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Brixmor Property Group is downgraded to 'Hold' as shares approach a fair value of $29–$31 after a strong run. BRX benefits from durable grocery-anchored open-air centers, strong leasing momentum, and a financially sound, diversified tenant base. 2024 FFO guidance of $2.33–$2.37 aligns with expectations; dividend coverage is robust at ~1.9x, supporting continued dividend growth.

Posted by Defense World Staff on Apr 13th, 2026

Massachusetts Financial Services Co. MA reduced its position in shares of Brixmor Property Group Inc. (NYSE:BRX – Free Report) by 4.9% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 7,691,972 shares of the real estate investment trust’s stock after selling 399,100 shares during the period. Massachusetts Financial Services Co. MA owned 2.51% of Brixmor Property Group worth $201,684,000 at the end of the most recent quarter.

Several other hedge funds also recently modified their holdings of the company. Parallel Advisors LLC boosted its stake in shares of Brixmor Property Group by 17.4% during the 3rd quarter. Parallel Advisors LLC now owns 2,681 shares of the real estate investment trust’s stock worth $74,000 after purchasing an additional 398 shares during the last quarter. Quadrant Capital Group LLC boosted its stake in shares of Brixmor Property Group by 2.5% during the 3rd quarter. Quadrant Capital Group LLC now owns 19,283 shares of the real estate investment trust’s stock worth $534,000 after purchasing an additional 465 shares during the last quarter. Park Avenue Securities LLC boosted its stake in shares of Brixmor Property Group by 1.3% during the 3rd quarter. Park Avenue Securities LLC now owns 36,195 shares of the real estate investment trust’s stock worth $1,002,000 after purchasing an additional 478 shares during the last quarter. GAMMA Investing LLC boosted its stake in shares of Brixmor Property Group by 7.4% during the 3rd quarter. GAMMA Investing LLC now owns 7,003 shares of the real estate investment trust’s stock worth $194,000 after purchasing an additional 485 shares during the last quarter. Finally, EverSource Wealth Advisors LLC boosted its stake in shares of Brixmor Property Group by 43.6% during the 2nd quarter. EverSource Wealth Advisors LLC now owns 1,835 shares of the real estate investment trust’s stock worth $48,000 after purchasing an additional 557 shares during the last quarter. 98.43% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth Several research firms recently issued reports on BRX. Weiss Ratings reissued a “buy (b-)” rating on shares of Brixmor Property Group in a research report on Monday, December 22nd. Piper Sandler raised their target price on shares of Brixmor Property Group from $31.00 to $34.00 and gave the stock an “overweight” rating in a research report on Tuesday, February 17th. UBS Group raised their target price on shares of Brixmor Property Group from $29.00 to $31.00 and gave the stock a “buy” rating in a research report on Thursday, January 8th. Scotiabank raised their target price on shares of Brixmor Property Group from $29.00 to $33.00 and gave the stock a “sector outperform” rating in a research report on Tuesday, March 24th. Finally, Wells Fargo & Company raised their target price on shares of Brixmor Property Group from $28.00 to $32.00 and gave the stock an “equal weight” rating in a research report on Thursday, March 19th. Ten analysts have rated the stock with a Buy rating and two have issued a Hold rating to the stock. According to data from MarketBeat.com, Brixmor Property Group presently has a consensus rating of “Moderate Buy” and a consensus price target of $31.55.

Get Our Latest Research Report on Brixmor Property Group

Brixmor Property Group Trading Down 0.0% Shares of BRX stock opened at $29.70 on Monday. The stock has a market cap of $9.11 billion, a price-to-earnings ratio of 23.57, a price-to-earnings-growth ratio of 2.67 and a beta of 1.06. The company has a quick ratio of 1.11, a current ratio of 1.11 and a debt-to-equity ratio of 1.83. Brixmor Property Group Inc. has a fifty-two week low of $23.38 and a fifty-two week high of $30.70. The firm’s 50 day moving average price is $29.22 and its two-hundred day moving average price is $27.39.

Brixmor Property Group (NYSE:BRX – Get Free Report) last announced its quarterly earnings results on Monday, February 9th. The real estate investment trust reported $0.58 earnings per share for the quarter, beating analysts’ consensus estimates of $0.57 by $0.01. The firm had revenue of $353.75 million for the quarter, compared to analysts’ expectations of $347.42 million. Brixmor Property Group had a net margin of 28.16% and a return on equity of 13.00%. Brixmor Property Group’s revenue was up 7.7% compared to the same quarter last year. During the same period in the previous year, the company posted $0.53 earnings per share. Brixmor Property Group has set its FY 2026 guidance at 2.330-2.370 EPS. On average, analysts anticipate that Brixmor Property Group Inc. will post 2.22 EPS for the current year.

Brixmor Property Group Announces Dividend The firm also recently declared a quarterly dividend, which will be paid on Wednesday, April 15th. Shareholders of record on Thursday, April 2nd will be given a dividend of $0.3075 per share. This represents a $1.23 dividend on an annualized basis and a yield of 4.1%. The ex-dividend date of this dividend is Thursday, April 2nd. Brixmor Property Group’s payout ratio is 97.62%.

Insiders Place Their Bets In other Brixmor Property Group news, Director Julie Bowerman sold 8,000 shares of Brixmor Property Group stock in a transaction that occurred on Thursday, February 12th. The shares were sold at an average price of $29.03, for a total transaction of $232,240.00. Following the transaction, the director directly owned 18,400 shares of the company’s stock, valued at $534,152. The trade was a 30.30% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through this hyperlink. 0.91% of the stock is currently owned by company insiders.

About Brixmor Property Group (Free Report)

Brixmor Property Group is a publicly traded real estate investment trust (REIT) focused on the ownership, management and development of open-air shopping centers across the United States. The company acquires and leases retail properties that feature everyday, necessity-based tenants such as grocery stores, discount retailers, and service providers. Brixmor’s core strategy centers on generating stable, long-term income streams through tenant relationships and targeted property enhancements.

The company’s main business activities include proactive leasing, property upkeep and capital improvement projects designed to maximize occupancy and tenant satisfaction.

See Also Five stocks we like better than Brixmor Property Group

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Brixmor Property (BRX - Free Report) came out with quarterly funds from operations (FFO) of $0.58 per share, beating the Zacks Consensus Estimate of $0.57 per share. This compares to FFO of $0.56 per share a year ago. These figures are adjusted for non-recurring items.

This quarterly report represents an FFO surprise of +1.17%. A quarter ago, it was expected that this owner and operator of shopping centers would post FFO of $0.57 per share when it actually produced FFO of $0.58, delivering a surprise of +1.75%.

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

Brixmor, which belongs to the Zacks REIT and Equity Trust - Retail industry, posted revenues of $354.82 million for the quarter ended March 2026, surpassing the Zacks Consensus Estimate by 1.91%. This compares to year-ago revenues of $337.51 million. The company has topped consensus revenue estimates four times over the last four quarters.

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

Brixmor shares have added about 15.8% since the beginning of the year versus the S&P 500's gain of 4.7%.

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

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

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

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

It will be interesting to see how estimates for the coming quarters and the current fiscal year change in the days ahead. The current consensus FFO estimate is $0.59 on $351.54 million in revenues for the coming quarter and $2.35 on $1.41 billion in revenues for the current fiscal year.

Investors should be mindful of the fact that the outlook for the industry can have a material impact on the performance of the stock as well. In terms of the Zacks Industry Rank, REIT and Equity Trust - Retail is currently in the top 26% of the 250 plus Zacks industries. Our research shows that the top 50% of the Zacks-ranked industries outperform the bottom 50% by a factor of more than 2 to 1.

American Assets Trust (AAT - Free Report) , another stock in the same industry, has yet to report results for the quarter ended March 2026. The results are expected to be released on April 28.

This real estate investment trust is expected to post quarterly earnings of $0.51 per share in its upcoming report, which represents a year-over-year change of -1.9%. The consensus EPS estimate for the quarter has remained unchanged over the last 30 days.

American Assets Trust's revenues are expected to be $108.86 million, up 0.2% from the year-ago quarter.

Brixmor Property Group Inc. (BRX) Q1 2026 Earnings Call Transcript

, /PRNewswire/ -- Brixmor Property Group Inc. (NYSE: BRX) ("Brixmor" or the "Company") announced today that its operating partnership, Brixmor Operating Partnership LP (the "Operating Partnership"), priced an offering of $400 million aggregate principal amount of 5.375% Senior Notes due 2036 (the "Notes"). The Notes will be issued at 99.628% of par value with a coupon of 5.375%. Interest on the Notes is payable semi-annually on June 15 and December 15 of each year, beginning December 15, 2026. The Notes will mature on June 15, 2036. The offering is expected to close on May 5, 2026, subject to the satisfaction of customary closing conditions.

The Operating Partnership intends to use the net proceeds from this offering for general corporate purposes, which may include repayment of outstanding indebtedness, including some or all of the outstanding 4.125% Senior Notes due 2026. J.P. Morgan Securities LLC, PNC Capital Markets LLC, Scotia Capital (USA) Inc. and TD Securities (USA) LLC are acting as joint book-running managers for the offering.

The Operating Partnership has filed an effective registration statement (including a prospectus supplement and accompanying base prospectus) with the Securities and Exchange Commission (the "SEC") relating to the offering to which this communication relates. Before making an investment in the Notes, potential investors should read the prospectus supplement, the accompanying prospectus and the other documents that the Company and the Operating Partnership have filed with the SEC for more complete information about us and the offering. Potential investors may obtain these documents for free by visiting EDGAR on the SEC website at www.sec.gov. Alternatively, copies may be obtained from: J.P. Morgan Securities LLC by calling 1-212-834-4533, PNC Capital Markets LLC by calling 1-855-881-0697, Scotia Capital (USA) Inc. by calling 1-800-372-3930 and TD Securities (USA) LLC by calling 1-855-495-9846.

This press release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of these Notes in any state or jurisdiction in which such offer, solicitation, or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction. Any offer or sale of the Notes will be made only by means of a prospectus supplement relating to the offering of the Notes and the accompanying prospectus.

ABOUT BRIXMOR PROPERTY GROUP
Brixmor (NYSE: BRX) owns and operates a high-quality, national portfolio of open-air shopping centers. The Company's 344 retail centers comprise approximately 62 million square feet of prime retail space in established trade areas. Brixmor's properties reflect its vision "to be the center of the communities we serve" and are home to a diverse mix of thriving national, regional and local retailers. Brixmor is a valued partner to a broad range of retailers, including The TJX Companies, The Kroger Co., Publix Super Markets and Ross Stores.

Brixmor announces material information to its investors in SEC filings and press releases and on public conference calls, webcasts and the "Investors" page of its website at https://www.brixmor.com. The Company also uses social media to communicate with its investors and the public, and the information Brixmor posts on social media may be deemed material information. Therefore, Brixmor encourages investors and others interested in the Company to review the information that it posts on its website and on its social media channels.

SAFE HARBOR LANGUAGE
This press release may contain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. These statements include, but are not limited to, statements related to our expectations regarding the performance of our business, our financial results, our liquidity and capital resources, and other non-historical statements. You can identify these forward-looking statements by the use of words such as "outlook," "believes," "expects," "potential," "continues," "may," "will," "should," "seeks," "projects," "predicts," "intends," "plans," "estimates," "anticipates," or the negative version of these words or other comparable words. Such forward-looking statements are subject to various risks and uncertainties. Accordingly, there are or will be important factors that could cause actual outcomes or results to differ materially from those indicated in these statements. We believe these factors include, but are not limited to, those described under the sections entitled "Forward-Looking Statements" and "Risk Factors" in our Form 10-K for the year ended December 31, 2025, as such factors may be updated from time to time in our periodic filings with the Securities and Exchange Commission (the "SEC"), which are accessible on the SEC's website at https://www.sec.gov. These factors include (1) changes in national, regional, and local economies, due to global events such as international geopolitical conflicts, international trade disputes, a foreign debt crisis, foreign currency volatility, or due to domestic issues, such as government policies and regulations, tariffs, energy prices, market dynamics, general economic contractions, ongoing levels of inflation and interest rates, unemployment, or limited growth in consumer income or spending; (2) local real estate market conditions, including an oversupply of space in, or a reduction in demand for, properties similar to those in our portfolio; (3) competition from other available properties and e-commerce; (4) disruption and/or consolidation in the retail sector, the financial stability of our tenants, and the overall financial condition of large retailing companies, including their ability to pay rent and/or expense reimbursements that are due to us; (5) in the case of percentage rents, the sales volumes of our tenants; (6) increases in property operating expenses, including common area expenses, utilities, insurance, and real estate taxes, which are relatively inflexible and generally do not decrease if revenue or occupancy decrease; (7) increases in the costs to repair, renovate, and re-lease space; (8) earthquakes, wildfires, tornadoes, hurricanes, damage from rising sea levels due to climate change, other natural disasters, epidemics and/or pandemics, civil unrest, terrorist acts, or acts of war, any of which may result in uninsured or underinsured losses; (9) changes in laws and governmental regulations, including those governing usage, zoning, the environment, privacy, data security, intellectual property rights, and taxes; and (10) cybersecurity incidents or other disruptions to information technology systems used by us, our tenants, or our vendors, which could compromise data or impair business operations. These factors should not be construed as exhaustive and should be read in conjunction with the other cautionary statements that are included in this press release and in our periodic filings. The forward-looking statements speak only as of the date of this press release, and we expressly disclaim any obligation or undertaking to publicly update or review any forward-looking statement, whether as a result of new information, future developments, or otherwise, except to the extent otherwise required by law.

SOURCE Brixmor Property Group Inc.

