares in 2025 following substantial repurchases in prior years. Shares of Gartner (IT - Free Report) have had a decent run over the past month. The stock has risen 9.1% against the industry's 3% decline. The Zacks S&P 500 composite has gained 1.6% during the said time frame.

Image Source: Zacks Investment Research

IT has a Growth Score of B. This style score condenses key financial metrics to reflect a fair sense of the quality and sustainability of its growth.

The company’s second-quarter 2026 earnings are expected to increase 7.1% year over year. Earnings for 2026 and 2027 are projected to rise 4.1% and 15.5%, respectively, year over year.

Factors That Bode Well for ITGartner is benefiting from its wide range of products and services, especially data-driven insights, with low customer concentration, which reduces operating risks and gives it a competitive advantage over rivals.

The company’s business model utilizes the depth and breadth of intellectual capital to create and distribute research content. This content includes published reports, interactive tools, briefings, consulting, advisory services and conferences. This rich domain expertise and technology-related insight help clients make informed decisions.

Gartner continues to improve its digital platforms through innovations, such as its AI-powered AskGartner, which provides faster access to business and technology insights and generates in-depth summaries from its Business-as-a-Service library. The company is also improving its platforms to allow users to download PowerPoint presentations generated directly from their queries.

The company consistently generates shareholder value through share buybacks. It repurchased shares worth $1 billion, $600 million, $700 million and $2 billion in 2022, 2023, 2024 and 2025, respectively. These repurchases indicate the company’s confidence in its business and make the stock attractive to investors.

Key Risks to WatchA significant portion of the company's operations is international, exposing it to foreign exchange-related risks. Fluctuations in the value of the U.S. dollar relative to foreign currencies such as the British pound, euro, Canadian dollar, Australian dollar and Japanese yen could impact the company's financial results.

Gartner's current ratio (a measure of liquidity) at the end of the first quarter of 2025 was 0.94, lower than the industry average of 1.15. A current ratio of less than 1 implies that the company might face trouble in covering its short-term obligations. 

IT’s Zacks Rank & Stocks to ConsiderGartner carries a Zacks Rank #3 (Hold) at present. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.

A couple of better-ranked stocks in the Business Services sector are Trane Technologies plc (TT - Free Report) and TransUnion (TRU - Free Report) .

Trane Technologies carries a Zacks Rank #2 (Buy) at present. It has a long-term earnings growth expectation of 14.6%.

TT delivered a trailing four-quarter earnings surprise of 2.7%, on average.

TransUnion also holds a Zacks Rank of 2 at present. It has a long-term earnings growth expectation of 13.5%.

TRU beat earnings estimates in each of the last four quarters, with an average surprise of 6.3%.

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Analysts Explore How CMOs Can Adapt Media Strategy for Fragmented Attention and AI-Driven Content Skepticism during Gartner Marketing Symposium/Xpo in Denver

DENVER--(BUSINESS WIRE)--Forty-nine percent of U.S. consumers agree that GenAI has made the quality of content available worse, according to a survey by Gartner, Inc., a business and technology insights company. Among younger consumers, including Gen Z and millennials, 57% agree that GenAI has made content quality worse.

A Gartner survey of 307 U.S. consumers conducted in March 2026 found that AI is contributing to a more skeptical media environment, raising the stakes for brands to create recognizable, credible and high-quality content.

The findings were presented today during Gartner Marketing Symposium/Xpo, taking place here this week.

“AI-generated content is increasing the volume of media that consumers encounter, but not necessarily the value,” said Kate Muhl, VP Analyst in the Gartner Marketing practice. “In a more skeptical media environment, brands need to be more recognizable, more credible and more intentional about the contexts in which they appear.”

Consumer Attention Is Fragmented Across Media Environments

The survey also found that 59% of U.S. consumers prefer to do several media or technology activities at the same time, such as watching TV, using the internet or texting on a phone, rather than focusing on one activity at a time.

“Consumer screen time may be abundant, but consumer attention is not,” said Muhl. “For marketers, the goal is no longer simply to buy reach or chase impressions. Media strategy must compete for scarce attention and create brand meaning quickly enough to survive fragmented, fast-moving environments.”

