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Expands presence in the U.K. market through the addition of 174 pawn locations with strong brand;
Further enhances FirstCash’s global leadership positioning and long-term growth platform;
Expected to be accretive to EBITDA and EPS
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FORTH WORTH, Texas, June 23, 2026 (GLOBE NEWSWIRE) -- FirstCash Holdings, Inc. (“FirstCash” or the “Company”) (Nasdaq: FCFS), the leading international operator of more than 3,300 retail pawn stores, today announced that it has reached agreement on the terms of a recommended cash acquisition of Ramsdens Holdings plc (“Ramsdens”), a leading operator of pawn stores in the United Kingdom. Under the terms of the agreement, FirstCash (through its wholly-owned U.K. subsidiary, Chess Bidco Limited) will pay cash consideration of 600 pence for each share of Ramsdens stock. In addition, Ramsdens shareholders will receive an interim cash dividend of up to 9 pence for each Ramsdens share to be paid on October 9, 2026. The total equity value, including cash consideration for the shares and the interim cash dividend, is approximately £206 million or $273 million USD based on the exchange rate as of the close of business on June 22, 2026.

The acquisition of Ramsdens, which operates 174 pawn locations across England, Scotland and Wales, expands FirstCash’s geographic footprint in the U.K. and provides enhanced scale, operating efficiencies and long-term growth opportunities in the market. This combination further builds FirstCash as the largest publicly traded pawn platform in the United States, Latin America and the United Kingdom and is expected to drive further long-term revenue and earnings growth.

Mr. Rick Wessel, Chief Executive Officer and Vice-Chairman of the Board of FirstCash, commented, “We are excited to add Ramsdens as part of the global FirstCash family. Ramsdens is a well-respected operator with a proven track record of operating successfully in the U.K. pawn market. This transaction will not only provide immediate revenue and earnings accretion to FirstCash upon closing, but also enhances our long-term growth profile through continued expansion of its industry-leading brands and platform. FirstCash looks forward to working together with the Ramsdens team to drive further long-term value for all of our customers, employees and shareholders.”

Mr. Peter Keynon, Chief Executive Officer of Ramsdens, commented, “I am exceptionally proud of Ramsdens’ transformational growth since our IPO in 2017. FirstCash is an internationally established sector leader, and I share their confidence and conviction in the outlook for Ramsdens, which is underpinned by our diversified model and established reputation for consistently doing the right thing for our customers and our fantastic people.”

Compelling Strategic and Financial Benefits

Strengthens FirstCash’s position as a leading pawnbroking operator in the U.K.: Ramsdens represents a highly complementary strategic fit alongside FirstCash’s existing U.K. operations following the acquisition of H&T, creating a scaled U.K. platform with a combined network of almost 470 stores with limited location overlap between the existing footprints of H&T and Ramsdens.Unlocks Further Growth and Revenue Synergies for Ramsdens: The Ramsdens platform is expected to benefit from the additional growth capital provided by FirstCash which should support increased pawn lending activities and resulting revenue growth in the existing Ramsdens stores while providing further opportunities for additional geographic expansion in the U.K.Enhances Scale and Operating Leverage: The addition of the 174 Ramsdens stores increases FirstCash’s scale, operational footprint and ability to leverage efficiencies in the U.K. and across its global platform. Upon closing, FirstCash expects to have over 3,500 pawn locations worldwide.Financially Compelling: The transaction is expected to drive further revenue growth and be accretive to both EBITDA and EPS, strengthening FirstCash’s financial profile and long-term shareholder value. Ramsdens Financial Highlights

Trailing Twelve Months Ended March 31, 2026 (USD) (1)

•Revenue$ 200 million•Net income$ 26 million•Adjusted EBITDA(2)$ 40 million     (1)Amounts presented on an IFRS basis in USD using a GBP/USD average exchange rate over the period of 1.34.  (2)Calculated as reported EBITDA less expenses related to depreciation of the right-of-use assets and interest on lease liabilities, which are treated as “rent expenses" for compatibility to FirstCash’s reported Adjusted EBITDA.      Transaction Timeline and Additional Details
The acquisition has been unanimously approved by the Boards of Directors of both FirstCash and Ramsdens. The transaction is subject to approval by Ramsdens’ shareholders and customary regulatory approvals in the United Kingdom. The transaction is expected to close by the end of 2026, subject to receipt of these approvals and the satisfaction of other customary closing conditions.

Advisors
Jefferies LLC is serving as exclusive financial advisor to FirstCash. Gowling WLG (UK) LLP and Alston & Bird LLP are serving as legal counsel to FirstCash.

Cavendish is serving as exclusive financial advisor to Ramsdens. Addleshaw Goddard LLP is serving as legal advisor to Ramsdens.

Further Information; No Offer or Solicitation
This release is for information purposes and is not intended to and does not constitute, or form part of, an offer, invitation or the solicitation of an offer to purchase, otherwise acquire, subscribe for, sell or otherwise dispose of any securities, or the solicitation of any vote or approval in any jurisdiction, pursuant to the all-cash offer by Chess Bidco Limited (“Bidco”), an indirect wholly-owned subsidiary of FirstCash Holdings, Inc. (the “Company”), for the entire issued and to be issued share capital of Ramsdens, a company incorporated in England and Wales (“Ramsdens”) (such acquisition, the “Acquisition”), or otherwise, nor shall there be any sale, issuance or transfer of securities of Ramsdens in any jurisdiction in contravention of applicable law. The Acquisition will be made solely by means of a court-sanctioned scheme of arrangement (the “Scheme”) under Part 26 of the United Kingdom Companies Act 2006, as amended (the “U.K. Companies Act”) (or, if the Acquisition is implemented by way of a takeover offer, as such term is defined in the U.K. Companies Act (the “Takeover Offer”), the offer document), which will contain the full terms and conditions of the Acquisition, including details of how to vote in respect of the Scheme. Any vote in respect of the Scheme or other response in relation to the Acquisition should be made only on the basis of the information contained in the Scheme document (or, if the Acquisition is implemented by way of a Takeover Offer, the offer document). Ramsdens shareholders are urged to read the Scheme document when it becomes available, because it will contain important information relating to the Acquisition.

Additional Information
The Acquisition is being made to acquire the shares of an English company by means of a scheme of arrangement provided for under English law. A transaction effected by means of a scheme of arrangement is not subject to the tender offer rules or the proxy solicitation rules under the U.S. Securities Exchange Act of 1934, as amended (“U.S. Exchange Act”). Accordingly, the Scheme will be subject to disclosure requirements and practices applicable in the United Kingdom to schemes of arrangement, which are different from the disclosure requirements of the U.S. tender offer and proxy solicitation rules. The financial information included in this release and the Scheme documentation has been or will have been prepared in accordance with accounting standards applicable in the United Kingdom and thus may not be comparable to financial information of U.S. companies or companies whose financial statements are prepared in accordance with generally accepted accounting principles in the U.S. If Bidco exercises its right to implement the Acquisition by way of a Takeover Offer, such offer will be made in compliance with applicable U.S. laws and regulations.

The receipt of cash pursuant to the Acquisition by a U.S. holder as consideration for the transfer of its Ramsdens shares pursuant to the Scheme will likely be a taxable transaction for United States federal income tax purposes and under applicable United States state and local, as well as foreign and other, tax laws. Each Ramsdens shareholder is urged to consult their independent professional adviser immediately regarding the tax consequences of the Acquisition applicable to them.

In accordance with normal United Kingdom practice and pursuant to Rule 14e-5(b) of the U.S. Exchange Act (to the extent applicable), Bidco, its nominees or its brokers (acting as agents) may from time to time make certain purchases of, or arrangements to purchase, Ramsdens shares outside of the U.S., other than pursuant to the Acquisition, until the date on which the Acquisition becomes effective, lapses or is otherwise withdrawn. If such purchases or arrangements to purchase were to be made, they would be made outside of the U.S. and would be in accordance with applicable law, including the U.S. Exchange Act and the United Kingdom City Code on Takeovers and Mergers (the “Code”). These purchases may occur either in the open market at prevailing prices or in private transactions at negotiated prices. Any information about such purchases will be disclosed as required in the United Kingdom, will be reported to a Regulatory Information Service and will be available on the London Stock Exchange website at www.londonstockexchange.com.

Forward-Looking Statements
This release contains forward-looking statements regarding, among other things, the Acquisition, the anticipated benefits and timing of the Acquisition and the business, financial condition, outlook and prospects of the Company and Ramsdens. Forward-looking statements, as that term is defined in the Private Securities Litigation Reform Act of 1995, can be identified by the use of forward-looking terminology such as “outlook,” “believes,” “projects,” “expects,” “may,” “estimates,” “should,” “plans,” “targets,” “intends,” “could,” “would,” “anticipates,” “potential,” “confident,” “optimistic,” or the negative thereof, or other variations thereon, or comparable terminology, or by discussions of strategy, objectives, estimates, guidance, expectations, outlook and future plans. Forward-looking statements can also be identified by the fact these statements do not relate strictly to historical or current matters. Rather, forward-looking statements relate to anticipated or expected events, activities, trends or results. Because forward-looking statements relate to matters that have not yet occurred, these statements are inherently subject to risks and uncertainties.

While the Company believes the expectations reflected in forward-looking statements are reasonable, there can be no assurances such expectations will prove to be accurate. Security holders are cautioned that such forward-looking statements involve risks and uncertainties. Certain factors may cause results to differ materially from those anticipated by the forward-looking statements made in this release. With respect to the proposed Acquisition, these factors, risks and uncertainties include, without limitation, the risk that the Acquisition may not be consummated, including as a result of a failure by Company or Ramsdens to obtain the necessary shareholder (in the case of Ramsdens) or regulatory approvals required for the Acquisition, or that required regulatory approvals may delay the Acquisition or result in the imposition of conditions that could reduce the anticipated benefits from the Acquisition, or the occurrence of any event, change or other circumstances that could give rise to the termination of the Acquisition; the risk that Company will incur additional indebtedness to finance the Acquisition, which may not be on favorable terms to the Company; the length of time necessary to consummate the Acquisition, which may be longer than anticipated for various reasons; the risk that Ramsdens will not be combined and integrated successfully; the risk that the cost savings, synergies and other benefits from the Acquisition may not be fully realized or may take longer to realize than expected; the diversion of management time on Acquisition-related issues; the risk that costs associated with the integration of Ramsdens is higher than anticipated; increased exposure to local economic and political conditions, exchange rate fluctuations and the extensive regulatory regime in the U.K.; risks related to the ability to hire and retain key Ramsdens personnel; and the effects of tax assessments or tax positions taken, risks related to goodwill and other intangible asset impairment, tax adjustments, anticipated tax rates, or other regulatory compliance costs.

Additional risks and uncertainties with respect to the Company are discussed and described in the Company’s most recent Annual Report on Form 10-K filed with the U.S. Securities and Exchange Commission (the “SEC”), including the risks described in Part 1, Item 1A, “Risk Factors” thereof, and other reports filed with the SEC. Many of these risks and uncertainties are beyond the ability of the Company to control, nor can the Company predict, in many cases, all of the risks and uncertainties that could cause its actual results to differ materially from those indicated by the forward-looking statements. The forward-looking statements contained in this release speak only as of the date of this release, and the Company expressly disclaims any obligation or undertaking to report any updates or revisions to any such statement to reflect any change in the Company’s expectations or any change in events, conditions or circumstances on which any such statement is based, except as required by law.

Publication on website

In accordance with Rule 26.1 of the Code, a copy of this release will be made available, subject to certain restrictions, on the Company’s website at https://investors.firstcash.com/ by no later than 12 noon (London time) on the business day following publication of this release. For the avoidance of doubt, the contents of any websites referred to in this release are not incorporated into and do not form part of this release.

Right to request hard copies
In accordance with Rule 30.3 of the Code, a person so entitled may request a hard copy of this release (and any document or information incorporated into it by reference to another source) by contacting Ramsdens’ registrars, Equiniti, by writing to Equiniti at Aspect House, Spencer Road, Lancing, West Sussex, BN99 6DA, United Kingdom or by calling them during business hours on +44 (0)371 384 2030. Lines are open from 8.30 a.m. to 5.30 p.m. (London time) Monday to Friday (except English and Welsh public holidays). Calls are charged at the standard geographical rate and will vary by provider. Calls from outside the United Kingdom will be charged at the applicable international rate. For persons who receive a copy of this release in electronic form or via a website notification, a hard copy of this release (and any document or information incorporated by reference into this release) will not be sent unless so requested. In accordance with Rule 30.3 of the Code, such persons may also request that all future documents, announcements and information to be sent to them in relation to the Acquisition should be sent in hard copy form.

About FirstCash
FirstCash is the leading international operator of pawn stores focused on serving cash and credit-constrained consumers. FirstCash operates more than 3,300 pawn stores in the U.S., Latin America and the U.K. Most of the stores buy and sell a wide variety of jewelry, electronics, tools, appliances, sporting goods, musical instruments and other merchandise, and make small non-recourse pawn loans secured by pledged personal property. FirstCash’s pawn operations currently account for over 90% of net revenue, with the remainder provided by its wholly owned subsidiary, AFF, a leading provider of customer payment solutions at the point-of-sale for retailers of consumer goods and services.

FirstCash is a component company in both the Standard & Poor’s MidCap 400 Index® and the Russell 2000 Index®. FirstCash’s common stock (ticker symbol “FCFS”) is traded on the Nasdaq, the creator of the world’s first electronic stock market. For additional information regarding FirstCash and the services it provides, visit FirstCash’s websites located at http://www.firstcash.com, http://www.americanfirstfinance.com and http://www.handt.co.uk.

About Ramsdens

Ramsdens is a U.K.‑based diversified provider of financial services and a retail operator, serving customers primarily through a nationwide estate of high street stores and complementary online channels.

Ramsdens primarily operates across the following business segments:

Pawnbroking – provision of short-term, asset backed loans secured against customer assets, predominantly jewelry and watches;Foreign currency exchange – the purchase and sale of foreign currency notes, together with the provision of travel money products including multi-currency cards and international transfers;Purchase of precious metals – acquisition of gold and other valuables from customers, with subsequent resale into wholesale or bullion markets; andJewelry retail – sale of new and pre-owned jewelry and watches through the Ramsdens Group’s store network and online channels. These activities are delivered through a combination of physical stores, of which there are currently 174 across the U.K., and a growing digital platform, providing Ramsdens with a diversified and complementary income base. Ramsdens currently employs 877 employees across its operations.

For further information, please contact:
Gar Jackson
Global IR Group
Phone: (817) 886-6998
Email: [email protected]

Doug Orr, Executive Vice President and Chief Financial Officer
Phone: (817) 258-2650
Email: [email protected]
Website: investors.firstcash.com

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Agreement supports Walmart’s expansion in the state and includes uprates at the Dresden Clean Energy Center

BALTIMORE & BENTONVILLE, Ark.--(BUSINESS WIRE)--Constellation (Nasdaq: CEG) and Walmart (Nasdaq: WMT) today announced a long-term nuclear power purchase agreement (PPA) for emissions-free electricity from Constellation’s Dresden Clean Energy Center in Illinois. The agreement includes approximately 176 MW of wholesale supply, including 30 MW of expanded generating capacity.

Walmart will purchase energy, environmental attributes and capacity through two 15‑year terms beginning in 2029 and 2030. This agreement supports reliable nuclear energy in the region and enables planned uprates — efficiency upgrades that increase output from existing nuclear units without the need to build a new facility. The agreement is expected to help Walmart access cleaner energy and strengthen local energy infrastructure — while continuing to serve customers with everyday low prices.

“This agreement reflects long‑term stewardship of critical infrastructure, the communities it serves, and the energy system that powers American growth,” said Jim McHugh, Senior Executive Vice President and Chief Commercial Officer, Constellation. “Walmart’s commitment enables meaningful investment in the Dresden Clean Energy Center — bolstering reliability, sustaining local jobs and economic activity, and putting more dependable, emissions-free energy onto the Illinois power grid.”

Through uprates at the Dresden Clean Energy Center, this agreement will provide enough new power to the grid to support Walmart’s previously announced high-tech perishable distribution center, currently in development in Belvidere, Ill. Together, these investments strengthen the local community by supporting jobs and enabling continued expansion of Walmart’s supply chain operations and workforce.

“Walmart has a long history of investing in energy solutions that support our business and the communities where we operate, and this agreement builds on that work,” said Shayne Wahlmeier, SVP Energy – Walmart US. “Working with Constellation allows us to support new operations in Illinois while advancing our strategy in a way that prioritizes affordable, reliable, and clean energy for our business and the communities we serve. We’re constantly evaluating new capabilities and energy solutions that help ensure the electricity we rely on is dependable, responsibly produced, and built to support long-term growth.”

This agreement marks Walmart’s first nuclear PPA and is among the first of its kind between a large retailer and a nuclear energy facility in the United States. The agreement follows Constellation’s December 2025 license renewal announcement for Dresden and supports continued investment in Dresden’s long‑term reliability and performance. Licensed to operate through 2049 and 2051, the Dresden Clean Energy Center provides baseload, reliable carbon-free electricity for the region and supports more than 1,100 family-sustaining jobs.

Constellation and Walmart have both maintained a longstanding presence in Illinois. Constellation’s generation footprint produces enough energy to power more than eight million homes, and Walmart’s retail operations total approximately 175 stores and clubs with more than 55,000 associates in the state. Both companies view the PPA as an extension of their shared, long-term commitment to the communities where they operate.

About Constellation

Constellation Energy Corporation (Nasdaq: CEG), a Fortune 200 company headquartered in Baltimore, is the largest private-sector power producer in the world and the nation’s largest producer of clean and reliable energy. With 55 gigawatts of capacity from nuclear, natural gas, geothermal, hydro, wind and solar facilities, our fleet has the generating capacity to power the equivalent of 27 million homes, providing about 10% of the nation’s clean energy and delivering the around-the-clock reliability needed to power America’s growing economy. We are also the largest nuclear energy company in the U.S. and a leading competitive retail supplier, serving approximately 2.5 million customer accounts nationwide, including 80% of the Fortune 100. We are committed to investing in innovation and new technologies to drive the transition to a reliable, sustainable and secure energy future. Follow Constellation on LinkedIn and X.

About Walmart

Walmart Inc. (Nasdaq: WMT) is a people-led, tech-powered omnichannel retailer helping people save money and live better - anytime and anywhere - in stores, online, and through their mobile devices. Each week, approximately 280 million customers and members visit more than 10,900 stores and numerous eCommerce websites in 19 countries. With fiscal year 2026 revenue of $713 billion, Walmart employs approximately 2.1 million associates worldwide. Walmart continues to be a leader in sustainability, corporate philanthropy, and employment opportunity. Additional information about Walmart can be found by visiting corporate.walmart.com, on Facebook at facebook.com/walmart, on X (formerly known as Twitter) at twitter.com/walmart, and on LinkedIn at linkedin.com/company/walmart.

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Key Takeaways Commvault is positioning Commvault Cloud as a broader cyber resilience platform.AI, cloud adoption and identity-based attacks are creating a multi-year demand backdrop.CVLT's SaaS ARR rose 42% to $400M in Q4'26, while subscription ARR increased 27% to $989M. Commvault Systems, Inc. (CVLT - Free Report) is no longer just a backup-software story. The company is positioning Commvault Cloud as a broader cyber resilience platform spanning data protection, data security, identity resilience and recovery.