Founded in 1869, Goldman Sachs is the world’s second-largest investment bank by revenue and is ranked 82nd on the Fortune 500 list of the largest U.S. corporations by total revenue. The Wall Street white-glove firm offers financing, advisory services, risk distribution, and hedging for the firm’s institutional and corporate clients. In addition, they produce some of Wall Street’s most coveted research and serve as a bellwether for the financial industry. Goldman Sachs maintains its status as Wall Street’s premier firm through its undisputed leadership across virtually every major category. Over the 15 years we have covered the firm, it has remained the go-to Wall Street bank for almost every financial need.

The Goldman Sachs Conviction List is a curated list of stocks that the firm’s research team believes are highly likely to outperform the market. It’s a tool for investors to identify stocks with strong growth potential and is frequently updated to reflect changes in market conditions and company performance. The list aims to identify stocks where Goldman Sachs analysts have the “highest level of conviction” in their outperformance.

With the stock market once again posting new all-time highs despite a very dicey geopolitical state around the world, inflation on the rise, and the potential for no interest rate cuts until 2027, it makes sense to follow the safest Goldman Sachs Conviction List ideas from the May list. Five top companies are standouts in their sectors, pay reliable dividends, and have double-digit upside to the Goldman Sachs targets.

Why we recommend Goldman Sachs stocks

Goldman Sachs Research ranks among the best for its unmatched breadth—covering over 3,000 securities, 45+ economies, and all major markets—and rigorous, data-driven analysis. The team delivers thousands of proprietary forecasts, models, and unique indicators, backed by top-tier global analysts and innovative thought leadership on macro, industries, and trends, earning consistent recognition as a trusted resource for institutional and high-net-worth investors.

Brixmor Property This quality real estate investment trust (REIT) offers steady, reliable income, a portfolio of outstanding properties, and a rich 3.95% dividend. Brixmor Property Group (NYSE: BRX | BRX Price Prediction) is an internally managed real estate investment trust (REIT). The company conducts its operations primarily through Brixmor Operating Partnership and subsidiaries.

The company owns and operates open-air retail portfolios by gross leasable area (GLA) in the United States, comprised primarily of community and neighborhood shopping centers. The company’s portfolio consists of approximately 360 retail centers totaling over 64 million square feet of GLA.

Brixmor Property’s projects include:

Dickson City Crossings East Port Plaza Fox Run Gateway Plaza Old Bridge Gateway Pointe Orlando Shops at Palm Lakes Stewart Plaza Tinley Park Plaza Tyrone Gardens Vail Ranch Center Venice Village Village at Mira Mesa Westminster City Center The company’s national portfolio is primarily located within established trade areas in the top 50 Core-Based Statistical Areas in the United States.

Goldman Sachs has a $35 target price for the stock, representing 16% upside.

Duke Energy This American electric power and natural gas holding company is headquartered in Charlotte, North Carolina. Duke Energy (NYSE: DUK) is located in a growing part of the country and pays a hefty 3.26% dividend. It operates as an energy company in the United States through two segments.

The Electric Utilities and Infrastructure segment generates, transmits, distributes, and sells electricity in the Carolinas, Florida, and the Midwest. To develop electricity, Duke Energy uses the following:

Coal Hydroelectric Natural gas Oil Solar and wind sources Renewables Nuclear fuel This segment also sells electricity to municipalities, electric cooperative utilities, and load-serving entities.

The Gas Utilities and Infrastructure segment distributes natural gas to

Residential Commercial Industrial Power generation natural gas customers The segment also invests in pipeline transmission projects, renewable natural gas projects, and natural gas storage facilities.

The $142 Goldman Sachs price target represents an 11% gain from current trading levels.

ConocoPhillips The big always gets bigger, and this company completed a $22.5 billion purchase of Marathon Oil in late 2024. This deal added high-quality assets, particularly in the Eagle Ford and Bakken shales, to the company’s portfolio. ConocoPhillips (NYSE: COP) is an exploration and production company with a dividend yield of 1.91%.

Its Alaska segment primarily explores for, produces, transports, and markets crude oil, natural gas, and natural gas liquids. The Lower 48 segment comprises operations in the 48 contiguous U.S. states and the Gulf of America. Canadian operations consist of the Surmont oil sands development in Alberta, the liquids-rich Montney unconventional play in British Columbia, and commercial operations.

The Europe, Middle East, and North Africa segment consists of operations principally located in:

The Norwegian sector of the North Sea and the Norwegian Sea Qatar Libya Equatorial Guinea Commercial and terminalling operations in the United Kingdom The Asia Pacific segment has exploration and production operations in China, Malaysia, and Australia, as well as commercial operations in China, Singapore, and Japan. The Other International segment includes interests in Colombia as well as contingencies associated with prior operations in other countries.

The Goldman Sachs $144 target price represents a 14% gain from current levels.

McDonald’s This American multinational fast-food chain is a solid pick when the economy goes south or north. McDonald’s (NYSE: MCD) is among the safest large-cap restaurant ideas and pays a solid 2.47% dividend. It operates and franchises McDonald’s restaurants in the United States and internationally. Approximately 95% of McDonald’s 13,500 U.S. restaurants are owned and operated by independent business owners. McDonald’s is approaching the 50-year mark and is widely seen as a likely entrant to the prestigious Dividend Kings, given its consistent dividend growth and durable business model.

The company’s restaurants offer:

Hamburgers and cheeseburgers Chicken sandwiches and nuggets Fries Salads Shakes Frozen desserts Sundaes Soft serve cones Bakery items Soft drinks Coffee Muffins Sausages Biscuit and bagel sandwiches Oatmeal Hash browns Breakfast burritos Hotcakes The $370 Goldman Sachs target price would be a 26% gain from current levels.

United Healthcare This company has rallied back from a tragedy and pays a solid 1.87% dividend. UnitedHealth Group (NYSE: UNH) is a healthcare and well-being company.

Its segments include:

Employer & Individual, which provides health benefit plans to nearly 27 million people. Medicare & Retirement is focused on the health and well-being needs of seniors and other Medicare beneficiaries. Community & State focuses on economically disadvantaged and medically underserved populations. Its Optum Health platform provides comprehensive, patient-centered care that addresses physical, mental, and social well-being, delivers primary, specialty, and surgical care, and helps patients and providers navigate and address complex, chronic, and behavioral health needs.

The Optum Insight platform connects the healthcare system through services, analytics, and platforms that simplify and improve the efficiency of clinical, administrative, and financial processes for all participants.

Optum Rx offers a range of pharmacy care services through retail pharmacies, home delivery, and specialty and community health pharmacies, as well as the provision of in-home and community-based infusion services.

Goldman Sachs has a $435 target price, representing a 17% gain from current levels.

, /PRNewswire/ -- Brixmor Property Group Inc. (NYSE: BRX) today announced that the Company will host an interactive panel with management, analysts, and investors following ICSC 2026 Las Vegas on Wednesday, May 27, 2026 from 10:00 AM ET to 11:00 AM ET. To attend this webinar, please register in advance at: https://brixmor.zoom.us/webinar/register/WN_p6w36_G1RpmqFPrCwlg8iQ. A replay of the webinar will be available on the Brixmor website at https://www.brixmor.com. 

CONNECT WITH BRIXMOR

For additional information, please visit https://www.brixmor.com;  Follow Brixmor on: LinkedIn at https://www.linkedin.com/company/brixmor  Facebook at https://www.facebook.com/Brixmor  Instagram at https://www.instagram.com/brixmorpropertygroup; and YouTube at https://www.youtube.com/user/Brixmor.  ABOUT BRIXMOR PROPERTY GROUP
Brixmor (NYSE: BRX) owns and operates a high-quality, national portfolio of open-air shopping centers. The Company's 344 retail centers comprise approximately 62 million square feet of prime retail space in established trade areas. Brixmor's properties reflect its vision "to be the center of the communities we serve" and are home to a diverse mix of thriving national, regional and local retailers. Brixmor is a valued partner to a broad range of retailers, including The TJX Companies, The Kroger Co., Publix Super Markets and Ross Stores.

Brixmor announces material information to its investors in SEC filings and press releases and on public conference calls, webcasts and the "Investors" page of its website at https://www.brixmor.com. The Company also uses social media to communicate with its investors and the public, and the information Brixmor posts on social media may be deemed material information. Therefore, Brixmor encourages investors and others interested in the Company to review the information that it posts on its website and on its social media channels.

SAFE HARBOR LANGUAGE
The presentation referenced in this press release may contain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. These statements include, but are not limited to, statements related to our expectations regarding the performance of our business, our financial results, our liquidity and capital resources, and other non-historical statements. You can identify these forward-looking statements by the use of words such as "outlook," "believes," "expects," "potential," "continues," "may," "will," "should," "seeks," "projects," "predicts," "intends," "plans," "estimates," "anticipates," or the negative version of these words or other comparable words. Such forward-looking statements are subject to various risks and uncertainties. Accordingly, there are or will be important factors that could cause actual outcomes or results to differ materially from those indicated in these statements. We believe these factors include, but are not limited to, those described under the sections entitled "Forward-Looking Statements" and "Risk Factors" in our Form 10-K for the year ended December 31, 2025, as such factors may be updated from time to time in our periodic filings with the Securities and Exchange Commission (the "SEC"), which are accessible on the SEC's website at https://www.sec.gov. These factors include (1) changes in national, regional, and local economies, due to global events such as international military conflicts, international trade disputes, a foreign debt crisis, foreign currency volatility, or due to domestic issues, such as government policies and regulations, tariffs, energy prices, market dynamics, general economic contractions, ongoing levels of inflation and interest rates, unemployment, or limited growth in consumer income or spending; (2) local real estate market conditions, including an oversupply of space in, or a reduction in demand for, properties similar to those in our Portfolio (defined hereafter); (3) competition from other available properties and e-commerce; (4) disruption and/or consolidation in the retail sector, the financial stability of our tenants, and the overall financial condition of large retailing companies, including their ability to pay rent and/or expense reimbursements that are due to us; (5) in the case of percentage rents, the sales volumes of our tenants; (6) increases in property operating expenses, including common area expenses, utilities, insurance, and real estate taxes, which are relatively inflexible and generally do not decrease if revenue or occupancy decrease; (7) increases in the costs to repair, renovate, and re-lease space; (8) earthquakes, wildfires, tornadoes, hurricanes, damage from rising sea levels due to climate change, other natural disasters, epidemics and/or pandemics, civil unrest, terrorist acts, or acts of war, any of which may result in uninsured or underinsured losses; (9) changes in laws and governmental regulations, including those governing usage, zoning, the environment, privacy, data security, intellectual property rights, and taxes; and (10) risks related to cybersecurity incidents or other disruptions to information technology systems used by us, our tenants, or our vendors, which could compromise data or impair business operations. These factors should not be construed as exhaustive and should be read in conjunction with the other cautionary statements that are included in this press release and in our periodic filings. The forward-looking statements speak only as of the date of this press release, and we expressly disclaim any obligation or undertaking to publicly update or review any forward-looking statement, whether as a result of new information, future developments, or otherwise, except to the extent otherwise required by law.

SOURCE Brixmor Property Group Inc.

Brixmor Property Group Inc. (BRX) Shareholder/Analyst Call Transcript

, /PRNewswire/ -- Brixmor Property Group Inc. (NYSE: BRX) today announced that it will release its 2026 second quarter earnings on Monday, July 27, 2026 after the market close. Brixmor will host a teleconference on Tuesday, July 28, 2026 at 10:00 AM ET.

Event: Brixmor Property Group's Second Quarter Earnings Results

When: 10:00 AM ET, Tuesday, July 28, 2026

Live Webcast: Brixmor 2Q 2026 Earnings Call under the Investors tab at https://www.brixmor.com 

Dial #: 1.877.704.4453 (International: 1.201.389.0920)

A replay of the webcast will be available on the Brixmor website at https://www.brixmor.com. A replay of the call can be accessed until midnight ET on Tuesday, August 11, 2026 by dialing 1.844.512.2921 (International: 1.412.317.6671); Passcode: 13760501.

Connect With Brixmor

For additional information, please visit https://www.brixmor.com; Follow Brixmor on: LinkedIn at https://www.linkedin.com/company/brixmor Facebook at https://www.facebook.com/Brixmor Instagram at https://www.instagram.com/brixmorpropertygroup YouTube at https://www.youtube.com/user/Brixmor ABOUT BRIXMOR PROPERTY GROUP
Brixmor (NYSE: BRX) owns and operates a high-quality, national portfolio of open-air shopping centers. The Company's 344 retail centers comprise approximately 62 million square feet of prime retail space in established trade areas. Brixmor's properties reflect its vision "to be the center of the communities we serve" and are home to a diverse mix of thriving national, regional and local retailers. Brixmor is a valued partner to a broad range of retailers, including The TJX Companies, The Kroger Co., Publix Super Markets and Ross Stores.

Brixmor announces material information to its investors in SEC filings and press releases and on public conference calls, webcasts and the "Investors" page of its website at https://www.brixmor.com. The Company also uses social media to communicate with its investors and the public, and the information Brixmor posts on social media may be deemed material information. Therefore, Brixmor encourages investors and others interested in the Company to review the information that it posts on its website and on its social media channels.