AI Is Changing How Consumers Build Searches

A Gartner survey of 328 U.S. consumers conducted in February 2026 found that AI is beginning to change how consumers build searches for products and services. Twenty percent of U.S. consumers say their search inputs are more specific because of AI, 19% phrase search inputs as questions more frequently, 17% rely on AI summaries to get information for products or services they are looking for, and 16% use AI chatbots to search for new products or services to buy.

“AI is changing the way consumers connect with content and where consumer attention lives,” said Muhl. “CMOs should not treat AI as a replacement for media fundamentals. The brands that win will be those that understand where attention is gathering, how trust is being formed and what kinds of experiences consumers want to remember.”

Additional Insights Available

Gartner clients can read more in the report “What CMOs Must Know About Consumers in 2026.”

Gartner is the World Authority on AI

Gartner is an indispensable partner to C-Level executives and technology providers as they implement AI strategies to achieve their mission-critical priorities. The independence and objectivity of Gartner insights provide clients with the confidence to make informed decisions and unlock the full potential of AI. Clients across the C-Level are using Gartner's proprietary AskGartner AI tool to determine how to leverage AI in their business. With more than 2,500 business and technology experts, 6,000 written insights, as well as more than 4,000 AI use cases and case studies, Gartner is the world authority on AI. More information can be found here.

About Gartner Marketing Symposium/Xpo

Gartner Marketing Symposium/Xpo is taking place June 8-10 in Denver, providing marketing leaders with actionable advice about the trends, tools and emerging technologies they need to deliver business results in an AI-driven world. Gartner analysts address the biggest opportunities, challenges and priorities marketers face today, including CMO leadership, marketing strategy and customer engagement. Follow news and updates coming out of the conference on the Gartner Newsroom and on X and LinkedIn using #GartnerMKTG.

About Gartner for Marketers

Gartner for Marketers provides the objective, expert advice, and proven tools that CMOs and other marketing leaders need to seize the right opportunities with clarity and confidence, and to stay ahead of the trends that matter. With in-depth research and analysis, Gartner for Marketers helps you focus on the opportunities with the greatest potential to deliver results. More information on Gartner for Marketers is available online at www.gartner.com/marketing. Follow news and updates from the Gartner Marketing practice on X and LinkedIn using #GartnerMKTG. Members of the media can find additional information and insights in the Gartner Marketing Newsroom.

About Gartner

Gartner (NYSE: IT) delivers actionable, objective business and technology insights that drive smarter decisions and stronger performance on an organization's mission-critical priorities. To learn more visit gartner.com.

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Analysts Explore How Brand Measurement Can Help CMOs Prove Brand’s Impact on Enterprise Growth during Gartner Marketing Symposium/Xpo in Denver

DENVER--(BUSINESS WIRE)--Eighty-four percent of companies are stuck in a “brand doom loop” that prevents marketing leaders from proving brand’s impact on enterprise growth, according to a survey by Gartner, Inc., a business and technology insights company.

A Gartner survey of 426 senior marketing leaders conducted from September through October 2025 found that the brand doom loop occurs when companies underinvest in brand measurement, lack confidence in the results and consequently attract even less funding.

Gartner analysts presented the findings during Gartner Marketing Symposium/Xpo, which took place here this week.

“Brand has long been treated as a communications asset, but it is actually a growth engine,” said Julie Reeves, VP Analyst in the Gartner Marketing practice. “The challenge is that most organizations lack the measurement discipline and executive narrative needed to connect brand health to business performance. This creates a cycle where brand is undermeasured, underfunded and undervalued.”

Gartner predicts that by 2028, over 80% of companies will make significant changes to their company’s identity, such as mission, brand and culture, to keep pace with the impact of AI on markets. As AI accelerates commoditization and fuels disinformation, brand is one of the few remaining levers companies can use to claim a distinctive and trustworthy position in their markets.

“In an AI-driven market, brand clarity becomes even more critical,” said Reeves. “CMOs have an opportunity to help their organizations define what makes them distinctive, trusted and relevant as customer expectations and competitive dynamics shift.”