That matters because enterprise data is becoming larger, more distributed and more exposed. AI, cloud adoption and identity-based attacks are creating a multi-year demand backdrop that could matter more than any single quarter’s results.

Commvault Benefits From AI-Driven Data GrowthAI is increasing the value and volume of enterprise data, while also expanding the number of access points that must be secured. Commvault’s platform is built around that problem: protecting data sets, helping detect threats, supporting recovery at scale and adding governance around AI-related data use.

The company estimates its total addressable market across core data protection, cloud security and data security at $24 billion in 2025, with potential expansion to $38 billion by 2029. That gives CVLT a growth narrative tied to enterprise resilience, not just traditional backup demand.

CVLT Pushes Deeper Into Identity ResilienceIdentity resilience is becoming a more important part of the Commvault story. In the latest quarter, identity resilience and data security offerings represented 33% of net new annual recurring revenue, showing that newer modules are contributing to platform expansion.

Active Directory protection was one of the company’s fastest-growing SaaS offerings, with annual recurring revenue more than doubling year over year. Commvault is also extending protection across Microsoft Entra ID and Okta environments, which could make identity recovery a larger contributor as attacks increasingly target credentials and directory systems.

Commvault Expands Its Cloud and Partner ReachCommvault’s platform strategy is also getting support from integrations and alliances. Recent business highlights included an integration with Microsoft Security, expanded work with CrowdStrike Falcon Next-Gen SIEM, a strategic alliance with NetApp and a CloudSEK partnership focused on exposed credentials on the dark web.

CrowdStrike Holdings, Inc. (CRWD - Free Report) is relevant to this discussion because Commvault’s expanded integration with CrowdStrike connects threat visibility with recovery workflows. Okta, Inc. (OKTA - Free Report) also fits the theme, as Commvault has extended identity resilience to Okta environments.

The broader partner ecosystem reinforces Commvault’s role in hybrid and multi-cloud operations. The company’s materials also highlight cloud partners such as Amazon Web Services, Google Cloud, Microsoft and Oracle, underscoring the need to protect workloads across fragmented enterprise infrastructure.

CVLT Still Must Prove It Can Sustain the TrendThe opportunity is attractive, but not frictionless. Commvault competes in a highly fragmented market against vendors such as Rubrik, Inc. (RBRK - Free Report) , Cohesity and Veeam, as well as cloud providers and other cybersecurity companies.

Rubrik is a direct peer in data security and cyber resilience, making it an important comparison point for investors assessing CVLT’s competitive position. Commvault also faces risks from pricing pressure, longer enterprise sales cycles, reseller execution and hyperscalers expanding native cloud protection capabilities.

Currency and international execution add another layer of variability. In fiscal 2026, international markets accounted for a sizable portion of revenues, so foreign exchange swings and regional demand conditions can affect reported growth.

How CVLT's Zacks Signals Frame the Trend BetThe bottom line is that CVLT has exposure to several durable technology themes: AI-driven data growth, cyber resilience, identity recovery and hybrid cloud complexity. The company’s SaaS annual recurring revenue rose 42% year over year to $400 million in the fourth quarter of fiscal 2026, while subscription annual recurring revenue increased 27% to $989 million.

Still, the stock currently carries a Zacks Rank #3 (Hold). That rating suggests a more balanced near-term earnings outlook rather than a clear positive estimate-revision signal. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.

CVLT has a VGM Score of C, with a Growth Score of B, Momentum Score of C and Value Score of D. The Growth Score of B aligns with the company’s longer-term expansion themes, while the VGM Score of C and Zacks Rank #3 indicate investors may want to keep the trend story in perspective.

Key Takeaways Amvuttra drives Alnylam's top line through expanded label and as patients switch from Onpattro.Givlaari, Oxlumo and royalties from Leqvio add incremental revenues and global growth potential.Rare disease drugs delivered $125.7M in first-quarter 2026 revenues, up 15% year over year. Alnylam Pharmaceuticals’ (ALNY - Free Report) primary top-line driver is its newest drug, Amvuttra (vutrisiran), which is approved in the United States and the EU for treating the polyneuropathy of hereditary transthyretin-mediated (hATTR) amyloidosis and ATTR amyloidosis with cardiomyopathy (ATTR-CM).

Amvuttra generated $889.9 million in global sales in the first quarter of 2026, representing 187% year-over-year growth. The figure accounted for 76% of Alnylam’s total revenues generated in the quarter. The drug’s solid uptake has been driven by increased patient demand, mainly in ATTR-CM patients in the United States, as well as several patients switching from Onpattro (patisiran), ALNY’s first FDA-approved drug for hATTR amyloidosis.

Alnylam also markets several other products across the rare disease and cardiovascular markets, providing the company with incremental revenues that add to the top line.

Givlaari (givosiran) is approved in both the United States and the EU for treating adults with acute hepatic porphyria. In the EU, the drug is also approved for use in adolescents. Strong uptake has made Givlaari a meaningful revenue driver, with regulatory filings in additional territories pending or planned during 2026 and beyond to widen its global presence.

Similarly, Oxlumo (lumasiran) injection was initially approved in the United States and the EU for the treatment of primary hyperoxaluria type 1 to lower urinary oxalate levels in pediatric and adult patients. Later, the drug’s label was expanded to include lowering urinary and plasma oxalate levels. This expansion, coupled with pending or planned regulatory filings in additional territories, strengthens its potential for international growth.

Alnylam also markets a fifth drug, Leqvio (inclisiran), in collaboration with Novartis (NVS - Free Report) to treat hypercholesterolemia in the EU. In the United States, it is approved to reduce low-density lipoprotein cholesterol. The drug’s label has also been expanded to cover high-risk cardiovascular patients, and late-stage studies are underway to broaden its indication further. ALNY earns royalties from Novartis for Leqvio sales that add to the top line.

In the first quarter of 2026, Alnylam generated $125.7 million in net product revenues from its rare disease portfolio (Givlaari and Oxlumo), reflecting a 15% year-over-year increase. Expanding global adoption of these therapies is expected to sustain Alnylam’s top-line growth while diversifying its revenue streams and reducing reliance on Amvuttra.

Pipeline Assets Could Broaden ALNY’s Growth DriversBeyond its marketed products, Alnylam’s pipeline offers multiple opportunities to further diversify its commercial portfolio over the long term. The company stands to earn royalties from cemdisiran, which is being advanced by Regeneron across several complement-mediated diseases and is already under regulatory review for generalized myasthenia gravis in the United States.

Alnylam is also progressing mivelsiran into mid-stage studies for Alzheimer’s disease and cerebral amyloid angiopathy, expanding its reach into neurodegenerative disorders. In cardiovascular disease, zilebesiran is being evaluated in a late-stage outcomes study, in partnership with Roche, which could unlock a significant hypertension market opportunity. Meanwhile, nucresiran, a next-generation RNAi therapy for ATTR amyloidosis, has entered phase III development in both polyneuropathy and cardiomyopathy indications.

ALNY’s Competition in the Market for Its Lead DrugAlnylam’s push to broaden indications and expand the global reach of its marketed drugs is becoming increasingly critical as Amvuttra faces intensifying competition in the ATTR-CM market. Rival therapies, including Pfizer’s (PFE - Free Report) Vyndaqel/Vyndamax (tafamidis) and BridgeBio’s (BBIO - Free Report) Attruby (acoramidis), are already approved and competing for market share in this space.

Vyndaqel is one of the key in-line products that has driven improvement in Pfizer’s revenues in the first quarter of 2026. Global Vyndaqel family revenues of $1.6 billion rose 8% year over year in the quarter, primarily driven by international growth on the back of higher demand due to increases in diagnosis and treatment rates. Pfizer’s Vyndaqel family includes global revenues from Vyndaqel as well as revenues for Vyndamax in the United States and Vynmac in Japan.

Approved in late 2024, Attruby is BridgeBio’s only marketed product. The drug generated sales worth $180.6 million in the first quarter of 2026, up significantly year over year, driven by solid uptake. BridgeBio is also currently evaluating acoramidis for the prevention of early-stage variant transthyretin amyloidosis in a late-stage study.

ALNY’s Stock Price, Valuation and EstimatesShares of Alnylam have plunged 30.1% so far this year compared with the industry’s 1.8% decline. The stock has also underperformed the sector and the S&P 500 index during the same time frame, as seen in the chart below.

ALNY Stock Price MovementImage Source: Zacks Investment Research

From a valuation standpoint, Alnylam stock is expensive. Going by the price/sales ratio, the company’s shares currently trade at 8.97 trailing 12-month sales per share, higher than 2.30 for the industry. However, the stock is trading much below its five-year mean of 18.24.

ALNY Stock ValuationImage Source: Zacks Investment Research

Estimates for Alnylam’s 2026 earnings have improved from $9.10 to $9.22 per share in the past 60 days, while estimates for 2027 earnings have deteriorated from $14.66 to $13.68 over the same timeframe.

ALNY Estimate MovementImage Source: Zacks Investment Research

Alnylam currently carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.

Acquisition creates unique, fully integrated mine-to-magnet rare earth platform

Positions the Combined Company to Capitalize on Surging Demand for Rare Earth Magnets across North America and Europe >$2 Billion Annual Permanent Magnet Potential Customer Pipeline Revenue Across Auto, Defense, Robotics, and Data Center Sectors Expected to be Immediately Accretive to Energy Fuels' Cash Flow and Margin Profile Links VAC's Established Permanent Magnet Business with Energy Fuels' Growing Rare Earth Mining, Processing and Refining Platform Company is Pursuing Various Funding Opportunities, including Government Programs, to Complement its Growth Strategy, and Recently Announced a $725 Million Conditional Loan from U.S. Office of Strategic Capital , /PRNewswire/ - Energy Fuels Inc. (NYSE American: UUUU) (TSX: EFR) today announced a definitive agreement to acquire 100% of Vacuumschmelze GmbH & Co. KG, Ara VAC TopCo US LLC, and their respective consolidated subsidiaries (collectively, "VAC") from Ara Partners for a total cash-and-stock consideration of approximately $1.9 billion based on Energy Fuels' closing share price of $16.12 as of June 22, 2026, creating a fully integrated platform to strengthen global critical rare earth element ("REE") supply chains.

VAC is a leading advanced magnetics company with over 100 years of production expertise, more than 400 patents, over 1,000 customers, and operating magnet production facilities in North America, Europe and Asia, including a state-of-the-art facility in Sumter, South Carolina, with capacity to produce 2,000 tonnes per annum ("tpa") of permanent magnets, scalable to 12,000 tpa (the "Sumter Facility"). Over the last decade, VAC has produced and shipped more than one (1) billion rare earth permanent magnets. VAC's product portfolio spans both permanent magnets (sintered neodymium-iron-boron, NdFeB, and samarium-cobalt, SmCo) and soft magnetics (amorphous and nanocrystalline alloys, cobalt-iron and nickel-iron products), enabling integrated cross-selling among electrification and industrial applications. Approximately 85% of VAC's output is produced to customer specifications, reflecting deep design-in relationships built over decades, including customer partnerships averaging over 30 years with their largest accounts.

The transaction brings together Energy Fuels' upstream REE assets, including low-cost REE mining projects and existing separation capacity, with VAC's world-class downstream REE magnet manufacturing expertise. The combined company will also benefit from Energy Fuels' planned acquisition of Australian Strategic Materials Limited (ASX: ASM) ("ASM"), which, subject to conditions including shareholder approval and completion ("Closing Conditions"), will add existing commercial-scale REE metals and alloys capacity in South Korea (the "Korean Metals Plant"), with plans to build a new metals and alloys facility in the U.S. (the "American Metals Plant"). The combined company aims to serve customers across North America, Europe and Asia in high-growth sectors, including automotive, aerospace and defense, robotics, data centers, electronics and industrial automation.

"This is a transformational moment for Energy Fuels and the global rare earth supply chain," said Ross Bhappu, President and Chief Executive Officer of Energy Fuels. "Together with VAC, we will strengthen global rare earth and magnet supply chains, providing a reliable, secure and diversified source of critical materials from mines to highly valued permanent magnets. In addition, VAC's rapid solidification and crystalline businesses provide a soft-magnetics platform that is expected to result in greater scale, broader customer reach and enhanced ability to invest in innovation, manufacturing and growth. The combination of our two companies provides enhanced shareholder value and positions Energy Fuels as a leading, secure and trusted supplier for critical materials that are essential for national security and the safety and integrity of Western supply chains."

Dr. Erik Eschen, President and Chief Executive Officer of VAC, stated: "For over a century, VAC has been at the forefront of advanced magnetics and pioneering critical materials. This transaction reinforces VAC as the cornerstone of a resilient and reliable permanent magnet supply chain, which is essential for alternative energy development, industrial competitiveness and national security. Joining forces with Energy Fuels gives our team, our technology, and our customers something that no other Western platform can offer today: a fully integrated supply chain platform from mine to finished magnet. With Energy Fuels' proven upstream capabilities and VAC's downstream expertise, proprietary IP, and the state-of-the-art Sumter Facility, we will be uniquely positioned to serve rapidly growing demand across various sectors including automotive, aerospace, defense, hyperscale data centers, robotics, semiconductors and beyond."

Troy Thacker, Managing Partner of Ara Partners, added: "Rare earth magnets are essential to both decarbonization and national security, and VAC is a foundational supplier to that critical supply chain. The combination with Energy Fuels gives VAC a fully integrated platform and the resources to meet rapidly growing global demand. Ara is proud to have backed VAC's growth and intends to remain a committed shareholder, supporting this expanded team as the platform reaches its full potential."

Following completion of the transaction, VAC will become a wholly owned subsidiary of Energy Fuels and will retain its branding and historic identity. VAC's technology base, engineering expertise and manufacturing footprint will remain critical to the success of Energy Fuels, with VAC maintaining its headquarters in Hanau, Germany. The combined company will continue to serve VAC's over 1,000 customers, while investing in manufacturing, innovation, customer relationships and operational capabilities across North America, Europe and Asia.

Energy Fuels has received a conditional commitment for up to $725 million from the U.S. Office of Strategic Capital ("OSC"), a 20-year loan to accelerate the planned expansion of the White Mesa Mill in Utah and the construction of the American Metals Plant. Energy Fuels and its joint venture partner Astron Limited are progressing discussions with Export Finance Australia and other lenders targeting a A$220 million lending package to support development of Phase 1 of the Donald Rare Earth and Mineral Sand Project (the "Donald Project"). In addition, VAC holds an existing $41 million grant from the U.S. Department of War which provides for the buildout of a metal-making facility in the U.S. that is expected to directly benefit the combined company. The conditional loan commitment between OSC and Energy Fuels specifies customary additional steps that the company must take to proceed toward financial close on the loan, including fulfilling financial, legal, technical and other due diligence requirements.

Strategically and Financially Compelling Combination

Fully Integrated Western Mine-to-Magnet Rare Earth Platform: The transaction paves the way for Energy Fuels to become the first western company with geographically diversified commercial capabilities across every critical step of the rare earth value chain. The combined platform includes feedstock supply from the "shovel ready" Donald Project in Australia; processing and separation at Energy Fuels' White Mesa Mill; metals and alloy production at ASM's currently operating Korean Metals Plant and planned American Metals Plant (subject to satisfaction of Closing Conditions); and high-performance permanent magnet manufacturing and assembly at VAC's European facilities and the recently commissioned Sumter Facility. Accretive to Energy Fuels' Earnings and Cash Flow: VAC's legacy business generated $29 million of adjusted EBITDA1 in 2025 and has experienced more than 20% year-on-year growth in its order book for 2026. The Sumter Facility is expected to generate approximately between $65 million and $75 million of annual run-rate EBITDA1 once its production reaches its current capacity of 2,000 tpa. The Sumter Facility was constructed to be expanded to 4,000 tpa without disrupting current 2,000 tpa capacity, which would be expected to increase annual run-rate EBITDA1 at the Sumter Facility to approximately $130 million to $140 million. Cash flow from VAC is expected to help fund Energy Fuels' growth pipeline, including the Phase II expansion of the White Mesa Mill, the Donald Project, and the planned American Metals Plant. Strong Market Share Growth Potential: VAC is the only commercial European and U.S. permanent magnet producer with a full spectrum of relevant, customer qualified NdFeB and SmCo magnet grades, including energy-dense, high-coercivity magnets required for mission-critical defense and aerospace applications. Demand for NdFeB magnets in North America and Europe is expected to grow by over 50% over the next decade according to the International Energy Agency. The Sumter Facility has ability to increase capacity to 12,000 tpa to meet strong growing demand, which, if fully realized, is expected to increase annual run-rate EBITDA at the Sumter Facility to ~$400 million1. Pipeline of Potential New Customers Across Key Sectors: VAC's permanent magnet customer pipeline includes EV and non-EV automotive applications, data centers, power tools, robotics, aerospace and defense, semiconductors, and other industrial applications. VAC has secured a contract with the Defense Logistics Agency to supply NdFeB blocks for the national defense stockpile, with production starting in 2026. The Sumter Facility will be an integral part of Energy Fuels' mine-to-magnet platform, with the Sumter Facility's existing capacity of 2,000 tpa expected to be supported by REE oxides extracted from monazite mined at Energy Fuels' shovel-ready Donald Project in Australia, which is expected to receive a positive Final Investment Decision in early Q3 2026 and to be commissioned in 2028. In its first phase, the Donald Project is expected to produce monazite to be processed into separated REE oxides at Energy Fuels' existing processing circuits at the White Mesa Mill, where upgrades are expected to be completed by the end of 2027. Subject to the Closing Conditions, the separated oxides are expected to be converted into REE metals and alloys at the Korean Metals Plant, and these in turn are to be used to make permanent magnets at the Sumter Facility.

Energy Fuels' planned Phase II expansion of the White Mesa Mill is expected to increase its separation capacity to up to 6,000 tpa of neodymium-praseodymium ("NdPr") oxide and approximately 288 tpa of dysprosium ("Dy") and 80 tpa of terbium ("Tb") oxide by mid-2029.

1

Denotes a Non-GAAP measure. See "Non-GAAP Financial Measures" in this press release for more information regarding the use of non-GAAP financial measures

This expansion is expected to be fed by monazite from the Donald Project and Energy Fuels' Vara Mada and Bahia heavy mineral sands projects, which are currently in their permitting and development stages. Energy Fuels also intends to feed the White Mesa Mill through market purchases of monazite and mixed rare earth carbonate ("MREC") as required. Assuming satisfaction of the Closing Conditions, oxides produced from the Phase II separation capacity at the White Mesa Mill are expected to be converted into REE metals and alloys at the Korean Metals Plant and the American Metals Plant, with both facilities expected to be expanded. The expanded Phase II capacity at the White Mesa Mill is expected to provide REE alloys that could support a potential 12,000 tpa scale-up at the Sumter Facility, as well as VAC's European rare earth permanent magnet facilities, subject to demand for permanent magnets.