SAFE HARBOR LANGUAGE
The presentation referenced in this release may contain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. These statements include, but are not limited to, statements related to our expectations regarding the performance of our business, our financial results, our liquidity and capital resources, and other non-historical statements. You can identify these forward-looking statements by the use of words such as "outlook," "believes," "expects," "potential," "continues," "may," "will," "should," "seeks," "projects," "predicts," "intends," "plans," "estimates," "anticipates," or the negative version of these words or other comparable words. Such forward-looking statements are subject to various risks and uncertainties. Accordingly, there are or will be important factors that could cause actual outcomes or results to differ materially from those indicated in these statements. We believe these factors include, but are not limited to, those described under the sections entitled "Forward-Looking Statements" and "Risk Factors" in our Form 10-K for the year ended December 31, 2025, as such factors may be updated from time to time in our periodic filings with the Securities and Exchange Commission (the "SEC"), which are accessible on the SEC's website at https://www.sec.gov. These factors include (1) changes in national, regional, and local economies, due to global events such as international military conflicts, international trade disputes, a foreign debt crisis, foreign currency volatility, or due to domestic issues, such as government policies and regulations, tariffs, energy prices, market dynamics, general economic contractions, ongoing levels of inflation and interest rates, unemployment, or limited growth in consumer income or spending; (2) local real estate market conditions, including an oversupply of space in, or a reduction in demand for, properties similar to those in our Portfolio (defined hereafter); (3) competition from other available properties and e-commerce; (4) disruption and/or consolidation in the retail sector, the financial stability of our tenants, and the overall financial condition of large retailing companies, including their ability to pay rent and/or expense reimbursements that are due to us; (5) in the case of percentage rents, the sales volumes of our tenants; (6) increases in property operating expenses, including common area expenses, utilities, insurance, and real estate taxes, which are relatively inflexible and generally do not decrease if revenue or occupancy decrease; (7) increases in the costs to repair, renovate, and re-lease space; (8) earthquakes, wildfires, tornadoes, hurricanes, damage from rising sea levels due to climate change, other natural disasters, epidemics and/or pandemics, civil unrest, terrorist acts, or acts of war, any of which may result in uninsured or underinsured losses; (9) changes in laws and governmental regulations, including those governing usage, zoning, the environment, privacy, data security, intellectual property rights, and taxes; and (10) risks related to cybersecurity incidents or other disruptions to information technology systems used by us, our tenants, or our vendors, which could compromise data or impair business operations. These factors should not be construed as exhaustive and should be read in conjunction with the other cautionary statements that are included in this presentation and in our periodic filings. The forward-looking statements speak only as of the date of this presentation, and we expressly disclaim any obligation or undertaking to publicly update or review any forward-looking statement, whether as a result of new information, future developments, or otherwise, except to the extent otherwise required by law.

SOURCE Brixmor Property Group Inc.

Revenue Growth of 9.4% Drove an 18.8% Increase in Diluted EPS and 11.4% Growth in Tangible Book Value per Share (non-GAAP) from the First Quarter of 2025

, /PRNewswire/ -- F.N.B. Corporation (NYSE: FNB) reported earnings for the first quarter of 2026 with net income of $137.0 million, or $0.38 per diluted common share. Comparatively, first quarter 2025 net income totaled $116.5 million, or $0.32 per diluted common share, and fourth quarter of 2025 net income totaled $168.7 million, or $0.47 per diluted common share.

On an operating basis, there were no significant items impacting earnings for the first quarters of 2026 and 2025. By comparison, fourth quarter 2025 earnings per diluted common share on an operating basis (non-GAAP) was $0.50, excluding $16.6 million (pre-tax) of significant items impacting earnings.

"F.N.B. Corporation's first quarter earnings increased 19% from the year-ago quarter to $0.38 per diluted common share. Pre-provision net revenue (non-GAAP) increased 17% as we generated positive operating leverage of 5% with continued solid non-interest income generation and growth in net interest income," said F.N.B. Corporation Chairman, President and Chief Executive Officer, Vincent J. Delie, Jr. "Our key performance metrics and capital ratios remain strong with return on average tangible common equity (non-GAAP) equaling 13.2% and tangible book value per share (non-GAAP) of $12.06, an increase of 11% from the year-ago-quarter. Our Company's sustained superior financial performance, investments in a resilient risk management framework and a strong balance sheet have provided FNB with flexibility to efficiently deploy capital to benefit our shareholders. As we previously announced, we increased our quarterly cash dividend 8% to $0.13 per share and authorized a new share repurchase program with a total of $300 million now available for repurchase. FNB's award-winning digital and data analytics capabilities, including the eStore®, as well as investments in our Advisory and Capital Markets businesses and differentiated product offerings have enabled our team to continue to sustain growth and win against competitors of all sizes."

First Quarter 2026 Highlights
(All comparisons refer to the first quarter of 2025, except as noted)

Average loans and leases totaled $34.9 billion, an increase of $849.4 million, or 2.5%, driven by consumer loan growth of $1.1 billion. In December 2025, FNB transferred approximately $200 million of performing residential mortgage loans to held-for-sale in anticipation of a loan sale that closed in the first quarter of 2026 as part of balance sheet management actions. On a linked-quarter basis, period-end total consumer loans and commercial loans and leases increased $198.2 million and $136.0 million, respectively, as loan activity began to accelerate late in the quarter. Average deposits totaled $38.4 billion, an increase of $1.4 billion, or 3.8%, as the growth in average money market deposits of $1.0 billion, average interest-bearing demand deposits of $241.0 million and average non-interest-bearing demand deposits of $180.3 million more than offset the declines in average savings deposits of $42.0 million and average time deposits of $30.7 million. On a linked-quarter basis, period-end total deposits increased $141.8 million, with deposit growth more than offsetting seasonal outflows during the quarter. The loan-to-deposit ratio was 90.3% at March 31, 2026, compared to 89.7% at December 31, 2025, and 91.9% at March 31, 2025. Net interest income totaled $359.3 million, a decrease of $6.2 million, or 1.7%, linked-quarter, primarily due to the impact of two less days in the current quarter and lower yields on earning assets, partially offset by a lower cost of funds. Net interest margin (FTE) (non-GAAP) equaled 3.25%, a decrease of 3 basis points from the fourth quarter of 2025, reflecting an 8 basis point decline in the total cost of funds offset by an 11 basis point decline in the total yield on earning assets (non-GAAP) which were impacted by the Federal Open Market Committee (FOMC) lowering the target federal funds rate in December 2025. Pre-provision net revenue (non-GAAP) totaled $192.4 million, a 17% increase from the year-ago quarter, driven by continued solid non-interest income generation and growth in net interest income. Provision for credit losses was $18.5 million, a decrease of $0.4 million from the prior quarter, with net charge-offs of $15.9 million, or 0.18% annualized of total average loans, compared to $16.4 million, or 0.19% annualized, in the prior quarter. The ratio of non-performing loans and other real estate owned (OREO) to total loans and leases and OREO increased 3 basis points from the prior quarter to 0.34%, and total delinquency increased 3 basis points from the prior quarter to 0.74%. The allowance for credit losses (ACL) to total loans and leases ratio remained stable at 1.26%. Overall, asset quality metrics remain at solid levels, reflecting continued proactive management of the loan portfolio. The Common Equity Tier 1 (CET1) regulatory capital ratio ended the quarter at 11.4% (estimated), compared to 10.7% at March 31, 2025, and 11.4% at December 31, 2025. The tangible common equity to tangible assets ratio (non-GAAP) equaled 8.9%, compared to 8.4% at March 31, 2025, and 8.9% at December 31, 2025. Tangible book value per common share (non-GAAP) of $12.06 increased $1.23, or 11.4%, compared to March 31, 2025, and $0.19, or 1.6%, compared to December 31, 2025. During the first quarter of 2026, the Company repurchased $35 million, or 2.0 million shares, of common stock at a weighted average share price of $17.41. On April 14, 2026, FNB announced the authorization of a new $250 million common stock repurchase program. Including the authority remaining under the previous program, total repurchase capacity is $300 million.  In April 2026, the Board of Directors declared a quarterly common stock cash dividend of $0.13, an 8% increase, beginning with the common dividend payable on June 15, 2026. Non-GAAP measures referenced in this release are used by management to measure performance in operating the business that management believes enhances investors' ability to better understand the underlying business performance and trends related to core business activities. Reconciliations of non-GAAP operating measures to the most directly comparable GAAP financial measures are included in the tables at the end of this release. For more information regarding our use of non-GAAP measures, please refer to the discussion herein under the caption, "Use of Non-GAAP Financial Measures and Key Performance Indicators."

Quarterly Results Summary

1Q26

4Q25

1Q25

Reported results

Net income available to common shareholders (millions)

$    137.0

$    168.7

$    116.5

Earnings per diluted common share

0.38

0.47

0.32

Book value per common share

19.12

18.92

17.86

Pre-provision net revenue (non-GAAP) (millions)

192.4

184.6

164.8

Operating results (non-GAAP)

Operating net income available to common shareholders (millions)

$    137.0

$    181.8

$    116.5

Operating earnings per diluted common share

0.38

0.50

0.32

Operating pre-provision net revenue (millions)

192.4

205.7

164.8

Average diluted common shares outstanding (thousands)

360,235

360,840

363,069

Significant items impacting earnings(a) (millions)

FNB Foundation contribution (pre-tax)

$        —

$    (20.0)

$        —

FNB Foundation contribution (after-tax)

—

(15.8)

—

FDIC special assessment reduction (pre-tax)

—

3.4

—

FDIC special assessment reduction (after-tax)

—

2.7

—

Total significant items (pre-tax)

$        —

$    (16.6)

$        —

Total significant items (after-tax)

$        —

$    (13.1)

$        —

Capital measures

Common equity tier 1 (b)

11.4 %

11.4 %

10.7 %

Tangible common equity to tangible assets (non-GAAP)

8.91

8.89

8.37

Tangible book value per common share (non-GAAP)

$    12.06

$    11.87

$    10.83

(a) Favorable (unfavorable) impact on earnings.

(b) Estimated for 1Q26.

First Quarter 2026 Results – Comparison to Prior-Year Quarter
(All comparisons refer to the first quarter of 2025, except as noted.)

Net interest income totaled $359.3 million, an increase of $35.4 million, or 10.9%, reflecting growth in average earning assets and lower interest-bearing deposit costs, partially offset by lower yields on earning assets. The net interest margin (FTE) (non-GAAP) increased 22 basis points to 3.25%. The yield on earning assets (non-GAAP) decreased 9 basis points to 5.14%, driven by a 12 basis point decline in yields on loans to 5.56%, partially offset by a 13 basis point increase in yields on investment securities to 3.54%. Total cost of funds decreased 31 basis points to 2.01%, with a 36 basis point decrease in interest-bearing deposit costs to 2.40% and a 57 basis point decrease in total borrowing costs. The FOMC has lowered the target federal funds rate by 175 basis points since August 2024.

Average loans and leases totaled $34.9 billion, an increase of $849.4 million, or 2.5%, driven by growth of $1.1 billion in average consumer loans. Average commercial and industrial loans increased $266.4 million, or 3.5%, and average commercial leases increased $21.4 million, or 2.8%, offset by the decline in average commercial real estate loans of $503.1 million, or 4.0%. Solid commercial and industrial loan growth in the Charlotte, North Carolina market and equipment financing was offset by expected commercial real estate loan payoffs. The increase in average consumer loans included an $873.4 million, or 10.9%, increase in residential mortgage loans largely due to the continued successful execution in key markets and long-standing strategy of serving the purchase market, which was partially offset by the sale of approximately $200 million of performing residential mortgage loans in February 2026. Average consumer lines of credit increased $164.1 million, or 12.0%, and indirect auto loans increased $28.0 million, or 3.7%, both reflecting solid organic growth in the portfolio.

Average deposits totaled $38.4 billion, an increase of $1.4 billion, or 3.8%. The growth in average money market deposits of $1.0 billion, average interest-bearing demand deposits of $241.0 million and average non-interest-bearing demand deposits of $180.3 million more than offset the decline in average savings deposits of $42.0 million and average time deposits of $30.7 million. The mix of non-interest-bearing demand deposits to total deposits was stable at 26% at both March 31, 2026, and March 31, 2025. The loan-to-deposit ratio improved to 90.3% at March 31, 2026, compared to 91.9% at March 31, 2025.

Non-interest income totaled $91.0 million, an increase of $3.2 million, or 3.7%. Capital markets income increased $1.5 million, or 27.8%, reflecting solid contributions from debt capital markets, swap fees and international banking income. Wealth Management revenues increased $0.6 million, or 2.8%, as trust services income and securities commissions and fees increased 3.5% and 1.8%, respectively, through continued strong contributions across the geographic footprint. Other non-interest income increased $1.4 million, or 49.5%, from miscellaneous gains, while bank-owned life insurance decreased $1.2 million, reflecting higher life insurance claims in the year-ago quarter.

Non-interest expense totaled $257.9 million, increasing $11.1 million, or 4.5%. Net occupancy and equipment increased $5.1 million, or 11.1%, primarily due to technology-related investments and higher occupancy costs, which included unusually high seasonal snow removal costs. Bank shares tax increased $0.4 million, or 10.7%, reflecting a higher capital base. Other non-interest expense increased $6.8 million, or 30.4%, due to higher fraud losses, various litigation-related expenses and the impact of Community Uplift, an affordable mortgage down payment assistance program.

The ratio of non-performing loans and OREO to total loans and OREO decreased 14 basis points to 0.34%. Total delinquency decreased 1 basis point to 0.74%. Overall, asset quality metrics remain at solid levels.

The provision for credit losses was $18.5 million, compared to $17.5 million. The first quarter of 2026 reflected net charge-offs of $15.9 million, or 0.18% annualized of total average loans, compared to $12.5 million, or 0.15% annualized, reflecting continued proactive management of the loan portfolio. The ACL was $443.0 million, an increase of $14.2 million, with the ratio of the ACL to total loans and leases increasing 1 basis point to 1.26%.

The effective tax rate was 21.2%, compared to 20.9% in the first quarter of 2025.

The CET1 regulatory capital ratio was 11.4% (estimated) at March 31, 2026, and 10.7% at March 31, 2025. Tangible book value per common share (non-GAAP) was $12.06 at March 31, 2026, an increase of $1.23, or 11.4%, from $10.83 at March 31, 2025. AOCI reduced the current quarter tangible book value per common share (non-GAAP) by $0.24, compared to a reduction of $0.34 at the end of the year-ago quarter.

