Intel zveřejní výsledky za 2. čtvrtletí po uzavření trhu ve čtvrtek; analytici čekají zisk 22 centů na akcii a tržby 14,45 miliardy USD. Akcie ve středu klesly o 2,7 %.
Intel Corporation (NASDAQ:INTC) will release its second quarter earnings report after the closing bell on Thursday, July 23.
Analysts expect the Santa Clara, California-based company to report quarterly earnings of 22 cents per share, versus a loss of 10 cents per share in the year-ago period. The consensus estimate for Intel’s quarterly revenue is $14.45 billion. It reported $12.86 billion last year, according to Benzinga Pro.
On July 21, Intel and Fortinet announced a strategic collaboration to develop Fortinet Security Processor 6.
Intel shares fell 2.7% to close at $102.62 on Wednesday.
Benzinga readers can access the latest analyst ratings on the Analyst Stock Ratings page. Readers can sort by stock ticker, company name, analyst firm, rating change or other variables.
Let’s have a look at how Benzinga’s most-accurate analysts have rated the company in the recent period.
Considering buying INTC stock? Here’s what analysts think:
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T-Mobile (TMUS - Free Report) came out with quarterly earnings of $3.13 per share, beating the Zacks Consensus Estimate of $2.49 per share. This compares to earnings of $2.84 per share a year ago. These figures are adjusted for non-recurring items.
This quarterly report represents an earnings surprise of +25.70%. A quarter ago, it was expected that this wireless carrier would post earnings of $2.06 per share when it actually produced earnings of $2.7, delivering a surprise of +31.07%.
Over the last four quarters, the company has surpassed consensus EPS estimates four times.
T-Mobile, which belongs to the Zacks Wireless National industry, posted revenues of $22.79 billion for the quarter ended June 2026, surpassing the Zacks Consensus Estimate by 0.21%. This compares to year-ago revenues of $21.13 billion. The company has topped consensus revenue estimates four times over the last four quarters.
The sustainability of the stock's immediate price movement based on the recently-released numbers and future earnings expectations will mostly depend on management's commentary on the earnings call.
T-Mobile shares have lost about 6% since the beginning of the year versus the S&P 500's gain of 9.6%.
What's Next for T-Mobile?While T-Mobile has underperformed the market so far this year, the question that comes to investors' minds is: what's next for the stock?
There are no easy answers to this key question, but one reliable measure that can help investors address this is the company's earnings outlook. Not only does this include current consensus earnings expectations for the coming quarter(s), but also how these expectations have changed lately.
Empirical research shows a strong correlation between near-term stock movements and trends in earnings estimate revisions. Investors can track such revisions by themselves or rely on a tried-and-tested rating tool like the Zacks Rank, which has an impressive track record of harnessing the power of earnings estimate revisions.
Ahead of this earnings release, the estimate revisions trend for T-Mobile was mixed. While the magnitude and direction of estimate revisions could change following the company's just-released earnings report, the current status translates into a Zacks Rank #3 (Hold) for the stock. So, the shares are expected to perform in line with the market in the near future. You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here.
It will be interesting to see how estimates for the coming quarters and the current fiscal year change in the days ahead. The current consensus EPS estimate is $2.87 on $23.19 billion in revenues for the coming quarter and $10.53 on $94 billion in revenues for the current fiscal year.
Investors should be mindful of the fact that the outlook for the industry can have a material impact on the performance of the stock as well. In terms of the Zacks Industry Rank, Wireless National is currently in the bottom 18% of the 250 plus Zacks industries. Our research shows that the top 50% of the Zacks-ranked industries outperform the bottom 50% by a factor of more than 2 to 1.
Another stock from the same industry, ATN International (ATNI - Free Report) , has yet to report results for the quarter ended June 2026.
This provider of telecommunications services is expected to post quarterly earnings of $0.12 per share in its upcoming report, which represents a year-over-year change of +150%. The consensus EPS estimate for the quarter has been revised 14.3% lower over the last 30 days to the current level.
ATN International's revenues are expected to be $183.2 million, up 1.1% from the year-ago quarter.
Akcie Oracle za 10 měsíců spadly o více než 50 % z maxima, protože trh zpochybňuje agresivní výdaje na AI datová centra. S&P Global Ratings navíc snížila rating na BBB-.
Ten months ago, Oracle (ORCL -1.68%) looked unstoppable. The company had become one of Wall Street's biggest AI winners as investors bet its cloud infrastructure business would play a central role in powering AI workloads. The stock surged to record highs, briefly pushing co-founder Larry Ellison's net worth above $400 billion.
Today, the story looks very different. Oracle shares have fallen by more than 50% from their peak, wiping roughly $213 billion from Ellison's personal fortune as the market has begun to question the company's aggressive AI data center spending.
The stock is now sitting at levels it hasn't seen since April 2025. So is this a good buying opportunity?
Why Oracle fell Demand for Oracle Cloud Infrastructure remains strong. The company continues to sign large infrastructure contracts and expand its data center capacity. In fact, its remaining performance obligations reached a record $638 billion as of May 31, the end of its fiscal 2026.
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The problem is that building AI data centers isn't cheap. Oracle dramatically increased capital spending to expand its cloud infrastructure. Capital expenditures topped $21 billion in fiscal 2026, up from about $7 billion a year earlier, and management says it expects to spend more than $25 billion in fiscal 2027. That begs the question: Will those investments generate attractive returns quickly enough to justify these mounting costs?
Those concerns intensified after S&P Global Ratings downgraded Oracle's credit rating to BBB-, just one notch above junk status. That's not a trivial development, because a lower credit rating translates into higher borrowing costs, which will make its already capital-intensive expansion strategy even more expensive. Investors are right to have concerns.
The long-term case remains intact Despite the sell-off, Oracle's underlying business hasn't suddenly broken. The cloud infrastructure unit remains one of the fastest-growing parts of the company, and demand for AI computing capacity continues to outstrip supply across much of the industry.
Image source: Getty Images.
Oracle has also carved out a unique competitive position. Rather than competing directly against Amazon Web Services, Microsoft Azure, and Alphabet's Google Cloud, Oracle increasingly partners with them.
That strategy broadens the company's addressable market while reinforcing its dominance in enterprise databases. Oracle's large backlog of signed cloud contracts also provides it with significant revenue visibility over the coming years.
Is it a buy? If you're looking for a stock that will rebound and surge over the next quarter, Oracle may not be your best choice. Investor sentiment regarding the company has clearly deteriorated, and concerns surrounding its AI infrastructure spending aren't likely to disappear overnight.
If you have a long time horizon as an investor, however, this is not a stock to ignore. Oracle is making enormous investments because management believes AI infrastructure demand will continue growing for years. If that thesis proves correct, today's elevated spending could eventually translate into significantly higher cloud revenue and cash flow.
Of course, there's still risk. If enterprise AI adoption slows, Oracle could find itself in possession of billions of dollars of expensive infrastructure that takes longer than expected to generate attractive returns.
That's why I wouldn't call Oracle a screaming bargain. But I also wouldn't dismiss it because of a difficult 10-month stretch. The market has gone from pricing Oracle as though nothing could go wrong to assuming almost everything will. Reality will likely fall somewhere in between.
Jeff Siegel has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends Alphabet, Amazon, Microsoft, Oracle, and S&P Global. The Motley Fool has a disclosure policy.
Tři krypto protokoly byly během 24 hodin napadeny a přišly o více než 35,5 milionu USD. Největší ztrátu utrpěl AFX na Arbitrum, který při bridge exploitu přišel zhruba o 24,15 milionu USD v USDC.
Three separate crypto protocols got carved up within a single 24-hour window, with combined losses topping $35.5 million. The victims span three different chains, three different attack vectors, and one very familiar story: bridges remain the soft underbelly of decentralized finance.
The largest hit landed on AFX, an Arbitrum-based protocol that lost approximately $24.15 million in USDC through a bridge exploit on July 22. BSquaredNetwork on BNB Chain saw $3.86 million in B2 tokens drained. And the Verus cross-chain bridge on Ethereum hemorrhaged $7.55 million, a wound made worse by the fact that Verus had already been exploited for roughly $11.58 million back in May.
How each exploit played out The AFX breach was the headliner. Attackers siphoned $24.15 million in USDC from the protocol’s bridge infrastructure on Arbitrum, then moved the funds to Ethereum and swapped them into around 12,467.5 ETH.
BSquaredNetwork’s exploit was smaller in dollar terms but arguably messier for holders. The $3.86 million in stolen B2 tokens were exchanged for more than 5,000 WBNB, which were then converted into roughly 1,128 ETH. The sell pressure from the dump sent B2’s price cratering more than 15%.
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Then there’s Verus. The $7.55 million loss on July 23 is concerning on its own, but context makes it worse. This is the same cross-chain bridge that suffered an approximately $11.58 million exploit in May 2026. That means Verus has lost north of $19 million in roughly two months to what appear to be related security vulnerabilities.
PeckShield, the blockchain security firm, was among the first to flag each incident on-chain.
A brutal quarter for crypto security These three exploits didn’t happen in a vacuum. According to data from TRM Labs, the first half of 2026 saw a record 207 security incidents. Q2 alone accounted for $764 million stolen across 67 separate incidents, with operational weaknesses cited as a primary attack surface.
Vitalik Buterin flagged bridge security risks as far back as 2022, arguing that multi-chain futures would not be secured by the same trust assumptions as single-chain applications.
What this means for investors B2’s 15%-plus price drop is the most direct example of immediate market impact. When three protocols get exploited in a single day, it puts a chill on risk appetite across the broader DeFi ecosystem.
The $764 million stolen in Q2 2026 alone represents real capital permanently removed from the ecosystem. That’s money that funded development, provided liquidity, and backed lending markets.
For individual investors, the Verus situation is particularly instructive: a protocol that gets exploited once and doesn’t fully remediate its vulnerabilities before getting hit again is broadcasting something important about its security posture. The first hack might be bad luck. The second one is information.
Disclosure: This article was edited by Editorial Team. For more information on how we create and review content, see our Editorial Policy.
Honeywell International (HON) ve 2. čtvrtletí vykázala zisk na akcii 1,95 USD a tržby 5,19 miliardy USD, obojí nad odhady. Zisk na akcii překonal konsensus o 8,33 %.
Honeywell International Inc. (HON - Free Report) came out with quarterly earnings of $1.95 per share, beating the Zacks Consensus Estimate of $1.8 per share. This compares to earnings of $5.5 per share a year ago. These figures are adjusted for non-recurring items.
This quarterly report represents an earnings surprise of +8.33%. A quarter ago, it was expected that this company would post earnings of $4.62 per share when it actually produced earnings of $4.9, delivering a surprise of +6.06%.
Over the last four quarters, the company has surpassed consensus EPS estimates four times.
Honeywell International, which belongs to the Zacks Diversified Operations industry, posted revenues of $5.19 billion for the quarter ended June 2026, surpassing the Zacks Consensus Estimate by 4.19%. This compares to year-ago revenues of $10.35 billion. The company has topped consensus revenue estimates two times over the last four quarters.
The sustainability of the stock's immediate price movement based on the recently-released numbers and future earnings expectations will mostly depend on management's commentary on the earnings call.
Honeywell International shares have lost about 40.3% since the beginning of the year versus the S&P 500's gain of 9.6%.
What's Next for Honeywell International?While Honeywell International has underperformed the market so far this year, the question that comes to investors' minds is: what's next for the stock?
There are no easy answers to this key question, but one reliable measure that can help investors address this is the company's earnings outlook. Not only does this include current consensus earnings expectations for the coming quarter(s), but also how these expectations have changed lately.
Empirical research shows a strong correlation between near-term stock movements and trends in earnings estimate revisions. Investors can track such revisions by themselves or rely on a tried-and-tested rating tool like the Zacks Rank, which has an impressive track record of harnessing the power of earnings estimate revisions.
Ahead of this earnings release, the estimate revisions trend for Honeywell International was unfavorable. While the magnitude and direction of estimate revisions could change following the company's just-released earnings report, the current status translates into a Zacks Rank #5 (Strong Sell) for the stock. So, the shares are expected to underperform the market in the near future. You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here.
It will be interesting to see how estimates for the coming quarters and the current fiscal year change in the days ahead. The current consensus EPS estimate is $2.25 on $5.33 billion in revenues for the coming quarter and $10.34 on $20.04 billion in revenues for the current fiscal year.
Investors should be mindful of the fact that the outlook for the industry can have a material impact on the performance of the stock as well. In terms of the Zacks Industry Rank, Diversified Operations is currently in the bottom 35% of the 250 plus Zacks industries. Our research shows that the top 50% of the Zacks-ranked industries outperform the bottom 50% by a factor of more than 2 to 1.
Another stock from the same industry, ITT (ITT - Free Report) , has yet to report results for the quarter ended June 2026. The results are expected to be released on August 6.
This supplier of parts and services to a wide variety of industries is expected to post quarterly earnings of $1.93 per share in its upcoming report, which represents a year-over-year change of +17.7%. The consensus EPS estimate for the quarter has been revised 0.4% lower over the last 30 days to the current level.
ITT's revenues are expected to be $1.39 billion, up 43.3% from the year-ago quarter.
Morgan Stanley může těžit z dalšího boomu M&A: oznámené transakce letos vzrostly o 32 % na 1,2 bilionu USD. Morgan Stanley z toho může těžit, už se podílela na obchodech za více než 831 miliard USD.
Morgan Stanley stock has wavered recently, evem as the Wall Street company published strong financial results. MS was trading at $218, a few points below its all-time high of $232. This consolidation may lead to a strong rebound after a major Goldman Sachs prediction.
Morgan Stanley is benefiting from major trends in the US this year. Mega IPOs are rising, and analysts expect that merger and acquisition (M&A) deals will accelerate in the near term.
Morgan Stanley was one of the banks that made a windfall from the recent SpaceX IPO. It is estimated that the company made over $100 million in the process.
The bank will likely benefit from more IPOs, including companies like Anthropic and OpenAI.
Most notably, Goldman Sachs analysts predict that the merger and acquisition boom has more room to run. Announced M&A deals have jumped by 32% this year to $1.2 trillion. The number of announced deals has soared by 12% in then same period.
In a report, the bank said that this trend will continue, helped by a steady economic growth, healthy CEO confidence, and a favorable regulatory backdrop. The bank added that:
“Likely M&A targets should benefit from the ongoing surge in M&A activity, which does not appear to be fully priced in their valuations.”
If this is correct, then Morgan Stanley will be one of the top beneficiaries. Dealogic data estimates that it is the third in the M&A industry this year after Goldman and JPMorgan. It has been involved in deals worth over $831 billion.
The company also ranks third in the equity capital markets (ECM) bookrunning with its deal value rising to $51 billion. It has also become a major player in debt raising industry.
These numbers are confirmed by its recent financial results, which showed that its net revenue jumped by 27% YoY to $21.3 billion. It was a $1 billion increase from the previous quarter.
Institutional securities revenue rose by 44% to $11 billion, while its wealth and investment management rose by 14% and 6%, respectively. These ones rose to $8.8 billion and $1.6 billion. Notably, the provision for credit losses dropped to just $98 million during the quarter. Ted Pick, the CEO said:
“Differentiated content from our Research teams continues to drive high levels of client engagement. Wealth Management added a record $148 billion in net new assets, with total client assets across Wealth and Investment Management reaching the $10 trillion milestone.”
MS stock chart | Source: TradingView
Technically, however, the MS stock price will need to overcome the double-top pattern at $230, and whose neckline is at $230. Also, the stock needs to overcome the mean reversion risk. Mean reversion is a situation where an asset normally moves to its historical averages. In this case, the stock is much higher than the 200-day moving average of $184.
Therefore, there is a risk that it will pull back in the near term because of its weak technicals. On the other hand, a move above the key resistance level of $230 will point to more gains, potentially to the key resistance at $250.
Zásoba LINK na burzách za měsíc klesla o 12 % a v neděli odtud čistý odtok činil 1,04 milionu tokenů. LINK mezitím za posledních 24 hodin vzrostl na 8,69 USD.
Chainlink‘s (LINK) available supply on major cryptocurrency exchanges decreased by more than 15.7 million LINK over the past month, representing a 12% drop. Data from Santiment revealed that on Sunday alone, a net total of 1.04 million LINK tokens left exchanges, marking one of the largest single-day outflows during this period.
Shift from Exchanges Signals AccumulationA declining supply of LINK held on exchanges is generally interpreted as a reduction in sell pressure, as tokens are moved into private wallets for holding rather than short-term trading. This pattern is often seen as a sign of accumulation among investors, who may be positioning themselves for potential future growth.
Chainlink serves as a decentralized oracle network that connects smart contracts with real-world data, making it a crucial component for DeFi and traditional financial institutions integrating blockchain technology.
DTCC Tokenization Project Features ChainlinkRecent weeks have seen several major institutional developments tied to Chainlink’s infrastructure. On July 15, the Depository Trust & Clearing Corporation (DTCC), a leading post-trade market infrastructure for the global financial services industry, completed its first production trades using tokenized US securities. This initiative has been described as the most extensive tokenization effort to date in terms of use-case breadth, asset classes, and participant involvement.
The event involved participation from over 30 prominent financial institutions, including BlackRock, J.P. Morgan, Goldman Sachs, Vanguard, NYSE, Nasdaq, and CME Group. Chainlink was among the named technology providers. The official launch of the DTCC Tokenization Service is scheduled for October 2026.
Mini dictionary: DTCC, or Depository Trust & Clearing Corporation, is a prominent US-based financial services company that provides clearing and settlement services for financial markets worldwide.
At the same time, Chainlink’s Cross-Chain Interoperability Protocol (CCIP) expanded to connect with the Canton Network and Ethereum, extending infrastructure that now secures over $7 billion in protocol value.
Mini dictionary: CCIP, the Cross-Chain Interoperability Protocol, is Chainlink’s technology for securely transferring data and digital assets across different blockchain networks.
EventDateOrganizations InvolvedChainlink’s RoleDTCC Tokenized Securities TradesJuly 15BlackRock, J.P. Morgan, Goldman Sachs, Vanguard, NYSE, Nasdaq, CME GroupTechnology providerDTCC Tokenization Service LaunchOctober 2026DTCC, participating financial firmsTechnology providerCCIP expansion to CantonJuly 2024Chainlink, Canton Network, EthereumSecuring protocol valueMajor Partnerships and Price MovementChainlink has also seen growing demand through new partnerships. In June, ADI Predictstreet, the official prediction market partner for the 2026 FIFA World Cup, selected Chainlink as its sole oracle provider for market resolutions and payout processing.
Additionally, digital asset technology firm United Stables chose Chainlink as the official data and cross-chain foundation for its $1 billion U stablecoin. This integration includes deploying Chainlink Data Feeds and Proof of Reserve solutions across BNB Chain, Ethereum, and TRON, with CCIP integration also planned.
Amid these developments, LINK’s price on major exchanges increased by more than $4.60 during the last 24 hours, climbing to $8.69. Over the past month, LINK posted a 9.6% gain but remains nearly 69% below its $27.80 peak achieved last August.
Recent milestones in tokenization, infrastructure expansion, and high-profile partnerships have coincided with one of the largest recent outflows of LINK from exchanges, suggesting investors are moving tokens off exchanges amid Chainlink’s growing adoption.
During a period of expanding enterprise integration, a declining exchange supply of LINK may indicate that holders are positioning around Chainlink’s broader utility rather than preparing for short-term sales.
Disclaimer: The information contained in this article does not constitute investment advice. Investors should be aware that cryptocurrencies carry high volatility and therefore risk, and should conduct their own research.
United Stables přijala Chainlink jako oficiální oracle a cross-chain infrastrukturu pro stablecoin U poté, co nabídka v oběhu překročila 1 miliardu USD a denní objem obchodování přesáhl 2,5 miliardy USD.
United Stables has adopted Chainlink as the official oracle and cross-chain infrastructure for its U stablecoin after the asset surpassed $1 billion in circulating supply and more than $2.5 billion in daily trading volume.
Summary
United Stables has adopted Chainlink as the official oracle and cross chain infrastructure for its U stablecoin after the asset surpassed $1 billion in supply. Chainlink Data Feeds and Proof of Reserve are now live, while CCIP will support future cross chain transfers of U. The integration builds on Chainlink’s expanding institutional presence as more stablecoin and DeFi projects adopt its interoperability and data services. According to an announcement from United Stables, the company has integrated Chainlink’s data and interoperability products to strengthen pricing, reserve verification, and future cross-chain transfers for U, its dollar-pegged stablecoin launched on BNB Chain and Ethereum in December 2025.
The rollout includes Chainlink Data Feeds and Proof of Reserve, both of which are now live. United Stables said it also plans to integrate Chainlink’s Cross-Chain Interoperability Protocol (CCIP) to support secure transfers of U between blockchain networks as the stablecoin expands across the multi-chain ecosystem.
We are thrilled to announce that, following an extensive security review, we have adopted @chainlink as our official data and cross-chain infrastructure powering the U stablecoin.
What’s New for U:
🔺 Data Feeds (Live): Delivering highly accurate pricing data across 20+… https://t.co/j6pm6MdLrf
— U (@UTechStables) July 20, 2026 The company said the decision followed a review of security standards across the industry after recent incidents exposed weaknesses in legacy oracle and bridge infrastructure. According to United Stables, fragmented liquidity, unverified pricing, and vulnerabilities in cross-chain transfers were among the issues it sought to address by adopting Chainlink’s infrastructure.
Data feeds, reserve verification go live Under the integration, Chainlink Data Feeds now provide decentralized pricing data that United Stables said supports more than 20 lending protocols. At the same time, Chainlink Proof of Reserve allows users and protocols to verify the collateral backing U through on-chain cryptographic checks.
United Stables launched U in December 2025 as a fully backed stablecoin designed for trading, payments, decentralized finance, institutional settlement, and AI-driven applications. At launch, the company said U was backed one-to-one by cash and audited stablecoins including USDC, USDT, and USD1, with reserves held in segregated accounts and verified through on-chain Proof of Reserve alongside quarterly independent audits.
Athena, chief executive officer of United Stables, said the Chainlink integration allows users, institutional partners, and decentralized finance protocols to access verified pricing data, independently confirm U’s collateral around the clock, and eventually transfer the stablecoin securely across multiple blockchain networks.
She added that the company views cryptographic verification as a core requirement for building trust as U expands beyond its initial deployments.
Johann Eid, chief business officer at Chainlink Labs, said the infrastructure would allow United Stables to extend U across decentralized finance while relying on Chainlink’s decentralized oracle and interoperability network. According to Eid, the platform is designed to support institutional-scale stablecoin activity across multiple blockchains.
CCIP planned for future multi-chain transfers Beyond the services already deployed, United Stables said it intends to adopt Chainlink CCIP to power cross-chain transfers of U. According to the company, the protocol is expected to reduce friction when liquidity moves between supported blockchain networks while providing an additional security layer for interoperability.
For United Stables, the announcement builds on the roadmap introduced when U launched late last year. Alongside decentralized finance integrations with platforms including PancakeSwap, ListaDAO, Aster, and Four.meme, the company said it plans to add confidential balances and AI-focused payment capabilities through technologies such as EIP-3009 and delegated transaction execution.
According to United Stables, combining its liquidity infrastructure with Chainlink’s oracle, reserve verification, and interoperability products is intended to provide transparent collateral verification, secure pricing data, and future cross-chain functionality as U continues expanding across BNB Chain, Ethereum, TRON, and other supported blockchain networks.
CCIP has become one of Chainlink’s main products for blockchain interoperability over the past year. Earlier this month, Aave expanded its use of the protocol by making CCIP the default cross-chain infrastructure across the Aave App and Stable Vaults. According to Aave, the same infrastructure now handles token transfers, vault rebalancing, governance execution, deposits, withdrawals, and yield optimization instead of relying on separate systems for different cross-chain functions.
Aave also said CCIP already powers transfers of its GHO stablecoin across supported networks through Chainlink’s Cross-Chain Token standard. Cross-chain governance proposals are also executed through the Aave Delivery Infrastructure, which uses CCIP to relay approved governance actions from Ethereum to other blockchain networks where Aave operates.
Security has remained a key part of CCIP’s design. According to Aave, every bridge lane is secured by at least 16 independent node operators distributed across different organizations and regions, while built-in rate limits restrict the amount of value that can move during abnormal conditions.
Chainlink continues institutional expansion The latest integration adds to Chainlink’s growing presence across both decentralized finance and institutional financial infrastructure.
In June, Chainlink joined Project Pangea, a bank-backed initiative focused on testing stablecoin-based foreign exchange settlement between Europe and South Korea. According to Chainlink, the project includes FairSquareLab, UniKA, and Qivalis, representing more than 50 banks with over $10 trillion in assets under management. The initiative uses Chainlink infrastructure alongside ISO 20022 messaging and existing SWIFT systems to test atomic payment-versus-payment settlement using compliant euro and South Korean won stablecoins.
Chainlink has also expanded into traditional market infrastructure. In January, BitMEX said it would use Chainlink Data Streams to provide pricing for its planned Equity Perpetuals, allowing the exchange to support perpetual contracts linked to stocks and exchange-traded funds using continuous market data from multiple sources.
Chainlink whales have increased their activity as LINK attempts to recover from a broader market decline, with large holders reportedly accumulating more than 14 million tokens in less than a month.
Summary
Chainlink whales accumulated over 14 million LINK as large transactions increased sharply during recent weeks. LINK trades near $8.54, with improving RSI and MACD signals supporting its latest recovery attempt. Falling exchange reserves reduce available selling supply, though LINK must reclaim $9–$10 for stronger momentum. LINK traded near $8.54 at the time of writing, down about 0.6% over the past 24 hours. The token had a market capitalization of roughly $6.39 billion and daily trading volume of about $175.24 million. Its 24-hour trading range stood between $8.53 and $8.72, according to crypto.news market data.
Chainlink whale activity rises as large holders accumulate LINK Onchain data shared by crypto analyst Ali Martinez showed that Chainlink whale activity had increased over the past two weeks. More than 20 transactions valued above $1 million each were recorded during one recent session, which Martinez described as evidence of “growing interest from large holders.”
Separate data shared by the analyst showed that large holders accumulated more than 14 million LINK in less than a month. Their combined holdings reportedly rose from below 170 million tokens to around 182 million to 183 million LINK during the period.
Whale accumulation can reduce available market supply when holders keep their tokens rather than moving them to exchanges, but it does not guarantee that prices will rise.
Whales have accumulated more than 14 million Chainlink $LINK over the past three weeks.
Large-scale accumulation like this often reflects growing confidence from major holders and is worth keeping an eye on. pic.twitter.com/edk7bVHsZQ
— Ali Charts (@alicharts) July 23, 2026 The latest activity follows earlier accumulation seen across the Chainlink network. Wallets holding more than 1,000 LINK recently reached their highest level of the year, while addresses controlling at least 100,000 LINK rose to a record 805, as previously reported.
LINK price shows short-term recovery signals The daily chart shows LINK trading inside a broader downtrend after falling from earlier highs near $26–$28. The token has spent recent months largely moving within the $7–$10 region as buyers and sellers compete around the lower end of its longer-term range.
Short-term technical indicators have improved. The MACD line stood near 0.1866, above its signal line at about 0.1267, while the positive histogram pointed to improving momentum. The relative strength index was near 60.43, above both the neutral 50 level and its moving average of about 58.31.
Chainlink (LINK) price chart, source: crypto.news The readings suggest buyers have gained some control without pushing LINK into overbought territory. However, price still faces resistance between $9 and $10. A sustained move above that area could strengthen the recovery structure, while another rejection may keep LINK inside its current consolidation range.
Recent price action has followed a similar setup. LINK rose after Mantle moved its $2.5 billion Super Portal to Chainlink’s Cross-Chain Interoperability Protocol.
Falling exchange reserves tighten available LINK supply Chainlink exchange reserves have also moved lower, according to CryptoQuant data. The total has fallen to about 125.4 million LINK, compared with levels commonly ranging between roughly 165 million and 190 million during parts of 2024 and 2025.
Lower exchange balances can mean fewer tokens are immediately available for sale. However, declining reserves alone do not prove that demand will increase. LINK continues to trade near the lower part of its multi-year price range, so stronger buying pressure would still need to appear in the price structure.
Chainlink (LINK) exchange reserves, source: CryptoQuant Derivatives data also presents a mixed picture. CoinGlass data showed trading volume rising 1.95% to about $233.74 million, while open interest slipped 0.91% to roughly $445.28 million. The combination suggests more trading activity without a matching increase in outstanding leveraged positions.
Chainlink has seen similar periods of tightening supply before. Declining exchange reserves and whale purchases have repeatedly formed part of the bullish case for LINK, though price performance has not always followed immediately.
Chainlink ecosystem activity supports the broader market case Chainlink continues to expand its role in blockchain infrastructure despite LINK’s weak longer-term price performance. Santiment has ranked the network among the leading real-world asset projects by development activity, placing it alongside Hedera at the top of the sector in recent rankings.
Institutional integrations have also continued. Mantle recently migrated its $2.5 billion Super Portal to Chainlink CCIP, while Aave selected Chainlink infrastructure for automated vault rebalancing. The number of Ethereum wallets holding LINK has also passed 900,000.
Meanwhile, U.S. investors now have regulated exchange-traded exposure to LINK. According to SoSoValue data, U.S. spot Chainlink ETFs recorded $2.68 million in net inflows on July 22, lifting cumulative net inflows to $127.83 million.
Total trading volume reached $2.99 million for the day, while total net assets stood at $114.78 million. The first U.S. Chainlink ETF received approval to trade on NYSE Arca in December 2025, expanding institutional access to the asset.
Some analysts have set much higher long-term targets. Crypto Patel has pointed to continued ETF demand and suggested LINK could eventually reach between $50 and $100 during another strong market cycle. Those targets remain analyst projections rather than confirmed price outcomes.
Disclosure: This article does not represent investment advice. The content and materials featured on this page are for educational purposes only.
Společnost Circle podepsala samostatná memoranda o porozumění s Kakao Group a s provozovatelem Toss, firmou Viva Republica, o zkoumání stablecoinových plateb, vypořádání na blockchainu a infrastruktury digitálních aktiv v Jižní Koreji. Projekty se zaměří na USDC, KRW stablecoiny a přeshraniční platby.
Circle has signed separate memorandums of understanding with Kakao Group and South Korean fintech operator Toss to explore stablecoin payments, blockchain settlement and digital asset infrastructure in South Korea.
Summary
Circle signed agreements with Kakao Group and Toss to explore stablecoin payment infrastructure in Korea. Kakao plans to assess KRW stablecoins, remittances and merchant settlement using Circle’s blockchain payment technology. Toss will explore USDC-based services, digital wallets and programmable payments while regulations continue developing nationwide. The agreements bring Circle’s USDC and payment technology into discussions with some of Korea’s largest consumer finance platforms. Kakao, Kakao Pay and Kakao Bank will study opportunities around KRW-based digital assets, cross-border payments and tokenized financial services. Toss and Toss Bank will examine similar uses, including digital wallets, overseas payments and programmable onchain transactions.
Kakao Group said its agreement with Circle will combine the KakaoTalk-centered platform ecosystem with Kakao Pay’s payment services, Kakao Bank’s banking capabilities and Circle’s blockchain infrastructure. The companies plan to review payment, settlement and digital asset connectivity as South Korea develops rules for stablecoins and other tokenized financial products.
The initial work will focus on faster payment and settlement systems, according to local reporting. The companies will also assess cross-border remittances, merchant settlement and links between blockchain networks and existing financial systems. Kakao Group said the infrastructure could eventually support services from other Korean companies, although the MOU does not set a launch date or confirm a specific stablecoin issuance model.
Kakao Pay CEO Shin Won-keun, who leads the group’s stablecoin task force, said the companies would “preemptively prepare a Korean digital asset ecosystem with Circle.” Circle executives met Kakao representatives in Pangyo on July 22 before the partnership was announced.
Toss explores USDC and programmable payments Circle also signed a separate MOU with Viva Republica, the operator of Toss, and Toss Bank. The companies will study blockchain-based payments and stablecoin infrastructure, with potential uses covering digital wallets, cross-border settlement and financial services that use USDC.
Toss will review biometric payment tools, USDC-linked financial products and programmable onchain payments. Toss Bank will focus on connecting stablecoin infrastructure with traditional bank accounts and fiat payment networks. The parties also plan to examine compliance, risk management, security and anti-money laundering requirements as Korean rules develop.
The agreement builds on Toss’s broader interest in digital assets. As crypto.news previously reported, the fintech has explored a proprietary blockchain and a possible token while preparing for a Korean stablecoin market. Toss Bank has also been studying blockchain-based payment and settlement models.
Circle expands its South Korea strategy The new agreements follow months of outreach by Circle in South Korea. As crypto.news reported on July 13, the company planned its Current Seoul event to bring banks, exchanges, payment firms and super-app operators together for talks on digital asset regulation and payments. Kakao Pay CEO Shin Won-keun was among the scheduled speakers.
Circle CEO Jeremy Allaire also visited Seoul in April and met executives from Korean banks, exchanges and payment companies. He said Circle did not plan to issue its own won stablecoin. Instead, the company has positioned USDC and its infrastructure as possible links between future KRW-denominated tokens and global payment networks.
That approach is visible in the latest agreements. Circle is not announcing a KRW stablecoin with Kakao or Toss. The companies are studying how local won-based digital assets could work alongside USDC, blockchain settlement systems and existing financial infrastructure.
Any commercial launch will depend on the final product design and regulatory approvals. Circle Chief Commercial Officer Kash Rajaghi said Korea has “a solid foundation for financial innovation.”
Korean firms prepare for stablecoin rules South Korean technology and financial groups have increased work on won-based stablecoins as policymakers prepare a broader legal framework. Kakao Bank has already explored stablecoin development, while Kakao Pay has been building a wider group strategy around KRW-linked digital assets.
Kakao Group said its Circle partnership could support a shared foundation for stablecoin services beyond its own platforms. The group is also reviewing tokenized financial services, which could use stablecoins as a settlement layer when assets move between blockchain networks and traditional financial systems.
Circle has taken a similar infrastructure-led approach elsewhere in Asia.The company recently partnered with Japan’s JCB to test USDC for corporate treasury transfers and merchant payments. The Korean agreements extend that regional strategy into platforms with large domestic payment and banking networks.
For now, both partnerships remain exploratory. Kakao Group, Toss and Circle have not announced a launch date for a KRW stablecoin or a live consumer payment product. Their agreements instead create a framework to test business models, technical connections and regulatory requirements as South Korea’s digital asset rules take shape.
Aureus Asset Management v 1. čtvrtletí zvýšila svůj podíl v Palo Alto Networks o 267 % na 8 404 akcií. Analytici zároveň zůstávají převážně optimističtí, průměrná cílová cena je 331,48 USD.
Aureus Asset Management LLC grew its stake in shares of Palo Alto Networks, Inc. (NASDAQ:PANW – Free Report) by 267.0% in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 8,404 shares of the network technology company’s stock after acquiring an additional 6,114 shares during the period. Aureus Asset Management LLC’s holdings in Palo Alto Networks were worth $1,347,000 at the end of the most recent reporting period.
A number of other institutional investors and hedge funds have also modified their holdings of the company. Norges Bank acquired a new position in shares of Palo Alto Networks during the 4th quarter worth $1,415,364,000. Vanguard Group Inc. lifted its stake in Palo Alto Networks by 4.1% in the 4th quarter. Vanguard Group Inc. now owns 67,929,063 shares of the network technology company’s stock valued at $12,512,533,000 after buying an additional 2,659,100 shares in the last quarter. Harel Insurance Investments & Financial Services Ltd. lifted its stake in Palo Alto Networks by 1,665.1% in the 1st quarter. Harel Insurance Investments & Financial Services Ltd. now owns 2,761,909 shares of the network technology company’s stock valued at $442,788,000 after buying an additional 2,605,433 shares in the last quarter. Bank of America Corp DE grew its holdings in Palo Alto Networks by 11.9% during the 4th quarter. Bank of America Corp DE now owns 19,375,486 shares of the network technology company’s stock valued at $3,568,964,000 after buying an additional 2,065,776 shares during the last quarter. Finally, Employees Provident Fund Board acquired a new stake in Palo Alto Networks during the 4th quarter valued at $281,542,000. Institutional investors and hedge funds own 79.82% of the company’s stock.
Wall Street Analysts Forecast Growth A number of equities analysts have recently weighed in on PANW shares. Weiss Ratings cut Palo Alto Networks from a “hold (c)” rating to a “hold (c-)” rating in a report on Thursday, June 4th. The Goldman Sachs Group reaffirmed a “buy” rating and set a $330.00 price objective on shares of Palo Alto Networks in a research note on Wednesday, June 3rd. Wedbush lifted their price objective on Palo Alto Networks from $300.00 to $340.00 and gave the stock an “outperform” rating in a research report on Wednesday, June 3rd. Loop Capital boosted their target price on shares of Palo Alto Networks from $160.00 to $290.00 and gave the company a “hold” rating in a research note on Wednesday, June 3rd. Finally, Mizuho upped their target price on shares of Palo Alto Networks from $265.00 to $305.00 and gave the company an “outperform” rating in a report on Wednesday, June 3rd. One equities research analyst has rated the stock with a Strong Buy rating, forty have assigned a Buy rating, seven have issued a Hold rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average target price of $331.48.
Read Our Latest Report on PANW
Insider Buying and Selling at Palo Alto Networks In related news, EVP Dipak Golechha sold 5,000 shares of the company’s stock in a transaction on Tuesday, June 23rd. The shares were sold at an average price of $289.56, for a total transaction of $1,447,800.00. Following the completion of the sale, the executive vice president directly owned 145,250 shares of the company’s stock, valued at approximately $42,058,590. This represents a 3.33% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director James J. Goetz sold 20,000 shares of the stock in a transaction on Friday, June 12th. The shares were sold at an average price of $279.90, for a total value of $5,598,000.00. Following the completion of the sale, the director owned 20,000 shares of the company’s stock, valued at approximately $5,598,000. This represents a 50.00% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. In the last three months, insiders have sold 101,239 shares of company stock worth $27,174,360. Corporate insiders own 1.40% of the company’s stock.
Key Headlines Impacting Palo Alto Networks Here are the key news stories impacting Palo Alto Networks this week:
Positive Sentiment: Analysts and commentators continue to highlight Palo Alto Networks as a key beneficiary of rising AI-driven cybersecurity spending, with Morgan Stanley saying sentiment on software stocks may be too negative and Barron’s arguing PANW could be a major winner in the new AI era. Article: Morgan Stanley Analysts Say Sentiment Has Gotten ‘Too Negative’ on Software Stocks. These Are Their Picks Positive Sentiment: Market watchers are also pointing to broader enterprise demand for cybersecurity as AI agents proliferate, which could support future security product spending and reinforce PANW’s growth narrative. Article: Citi Wealth CIO Warns “Infinite AI Agents” Will Accelerate Cybersecurity’s Share of Enterprise Spending Positive Sentiment: Palo Alto Networks announced it will acquire Embrace to extend its observability platform with Real User Monitoring and Synthetics, a move aimed at improving digital experience monitoring and AI-driven operations. Investors may see this as an expansion into a higher-value adjacent market. Article: Palo Alto Networks to Extend Leading Observability Platform with Innovative Digital Experience Monitoring Neutral Sentiment: Another brief note flagged PANW as a cybersecurity stock to follow, but did not add any new catalyst beyond the broader sector interest. Article: Cybersecurity Stocks To Follow Now – July 20th Negative Sentiment: Despite the upbeat long-term themes, one article noted PANW had slipped intraday, suggesting some investors are still taking profits or reacting to overall software sector weakness. Article: Palo Alto slips 3%: Why this analyst still sees it as a top cyber pick Palo Alto Networks Trading Down 2.0% PANW stock opened at $335.28 on Thursday. The company has a quick ratio of 0.86, a current ratio of 0.86 and a debt-to-equity ratio of 0.04. The company has a market cap of $273.25 billion, a price-to-earnings ratio of 274.82, a PEG ratio of 12.70 and a beta of 0.91. The business has a fifty day simple moving average of $297.43 and a 200-day simple moving average of $215.80. Palo Alto Networks, Inc. has a 52 week low of $139.57 and a 52 week high of $368.80.
Palo Alto Networks (NASDAQ:PANW – Get Free Report) last issued its earnings results on Tuesday, June 2nd. The network technology company reported $0.85 earnings per share for the quarter, beating analysts’ consensus estimates of $0.79 by $0.06. The firm had revenue of $3 billion for the quarter, compared to analysts’ expectations of $2.94 billion. Palo Alto Networks had a return on equity of 10.53% and a net margin of 7.95%.The firm’s revenue for the quarter was up 31.1% compared to the same quarter last year. During the same quarter last year, the firm earned $0.37 earnings per share. Palo Alto Networks has set its FY 2026 guidance at 3.770-3.790 EPS and its Q4 2026 guidance at 0.960-0.980 EPS. On average, equities research analysts expect that Palo Alto Networks, Inc. will post 2.03 EPS for the current year.
Palo Alto Networks Company Profile (Free Report)
Palo Alto Networks (NASDAQ: PANW) is a cybersecurity company founded in 2005 and headquartered in Santa Clara, California. The firm develops a broad suite of security products and services designed to prevent successful cyberattacks and protect enterprise networks, clouds, and endpoints. Built around a platform strategy, its offerings target threat prevention, detection, response and governance across hybrid and multi-cloud environments.
The company’s product portfolio includes next‑generation firewalls as a core on‑premises capability, alongside cloud‑delivered security services and software for securing public and private clouds.
See Also Five stocks we like better than Palo Alto Networks Could Truth API Become Trump Media’s First Meaningful Revenue Driver? Small Caps Are Crushing the S&P 500—3 Stocks Still Worth Buying Moog Is More Than a Missile Maker, and Wall Street Is Noticing A Boring Dividend Growth Strategy Becomes a Solid Defensive Play Want to see what other hedge funds are holding PANW? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Palo Alto Networks, Inc. (NASDAQ:PANW – Free Report).
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B&D White Capital Company LLC ve 1. čtvrtletí koupila 2 200 akcií Palo Alto Networks za zhruba 353 000 USD. Akcie PANW zároveň zahájily obchodování o 2,0 % níže.
B&D White Capital Company LLC bought a new stake in shares of Palo Alto Networks, Inc. (NASDAQ:PANW – Free Report) in the 1st quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm bought 2,200 shares of the network technology company’s stock, valued at approximately $353,000.
A number of other hedge funds and other institutional investors have also modified their holdings of PANW. Darwin Wealth Management LLC acquired a new position in shares of Palo Alto Networks in the 2nd quarter valued at approximately $25,000. Steph & Co. increased its stake in shares of Palo Alto Networks by 88.2% in the fourth quarter. Steph & Co. now owns 143 shares of the network technology company’s stock worth $26,000 after buying an additional 67 shares during the last quarter. Knuff & Co LLC bought a new stake in shares of Palo Alto Networks in the fourth quarter worth $26,000. Sittner & Nelson LLC raised its holdings in Palo Alto Networks by 73.8% in the fourth quarter. Sittner & Nelson LLC now owns 146 shares of the network technology company’s stock valued at $27,000 after acquiring an additional 62 shares in the last quarter. Finally, Luken Investment Analytics LLC raised its holdings in Palo Alto Networks by 196.2% in the fourth quarter. Luken Investment Analytics LLC now owns 154 shares of the network technology company’s stock valued at $28,000 after acquiring an additional 102 shares in the last quarter. 79.82% of the stock is owned by hedge funds and other institutional investors.