Transaction Details
Under the terms of the definitive agreement, Energy Fuels will acquire 100% of VAC from Ara Partners, a U.S.-based private equity firm specializing in industrial decarbonization investments, for total consideration of $718 million in cash and 65.853 million newly issued Energy Fuels common shares, which, at Energy Fuels' closing share price of $16.12 as of June 22, 2026, implies an equity value of $1.9 billion for VAC. If Energy Fuels' share price is below $20.93 per share at closing, Ara Partners will receive shares of a new series of preferred shares of Energy Fuels with an aggregate value of up to $135 million2. As of March 31, 2026, VAC has $140 million of adjusted net debt on its balance sheet that Energy Fuels will assume.

Accounting for the planned completion of the ASM acquisition, Ara Partners will own 19.9% of Energy Fuels3 following closing of the VAC transaction and will have the right to nominate one director to Energy Fuels' Board of Directors, as well as a one-time veto on an independent nominee to the Board. Ara Partners will be subject to customary lockup and standstill restrictions and have been granted customary registration rights.

Energy Fuels has obtained a $250 million term loan financing commitment from Goldman Sachs to support the refinancing of certain of VAC's existing debt, subject to customary conditions, including execution of definitive documents and satisfaction of closing conditions.

The transaction is expected to close in early 2027 subject to customary closing conditions, including the receipt of applicable regulatory approvals, including foreign investment, antitrust and other government approvals.

Board of Directors' Recommendation
The Board of Directors of Energy Fuels has unanimously approved the Transaction. Goldman Sachs & Co. LLC provided a fairness opinion to the Board of Directors of Energy Fuels as to the fairness to Energy Fuels of the consideration to be paid to Ara Partners.

Advisors
Goldman Sachs & Co. LLC is acting as exclusive financial advisor and Dentons Canada LLP, Dorsey & Whitney LLP and Herbert Smith Freehills Kramer are acting as legal counsel to Energy Fuels. Jefferies LLC is acting as exclusive financial advisor and Latham & Watkins LLP is acting as legal counsel for VAC.

2

At Energy Fuels' current share price the preferred equity issuance would be $103mm. This amount is included in the $1.9 billion equity value calculation

3

Calculated on a basic shares outstanding basis

Investor Conference Call Details
Energy Fuels will conduct a conference call today at 8:30 a.m. ET to discuss information included in this news release. Please access the conference call if you wish to ask a question and the webcast to view the slide presentation at:

The slide presentation will be made available on the Company's investor relations webpage at https://investors.energyfuels.com/investors following the call. The conference call will be available in its entirety through a webcast and replay at https://investors.energyfuels.com/investors.

About Energy Fuels
Energy Fuels is a leading U.S.-based critical materials company, focused on uranium, rare earth elements (REEs), heavy mineral sands, vanadium and medical isotopes. Energy Fuels, which owns and operates several conventional and in-situ recovery uranium projects in the western United States, has been the leading U.S. producer of natural uranium concentrate for the past several years, which is sold to nuclear utilities for the production of carbon-free nuclear energy. Energy Fuels also owns the White Mesa Mill in Utah, which is the only fully licensed and operating conventional uranium processing facility in the United States. At the Mill, Energy Fuels also produces advanced REE products, vanadium oxide (when market conditions warrant), and is evaluating the potential recovery of certain medical isotopes from existing uranium process streams needed for emerging Targeted Alpha Therapy cancer treatments. Energy Fuels is developing three (3) heavy mineral sands projects: the 100% owned Vara Mada Project in Madagascar; the 100% owned Bahia Project in Brazil; and the Donald Project in Australia in which Energy Fuels has the right to earn up to a 49% interest in a joint venture with Astron Limited. Energy Fuels, based near Denver, Colorado, trades its common shares on the NYSE American under the trading symbol "UUUU," and is also listed on the Toronto Stock Exchange under the trading symbol "EFR." For more information on all Energy Fuels does, please visit http://www.energyfuels.com/.

About VAC
VAC has been in operation for over 100 years and is a leading advanced magnetics company, with over 50 years of production expertise in high-grade sintered NdFeB and SmCo permanent magnets across multiple facilities in Europe and the United States. VAC's differentiated technology platform is underpinned by more than 400 patents and proprietary process know-how developed over decades. VAC is one of the few magnet producers that is Defense Federal Acquisition Regulation Supplement ("DFARs")-compliant, positioning it as a key supplier for the U.S. and allied defense sector. VAC operates magnet production facilities in Hanau, Germany (producing since 1973), Ulvila, Finland (since 1988), Horná Streda, Slovakia (since 2003), and Sumter, South Carolina (since 2025). VAC's state-of-the-art Sumter, South Carolina facility — the largest permanent magnet plant of scale in the United States — is constructed and able to produce 2,000 tpa of NdFeB magnet block and has a pathway to scale to 12,000 tpa. In addition to its leading REE permanent magnet capabilities, VAC is also a leading global manufacturer of advanced soft magnetic solutions and inductive components, including soft magnetic alloys and stamped parts, inductive components and cores, current sensors and other advanced technologies, which provide mission-critical solutions for a wide range of industries, including automotive, industrial automation, medical technology, renewable energy, e-mobility and aerospace. VAC currently employs approximately 4,000 people in several production facilities spanning the globe.

About Ara Partners
Founded in 2017, Ara Partners is a global private markets firm focused on decarbonizing the industrial economy. The firm invests in the middle market across three strategies: Private Equity, Infrastructure, and Energy. Ara scales commercially demonstrated decarbonization solutions, supports the businesses and infrastructure that enable their adoption, and reduces emissions at the source across the conventional energy value chain. Ara operates from Houston, Boston, Dublin and Washington D.C., and as of March 31,2026, had approximately $8.2 billion in assets under management. For more information about Ara Partners, please visit www.arapartners.com.

Non-GAAP Financial Measures 
This press release includes references to adjusted EBITDA and some illustrative examples of forward-looking estimates of EBITDA, as described below, which are non-GAAP measures. Because these forward-looking estimates of EBITDA are illustrative examples, we are unable to present a quantitative reconciliation to the most directly comparable GAAP financial measure, because such information is not available, and management cannot reliably predict all of the necessary components of such GAAP financial measure without unreasonable effort or expense. EBITDA and adjusted EBITDA do not have standardized meanings prescribed by GAAP and may not be comparable to (and may be calculated differently by) other companies that present similar measures. The illustrative examples presented in this presentation are estimates and future projections and are based on various assumptions, which may prove to be incorrect. Various risks could cause our actual performance to be materially different from the illustrative examples, projections and estimates. These examples, projections and estimates are provided solely for illustrative purposes, and there can be no assurances that any such financial results or performance will ultimately be realized, in the manner illustrated herein or at all. These illustrative examples, projections and estimates should not be relied upon as being necessarily indicative of future results. We define EBITDA as net income (loss) before (i) depreciation and amortization; (ii) interest expense; (iii) foreign exchange result; and (iv) income tax expense. Adjusted EBITDA is defined as EBITDA before (i) non-recurring restructuring expense; (ii) one-time consulting expenses, (iii) freight cost normalization adjustment; (iv) one-time losses on purchases contracts; (v) non-recurring factoring interest; and (vi) other. A reconciliation of adjusted EBITDA to net income, its nearest comparable GAAP measures is included in this press release. EBITDA and adjusted EBITDA reflect additional ways of viewing aspects of VAC's operations that, when viewed with GAAP results, may provide a more complete understanding of factors and trends affecting VAC's business. EBITDA and adjusted EBITDA should not be considered superior to, as a substitute for, or as an alternative to, and should be considered in conjunction with GAAP financial measures. Energy Fuels strongly encourages investors to review the "Reconciliation of Net Income to Adjusted EBITDA" found at the end of this press release and VAC's consolidated financial statements, when available.

Cautionary Note Regarding Forward-Looking Statements
This news release contains certain "Forward Looking Information" and "Forward Looking Statements" within the meaning of applicable United States and Canadian securities legislation, which may include, but are not limited to, statements with respect to: any expectation that the proposed acquisition of VAC will complete as planned or at all; any expectation that any of the government funding being pursued, including the recently announced $725 million loan from the U.S. Office of Strategic Capital, will be funded as contemplated or at all; any expectation that the A$220 million financing currently being discussed with Export Finance Australia and other lenders to accelerate development of the Donald Project will be funded as contemplated or at all; any expectation that the $250 million term loan financing commitment from Goldman Sachs will be funded as contemplated or at all; any expectation that the Closing Conditions will be satisfied or that the proposed ASM acquisition will close; any expectation that Energy Fuels' Donald Project will be developed as planned or at all; any expectation that Energy Fuels will develop its planned expansion of REE separation capacity at its White Mesa Mill; any expectation that the combined company will develop its planned American Metals Plant; any expectation that any of Energy Fuels' other projects will advance to a positive final investment decision and be developed; any expectation that the combined company will create a stronger Western platform with greater scale, broader customer reach and enhanced ability to invest in innovation, manufacturing and future growth; any expectation that the combined company will be uniquely positioned to serve the rapidly growing demand across electric vehicles, aerospace and defense, robotics, and beyond; any expectation with respect to future EBITDA and cash flow of the combined company; any expectation with respect to potential customer pipeline revenue; any expectation that the acquisition of VAC will be immediately accretive to Energy Fuels' cash flow and margin profile; any expectation as to future production of Energy Fuels or the combined company; any expectation that Energy Fuels will secure sufficient feed materials to support its planned expanded separations capacity at the White Mesa Mill; any expectation as to expected operational synergies of the combined company; any expectation with respect to the combined company's pipeline of potential new customers or the ability to maintain existing customers; any expectation that the Sumter Facility will scale-up its capacity to 12,000 tpa magnets or at all; any expectation that the Korean Metals Plant and/or American Metals Plant will be scaled up in the future; any expectation that Energy Fuels will maintain its position as a leading U.S.-based critical materials company; and any expectation that Energy Fuels' evaluation of radioisotope recovery at the White Mesa Mill will be successful. Generally, these forward-looking statements can be identified by the use of forward-looking terminology such as "plans," "expects," "does not expect," "is expected," "is likely," "budgets," "scheduled," "estimates," "forecasts," "intends," "anticipates," "does not anticipate," or "believes," or variations of such words and phrases, or state that certain actions, events or results "may," "could," "would," "might" or "will be taken," "occur," "be achieved" or "have the potential to." All statements, other than statements of historical fact, herein are considered to be forward-looking statements. Forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of Energy Fuels or the combined company to be materially different from any future results, performance or achievements express or implied by the forward-looking statements. Factors that could cause actual results to differ materially from those anticipated in these forward-looking statements include risks associated with: commodity prices and price fluctuations; engineering, construction, processing and mining difficulties, upsets and delays; permitting and licensing requirements and delays; legal challenges; the availability of feed sources for the White Mesa Mill; competition from other producers; public opinion; government and political actions or inactions; the ability of Energy Fuels or the combined company to produce rare earth products to meet commercial specifications on a commercial scale at acceptable costs or at all; market factors, including future demand for rare earth element products generally or for western-produced REE products; and the other factors described under the caption "Risk Factors" in Energy Fuels' most recently filed Annual Report on Form 10-K, which is available for review on EDGAR at www.sec.gov/edgar, on SEDAR+ at www.sedarplus.ca, and on Energy Fuels' website at www.energyfuels.com. Forward-looking statements contained herein are made as of the date of this news release, and Energy Fuels disclaims, other than as required by law, any obligation to update any forward-looking statements whether as a result of new information, results, future events, circumstances, or if management's estimates or opinions should change, or otherwise. There can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, the reader is cautioned not to place undue reliance on forward-looking statements. Energy Fuels assumes no obligation to update the information in this communication, except as otherwise required by law.

Reconciliation of Net Income to Adjusted EBITDA

$mm

FY2025

Net Income

(50.6)

Income Tax Expense

(30.8)

Foreign Exchange Result

(1.4)

Interest Expense

44.0

Depreciation and Amortization

63.1

EBITDA

24.1

Non-Recurring Restructuring

4.8

One-Time Consulting Expenses

2.8

Freight Cost Normalization Adjustment

3.1

Other

0.2

One-Time Losses on Purchase Contracts

(5.3)

Non-Recurring Factoring Interest

(1.3)

Adjusted EBITDA

28.6

Note: Values converted from EUR to USD at 1.2

SOURCE Energy Fuels Inc.

Super Micro Computer (SMCI 1.02%), which also goes by just Supermicro, has been a polarizing stock to own over the years. It has been generating strong sales growth due to robust demand for its servers, which tech companies have been loading up on as they invest heavily in artificial intelligence. But with concerns about margins and question marks about its governance and leadership, it hasn't exactly been a hot stock to own; it's down 18% over the past 12 months.

Trading around $34 on Tuesday, the stock is down significantly from its 52-week high of $62.36, set last year, and its valuation looks low relative to earnings. Is it a steal at its current price, or are you better off avoiding the troubled tech stock?

Image source: Getty Images.

Supermicro's growth is impressive, but its margins are not In its most recent quarter, which covered the first three months of the year, Supermicro's net sales totaled $10.2 billion, which was more than double the $4.6 billion it reported a year ago. That kind of growth would normally send a stock soaring, but that hasn't been the case with Supermicro.

The problem with Supermicro is that although it's generating strong top-line growth, with poor margins, there isn't much room for error.

SMCI Gross Profit Margin (Quarterly) data by YCharts

In its most recent fiscal year (which ended June 30, 2025), the company's revenue rose by 47% to nearly $22 billion, but its net income actually declined by 9%, to just over $1 billion. The company effectively needs to grow at a fast pace and keep its overhead and operating expenses under control in order to generate significant growth on the bottom line.

Today's Change

(

-1.02

%) $

-0.34

Current Price

$

32.98

The stock may look cheap, but it's not worth buying Supermicro stock trades at 11 times its estimated future earnings (based on analyst estimates). It's a cheap-looking valuation, but investors have long valued the stock at a discount due to its risk. Its auditor quit the company back in 2024, raising concerns about its controls and procedures. Earlier this year, multiple people connected to Supermicro, including its co-founder Yih-Shyan Liaw, were charged with violating U.S. export laws and sending Nvidia chips to China.

There are simply many reasons to avoid the stock. Between question marks about its governance, low margins, and dependence on continually high investments in the tech sector, the stock is full of risk, which is why it trades at a discount; it's not the bargain it appears to be. There are far better options out there for tech investors.

Key Takeaways SMCI used about $6.6B in operating cash flow in Q3 fiscal 2026 versus $24M in the prior quarter.SMCI's cash conversion cycle jumped to 106 days as inventory levels and working capital needs SMCI held nearly $11.1B in inventory and recorded $239.3M in write-downs during fiscal 2026. Super Micro Computer’s (SMCI - Free Report) cash flow and working capital profile weakened significantly in the third quarter of fiscal 2026. The company reported cash flow used in operations of approximately $6.6 billion during the quarter compared with only $24 million used in the previous quarter. The deterioration was due to a large reduction in accounts payable and continued inventory buildup.

SMCI’s cash conversion cycle increased sharply to 106 days in the third quarter of fiscal 2026 from 54 days in the prior quarter, while days inventory outstanding rose to 106 days from 63 days. These trends indicate rising working capital intensity and execution risk as SMCI scales its AI infrastructure business. If customer deployment timelines continue to shift or collections slow further, the company may face additional liquidity pressure.

Super Micro Computer continues to face inventory-related risks tied to the rapidly evolving AI hardware market. The company recorded inventory valuation adjustment write-downs of approximately $239.3 million during the first nine months of fiscal 2026, largely related to older-generation GPUs and components.

While management stated that newer AI platforms such as NVIDIA GB300 NVL72 and AMD MI350/355 are ramping aggressively, elevated inventory levels remain a concern. The company had nearly $11.1 billion in inventory at the end of the third quarter of fiscal 2026, up from $10.6 billion in the previous quarter.

Such a sizable inventory position could lead to additional write-downs or working capital pressure if customer demand or technology cycles shift unexpectedly. Furthermore, SMCI also faces stiff competition from larger players.

How Competitors Fare Against SMCIThe AI data center market is likely to grow at an unprecedented pace throughout 2026 and 2027. Big players like Hewlett Packard Enterprise (HPE - Free Report) and Dell Technologies (DELL - Free Report) are competing with SMCI in this space.

Dell Technologies is a major supplier of servers and storage systems, with a broad customer base across enterprises and cloud providers. Its scale, established distribution and service offerings give it an edge in winning large contracts. However, Dell Technologies has not grown as quickly as SMCI in AI-specific systems; its ability to bundle hardware with services makes it a strong rival.

Hewlett Packard Enterprise is also expanding aggressively into AI and high-performance computing. Its GreenLake platform provides customers with flexible, cloud-like consumption models, which can be attractive to enterprises. Hewlett Packard Enterprise’s focus on hybrid cloud and AI workloads positions it as a direct competitor in areas where SMCI is seeking growth through its DCBBS strategy.

Hewlett Packard Enterprise offers a range of servers, including HPE ProLiant, HPE Synergy, HPE BladeSystem and HPE Moonshot servers. Dell Technologies has built the Dell AI Factory in collaboration with NVIDIA. Dell also collaborated with Red Hat Enterprise Linux AI for Dell PowerEdge servers.

SMCI’s Price Performance, Valuation and EstimatesShares of Super Micro Computer have gained 13.8% year to date compared with the Zacks Computer – Storage Devices industry’s growth of 323.2%.

SMCI YTD Performance Chart
Image Source: Zacks Investment Research

From a valuation standpoint, SMCI is trading at a discount at a forward 12 Month P/S multiple of 0.39X compared with the industry’s P/S multiple of 4.77X.

SMCI Forward 12-Month (P/S) Valuation Chart
Image Source: Zacks Investment Research

The Zacks Consensus Estimate for Super Micro Computer’s fiscal 2026 and 2027 earnings implies a year-over-year increase of approximately 24.27% and 22.9%, respectively. Estimates for fiscal 2026 and 2027 earnings have been revised upward in the past 30 days.

Image Source: Zacks Investment Research

Super Micro Computer currently carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.

, /PRNewswire/ -- InMode Ltd. (Nasdaq: INMD) (the "Company") today announced that, on June 17, 2026, its Board of Directors (the "Board") received an unsolicited  proposal from M.N. Business Strategy, Ltd. ("MN Business Strategy") to acquire through a merger all of the outstanding ordinary shares of the Company not already owned by MN Business Strategy and its affiliates for $16.20 per share in cash (the "Proposal").  MN Business Strategy is a group that includes, among others, Moshe Mizrahy, the Company's co-founder and Chief Executive Officer. 

The Board has approved formation of a special committee comprised solely of independent directors to evaluate the Proposal.  The special committee will, in consultation with its advisors, evaluate the Proposal in accordance with its fiduciary duties and the best interests of the Company and all of its shareholders.  There can be no assurance as to whether this evaluation will result in a transaction or any other strategic outcome for the Company, or as to the timing or terms of any such transaction or outcome. The Company does not intend to comment further on the special committee process or provide additional updates unless and until required to do so under applicable law or regulation.

About InMode Ltd.

The Company is a leading global provider of innovative medical technologies.  The Company develops, manufactures and markets devices harnessing novel radiofrequency ("RF") technology.  The Company strives to enable new emerging surgical procedures as well as improve existing treatments.  The Company has leveraged its medically accepted minimally invasive RF technologies to offer a comprehensive line of products across several categories for plastic surgery, gynecology, dermatology, otolaryngology and ophthalmology.  For more information about the Company and its wide array of medical technologies, visit www.inmodemd.com.