First Quarter 2026 Results – Comparison to Prior Quarter
(All comparisons refer to the fourth quarter of 2025, except as noted.)

Net interest income totaled $359.3 million, a decrease of $6.2 million, or 1.7%, primarily due to two less days in the current quarter and lower yields on earning assets, partially offset by lower cost of funds. The total yield on earning assets (non-GAAP) decreased 11 basis points to 5.14%. The total cost of funds decreased 8 basis points to 2.01%, as the cost of interest-bearing deposits decreased 13 basis points to 2.40% and total borrowing costs decreased 12 basis points to 4.23%. Total average borrowings increased $356.9 million due to normal seasonal outflows of deposits. The resulting net interest margin (FTE) (non-GAAP) was 3.25%, a 3 basis point decline.

Average loans and leases totaled $34.9 billion, a slight decrease of $83.0 million, or 1.0% annualized, as average consumer loans increased $48.8 million, offsetting the decrease of $131.8 million in average commercial loans and leases. End of period balances for consumer loans and commercial loans and leases increased $198.2 million and $136.0 million, respectively, as loan activity began to accelerate late in the quarter. For consumer lending, average consumer lines of credit increased $32.1 million and indirect auto loans increased $28.2 million, both reflecting solid organic growth in the portfolio and offsetting the impact of the loan sale on average residential mortgages. Average commercial loans and leases included declines of $299.2 million in average commercial real estate loans from secondary market activity and $28.2 million in average commercial leases, partially offset by an increase of $201.4 million in average commercial and industrial loans.

Average deposits totaled $38.4 billion, a decrease of $264.8 million, due to the impact of normal seasonal outflows in public funds and other corporate deposit balances. The decreases in average time deposits of $221.8 million and average non-interest-bearing deposit balances of $190.3 million were partially offset by growth in average interest-bearing demand deposits of $104.4 million and average savings deposit balances of $37.5 million. End of period total deposits increased $141.8 million as deposit inflows increased near the end of the quarter from their seasonal lows. The mix of non-interest-bearing demand deposits to total deposits was stable at 26% for both March 31, 2026 and December 31, 2025. The loan-to-deposit ratio totaled 90.3% at March 31, 2026, compared to 89.7% at December 31, 2025.

Non-interest income totaled $91.0 million, a decrease of $1.4 million, or 1.5%, from the prior quarter. Insurance commission and fees increased $1.4 million, or 30.3%, driven by seasonal contingent revenue and new client acquisition. Mortgage banking operations income increased $0.7 million, or 12.7%, primarily due to an 8% increase in sold loan volumes. Dividends on non-marketable equity securities increased $0.6 million, or 9.9%, from higher Federal Home Loan Bank activity. Service charges decreased $1.2 million, or 5.2%, primarily from the seasonally higher consumer transaction volumes in the prior quarter. Bank-owned life insurance decreased $1.2 million, reflecting higher life insurance claims in the prior quarter.

Non-interest expense totaled $257.9 million, a decrease of $15.3 million, or 5.6%, compared to the prior quarter. When adjusting for $16.6 million1 (pre-tax) of significant items in the fourth quarter of 2025, operating non-interest expense (non-GAAP) increased $1.3 million, or 0.5%. Net occupancy and equipment increased $3.0 million, or 6.3%, primarily due to unusually high snow removal costs and higher occupancy costs. Salaries and employee benefits increased $1.9 million, or 1.4%, primarily due to normal seasonal long-term compensation expense of $7.1 million in the first quarter of 2026, as well as seasonally higher employer-paid payroll taxes, partially offset by lower employer-paid healthcare costs and performance-based compensation. Outside services decreased $3.1 million, or 10.6%, due to lower third-party legal costs. The efficiency ratio (non-GAAP) totaled 56.1%, compared to 53.8% in the prior quarter, reflecting the impact of the December FOMC rate cut and two less days in the quarter on net interest income and normal seasonality.

The ratio of non-performing loans and OREO to total loans and OREO increased 3 basis points to 0.34%, and delinquency increased 3 basis points to 0.74%. Overall, asset quality metrics remain at solid levels.

The provision for credit losses was $18.5 million, compared to $18.9 million. The first quarter of 2026 reflected net charge-offs of $15.9 million, or 0.18% annualized of total average loans, compared to $16.4 million, or 0.19% annualized, reflecting continued proactive management of the loan portfolio. The ACL was $443.0 million, an increase of $3.5 million, with the ratio of the ACL to total loans and leases stable at 1.26%.

The effective tax rate was 21.2%, compared to (1.8)%, reflecting the impact of the investment tax credits recognized as part of a renewable energy project financing transaction in the prior quarter.

The CET1 regulatory capital ratio was 11.4% (estimated), stable to 11.4% at December 31, 2025. Tangible book value per common share (non-GAAP) was $12.06 at March 31, 2026, an increase of $0.19 per share. AOCI reduced the current quarter-end tangible book value per common share (non-GAAP) by $0.24 as of March 31, 2026, compared to $0.18 at the end of the prior quarter.

1 Fourth quarter 2025 non-interest expense significant items impacting earnings included a $20 million (pre-tax) contribution to the FNB Foundation and ($3.4) million (pre-tax) reduction in the estimated FDIC special assessment related to the 2023 bank failures.

Use of Non-GAAP Financial Measures and Key Performance Indicators
To supplement our Consolidated Financial Statements presented in accordance with GAAP, we use certain non-GAAP financial measures, such as operating net income available to common shareholders, operating earnings per diluted common share, return on average tangible common equity, return on average tangible assets, tangible book value per common share, the ratio of tangible common equity to tangible assets, operating non-interest expense, pre-provision net revenue (reported), operating pre-provision net revenue, efficiency ratio, and net interest margin (FTE) to provide information useful to investors in understanding our operating performance and trends, and to facilitate comparisons with the performance of our peers. Management uses these measures internally to assess and better understand our underlying business performance and trends related to core business activities. The non-GAAP financial measures and key performance indicators we use may differ from the non-GAAP financial measures and key performance indicators other financial institutions use to assess their performance and trends.

These non-GAAP financial measures should be viewed as supplemental in nature, and not as a substitute for, or superior to, our reported results prepared in accordance with GAAP. Reconciliations of non-GAAP operating measures to the most directly comparable GAAP financial measures are included later in this release under the heading "Reconciliations of Non-GAAP Financial Measures and Key Performance Indicators to GAAP."

Management believes certain items (e.g., FDIC special assessment) are not organic to running our operations and facilities. These items are considered significant items impacting earnings as they are deemed to be outside of ordinary banking activities. These costs are specific to each individual transaction and may vary significantly based on the size and complexity of the transaction.

To facilitate peer comparisons of net interest margin and efficiency ratio, we use net interest income on a taxable-equivalent basis in calculating net interest margin by increasing the interest income earned on tax-exempt assets (loans and investments) to make it fully equivalent to interest income earned on taxable investments (this adjustment is not permitted under GAAP). Taxable-equivalent amounts for 2026 and 2025 were calculated using a federal statutory income tax rate of 21%.

Cautionary Statement Regarding Forward-Looking Information
This document contains "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Forward‑looking statements are those that do not relate to historical facts and that are based on current assumptions, beliefs, estimates, expectations and projections, many of which, by their nature, are inherently uncertain and beyond our control. Forward-looking statements may relate to various matters, including our financial condition, results of operations, plans, objectives, future performance, business or industry, and usually can be identified by the use of forward-looking words, such as "anticipates," "assumes," "believes," "can," "continues," "could," "enable," "estimates," "expects," "forecasts," "goal," "intends," "likely," "may," "might," "objective," "plans," "positioned," "potential," "projects," "remains," "should," "target," "trend," "will," "would," or similar words or expressions or variations thereof, and the negative thereof, but these terms are not the exclusive means of identifying such statements. You should not place undue reliance on forward-looking statements, as they are subject to risks and uncertainties, including, but not limited to, those described below. When considering these forward-looking statements, you should keep in mind these risks and uncertainties, as well as any cautionary statements we may make.

There are various important factors that could cause future results to differ materially from historical performance and any forward-looking statements. Factors that might cause such differences, include, but are not limited to:

the credit risk associated with the substantial amount of commercial loans and leases in our loan portfolio; the volatility of the mortgage banking business; changes in market interest rates, U.S. federal government shutdowns and the unpredictability of monetary, tax and other policies of government agencies, including tariffs or the imposition and enforceability of tariffs, trade wars, barriers or restrictions, threats of such actions or related uncertainties; the impact of changes in interest rates on the value of our investment securities portfolios; changes in our ability to obtain liquidity as and when needed to fund our obligations as they come due, including as a result of adverse changes to our credit ratings; the risk associated with uninsured deposit account balances; regulatory limits on our ability to receive dividends from our subsidiaries and pay dividends to our shareholders; our ability to recruit and retain qualified banking professionals; the financial soundness of other financial institutions and the impact of volatility in the banking sector on us; changes and instability in economic conditions and financial markets, in the regions in which we operate or otherwise, including a contraction of economic activity, economic downturn or uncertainty and international conflict, including in the Middle East, disruption of supply chain and energy supply markets and capital markets, changes to inflation expectations and other related uncertainties; our ability to continue to invest in technological improvements as they become appropriate or necessary; any interruption in or breach in security of our information systems, or other cybersecurity risks; risks associated with reliance on third-party vendors and artificial intelligence; risks associated with the use of models, estimations and assumptions in our business; the effects of adverse weather events and public health emergencies; the risks associated with acquiring other banks and financial services businesses, including integration into our existing operations; the extensive federal and state regulations, supervision and examination governing almost every aspect of our operations, and potential expenses associated with complying with such regulations; our ability to comply with the consent orders entered into by First National Bank of Pennsylvania with the Department of Justice and the North Carolina State Department of Justice, and related costs and potential reputational harm; changes in federal, state or local tax rules and regulations or interpretations, or accounting policies, standards and interpretations; the effects of climate change and related legislative and regulatory initiatives; and any reputation, credit, interest rate, market, operational, litigation, legal, liquidity, regulatory and compliance risk resulting from developments related to any of the risks discussed above. FNB cautions that the risks identified here are not exhaustive of the types of risks that may adversely impact FNB and actual results may differ materially from those expressed or implied as a result of these risks and uncertainties, including, but not limited to, the risk factors and other uncertainties described under Item 1A. Risk Factors and the Risk Management sections of our 2025 Annual Report on Form 10-K (including the MD&A section), our subsequent 2026 Quarterly Reports on Form 10-Q (including the risk factors and risk management discussions) and our other filings with the Securities and Exchange Commission (SEC), which are available on our corporate website at https://www.fnb-online.com/about-us/investor-information/reports-and-filings or the SEC's website at www.sec.gov. We have included our web address as an inactive textual reference only. Information on our website is not part of our SEC filings.

You should treat forward-looking statements as speaking only as of the date they are made and based only on information then actually known to FNB. FNB does not undertake, and specifically disclaims any obligation to update or revise any forward-looking statements to reflect the occurrence of events or circumstances after the date of such statements except as required by law.

Conference Call
F.N.B. Corporation (NYSE: FNB) announced the financial results for the first quarter of 2026 after the market close on Thursday, April 16, 2026. Chairman, President and Chief Executive Officer, Vincent J. Delie, Jr., Chief Financial Officer, Vincent J. Calabrese, Jr., and Chief Credit Officer, Gary L. Guerrieri, plan to host a conference call to discuss the Company's financial results on Friday, April 17, 2026 at 8:30 AM ET.

A live listen-only webcast of the conference call will be available under the Investor Relations section of the Corporation's website at www.fnbcorporation.com. Participants can access the link under the "About Us" tab and clicking on "Investor Relations" then "Investor Conference Calls." The live webcast will open approximately 30 minutes prior to the start of the call.

To participate in the Q&A portion of the call, dial 844-802-2440 (for domestic callers) or 412-317-5133 (for international callers). Pre-registration can be accessed at https://dpregister.com/sreg/10207964/103b8b94fec. Callers who pre-register will be provided a conference passcode and unique PIN to bypass the live operator and gain immediate access to the call.

Presentation slides and the earnings release will also be available under the Investor Relations section of the Corporation's website at www.fnbcorporation.com. 

Following the call, a replay of the conference call will be available via the webcast link under the Investor Relations section of the Corporation's website at www.fnbcorporation.com. 

About F.N.B. Corporation
F.N.B. Corporation (NYSE: FNB), headquartered in Pittsburgh, Pennsylvania, is a diversified financial services company operating in seven states and the District of Columbia. FNB's market coverage spans several major metropolitan areas including: Pittsburgh, Pennsylvania; Baltimore, Maryland; Cleveland, Ohio; Washington, D.C.; Charlotte, Raleigh, Durham and the Piedmont Triad (Winston-Salem, Greensboro and High Point) in North Carolina; and Charleston, South Carolina. The Company has total assets of nearly $51 billion and more than 350 banking offices throughout Pennsylvania, Ohio, Maryland, West Virginia, North Carolina, South Carolina, Washington, D.C. and Virginia.

FNB provides a full range of commercial banking, consumer banking and wealth management solutions through its subsidiary network which is led by its largest affiliate, First National Bank of Pennsylvania, founded in 1864. Commercial banking solutions include corporate banking, small business banking, investment real estate financing, government banking, business credit, capital markets and lease financing. The consumer banking segment provides a full line of consumer banking products and services, including deposit products, mortgage lending, consumer lending and a complete suite of mobile and online banking services. FNB's wealth management services include asset management, private banking and insurance.

The common stock of F.N.B. Corporation trades on the New York Stock Exchange under the symbol "FNB" and is included in Standard & Poor's MidCap 400 Index with the Global Industry Classification Standard (GICS) Regional Banks Sub-Industry Index. Customers, shareholders and investors can learn more about this regional financial institution by visiting the F.N.B. Corporation website at www.fnbcorporation.com. 

