Track market-moving stories before they get noisy

DEERFIELD, Ill.--(BUSINESS WIRE)--Walgreens is supporting the more than 56 million patients in the Medicare network that may be eligible for GLP-1 medications through the Medicare GLP-1 Bridge program. Walgreens pharmacists will help eligible Medicare patients navigate the new program at nearly 8,000 stores across the country. To get started, patients should speak with their healthcare provider about whether they may be eligible. The Medicare Bridge program is a new nationwide initiative from t.

Chevron CFO Eimear Bonner discusses energy prices and supply, the Hess acquisition, Venezuela, technology and AI.

TSXV: ITR; NYSE American: ITRG www.integraresources.com VANCOUVER, BC, June 25, 2026 /PRNewswire/ - Integra Resources Corp. ("Integra" or the "Company") (TSXV: ITR) (NYSE American: ITRG) is pleased to announce the results of its updated Technical Report Feasibility Study and Life-of-Mine Plan (the "Technical Report") for the producing Florida Canyon Mine ("Florida Canyon" or the "Project"), located in Nevada. Less than two years after acquiring Florida Canyon for $68 million ("M")1, Integra has transformed the operation into a larger, longer-life asset with a 74% increase in Proven and Probable Mineral Reserves, a 17% increase in annual gold production and active mining extended through 2033.

Vancouver, British Columbia--(Newsfile Corp. - June 25, 2026) - Rua Gold Inc. (TSX: RUA) (NZX: RGI) (OTCQX: NZAUF) (FSE: X9R) ("RUA GOLD" or the "Company") is pleased to announce appointment of Tristan Kingcott as an independent director of the Company.

Mr. Kingcott has been nominated by Siren Gold Limited as its board nominee and brings more than 15 years of experience in financial and commercial analysis across Canada and New Zealand. He is Managing Director & Portfolio Manager, Zeta Resources within ICM Limited and has extensive experience working with both private and public company boards in Canada, Bermuda, Australia, and the United Kingdom.

Mr. Kingcott holds a Bachelor of Commerce degree in Finance from the University of Alberta and is a CFA Charterholder and a member of the CFA Society in Vancouver.

Oliver Lennox-King, Chair of RUA GOLD, commented, "I am pleased to welcome Tristan to the RUA GOLD Board as an independent director. The ICM group has been a long-standing supporter of the RUA GOLD story and recognizes the significant long-term value potential of our assets and strategy. Tristan's financial expertise, governance experience, and international perspective will be valuable additions to the Board as we continue to advance our growth objectives."

The Company also announces that Brian Rodan has resigned from the Board of Directors. The Company would like to thank Mr. Rodan for all his contributions to both the Company and the Reefton Goldfield and the years of dedicated service as an independent director during his tenure.

About RUA GOLD

RUA GOLD is an exploration company, strategically focused on New Zealand. With decades of expertise, our team has successfully taken major discoveries into producing world-class mines across multiple continents. The team is now focused on maximizing the asset potential of RUA GOLD's two highly prospective high-grade gold projects.

The Company controls the Reefton Gold District as the dominant landholder in the Reefton Goldfield on New Zealand's South Island with over 120,000 hectares of tenements, in a district that historically produced over 2Moz of gold grading between 9 and 50g/t(1).

The Company's Glamorgan Project solidifies RUA GOLD's position as a leading high-grade gold explorer on New Zealand's North Island. This highly prospective project is located within the North Islands' Hauraki district, a region that has produced an impressive 15Moz of gold and 60Moz of silver(2). Glamorgan is adjacent to OceanaGold Corporation's biggest gold mining project, Wharekirauponga.

For further information, please refer to the Company's disclosure record on SEDAR+ at www.sedarplus.ca.

This news release includes certain statements that may be deemed "forward-looking statements". All statements in this new release, other than statements of historical facts, that address events or developments that the Company expects to occur, are forward-looking statements. Forward-looking statements are statements that are not historical facts and are generally, but not always, identified by the words "expects", "plans", "anticipates", "believes", "intends", "estimates", "projects", "potential" and similar expressions, or that events or conditions "will", "would", "may", "could" or "should" occur and specifically include statements regarding, without limitation: the anticipated contributions of Tristan Kingcott as a director and the advancement of the Company's business. Although the Company believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results may differ materially from those in the forward-looking statements.

Investors are cautioned that any such forward-looking statements are not guarantees of future performance and actual results or developments may differ materially from those projected in the forward-looking statements. A variety of inherent risks, uncertainties and factors, many of which are beyond the Company's control, affect the operations, performance and results of the Company and its business, and could cause actual events or results to differ materially from estimated or anticipated events or results expressed or implied by forward looking statements. Some of these risks, uncertainties and factors include: general business, economic, competitive, political and social uncertainties; risks related to the effects of the Russia-Ukraine war and the war in the Middle East; risks related to climate change; operational risks in exploration, delays or changes in plans with respect to exploration projects or capital expenditures; the actual results of current exploration activities; conclusions of economic evaluations; changes in project parameters as plans continue to be refined; changes in labour costs and other costs and expenses or equipment or processes to operate as anticipated, accidents, labour disputes and other risks of the mining industry, including but not limited to environmental hazards, flooding or unfavorable operating conditions and losses, insurrection or war, delays in obtaining governmental approvals or financing, and commodity prices. This list is not exhaustive of the factors that may affect any of the Company's forward-looking statements and reference should also be made to the Company's short form base shelf prospectus dated July 11, 2024, and the documents incorporated by reference therein, filed under its SEDAR+ profile at www.sedarplus.ca for a description of additional risk factors.

Forward-looking statements are based on the assumptions, beliefs, estimates and opinions of the Company's management on the date the statements are made, which include but are not limited to: to the accuracy of the Company's current mineral resource estimates; that there will be no material adverse change affecting the Company or its properties; the duration and effect of global and local inflation; geo-political uncertainties on the Company's workforce, business, operations and financial condition; the expected trends in mineral prices, inflation and currency exchange rates; that all required approvals and permits will be obtained for the Company's business and operations on acceptable terms including for underground mining at Auld Creek; that there will be no significant disruptions affecting the Company's operations and such other assumptions herein. Except as required by applicable securities laws, the Company undertakes no obligation to update these forward-looking statements in the event that management's beliefs, estimates or opinions, or other factors, should change.

________________________

Technical Report on the Reefton Project, New Zealand, with an effective date of February 27, 2026 available under the Company's SEDAR+ profile at www.sedarplus.ca.

Christie, A., Simpson, M., Barker, R., and Braithwaite, R. 2019. Exploration for epithermal Au-Ag deposits in New Zealand: history and strategy. New Zealand Journal of Geology and Geophysics, 62:1, 414-441. NI 43-101 Technical Report, Waihi District Pre-feasibility Study, New Zealand. OceanaGold Corporation, Report Date: December 11, 2024.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/302798

Source: Rua Gold Inc.

Ready to Announce with Confidence? Send us a message and a member of our TMX Newsfile team will contact you to discuss your needs.

Contact Us

Alaska Airlines recognizes T-Mobile for its key contributions in making complimentary Wi-Fi possible so that guests can stay connected throughout their journey Alaska and Hawaiian announced 100% of their regional fleet and the first 50 of its mainline aircraft are now equipped with Starlink's fastest Wi-Fi in the sky, marking a significant milestone in the rapid rollout across the combined fleet Complimentary, ultra-fast Wi-Fi is available on all Hawaiian Airlines aircraft flying to and from Hawai'i, reinforcing its leadership as the first major U.S. airline to bring the service to the skies , /PRNewswire/ -- Alaska Airlines and Hawaiian Airlines today announced major progress in the rollout of free, lightning-fast Wi-Fi across the combined fleet, with approximately 150 aircraft now equipped — putting the airline ahead of schedule in enhancing connectivity and delivering an industry-leading guest experience. The milestone positions Alaska and Hawaiian among the first to offer ultra-fast, free inflight Wi-Fi across their fleet.

As part of this rollout, Alaska and Hawaiian are introducing a new onboard portal beginning in June that makes it easy for guests to access fast, complimentary inflight Wi‑Fi by joining Atmos™ Rewards, the airline's combined loyalty program. The experience will become standard across flights by mid-July, with existing Atmos Rewards members connecting automatically through a streamlined interface and new guests able to sign up in just a few steps. Enrollment in Atmos Rewards, which is this year's winner of NerdWallet's Best Airline Rewards Program, is free and can be completed in just seconds before or during travel. The airline's inflight Wi-Fi, which is complimentary thanks to T-Mobile, is powered by Starlink – the fastest Wi-Fi in the sky.

"For years, T-Mobile has played a key role in keeping our guests connected, and we're proud to now offer Starlink, the fastest Wi-Fi in the sky, to Atmos members for free, made possible through our work with T-Mobile," said Shane Jones, Senior Vice President of Fleet, Products and Guest Experience at Alaska Airlines. "We've seen an overwhelmingly positive response from our guests, and we couldn't have done it without T-Mobile as we continue to raise the bar for the experience across Alaska Airlines and Hawaiian Airlines."

"Our relationship with Alaska Airlines has helped redefine what travelers can expect from inflight connectivity, and today's milestone is another important step forward," said Mike Belcher, Head of Partnerships & Business Development at T-Mobile. "Bringing complimentary inflight Wi-Fi to more travelers across both Alaska Airlines and Hawaiian Airlines makes it easier to stay connected throughout their journey. The new, streamlined experience for accessing Wi-Fi reflects our shared commitment to delivering a better, more seamless travel experience."

Following Hawaiian's lead in becoming the first U.S.-based major airline to bring Starlink to the skies in 2024, Alaska began installation of high-speed Wi-Fi service on its fleet late last year. Within months, Alaska became the first U.S. carrier to install Starlink across its entire regional jet fleet. With installations now underway across the mainline fleet, Alaska is on track to bring Starlink to its entire widebody fleet this fall and operate more Starlink-equipped departures from Hawai'i, Portland, San Diego and Seattle than any other airline. This includes its Boeing 787-9 Dreamliners, operated on the carrier's long-haul international flights between Seattle and Incheon-Seoul, London, Rome and Tokyo beginning this fall. The airline expects to complete installation across the remaining mainline fleet by 2027.

Now guests can follow Alaska Airlines and Hawaiian Airlines' Wi-Fi installation progress with this tracker. Compared to legacy inflight Wi-Fi systems, Starlink offers low latency and significantly faster speeds, allowing guests to stream, browse and scroll just like at home – part of Alaska and Hawaiian's investment in its evolution into a global premium carrier with the guest in mind every step of the journey.

Frequently Asked Questions:

How does the sign-in portal work?
A: The inflight Wi‑Fi portal is designed for a fast and seamless experience, allowing guests to sign into or sign-up for Atmos Rewards in just a few taps. With a streamlined interface and minimal steps, guests can get connected quickly and reliably.

What can I do with Starlink Wi‑Fi onboard? 
A: Starlink enables guests to stream live sports, movies and shows, browse the internet, use their favorite apps, play video games, send messages and stay connected from gate to gate — offered complimentary thanks to T-Mobile.

Is Starlink inflight Wi‑Fi really free?
A: Yes. On Starlink-equipped aircraft, inflight Wi‑Fi is complimentary for Atmos Rewards members, thanks to T-Mobile.

Do I need to be an Atmos Rewards member to access Starlink on Starlink-equipped Alaska Airlines and Hawaiian Airlines aircraft?
A: Starting in June on select flights and on all flights by mid-July, guests who would like to access Alaska and Hawaiian's complimentary Starlink Wi-Fi will need to be an Atmos Rewards member to get online. Joining Atmos Rewards is free and easy, giving guests the ability to earn and redeem miles while unlocking complimentary gate-to-gate connectivity.

Q: What if I'm traveling with a child, do they need their own Atmos Rewards account to use Wi‑Fi?
A: Atmos Rewards is free to join and open to guests of all ages. Guests under 18 will be connected to free Wi-Fi after they enter their reservation details. Parents or guardians should ensure their children's devices have the appropriate parental control settings applied before connecting to Wi-Fi. While minors can access free Wi‑Fi by entering their reservation details, parents or guardians are encouraged to enroll children so they can start earning points and enjoying the benefits of Alaska and Hawaiian's industry-leading loyalty program. Guests 16 and older may join Atmos Rewards using this online form. For guests under 16, a parent or legal guardian can complete enrollment by reaching out to Alaska Airlines here.

How does Starlink deliver ultra-fast Wi-Fi in the sky? 
A: With thousands of satellites in low Earth orbit, Starlink delivers connectivity on Alaska Airlines and Hawaiian Airlines from takeoff to landing, even in remote areas and supports 4k streaming, gaming and multi-device use gate to gate. Guests can expect speeds up to 500 Mbps, which are at least 7x faster than legacy inflight Wi-Fi systems.

Will I still be able to access Alaska Airlines and Hawaiian Airlines movies, shows and podcasts through its inflight entertainment?
A: On aircraft equipped with Starlink, traditional streaming inflight entertainment systems are no longer offered. Instead, guests can stream content directly on their personal devices using free Wi-Fi on board Alaska and Hawaiian, thanks to T-Mobile. This allows guests to watch their favorite movies and shows using their favorite apps for a more flexible, at-home experience in the air. Guests on Alaska's 787-9 Dreamliner and Hawaiian's A330 fleet will continue to enjoy a wide range of movies and TV shows on seatback screens.

What happens if the Alaska Airlines and Hawaiian Airlines plane I'm flying doesn't have Wi-Fi?
A: On Alaska aircraft not yet equipped with Starlink, guests can continue to purchase inflight Wi‑Fi, where available. Installation of ultra-fast Wi-Fi is scheduled to be complete across the Alaska fleet in 2027.

Do all Alaska and Hawaiian aircraft have Starlink Wi-Fi?
A: Alaska Airlines' entire regional fleet (Embraer 175) is equipped with Starlink, with installation now underway across its mainline fleet, including 737s, and plans to equip its 787-9 Dreamliner fleet this fall. Hawaiian Airlines aircraft operating to and from North America, as well as on international routes, are now equipped with Starlink. Hawaiian's neighbor island flights do not have Wi‑Fi on board.