Forward-Looking Statements

This press release contains "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995.  Forward-looking statements include all statements that are not historical facts.  In some cases, forward-looking statements can be identified by terms such as "anticipate," "believe," "could," "estimate," "expect," "intend," "may," "plan," "potential," "predict," "project," "should," "will," "would" or the negative of those terms or other comparable terminology.  Forward-looking statements in this press release include, but are not limited to, statements regarding the Proposal, the special committee's review and evaluation of the Proposal, the potential consummation of any transaction and the Company's future plans, objectives, expectations and intentions.  These statements involve known and unknown risks, uncertainties, and other factors that may cause the Company's actual results, performance or achievements to be materially different from those expressed or implied.  Such factors include, among others: uncertainties as to whether the special committee will determine that the Proposal or any alternative transaction is in the best interests of the Company and its shareholders; the risk that the Proposal may be withdrawn or modified; the possibility that competing offers or alternatives may or may not emerge; the risk that any transaction may not be consummated on the terms or timeline currently contemplated, or at all; and the other risks described in the Company's filings with the U.S. Securities and Exchange Commission.  The Company undertakes no obligation to update any forward-looking statement, whether as a result of new information, future events or otherwise except as required by law.

Contacts

Miri Segal-Scharia
MS-IR LLC
[email protected]

Logo - https://mma.prnewswire.com/media/1064477/InMode_Logo.jpg

SOURCE InMode LTD

El Tribunal Supremo no revoca el fallo que dictaminó que TCS se apropió indebidamente de los secretos comerciales de DXC, reforzando así la importancia de proteger la propiedad intelectual y la confianza de los clientes.

, /PRNewswire -- DXC Technology (NYSE: DXC), socio líder en tecnología e innovación empresarial, anunció hoy que ha recaudado 213.560.494,98 dólares de Tata Consultancy Services (TCS) en un caso histórico de secretos comerciales que involucra a Computer Sciences Corporation (CSC), filial de DXC.

El Tribunal Supremo se negó a revocar las sentencias de los tribunales inferiores, incluida una indemnización de 168 millones de dólares a favor de DXC, que, con los intereses acumulados, resultó en el cobro total de 213.560.494,98 dólares.

El Tribunal de Apelaciones del Quinto Circuito de Estados Unidos confirmó previamente que TCS se apropió indebidamente de forma deliberada y maliciosa de secretos comerciales de CSC, al encontrar amplia evidencia en el expediente de que la conducta de TCS fue intencional y con pleno desprecio por los derechos de CSC.

Este resultado refleja el compromiso de DXC con la defensa de sus derechos de propiedad intelectual y subraya la importancia de la competencia leal, el estado de derecho y el derecho a proteger la innovación. Proteger la propiedad intelectual es fundamental para salvaguardar las soluciones para los clientes y garantizar la inversión continua en tecnologías que impulsan los resultados empresariales.

"La confianza es la base de toda relación comercial", dijo Raúl Fernández, presidente y consejero delegado de DXC. "En una era de innovación en IA, la confianza es aún más crítica, por lo que es muy decepcionante ver que una empresa global como TCS sea sorprendida apropiándose intencionalmente de forma indebida de los secretos comerciales de una empresa estadounidense. También agradecemos al sistema legal estadounidense por defender los derechos de los innovadores tecnológicos." 

Acerca de DXC 

DXC Technology (NYSE: DXC) es un socio líder en tecnología e innovación empresarial que ofrece software, servicios y soluciones a empresas globales y organizaciones del sector público. DXC ayuda a sus clientes a aprovechar la IA para impulsar resultados en una era de cambios exponenciales. Con una amplia experiencia en servicios de infraestructura gestionada, modernización de aplicaciones y soluciones de software específicas para la industria, DXC opera, moderniza y protege sistemas de misión crítica que impulsan a las organizaciones más importantes del mundo. Obtenga más información en dxc.com.

Contacto para medios: Ashley Houk-Temple, relaciones con los medios, DXC Technology, Email: [email protected] 

The AI infrastructure boom has created a new class of market winners. Chipmakers, data center operators, and power suppliers have all benefited as hyperscalers race to build the computing capacity needed to train and run artificial intelligence models. Yet every boom attracts skeptics. 

This time, famed short-seller Jim Chanos is challenging one of Wall Street’s hottest investment themes: the idea that alternative energy companies will enjoy years of pricing power from an AI-driven electricity shortage. His argument deserves attention. But Bloom Energy (NYSE:BE) may be one company that doesn’t fit neatly into his bearish framework.

Chanos Says This Is a Bottleneck, Not a Shortage Chanos argues investors are confusing a temporary infrastructure problem with a permanent energy shortage.

His thesis is straightforward. The U.S. has enough generation capacity to meet demand over time, but permitting delays, transmission constraints, and turbine shortages have created temporary grid bottlenecks. If AI demand remains as large as forecasts suggest, economic incentives will force regulators and utilities to accelerate solutions.

There is evidence supporting that view. The Federal Energy Regulatory Commission recently approved measures aimed at speeding up data center grid connections. If interconnection queues begin moving faster, some of today’s scarcity premium could disappear. Investors paying 50x, 60x, or 70x earnings for energy-related stocks may discover they were pricing in conditions that don’t last forever.

That said, Chanos is talking about a world two or three years from now. In the AI era, that is practically an eternity.

Bloom Energy Benefits From Today’s Crisis Bloom Energy’s opportunity isn’t dependent on what the grid looks like in 2029. The company’s solid oxide fuel cells provide behind-the-meter power generation directly at data centers. Instead of waiting years for utility connections, operators can deploy Bloom’s Energy servers and begin generating electricity on-site.

Here’s what makes the value proposition compelling:

Bloom Energy Advantage Benefit to Data Centers 90-120 day deployment Accelerates time-to-power versus 3-5 year grid connections Instant response capability Handles AI workload spikes without large battery systems Quiet, low-emission operation Faces less community opposition than diesel generators 99.999% reliability Protects against blackouts and grid instability 30% federal tax credit eligibility Reduces project costs under Inflation Reduction Act incentives Those advantages are key because many AI projects cannot afford to wait years for electricity. BloombergNEF projects data center power demand could exceed 106 gigawatts by 2035. Whether the problem is a shortage or a bottleneck, operators still need power today.

Bloom’s solution effectively monetizes that urgency and the market has noticed. Bloom Energy stock has climbed roughly 267% year to date and more than 1,300% over the past 12 months as investors embraced the company’s role in solving data center power constraints. The company has also reported rapid growth tied to hyperscaler demand and expects record revenue in 2026.

The Risks Investors Can’t Ignore Granted, Chanos may be right about one thing: valuation. Bloom’s stock performance has dramatically outpaced the growth of its underlying business. Several analysts have warned that expectations now assume years of flawless execution. Some valuation metrics have expanded to levels rarely seen outside high-growth software companies despite Bloom operating in a capital-intensive energy industry.

Investors should also watch several key risks:

Customer concentration remains elevated. AI infrastructure spending could slow. Insider selling has increased in recent months. Future multiple compression could pressure shares even if revenue continues growing. In short, Bloom Energy may be a great business but still become an expensive stock.

Key Takeaway Chanos could ultimately be correct that today’s AI energy scarcity is temporary. If grid bottlenecks ease over the next few years, many alternative energy stocks trading at premium valuations could face a painful reset.

Bloom Energy, however, occupies a unique position. The company isn’t merely betting on future power demand. It is helping data centers solve an immediate problem by bypassing grid delays altogether.

For sharp investors, the debate isn’t whether Chanos is right or wrong. It’s whether Bloom can grow fast enough over the next several years to justify a stock that has already risen more than 1,300% in a year. Ultimately, Bloom’s business model appears stronger than the broad alt-energy sector Chanos is criticizing, but the valuation leaves little room for mistakes.

Marathon Petroleum Today

MPC

Marathon Petroleum

$246.02 -2.51 (-1.01%)

As of 11:55 AM Eastern

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

52-Week Range$158.00▼

$272.46Dividend Yield1.63%

P/E Ratio16.06

Price Target$272.94

Marathon Petroleum NYSE: MPC is one of the most powerful energy companies in the United States, and as might be expected, it is having a very good year.

With an earnings rebound in this year’s first quarter, the company has stronger refining margins, positive returns for its renewable diesel, and surging cash from operations. It’s also, as usual, returning abundant capital to shareholders.

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The question is not whether the business is performing well. The question is whether the cycle driving these results will last long enough to justify buying the stock at current prices.

Multiple Sources of EarningsMarathon operates the nation's largest refining system, but it’s not a single-play investment. With 13 refineries and a daily refining capacity of roughly three million barrels, the company also produces, stores, transports, and sells gasoline, diesel, and other refined products.

It also owns a giant retail network of nearly 8,000 locations, mostly under the Marathon and ARCO brands. And its fee-based midstream and growing renewable diesel segment give it additional sources of cash to help offset cyclical weakness in refining.

Strong Refining Drove First-Quarter ReboundThe first quarter of 2026 showed what Marathon looks like when the refining cycle cooperates.

Total revenue for the quarter came in at $34.6 billion, up 8.5% from the first quarter of 2025, beating analyst estimates. Net income attributable to the company reached $511 million, or $1.73 per diluted share, compared with a net loss of $74 million, or 24 cents per diluted share, in the same quarter a year earlier.

Adjusted net income was $487 million, or $1.65 per diluted share, more than twice what analysts expected. Cash from operations reached $1.1 billion, compared to a negative $64 million a year prior. Adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA) were $2.8 billion, compared with $2 billion for the first quarter of 2025.

Midstream and Renewable Diesel Added StabilityThe standout segment in the three months was its refining and marketing operations. Adjusted EBITDA came in at $1.4 billion, up from $489 million a year earlier. The segment margin improved to $17.74 per barrel from $13.38 per barrel, as adjusted EBITDA per barrel soared to $5.37 from $1.91.

The company’s midstream business, including pipelines, storage terminals, and processing facilities, continued its role as a fee-based revenue generator largely disconnected from commodity price swings. Conducted through MPLX LP, the segment’s adjusted EBITDA was $1.6 billion in the quarter, down modestly from $1.7 billion a year earlier but still a dependable contributor.

Marathon’s growing renewable diesel operations also contributed. Adjusted EBITDA in that segment turned positive to $38 million, compared with a loss of $42 million in the year-ago period.

Wall Street and Shareholder Returns Support the StockMarathon Petroleum Stock Forecast Today12-Month Stock Price Forecast:
$272.94
10.40% Upside

Moderate Buy
Based on 19 Analyst Ratings

Current Price$247.22High Forecast$344.00Average Forecast$272.94Low Forecast$210.00Marathon Petroleum Stock Forecast Details

Given these results, the company’s recent stock appreciation comes as no surprise. Currently trading near $250 per share, the stock has delivered a year-to-date return above 50%.

Of the 19 analysts following the company, the 12-month average consensus target is $272.94 with a recommendation of a Moderate Buy. After a recent analyst price target raise and several institutions buying into the stock, the highest current 12-month target is $344 per share, while the lowest is $210.

The company’s heavy capital returns also support the share price. Marathon returned more than $1 billion to shareholders in the first quarter alone, and its board approved an additional $5 billion share repurchase program, bringing total available buyback capacity to $8.6 billion.

The company also pays a quarterly dividend of $1 per share, which, at recent share prices, translates to a yield of about 1.6%.

Expansion Projects Aim to Improve FlexibilityThe energy market, however, can change rapidly, with the past several months providing proof of that. West Texas Intermediate crude oil started the year below $60 per barrel and soared to nearly $115 by early April. The current price is in the mid-to-low $70s. With crack spreads at historically high levels, prospects for continued strong earnings in the short-term should be good.

Marathon, for its part, is looking to control some of the unpredictability. During the first quarter, the company brought its Garyville jet fuel flexibility project online, and an upgrade to its El Paso refinery's fluid catalytic cracking unit is due in the second quarter. A jet fuel project at its Robinson refinery is then targeted for the third quarter. By stepping up its product mix, the company is aiming to increase its ability to shift output as market conditions change.

Commodity Cycles and Operational Risks RemainThe risks in the energy business, though, can be masked by the good times. Much of the first-quarter improvement came from favorable market conditions, and those can reverse quickly.

A year ago, the quarter was hit by lengthy planned maintenance, which reduced throughput and increased costs. Crack spreads were smaller, and the company reported a loss. Later in the year, fire-related downtime at one of its refineries helped contribute to lower earnings than expected.

In addition, the company's own risk disclosures flag regulatory changes, geopolitical disruption, tariffs, inflation, interest rates, environmental liabilities, and unplanned outages as material uncertainties. And competition from others in the energy sector, including Valero Energy NYSE: VLO and Phillips 66 NYSE: PSX, is ongoing and intense.

Even strategies to protect against price fluctuations do not always pan out. Much of the decline in earnings from its midstream segment came from a $77 million loss from derivative losses on its hedging activity.

A Strong Company in a Cyclical IndustryThese days, given the state of the world, it’s easy to see how energy companies can thrive. But cycles can quickly switch directions and ruin the best operations.

For investors who want energy exposure in a diversified portfolio, Marathon is a strong choice. It’s a well-run company with a clear capital return strategy, improving operational quality, and a midstream business that provides income stability.

But it’s not a guarantee. Investors should be willing to think in terms of commodity cycles rather than quarter-to-quarter stability. For many value investors, the energy sector is a marathon, not a sprint to the finish.

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

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Energy Transfer (ET 1.15%) recently announced an additional expansion of its Nederland NGL Export Terminal. The project will enable the master limited partnership (MLP) to export more natural gas liquids (NGLs) out of that crucial Gulf Coast terminal by the end of the decade. It's the latest expansion of this facility and one of many projects the company has under construction.

Here's a look at the new project, which will give the MLP even more fuel to grow its over 7%-yielding distribution.

Image source: The Motley Fool.

The NGL export juggernaut Energy Transfer plans to increase the ethane export capacity of its Nederland NGL Export Terminal by 240,000 barrels per day (BPD). It also plans to add another 55,000 BPD of LPG export capacity. The company is expanding this facility due to robust customer demand. It has secured long-term contracts for 100% of the facility's ethane export capacity into the 2040s.

The company expects to complete the project in phases starting in 2028. It's expanding its Mont Belvieu-to-Nederland NGL export pipeline and building two additional NGL ship docks (which it expects to complete by the middle of 2029). The company is already expanding its refrigerated propane and butane storage tanks (anticipated completion in the first half of 2027). Once complete, the Energy Transfer will have the largest refrigerated storage capacity on the U.S. Gulf Coast and the capacity to export more than 1.25 million BPD from this facility. Add in the company's Marcus Hook NGL Export Facility along the East Coast (which it's expanding to 420,000 BPD by mid-2027), and Energy Transfer will have about 1.7 million BPD of NGL export capacity by the end of the decade.

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A massive and growing backlog Energy Transfer's latest Nederland expansion project adds to its already extensive expansion project backlog. The pipeline company plans to spend between $5.5 billion and $5.9 billion on expansion projects this year.

The bulk of its projects are natural gas pipelines. Energy Transfer is investing up to $9.5 billion in major gas pipeline projects, led by the $5.6 billion Desert Southwest Pipeline (anticipated completion by the fourth quarter of 2029). It's also building several pipeline laterals to supply gas to AI data centers and gas-fired power plants. Additionally, the company is expanding several crude oil and NGL pipelines, building additional NGL infrastructure, and constructing more gas processing plants.

These projects give Energy Transfer significant growth visibility. It currently has projects on track to enter commercial service through early 2030. These projects support the company's plans to increase its high-yielding distribution by 3% to 5% per year.

Enhancing its already robust growth profile Energy Transfer is moving forward with another expansion of its key Nederland terminal. This expansion will help further support distribution growth through the end of the decade. The MLP's combination of yield and growth makes it a highly attractive investment opportunity for those comfortable with receiving a Schedule K-1 Federal tax form from the MLP each year.

Matt DiLallo has positions in Energy Transfer. The Motley Fool has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy.

Comfort Systems USA (FIX +3.48%) has been a major beneficiary of the artificial intelligence boom. The infrastructure company provides ventilation and air conditioning for AI data centers that prevent GPUs from overheating.

Shares have more than doubled year to date and briefly touched $2,000. However, the stock has the potential to reach $2,500 per share by year-end. Here's why.

Image source: Getty Images.

Clear revenue visibility fuels solid results Comfort Systems USA benefits from a $12.45 billion backlog as of Q1. That's an 80.7% year-over-year increase, providing meaningful revenue visibility for future quarters. Total revenue for the first quarter was $2.87 billion, up 56.5% year over year. Its backlog is equal to more than one full year of revenue based on Q1 results.

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That revenue backlog is a major catalyst for future sales growth. Comfort Systems USA has reported sequential revenue growth for several quarters, partially fueled by its upcoming orders. The company also has a slight sequential increase in its backlog, showing that it can maintain the high figure while delivering on projects.

The clear revenue visibility also comes with rising profit margins. Net income more than doubled year over year, and the company closed Q1 with a double-digit net profit margin, a figure it has maintained for several quarters. Comfort Systems USA even announced a 14.3% dividend hike this year, showing that it can reward shareholders while gaining market share. That's a good setup on the path to $2,500 per share.

Tech companies are fueling the Comfort Systems USA rally The Comfort Systems rally isn't based on hype. The company is delivering tangible gains in its industry while appealing to tech giants eager to spend as much as possible on AI.

More than half of Comfort System USA's backlog was from tech companies in Q1. New construction also accounted for almost three-quarters of year-to-date revenue, up from 63.2% in full-year 2025.

Tech leaders need AI data centers for the next stage of innovation, and Comfort Fix USA is involved with many of them. Comfort Fix USA has also strategically acquired more than 50 operating companies over the years to expand its footprint. That additional market share is present at a critical time for the HVAC industry.

The top five hyperscalers are projected to spend more than $650 billion on AI infrastructure this year. That money has to go somewhere, and it's difficult to imagine these companies suddenly pulling the plug on AI spending in 2027. This is a multiyear megatrend, and Comfort Systems USA is well-positioned for it.

Marc Guberti has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends Comfort Systems USA. The Motley Fool has a disclosure policy.

FAIR LAWN, N.J., June 23, 2026 (GLOBE NEWSWIRE) -- Columbia Financial, Inc. (“Columbia”) (NASDAQ: CLBK), a Delaware corporation and the mid-tier holding company for Columbia Bank, announced today, on a preliminary basis, that Columbia Financial, Inc., a Maryland corporation and the proposed successor to Columbia, received over 5,000 orders representing approximately $925 million in the subscription offering that expired on June 16, 2026 in connection with the “second-step” conversion of Columbia Bank MHC from mutual to stock form.

In addition, Columbia also announced an increase in the maximum purchase limits in the stock offering being conducted by Columbia Financial, Inc. The maximum individual purchase limit in the offering has been increased from 300,000 shares ($3.0 million) to 800,000 shares ($8.0 million) and the maximum group purchase limit has been increased from 1,000,000 shares ($10.0 million) to 5,000,000 shares ($50.0 million).