Key Stories Impacting Palo Alto Networks Here are the key news stories impacting Palo Alto Networks this week:
Positive Sentiment: Analysts and commentators continue to highlight Palo Alto Networks as a key beneficiary of rising AI-driven cybersecurity spending, with Morgan Stanley saying sentiment on software stocks may be too negative and Barron’s arguing PANW could be a major winner in the new AI era. Article: Morgan Stanley Analysts Say Sentiment Has Gotten ‘Too Negative’ on Software Stocks. These Are Their Picks Positive Sentiment: Market watchers are also pointing to broader enterprise demand for cybersecurity as AI agents proliferate, which could support future security product spending and reinforce PANW’s growth narrative. Article: Citi Wealth CIO Warns “Infinite AI Agents” Will Accelerate Cybersecurity’s Share of Enterprise Spending Positive Sentiment: Palo Alto Networks announced it will acquire Embrace to extend its observability platform with Real User Monitoring and Synthetics, a move aimed at improving digital experience monitoring and AI-driven operations. Investors may see this as an expansion into a higher-value adjacent market. Article: Palo Alto Networks to Extend Leading Observability Platform with Innovative Digital Experience Monitoring Neutral Sentiment: Another brief note flagged PANW as a cybersecurity stock to follow, but did not add any new catalyst beyond the broader sector interest. Article: Cybersecurity Stocks To Follow Now – July 20th Negative Sentiment: Despite the upbeat long-term themes, one article noted PANW had slipped intraday, suggesting some investors are still taking profits or reacting to overall software sector weakness. Article: Palo Alto slips 3%: Why this analyst still sees it as a top cyber pick Wall Street Analyst Weigh In Several research analysts have weighed in on PANW shares. Stephens raised their price objective on shares of Palo Alto Networks from $180.00 to $300.00 and gave the stock an “equal weight” rating in a report on Wednesday, June 3rd. BTIG Research increased their price target on shares of Palo Alto Networks from $333.00 to $380.00 and gave the stock a “buy” rating in a research report on Tuesday, June 30th. BNP Paribas Exane lifted their price target on Palo Alto Networks from $330.00 to $380.00 and gave the stock an “outperform” rating in a research note on Wednesday, July 1st. Jefferies Financial Group set a $335.00 price objective on Palo Alto Networks and gave the company a “buy” rating in a report on Wednesday, June 3rd. Finally, Oppenheimer upped their price objective on Palo Alto Networks from $275.00 to $350.00 and gave the company an “outperform” rating in a research note on Wednesday, June 3rd. One equities research analyst has rated the stock with a Strong Buy rating, forty have issued a Buy rating, seven have given a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat.com, Palo Alto Networks currently has an average rating of “Moderate Buy” and a consensus price target of $331.48.
Get Our Latest Research Report on PANW
Palo Alto Networks Trading Down 2.0% NASDAQ PANW opened at $335.28 on Thursday. The company has a debt-to-equity ratio of 0.04, a quick ratio of 0.86 and a current ratio of 0.86. Palo Alto Networks, Inc. has a one year low of $139.57 and a one year high of $368.80. The company has a 50-day simple moving average of $297.43 and a 200-day simple moving average of $215.80. The firm has a market capitalization of $273.25 billion, a PE ratio of 274.82, a price-to-earnings-growth ratio of 12.70 and a beta of 0.91.
Palo Alto Networks (NASDAQ:PANW – Get Free Report) last released its quarterly earnings data on Tuesday, June 2nd. The network technology company reported $0.85 earnings per share for the quarter, topping the consensus estimate of $0.79 by $0.06. Palo Alto Networks had a net margin of 7.95% and a return on equity of 10.53%. The firm had revenue of $3 billion for the quarter, compared to analyst estimates of $2.94 billion. During the same quarter in the prior year, the business earned $0.37 earnings per share. Palo Alto Networks’s quarterly revenue was up 31.1% on a year-over-year basis. Palo Alto Networks has set its FY 2026 guidance at 3.770-3.790 EPS and its Q4 2026 guidance at 0.960-0.980 EPS. On average, equities analysts forecast that Palo Alto Networks, Inc. will post 2.03 earnings per share for the current year.
Insider Activity In other Palo Alto Networks news, Director John P. Key sold 7,500 shares of the firm’s stock in a transaction on Friday, June 12th. The stock was sold at an average price of $279.24, for a total value of $2,094,300.00. Following the sale, the director directly owned 12,500 shares in the company, valued at approximately $3,490,500. This trade represents a 37.50% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, CAO Josh D. Paul sold 1,100 shares of the business’s stock in a transaction on Monday, June 1st. The shares were sold at an average price of $285.08, for a total transaction of $313,588.00. Following the transaction, the chief accounting officer directly owned 81,636 shares of the company’s stock, valued at approximately $23,272,790.88. This trade represents a 1.33% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold 101,239 shares of company stock worth $27,174,360 over the last 90 days. Insiders own 1.40% of the company’s stock.
Palo Alto Networks Company Profile (Free Report)
Palo Alto Networks (NASDAQ: PANW) is a cybersecurity company founded in 2005 and headquartered in Santa Clara, California. The firm develops a broad suite of security products and services designed to prevent successful cyberattacks and protect enterprise networks, clouds, and endpoints. Built around a platform strategy, its offerings target threat prevention, detection, response and governance across hybrid and multi-cloud environments.
The company’s product portfolio includes next‑generation firewalls as a core on‑premises capability, alongside cloud‑delivered security services and software for securing public and private clouds.
Read More Five stocks we like better than Palo Alto Networks Could Truth API Become Trump Media’s First Meaningful Revenue Driver? Small Caps Are Crushing the S&P 500—3 Stocks Still Worth Buying Moog Is More Than a Missile Maker, and Wall Street Is Noticing A Boring Dividend Growth Strategy Becomes a Solid Defensive Play Want to see what other hedge funds are holding PANW? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Palo Alto Networks, Inc. (NASDAQ:PANW – Free Report).
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Pentair snížil celoroční výhled: tržby mají letos klesnout o 4 % až 7 % a upravený EPS na 4,60 až 4,80 USD. Firma zároveň očekává za 2. čtvrtletí tržby asi 930 milionů USD, meziročně o 17 % méně.
SAN DIEGO, July 23, 2026 (GLOBE NEWSWIRE) -- Johnson Fistel, PLLP is investigating Pentair plc (NYSE: PNR) on behalf of investors who suffered losses and whether those losses may be recoverable under federal securities laws.
If you purchased Pentair securities and suffered losses on your investment, you are encouraged to contact Johnson Fistel to learn more about the investigation. Click here to join the investigation. For more information, contact Jim Baker at [email protected] or (619) 814-4471. There is no cost or obligation to you.
On April 28, 2026, Pentair projected that second-quarter sales would increase approximately 1% and that full-year sales would grow approximately 2% to 4%. During the accompanying earnings call, management acknowledged that Pool channel partners could reduce purchases during the second and third quarters but stated that the Company had evaluated a wider range of Pool revenue and income scenarios and incorporated those assumptions into its updated guidance. Management further stated that it had reflected the expected second- and third-quarter sell-in pressure in its guidance.
On July 14, 2026, after the market closed, Pentair disclosed that preliminary second-quarter sales were expected to be approximately $930 million, representing a year-over-year decline of approximately 17%, compared with its previous forecast of approximately 1% year-over-year growth. Pentair attributed the results primarily to the adverse impact of Pool channel inventory and estimated that Pool inventory destocking reduced second-quarter Pool sales by approximately $170 million and Pool segment income by approximately $105 million. The Company stated that the inventory realignment with major channel partners was “more pronounced” than previously estimated.
Pentair also substantially reduced its full-year outlook. The Company now expects annual sales to decline approximately 4% to 7%, compared with its previous forecast of 2% to 4% growth, and reduced its adjusted earnings-per-share guidance to approximately $4.60 to $4.80 from approximately $5.30 to $5.40. Pentair estimated that Pool channel destocking and inventory right-sizing would reduce full-year Pool sales by approximately $250 million and Pool segment income by approximately $155 million. The Company separately announced that Chief Financial Officer Nicholas Brazis had departed on July 10, 2026, and that former Pentair CFO Bob Fishman had been appointed interim CFO.
Following the disclosure, Pentair shares declined approximately 22% in premarket trading on July 15, 2026, after closing at $75.68 on July 14.
Attorney advertising. Past results do not guarantee future outcomes. Services may be performed by attorneys in any of our offices. This press release may be considered a promotional communication. The attorney responsible for this communication is Frank J. Johnson.
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Carrier koupila 75F a posiluje tak svou strategii inteligentních budov. Spojení cloudových, AI a bezdrátových systémů má zjednodušit nasazení a podpořit autonomnější provoz budov.
Cloud-native building automation strengthens Carrier's digital ecosystem to enable increasingly intelligent and autonomous buildings
, /PRNewswire/ -- Carrier Global Corporation (NYSE: CARR), global leader in intelligent climate and energy solutions, today announced it has acquired 75F, a leading innovator in cloud-native, wireless, AI-enabled building automation systems. The acquisition strengthens Carrier's intelligent building capabilities across applications — from complex applied systems and high-growth data centers to light commercial and retrofits.
"Buildings are becoming intelligent and autonomous systems that continuously learn, adapt and optimize performance," said David Gitlin, Chairman & CEO, Carrier. "Through Carrier ClimaVision™, we have already seen firsthand the power of 75F's cloud-native, AI-enabled platform. This acquisition accelerates our strategy to create increasingly autonomous and self-optimizing buildings by bringing together connected equipment, intelligent controls and digital solutions in a unified platform that simplifies deployment, connects building data and enables agentic AI."
The combination of Carrier's WebCTRL® building controls install base, Abound™ predictive analytics capability and the Nlyte® operational intelligence platform with 75F's unified data layer and AI capabilities will create a differentiated end-to-end offering spanning equipment, controls, analytics and outcomes for buildings globally. Together, these integrated capabilities enable building operators to transition from traditional building management to fully autonomous operations that proactively identify maintenance opportunities, optimize energy consumption, intelligently manage assets and improve occupant comfort.
"75F was founded to fundamentally rethink building automation using cloud-native software, AI and wireless technologies," said Deepinder Singh, founder and CEO, 75F. "Joining Carrier enables us to accelerate that vision on a global scale. Together, we can help make intelligent buildings simpler to deploy, easier to operate and more accessible to customers everywhere."
75F's platform combines wireless sensors, intuitive controls, cloud software and AI-enabled automation designed to reduce installation time and simplify commissioning while optimizing energy efficiency and indoor air quality. Carrier plans to integrate 75F's generative and agentic AI as well as auto-commissioning capabilities into its large commercial platforms, including its Carrier QuantumLeap™ thermal management suite, improving deployment and real-time thermal performance for the rapidly growing data center market.
Paul, Weiss, Rifkind, Wharton & Garrison LLP acted as external legal counsel to Carrier in connection with the transaction. Avisen Legal, PA acted as external legal counsel to 75F in connection with the transaction.
About Carrier
Carrier Global Corporation, global leader in intelligent climate and energy solutions, is committed to creating innovations that bring comfort, safety and sustainability to life. Through cutting-edge advancements in climate solutions such as temperature control, air quality and transportation, we improve lives, empower critical industries and ensure the safe transport of food, life-saving medicines and more. Since inventing modern air conditioning in 1902, we lead with purpose: enhancing the lives we live and the world we share. We continue to lead because of our world-class, inclusive workforce that puts the customer at the center of everything we do. For more information, visit carrier.com or follow Carrier on social media at @Carrier.
Carrier. For the World We Share.
Cautionary Statement
This communication contains statements which, to the extent they are not statements of historical or present fact, constitute "forward-looking statements" under the securities laws. These forward-looking statements are intended to provide management's current expectations or plans for Carrier's future operating and financial performance, based on assumptions currently believed to be valid. Forward-looking statements can be identified by the use of words such as "believe," "expect," "expectations," "plans," "strategy," "prospects," "estimate," "project," "target," "anticipate," "will," "should," "see," "guidance," "outlook," "confident," "scenario" and other words of similar meaning in connection with a discussion of future operating or financial performance. Forward-looking statements may include, among other things, statements relating to the acquisition of the 75F business, the integration of such business into Carrier's existing operations, strategies or transactions of Carrier, Carrier's plans with respect to its indebtedness and other statements that are not historical facts. All forward-looking statements involve risks, uncertainties and other factors that may cause actual results to differ materially from those expressed or implied in the forward-looking statements. For additional information on identifying factors that may cause actual results to vary materially from those stated in forward-looking statements, see Carrier's reports on Forms 10-K, 10-Q and 8-K filed with or furnished to the U.S. Securities and Exchange Commission from time to time. Any forward-looking statement speaks only as of the date on which it is made, and Carrier assumes no obligation to update or revise such statement, whether as a result of new information, future events or otherwise, except as required by applicable law.
Nucor i Steel Dynamics těží z vyšších cen oceli, ale oba stále brzdí slabá poptávka po rezidenční výstavbě. STLD navíc zvyšuje kapacitu i dividendu a má vyšší ROE než NUE.
Key Takeaways Nucor is expanding with new projects and acquisitions, while returning significant cash to shareholders. STLD is expanding steel and aluminum operations as stronger pricing and order activity support growth. Both steelmakers are benefiting from higher steel prices but still face weak residential construction demand. Nucor Corporation (NUE - Free Report) and Steel Dynamics, Inc. (STLD - Free Report) are two of the leading steel producers in the United States, often regarded as bellwethers for the domestic steel industry. Both have strong domestic footprints and play crucial roles in supplying steel for construction, automotive and industrial markets. With their similar business models and exposure to U.S. steel demand, they are natural candidates for a head-to-head comparison.
U.S. steel prices recovered in the fourth quarter of 2025, following the lows seen in the third quarter, and the momentum continued in the first half of 2026. Overall demand weakness and abundant steel mill output dragged benchmark hot-rolled coil (“HRC”) prices below $800 per short ton in late August and continuing through early September.
HRC prices have rebounded on major steel mills' price increases, extending lead times and tightening supply, partly due to plant outages and reduced imports driven by tariffs. The recovery has led to HRC prices surging to near $1,200 per short ton. With end-market demand improving, steel prices will likely continue to climb, benefiting U.S. steelmakers.
Let’s dive deep and closely compare the fundamentals of these two major U.S. steel producers to determine which one is a better investment option now amid the current steel pricing and demand environment.
The Case for NucorThe biggest steel producer in North America, Nucor, remains committed to boosting production capacity, which should drive profitable growth and strengthen its position as a low-cost producer. It is executing a series of growth projects to tap significant end-market demand. Nucor is seeing strong demand from non-residential construction & infrastructure, military & defense, and energy end markets and has a healthy order backlog. The company has already commissioned some of its growth projects with Gallatin and Brandenburg mills, showing strong production and shipment performance.
The construction of the 3 million tons per annum (tpa) sheet mill with a low-cost profile in West Virginia is in the final phases, and commissioning of operations is expected through 2026, with production expected in 2027. The new 500,000 tpa galvanizing line at the Berkeley County sheet mill in South Carolina is on track. Its greenfield project in Utah is also on course for production commencement by mid-2027.
The company has been focusing on growth through strategic acquisitions over the past several years. The recent acquisition of Southwest Data Products expanded its growing portfolio of solutions for data center customers. The buyout of Rytec Corporation will also allow Nucor to further expand beyond its core steelmaking businesses into related downstream businesses. Adding high-performance doors is expected to create cross-selling opportunities with other Nucor businesses and significantly expand its product portfolio for the commercial space.
Nucor is maximizing returns to its shareholders by leveraging its strong balance sheet and cash flows. It ended first-quarter 2026 with strong liquidity of roughly $3.2 billion, including cash and cash equivalents of around $2.2 billion. It also generated cash from operations of $886 million in first-quarter 2026.
The company returned around $1.2 billion to its shareholders in 2025 through dividends and share repurchases, representing nearly 70% of net earnings. Returns to its shareholders were $254 million in the first quarter. It remains committed to its policy of returning at least 40% of earnings to its shareholders. Nucor has returned roughly $630 million through share buybacks and dividends year to date through June 17, 2026.
NUE offers a dividend yield of 1% at the current stock price. Its payout ratio is 22% (a ratio below 60% is a good indicator that the dividend will be sustainable), with a five-year annualized dividend growth rate of 4.2%.
Nucor is exposed to demand weakness in certain markets such as heavy equipment, rail cars, truck and trailer and agriculture. Heavy equipment, transportation and logistics and other accounted for around 24% of its total external shipments for 2025. The company is seeing softness in heavy equipment, where it serves with plate steel products. High interest rates are adversely impacting demand for earth-moving machinery, tractors and rail cars.
Residential construction, a key end market for Nucor, remains another area of weakness. The construction sector has experienced a slowdown in the United States due to high interest rates, dampening steel demand in this market. Elevated borrowing costs and inflation have taken a bite out of the residential construction industry. The company has not seen any notable improvement in this market, and softness is expected to continue over the near term.
The Case for Steel DynamicsSteel Dynamics' customer-focused approach, along with market diversification and low-cost operating platforms, positions it for future growth opportunities. The company should also gain from its investments in beefing up capacity and upgrading facilities. Strong demand for steel across non-residential construction, agricultural and energy end markets also bodes well.
STLD is seeing strong customer order activity for flat-rolled steel. It is currently executing several projects that should add to its capacity and boost profitability. STLD is ramping up operations at its new state-of-the-art electric arc furnace flat-rolled steel mill in Sinton, TX. With a production capacity of roughly three million tons per year and the capability to make the latest generation of advanced high-strength steel products, it is expected to contribute significantly to revenues and profitability.
The company remains optimistic that domestic steel and aluminum consumption will stay strong through the remainder of 2026 and into 2027, supported by improving customer sentiment, stronger order activity, better pricing, domestic trade actions, manufacturing reshoring and infrastructure investments. Steel backlogs and lead times have extended, while customer inventory levels remain below historical norms.
Steel Dynamics also continues to advance the commissioning of its aluminum flat-rolled products mill. The third cold mill was undergoing commissioning, with commercial operations expected to begin in August 2026. Management expects aluminum volumes and profitability to improve sharply in the second half of 2026 as utilization and yields rise and startup costs subside. The aluminum flat roll mill produced 84,000 metric tons in the second quarter, representing roughly 50% capacity, and STLD expects to exit 2026 at a monthly production rate of at least 90% capacity.
The company is poised to benefit from strong cash flow generation, allowing it to invest in organic growth and maximize shareholder value. It generated solid cash flow from operations of $1.4 billion in 2025. It generated cash flow from operations of $427.9 million in the second quarter of 2026, up around 41.9% year over year. It ended the second quarter with strong liquidity of around $2 billion. It has ample liquidity to meet its debt obligations.
STLD, earlier this year, raised its quarterly dividend by 6% to 53 cents per share. It paid dividends of $149 million and repurchased shares worth $315 million in the first half of 2026. STLD offers a dividend yield of 0.9% at the current stock price. It has a payout ratio of 23%, with a five-year annualized dividend growth rate of about 14.6%.
Automotive is a significant market for Steel Dynamics. A slowdown in global automotive production curtailed steel consumption in this key end market in 2025. High interest rates, along with concerns over economic slowdown and tariffs, put pressure on the automotive market. Elevated interest rates and concerns over economic slowdown and tariffs are likely to put pressure on the automotive market in 2026. Automotive production this year in North America is expected to be similar to 2025. STLD also faces headwinds from the softness in residential construction. This may impact the company’s shipment volumes.
NUE & STLD: Price Performance, Valuation & Other ComparisonsThe NUE stock is up 66.8% over the past year, while STLD has gained 88.2% compared with the Zacks Steel Producers industry’s rise of 61.4%.
Image Source: Zacks Investment Research
NUE is currently trading at a forward 12-month earnings multiple of 12.97. This represents a roughly 13% premium when stacked up with the industry average of 11.48X.
Image Source: Zacks Investment Research
STLD is currently trading at a forward 12-month earnings multiple of 13.12, above NUE and the industry.
Image Source: Zacks Investment Research
STLD’s return on equity of 18.1% is higher than NUE’s 10.7%. This reflects Steel Dynamics’ efficient use of shareholder funds in generating profits.
Image Source: Zacks Investment Research
How the Zacks Consensus Estimate Compares for NUE & STLDThe Zacks Consensus Estimate for Nucor’s 2026 sales implies a year-over-year rise of 18%. The same for EPS suggests a 127.4% year-over-year increase. EPS estimates for 2026 have been trending higher over the past 60 days.
Image Source: Zacks Investment Research
The consensus estimate for Steel Dynamics’ 2026 sales and EPS implies a year-over-year rise of 19.5% and 108.9%, respectively. EPS estimates for 2026 have been trending northward over the past 60 days.
Image Source: Zacks Investment Research
NUE or STLD: Which Stock Holds the Edge?Both NUE and STLD currently have a Zacks Rank #3 (Hold), so picking one stock is not easy. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Nucor and Steel Dynamics are ramping up growth plans, with both eyeing profitability through expansion. Both have solid financial health and remain committed to driving shareholder returns. Both are exposed to demand weakness in certain markets. STLD's higher dividend growth rate and superior return on equity suggest that it may offer better investment prospects in the current market environment. Considering these, STLD looks like the smarter bet right now.
Nasdaq (NDAQ - Free Report) came out with quarterly earnings of $1.07 per share, beating the Zacks Consensus Estimate of $0.98 per share. This compares to earnings of $0.85 per share a year ago. These figures are adjusted for non-recurring items.
This quarterly report represents an earnings surprise of +9.18%. A quarter ago, it was expected that this exchange operator would post earnings of $0.93 per share when it actually produced earnings of $0.96, delivering a surprise of +3.23%.
Over the last four quarters, the company has surpassed consensus EPS estimates four times.
Nasdaq, which belongs to the Zacks Securities and Exchanges industry, posted revenues of $1.5 billion for the quarter ended June 2026, surpassing the Zacks Consensus Estimate by 3.87%. This compares to year-ago revenues of $1.31 billion. The company has topped consensus revenue estimates four times over the last four quarters.
The sustainability of the stock's immediate price movement based on the recently-released numbers and future earnings expectations will mostly depend on management's commentary on the earnings call.
Nasdaq shares have lost about 6.4% since the beginning of the year versus the S&P 500's gain of 9.6%.
What's Next for Nasdaq?While Nasdaq has underperformed the market so far this year, the question that comes to investors' minds is: what's next for the stock?
There are no easy answers to this key question, but one reliable measure that can help investors address this is the company's earnings outlook. Not only does this include current consensus earnings expectations for the coming quarter(s), but also how these expectations have changed lately.
Empirical research shows a strong correlation between near-term stock movements and trends in earnings estimate revisions. Investors can track such revisions by themselves or rely on a tried-and-tested rating tool like the Zacks Rank, which has an impressive track record of harnessing the power of earnings estimate revisions.
Ahead of this earnings release, the estimate revisions trend for Nasdaq was mixed. While the magnitude and direction of estimate revisions could change following the company's just-released earnings report, the current status translates into a Zacks Rank #3 (Hold) for the stock. So, the shares are expected to perform in line with the market in the near future. You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here.
It will be interesting to see how estimates for the coming quarters and the current fiscal year change in the days ahead. The current consensus EPS estimate is $1.00 on $1.44 billion in revenues for the coming quarter and $3.93 on $5.79 billion in revenues for the current fiscal year.
Investors should be mindful of the fact that the outlook for the industry can have a material impact on the performance of the stock as well. In terms of the Zacks Industry Rank, Securities and Exchanges is currently in the bottom 10% of the 250 plus Zacks industries. Our research shows that the top 50% of the Zacks-ranked industries outperform the bottom 50% by a factor of more than 2 to 1.
One other stock from the same industry, S&P Global (SPGI - Free Report) , is yet to report results for the quarter ended June 2026. The results are expected to be released on July 28.
This independent ratings and analytics provider is expected to post quarterly earnings of $4.49 per share in its upcoming report, which represents a year-over-year change of +1.4%. The consensus EPS estimate for the quarter has been revised 8.3% lower over the last 30 days to the current level.
S&P Global's revenues are expected to be $3.65 billion, down 2.9% from the year-ago quarter.
Rocket Lab od květnového vrcholu kolem 151 USD spadla o více než 50 % a Piper Sandler ji při zahájení pokrytí s ratingem Neutral a cílovou cenou 83 USD označila za stále drahou. Akcie po této zprávě v jedné seanci klesly o více než 11 %.
This is a fair market value price provided by Massive. Learn more.
52-Week Range$37.57▼
$151.00Price Target$110.18
Rocket Lab NASDAQ: RKLB has been one of the most punished names in the market over the past two months.
After peaking near $151 in May, the stock collapsed toward the mid-$60s, a drawdown of more than 50% from its 52-week high, wiping out the entire year's gains and then some.
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For a company that spent the first half of 2026 as a market darling and leader in the space sector, the reversal has been brutal.
And yet, one uncomfortable question keeps surfacing even after a decline this steep: is Rocket Lab still too expensive?
Piper Sandler Says the Valuation Is the ProblemThe most pointed version of that concern came from Piper Sandler. On July 15, Piper Sandler initiated coverage on Rocket Lab with a Neutral rating and an $83 price target, and the reasoning was explicit. Even after a near-50% sell off from its highs, the firm argued, the stock remains fairly expensive relative to the complex profile of vertically integrated space companies.
The call sent shares down more than 11% in a single session and gave voice to what a lot of investors may have been quietly thinking. Rocket Lab remains one of the most compelling long-term stories in the space sector, but a great business does not automatically make a great stock at any price.
The numbers may help explain some of the caution. Rocket Lab trades at roughly 66 times trailing sales, an extraordinary multiple for any company, let alone one that is not yet consistently profitable. The company generated $601.8 million in trailing revenue in fiscal year 2025, but posted a net loss of $198 million, with net margins of negative 27%.
For a stock to command a valuation like that, the market has to price in years of flawless execution and enormous future growth. And when sentiment shifts, as it has across the entire space sector since SpaceX's NASDAQ: SPCX IPO, it's those types of stocks that fall the hardest.
The Bull Case Has Not DisappearedThat said, the fundamental momentum behind Rocket Lab remains genuinely impressive, which is why this makes for an interesting debate rather than a dismissal. The business is firing on all cylinders operationally. First-quarter revenue climbed 63% from a year earlier to a record $200.35 million, and the contracted backlog reached a record $2.2 billion.
The recent news flow has been relentless, too. Just this week, Rocket Lab secured a $266 million U.S. Air Force contract and was named one of seven companies eligible for a Space Force launch program carrying a $17 billion ceiling. The pending $8 billion acquisition of Iridium would help transform the company into a vertically integrated space operator with a recurring services revenue stream. However, it also introduces dilution concerns that have weighed on the stock.
Then there is Neutron. The company's medium-lift rocket remains on track for its debut later this year. As CEO Peter Beck has emphasized, the Neutron timeline is the single most important variable for the long-term thesis. A successful debut would open an entirely new and far larger revenue opportunity than Electron has ever addressed.
A Balanced ViewSo where does that leave investors? Rocket Lab is executing brilliantly and building one of the most complete franchises in commercial space. At the same time, it remains priced for perfection, which is precisely the vulnerability Piper Sandler flagged.
Health Indicator for Rocket Lab TradeSmith's Health IndicatorA long-term volatility-based measure designed for securities held 12 months or longer.
Green: Strong and healthy uptrend with normal pullbacks.
Yellow: Significant pullback but still within expected volatility.
Red: Dropped beyond expected volatility; considered unhealthy.
Yellow Zone (2w+)
1-Year History
Jul 25 Oct 25 Jan 26 Apr 26 Jul 26
For the last 2 weeks, RKLB's financial health has been in the Yellow zone, according to TradeSmith.
The stock's TradeSmith Health Indicator has been in the Yellow Zone for two weeks, and insider selling, including sales from CEO Peter Beck, has added to the near-term caution.
Encouragingly, the broader analyst community remains more constructive than Piper Sandler. The consensus rating across 22 analysts is Moderate Buy, with an average price target of $110.18 that implies close to 60% upside. Even the Street-low target of $60 sits only modestly below where the stock trades today.
Attention now turns to Q2 earnings on August 6. That report, plus any fresh detail on the Neutron timeline and the Iridium deal, should help clarify whether this correction was an overdue reset or the opening of a more durable entry point. For long-term believers, a 55% discount might certainly be tempting. But Piper Sandler's warning still deserves to be heard: even now, this is not a cheap stock.
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Pons chystá V2 s integrací Uniswap V4, ETH bonding curve a výplatami pro tvůrce v ETH. Přidá také obchodní páry s tokenizovanými aktivy, včetně USDG, NVDA, AAPL a HOOD.
Pons has unveiled its V2 upgrade plan, introducing an ETH-based bonding curve, Uniswap V4 integration, creator payouts in ETH, and support for tokenized real-world asset trading pairs as Robinhood Chain’s competition among token launchpads continues to intensify.
Summary
Pons has announced its V2 upgrade with an ETH based bonding curve, Uniswap V4 integration, and creator payouts in ETH. The update will support custom trading pairs including tokenized assets such as USDG, NVDA, AAPL, and HOOD while removing trading restrictions for regular wallets. The release comes as Robinhood Chain’s launchpad market continues to evolve after Noxa’s exit and growing competition among rival platforms. According to an announcement published by the Pons team, the update is scheduled for next week and will redesign how tokens launch, trade, and transition into decentralized liquidity pools on Robinhood Chain. The team said the contracts are still undergoing audits with two partners, meaning every feature remains subject to change until deployment.
Pons said the latest version was shaped by user feedback gathered during the platform’s first weeks of operation. The team also said it had stabilized the protocol with infrastructure partners after dealing with several attacks following its launch and plans to continue building products for Robinhood Chain traders.
Bonding curve and new trading model One of the biggest changes in Pons V2 is the replacement of its previous launch model with an ETH-denominated bonding curve.
The team said trading restrictions will remain configurable only for developer wallets while all other wallets will be able to trade freely. According to Pons, the change is intended to eliminate failed transactions experienced by third-party trading applications under the earlier version.
Developers will also be able to launch tokens against custom trading pairs instead of ETH alone. The announcement listed assets including USDG, NVDA, AAPL, and HOOD as examples, allowing deployers to create markets tied to tokenized real-world assets or other supported tokens.
The expansion comes as Robinhood Chain continues building infrastructure around tokenized financial products. As crypto.news previously reported, Robinhood has already introduced transferable stock tokens backed one-for-one by underlying shares while positioning the Ethereum Layer 2 network as infrastructure for tokenized securities and decentralized finance.
Earlier this week, a FalconX research primer found that Robinhood Chain had accumulated approximately $431 million in total value locked, nearly $400 million in stablecoin market capitalization, and close to $9 billion in cumulative decentralized exchange volume within three weeks of launch. The report also found that more than 80% of decentralized exchange activity still comes from memecoin trading despite the network’s long-term focus on tokenized assets.
New fee structure and automatic graduation Pons also plans to redesign how creators and the protocol collect fees.
According to the announcement, V2 will use Uniswap V4 pools and Hooks so creators receive payouts in ETH by default instead of accumulating fees in the launched token. The protocol said fee conversion will occur within the liquidity pool, allowing creators to avoid receiving small balances of memecoins that might otherwise be sold on the open market.
Deployers seeking exposure to their own tokens will need to purchase them through the market like other participants rather than receiving them automatically through protocol mechanics.
Liquidity migration has also been redesigned. Instead of launching directly into Uniswap V3 pools, new tokens will remain on the bonding curve until reaching 4.2 ETH, the same graduation threshold used previously.
Once that level is reached, the protocol said an automated two-step process will transfer liquidity into a permanently locked full-range Uniswap V4 position. If a token is paired with an asset other than ETH, the accumulated ETH will first be swapped into the selected quote asset before the liquidity pool is created.
According to the team, permanently locking the resulting liquidity position is intended to prevent liquidity from being withdrawn after graduation.
Creator payouts and governance features Alongside ETH payouts, Pons said creators will have the option at deployment to receive protocol fees in another supported asset, including stablecoins or tokenized real-world assets such as USDG.
The team said the feature allows deployers to receive more predictable payouts or gain exposure to different assets instead of relying entirely on their token’s market performance.
Governance tools are also being updated. Pons said V2 will introduce a CTO feature protected by a three-day timelock after an oversight in the V1 contracts prevented protocol administrators from changing the fee recipient. According to the announcement, the delay is intended to give communities advance notice and time to react if a malicious attempt is made to take control of a project.
Another planned addition is an optional transaction tax applied to token purchases and sales. The protocol said integration partners could use the collected fees for yield generation or other holder incentives through reflection-style token models.
Competition grows after Noxa’s exit The update arrives as Robinhood Chain’s launchpad market continues to evolve following the departure of its earliest market leader.
As crypto.news previously reported, Noxa halted new token launches on July 11 after generating more than $12 million in protocol fees and supporting over 60,000 token launches, accounting for roughly 75% of all deployments on Robinhood Chain. The platform later became unavailable before announcing that future trading fees would be redirected entirely to token creators.
Noxa’s shutdown was followed by declines in several of the chain’s most actively traded memecoins, including CASHCAT, while rival launchpads such as flap.sh, trensh.today, bankr, and Pons began competing for displaced activity.
Although Robinhood Chain has continued attracting users and liquidity, FalconX said speculative memecoin trading remains the network’s largest source of decentralized exchange volume. The addition of custom RWA trading pairs alongside updated memecoin launch mechanics positions Pons to participate in both areas of the ecosystem as Robinhood Chain expands its on-chain financial products.
The Pons team said the V2 contracts are expected to be deployed next week after ongoing audits are completed, with token launches initially taking place through the platform’s ponsfamily.com domain.
Ameriprise Financial vykázala ve 2. čtvrtletí vyšší čistý zisk díky růstu tržních cen, které zvýšily hodnotu poplatkových aktiv. Čistý zisk stoupl na 1,11 miliardy USD, tedy 11,98 USD na akcii.
A screen displays the logo and trading information for Ameriprise Financial, Inc. on the floor of the New York Stock Exchange (NYSE) in New York City, U.S., March 29, 2023. REUTERS/Brendan... Purchase Licensing Rights, opens new tab Read more
July 23 (Reuters) - Asset and wealth manager Ameriprise Financial (AMP.N), opens new tab reported a rise in its second-quarter profit on Thursday, driven by a market rally that boosted the value of its fee-generating assets.
Here are more details from the earnings report:
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Ameriprise's assets under management, administration and advisement came in at $1.8 trillion during the three months ended June 30, up 14% from a year ago.
Assets under management and the fees earned by managers depend on two factors — money flowing in and out of the funds and the performance of investments.
Ameriprise's management and financial advice fees rose 18% to $3.06 billion during the second quarter, while its net investment income remained almost flat at $893 million.
Total client assets at its advice and wealth management business grew 15% to $1.2 trillion.
Ameriprise's second-quarter profit rose to $1.11 billion, or $11.98 per share, compared with $1.06 billion, or $10.73 per share, a year earlier.
Shares of the company have gained a little over 7% in 2026, underperforming the broader benchmark S&P 500 index (.SPX), opens new tab.
Reporting by Pritam Biswas in Bengaluru; Editing by Sahal Muhammed
Our Standards: The Thomson Reuters Trust Principles., opens new tab
BancaStato ve spolupráci se Sygnum nabízí klientům v e-banking aplikacích nákup, prodej a držení BTC, ETH, LTC a SOL. Jde o první banku na platformě Avaloq SaaS, která to nabízí přes API Sygnum.
BancaStato Opens Crypto Trading Through Sygnum PartnershipBancaStato, the cantonal bank serving Switzerland's Italian-speaking Ticino region, has joined Sygnum's business-to-business (B2B) banking platform to offer crypto asset services. The integration allows BancaStato customers to buy, sell, and hold four crypto assets, including $BTC, $ETH, $LTC, and $SOL, through the bank's existing web and mobile banking apps.
Market orders can be entered by asset quantity or cash value, allowing customers to manage crypto positions alongside their traditional portfolios. BancaStato clients gain exposure to these assets through a regulated channel rather than a standalone exchange, and their holdings rest in Sygnum's custody rather than on the bank's own balance sheet.
A Streamlined Technical SetupThe integration connects Sygnum's API directly to Avaloq's platform, allowing customers to access crypto trading from their existing banking app. The setup also removes the need for a separate order management system, which the companies said reduces operational complexity and makes it easier to add new features.
According to Fritz Jost, Sygnum's chief B2B officer, BancaStato is the first bank using Avaloq's software-as-a-service platform to let customers buy, hold, and sell crypto assets through its e-banking platforms using Sygnum's API.
BancaStato joins more than 25 financial institutions using Sygnum's B2B platform to offer regulated digital asset services. Sygnum said its partner banks give more than a third of the Swiss population a route to own digital assets. The move also fits a broader trend among Swiss lenders. Zürcher Kantonalbank, the country's fourth-largest bank, has rolled out Bitcoin trading and custody, while St. Galler Kantonalbank opened Bitcoin buying and custody to retail clients.
Sygnum holds a Swiss banking license and, since June 30, 2026, a Crypto-Asset Service Provider license under the EU's Markets in Crypto-Assets Regulation, granted by Liechtenstein's Financial Market Authority.
Sources:
Cointelegraph: BancaStato Launches Bitcoin Trading With Sygnum
CryptoAdventure: BancaStato Adds Bitcoin, Ether, Litecoin And Solana Trading Through Sygnum
USD/CAD klesl pod 1,4100 na zhruba 1,4080, protože rostoucí ceny ropy a slabší dolar podpořily kanadský dolar. Nová americká 50% cla na vybrané kanadské zboží ale dál drží pár pod tlakem.
Rising crude oil prices and a weakening greenback pushed USD/CAD back below 1.4100, threatening a return to its July downward channel Central bank divergence remains a risk, as a cautious Bank of Canada (BoC) and hawkish Federal Reserve could limit further loonie gains The Bank of Canada’s steady policy rate keeps interest rate differentials tilted in favor of greenback dip-buyers on deeper pullbacks The US dollar briefly halted the Canadian dollar’s recent climb earlier this week. But it started falling again yesterday and still looks weak today. Now trading below 1.4100, around 1.4080, investors wonder if USD/CAD will return to the steady decline it had between late June and mid-July.
What Broke the Downtrend The brief pause in the downtrend had a clear cause. On Monday, the US administration announced new 50% tariffs on various Canadian goods, including wine, dairy, and cement. This action was stated as a response to what the US described as discriminatory practices against American products in Canada.
Canadian Prime Minister Mark Carney called this the latest in a series of unilateral US trade actions. He said Canada had “merely matched” prior US measures. Headlines like that usually hit the loonie first and hardest, which explains why the dollar strengthened Monday and Tuesday.
What Is Driving the Loonie’s Rebound? A significant increase in global crude oil prices is the primary driver behind the Canadian dollar’s resurgence. As a major exporter of commodities, Canada benefits directly from rising crude prices. Oil prices have reached new multi-week highs, which has helped to offset recent domestic challenges and provide strong fundamental support for the Canadian dollar.
Potential Risks Beneath the Surface Despite the current trend, a return to a consistent downtrend is not guaranteed. The tariffs announced on Monday will take effect in 30 days. If trade tensions escalate further before then, sentiment towards Canadian assets could shift negatively, irrespective of oil prices or interest rate movements.
While the current trend favors a stronger Canadian dollar, underlying risks require careful assessment. Uncertainties surrounding the USMCA trade agreement renewal and potential tariff discussions remain significant factors that could strengthen the US dollar if tensions increase.
Market expectations indicate that the Bank of Canada (BoC) might maintain a supportive monetary policy stance, influenced by recent lower domestic consumer price index (CPI) figures. In contrast, persistent US inflation data suggests the Federal Reserve is likely to continue its restrictive monetary policy for a longer period.
Investors should consider USD/CAD with a balanced view. Those expecting further gains in the Canadian dollar might explore strategies that leverage CAD strength, such as hedging US dollar exposure or investing in Canadian assets sensitive to commodity prices.
Effective risk management remains crucial. Diversification and close attention to central bank statements, oil market developments, and trade news will be essential for navigating market fluctuations. Adopting a flexible approach that adapts to evolving data, rather than making large directional bets, is likely to better serve long-term investment goals.
Is USD/CAD returning to its prior downward channel?
The recent weakness in the US dollar suggests a potential return to the late June to mid-July downtrend if current momentum continues.
What risks could impact USD/CAD trajectory?
Trade tensions related to the USMCA, geopolitical shocks in the energy sector, and differing monetary policies between the Federal Reserve and the Bank of Canada present notable risks of upward movement for the pair.
How do central bank interest rate expectations affect the USD/CAD outlook?
A potentially cautious Bank of Canada alongside a hawkish Federal Reserve could limit severe downside losses for USD/CAD.
TransUnion uvedla, že ztráty z podvodů v autoúvěrech výrazně rostou, i když počet incidentů klesá. U first-party fraud vzrostly mezi 3. čtvrtletím 2018 a 3. čtvrtletím 2025 z 88 mil. USD na 323 mil. USD.
CHICAGO, July 23, 2026 (GLOBE NEWSWIRE) -- TransUnion (NYSE: TRU) today released new research revealing that despite a decline in incidents across many fraud types, fraud losses in auto lending have increased significantly in recent years. The findings point to a fraud environment impacting dealerships and auto lenders where fewer events drive greater financial losses. Today’s fraudsters have evolved to concentrate on higher-value opportunities throughout the lending lifecycle, especially as new and used vehicle prices reach heightened levels.
Auto lenders are facing substantially higher fraud-related losses across multiple fraud categories. Between Q3 2018 and Q3 2025, losses tied to first-party, third-party and synthetic fraud increased significantly. First-party fraud, which occurs when an individual deliberately provides false information or misrepresents themselves to obtain goods, services or credit, experienced the largest increase. It saw estimated losses rising from $88 million to $323 million—an increase of approximately 267% over the period.
Gaps in fraud detection, especially resolving identities, open the door to large charge-off losses by lenders and dealerships that most often are not found out until weeks or months later and are not recoverable.
“Fraudsters are becoming increasingly targeted and efficient,” said Satyan Merchant, senior vice president and automotive and mortgage business leader at TransUnion. “While fraud volume remains an important indicator of risk, we are seeing criminals drive significantly higher losses through fewer, more strategic attacks by targeting high-value opportunities and exploiting vulnerabilities across the lending lifecycle. For lenders, effectively managing fraud risk requires a comprehensive view of both frequency and financial impact—not only how often fraud occurs, but also the severity of each incident and its potential effect on the business.”