About Alaska, Hawaiian and Horizon
Alaska Airlines, Hawaiian Airlines and Horizon Air are subsidiaries of Alaska Air Group, and McGee Air Services is a subsidiary of Alaska Airlines. We are a global airline with hubs in Seattle, Honolulu, Portland, Anchorage, Los Angeles, San Diego and San Francisco. We deliver remarkable care as we fly our guests to more than 140 destinations throughout North America, Latin America, Asia, the Pacific and Europe. Guests can book travel at alaskaair.com and hawaiianairlines.com. Alaska and Hawaiian are members of the oneworld alliance. Members of our Atmos Rewards loyalty program can earn and redeem points with oneworld airlines and our additional global partners that serve over 1,000 worldwide destinations. Learn more about what's happening at Alaska and Hawaiian at news.alaskaair.com. Alaska Air Group is traded on the New York Stock Exchange (NYSE) as "ALK."

SOURCE Alaska Airlines

June 25, 2026 Wednesday's MarketsS&P 500
7,358 (-0.1%)Nasdaq
25,477 (-0.43%)Dow
51,849 (+0.35%)Bitcoin
$60,757 (-2.64%)

Source: Image created by Jester AI.

1. Micron Pops on Data Center Demand Micron (MU 1.32%) rose around 17% ahead of the market open as quarterly results showed exceptional demand, with core data center business sales climbing more than sevenfold versus last year, as the memory supply crunch remains a focal point.

"Our customers are recognizing that supply shortages in memory and storage will take considerable time to improve": CEO Sanjay Mehrotra now expects industry supply to improve only in 2028, with data center operators and other clients now signing three- to five-year deals with Micron to secure capacity. Gross margin came in ahead of expectations at 84.56%: Micron's profit margin indicates the unprecedented pricing power it currently has due to the global shortage of memory chips, along with the operational leverage from production. A year ago, the gross margin stood at 39%. 2. Global Chip Stocks Lift Market Sentiment Nasdaq futures jumped about 2%, with AI chip stocks benefiting from Micron's tailwind and a rebound in positive sentiment from Asia. Korean chip giant SK Hynix rose 13% as plans to raise funds from a U.S. stock listing gained momentum.

SK Hynix listing could be a double-edged sword for Micron: Given the cheaper relative valuation of SK Hynix, a U.S. listing could see capital flow from Micron into the stock. However, it could boost overall exposure for the sector, a net benefit for Micron stock. "I'm struck by the idea that they are claiming a historically cyclical hardware market is not anymore": In May, Fool contributing analyst Toby Bordelon mused about a UBS (UBS 1.85%) report on chip stocks, noting the theme that "this time, it's different," but ultimately warned "I am concerned about the valuation of Micron itself."

3. Wall Street Passes Fed Stress Test

Major U.S. banks including JPMorgan (JPM 0.21%), Goldman Sachs (GS 1.72%), and Hidden Gems rec U.S. Bancorp (USB +0.10%) passed the Federal Reserve's annual stress test, with enough capital requirements to deal with a weak economy, boosting confidence in the sector.

Results "underscore the strength of the banking system": Michelle Bowman, the Fed vice chair for supervision, praised the results. It modeled scenarios including a 10% unemployment rate, a double-digit real estate price fall, and plunging stocks. Host of major banks lift dividends and buybacks after announcement: U.S. Bancorp confirmed plans to raise its quarterly dividend by 3.8% to $0.54 per share. The stock is outperforming the S&P 500 by almost 18% since the July 2023 Hidden Gems rec. Typically, banks make payout changes following the results as management teams have better visibility on excess cash after regulators dictate how much capital they need to set aside first. 4. Next Up: Earnings and Inflation in Focus McCormick (MKC +0.15%) rose around 2.5% before the market opened as Q2 results built on last quarter, with net sales up by 16.7% and management reaffirming the full-year earnings per share outlook.The stock is currently on hold in Stock Advisor by Team Rule Breakers. The May reading of the Fed's preferred inflation gauge, the core Personal Consumption Expenditures (PCE) price index, is projected to climb to 3.4% year over year, up from 3.3% in April. The headline figure is expected to hit 4.1%, the highest level since April 2023. 5. Today's Take: Separating AI Doers From Talkers

Before determining if a company is genuinely using a technology, I check where we are in the Gartner hype cycle. Anywhere before the trough of disillusionment means a fair amount of skepticism is warranted.-- Alicia Alfiere Team Rule Breakers

6. Your Take What's one investment thesis you're questioning after this month's events?

Debate with friends and family, or become a member to hear what your fellow Fools are saying!

This image and article was created using Large Language Models (LLMs) based on The Motley Fool's insights and investing approach. It has been reviewed by our AI quality control systems. Since LLMs cannot (currently) own stocks, it has no positions in any of the stocks mentioned. JPMorgan Chase is an advertising partner of Motley Fool Money. The Motley Fool has positions in and recommends Goldman Sachs Group, JPMorgan Chase, Micron Technology, and U.S. Bancorp. The Motley Fool recommends McCormick. The Motley Fool has a disclosure policy.

LOS ANGELES--(BUSINESS WIRE)---- $FSLR--First Solar, Inc. Sued for Securities Law Violations - Contact the DJS Law Group to Discuss Your Rights – FSLR.

Raspberry Pi Holdings PLC (LSE:RPI) topped the FTSE 350 leaderboard on Thursday morning, climbing over 10% after US memory chipmaker Micron Technology delivered strong results and guidance that fuelled a broad rally in semiconductor stocks around the world.

Despite the absence of any company-specific news, shares in the UK maker of single-board computers rose 10.5% to 808p, while across Europe, semiconductor stocks advanced, with ASM International, Infineon Technologies (XETRA:IFX, OTC:INFNNY), BE Semiconductor Industries, ASML, STMicroelectronics (NYSE:STM) and VAT Group all among the leading gainers.

The move followed stronger-than-expected quarterly results from Micron overnight, sending its shares surging almost 17% in afterhours trading.

Investors appeared to be buying into the wider AI theme, as Raspberry Pi's only corporate relationship with Micron is that the US company supplies memory chips used in some products.

Micron beat Wall Street forecasts and issued guidance ahead of expectations. Chief executive Sanjay Mehrotra said the results reflected "the strategic value of memory in the AI era" and pointed to continued strong demand from customers.

Russ Mould, investment director at AJ Bell, said: "Fears about a pullback in AI-related stocks have been banished after Micron Technology's results implied all is well in tech land."

He added: "The company has reported a surge in profit and said supply tightness in the memory chip market will continue beyond next year."

Mould said the results had boosted sentiment across the wider semiconductor sector.

Micron has Wall Street tech bulls back in charge. Oil and bonds are helping too. (Erik McGregor/LightRocket via Getty Images)

Investors in U.S. stocks were looking at a triple-dose of optimism Thursday, with a key inflation reading in focus, that could bring markets back from a mid-June slump and close out an extraordinary quarter on a high note.

HomeStock IdeasLong IdeasTech 

SummaryMicron delivered explosive Q3 results, with revenue up 345.7% YoY and non-GAAP EPS up 1,215%, far exceeding guidance and consensus.AI-driven memory demand, persistent supply constraints, and strategic customer agreements underpin a bullish outlook and mitigate cyclical risks for MU.Operating leverage, robust free cash flow, and sector-leading margins position MU for continued strong performance, with valuation still attractive at 16.6x FY2026 EPS.I reiterate a Buy rating, supported by quant ranking, upward EPS revisions, and strong chart momentum, as MU transforms its business model. JHVEPhoto/iStock Editorial via Getty Images

Bears sound smart, but it's usually bulls that make money, and that's what's happening now. Micron (MU) crushed earnings and guidance once again, but this time, the stock is rising.

Non-GAAP EPS came in

3.51K Followers

Analyst’s Disclosure: I/we have a beneficial long position in the shares of SNDK either through stock ownership, options, or other derivatives. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from Seeking Alpha). I have no business relationship with any company whose stock is mentioned in this article.

I have exposure to MU stock through the DRAM ETF.

Seeking Alpha's Disclosure: Past performance is no guarantee of future results. No recommendation or advice is being given as to whether any investment is suitable for a particular investor. Any views or opinions expressed above may not reflect those of Seeking Alpha as a whole. Seeking Alpha is not a licensed securities dealer, broker or US investment adviser or investment bank. Our analysts are third party authors that include both professional investors and individual investors who may not be licensed or certified by any institute or regulatory body.

JHVEPhoto/iStock Editorial via Getty Images

Listen below or on the go via Apple Podcasts and Spotify

Micron (MU) and SK Hynix put the spotlight on DRAM. (00:13) Anthropic thinks Alibaba (BABA) took notes. (01:19) The White House wants $87.6B. (02:21)

This is an abridged transcript.

The Roundhill Memory ETF (DRAM) is back in focus after Micron Technology (MU) reported better-than-expected quarterly results and SK Hynix (SKHY) unveiled plans for a U.S. ADR listing.

The ETF is up 12.6% in premarket action. DRAM has gained 151.9% since its debut on April 2, 2026.

Micron (MU), one of DRAM's largest holdings, is up 17% premarket after reporting quarterly results on Wednesday.

Micron Technology (MU) reported fiscal third-quarter results and guidance that topped Wall Street's expectations by a wide margin.

Meanwhile, SK Hynix (SKHY), another top holding in the fund, announced plans on Wednesday to raise as much as $29.4B through a U.S. ADR listing. The company said it intends to use the proceeds to expand production capacity as demand for AI memory chips continues to accelerate.

Samsung Electronics (SSNLF), SK Hynix (SKHY) and Micron (MU) together account for roughly three-quarters of DRAM's portfolio.

Alibaba Group Holding (BABA) shares slid to a 16-month low in Hong Kong on Thursday after Anthropic (ANTHRO) reportedly accused the company of “illicitly” accessing its artificial intelligence model.

The company’s stock tumbled as much as 4.9%, extending this year’s decline to 33%. The firm's U.S.-listed shares ended 3% lower on Wednesday. Other Chinese firms that develop large language models also fell, with Xiaomi (XIACF) and Baidu (BIDU) both dropping more than 3%.

According to Bloomberg, Anthropic (ANTHRO) sent a letter to White House officials and several U.S. senators this week alleging that Alibaba (BABA) was waging an industrial-sized effort to illicitly access its Claude models.

The strike by Alibaba is described as a "distillation" effort, which Anthropic has said involves training a less capable model on the outputs of a stronger one. It said the campaign was conducted by operators affiliated with Alibaba and Alibaba Qwen, Alibaba's AI lab.

The White House on Wednesday asked Congress to approve $87.6B in supplemental spending to fund the Iran war and other priorities, including aid for U.S. farmers and response to the Ebola outbreak.

The package includes $21B for the Defense Department to support military capabilities, munitions procurement, and the U.S. industrial base; $1.4B for Ebola response efforts; and $768M for the Energy Department's nuclear and energy security programs.

The funding request could place some Republicans in a politically difficult position ahead of the 2026 midterm elections.

What’s Trending on Seeking Alpha

Qualcomm surges post-market after Investor Day reveals $15B in data center revenue by fiscal 2029

Brain drain: Alphabet set to lose two more AI researchers, report says

JPMorgan, Wells Fargo, other big banks plan dividend increases, stock buybacks

Catalyst watch:

Notable investor events include Visteon's (VC) Investor Day and Barnes & Noble Education's (BNED) Investor Day.

Take-Two Interactive's (TTWO) Rockstar Games will start pre-orders for the highly anticipated Grand Theft Auto VI videogame. Gamers have been waiting since 2013 for the latest GTA iteration.

Moderna (MRNA) will hold a Science Day event that will feature an overview of research and early development programs, highlighting how the mRNA platform, together with advances in AI and robotics, is accelerating innovation and creating opportunities to expand into new therapeutic areas.

Lululemon (LULU) will hold its annual shareholder meeting. Last month, Lululemon (LULU) and founder Chip Wilson reached a cooperation/settlement agreement that effectively ended the proxy fight.

The biggest movers for the day premarket: The Wendy's Company (WEN) +15.4% - Stock posted further gains on Thursday, holding onto a significant portion of its heavy-volume surge from the previous session after Reddit’s WallStreetBets community triggered an intraday rally.

Economic calendar:

8:30 AM GDP

8:30 AM Jobless Claims

8:30 AM Personal Income and Outlays

© master1305 / iStock via Getty Images

Artificial intelligence has created a handful of corporate winners, but one company has towered above the rest. Nvidia (NASDAQ:NVDA | NVDA Price Prediction) became the face of the AI revolution as demand for its chips exploded, pushing its market value to roughly $4.8 trillion. Even after a pullback of nearly 16% from its all-time high, most investors still view Nvidia as one of the strongest long-term ways to invest in AI.

That narrative has become so dominant that many investors may be overlooking another AI beneficiary posting numbers that look even stronger than Nvidia’s did at a similar point in its growth cycle: Micron Technology (NASDAQ:MU).

Micron’s Latest Earnings Were Hard to Ignore Micron reported fiscal Q3 2026 earnings yesterday showing the memory-chip maker delivered stunning results that cleared Wall Street’s expectations by a wide margin.

Metric Reported Analyst Estimate Revenue $41.5 billion $35.1 billion EPS $25.11 $20.39 The market’s reaction reflected just how far ahead of expectations Micron landed. Shares are surging 18% in pre-market trading this morning.

The key takeaway wasn’t simply that Micron beat estimates. It was the scale of the business it has become. Revenue reached $41.5 billion in a single quarter as demand for high-bandwidth memory (HBM) and DRAM continued to benefit from AI infrastructure spending.

By themselves, though, the numbers don’t quite catch the sweep of the achievement. Let’s give them some perspective.

Micron Is Already Matching Nvidia’s Scale One year ago, Nvidia reported what many investors viewed as one of its most remarkable earnings reports. In its fiscal 2026 first-quarter earnings release, the company generated:

Revenue of $44.1 billion Net income of $18.8 billion Those figures represented revenue growth of 69% and profit growth of 26% year over year. The market rewarded Nvidia handsomely for those results. Its stock soared 34% in the three months between its Q1 and Q2 earnings reports, and it added $1.13 trillion in market valuation.