F.N.B. CORPORATION AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF INCOME

(Dollars in thousands, except per share data)

(Unaudited)

% Variance

1Q26

1Q26

1Q26

4Q25

1Q25

4Q25

1Q25

Interest Income

Loans and leases, including fees

$ 485,913

$ 503,498

$ 480,574

(3.5)

1.1

Securities:

   Taxable

61,140

60,249

54,850

1.5

11.5

   Tax-exempt

6,903

6,932

6,940

(0.4)

(0.5)

Other

15,325

16,811

17,073

(8.8)

(10.2)

     Total Interest Income 

569,281

587,490

559,437

(3.1)

1.8

Interest Expense

Deposits

168,681

182,480

185,828

(7.6)

(9.2)

Short-term borrowings

17,934

15,892

14,103

12.8

27.2

Long-term borrowings

23,388

23,676

35,661

(1.2)

(34.4)

     Total Interest Expense

210,003

222,048

235,592

(5.4)

(10.9)

       Net Interest Income

359,278

365,442

323,845

(1.7)

10.9

Provision for credit losses

18,462

18,870

17,489

(2.2)

5.6

      Net Interest Income After

      Provision for Credit Losses

340,816

346,572

306,356

(1.7)

11.2

Non-Interest Income

Service charges

22,770

24,013

22,355

(5.2)

1.9

Interchange and card transaction fees

12,487

13,345

12,370

(6.4)

0.9

Trust services

12,831

12,211

12,400

5.1

3.5

Insurance commissions and fees

6,224

4,777

5,793

30.3

7.4

Securities commissions and fees

8,982

9,129

8,820

(1.6)

1.8

Capital markets income

6,801

6,534

5,323

4.1

27.8

Mortgage banking operations

6,345

5,629

6,993

12.7

(9.3)

Dividends on non-marketable equity securities

6,245

5,683

5,560

9.9

12.3

Bank owned life insurance

4,110

5,264

5,350

(21.9)

(23.2)

Net securities gains (losses)

2

—

—

n/m

n/m

Other

4,188

5,756

2,802

(27.2)

49.5

     Total Non-Interest Income

90,985

92,341

87,766

(1.5)

3.7

Non-Interest Expense

Salaries and employee benefits

135,707

133,774

135,135

1.4

0.4

Net occupancy

22,637

19,829

19,758

14.2

14.6

Equipment

28,091

27,875

25,885

0.8

8.5

Outside services

26,461

29,585

26,341

(10.6)

0.5

Marketing

3,601

5,297

4,573

(32.0)

(21.3)

FDIC insurance

7,450

4,585

8,483

62.5

(12.2)

Bank shares tax

4,577

1,237

4,136

270.0

10.7

Other

29,341

50,987

22,500

(42.5)

30.4

     Total Non-Interest Expense

257,865

273,169

246,811

(5.6)

4.5

Income Before Income Taxes

173,936

165,744

147,311

4.9

18.1

Income tax expense (benefit)

36,890

(2,949)

30,796

1,350.9

19.8

Net Income

$ 137,046

$ 168,693

$ 116,515

(18.8)

17.6

Earnings per Common Share

Basic

$    0.38

$    0.47

$    0.32

(19.1)

18.8

Diluted

0.38

0.47

0.32

(19.1)

18.8

Cash Dividends per Common Share

0.12

0.12

0.12

—

—

n/m - not meaningful

F.N.B. CORPORATION AND SUBSIDIARIES

CONSOLIDATED BALANCE SHEETS

(Dollars in millions)

(Unaudited)

% Variance

1Q26

1Q26

1Q26

4Q25

1Q25

4Q25

1Q25

Assets

Cash and due from banks

$      452

$      387

$      524

16.8

(13.7)

Interest-bearing deposits with banks

2,207

2,111

1,921

4.5

14.9

Cash and Cash Equivalents

2,659

2,498

2,445

6.4

8.8

Securities available for sale

3,775

3,727

3,477

1.3

8.6

Securities held to maturity

4,183

4,117

4,029

1.6

3.8

Loans held for sale

321

515

190

(37.7)

68.9

Loans and leases, net of unearned income

35,112

34,777

34,235

1.0

2.6

Allowance for credit losses on loans and leases

(443)

(439)

(429)

0.9

3.3

Net Loans and Leases

34,669

34,338

33,806

1.0

2.6

Premises and equipment, net

566

568

539

(0.4)

5.0

Goodwill

2,480

2,480

2,478

—

0.1

Core deposit and other intangible assets, net

33

36

48

(8.3)

(31.3)

Bank owned life insurance

671

667

662

0.6

1.4

Other assets

1,271

1,283

1,346

(0.9)

(5.6)

Total Assets

$   50,628

$   50,229

$   49,020

0.8

3.3

Liabilities

Deposits:

Non-interest-bearing

$   10,003

$    9,914

$    9,867

0.9

1.4

Interest-bearing

28,898

28,845

27,372

0.2

5.6

Total Deposits

38,901

38,759

37,239

0.4

4.5

Short-term borrowings

2,157

2,017

1,969

6.9

9.5

Long-term borrowings

2,001

1,901

2,514

5.3

(20.4)

Other liabilities

768

793

880

(3.2)

(12.7)

Total Liabilities

43,827

43,470

42,602

0.8

2.9

Shareholders' Equity

Common stock

4

4

4

—

—

Additional paid-in capital

4,698

4,695

4,696

0.1

—

Retained earnings

2,437

2,343

2,025

4.0

20.3

Accumulated other comprehensive loss

(86)

(63)

(121)

36.5

(28.9)

Treasury stock

(252)

(220)

(186)

14.5

35.5

Total Shareholders' Equity

6,801

6,759

6,418

0.6

6.0

Total Liabilities and Shareholders' Equity

$   50,628

$   50,229

$   49,020

0.8

3.3

F.N.B. CORPORATION AND SUBSIDIARIES

(Dollars in thousands)

(Unaudited)

1Q26

4Q25

1Q25

Interest

Interest

Interest

Average

Income/

Yield/

Average

Income/

Yield/

Average

Income/

Yield/

Balance

Expense

Rate

Balance

Expense

Rate

Balance

Expense

Rate

Assets

Interest-bearing deposits with banks

$ 1,748,445

$ 15,325

3.55 %

$ 1,752,290

$ 16,811

3.81 %

$ 1,741,006

$ 17,073

3.98 %

Taxable investment securities (1)

6,876,738

60,936

3.55

6,706,245

60,039

3.58

6,437,681

54,635

3.40

Tax-exempt investment securities (1) (2)

991,913

8,735

3.52

1,000,876

8,764

3.50

1,010,117

8,764

3.47

Loans held for sale

437,086

7,572

6.93

347,216

6,271

7.22

203,579

3,884

7.63

Loans and leases (2) (3)

34,900,157

479,857

5.56

34,983,204

498,753

5.67

34,050,781

478,065

5.68

Total Interest Earning Assets (2)

44,954,339

572,425

5.14

44,789,831

590,638

5.25

43,443,164

562,421

5.23

Cash and due from banks

373,240

388,831

393,846

Allowance for credit losses

(446,932)

(442,527)

(428,903)

Premises and equipment

567,938

562,855

538,394

Other assets

4,505,350

4,469,488

4,535,697

Total Assets

$ 49,953,935

$ 49,768,478

$ 48,482,198

Liabilities

Deposits:

Interest-bearing demand

$ 6,541,455

18,173

1.13

$ 6,437,006

18,683

1.15

$ 6,300,423

18,826

1.21

Money market

11,700,669

85,030

2.95

11,695,237

91,789

3.11

10,652,531

90,025

3.43

Savings

3,102,399

6,787

0.89

3,064,940

7,340

0.95

3,144,432

8,110

1.05

Certificates and other time

7,193,173

58,690

3.31

7,414,998

64,668

3.46

7,223,878

68,867

3.87

Total interest-bearing deposits

28,537,696

168,680

2.40

28,612,181

182,480

2.53

27,321,264

185,828

2.76

Short-term borrowings

1,978,660

17,934

3.67

1,669,263

15,892

3.76

1,374,269

14,103

4.14

Long-term borrowings

1,984,936

23,388

4.78

1,937,403

23,676

4.85

2,828,002

35,662

5.11

Total Interest-Bearing Liabilities  

32,501,292

210,002

2.62

32,218,847

222,048

2.73

31,523,535

235,593

3.03

Non-interest-bearing demand deposits

9,828,293

10,018,626

9,647,959

Total Deposits and Borrowings

42,329,585

2.01

42,237,473

2.09

41,171,494

2.32

Other liabilities

816,738

838,258

938,559

Total Liabilities

43,146,323

43,075,731

42,110,053

Shareholders' Equity

6,807,612

6,692,747

6,372,145

Total Liabilities and Shareholders' Equity

$ 49,953,935

$ 49,768,478

$ 48,482,198

Net Interest Earning Assets

$ 12,453,047

$ 12,570,984

$ 11,919,629

Net Interest Income (FTE) (2)

362,423

368,590

326,828

Tax Equivalent Adjustment

(3,145)

(3,148)

(2,983)

Net Interest Income

$ 359,278

$ 365,442

$ 323,845

Net Interest Spread

2.52 %

2.52 %

2.20 %

Net Interest Margin  (2)

3.25 %

3.28 %

3.03 %

(1)

The average balances and yields earned on securities are based on historical cost.

(2)

The interest income amounts are reflected on an FTE basis (non-GAAP), which adjusts for the tax benefit of income on certain tax-exempt loans and investments using the federal statutory tax rate of 21%. The yield on earning assets and the net interest margin are presented on an FTE basis (non-GAAP).

(3)

Average loans and leases consist of average total loans, including non-accrual loans, less average unearned income.

F.N.B. CORPORATION AND SUBSIDIARIES

(Unaudited)

1Q26

4Q25

1Q25

Performance Ratios

Return on average equity

8.16 %

10.00 %

7.42 %

Return on average tangible

common equity (1) 

13.20

16.33

12.62

Return on average assets

1.11

1.34

0.97

Return on average tangible assets (1) 

1.19

1.44

1.06

Net interest margin (FTE) (2)

3.25

3.28

3.03

Yield on earning assets (FTE) (2)

5.14

5.25

5.23

Cost of interest-bearing deposits

2.40

2.53

2.76

Cost of interest-bearing liabilities 

2.62

2.73

3.03

Cost of funds 

2.01

2.09

2.32

Efficiency ratio (1)

56.08

53.81

58.50

Effective tax rate

21.21

(1.78)

20.91

Capital Ratios

Equity / assets

13.43

13.46

13.09

Common equity tier 1 (3)

11.4

11.4

10.7

Leverage

9.22

9.11

8.72

Tangible common equity / tangible assets (1)

8.91

8.89

8.37

Common Stock Data

Average diluted common shares outstanding

360,234,607

360,839,742

363,068,604

Period end common shares outstanding

355,670,905

357,303,315

359,364,784

Book value per common share

$      19.12

$      18.92

$      17.86

Tangible book value per common share (1)

12.06

11.87

10.83

Dividend payout ratio (common)

31.71 %

25.70 %

37.75 %

(1)

See non-GAAP financial measures section of this Press Release for additional information relating to the calculation of this item.

(2)

The net interest margin and yield on earning assets (all non-GAAP measures) are presented on a fully taxable equivalent (FTE) basis, which adjusts for the tax benefit of income on certain tax-exempt loans and investments using the federal statutory tax rate of 21%. 

(3)

March 31, 2026 Common Equity Tier 1 Capital ratio is an estimate.

F.N.B. CORPORATION AND SUBSIDIARIES

(Dollars in millions)

(Unaudited)

% Variance

1Q26

1Q26

1Q26

4Q25

1Q25

4Q25

1Q25

Balances at period end

Loans and Leases:

Commercial real estate (1)

$  12,164

$  12,274

$  12,652

(0.9)

(3.9)

Commercial and industrial

8,032

7,718

7,628

4.1

5.3

Commercial leases

778

791

782

(1.6)

(0.5)

Other

87

141

174

(38.3)

(50.0)

Commercial loans and leases

21,061

20,924

21,236

0.7

(0.8)

Direct installment

2,655

2,678

2,656

(0.9)

—

Residential mortgages

9,038

8,882

8,184

1.8

10.4

Indirect installment

805

767

776

5.0

3.7

Consumer LOC

1,553

1,526

1,383

1.8

12.3

Consumer loans

14,051

13,853

12,999

1.4

8.1

Total loans and leases

$  35,112

$  34,777

$  34,235

1.0

2.6

Note: Loans held for sale were $321, $515 and $190 at 1Q26, 4Q25, and 1Q25, respectively.

(1) Commercial real estate is made up of 68% non-owner occupied and 32% owner-occupied at March 31, 2026.