Auto Lending Fraud Losses Saw Significant Growth Across Multiple Fraud Segments
Fraud TypeQ3 2018Q3 2025First-party Fraud$88 million$323 millionThird-party Fraud$18 million$47 millionSynthetic Fraud$93 million$208 millionSource: TransUnion US consumer credit database
Third-party fraud, which involves the use of another person’s identity without their knowledge or consent, is a clear example of the divergent trends of incidences and losses. In auto lending, the incidence rate in Q3 2025 was less than half its Q3 2018 level, yet associated losses were 2.6 times higher. Similar trends were observed for other types of fraud. These gaps show how fraudsters are becoming more strategic and executing fewer schemes while targeting larger loan balances and generating greater losses.
Though less common, third-party fraud can produce substantial losses due to the high balances associated with fraudulent auto loans. Some of the largest losses occur among traditionally lower-risk, higher-credit tiers, where fraud incidence is lower, but loss severity is significantly higher.
A Growing Threat: Credit Washing and Hidden Credit Risk
Beyond traditional fraud activity, lenders are also confronting emerging forms of identity and credit manipulation that can mask underlying risk. Credit washing, in particular, is creating new challenges by artificially enhancing the creditworthiness of some borrowers.
Credit washing conceals critical risk signals and undermines the accuracy of credit-based decisioning. Consumers with suppressed negative tradelines can exhibit risk levels similar to much lower credit tiers despite appearing prime or above prime at origination. In some cases, they are several times more likely to experience early charge-off in the 12 months following origination than borrowers without suppressed credit events.
Charge-off Increases Among Credit Washers Across All Risk Tiers
Credit Risk Tier at OriginationSubsequent Percentage Charge-Off in 12 Months Post Auto
OriginationCredit WasherOther ConsumersSubprime14.8%
10.3%
Near prime6.7%
3.6%
Prime5.6%
1.2%
Prime plus4.8%
0.4%
Super prime3.6%
0.1%
Source: TransUnion US consumer credit database
Data observation period: 2024 originations sample set
“Credit washing is one of the more concerning emerging trends because it fundamentally distorts how lenders assess risk,” said Naureen Ali, U.S. head of fraud at TransUnion. “When negative credit information is removed or suppressed, consumers can appear more creditworthy than they really are, leading to a higher likelihood of early default.”
In 2025, roughly 5% of U.S. consumers have had charged-off accounts suppressed for atypical reasons, with an estimated $10 billion in debt erased from credit reports, creating disproportionate risk and decisioning blind spots. These findings reinforce the need for lenders to look beyond traditional credit attributes and incorporate deeper identity intelligence into their processes.
Ali continued, “The goal of fraud solutions like TransUnion's suite of fraud solutions is to help lenders and dealers uncover and identify hidden risks. Whether it is credit washing or identity-based fraud, by combining identity verification and linkage analytics, synthetic ID detection, and anomalies on the credit file, TransUnion can help lenders uncover those hidden risks earlier and allow lenders to make more informed lending decisions.”
To learn more about TransUnion’s fraud solutions and how they can help auto lenders uncover identity-related risks, detect fraud earlier and make more informed lending decisions throughout the account lifecycle, please click here.
About TransUnion (NYSE: TRU)
TransUnion is a global information and insights company with over 13,000 associates operating in more than 30 countries. We make trust possible by ensuring each person is reliably represented in the marketplace. We do this with a Tru™ picture of each person: an actionable view of consumers, stewarded with care. Through our acquisitions and technology investments, we have developed innovative solutions that extend beyond our strong foundation in core credit into areas such as marketing, fraud, risk and advanced analytics. As a result, consumers and businesses can transact with confidence and achieve great things. We call this Information for Good® — and it leads to economic opportunity, great experiences and personal empowerment for millions of people around the world.
Visteon oznámil za 2. čtvrtletí tržby 960 mil. USD, čistý zisk 49 mil. USD a upravený EBITDA 116 mil. USD. Zároveň spustil program zpětného odkupu akcií za 200 mil. USD.
Sales of $960 million with Growth-over-Market of 4%1 Net income attributable to Visteon of $49 million Adjusted EBITDA of $116 million, representing a 12.1% margin Operating cash flow of $37 million and adjusted free cash flow of $20 million Strong balance sheet with net cash of $351 million at quarter end New business wins of $2.0 billion support strategic objectives for long-term growth $200 million accelerated share repurchase program Second Quarter Results
Visteon reported net sales of $960 million, compared to $969 million in the prior year. Sales reflected 4% growth-over-market1, driven by launch ramps and regional execution, despite lower customer vehicle production and legacy program roll-offs.
Gross margin in the second quarter was $118 million. Net income attributable to Visteon was $49 million or $1.80 per diluted share. Adjusted EBITDA, a non-GAAP measure defined below, was $116 million, reflecting continued operational discipline in a dynamic supply chain environment. Margin performance in the quarter benefited from customer commercial recoveries and disciplined cost execution, partially offset by higher supplier costs and continued engineering investments.
For the first six months of 2026, cash from operations was $43 million, capital expenditures were $61 million, and adjusted free cash flow, a non-GAAP measure defined below, was an outflow of $3 million. The Company ended the second quarter with cash of $650 million and debt of $299 million. The Company's strong balance sheet, with a net cash position of $351 million, provides flexibility to continue investing in the business while supporting capital allocation priorities.
Visteon secured approximately $2.0 billion in new business during the second quarter, reflecting continued momentum across the Company's strategic growth areas. Highlights included an additional next-generation SmartCore™ high-performance compute ("HPC") award with another premium vehicle brand of a large Chinese OEM, further strengthening the Company's position in next-generation cockpit computing. The quarter also included strategic awards with North American OEMs, additional wins in India, as well as commercial vehicle and two-wheeler awards. These awards reflect ongoing diversification of the Company across customers and markets.
Visteon launched 24 new products during the second quarter across 11 customers, demonstrating continued execution across its strategic growth areas. Highlights included an integrated center and passenger display system for a German premium OEM, ongoing expansion of Renault displays, a digital cluster on the Hyundai Exter, and a vehicle control unit for Royal Enfield's first electric motorcycle, the "Flying Flea." These launches demonstrate ongoing adoption of Visteon's advanced cockpit portfolio and support the industry's transition toward software-defined vehicles.
"Our second quarter results support the strategic priorities we outlined at Investor Day," said President and CEO Sachin Lawande. "Our SmartCore™ HPC momentum, progress across our strategic growth areas and successful product launches reinforce the long-term growth objectives we shared with investors."
Accelerated Share Repurchase Program
The Company today announced that it has entered into a $200 million accelerated share repurchase ("ASR") agreement under its previously announced $800 million share repurchase authorization. The ASR is expected to be completed early in the fourth quarter of 2026.
The ASR reflects the Company's capital allocation priorities, supporting shareholder returns while maintaining the flexibility to invest in future growth.
About Visteon
Visteon (NASDAQ: VC) is advancing mobility through innovative technology solutions that enable a software-defined future. The Company's state-of-the-art product portfolio merges digital cockpit innovations, advanced displays, AI-enhanced software solutions, and integrated EV architecture solutions. With expertise spanning passenger vehicles, commercial transportation, and two-wheelers, Visteon partners with global OEMs to create safer, cleaner, and more connected journeys. Headquartered in Van Buren Township, Michigan, Visteon operates in 17 countries, employing a global network of innovation centers and manufacturing facilities. For more information, visit visteon.com.
Conference Call and Presentation
Today, Thursday, July 23, at 9 a.m. ET, the Company will host a conference call for the investment community to discuss the quarter's results and other related items. The conference call is available to the general public via a live audio webcast.
The dial-in numbers to participate in the call are:
(Call approximately 10 minutes before the start of the conference.)
The conference call and live audio webcast, related presentation materials and other supplemental information will be accessible in the Investors section of Visteon's website.
__
Use of Non-GAAP Financial Information
Because not all companies use identical calculations, adjusted EBITDA, adjusted net income, adjusted EPS, free cash flow and adjusted free cash flow used throughout this press release may not be comparable to other similarly titled measures of other companies.
Forward-looking Information
This press release contains "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. The words "will," "may," "designed to," "outlook," "believes," "should," "anticipates," "plans," "expects," "intends," "estimates," "forecasts" and similar expressions identify certain of these forward-looking statements. Forward-looking statements are not guarantees of future results and conditions but rather are subject to various factors, risks and uncertainties that could cause our actual results to differ materially from those expressed in these forward-looking statements, including, but not limited to:
uncertainties in U.S. or foreign policy regarding trade agreements, tariffs or other international trade policies and any response to such actions by foreign countries; continued and future impacts of the geopolitical conflicts and related supply chain disruptions, including but not limited to the conflicts in the Middle East, Russia and East Asia and the possible imposition of sanctions; significant and prolonged shortages of, or unrecoverable price increases in, critical components, including but not limited to semiconductors such as DRAM, particularly where such components are sourced from sole or primary suppliers; failure of the Company's joint venture partners to comply with contractual obligations or to exert influence or pressure in China; conditions within the automotive industry, including (i) the automotive vehicle production volumes and schedules of our customers, (ii) the financial condition of our customers and the effects of any restructuring or reorganization plans that may be undertaken by our customers, including work stoppages at our customers, and (iii) possible disruptions in the supply of commodities to us or our customers due to financial distress, work stoppages, natural disasters or civil unrest; our ability to satisfy future capital and liquidity requirements; including our ability to access the credit and capital markets at the times and in the amounts needed and on terms acceptable to us; our ability to comply with financial and other covenants in our credit agreements; and the continuation of acceptable supplier payment terms; our ability to access funds generated by foreign subsidiaries and joint ventures on a timely and cost-effective basis; our ability to grow our business with Chinese domestic OEMs and to compete with Chinese domestic suppliers as they expand their market-share outside of China; general economic conditions, currency exchange rates, interest rates, changes in foreign laws, regulations or trade policies, including export controls of certain parts or materials or political stability in foreign countries where Visteon procures materials, components, or supplies or where its products are manufactured, distributed, or sold; disruptions in information technology systems including, but not limited to, system failure, cyber-attack, malicious computer software (malware including ransomware), unauthorized physical or electronic access, or other natural or man-made incidents or disasters; increases in raw material and energy costs and our ability to offset or recover these costs; increases in our warranty, product liability and recall costs or the outcome of legal or regulatory proceedings to which we are or may become a party; changes in laws, regulations, policies or other activities of governments, agencies and similar organizations, domestic and foreign, that may tax or otherwise increase the cost of, prohibit, or otherwise affect, the manufacture, licensing, distribution, sale, ownership or use of Visteon's or its suppliers' products or assets; and those factors identified in our filings with the SEC (including our Annual Report on Form 10-K for the fiscal year ended December 31, 2025, as updated by our subsequent filings with the Securities and Exchange Commission). Caution should be taken not to place undue reliance on our forward-looking statements, which represent our view only as of the date of this release, and which we assume no obligation to update. The financial results presented herein are preliminary and unaudited; final financial results will be included in the Company's Quarterly Report on Form 10-Q for the fiscal quarter ended June 30, 2026. New business wins and re-wins do not represent firm orders or firm commitments from customers, but are based on various assumptions, including the timing and duration of product launches, vehicle production levels, customer price reductions and currency exchange rates.
Visteon Contacts:
Media:
[email protected]
Investors:
[email protected]
VISTEON CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)
(In millions except per share amounts)
(Unaudited)
Three Months Ended
Six Months Ended
June 30,
June 30,
2026
2025
2026
2025
Net sales
$ 960
$ 969
$ 1,914
$ 1,903
Cost of sales
(842)
(828)
(1,683)
(1,624)
Gross margin
118
141
231
279
Selling, general and administrative expenses
(46)
(48)
(100)
(95)
Restructuring, net
1
(1)
(17)
(1)
Interest income, net
3
2
5
3
Equity in net income (loss) of non-consolidated affiliates
2
2
4
4
Other income (expense), net
(2)
1
2
2
Income (loss) before income taxes
76
97
125
192
Provision for income taxes
(26)
(22)
(42)
(48)
Net income (loss)
50
75
83
144
Less: Net (income) loss attributable to non-controlling interests
(1)
(4)
(3)
(6)
Net income (loss) attributable to Visteon Corporation
$ 49
$ 71
$ 80
$ 138
Comprehensive income (loss)
$ 57
$ 112
$ 79
$ 201
Less: Comprehensive (income) loss attributable to non-controlling
interests
1
(9)
(2)
(12)
Comprehensive income (loss) attributable to Visteon Corporation
$ 58
$ 103
$ 77
$ 189
Basic earnings (loss) per share attributable to Visteon Corporation
$ 1.84
$ 2.60
$ 2.99
$ 5.07
Diluted earnings (loss) per share attributable to Visteon Corporation
$ 1.80
$ 2.57
$ 2.93
$ 5.02
Average shares outstanding (in millions)
Basic
26.7
27.3
26.8
27.2
Diluted
27.2
27.6
27.3
27.5
VISTEON CORPORATION AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
(In millions)
(Unaudited)
June 30,
December 31,
2026
2025
ASSETS
Cash and equivalents
$ 648
$ 771
Restricted cash
2
2
Accounts receivable, net
666
613
Inventories, net
328
269
Other current assets
158
130
Total current assets
1,802
1,785
Property and equipment, net
524
524
Intangible assets, net
233
222
Right-of-use assets
131
126
Investments in non-consolidated affiliates
25
29
Deferred tax assets
512
511
Other non-current assets
229
189
Total assets
$ 3,456
$ 3,386
LIABILITIES AND EQUITY
Short-term debt
$ 15
$ 18
Accounts payable
620
540
Accrued employee liabilities
85
122
Current lease liability
24
21
Other current liabilities
271
291
Total current liabilities
1,015
992
Long-term debt, net
284
283
Employee benefits
80
88
Non-current lease liability
111
109
Deferred tax liabilities
47
51
Other non-current liabilities
230
212
Stockholders' equity:
Common stock
1
1
Additional paid-in capital
1,398
1,398
Retained earnings
2,897
2,838
Accumulated other comprehensive loss
(243)
(240)
Treasury stock
(2,442)
(2,429)
Total Visteon Corporation stockholders' equity
1,611
1,568
Non-controlling interests
78
83
Total equity
1,689
1,651
Total liabilities and equity
$ 3,456
$ 3,386
VISTEON CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
(In millions)
(Unaudited)
Three Months Ended
Six Months Ended
June 30,
June 30,
2026
2025
2026
2025
OPERATING
Net income (loss)
$ 50
$ 75
$ 83
$ 144
Adjustments to reconcile net income (loss) to net cash provided from
(used by) operating activities:
Depreciation and amortization
29
27
58
52
Non-cash stock-based compensation
12
12
24
23
Equity in net loss (income) of non-consolidated affiliates, net of
dividends remitted
(2)
(2)
(4)
(4)
Tax valuation allowance expense (benefit)
—
(6)
—
(8)
Other non-cash items
1
(3)
1
(4)
Changes in assets and liabilities:
Accounts receivable
13
21
(58)
(3)
Inventories
(12)
24
(63)
4
Accounts payable
(3)
(11)
86
40
Other assets and other liabilities
(51)
(42)
(84)
(79)
Net cash provided from operating activities
37
95
43
165
INVESTING
Capital expenditures, including intangibles
(25)
(31)
(61)
(66)
Acquisition of business, net of cash acquired
(20)
(50)
(20)
(50)
Net investment hedge transactions
—
1
(12)
2
Other
—
(2)
—
(1)
Net cash used by investing activities
(45)
(82)
(93)
(115)
FINANCING
Borrowing on debt
2
—
2
—
Principal repayment of term debt facility
—
(5)
(4)
(9)
Dividend to shareholders
(10)
—
(20)
—
Dividends to non-controlling interests
(9)
(14)
(9)
(18)
Repurchase of common stock
(6)
—
(36)
(7)
Stock-based compensation tax withholding payments
(2)
(1)
(9)
(7)
Proceeds from the exercise of stock options
4
—
8
3
Contingent consideration payments
(7)
—
(7)
—
Other
(2)
—
(2)
—
Net cash used by financing activities
(30)
(20)
(77)
(38)
Effect of exchange rate changes on cash
6
20
4
33
Net increase (decrease) in cash, equivalents, and restricted cash
(32)
13
(123)
45
Cash, equivalents, and restricted cash at beginning of the period
682
658
773
626
Cash, equivalents, and restricted cash at end of the period
$ 650
$ 671
$ 650
$ 671
VISTEON CORPORATION AND SUBSIDIARIES
RECONCILIATION OF NON-GAAP FINANCIAL MEASURES
(In millions except per share amounts)
(Unaudited)
Adjusted EBITDA: Adjusted EBITDA is presented as a supplemental measure of the Company's performance that management believes is useful to investors because the excluded items may vary significantly in timing or amounts and/or may obscure trends useful in evaluating and comparing the Company's operating activities across reporting periods. The Company defines adjusted EBITDA as net income attributable to the Company adjusted to eliminate the impact of depreciation and amortization, net restructuring, provision for (benefit from) income taxes, non-cash, stock-based compensation expense, net interest (income) expense, net income (loss) attributable to non-controlling interests, equity in net (income) loss of non-consolidated affiliates, and other gains and losses not reflective of the Company's ongoing operations. Because not all companies use identical calculations, this presentation of adjusted EBITDA may not be comparable to similarly titled measures of other companies.
Three Months Ended
Six Months Ended
Estimated
June 30,
June 30,
Full Year
Visteon:
2026
2025
2026
2025
2026
Net income (loss) attributable to Visteon Corporation*
$ 49
$ 71
$ 80
$ 138
$ 190
Depreciation and amortization
29
27
58
52
120
Restructuring, net
(1)
1
17
1
25
Provision for (benefit from) income taxes*
26
22
42
48
90
Non-cash, stock-based compensation expense
12
12
24
23
50
Interest (income) expense, net
(3)
(2)
(5)
(3)
(5)
Net income (loss) attributable to non-controlling interests
1
4
3
6
10
Equity in net loss (income) of non-consolidated affiliates
(2)
(2)
(4)
(4)
(10)
Other, net
5
1
5
2
5
Adjusted EBITDA
$ 116
$ 134
$ 220
$ 263
$ 4752
*Amounts shown reflect the change in accounting principle related to the method for assessing the realizability of U.S. deferred tax assets
described in the Company's 2025 Form 10-K.
Adjusted EBITDA is not a recognized term under U.S. GAAP and does not purport to be a substitute for net income as an indicator of operating performance or cash flows from operating activities as a measure of liquidity. Adjusted EBITDA has limitations as an analytical tool and is not intended to be a measure of cash flow available for management's discretionary use, as it does not consider certain cash requirements such as interest payments, tax payments and debt service requirements. In addition, the Company uses adjusted EBITDA (i) as a factor in incentive compensation decisions, (ii) to evaluate the effectiveness of the Company's business strategies, and (iii) because the Company's credit agreements use similar measures for compliance with certain covenants.
VISTEON CORPORATION AND SUBSIDIARIES
RECONCILIATION OF NON-GAAP FINANCIAL MEASURES
(In millions except per share amounts)
(Unaudited)
Free Cash Flow and Adjusted Free Cash Flow: Free cash flow and adjusted free cash flow are presented as supplemental measures of the Company's liquidity that management believes are useful to investors in analyzing the Company's ability to service and repay its debt. The Company defines free cash flow as cash flow provided from operating activities less capital expenditures, including intangibles. The Company defines adjusted free cash flow as cash flow provided from operating activities less capital expenditures, including intangibles as further adjusted for restructuring related payments. Because not all companies use identical calculations, this presentation of free cash flow and adjusted free cash flow may not be comparable to other similarly titled measures of other companies.
Three Months Ended
Six Months Ended
Estimated
June 30,
June 30,
Full Year
Visteon:
2026
2025
2026
2025
2026
Cash provided from operating activities
$ 37
$ 95
$ 43
$ 165
$ 300
Capital expenditures, including intangibles
(25)
(31)
(61)
(66)
(150)
Free cash flow
$ 12
$ 64
$ (18)
$ 99
$ 150
Restructuring related payments
8
3
15
6
20
Adjusted free cash flow
$ 20
$ 67
$ (3)
$ 105
$ 170
Free cash flow and adjusted free cash flow are not recognized terms under U.S. GAAP and do not purport to be a substitute for cash flows from operating activities as a measure of liquidity. Free cash flow and adjusted free cash flow have limitations as analytical tools as they do not reflect cash used to service debt and do not reflect funds available for investment or other discretionary uses. In addition, the Company uses free cash flow and adjusted free cash flow (i) as factors in incentive compensation decisions and (ii) for planning and forecasting future periods.
VISTEON CORPORATION AND SUBSIDIARIES
RECONCILIATION OF NON-GAAP FINANCIAL MEASURES
(In millions except per share amounts)
(Unaudited)
Adjusted Net Income and Adjusted Earnings Per Share: Adjusted net income and adjusted earnings per share are presented as supplemental measures that management believes are useful to investors in analyzing the Company's profitability, providing comparability between periods by excluding certain items that may not be indicative of recurring business operating results. The Company believes management and investors benefit from referring to these supplemental measures in assessing company performance and when planning, forecasting and analyzing future periods. The Company defines adjusted net income as net income attributable to Visteon adjusted to eliminate the impact of net restructuring, other gains and losses not reflective of the Company's ongoing operations and related tax effects. The Company defines adjusted earnings per share as adjusted net income divided by diluted shares. Because not all companies use identical calculations, this presentation of adjusted net income and adjusted earnings per share may not be comparable to other similarly titled measures of other companies.
Three Months Ended
Six Months Ended
June 30,
June 30,
2026
2025
2026
2025
Net income (loss) attributable to Visteon*
$ 49
$ 71
$ 80
$ 138
Diluted earnings (loss) per share:
Net income (loss) attributable to Visteon*
$ 49
$ 71
$ 80
$ 138
Average shares outstanding, diluted
27.2
27.6
27.3
27.5
Diluted earnings (loss) per share
$ 1.80
$ 2.57
$ 2.93
$ 5.02
Adjusted net income (loss) and adjusted earnings (loss) per share:
Net income (loss) attributable to Visteon*
$ 49
$ 71
$ 80
$ 138
Restructuring, net
(1)
1
17
1
Other
5
1
5
2
Tax impacts of adjustments
(1)
(1)
(5)
(1)
Adjusted net income (loss)
$ 52
$ 72
$ 97
$ 140
Average shares outstanding, diluted
27.2
27.6
27.3
27.5
Adjusted earnings (loss) per share
$ 1.91
$ 2.61
$ 3.55
$ 5.09
*Amounts shown reflect the change in accounting principle related to the method for assessing the realizability of U.S. deferred tax assets
described in the Company's 2025 Form 10-K.
Adjusted net income and adjusted earnings per share are not recognized terms under U.S. GAAP and do not purport to be a substitute for profitability. Adjusted net income and adjusted earnings per share have limitations as analytical tools as they do not consider certain restructuring and transaction-related payments and/or expenses. In addition, the Company uses adjusted net income and adjusted earnings per share for internal planning and forecasting purposes.
_______________
1
Visteon y/y sales growth (ex. FX and net pricing) compared to production for Visteon customers weighted on Visteon sales contribution.
2
Based on mid-point of the range of the Company's financial guidance
Norfolk Southern vykázala rekordní čtvrtletní tržby 3,5 miliardy USD, meziročně o 11 % více. Zisk z provozu ale klesl na 1,1 miliardy USD a zředěný EPS byl 3,26 USD.
, /PRNewswire/ -- Norfolk Southern Corporation (NYSE: NSC) announced Thursday its second quarter 2026 financial results. For the quarter, revenue was $3.5 billion, income from railway operations was $1.1 billion, operating ratio was 67.6%, and diluted earnings per share were $3.26.
Adjusting the results to exclude merger-related expenses, restructuring and other charges, and the effects of the Eastern Ohio incident, second quarter income from railway operations was $1.2 billion, the operating ratio was 65.5%, and diluted earnings per share were $3.52.
"Norfolk Southern delivered a strong second quarter, exceeding our expectations as demand improved across key markets," said Mark George, President and Chief Executive Officer. "Our team adapted to a dynamic operating environment with focus and an unwavering commitment to safety. The progress we achieved reflects the dedication of our railroaders and the strength of our franchise."
George added, "As we look to the second half of the year, our priorities remain clear: operating a safe, reliable railroad, providing high-quality, consistent service for our customers, and executing with discipline to capitalize on emerging opportunities. With encouraging demand trends, we are well positioned to create value for our customers, shareholders, and the communities we serve."
Second Quarter Summary
Railway operating revenues of $3.5 billion were an all-time quarterly record, up $355 million, or 11% compared to the second quarter 2025, on a volume increase of 4% year-over-year, and higher fuel surcharges representing six points of the revenue growth. Income from railway operations was $1.1 billion, a decrease of $51 million, or 4%, compared to second quarter 2025. Adjusting for the effects of merger-related expenses in 2026 and restructuring and other charges and the Eastern Ohio incident in both years, income from railway operations was $1.2 billion, an increase of $58 million, or 5%, compared to adjusted second quarter 2025. Operating ratio in the quarter was 67.6% compared to 62.2% in second quarter 2025. Adjusting for the effects of merger-related expenses in 2026 and restructuring and other charges and the Eastern Ohio incident in both years, the operating ratio for second quarter 2026 was 65.5%, 210 basis points higher than adjusted second quarter 2025. Higher fuel expense and the corresponding growth in fuel surcharge revenues translated to 110 basis points of headwind to the operating ratio on a year-over-year basis. Diluted earnings per share were $3.26, down $0.15, or 4%, compared to second quarter 2025. Adjusting for the effects of merger-related expenses in 2026 and restructuring and other charges and the Eastern Ohio incident in both years, diluted earnings per share were $3.52, up $0.23, or 7%, compared to adjusted second quarter 2025. About Norfolk Southern
Since 1827, Norfolk Southern Corporation (NYSE: NSC) and its predecessor companies have safely moved the goods and materials that drive the U.S. economy. Today, it operates a 22-state freight transportation network. Committed to furthering sustainability, Norfolk Southern helps its customers avoid approximately 15 million tons of yearly carbon emissions by shipping via rail. Its dedicated team members deliver approximately 7 million carloads annually, from agriculture to consumer goods. Norfolk Southern also has the most extensive intermodal network in the eastern U.S. It serves a majority of the country's population and manufacturing base, with connections to every major container port on the Atlantic coast as well as major ports across the Gulf Coast and Great Lakes. Learn more by visiting www.NorfolkSouthern.com.
Cautionary Statement on Forward-Looking Statements
Certain statements in this press release are "forward-looking statements" within the meaning of the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995, as amended. These statements relate to future events or our future financial performance and involve known and unknown risks, uncertainties, and other factors that may cause our actual results, levels of activity, performance, or our achievements or those of our industry to be materially different from those expressed or implied by any forward-looking statements. In some cases, forward-looking statements may be identified by the use of words like "may," "will," "could," "would," "should," "expect," "anticipate," "believe," "project," or other comparable terminology. While the Company has based these forward-looking statements on those expectations, assumptions, estimates, beliefs, and projections it views as reasonable, such forward-looking statements are only predictions and involve known and unknown risks and uncertainties, many of which involve factors or circumstances that are beyond the Company's control, including but not limited to: (i) changes in domestic or international economic, political or business conditions, including those impacting the transportation industry; (ii) the Company's ability to successfully implement its operational, productivity, and strategic initiatives; (iii) a significant adverse event on our network, including but not limited to a mainline accident, discharge of hazardous material, or climate-related or other network outage; (iv) the outcome of claims, litigation, governmental proceedings, and investigations involving the Company, including those with respect to the Eastern Ohio incident; (v) new or additional governmental regulation and/or operational changes resulting from or related to the Eastern Ohio incident; (vi) a significant cybersecurity incident or other disruption to our technology infrastructure; and (vii) those pertaining to the Merger. These and other important factors, including those discussed under "Risk Factors" in our Annual Report on Form 10-K for the year ended December 31, 2025, filed with the SEC on February 9, 2026, may cause actual results, performance, or achievements to differ materially from those expressed or implied by these forward-looking statements. The forward-looking statements herein are made only as of the date they were first issued, and unless otherwise required by applicable securities laws, the Company disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise.
Non-GAAP Financial Measures
Information included within this press release contains non-GAAP financial measures, including adjusted income from railway operations, adjusted operating ratio, and adjusted diluted earnings per share. Non-GAAP financial measures should be considered in addition to, not as a substitute for, the financial measures reported in accordance with U.S. generally accepted accounting principles (GAAP).
Our non-GAAP financial results for the second quarters of 2026 and 2025 exclude restructuring and other charges and the effects from the Eastern Ohio Incident (the Incident). Our non-GAAP financial results for the second quarter of 2026 also exclude merger-related expenses. The following tables adjust our GAAP financial results for the second quarters of 2026 and 2025 to exclude the effects of those items. The income tax effects of the non-GAAP adjustments were calculated based on the applicable tax rates to which the non-GAAP adjustments related. We use these non-GAAP financial measures internally and believe this information provides useful supplemental information to investors to facilitate making period-to-period comparisons by excluding these costs. While we believe that these non-GAAP financial measures are useful in evaluating our business, this information should be considered as supplemental in nature and is not meant to be considered in isolation from, or as a substitute for, the related financial information prepared in accordance with GAAP. In addition, these non-GAAP financial measures may not be the same as similar measures presented by other companies. Information about the adjustments that are not currently available to us could have a potentially unpredictable and significant impact on future GAAP results. Further information about the Company's non-GAAP measures are available on our website at www.norfolksouthern.com on the Investors page under Events and Presentations.
($ in millions, except per share amounts)
Second
Quarter 2026
Income from railway operations
$
1,124
Merger-related expenses, restructuring
and other charges, and effect of the
Incident
72
Adjusted income from railway operations
$
1,196
Operating ratio
67.6 %
Merger-related expenses, restructuring
and other charges, and effect of the
Incident
(2.1 %)
Adjusted operating ratio
65.5 %
Diluted earnings per share
$
3.26
Merger-related expenses, restructuring
and other charges, and effect of the
Incident
0.26
Adjusted diluted earnings per share
$
3.52
($ in millions, except per share amounts)
Second
Quarter 2025
Income from railway operations
$
1,175
Restructuring and other charges and
effect of the Incident
(37)
Adjusted income from railway operations
$
1,138
Operating ratio
62.2 %
Restructuring and other charges and
effect of the Incident
1.2 %
Adjusted operating ratio
63.4 %
Diluted earnings per share
$
3.41
Restructuring and other charges and
effect of the Incident
Norfolk Southern překonala odhady zisku za 2. čtvrtletí díky silnější poptávce po nákladní dopravě a vyšším palivovým příplatkům. Upravený zisk činil 3,52 USD na akcii.
Norfolk Southern logo is seen in this illustration taken August 5, 2025. REUTERS/Dado Ruvic/Illustration Purchase Licensing Rights, opens new tab
July 23 (Reuters) - Norfolk Southern (NSC.N), opens new tab beat Wall Street expectations for second-quarter adjusted profit on Thursday, as stronger freight demand and increased fuel surcharges billed to customers helped counter fuel-cost pressures.
Fuel costs have remained a headwind for transportation companies, though railroads have partly offset the pressure by passing costs to shippers via fuel surcharges, operational efficiencies and steady intermodal demand.
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Here are more details:
U.S. gasoline prices topped $4 a gallon in March for the first time in more than three years and have remained near that level, keeping pressure on fuel-intensive industries.
Atlanta, Georgia-based Norfolk reported an adjusted profit of $3.52 per share, compared with $3.29 per share a year earlier. Analysts expected an adjusted profit of $3.31 per share, according to data compiled by LSEG.
The company's railway operating income for the second quarter rose 11% to $3.5 billion from a year earlier.
On an adjusted basis, the company's operating ratio - a key measure of efficiency - was 65.5% for the quarter, deteriorating by 210 basis points from a year earlier.
Union Pacific outperforms peers since FebruaryReporting by Apratim Sarkar in Bengaluru; Editing by Vijay Kishore
Our Standards: The Thomson Reuters Trust Principles., opens new tab
Lombard Finance zavádí Bitcoin Onchain Credit Strategy s Flow Traders jako pilotním partnerem. Flow si bude půjčovat stablecoiny na market-making bez vlastního onchain kolaterálu, kryté bitcoinem v rámci Bitcoin Earn.
Bitcoin financial products startup Lombard Finance (BARD) is launching a new product called the Bitcoin Onchain Credit Strategy with global trading firm Flow Traders (Euronext: FLOW) as a pilot partner.
The offering will enable Flow to borrow stablecoins for market-making without posting its own onchain collateral. Instead, bitcoin deposited into Lombard’s Bitcoin Earn yield product will act as the collateral coverage through an underwriting setup run on Cap’s private-credit platform, according to an announcement on Thursday.
"Liquidity providers like Flow Traders use stablecoin financing to efficiently support their digital asset trading operations," Global Head of Digital Assets at Flow Traders Michael Lie said. "Lombard’s Bitcoin Onchain Credit Strategy connects Bitcoin holders with institutional financing activity, driven by real institutional demand and less correlated to DeFi market conditions."
Bitcoin-Backed Stablecoin Borrowing Bitcoin Earn is Lombard’s bitcoin yield product designed to enable users to deposit tokens like LBTC, BTC.b, WBTC, or native BTC into a single vault, currently operated by professional managers Sentora and powered by Veda infrastructure, in exchange for BTCe receipt tokens, according to its documentation.
Bitcoin Earn operates as a so-called meta-vault, or fund-of-funds architecture, for bitcoin yield, where the Bitcoin Onchain Credit Strategy operates as just one allocation sitting inside it.
The vault has attracted over $1 billion in deposits from more than 38,500 users total, and compounds returns BTCe, and also can earn rewards paid in BARD tokens.
With the new Bitcoin Onchain Credit Strategy, Lombard depositors can now earn yield directly from the underwriting premiums Flow Traders pays, arguably offering a more stable return driven by real institutional demand over the typical DeFi setups on Aave, Morpho and others.
The announcement notes Cap’s automated marketplace for private credit “uses smart contracts rather than manual intervention to allocate access to capital,” helping to ensure “each loan is independently vouched for and guaranteed and allows for unique use cases such as Lombard’s Bitcoin Onchain Credit Strategy.”
The announcement notes Lombard has tapped Chainlink’s Cross-Chain Interoperability Protocol (CCIP) to secure cross-chain deposits of BTC.b directly from Avalanche into an Ethereum vault.
Lombard is the provider behind Ledger’s "bitcoin yield" feature, and also provides infrastructure for Binance and Bybit. The startup acquired Avalanche’s bridged bitcoin asset and infrastructure BTC.b last October.
Founded in 2024, Lombard previously raised $17 million in seed funding led by Polychain Capital, with participation from Franklin Templeton, Bybit, YZi Labs (previously Binance Labs), and others.
Disclaimer: The Block is an independent media outlet that delivers news, research, and data. As of November 2023, Foresight Ventures is a majority investor of The Block. Foresight Ventures invests in other companies in the crypto space. Crypto exchange Bitget is an anchor LP for Foresight Ventures. The Block continues to operate independently to deliver objective, impactful, and timely information about the crypto industry. Here are our current financial disclosures.
Popular meme-coin collateral platform Purinta has confirmed it will soon launch a dedicated Shiba Inu market.
Once the feature goes live, users will be able to use their Shiba Inu holdings as collateral to borrow funds without selling their tokens. Announcing the development on X, Purinta stated:
“SHIB market coming soon to Purinta. Deposit, borrow, [and] keep your exposure.”
The announcement also featured a promotional banner reading, “Borrow Against SHIB. Coming Soon to Purinta,” indicating that the feature is currently under development.
Community Vote Secured SHIB’s Listing The decision to add SHIB came directly from the community. A few weeks ago, Purinta conducted a poll on X, asking its more than 25,900 followers to vote on the next meme coin the platform should support.
The results strongly favored Shiba Inu. Out of 396 votes cast, 67.9% supported SHIB, while 32.1% backed Floki. By declaring, “You voted. We listened,” Purinta made it clear that community demand, not an internal decision, determined the outcome.
Pick now!
— Purinta (@purintaxyz) July 7, 2026
After the SHIB market launches, users will be able to deposit their Shiba Inu tokens as collateral and borrow stablecoins such as USDC while retaining exposure to SHIB’s potential price appreciation.
This model allows holders to unlock liquidity without liquidating their positions. Instead of selling SHIB to raise capital, users can continue holding the token while borrowing against it through Purinta’s decentralized finance (DeFi) platform.
SHIB Becomes Purinta’s Fourth Meme Coin Collateral The upcoming integration expands Purinta’s meme coin-focused lending ecosystem, which is built on Morpho and powered by Api3DAO infrastructure.
Currently, the platform supports three meme coins as collateral, such as Pepe (PEPE), Cash Cat (CASHCAT), and SPX6900 (SPX).
With the addition of SHIB, Shiba Inu will become the fourth meme coin available for collateralized borrowing on the platform.
Shiba Inu’s DeFi Utility Continues to Expand Purinta’s integration further strengthens Shiba Inu’s role in decentralized finance by allowing holders to access liquidity without selling their SHIB holdings.
The platform joins a growing number of services that accept SHIB as collateral for stablecoin-backed loans, including CoinRabbit and Binance Loans. Additionally, the Shiba Inu ecosystem team has introduced Shib Finance, a product designed to provide a broader financial suite covering lending, borrowing, and savings.
Notably, Purinta’s support expands SHIB’s utility within the DeFi sector, giving investors another option to unlock capital while maintaining exposure to the token.
DisClamier: This content is informational and should not be considered financial advice. The views expressed in this article may include the author's personal opinions and do not reflect The Crypto Basic opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.
Z Coinbase Ethereum infrastruktury bylo přesunuto 1,16 bilionu SHIB v hodnotě asi 4,95 milionu USD do tří zcela nových peněženek. Převod obešel spotový trh a nezasáhl do order booků.
Cover image via depositphotos.com Disclaimer: The opinions expressed by our writers are their own and do not represent the views of U.Today. The financial and market information provided on U.Today is intended for informational purposes only. U.Today is not liable for any financial losses incurred while trading cryptocurrencies. Conduct your own research by contacting financial experts before making any investment decisions. We believe that all content is accurate as of the date of publication, but certain offers mentioned may no longer be available.
While the Shiba Inu (SHIB) price remains near the critical level of $0.000004249, a major withdrawal of 1.16 trillion tokens worth approximately $4.95 million has been recorded from Coinbase's Ethereum infrastructure.
According to Arkham Intelligence, the entire amount was distributed across three completely new wallets that were apparently created specifically for these transactions and hold no other assets apart from the received SHIB.
How Coinbase just moved over a trillion SHIB to empty walletsOn-chain data explains why this multimillion-dollar transfer completely bypassed the spot market and had no impact on exchange order books. Two transactions — involving 348 billion and 242 billion SHIB — were sent directly from verified Coinbase Prime Custody addresses, a service that exclusively serves large corporate clients.
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Distributing assets across new, separate addresses outside the trading platform is a standard technical process for a custodian, required for internal security and liquidity management.
On-chain data tracks 1.16 trillion SHIB routing to new isolated wallets, Source: Arkham IntelligenceAt the same time, the origin of the largest portion — 573 billion SHIB that left the platform — remains unclear. It was transferred from wallet "0xa59...447", which has no exchange labels in Arkham's system. This address may belong either to an unmarked internal Coinbase structure or to a large private holder withdrawing the assets.
Why is this happening right now?The token is trading close to the psychological support level of $0.00000400, while the weekly RSI of 33–35 indicates that the asset is deeply oversold. A move below this support level would expose SHIB to the risk of falling toward its lows from previous years.
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The fact that 1.16 trillion SHIB is being separated within the custody system precisely near a local bottom points to the locking in and preservation of positions.
The transfers were deliberately conducted within the exchange's infrastructure, bypassing spot order books, which made it possible to move a large amount without causing price fluctuations and to keep the price above the critical threshold.
Gentherm (THRM - Free Report) came out with quarterly earnings of $0.75 per share, beating the Zacks Consensus Estimate of $0.59 per share. This compares to earnings of $0.54 per share a year ago. These figures are adjusted for non-recurring items.
This quarterly report represents an earnings surprise of +27.12%. A quarter ago, it was expected that this maker of climate-controlled seats and other products would post earnings of $0.53 per share when it actually produced earnings of $0.84, delivering a surprise of +58.49%.
Over the last four quarters, the company has surpassed consensus EPS estimates three times.
Gentherm, which belongs to the Zacks Automotive - Original Equipment industry, posted revenues of $416.17 million for the quarter ended June 2026, surpassing the Zacks Consensus Estimate by 8.29%. This compares to year-ago revenues of $375.09 million. The company has topped consensus revenue estimates four times over the last four quarters.
The sustainability of the stock's immediate price movement based on the recently-released numbers and future earnings expectations will mostly depend on management's commentary on the earnings call.
Gentherm shares have lost about 0.9% since the beginning of the year versus the S&P 500's gain of 9.6%.
What's Next for Gentherm?While Gentherm has underperformed the market so far this year, the question that comes to investors' minds is: what's next for the stock?
There are no easy answers to this key question, but one reliable measure that can help investors address this is the company's earnings outlook. Not only does this include current consensus earnings expectations for the coming quarter(s), but also how these expectations have changed lately.
Empirical research shows a strong correlation between near-term stock movements and trends in earnings estimate revisions. Investors can track such revisions by themselves or rely on a tried-and-tested rating tool like the Zacks Rank, which has an impressive track record of harnessing the power of earnings estimate revisions.
Ahead of this earnings release, the estimate revisions trend for Gentherm was mixed. While the magnitude and direction of estimate revisions could change following the company's just-released earnings report, the current status translates into a Zacks Rank #3 (Hold) for the stock. So, the shares are expected to perform in line with the market in the near future. You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here.
It will be interesting to see how estimates for the coming quarters and the current fiscal year change in the days ahead. The current consensus EPS estimate is $0.67 on $393.34 million in revenues for the coming quarter and $2.75 on $1.56 billion in revenues for the current fiscal year.
Investors should be mindful of the fact that the outlook for the industry can have a material impact on the performance of the stock as well. In terms of the Zacks Industry Rank, Automotive - Original Equipment is currently in the bottom 37% of the 250 plus Zacks industries. Our research shows that the top 50% of the Zacks-ranked industries outperform the bottom 50% by a factor of more than 2 to 1.
Aeva Technologies, Inc. (AEVA - Free Report) , another stock in the same industry, has yet to report results for the quarter ended June 2026. The results are expected to be released on August 5.
This company is expected to post quarterly loss of $0.44 per share in its upcoming report, which represents no change from the year-ago quarter. The consensus EPS estimate for the quarter has been revised 1.8% lower over the last 30 days to the current level.
Aeva Technologies, Inc.'s revenues are expected to be $6.13 million, up 11.3% from the year-ago quarter.