Surprisingly, Micron’s latest quarter stacks up even better on several measures. While its revenue of $41.5 billion was only modestly below Nvidia’s $44.1 billion from a year ago, Micron generated approximately $28.2 billion in profits. In other words, Micron is already producing substantially more profit than Nvidia was at this stage.

That comparison alone deserves investors’ attention. Yet the guidance may be even more compelling.

The Valuation Gap Is Hard to Ignore Micron’s management expects fiscal Q4 revenue of roughly $50 billion and net income of approximately $35 billion. Compare that with Nvidia’s next quarter from last year:

Company Snapshot Revenue Net Income Nvidia (one year ago) $46.7 billion $25.8 billion Micron (Q4 guidance) $50.0 billion $35.0 billion Micron is forecasting higher revenue and more profit than Nvidia generated during the period that helped cement its reputation as the premier AI stock. Yet the valuation difference remains enormous.

Nvidia market cap one year ago: approximately $3.8 trillion Micron market cap today: approximately $1.18 trillion That means Micron is generating comparable — and in some cases superior — operating results on an absolute and percentage basis while carrying a valuation just one-third the size.

Granted, the comparison is not perfectly apples-to-apples. The AI market of 2025 and the AI market of 2026 are not identical. Today’s industry faces challenges including land constraints for data centers, water availability concerns, power bottlenecks, component shortages, and investor scrutiny over whether massive AI spending will generate adequate returns.

If Nvidia’s exact circumstances from a year ago were transplanted into today’s environment, the outcome might not be identical.

Key Takeaway Regardless, Micron’s latest earnings report highlights a disconnect investors should not ignore. Micron is approaching Nvidia-like scale while generating profits that exceed what Nvidia reported at a similar point in its AI growth story. Its Q4 outlook suggests that momentum is still accelerating.

That doesn’t guarantee Micron follows Nvidia’s stock trajectory. Markets rarely repeat themselves perfectly. Regardless, the numbers suggest Micron may be one of the most undervalued AI infrastructure companies available today.

When a company growing this quickly trades at roughly one-third the valuation Nvidia commanded during a comparable phase of the AI boom, sharp investors should at least take a closer look. The opportunity may not be identical to Nvidia’s, but the upside still appears far larger than many investors realize.

US stocks look set for a strong rebound on Thursday, with technology shares leading the charge after upbeat results from Micron reignited enthusiasm for the artificial intelligence trade following three consecutive days of losses for the Nasdaq.

Nasdaq futures jumped 2.2%, pointing to a recovery after the technology-heavy index fell 0.4% on Wednesday, taking its decline for the week to more than 1,000 points, or 3.7%.

S&P 500 futures were up 0.8%, with Dow Jones futures 0.3% higher, having respectively dropped 0.1% to 7,358.2 and 0.35% to 51,848.9 the day before. 

The mood shifted after Micron's fiscal third quarter results comfortably beat Wall Street expectations and the memory chipmaker issued stronger-than-expected guidance for the current quarter.

Revenue more than doubled from a year earlier, while chief executive Sanjay Mehrotra said the results reflected "the strategic value of memory in the AI era" as demand continued to accelerate.

The shares have leapt 17.5% in pre-market trading.

Market analyst David Morrison at Trade Nation said the results "restored confidence across a sector which has taken a recent hit", noting that the company is the only US manufacturer of high-bandwidth memory chips compatible with Nvidia's processors.

Qualcomm also boosted sentiment after buying a chip startup Modular for nearly $4 billion and issuing an upbeat forecast for its data centre business, helping lift semiconductor stocks including AMD, Marvell Technology, TSMC and Intel.

The optimism spread into Asian and European markets. Japan's Nikkei 225 surged 4.6%, South Korea's Kospi jumped 5.4% and the Euro Stoxx 600 technology index gained 0.7%.

Investors will also be watching US inflation data later, with the Personal Consumption Expenditures price index expected to show annual inflation of 3.4%. Morrison said the release would be closely watched as markets assess the Federal Reserve's increasingly hawkish stance.

Attention will also remain on the Japanese yen after the dollar climbed to within a few cents of ¥162, its strongest level against the currency since July 2024.

Traders were "still playing a game of chicken" with Japanese policymakers, Morrison said, after previous currency interventions failed to halt the yen's decline, although he cautioned the dollar could see a short-term pullback after its recent rally.

Oil prices continued to fall, with WTI crude sliding another 0.8% to $69.77, the lowest since the start of March. 

Micron Technology’s latest earnings were not just another strong AI-chip result, but a warning that the next big shortage in artificial intelligence may be hiding in memory.

The company reported record fiscal third-quarter revenue of $41.5 billion and adjusted profit of $25.11 per share, both comfortably ahead of Wall Street estimates.

Its shares jumped 12% in after-hours trading, extending a rally that has already pushed Micron’s market value above $1 trillion.

But the real story was the signal from customers: they are no longer just buying memory chips. They are trying to lock up future supply before everyone else does.

For years, the AI trade has revolved around Nvidia and the graphics processors needed to train and run large models.

Micron’s results suggest investors may now need to widen the frame.

AI models need more than processors. They need fast memory to move and store huge amounts of data.

That is where high-bandwidth memory, or HBM, comes in.

These chips sit alongside advanced AI processors and help feed them data at the speed modern AI workloads require.

Micron said that customers had committed $22 billion to secure memory-chip supply under agreements with 16 strategic customers across data centres, consumer devices and autos.

That number matters because it shows how memory is being increasingly treated as a strategic infrastructure.

Daniel Newman, CEO of Futurum Group, told Reuters that the scale of the AI buildout has been underestimated, adding that memory should continue to command “premium pricing” while supply remains constrained.

Micron is no longer just a cyclical chip storyMemory has historically been one of the most boom-and-bust corners of the chip industry.

As supply tightens, chipmakers raise prices and expand capacity, but once supply catches up, prices and margins typically come under pressure.

Micron is trying to change that story.

The company’s new customer agreements include take-or-pay commitments, cash deposits and pricing floors.

In plain English, customers are committing money and volume ahead of time, while Micron gets better visibility on demand and some protection if the market turns.

As per the company, the remaining performance obligations (RPOs) tied to these agreements are around $100 billion.

That gives investors a clearer view of future contracted revenue than they would normally expect from a memory company.

That is why investors are re-rating Micron: customers are not just buying for today’s demand, but securing future supply to avoid being caught short.

Art Hogan, chief market strategist at B. Riley Wealth, told Reuters that pure memory demand had risen rapidly and that Micron “sits at the center” of that shift.

He also described the company’s trillion-dollar valuation milestone as an “exclamation point” on the demand required to run AI data centres.

The sharpest post-earnings reaction came from D.A. Davidson analyst Gil Luria, who raised his price target on Micron to $2,000 from $1,500, setting a new Street-high target while keeping a Buy rating.

His argument goes to the heart of the rerating debate.

Luria said Micron now has “some of the semi industry’s best visibility”, helped by long-term strategic customer agreements that give the company a clearer view of future demand than investors normally expect from a memory-chip maker.

The analyst pushed back against the idea that Micron is already near the top of the cycle.

He argued that “the memory cycle is far from over”, with tight supply-demand dynamics likely to last through at least calendar 2027, even as Micron spends heavily on capacity.

LEAWOOD, Kan.--(BUSINESS WIRE)---- $AMC--AMC Entertainment Holdings, Inc. (NYSE: AMC) (“AMC” or “the Company”), announced today that it closed its previously announced registered direct offering of an aggregate of 95,250,000 shares of AMC common stock for gross proceeds of approximately $200 million (the “Offering”), before deducting agent fees and offering expenses. AMC intends to use the proceeds from the Offering primarily to immediately call and soon thereafter redeem all of its $125,471,000 aggrega.

An autonomous vehicle is seen at the BlackBerry QNX headquarters in Ottawa, Ontario, Canada, February 15, 2019. REUTERS/Chris Wattie Purchase Licensing Rights, opens new tab

June 25 (Reuters) - BlackBerry (BB.TO), opens new tab raised its annual revenue forecast on Thursday, betting on continued momentum for ​its QNX division following the completion of its turnaround ‌efforts, sending its U.S.-listed shares up around 8% in premarket trading.

Once a powerhouse in the smartphone industry, BlackBerry has shifted its focus towards software for ​connected devices and self-driving vehicles over the past several ​years.

The Reuters Inside Track newsletter is your essential guide during the World Cup. Sign up here.

BlackBerry's QNX division, which provides secure real-time operating systems ⁠for mission-critical embedded systems most notably in the automotive sector, has ​maintained its strong growth trajectory, with revenue surging nearly 26% to $72.3 ​million during the first quarter ending May 31.

QNX has a backlog of almost $1 billion in future royalties.

"We see more of our QNX customers are leaning ​into next-generation software defined vehicles. They're working with us closely ​to deploy our platform across the board to help them meet those needs, ‌so ⁠we actually see really healthy demand," CEO John Giamatteo told Reuters.

BlackBerry now expects full-year 2027 revenue of between $594 million and $621 million, above its earlier projection of between $584 million and $611 million.

It forecast annual QNX ​revenue of $295 million ​to $312 million, ⁠compared with its previous range of $290 million to $307 million.

BlackBerry's secure communications division, which encompasses encrypted voice, messaging ​and critical event management solutions, reported a 24% ​rise ⁠in revenue to $73.6 million.

A vast majority of the secure communications business is government, and a significant portion of the pipeline is also government, ⁠CFO ​Tim Foote said.

The company posted total revenue ​of $152.9 million for the first quarter, up 26% from the same period a year ​earlier.

Reporting by Juby Babu in Mexico City; Editing by Anil D'Silva

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

The energy sector has been red-hot this year. WTI, the primary U.S. oil price benchmark, is up more than 20% this year to around $70 a barrel. While that's well off its peak in the triple digits, oil is still much higher than it started the year and could remain elevated well into 2027 as the market recovers from the prolonged closure of the Strait of Hormuz.

The surge in crude prices has benefited Occidental Petroleum (OXY 2.18%), which has also rallied more than 20% year to date, crushing the S&P 500's nearly 8% return. Here's a look at whether it's the best way to play the energy sector this year.

Image source: The Motley Fool.

Starting from a position of strength Occidental Petroleum has spent the past several years enhancing its scale and balance sheet. The oil company paid $38 billion (plus the assumption of debt) to acquire Anadarko Petroleum in 2019 and another $12 billion to buy CrownRock in 2023. It heavily relied on debt financing to close both deals, burdening its balance sheet. As a result, Occidental has spent much of the last five years focused on debt reduction, including the sale of non-core assets.

The company achieved its initial targeted debt level of $15 billion earlier this year by selling its OxyChem subsidiary to Berkshire Hathaway for $9.7 billion. That sale meaningfully reduced its interest expenses and capital spending. That drove Occidental's expectation that it would deliver a more than $1.2 billion improvement in its free cash flow this year at the same oil price as last year (mid-$60s). This incremental free cash flow would enable it to continue increasing its dividend (8% raise in February) and further strengthen its balance sheet toward its new target of reaching $10 billion in debt. It also had the flexibility to opportunistically repurchase shares.

Today's Change

(

-2.18

%) $

-1.14

Current Price

$

51.09

Strong upside to higher oil prices Occidental Petroleum's heavy investments to scale its oil and gas business put it in a stronger position to capitalize on higher crude prices this year. For example, every $1 increase in the average annual oil price will add about $265 million to its free cash flow.

While oil prices are currently in the $70s, most Wall Street banks expect crude to average around $85 to $90 a barrel this year. Even though Iran has agreed to reopen the Strait of Hormuz and allow oil to flow freely, restoring supply from the Persian Gulf could take time. Further, the global economy needs to rebuild its oil inventory levels, which it has drawn down during the closure. That recovery could last until 2027, keeping crude prices in the low to mid $70s next year.

This outlook suggests Occidental Petroleum should generate more excess free cash flow over the coming year. That will enable it to achieve its new balance sheet target faster and start returning more money to shareholders through repurchases, further boosting shareholder value.

A great option Occidental Petroleum initially expected to generate more than $1.2 billion in additional free cash flow in 2026 at the same oil pricing level as last year. The company will likely exceed that target due to the uptick in crude prices, which could remain elevated into next year. While Occidental isn't the only oil company in a strong position to capitalize on this year's pricing, it's a great option for investors seeking an energy stock to cash in on the red-hot oil market.

Matt DiLallo has positions in Berkshire Hathaway. The Motley Fool has positions in and recommends Berkshire Hathaway. The Motley Fool recommends Occidental Petroleum. The Motley Fool has a disclosure policy.

HomeStock IdeasLong IdeasConsumer 

SummaryBooking Holdings maintains a dominant position in online travel, supported by global inventory, loyalty, and direct app engagement.AI-driven disruption fears have weighed on BKNG’s valuation, yet AI is already delivering operating efficiencies and margin expansion.Despite Middle East conflict headwinds, BKNG expects 'low to mid-teens' FY 2026 EPS growth and continued EBITDA margin improvement.Shares trade at a forward P/E of 16x, historically low, presenting an attractive risk/reward if AI disintermediation remains gradual. 10'000 Hours/DigitalVision via Getty Images

Booking Holdings (BKNG) is the world’s largest online travel agency group. Its competitive position rests on a vast global inventory of hotels and alternative accommodations, an effective Genius loyalty programme, marketing scale, and direct-app engagement.

1.23K Followers

Analyst’s Disclosure: I/we have no stock, option or similar derivative position in any of the companies mentioned, and no plans to initiate any such positions within the next 72 hours. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from Seeking Alpha). I have no business relationship with any company whose stock is mentioned in this article.

Seeking Alpha's Disclosure: Past performance is no guarantee of future results. No recommendation or advice is being given as to whether any investment is suitable for a particular investor. Any views or opinions expressed above may not reflect those of Seeking Alpha as a whole. Seeking Alpha is not a licensed securities dealer, broker or US investment adviser or investment bank. Our analysts are third party authors that include both professional investors and individual investors who may not be licensed or certified by any institute or regulatory body.

, /PRNewswire/ -- McCormick & Company, Incorporated (NYSE:MKC), a global leader in flavor, today reported financial results for the second quarter ended May 31, 2026 and reaffirmed its outlook for fiscal 2026.