Brand Strategy Remains an Underused Growth Lever

Brand strategy has a measurable impact beyond marketing. Companies with a strong brand strategy are 2x more likely to exceed their growth goals, underscoring brand’s role as a driver of enterprise performance.

C-suite executives appear open to elevating brand’s strategic role: More than 50% want their CMO to clarify the relationship between brand and business strategy, and 43% want a clear, simple story about brand health and business performance.

“CMOs need to move beyond tracking brand metrics in isolation,” said Reeves. “They must show how brand influences enterprise priorities, such as revenue, profit, customer experience, innovation and market expansion. When brand measurement becomes a dashboard for growth decisions, CMOs are better positioned to earn executive confidence and investment.”

CMOs looking to escape the brand doom loop should establish regular brand health measurement, connect brand metrics to business outcomes and build a clear executive story that explains how brand contributes to growth.

Additional Insights Available

Gartner clients can read more in the report “Strengthen Your Brand Strategy to Boost Enterprise Growth.”

Gartner is the World Authority on AI

Gartner is an indispensable partner to C-Level executives and technology providers as they implement AI strategies to achieve their mission-critical priorities. The independence and objectivity of Gartner insights provide clients with the confidence to make informed decisions and unlock the full potential of AI. Clients across the C-Level are using Gartner's proprietary AskGartner AI tool to determine how to leverage AI in their business. With more than 2,500 business and technology experts, 6,000 written insights, as well as more than 4,000 AI use cases and case studies, Gartner is the world authority on AI. More information can be found here.

About Gartner Marketing Symposium/Xpo

Gartner Marketing Symposium/Xpo is taking place June 8-10 in Denver, providing marketing leaders with actionable advice about the trends, tools and emerging technologies they need to deliver business results in an AI-driven world. Gartner analysts address the biggest opportunities, challenges and priorities marketers face today, including CMO leadership, marketing strategy and customer engagement. Follow news and updates coming out of the conference on the Gartner Newsroom and on X and LinkedIn using #GartnerMKTG.

About Gartner for Marketers

Gartner for Marketers provides the objective, expert advice, and proven tools that CMOs and other marketing leaders need to seize the right opportunities with clarity and confidence, and to stay ahead of the trends that matter. With in-depth research and analysis, Gartner for Marketers helps you focus on the opportunities with the greatest potential to deliver results. More information on Gartner for Marketers is available online at www.gartner.com/marketing. Follow news and updates from the Gartner Marketing practice on X and LinkedIn using #GartnerMKTG. Members of the media can find additional information and insights in the Gartner Marketing Newsroom.

About Gartner

Gartner (NYSE: IT) delivers actionable, objective business and technology insights that drive smarter decisions and stronger performance on an organization's mission-critical priorities. To learn more visit gartner.com.

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Comcast (CMCSA +1.50%), a global media and technology company offering broadband, video, and streaming services, closed Thursday at $23.33, down 0.81%. The stock was largely flat after announcing plans for an $8 billion Universal theme park in the United Kingdom. Investors are watching how these commitments balance future growth against leverage and shareholder returns. Trading volume reached 44.6 million shares, about 35% above its three-month average of 33 million shares. Comcast IPO'd in 1980 and has grown 23,816% since going public.

How the markets moved todayThe S&P 500 added 0.41% to finish Thursday at 7,585, while the Nasdaq Composite slipped 0.09% to close at 26,831. Within integrated telecommunication services, industry peers were mixed, as Charter Communications closed at $129.05 (+0.03%) and Verizon Communications ended at $44.87 (-3.82%).

What this means for investorsComcast announced it would be building Universal’s first European resort in the U.K., committing over $8 billion in funding to complete the project and operate it over the next decade. The company believes the theme park will generate over $60 billion in economic activity for the community through 2055.

Theme parks have been a profitable bright spot for Comcast stock -- which is down 22% in 2026 -- so this investment should prove to be a positive for the company over the long haul. That said, Comcast holds roughly $95 billion in net debt versus a market cap of $83 billion, so the stock would really love to see the park become a quick success story.

Josh Kohn-Lindquist has no position in any of the stocks mentioned. The Motley Fool recommends Comcast and Verizon Communications. The Motley Fool has a disclosure policy.