Comcast oznámil, že Peacock se ve čtvrtletí poprvé stal ziskovým a že NBCUniversal táhly televizní a filmové divize. Zároveň tržby z broadbandu klesly o 3 % na 19,8 miliardy USD a firma ztratila 167 000 rezidenčních zákazníků.
Comcast's second-quarter results on Thursday showcased strength at NBCUniversal — particularly in its TV and film units — as the company prepares to split its media and broadband businesses apart.
NBCUniversal's streaming service, Peacock, hit profitability during the quarter for the first time, Comcast said, giving the media business a lift. The streaming service also benefited from live sports including the FIFA World Cup and NBA postseason and brought in new subscribers.
Revenue in the company's content and experiences division, which includes media unit NBCUniversal, rose almost 23% year over year.
Meanwhile, it was a different story with the traditional cable and connectivity business. The company said that its shifted strategy for the broadband business is "gaining traction" following years of significant competition and pressure due to the rise of alternatives like 5G providers.
But Comcast once again reported broadband customer losses for the period, and revenue for the connectivity and platforms segment notched down as its lower pricing plans and promotions took hold.
The diverging storylines for broadband and media come weeks after Comcast said it would divide the two businesses into separate publicly traded companies. In Thursday's release co-CEOs Brian Roberts and Mike Cavanagh called the split "an important step toward creating two focused companies with the financial strength and flexibility to pursue their respective growth strategies."
During Thursday's call with investors, Roberts addressed the separation immediately, noting that there's been a positive reaction following weeks of discussions with "key constituencies, employees at every level, and most of our key partners."
"I feel more positive and energized today than I was on the day we announced," Roberts said Thursday.
Revenue for the connectivity and platforms segment, which includes the Xfinity-branded broadband, mobile and cable TV offerings, was down 3% to $19.8 billion. Earnings before interest, taxes, depreciation and amortization for the unit dropped nearly 6% to $7.96 billion.
Comcast lost 167,000 total broadband residential customers and 280,000 cable TV subscribers during the quarter. Mobile remained a bright spot with additions that once again marked a record quarter and brought its total to 10.2 million lines. Mobile has become a major driver and key part of Comcast's strategy to boost the broadband business.
The content and experiences segment that houses NBCUniversal's TV, film and theme parks, saw revenue of $10.73 billion, boosted by the impact of the FIFA World Cup that began in mid-June and was aired in Spanish in the U.S. on the company's Telemundo network.
Revenue for the TV media unit in particular benefited from Peacock and an increase in advertising, and film studio revenue rose 25%. Theme parks revenue was up nearly 3% as softness at international parks offset higher revenue in Orlando, Florida.
Overall revenue for Comcast was down 1.2% during the second quarter to $29.94 billion. On a pro-forma basis, accounting for the impact of Comcast's Versant spinoff that was completed at the start of the year, the company said quarterly revenue was 4.7% higher.
Comcast reported adjusted earnings per share of $1.04, topping Wall Street estimates of 97 cents, according to LSEG. Comcast reported net income attributable to the company of $3.53 billion.
Disclosure: Versant Media Group is the parent company of CNBC.
Comcast (CMCSA - Free Report) came out with quarterly earnings of $1.04 per share, beating the Zacks Consensus Estimate of $0.97 per share. This compares to earnings of $1.25 per share a year ago. These figures are adjusted for non-recurring items.
This quarterly report represents an earnings surprise of +7.22%. A quarter ago, it was expected that this cable provider would post earnings of $0.73 per share when it actually produced earnings of $0.79, delivering a surprise of +8.22%.
Over the last four quarters, the company has surpassed consensus EPS estimates four times.
Comcast, which belongs to the Zacks Cable Television industry, posted revenues of $29.94 billion for the quarter ended June 2026, surpassing the Zacks Consensus Estimate by 2.62%. This compares to year-ago revenues of $30.31 billion. The company has topped consensus revenue estimates four times over the last four quarters.
The sustainability of the stock's immediate price movement based on the recently-released numbers and future earnings expectations will mostly depend on management's commentary on the earnings call.
Comcast shares have lost about 21.3% since the beginning of the year versus the S&P 500's gain of 9.6%.
What's Next for Comcast?While Comcast has underperformed the market so far this year, the question that comes to investors' minds is: what's next for the stock?
There are no easy answers to this key question, but one reliable measure that can help investors address this is the company's earnings outlook. Not only does this include current consensus earnings expectations for the coming quarter(s), but also how these expectations have changed lately.
Empirical research shows a strong correlation between near-term stock movements and trends in earnings estimate revisions. Investors can track such revisions by themselves or rely on a tried-and-tested rating tool like the Zacks Rank, which has an impressive track record of harnessing the power of earnings estimate revisions.
Ahead of this earnings release, the estimate revisions trend for Comcast was unfavorable. While the magnitude and direction of estimate revisions could change following the company's just-released earnings report, the current status translates into a Zacks Rank #4 (Sell) for the stock. So, the shares are expected to underperform the market in the near future. You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here.
It will be interesting to see how estimates for the coming quarters and the current fiscal year change in the days ahead. The current consensus EPS estimate is $1.02 on $30.01 billion in revenues for the coming quarter and $3.48 on $121.57 billion in revenues for the current fiscal year.
Investors should be mindful of the fact that the outlook for the industry can have a material impact on the performance of the stock as well. In terms of the Zacks Industry Rank, Cable Television is currently in the bottom 22% of the 250 plus Zacks industries. Our research shows that the top 50% of the Zacks-ranked industries outperform the bottom 50% by a factor of more than 2 to 1.
Another stock from the same industry, Charter Communications (CHTR - Free Report) , has yet to report results for the quarter ended June 2026. The results are expected to be released on July 24.
This cable provider is expected to post quarterly earnings of $9.96 per share in its upcoming report, which represents a year-over-year change of +8.5%. The consensus EPS estimate for the quarter has been revised 0.5% lower over the last 30 days to the current level.
Charter Communications' revenues are expected to be $13.52 billion, down 1.8% from the year-ago quarter.
Old Republic ve 2. čtvrtletí zvýšila čistý zisk na 322,3 mil. USD z 204,4 mil. USD ve stejném období loni. Bez investičních zisků ale čistý provozní zisk klesl na 186,0 mil. USD.
, /PRNewswire/ -- Old Republic International Corporation (NYSE: ORI) – today reported the following results for the second quarter 2026:
Net income of $322.3 million, compared to $204.4 million last year. Net income excluding investment gains (net operating income) of $186.0 million, compared to $209.2 million last year. Net operating income per diluted share of $0.76, compared to $0.83 last year. Consolidated net premiums and fees earned of nearly $2.1 billion, compared to nearly $2.0 billion last year. Net investment income of $182.0 million, compared to $171.5 million last year. Consolidated combined ratio of 95.3%, compared to 93.6% last year. Favorable loss reserve development of 0.1 points, compared to 2.1 points last year. Book value per share of $25.33, inclusive of dividends declared, up 7.2% since year-end 2025. Annualized operating return on equity of 12.1%. Total capital returned to shareholders of $137.4 million. Dollar amounts (other than per share amounts) are presented in millions, except as otherwise indicated.
OVERALL RESULTS ATTRIBUTABLE TO SHAREHOLDERS
Quarters Ended June 30,
Six Months Ended June 30,
2026
2025
% Change
2026
2025
% Change
Net income
$ 322.3
$ 204.4
$ 652.4
$ 449.5
Net of tax investment gains (losses)
136.2
(4.7)
295.7
38.5
Net income excluding investment gains (losses)
$ 186.0
$ 209.2
(11.1) %
$ 356.6
$ 410.9
(13.2) %
Combined ratio
95.3 %
93.6 %
96.0 %
93.7 %
PER DILUTED SHARE ATTRIBUTABLE TO SHAREHOLDERS
Quarters Ended June 30,
Six Months Ended June 30,
2026
2025
% Change
2026
2025
% Change
Net income
$ 1.31
$ 0.81
$ 2.63
$ 1.79
Net of tax investment gains (losses)
0.55
(0.02)
1.19
0.15
Net income excluding investment gains (losses)
$ 0.76
$ 0.83
(9.3) %
$ 1.44
$ 1.64
(12.3) %
SHAREHOLDERS' EQUITY (BOOK VALUE)
June 30,
Dec. 31,
2026
2025
% Change
Total
$ 6,072.8
$ 5,914.0
2.7 %
Per common share
$ 25.33
$ 24.21
4.6 %
Old Republic's business is managed for the long run. In this context, management's key objectives are to achieve highly profitable operating results over the long term, and to ensure balance sheet strength for the Company's obligations. Although Generally Accepted Accounting Principles (GAAP) uses net income as the measure of total profitability, management uses net income excluding net investment gains (losses) (net operating income), a non-GAAP financial measure, in its evaluation of periodic and long-term results.
In management's opinion, excluding investment gains (losses) from income provides a better way to analyze, evaluate, and establish accountability for the results of the insurance operations. The inclusion of realized investment gains (losses) in net income can mask trends in operating results because such realizations are often highly discretionary. Similarly, the inclusion of unrealized investment gains (losses) in equity securities can further distort such operating results with significant period-to-period fluctuations that are unrelated to the insurance operations. Net operating income, however, does not replace GAAP net income as a measure of total profitability.
FINANCIAL HIGHLIGHTS
Quarters Ended June 30,
Six Months Ended June 30,
SUMMARY INCOME STATEMENTS:
2026
2025
% Change
2026
2025
% Change
Revenues:
Net premiums and fees earned
$ 2,097.8
$ 1,994.6
5.2 %
$ 4,070.0
$ 3,835.7
6.1 %
Net investment income
182.0
171.5
6.1
360.1
342.2
5.2
Other income
51.4
49.6
3.7
98.8
96.8
2.0
Total operating revenues
2,331.3
2,215.8
5.2
4,528.9
4,274.9
5.9
Net investment gains (losses):
Realized from actual transactions and
impairments
38.1
(2.4)
123.5
34.9
Unrealized from changes in fair value of
equity securities
134.2
(4.9)
250.7
12.7
Total net investment gains (losses)
172.4
(7.3)
374.3
47.7
Total revenues
2,503.8
2,208.5
4,903.3
4,322.6
Operating expenses:
Loss and loss adjustment expenses
896.7
830.6
8.0
1,737.0
1,608.4
8.0
Underwriting, acquisition, and other expenses
1,170.2
1,099.9
6.4
2,298.2
2,110.7
8.9
Interest and other charges
26.5
17.6
50.3
44.3
35.5
24.8
Total expenses
2,093.6
1,948.3
7.5 %
4,079.6
3,754.6
8.7 %
Pretax income
410.2
260.1
823.6
567.9
Income taxes
85.7
51.7
169.6
113.3
Total net income
324.4
208.4
653.9
454.5
Net income attributable to noncontrolling interests
2.0
3.9
1.5
5.0
Net income attributable to shareholders
$ 322.3
$ 204.4
$ 652.4
$ 449.5
COMMON STOCK STATISTICS:
Components of net income per share:
Basic net income excluding investment gains (losses)
$ 0.78
$ 0.85
(9.2) %
$ 1.48
$ 1.68
(12.2) %
Net investment gains (losses):
Realized investment gains (losses)
0.12
(0.01)
0.40
0.11
Unrealized from changes in fair value of
equity securities
0.44
(0.01)
0.82
0.05
Basic net income
$ 1.34
$ 0.83
$ 2.70
$ 1.84
Diluted net income excluding investment gains (losses)
$ 0.76
$ 0.83
(9.3) %
$ 1.44
$ 1.64
(12.3) %
Net investment gains (losses):
Realized investment gains (losses)
0.12
(0.01)
0.39
0.11
Unrealized from changes in fair value of
equity securities
0.43
(0.01)
0.80
0.04
Diluted net income
$ 1.31
$ 0.81
$ 2.63
$ 1.79
Dividends declared on common stock
$ 0.315
$ 0.290
8.6 %
$ 0.630
$ 0.580
8.6 %
The information presented in the following table highlights the most meaningful indicators of Old Republic's segmented and consolidated financial performance. The information underscores the performance of the operating companies, as well as the sound investment of their capital and underwriting cash flows.
Sources of Consolidated Income
Quarters Ended June 30,
Six Months Ended June 30,
2026
2025
% Change
2026
2025
% Change
Net premiums and fees earned:
Specialty Insurance
$ 1,323.8
$ 1,294.5
2.3 %
$ 2,615.7
$ 2,528.1
3.5 %
Title Insurance
772.6
697.8
10.7
1,450.5
1,302.9
11.3
Corporate & Other
1.2
2.3
(45.6)
3.7
4.6
(19.2)
Consolidated
$ 2,097.8
$ 1,994.6
5.2 %
$ 4,070.0
$ 3,835.7
6.1 %
Underwriting income (loss): (a)
Specialty Insurance
$ 59.3
$ 119.9
(50.5) %
$ 126.5
$ 246.1
(48.6) %
Title Insurance
37.6
6.9
N/M
37.0
(5.2)
N/M
Corporate & Other
(14.7)
(13.3)
(10.6)
(30.1)
(27.4)
(10.0)
Consolidated
$ 82.2
$ 113.6
(27.6) %
$ 133.5
$ 213.4
(37.5) %
Net investment income:
Specialty Insurance
$ 159.5
$ 149.9
6.4 %
$ 317.6
$ 299.9
5.9 %
Title Insurance
18.3
17.3
5.8
35.8
34.0
5.1
Corporate & Other
4.1
4.2
(2.3)
6.6
8.2
(19.5)
Consolidated
$ 182.0
$ 171.5
6.1 %
$ 360.1
$ 342.2
5.2 %
Interest and other charges:
Specialty Insurance
$ 20.2
$ 16.1
$ 36.5
$ 32.1
Title Insurance
—
—
0.1
0.1
Corporate & Other (b)
6.2
1.5
7.6
3.2
Consolidated
$ 26.5
$ 17.6
50.3 %
$ 44.3
$ 35.5
24.8 %
Pretax income (loss) excluding investment
gains (losses):
Specialty Insurance
$ 198.6
$ 253.7
(21.7) %
$ 407.6
$ 513.9
(20.7) %
Title Insurance
55.9
24.2
130.5
72.7
28.6
153.9
Corporate & Other
(16.8)
(10.5)
(59.2)
(31.1)
(22.3)
(39.1)
Consolidated
237.7
267.5
(11.1) %
449.3
520.2
(13.6) %
Income taxes
49.5
54.3
91.0
104.1
Net income excluding investment
gains (losses)
188.1
213.2
(11.7) %
358.2
416.0
(13.9) %
Consolidated pretax investment gains (losses):
Realized from actual transactions
and impairments
38.1
(2.4)
123.5
34.9
Unrealized from changes in
fair value of equity securities
134.2
(4.9)
250.7
12.7
Total
172.4
(7.3)
374.3
47.7
Income taxes (credits)
36.2
(2.6)
78.6
9.1
Net of tax investment gains (losses)
136.2
(4.7)
295.7
38.5
Total net income
324.4
208.4
653.9
454.5
Net income attributable to
noncontrolling interests
2.0
3.9
1.5
5.0
Net income attributable to shareholders
$ 322.3
$ 204.4
$ 652.4
$ 449.5
(a) Includes related services.
(b) Includes consolidation/elimination entries.
Specialty Insurance Segment Operating Results
Quarters Ended June 30,
Six Months Ended June 30,
2026
2025
% Change
2026
2025
% Change
Revenues:
Net premiums written
$ 1,483.2
$ 1,361.0
9.0 %
$ 2,822.6
$ 2,633.1
7.2 %
Net premiums earned
1,323.8
1,294.5
2.3
2,615.7
2,528.1
3.5
Other income
51.2
49.3
3.8
98.4
96.4
2.1
Expenses:
Loss and loss adjustment expenses
872.8
809.6
7.8
1,694.7
1,570.7
7.9
Underwriting, acquisition, and other expenses
442.9
414.2
6.9
892.8
807.7
10.5
Segment underwriting income
59.3
119.9
(50.5)
126.5
246.1
(48.6)
Add: Net investment income
159.5
149.9
6.4
317.6
299.9
5.9
Less: Interest and other charges
20.2
16.1
25.7
36.5
32.1
13.7
Segment pretax operating income
$ 198.6
$ 253.7
(21.7) %
$ 407.6
$ 513.9
(20.7) %
Loss ratio:
Current year
65.6 %
65.4 %
65.4 %
65.2 %
Prior years
0.3
(2.9)
(0.6)
(3.1)
Total
65.9
62.5
64.8
62.1
Expense ratio
29.6
28.2
30.4
28.1
Combined ratio
95.5 %
90.7 %
95.2 %
90.2 %
Specialty Insurance net premiums written reflects significant growth in a large auto warranty program which requires net premiums written to include the retail selling price of the service contract. Excluding the write-up to retail pricing from all auto warranty programs, net premiums written increased 1.6% and 2.2% for the quarter and first six months, respectively.
Net premiums earned increased 2.3% for the quarter and 3.5% for the first six months. Growth in the quarter was driven by a combination of premium rate increases and new business production, including an increasing contribution from new operating companies, partially offset by a decline in renewal retention ratios compared to last year. Commercial auto renewal retention improved slightly compared to the first quarter of 2026, while Specialty Insurance continued to prioritize rate. Earned premium growth was most pronounced within commercial auto, accident & health, general liability, property, and auto warranty coverages while workers' compensation and Canadian travel accident and trucking declined.
The increase in net investment income was primarily driven by a higher invested asset base.
The Specialty Insurance loss ratio increase was largely due to changes in prior year loss reserve development, while the current year loss ratio remained consistent. In the quarter, Specialty Insurance experienced unfavorable development of approximately $40 (3.0 points) from its run-off transactional risk business reported in financial indemnity. This unfavorable development was mostly offset by significant favorable development from commercial auto and property.
The expense ratio remains elevated due to continued investments in start-up operating companies which are not at scale, information technology modernization, data and analytics, and artificial intelligence, including the additional personnel costs to manage all of these key initiatives. Several of the information technology modernization efforts are entering a phase in which costs are being amortized while the systems being replaced are not yet decommissioned.
Together, these factors produced a profitable combined ratio and strong pretax operating income for the quarter and first six months. For Specialty Insurance, combined ratios between 90% and 95% are targeted over a full underwriting cycle, recognizing that quarterly and annual ratios and trends may deviate from this range, particularly with long-tailed lines of coverage.
Old Republic's previously announced acquisition of Everett Cash Mutual Insurance Co. (ECM) and affiliated companies following its conversion to a stock company in a sponsored demutualization transaction closed effective July 1, 2026. ECM will be included in the Specialty Insurance segment beginning in the third quarter of 2026. Specialty Insurance expects to report a gain on the acquisition of approximately $125 subject to final valuations as of the closing date, and for the business to be accretive to earnings in 2026.
Title Insurance Segment Operating Results
Quarters Ended June 30,
Six Months Ended June 30,
2026
2025
% Change
2026
2025
% Change
Revenues:
Net premiums earned
$ 699.3
$ 629.8
11.0 %
$ 1,318.2
$ 1,176.8
12.0 %
Title, escrow, and other fees
73.3
67.9
7.9
132.2
126.1
4.9
Net premiums and fees earned
772.6
697.8
10.7
1,450.5
1,302.9
11.3
Other income
0.2
0.1
15.3
0.3
0.3
21.0
Expenses:
Loss and loss adjustment expenses
23.4
20.3
15.2
40.8
36.3
12.4
Underwriting, acquisition, and other expenses
711.8
670.7
6.1
1,372.9
1,272.1
7.9
Segment underwriting income (loss)
37.6
6.9
N/M
37.0
(5.2)
N/M
Add: Net investment income
18.3
17.3
5.8
35.8
34.0
5.1
Less: Interest and other charges
—
—
N/M
0.1
0.1
(14.2)
Segment pretax operating income
$ 55.9
$ 24.2
130.5 %
$ 72.7
$ 28.6
153.9 %
Loss ratio:
Current year
3.7 %
3.5 %
3.7 %
3.5 %
Prior years
(0.7)
(0.6)
(0.9)
(0.7)
Total
3.0
2.9
2.8
2.8
Expense ratio
92.1
96.1
94.6
97.6
Combined ratio
95.1 %
99.0 %
97.4 %
100.4 %
Title Insurance net premiums and fees earned increased 10.7% for the quarter and 11.3% for the first six months. Both agency and directly produced premiums experienced solid growth and continued strong commercial business production. Commercial premiums represented 25.4% of net premiums earned compared to 23.0% in the second quarter of last year.
Net investment income increased, reflecting a slightly higher invested asset base.
The Title Insurance loss ratio remained consistent with last year, reflecting a slightly higher level of favorable prior year loss reserve development offset by slightly higher current year losses. The second quarter and first half of 2025 expense ratios included approximately $15 (2.1 and 1.1 points, respectively) in litigation settlement expenses. Excluding that impact, the expense ratios for both 2026 periods improved as a result of expense management and scale, partially offset by a higher amount of agent commissions as a result of increased agency business compared to the direct operation.
Together, these factors produced higher pretax operating income for the quarter and first six months. For Title Insurance, combined ratios between 90% to 95% are targeted over a full underwriting cycle, recognizing that quarterly and annual ratios and trends may deviate from this range. Although Title Insurance has been navigating a difficult real estate environment over the last few years resulting in ratios in excess of this range, they continue to strive to come into range in the near term.
Corporate & Other Operating Results
Quarters Ended June 30,
Six Months Ended June 30,
2026
2025
% Change
2026
2025
% Change
Net premiums earned
$ 1.2
$ 2.3
(45.6) %
$ 3.7
$ 4.6
(19.2) %
Net investment income (a)
4.1
4.2
(2.3)
6.6
8.2
(19.5)
Operating revenues
5.4
6.6
(18.6)
10.3
12.8
(20.0)
Operating expenses
22.2
17.2
29.1
41.4
35.2
17.5
Corporate & Other pretax operating loss
$ (16.8)
$ (10.5)
(59.2) %
$ (31.1)
$ (22.3)
(39.1) %
(a) Net of elimination entries.
Corporate & Other includes a small life and accident insurance business, the parent holding company, and several internal corporate services subsidiaries. Net investment income was impacted by a lower portfolio yield and invested asset base due to the return of capital to shareholders, partially offset by proceeds from the May 2026 debt issuance. The Company issued $700 in Senior Notes in anticipation of the August 2026 maturity of the existing $550 Senior Notes. Operating expenses for both 2026 periods reflect the increased interest costs associated with the debt issuance.
Consolidated Balance Sheets
June 30,
December 31,
2026
2025
Assets:
Fixed income securities (at fair value)
$ 12,161.2
$ 12,709.8
Equity securities (at fair value)
2,679.0
2,487.7
Short-term investments (at fair value which approximates cost)
2,233.1
1,613.6
Other investments
17.8
27.7
Cash
417.7
263.2
Accrued investment income
142.5
141.1
Accounts and notes receivable
3,140.2
2,782.2
Reinsurance balances and funds held
385.7
404.5
Reinsurance recoverable
8,426.3
7,740.2
Deferred policy acquisition costs
814.8
636.2
Other assets
1,173.7
1,055.9
Total assets
$ 31,592.4
$ 29,862.7
Liabilities and Equity:
Loss and loss adjustment expense reserves
$ 15,326.9
$ 14,775.7
Unearned premiums
4,559.0
3,982.5
Other policyholders' benefits and funds held
183.5
177.8
Commissions, expenses, fees, and taxes
544.4
601.8
Reinsurance balances and funds held
1,689.5
1,428.0
Federal income tax: Deferred
262.9
219.3
Debt
2,284.0
1,589.9
Other liabilities
653.9
1,158.7
Total liabilities
25,504.5
23,934.2
Total shareholders' equity
6,072.8
5,914.0
Noncontrolling interests
15.0
14.4
Total equity
6,087.8
5,928.4
Total liabilities and equity
$ 31,592.4
$ 29,862.7
Investments
As of June 30, 2026, the consolidated investment portfolio reflected an allocation of approximately 84% to fixed income securities (bonds and notes) and short-term investments, and 16% to equity securities (common and preferred stocks). The investment management process remains focused on retaining quality investments that produce consistent streams of investment income, while monitoring concentration limits among the operating companies. The equity portfolio consists of high-quality common stocks of U.S. companies with long-term records of reasonable earnings growth and steadily increasing dividends.
The investment portfolio has extremely limited exposure to high risk or illiquid asset classes such as limited partnerships, derivatives, hedge funds or private equity investments. In addition, the Company does not engage in hedging or securities lending transactions, nor does it invest in securities with values predicated on non-regulated financial instruments with unfunded counterparty risk attributes.
Shareholders' Equity Per Share
Changes in shareholders' equity per share are reflected in the following table. These changes resulted mostly from net operating income, realized and unrealized investment gains (losses), and dividends to shareholders declared during the year.
Quarter
Year
Ended
Ended
June 30,
Six Months Ended June 30,
Dec. 31,
2026
2026
2025
2025
Beginning balance
$ 24.53
$ 24.21
$ 22.84
$ 22.84
Changes in shareholders' equity:
Net income excluding net investment gains (losses)
0.78
1.48
1.68
3.23
Net of tax realized investment gains
0.12
0.40
0.11
0.65
Net of tax unrealized investment gains (losses):
Fixed income securities
(0.14)
(0.61)
0.75
1.02
Equity securities
0.44
0.82
0.05
(0.06)
Total net of tax realized and unrealized investment gains
0.42
0.61
0.91
1.61
Dividends declared
(0.315)
(0.630)
(0.580)
(3.660)
Other – net
(0.09)
(0.34)
0.29
0.19
Net change
0.80
1.12
2.30
1.37
Ending balance
$ 25.33
$ 25.33
$ 25.14
$ 24.21
Change for the period
3.3 %
4.6 %
10.1 %
6.0 %
Change for the period, inclusive of dividends declared
4.5 %
7.2 %
12.6 %
22.0 %
Total capital returned to shareholders during the quarter was $137.4, comprised of $76.6 in dividends and $60.7 in share repurchases. For the first six months, total capital returned was $374.9, comprised of $153.3 in dividends and $221.5 in share repurchases.
Financial Supplement
A financial supplement to this news release is available on the Company's website: www.oldrepublic.com
Conference Call Information
Old Republic has scheduled a conference call at 3:00 p.m. ET (2:00 p.m. CT) today to discuss its second quarter 2026 performance and to review major operating trends and business developments. The call can be accessed live on Old Republic's website at www.oldrepublic.com or by dialing 1-800-715-9871, passcode 2246765. Interested parties may also listen to a replay of the call through July 30, 2026 by dialing 1-800-770-2030, passcode 2246765, or by accessing it on Old Republic's website.
About Old Republic
Old Republic is a leading specialty insurer that operates diverse property & casualty and title insurance companies. Founded in 1923 and a member of the Fortune 500, Old Republic is a leader in underwriting and risk management services for business partners across the United States and Canada. Old Republic's specialized operating companies are experts in their fields, enabling them to provide tailored solutions that set them apart. For more information, please visit www.oldrepublic.com.
Forward-Looking Statements
Some of the oral or written statements made in the Company's reports, press releases, and conference calls following earnings releases, can constitute "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements generally include words such as "expect," "predict," "estimate," "will," "should," "anticipate," "believe," and similar expressions. Any such forward-looking statements involve assumptions, uncertainties, and risks that may affect the Company's future performance.
Historical data pertaining to the operating results, liquidity, and other performance indicators applicable to an insurance enterprise such as Old Republic are not necessarily indicative of results to be achieved in succeeding years. In addition to the factors cited below, the long-term nature of the insurance business, seasonal and annual patterns in premium production and incidence of claims, changes in yields obtained on invested assets, changes in government policies and free markets affecting inflation rates and general economic conditions, and changes in legal precedents or the application of law affecting the settlement of disputed and other claims can have a bearing on period-to-period comparisons and future operating results.
Old Republic's Specialty Insurance segment results can be affected by the level of market competition, which is typically a function of available capital and expected returns on such capital among competitors; general economic considerations, including the levels of investment yields, inflation rates, and the impacts of tariffs; periodic changes in claim frequency and severity patterns caused by natural disasters, weather conditions, accidents, illnesses, and work-related injuries; claims development and the impact on loss reserves; adequacy and availability of reinsurance; uncertainties in underwriting and pricing risks; and unanticipated external events. Old Republic's Title Insurance segment results can be affected by similar factors, and by changes in national and regional housing demand and values, the availability and cost of mortgage loans, and employment trends. Life and accident insurance earnings can be affected by the levels of employment and consumer spending, changes in mortality and health trends, and alterations in policy lapsation rates. At the parent holding company level, operating earnings or losses are generally reflective of the amount of debt outstanding and its cost, interest income, the levels of investments held, and period-to-period variations in the costs of administering the Company's widespread operations. In addition, results could be particularly affected by technology and security breaches or failures, including cybersecurity incidents.
A more detailed listing and discussion of the risks and other factors which affect the Company's risk-taking insurance business are included in Part I, Item 1A - Risk Factors, of the Company's 2025 Form 10-K, and the various risks, uncertainties, and other factors that are included from time to time in other Securities and Exchange Commission filings.
Any forward-looking statements or commentaries speak only as of their dates. Old Republic undertakes no obligation to publicly update or revise any and all such comments, whether as a result of new information, future events or otherwise, and accordingly they may not be unduly relied upon.
At Old Republic:
At Financial Relations Board:
Craig R. Smiddy, President and Chief Executive Officer
Analysts/Investors: Joe Calabrese/[email protected]
, /PRNewswire/ -- Penske Automotive Group, Inc. (NYSE: PAG), a diversified international transportation services company and one of the world's premier automotive and commercial truck retailers, today announced that its Board of Directors has approved a quarterly dividend of $1.44 per share, an increase of $0.02 per share (+1.4%), bringing the annualized dividend to $5.76 per share. This represents the Company's 23rd consecutive quarterly dividend increase.
The dividend is payable September 1, 2026, to shareholders of record as of August 14, 2026.
"Our continued dividend growth reflects the strength of our business and disciplined capital allocation strategy," said Robert H. Kurnick, Jr., President of Penske Automotive Group. "We remain committed to creating shareholder value through a balanced strategy that includes dividends, securities repurchases, and strategic acquisitions."
About Penske Automotive
Penske Automotive Group, Inc., (NYSE: PAG) headquartered in Bloomfield Hills, Michigan, is a diversified international transportation services company and one of the world's premier automotive and commercial truck retailers. PAG operates dealerships in the United States, the United Kingdom, Canada, Germany, Italy, Japan, and Australia and is one of the largest retailers of commercial trucks in North America for Freightliner. PAG also distributes and retails commercial vehicles, diesel and gas engines, power systems, and related parts and services principally in Australia and New Zealand. PAG employs over 28,800 people worldwide. Additionally, PAG owns 28.9% of Penske Transportation Solutions ("PTS"), a business that employs nearly 41,000 people worldwide, manages one of the largest, most comprehensive and modern trucking fleets in North America with over 387,500 trucks, tractors, and trailers under lease, rental, and/or maintenance contracts and provides innovative transportation, supply chain, and technology solutions to its customers. PAG is a member of the S&P Mid Cap 400, Fortune 500, Russell 1000, and Russell 3000 indexes. For additional information, visit the Company's website at www.penskeautomotive.com.
Caution Concerning Forward Looking Statements
Statements in this press release may involve forward-looking statements, including forward-looking statements regarding Penske Automotive Group, Inc.'s financial performance, expectations, and future plans. Actual results may vary materially because of risks and uncertainties that are difficult to predict. These risks and uncertainties include, among others, those related to macro-economic, geo-political and industry conditions and events, including their impact on sales of new and used vehicles, service and parts, and repair and maintenance services, the availability of consumer credit, changes in consumer demand, consumer confidence levels, fuel prices, demand for trucks to move freight with respect to Penske Transportation Solutions ("PTS") and Premier Truck Group, and other freight metrics such as spot rates or miles driven, personal discretionary spending levels, interest rates, foreign currency exchange rates, and unemployment rates; our ability to obtain vehicles and parts from our manufacturers, especially in light of supply chain disruptions due to natural disasters, tariffs and non-tariff trade barriers, any shortages of vehicle components, international conflicts, challenges in sourcing labor, labor strikes, work stoppages, or other disruptions; the control our manufacturer partners can exert over our operations and our reliance on them for various aspects of our business; risks to our reputation and those of our manufacturer partners; changes in the retail model from direct sales by manufacturers, a transition to an agency model of sales, sales by online competitors, or from the expansion of electric vehicles; disruptions to the security and availability of our information technology systems and those of our third party providers, which systems are increasingly threatened by ransomware and other cyber-attacks; the effects of a pandemic on the global economy, including our ability to react effectively to changing business conditions in light of any pandemic; the impact of tariffs targeting imported vehicles and parts, as well as changes or increases in tariffs, trade restrictions, trade disputes, or non-tariff trade barriers; the rate of inflation, including its impact on vehicle affordability; our ability to consummate, integrate, and realize returns on our acquisitions; with respect to PTS, changes in the financial health of its customers, labor strikes, or work stoppages by its employees, a reduction in PTS' asset utilization rates, the cost of acquiring and the continued availability from truck manufacturers and suppliers of vehicles and parts for its fleet, including with respect to the effect of various regulations concerning its vehicle fleet, changes in values of used trucks which affects PTS' profitability on truck sales and regulatory risks and related compliance costs, our ability to realize returns on our significant capital investments in new and upgraded dealership facilities; our ability to navigate a rapidly changing automotive and truck landscape; our ability to respond to new or enhanced regulations in both our domestic and international markets relating to dealerships and vehicle sales, including those related to the sales process, emissions standards, or electrification; the success of our distribution of commercial vehicles, engines, and power systems; natural disasters; recall initiatives or other disruptions that interrupt the supply of vehicles or parts to us; risks and uncertainties relating to an unsolicited, preliminary and non-binding take private proposal received from Penske Corporation and Mitsui & Co., Ltd. and their affiliates to acquire all of the shares of the Company not already owned by them, including the possibility that any such transaction may not be pursued, approved, or consummated on the proposed terms, within any anticipated timeframe, or at all; the outcome of legal and administrative matters and other factors over which management has limited control. These forward-looking statements should be evaluated together with additional information about Penske Automotive Group's business, markets, conditions, risks, and other uncertainties, which could affect Penske Automotive Group's future performance. The risks and uncertainties discussed above are not exhaustive and additional risks and uncertainties are addressed in Penske Automotive Group's Form 10-K for the year ended December 31, 2025, its Form 10-Q for the quarterly period ended March 31, 2026, and its other filings with the Securities and Exchange Commission. This press release speaks only as of its date, and Penske Automotive Group disclaims any duty to update the information herein.
Valley National Bancorp vykázala ve 2. čtvrtletí čistý zisk 170,9 mil. USD, tedy EPS 0,29 USD na akcii, proti 163,9 mil. USD v 1. čtvrtletí. Čistý úrokový výnos na tax-equivalent bázi vzrostl na 488,4 mil. USD.
NEW YORK, July 23, 2026 (GLOBE NEWSWIRE) -- Valley National Bancorp (NASDAQ: VLY), the holding company for Valley National Bank, today reported net income for the second quarter 2026 of $170.9 million, or $0.29 per diluted common share, as compared to the first quarter 2026 net income of $163.9 million, or $0.28 per diluted common share, and net income of $133.2 million, or $0.22 per diluted common share, for the second quarter 2025. Excluding all non-core charges, our adjusted net income (a non-GAAP measure) was $172.8 million, or $0.30 per diluted common share, for the second quarter 2026, $168.9 million, or $0.29 per diluted common share, for the first quarter 2026, and $134.4 million, or $0.23 per diluted common share, for the second quarter 2025. See further details below, including a reconciliation of our non-GAAP adjusted net income, in the "Consolidated Financial Highlights" tables.
Ira Robbins, CEO, commented, "This quarter's strong results reflect the continued execution of our strategic vision. Despite continued competition across our geographies and business lines, our relationship-led value proposition has resulted in strong non-interest bearing deposit and C&I loan growth."
Mr. Robbins continued, "At the same time, we remain focused on operational efficiency and the re-allocation of resources from manual processing to franchise-enhancing customer acquisition areas. We anticipate further financial improvement through the remainder of the year and we look forward to continuing to create long-term value for our shareholders."
Key financial highlights for the second quarter 2026:
Net Interest Margin and Income: Our net interest margin on a tax equivalent basis of 3.20 percent for the second quarter 2026 increased 3 basis points and 19 basis points from the first quarter 2026 and second quarter 2025, respectively. Net interest income on a tax equivalent basis of $488.4 million for the second quarter 2026 increased $15.6 million and $54.7 million compared to the first quarter 2026 and second quarter 2025, respectively. The increase in net interest income from the first quarter 2026 was mainly driven by an increase in average loans, higher yields on new loan originations and investment securities purchased, as well as one additional day during the second quarter 2026. These tailwinds were partially offset by the cost of carrying excess subordinated notes between the time of our successful issuance of $500 million of new notes in May 2026 and the redemption of $300 million of callable notes in June 2026. See additional details in the "Net Interest Income and Margin" and "Other Borrowings" sections below.Deposits: Total deposit balances increased $1.3 billion to $54.1 billion at June 30, 2026 as compared to $52.9 billion at March 31, 2026. Direct customer deposits increased $1.1 billion during the second quarter 2026 mainly due to inflows from retail CD offerings and growth in our commercial customer deposits. Non-interest bearing deposits increased $298.6 million reflecting continued expansion of relationships with commercial banking customers during the second quarter 2026. See the "Deposits" section below for more details.Loan Portfolio: Total loans increased $1.6 billion, or 12.9 percent on an annualized basis, to $52.5 billion at June 30, 2026 from March 31, 2026 mostly due to increases of $857.2 million and $638.9 million in commercial and industrial (C&I) loans and total commercial real estate (CRE) loans, respectively. Loan originations from a range of relationship-driven small to midsize clients continued to drive the growth in C&I loans during the second quarter 2026, while new owner occupied and select multifamily loan originations were the primary contributors to the growth in the CRE loan portfolio at June 30, 2026. Our CRE loan concentration ratio (defined as total CRE loans held for investment and held for sale, excluding owner occupied loans, as a percentage of total risk-based capital) continued to decline to approximately 317 percent at June 30, 2026 from 329 percent at March 31, 2026 largely due to organic capital accretion and a $200 million increase in (Tier 2) total risk-based capital during the quarter. See the "Loans" section below for more details.Allowance and Provision for Credit Losses for Loans: The allowance for credit losses for loans totaled $606.9 million and $599.8 million at June 30, 2026 and March 31, 2026, respectively, representing 1.16 percent and 1.18 percent of total loans at each respective date. During the second quarter 2026, we recorded a provision for credit losses for loans of $29.2 million as compared to $21.2 million and $37.8 million for the first quarter 2026 and second quarter 2025, respectively. See the "Credit Quality" section below for more details.Credit Quality: Net loan charge-offs totaled $22.0 million for the second quarter 2026 as compared to $17.5 million and $37.8 million for the first quarter 2026 and second quarter 2025, respectively. Total accruing past due loans (i.e., loans past due 30 days or more and still accruing interest) increased $52.3 million to $180.2 million, or 0.34 percent of total loans, at June 30, 2026 as compared to $127.9 million, or 0.25 percent of total loans, at March 31, 2026. The increase was mainly due to a few larger CRE loans within the 30 to 59 days past due delinquency category. Non-accrual loans totaled $462.6 million, or 0.88 percent of total loans, at June 30, 2026 as compared to $432.6 million, or 0.85 percent of total loans, at March 31, 2026. See the "Credit Quality" section below for more details.Non-Interest Income: Non-interest income increased $4.9 million to $73.7 million for the second quarter 2026 as compared to the first quarter 2026 mainly driven by $2.6 million and $1.6 million increases in capital markets, and wealth management and trust fees, respectively. The fee increases were largely due to increased transaction volumes within loan participations and syndications and tax credit advisory services during the second quarter 2026.Non-Interest Expense: Non-interest expense increased $1.2 million to $311.1 million for the second quarter 2026 as compared to the first quarter 2026. The increase was largely driven by a $4.4 million increase in professional and legal fees mostly due to higher third-party managed services and consulting fees related to our operational transformation efforts, as well as incremental increases in technology and FDIC assessment expenses. These items were partially offset by a $5.3 million decrease in salary and employee benefits expense during the second quarter 2026 largely resulting from our continued focus on resource optimization, as well as the normal seasonal decline in payroll taxes from the first quarter 2026.Efficiency Ratio: Our efficiency ratio was 52.11 percent for the second quarter 2026 as compared to 53.10 percent and 55.20 percent for the first quarter 2026 and second quarter 2025, respectively. See the "Consolidated Financial Highlights" tables below for additional information regarding our non-GAAP measures.Performance Ratios: Annualized return on average assets (ROA), shareholders’ equity (ROE) and tangible common shareholders' equity (ROTCE) were 1.04 percent, 8.65 percent and 11.91 percent for the second quarter 2026, respectively. Annualized ROA, ROE, and ROTCE, adjusted for non-core income and charges, were 1.05 percent, 8.75 percent and 12.05 percent for the second quarter 2026, respectively. See the "Consolidated Financial Highlights" tables below for additional information regarding our non-GAAP measures.
Net Interest Income and Margin
Net interest income on a tax equivalent basis of $488.4 million for the second quarter 2026 increased $15.6 million and $54.7 million compared to the first quarter 2026 and the second quarter 2025, respectively. Interest income on a tax equivalent basis increased $26.7 million to $830.7 million for the second quarter 2026 as compared to the first quarter 2026. The increase was mostly due to (i) increased average loan balances largely driven by growth in C&I and owner occupied CRE loans during the first half of 2026, (ii) additional interest income from purchases of higher-yielding taxable investments and (iii) one additional day in the second quarter 2026. Total interest expense increased $11.2 million to $342.4 million for the second quarter 2026 as compared to the first quarter 2026. The increase was mainly the result of (i) higher average time deposits and short-term borrowings balances during the second quarter 2026, (ii) the higher cost of certain non-maturity deposit products and short-term borrowings, (iii) the cost of carrying excess subordinated debt for a portion of the quarter, as well as (iv) the aforementioned increase in day count as compared to the first quarter 2026. See the "Deposits" and "Other Borrowings" sections below for more details.
Net interest margin on a tax equivalent basis of 3.20 percent for the second quarter 2026 increased 3 basis points from 3.17 percent for the first quarter 2026 and 19 basis points from 3.01 percent for the second quarter 2025. The yield on average interest earning assets increased by 5 basis points to 5.44 percent on a linked quarter basis largely due to higher yields on new loan originations and investment securities purchased during the second quarter 2026. The overall cost of average interest bearing liabilities increased by 4 basis points to 3.10 percent for the second quarter 2026 as compared to the first quarter 2026 largely due to the higher cost of non-maturity deposits and short-term borrowings, as well as the cost of carrying excess subordinated debt for a portion of the quarter. Our cost of total average deposits was 2.28 percent for the second quarter 2026 as compared to 2.27 percent and 2.67 percent for the first quarter 2026 and second quarter 2025, respectively.