Net Sales increased 16.7% in the second quarter and included a 2.7% favorable impact from currency. Organic sales growth was 1.7%. Operating income was $276 million in the second quarter compared to $246 million in the year-ago period. Adjusted operating income was $336 million compared to $259 million in the year-ago period. Earnings per share was $0.56 in the second quarter as compared to $0.65 in the year-ago period. Adjusted earnings per share was $0.80 as compared to $0.69 in the year-ago period. For fiscal year 2026, McCormick reaffirmed its sales growth, adjusted operating income and adjusted earnings per share outlook. McCormick is making strong progress on integration planning for the proposed Unilever Foods combination and remains confident in delivering the expected strategic and financial benefits, including significant earnings per share accretion. Chairman, President, and CEO's Remarks

Brendan M. Foley, Chairman, President, and CEO, stated, "Second quarter results demonstrate the continued strength and resilience of our business in a dynamic operating environment. Total organic growth was driven by accelerated momentum in Flavor Solutions, with gains across Flavors and Branded Foodservice customers, highlighting the benefits of our diversified flavor focused portfolio. We also effectively managed elevated inflation and incremental costs related to the Middle East conflict through productivity initiatives and cost savings programs, resulting in underlying margin improvement for the quarter. In addition, our performance was supported by accretion from the McCormick de Mexico acquisition.

"We are also advancing integration planning for the proposed combination with Unilever Foods. This transformative combination accelerates our growth strategy and reinforces our continued focus on flavor. It creates a diversified flavor leader with a robust growth profile that remains differentiated by its focus on flavoring calories while others compete for them. Our teams are working with focus and discipline to ensure we are well positioned to realize the anticipated strategic and financial benefits after the close.

"Looking ahead to the rest of the year, we expect to sustain the momentum in Flavor Solutions and increase reinvestment to improve Consumer volume trends and organic sales. Our enhanced margin profile and operational rigor position us well to deliver a virtuous cycle of growth through continued investment in our brands, capabilities, and innovation that drive long-term value creation. Our fundamentals remain strong, supported by our advantaged categories and disciplined execution, giving us confidence in our ability to deliver on our 2026 outlook."

"Finally, I want to recognize the dedication of our employees. Their continued commitment to serving consumers, customers, and one another reflects the strength of our Power of People culture and supports our sustained performance. I appreciate our teams' focus and collaboration across the business as they advance our priorities, including the ongoing integration planning for the proposed combination with Unilever Foods. Our strong culture will remain our foundation, as we build a future-ready organization to drive our long-term growth."

Second Quarter 2026 Results

Sales Metrics

Second Quarter 2026

As Reported

Organic(1)

Acquisition

Constant
Currency

% Change

Volume/
Mix

Price

% Change

% Change

% Change

Total Net Sales

16.7 %

(0.5) %

2.2 %

1.7 %

12.3 %

14.0 %

Total Consumer

22.8 %

(1.9) %

2.7 %

0.8 %

19.6 %

20.4 %

Americas

28.0 %

(3.6) %

3.4 %

(0.2) %

27.9 %

27.7 %

EMEA

10.7 %

1.9 %

1.4 %

3.3 %

— %

3.3 %

APAC

10.0 %

2.4 %

0.5 %

2.9 %

— %

2.9 %

Total Flavor Solutions     

8.9 %

1.4 %

1.5 %

2.9 %

3.0 %

5.9 %

Americas

10.0 %

2.1 %

1.8 %

3.9 %

4.2 %

8.1 %

EMEA

5.4 %

(1.2) %

1.6 %

0.4 %

— %

0.4 %

APAC

7.5 %

0.8 %

(0.6) %

0.2 %

— %

0.2 %

(1) Organic sales growth is defined as the impact of volume/mix and price and excludes the impact of acquisitions or divestitures, as applicable, and foreign currency.

Profitability Metrics

Second Quarter 2026

(in millions except per share data)

As Reported

Adjusted

Q2 2026

vs. 2025

Q2 2026

vs. 2025

Gross profit

$  778.2

25.0 %

$  778.2

25.0 %

Gross profit margin

40.2 %

270 bps

40.2 %

270 bps

Operating income

$  276.4

12.4 %

$  336.4

30.1 %

Operating income margin

14.3 %

 (50) bps

17.4 %

180 bps

Net income attributable to McCormick     

$  150.1

(14.2) %

$  215.9

16.8 %

Earnings per share - diluted

$    0.56

(13.8) %

$    0.80

15.9 %

Second Quarter 2026 Results

Net sales increased 17% in the second quarter compared to the year-ago period and included a 3% favorable impact from currency. Sales from McCormick de Mexico contributed 12% to the sales increase. Organic sales increased 2%, driven by price.

Consumer segment net sales increased 23% from the second quarter of 2025 to $1,143 million including a 20% contribution from McCormick de Mexico and a 2% favorable impact from currency. Organic sales increased 1%, driven by a 3% increase from price partially offset by a 2% decline in volume and product mix. Flavor Solutions segment net sales increased 9% from the second quarter of 2025 to $794 million and included a 3% favorable impact from currency and 3% contribution from McCormick de Mexico. Organic sales increased 3%, driven nearly equally by both price and volume and product mix. Gross profit for the second quarter increased by $155 million from the comparable period in 2025. Gross profit margin expanded 270 basis points versus the second quarter of last year. The expansion was driven by contribution from the acquisition of McCormick de Mexico, the impact of the IEEPA tariff refund, pricing, and cost savings led by the Company's Comprehensive Continuous Improvement (CCI) program, partially offset by higher commodity costs and costs related to the Middle East conflict.

The IEEPA tariff refund reduced costs of goods sold by $28 million, reversing IEEPA tariff costs the business absorbed in prior periods. For the second quarter of 2026, the refund contributed approximately 140 basis points to gross profit margin expansion for the second quarter. Underlying gross profit margin expansion was 130 basis points for the quarter.

Operating income was $276 million in the second quarter of 2026 compared to $246 million in the second quarter of 2025. Excluding special charges, adjusted operating income was $336 million compared to $259 million in the year-ago period. Adjusted operating income increased 30% from the year-ago period, including a 3% favorable impact from currency. In constant currency, adjusted operating income increased 27% driven by higher gross profit, cost savings led by the CCI program, including selling, general and administrative (SG&A) streamlining initiatives, partially offset by higher SG&A expenses primarily due to acquisition related increase, as well as increased brand marketing investments and technology investments.

Consumer segment operating income, excluding special charges, increased 33% in the second quarter of 2026 compared to the year-ago period to $217 million, or 31% in constant currency. The increase was driven by higher gross profit, partially offset by increased SG&A expenses including investments in brand marketing and technology. Flavor Solutions segment operating income, excluding special charges, increased 26% in the second quarter of 2026 compared to the year-ago period to $120 million, or 22% in constant currency. The increase was driven by higher gross profit, partially offset by increased SG&A expenses including investments in technology. Earnings per share was $0.56 in the second quarter of 2026 compared to $0.65 in the second quarter of 2025. Special charges, including transaction and integration costs, lowered diluted earnings per share by $0.24. Excluding special charges adjusted earnings per share was $0.80 in the second quarter of 2026 compared to $0.69 in the second quarter of 2025. The increase was primarily attributable to higher adjusted operating income and a lower adjusted effective tax rate, partially offset by lower unconsolidated income and higher interest expense.

Fiscal Year 2026 Financial Outlook

McCormick's fiscal 2026 outlook continues to reflect the Company's prioritized investments in key categories to sustain its volume trends and drive long-term profitable growth while appreciating the uncertainty of the consumer and macro environment, including global trade policies and the conflict in the Middle East. The Company's CCI program is continuing to fuel growth investments while also driving operating margin expansion. Lastly, the outlook reflects meaningful contributions from the acquisition of a controlling interest in McCormick de Mexico, which closed on January 2, 2026.

Current Guide(1)

June 2026

Reported

Constant
Currency

Net sales growth

13% to 17%

12% to 16%

Contribution from acquisition of McCormick de Mexico

11% to 13%

11%to 13%

Organic sales growth(2)

---

1% to 3%

Adjusted operating income

16% to 20%

15% to 19%

Adjusted Earnings per share (EPS)

$3.05 to $3.13

2% to 5%

1% to 4%

(1)

Amounts are rounded with percentages calculated from the underlying amounts

(2)

Organic sales growth is defined as the impact of volume/mix and price and excludes the impact of acquisitions or divestitures, as applicable, and foreign currency.

Current Guide - Expectations

Net Sales:

Sustained total volume growth and increased pricing benefits relative to the prior year. Adjusted Operating Income:

Adjusted gross margin is now expected to expand by 100 to 120 basis points from 2025. Favorable impacts from organic sales growth, McCormick de Mexico accretion, and the Company's CCI program. The benefit of the IEEPA tariff refund will be offset with increased inflationary costs, including costs related to the Middle East conflict, as well as continued investments in business growth. SG&A expenses impacted by cost headwinds including digital transformation and build back of incentive compensation, as well as growth investments. In addition, SG&A is expected to benefit from the Company's CCI program, inclusive of streamlining initiatives. Adjusted Earnings per Share:

Adjusted operating income growth partially offset by: Tax rate of approximately 24.0% vs. 21.5% in 2025. Higher net interest expense, primarily associated with the McCormick de Mexico transaction. Income from unconsolidated operations no longer reflects ownership interest in McCormick de Mexico subsequent to the January 2026 acquisition. The acquisition of the additional ownership interest resulted in the consolidation of McCormick de Mexico's financial results in the Company's financial statements from the date of acquisition. Income attributable to noncontrolling interest reflects elimination of the 25% minority interest in McCormick de Mexico Net Income attributable to Grupo Herdez. The Company expects foreign currency rates to favorably impact net sales by 1%, adjusted operating income by 1%, and adjusted earnings per share by 1%.

For fiscal 2026, the Company expects strong cash flow driven by profit and working capital initiatives and anticipates returning a significant portion of cash flow to shareholders through dividends.

The Company's outlook for 2026 adjusted operating income and adjusted earnings per share are non-GAAP financial measures that exclude or otherwise adjust for items impacting comparability of financial results. The Company does not provide guidance on a GAAP basis as it cannot predict certain items included in GAAP results such as special charges, including transaction and integration expenses.

McCormick Combination with Unilever Foods

In March 2026, the Company announced the agreement to combine McCormick with Unilever's Foods business, excluding India and other excluded businesses1 to create a preeminent global flavor-focused company operating in attractive, high-growth categories, with approximately $20 billion in fiscal year 2025 revenue2 and a 21% operating margin and strong cash flow generation. The transaction is expected to be accretive to McCormick's net sales growth rate, operating margin, and adjusted EPS with mid- to high-single-digit adjusted EPS accretion anticipated within the first twelve months post-close and mid-to high-teens accretion expected in Year 3.

The combined company is expected to realize approximately $600 million of annual run rate cost synergies net of growth reinvestments, and incremental cost and revenue synergies of $100 million that will be reinvested to further drive growth. Integration planning, led by experienced McCormick and Unilever Foods personnel, is currently underway to deliver these synergies.

The Company expects to reach several key transaction milestones in the coming months. It expects to announce the location of a secondary listing on a European exchange by the end of July 2026. By the end of September 2026, the Company expects to share further detail on the operating model, cost and growth synergies, and the scope of the Transition Services Agreement (TSA). Lastly, the Company will provide an update on the two parallel workstreams to support separation of financial reports and regulatory filings.

1 Transaction excludes Unilever's food business in India, Nepal and Portugal; its Lifestyle & Nutrition business; its Buavita business; and its Lipton Ready-to-Drink business (together, the "Excluded Businesses").

2 Combined sales figure represents McCormick's net sales for the fiscal year ended November 30, 2025, and Unilever Foods' net sales for the fiscal year ended December 31, 2025. Unilever Foods' financials based on 2025 reported financials, prepared under IFRS adjusted for the separated Foods business and translated from EUR to USD at the Unilever 2025 average rate of 1.124.

Non-GAAP Financial Measures

The following tables include financial measures of organic net sales, adjusted gross profit, adjusted gross profit margin, adjusted operating income, adjusted operating income margin, adjusted income tax expense, adjusted income tax rate, adjusted net income, and adjusted diluted earnings per share. These represent non-GAAP financial measures which are prepared as a complement to our financial results prepared in accordance with United States generally accepted accounting principles. These financial measures exclude the impact, as applicable, of the following:

Special charges - Special charges consist of expenses and income associated with certain actions undertaken by us to reduce fixed costs, simplify or improve processes, and improve our competitiveness and are of such significance in terms of both up-front costs and organizational/structural impact to require advance approval by our Management Committee. Expenses associated with the approved actions are classified as special charges upon recognition and monitored on an ongoing basis through completion. Included in special charges are transaction and integration costs incurred in conjunction with acquisitions. Gain on remeasurement of previously held equity interest - On January 2, 2026, we completed the acquisition of an additional 25% ownership interest in McCormick de Mexico which increased our ownership to a 75% controlling interest. Prior to the acquisition of the additional ownership interest, we accounted for our 50% ownership interest as an equity method investment. The acquisition of the additional ownership interest resulted in the consolidation of McCormick de Mexico's financial results. As a result of the consolidation, the carrying value of our previously held 50% ownership interest was remeasured to fair value resulting in a gain. We believe that these non-GAAP financial measures are important. The exclusion of the items noted above provides additional information that enables enhanced comparisons to prior periods and, accordingly, facilitates the development of future projections and earnings growth prospects. This information is also used by management to measure the profitability of our ongoing operations and analyze our business performance and trends.

These non-GAAP financial measures may be considered in addition to results prepared in accordance with GAAP; however, they should not be viewed as a substitute for, or superior to, GAAP results. Furthermore, these non-GAAP financial measures may not be comparable to similarly titled measures of other companies, as they may calculate them differently than we do. We intend to continue providing these non-GAAP financial measures as part of our future earnings discussions, ensuring consistency in our financial reporting.