Consistent with the prospectus dated May 11, 2026, as supplemented by the prospectus supplement dated June 23, 2026, only those persons who subscribed for the maximum number of shares in the subscription offering will be resolicited and given the opportunity to order additional shares up to the new purchase limits. Supplemental stock order forms will be distributed to those subscribers. A properly completed original supplemental stock order form for any increased stock order, together with full payment of immediately available funds, must be received by Columbia Financial, Inc. (not postmarked) by 2:00 p.m., Eastern time, on June 30, 2026. All other eligible subscribers who submitted valid stock order forms in the subscription offering will have their stock orders filled in full.

Columbia Financial, Inc. currently does not intend to conduct a community offering and will be offering shares not subscribed for in the subscription offering for sale at the same price of $10.00 per share in a firm commitment underwritten offering. Keefe, Bruyette & Woods, Inc., A Stifel Company, will serve as the lead-left book running manager, Piper Sandler & Co. will act as co-book running manager and Brean Capital, LLC will act as co-manager for the firm commitment underwritten offering. Anyone purchasing stock in the firm commitment underwritten offering is subject to the new purchase limitations set forth above.  

Completion of the offering remains subject to (1) approval of the plan of conversion and reorganization by the current stockholders of Columbia and the members (who are eligible depositors and borrowers of Columbia Bank) of Columbia Bank MHC, (2) the receipt of all required final regulatory approvals, including an update of the independent appraisal, and (3) the sale of at least 142,375,000 shares of common stock, including up to 61,390,681 shares that may be issued as merger consideration to stockholders of Northfield Bancorp, Inc. (“Northfield”), at the adjusted minimum of the offering range.

About Columbia 

Columbia is a Delaware corporation organized as Columbia Bank’s mid-tier stock holding company. Columbia is a majority-owned subsidiary of Columbia Bank MHC. Columbia Bank is a federally chartered savings bank headquartered in Fair Lawn, New Jersey that operates 70 full-service banking offices and offers traditional financial services to consumers and businesses in its market area. For more information about Columbia Bank, please visit www.columbiabankonline.com.

Disclaimer and Caution About Forward-Looking Statements

Certain statements in this press release constitute “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995, as amended, which statements involve inherent risks and uncertainties. Examples of forward-looking statements include, but are not limited to, statements regarding the outlook and expectations of Columbia and Northfield, respectively, with respect to the proposed transaction, the strategic benefits and financial benefits of the proposed transaction, including the expected impact of the proposed transaction on the combined company’s future financial performance (including anticipated accretion to earnings per share, the tangible book value earn-back period and other operating and return metrics), the timing of the closing of the proposed transaction, and the ability to successfully integrate the combined businesses. Such statements are often characterized by the use of qualified words (and their derivatives) such as “may,” “will,” “anticipate,” “could,” “should,” “would,” “believe,” “contemplate,” “expect,” “estimate,” “continue,” “plan,” “project” and “intend,” as well as words of similar meaning or other statements concerning opinions or judgment of Columbia or Northfield or their respective management about future events.

Forward-looking statements are based on assumptions as of the time they are made and are subject to risks, uncertainties and other factors that are difficult to predict with regard to timing, extent, likelihood and degree of occurrence, which could cause actual results to differ materially from anticipated results expressed or implied by such forward-looking statements. Such risks, uncertainties and assumptions, include, among others, the following: (i) the occurrence of any event, change or other circumstances that could give rise to the right of one or both of the parties to terminate the merger agreement; (ii) the possibility that the proposed transaction does not close when expected or at all because the required approval by Columbia’s and/or Northfield’s stockholders, or other approvals and the other conditions to closing, are not received or satisfied on a timely basis or at all; (iii) the outcome of any legal proceedings that may be instituted against Columbia or Northfield; (iv) the possibility that the anticipated benefits of the proposed transaction, including anticipated cost savings and strategic gains, are not realized when expected or at all, including as a result of changes in, or problems arising from, general economic and market conditions, interest and exchange rates, monetary policy, laws and regulations and their enforcement, and the degree of competition in the geographic and business areas in which Columbia and Northfield operate; (v) the possibility that the integration of the two companies may be more difficult, time-consuming or costly than expected; (vi) Columbia’s ability to successfully complete its second-step conversion; (vi) the possibility that the final independent appraisal of Columbia will differ from the preliminary independent appraisal of Columbia; (viii) the impact of purchase accounting with respect to the proposed transaction, or any change in the assumptions used regarding the assets acquired and liabilities assumed to determine their fair value and credit marks; (ix) the possibility that the proposed transaction may be more expensive or take longer to complete than anticipated, including as a result of unexpected factors or events; (x) the diversion of management’s attention from ongoing business operations and opportunities; (xi) potential adverse reactions of Columbia’s or Northfield’s customers or changes to business or employee relationships, including those resulting from the announcement or completion of the proposed transaction; (xii) a material adverse change in the financial condition of Columbia or Northfield; (xiii) changes in Columbia’s or Northfield’s share price before closing; (xiv) risks relating to the potential dilutive effect of shares of Columbia’s common stock to be issued in the proposed transaction; (xv) general competitive, economic, political and market conditions, including the impact of any potential government shutdown; (xvi) major catastrophes such as earthquakes, floods or other natural or human disasters, including infectious disease outbreaks; and (xvii) other factors that may affect future results of Columbia or Northfield, including, among others, changes in asset quality and credit risk; the imposition of tariffs and any retaliatory responses; the inability to sustain revenue and earnings growth; changes in interest rates; deposit flows; inflation; customer borrowing, repayment, investment and deposit practices; the impact, extent and timing of technological changes; capital management activities; and other actions of the Federal Reserve Board and legislative and regulatory actions and reforms.

These factors are not necessarily all of the factors that could cause Columbia’s, Northfield’s or the combined company’s actual results, performance or achievements to differ materially from those expressed in or implied by any of the forward-looking statements. Other factors, including unknown or unpredictable factors, also could harm Columbia’s, Northfield’s or the combined company’s results.

Although each of Columbia and Northfield believes that its expectations with respect to forward-looking statements are based upon reasonable assumptions based on its existing knowledge of its business and operations, there can be no assurance that actual results of Columbia or Northfield will not differ materially from any projected future results expressed or implied by such forward-looking statements. Additional factors that could cause results to differ materially from those described above can be found in Columbia’s most recent annual report on Form 10-K for the fiscal year ended December 31, 2025, quarterly reports on Form 10-Q, and other documents subsequently filed by Columbia with the Securities Exchange Commission (the “SEC”), and in Northfield’s most recent annual report on Form 10-K for the fiscal year ended December 31, 2025, and its other filings with the SEC and quarterly reports on Form 10-Q, and other documents subsequently filed by Northfield with the SEC. The actual results anticipated may not be realized or, even if substantially realized, they may not have the expected consequences to or effects on Columbia, Northfield or each of their respective businesses or operations. Investors are cautioned not to rely too heavily on any such forward-looking statements. Columbia and Northfield urge you to consider all of these risks, uncertainties and other factors carefully in evaluating all such forward-looking statements made by Columbia and Northfield. Forward-looking statements speak only as of the date they are made and Columbia and/or Northfield undertake no obligation to update or clarify these forward-looking statements, whether as a result of new information, future events or otherwise, except to the extent required by applicable law.   For purposes of this section, references to Columbia include both Columbia Financial, Inc., a Delaware corporation and the current mid-tier holding company for Columbia Bank, and Columbia Financial, Inc., a Maryland corporation and the proposed successor holding company of Columbia Bank.

Important Additional Information About the Transaction and Where to Find It

Columbia Financial, Inc. has filed with the SEC a Registration Statement on Form S-1 (the “Form S-1 Registration Statement”) that includes a prospectus of Columbia Financial, Inc. and other relevant documents concerning the proposed second-step conversion. In addition, Columbia Financial, Inc. has also filed with the SEC a Registration Statement on Form S-4 (the “Form S-4 Registration Statement”) that includes a joint proxy statement/prospectus concerning the proposed second-step conversion and the merger.

BEFORE MAKING ANY VOTING OR INVESTMENT DECISION, INVESTORS AND STOCKHOLDERS OF COLUMBIA AND NORTHFIELD ARE URGED TO READ THE FORM S-1 REGISTRATION STATEMENT AND THE FORM S-4 REGISTRATION STATEMENT AND THE JOINT PROXY STATEMENT/PROSPECTUS REGARDING THE PROPOSED TRANSACTION AND ANY OTHER RELEVANT DOCUMENTS FILED WITH THE SEC, AS WELL AS ANY AMENDMENTS OR SUPPLEMENTS TO THOSE DOCUMENTS, BECAUSE THEY CONTAIN IMPORTANT INFORMATION ABOUT THE PROPOSED TRANSACTION AND RELATED MATTERS.

This communication does not constitute an offer to sell or the solicitation of an offer to buy any securities or the solicitation of any vote or approval with respect to the proposed second-step conversion or the proposed merger between Columbia Financial, Inc. and Northfield. No offer of securities shall be made except by means of a prospectus meeting the requirements of the Securities Act of 1933, as amended, and no offer to sell or solicitation of an offer to buy shall be made in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of such jurisdiction.

A copy of the Form S-1 Registration Statement and the Form S-4 Registration Statement, Joint Proxy Statement/Prospectus, as well as other filings containing information about Columbia and Northfield may be obtained, free of charge, at the SEC’s website (http://www.sec.gov). You may also obtain these documents, free of charge, by directing a request to Columbia Investor Relations, 19-01 Route 208 North, Fair Lawn, New Jersey 07410, or by calling (833) 550-0717, or to Northfield by directing a request to Northfield Investor Relations, 581 Main Street, Suite 810, Woodbridge, New Jersey 07095 or by calling (732) 499-7200 x2519. The information on Columbia’s or Northfield’s respective websites is not, and shall not be deemed to be, a part of this communication or incorporated into other filings either company makes with the SEC.

Participants in the Solicitation

Columbia, Northfield and certain of their respective directors, executive officers and employees may be deemed to be participants in the solicitation of proxies from the stockholders of Columbia and Northfield in connection with the proposed transaction. Information about the interests of the directors and executive officers of Columbia and Northfield and other persons who may be deemed to be participants in the solicitation of stockholders of Columbia and Northfield in connection with the proposed transaction and a description of their direct and indirect interests, by security holdings or otherwise, is included in the Joint Proxy Statement/Prospectus related to the proposed transaction.

Columbia Financial, Inc.
Investor Relations Department
(833) 550-0717

Key Takeaways Valero's refining network spans the United States, Canada and the United Kingdom.Valero's complex Gulf Coast refining system and flexible operations support profitability amid volatility.Constrained refining capacity and low inventories are expected to support refining margins in the near term. Valero Energy (VLO - Free Report) is a well-known name in the refining space, with an extensive refining network across the United States, Canada and the UK. The company is also involved in the production of renewable fuels and ethanol. Valero’s strongest investment case lies in its highly complex refining system concentrated along the U.S. Gulf Coast and the operational flexibility of its refineries, as these factors enable it to sustain profitability across volatile market conditions.

Geopolitical conditions worldwide have caused significant volatility in global oil markets since the beginning of this year. Following recent talks between the United States and Iran in Switzerland, efforts are underway to facilitate the safe passage of vessels through the Strait of Hormuz. While this marks a positive step toward stabilizing energy markets, the conflict has already caused severe damage to several energy facilities across the Middle East, including refineries and LNG infrastructure. The global refining market was already operating under tight conditions before the conflict, with demand growth outpacing new refining capacity additions. The disruptions caused by the Middle East conflict have further amplified this trend.

Against this macroeconomic backdrop, VLO remains well positioned to generate sustained profits, backed by a favorable refining environment. The company’s coastal refinery network enables it to benefit from export access and exposure to global product markets. Moreover, constrained global refining capacity and low product inventories in key markets are expected to support refining fundamentals and keep margins steady in the near-term. Its Gulf Coast refining network benefits from growing product exports to high-demand growth markets, enabling the company to capture attractive margins and support long-term earnings growth.

Refining Players Expects to Benefit From Favorable Refining FundamentalsPar Pacific Holdings (PARR - Free Report) is a Houston-based refining player with a combined refining capacity of 219,000 barrels per day and operations spread across Hawaii and the Pacific Northwest. The company also operates 76 branded fuel retail sites, along with a logistics business segment. PARR owns extensive energy infrastructure, including storage and transportation assets.

PBF Energy (PBF - Free Report) has a geographically diverse refining network with large-scale processing capacity and a highly complex refining system. It operates six refineries — Delaware City Refinery, Paulsboro Refinery, Toledo Refinery, Chalmette Refinery, Torrance Refinery and Martinez Refinery — with a combined throughput capacity of 1 million barrels per day and the ability to process a wide range of feedstocks.

VLO’s Price Performance, Valuation & EstimatesValero Energy’s shares have jumped 78.1% over the past year compared with the 40.1% improvement of the composite stocks belonging to the industry.

Image Source: Zacks Investment Research

From a valuation standpoint, VLO trades at a trailing 12-month enterprise value to EBITDA (EV/EBITDA) of 7.38X. This is above the broader industry average of 5.42X.

Image Source: Zacks Investment Research

The Zacks Consensus Estimate for VLO’s 2026 earnings hasn’t seen any revisions over the past seven days.

Image Source: Zacks Investment Research

VLO, PARR and PBF each currently carry a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.

By Reuters

June 23, 20263:39 AM UTCUpdated June 23, 2026

A view shows Woodside Energy's headquarters in Perth, Australia, April 19, 2025. REUTERS/Christine Chen//File Photo Purchase Licensing Rights, opens new tab

CompaniesJune 23 (Reuters) - Woodside Energy (WDS.AX), opens new tab agreed ​to supply domestic gas to ‌Alcoa Corp's (AA.N), opens new tab Australian unit from 2027 to 2030, the Australian energy major ​said on Tuesday.

Here are some ​details:

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

Under the deal, Woodside will ⁠supply 31.1 petajoules of domestic ​gas from its Western Australian operations ​to Alcoa's refineries

The deal follows Western Australian government approval in December 2025 ​to extend the operation of ​the Pluto-Karratha Gas Plant Interconnector, which allows ‌additional ⁠Pluto-sourced gas to be processed at Karratha for the domestic market

In 2025, Woodside's Western Australian natural ​gas production ​was ⁠90.3 petajoules, nearly 21% of the state's domestic ​gas supply, the company said

Woodside ​shares ⁠dropped as much as 1.5% to A$28.350, their lowest since ⁠June ​19

Reporting by Shivangi Lahiri ​and Keshav Singh Chundawat in Bengaluru; Editing ​by Sherry Jacob-Phillips and Mrigank Dhaniwala

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

Key Takeaways KLA's fiscal Q3 revenues rose 11% to a record $3.42B as AI drove stronger process control demand.Advanced packaging process control revenues are expected to reach about $1B in calendar 2026.Services revenues rose 16% to $775M, adding recurring cash flows that support shareholder returns. Artificial intelligence is reshaping semiconductor manufacturing, and KLA Corporation (KLAC - Free Report) appears to be one of the biggest beneficiaries. While AI demand is boosting chipmakers' investments in advanced logic and high-bandwidth memory (HBM), it is also increasing the need for sophisticated process control solutions that improve yield, reliability and manufacturing efficiency.

KLA's third-quarter fiscal 2026 results reflected this trend. Revenues rose 11% year over year to a record $3.42 billion, while non-GAAP earnings per share (EPS) increased to $9.40. Management emphasized that AI is now a core driver of the company's business, supporting stronger demand across foundry, memory and advanced packaging. The company also raised its expectations for advanced packaging process control revenues to roughly $1 billion in calendar year 2026 from about $635 million in 2025, well above its previous outlook. AI-enabled chip architectures and increasingly complex packaging technologies continue to expand KLA's addressable market.

Beyond wafer inspection, KLA is benefiting from rising process control intensity as chip designs become more complex. Larger die sizes, faster product cycles, higher-value wafers and the rapid adoption of HBM require greater inspection and metrology throughout the manufacturing process. These structural changes are helping KLA gain market share while strengthening its competitive position.

The company's services business adds another layer of stability. Services revenues increased 16% year over year to $775 million, providing recurring cash flows that support shareholder returns. Management also expects quarter-to-quarter revenue growth throughout calendar year 2026 and believes the wafer equipment market will strengthen further in 2027.

Although higher DRAM costs and tariff-related pressures remain margin headwinds, KLA's technology leadership, expanding process control portfolio and growing exposure to AI infrastructure spending position it as one of the clearest long-term winners from the semiconductor industry's AI investment cycle.

How Competitors Are Positioned Against KLA StockTwo of KLA's closest competitors are Onto Innovation (ONTO - Free Report) and Nova Ltd. (NVMI - Free Report) , both of which are benefiting from AI-driven semiconductor investments but remain more specialized than KLA.

Onto has built a strong position in advanced packaging inspection, optical metrology and lithography process control, areas seeing rising demand as AI chips become more complex. Onto continues expanding its advanced packaging portfolio and is gaining from growing adoption of chiplet architectures. However, Onto has a narrower product portfolio and significantly smaller service business, limiting its ability to match KLA's scale and broad process control ecosystem.

Nova focuses on metrology solutions that help semiconductor manufacturers improve yield at advanced process nodes. Nova is benefiting from increasing process complexity in leading-edge logic and high-bandwidth memory production, while Nova continues investing in materials metrology and AI-enabled analytics. Nevertheless, KLA maintains a wider inspection and metrology portfolio, stronger market leadership, greater exposure to advanced packaging and a much larger recurring services business, giving it a competitive advantage as AI infrastructure spending accelerates.

KLA’s Stock Price Performance, Valuation & EstimatesShares of KLA have surged 113.6% year to date (YTD), outperforming the industry, as shown below.

KLAC YTD Price Performance

Image Source: Zacks Investment Research

From a valuation standpoint, KLA trades at a forward price-to-earnings (P/E) multiple of 52.71, significantly above the industry’s average, as shown below.

KLAC’s P/E Ratio (Forward 12-Month) vs. Industry

Image Source: Zacks Investment Research

The Zacks Consensus Estimate for KLA’s fiscal 2026 and 2027 earnings per share (EPS) implies a year-over-year increase of 11.4% and 34.1%, respectively. The EPS estimates for fiscal 2026 and 2027 have risen in the past 60 days, respectively.

EPS Trend of KLAC Stock

Image Source: Zacks Investment Research

KLAC stock currently has a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.

MERRILLVILLE, Ind.--(BUSINESS WIRE)--NiSource Inc. (NYSE: NI) announced the Indiana Utility Regulatory Commission (IURC) has approved key agreements supporting the company’s previously announced partnership with Amazon to serve new data center development in northern Indiana. This marks an inaugural milestone that reinforces the meaningful benefits this approach will provide for existing customers.

On June 17, the IURC fully approved the settlement agreement, Amazon special contract and related power purchase agreement. In a separate order, the Commission also approved the company’s proposed generation resources, including combined-cycle gas turbines and battery energy storage systems.

The approvals advance NiSource’s strategy to support responsible large-load growth while helping protect existing customers from the costs of serving new data center demand.

Under the approved framework, existing customers are expected to benefit directly from the addition of new, large electric load, with NiSource’s broader data center strategy expected to provide approximately $1.4 billion in customer savings. The structure is designed so that data center customers fund the generation and transmission infrastructure required to serve their needs, supporting affordability, reliability and long-term value for existing NIPSCO customers.

As part of the settlement, the parties agreed to support expedited procedural schedules for future agreements, reinforcing the model’s competitive speed-to-market advantage and positioning Indiana as a leader in utility and technology collaboration.