Loans, Deposits and Other Borrowings
Loans. Total loans increased $1.6 billion, or 12.9 percent on an annualized basis, to $52.5 billion at June 30, 2026 from March 31, 2026. C&I loans increased by $857.2 million, or 30.9 percent on an annualized basis, to $12.0 billion at June 30, 2026 from March 31, 2026 largely driven by new originations from a range of relationship-driven small to midsize clients as a result of our continued focus on expansion of new loan production within this category. Total CRE (including construction) loans increased $638.9 million to $30.3 billion at June 30, 2026 from March 31, 2026 mostly due to solid customer demand and loan originations largely within our healthcare vertical of the owner occupied loan category. Non-owner occupied loans decreased $357.2 million from March 31, 2026 mainly due to our continued targeted runoff of transactional/non-relationship loans, which outpaced limited new originations in this category during the second quarter 2026. Residential mortgage loans increased $113.9 million from March 31, 2026 mainly due to continued retention of most new loan origination activity and modest levels of prepayments. Total consumer loans increased $28.5 million from March 31, 2026 primarily due to the combined growth in home equity loans and other collateralized personal lines of credit, partially offset by a $48.0 million decrease in automobile loans as repayments outpaced consumer demand.
Deposits. Actual ending balances for deposits increased $1.3 billion to $54.1 billion at June 30, 2026 from March 31, 2026 mainly due to increases of $1.5 billion and $298.6 million in time and non-interest bearing deposits, respectively, partially offset by a $506.1 million decline in the savings, NOW and money market deposit category. The increase in time deposits was largely driven by our targeted retail CD offerings and higher indirect customer CD balances. The increase in non-interest bearing deposits was mainly due to continued deposit inflows from commercial banking customers during the second quarter 2026. The decrease in savings, NOW and money market deposits from March 31, 2026 was mainly driven by lower brokered and governmental account balances at June 30, 2026. Total indirect customer deposits (consisting of both brokered time and money market deposits) totaled $5.3 billion and $5.1 billion at June 30, 2026 and March 31, 2026, respectively. Non-interest bearing deposits; savings, NOW and money market deposits; and time deposits represented approximately 23 percent, 53 percent and 24 percent of total deposits at June 30, 2026 as compared to 23 percent, 55 percent and 22 percent at March 31, 2026.
Other Borrowings. Short-term borrowings increased $369.6 million to $433.5 million at June 30, 2026 from March 31, 2026 due to $375 million of short-term FHLB advances outstanding at June 30, 2026, partially offset by a modest decline in securities sold under repurchase agreements. Long-term borrowings totaled $2.6 billion at June 30, 2026 and increased $46.3 million as compared to March 31, 2026. The increase was mainly attributable to $500 million of 6.219 percent fixed-to-floating rate subordinated notes issued in May 2026 due June 1, 2036, partially offset by the full early redemption of our $300 million of 3.00 percent fixed-to-floating rate subordinated notes originally due June 15, 2031, as well as normal repayments of maturing FHLB advances. No gain or loss was recognized on the early redemption of the subordinated notes during the second quarter 2026.
Credit Quality
Non-Performing Assets (NPAs). NPAs, consisting of non-accrual loans, other real estate owned (OREO) and other repossessed assets, increased $28.2 million to $467.8 million at June 30, 2026 from March 31, 2026. Non-accrual loans increased $30.0 million to $462.6 million, or 0.88 percent of total loans, at June 30, 2026 as compared to $432.6 million, or 0.85 percent of total loans, at March 31, 2026. The increase was mainly attributable to three CRE loans that migrated from the 30 to 59 days past due delinquency category at March 31, 2026 to non-accrual loans during the second quarter of 2026. These three collateral dependent non-accrual CRE loans totaled $49.6 million, net of partial charge-offs of $1.3 million during the second quarter 2026, and had no related allocated reserves within our allowance for credit losses for loans at June 30, 2026.
Accruing Past Due Loans. Total accruing past due loans (i.e., loans past due 30 days or more and still accruing interest) increased $52.3 million to $180.2 million, or 0.34 percent of total loans, at June 30, 2026 as compared to $127.9 million, or 0.25 percent of total loans, at March 31, 2026.
Loans 30 to 59 days past due increased $42.6 million to $151.0 million at June 30, 2026 as compared to March 31, 2026 mainly due to a few larger CRE loans, partially offset by the migration of the aforementioned CRE loans to non-accrual loans during the second quarter 2026. Loans 60 to 89 days past due increased $4.3 million to $13.1 million at June 30, 2026 as compared to March 31, 2026 mainly due to moderate increases in the residential mortgage and C&I loan categories. Loans 90 days or more past due and still accruing interest increased $5.4 million to $16.1 million at June 30, 2026 as compared to March 31, 2026 primarily due to the second quarter 2026 migration of a $5.5 million CRE loan previously reported in the 30 to 59 days past due delinquency category at March 31, 2026. All loans 90 days or more past due and still accruing interest are well-secured and in the process of collection.
Allowance for Credit Losses for Loans and Unfunded Commitments. The following table summarizes the allocation of the allowance for credit losses to loan categories and the allocation as a percentage of each loan category at June 30, 2026, March 31, 2026, and June 30, 2025:
June 30, 2026 March 31, 2026 June 30, 2025 Allocation Allocation Allocation as a % of as a % of as a % of Allowance Loan Allowance Loan Allowance Loan Allocation Category Allocation Category Allocation Category ($ in thousands)Loan Category: Commercial and industrial loans$198,910 1.66% $186,143 1.68% $173,415 1.60%Commercial real estate loans: Commercial real estate 268,445 0.96 269,847 0.99 270,937 1.04 Construction 50,623 2.05 54,946 2.21 64,042 2.24 Total commercial real estate loans 319,068 1.05 324,793 1.09 334,979 1.16 Residential mortgage loans 48,905 0.82 51,700 0.88 48,830 0.86 Consumer loans: Home equity 4,333 0.59 4,120 0.59 3,689 0.58 Auto and other consumer 19,384 0.56 17,744 0.52 18,587 0.55 Total consumer loans 23,717 0.57 21,864 0.53 22,276 0.56 Allowance for loan losses 590,600 1.13 584,500 1.15 579,500 1.17 Allowance for unfunded credit commitments 16,320 15,300 14,520 Total allowance for credit losses for loans$606,920 $599,800 $594,020 Allowance for credit losses for loans as a % of total loans 1.16% 1.18% 1.20%
Our loan portfolio, totaling $52.5 billion at June 30, 2026, had net loan charge-offs totaling $22.0 million for the second quarter 2026 as compared to $17.5 million and $37.8 million for the first quarter 2026 and the second quarter 2025, respectively. Gross loan charge-offs totaled $27.6 million for the second quarter 2026 and were largely due to partial charge-offs of non-performing CRE and C&I loans.
The allowance for credit losses for loans, comprised of our allowance for loan losses and unfunded credit commitments, as a percentage of total loans was 1.16 percent at June 30, 2026, 1.18 percent at March 31, 2026, and 1.20 percent at June 30, 2025. For the second quarter 2026, the provision for credit losses for loans totaled $29.2 million as compared to $21.2 million and $37.8 million for the first quarter 2026 and second quarter 2025, respectively. The second quarter 2026 provision was mainly impacted by (i) higher specific reserves associated with collateral dependent loans, (ii) an increase in the economic forecast component of our reserve and (iii) strong commercial loan growth, partially offset by a decline in quantitative reserves largely within certain CRE loan categories at June 30, 2026.
Capital Adequacy
Valley's total risk-based capital, Tier 1 capital, common equity tier 1 capital, and Tier 1 leverage capital ratios were 13.77 percent, 11.37 percent, 10.71 percent and 9.49 percent, respectively, at June 30, 2026 as compared to 13.66 percent, 11.60 percent, 10.91 percent and 9.56 percent, respectively, at March 31, 2026. During the second quarter 2026, we repurchased 1.5 million shares of our common stock at an average price of $13.40 under our current stock repurchase plan.
Investor Conference Call
Valley’s CEO, Ira Robbins, will host a conference call on Thursday, July 23, 2026 at 8:30 AM (ET) to discuss Valley’s second quarter 2026 earnings and related matters. Interested parties should pre-register using this link: https://register-conf.media-server.com/register to receive the dial-in number and a personal PIN, which are required to access the conference call. The teleconference will also be webcast live: https://edge.media-server.com/ and archived on Valley’s website through Monday, August 24, 2026. Investor presentation materials will be made available prior to the conference call at www.valley.com.
About Valley
As the principal subsidiary of Valley National Bancorp (NASDAQ: VLY), Valley National Bank is a regional financial institution with over $66 billion in assets. Founded in 1927, Valley has more than 220 branch locations and commercial offices nationwide and serves clients across New Jersey, New York, Florida, Alabama, California, Illinois, Pennsylvania and Arizona. Valley delivers a full range of consumer, commercial, and wealth management solutions designed to support everything from homeownership and business growth to long-term financial planning. Big enough to support complex financial needs and small enough to stay deeply connected, Valley is grounded in a relationship-led approach focused on understanding people first. That same relationship-led approach guides Valley’s commitment to community investment and responsible corporate citizenship. To learn more, visit www.valley.com or call the Valley Customer Care Center at 800-522-4100.
Forward-Looking Statements
The foregoing contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such statements are not historical facts and include expressions about management’s confidence and strategies and management’s expectations about our business, new and existing programs and products, acquisitions, relationships, opportunities, taxation, technology, market conditions and economic expectations. These statements may be identified by forward-looking terminology such as “intend,” “should,” “expect,” “believe,” “position,” “view,” “opportunity,” “allow,” “continues,” “reflects,” “would,” “could,” “typically,” “usually,” “anticipate,” “may,” “estimate,” “outlook,” “project” or similar statements or variations of such terms. Such forward-looking statements involve certain risks and uncertainties. Actual results may differ materially from such forward-looking statements. Factors that may cause actual results to differ materially from those contemplated in these forward-looking statements include, but are not limited to:
the impact of market interest rates and monetary and fiscal policies of the U.S. federal government and its agencies in connection with prolonged inflationary pressures, which could have a material adverse effect on our clients, our business, our employees, and our ability to provide services to our customers;the impact of unfavorable macroeconomic conditions or downturns, including instability or volatility in financial markets resulting from the impact of tariffs/import fees and other trade policies and practices, any retaliatory actions, changes in energy commodity prices, related market uncertainty, or other factors; U.S. government debt default or rating downgrade; unanticipated loan delinquencies; loss of collateral; decreased service revenues; increased business disruptions or failures; reductions in employment; and other potential negative effects on our business, employees or clients caused by factors outside of our control, such as new legislation and policy changes under the current U.S. presidential administration, any shutdown of the U.S federal government, geopolitical instabilities or events, including ongoing conflicts in the Middle East, natural and other disasters, including severe weather events and other climate-related risks, health emergencies, acts of terrorism, or other external events;the impact of any potential instability within the U.S. financial sector or future bank failures, including the possibility of a run on deposits by a coordinated deposit base, and the impact of any actual or perceived concerns regarding the soundness, or creditworthiness, of other financial institutions, including any resulting disruption within the financial markets, increased expenses, including FDIC insurance assessments, or adverse impact on our stock price, deposits or our ability to borrow or raise capital;the impact of negative public opinion regarding Valley or banks in general that damages our reputation and adversely impacts business and revenues;changes in the statutes, regulations, policies, enforcement priorities, or composition of the federal bank regulatory agencies;the loss of or decrease in lower-cost funding sources within our deposit base;investigations, damage verdicts, settlements or restrictions related to existing or potential class action litigation or individual litigation arising from claims of violations of laws or regulations, contractual claims, breach of fiduciary responsibility, negligence, fraud, environmental laws, patent, trademark or other intellectual property infringement, misappropriation or other violation, employment-related claims, and other matters;a prolonged downturn and contraction in the economy, as well as any decline in commercial real estate values collateralizing a significant portion of our loan portfolio;higher or lower than expected income tax expense or tax rates, including increases or decreases resulting from changes in uncertain tax position liabilities, tax laws, regulations, and case law;the inability to grow customer deposits to keep pace with the level of loan growth;a material change in our allowance for credit losses due to forecasted economic conditions and/or unexpected credit deterioration in our loan and investment portfolios;the need to supplement debt or equity capital to maintain or exceed internal capital thresholds;changes in our business, strategy, market conditions or other factors that may negatively impact the estimated fair value of our goodwill and other intangible assets and result in future impairment charges;greater than expected technology-related costs due to, among other factors, prolonged or failed implementations, additional project staffing and obsolescence caused by continuous and rapid market innovations;increased competitive challenges and competitive pressure on pricing of our products and services;our ability to stay current with rapid technological changes and evolving legal and regulatory requirements in the financial services industry, including developments relating to the use of artificial intelligence, blockchain, and related regulatory developments, as well as our ability to effectively assess and monitor the effects of, and risks associated with, the implementation and use of such technology;cyberattacks, ransomware attacks, computer viruses, malware or other cybersecurity incidents that may breach the security of our or our third-party service providers’ websites or other systems or networks to obtain unauthorized access to personal, confidential, proprietary or sensitive information, destroy data, disable or degrade service, or sabotage our systems or networks, and the increasing sophistication of such attacks and use of targeted tactics against the financial services industry;any disruption of our systems and network, or those of our third-party service providers, resulting from events that are wholly or partially beyond our control, including, for example, electrical, telecommunications, or other major service outages, or actions by employees, which may give rise to financial loss or liability;results of examinations by the Office of the Comptroller of the Currency (OCC), the Federal Reserve Bank, the Consumer Financial Protection Bureau and other regulatory authorities, including the possibility that any such regulatory authority may, among other things, require us to increase our allowance for credit losses, write-down assets, reimburse customers, change the way we do business, or limit or eliminate certain other banking activities;application of heightened regulatory standards for certain large insured national banks, and the expenses we will incur to develop policies, programs, and systems that comply with the enhanced standards applicable to us;our inability or determination not to pay dividends at current levels, or at all, because of inadequate earnings, regulatory restrictions or limitations, changes in our capital requirements, or a decision to increase capital by retaining more earnings;unanticipated loan delinquencies, loss of collateral, decreased service revenues, and other potential negative effects on our business caused by severe weather and other climate-related risks, pandemics or other public health crises, acts of terrorism or other external events;our ability to successfully execute our business plan and strategic initiatives; andunexpected significant declines in the loan portfolio due to the lack of economic expansion, increased competition, large prepayments, risk mitigation strategies, changes in regulatory lending guidance or other factors. A detailed discussion of factors that could affect our results is included in our SEC filings, including Item 1A. "Risk Factors" of our Annual Report on Form 10-K for the year ended December 31, 2025.
We undertake no duty to update any forward-looking statement to conform the statement to actual results or changes in our expectations, except as required by law. Although we believe that the expectations reflected in the forward-looking statements are reasonable, we cannot guarantee future results, levels of activity, performance or achievements.
-Tables to Follow-
VALLEY NATIONAL BANCORP
CONSOLIDATED FINANCIAL HIGHLIGHTS
SELECTED FINANCIAL DATA
Three Months Ended Six Months Ended June 30, March 31, June 30, June 30,($ in thousands, except for share data and stock price) 2026 2026 2025 2026 2025 FINANCIAL DATA: Net interest income - FTE(1)$488,388 $472,801 $433,675 $961,189 $855,052 Net interest income 487,024 471,525 432,408 958,549 852,513 Non-interest income 73,711 68,836 62,604 142,547 120,898 Total revenue 560,735 540,361 495,012 1,101,096 973,411 Non-interest expense 311,123 309,926 284,122 621,049 560,740 Pre-provision net revenue 249,612 230,435 210,890 480,047 412,671 Provision for credit losses 29,164 21,256 37,799 50,420 100,460 Income tax expense 49,563 45,266 39,924 94,829 72,986 Net income 170,885 163,913 133,167 334,798 239,225 Dividends on preferred stock 7,316 7,217 6,948 14,533 13,903 Net income available to common shareholders$163,569 $156,696 $126,219 $320,265 $225,322 Weighted average number of common shares outstanding: Basic 553,740,562 555,777,748 560,336,610 554,753,527 559,976,939 Diluted 556,958,049 559,254,972 562,312,330 557,968,183 563,431,390 Per common share data: Basic earnings$0.30 $0.28 $0.23 $0.58 $0.40 Diluted earnings 0.29 0.28 0.22 0.57 0.40 Cash dividends declared 0.11 0.11 0.11 0.22 0.22 Closing stock price - high 14.78 13.71 9.20 14.78 10.42 Closing stock price - low 12.42 11.66 7.87 11.66 7.87 FINANCIAL RATIOS: Net interest margin 3.19% 3.16% 3.01% 3.17% 2.98%Net interest margin - FTE(1) 3.20 3.17 3.01 3.18 2.99 Annualized return on average assets 1.04 1.02 0.86 1.03 0.77 Annualized return on average shareholders' equity 8.65 8.35 7.08 8.50 6.39 NON-GAAP FINANCIAL DATA AND RATIOS:(2) Basic earnings per share, as adjusted$0.30 $0.29 $0.23 $0.59 $0.40 Diluted earnings per share, as adjusted 0.30 0.29 0.23 0.59 0.40 Annualized return on average assets, as adjusted 1.05% 1.05% 0.87% 1.05% 0.78%Annualized return on average shareholders' equity, as adjusted 8.75 8.60 7.15 8.67 6.42 Annualized return on average tangible common shareholders' equity 11.91 11.56 10.02 11.74 9.07 Annualized return on average tangible common shareholders' equity, as adjusted 12.05 11.92 10.12 11.98 9.12 Efficiency ratio 52.11 53.10 55.20 52.60 55.53 AVERAGE BALANCE SHEET ITEMS: Assets$65,584,823 $64,190,084 $62,106,945 $64,891,306 $61,806,614 Interest earning assets 61,057,362 59,718,887 57,553,624 60,391,821 57,224,486 Loans 51,884,173 50,265,383 49,032,637 51,079,250 48,844,823 Interest bearing liabilities 44,160,202 43,352,140 41,913,735 43,758,403 41,574,732 Deposits 53,174,301 52,373,174 49,907,124 52,775,949 49,525,957 Shareholders' equity 7,901,688 7,855,550 7,524,231 7,878,746 7,491,395 As ofBALANCE SHEET ITEMS:June 30, March 31, December 31, September 30, June 30,(In thousands) 2026 2026 2025 2025 2025 Assets$66,318,308 $64,466,585 $64,132,725 $63,018,614 $62,705,358 Total loans 52,467,251 50,828,820 50,136,728 49,272,823 49,391,420 Deposits 54,118,607 52,859,621 52,183,093 51,175,758 50,725,284 Shareholders' equity 7,917,144 7,828,443 7,807,698 7,695,374 7,575,421 LOANS: (In thousands) Commercial and industrial$11,961,242 $11,104,079 $10,961,519 $10,757,857 $10,870,036 Commercial real estate: Non-owner occupied 11,146,663 11,503,874 11,571,127 11,674,103 11,747,491 Multifamily 9,034,186 8,588,462 8,571,713 8,394,694 8,434,173 Owner occupied 7,692,877 7,132,254 6,629,909 6,097,319 5,789,397 Construction 2,475,109 2,485,387 2,471,233 2,517,258 2,854,859 Total commercial real estate 30,348,835 29,709,977 29,243,982 28,683,374 28,825,920 Residential mortgage 5,982,941 5,869,070 5,826,192 5,795,395 5,709,971 Consumer: Home equity 728,623 701,136 687,680 655,872 634,553 Automobile 2,150,089 2,198,102 2,184,600 2,191,976 2,178,841 Other consumer 1,295,521 1,246,456 1,232,755 1,188,349 1,172,099 Total consumer loans 4,174,233 4,145,694 4,105,035 4,036,197 3,985,493 Total loans$52,467,251 $50,828,820 $50,136,728 $49,272,823 $49,391,420 CAPITAL RATIOS: Book value per common share$13.67 $13.48 $13.39 $13.09 $12.89 Tangible book value per common share(2) 10.13 9.94 9.85 9.57 9.35 Tangible common equity to tangible assets(2) 8.71% 8.82% 8.82% 8.79% 8.63%Tier 1 leverage capital 9.49 9.56 9.63 9.52 9.49 Common equity tier 1 capital 10.71 10.91 10.99 11.00 10.85 Tier 1 risk-based capital 11.37 11.60 11.69 11.72 11.57 Total risk-based capital 13.77 13.66 13.77 13.83 13.67 Three Months Ended Six Months EndedALLOWANCE FOR CREDIT LOSSES:June 30, March 31, June 30, June 30,($ in thousands) 2026 2026 2025 2026 2025 Allowance for credit losses for loans Beginning balance - Allowance for credit losses for loans$599,800 $596,100 $594,054 $596,100 $573,328 Loans charged-off: Commercial and industrial (9,838) (2,782) (25,189) (12,620) (53,645)Commercial real estate (14,434) (13,756) (14,623) (28,190) (26,883)Construction — — — — (1,163)Residential mortgage — — (46) — (46)Total consumer (3,354) (3,263) (2,213) (6,617) (4,353)Total loans charged-off (27,626) (19,801) (42,071) (47,427) (86,090)Charged-off loans recovered: Commercial and industrial 1,669 1,398 2,789 3,067 3,599 Commercial real estate 2,790 347 188 3,137 437 Construction — — 455 — 455 Residential mortgage 41 83 37 124 205 Total consumer 1,080 429 773 1,509 1,616 Total loans recovered 5,580 2,257 4,242 7,837 6,312 Total net charge-offs (22,046) (17,544) (37,829) (39,590) (79,778)Provision for credit losses for loans 29,166 21,244 37,795 50,410 100,470 Ending balance$606,920 $599,800 $594,020 $606,920 $594,020 Components of allowance for credit losses for loans: Allowance for loan losses$590,600 $584,500 $579,500 $590,600 $579,500 Allowance for unfunded credit commitments 16,320 15,300 14,520 16,320 14,520 Allowance for credit losses for loans$606,920 $599,800 $594,020 $606,920 $594,020 Components of provision for credit losses for loans: Provision for credit losses for loans$28,146 $18,644 $39,129 $46,790 $100,428 Provision (credit) for unfunded credit commitments 1,020 2,600 (1,334) 3,620 42 Total provision for credit losses for loans$29,166 $21,244 $37,795 $50,410 $100,470 Annualized ratio of total net charge-offs to total average loans 0.17% 0.14% 0.31% 0.16% 0.33%Allowance for credit losses for loans as a % of total loans 1.16% 1.18% 1.20% 1.16% 1.20% As ofASSET QUALITY:June 30, March 31, December 31, September 30, June 30,($ in thousands) 2026 2026 2025 2025 2025 Accruing past due loans: 30 to 59 days past due: Commercial and industrial$5,083 $5,285 $11,177 $912 $10,451 Commercial real estate 106,034 69,494 72,810 26,371 42,884 Construction 1,752 — — — 35,000 Residential mortgage 22,154 20,534 21,615 23,556 21,744 Total consumer 15,974 13,112 14,420 12,728 12,878 Total 30 to 59 days past due 150,997 108,425 120,022 63,567 122,957 60 to 89 days past due: Commercial and industrial 2,748 1,015 1,274 1,061 1,095 Commercial real estate — — — 6,033 60,601 Residential mortgage 6,495 4,285 10,181 5,040 7,627 Total consumer 3,904 3,506 5,269 4,023 4,001 Total 60 to 89 days past due 13,147 8,806 16,724 16,157 73,324 90 or more days past due: Commercial and industrial 3,527 3,499 — — — Commercial real estate 5,454 — 212 — — Residential mortgage 5,223 5,894 3,300 3,911 2,062 Total consumer 1,862 1,309 1,070 1,125 859 Total 90 or more days past due 16,066 10,702 4,582 5,036 2,921 Total accruing past due loans$180,210 $127,933 $141,328 $84,760 $199,202 Non-accrual loans: Commercial and industrial$147,731 $145,804 $138,321 $92,214 $90,973 Commercial real estate 256,081 225,417 236,221 235,754 193,604 Construction 9,139 9,148 9,140 48,248 24,068 Residential mortgage 42,992 45,988 44,424 38,949 41,099 Total consumer 6,686 6,289 5,832 6,324 4,615 Total non-accrual loans 462,629 432,646 433,938 421,489 354,359 Other real estate owned (OREO) 4,126 5,161 4,531 4,783 4,783 Other repossessed assets 1,020 1,758 1,286 1,065 1,642 Total non-performing assets$467,775 $439,565 $439,755 $427,337 $360,784 Total non-accrual loans as a % of loans 0.88% 0.85% 0.87% 0.86% 0.72%Total accruing past due and non-accrual loans as a % of loans 1.23% 1.10% 1.15% 1.03% 1.12%Allowance for losses on loans as a % of non-accrual loans 127.66% 135.10% 134.44% 138.79% 163.53%
NOTES TO SELECTED FINANCIAL DATA
(1)Net interest income and net interest margin are presented on a tax equivalent basis using a 21 percent federal tax rate. Valley believes that this presentation provides comparability of net interest income and net interest margin arising from both taxable and tax-exempt sources and is consistent with industry practice and SEC rules.(2)Non-GAAP Reconciliations. This press release contains certain supplemental financial information, described in the Notes below, which has been determined by methods other than U.S. Generally Accepted Accounting Principles ("GAAP") that management uses in its analysis of Valley's performance. The Company believes that the non-GAAP financial measures provide useful supplemental information to both management and investors in understanding Valley’s underlying operational performance, business and performance trends, and may facilitate comparisons of our current and prior performance with the performance of others in the financial services industry. Management utilizes these measures for internal planning, forecasting and analysis purposes. Management believes that Valley’s presentation and discussion of this supplemental information, together with the accompanying reconciliations to the GAAP financial measures, also allows investors to view performance in a manner similar to management. These non-GAAP financial measures should not be considered in isolation or as a substitute for or superior to financial measures calculated in accordance with U.S. GAAP. These non-GAAP financial measures may also be calculated differently from similar measures disclosed by other companies. Non-GAAP Reconciliations to GAAP Financial Measures
Three Months Ended Six Months Ended June 30, March 31, June 30, June 30,($ in thousands, except for share data) 2026 2026 2025 2026 2025 Adjusted net income available to common shareholders (non-GAAP): Net income, as reported (GAAP)$170,885 $163,913 $133,167 $334,798 $239,225 Add: Restructuring charge(a) 2,513 5,689 800 8,202 800 Add: Litigation reserve(b) 230 1,262 — 1,492 — Add: Losses on available for sale and held to maturity debt securities, net(c) — 10 — 10 11 Add: Loss on extinguishment of debt — — 922 — 922 Total non-GAAP adjustments to net income 2,743 6,961 1,722 9,704 1,733 Income tax adjustments related to non-GAAP adjustments(d) (782) (1,984) (474) (2,766) (477)Net income, as adjusted (non-GAAP)$172,846 $168,890 $134,415 $341,736 $240,481 Dividends on preferred stock 7,316 7,217 6,948 14,533 13,903 Net income available to common shareholders, as adjusted (non-GAAP)$165,530 $161,673 $127,467 $327,203 $226,578 __________ (a) Represents severance expense related to workforce reductions within salary and employee benefits expense.(b) Represents the change in legal reserves and settlement charges included in professional and legal fees.(c) Included in gains (losses) on securities transactions, net.(d) Calculated using the appropriate blended statutory tax rate for the applicable period. Adjusted per common share data (non-GAAP): Net income available to common shareholders, as adjusted (non-GAAP)$165,530 $161,673 $127,467 $327,203 $226,578 Weighted average number of shares outstanding 553,740,562 555,777,748 560,336,610 554,753,527 559,976,939 Basic earnings, as adjusted (non-GAAP)$0.30 $0.29 $0.23 $0.59 $0.40 Weighted average number of diluted shares outstanding 556,958,049 559,254,972 562,312,330 557,968,183 563,431,390 Diluted earnings, as adjusted (non-GAAP)$0.30 $0.29 $0.23 $0.59 $0.40 Adjusted annualized return on average tangible common shareholder's equity (non-GAAP): Net income available to common shareholders, as adjusted (non-GAAP)$165,530 $161,673 $127,467 $327,203 $226,578 Add: Amortization of other intangible assets (net of tax), other than loan servicing rights 4,247 4,746 5,120 8,993 10,739 Net income available to common shareholders excluding intangible amortization, as adjusted (non-GAAP) 169,777 166,419 132,587 336,196 237,317 Average shareholders' equity 7,901,688 7,855,550 7,524,231 7,878,746 7,491,395 Less: Average preferred shareholders equity 354,345 354,345 354,345 354,345 354,345 Less: Average goodwill (net of deferred tax liability) 1,858,851 1,858,851 1,859,614 1,858,851 1,859,614 Less: Average intangible assets (net of deferred tax liability), other than loan servicing rights 51,387 57,080 69,367 54,218 72,748 Average tangible common shareholders' equity$5,637,105 $5,585,274 $5,240,905 $5,611,332 $5,204,688 Annualized return on average tangible common shareholders' equity, as adjusted (non-GAAP) 12.05% 11.92% 10.12% 11.98% 9.12% Non-GAAP Reconciliations to GAAP Financial Measures (Continued)
Three Months Ended Six Months Ended June 30, March 31, June 30, June 30,($ in thousands, except for share data) 2026 2026 2025 2026 2025 Adjusted annualized return on average assets (non-GAAP): Net income, as adjusted (non-GAAP)$172,846 $168,890 $134,415 $341,736 $240,481 Average assets$65,584,823 $64,190,084 $62,106,945 $64,891,306 $61,806,614 Annualized return on average assets, as adjusted (non-GAAP) 1.05% 1.05% 0.87% 1.05% 0.78%Adjusted annualized return on average shareholders' equity (non-GAAP): Net income, as adjusted (non-GAAP)$172,846 $168,890 $134,415 $341,736 $240,481 Average shareholders' equity$7,901,688 $7,855,550 $7,524,231 $7,878,746 $7,491,395 Annualized return on average shareholders' equity, as adjusted (non-GAAP) 8.75% 8.60% 7.15% 8.67% 6.42%Annualized return on average tangible common shareholders' equity (non-GAAP): Net income available to common shareholders$163,569 $156,696 $126,219 $320,265 $225,322 Add: Amortization of other intangible assets (net of tax), other than loan servicing rights 4,247 4,746 5,120 8,993 10,739 Net income available to common shareholders excluding intangible amortization (non-GAAP) 167,816 161,442 131,339 329,258 236,061 Average tangible common shareholders' equity (non-GAAP)$5,637,105 $5,585,274 $5,240,905 $5,611,332 $5,204,688 Annualized return on average tangible common shareholders' equity (non-GAAP) 11.91% 11.56% 10.02% 11.74% 9.07% Efficiency ratio (non-GAAP): Non-interest expense, as reported (GAAP)$311,123 $309,926 $284,122 $621,049 $560,740 Less: Restructuring charge (pre-tax) 2,513 5,689 800 8,202 800 Less: Amortization of tax credit investments (pre-tax) 16,157 16,014 9,134 32,171 18,454 Less: Litigation reserve (pre-tax) 230 1,262 — 1,492 — Less: Loss on extinguishment of debt (pre-tax) — — 922 — 922 Non-interest expense, as adjusted (non-GAAP)$292,223 $286,961 $273,266 $579,184 $540,564 Net interest income, as reported (GAAP) 487,024 471,525 432,408 958,549 852,513 Non-interest income, as reported (GAAP) 73,711 68,836 62,604 142,547 120,898 Add: Losses on available for sale and held to maturity securities transactions, net (pre-tax) — 10 — 10 11 Gross operating income, as adjusted (non-GAAP)$560,735 $540,371 $495,012 $1,101,106 $973,422 Efficiency ratio (non-GAAP) 52.11% 53.10% 55.20% 52.60% 55.53% As of June 30, March 31, December 31, September 30, June 30,($ in thousands, except for share data) 2026 2026 2025 2025 2025 Tangible book value per common share (non-GAAP): Common shares outstanding 553,069,100 554,316,876 556,618,021 560,784,352 560,281,821 Shareholders' equity (GAAP)$7,917,144 $7,828,443 $7,807,698 $7,695,374 $7,575,421 Less: Preferred stock 354,345 354,345 354,345 354,345 354,345 Less: Goodwill and other intangible assets 1,958,135 1,963,706 1,969,811 1,976,594 1,983,515 Tangible common shareholders' equity (non-GAAP)$5,604,664 $5,510,392 $5,483,542 $5,364,435 $5,237,561 Tangible book value per common share (non-GAAP)$10.13 $9.94 $9.85 $9.57 $9.35 Tangible common equity to tangible assets (non-GAAP): Tangible common shareholders' equity (non-GAAP)$5,604,664 $5,510,392 $5,483,542 $5,364,435 $5,237,561 Total assets (GAAP) 66,318,308 64,466,585 64,132,725 63,018,614 62,705,358 Less: Goodwill and other intangible assets 1,958,135 1,963,706 1,969,811 1,976,594 1,983,515 Tangible assets (non-GAAP)$64,360,173 $62,502,879 $62,162,914 $61,042,020 $60,721,843 Tangible common equity to tangible assets (non-GAAP) 8.71% 8.82% 8.82% 8.79% 8.63% VALLEY NATIONAL BANCORP
CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION
(in thousands, except for share data) June 30, December 31, 2026 2025 (Unaudited) Assets Cash and due from banks$388,741 $315,166 Interest bearing deposits with banks 578,148 1,268,399 Investment securities: Equity securities 88,541 82,774 Trading debt securities 26,493 — Available for sale debt securities 4,292,148 4,202,218 Held to maturity debt securities (net of allowance for credit losses of $744 at June 30, 2026 and $734 at December 31, 2025) 3,757,200 3,495,837 Total investment securities 8,164,382 7,780,829 Loans held for sale (includes fair value of $4,940 at June 30, 2026 and $8,212 at December 31, 2025 for loans originated for sale) 13,690 26,236 Loans 52,467,251 50,136,728 Less: Allowance for loan losses (590,600) (583,400)Net loans 51,876,651 49,553,328 Premises and equipment, net 316,364 330,757 Lease right of use assets 298,807 313,891 Bank owned life insurance 742,230 738,090 Accrued interest receivable 250,703 243,897 Goodwill 1,868,936 1,868,936 Other intangible assets, net 89,199 100,875 Other assets 1,730,457 1,592,321 Total Assets$66,318,308 $64,132,725 Liabilities Deposits: Non-interest bearing$12,549,527 $12,155,500 Interest bearing: Savings, NOW and money market 28,666,443 28,603,470 Time 12,902,637 11,424,123 Total deposits 54,118,607 52,183,093 Short-term borrowings 433,484 91,475 Long-term borrowings 2,607,222 2,908,579 Junior subordinated debentures issued to capital trusts 57,977 57,803 Lease liabilities 355,482 372,448 Accrued expenses and other liabilities 828,392 711,629 Total Liabilities 58,401,164 56,325,027 Shareholders’ Equity Preferred stock, no par value; 50,000,000 authorized shares: Series A (4,600,000 shares issued at June 30, 2026 and December 31, 2025) 111,590 111,590 Series B (4,000,000 shares issued at June 30, 2026 and December 31, 2025) 98,101 98,101 Series C (6,000,000 shares issued at June 30, 2026 and December 31, 2025) 144,654 144,654 Common stock (no par value, authorized 650,000,000 shares; issued 560,878,750 shares at June 30, 2026 and December 31, 2025) 196,730 196,730 Surplus 5,458,768 5,464,845 Retained earnings 2,103,922 1,912,933 Accumulated other comprehensive loss (99,617) (74,379)Treasury stock, at cost (7,809,650 common shares at June 30, 2026 and 4,260,729 common shares at December 31, 2025) (97,004) (46,776)Total Shareholders’ Equity 7,917,144 7,807,698 Total Liabilities and Shareholders’ Equity$66,318,308 $64,132,725 VALLEY NATIONAL BANCORP
CONSOLIDATED STATEMENTS OF INCOME (Unaudited)
(in thousands, except for share data)
Three Months Ended Six Months Ended June 30, March 31, June 30, June 30, 2026 2026 2025 2026 2025 Interest Income Interest and fees on loans$736,060 $708,640 $720,282 $1,444,700 $1,423,891 Interest and dividends on investment securities: Taxable 76,113 73,808 67,164 149,921 131,062 Tax-exempt 5,048 4,718 4,681 9,766 9,383 Dividends 5,771 4,800 5,528 10,571 11,192 Interest on federal funds sold and other short-term investments 6,383 10,758 7,357 17,141 14,236 Total interest income 829,375 802,724 805,012 1,632,099 1,589,764 Interest Expense Interest on deposits: Savings, NOW and money market 190,973 190,785 203,390 381,758 403,611 Time 112,693 106,678 129,324 219,371 254,393 Interest on short-term borrowings 6,047 236 1,736 6,283 4,682 Interest on long-term borrowings and junior subordinated debentures 32,638 33,500 38,154 66,138 74,565 Total interest expense 342,351 331,199 372,604 673,550 737,251 Net Interest Income 487,024 471,525 432,408 958,549 852,513 (Credit) provision for credit losses for available for sale and held to maturity securities (2) 12 4 10 (10)Provision for credit losses for loans 29,166 21,244 37,795 50,410 100,470 Net Interest Income After Provision for Credit Losses 457,860 450,269 394,609 908,129 752,053 Non-Interest Income Wealth management and trust fees 17,655 16,006 14,056 33,661 29,087 Insurance commissions 3,770 2,867 3,430 6,637 6,832 Capital markets 12,933 10,381 9,767 23,314 16,707 Service charges on deposit accounts 18,728 18,204 14,705 36,932 27,431 Gains (losses) on securities transactions, net 50 21 (1) 71 45 Fees from loan servicing 3,268 3,218 3,671 6,486 6,886 Gains on sales of loans, net 1,742 3,090 2,025 4,832 4,222 Bank owned life insurance 5,913 5,835 6,019 11,748 10,796 Other 9,652 9,214 8,932 18,866 18,892 Total non-interest income 73,711 68,836 62,604 142,547 120,898 Non-Interest Expense Salary and employee benefits expense 150,432 155,715 145,422 306,147 288,040 Net occupancy expense 27,179 27,182 25,483 54,361 51,371 Technology, furniture and equipment expense 33,247 31,878 30,667 65,125 60,563 FDIC insurance assessment 11,691 10,476 12,192 22,167 25,059 Amortization of other intangible assets 6,268 6,919 7,427 13,187 15,446 Professional and legal fees 29,533 25,142 19,970 54,675 35,640 Loss on extinguishment of debt — — 922 — 922 Amortization of tax credit investments 16,157 16,014 9,134 32,171 18,454 Other 36,616 36,600 32,905 73,216 65,245 Total non-interest expense 311,123 309,926 284,122 621,049 560,740 Income Before Income Taxes 220,448 209,179 173,091 429,627 312,211 Income tax expense 49,563 45,266 39,924 94,829 72,986 Net Income 170,885 163,913 133,167 334,798 239,225 Dividends on preferred stock 7,316 7,217 6,948 14,533 13,903 Net Income Available to Common Shareholders$163,569 $156,696 $126,219 $320,265 $225,322 VALLEY NATIONAL BANCORP
Quarterly Analysis of Average Assets, Liabilities and Shareholders' Equity and
Net Interest Income on a Tax Equivalent Basis
Three Months Ended June 30, 2026 March 31, 2026 June 30, 2025 Average Avg. Average Avg. Average Avg.($ in thousands)Balance Interest Rate Balance Interest Rate Balance Interest RateAssets Interest earning assets: Loans(1)(2)$51,884,173 $736,082 5.67% $50,265,383 $708,662 5.64% $49,032,637 $720,305 5.88%Taxable investments(3) 7,928,555 81,884 4.13 7,732,330 78,608 4.07 7,350,792 72,692 3.96 Tax-exempt investments(1)(3) 544,950 6,390 4.69 542,177 5,972 4.41 544,302 5,925 4.35 Interest bearing deposits with banks 699,684 6,383 3.65 1,178,997 10,758 3.65 625,893 7,357 4.70 Total interest earning assets 61,057,362 830,739 5.44 59,718,887 804,000 5.39 57,553,624 806,279 5.60 Other assets 4,527,461 4,471,197 4,553,321 Total assets$65,584,823 $64,190,084 $62,106,945 Liabilities and shareholders' equity Interest bearing liabilities: Savings, NOW and money market deposits$28,920,057 $190,973 2.64% $29,203,978 $190,785 2.61% $26,451,349 $203,390 3.08%Time deposits 11,881,270 112,693 3.79 11,226,874 106,678 3.80 12,119,461 129,324 4.27 Short-term borrowings 674,094 6,047 3.59 71,809 236 1.31 196,491 1,736 3.53 Long-term borrowings(4) 2,684,781 32,638 4.86 2,849,479 33,500 4.70 3,146,434 38,154 4.85 Total interest bearing liabilities 44,160,202 342,351 3.10 43,352,140 331,199 3.06 41,913,735 372,604 3.56 Non-interest bearing deposits 12,372,974 11,942,322 11,336,314 Other liabilities 1,149,959 1,040,072 1,332,665 Shareholders' equity 7,901,688 7,855,550 7,524,231 Total liabilities and shareholders' equity$65,584,823 $64,190,084 $62,106,945 Net interest income/interest rate spread(5) $488,388 2.34% $472,801 2.33% $433,675 2.04%Tax equivalent adjustment (1,364) (1,276) (1,267) Net interest income, as reported $487,024 $471,525 $432,408 Net interest margin(6) 3.19% 3.16% 3.01%Tax equivalent effect 0.01 0.01 0.00 Net interest margin on a fully tax equivalent basis(6) 3.20% 3.17% 3.01% _____________________
(1) Interest income is presented on a tax equivalent basis using a 21 percent federal tax rate.
(2) Loans are stated net of unearned income and include non-accrual loans.
(3) The yield for securities that are classified as available for sale is based on the average historical amortized cost.
(4) Includes junior subordinated debentures issued to capital trusts which are presented separately on the consolidated statements of financial condition.
(5) Interest rate spread represents the difference between the average yield on interest earning assets and the average cost of interest bearing liabilities and is presented on a fully tax equivalent basis.
(6) Net interest income as a percentage of total average interest earning assets.
INVESTOR RELATIONS
Requests for copies of reports and/or other inquiries should be directed to Andrew Jianette, Investor Relations, Valley National Bancorp, 70 Speedwell Avenue, Morristown, New Jersey, 07960 by e-mail at [email protected]. Contact: Travis Lan Senior Executive Vice President and Chief Financial Officer 973-686-5007
Matador Resources koupí Paloma Permian od EnCap Investments za zhruba 1,28 miliardy USD a získá 16 235 čistých nezastavěných akrů v okresech Eddy a Lea v Novém Mexiku. Transakce má být uzavřena ve 4. čtvrtletí letošního roku.
A drone view of a pump jack and drilling rig south of Midland, Texas, U.S. June 11, 2025. REUTERS/Eli Hartman/File Photo Purchase Licensing Rights, opens new tab
CompaniesJuly 23 (Reuters) - Matador Resources (MTDR.N), opens new tab said on Thursday it would buy privately held Paloma Permian from EnCap Investments for about $1.28 billion, adding high-quality drilling assets in the oil-rich Delaware Basin.