A reconciliation of these non-GAAP financial measures to the related GAAP financial measures follows:

(in millions except per share data)

Three Months Ended

Six Months Ended

5/31/2026

5/31/2025

5/31/2026

5/31/2025

Gross profit

$       778.2

$       622.8

$    1,487.1

$    1,226.8

Impact of Special charges included in     
cost of goods sold

—

—

15.0

—

Adjusted gross profit

$       778.2

$       622.8

$    1,502.1

$    1,226.8

Gross profit margin(1)

40.2 %

37.5 %

39.0 %

37.6 %

Impact of Special charges(1)

— %

— %

0.4 %

— %

Adjusted gross profit margin(1)

40.2 %

37.5 %

39.4 %

37.6 %

Operating income

$       276.4

$       245.8

$       503.9

$       471.0

Impact of Special charges

60.0

12.8

100.1

12.8

Adjusted operating income

336.4

258.6

604.0

483.8

Operating income margin(2)

14.3 %

14.8 %

13.2 %

14.4 %

Impact of Special charges(2)

3.1 %

0.8 %

2.7 %

0.4 %

Adjusted operating income margin(2)

17.4 %

15.6 %

15.9 %

14.8 %

Income tax expense

$        63.5

$        49.3

$       112.2

$        90.9

Impact of Special charges

1.0

3.0

10.9

3.0

Adjusted income tax expense

$        64.5

$        52.3

$       123.1

$        93.9

Income tax rate(3)

28.8 %

24.1 %

27.7 %

23.2 %

Impact of Special charges

(6.3) %

— %

(3.7) %

— %

Adjusted income tax rate(3)

22.5 %

24.1 %

24.0 %

23.2 %

Net income attributable to McCormick
& Company

$       150.1

$       175.0

$    1,166.3

$       337.3

Impact of Special charges, net of non-
controlling interest(4)(5)

65.8

9.8

93.3

9.8

Gain on remeasurement of previously
held equity interest

—

—

(866.8)

—

Adjusted net income

$       215.9

$       184.8

$       392.8

$       347.1

Earnings per share – diluted

$        0.56

$        0.65

$        4.33

$        1.25

Impact of Special charges

0.24

0.04

0.35

0.04

Gain on remeasurement of previously
held equity interest

—

—

(3.22)

—

Adjusted earnings per share – diluted

$        0.80

$        0.69

$        1.46

$        1.29

(1)

Gross profit margin, impact of special charges, and adjusted gross profit margin are calculated as gross profit, impact of special charges, and adjusted gross profit as a percentage of net sales for each period presented. The impact of special charges included in cost of goods sold represents the step-up of acquired inventory recognized in cost of goods sold as the related inventory was sold.

(2)

Operating income margin, impact of special charges, and adjusted operating income margin are calculated as operating income, impact of special charges, and adjusted operating income as a percentage of net sales for each period presented.

(3)

Income tax rate is calculated as income tax expense as a percentage of income from consolidated operations before income taxes. Adjusted income tax rate is calculated as adjusted income tax expense as a percentage of income from consolidated operations before income taxes excluding special charges of $287.0 million and $217.4 million for the three months ended May 31, 2026 and 2025, respectively, and $512.1 million and $403.9 million for the six months ended May 31, 2026 and 2025, respectively.

(4)

The impact of special charges, net of noncontrolling interests, for six months ended May 31, 2026 includes a $2.6 million non-controlling interest effect associated with the step-up of acquired inventory recognized in cost of goods sold as the related inventory was sold.

(5)

The impact of special charges, net of noncontrolling interests, for three and six months ended May 31, 2026 includes a net income impact of $5.2 million related to transaction expenses included in interest expense.

Because we are a multi-national company, we are subject to variability of our reported U.S. dollar results due to changes in foreign currency exchange rates. Those changes can be volatile. The exclusion of the effects of foreign currency exchange, or what we refer to as amounts expressed "on a constant currency basis," is a non-GAAP measure. We believe that this non-GAAP measure provides additional information that enables enhanced comparison to prior periods excluding the translation effects of changes in rates of foreign currency exchange and provides additional insight into the underlying performance of our operations located outside of the U.S. It should be noted that our presentation herein of amounts and percentage changes on a constant currency basis does not exclude the impact of foreign currency transaction gains and losses (that is, the impact of transactions denominated in other than the local currency of any of our subsidiaries in their local currency reported results).

We provide organic net sales growth rates for our consolidated net sales and segment net sales. We believe that organic net sales growth rates provide useful information to investors because they provide transparency to underlying performance in our net sales by excluding the effect that foreign currency exchange rate fluctuations, acquisitions, and divestitures, as applicable, have on year-to-year comparability. A reconciliation of these measures from reported net sales growth rates, the relevant GAAP measures, are included in the tables set forth below.

Percentage changes in sales and adjusted operating income expressed on a constant currency basis are presented excluding the impact of foreign currency exchange. To present this information for historical periods, current period results for entities reporting in currencies other than the U.S. dollar are translated into U.S. dollars at the average exchange rates in effect during the corresponding period of the comparative year, rather than at the actual average exchange rates in effect during the current fiscal year. As a result, the foreign currency impact is equal to the current year results in local currencies multiplied by the change in the average foreign currency exchange rate between the current fiscal period and the corresponding period of the comparative year.

Rates of constant currency and organic growth (decline) follow:

Three Months Ended May 31, 2026

Percentage
change as
reported

Impact of
foreign
currency
exchange

Percentage
change on
constant
currency
basis

Impact of
acquisition

Percentage
change on an
organic basis

Total Net Sales

16.7 %

2.7 %

14.0 %

12.3 %

1.7 %

Total Consumer

22.8 %

2.4 %

20.4 %

19.6 %

0.8 %

Americas

28.0 %

0.3 %

27.7 %

27.9 %

(0.2) %

EMEA

10.7 %

7.4 %

3.3 %

— %

3.3 %

APAC

10.0 %

7.1 %

2.9 %

— %

2.9 %

Total Flavor Solutions     

8.9 %

3.0 %

5.9 %

3.0 %

2.9 %

Americas

10.0 %

1.9 %

8.1 %

4.2 %

3.9 %

EMEA

5.4 %

5.0 %

0.4 %

— %

0.4 %

APAC

7.5 %

7.3 %

0.2 %

— %

0.2 %

Six Months Ended May 31, 2026

Percentage
change as
reported

Impact of
foreign
currency
exchange

Percentage
change on
constant
currency
basis

Impact of
acquisition

Percentage
change on an
organic basis

Total Net Sales

16.7 %

2.9 %

13.8 %

12.4 %

1.4 %

Total Consumer

23.7 %

2.7 %

21.0 %

19.7 %

1.3 %

Americas

29.1 %

0.3 %

28.8 %

28.4 %

0.4 %

EMEA

13.1 %

9.6 %

3.5 %

— %

3.5 %

APAC

8.0 %

5.5 %

2.5 %

— %

2.5 %

Total Flavor Solutions     

7.6 %

3.2 %

4.4 %

2.7 %

1.7 %

Americas

8.1 %

1.9 %

6.2 %

3.8 %

2.4 %

EMEA

6.3 %

6.4 %

(0.1) %

— %

(0.1) %

APAC

6.3 %

6.0 %

0.3 %

— %

0.3 %

Three Months Ended May 31, 2026

Percentage change
as reported

Impact of foreign
currency exchange

Percentage change on
constant currency
basis

Adjusted operating income:

Consumer segment

32.6 %

1.9 %

30.7 %

Flavor Solutions segment

25.8 %

4.4 %

21.4 %

Total adjusted operating income     

30.1 %

2.8 %

27.3 %

Six Months Ended May 31, 2026

Percentage change
as reported

Impact of foreign
currency exchange

Percentage change on
constant currency
basis

Adjusted operating income:

Consumer segment

27.8 %

1.9 %

25.9 %

Flavor Solutions segment

19.6 %

4.5 %

15.1 %

Total adjusted operating income     

24.8 %

2.8 %

22.0 %

To present the percentage change in projected 2026 net sales, adjusted operating income, and adjusted earnings per share (diluted) on a constant currency basis, the projected local currency net sales, adjusted operating income, and adjusted net income for entities reporting in currencies other than the U.S. dollar are translated into U.S. dollars at forecasted exchange rates. These figures are then compared to the 2025 local currency projected results, which are translated into U.S. dollars at the average actual exchange rates in effect during the corresponding months of fiscal year 2025. This comparison determines what the 2025 consolidated U.S. dollar net sales, adjusted operating income, and adjusted earnings per share (diluted) would have been if the relevant currency exchange rates had not changed from those of the comparable 2025 periods.

Projections for the Year Ending
November 30, 2026

Percentage change in net sales

13% to 17%

Impact of favorable foreign currency exchange

1 %

Percentage change in net sales in constant currency

12% to 16%

Impact of acquisition

11% to 13%

Percentage change in organic net sales

1% to 3%

Percentage change in adjusted operating income

16% to 20%

Impact of favorable foreign currency exchange

1 %

Percentage change in adjusted operating income in constant
currency

15% to 19%

Percentage change in adjusted earnings per share - diluted

2% to 5%

Impact of favorable foreign currency exchange

1 %

Percentage change in adjusted earnings per share in constant     
currency - diluted

1% to 4%

Live Webcast

As previously announced, McCormick will hold a conference call with analysts today at 8:00 a.m. ET. A live audio webcast of the call along with the accompanying presentation materials will be available on the McCormick website, ir.mccormick.com.

Forward-Looking Information

Certain information contained in this release, including statements concerning expected performance such as those relating to net sales, gross margin, earnings, cost savings, special charges, including transaction and integration expenses, mergers, acquisitions, brand marketing support, volume and product mix, income tax expense, tariff-related matters, and the impact of foreign currency rates are "forward-looking statements" within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended. These statements may be identified by the use of words such as "may," "will," "expect," "should," "anticipate," "intend," "believe," "plan," and similar expressions. These statements may relate to: the anticipated benefits and timing of, and our plans, strategies and objectives relating to, the pending transaction with Unilever Foods, including: due to the parties' ability to meet expectations regarding the timing, completion and accounting and tax treatments of the pending transaction, including changes in relevant tax and other applicable laws; the failure to obtain necessary regulatory approvals, approval of our shareholders, anticipated tax treatment or any required financing, or to satisfy any of the other conditions to the pending transaction; the possibility that unforeseen liabilities, future capital expenditures, revenues, expenses, earnings, synergies, economic performance, indebtedness, financial condition, losses, future prospects, business and management strategies could impact the value or expected benefit of, timing or pursuit of the pending transaction; the risks and costs of the pursuit and/or implementation of the anticipated separation of Unilever Foods business prior to closing, including the anticipated timing required to complete the separation, any adjustment to the terms of the separation and any changes to the configuration of the businesses included in the separation if implemented; the financing of the pending transaction, including with respect to the Bridge Facility, the Term Loan Facility, and any other subsequent financing; the effectiveness of a registration statement on Form S-4 and our receipt of shareholder approval for the pending transaction and certain related matters; the anticipated ownership percentages of McCormick shareholders, Unilever shareholders and Unilever following the closing of the pending transaction; the effect of the announcement or pendency of the pending transaction on Unilever Foods' or McCormick's business relationships, competition, business, financial condition and operating results; the ability of McCormick to successfully integrate Unilever Foods' operations and implement its plans, forecasts and other expectations with respect to Unilever Foods' business or the combined business after the closing of the pending transaction; the ability of McCormick to manage additional debt and successfully de-lever following the transaction; general economic and industry conditions, including consumer spending rates, recessions, interest rates, and availability of capital; expectations regarding sales growth potential in various geographies and markets, including the impact of brand marketing support, product innovation, and customer, channel, category, heat platform, and e-commerce expansion; the expected results of operations of businesses acquired, including the additional 25% ownership interest in McCormick de Mexico; expected trends in net sales, earnings performance, and other financial measures; the expected impact of pricing actions on the Company's results of operations, including our sales volume and mix as well as gross margins; the expected impact of the inflationary cost environment on our business; the anticipated effects of factors affecting our supply chain, including the availability and prices of commodities and other supply chain resources such as raw materials, packaging, labor, and transportation; the potential impact of trade policies, including tariffs; the potential impact of legal challenges to U.S. tariffs, tariff refunds, and the timing and anticipated benefits thereof; the expected impact of productivity improvements, including those associated with our CCI program and the Global Business Services operating model initiative; the ability to identify, attract, hire, retain, and develop qualified personnel and the next generation of leaders; the impact of ongoing or future geopolitical conflicts, including those between Russia and Ukraine and the war/conflict in the Middle East, including the potential for broader economic disruption, in particular related to fuel and freight prices; expected working capital improvements; the anticipated timing and costs of implementing our business transformation initiative, which includes the implementation of a global enterprise resource planning (ERP) system; the expected impact of accounting pronouncements; expectations regarding pension and postretirement plan contributions and anticipated charges associated with those plans; the holding period and market risks associated with financial instruments; the impact of foreign exchange fluctuations; the adequacy of internally generated funds and existing sources of liquidity, such as the availability of bank financing; the anticipated sufficiency of future cash flows to enable payments of interest, repayment of short- and long-term debt, working capital needs, planned capital expenditures, quarterly dividends, and our ability to obtain additional short- and long-term financing or issue additional debt securities; and expectations regarding purchasing shares of McCormick's common stock under the existing repurchase authorization.