“Our regulator’s approvals highlight the strength of our strategy and the value this approach can deliver for customers and communities,” said NiSource President and CEO Lloyd Yates. “As data center demand continues to grow across our service territory, we are helping to ensure that new large-load customers support the infrastructure needed to serve them while existing customers benefit through bill credits as those customers ramp. We are proud to support Indiana’s economic development momentum through a model that advances affordability, reliability and long-term growth.”

Additional Information

Additional information is available on the Investors section of www.nisource.com. The company alerts investors that it intends to use the Investors section of its website www.nisource.com and the company’s social media channels to disseminate important information about the company to its investors. Investors are advised to look at NiSource’s website and social media channels for future important information about the company.

About NiSource

NiSource Inc. (NYSE: NI) is one of the largest fully regulated utility companies in the United States, serving approximately 3.3 million natural gas customers and 500,000 electric customers across six states through its local Columbia Gas and NIPSCO brands. The mission of our approximately 7,700 employees is to deliver safe, reliable energy that drives value to our customers. NiSource is a member of the Dow Jones Sustainability - North America Index and is on Forbes lists of America’s Best Employers for Women and Diversity. Learn more about NiSource’s record of leadership in sustainability, investments in the communities it serves and how we live our vision to be an innovative and trusted energy partner at www.NiSource.com.

The content of our website is not incorporated by reference into this document or any other report or document NiSource files with the Securities and Exchange Commission (“SEC”).

NI-F

Forward-Looking Statements

This Press Release contains "forward-looking statements," within the meaning of Section 27A of the Securities Act of 1933, as amended (the "Securities Act"), and Section 21E of the Securities Exchange Act of 1934, as amended (the "Exchange Act"). Investors and prospective investors should understand that many factors govern whether any forward-looking statement contained herein will be or can be realized. Any one of those factors could cause actual results to differ materially from those projected. Forward-looking statements in this press release include, but are not limited to, statements concerning our provision of power to data center customers under certain agreements, our proposed generation resources, expected cost savings to customers over the life of the data center contracts, protecting customers from cost increases, plans to seek expedited procedural agreements for future agreements and other statements regarding our plans, strategies, objectives, and expected performance related to data center operations. Expressions of future goals and expectations and similar expressions, including "may," "will," "should," "could," "would," "aims," "seeks," "expects," "plans," "anticipates," "intends," "believes," "estimates," "predicts," "potential," "targets," "forecast," and "continue," reflecting something other than historical fact are intended to identify forward-looking statements. All forward-looking statements are based on assumptions that management believes to be reasonable; however, there can be no assurance that actual results will not differ materially.

Factors that could cause actual results to differ materially from those projected in any forward-looking statement discussed in this Press Release include, among other things: receipt, timing and terms of required regulatory approvals in connection with agreements with our current and any future data center customers and the ability to comply with any conditions associated with such regulatory approvals; the ability of our current and any future data center customers to implement its plans to construct data centers; the impact of public involvement, intervention or litigation with respect to these projects, our ability to execute our business plan or growth strategy, including utility infrastructure investments, or business opportunities; our ability to manage data center growth in our service territories; potential incidents and other operating risks associated with our business; our ability to work successfully with our JV partners; our ability to construct, develop and place into service the generation or transmission assets we develop to support our customers under our current and any future data center contracts on time or at all and consistent with initial cost estimates, as well as the performance of such assets once constructed and placed into service; our ability to obtain the significant additional financing required to construct such generation or transmission assets we develop to support data center contracts on favorable terms, if at all; our ability to recover our investments and realize our expected return under our current and any future data center contracts that we enter into; our ability to maintain our investment grade credit ratings as we finance and pursue our data center strategy, including our performance under our current and any future data center contracts that we enter into; our customers' performance under our current and any future data center contracts; any decision by our current data center customers and any future data center customers to terminate our current or any future data center contracts or reduce the committed capacity thereunder; potential changes in the MISO accreditation treatment of capacity resources; our ability to adapt to, and manage costs related to, advances in technology, including alternative energy sources and changes in related laws and regulations; our increased dependency on technology; impacts related to our aging infrastructure; our ability to obtain sufficient insurance coverage and whether such coverage will protect us against significant losses; the success of our electric generation strategy; construction risks and supply risks; fluctuations in demand from residential and commercial customers; fluctuations in the price of energy commodities and related transportation costs or an inability to obtain an adequate, reliable and cost-effective fuel supply to meet customer demand; our ability to attract, retain or re-skill a qualified workforce and maintain good labor relations; our ability to manage new initiatives and organizational changes; the performance and quality of third-party suppliers and service providers; our ability to manage the financial and operational risks related to achieving our carbon emission reduction goals, including our Net Zero Goal, including any future associated impact from business opportunities such as data center development as those opportunities evolve; potential cybersecurity attacks or security breaches; increased requirements and costs related to cybersecurity; the actions of activist stockholders; any damage to our reputation; the impacts of natural disasters, potential terrorist attacks or other catastrophic events; the physical impacts of climate change and the transition to a lower carbon future; our debt obligations; any changes to our credit ratings or the credit ratings of certain of our subsidiaries; adverse economic and capital market conditions, including increases in inflation or interest rates, recession, or changes in investor sentiment; economic regulation and the impact of regulatory rate reviews; our ability to obtain expected financial or regulatory outcomes; economic conditions in certain industries; the ability of customers and suppliers to fulfill their payment and contractual obligations; the ability of our subsidiaries to generate cash; pension funding obligations; potential impairments of goodwill; the outcome of legal and regulatory proceedings, investigations, incidents, claims and litigation; compliance with changes in, or new interpretations of applicable laws, regulations and tariffs; the cost of compliance with environmental laws and regulations and the costs of associated liabilities; changes in tax laws or the interpretation thereof; and other matters set forth in Item 1, "Business," Item 1A, "Risk Factors" and Part II, Item 7, "Management’s Discussion and Analysis of Financial Condition and Results of Operations," of our Annual Report on Form 10-K for the fiscal year ended December 31, 2025 and matters set forth in our subsequent Quarterly Reports on Form 10-Q, some of which risks are beyond our control. In addition, the relative contributions to profitability by each business segment, and the assumptions underlying the forward-looking statements relating thereto, may change over time.

All forward-looking statements are expressly qualified in their entirety by the foregoing cautionary statements. We undertake no obligation to, and expressly disclaim any such obligation to, update or revise any forward-looking statements to reflect changed assumptions, the occurrence of anticipated or unanticipated events or changes to expected results over time or otherwise, except as required by law.

More News From NiSource Inc.

Key Takeaways Coherent's order book surge pushed backlog to record levels and drove $290M CapEx.Customer orders stretch into 2028, while long-term agreements extend revenue visibility to 2030.NVIDIA's $2B investment lifted COHR's cash balance to $3B in Q3. Coherent Corp. (COHR - Free Report) is witnessing a step function increase in its order book rather than the usual increment in cyclical hardware orders. This drastic upsurge in demand pushed Coherent’s backlog into record levels, compelling the company to spend $290 million in CapEx, more than doubling growth from the year-ago quarter.

                                                                  Image Source: Zacks Investment Research

This lofty asset-heavy expansion is de-risked by customer orders stretching into 2028 and Long-Term Agreements extending to 2030. A heightened revenue visibility guards Coherent from short-term demand contraction that creates a menace within the hardware manufacturing sector.

Coherent’s tactical approach to raise customers’ vested interest effectively lowered the risks associated with aggressive capacity expansion. The company guided customers toward entering agreements that mandate multi-year demand commitments and capital investments, insulating supply.

NVIDIA’s $2-billion equity investment provided an extra padding to Coherent’s cash balance, raising it to $3 billion in the third quarter of fiscal 2026 from $1.5 billion in the previous quarter. This strategic partnership stands as a witness to testify to COHR’s tech as the bottleneck for AI infrastructure in the long run.

Coherent jumped on this operational momentum to deleverage its balance sheet. The company took the major step of wiping out $162 million in debt payments in a single quarter, which reduced its leverage ratio to 0.5X in the third quarter of fiscal 2026 from the previous quarter’s 1.7X. The company’s elite financial profile is dependent on its ability to maximize cash cushions and cut down fixed interest burden.

The combination of long-term commitments stretching into 2030, robust liquidity and a deleveraged balance sheet provides Coherent the bedrock to transform its cyclical hardware business into a predictable revenue-generating machinery. Coherent’s commercial predictability paves the path to future growth while maintaining the strength to sail through macroeconomic setbacks.

COHR’s Price Performance, Valuation & EstimatesCoherent’s stock has rallied a whopping 427.6% in a year, beating the industry’s 10.2% growth. COHR surpassed its competitors, IPG Photonics (IPGP - Free Report) and Novanta (NOVT - Free Report) , which have gained 75% and 26.8%, respectively, in the same period.

1-Year Share Price Performance                                                               Image Source: Zacks Investment Research

From a valuation perspective, Coherent trades at a 12-month forward price-to-earnings ratio of 51.83, cheaper than IPG Photonics’ 59.14, while being more expensive than Novanta’s 40.51.

P/E F12M                                                                 Image Source: Zacks Investment Research

Coherent has a Value Score of D. IPG Photonics and Novanta both carrya Value Score of F.

The Zacks Consensus Estimate for COHR’s earnings for 2026 and 2027 has increased 1.5% and 11.9%, respectively, over the past 60 days.

COHR currently has a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.

Marvell Technology (MRVL 3.30%) stock has jumped by a stunning 247% so far this year. Investors have been buying shares of this chip designer hand over fist since it became evident that it is poised to capitalize on the fast-growing demand for application-specific integrated circuits (ASICs) and networking equipment in artificial intelligence (AI) data centers.

What's more, Nvidia CEO Jensen Huang's recent statement about Marvell becoming the "next trillion-dollar company" seems to have further boosted investor confidence in this semiconductor stock. However, we are going to look beyond the hype in this article to see whether this high-flying chipmaker can deliver further gains following its phenomenal rally and make investors richer over the next three years.

Image source: The Motley Fool.

Marvell Technology has become extremely expensive, but that's half the story Marvell's parabolic jump this year explains why its 12-month median price target of $240 sits 23% below its current stock price. After all, Marvell has a trailing price-to-earnings multiple of 106. Also, the forward earnings multiple of 76 isn't cheap either, though it does suggest a nice spike in the company's bottom line.

Today's Change

(

-3.30

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-9.22

Current Price

$

269.82

For comparison, the tech-laden Nasdaq Composite index has an average earnings multiple of 41. So, Marvell will have to consistently deliver stronger-than-expected results and guidance in order to deliver more gains. The good part is that the company can indeed do so. It is worth noting that 85% of the 47 analysts covering Marvell stock still rate it as a buy.

That's because the company is confident it can substantially accelerate growth thanks to the lucrative markets it serves. Bloomberg estimates that the custom AI processor market could grow to $118 billion in 2033, accounting for 19% of overall AI chip sales. However, don't be surprised to see custom chips cornering a bigger share of the AI accelerator market as they are being deployed aggressively by hyperscalers and AI companies to lower operating costs.

On the other hand, Marvell also sells optical connectivity solutions, an area that's becoming the next bottleneck in AI infrastructure. Goldman Sachs expects the optical networking market to grow by a whopping 9x to $154 billion. What's more, the investment firm counts Marvell as a key player in this space, along with Nvidia and Broadcom.

All this explains why Marvell is forecasting its annualized revenue from datacenter interconnect (DCI) optical products to double between fiscal 2026 and 2028 to $1 billion. On the other hand, the annualized revenue of its switching products is expected to jump to $600 million in the current fiscal year, and then to more than $1 billion in the next one.

The custom AI processor business, meanwhile, is poised for some serious acceleration. Marvell expects 20% growth in this segment in the ongoing fiscal 2027. The beginning of new customer programs and more business from existing customers will drive an increase of more than 100% in Marvell's custom silicon revenue next year.

Why Marvell investors can expect more upside over the next three years Marvell expects 40% revenue growth in the ongoing fiscal year 2027 (which ends in January next year) to $11.5 billion. The growth rate is poised to accelerate next year, then slow slightly after two years.

Data by YCharts

However, Marvell's growth rate could easily outpace Wall Street's expectations in fiscal 2029 and accelerate further, especially given that large data center investments are unlikely to slow. Let's assume it can clock 50% revenue growth in fiscal 2029, Marvell's revenue will jump to $25 billion. If the stock trades at even 15 times sales at that time (nearly half its current sales multiple of 31), its market cap could reach $375 billion.

That suggests potential upside of 38% over the next three years. However, the massive growth potential in the optical networking space and the steady growth of the custom AI processor market could allow Marvell to clock stronger growth. As a result, Marvell could end up trading at a much higher sales multiple after three years than what I have assumed above, and that's going to pave the way for stronger upside in this AI stock.

Key Takeaways MRVL expects interconnect revenue growth above 70% year over year in fiscal 2027.Marvell Technology sees TIAs and drivers topping a $1B annualized run rate in the coming quarters.Marvell Technology expects scale-up optics and DCI module revenue ramps in fiscal 2028. Marvell Technology’s (MRVL - Free Report) networking business remains a key beneficiary of rising AI cluster size and complexity. Marvell Technology now expects its interconnect business to grow more than 70% year over year in fiscal 2027, supported by scale-out PAM ramp-ups and growing contributions from scale-up and scale-across networking.

Within optics, the company expects TIAs and drivers to exceed a $1 billion annualized run rate in the next few quarters and sees a path to about $1 billion annualized DCI module revenues during fiscal 2028. The company also expects scale-up optics to ramp up in fiscal 2028, reflecting broader adoption across engagements.

Marvell Technology has been transforming itself into a key contributor to the connectivity hardware solutions for AI infrastructure and data centers. The company had launched the Golden Cable initiative to accelerate and expand the Active Electrical Cable (AEC) ecosystem for faster deployment of AI infrastructure by cloud and hyperscaler customers.

The AEC technology supports next-generation 1.6 T connectivity for superfast networks. Marvell Technology’s partners use this technology to validate cable architectures, advanced firmware, calibration data, and get support for integration and interoperability through the Golden Cable initiative.

MRVL is also gaining from the adoption of scale-up switches that connect AI accelerators within and across racks, requiring multi-terabit bandwidth and ultra-low latency. These switches will support both open standard Ethernet and UALink fabrics, leveraging Marvell Technology’s low-latency SerDes and Ethernet switch IP.

How Competitors Fare Against MRVL StockThe company faces stiff competition in the networking and custom silicon space from Broadcom (AVGO - Free Report) and Advanced Micro Devices (AMD - Free Report) .

Broadcom is a leader in the domain of custom silicon solutions for data centers. Broadcom’s advanced 3.5D XDSiP packaging platform is critical to ensure the performance and efficiency of custom AI XPUs.

Advanced Micro Devices is another established player in the custom silicon solutions and AI accelerator market. Advanced Micro Devices offers semi-custom SoCs and Instinct Accelerators to power data centers.

MRVL's Price Performance, Valuation and EstimatesShares of Marvell Technology have gained 228.4% year to date compared with the Zacks Electronics - Semiconductors industry’s growth of 63.3%.

MRVL YTD Performance Chart
Image Source: Zacks Investment Research

From a valuation standpoint, Marvell Technology trades at a forward price-to-sales ratio of 18.01X, lower than the industry’s average of 10.64X.

MRVL Forward 12-Month (P/S) Valuation Chart
Image Source: Zacks Investment Research

The Zacks Consensus Estimate for MRVL’s fiscal 2027 and 2028 earnings implies year-over-year growth of 42.3% and 52.9%, respectively. The estimates for fiscal 2027 and 2028 have been revised upward in the past 30 days.

Image Source: Zacks Investment Research

Marvell Technology currently carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.

Key Takeaways DexCom will roll out its redesigned Stelo app in the United States starting in July.Stelo is expected to launch in four international markets later this year, with more expansion to 2027.DexCom gained FDA clearance for Stelo use in children aged 2 and older who are not using insulin. DexCom (DXCM - Free Report) recently announced that it will begin rolling out its fully reimagined Stelo app experience in the United States starting in July. The updated app, available for Apple iPhone and Android users, is designed to make glucose insights more accessible and actionable for individuals seeking to better understand their metabolic health.

Alongside the app launch, DexCom reiterated its plans to expand Stelo internationally. The platform is expected to launch in the United Kingdom, Australia, New Zealand and South Korea later this year, with further expansion continuing into 2027. The updates were highlighted as part of a broader set of milestones shared by the company at Aspen Ideas: Health.

Per management, glucose is relevant to everyone, and a better understanding of glucose patterns can help prevent serious health complications. The company is working to expand access to glucose biosensing to bring preventive, personalized care closer to reality and make the Stelo app experience more approachable with real-time insights that help people act earlier, before disease takes hold.

Likely Trend of DXCM Stock Following the NewsFollowing the announcement, DXCM shares lost 0.2% at yesterday’s closing. Year to date, the stock has gained 3.8% against the industry’s 18.3% decline. The S&P 500 has risen 7.4% in the same timeframe.

The rollout of the redesigned Stelo app and the planned international expansion may strengthen DexCom’s position in the growing glucose monitoring and metabolic health market. By enhancing the user experience and extending access to new geographic markets, the company is broadening the appeal of its Stelo platform beyond traditional diabetes management. The developments could support long-term revenue growth while reinforcing DexCom’s leadership in glucose biosensing technology.

DXCM currently has a market capitalization of $26.65 billion.

Image Source: Zacks Investment Research

More on the NewsThe reimagined Stelo app has been developed to help users better understand how everyday factors such as food, physical activity, sleep and stress affect their glucose levels and overall well-being. The updated experience aims to simplify glucose data and provide insights that are easier to interpret and act upon, supporting the growing shift toward preventive and personalized healthcare.

In addition to the app rollout, DexCom highlighted the recent FDA clearance of the Stelo for pediatric use. The recent clearance expanded its indication from adults aged 18 and older not using insulin to include children aged 2 years and older who are not using insulin. The approval comes as youth-onset Type 2 diabetes and metabolic syndrome continue to rise in the United States, providing families with greater access to glucose insights and improving metabolic health awareness from an early age.

Industry Prospects Favoring the MarketGoing by the data provided by Grandview Research, the continuous glucose monitoring (CGM) devices market was valued at $15.47 billion in 2026 and is expected to witness a CAGR of 15.1% through 2033.

Factors like the growing cases of diabetes, the increasing adoption of CGM devices, growing clinical needs, technological innovation and shifting care models are boosting the market’s growth.

Other NewsAt the recent Investor Day event, DexCom unveiled its next-generation CGM, the Dexcom G8 system, which is expected to be launched in late 2027 or early 2028. Features include step change improvement in glucose performance, a 50% smaller form factor than Dexcom G7 and advanced sensing capabilities.

DXCM’s Zacks Rank & Key PicksDexCom currently carries a Zacks Rank #3 (Hold).

Some better-ranked stocks from the broader medical space are BrightSpring Health (BTSG - Free Report) , Globus Medical (GMED - Free Report) and Intuitive Surgical (ISRG - Free Report) .

BrightSpring Health, currently sporting a Zacks Rank #1 (Strong Buy), reported first-quarter 2026 adjusted earnings per share (EPS) of 39 cents, which beat the Zacks Consensus Estimate by 34.5%. Revenues of $3.61 billion surpassed the Zacks Consensus Estimate by 8.35%. You can see the complete list of today’s Zacks #1 Rank stocks here.