U.S. shale producers are prioritizing acquisitions that add premium drilling inventory over rapid production growth to maintain capital discipline, allowing them to sustain output and shareholder returns for longer.
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The deal gives Matador access to 16,235 net undeveloped acres in Eddy and Lea counties in New Mexico, along with properties producing about 11,100 barrels of oil equivalent (BOE) per day, around 57% of which is oil.
The company said the acquisition would add 55 million BOE of proved reserves and more than 156 net drilling locations, primarily in the Bone Spring and Wolfcamp formations. The transaction is expected to close in the fourth quarter.
Shares of Matador were up 1% in premarket trading.
Separately, the company also agreed to acquire primarily undeveloped acreage in the emerging Woodford play from another EnCap-backed company, Ridge Runner Resources II, though it did not disclose the purchase price.
The company said the acquisition, combined with prior land purchases, would increase its Woodford position to about 50,000 contiguous net acres and lift its total Delaware Basin acreage to roughly 240,000 net acres.
Matador also reported successful results from its Rae's Creek exploratory well in the Woodford formation, with a 24-hour test rate exceeding 2,200 BOE per day, with 72% oil.
Reporting by Sumit Saha in Bengaluru; Editing by Leroy Leo and Sriraj Kalluvila
Our Standards: The Thomson Reuters Trust Principles., opens new tab
Encompass Health zvýšila čtvrtletní dividendu o 0,02 USD a vyhlásila hotovostní dividendu ve výši 0,21 USD na akcii. Výplata je splatná 15. října 2026 pro držitele akcií k 1. říjnu 2026.
, /PRNewswire/ -- Encompass Health Corp. (NYSE: EHC) today announced that its board of directors approved an increase of $0.02 in the Company's quarterly dividend and declared a quarterly cash dividend on its common stock of $0.21 per share, payable on Oct. 15, 2026, to holders of record on Oct. 1, 2026.
About Encompass Health
Encompass Health (NYSE: EHC) is the largest owner and operator of inpatient rehabilitation hospitals in the United States. With a national footprint that includes 176 hospitals in 39 states and Puerto Rico, the Company provides high-quality, compassionate rehabilitative care for patients recovering from major injuries or illnesses, using advanced technology and innovative treatments to maximize recovery. Encompass Health is recognized by Newsweek as America's Most Awarded Leader in Inpatient Rehabilitation and is ranked among Fortune's World's Most Admired Companies™ and Forbes' America's Best Companies. It is also recognized by Becker's Healthcare and Modern Healthcare as a top healthcare employer. For more information, visit encompasshealth.com and follow us on our newsroom, X, Instagram and Facebook.
Forward-looking statements
Statements contained in this press release which are not historical facts, such as the timing and amounts of dividends, are forward-looking within the meaning of the Private Securities Litigation Reform Act of 1995. In addition, Encompass Health, through its senior management, may from time to time make forward-looking public statements concerning the matters described herein. All such estimates, projections, and forward-looking statements speak only as of the date hereof, and Encompass Health undertakes no duty to publicly update or revise such forward-looking statements, whether as a result of new information, future events, or otherwise. Such forward-looking statements are necessarily estimates based upon current information and involve a number of risks and uncertainties. Actual events or results may differ materially from those anticipated in these forward-looking statements as a result of a variety of factors. While it is impossible to identify all such factors, factors which could cause actual events or results to differ materially from those estimated by Encompass Health include, but are not limited to, a decision by the board of directors to change the dividend rate in the future; the legal, regulatory and administrative developments that occur at the federal, state and local levels; general conditions in the economy and capital markets, including any instability or uncertainty related to armed conflict or an act of terrorism, governmental impasse over approval of the United States federal budget, an increase in the debt ceiling, or an international sovereign debt crisis; Encompass Health's ability to comply with extensive, complex, and ever-changing regulations in the healthcare industry; potential disruptions, breaches, or other incidents affecting the proper operation, availability, or security of Encompass Health's information systems, including unauthorized access to or theft of patient, business associate, or other sensitive information; changes, delays in (including in connection with resolution of Medicare payment reviews or appeals), or suspension of reimbursement for Encompass Health's services by governmental or private payors; and other factors which may be identified from time to time in Encompass Health's SEC filings and other public announcements, including Encompass Health's Form 10‑K for the year ended December 31, 2025, and Form 10-Q for the quarter ended Mar. 31, 2026.
Media contact:
Polly Manuel | 205-970-5912
[email protected]
Investor relations contact:
Mark Miller | 205-970-5860
[email protected]
Deckers Outdoor Corporation (NYSE:DECK) will release its first quarter earnings report after the closing bell on Thursday, July 23.
Analysts expect the Goleta, California-based company to report quarterly earnings of 87 cents per share, down from 93 cents per share in the year-ago period. The consensus estimate for Deckers Outdoor’s quarterly revenue is $1.02 billion. It reported $964.54 million last year, according to Benzinga Pro.
On May 21, Deckers Outdoor reported better-than-expected fourth-quarter financial results and issued FY27 guidance above estimates.
Deckers Outdoor shares fell 0.8% to close at $102.47 on Wednesday.
Benzinga readers can access the latest analyst ratings on the Analyst Stock Ratings page. Readers can sort by stock ticker, company name, analyst firm, rating change or other variables.
Let’s have a look at how Benzinga’s most-accurate analysts have rated the company in the recent period.
Considering buying DECK stock? Here’s what analysts think:
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Výzkum Dune objednaný 1inch ukázal, že 85 % koncentrované likvidity na DEXech je nevyužité; asi 542 milionů USD týdně zůstává úplně mimo cenové rozpětí. LP tak podle odhadu přicházejí o 185 milionů až 195 milionů USD na poplatcích ročně.
New data reveals: in DeFi, over $500 mln, or nearly one third of tracked liquidity, sits fully idle.
Does DeFi have enough liquidity? Yes. Is that liquidity working efficiently? No.
Recent research by on-chain analytics platform Dune (commissioned by 1inch) suggests that 85% of concentrated liquidity on decentralized exchanges is underutilized at any given time. That’s about $1.6 bln of the $1.84 bln tracked.
And around $542 mln of that sits fully idle and out of range in an average week.
This is a structural problem for DeFi. Liquidity pools have helped decentralized markets grow, but as tokenized assets and institutional capital move on-chain, the industry needs a more efficient mechanism.
How the research was conductedDune analyzed four major concentrated-liquidity venues:
Uniswap v3Uniswap v4PancakeSwap v3Aerodrome SlipstreamThe research covered seven networks: Ethereum, Base, Arbitrum, BNB Chain, Unichain, Polygon and Optimism.
Dune took weekly snapshots between January 6 and June 30, 2026. For each venue, researchers selected approximately 200 of the largest pools by trailing 30-day trading volume and kept that group fixed across the 26-week period.
This produced a panel of between 559 and 776 pools, with approximately $1.84 bln in average tracked capital.
Researchers also analyzed three constant-product venues - Uniswap v2, PancakeSwap v2 and Aerodrome’s basic pools - using the same methodology. These pools served as a baseline for assessing concentrated liquidity.
The scale of underutilized liquidityConcentrated liquidity lets liquidity providers choose specific price ranges in which their capital is available for trades.
The model can improve capital efficiency when the market price stays inside the selected range. But once the price moves outside that range, the position stops supporting trades and earning fees.
Across the 26 weeks covered by the research, an average of 29.5% of concentrated-liquidity capital was fully out of range.
The idle share generally remained between 25% and 35%, briefly rising to almost 41% in early February.
The cost to liquidity providers is significant. Dune estimates that out-of-range LPs forgo between $185 mln and $195 mln in fees annually.
The estimate was calculated by applying the blended in-range fee APR of approximately 40% over the period to the out-of-range TVL. The calculation used the fee tiers of Uniswap and PancakeSwap pools and bounded estimates for Aerodrome’s dynamic fees.
“Due to structural inefficiencies in DeFi, liquidity providers are leaving billions of dollars in underutilized capital and millions of dollars in fees on the table. If the industry is serious about bringing TradFi’s trillions on-chain, solving this needs to be priority number one,” said Sergej Kunz, 1inch co-founder. “Shared liquidity models and the advent of AI have the potential to create a far more efficient future for liquidity providers. That's why 1inch is set to launch Aqua, so LPs can maximize their capital and earn more from every dollar.”
"Decentralized exchanges have grown into one of the deepest, most liquid markets in crypto, and it is now competing with centralized exchanges and traditional trading venues,” added Filippo Armani, Research Lead at Dune. “What our research shows is that it has reached this scale even though much of its liquidity is not yet fully at work. It is easy to imagine what these venues will do as efficiency improves and institutional capital keeps arriving. Getting there depends on measuring liquidity precisely across every venue and chain, possibly real time, which is exactly the kind of on-chain visibility Dune has been building.”
Larger positions hold most idle capital
The research found that smaller positions were more likely to be out of range. Around 54% of positions worth less than $1,000 were idle, compared with approximately 26% of positions worth more than $1 mln.
But the largest positions still accounted for most of the idle capital.
Positions above $1 mln held approximately 47% of all idle liquidity, equivalent to roughly $260 mln. Positions worth more than $100,000 accounted for around 76%.
This suggests that underutilization is not limited to inexperienced or small-scale liquidity providers. Large, well-funded positions also drift outside their chosen ranges and stop earning fees.
Price direction matters more than volatilityThe research also examined why concentrated-liquidity positions move out of range.
The strongest factor was not volatility itself, but how far the market price moved in one direction over the week.
A highly volatile market can rise and fall before returning close to its starting point, leaving many positions in range. By contrast, a relatively calm but consistent price move can push large amounts of liquidity outside their selected ranges.
In other words, distance strands liquidity more reliably than short-term market turbulence.
No concentrated-liquidity design avoids the problemThe findings did not identify one protocol that consistently performed better across all markets.
When researchers compared the same trading pairs across different venues, the ranking changed from pair to pair. No single DEX was reliably more or less idle than the others.
Uniswap v4, despite being a newer architecture, recorded an idle share of around 30%, broadly in line with Uniswap v3.
Stablecoin pools also averaged around 30% idle liquidity.
Although stablecoins are designed to remain close in price, LPs often choose extremely narrow ranges only a few basis points wide. Even a small movement away from the peg can therefore push liquidity out of range.
Individually managed liquidity is more likely to sit idleMost out-of-range capital was held in individual wallets. On Uniswap v3, individually owned positions accounted for approximately 82% to 94% of idle capital across the networks where ownership could be attributed.
Capital managed by contracts, including active liquidity managers and market-making systems, stayed in range more consistently.
Incentives also helped. Aerodrome’s staked liquidity recorded the lowest idle rate in the study, at approximately 16%, because rewards are directed toward in-range capital.
However, incentives reduced the problem rather than eliminating it.
DeFi needs more efficient liquidityDeFi needs liquidity that remains available across changing market conditions. It needs models that reduce fragmentation, improve capital utilization and give LPs more opportunities to earn fees from the assets they already hold.
The next stage of DeFi will not be measured only by how much liquidity is deposited. It will be measured by how much of that liquidity is actually working.
Access liquidity across DeFi in the 1inch dApp.
Disclaimer: This report was commissioned by 1inch and prepared independently by Dune. The methodology, data collection, and analysis are Dune's own, and the findings represent Dune's independent conclusions. References to third-party protocols, including Uniswap, PancakeSwap, and Aerodrome, are made solely for research and informational purposes and do not imply any affiliation or endorsement. This report does not constitute financial advice.
ABN Amro Investment Solutions ve 1. čtvrtletí koupila novou pozici v TE Connectivity za zhruba 5,94 mil. USD. Firma zároveň oznámila EPS 2,94 USD a výnosy 5,16 mld. USD, obojí nad odhady.
ABN Amro Investment Solutions bought a new position in TE Connectivity Ltd. (NYSE:TEL – Free Report) during the first quarter, according to its most recent 13F filing with the SEC. The fund bought 28,404 shares of the electronics maker’s stock, valued at approximately $5,937,000.
Other hedge funds have also recently made changes to their positions in the company. Brighton Jones LLC bought a new stake in shares of TE Connectivity in the 4th quarter valued at approximately $820,000. Sivia Capital Partners LLC increased its position in shares of TE Connectivity by 66.7% during the 2nd quarter. Sivia Capital Partners LLC now owns 2,517 shares of the electronics maker’s stock valued at $425,000 after purchasing an additional 1,007 shares during the last quarter. Walleye Capital LLC raised its holdings in TE Connectivity by 14.6% during the 2nd quarter. Walleye Capital LLC now owns 2,688 shares of the electronics maker’s stock valued at $453,000 after buying an additional 343 shares during the period. Squarepoint Ops LLC raised its holdings in TE Connectivity by 1,214.0% during the 2nd quarter. Squarepoint Ops LLC now owns 105,267 shares of the electronics maker’s stock valued at $17,755,000 after buying an additional 97,256 shares during the period. Finally, Ieq Capital LLC lifted its position in TE Connectivity by 75.0% in the second quarter. Ieq Capital LLC now owns 23,284 shares of the electronics maker’s stock worth $3,927,000 after buying an additional 9,980 shares during the last quarter. 91.43% of the stock is currently owned by hedge funds and other institutional investors.
TE Connectivity Price Performance Shares of TEL stock opened at $200.16 on Thursday. The company has a market capitalization of $58.43 billion, a P/E ratio of 20.45, a P/E/G ratio of 1.47 and a beta of 1.17. The company’s 50-day simple moving average is $205.57 and its two-hundred day simple moving average is $215.33. TE Connectivity Ltd. has a one year low of $187.00 and a one year high of $252.56. The company has a debt-to-equity ratio of 0.42, a current ratio of 1.89 and a quick ratio of 1.20.
TE Connectivity (NYSE:TEL – Get Free Report) last posted its quarterly earnings results on Wednesday, July 22nd. The electronics maker reported $2.94 earnings per share for the quarter, beating the consensus estimate of $2.85 by $0.09. The firm had revenue of $5.16 billion during the quarter, compared to the consensus estimate of $5.01 billion. TE Connectivity had a net margin of 15.54% and a return on equity of 23.56%. The company’s revenue was up 13.8% on a year-over-year basis. During the same quarter in the previous year, the firm posted $2.27 earnings per share. TE Connectivity has set its Q4 2026 guidance at 3.050-3.050 EPS. As a group, equities analysts anticipate that TE Connectivity Ltd. will post 11.31 EPS for the current year.
TE Connectivity Announces Dividend The company also recently announced a quarterly dividend, which will be paid on Friday, September 11th. Shareholders of record on Friday, August 21st will be issued a $0.78 dividend. This represents a $3.12 annualized dividend and a dividend yield of 1.6%. The ex-dividend date is Friday, August 21st. TE Connectivity’s dividend payout ratio is currently 31.87%.
Insider Activity In other news, insider Shadrak W. Kroeger sold 9,400 shares of the stock in a transaction on Monday, June 1st. The stock was sold at an average price of $215.00, for a total transaction of $2,021,000.00. Following the transaction, the insider owned 25,976 shares of the company’s stock, valued at approximately $5,584,840. This represents a 26.57% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders own 0.60% of the company’s stock.
Trending Headlines about TE Connectivity Here are the key news stories impacting TE Connectivity this week:
Positive Sentiment: TE Connectivity posted Q3 EPS of $2.94, topping estimates, with revenue up 13.8% year over year and record sales of $5.16 billion, showing solid demand across its businesses. PRNewswire earnings release Positive Sentiment: The company issued fourth-quarter guidance above consensus, calling for EPS of $3.05 and revenue of about $5.3 billion, signaling continued momentum into the next quarter. Reuters outlook article Positive Sentiment: Management pointed to strong AI-related and industrial demand as key drivers, suggesting the company is benefiting from secular growth trends rather than a one-quarter rebound. TipRanks earnings call summary Neutral Sentiment: Investors also noted unusual call-option activity ahead of the results, which may reflect rising speculation around the earnings release rather than a fundamental change. U.S. News stock page Analysts Set New Price Targets A number of research firms have weighed in on TEL. Truist Financial cut their price objective on shares of TE Connectivity from $244.00 to $240.00 and set a “hold” rating on the stock in a research report on Thursday, April 23rd. Wells Fargo & Company raised their target price on shares of TE Connectivity from $226.00 to $230.00 and gave the stock an “equal weight” rating in a report on Thursday, June 25th. HSBC cut shares of TE Connectivity from a “buy” rating to a “hold” rating and set a $234.00 price target for the company. in a research note on Thursday, April 23rd. Jefferies Financial Group upgraded shares of TE Connectivity from a “hold” rating to a “strong-buy” rating in a report on Wednesday, April 15th. Finally, Barclays increased their price objective on shares of TE Connectivity from $297.00 to $300.00 and gave the stock an “overweight” rating in a research report on Monday, June 15th. One investment analyst has rated the stock with a Strong Buy rating, eight have assigned a Buy rating and seven have given a Hold rating to the company’s stock. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and an average target price of $255.31.
Check Out Our Latest Stock Analysis on TE Connectivity
About TE Connectivity (Free Report)
TE Connectivity (NYSE: TEL) is a global industrial technology company that designs and manufactures connectivity and sensor solutions used to enable the flow of power and data in a wide range of applications. Its product portfolio includes electrical connectors, cable and wire harness assemblies, sensors, relays and switches, fiber-optic and coaxial interconnects, and other passive and active components that provide mechanical and electrical connections in complex systems.
The company’s products and engineered solutions serve diverse end markets such as automotive and transportation, industrial equipment, data communications and networks, aerospace and defense, medical devices, and energy.
Recommended Stories Five stocks we like better than TE Connectivity Could Truth API Become Trump Media’s First Meaningful Revenue Driver? Small Caps Are Crushing the S&P 500—3 Stocks Still Worth Buying Moog Is More Than a Missile Maker, and Wall Street Is Noticing A Boring Dividend Growth Strategy Becomes a Solid Defensive Play Want to see what other hedge funds are holding TEL? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for TE Connectivity Ltd. (NYSE:TEL – Free Report).
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Quest Diagnostics ve 2. čtvrtletí zvýšil tržby o 10,2 % na 3,04 miliardy USD a upravený EPS o 19,1 % na 3,12 USD. Firma zároveň zvedla celoroční výhled tržeb a EPS pro rok 2026.
Second quarter revenues of $3.04 billion, up 10.2% from 2025, with 10.0% organic revenue growth Second quarter reported diluted earnings per share ("EPS") of $2.84, up 15.0% from 2025; and adjusted diluted EPS of $3.12, up 19.1% from 2025 Full year 2026 revenues now expected to be between $11.95 billion and $12.05 billion Full year 2026 reported diluted EPS now expected to be between $9.97 and $10.17; and adjusted diluted EPS expected to be between $11.05 and $11.25 , /PRNewswire/ -- Quest Diagnostics Incorporated (NYSE: DGX), a leading provider of diagnostic information services, today announced financial results for the second quarter ended June 30, 2026.
"Our robust top- and bottom-line growth in the second quarter demonstrates focused execution of our strategy to connect people and providers to innovative testing and actionable insights that illuminate paths for better health," said Jim Davis, Chairman, CEO and President. "Revenues increased by over 10%, almost all from organic revenue growth across our physician, hospital and consumer channels, and adjusted diluted EPS grew over 19%. With strong growth and sustained demand for our diagnostic insights, we are again raising our full year guidance."
Recent Highlights:
Serving Customers and Delivering Innovations
Continued to advance our Co-Lab Solutions implementation and joint venture laboratory with Corewell Health in Michigan and developed new capabilities in kidney care through our collaboration with Fresenius Medical Care in the United States. Generated robust revenue growth through questhealth.com and our consumer, wearable and wellness partners. Grew revenues by double-digits in several areas of Advanced Diagnostics, including Quest AD-Detect® blood tests for Alzheimer's disease and advanced cardiometabolic and endocrine tests, including liver fibrosis testing. Granted New York State approval for our Haystack MRD® test and became the largest reference lab to utilize Flatiron Health's OncoEMR® Molecular Profiling Integration (MPI) platform for select cancer tests, including Haystack MRD, starting with a pilot with American Oncology Network (AON). Driving Operational Excellence
In the lab, extended automation solutions to improve quality and productivity in cervical cancer screening and front-end specimen processing to additional labs. Outside the lab, launched IntelliDraw™ to guide clinical staff of our physician customers through specimen collection, to enhance quality and the service experience.
Three Months Ended June 30,
Six Months Ended June 30,
2026
2025
Change
2026
2025
Change
(dollars in millions, except per share data)
Reported:
Net revenues
$ 3,043
$ 2,761
10.2 %
$ 5,938
$ 5,413
9.7 %
Diagnostic Information Services
revenues
$ 2,978
$ 2,699
10.3 %
$ 5,810
$ 5,288
9.9 %
Revenue per requisition
(2.8) %
(2.1) %
Requisition volume
13.1 %
12.0 %
Organic requisition volume
13.0 %
11.9 %
Operating income (a)
$ 459
$ 438
4.6 %
$ 858
$ 784
9.4 %
Operating income as a percentage of net
revenues (a)
15.1 %
15.9 %
(0.8) %
14.4 %
14.5 %
(0.1) %
Net income attributable to Quest
Diagnostics (a)
$ 320
$ 282
13.4 %
$ 572
$ 502
13.9 %
Diluted EPS (a)
$ 2.84
$ 2.47
15.0 %
$ 5.08
$ 4.41
15.2 %
Cash provided by operations
$ 597
$ 544
9.7 %
$ 875
$ 858
1.9 %
Capital expenditures
$ 138
$ 108
27.0 %
$ 252
$ 225
12.1 %
Adjusted (a):
Operating income
$ 502
$ 466
7.8 %
$ 949
$ 872
8.8 %
Operating income as a percentage of net
revenues
16.5 %
16.9 %
(0.4) %
16.0 %
16.1 %
(0.1) %
Net income attributable to Quest
Diagnostics
$ 350
$ 298
17.3 %
$ 631
$ 549
14.9 %
Diluted EPS
$ 3.12
$ 2.62
19.1 %
$ 5.62
$ 4.83
16.4 %
(a)
For further details impacting the year-over-year comparisons related to operating income, operating income as a percentage of net revenues, net income attributable to Quest Diagnostics, and diluted EPS, see note 2 of the financial tables attached below.
Updated Guidance for Full Year 2026
The company updates its full year 2026 guidance as follows:
Updated Guidance
Prior Guidance
Low
High
Low
High
Net revenues
$11.95 billion
$12.05 billion
$11.78 billion
$11.90 billion
Net revenues increase
8.3 %
9.2 %
6.8 %
7.8 %
Reported diluted EPS
$9.97
$10.17
$9.58
$9.78
Adjusted diluted EPS
$11.05
$11.25
$10.63
$10.83
Cash provided by operations
Approximately $1.80 billion
Approximately $1.75 billion
Capital expenditures
Approximately $550 million
Approximately $550 million
Based on the favorable resolution of various tax contingencies in the second quarter, the full year adjusted effective tax rate is expected to be consistent with 2025.
Note on Non-GAAP Financial Measures
As used in this press release the term "reported" refers to measures under accounting principles generally accepted in the United States ("GAAP"). The term "adjusted" refers to non-GAAP operating performance measures that exclude special items such as restructuring and integration charges, amortization expense, excess tax benefits ("ETB") associated with stock-based compensation, gains and losses associated with changes in the carrying value of our strategic investments and other items.
Non-GAAP adjusted measures are presented because management believes those measures are useful adjuncts to GAAP results. Non-GAAP adjusted measures should not be considered as an alternative to the corresponding measures determined under GAAP. Management may use these non-GAAP measures to evaluate our performance period over period and relative to competitors, to analyze the underlying trends in our business, to establish operational budgets and forecasts and for incentive compensation purposes. We believe that these non-GAAP measures are useful to investors and analysts to evaluate our performance period over period and relative to competitors, as well as to analyze the underlying trends in our business and to assess our performance. The additional tables attached below include reconciliations of non-GAAP adjusted measures to GAAP measures.
Conference Call Information
Quest Diagnostics will hold its quarterly conference call to discuss financial results beginning at 8:30 a.m. Eastern Time today. The conference call can be accessed by dialing 888-455-0391 within the U.S. and Canada, or 773-756-0467 internationally, passcode: 7895081; or via live webcast on our website at www.QuestDiagnostics.com/investor. We suggest participants dial in approximately 10 minutes before the call.
A replay of the call may be accessed online at www.QuestDiagnostics.com/investor or, from approximately 10:30 a.m. Eastern Time on July 23, 2026 until midnight Eastern Time on August 6, 2026, by phone at 866-388-5361 for domestic callers or 203-369-0416 for international callers. Anyone listening to the call is encouraged to read our periodic reports, on file with the Securities and Exchange Commission, including the discussion of risk factors and historical results of operations and financial condition in those reports.
About Quest Diagnostics
Quest Diagnostics works across healthcare to create a healthier world, one life at a time. We help connect people, from clinicians to consumers, with laboratory insights that illuminate a path to better health. With a focus on delivering smarter, simpler testing, our insights reveal new avenues to identify and treat disease, inspire healthy behaviors and improve healthcare management. Quest Diagnostics serves half the physicians and hospitals in the United States and one in three adult Americans each year, and our nearly 60,000 employees work together to deliver diagnostic insights that inspire actions to transform lives. www.QuestDiagnostics.com.
Forward Looking Statements
The statements in this press release which are not historical facts may be forward-looking statements. Readers are cautioned not to place undue reliance on forward-looking statements, which speak only as of the date that they are made and which reflect management's current estimates, projections, expectations or beliefs and which involve risks and uncertainties that could cause actual results and outcomes to be materially different. Risks and uncertainties that may affect the future results of the company include, but are not limited to, uncertain and volatile economic conditions, adverse results from pending or future government investigations, lawsuits or private actions, the competitive environment, the complexity of billing, reimbursement and revenue recognition for clinical laboratory testing, changes in government policies, including related to trade, and regulations, changing relationships with customers, payers, suppliers or strategic partners, acquisitions and other factors discussed in the company's most recently filed Annual Report on Form 10-K and in any of the company's subsequently filed Quarterly Reports on Form 10-Q and Current Reports on Form 8-K, including those discussed in the "Business," "Risk Factors," "Cautionary Factors that May Affect Future Results" and "Management's Discussion and Analysis of Financial Condition and Results of Operations" sections of those reports.
This earnings release, including the attached financial tables, is available online in the Newsroom section at www.QuestDiagnostics.com.
ADDITIONAL TABLES FOLLOW
Quest Diagnostics Incorporated and Subsidiaries
Consolidated Statements of Operations
For the Three and Six Months Ended June 30, 2026 and 2025
(in millions, except per share data)
(unaudited)
Three Months Ended
June 30,
Six Months Ended
June 30,
2026
2025
2026
2025
Net revenues
$ 3,043
$ 2,761
$ 5,938
$ 5,413
Operating costs and expenses and other operating income:
Cost of services
2,016
1,818
3,969
3,607
Selling, general and administrative
529
486
1,033
962
Amortization of intangible assets
38
39
75
78
Other operating expense (income), net
1
(20)
3
(18)
Total operating costs and expenses, net
2,584
2,323
5,080
4,629
Operating income
459
438
858
784
Other income (expense):
Interest expense, net
(63)
(67)
(126)
(134)
Other income, net
16
13
14
10
Total non-operating expense, net
(47)
(54)
(112)
(124)
Income before income taxes and equity in earnings of equity method
investees
412
384
746
660
Income tax expense
(88)
(97)
(162)
(156)
Equity in earnings of equity method investees, net of taxes
10
9
14
27
Net income
334
296
598
531
Less: Net income attributable to noncontrolling interests
14
14
26
29
Net income attributable to Quest Diagnostics
$ 320
$ 282
$ 572
$ 502
Earnings per share attributable to Quest Diagnostics' common
stockholders:
Basic
$ 2.88
$ 2.51
$ 5.15
$ 4.48
Diluted
$ 2.84
$ 2.47
$ 5.08
$ 4.41
Weighted average common shares outstanding:
Basic
111
112
110
112
Diluted
112
113
112
113
Quest Diagnostics Incorporated and Subsidiaries
Consolidated Balance Sheets
June 30, 2026 and December 31, 2025
(in millions, except per share data)
(unaudited)
June 30,
2026
December 31,
2025
Assets
Current assets:
Cash and cash equivalents
$ 626
$ 420
Accounts receivable, net
1,666
1,408
Inventories
233
189
Prepaid expenses and other current assets
319
361
Total current assets
2,844
2,378
Property, plant and equipment, net
2,219
2,203
Operating lease right-of-use assets
678
657
Goodwill
9,112
8,945
Intangible assets, net
1,672
1,636
Investments in equity method investees
137
136
Other assets
277
270
Total assets
$ 16,939
$ 16,225
Liabilities and Stockholders' Equity
Current liabilities:
Accounts payable and accrued expenses
$ 1,598
$ 1,600
Current portion of long-term debt
10
504
Current portion of long-term operating lease liabilities
180
174
Total current liabilities
1,788
2,278
Long-term debt
5,632
5,167
Long-term operating lease liabilities
561
537
Other liabilities
1,059
957
Redeemable noncontrolling interest
80
80
Stockholders' equity:
Quest Diagnostics stockholders' equity:
Common stock, par value $0.01 per share; 600 shares authorized as of both June 30, 2026 and
December 31, 2025; 162 shares issued as of both June 30, 2026 and December 31, 2025
2
2
Additional paid-in capital
2,374
2,381
Retained earnings
10,374
9,994
Accumulated other comprehensive loss
(62)
(27)
Treasury stock, at cost; 52 shares as of both June 30, 2026 and December 31, 2025
(5,172)
(5,180)
Total Quest Diagnostics stockholders' equity
7,516
7,170
Noncontrolling interests
303
36
Total stockholders' equity
7,819
7,206
Total liabilities and stockholders' equity
$ 16,939
$ 16,225
Quest Diagnostics Incorporated and Subsidiaries
Consolidated Statements of Cash Flows
For the Six Months Ended June 30, 2026 and 2025
(in millions)
(unaudited)
Six Months Ended June 30,
2026
2025
Cash flows from operating activities:
Net income
$ 598
$ 531
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization
293
283
Provision for credit losses
3
2
Deferred income tax expense
46
8
Stock-based compensation expense
43
43
Other, net
14
26
Changes in operating assets and liabilities:
Accounts receivable
(259)
(115)
Accounts payable and accrued expenses
130
(11)
Income taxes payable
4
9
Other assets and liabilities, net
3
82
Net cash provided by operating activities
875
858
Cash flows from investing activities:
Business acquisitions, net of cash acquired
(38)
(17)
Capital expenditures
(252)
(225)
Other investing activities, net
4
3
Net cash used in investing activities
(286)
(239)
Cash flows from financing activities:
Proceeds from borrowings
494
400
Repayments of debt
(501)
(1,001)
Purchases of treasury stock
(102)
—
Exercise of stock options
81
42
Employee payroll tax withholdings on stock issued under stock-based compensation plans
(38)
(42)
Dividends paid
(184)
(174)
Distributions to noncontrolling interest partners
(22)
(29)
Other financing activities, net
(109)
(50)
Net cash used in financing activities
(381)
(854)
Effect of exchange rate changes on cash and cash equivalents and restricted cash
(2)
5
Net change in cash and cash equivalents and restricted cash
206
(230)
Cash and cash equivalents and restricted cash, beginning of period
420
549
Cash and cash equivalents and restricted cash, end of period
$ 626
$ 319
Cash paid during the period for:
Interest
$ 129
$ 145
Income taxes
$ 104
$ 110
Notes to Financial Tables
1) The computation of basic and diluted earnings per common share is as follows:
Three Months Ended
June 30,
Six Months Ended
June 30,
2026
2025
2026
2025
(in millions, except per share data)
Amounts attributable to Quest Diagnostics' common stockholders:
Net income attributable to Quest Diagnostics
$ 320
$ 282
$ 572
$ 502
Less: earnings allocated to participating securities
1
1
2
2
Earnings available to Quest Diagnostics' common stockholders - basic and
diluted
$ 319
$ 281
$ 570
$ 500
Weighted average common shares outstanding - basic
111
112
110
112
Effect of dilutive securities:
Stock options and performance share units
1
1
2
1
Weighted average common shares outstanding - diluted
112
113
112
113
Earnings per share attributable to Quest Diagnostics' common
stockholders:
Basic
$ 2.88
$ 2.51
$ 5.15
$ 4.48
Diluted
$ 2.84
$ 2.47
$ 5.08
$ 4.41
2) The following tables reconcile reported GAAP results to non-GAAP adjusted results:
Three Months Ended June 30, 2026
(dollars in millions, except per share data)
Operating
income
Operating
income as a
percentage of
net revenues
Income tax
expense (e)
Equity in
earnings of
equity method
investees, net
of taxes
Net income
attributable to
Quest
Diagnostics
Diluted EPS
As reported
$ 459
15.1 %
$ (88)
$ 10
$ 320
$ 2.84
Restructuring and
integration charges (a)
4
0.2
(1)
—
3
0.04
Other charges (b)
1
—
1
—
2
0.02
Gains and losses on
investments (c)
—
—
—
(1)
(1)
(0.01)
Amortization expense
38
1.2
(10)
—
28
0.25
ETB
—
—
(2)
—
(2)
(0.02)
As adjusted
$ 502
16.5 %
$ (100)
$ 9
$ 350
$ 3.12
Six Months Ended June 30, 2026
(dollars in millions, except per share data)
Operating
income
Operating
income as a
percentage of
net revenues
Income tax
expense (e)
Equity in
earnings of
equity method
investees, net
of taxes
Net income
attributable to
Quest
Diagnostics
Diluted EPS
As reported
$ 858
14.4 %
$ (162)
$ 14
$ 572
$ 5.08
Restructuring and
integration charges (a)
11
0.2
(3)
—
8
0.08
Other charges (b)
5
0.1
—
—
5
0.05
Gains and losses on
investments (c)
—
—
(2)
6
4
0.04
Amortization expense
75
1.3
(19)
—
56
0.50
ETB
—
—
(14)
—
(14)
(0.13)
As adjusted
$ 949
16.0 %
$ (200)
$ 20
$ 631
$ 5.62
Three Months Ended June 30, 2025
(dollars in millions, except per share data)
Operating
income
Operating
income as a
percentage of
net revenues
Income tax
expense (e)
Equity in
earnings of
equity method
investees, net
of taxes
Net income
attributable to
Quest
Diagnostics
Diluted EPS
As reported
$ 438
15.9 %
$ (97)
$ 9
$ 282
$ 2.47
Restructuring and
integration charges (a)
7
0.3
(2)
—
5
0.04
Other charges (b)
28
1.0
(6)
—
22
0.19
Gains and losses on
investments (c)
—
—
1
(1)
(2)
(0.01)
Other gains (d)
(46)
(1.7)
12
—
(34)
(0.30)
Amortization expense
39
1.4
(11)
—
28
0.25
ETB
—
—
(3)
—
(3)
(0.02)
As adjusted
$ 466
16.9 %
$ (106)
$ 8
$ 298
$ 2.62
Six Months Ended June 30, 2025
(dollars in millions, except per share data)
Operating
income
Operating
income as a
percentage of
net revenues
Income tax
expense (e)
Equity in
earnings of
equity method
investees, net
of taxes
Net income
attributable to
Quest
Diagnostics
Diluted EPS
As reported
$ 784
14.5 %
$ (156)
$ 27
$ 502
$ 4.41
Restructuring and
integration charges (a)
26
0.5
(7)
—
19
0.17
Other charges (b)
30
0.6
(6)
—
24
0.21
Gains and losses on
investments (c)
—
—
1
(1)
(2)
(0.01)
Other gains (d)
(46)
(0.9)
14
(8)
(40)
(0.36)
Amortization expense
78
1.4
(20)
—
58
0.51
ETB
—
—
(12)
—
(12)
(0.10)
As adjusted
$ 872
16.1 %
$ (186)
$ 18
$ 549
$ 4.83
(a)
For each of the three and six months ended June 30, 2026 and 2025, the pre-tax impact represents costs primarily associated with workforce reductions and integration costs incurred in connection with further restructuring and integrating our business. The following table summarizes the pre-tax impact of restructuring and integration charges on our consolidated statements of operations:
Three Months Ended
June 30,
Six Months Ended
June 30,
2026
2025
2026
2025
(dollars in millions)
Cost of services
$ 1
$ 1
$ 2
$ 7
Selling, general and administrative
3
6
9
19
Operating income
$ 4
$ 7
$ 11
$ 26
(b)
The three and six months ended June 30, 2026 and 2025 include losses associated with the change in the fair value of the contingent consideration accrual associated with previous acquisitions, recorded in other operating expense (income), net. Additionally, for both the three and six months ended June 30, 2025, the pre-tax impact primarily represents a $24 million impairment charge on certain long-lived assets related to the exit of a business, recorded in other operating expense (income), net.
(c)
For all periods presented, the pre-tax impact represents gains and losses associated with changes in the carrying value of our strategic investments, principally recorded in equity in earnings of equity method investees, net of taxes, and other income, net.
(d)
The three and six months ended June 30, 2025 include a $46 million pre-tax gain, recorded in other operating expense (income), net, from a payroll tax credit under the Coronavirus Aid, Relief, and Economic Security Act associated with the retention of employees. Additionally, the six months ended June 30, 2025 includes an $8 million gain, recorded in equity in earnings of equity method investees, net of taxes, representing a non-recurring gain related to a lease.
(e)
For restructuring and integration charges, other gains/charges, gains and losses on investments, and amortization expense, income tax impacts, where recorded, were primarily calculated using combined statutory income tax rates of 25.5% for both 2026 and 2025. No income tax impact was recorded on losses associated with the change in the fair value of the contingent consideration accrual associated with previous acquisitions.
3)
For both the three and six months ended June 30, 2026, we repurchased 0.5 million shares of our common stock for $100 million. As of June 30, 2026, $1.3 billion remained available under our share repurchase authorization.
4)
The outlook for adjusted diluted EPS represents management's estimates for the full year 2026 before the impact of special items. Further impacts to earnings related to special items may occur throughout 2026. Additionally, the amount of ETB is dependent upon employee stock option exercises and our stock price, which are difficult to predict. The following table reconciles our 2026 outlook for diluted EPS under GAAP to our outlook for adjusted diluted EPS:
Low
High
Diluted EPS
$ 9.97
$ 10.17
Restructuring and integration charges (a)
0.14
0.14
Amortization expense (b)
0.99
0.99
Other charges (c)
0.10
0.10
Gains and losses on investments (d)
0.04
0.04
ETB
(0.19)
(0.19)
Adjusted diluted EPS
$ 11.05
$ 11.25
(a)
Represents estimated pre-tax charges of $21 million primarily associated with workforce reductions and integration costs incurred in connection with further restructuring and integrating our business. Income tax benefits were primarily calculated using a combined statutory income tax rate of 25.5%.
(b)
Represents estimated pre-tax amortization expenses of $149 million. Income tax benefits were primarily calculated using a combined statutory income tax rate of 25.5%.
(c)
Principally represents estimated pre-tax net losses of $9 million associated with the increase in the fair value of the contingent consideration accrual associated with previous acquisitions. Such estimate is subject to the risks and uncertainties discussed in the "Forward Looking Statements" section above. No income tax benefits are recorded on the changes associated with the contingent consideration accrual.
(d)
Income tax impacts were calculated using a combined statutory income tax rate of 25.5%.
Harley-Davidson ve 2. čtvrtletí zvýšila tržby HDMC o 6 % na 1,1 mld. USD a zvedla celoroční výhled. Čistý zisk atribuovatelný HDI ale klesl o 26 % na 80 mil. USD.
, /PRNewswire/ -- Harley-Davidson, Inc. ("Harley-Davidson," "HDI," or the "Company") (NYSE: HOG) today reported second quarter 2026 results and raised full-year guidance.
"Our second-quarter performance reflects strength in our domestic retail business, continued focus on healthy dealer inventory levels and the exceptional commitment of our dealer network. We also made meaningful progress against our Back to the Bricks strategic initiatives, strengthening execution across the business and driving improved profitability. Given this progress, our first-half results, and our market share gains, we are raising our full-year guidance and remain confident in our ability to create long-term value for shareholders," said Artie Starrs, President and CEO, Harley-Davidson.
Second Quarter 2026 Highlights
North American retail motorcycle sales of 29,751 units, up 3% vs. prior year Global dealer inventory of new motorcycles ended Q2 '26 down 17% vs. end Q2 '25 Introduced 2026 Super Glide® in June HDMC global motorcycle shipments of 39,209, up 9% vs. prior year Net Income attributable to HDI of $80 million, down 26% from prior year primarily due to HDFS shift to capital light model, partially offset by HDMC improvement HDMC revenue of $1.1 billion, up 6% vs. prior year HDMC Adjusted EBITDA margin of 10.4%, up from 9.3% in Q2 '25 HDFS operating income margin of 18.5%, down from 27.1% in Q2 '25 Delivered diluted EPS of $0.75, down 15% vs. prior year Q2 performance enabled raising FY 2026 guidance for retail sales and wholesale shipments as well as HDMC & HDFS operating income Second Quarter 2026 Results
Harley-Davidson, Inc. Consolidated Financial Results
$ in millions (except EPS)
2nd quarter
2026
2025
Change
Revenue
$1,230
$1,307
-6 %
Operating Income
$76
$112
-32 %
Net Income Attributable to HDI
$80
$108
-26 %
Diluted EPS
$0.75
$0.88
-15 %
Consolidated revenue in the second quarter was down 6 percent, driven largely by an HDFS revenue decrease of 55 percent.
Consolidated operating income in the second quarter was down 32 percent, driven largely by a decline of 69 percent at HDFS, partially offset by an increase of 18 percent at HDMC. At the LiveWire segment, the operating loss improved by $1 million and was 4 percent lower than the prior year loss. Consolidated operating income margin in the second quarter was 6.2 percent relative to 8.6 percent in the second quarter a year ago.
Harley-Davidson Motor Company (HDMC) – Results
$ in millions
2nd quarter
2026
2025
Change
Motorcycle Shipments (thousands)
39.2
35.8
9 %
Revenue
$1,104
$1,044
6 %
Motorcycles
$848
$778
9 %
Parts & Accessories
$177
$187
-5 %
Apparel & Licensing
$62
$61
2 %
Other
$17
$18
-4 %
Gross Margin
27.5 %
28.6 %
-1.1 pts.
Operating Income
$72
$61
18 %
Operating Margin
6.6 %
5.9 %
0.7 pts.
Adjusted EBITDA1
$115
$97
18 %
Adjusted EBITDA Margin %1
10.4 %
9.3 %
1.1 pts
1
"Adjusted EBITDA" and "Adjusted EBITDA Margin %" are non-GAAP terms. Please see below for full reconciliation to the most directly comparable GAAP financial measures.