These and other forward-looking statements are based on management's current views and assumptions and involve risks and uncertainties that could significantly affect expected results. Results may be materially affected by factors such as: the Company's ability to drive revenue growth; the Company's ability to increase pricing to offset, or partially offset, inflationary pressures on the cost of our products; damage to the Company's reputation or brand name; loss of brand relevance; increased private label use; the Company's ability to offset cost pressures or business impacts related to trade policies such as tariffs, including relating to tariff refunds; the Company's ability to drive productivity improvements, including those related to our CCI program and other streamlining actions; product quality, labeling, or safety concerns; negative publicity about our products; actions by, and the financial condition of, competitors and customers; the longevity of mutually beneficial relationships with our large customers; the ability to identify, interpret and react to changes in consumer preference and demand; business interruptions due to natural disasters, unexpected events or public health crises; issues affecting the Company's supply chain and procurement of raw materials, including fluctuations in the cost and availability of raw and packaging materials; labor shortage, turnover and labor cost increases; the impact of changing political and geopolitical conditions, including the ongoing conflicts between Russia and Ukraine and the war/conflict in the Middle East, including the potential for broader economic disruption; government regulation, and changes in legal and regulatory requirements and enforcement practices; the lack of successful acquisition and integration of new businesses; global economic and financial conditions generally, availability of financing, interest and inflation rates, and the imposition of tariffs, quotas, trade barriers and other similar restrictions; foreign currency fluctuations; the effects of our amount of outstanding indebtedness and related level of debt service as well as the effects that such debt service may have on the Company's ability to borrow or the cost of any such additional borrowing, our credit rating, and our ability to react to certain economic and industry conditions; impairments of indefinite-lived intangible assets; assumptions we have made regarding the investment return on retirement plan assets, and the costs associated with pension obligations; the stability of credit and capital markets; risks associated with the Company's information technology systems, including the threat of data breaches and cyber-attacks; the Company's inability to successfully implement our business transformation initiative; fundamental changes in tax laws; including interpretations and assumptions we have made, and guidance that may be issued, and volatility in our effective tax rate; climate change; Environmental, Social and Governance (ESG) matters; infringement of intellectual property rights, and those of customers; litigation, legal and administrative proceedings; the Company's inability to achieve expected and/or needed cost savings or margin improvements; negative employee relations; risks related to the pending transaction with Unilever Foods, including: direct transaction costs and substantial transition and integration-related costs associated with the pending transaction; the parties' ability to meet expectations regarding the timing, completion and accounting and tax treatments of the transaction, and the occurrence of any event, change or other circumstance that could give rise to the termination of the transaction agreement; the failure to obtain necessary regulatory approvals, anticipated tax treatment or any required financing, or to satisfy any of the other conditions to the transaction; the possibility that unforeseen liabilities, future capital expenditures, revenues, expenses, earnings, synergies, economic performance, indebtedness, financial condition, losses, future prospects, business and management strategies could adversely impact the value or expected benefit of, timing or pursuit of the transaction; the risks and costs of the pursuit and/or implementation of the anticipated separation of Unilever Foods' business prior to closing; uncertainties as to access to available financing to consummate the transaction upon acceptable terms and on a timely basis or at all; the failure to obtain the effectiveness of a registration statement on Form S-4 or our receipt of shareholder approval for the transaction; the effect of the announcement or pendency of the transaction on Unilever Foods' or McCormick's business relationships, competition, business, financial condition and operating results, including risks that the transaction disrupts current plans and operations of Unilever Foods or McCormick; the ability of Unilever Foods or McCormick to retain and hire key personnel, risks related to diverting either management team's attention from ongoing business operations, and risks associated with third-party contracts containing consent and/or other provisions that may be triggered by the transaction; the ability of McCormick to successfully integrate Unilever Foods' operations and implement its plans, forecasts and other expectations with respect to Unilever Foods' business or the combined business after the closing of the transaction; the ability of McCormick to manage additional debt and successfully de-lever following the transaction; the outcome of any legal proceedings that may be instituted against Unilever Foods or McCormick related to the transaction; and other risks as described herein under Part II, Item 1A "Risk Factors—Risks Relating to the Proposed Transaction"; and other risks described in the Company's filings with the Securities and Exchange Commission.

Actual results could differ materially from those projected in the forward-looking statements. The Company undertakes no obligation to update or revise publicly any forward-looking statements, whether as a result of new information, future events or otherwise, except as may be required by law.

About McCormick

McCormick & Company, Incorporated is a global leader in flavor. With approximately $7 billion in annual sales across 150 countries and territories, we manufacture, market, and distribute herbs, spices, seasonings, condiments and flavors to the entire food and beverage industry including retailers, food manufacturers and foodservice businesses. Our most popular brands with trademark registrations include McCormick, French's, Frank's RedHot, Stubb's, OLD BAY, Lawry's, Zatarain's, Ducros, Vahiné, Cholula, Schwartz, Kamis, DaQiao, Club House, Aeroplane, Gourmet Garden, FONA and Giotti. The breadth and reach of our portfolio uniquely position us to capitalize on the consumer demand for flavor in every sip and bite, through our products and our customers' products. We operate in two segments, Consumer and Flavor Solutions, which complement each other and reinforce our differentiation. The scale, insights, and technology that we leverage from both segments are meaningful in driving sustainable growth.

Founded in 1889 and headquartered in Hunt Valley, Maryland USA, McCormick is committed to its Purpose – To Make Life More Flavorful – and driven by its Vision - To be the World's Most Trusted Source of Flavor.

To learn more, visit: www.mccormickcorporation.com or follow McCormick & Company on Instagram and LinkedIn.

For information contact:
Investor Relations:
Faten Freiha - [email protected]

Global Communications:
Jill Marvin – [email protected]

(Financial tables follow)

Second Quarter Report

McCormick & Company, Incorporated

Consolidated Income Statement (Unaudited)

(in millions except per share data)

Three months ended

Six months ended

May 31, 2026

May 31, 2025

May 31, 2026

May 31, 2025

Net sales

$       1,936.6

$       1,659.5

$      3,810.5

$        3,265.0

Cost of goods sold

1,158.4

1,036.7

2,323.4

2,038.2

Gross profit

778.2

622.8

1,487.1

1,226.8

Selling, general and administrative expense

441.8

364.2

898.1

743.0

Special charges

60.0

12.8

85.1

12.8

Operating income

276.4

245.8

503.9

471.0

Interest expense

62.7

51.0

110.0

99.5

Other income, net

6.5

9.8

11.3

19.6

Income from consolidated operations before income taxes

220.2

204.6

405.2

391.1

Income tax expense

63.5

49.3

112.2

90.9

Net income from consolidated operations

156.7

155.3

293.0

300.2

Income from unconsolidated operations

3.5

20.7

889.5

39.2

Net income

160.2

176.0

1,182.5

339.4

Net income attributable to noncontrolling interests

10.1

1.0

16.2

2.1

Net income attributable to McCormick & Company

$         150.1

$          175.0

$      1,166.3

$          337.3

Earnings per share – basic

$           0.56

$           0.65

$          4.34

$           1.26

Earnings per share – diluted

$           0.56

$           0.65

$          4.33

$           1.25

Average shares outstanding – basic

269.2

268.6

269.0

268.5

Average shares outstanding – diluted

269.2

269.4

269.3

269.5

Cash dividends paid per share – voting and non-voting

$           0.48

$           0.45

$          0.96

$           0.90

Second Quarter Report

McCormick & Company, Incorporated

Consolidated Balance Sheet (Unaudited)

(in millions)

May 31, 2026

November 30,
2025

ASSETS

Cash and cash equivalents

$                 331.2

$                    95.9

Trade accounts receivable, net of allowances

709.4

628.9

Inventories, net

1,408.6

1,272.0

Prepaid expenses and other current assets

339.6

141.3

Total current assets

2,788.8

2,138.1

Property, plant and equipment, net

1,504.2

1,448.8

Goodwill

6,291.9

5,301.3

Intangible assets, net

4,937.5

3,293.1

Other long-term assets

954.7

1,019.1

Total assets

$             16,477.1

$             13,200.4

LIABILITIES AND SHAREHOLDERS' EQUITY

Short-term borrowings and current portion of long-term debt

$               1,336.1

$                  890.5

Trade accounts payable

1,515.1

1,259.4

Other accrued liabilities

720.6

912.3

Total current liabilities

3,571.8

3,062.2

Long-term debt

3,597.4

3,105.8

Deferred taxes

1,327.0

835.8

Other long-term liabilities

407.6

428.5

Total liabilities

8,903.8

7,432.3

Shareholders' equity

Common stock

585.1

582.4

Common stock non-voting

1,729.0

1,700.8

Retained earnings

4,842.9

3,816.4

Accumulated other comprehensive loss

(161.4)

(363.1)

Total McCormick & Company shareholders' equity

6,995.6

5,736.5

Non-controlling interests

577.7

31.6

Total shareholders' equity

7,573.3

5,768.1

Total liabilities and shareholders' equity

$             16,477.1

$             13,200.4

Second Quarter Report

McCormick & Company, Incorporated

Consolidated Cash Flow Statement (Unaudited)

(in millions)

Six months ended

May 31, 2026

May 31, 2025

Operating activities

Net income

$                1,182.5

$                   339.4

Adjustments to reconcile net income to net cash flow provided
by operating activities:

Depreciation and amortization

136.5

110.9

Stock-based compensation

29.3

29.6

Amortization of inventory fair value adjustments associated
with acquisition

15.0

—

Deferred income tax benefit

(11.3)

(12.1)

Income from unconsolidated operations

(22.7)

(39.2)

Gain on remeasurement of previously held equity interest

(866.8)

—

Changes in operating assets and liabilities (net of effect of
businesses acquired)

Trade accounts receivable

129.4

23.2

Inventories

(6.3)

(19.1)

Trade accounts payable

30.2

(74.5)

Other assets and liabilities

(199.6)

(219.4)

Dividends from unconsolidated affiliates

14.5

22.6

Net cash flow provided by operating activities

430.7

161.4

Investing activities

Acquisition of business, net of cash acquired

(729.9)

(19.8)

Capital expenditures (including software)

(75.2)

(85.4)

Other investing activities

—

—

Net cash flow used in investing activities

(805.1)

(105.2)

Financing activities

Short-term borrowings, net

945.2

116.0

Long-term debt borrowings (net of debt issuance costs of $1.1)

497.7

0.9

Debt financing fees paid

(51.0)

—

Long-term debt repayments

(504.4)

(13.6)

Proceeds from exercised stock options

13.6

13.3

Taxes withheld and paid on employee stock awards

(11.9)

(12.6)

Common stock acquired by purchase

(10.9)

(26.5)

Dividends paid

(257.9)

(241.5)

Dividends paid to joint venture partner

(8.4)

—

Other financing activities

(9.3)

21.1

Net cash flow provided by (used in) financing activities

602.7

602.7

Effect of exchange rate changes on cash and cash equivalents

7.0

24.7

Increase (decrease) in cash and cash equivalents

235.3

(62.0)

Cash and cash equivalents at beginning of period

95.9

186.1

Cash and cash equivalents at end of period

$                   331.2

$                   124.1

SOURCE McCormick & Company, Incorporated

The maker of spices and seasonings reported higher sales in its fiscal second quarter, as it continues work to combine with Unilever's food business.

Zoetis Inc. Sued for Securities Law Violations - Contact the DJS Law Group to Discuss Your Rights - ZTS PR Newswire

Tertiary Minerals PLC (AIM:TYM, OTC:TTIRF, FRA:TMU), the junior exploration company, has started drilling at its Target A1 silver oxide discovery within the Mushima North project in northwest Zambia.

The 4,000-metre reverse circulation programme is the largest the company has undertaken in Zambia to date.

Work is intended to support a maiden mineral resource estimate at Target A1, where Tertiary has already reported an exploration target of between 15 and 30 million tonnes at a grade of 40 to 60 grams per tonne of silver equivalent.

That equates to a target of up to 58 million ounces of silver equivalent, measured against the JORC code, the Australasian standard for reporting mineral resources.

The effort will also test extensions to the known mineralisation and provide initial drilling at two further prospects, Target A1 west and Target A2.

Target A1 is a near-surface, tabular body roughly 500 metres long, 300 metres wide and up to 75 metres thick, and remains open to the northwest, southwest and at depth.

The mineralisation is also associated with elevated levels of bismuth, antimony and gallium, though these have yet to be fully investigated.

Holes will be drilled to a vertical depth of up to about 125 metres, with the programme expected to take six to 12 weeks to complete.

Samples will first be analysed on site using a portable X-ray fluorescence analyser, with selected intervals sent to a certified external laboratory, and the first assay results are expected six to eight weeks after the initial batch is submitted.

Richard Belcher, managing director, said the programme aimed both to define a resource and to test possible extensions of the mineralisation.

The project sits 28 kilometres east of the historic Kalengwa copper mine, one of the highest-grade copper deposits ever mined in Zambia, which is currently under redevelopment.

Environmental, health, and safety solution is part of Veeva Quality Cloud and will deliver real-time insights and streamlined workflows

, /PRNewswire/ -- Veeva Systems (NYSE: VEEV) today announced Veeva EHS, a new application in Veeva Quality Cloud for environmental, health, and safety. With Veeva EHS, manufacturing and testing sites can proactively identify, manage, and mitigate operational and environmental risks and ensure global compliance readiness.

"A modern EHS solution that simplifies processes through unified data and a seamless user experience across the entire EHS workflow can significantly improve site efficiency," said Bobbie Grant, global senior EHS manager, Thermo Fisher Scientific. "It is exciting to see Veeva build an advanced solution that can not only maintain data integrity today but also provide the foundation for AI-driven capabilities that can further reduce risk over time."

Veeva EHS will provide an intuitive way to report safety incidents on the spot and manage investigations from start to finish. Because it connects directly with Veeva QMS and Veeva Training, a safety event can automatically trigger a quality deviation and assign targeted retraining, eliminating duplicate data entry and ensuring compliance.

"Delivering an advanced, automated approach to managing environmental, health, and safety processes, Veeva EHS will free up time for EHS teams and ensure quick and accurate execution," said Beth Tanner, vice president, Veeva EHS strategy. "Organizations replacing legacy EHS systems with a unified platform will gain real-time transparency into leading indicators of risk for more informed decisions and a proactive approach to prevention."

Planned for early adopter availability in August 2026, Veeva EHS marks a significant step in how organizations manage environmental, health, and safety responsibilities with increased transparency and intelligent automation.

About Veeva Systems
Veeva delivers the industry cloud for life sciences with software, AI, data, and consulting. Committed to innovation, product excellence, and customer success, Veeva serves more than 1,500 customers, ranging from the world's largest pharmaceutical companies to emerging biotechs. As a Public Benefit Corporation, Veeva is committed to balancing the interests of all stakeholders, including customers, employees, shareholders, and the industries it serves. For more information, visit veeva.com.