% Variance

Average balances

1Q26

1Q26

Loans and Leases:

1Q26

4Q25

1Q25

4Q25

1Q25

Commercial real estate 

$  12,202

$  12,501

$  12,705

(2.4)

(4.0)

Commercial and industrial

7,855

7,654

7,589

2.6

3.5

Commercial leases

787

815

766

(3.5)

2.8

Other

144

150

148

(3.9)

(2.6)

Commercial loans and leases

20,988

21,120

21,208

(0.6)

(1.0)

Direct installment

2,667

2,679

2,664

(0.4)

0.1

Residential mortgages

8,921

8,921

8,048

—

10.9

Indirect installment

788

759

760

3.7

3.7

Consumer LOC

1,536

1,504

1,372

2.1

12.0

Consumer loans

13,912

13,863

12,843

0.4

8.3

Total loans and leases

$  34,900

$  34,983

$  34,051

(0.2)

2.5

F.N.B. CORPORATION AND SUBSIDIARIES

(Dollars in millions)

(Unaudited)

% Variance

1Q26

1Q26

Asset Quality Data

1Q26

4Q25

1Q25

4Q25

1Q25

Non-Performing Assets

Non-performing loans

$   118

$   105

$   161

12.4

(26.7)

Other real estate owned (OREO)

3

3

2

—

50.0

Non-performing assets

$   121

$   108

$   163

12.0

(25.8)

Non-performing loans / total loans and leases

0.33 %

0.30 %

0.47 %

Non-performing assets plus 90+ days past due / total loans and leases plus OREO

0.49

0.35

0.50

Non-performing loans plus OREO / total loans and leases plus OREO

0.34

0.31

0.48

Delinquency

Loans 30-89 days past due

$    93

$   130

$    88

(28.5)

5.7

Loans 90+ days past due

50

13

9

284.6

455.6

Non-accrual loans

118

105

161

12.4

(26.7)

Past due and non-accrual loans

$   261

$   248

$   258

5.2

1.2

Past due and non-accrual loans / total loans and leases

0.74 %

0.71 %

0.75 %

F.N.B. CORPORATION AND SUBSIDIARIES

(Dollars in millions)

% Variance

(Unaudited)

1Q26

1Q26

Allowance on Loans and Leases and Allowance for Unfunded Loan Commitments Rollforward

1Q26

4Q25

1Q25

4Q25

1Q25

Allowance for Credit Losses on Loans and Leases

Balance at beginning of period

$ 439.5

$ 437.3

$ 422.8

0.5

4.0

Provision for credit losses 

19.4

18.7

18.6

3.4

3.9

Net loan (charge-offs) / recoveries

(15.9)

(16.4)

(12.5)

(3.6)

26.4

Allowance for credit losses on loans and leases

$ 443.0

$ 439.5

$ 428.9

0.8

3.3

Allowance for Unfunded Loan Commitments

Allowance for unfunded loan commitments balance at beginning of period

$   20.1

$   20.1

$   21.4

0.1

(5.9)

Provision (reduction in allowance) for unfunded loan commitments / other adjustments

(0.9)

—

(1.1)

n/m

(17.1)

Allowance for unfunded loan commitments

$   19.2

$   20.1

$   20.3

(4.6)

(5.3)

Total allowance for credit losses on loans and leases and allowance for unfunded loan commitments

$ 462.2

$ 459.6

$ 449.1

0.6

2.9

Allowance for credit losses on loans and leases / total loans and leases

1.26 %

1.26 %

1.25 %

Allowance for credit losses on loans and leases / total non-performing loans

376.8

417.7

266.9

Net loan charge-offs (annualized) / total average loans and leases

0.18

0.19

0.15

n/m - not meaningful

F.N.B. CORPORATION AND SUBSIDIARIES

(Unaudited)

RECONCILIATIONS OF NON-GAAP FINANCIAL MEASURES AND KEY PERFORMANCE INDICATORS TO GAAP

We believe the following non-GAAP financial measures provide information useful to investors in understanding our operating performance and trends, and facilitate comparisons with the performance of our peers. The non-GAAP financial measures we use may differ from the non-GAAP financial measures other financial institutions use to measure their results of operations. Non-GAAP financial measures should be viewed in addition to, and not as an alternative for, our reported results prepared in accordance with U.S. GAAP. The following tables summarize the non-GAAP financial measures included in this press release and derived from amounts reported in our financial statements.

% Variance

1Q26

1Q26

1Q26

4Q25

1Q25

4Q25

1Q25

Operating net income available to common shareholders

(dollars in thousands)

Net income available to common shareholders

$ 137,046

$ 168,693

$ 116,515

FNB Foundation contribution

—

20,000

—

Tax benefit of FNB Foundation contribution

—

(4,200)

—

FDIC special assessment

—

(3,375)

—

Tax expense (benefit) of FDIC special assessment

—

709

—

Operating net income available to common shareholders (non-GAAP)

$ 137,046

$ 181,827

$ 116,515

(24.6)

17.6

% Variance

1Q26

1Q26

1Q26

4Q25

1Q25

4Q25

1Q25

Operating earnings per diluted common share

Earnings per diluted common share

$    0.38

$    0.47

$    0.32

FNB Foundation contribution

—

0.06

—

Tax benefit of FNB Foundation contribution

—

(0.01)

—

FDIC special assessment

—

(0.01)

—

Tax expense (benefit) of FDIC special assessment

—

—

—

Operating earnings per diluted common share (non-GAAP)

$    0.38

$    0.50

$    0.32

(24.0)

18.8

F.N.B. CORPORATION AND SUBSIDIARIES

(Unaudited)

1Q26

4Q25

1Q25

Return on average tangible common equity

(dollars in thousands)

Net income available to common shareholders (annualized)

$    555,798

$    669,270

$    472,534

Amortization of intangibles, net of tax (annualized)

10,733

12,324

12,620

Tangible net income available to common shareholders (annualized) (non-GAAP)

$    566,531

$    681,594

$    485,154

Average total shareholders' equity

$  6,807,612

$  6,692,747

$  6,372,145

Less: Average intangible assets (1)

(2,514,310)

(2,517,887)

(2,527,636)

Average tangible common equity (non-GAAP)

$  4,293,302

$  4,174,860

$  3,844,509

Return on average tangible common equity (non-GAAP)

13.20 %

16.33 %

12.62 %

Return on average tangible assets

(dollars in thousands)

Net income (annualized)

$    555,798

$    669,270

$    472,534

Amortization of intangibles, net of tax (annualized)

10,733

12,324

12,620

Tangible net income (annualized) (non-GAAP)

$    566,531

$    681,594

$    485,154

Average total assets

$ 49,953,935

$ 49,768,478

$ 48,482,198

Less: Average intangible assets (1)

(2,514,310)

(2,517,887)

(2,527,636)

Average tangible assets (non-GAAP)

$ 47,439,625

$ 47,250,591

$ 45,954,562

Return on average tangible assets (non-GAAP)

1.19 %

1.44 %

1.06 %

(1) Excludes loan servicing rights.

F.N.B. CORPORATION AND SUBSIDIARIES

(Unaudited)

1Q26

4Q25

1Q25

Tangible book value per common share

(dollars in thousands, except per share data)

Total shareholders' equity

$   6,800,671

$   6,758,572

$   6,418,012

Less:  Intangible assets (1)

(2,512,732)

(2,516,082)

(2,525,619)

Tangible common equity (non-GAAP)

$   4,287,939

$   4,242,490

$   3,892,393

Common shares outstanding

355,670,905

357,303,315

359,364,784

Tangible book value per common share (non-GAAP)

$        12.06

$        11.87

$        10.83

Tangible common equity to tangible assets

(dollars in thousands)

Total shareholders' equity

$   6,800,671

$   6,758,572

$   6,418,012

Less:  Intangible assets (1)

(2,512,732)

(2,516,082)

(2,525,619)

Tangible common equity (non-GAAP)

$   4,287,939

$   4,242,490

$   3,892,393

Total assets

$ 50,628,037

$ 50,229,013

$ 49,019,742

Less:  Intangible assets (1)

(2,512,732)

(2,516,082)

(2,525,619)

Tangible assets (non-GAAP)

$ 48,115,305

$ 47,712,931

$ 46,494,123

Tangible common equity to tangible assets (non-GAAP)

8.91 %

8.89 %

8.37 %

(1) Excludes loan servicing rights.

Operating non-interest expense

(in thousands)

Non-interest expense

$       257,865

$       273,169

$       246,811

FNB Foundation contribution

—

(20,000)

—

FDIC special assessment

—

3,375

—

Operating non-interest expense (non-GAAP)

$       257,865

$       256,544

$       246,811

F.N.B. CORPORATION AND SUBSIDIARIES

(Unaudited)

1Q26

4Q25

1Q25

Pre-provision net revenue

(in thousands)

Net interest income

$  359,278

$  365,442

$  323,845

Non-interest income

90,985

92,341

87,766

Less: Non-interest expense

(257,865)

(273,169)

(246,811)

Pre-provision net revenue (reported) (non-GAAP)

$  192,398

$  184,614

$  164,800

Pre-provision net revenue (reported) (annualized) (non-GAAP)

$  780,281

$  732,437

$  668,357

Adjustments:

Add: FNB Foundation contribution (non-interest expense)

—

20,000

—

Add (Less): FDIC special assessment (non-interest expense)

—

(3,375)

—

Add: Tax credit-related impairment project (non-interest expense)

—

4,442

—

Operating pre-provision net revenue (non-GAAP)

$  192,398

$  205,681

$  164,800

Operating pre-provision net revenue (annualized) (non-GAAP)

$  780,281

$  816,015

$  668,357

Efficiency ratio (FTE)

(dollars in thousands)

Total non-interest expense

$  257,865

$  273,169

$  246,811

Less: Amortization of intangibles

(3,350)

(3,932)

(3,939)

Less: OREO expense

(236)

(125)

(315)

Less: FNB Foundation contribution

—

(20,000)

—

Add (Less): FDIC special assessment

—

3,375

—

Less: Tax credit-related project impairment

—

(4,442)

—

Adjusted non-interest expense

$  254,279

$  248,045

$  242,557

Net interest income

$  359,278

$  365,442

$  323,845

Taxable equivalent adjustment

3,145

3,148

2,983

Non-interest income

90,985

92,341

87,766

Less:  Net securities losses (gains)

(2)

—

—

Adjusted net interest income (FTE) + non-interest income

$  453,406

$  460,931

$  414,594

Efficiency ratio (FTE) (non-GAAP)

56.08 %

53.81 %

58.50 %

SOURCE F.N.B. Corporation

F.N.B. (FNB - Free Report) reported $450.26 million in revenue for the quarter ended March 2026, representing a year-over-year increase of 9.4%. EPS of $0.38 for the same period compares to $0.32 a year ago.

The reported revenue represents a surprise of -0.97% over the Zacks Consensus Estimate of $454.67 million. With the consensus EPS estimate being $0.38, the EPS surprise was -0.52%.

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

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

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

Efficiency Ratio: 56.1% versus 55.7% estimated by four analysts on average.Net Interest Margin: 3.3% versus the four-analyst average estimate of 3.3%.Average Balance - Total interest earning assets: $44.95 billion versus the three-analyst average estimate of $44.94 billion.Net charge-offs to average loans: 0.2% versus 0.2% estimated by three analysts on average.Total Non-Performing Loans: $118 million versus the three-analyst average estimate of $105.94 million.Total Non-Performing Assets: $121 million versus the two-analyst average estimate of $106.92 million.Total Non-Interest Income: $90.99 million versus the four-analyst average estimate of $92.24 million.Net interest income (FTE): $362.42 million compared to the $363.96 million average estimate based on three analysts.Bank owned life insurance: $4.11 million versus $4.22 million estimated by three analysts on average.Mortgage banking operations: $6.35 million versus the three-analyst average estimate of $6.48 million.Trust services: $12.83 million versus the three-analyst average estimate of $12.38 million.Insurance commissions and fees: $6.22 million versus the three-analyst average estimate of $5.67 million.View all Key Company Metrics for F.N.B. here>>>

Shares of F.N.B. have returned +13% over the past month versus the Zacks S&P 500 composite's +6% change. The stock currently has a Zacks Rank #3 (Hold), indicating that it could perform in line with the broader market in the near term.

F.N.B. Corporation (FNB) Q1 2026 Earnings Call Transcript

F.N.B. Corporation remains a buy, supported by peer-leading capital, disciplined underwriting, and robust credit quality. Q1 EPS of $0.38 met expectations, with 19% YoY growth driven by balance sheet expansion and margin improvement. FNB's conservative lending, strong reserves (3.8x nonperforming loans), and 11.4% CET1 ratio position it well against sector risks.

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What are the Zacks Style Scores? The Zacks Style Scores, developed alongside the Zacks Rank, are complementary indicators that rate stocks based on three widely-followed investing methodologies; they also help investors pick stocks with the best chances of beating the market over the next 30 days.

Each stock is assigned a rating of A, B, C, D, or F based on their value, growth, and momentum characteristics. Just like in school, an A is better than a B, a B is better than a C, and so on -- that means the better the score, the better chance the stock will outperform.

The Style Scores are broken down into four categories:

Value ScoreFinding good stocks at good prices, and discovering which companies are trading under their true value, are what value investors like to focus on. So, the Value Style Score takes into account ratios like P/E, PEG, Price/Sales, Price/Cash Flow, and a host of other multiples to highlight the most attractive and discounted stocks.

Growth ScoreWhile good value is important, growth investors are more focused on a company's financial strength and health, and its future outlook. The Growth Style Score takes projected and historic earnings, sales, and cash flow into account to uncover stocks that will see long-term, sustainable growth.

Momentum ScoreMomentum traders and investors live by the saying "the trend is your friend." This investing style is all about taking advantage of upward or downward trends in a stock's price or earnings outlook. Employing factors like one-week price change and the monthly percentage change in earnings estimates, the Momentum Style Score can indicate favorable times to build a position in high-momentum stocks.

VGM ScoreIf you like to use all three kinds of investing, then the VGM Score is for you. It's a combination of all Style Scores, and is an important indicator to use with the Zacks Rank. The VGM Score rates each stock on their shared weighted styles, narrowing down the companies with the most attractive value, best growth forecast, and most promising momentum.

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Since the Scores were created to work together with the Zacks Rank, the direction of a stock's earnings estimate revisions should be a key factor when choosing which stocks to buy.

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Stock to Watch: F.N.B. (FNB - Free Report) F.N.B. Corporation, based in Pittsburgh, PA, is a financial holding company that provides a variety of banking and financial services through its subsidiaries, with its largest being First National Bank of Pennsylvania, established in 1864.