Second quarter global motorcycle shipments increased 9 percent, while wholesale unit shipments were lower than retail unit sales. This is aligned with Company plans as dealer inventory management remains a top priority. Revenue was up 6 percent driven by increased shipments and favorable foreign exchange effects, partially offset by net pricing. Parts & Accessories revenue was down 5 percent and Apparel & Licensing revenue was up 2 percent.
Second quarter gross margin came in at 27.5 percent, which was down 108 basis points versus prior year. Gross profit was impacted favorably by manufacturing and other costs, including a tariff recovery that benefited gross profit. The favorability was offset by unfavorable product mix, net pricing, raw materials, and foreign exchange effects. Operating expenses came in $6 million lower than a year ago, at $232 million, including a restructuring expense of $3 million. Second quarter operating income margin was 6.6 percent compared to 5.9 percent in the prior year quarter.
Harley-Davidson Retail Motorcycle Sales
Motorcycles (thousands)
2nd quarter
2026
2025
Change
North America
29.8
28.9
3 %
EMEA
7.0
7.6
-9 %
Asia Pacific
5.0
5.0
0 %
Latin America
0.8
0.7
4 %
Worldwide Total
42.5
42.3
1 %
Global retail motorcycle sales in the second quarter were up 1 percent versus prior year, reflecting North American growth and soft international results. North American retail was up 3 percent, driven by continued strength in the Touring and Sport categories and a positive response to the new '26 motorcycle line-up. EMEA retail performance, down 9 percent, was characterized by positive results in the Touring and Sport categories, while the German region2 experienced a decline. APAC retail performance was slightly positive in the quarter, where Australia & New Zealand led the region from a growth standpoint. Latin America retail was characterized by strong gains in Mexico and a modest decline in Brazil.
2
The German region includes Germany, Austria, and Switzerland
In the second quarter, HDFS revenue was down 55 percent from prior year, driven by lower retail finance receivables. The decline in retail receivables was due to the sale of loan assets that took place in the second half of 2025. Other income within HDFS revenue was favorable year-over-year due to new servicing fees.
HDFS operating income came in at $22 million in the second quarter, a decrease of $48 million or 69 percent from the prior year period. On the expense side, both interest expense and the provision for credit loss expense were significantly lower, which was due to the decreased size of the retail loan portfolio and related debt on a year-over-year basis. Operating expenses increased by $3 million versus prior year. Total quarter-end net finance receivables, including both retail and wholesale loans, were $2.6 billion, a 64 percent decline compared to the prior year primarily due to the sale of loan assets that took place in the second half of 2025.
LiveWire – Results
$ in millions
2nd quarter
2026
2025
Change
Revenue
$9
$6
52 %
Operating Loss
($18)
($19)
4 %
Adjusted EBITDA
($15)
($16)
5 %
LiveWire revenue for the second quarter increased by 52 percent. The revenue increase was due to higher electric motorcycle unit sales and higher STACYC electric balance bike sales. LiveWire's operating loss of $18 million in the second quarter compared to a loss of $19 million in the prior year period.
Harley-Davidson, Inc. Other Results – Six Months ended June 30, 2026
Net cash use of $60 million from operating activities Effective tax rate was 25% Paid cash dividends of $41 million Repurchased $158 million of shares (7.9 million shares) on a discretionary basis Cash and cash equivalents of $1.9 billion as of June 30 2026 Financial Outlook
For the full year 2026, the Company is revising its financial guidance and now expects:
HDMC global motorcycle retail sales of 133,500 to 138,500 units from a previously expected range of 130,000 to 135,000 units HDMC global motorcycle wholesale shipments of 133,500 to 138,500 units from a previously expected range of 130,000 to 135,000 units HDMC operating income of $10 million to $50 million from a previously expected range of a $40 million loss to a $10 million profit HDFS operating income of $55 million to $65 million from a previously expected range of $45 million to $60 million For the full year 2026, the Company continues to expect:
LiveWire operating loss of $70 to $80 million Harley-Davidson, Inc. capital investments of $175 million to $200 million Company Background
Since 1903, Harley-Davidson has defined motorcycle culture by delivering a motorcycle lifestyle with distinctive and customizable motorcycles, parts & accessories, experiences, riding gear and apparel. What We Make: The World's Best Motorcycles. Period. Who We Serve: Motorcycle Riders Worldwide. Why We Do It: To Protect and Grow Motorcycle Culture. What We Stand For: Life, Liberty and the Pursuit of Happiness. Harley-Davidson, Inc. is the parent company of Harley-Davidson Motor Company and has a controlling interest in Harley-Davidson Financial Services and LiveWire Group, Inc. Harley-Davidson Financial Services provides financing, insurance and other programs to help get riders on the road. LiveWire is committed to developing the technology of the future and investing in the capabilities needed to lead the transformation of motorsports. Learn more at harley-davidson.com.
Webcast
Harley-Davidson will discuss its financial results and outlook on an audio webcast at 8:00 a.m. CDT today. The webcast login and supporting slides can be accessed at http://investor.harley-davidson.com/news-and-events/events-and-presentations. The audio replay will be available by approximately 10:00 a.m. CDT.
Cautionary Note Regarding Forward-Looking Statements
The Company intends that certain matters discussed in this press release are "forward-looking statements" intended to qualify for the safe harbor from liability established by the Private Securities Litigation Reform Act of 1995. These forward-looking statements can generally be identified as such by reference to this footnote or because the context of the statement will include words such as the Company "believes," "anticipates," "expects," "plans," "projects," "may," "will," "estimates," "targets," "intends," "forecasts," "is on track," "remains confident," "seeks," "sees," "should," "feels," "commits," "assumes," "envisions," or words of similar meaning. Similarly, statements that describe or refer to future expectations, future plans, strategies, objectives, outlooks, targets, guidance, commitments or goals are also forward-looking statements. Such forward-looking statements are subject to certain risks and uncertainties that could cause actual results to differ materially, unfavorably or favorably, from those anticipated as of the date of this press release. Certain of such risks and uncertainties are described below. Shareholders, potential investors, and other readers are urged to consider these factors in evaluating the forward-looking statements and are cautioned not to place undue reliance on such forward-looking statements. The forward-looking statements included in this press release are only made as of the date of this press release, and the Company disclaims any obligation to publicly update such forward-looking statements to reflect subsequent events or circumstances.
Important factors that could affect future results and cause those results to differ materially from those expressed in the forward-looking statements include, among others, the Company's ability to: (a) execute its business plans and strategies, including without limitation the Back to the Bricks strategic plan, successfully execute its approach to a full enterprise economic model, and strengthen its existing businesses while allowing for growth; (b) manage supply chain and logistics issues, including without limitation quality issues, unexpected interruptions or price increases caused by supplier volatility, raw material shortages, inflation, war or other hostilities, including the conflict in Iran, or natural disasters and longer shipping times and increased logistics costs; (c) manage and predict the impact that new, reinstated or adjusted tariffs may have on the Company's ability to sell products domestically and internationally, and the cost of raw materials and components, including tariffs recently imposed or that may be imposed by the U.S. on foreign goods or rebalancing or other tariffs recently imposed or that may be imposed by foreign countries on U.S. goods; (d) accurately analyze, predict and react to changing market conditions, interest rates, and geopolitical environments, and successfully adjust to shifting global consumer needs and interests, including successfully realigning its product portfolio, which encompasses re-introducing the Sportster; (e) accurately predict the margins of its segments in light of, among other things, tariffs, rebalancing trade measures, inflation, foreign currency exchange rates, the cost associated with product development initiatives and the Company's complex global supply chain; (f) maintain and enhance the value of the Harley-Davidson brand, including detecting and mitigating or remediating the impact of activist collective actions, such as calls for boycotts and other brand-damaging behaviors that could harm the Company's brand or business; (g) manage through changes in general economic and business conditions, including changing capital, credit and retail markets, and the changing domestic and international political environments, including as a result of the conflict in Iran; (h) successfully access the capital and/or credit markets on terms that are acceptable to the Company and within its expectations; (i) successfully carry out its global manufacturing and assembly operations; (j) develop and introduce products, services and experiences on a timely basis that the market accepts, that enable the Company to generate desired sales levels and that provide the desired financial returns, including successfully implementing and executing plans to shift to a rider-centric portfolio that includes a focus on accessibility and customization and growing its Parts & Accessories and Motor Clothes and apparel businesses; (k) perform in a manner that enables the Company to benefit from market opportunities while competing against existing and new competitors; (l) successfully manage and reduce costs throughout the business; (m) manage the impact that prices for and supply of used motorcycles may have on its business, including on retail sales of new motorcycles; (n) prevent, detect and remediate any issues with its motorcycles or any issues associated with the design, manufacturing, or assembly processes to avoid delays in new model launches, recall campaigns, regulatory agency investigations, increased warranty costs or litigation and adverse effects on its reputation and brand strength, and carry out any product programs or recalls within expected costs and timing; (o) successfully manage and reduce costs throughout the business; (p) continue to develop the capabilities of its distributors and dealers, effectively implement changes relating to its full enterprise economic model, and manage the risks that its dealers may have difficulty obtaining capital and managing through changing economic conditions and consumer demand; (q) realize the desired business benefits from LiveWire operating as a separate public company, which may be affected by, among other things: (i) the ability of LiveWire to execute its plans to develop, produce, market and sell its electric vehicles; (ii) the demand for and consumer willingness to adopt two- and three-wheeled electric vehicles; (iii) the ability of LiveWire to obtain sufficient funding from sources other than the Company to sustain its operations; and (iv) other risks and uncertainties indicated in documents filed with the SEC by the Company or LiveWire Group, Inc., including those risks and uncertainties noted in Risk Factors under Item 1.A of LiveWire Group Inc.'s most recent Annual Report on Form 10-K; (r) manage the quality and regulatory non-compliance issues relating to the brake hose assemblies provided to the Company by Proterial Cable America, Inc. in a manner that avoids future quality or non-compliance issues and additional costs or recall expenses that are material; (s) maintain a productive relationship with Hero MotoCorp as a distributor and licensee of the Harley-Davidson brand name; (t) successfully maintain or achieve a manner in which to sell motorcycles in Europe, China, and the Company's Association of Southeast Asian Nations (ASEAN) countries that does not subject its motorcycles to incremental tariffs; (u) manage its Thailand corporate and manufacturing operation in a manner that allows the Company to avail itself of preferential free trade agreements and duty rates, and sufficiently lower prices of its motorcycles in certain markets; (v) retain and attract talented employees and leadership and qualified and experienced independent directors for its Board of Directors, eliminate personnel duplication, inefficiencies and complexity throughout the organization, and successfully complete transitions of executives, and effectively manage the return to on-site work of Milwaukee-based corporate employees at specified Company facilities; (w) accurately estimate and adjust to fluctuations in foreign currency exchange rates, interest rates and commodity prices; (x) manage the credit quality, the loan servicing and collection activities, and the recovery rates of Harley-Davidson Financial Services' loan portfolio; (y) prevent a ransomware attack or cybersecurity incidents and data privacy breaches and respond to related evolving regulatory requirements; (z) adjust to tax reform, healthcare inflation and reform and pension reform, and successfully estimate the impact of any such reform on the Company's business; (aa) manage through the effects inconsistent and unpredictable weather patterns may have on retail sales of motorcycles; (bb) implement and manage enterprise-wide information technology systems, including systems at its manufacturing facilities; (cc) manage changes, prepare for, and respond to evolving requirements in legislative and regulatory environments related to its products, services and operations, including increased environmental, safety, emissions or other regulations; (dd) manage its exposure to product liability claims in a manner that avoids or successfully mitigates the impact of substantial jury verdicts and manage exposure in commercial or contractual disputes; (ee) continue to manage the relationships and agreements that the Company has with its labor unions to help drive long-term competitiveness; (ff) realize the desired business benefits from KKR's and PIMCO's investments in Harley-Davidson Financial Services, Inc.; (gg) manage risks related to functions the Company outsources and the use of artificial intelligence by the Company and its vendors and suppliers; (hh) optimize capital allocation in light of the Company's capital allocation priorities; (ii) manage the Company's share repurchase strategy; (jj) manage issues related to climate change and related regulations; and (kk) realize the expected effects of the anticipated increase in Harley-Davidson Financial Services, Inc.'s retail finance receivable based on Harley-Davidson Financial Services, Inc.'s operating income.
The Company's ability to sell its motorcycles and related products and services and to meet its financial expectations also depends on the ability of the Company's dealers to sell its motorcycles and related products and services to retail customers. The Company depends on the capability and financial capacity of its dealers to develop and implement effective retail sales plans to create demand for the motorcycles and related products and services they purchase from the Company. In addition, the Company's dealers and distributors may experience difficulties in operating their businesses and selling Harley-Davidson motorcycles and related products and services as a result of weather, economic conditions, or other factors.
Harley-Davidson Financial Services, Inc.'s retail credit losses will continue to change over time due to changing consumer credit behavior, macroeconomic conditions including the impact of inflation and Harley-Davidson Financial Services, Inc.'s efforts to increase prudently structured loan approvals to sub-prime borrowers. In addition, Harley-Davidson Financial Services, Inc.'s efforts to adjust underwriting criteria based on market and economic conditions, and actions that the Company has taken and could take that impact motorcycle values, may impact Harley-Davidson Financial Services, Inc.'s retail credit losses.
The Company's operations, demand for its products, and its liquidity could be adversely impacted by changes in tariffs, inflation, work stoppages, facility closures, strikes, natural causes, widespread infectious disease, terrorism, war or other hostilities, including the conflict in Iran, or other factors. Refer to "Risk Factors" under Item 1.A of the Company's Annual Report on Form 10-K for the year ended December 31, 2025, filed with the SEC on February 26, 2026, for a discussion of additional risk factors and a more complete discussion of some of the cautionary statements noted above.
Non-GAAP Financial Measures
This earnings release includes financial information that is not presented in accordance with generally accepted accounting principles in the United States ("U.S. GAAP", "GAAP"), including Adjusted EBITDA for HDMC and LiveWire and Adjusted EBITDA Margin for HDMC. These non-GAAP financial measures, which may be different from similarly-titled measures disclosed by other companies, are presented to enhance investors' overall understanding of the Company's financial performance.
Adjusted EBITDA for HDMC and Adjusted EBITDA for LiveWire are defined as Harley-Davidson, Inc. consolidated net income, excluding, on a consolidated basis, interest expense, income tax provision, investment income, and other income, net. Depreciation and amortization for HDMC and LiveWire, respectively, are excluded from Adjusted EBITDA for HDMC and LiveWire, respectively. In addition, certain other items impacting consolidated net income are excluded from HDMC Adjusted EBITDA and/or LiveWire Adjusted EBITDA. For example, the Company may exclude from HDMC or LiveWire Adjusted EBITDA the impacts of certain events, gains, losses or other costs and charges, such as corporate restructuring activities, reorganizations or one-time employee termination benefits, that affect the period-to-period comparability of HDMC's and LiveWire's operating performance. Adjusted EBITDA Margin is used by HDMC and is defined as HDMC Adjusted EBITDA divided by HDMC revenue.
The Company believes that Adjusted EBITDA and Adjusted EBITDA Margin for HDMC and Adjusted EBITDA for LiveWire more clearly identify the core trends in the respective ongoing business operations that could otherwise be masked by the effects of the items that the Company excludes from Adjusted EBITDA and Adjusted EBITDA Margin for HDMC and Adjusted EBITDA for LiveWire. These non-GAAP measures allow management and investors to view operating trends, perform analytical comparisons, and benchmark performance with other comparable companies and between periods without regard to items the Company does not consider a component of core operating performance.
Adjusted EBITDA and Adjusted EBITDA Margin have limitations and should not be considered in isolation from, as a substitute for, or more meaningful than, consolidated net income as determined in accordance with U.S. GAAP. Certain items excluded from HDMC and LiveWire Adjusted EBITDA are significant components in understanding and assessing a company's financial performance. The presentation of Adjusted EBITDA and Adjusted EBITDA Margin should not be construed as implying that the Company's results will be unaffected by unusual or non-recurring items.
This earnings release includes a reconciliation of Harley-Davidson Inc. consolidated net income to HDMC Adjusted EBITDA and LiveWire Adjusted EBITDA.
### (HOG-Earnings)
Harley-Davidson, Inc.
Condensed Consolidated Statements of Operations
(In thousands, except per share amounts)
(Unaudited)
Three months ended
Six months ended
June 30,
June 30,
June 30,
June 30,
2026
2025
2026
2025
HDMC revenue
$ 1,104,280
$ 1,043,649
$ 2,159,751
$ 2,125,155
Gross profit
304,126
298,705
571,115
613,949
Selling, administrative and engineering expense
231,788
237,389
479,852
436,362
Operating income from HDMC
72,338
61,316
91,263
177,587
LiveWire revenue
9,114
6,011
14,230
8,754
Gross (loss) profit
(48)
162
(583)
(1,619)
Selling, administrative and engineering expense
17,879
18,815
35,015
36,842
Operating loss from Livewire
(17,927)
(18,653)
(35,598)
(38,461)
HDFS revenue
117,043
257,438
228,987
502,399
HDFS expense
95,444
187,665
185,150
368,590
Operating income from HDFS
21,599
69,773
43,837
133,809
Operating income
76,010
112,436
99,502
272,935
Other income, net
11,047
14,477
24,526
30,750
Investment income
11,840
10,950
20,536
19,891
Interest expense
(3,622)
(7,696)
(7,192)
(15,382)
Income before income taxes
95,275
130,167
137,372
308,194
Income tax provision
16,294
24,422
34,267
71,652
Net income
$ 78,981
$ 105,745
$ 103,105
$ 236,542
Less: Loss attributable to noncontrolling interests
824
1,824
1,473
4,131
Net income attributable to Harley-Davidson, Inc.
$ 79,805
$ 107,569
$ 104,578
$ 240,673
Earnings per share:
Basic
$ 0.76
$ 0.89
$ 0.97
$ 1.96
Diluted
$ 0.75
$ 0.88
$ 0.97
$ 1.95
Weighted-average shares:
Basic
105,099
121,521
107,544
122,727
Diluted
108,568
122,203
108,325
123,457
Cash dividends per share:
$ 0.1875
$ 0.1800
$ 0.3750
$ 0.3600
LiveWire results presented in the Company's financial statements represent the LiveWire reportable segment as determined in accordance with Financial Accounting Standards Board (FASB) Accounting Standards Codification (ASC) 280 Segment Reporting which may differ from LiveWire Group, Inc. results.
Harley-Davidson, Inc.
Condensed Consolidated Balance Sheets
(In thousands)
(Unaudited)
(Unaudited)
June 30
December 31,
June 30
2026
2025
2025
ASSETS
Current assets:
Cash and cash equivalents
1,895,789
3,091,744
1,587,664
Accounts receivable, net
301,788
225,760
325,756
Finance receivables held for sale, net
545,761
264,238
-
Finance receivables held for investment, net
1,094,533
981,926
2,127,866
Inventories, net
500,935
730,898
630,287
Restricted cash
-
-
149,782
Other current assets
250,420
292,383
327,260
4,589,226
5,586,949
5,148,615
Finance receivables held for investment, net
1,004,886
719,060
5,198,356
Other long-term assets
1,651,753
1,738,806
1,703,474
$ 7,245,865
$ 8,044,815
$ 12,050,445
LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities:
Accounts payable and accrued liabilities
$ 1,033,420
$ 1,061,194
$ 1,040,616
Short-term deposits, net
266,421
280,095
243,101
Short-term debt
613,141
497,776
503,353
Current portion of long-term debt, net
498,466
819,629
1,983,828
2,411,448
2,658,694
3,770,898
Long-term debt, net
1,130,847
1,649,612
4,367,553
Other long-term liabilities
587,551
579,659
604,061
Shareholders' equity
3,116,019
3,156,850
3,307,933
$ 7,245,865
$ 8,044,815
$ 12,050,445
Harley-Davidson, Inc.
Condensed Consolidated Statements of Cash Flows
(In thousands)
(Unaudited)
Six months ended
June 30
June 30
2026
2025
Net cash (used) provided by operating activities
$ (59,685)
$ 509,492
Cash flows from investing activities:
Capital expenditures
(44,694)
(65,560)
Finance receivables held for investment, net
(296,798)
(24,985)
Collection from retained securitization beneficial interests
23,460
-
Proceeds from derivative instruments
51,574
-
Other investing activities
(280)
691
Net cash used by investing activities
(266,738)
(89,854)
Cash flows from financing activities:
Proceeds from issuance of medium-term notes
-
647,088
Repayments of medium-term notes
(810,950)
(700,000)
Proceeds from securitization debt
-
497,790
Repayments of securitization debt
-
(584,153)
Net increase (decrease) in unsecured commercial paper
114,102
(135,902)
Borrowings of asset-backed commercial paper
-
155,000
Repayments of asset-backed commercial paper
-
(145,379)
Net decrease in deposits
(20,554)
(13,073)
Dividends paid
(41,211)
(44,756)
Repurchase of common stock
(100,388)
(93,140)
Other financing activities
97
6
Net cash used by financing activities
(858,904)
(416,519)
Effect of exchange rate changes on cash, cash equivalents and restricted cash
(10,628)
12,375
Net (decrease) increase in cash, cash equivalents and restricted cash
$ (1,195,955)
$ 15,494
Cash, cash equivalents and restricted cash:
Cash, cash equivalents and restricted cash, beginning of period
$ 3,091,744
$ 1,740,854
Net (decrease) increase in cash, cash equivalents and restricted cash
(1,195,955)
15,494
Cash, cash equivalents and restricted cash, end of period
$ 1,895,789
$ 1,756,348
Reconciliation of cash, cash equivalents and restricted cash on the Consolidated balance
sheets to the Consolidated statements of cash flows:
Cash and cash equivalents
$ 1,895,789
$ 1,587,664
Restricted cash
-
149,782
Restricted cash included in Other long-term assets
-
18,902
Cash, cash equivalents and restricted cash per the Consolidated statements of cash flows
$ 1,895,789
$ 1,756,348
HDMC Revenue and Motorcycle Shipment Data
(Unaudited)
Three months ended
Six months ended
June 30,
June 30,
June 30,
June 30,
2026
2025
2026
2025
HDMC REVENUE (in thousands)
Motorcycles
$ 848,057
$ 778,051
$ 1,684,351
$ 1,641,929
Parts and accessories
176,950
186,874
319,193
330,307
Apparel
56,068
55,240
113,380
112,564
Licensing
6,298
5,944
12,345
9,002
Other
16,907
17,540
30,482
31,353
$ 1,104,280
$ 1,043,649
$ 2,159,751
$ 2,125,155
HDMC U.S. MOTORCYCLE SHIPMENTS
25,322
21,736
49,206
46,601
HDMC WORLDWIDE MOTORCYCLE SHIPMENTS
Grand American Touring(a)
19,641
18,080
41,161
41,758
Cruiser
13,550
13,110
24,209
24,970
Sport and Lightweight
4,617
3,188
8,348
5,296
Adventure Touring
1,401
1,459
2,786
2,414
39,209
35,837
76,504
74,438
(a) Includes Trike
LiveWire Motorcycle Shipments
267
55
358
88
HDMC Gross Profit
(Unaudited)
The estimated impact of significant factors affecting the comparability of gross profit from the second quarter of 2025 to the second quarter of 2026
were as follows (in millions):
Three months
ended
Six months
ended
2025 gross profit
$ 299
$ 614
Volume
17
7
Price and sales incentives
(9)
(32)
Foreign currency exchange rates and hedging
(2)
12
Shipment mix
(27)
(47)
Raw material prices
(4)
(3)
Manufacturing and other costs
30
20
5
(43)
2026 gross profit
$ 304
$ 571
HDFS Finance Receivables Allowance for Credit Losses
(Unaudited)
Three months ended
Six months ended
June 30,
June 30,
June 30,
June 30,
2026
2025
2026
2025
Balance, beginning of period
$ 21,596
$ 393,178
$ 2,235
$ 401,183
Provision for credit losses
17,643
49,738
30,796
103,072
Charge-offs, net of recoveries
(1,079)
(43,623)
5,129
(104,962)
Balance, end of period
$ 38,160
$ 399,293
$ 38,160
$ 399,293
Worldwide Retail Sales of Harley-Davidson Motorcycles(a)
(Unaudited)
Three months ended
Six months ended
June 30,
June 30,
June 30,
June 30,
2026
2025
2026
2025
United States
27,574
26,704
49,819
45,911
Canada
2,177
2,227
3,735
3,912
Total North America
29,751
28,931
53,554
49,823
EMEA
6,959
7,621
11,993
12,796
Asia Pacific
4,990
4,967
8,957
9,329
Latin America
767
735
1,470
1,316
Total worldwide retail sales
42,467
42,254
75,974
73,264
(a) Data source for retail sales figures shown above is new sales warranty and registration information provided by dealers and compiled by the Company. The Company must rely on information that its dealers supply concerning new retail sales, and the Company does not regularly verify the information that its dealers supply. This information is subject to revision.
Harley-Davidson, Inc.
Reconciliation from Harley-Davidson, Inc. Net Income to HDMC Adjusted EBITDA
(In thousands)
(Unaudited)
Three months ended
Six months ended
June 30,
June 30,
June 30,
June 30,
2026
2025
2026
2025
Net income
$ 78,981
$ 105,745
$ 103,105
$ 236,542
Interest expense
3,622
7,696
7,192
15,382
Provision for income taxes
16,294
24,422
34,267
71,652
Investment Income(a)
(11,840)
(10,950)
(20,536)
(19,891)
Other income, net(b)
(11,047)
(14,477)
(24,526)
(30,750)
Operating income
76,010
112,436
99,502
272,935
Less:
LiveWire operating loss
$ (17,927)
$ (18,653)
$ (35,598)
$ (38,461)
HDFS operating income
21,599
69,773
43,837
133,809
HDMC operating income
72,338
61,316
91,263
177,587
HDMC depreciation and amortization
39,644
35,420
80,651
71,679
Adjustments(c)
2,618
-
17,203
-
HDMC Adjusted EBITDA
$ 114,600
$ 96,736
$ 189,117
$ 249,266
HDMC Adjusted EBITDA Margin %
10.4 %
9.3 %
8.8 %
11.7 %
Harley-Davidson, Inc.
Reconciliation from Harley-Davidson, Inc. Net Income to LiveWire Adjusted EBITDA
(In thousands)
(Unaudited)
Three months ended
Six months ended
June 30,
June 30,
June 30,
June 30,
2026
2025
2026
2025
Net income
$ 78,981
$ 105,745
$ 103,105
$ 236,542
Interest expense
3,622
7,696
7,192
15,382
Provision for income taxes
16,294
24,422
34,267
71,652
Investment Income(a)
(11,840)
(10,950)
(20,536)
(19,891)
Other income, net(b)
(11,047)
(14,477)
(24,526)
(30,750)
Operating income
76,010
112,436
99,502
272,935
Less:
HDMC operating income
$ 72,338
$ 61,316
$ 91,263
$ 177,587
HDFS operating income
21,599
69,773
43,837
133,809
LiveWire operating loss
(17,927)
(18,653)
(35,598)
(38,461)
LiveWire depreciation and amortization
2,245
2,588
4,660
5,673
Adjustments(d)
424
-
731
-
LiveWire Adjusted EBITDA
$ (15,258)
$ (16,065)
$ (30,207)
$ (32,788)
(a) Represents non-operating investment income, primarily due to income from short-term investments
(b) Represents non-operating other income, primarily related to the Company's defined benefit plans
(c) Represents adjustments related to corporate restructuring, primarily due to one-time employee termination benefits
(d) Represents adjustments related to transaction costs for the acquisition of Dust Motorcycles, Inc. and expenses associated with the LiveWire At-The-Market Program
Cleveland-Cliffs vykázala za čtvrtletí ztrátu 0,2 USD na akcii a tržby 5,23 miliardy USD, obojí nad odhady. Meziročně se ztráta zmenšila z 0,5 USD na akcii.
Cleveland-Cliffs (CLF - Free Report) came out with a quarterly loss of $0.2 per share versus the Zacks Consensus Estimate of a loss of $0.21. This compares to a loss of $0.5 per share a year ago. These figures are adjusted for non-recurring items.
This quarterly report represents an earnings surprise of +4.76%. A quarter ago, it was expected that this mining company would post a loss of $0.44 per share when it actually produced a loss of $0.4, delivering a surprise of +9.09%.
Over the last four quarters, the company has surpassed consensus EPS estimates four times.
Cleveland-Cliffs, which belongs to the Zacks Steel - Producers industry, posted revenues of $5.23 billion for the quarter ended June 2026, surpassing the Zacks Consensus Estimate by 1.88%. This compares to year-ago revenues of $4.93 billion. The company has topped consensus revenue estimates two times over the last four quarters.
The sustainability of the stock's immediate price movement based on the recently-released numbers and future earnings expectations will mostly depend on management's commentary on the earnings call.
Cleveland-Cliffs shares have lost about 28.8% since the beginning of the year versus the S&P 500's gain of 9.6%.
What's Next for Cleveland-Cliffs?While Cleveland-Cliffs has underperformed the market so far this year, the question that comes to investors' minds is: what's next for the stock?
There are no easy answers to this key question, but one reliable measure that can help investors address this is the company's earnings outlook. Not only does this include current consensus earnings expectations for the coming quarter(s), but also how these expectations have changed lately.
Empirical research shows a strong correlation between near-term stock movements and trends in earnings estimate revisions. Investors can track such revisions by themselves or rely on a tried-and-tested rating tool like the Zacks Rank, which has an impressive track record of harnessing the power of earnings estimate revisions.
Ahead of this earnings release, the estimate revisions trend for Cleveland-Cliffs was favorable. While the magnitude and direction of estimate revisions could change following the company's just-released earnings report, the current status translates into a Zacks Rank #2 (Buy) for the stock. So, the shares are expected to outperform the market in the near future. You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here.
It will be interesting to see how estimates for the coming quarters and the current fiscal year change in the days ahead. The current consensus EPS estimate is $0.21 on $5.39 billion in revenues for the coming quarter and -$0.15 on $20.59 billion in revenues for the current fiscal year.
Investors should be mindful of the fact that the outlook for the industry can have a material impact on the performance of the stock as well. In terms of the Zacks Industry Rank, Steel - Producers is currently in the top 20% of the 250 plus Zacks industries. Our research shows that the top 50% of the Zacks-ranked industries outperform the bottom 50% by a factor of more than 2 to 1.
Nucor (NUE - Free Report) , another stock in the same industry, has yet to report results for the quarter ended June 2026. The results are expected to be released on July 27.
This steel company is expected to post quarterly earnings of $4.57 per share in its upcoming report, which represents a year-over-year change of +75.8%. The consensus EPS estimate for the quarter has been revised 6.3% higher over the last 30 days to the current level.
Nucor's revenues are expected to be $10.06 billion, up 19% from the year-ago quarter.
Zakladatel Mobileye Amnon Shashua plánuje po jmenování nástupce odstoupit z funkce generálního ředitele. Firma zároveň oznámila tržby za 2. čtvrtletí ve výši 508 mil. USD, nad odhady.
Item 1 of 2 Mobileye's CEO Amnon Shashua speaks during a news conference for Mobileye driverless technology at the Nasdaq Market site in New York, U.S., July 20, 2021. REUTERS/Jeenah Moon
[1/2]Mobileye's CEO Amnon Shashua speaks during a news conference for Mobileye driverless technology at the Nasdaq Market site in New York, U.S., July 20, 2021. REUTERS/Jeenah Moon Purchase Licensing Rights, opens new tab
CompaniesJuly 23 (Reuters) - Mobileye Global (MBLY.O), opens new tab founder Amnon Shashua plans to step down as chief executive officer after the appointment of a successor, the autonomous driving technology maker said on Thursday, as it reported second-quarter results that topped Wall Street estimates.
Mobileye said its board would hire an executive search firm and conduct a comprehensive process to select a new CEO. Shashua will remain a director and has been offered the role of chairman once a successor is appointed.
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The Israeli company also reported second-quarter revenue of $508 million, beating analysts' estimates of $481.24 million, according to LSEG data.
The ADAS hardware maker's shares were up about 8% in premarket trading.
Mobileye said demand for next-generation ADAS remains strong, highlighting a new high-volume design win with Stellantis (STLAM.MI), opens new tab, days after the carmaker became the fifth of the world's 10 largest carmakers to contribute data to its Road Experience Management (REM) platform.
Automakers have ramped up focus on equipping their vehicles with advanced driver-assistance systems, boosting demand for microprocessors made by Mobileye, which works with more than 50 original equipment manufacturers, including Ford (F.N), opens new tab and Volkswagen (VOWG.DE), opens new tab.
The company reported strong momentum in Mobileye's core business driving a 3% increase in system shipments during the quarter.
It said the increase was partly offset by lower average selling prices for its EyeQ chips mainly due to higher-than-expected export volumes from Chinese automakers, which typically buy lower-priced chips.
"The core business continued its strong momentum in Q2 as we focus our development and execution efforts on a number of advanced product launches in late 2026 and throughout 2027," Shashua said.
The company also narrowed its 2026 revenue forecast range to $1.97 billion to $2.02 billion, raising the midpoint by $20 million. Adjusted earnings per share of 19 cents also topped estimates of 6 cents.
Reporting by Rashika Singh in Bengaluru; Editing by Vijay Kishore
Our Standards: The Thomson Reuters Trust Principles., opens new tab
Hims & Hers může využít trh s peptidy za 2 až 3,3 miliardy USD, pokud FDA uvolní pravidla pro jejich kompaundování. Firma už chce nabídnout peptidové přípravky, pokud dostane souhlas.
The New York Stock Exchange with a Hims & Hers Health, Inc banner is pictured as a person runs past in the Manhattan borough of New York City, New York, U.S., January 21, 2021. REUTERS/Carlo... Purchase Licensing Rights, opens new tab Read more
SummaryCompaniesAnalysts estimate peptide industry is worth $2 billion to $3 billionFDA advisers will weigh whether peptides can be used for compoundingRulemaking to add peptides could take up to a year, former FDA official saysHims & Hers aims to offer peptide compounds, if approvedJuly 23 - Hims & Hers Health (HIMS.N), opens new tab is set to tap what analysts estimate could be a multi-billion-dollar market for peptides if U.S. regulators loosen manufacturing restrictions.
Hims, primarily known for its personalized treatments of conditions ranging from hair loss to acne, is eyeing peptides not long after its attempts to create compounds of popular weight-loss drugs were smacked down by U.S. regulators. Peptides — used for everything from pain to muscle recovery to beauty — have been promoted by social media influencers and Health and Human Services Secretary Robert F. Kennedy Jr.
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A U.S. Food and Drug Administration advisory committee meets this week to discuss whether the regulator should loosen compounding restrictions on seven peptides. If the restrictions are eased, research firm Needham & Co estimates the market could be as big as $3.3 billion, while Leerink analyst Michael Cherny estimated the market at $2.2 billion.
Peptides' wider use hinges on the FDA. Because Kennedy has said he has used them, some analysts say approval is likely regardless of the committee's decision.
If that happens, rulemaking that would allow compounders to make the products for patients could take up to a year, according to a former FDA official who requested anonymity.
Hims & Hers first announced it would pursue peptide therapies in 2025, when it purchased a manufacturing facility that can produce them. CEO Andrew Dudum has said the treatments would grow in popularity as demand for preventative health increases.
Peptide treatments are drugs built from short chains of amino acids, the same building blocks the body uses to make proteins.
Timing for the launch is uncertain. Dudum said in April that the company would not need to be the first U.S. company to offer peptides.
"If guidance changes, our clinical and compliance teams will assess what that means for our platform, and we will adjust accordingly," a Hims spokesperson said.
Hims owns one of the most popular compounding pharmacy businesses, which mix ingredients to create personalized treatments for patients. Its stock is notoriously volatile, with dramatic surges and equally staggering selloffs.
Over the last five months, the stock has more than doubled, in part because the telehealth company entered into a partnership with Danish drugmaker Novo Nordisk (NOVOb.CO), opens new tab.
Compounded products are not reviewed for quality or efficacy by the FDA, unlike branded drugs. States also have authority over compounding.
ANALYSTS EXPECT FDA APPROVALAnalysts, legal experts and investors said they expect the committee to vote for looser regulations on compounding given the support from Kennedy and other industry-aligned members, even as FDA staffers in June challenged the evidence for peptide compounding.
The 14-member committee reviewing peptides has added seven people who operate or work for clinics or businesses selling peptide treatments.
Bill Holtz, a lawyer at Foley & Lardner, said Kennedy’s view will likely hold more weight in the review process for peptides than is typical for the agency under prior administrations.
“The law gives the Secretary of Health and Human Services the authority to determine what goes on that list," said Holtz.
A spokesperson for HHS did not respond to a Reuters request for comment.
The Alliance for Pharmacy Compounding, a trade organization, urged the FDA this month to allow compounding with regulatory oversight.
Kennedy, who has said he has used peptides, in April described a black market of unregulated products that still make their way into the United States.
PhRMA, the pharmaceutical industry trade organization, said in written comments to the FDA that the agency should not allow peptide compounding under Section 503A of the Federal Food, Drug, and Cosmetic Act, which allows for such combinations.
Ignacio Canto, founder of X-Square Capital, which owns less than 1% of Hims & Hers, said he expects Hims to launch the products quickly if it gets the go-ahead.
Options traders expect more volatility in Hims stock in coming weeks, with Trade Alert data showing shares could swing by as much as 14% in either direction by the end of the month.
Traders expect more volatility for Hims & Hers sharesReporting by Amina Niasse in New York; editing by Caroline Humer and David Gaffen
Our Standards: The Thomson Reuters Trust Principles., opens new tab
Redwire za poslední rok klesl o více než 42 % a po vstupu SpaceX na burzu 12. července se propadl o 43 % mezi 12. a 20. červencem. Firma přitom v 1. čtvrtletí 2026 vykázala rekordní backlog téměř 500 milionů USD.
Space Exploration Technologies brought excitement to the space sector ahead of its initial public offering (IPO). But when the hype wore off, some space stocks fell back down to Earth.
Since SpaceX began trading to the public on June 12, the stock price of space and defense tech company Redwire (RDW -4.83%) plummeted 43% from July 12 to July 20. It's still up more than 20% in 2026, but over the last year, shares have dropped over 42%.
There's a bullish case that any significant pullbacks, like the one we've seen since June, could be a buying opportunity. Still, there are a few issues to factor in before making an investment decision.
Image source: Getty Images.
The upside of Redwire Redwire helps make space missions possible through its antennas, power generation, trackers, and camera systems. That helps give its products an essential nature in the space industry. But its most unique operations are in providing space-based research and manufacturing capabilities for endeavors ranging from regenerative medicine to crop production.
Its revenue in its space division is flat, but it's making up for that by capturing increasing sales through its defense segment.
Q1 2025 Revenue
Q1 2026 Revenue
Defense: $9.3 million
Defense: $44.3 million
Space: $52.1 million
Space: $52.7 million
Data source: Redwire Q1 2026 Investor Presentation
In the first quarter of 2026, Redwire also reported a record backlog of nearly $500 million, indicating increasing demand for its products and services. That appears to be reflected in Redwire's 2026 full-year revenue forecast; it reported around $335 million in revenue in 2025 and expects 2026's total to fall in a range of $450 million to $500 million.
Today's Change
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8.97
What keeps weighing on the stock Redwire experienced a sell-off after SpaceX went public, but issues had been brewing before then. One was shareholders worried about dilution when Redwire announced in June that it was selling up to $500 million in common stock.
Another concern is growing losses. For 2025, Redwire reported net losses increased by $112.2 million to $226.6 million, and it already reported a net loss of $76.5 million in the first quarter of 2026.
In addition, while its backlog is a proof point of growing demand, Redwire still needs to convert that backlog into actual revenue. If it can't start chipping away at the backlog, it would likely have to keep issuing new stock if it finds itself in a tight financial position. At the end of the first quarter of 2026, Redwire reported total liquidity of $175.2 million.
Redwire shows some long-term promise, but I'd still be comfortable sitting on the sidelines until it cuts down on its losses and starts turning more of that backlog into revenue.
California Public Employees Retirement System purchased a new stake in CoreWeave Inc. (NASDAQ:CRWV – Free Report) during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm purchased 265,841 shares of the company’s stock, valued at approximately $20,595,000. California Public Employees Retirement System owned approximately 0.06% of CoreWeave at the end of the most recent reporting period.
A number of other institutional investors also recently bought and sold shares of the business. Azzad Asset Management Inc. ADV increased its holdings in shares of CoreWeave by 2.1% in the 1st quarter. Azzad Asset Management Inc. ADV now owns 5,020 shares of the company’s stock valued at $389,000 after acquiring an additional 104 shares during the last quarter. Hazlett Burt & Watson Inc. lifted its stake in CoreWeave by 34.7% during the fourth quarter. Hazlett Burt & Watson Inc. now owns 462 shares of the company’s stock worth $33,000 after purchasing an additional 119 shares during the last quarter. Cullen Frost Bankers Inc. boosted its holdings in CoreWeave by 45.8% in the fourth quarter. Cullen Frost Bankers Inc. now owns 385 shares of the company’s stock valued at $28,000 after purchasing an additional 121 shares in the last quarter. Parkside Financial Bank & Trust boosted its holdings in CoreWeave by 26.3% in the fourth quarter. Parkside Financial Bank & Trust now owns 600 shares of the company’s stock valued at $43,000 after purchasing an additional 125 shares in the last quarter. Finally, WPG Advisers LLC increased its stake in CoreWeave by 14.1% in the first quarter. WPG Advisers LLC now owns 1,159 shares of the company’s stock valued at $90,000 after purchasing an additional 143 shares during the last quarter.
CoreWeave Price Performance Shares of NASDAQ:CRWV opened at $82.64 on Thursday. CoreWeave Inc. has a one year low of $63.80 and a one year high of $153.20. The stock has a market capitalization of $36.99 billion, a price-to-earnings ratio of -26.57 and a beta of 7.17. The company has a 50-day simple moving average of $98.41 and a 200-day simple moving average of $95.46. The company has a debt-to-equity ratio of 3.68, a quick ratio of 0.31 and a current ratio of 0.31.
CoreWeave (NASDAQ:CRWV – Get Free Report) last issued its quarterly earnings results on Thursday, May 7th. The company reported ($1.40) earnings per share (EPS) for the quarter, missing the consensus estimate of ($1.17) by ($0.23). CoreWeave had a negative net margin of 25.57% and a negative return on equity of 43.07%. The company had revenue of $2.08 billion during the quarter. During the same quarter in the previous year, the business earned ($0.60) EPS. The firm’s revenue for the quarter was up 111.6% compared to the same quarter last year. On average, analysts predict that CoreWeave Inc. will post -4.57 EPS for the current year.