Veeva Forward-Looking Statements
This release contains forward-looking statements regarding Veeva's products and services and the expected results or benefits from use of our products and services. These statements are based on our current expectations. Actual results could differ materially from those provided in this release and we have no obligation to update such statements. There are numerous risks that have the potential to negatively impact our results, including the risks and uncertainties disclosed in our filing on Form 10-Q for the fiscal year ended April 30, 2026, which you can find here (a summary of risks which may impact our business can be found on pages 33 and 34), and in our subsequent SEC filings, which you can access at sec.gov.

Contact:

Deivis Mercado
Veeva Systems
925-226-8821
[email protected]

SOURCE Veeva Systems

, /PRNewswire/ -- Yiren Digital Ltd. (NYSE: YRD) ("Yiren Digital" or the "Company"), a leading fintech company specializing in digital consumer lending, insurance and financial technology innovation across China and global markets, today announced its unaudited financial results for the first quarter ended March 31, 2026.

First Quarter 2026 Operational Results

Credit Solution Business

Total loans facilitated in the first quarter of 2026 were RMB8.9 billion (US$1.3 billion), representing a decrease of 26% compared to RMB12.0 billion in the fourth quarter of 2025, and a decrease of 42% compared to RMB15.2 billion in the same period of 2025. Number of borrowers served in the first quarter of 2026 was 531,500, representing a decrease of 28% compared to 742,444 in the fourth quarter of 2025, and a decrease of 61% compared to 1,375,406 in the same period of 2025. Repeat borrowers' loan amount[1] accounted for 78% of the total loans facilitated in the first quarter of 2026, compared to 77% in the fourth quarter of 2025, and 74% in the same period of 2025. Cumulative number of borrowers served reached 14,518,023 as of March 31, 2026, representing an increase of 2% from 14,295,499 as of December 31, 2025, and an increase of 12% from 12,909,436 as of March 31, 2025. Average loan size was RMB11,991 during the first quarter of 2026, an increase of 5% from RMB11,454 in the fourth quarter of 2025, and an increase of 67% from RMB7,176 in the same period of 2025. Outstanding balance of performing loans facilitated was RMB21.6 billion (US$3.1 billion) as of March 31, 2026, representing a decrease of 24% from RMB28.6 billion as of December 31, 2025, and a decrease of 21% from RMB27.5 billion as of March 31, 2025. Insurance Brokerage Business

Number of insurance clients during the first quarter of 2026 was 397,854, representing an increase of 49% from 267,730 in the fourth quarter of 2025 and a 413% year-over-year increase from 77,541 in the same period of 2025. Cumulative number of insurance clients was 2,357,951 as of March 31, 2026, representing an increase of 16% from 2,035,550 as of December 31, 2025, and a 48% year-over-year increase from 1,590,394 as of March 31, 2025. Number of new insurance policies in the first quarter of 2026 was 999,575, representing a 21% increase from 824,225 in the fourth quarter of 2025, and a 135% year-over-year increase from 425,044 in the same period of 2025. Recent Developments

All-in-AI Strategic Updates

Enterprise AI Architecture Rollout: The Company's MagiCube multi-agent platform launched an upgraded 2.0 version with two additional specialized layers: XuanJi, the execution layer for facilitating human-to-enterprise workflows, and ZhiNao, the enterprise-AI AgentOS for multi-agent orchestration. The system is currently used within the Company and is being tested for external deployment. The Company also introduced AI Buddy, the employee office co-pilot within its enterprise AI workspace platform, giving knowledge-intensive employees direct access to enterprise data, agentic workflows and approved AI tools, to enable faster decisions and higher productivity. AI Application-Layer Strategic Investments Expansion: The Company has made seed investments in three early-stage, high-growth AI application companies, covering AI entertainment, AI-assisted language learning and AI research productivity tools. "During the first quarter of 2026, we continued to demonstrate resilience and strong execution across our businesses," said Mr. Ning Tang, Chairman and Chief Executive Officer of Yiren Digital. "We maintained a highly disciplined approach in our credit solutions business while driving robust customer growth in our insurance brokerage business, further diversifying our revenue streams. At the same time, we are rapidly advancing our 'All-in-AI' strategy, deepening AI integration across our existing operations and actively expanding our AI application portfolio. Each of these steps accelerates our evolution into an AI-native, multi-industry operating platform, which we expect will unlock significant new growth and enduring value for our Company."

"The credit performance of our newly originated loan assets continued to improve during the quarter, and the overall quality of our loan portfolio has successfully stabilized," Mr. William Hui, Chief Financial Officer of Yiren Digital, said. "The underlying risk trends of our legacy book continue to improve, and we expect to see more meaningful profitability gains in the second half of the year. Meanwhile, we remain focused on optimizing capital allocation and improving investment efficiency to further strengthen our financial position and long-term competitiveness."

First Quarter 2026 Financial Results

Total net revenue in the first quarter of 2026 was RMB915.1 million (US$132.7 million), compared to RMB957.6 million in the fourth quarter of 2025, representing a decrease of 41% from RMB1,554.5 million in the same period of 2025.

Within this, revenue from the credit solution business was RMB795.7 million (US$115.4 million), representing a slight decrease of 4% from RMB832.7 million in the fourth quarter of 2025, and a decrease of 39% compared to the same period in 2025. The decrease was primarily due to lower loan facilitation volume and a reduced service fee rate under the new regulatory framework, as the Company continued to prioritize risk-adjusted growth and maintain a disciplined operating strategy amid evolving market conditions. Revenue from the credit solution business accounted for 87% of total net revenue in the first quarter of 2026, unchanged from the fourth quarter of 2025.

Revenue from the insurance brokerage business was RMB87.2 million (US$12.6 million) in the first quarter of 2026, representing an increase of 4% from RMB83.8 million in the fourth quarter of 2025, and an increase of 22% from RMB71.5 million in the same period of 2025. The sequential and year-over-year growth was primarily driven by the continued expansion of the Company's internet distribution business, which has maintained strong momentum since mid-2025. As a result, the internet distribution business contributed 29% of the insurance brokerage business segment's revenue in the first quarter of 2026, compared with 22% in the fourth quarter of 2025, reflecting the ongoing optimization of the Company's business mix and digital distribution capabilities.

Revenue from other businesses was RMB32.2 million (US$4.7 million), compared with RMB41.1 million in the fourth quarter of 2025 and RMB188.6 million in the same period of 2025. The decrease was mainly attributable to the continued scaling down of the e-commerce business.

Sales and marketing expenses in the first quarter of 2026 were RMB113.6 million (US$16.5 million), compared to RMB206.1 million in the fourth quarter of 2025 and RMB277.0 million in the same period of 2025. The decrease was primarily attributable to lower customer acquisition and marketing spending as the Company maintained a disciplined approach to loan facilitation growth. In addition, the contribution of repeat borrowers increased to 78% in the first quarter of 2026 from 74% in the same period of 2025. The cost decline was further supported by improved marketing efficiency driven by AI-assisted precision marketing initiatives.

Origination, servicing and other operating costs in the first quarter of 2026 were RMB197.6 million (US$28.6 million), compared to RMB250.9 million in the fourth quarter of 2025 and RMB224.7 million in the same period of 2025. The cost decrease was primarily attributable to continued operational cost optimization within the insurance brokerage business, driven by the ongoing transition toward more efficient digital distribution channels and a reduced reliance on traditional distribution operations.

Research and development expenses in the first quarter of 2026 were RMB108.9 million (US$15.8 million), compared to RMB121.4 million in the fourth quarter of 2025 and RMB86.0 million in the same period of 2025. The year-over-year increase in R&D expenses was mainly due to increased recruitment of senior AI R&D talent to support the execution of the 2026 All-in-AI strategy.

General and administrative expenses in the first quarter of 2026 were RMB70.5 million (US$10.2 million), compared to RMB43.0 million in the fourth quarter of 2025 and RMB95.8 million in the same period of 2025. The year-over-year decrease was primarily due to enhanced overall corporate efficiency.

Allowance for contract assets, receivables and others in the first quarter of 2026 was RMB176.4 million (US$25.6 million), compared to RMB302.8 million in the fourth quarter of 2025 and RMB152.8 million in the same period of 2025. The year-over-year increase was primarily driven by higher credit loss provisions recognized on accounts receivable, financing receivables and guarantee receivables, partially offset by reduced credit loss provisions on contract assets amid scaled-back loan facilitation activities. The quarter-over-quarter decline mainly reflected stabilized credit performance in the first quarter of 2026, together with no material portfolio revaluation adjustments recorded in the current period—such adjustments had been recorded in the fourth quarter of 2025 from updated expected loss assumptions.

Provision for contingent liabilities in the first quarter of 2026 was RMB632.2 million (US$91.7 million), compared to RMB1,110.1 million in the fourth quarter of 2025 and RMB410.8 million in the same period of 2025. The year-over-year increase was primarily attributable to higher loan volume under the risk-taking model[2] and increased expected loss provisions for newly originated loans. The quarter-over-quarter decline mainly reflected a stabilized asset risk level and no material portfolio revaluation adjustments recorded.

Fair value adjustments loss in the first quarter of 2026 was RMB89.0 million (US$12.9 million), compared to RMB62.0 million in the fourth quarter of 2025 and RMB58.4 million in the same period of 2025. The increase in fair value loss is attributable to fair value adjustment in crypto assets reflecting change in market value of the digital assets.

Income tax expense in the first quarter of 2026 was RMB37.0 million (US$5.4 million).

Net loss for the first quarter of 2026 was RMB494.7 million (US$71.7 million), compared to a net loss of RMB868.2 million in the fourth quarter of 2025 and a net income of RMB247.5 million in the same period of 2025. The year-over-year change was mainly attributable to reduced credit solution business scale, reflecting lower overall loan origination volume, lower service fee rates under the new regulatory framework and higher credit-related costs. The quarter-over-quarter improvement primarily reflects a stabilized risk level and no material portfolio revaluation adjustments recorded with the risk-taking model. The improvement was further supported by improved asset quality, higher revenue contribution from the insurance brokerage business through internet distribution channels, and continued operational efficiency gains driven by AI-enabled cost optimization.

Adjusted EBITDA[3] (non-GAAP) in the first quarter of 2026 was a loss of RMB336.8 million (US$48.8 million), compared to a loss of RMB1,028.5 million in the fourth quarter of 2025 and a gain of RMB325.0 million in the same period of 2025.

Basic and diluted loss per ADS in the first quarter of 2026 were both RMB5.6420 (US$0.8180), compared to basic and diluted loss per ADS of both RMB9.9624 in the fourth quarter of 2025; and basic and diluted income per ADS of RMB2.8646 and RMB2.8460, respectively, in the same period of 2025.

Net cash used in operating activities in the first quarter of 2026 was RMB655.6 million (US$95.0 million), compared to RMB180.8 million used in operating activities in the fourth quarter of 2025, and to RMB478.7 million generated from operating activities in the same period of 2025. The higher net operating cash outflow for the period is primarily attributable to prepayments of operating costs and expenses, longer collection terms for operating receivables and higher indemnity disbursements under the risk-taking model.

Net cash used in investing activities in the first quarter of 2026 was RMB24.8 million (US$3.6 million), compared to RMB29.2 million provided by investing activities in the fourth quarter of 2025 and RMB145.6 million used in investing activities in the same period of 2025.

Net cash used in financing activities in the first quarter of 2026 was RMB345.6 million (US$50.1 million), compared to RMB234.1 million in the fourth quarter of 2025 and RMB80.6 million in the same period of 2025.

As of March 31, 2026, cash and cash equivalents were RMB2,453.1 million (US$355.6 million), compared to RMB3,348.1 million as of December 31, 2025. As of March 31, 2026, the balance of financial investments was RMB507.5 million (US$73.6 million), compared to RMB483.7 million as of December 31, 2025.

As of March 31, 2026, delinquency rates[4] for loans that were past due for 1-30 days, 31-60 days and 61-90 days were 2.5%, 2.7% and 3.2%, respectively, compared to 3.4%, 3.0% and 2.8%, respectively, as of December 31, 2025.

Recent Updates

The Company issued a statement in May regarding media reports relating to certain financial products offered by affiliates of the Company's controlling shareholder. Those matters are unrelated to the Company. Management is monitoring the situation closely and will make further disclosures as required under applicable laws, regulations, and listing standards.

Dividend Policy

Under the Company's semi-annual dividend policy, the Board will review operating results and evaluate the Company's cash dividend policy for the first half of 2026 following the conclusion of the second quarter.

Non-GAAP Financial Measures

In evaluating the business, the Company considers and uses several non-GAAP financial measures, such as adjusted EBITDA and adjusted EBITDA margin as supplemental measures to review and assess operating performance. We believe these non-GAAP measures provide useful information about our core operating results, enhance the overall understanding of our past performance and prospects and allow for greater visibility with respect to key metrics used by our management in our financial and operational decision-making. The presentation of these non-GAAP financial measures is not intended to be considered in isolation or as a substitute for the financial information prepared and presented in accordance with accounting principles generally accepted in the United States of America ("U.S. GAAP"). The non-GAAP financial measures have limitations as analytical tools. Other companies, including peer companies in the industry, may calculate these non-GAAP measures differently, which may reduce their usefulness as a comparative measure. The Company compensates for these limitations by reconciling the non-GAAP financial measures to the nearest U.S. GAAP performance measure, all of which should be considered when evaluating our performance. See "Operating Highlights and Reconciliation of GAAP to Non-GAAP measures" at the end of this press release.

Currency Conversion

This announcement contains currency conversions of certain RMB amounts into US$ at specified rates solely for the convenience of the reader. Unless otherwise noted, all translations from RMB to US$ are made at a rate of RMB6.8980 to US$1.00, the effective noon buying rate on March 31, 2026, as set forth in the H.10 statistical release of the Federal Reserve Board.

Conference Call

Yiren Digital's management will host an earnings conference call at 8:00 a.m. U.S. Eastern Time on June 25, 2026 (or 8:00 p.m. Beijing/Hong Kong Time on June 25, 2026).

Participants who wish to join the call should register online in advance of the conference at:
https://dpregister.com/sreg/10209861/10439ec2351.

Once registration is completed, participants will receive the dial-in details for the conference call.

Additionally, a live and archived webcast of the conference call will be available at:
https://ir.yiren.com.

[1] "Repeat borrowers' loan amount" refers to the proportion of total loan facilitation and origination volume through Yixianghua platform in a given period that is generated by borrowers who have previously completed at least one successful drawdown during that period.