BrightSpring Health has an estimated long-term earnings growth rate of 46.5%. BTSG’s earnings surpassed estimates in three of the trailing four quarters and missed once, the average surprise being 14.6%.

Globus Medical, currently carrying a Zacks Rank #2 (Buy), reported a first-quarter 2026 adjusted EPS of $1.12, which surpassed the Zacks Consensus Estimate by 22.1%. Revenues of $759.9 million beat the Zacks Consensus Estimate by 4.0%.

GMED has an estimated long-term earnings growth rate of 10.2%. The company’s earnings beat estimates in each of the trailing four quarters, the average surprise being 26.3%.

Intuitive Surgical, carrying a Zacks Rank #2 at present, reported first-quarter 2026 adjusted EPS of $2.50, which beat the Zacks Consensus Estimate by 20.2%. Revenues of $2.77 billion surpassed the Zacks Consensus Estimate by 6.2%.

Intuitive Surgical has a long-term estimated growth rate of 14.3%. ISRG’s earnings surpassed estimates in each of the trailing four quarters, the average surprise being 16.8%.

PASADENA, Calif.--(BUSINESS WIRE)--Arrowhead Pharmaceuticals, Inc. (NASDAQ: ARWR) today announced that the European Commission (EC) has formally granted marketing authorization for REDEMPLO® (plozasiran), a small interfering RNA (siRNA) medicine, as an adjunct to diet to reduce triglyceride levels in adult patients with familial chylomicronemia syndrome (FCS). REDEMPLO is the first and only siRNA medicine authorized by the EC for adults with FCS, diagnosed either by the presence of clinical criteria or genetic testing.

Importantly, the ability to diagnose and treat without requiring a genetic test could enable earlier treatment, which is particularly relevant in rare diseases such as FCS.

Share“FCS drives an elevated risk of recurrent and potentially fatal episodes of acute pancreatitis. Results from the PALISADE study demonstrate that plozasiran can achieve significant and sustained reductions in triglycerides for these patients,” said Professor Børge Nordestgaard, Department of Clinical Medicine, University of Copenhagen and President, European Atherosclerosis Society. “Importantly, the ability to diagnose and treat without requiring a genetic test could enable earlier treatment, which is particularly relevant in rare diseases such as FCS.”

Announcing its recommendation for the approval of REDEMPLO, the European Medicines Agency noted, "Although other authorised medicines can help people with FCS confirmed by genetic testing, REDEMPLO does not require genetic confirmation of the condition, thus providing a treatment option for more adults with FCS and addressing the unmet medical need in these patients."

“Today's approval marks a pivotal moment for people living with familial chylomicronemia syndrome. As a patient myself and having spoken with countless others living with FCS through leading our organization, I know firsthand how devastating the burden of FCS is on every dimension of daily life. The constant uncertainty, the worry, the fear of acute pancreatitis, the chronic pain and fatigue are challenges the FCS community faces every single day, on top of the long and often frustrating journey to receiving a diagnosis,” added Rosa Pérez Jiménez, President of Familial Chylomicronemia Association (Asociación de Quilomicronemia Familiar) Spain. “This new therapeutic option gives renewed hope to patients who have waited far too long to be seen, understood, and treated.”

Harnessing Arrowhead’s proprietary Targeted RNAi Molecule (TRiM™) platform, REDEMPLO is designed to suppress production of apolipoprotein C-III (APOC3), a protein produced in the liver that raises triglyceride levels by inhibiting their breakdown and clearance.

“We are pleased to have received EC approval for REDEMPLO as a new treatment option for people living with genetically or clinically confirmed FCS. With this approval secured, we are engaging with relevant national authorities and healthcare communities across the European Union to bring REDEMPLO to people living with FCS as quickly and efficiently as possible,” said Christopher Anzalone, Ph.D., President and CEO at Arrowhead Pharmaceuticals. “This ongoing cadence of regulatory approvals around the world reflects the strength of our clinical data and the real progress being made across our diverse pipeline of siRNA-based therapies that leverage our proprietary TRiM™ platform.”

EC regulatory approval was supported by clinical data from the Phase 3 PALISADE study, a randomized, double-blind, placebo-controlled trial in 75 adults with clinically diagnosed or genetically confirmed FCS.1,2 The PALISADE study met its primary endpoint and all multiplicity-controlled key secondary endpoints. In PALISADE, 25 mg REDEMPLO reduced triglycerides by a median of 80% from baseline versus a 17% reduction with placebo. Additionally, the combined doses of 25 mg and 50 mg plozasiran significantly reduced the incidence of acute pancreatitis (odds ratio, 0.169; p=0.0292). The odds of acute pancreatitis were 83% lower in the pooled plozasiran groups compared with the placebo group. The most common adverse reactions were hyperglycaemia (12.8%), headache (6.8%), nausea (4.7%), and injection site reaction (4.7%).1,2

About Familial Chylomicronemia Syndrome (FCS)

Familial chylomicronemia syndrome is a severe and rare disease leading to extremely high triglyceride (TG) levels, typically over 10 mmol/L (880 mg/dL). Such severe elevations can lead to various serious signs and symptoms including acute and potentially fatal pancreatitis, chronic abdominal pain, diabetes, hepatic steatosis, and cognitive issues. Currently, there are limited therapeutic options to adequately treat FCS.

About REDEMPLO® (plozasiran)

REDEMPLO (plozasiran) is currently approved by the U.S. Food and Drug Administration, Health Canada, China’s National Medical Products Administration, the Australian Therapeutic Goods Administration, and by the European Commission as an adjunct to diet to reduce triglycerides for adults with FCS. REDEMPLO is the first and only siRNA treatment approved in these countries to be studied in both clinically diagnosed and genetically confirmed patients living with FCS.

REDEMPLO is designed to suppress the production of apolipoprotein C-III (APOC3), a protein produced in the liver that raises triglyceride levels by slowing their breakdown and clearance. By targeting APOC3 with sustained silencing, REDEMPLO delivers significant reductions in triglyceride levels. REDEMPLO is self-administered via subcutaneous injection once every three months.

REDEMPLO has been granted Orphan Medicinal Product Designation by the EMA for the treatment of patients with FCS, and Breakthrough Therapy Designation, Fast Track Designation, and Orphan Drug Designation by the U.S. FDA for the treatment of patients with FCS. In December 2025, plozasiran was also granted Breakthrough Therapy designation by the U.S. FDA in severe hypertriglyceridemia.

Plozasiran is also being investigated in the SHASTA-3 (NCT06347003), SHASTA-4 (NCT06347016), and SHASTA-5 (NCT06880770) Phase 3 studies in adults with severe hypertriglyceridemia and the MUIR-3 (NCT06347133) Phase 3 study in adults with hypertriglyceridemia.

About Arrowhead Pharmaceuticals

Arrowhead Pharmaceuticals (NASDAQ: ARWR) is a commercial-stage pharmaceutical company developing medicines that treat intractable diseases by silencing the genes that cause them, harnessing the natural RNA interference (RNAi) mechanism. The company has built a broad portfolio of clinical and commercial RNAi therapeutics through its industry-leading targeted RNAi molecule (TRiM™) platform, which can precisely silence genes in a wide range of cell types, including liver, lung, muscle, adipose, and central nervous system tissue. At Arrowhead, we rapidly advance potential best- and first-in-class RNAi treatments for diseases with significant unmet medical need, because every day matters to the patients we serve.

For more information, please visit www.arrowheadpharma.com, or follow us on X (formerly Twitter) at @ArrowheadPharma, LinkedIn, Facebook, and Instagram. To be added to the Company’s email list and receive news directly, please visit http://ir.arrowheadpharma.com/email-alerts.

Safe Harbor Statement under the Private Securities Litigation Reform Act:

This news release contains forward-looking statements within the meaning of the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995. Any statements contained in this release except for historical information may be deemed to be forward-looking statements. Without limiting the generality of the foregoing, words such as “may,” “will,” “expect,” “believe,” “anticipate,” “hope,” “intend,” “plan,” “project,” “could,” “estimate,” “continue,” “target,” “forecast” or “continue” or the negative of these words or other variations thereof or comparable terminology are intended to identify such forward-looking statements. In addition, any statements that refer to projections of our future financial performance, trends in our business, expectations for our product pipeline, products or product candidates or other characterizations of future events or circumstances are forward-looking statements. These forward-looking statements include, but are not limited to, statements about our beliefs and expectations regarding the long-term impacts of REDEMPLO (plozasiran) on patient health and the health care system; our beliefs and expectations regarding the pricing, value, or expected timing for availability of our drugs and drug candidates if approved; and our beliefs and expectations around the potential uses and value of the TRiM™ platform. These statements are based upon our current expectations and speak only as of the date hereof. Actual results or outcomes may differ materially and adversely from those expressed in any forward-looking statements as a result of numerous factors and uncertainties, including the safety and efficacy of our products and product candidates, pricing and reimbursement decisions related to our products if approved, demand for our products, decisions of regulatory authorities and the timing thereof, the duration and impact of regulatory delays in our clinical programs, our ability to finance our operations, the likelihood and timing of the receipt of future milestone and licensing fees, the future success of our scientific studies, the timing for starting and completing clinical trials, rapid technological change in our markets, the enforcement of our intellectual property rights, and the other risks and uncertainties described in our most recent Annual Report on Form 10-K, subsequent Quarterly Reports on Form 10-Q and other documents filed with the Securities and Exchange Commission from time to time. We assume no obligation to update or revise forward-looking statements to reflect new events or circumstances.

References

Watts GF, Rosenson RS, Hegele RA, Goldberg IJ, Gallo A, Mertens A, Baass A, Zhou R, Muhsin M, Hellawell J, et al. Plozasiran for managing persistent chylomicronemia and pancreatitis risk. N Engl J Med. 2024;392:127–137. https://doi.org/10.1056/nejmoa2409368 PMID: 39225259.Watts GF, Hegele RA, Rosenson RS et al. Temporal Effects of Plozasiran on Lipids and Lipoproteins in Persistent Chylomicronemia. Circulation. 2025:151(10); 733-736; https://doi.org/10.1161/CIRCULATIONAHA.124.072860 PMID:39549263.Source: Arrowhead Pharmaceuticals, Inc.

More News From Arrowhead Pharmaceuticals, Inc.

Key Takeaways ATI shares jumped 142.6% in a year, backed by aerospace, defense and specialty energy demand.Earnings estimates for ATI are rising, with 2026 earnings expected to climb 34.3% year over year.Nickel alloy upgrades, cash flow, debt cuts and buybacks support ATI's long-term growth plans. ATI Inc. (ATI - Free Report) shares have surged 142.6% over the past year, outperforming the Zacks Aerospace - Defense Equipment industry’s rise of 18.4%. It has been benefiting from robust demands in key sectors and growth actions led by strategic investments toward building differentiated nickel capability through upgrading specific equipment or processes amid a challenging macro environment fueled by geopolitical tensions.

We are positive about ATI’s prospects and believe that the time is right for you to add the stock to the portfolio, as it looks promising and is poised to carry the momentum ahead.

Image Source: Zacks Investment Research

Let's see what makes ATI stock an attractive investment option at the moment.

Positive Analyst Sentiment for ATI StockEarnings estimates for ATI have been going up over the past 60 days. The Zacks Consensus Estimate for 2026 has increased by 40.7%. The consensus estimate for second-quarter 2026 has also been revised 5.2% upward over the same time frame. The favorable estimate revisions instill investor confidence in the stock.

ATI’s Strong Growth ProspectsThe Zacks Consensus Estimate for ATI’s 2026 earnings is pegged at $4.35, suggesting a 34.3% increase from the previous year’s tally. Earnings are projected to increase by 37.8% in the second quarter of 2026.

Positive Earnings Surprise HistoryATI’s earnings beat the Zacks Consensus Estimate in each of the four trailing quarters, with an average earnings surprise of 8.6%.

ATI Rides on Aerospace Demand Surge and Strategic CapExATI continues to benefit from strong demand across its key aerospace, defense and specialty energy markets. The ongoing production ramp in both narrow-body and wide-body commercial aircraft, coupled with growing adoption of next-generation jet engines, is driving increased demand for the company’s proprietary alloys, forgings and specialty materials. ATI is also benefiting from higher content per engine as advanced engine platforms require greater use of nickel-based superalloys and specialty materials.

Rising government spending across naval, air, missile and ground-based military programs continues to support demand for ATI’s titanium and advanced alloy products used in critical defense applications. The company is also seeing growing opportunities in its specialty energy business as investments in nuclear power and gas turbine infrastructure increase to meet rising electricity demand, particularly from AI-driven data centers.

The company is reinforcing its growth targets through investments in the expansion of its differentiated nickel alloy capabilities, including upgrades to its nickel melt system and new vacuum induction melting capacity. These projects are focused on high margins and are partially supported by customer co-funding, reducing execution risk.

At the same time, ATI continues to generate healthy free cash flow and strengthen its balance sheet. It sees an adjusted free cash flow outlook of $465-$525 million for 2026. Its disciplined capital allocation strategy, debt reduction efforts and share repurchase programs provide additional support to shareholder value creation while positioning the company to capitalize on long-term growth opportunities.

ATI’s Zacks Rank & Other Key PicksATI currently carries a Zacks Rank #2 (Buy).

Other top-ranked stocks in the Basic Materials space are Albemarle Corporation (ALB - Free Report) , Dow Inc. (DOW - Free Report) and Avino Silver & Gold Mines Ltd. (ASM - Free Report) .

While ALB and DOW sport a Zacks Rank #1 (Strong Buy) each at present, ASM carries a Zacks Rank #2. You can see the complete list of today’s Zacks #1 Rank stocks here.

The Zacks Consensus Estimate for ALB’s 2026 earnings is pinned at $12.39 per share, indicating a 1,668.35% year-over-year increase. Its earnings beat the Zacks Consensus Estimate in three of the trailing four quarters and missed once, with an average surprise of 74.5%. ALB’s shares have jumped 160.3% over the past year.

The Zacks Consensus Estimate for DOW’s 2026 earnings is pegged at $2.61 per share, indicating a rise of 377.66% year over year. Its earnings beat the Zacks Consensus Estimate in three of the trailing four quarters. DOW’sshares have gained 11.8% over the past year.

The Zacks Consensus Estimate for ASM’s current fiscal-year earnings is pinned at 39 cents per share, indicating a 34.48% year-over-year increase. Its earnings beat the Zacks Consensus Estimate in each of the trailing four quarters, with an average surprise of 125%.

Delivered Strong Double-Digit Revenue and Earnings GrowthExpanded AI Leadership with the Launch of WISE Workforce Intelligence EngineReturned $2.2 Billion to Shareholders in Fiscal 2026
ROCHESTER, N.Y., June 24, 2026 (GLOBE NEWSWIRE) -- Paychex (Nasdaq: PAYX), a leading provider of expert-enabled HR, payroll, and benefits, today reported results for the fiscal quarter ended May 31, 2026 (the "fourth quarter") of the fiscal year ended May 31, 2026 ("fiscal 2026"). Results compared to the same period last year were as follows:

  Three months ended      Twelve months ended      May 31,      May 31,    In millions, except per share amounts 2026  2025  Change(2)
 2026  2025  Change(2)Total revenue $1,605.5  $1,427.3   12% $6,512.0  $5,571.7   17%Operating income $604.7  $431.1   40% $2,510.5  $2,207.7   14%Adjusted operating income(1) $675.8  $576.7   17% $2,814.7  $2,370.0   19%Diluted earnings per share $1.17  $0.82   43% $4.89  $4.58   7%Adjusted diluted earnings per share(1) $1.32  $1.19   11% $5.51  $4.98   11%                          (1)  Adjusted operating income and adjusted diluted earnings per share are not United States ("U.S.") generally accepted accounting principle ("GAAP") measures. Please refer to the "Non-GAAP Financial Measures" section of this press release for a discussion of non-GAAP measures.
(2)  Percentage changes are calculated based on unrounded numbers.

“We finished fiscal 2026 with strong momentum, delivering double-digit revenue and earnings growth while accelerating organic revenue growth throughout the year,” stated John Gibson, President and Chief Executive Officer. "These results reflect solid execution against two of our strategic priorities, the successful integration of Paycor to advance our upmarket expansion and AI innovation that further differentiates our HCM and advisory solutions. Our durable business model and strong cash generation enabled us to return $2.2 billion to shareholders this fiscal year while continuing to invest in innovation and future growth."

Gibson continued, “As businesses look for a trusted partner to help them manage increasing work and complexity, we believe Paychex is well positioned to deliver differentiated value through the combination of our AI-driven technology and deep advisory expertise. This quarter, we launched WISE, our AI-powered intelligence engine, across our HCM platforms and internal operations, enabling more proactive, autonomous execution. It leverages patent-pending technology to unlock insights from unstructured data to increase productivity and enhance client outcomes.”

Fourth Quarter Business Highlights

Fourth quarter results reflect a full quarter of revenue and expenses from Paycor HCM, Inc. (“Paycor”), acquired in April 2025, compared to a partial-quarter in the prior-year period.

Total revenue increased to $1.6 billion for the fourth quarter, representing growth of 12% over the prior year period. Highlights compared to the prior year period include:

Management Solutions revenue increased 14% to $1.2 billion for the fourth quarter. Paycor, acquired in April 2025, contributed approximately 8% to Management Solutions revenue growth year-over-year. Management Solutions revenue increased due to the following:

Higher product penetration and growth in client worksite employees for Human Resources ("HR") Solutions; andPrice realization and higher revenue per client driven by Paycor's upmarket client base. Professional Employer Organization ("PEO") and Insurance Solutions revenue increased 9% to $369.7 million for the fourth quarter, primarily due to the following:

Growth in the number of average PEO worksite employees; andIncrease in PEO insurance revenues. Interest on funds held for clients increased 15% to $52.2 million for the fourth quarter due to higher average investment balances resulting from the acquisition of Paycor.

Total expenses were relatively flat for the fourth quarter, primarily impacted by the following:

Increases in compensation-related expenses and amortization of intangible assets, primarily driven by the acquisition of Paycor; andHigher technology, selling, and marketing investments driven by the acquisition of Paycor and continued investments in our strategic priorities; offset byLower acquisition-related compensation and other acquisition-related costs, primarily consisting of professional service fees.
Operating income increased 40% to $604.7 million for the fourth quarter. The increase in operating income primarily reflected revenue growth and lower acquisition-related costs compared to the prior year period. Adjusted operating income(1), which excludes acquisition-related costs included in selling, general and administrative expenses, grew 17% to $675.8 million for the fourth quarter. Operating margin (operating income as a percentage of total revenue) was 37.7% for the fourth quarter compared to 30.2% for the prior year period. Adjusted operating margin(1) (adjusted operating income as a percentage of total revenue) was 42.1% for the fourth quarter compared to 40.4% for the prior year period.

Interest expense increased $1.0 million to $64.7 million for the fourth quarter, primarily due to the issuance of incremental debt in April 2025 to finance the acquisition of Paycor. The prior-year period also included acquisition-related financing costs.