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

Momentum investors should take note of this Finance stock. FNB has a Momentum Style Score of A, and shares are up 9.4% over the past four weeks.

Two analysts revised their earnings estimate higher in the last 60 days for fiscal 2026, while the Zacks Consensus Estimate has increased $0.00 to $1.72 per share. FNB also boasts an average earnings surprise of +10.5%.

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

F.N.B. Corporation is a disciplined, high-performing regional bank trading below its intrinsic value, with strong execution and durable earnings growth. FNB's Q1 '26 results highlight accelerating loan growth, expanding fee income, improved efficiency, and robust credit quality, supporting a positive earnings trajectory. It is leveraging technology, diversified revenue streams, and the new Penn State partnership for incremental upside.

F.N.B. Corporation remains a soft "Buy" as balance sheet and income statement expansion continue alongside solid asset and credit quality. Deposits and loans have grown steadily, with commercial real estate, residential mortgages, and commercial/industrial loans as key exposures. FNB trades at a discount to book value and remains cheaper than most peers, despite a price-to-earnings multiple of 11.6.

Company Recognized as a Top Employer in South Carolina and for Military Spouses

, /PRNewswire/ -- F.N.B. Corporation (NYSE: FNB) announced today that it has been named a Top Workplace in South Carolina for 2026, the third time FNB has been listed among the state's most dynamic and people-centric companies. In addition, FNB has been recognized as a Top Employer for Military Spouses.

"We are proud to be recognized for our focus on building a workplace culture that supports employee engagement, strong performance and a meaningful impact for our stakeholders. Our employees bring our culture to life, and FNB could not find a better source of talent than the spouses of those who serve in the U.S. military because of their dedication and commitment," said Vincent J. Delie, Jr., Chairman, President and Chief Executive Officer of F.N.B. Corporation and First National Bank. "Exciting, high-growth markets such as South Carolina are important to our continued growth, and our success is a direct reflection of our investments in our people and the local communities we serve."

Top Workplaces South Carolina
The Top Workplaces awards are administered by Energage, an independent research firm committed to studying workplaces and identifying companies that foster a healthy and fulfilled workforce. Anonymous employee feedback is used to measure workplaces in various categories, including values, communication and leadership, with only the highest-ranking companies recognized for their culture. FNB has earned Top Workplaces awards nationally and regionally, as well as honors for financial services, national culture excellence, leadership, innovation, employee well-being and professional development, among others.

As highlighted in FNB's 2025 branch expansion announcement, the Company has made substantial investments in Greenville and Charleston and today operates more than 200 customer touchpoints throughout the state — most recently adding branches in Summerville and West Ashley.

Top Employer for Military Spouses
FNB's recognition as a Top Employer for Military Spouses reflects a commitment to creating an inclusive and supportive workplace for military-connected families. The Company prioritizes flexible career opportunities, competitive benefits and thoughtful policies that address the challenges military spouses often face, including relocation and deployment-related transitions. Through proactive recruitment efforts, career development support and partnerships with organizations that support the families of service members, FNB enables military spouses and veterans to build meaningful, long-term careers while balancing the demands of their unique situations, reinforcing the Company's mission to do the right thing for its employees and communities. FNB also was named a Top Veteran-Friendly Employer by U.S. Veterans Magazine for 2024–2025.

FNB has earned more than 90 national and regional workplace and culture excellence awards, including as one of Newsweek's America's Most Admired Workplaces for 2026. Visit FNB's Awards and Recognition page to learn more about the honors the Company has received for its outstanding culture, industry-leading client experience and strong community leadership. For opportunities to join the Company's award-winning team, visit fnb-online.com/careers.

About F.N.B. Corporation
F.N.B. Corporation (NYSE: FNB), headquartered in Pittsburgh, Pennsylvania, is a diversified financial services company operating in seven states and the District of Columbia. FNB's market coverage spans several major metropolitan areas, including: Pittsburgh, Pennsylvania; Baltimore, Maryland; Cleveland, Ohio; Washington, D.C.; Charlotte, Raleigh, Durham and the Piedmont Triad (Winston-Salem, Greensboro and High Point) in North Carolina; and Charleston, South Carolina. The Company has total assets of nearly $51 billion and more than 350 banking offices throughout Pennsylvania, Ohio, Maryland, West Virginia, North Carolina, South Carolina, Washington, D.C. and Virginia.

FNB provides a full range of commercial banking, consumer banking and wealth management solutions through its subsidiary network, which is led by its largest affiliate, First National Bank of Pennsylvania, founded in 1864. Commercial banking solutions include corporate banking, small business banking, investment real estate financing, government banking, business credit, capital markets and equipment financing. The consumer banking segment provides a full line of consumer banking products and services, including deposit products, mortgage lending, consumer lending and a complete suite of mobile and online banking services. FNB's wealth management and advisory services include asset management, private banking and insurance.

The common stock of F.N.B. Corporation trades on the New York Stock Exchange under the symbol "FNB" and is included in Standard & Poor's MidCap 400 Index with the Global Industry Classification Standard (GICS) Regional Banks Sub-Industry Index. Customers, shareholders and investors can learn more about this regional financial institution by visiting the F.N.B. Corporation website at www.fnbcorporation.com.

View original content to download multimedia:https://www.prnewswire.com/news-releases/fnb-builds-on-record-of-workplace-excellence-with-additional-awards-302773846.html

SOURCE F.N.B. Corporation

Partnership Reflects Shared Commitment to Innovation and Economic Growth Following the Opening of PIT's New Terminal

, /PRNewswire/ -- First National Bank, the largest subsidiary of F.N.B. Corporation (NYSE: FNB), today announced that it is a Proud Partner of Pittsburgh International Airport (PIT). The collaboration follows the opening of PIT's new, $1.7 billion landside terminal in November — a once-in-a-generation investment that mirrors FNB's own transformation and commitment to shaping southwestern Pennsylvania's future.

FNB’s Digital Banking Center at Pittsburgh International Airport. Together, PIT and FNB are ushering in a new era for the Greater Pittsburgh region: an airport redefining the travel experience and the premier Pittsburgh bank delivering innovative financial solutions and digital experiences that keep customers moving forward.

"Pittsburgh International Airport's new terminal represents connectivity, progress and innovation — attributes that also define FNB," said Vincent J. Delie, Jr., Chairman, President and Chief Executive Officer of F.N.B. Corporation and First National Bank. "As a Proud Partner of PIT, we are combining our technology-driven banking solutions like eStore® and the Common app with Pittsburgh International Airport's vision for a world-class travel experience, ensuring that Pittsburgh remains a hub where economic opportunities take off. In the fast-paced world of PIT, travelers and airport employees will be able to acquire over 50 products and services in a fraction of the time to address the complete range of their financial needs just by stopping by our FNB Digital Banking Center."

Delie added, "We wish to congratulate Christina Cassotis and the entire team on the successful completion of the terminal construction and renovations."

With approximately 10 million annual travelers, PIT offers FNB a unique opportunity for far-reaching exposure each year, including: 

Technology‑forward banking experiences, including a visually stunning Digital Banking Center located on the new terminal's Departure Level, allowing travelers and airport employees to access the Company's award‑winning digital platform eStore, along with FNB ATMs, an ATM with TellerChat — where users can engage with a banker via live video seven days a week, even during off‑hours — and a foreign currency exchange dispenser providing instant access to international cash before departure. Prominent brand visibility throughout the new terminal, with FNB featured extensively across PIT's expansive digital signage network in high‑traffic passenger areas including departures, arrivals, baggage claim, the central core and key circulation corridors. Bridging connections with travelers on hundreds of weekly flights departing PIT to destinations across and beyond FNB's physical footprint, leveraging the Company's regional strength and national digital banking capabilities to stay connected with customers wherever they travel. "Our vision is for Pittsburgh International Airport to be one of the most innovative and passenger-focused airports in the world," said Christina Cassotis, Chief Executive Officer of PIT. "Partnering with FNB enables us to create a more convenient, connected experience for travelers in an airport built for Pittsburgh, by Pittsburgh."

The announcement builds on FNB's long history of investment in the Greater Pittsburgh area. From its new corporate headquarters to billions of dollars in small-business lending, community reinvestment and philanthropic contributions, FNB proudly embraces its role as an economic engine integral to the vitality of southwestern Pennsylvania and all of the communities it serves.

With over 75 branches and nearly 150 ATMs serving the Pittsburgh Metropolitan Statistical Area — part of a network spanning more than 350 branches and 1,800 ATMs in total — FNB combines more than 160 years of service with the innovation of a forward-looking financial institution.

About F.N.B. Corporation
F.N.B. Corporation (NYSE: FNB), headquartered in Pittsburgh, Pennsylvania, is a diversified financial services company operating in seven states and the District of Columbia. FNB's market coverage spans several major metropolitan areas, including: Pittsburgh, Pennsylvania; Baltimore, Maryland; Cleveland, Ohio; Washington, D.C.; Charlotte, Raleigh, Durham and the Piedmont Triad (Winston-Salem, Greensboro and High Point) in North Carolina; and Charleston, South Carolina. The Company has total assets of nearly $51 billion and more than 350 banking offices throughout Pennsylvania, Ohio, Maryland, West Virginia, North Carolina, South Carolina, Washington, D.C. and Virginia.

FNB provides a full range of commercial banking, consumer banking and wealth management solutions through its subsidiary network, which is led by its largest affiliate, First National Bank of Pennsylvania, founded in 1864. Commercial banking solutions include corporate banking, small business banking, investment real estate financing, government banking, business credit, capital markets and lease financing. The consumer banking segment provides a full line of consumer banking products and services, including deposit products, mortgage lending, consumer lending and a complete suite of mobile and online banking services. FNB's wealth management and advisory services include asset management, private banking and insurance.

The common stock of F.N.B. Corporation trades on the New York Stock Exchange under the symbol "FNB" and is included in Standard & Poor's MidCap 400 Index with the Global Industry Classification Standard (GICS) Regional Banks Sub-Industry Index. Customers, shareholders and investors can learn more about this regional financial institution by visiting the F.N.B. Corporation website at www.fnbcorporation.com.

About Pittsburgh International Airport:
PIT serves approximately 10 million passengers annually. With the opening of its new terminal in 2025, PIT transforms the passenger experience and showcases the region's thriving economy as its new front door. PIT has recently won numerous prestigious awards, including from the American Society of Civil Engineers, Pennsylvania Society of Professional Engineers and was named by Fast Company magazine as One of the Most Innovative Companies in the World. PIT made history as the first airport to be awarded Universal Design Certification from the University at Buffalo's Center for Inclusive Design and Environmental Access, underscoring its global leadership in accessibility. Future Travel Experience named PIT a winner in its Pioneer innovation awards, and PIT's first-of-its-kind microgrid has garnered numerous accolades for resiliency and sustainability. For more information visit www.flypittsburgh.com.

SOURCE F.N.B. Corporation

Wall Street expects a year-over-year decline in earnings on higher revenues when Pilgrim's Pride (PPC - Free Report) reports results for the quarter ended March 2026. While this widely-known consensus outlook is important in gauging the company's earnings picture, a powerful factor that could impact its near-term stock price is how the actual results compare to these estimates.

The stock might move higher if these key numbers top expectations in the upcoming earnings report, which is expected to be released on April 29. On the other hand, if they miss, the stock may move lower.

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

Zacks Consensus EstimateThis poultry producer is expected to post quarterly earnings of $0.69 per share in its upcoming report, which represents a year-over-year change of -47.3%.

Revenues are expected to be $4.5 billion, up 0.8% from the year-ago quarter.

Estimate Revisions TrendThe consensus EPS estimate for the quarter has remained unchanged over the last 30 days. This is essentially a reflection of how the covering analysts have collectively reassessed their initial estimates over this period.

Investors should keep in mind that an aggregate change may not always reflect the direction of estimate revisions by each of the covering analysts.

Price, Consensus and EPS Surprise

Earnings WhisperEstimate revisions ahead of a company's earnings release offer clues to the business conditions for the period whose results are coming out. Our proprietary surprise prediction model -- the Zacks Earnings ESP (Expected Surprise Prediction) -- has this insight at its core.

The Zacks Earnings ESP compares the Most Accurate Estimate to the Zacks Consensus Estimate for the quarter; the Most Accurate Estimate is a more recent version of the Zacks Consensus EPS estimate. The idea here is that analysts revising their estimates right before an earnings release have the latest information, which could potentially be more accurate than what they and others contributing to the consensus had predicted earlier.

Thus, a positive or negative Earnings ESP reading theoretically indicates the likely deviation of the actual earnings from the consensus estimate. However, the model's predictive power is significant for positive ESP readings only.

A positive Earnings ESP is a strong predictor of an earnings beat, particularly when combined with a Zacks Rank #1 (Strong Buy), 2 (Buy) or 3 (Hold). Our research shows that stocks with this combination produce a positive surprise nearly 70% of the time, and a solid Zacks Rank actually increases the predictive power of Earnings ESP.

Please note that a negative Earnings ESP reading is not indicative of an earnings miss. Our research shows that it is difficult to predict an earnings beat with any degree of confidence for stocks with negative Earnings ESP readings and/or Zacks Rank of 4 (Sell) or 5 (Strong Sell).

How Have the Numbers Shaped Up for Pilgrim's Pride?For Pilgrim's Pride, the Most Accurate Estimate is lower than the Zacks Consensus Estimate, suggesting that analysts have recently become bearish on the company's earnings prospects. This has resulted in an Earnings ESP of -16.79%.

On the other hand, the stock currently carries a Zacks Rank of #4.

So, this combination makes it difficult to conclusively predict that Pilgrim's Pride will beat the consensus EPS estimate.

Does Earnings Surprise History Hold Any Clue?Analysts often consider to what extent a company has been able to match consensus estimates in the past while calculating their estimates for its future earnings. So, it's worth taking a look at the surprise history for gauging its influence on the upcoming number.