[2] "The risk-taking model" refers to the framework in which Yiren Digital assumes the credit risk for the loans facilitated on its platform.

[3] "Adjusted EBITDA" is a non-GAAP financial measure. For more information on this non-GAAP financial measure, please see the section of "Operating Highlights and Reconciliations of GAAP to Non-GAAP Measures" and the table captioned "Reconciliations of Adjusted EBITDA" set forth at the end of this press release.

[4] "Delinquency rates" refers to the outstanding principal balance of loans that were 1-30 days, 31-60 days and 61-90 days past due as a percentage of the total performing outstanding principal balance of loans as of a specific date. Loans originating outside mainland China are not included in the calculation. We define a performing loan as one that is being repaid according to the agreed terms and has not become delinquent for more than 90 days.

Safe Harbor Statement

This press release contains forward-looking statements. These statements are made under the "safe harbor" provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as "aim," "anticipate," "believe," "estimate," "expect," "hope," "going forward," "intend," "ought to," "plan," "project," "potential," "seek," "may," "might," "can," "could," "will," "would," "shall," "should," "is likely to" and the negative form of these words and other similar expressions. This press release contains forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended, and as defined in the U.S. Private Securities Litigation Reform Act of 1995. These statements can be identified by terminology such as "will," "expects," "anticipates," "future," "intends," "plans," "believes," "estimates," "target," "confident," and similar expressions. Forward-looking statements are based on management's current expectations, assumptions, and assessments of current market and operating conditions. These statements involve inherent risks, uncertainties, and other factors, many of which are outside the control of the Company, and which could cause actual results to differ materially from those expressed or implied in such statements. Actual results may differ materially from those expressed or implied in forward-looking statements due to a variety of factors and other risks described in the Company's filings with the U.S. Securities and Exchange Commission. All forward-looking statements speak only as of the date of this press release. The Company undertakes no, and expressly disclaims any, obligation to update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise, except as required under applicable law.

About Yiren Digital

Yiren Digital Ltd. is a leading fintech company specializing in digital consumer lending, insurance, and financial technology innovation across China and global markets. The Company leverages advanced artificial intelligence and emerging technologies to enhance customer experience, optimize capital efficiency, and expand financial inclusion. Following the regulatory filing of its in-house developed Large Language Model Zhiyu, and the significant enhancement of its MagiCube Agent platform, Yiren Digital is establishing a new growth engine to accelerate its evolution into an AI-native, multi-industry operating platform extending beyond traditional financial services. For more information, please visit https://ir.yiren.com.

Unaudited Condensed Consolidated Statements of Operations

 (in thousands, except for share, per share and per ADS data, and percentages)

For the Three Months Ended 

March 31,
2025

March 31,
2026

March 31,
2026

RMB

RMB

USD

Net revenue:

Loan facilitation services

742,394

(3,909)

(567)

Post-origination services

1,744

(41)

(6)

Guarantee services

318,397

519,155

75,262

Financing services

41,887

66,145

9,589

Insurance brokerage services

71,460

87,160

12,636

Electronic commerce services

184,074

921

133

Network and marketing services *

124,358

145,697

21,122

Technology services *

68,590

98,129

14,226

Others *

1,622

1,883

273

Total net revenue

1,554,526

915,140

132,668

Operating costs and expenses:

Sales and marketing

276,952

113,569

16,464

Origination,servicing and other operating costs

224,738

197,552

28,639

Research and development

85,954

108,933

15,792

General and administrative

95,837

70,504

10,221

Allowance for contract assets, receivables and others

152,805

176,424

25,576

Provision for contingent liabilities

410,763

632,219

91,653

Total operating costs and expenses

1,247,049

1,299,201

188,345

Other income/(loss):

Investment income

1,281

1,318

191

Interest income

22,925

12,498

1,812

Fair value adjustments loss

(58,376)

(89,036)

(12,908)

Others, net

674

1,591

231

Total other loss

(33,496)

(73,629)

(10,674)

Income/(loss) before provision for income taxes

273,981

(457,690)

(66,351)

Share of results of equity investees

(129)

-

-

Income tax expense

26,346

37,024

5,368

Net income/(loss)

247,506

(494,714)

(71,719)

Net loss attributable to non-controlling interests

-

1,173

171

Net income/(loss) attributable to ordinary shareholders
of the Company

247,506

(493,541)

(71,548)

Weighted-average number of ordinary shares used in
computing basic net income/(loss) per share

172,800,275

174,951,573

174,951,573

Basic net income/(loss) per share attributable to
ordinary shareholders of the Company

1.4323

(2.8210)

(0.4090)

Basic diluted net income/(loss) per ADS
attributable to ordinary shareholders of the
Company

2.8646

(5.6420)

(0.8180)

Weighted-average number of ordinary shares used in
computing diluted net income/(loss) per share

173,935,749

174,951,573

174,951,573

Diluted net income/(loss) per share attributable to
ordinary shareholders of the Company

1.4230

(2.8210)

(0.4090)

Diluted net income/(loss) per ADS attributable to
ordinary shareholders of the Company

2.8460

(5.6420)

(0.8180)

Unaudited Condensed Consolidated Cash Flow Data

Net cash generated from/(used in) operating activities

478,650

(655,588)

(95,040)

Net cash used in investing activities

(145,590)

(24,764)

(3,590)

Net cash used in financing activities

(80,576)

(345,590)

(50,100)

Effect of foreign exchange rate changes

2,367

(8,389)

(1,216)

Net increase/(decrease) in cash, cash equivalents and
restricted cash

254,851

(1,034,331)

(149,946)

Cash, cash equivalents and restricted cash, beginning of
period

4,101,557

3,870,834

561,153

Cash, cash equivalents and restricted cash, end of
period

4,356,408

2,836,503

411,207

* Given the Company's diversified revenue streams, Network and marketing services and Technology services are now
separately presented from Other revenue, with the remaining balance classified as Others. Comparative figures for the prior
period have been restated.

Unaudited Condensed Consolidated Balance Sheets

 (in thousands)

As of

December 31,
2025

March 31,
2026

March 31,
2026

RMB

RMB

USD

        Cash and cash equivalents

3,348,126

2,453,140

355,631

        Restricted cash

522,708

383,363

55,576

        Accounts receivable

826,141

911,368

132,121

        Guarantee receivable

832,905

868,827

125,953

        Contract assets, net

619,291

305,106

44,231

        Contract cost

4,287

2,149

312

        Prepaid expenses and other assets

1,776,019

1,756,162

254,590

        Loans at fair value

342,895

156,134

22,635

        Financing receivables

909,182

938,958

136,120

        Amounts due from related parties*

2,974,080

3,429,417

497,161

        Financial investments

483,700

507,528

73,576

        Equity investments

11,528

23,455

3,400

        Property, equipment and software, net

50,403

84,630

12,269

        Digital Assets

391,267

287,228

41,639

        Deferred tax assets

325,094

361,981

52,476

        Right-of-use assets

37,329

33,891

4,913

Total assets

13,454,955

12,503,337

1,812,603

        Accounts payable

79,630

93,759

13,592

        Amounts due to related parties

44,179

14,982

2,172

        Guarantee liabilities-stand ready

989,701

1,025,763

148,704

        Guarantee liabilities-contingent

1,300,097

1,172,209

169,935

        Deferred revenue

227

150

22

        Payable to investors of consolidated ABFE

1,294,792

941,068

136,426

        Accrued expenses and other liabilities

404,680

406,222

58,890

        Deferred tax liabilities

29,854

34,197

4,957

        Lease liabilities

39,758

35,289

5,116

Total liabilities

4,182,918

3,723,639

539,814

        Ordinary shares

133

134

19

        Additional paid-in capital

5,239,550

5,242,914

760,063

        Treasury stock

(170,686)

(170,686)

(24,744)

        Accumulated other comprehensive income

(2,517)

(17,369)

(2,518)

        Retained earnings

4,205,557

3,710,721

537,942

Total Yiren Digital Ltd shareholders' equity

9,272,037

8,765,714

1,270,762

        Non-controlling interests

-

13,984

2,027

Total equity

9,272,037

8,779,698

1,272,789

Total liabilities and equity

13,454,955

12,503,337

1,812,603

* The Company has outstanding related party balances due from our controlling shareholder and its affiliates. These
balances are currently performing in accordance with their contractual terms. Should our controlling shareholder fail to
satisfy its payment obligations in the future, we may be required to adjust the carrying value of such related receivables
accordingly.

Operating Highlights and Reconciliation of GAAP to Non-GAAP Measures

(in thousands, except for number of  borrowers, number of insurance clients, cumulative number of insurance clients
and percentages)

For the Three Months Ended 

March 31,
2025

March 31,
2026

March 31,
2026

RMB

RMB

USD

Operating Highlights

Amount of loans facilitated 

15,237,923

8,910,760

1,291,789

Number of borrowers

1,375,406

531,500

531,500

Remaining principal of performing loans 

27,458,292

21,603,502

3,131,850

Cumulative number of insurance clients

1,590,394

2,357,951

2,357,951

Number of insurance clients

77,541

397,854

397,854

Gross written premiums

801,798

822,991

119,309

First year premium

412,497

536,332

77,752

Renewal premium

389,301

286,659

41,557

Segment Information

Credit solution business:

Revenue

1,294,480

795,746

115,359

Sales and marketing expenses

260,903

80,760

11,708

Origination, servicing and other operating costs

140,623

140,143

20,317

Allowance for contract assets, receivables and others

152,112

174,866

25,350

Provision for contingent liabilities

410,763

632,219

91,653

Insurance brokerage business:

Revenue

71,460

87,160

12,636

Sales and marketing expenses

2,795

2,388

346

Origination, servicing and other operating costs

81,440

54,475

7,897

Allowance for contract assets, receivables and others

(578)

(117)

(17)

Others:

Revenue

188,586

32,234

4,673

Sales and marketing expenses

13,254

30,421

4,410

Origination, servicing and other operating costs

2,675

2,934

425

Allowance for contract assets, receivables and others

(1,994)

188

27

Reconciliation of Adjusted EBITDA

Net income/(loss)

247,506

(494,714)

(71,719)

Interest income and investment income, net

(24,206)

(13,816)

(2,003)

Income tax expense

26,346

37,024

5,368

Depreciation and amortization

2,297

3,561

516

Share-based compensation

2,187

2,071

300

Fair value adjustments related to digital assets and
financial investments

70,824

129,059

18,710

Adjusted EBITDA

324,954

(336,815)

(48,828)

Adjusted EBITDA margin

20.9 %

-36.8 %

-36.8 %

Delinquency Rates

1-30 days

31-60 days

61-90 days

December 31, 2022

1.7 %

1.2 %

1.1 %

December 31, 2023

2.0 %

1.4 %

1.2 %

December 31, 2024

1.6 %

1.2 %

1.1 %

December 31, 2025

3.4 %

3.0 %

2.8 %

March 31, 2026

2.5 %

2.7 %

3.2 %

90+ Days Delinquency Rates by Vintage*

Loan
Issued Period

Month on Book

4

6

8

10

12

14

16

18

20

22

24

2022Q1

0.6 %

2.0 %

3.1 %

3.9 %

4.5 %

4.7 %

4.6 %

4.6 %

4.5 %

4.5 %

4.4 %

2022Q2

0.5 %

1.7 %

2.9 %

3.7 %

4.2 %

4.4 %

4.3 %

4.3 %

4.2 %

4.2 %

4.1 %

2022Q3

0.5 %

2.1 %

3.4 %

4.2 %

4.7 %

5.0 %

4.9 %

4.9 %

4.8 %

4.7 %

4.7 %

2022Q4

0.7 %

2.5 %

3.8 %

4.8 %

5.5 %

5.8 %

5.8 %

5.7 %

5.6 %

5.5 %

5.4 %

2023Q1

0.5 %

2.3 %

3.9 %

5.0 %

5.8 %

6.1 %

6.0 %

5.9 %

5.8 %

5.7 %

5.6 %

2023Q2

0.6 %

2.8 %

4.7 %

6.1 %

6.8 %

7.1 %

7.0 %

6.9 %

6.8 %

6.7 %

6.6 %

2023Q3

0.8 %

3.5 %

5.6 %

7.0 %

7.7 %

7.9 %

7.9 %

7.7 %

7.6 %

7.5 %

7.5 %

2023Q4

0.7 %

3.4 %

5.6 %

6.8 %

7.4 %

7.6 %

7.6 %

7.4 %

7.3 %

7.3 %

7.2 %

2024Q1

0.6 %

3.0 %

4.8 %

5.9 %

6.6 %

6.8 %

6.8 %

6.7 %

6.6 %

6.6 %

6.5 %

2024Q2

0.6 %

2.4 %

4.0 %

5.1 %

5.8 %

6.1 %

6.1 %

6.0 %

5.9 %

6.0 %

2024Q3

0.5 %

2.2 %

3.7 %

4.7 %

5.4 %

5.8 %

5.8 %

5.7 %

5.5 %

2024Q4

0.6 %

2.2 %

3.8 %

4.9 %

5.9 %

6.4 %

6.3 %

2025Q1

0.6 %

2.3 %

4.2 %

6.0 %

7.2 %

6.9 %

2025Q2

0.8 %

3.5 %

6.6 %

8.3 %

2025Q3

1.1 %

4.8 %

8.0 %

2025Q4

1.2 %

*The 90+ days delinquency rate by vintage refers to the outstanding principal balance of loans facilitated over a specified period that are more than 90 days past due, as a percentage of the total loans facilitated during that same period. Loans originating outside mainland China are excluded from the calculation.

SOURCE Yiren Digital

ACTON, Mass.--(BUSINESS WIRE)--Insulet Corporation (NASDAQ: PODD) (Insulet or the Company), the global leader in tubeless insulin pump technology with its Omnipod® brand of products, today announced the appointment of Jonathan (“Jay”) Mazelsky to the Company's Board of Directors, effective July 1, 2026. Mr. Mazelsky joins the Board as an independent director. “We are pleased to welcome Jay to Insulet's Board of Directors,” said President and CEO Ashley McEvoy. “Jay has a strong track record of.