Other income, net, decreased $7.7 million to $14.2 million for the fourth quarter, primarily as a result of lower average investment balances on our corporate investments resulting from the repayment of the Company's long-term private placement debt, Senior Notes, Series A, which matured in March 2026, and higher share repurchases in fiscal 2026.

Our effective income tax rate was 24.1% for the fourth quarter and 23.7% for the prior year period. Both periods were affected by the recognition of discrete tax impacts related to employee stock-based compensation payments.

Diluted earnings per share increased 43% to $1.17 per share and adjusted diluted earnings per share(1) increased 11% to $1.32 per share for the fourth quarter.

Fiscal Year Business Highlights

Highlights for fiscal 2026 as compared to the corresponding prior year period are as follows:

Total revenue increased 17% to $6.5 billion.Operating income increased 14% to $2.5 billion and adjusted operating income(1) increased 19% to $2.8 billion.Operating margin was 38.6% for the fiscal year compared to 39.6% for the prior year period. Adjusted operating margin(1) was 43.2% for the fiscal year compared to 42.5% for the prior year period.Diluted earnings per share increased 7% to $4.89 per share. Adjusted diluted earnings per share(1) increased 11% to $5.51 per share. Financial Position and Liquidity

Our financial position and cash flow generation remained strong during fiscal 2026. As of May 31, 2026, we had:

Cash, restricted cash, and total corporate investments of $1.2 billion.Short-term and long-term borrowings, net of debt issuance costs, of $4.6 billion.Cash flow from operations was $2.6 billion for the fiscal year.
Return to Stockholders During Fiscal 2026

Paid cumulative dividends of $4.43 per share totaling $1.6 billion.Repurchased 5.6 million shares of our common stock for $611.0 million. Business Outlook

Our outlook for the fiscal year ending May 31, 2027 ("fiscal 2027") reflects current assumptions and market conditions. Changes in the macroeconomic environment could alter our guidance. Our updated business outlook is as follows:

Total revenue is anticipated to grow in the range of 5% to 6%.Management Solutions revenue is anticipated to grow in the range of 5% to 6%.PEO and Insurance Solutions revenue is anticipated to grow in the range of 6% to 7%.Interest on funds held for clients is expected to be in the range of $195 million to $205 million.Adjusted operating margin(1) is anticipated to be approximately 44%.The effective income tax rate for fiscal 2027 is anticipated to be approximately 24%.Adjusted diluted earnings per share(1) is anticipated to grow in the range of 7% to 9%.
(1) Adjusted operating income, adjusted operating margin, and adjusted diluted earnings per share are not U.S. GAAP measures. Please refer to the "Non-GAAP Financial Measures" section of this press release for a discussion of non-GAAP measures. Forward-looking adjusted operating margin and adjusted diluted earnings per share exclude acquisition-related costs.

Non-GAAP Financial Measures

  Three months ended     Twelve months ended      May 31,     May 31,    $ in millions, except per share amounts 2026  2025  Change 2026  2025  ChangeOperating income $604.7  $431.1   40% $2,510.5  $2,207.7   14%Non-GAAP adjustments:                      Acquisition-related costs(1)  71.1   145.6      304.2   162.3    Adjusted operating income $675.8  $576.7   17% $2,814.7  $2,370.0   19%Adjusted operating margin  42.1%  40.4%     43.2%  42.5%                          Net income $420.6  $297.2   41% $1,760.1  $1,657.3   6%Non-GAAP adjustments:                      Acquisition-related costs(1)  71.1   166.4      304.2   196.3    Income tax benefit for acquisition-related costs  (17.1)  (33.3)     (73.3)  (40.6)   Discrete tax shortfall/(windfall) related to employee stock-based compensation payments(2)  0.0   (0.7)     (6.2)  (10.1)   Adjusted net income $474.6  $429.6   10% $1,984.8  $1,802.9   10%                       Diluted earnings per share(3) $1.17  $0.82   43% $4.89  $4.58   7%Non-GAAP adjustments:                      Acquisition-related costs(1)  0.20   0.46      0.84   0.54    Income tax benefit for acquisition-related costs  (0.05)  (0.09)     (0.20)  (0.11)   Discrete tax shortfall/(windfall) related to employee stock-based compensation payments(2)  0.00   (0.00)     (0.02)  (0.03)   Adjusted diluted earnings per share $1.32  $1.19   11% $5.51  $4.98   11%                       Net income $420.6  $297.2   41% $1,760.1  $1,657.3   6%Non-GAAP adjustments:                      Interest expense  64.7   63.7      269.5   105.4    Interest income on corporate investments  (13.0)  (20.5)     (63.4)  (72.8)   Income taxes  133.6   92.1      550.8   518.6    Depreciation and amortization expense  113.2   85.7      442.6   209.5    EBITDA $719.1  $518.2   39% $2,959.6  $2,418.0   22%Non-GAAP adjustments:                      Acquisition-related costs(1)  10.6   104.9      62.2   121.6    Adjusted EBITDA $729.7  $623.1   17% $3,021.8  $2,539.6   19%                          (1)  Acquisition-related costs included in selling, general and administrative expenses include:

$60.5 million for the fourth quarter and $242.0 million for the twelve months compared to $40.7 million for both corresponding prior-year periods, in amortization of intangibles acquired in the acquisition of Paycor,$10.4 million for the fourth quarter and $52.1 million for the twelve months compared to $70.8 million for both corresponding prior-year periods, in compensation costs related to the acquisition and integration of Paycor, including replacement awards, severance and retention bonuses, and$0.2 million for the fourth quarter and $10.1 million for the twelve months compared to $34.1 million and $50.8 million for corresponding prior-year periods, respectively, in other acquisition-related costs primarily consisting of professional service fees. In addition, acquisition-related costs for the three and twelve months ended May 31, 2025 include $20.8 million and $34.0 million, respectively, reflecting the amortization of financing fees related to debt instruments associated with the financing of the Paycor acquisition and the excluded component of the initial fair value of the interest rate swaption contracts that are included in Interest expense in the Company's Consolidated Statements of Income.

(2)  Net tax shortfall/(windfall) related to employee stock-based compensation payments recognized in income taxes. This item is subject to volatility and will vary based on employee decisions on exercising employee stock options and fluctuations in our stock price, neither of which is within the control of management.

(3)  The calculation of the impact of non-GAAP adjustments on diluted earnings per share is performed on each line independently. The table may not add down by +/- $0.01 due to rounding.

In addition to reporting operating income, operating margin, net income, and diluted earnings per share, which are U.S. GAAP measures, we present adjusted operating income, adjusted operating margin, adjusted net income, adjusted diluted earnings per share, earnings before interest, taxes, depreciation, and amortization ("EBITDA"), and adjusted EBITDA which are non-GAAP measures. We believe these additional measures are indicators of the performance of our core business operations period over period. Adjusted operating income, adjusted operating margin, adjusted net income, adjusted diluted earnings per share, EBITDA, and adjusted EBITDA are not calculated through the application of U.S. GAAP and are not required forms of disclosure by the Securities and Exchange Commission ("SEC"). As such, they should not be considered a substitute for the U.S. GAAP measures of operating income, operating margin, net income, and diluted earnings per share, and, therefore, they should not be used in isolation but in conjunction with the U.S. GAAP measures. The use of any non-GAAP measure may produce results that vary from the U.S. GAAP measure and may not be comparable to a similarly defined non-GAAP measure used by other companies.

Annual Report on Form 10-K ("Form 10-K")

We anticipate filing our Form 10-K before the end of July 2026. Once filed, the report will be accessible via our Investor Relations portal at https://investor.paychex.com. This press release should be read in conjunction with the Form 10-K and the related Notes to Consolidated Financial Statements and Management's Discussion and Analysis of Financial Condition and Results of Operations contained in that Form 10-K.

Webcast Details

The Company will host an Earnings Conference Call on June 24, 2026 at 9:30 a.m. Eastern Time, to discuss these results. The live webcast will be available for replay on our Investor Relations portal at https://investor.paychex.com, where news releases, current financial information, and investor presentations are also accessible.

Contacts

Investor Relations:Media Relations:Rachel WhiteTracy VolkmannHead of Investor RelationsManager, Public Relations(513) 954-7388(585) [email protected]@paychex.com   About Paychex

Paychex, Inc. (Nasdaq: PAYX) provides a comprehensive suite of expert-enabled technology and advisory solutions that help businesses manage HR, payroll, and benefits. Serving approximately 800,000 clients and paying 1 in 11 U.S. private sector workers, Paychex combines scale, trusted expertise, and innovation to help businesses succeed. Built on more than 50 years of workforce experience and one of the industry’s largest proprietary HR datasets, Paychex’s WISE agentic AI platform embeds intelligence directly into workflows to improve productivity, enhance decision-making, and deliver better outcomes. Learn more at paychex.com.

Cautionary Note Regarding Forward-Looking Statements

Certain written statements in this press release may contain, and members of management may from time to time make or discuss statements which constitute, "forward-looking statements" within the meaning of the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995. Forward-looking statements can be identified by such words and phrases as "expect," "outlook," "will," "guidance," "projections," "strategy," "anticipate," "believe," "can," "continue," "could," "future," "may," "possible," "potential," "should," "see," and other similar words or phrases. Forward-looking statements include, without limitation, all matters that are not historical facts. Examples of forward-looking statements include, among others, statements we make regarding operating performance, events, or developments that we expect or anticipate will occur in the future, including statements relating to our outlook, revenue growth, earnings, earnings-per-share growth, and similar projections.

Forward-looking statements are neither historical facts nor assurances of future performance. Instead, they are based only on our current beliefs, expectations, and assumptions regarding the future of our business, future plans and strategies, projections, anticipated events and trends, the economy, and other future conditions. Because forward-looking statements relate to the future, they are subject to known and unknown uncertainties, risks, changes in circumstances, and other factors that are difficult to predict, many of which are outside our control. Our actual performance and outcomes, including without limitation, our actual results and financial condition, may differ materially from those indicated in or suggested by the forward-looking statements. Therefore, you should not rely on any of these forward-looking statements. Important factors that could cause our actual results and financial condition to differ materially from those indicated in the forward-looking statements include, among others, the following:

our ability to keep pace with changes in technology or provide timely enhancements to our solutions and support;risks related to our use of artificial intelligence ("AI") and new technologies in our business;software defects, undetected errors, and development delays for our solutions;the possibility of cyberattacks, security vulnerabilities or Internet disruptions, including data security and privacy leaks, and data loss and business interruptions;the possibility of failure of our business continuity plan during a catastrophic event;the failure of third-party service providers to perform their functions;the possibility that we may be exposed to additional risks related to our co-employment relationship with our PEO business;changes in health insurance and workers’ compensation insurance rates and underlying claim trends;risks related to acquisitions and the integration and performance of the businesses we acquire;our clients’ failure to reimburse us for payments made by us on their behalf;the effect of changes in government regulations mandating the amount of tax withheld or the timing of remittances;our failure to comply with covenants in our corporate bonds and debt agreements;changes in our credit ratings;changes in governmental regulations, laws, and policies;our ability to comply with U.S., state, and foreign laws and regulations;our compliance with data privacy and AI laws and regulations;our failure to protect our intellectual property rights;potential outcomes related to pending or future litigation matters;the impact of macroeconomic factors on the U.S. and global economy, and in particular on our small- and medium-sized business clients;volatility in the political, market, and economic environment, including inflation and interest rate changes;our ability to attract and retain qualified people; andthe possible effects of negative publicity on our reputation and the value of our brand. Any of these factors, as well as such other factors as discussed in our SEC filings, could cause our actual results to differ materially from our anticipated results. The information provided in this document is based upon the facts and circumstances known as of the date of this press release, and any forward-looking statements made by us in this document speak only as of the date on which they are made. Except as required by law, we undertake no obligation to update these forward-looking statements after the date of issuance of this press release to reflect events or circumstances after such date, or to reflect the occurrence of unanticipated events.

PAYCHEX, INC.
CONSOLIDATED STATEMENTS OF INCOME (Unaudited)
(In millions, except per share amounts)               Three months ended     Twelve months ended      May 31,     May 31,      2026  2025  Change(2) 2026  2025  Change(2)Revenue:                      Management Solutions $1,183.6  $1,041.8   14% $4,867.9  $4,067.1   20%PEO and Insurance Solutions  369.7   340.3   9%  1,433.2   1,342.9   7%Total service revenue  1,553.3   1,382.1   12%  6,301.1   5,410.0   16%Interest on funds held for clients(1)  52.2   45.2   15%  210.9   161.7   30%Total revenue  1,605.5   1,427.3   12%  6,512.0   5,571.7   17%Expenses:                      Cost of service revenue  417.3   393.9   6%  1,674.5   1,540.4   9%Selling, general and administrative expenses  583.5   602.3   (3)%  2,327.0   1,823.6   28%Total expenses  1,000.8   996.2   0%  4,001.5   3,364.0   19%Operating income  604.7   431.1   40%  2,510.5   2,207.7   14%Interest expense  (64.7)  (63.7) n/m   (269.5)  (105.4) n/m Other income, net(1)  14.2   21.9   (35)%  69.9   73.6   (5)%Income before income taxes  554.2   389.3   42%  2,310.9   2,175.9   6%Income taxes  133.6   92.1   45%  550.8   518.6   6%Net income $420.6  $297.2   41% $1,760.1  $1,657.3   6%                       Basic earnings per share $1.18  $0.82   44% $4.90  $4.60   7%Diluted earnings per share $1.17  $0.82   43% $4.89  $4.58   7%Weighted-average common shares outstanding  357.6   360.3      358.9   360.2    Weighted-average common shares outstanding, assuming dilution  358.2   362.3      360.0   362.0                            (1)  Further information on interest on funds held for clients and other income, net, and the short- and long-term effects of changing interest rates can be found in our filings with the SEC, including our Quarterly Reports on Form 10-Q and our Annual Report on Form 10-K, as applicable, under the caption "Management’s Discussion and Analysis of Financial Condition and Results of Operations" and subheadings "Results of Operations" and "Market Risk Factors." These filings are accessible at https://investor.paychex.com.
(2)  Percentage changes are calculated based on unrounded numbers.

n/m – not meaningful

PAYCHEX, INC.
CONSOLIDATED BALANCE SHEETS (Unaudited)
(In millions, except per share amounts)
  May 31,   2026  2025 ASSETS        Cash and cash equivalents $1,088.2  $1,628.6 Restricted cash  52.8   47.9 Corporate investments  36.3   34.5 Interest receivable  36.1   27.9 Accounts receivable, net of allowance for credit losses  1,507.6   1,330.5 PEO unbilled receivables, net of advance collections  664.2   616.6 Prepaid income taxes  11.2   38.9 Prepaid expenses and other current assets  384.7   378.3 Current assets before funds held for clients  3,781.1   4,103.2 Funds held for clients  4,832.2   4,813.3 Total current assets  8,613.3   8,916.5 Property and equipment, net of accumulated depreciation  588.9   511.5 Operating lease right-of-use assets, net of accumulated amortization  63.9   63.8 Intangible assets, net of accumulated amortization  1,684.0   1,947.3 Goodwill  4,527.4   4,514.1 Long-term deferred costs  555.8   482.4 Other long-term assets  141.2   128.5 Total assets $16,174.5  $16,564.1          LIABILITIES        Accounts payable $154.8  $129.8 Accrued corporate compensation and related items  162.1   183.9 Accrued worksite employee compensation and related items  844.8   735.8 Short-term debt  —   18.6 Long-term debt, net, current portion  —   399.8 Accrued income taxes  87.8   — Deferred revenue  69.4   69.4 Other current liabilities  637.1   552.0 Current liabilities before client fund obligations  1,956.0   2,089.3 Client fund obligations  4,884.6   4,867.0 Total current liabilities  6,840.6   6,956.3 Accrued income taxes  140.5   119.0 Deferred income taxes  543.3   444.7 Long-term debt, net  4,556.1   4,548.4 Operating lease liabilities  52.2   55.5 Other long-term liabilities  306.7   312.2 Total liabilities  12,439.4   12,436.1          STOCKHOLDERS’ EQUITY        Common stock, $0.01 par value; Authorized: 600.0 shares;
Issued and outstanding: 355.6 shares as of May 31, 2026
and 360.5 shares as of May 31, 2025  3.6   3.6 Additional paid-in capital  1,975.6   1,901.1 Retained earnings  1,805.8   2,277.0 Accumulated other comprehensive loss  (49.9)  (53.7)Total stockholders’ equity  3,735.1   4,128.0 Total liabilities and stockholders’ equity $16,174.5  $16,564.1  PAYCHEX, INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited)
(In millions)
      Twelve months ended   May 31,   2026  2025 OPERATING ACTIVITIES        Net income $1,760.1  $1,657.3 Adjustments to reconcile net income to net cash provided by operating activities:        Depreciation and amortization  442.6   209.5 Amortization of discounts and premiums on available-for-sale securities, net  (7.6)  23.4 Amortization of deferred contract costs  249.2   236.5 Stock-based compensation costs  96.1   111.8 Provision for/(Benefit from) deferred income taxes  103.7   (15.8)Provision for allowance for credit losses  38.1   24.2 Net realized (gains)/losses on sales of available-for-sale securities  (7.6)  0.4 Net realized losses on disposal of assets  6.2   3.7 Premiums paid on cash flow hedges  —   (19.2)Changes in operating assets and liabilities:        Interest receivable  (8.2)  (3.8)Accounts receivable and PEO unbilled receivables, net  (105.8)  (130.7)Prepaid expenses and other current assets  40.0   (12.0)Accounts payable and other current liabilities  291.4   42.3 Deferred costs  (342.5)  (246.5)Net change in other long-term assets and liabilities  3.9   21.9 Net change in operating lease right-of-use assets and liabilities  (2.9)  (2.1)Net cash provided by operating activities  2,556.7   1,900.9 INVESTING ACTIVITIES        Purchases of available-for-sale securities  (12,226.2)  (14,302.9)Proceeds from sales and maturities of available-for-sale securities  11,517.6   14,292.5 Net change in purchased receivables  (166.1)  (157.3)Purchases of property and equipment  (234.9)  (191.8)Acquisition of businesses, net of cash acquired  (0.4)  (2,967.5)Purchases of other assets  (42.4)  (29.8)Net cash used in investing activities  (1,152.4)  (3,356.8)FINANCING ACTIVITIES        Net change in client fund obligations  17.6   (290.7)Net proceeds from short-term borrowings  (18.8)  — Payments on long-term debt  (400.0)  — Proceeds from the issuance of corporate bonds  —   4,180.9 Dividends paid  (1,589.6)  (1,448.5)Repurchases of common shares  (611.0)  (104.5)Debt issuance costs  —   (47.8)Activity related to equity-based plans  (52.0)  3.8 Net cash (used in)/provided by financing activities  (2,653.8)  2,293.2 Net change in cash, restricted cash, and equivalents  (1,249.5)  837.3 Cash, restricted cash, and equivalents, beginning of fiscal year  2,734.3   1,897.0 Cash, restricted cash, and equivalents, end of fiscal year $1,484.8  $2,734.3          Reconciliation of cash, restricted cash and equivalents        Cash and cash equivalents $1,088.2  $1,628.6 Restricted cash  52.8   47.9 Restricted cash and restricted cash equivalents included in funds held for clients  343.8   1,057.8 Total cash, restricted cash, and equivalents $1,484.8   $2,734.3