For the last reported quarter, it was expected that Pilgrim's Pride would post earnings of $0.78 per share when it actually produced earnings of $0.68, delivering a surprise of -12.82%.

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

Bottom LineAn earnings beat or miss may not be the sole basis for a stock moving higher or lower. Many stocks end up losing ground despite an earnings beat due to other factors that disappoint investors. Similarly, unforeseen catalysts help a number of stocks gain despite an earnings miss.

That said, betting on stocks that are expected to beat earnings expectations does increase the odds of success. This is why it's worth checking a company's Earnings ESP and Zacks Rank ahead of its quarterly release. Make sure to utilize our Earnings ESP Filter to uncover the best stocks to buy or sell before they've reported.

Pilgrim's Pride doesn't appear a compelling earnings-beat candidate. However, investors should pay attention to other factors too for betting on this stock or staying away from it ahead of its earnings release.

Expected Results of an Industry PlayerSmithfield Foods, Inc. (SFD - Free Report) , another stock in the Zacks Food - Meat Products industry, is expected to report earnings per share of $0.58 for the quarter ended March 2026. This estimate points to no change from the year-ago quarter. Revenues for the quarter are expected to be $3.74 billion, down 0.8% from the year-ago quarter.

Over the last 30 days, the consensus EPS estimate for Smithfield Foods, Inc. has been revised 10.1% up to the current level. Nevertheless, the company now has an Earnings ESP of 0.00%, reflecting an equal Most Accurate Estimate.

When combined with a Zacks Rank of #1 (Strong Buy), this Earnings ESP makes it difficult to conclusively predict that Smithfield Foods, Inc. will beat the consensus EPS estimate. Over the last four quarters, the company surpassed consensus EPS estimates three times.

Stay on top of upcoming earnings announcements with the Zacks Earnings Calendar.

Posted by Defense World Staff on Apr 25th, 2026

Cwm LLC reduced its stake in shares of Pilgrim’s Pride Corporation (NASDAQ:PPC – Free Report) by 34.8% during the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 60,771 shares of the company’s stock after selling 32,387 shares during the quarter. Cwm LLC’s holdings in Pilgrim’s Pride were worth $2,369,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also modified their holdings of the company. New York State Common Retirement Fund boosted its holdings in shares of Pilgrim’s Pride by 1.3% in the second quarter. New York State Common Retirement Fund now owns 17,817 shares of the company’s stock valued at $801,000 after acquiring an additional 230 shares in the last quarter. Signaturefd LLC boosted its holdings in shares of Pilgrim’s Pride by 23.5% in the fourth quarter. Signaturefd LLC now owns 1,350 shares of the company’s stock valued at $53,000 after acquiring an additional 257 shares in the last quarter. Kendall Capital Management boosted its holdings in shares of Pilgrim’s Pride by 4.3% in the third quarter. Kendall Capital Management now owns 6,385 shares of the company’s stock valued at $260,000 after acquiring an additional 265 shares in the last quarter. Thrivent Financial for Lutherans raised its stake in shares of Pilgrim’s Pride by 3.5% in the 3rd quarter. Thrivent Financial for Lutherans now owns 9,824 shares of the company’s stock worth $400,000 after buying an additional 333 shares in the last quarter. Finally, California State Teachers Retirement System raised its stake in shares of Pilgrim’s Pride by 0.9% in the 2nd quarter. California State Teachers Retirement System now owns 43,476 shares of the company’s stock worth $1,956,000 after buying an additional 380 shares in the last quarter. 16.64% of the stock is currently owned by institutional investors.

Insider Buying and Selling at Pilgrim’s Pride In related news, CFO Matthew R. Galvanoni sold 6,963 shares of the stock in a transaction on Wednesday, February 18th. The stock was sold at an average price of $43.52, for a total value of $303,029.76. Following the completion of the transaction, the chief financial officer owned 91,397 shares in the company, valued at $3,977,597.44. This trade represents a 7.08% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. 82.23% of the stock is owned by company insiders.

Pilgrim’s Pride Price Performance NASDAQ PPC opened at $33.63 on Friday. The stock has a market capitalization of $8.00 billion, a P/E ratio of 7.41 and a beta of 0.46. Pilgrim’s Pride Corporation has a 1 year low of $32.23 and a 1 year high of $54.74. The business’s fifty day moving average is $37.69 and its two-hundred day moving average is $38.84. The company has a debt-to-equity ratio of 0.84, a quick ratio of 0.76 and a current ratio of 1.47.

Pilgrim’s Pride (NASDAQ:PPC – Get Free Report) last posted its quarterly earnings results on Wednesday, February 11th. The company reported $0.64 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.78 by ($0.14). Pilgrim’s Pride had a net margin of 5.85% and a return on equity of 35.15%. The company had revenue of $4.52 billion during the quarter, compared to the consensus estimate of $4.39 billion. During the same period in the prior year, the company posted $1.35 EPS. Pilgrim’s Pride’s quarterly revenue was up 3.3% on a year-over-year basis. On average, research analysts forecast that Pilgrim’s Pride Corporation will post 4.14 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In PPC has been the topic of a number of research reports. Weiss Ratings reissued a “hold (c)” rating on shares of Pilgrim’s Pride in a research note on Monday, December 29th. Stephens set a $40.00 price objective on Pilgrim’s Pride in a research note on Wednesday, April 15th. Zacks Research downgraded Pilgrim’s Pride from a “hold” rating to a “strong sell” rating in a research note on Wednesday, February 11th. BMO Capital Markets reduced their price objective on shares of Pilgrim’s Pride from $42.00 to $40.00 and set a “market perform” rating for the company in a research report on Wednesday, March 25th. Finally, The Goldman Sachs Group reduced their price objective on shares of Pilgrim’s Pride from $44.00 to $39.00 and set a “neutral” rating for the company in a research report on Thursday, April 9th. One research analyst has rated the stock with a Buy rating, four have given a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat, the company has an average rating of “Hold” and a consensus price target of $41.00.

Get Our Latest Stock Report on PPC

Pilgrim’s Pride Company Profile (Free Report)

Pilgrim’s Pride Corporation is a leading poultry producer in the United States and Mexico and a wholly owned subsidiary of JBS SA Headquartered in Greeley, Colorado, and Pittsburg, Texas, the company specializes in the production, processing and distribution of fresh, frozen and value-added chicken products. Pilgrim’s Pride serves a diverse customer base that includes retail grocery chains, foodservice distributors and restaurant operators across North America and in select international markets.

The company’s vertically integrated operations encompass breeding, hatching, feed milling, processing plants and cold storage facilities.

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Smithfield Foods, Inc. (SFD - Free Report) came out with quarterly earnings of $0.64 per share, beating the Zacks Consensus Estimate of $0.58 per share. This compares to earnings of $0.58 per share a year ago. These figures are adjusted for non-recurring items.

This quarterly report represents an earnings surprise of +10.35%. A quarter ago, it was expected that this company would post earnings of $0.66 per share when it actually produced earnings of $0.83, delivering a surprise of +25.76%.

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

Smithfield Foods, Inc., which belongs to the Zacks Food - Meat Products industry, posted revenues of $3.8 billion for the quarter ended March 2026, surpassing the Zacks Consensus Estimate by 1.55%. This compares to year-ago revenues of $3.77 billion. The company has topped consensus revenue estimates four times over the last four quarters.

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

Smithfield Foods, Inc. shares have added about 28.7% since the beginning of the year versus the S&P 500's gain of 4.8%.

What's Next for Smithfield Foods, Inc.?While Smithfield Foods, Inc. has outperformed the market so far this year, the question that comes to investors' minds is: what's next for the stock?

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

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

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

It will be interesting to see how estimates for the coming quarters and the current fiscal year change in the days ahead. The current consensus EPS estimate is $0.76 on $3.62 billion in revenues for the coming quarter and $2.74 on $15.7 billion in revenues for the current fiscal year.

Investors should be mindful of the fact that the outlook for the industry can have a material impact on the performance of the stock as well. In terms of the Zacks Industry Rank, Food - Meat Products is currently in the top 39% of the 250 plus Zacks industries. Our research shows that the top 50% of the Zacks-ranked industries outperform the bottom 50% by a factor of more than 2 to 1.

Pilgrim's Pride (PPC - Free Report) , another stock in the same industry, has yet to report results for the quarter ended March 2026. The results are expected to be released on April 29.

This poultry producer is expected to post quarterly earnings of $0.69 per share in its upcoming report, which represents a year-over-year change of -47.3%. The consensus EPS estimate for the quarter has remained unchanged over the last 30 days.

Pilgrim's Pride's revenues are expected to be $4.5 billion, up 0.8% from the year-ago quarter.

The chicken and pork manufacturer reported a lower profit but higher revenue in the first quarter, citing resilient chicken demand.

Pilgrim's Pride Corporation (PPC) Q1 2026 Earnings Call Transcript

On May 01, 2026, Pilgrims Pride Corp PPC shares fell 3.8% today, closing at $31.88. This decline adds to a challenging performance over the past month, with shares down 16.1%. The stock has traded between $30.67 and $51.45 over the last 52 weeks.

GF Value™ verdict: The current price of $31.88 is 19.4% below the GF Value™ estimate of $39.55.GF Score™: PPC has a GF Score™ of 79/100, indicating it is above average in terms of its overall quality score.Most notable signal: Insider activity shows that insiders have sold $0.3M worth of shares in the last three months, with no reported buying. Is PPC Overvalued or Undervalued? Pilgrims Pride Corp's current price of $31.88 is significantly lower than the GF Value™ estimate of $39.55, suggesting the stock is undervalued by 19.4%. This margin of safety could indicate an opportunity for investors looking for undervalued stocks in the consumer packaged goods sector. However, it is essential to exercise caution given the broader trends in the stock’s recent performance, which has seen a notable decline this year.

The GF Valuation label categorizes PPC as "Modestly Undervalued," reflecting its current pricing in relation to its intrinsic value. GF Value™ is GuruFocus' proprietary measure of intrinsic value, calculated from historical trading multiples, past business growth, and future performance estimates. This suggests that while there may be an attractive upside potential, the stock’s recent performance and market conditions should be closely monitored.

How Does PPC's Valuation Compare to Its History? Metric Current Historical P/E (TTM) 8.6x 11.7x Forward P/E 7.9x N/A Pilgrims Pride Corp's current P/E (TTM) of 8.6x is significantly below its 5-year median P/E of 11.7x, indicating that the stock is trading at a lower valuation than it has historically. The forward P/E of 7.9x also supports the notion that PPC is undervalued. This P/E analysis aligns with the findings of the GF Value™, reinforcing the thesis that the stock presents a potential buying opportunity, albeit with the caveat of current market volatility.

What Does PPC's GF Score™ Tell Us? Metric Rating GF Score™ 79/100 Financial Strength 6/10 Profitability 8/10 Growth 6/10 Valuation 10/10 Momentum 2/10 The GF Score™ of 79/100 indicates that Pilgrims Pride Corp is positioned above average when compared to its peers. The strongest aspect is its Valuation rank, which is rated at 10/10, signifying an attractive price relative to its intrinsic value. However, the Momentum rank at 2/10 highlights a significant weakness, indicating that the stock has been underperforming in terms of price movement recently. The Profitability rank of 8/10 suggests solid earnings potential, while the Financial Strength and Growth ranks of 6/10 indicate room for improvement in these areas.

What Are Insiders Doing with PPC Stock? In the last three months, insider trading has shown a negative trend, with insiders selling approximately $0.3M worth of their shares and no recorded buying activity. This pattern may suggest a lack of confidence among insiders regarding the company's short-term prospects. While it's not uncommon for insiders to sell shares for various reasons, a lack of buying activity could raise concerns about future performance and investor sentiment.

What This Means for Investors Based on the GF Value™ assessment, Pilgrims Pride Corp is considered undervalued. With a current price of $31.88 compared to a GF Value™ of $39.55, there is a potential upside of 19.4%. However, the recent stock performance and insider selling activity should be taken into account when considering the investment potential.

For the complete analysis, visit the Pilgrims Pride Corp PPC stock page. You can also explore the GF Value™ page for detailed valuation methodology, or use the GuruFocus Stock Screener to find similar opportunities.

Frequently Asked Questions What is PPC's GF Score™?

PPC has a GF Score™ of 79/100, indicating that it ranks above average compared to its peers and suggests a higher likelihood of generating long-term returns.

Is PPC overvalued or undervalued?

According to the GF Value™ assessment, PPC is undervalued with a current price of $31.88 compared to a GF Value™ of $39.55, indicating a potential upside of 19.4%.

What is PPC's P/E ratio?

PPC's P/E ratio (TTM) is 8.6x, which is significantly below its 5-year median P/E of 11.7x, supporting the conclusion that the stock is undervalued.

This stock alert was generated using automated technology and GuruFocus financial data to provide readers with timely and accurate market reporting. This content was reviewed by GuruFocus editorial team prior to publication. Please send any questions or comments about this story to [email protected].

Investors in Pilgrim's Pride Corporation (PPC - Free Report) need to pay close attention to the stock based on moves in the options market lately. That is because the June 18, 2026 $25.00 Call had some of the highest implied volatility of all equity options today.

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

What do the Analysts Think?Clearly, options traders are pricing in a big move for Pilgrim's Pride, but what is the fundamental picture for the company? Currently, Pilgrim's Pride is a Zacks Rank #5 (Hold) in the Food - Meat Products industry that ranks in the Bottom 14% of our Zacks Industry Rank. Over the last 60 days, no analyst has increased his earnings estimate for the current quarter, while none have dropped their estimates. The net effect has taken our Zacks Consensus Estimate for the current quarter from $1.25 per shareto $1.14 in that period.

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