Analysts Set New Price Targets A number of analysts have weighed in on CRWV shares. Wells Fargo & Company raised their price objective on shares of CoreWeave from $135.00 to $155.00 and gave the stock an “overweight” rating in a report on Friday, May 8th. Mizuho dropped their target price on shares of CoreWeave from $110.00 to $100.00 and set a “neutral” rating on the stock in a research report on Wednesday, July 15th. Sanford C. Bernstein initiated coverage on shares of CoreWeave in a research report on Wednesday. They issued an “outperform” rating on the stock. BTIG Research initiated coverage on shares of CoreWeave in a research note on Wednesday. They set a “buy” rating on the stock. Finally, Oppenheimer boosted their price target on shares of CoreWeave from $140.00 to $150.00 and gave the company an “outperform” rating in a research report on Wednesday, April 29th. Twenty-two research analysts have rated the stock with a Buy rating, fourteen have issued a Hold rating and one has given a Sell rating to the company. According to MarketBeat, CoreWeave presently has an average rating of “Moderate Buy” and an average price target of $136.25.
View Our Latest Report on CRWV
Insider Transactions at CoreWeave In other CoreWeave news, insider Brannin Mcbee sold 53,000 shares of the business’s stock in a transaction on Monday, July 6th. The shares were sold at an average price of $86.13, for a total value of $4,564,890.00. The sale was disclosed in a legal filing with the SEC, which is available through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO Michael N. Intrator sold 61,797 shares of the company’s stock in a transaction on Wednesday, July 8th. The stock was sold at an average price of $86.94, for a total transaction of $5,372,631.18. Following the transaction, the chief executive officer owned 2,876,815 shares of the company’s stock, valued at approximately $250,110,296.10. The trade was a 2.10% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold 17,072,869 shares of company stock worth $1,983,274,420 over the last 90 days. 24.20% of the stock is currently owned by insiders.
CoreWeave News Summary Here are the key news stories impacting CoreWeave this week:
Positive Sentiment: Truist upgraded CoreWeave to Buy, helping lift the stock as Wall Street continues to favor the company’s AI infrastructure growth story. CoreWeave upgraded to buy at Truist Positive Sentiment: Baird initiated coverage on CoreWeave with an Outperform rating, adding another vote of confidence in the company’s ability to benefit from AI demand and cloud expansion. CoreWeave, Nebius initiated with outperform ratings at Baird Positive Sentiment: Several pieces highlight the company’s strong revenue growth outlook and recent rebound, including commentary that CoreWeave is chasing 108% Q2 revenue growth with major power capacity expansion. CoreWeave (CRWV) Is Chasing 108% Q2 Revenue Growth With A Big Power Ramp Neutral Sentiment: The CFO sold about $5.5 million of company shares, which may raise some investor caution but is not necessarily a fundamental red flag on its own. CoreWeave’s CFO Sold Company Shares for $5.5 Million. What Does That Mean for Investors? Neutral Sentiment: Analyst target updates show mixed but still constructive sentiment: one report noted a $139.69 consensus price target, while Barclays cut its target to $90 and kept an equal-weight view. CoreWeave Inc. (NASDAQ:CRWV) Receives $139.69 Consensus PT from Brokerages Negative Sentiment: Broader concerns remain around CoreWeave’s heavy debt load, large capital spending needs, and pressure to quickly add power capacity, which could limit upside if execution slows. CoreWeave’s AI-Native Cloud Faces the Storm About CoreWeave (Free Report)
CoreWeave is a U.S.-based provider of GPU-accelerated cloud infrastructure designed to support compute-intensive workloads such as artificial intelligence, machine learning, visual effects rendering and other high-performance computing applications. The company supplies access to large fleets of modern GPUs and complementary infrastructure that enable customers to train and deploy large models, run inference at scale, and process graphics-heavy workloads with low latency and high throughput.
CoreWeave’s product offering includes on-demand and dedicated GPU instances, bare-metal servers, private clusters and managed services tailored for enterprise and developer use.
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USA Rare Earth uzavřela definitivní dohody o strategické investici do Carester a získá přibližně 13,6% podíl. Partnerství má posílit evropský řetězec vzácných zemin a přístup k produkci z Caremag v Lacq ve Francii, jehož provoz má začít ve 4. čtvrtletí 2026.
Formalizes the Strategic Investment and Commercial Framework Between the Companies Announced in April 2026
Strengthens USA Rare Earth's Midstream Rare Earth Platform in Europe and the Integrated Industrial Ecosystem Forming in Lacq, France
Carester’s Caremag Facility to Commence Operations in Q4 2026
Provides LCM Europe and USA Rare Earth Access to Carester’s Rare Earth Oxides; Gives Carester Access to USA Rare Earth Feedstock from Serra Verde and Round Top
STILLWATER, Okla., July 23, 2026 (GLOBE NEWSWIRE) -- USA Rare Earth, Inc. (Nasdaq: USAR) (the “Company”) today announced that it has entered into definitive agreements to acquire strategic minority stakes representing approximately 13.6 percent each in Carester SAS (“Carester”), a French leader in rare earth processing and separation. InfraVia, acting through its Critical Metals Fund, seeded by the French State as an anchor investor alongside private institutional capital, is acquiring a similar stake in Carester alongside USA Rare Earth.
The agreements finalize the strategic investment and commercial framework the parties announced in April 2026. In addition to targeting healthy returns, USA Rare Earth and its subsidiary Less Common Metals (“LCM”) Europe will have the ability to purchase a portion of Carester’s oxide output from its Caremag facility. USA Rare Earth will have access to Carester’s engineering capabilities and related intellectual property for separation, processing, and recycling. In turn, Carester will have access to USA Rare Earth feedstock sources, including Serra Verde and the Round Top deposit in Texas.
"Integrating Carester’s capabilities into our global platform brings additional advanced processing optionality into our integrated value chain, further supporting our mining, metal making and magnet manufacturing businesses," said Barbara Humpton, Chief Executive Officer of USA Rare Earth. "This is also a highly strategic financial investment, as Carester’s position as one of the few facilities outside of China capable of separating heavy rare earths beginning in 2027 can provide a distinct competitive advantage. We anticipate that this scarcity, coupled with accelerating demand for secure critical materials, can drive sustainable, long-term value for our shareholders."
Founded in 2019, Carester is a French specialist in rare earth processing and separation technologies, with decades of technical expertise across the value chain from raw material sourcing through high-purity rare earth oxides. Carester is currently building its Caremag magnet recycling and heavy rare earth separation facility in Lacq, France, scheduled for commissioning in late 2026 with an anticipated annual production when fully ramped of 800 tonnes per annum (tpa) of neodymium-praseodymium (NdPr) oxide, 500 tpa of dysprosium (Dy) oxide and 100 tpa of terbium (Tb) oxide. The facility’s Dy and Tb oxide production is expected to represent approximately 15% of current world production of these magnetic heavy rare earth oxides.
Proceeds will primarily fund Carester’s next phase of growth, including expansion of its rare earth processing and separation platform (Caremag), research and development, and working capital. As a condition to completion of the strategic investment, a portion of the joint investment will fund the acquisition of minority shareholders’ interest, resulting in their full exit. Funding is expected in the third quarter of 2026, subject to remaining customary conditions.
The investment is part of a broader partnership between USA Rare Earth, LCM Europe, and Carester to build an integrated rare earth industrial platform in Lacq, France, spanning processing, separation, metal and alloy production, and potentially magnet manufacturing. In parallel, USA Rare Earth, through LCM Europe, is developing a 3,750 mtpa metal and alloy production facility at the same location. Together, these projects are intended to form one of Europe’s most complete rare earth industrial ecosystems and to advance a secure, Western-aligned value chain across the United States, the United Kingdom, and Europe.
The Lacq platform builds on the French government’s previously announced support for the LCM Europe metallization and alloy project, including direct credits under the C3IV program of up to 45 percent of eligible equipment and real estate, up to €130 million, and Bpifrance Assurance Export’s readiness to consider a state guarantee (Garantie des Projets Stratégiques) covering 50 percent of commercial debt financing for project capital expenditures.
Transaction Advisors
Moelis & Company LLC acted as financial advisor and Latham & Watkins LLP acted as legal advisor to USA Rare Earth.
About USA Rare Earth
USA Rare Earth, Inc. (Nasdaq: USAR) is building a fully integrated rare earth and permanent magnet value chain across the United States, the United Kingdom, and Europe. Through its ownership of Less Common Metals Ltd. (LCM) and development of magnet manufacturing capacity in Stillwater, Oklahoma, USA Rare Earth operates across the entire value chain, from heavy rare earth processing to metal-making, alloy production, and neodymium magnet manufacturing. By combining domestic feedstock from the Round Top deposit with advanced processing technologies, recycling capabilities, and an expanding European industrial footprint, USA Rare Earth is establishing a secure, Western-aligned supply of materials essential to defense, electrification, robotics, energy, and advanced manufacturing.
About Carester
Founded in 2019 by Frédéric Carencotte and a team of international experts, Carester is a French company specializing in the refining of rare earth elements, critical materials for advanced technologies. The company is a leader in the separation and production of highly valuable heavy rare earth oxides including praseodymium (Pr), neodymium (Nd), terbium (Tb), and dysprosium (Dy), all critical components of permanent magnets. Carester processes both mined and recycled material, and its proprietary software intellectual property enables customers to optimize oxide formulations for specific use cases.
About InfraVia Capital Partners
Founded in 2008, InfraVia is a leading independent private capital firm specialized in real assets (infrastructure, critical metals, real estate) and technology investments. InfraVia is a conviction-driven investor focusing on resilient assets and long-term value creation through active, hands-on asset management. Headquartered in Paris, InfraVia is 100 percent partner-owned. InfraVia manages more than EUR 20 billion of capital and has invested in more than 60 companies across Europe.
Forward-Looking Statements
This press release contains “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. These statements include statements regarding the Company’s investment in Carester and the timing and completion of that investment, the development of Carester’s Caremag facility and LCM Europe’s planned metal and alloy production facility in Lacq, France, the Company’s role in establishing a midstream and downstream rare earth and magnet value chain in Europe, and USAR’s expectations for future development, operations, strategies, transactions and financial performance. Such statements can be identified by the fact that they do not relate strictly to historical or current facts. Words such as “anticipate,” “can,” “continue,” “could,” “growth,” “may,” “might,” “plan,” “potential,” “project,” “propose,” “should,” “target,” “vision,” “will,” “would” and similar expressions may identify forward-looking statements, but the absence of these words does not mean that a statement is not forward-looking.
Forward-looking statements are subject to risks and uncertainties and potentially inaccurate assumptions that could cause actual results to differ materially from our expectations, including without limitation: the investment in Carester is subject to remaining customary conditions and may not be completed on the terms contemplated or at all; Carester’s Caremag facility in Lacq, France is under construction and has not commenced commercial operation, and its commissioning may be delayed; the proposed transactions with Serra Verde Group and Texas Mineral Resources Corp. may not be consummated on their anticipated timelines or at all; we may not realize the anticipated benefits of our proposed and prior acquisitions, including expected synergies, financial performance, estimated earnings before interest, taxes, depreciation and amortization and, in the case of Serra Verde, integration of operations, on the anticipated timeline or at all; the ability of our magnet manufacturing facility in Stillwater, Oklahoma (the “Stillwater facility”) or other future magnet manufacturing facilities to commence commercial operations on the timing and with the production capacity anticipated or at all; our limited operating history; our ability to commercially extract minerals from the Round Top deposit in Texas on our anticipated timeline or at all; risks that we may experience delays, unforeseen expenses, increased capital costs, and other complications in operating our business; our ability to raise necessary capital on acceptable terms or at all; potential dilution to existing stockholders and adverse effect on our stock price if we issue additional common stock or equity-linked securities; the volatility of our stock price; our ability to satisfy project milestones and other conditions to disbursement under our financing arrangement with the DOC on the anticipated timeline or at all; our dependence on continued governmental support for the DOC financing transactions, which remains subject to changes in laws, regulations, administrations and appropriations; extensive affirmative and negative covenants, domestic content and national security guardrail provisions and ongoing reporting obligations in the DOC financing agreements that restrict our operational and financial flexibility; the risk that defaults under the DOC funding agreements could trigger cross-defaults across our financing arrangements; the impact of the DOC’s equity interest in us on our ability to pursue strategic transactions and on our relationships with customers, suppliers, partners and other counterparties; the availability of rare earth oxide, metal feedstock and other materials, utilities (including power and water) and equipment in quantities and prices that allow us to develop and commercially operate our Stillwater facility and other facilities; our ability to meet individual customer specifications and manufacture a consistently high quality product; fluctuations in demand for and prices of our products, including without limitation as a result of dumping, predatory pricing and other tactics by our competitors or state actors or the overall competitive environment; our ability to achieve positive cash flow or profitability or the ability to access cash flow within our corporate structure due to restrictions contained in our financing agreements; our ability to convert current commercial discussions and/or memorandums of understanding with customers for the sale of our neo magnets and other products into definitive orders; geopolitical developments or disruptions, such as changes in the political environment, export/import or environmental policy of the People’s Republic of China, the United States or other countries in which we operate or sell products or otherwise; limitations imposed on our business by the Chinese government; war, terrorism, natural disasters or public health emergencies; our ability to retain or recruit key personnel; environmental, health and safety regulations; and our ability to comply with requirements for federal, state and local government incentives and financing.
Additional risks and detailed information regarding factors that may cause actual results to differ materially has been and will be included in our filings with the SEC. Any forward-looking statements speak only as of the date of this report (or such other date as is specified in such statements), and USAR undertakes no obligation to update any forward-looking statements as a result of new information or future events or developments, except to the extent required by law.
Dime Commercial Bancshares oznámila za 2. čtvrtletí rekordní tržby 126 mil. USD a EPS 0,75 USD, zatímco čistý úrokový výnos vzrostl na 115,2 mil. USD. Firma plánuje ve 3. čtvrtletí obnovit zpětné odkupy akcií.
Net Interest Margin Expansion Drives Record Quarterly Revenue of $126 million;
Strong Year-Over-Year Core Deposit and Business Loan Growth
Announces Plans to Resume Share Buybacks
HAUPPAUGE, N.Y., July 23, 2026 (GLOBE NEWSWIRE) -- Dime Commercial Bancshares, Inc. (NYSE: DCOM) (the “Company” or “Dime”), the parent company of Dime Commercial Bank (the “Bank”), today reported net income available to common stockholders of $33.0 million for the quarter ended June 30, 2026, or $0.75 per diluted common share, compared to net income available to common stockholders of $32.8 million, or $0.75 per diluted common share, for the quarter ended March 31, 2026 and net income available to common stockholders of $27.9 million for the quarter ended June 30, 2025, or $0.64 per diluted common share.
Adjusted net income available to common stockholders (non-GAAP) was $34.7 million and adjusted diluted EPS (non-GAAP) was $0.79 per share for the quarter ended June 30, 2026, compared to $0.74 per share for the quarter ended March 31, 2026 and $0.64 for the quarter ended June 30, 2025 (see "Non-GAAP Reconciliation" tables at the end of this news release).
Stuart H. Lubow, President and Chief Executive Officer (“CEO”) of the Company, stated, “Dime continues to execute on our growth plan and delivered record quarterly revenue. Second quarter results were marked by strong growth in business loans as our commercial banking teams are converting their robust pipelines. Recognizing the progress we have made in creating a high-quality balance sheet, Kroll Bond Rating Agency recently issued a “Positive” ratings outlook for Dime. Finally, and in recognition of our evolution into a commercial and private banking powerhouse, we recently completed our re-brand to “Dime Commercial Bank”.”
Capital Return: Mr. Lubow, stated, “In light of our strong capital position, lower CRE concentration levels, stress testing results, and improving profitability, we are pleased to announce that we expect to begin repurchasing our shares in the third quarter.”
Highlights for the Second Quarter of 2026 included:
Adjusted diluted EPS of $0.79 per share for the second quarter of 2026, compared to $0.64 per share for the second quarter of 2025;Total deposits increased $937.0 million on a year-over-year basis;Core deposits (excluding brokered and time deposits) increased $948.3 million on a year-over-year basis;Average non-interest-bearing deposits to average total deposits for the second quarter increased to 31.0%;Business loans grew $280.8 million on a linked quarter basis and $743.0 million on a year-over-year basis;The net interest margin increased to 3.28% for the second quarter of 2026 compared to 3.21% for the prior quarter;The efficiency ratio decreased to 51.2% for the second quarter of 2026 compared to 55.0% for second quarter of 2025;The adjusted efficiency ratio decreased to 49.9% for the second quarter of 2026 compared to 54.7% for the second quarter of 2025;The Company’s Tier 1 Common Equity Ratio increased to 11.99% at the end of the second quarter;The Company’s Consolidated CRE Concentration ratio was proactively managed lower to 352%; andNon-performing assets declined by 28% on a linked quarter basis and represented 0.46% of Total Assets.
Management’s Discussion of Quarterly Operating Results
Net Interest Income
Net interest income for the second quarter of 2026 was $115.2 million compared to $112.3 million for the first quarter of 2026 and $98.1 million for the second quarter of 2025. The Net Interest Margin for the second quarter of 2026 was 3.28% compared to 3.21% for the first quarter of 2026 and 2.98% for the second quarter of 2025.
Mr. Lubow commented, “We continue to have a significant loan repricing opportunity that we anticipate will continue through 2027. Additionally, growth in core deposits and business loans will benefit us over time as we continue to grow our customer base. Our substantial liquidity position, which includes $1.9 billion of cash, provides us with the flexibility to take advantage of lending opportunities as they arise. Dime’s asset liability management profile, which is underpinned by our cash position and a growing floating rate loan portfolio, positions us well for a variety of interest rate scenarios.”
Loan Portfolio
The ending weighted average rate (“WAR”) on the total loan portfolio was 5.36% at June 30, 2026, an 8-basis point increase compared to the ending WAR of 5.28% on the total loan portfolio at March 31, 2026.
Outlined below are loan balances and WARs for the quarter ended as indicated.
June 30, 2026 March 31, 2026 June 30, 2025 (Dollars in thousands) Balance WAR(1) Balance WAR(1) Balance WAR(1) Loans held for investment balances at period end: Business loans(2) $3,645,194 6.32%$3,364,435 6.28%$2,902,170 6.65%One-to-four family residential and coop/condo apartment 1,075,904 5.04 1,047,920 4.97 998,677 4.85 Multifamily residential and residential mixed-use(3)(4) 3,113,647 4.48 3,249,582 4.47 3,693,481 4.48 Non-owner-occupied commercial real estate 2,770,751 5.14 2,840,817 5.05 3,128,453 5.12 Acquisition, development, and construction 90,476 7.10 100,574 7.41 141,755 8.28 Other loans 8,401 11.81 9,597 11.53 6,336 11.08 Loans held for investment $10,704,373 5.36%$10,612,925 5.28%$10,870,872 5.33% (1)WAR is calculated by aggregating interest based on the current loan rate from each loan in the category, adjusted for non-accrual loans, divided by the total balance of loans in the category.(2)Business loans include commercial and industrial loans, and owner-occupied commercial real estate loans. At June 30, 2025, business loans included balances related to Paycheck Protection Program (“PPP”) loans; no PPP loans were outstanding at June 30, 2026 or March 31, 2026.(3)Includes loans underlying multifamily cooperatives.(4)While the loans within this category are often considered "commercial real estate" in nature, multifamily and loans underlying cooperatives are reported separately from commercial real estate loans in order to emphasize the residential nature of the collateral underlying this significant component of the total loan portfolio. Outlined below are the loan originations for the quarter ended as indicated.
(Dollars in millions) Q2 2026 Q1 2026 Q2 2025Originations Excluding New Lines of Credit $255.3 $220.4 $227.3Originations Including New Lines of Credit 533.4 500.1 450.5 Deposits and Borrowed Funds
Period end total deposits (including mortgage escrow deposits) at June 30, 2026 were $12.68 billion, compared to $12.60 billion at March 31, 2026 and $11.74 billion at June 30, 2025.
Brokered deposits were $200.0 million at June 30, 2026, compared to $215.0 million at March 31, 2026 and $200.0 million at June 30, 2025. Total Federal Home Loan Bank advances were $385.0 million at June 30, 2026, compared to $435.0 million at March 31, 2026 and $508.0 million at June 30, 2025.
Non-Interest Income
Non-interest income was $11.3 million during the second quarter of 2026, $11.3 million during the first quarter of 2026, and $11.6 million during the second quarter of 2025. Excluding the fair value change in equity securities and loans held for sale, and loss (gain) on sale of securities, loans and other assets, non-interest income was $13.2 million during the second quarter of 2026, $11.7 million during the first quarter of 2026 and $11.4 million during the second quarter of 2025.
Non-Interest Expense
Total non-interest expense was $64.7 million during the second quarter of 2026, $62.8 million during the first quarter of 2026, and $60.3 million during the second quarter of 2025. Excluding the impact of the net loss (gain) on extinguishment of debt, amortization of other intangible assets and severance expense, adjusted non-interest expense was $64.1 million during the second quarter of 2026, $63.4 million during the first quarter of 2026, and $59.9 million during the second quarter of 2025 (see “Non-GAAP Reconciliation” tables at the end of this news release).
The ratio of non-interest expense to average assets was 1.74% during the second quarter of 2026, compared to 1.68% during the linked quarter and 1.72% during the second quarter of 2025. Excluding the impact of the net loss (gain) on extinguishment of debt, amortization of other intangible assets and severance expense, the ratio of adjusted non-interest expense to average assets was 1.72% during the second quarter of 2026, 1.69% during the first quarter of 2026, and 1.71% during the second quarter of 2025 (see “Non-GAAP Reconciliation” tables at the end of this news release).
The efficiency ratio was 51.2% during the second quarter of 2026, compared to 50.8% during the linked quarter and 55.0% during the second quarter of 2025. Excluding the impact of loss (gain) on sale of securities, loans and other assets, fair value change in equity securities and loans held for sale, severance expense, net loss (gain) on extinguishment of debt, and amortization of other intangible assets, the adjusted efficiency ratio was 49.9% during the second quarter of 2026, compared to 51.2% during the linked quarter and 54.7% during the second quarter of 2025 (see “Non-GAAP Reconciliation” tables at the end of this news release).
Mr. Lubow commented, “Our organic growth strategy is paying dividends as evidenced by a decline in the core efficiency ratio to below 50% for the second quarter. Growth in revenues is anticipated to continue to drive the efficiency ratio lower in the years ahead.”
Income Tax Expense
Income tax expense was $13.1 million during the second quarter of 2026, $13.9 million during the first quarter of 2026, and $10.5 million during the second quarter of 2025. The effective tax rate for the second quarter of 2026 was 27.3%, compared to 28.7% for the first quarter of 2026 and 26.1% for the second quarter of 2025.
Credit Quality
Non-performing assets were $69.0 million at June 30, 2026, compared to $95.6 million at March 31, 2026 and $53.2 million at June 30, 2025.
A credit loss provision of $13.9 million was recorded during the second quarter of 2026, compared to $12.3 million during the first quarter of 2026, and $9.2 million during the second quarter of 2025.
Capital Management
Stockholders’ equity increased $23.5 million to $1.52 billion at June 30, 2026, compared to $1.50 billion at March 31, 2026.
The Company’s and the Bank’s regulatory capital ratios continued to be in excess of all applicable regulatory requirements as of June 30, 2026. All risk-based regulatory capital ratios increased during the second quarter of 2026.
Dividends per common share were $0.25 during the second quarter of 2026 and the first quarter of 2026, respectively.
Book value per common share was $31.79 at June 30, 2026 compared to $31.33 at March 31, 2026.
Tangible common book value per share (which represents common equity less goodwill and other intangible assets, divided by the number of shares outstanding) was $28.21 at June 30, 2026 compared to $27.73 at March 31, 2026 (see “Non-GAAP Reconciliation” tables at the end of this news release).
Earnings Call Information
The Company will conduct a conference call at 8:30 a.m. (ET) on Thursday, July 23, 2026, during which CEO Lubow will discuss the Company’s second quarter 2026 financial performance, with a question-and-answer session to follow.
Participants may access the conference call via webcast using this link: https://edge.media-server.com/mmc/p/kjwp3pui. To participate via telephone, please register in advance using this link: https://register-conf.media-server.com/register/BI0e414999c97e4bf0bc9fe67d53be989f. Upon registration, all telephone participants will receive a one-time confirmation email detailing how to join the conference call, including the dial-in number along with a unique PIN that can be used to access the call. All participants are encouraged to dial-in 10 minutes prior to the start time.
A replay of the conference call and webcast will be available on-demand for 12 months at https://edge.media-server.com/mmc/p/kjwp3pui.
ABOUT DIME COMMERCIAL BANCSHARES, INC.
Dime Commercial Bancshares, Inc. is the holding company for Dime Commercial Bank, a New York State-chartered trust company with approximately $15 billion in assets and the number one deposit market share on Greater Long Island (1).
(1)Aggregate deposit market share for Kings, Queens, Nassau & Suffolk counties for commercial banks with less than $20 billion in assets. This news release contains a number of forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended and Section 21E of the Securities Exchange Act of 1934, as amended (the "Exchange Act"). These statements may be identified by use of words such as “annualized," “anticipate," "believe," “continue,” "could," "estimate," "expect," "intend," “likely,” "may," "outlook," "plan," "potential," "predict," "project," "should," "will," "would" and similar terms and phrases, including references to assumptions. Any forward-looking statements presented herein are made only as of the date of this release, and the Company does not undertake any obligation to update or revise any forward-looking statements to reflect changes in assumptions, the occurrence of unanticipated events, or otherwise, except as may be required by law.
Forward-looking statements are based upon various assumptions and analyses made by the Company in light of management's experience and its perception of historical trends, current conditions and expected future developments, as well as other factors it believes are appropriate under the circumstances. These statements are not guarantees of future performance and are subject to risks, uncertainties and other factors (many of which are beyond the Company's control) that could cause actual results to differ materially from future results expressed or implied by such forward-looking statements. Accordingly, you should not place undue reliance on such statements. Factors that could affect our results include, without limitation, the following: the timing and occurrence or non-occurrence of events may be subject to circumstances beyond the Company’s control; there may be increases in competitive pressure among financial institutions or from non-financial institutions; changes in the interest rate environment may affect demand for our products and reduce interest margins and the value of our investments; changes in government monetary or fiscal policies and actions may adversely affect our customers, cost of credit and overall result of operations; changes in deposit flows, the cost of funds, loan demand or real estate values may adversely affect the business of the Company; changes in the quality and composition of the Company’s loan or investment portfolios or unanticipated or significant increases in loan losses may negatively affect the Company’s financial condition or results of operations; changes in accounting principles, policies or guidelines may cause the Company’s financial condition to be perceived differently; changes in corporate and/or individual income tax laws may adversely affect the Company's financial condition or results of operations; general socio-economic conditions, public health emergencies, international conflict, inflation, tariffs, and recessionary pressures, either nationally or locally in some or all areas in which the Company conducts business, or conditions in the securities markets or the banking industry may be less favorable than the Company currently anticipates and may adversely affect our customers, our financial results and our operations; legislation or regulatory changes may adversely affect the Company’s business; technological changes may be more difficult or expensive than the Company anticipates; there may be failures or breaches of information technology security systems; success or consummation of new business initiatives may be more difficult or expensive than the Company anticipates; there may be difficulties or unanticipated expense incurred in the consummation of new business initiatives or the integration of any acquired entities; and litigation or other matters before regulatory agencies, whether currently existing or commencing in the future, may delay the occurrence or non-occurrence of events longer than the Company anticipates. For discussion of these and other risks that may cause actual results to differ from expectations, please refer to the sections entitled “Forward-Looking Statements” and “Risk Factors” in the Company’s most recent Annual Report on Form 10-K and updates set forth in the Company’s subsequent Quarterly Reports on Form 10-Q and Current Reports on Form 8-K.
Contact: Avinash Reddy Senior Executive Vice President – Chief Operating Officer and Chief Financial Officer 718-782-6200 extension 5909 DIME COMMERCIAL BANCSHARES, INC. AND SUBSIDIARIES
UNAUDITED CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION
(In thousands) June 30, March 31, December 31, 2026 2026 2025 Assets: Cash and due from banks $1,934,594 $2,059,618 $2,353,966 Securities available-for-sale, at fair value 895,251 838,219 797,935 Securities held-to-maturity 706,606 647,842 618,901 Loans held for sale 1,862 38,225 1,989 Loans held for investment, net: Business loans(1) 3,645,194 3,364,435 3,240,600 One-to-four family residential and coop/condo apartment 1,075,904 1,047,920 1,035,983 Multifamily residential and residential mixed-use(2)(3) 3,113,647 3,249,582 3,424,565 Non-owner-occupied commercial real estate 2,770,751 2,840,817 2,933,287 Acquisition, development and construction 90,476 100,574 117,215 Other loans 8,401 9,597 6,558 Allowance for credit losses (104,963) (100,673) (97,372)Total loans held for investment, net 10,599,410 10,512,252 10,660,836 Premises and fixed assets, net 30,570 30,580 31,255 Restricted stock 61,167 63,659 67,197 BOLI 417,459 404,657 401,163 Goodwill 155,797 155,797 155,797 Other intangible assets 2,534 2,729 2,938 Operating lease assets 36,830 39,551 42,876 Derivative assets 70,545 70,811 76,315 Accrued interest receivable 56,282 57,690 55,572 Other assets 74,046 77,873 74,891 Total assets $15,042,953 $14,999,503 $15,341,631 Liabilities: Non-interest-bearing checking (excluding mortgage escrow deposits) $3,946,965 $3,777,787 $3,915,081 Interest-bearing checking 1,140,667 1,066,620 1,178,281 Savings (excluding mortgage escrow deposits) 1,621,056 1,701,899 1,777,143 Money market 4,853,645 4,874,544 4,806,572 Certificates of deposit 1,068,824 1,089,893 1,117,118 Deposits (excluding mortgage escrow deposits) 12,631,157 12,510,743 12,794,195 Non-interest-bearing mortgage escrow deposits 45,980 88,267 47,051 Interest-bearing mortgage escrow deposits — — — Total mortgage escrow deposits 45,980 88,267 47,051 Total deposits (including mortgage escrow deposits) 12,677,137 12,599,010 12,841,246 FHLBNY advances 385,000 435,000 508,000 Subordinated debt, net 231,186 231,058 272,503 Derivative cash collateral 61,790 57,630 52,400 Operating lease liabilities 39,626 42,431 45,729 Derivative liabilities 69,631 69,305 73,573 Other liabilities 58,127 68,099 72,411 Total liabilities 13,522,497 13,502,533 13,865,862 Stockholders' equity: Preferred stock, Series A 116,569 116,569 116,569 Common stock 462 462 462 Additional paid-in capital 622,636 622,415 623,041 Retained earnings 898,089 876,133 854,167 Accumulated other comprehensive loss ("AOCI"), net of deferred taxes (31,573) (33,019) (31,468)Unearned equity awards (17,590) (15,803) (8,661)Treasury stock, at cost (68,137) (69,787) (78,341)Total stockholders' equity 1,520,456 1,496,970 1,475,769 Total liabilities and stockholders' equity $15,042,953 $14,999,503 $15,341,631 (1)Business loans include commercial and industrial loans, and owner-occupied commercial real estate loans.(2)Includes loans underlying multifamily cooperatives.(3)While the loans within this category are often considered "commercial real estate" in nature, multifamily and loans underlying cooperatives are here reported separately from commercial real estate loans in order to emphasize the residential nature of the collateral underlying this significant component of the total loan portfolio. DIME COMMERCIAL BANCSHARES, INC. AND SUBSIDIARIES
UNAUDITED CONSOLIDATED STATEMENTS OF OPERATIONS
(Dollars in thousands except share and per share amounts) Three Months Ended Six Months Ended June 30, March 31, June 30, June 30, June 30, 2026 2026 2025 2026 2025Interest income: Loans $143,892 $142,090 $145,448 $285,982 $288,153Securities 14,518 12,788 11,353 27,306 22,676Other short-term investments 16,840 18,522 10,749 35,362 18,586Total interest income 175,250 173,400 167,550 348,650 329,415Interest expense: Deposits and escrow 52,171 52,364 60,181 104,535 118,255Borrowed funds 7,351 8,300 8,354 15,651 16,735Derivative cash collateral 542 485 918 1,027 2,115Total interest expense 60,064 61,149 69,453 121,213 137,105Net interest income 115,186 112,251 98,097 227,437 192,310Provision for credit losses 13,875 12,313 9,221 26,188 18,847Net interest income after provision 101,311 99,938 88,876 201,249 173,463Non-interest income: Service charges and other fees 6,483 5,730 4,642 12,213 9,285Title fees 187 142 118 329 216Loan level derivative income 535 472 942 1,007 1,003BOLI income 5,038 4,558 4,186 9,596 8,179Gain on sale of Small Business Administration ("SBA") loans 196 — 387 196 469Gain on sale of residential loans 49 72 50 121 82Fair value change in equity securities and loans held for sale 38 (38) 83 — 101Gain on securities — — 149 — 149Loss on sale of loans and other assets (2,000) (320) — (2,320) —Other 740 730 1,038 1,470 1,744Total non-interest income 11,266 11,346 11,595 22,612 21,228Non-interest expense: Salaries and employee benefits 39,781 39,593 36,218 79,374 71,869Severance 454 102 136 556 212Occupancy and equipment 7,899 8,209 7,729 16,108 15,731Data processing costs 5,151 5,423 4,903 10,574 9,697Marketing 1,951 2,025 1,756 3,976 3,422Professional services 2,325 1,909 2,097 4,234 4,213Federal deposit insurance premiums 1,712 1,266 1,692 2,978 3,739Net loss (gain) on extinguishment of debt 2 (974) — (972) —Loss due to pension settlement — — — — 7,231Amortization of other intangible assets 195 209 235 404 487Other 5,231 4,994 5,533 10,225 9,209Total non-interest expense 64,701 62,756 60,299 127,457 125,810Income before taxes 47,876 48,528 40,172 96,404 68,881Income tax expense 13,062 13,946 10,475 27,008 17,726Net income 34,814 34,582 29,697 69,396 51,155Preferred stock dividends 1,821 1,822 1,821 3,643 3,643Net income available to common stockholders $32,993 $32,760 $27,876 $65,753 $47,512 DIME COMMERCIAL BANCSHARES, INC. AND SUBSIDIARIES
UNAUDITED COMMON SHARE DATA
(Dollars in thousands except per share amounts) Three Months Ended Six Months EndedGAAP June 30, 2026 March 31, 2026 June 30, 2025 June 30, 2026 June 30, 2025Net income available to common stockholders $32,993 $32,760 $27,876 $65,753 $47,512 Less: Dividends paid and earnings allocated to participating securities (687) (593) (516) (1,280) (830)Income attributable to common stock - Basic and Diluted $32,306 $32,167 $27,360 64,473 46,682 Weighted-average common shares outstanding 43,218,619 43,109,118 43,030,023 43,164,171 42,989,581 Basic and diluted earnings per share ("EPS")(1) $0.75 $0.75 $0.64 $1.49 $1.09 Non-GAAP Adjusted net income available to common stockholders(2) $34,663 $32,405 $27,863 $67,068 $52,551 Less: Dividends paid and earnings allocated to participating securities (722) (586) (516) (1,308) (910)Adjusted income attributable to common stock - Basic and Diluted $33,941 $31,819 $27,347 $65,760 $51,641 Weighted-average common shares outstanding 43,218,619 43,109,118 43,030,023 43,164,171 42,989,581 Adjusted basic and diluted EPS(3) $0.79 $0.74 $0.64 $1.52 $1.20 (1)The earnings per share is calculated by dividing income attributable to common stock by weighted-average common shares outstanding.(2)See "Non-GAAP Reconciliation" tables for reconciliation of reported and adjusted (non-GAAP) net income available to common stockholders.(3)The adjusted earnings per share is calculated by dividing adjusted income attributable to common stock by weighted-average common shares outstanding. DIME COMMERCIAL BANCSHARES, INC. AND SUBSIDIARIES
UNAUDITED SELECTED FINANCIAL HIGHLIGHTS
(Dollars in thousands except per share amounts) At or For the Three Months Ended At or For the Six Months Ended June 30, March 31, June 30, June 30, June 30, 2026 2026 2025 2026 2025 Per Share Data: Reported EPS (Diluted) $0.75 $0.75 $0.64 $1.49 $1.09 Cash dividends paid per common share 0.25 0.25 0.25 0.50 0.50 Book value per common share 31.79 31.33 29.95 31.79 29.95 Tangible common book value per share(1) 28.21 27.73 26.32 28.21 26.32 Common shares outstanding 44,158 44,057 43,889 44,158 43,889 Dividend payout ratio 33.33% 33.33% 39.06% 33.56% 45.87% Performance Ratios (Based upon Reported Net Income): Return on average assets 0.94% 0.92% 0.85% 0.93% 0.74%Return on average equity 9.15 9.20 8.28 9.17 7.16 Return on average tangible common equity(1) 10.62 10.72 9.68 10.67 8.30 Net interest margin 3.28 3.21 2.98 3.24 2.96 Non-interest expense to average assets 1.74 1.68 1.72 1.71 1.81 Efficiency ratio 51.2 50.8 55.0 51.0 58.9 Effective tax rate 27.28 28.74 26.08 28.02 25.73 Balance Sheet Data: Average assets $14,862,346 $14,981,498 $14,013,592 $14,921,593 $13,896,281 Average interest-earning assets 14,086,464 14,202,286 13,195,116 14,144,055 13,079,859 Average tangible common equity(1) 1,247,394 1,228,003 1,158,738 1,237,751 1,152,361 Loan-to-deposit ratio at end of period(2) 84.4% 84.2% 92.6% 84.4% 92.6% Capital Ratios and Reserves - Consolidated: Tangible common equity to tangible assets(1) (3) 8.37% 8.23% 8.22% Tangible equity to tangible assets(1) (3) 9.15 9.02 9.05 Tier 1 common equity ratio(3) 11.99 11.87 11.25 Tier 1 risk-based capital ratio(3) 13.09 12.97 12.34 Total risk-based capital ratio(3) 16.30 16.17 15.84 Tier 1 leverage ratio(3) 9.46 9.24 9.43 Consolidated CRE concentration ratio(3)(4) 352 371 425 Allowance for credit losses/ Total loans 0.98 0.95 0.86 Allowance for credit losses/ Non-performing loans held for investment 157.09 176.20 175.12 (1)See "Non-GAAP Reconciliation" tables for reconciliation of tangible equity, tangible common equity, and tangible assets.(2)Total deposits include mortgage escrow deposits, which fluctuate seasonally.(3)June 30, 2026 ratios are preliminary pending completion and filing of the Company’s regulatory reports.(4)The Consolidated CRE concentration ratio is calculated using the sum of commercial real estate, excluding owner-occupied commercial real estate, multifamily, and acquisition, development, and construction, divided by consolidated capital. The June 30, 2026 ratio is preliminary pending completion and filing of the Company’s regulatory reports. DIME COMMERCIAL BANCSHARES, INC. AND SUBSIDIARIES
UNAUDITED AVERAGE BALANCES AND NET INTEREST INCOME
(Dollars in thousands) Three Months Ended June 30, 2026 March 31, 2026 June 30, 2025 Average Average Average Average Yield/ Average Yield/ Average Yield/ Balance Interest Cost Balance Interest Cost Balance Interest Cost Assets: Interest-earning assets: Business loans $3,489,614 $56,520 6.50%$3,274,659 $52,406 6.49%$2,798,899 $46,593 6.68%One-to-four family residential and coop/condo apartment 1,064,043 12,588 4.75 1,041,802 12,383 4.82 981,138 11,532 4.71 Multifamily residential and residential mixed-use 3,195,372 35,930 4.51 3,363,792 37,698 4.55 3,740,939 42,462 4.55 Non-owner-occupied commercial real estate 2,815,624 37,117 5.29 2,910,973 37,497 5.22 3,175,062 41,822 5.28 Acquisition, development, and construction 90,738 1,711 7.56 106,808 2,079 7.89 136,154 3,009 8.86 Other loans 8,580 26 1.22 8,329 27 1.31 7,135 30 1.69 Total loans 10,663,971 143,892 5.41 10,706,363 142,090 5.38 10,839,327 145,448 5.38 Securities 1,582,300 14,518 3.68 1,451,425 12,788 3.57 1,361,383 11,353 3.34 Other short-term investments 1,840,193 16,840 3.67 2,044,498 18,522 3.67 994,406 10,749 4.34 Total interest-earning assets 14,086,464 175,250 4.99% 14,202,286 173,400 4.95% 13,195,116 167,550 5.09%Non-interest-earning assets 775,882 779,212 818,476 Total assets $14,862,346 $14,981,498 $14,013,592 Liabilities and Stockholders' Equity: Interest-bearing liabilities: Interest-bearing checking(1) $1,040,981 $4,058 1.56%$1,133,722 $4,793 1.71%$943,716 $4,141 1.76%Money market 4,796,008 30,049 2.51 4,761,610 28,801 2.45 4,174,694 32,818 3.15 Savings(1) 1,684,130 9,826 2.34 1,742,334 10,042 2.34 1,925,224 14,048 2.93 Certificates of deposit 1,075,789 8,238 3.07 1,105,241 8,728 3.20 1,075,729 9,174 3.42 Total interest-bearing deposits 8,596,908 52,171 2.43 8,742,907 52,364 2.43 8,119,363 60,181 2.97 FHLBNY advances 418,517 3,541 3.39 479,534 3,850 3.26 508,000 4,053 3.20 Subordinated debt, net 231,102 3,810 6.61 271,596 4,449 6.64 272,385 4,301 6.33 Other short-term borrowings — — — 122 1 3.32 — — — Total borrowings 649,619 7,351 4.54 751,252 8,300 4.48 780,385 8,354 4.29 Derivative cash collateral 62,134 542 3.50 52,708 485 3.73 79,188 918 4.65 Total interest-bearing liabilities 9,308,661 60,064 2.59% 9,546,867 61,149 2.60% 8,978,936 69,453 3.10%Non-interest-bearing checking(1) 3,864,575 3,747,722 3,412,215 Other non-interest-bearing liabilities 166,688 183,678 187,774 Total liabilities 13,339,924 13,478,267 12,578,925 Stockholders' equity 1,522,422 1,503,231 1,434,667 Total liabilities and stockholders' equity $14,862,346 $14,981,498 $14,013,592 Net interest income $115,186 $112,251 $98,097 Net interest rate spread 2.40% 2.35% 1.99%Net interest margin 3.28% 3.21% 2.98%Deposits (including non-interest-bearing checking accounts)(1) $12,461,483 $52,171 1.68%$12,490,629 $52,364 1.70%$11,531,578 $60,181 2.09% (1)Includes mortgage escrow deposits. DIME COMMERCIAL BANCSHARES, INC. AND SUBSIDIARIES
UNAUDITED SCHEDULE OF NON-PERFORMING ASSETS
(Dollars in thousands) At or For the Three Months Ended June 30, March 31, June 30,Asset Quality Detail 2026 2026 2025 Non-performing loans held for investment ("NPLs") Business loans $23,898 $24,257 $18,007 One-to-four family residential and coop/condo apartment 4,465 4,088 1,642 Multifamily residential and residential mixed-use 26,893 — — Non-owner-occupied commercial real estate 11,151 28,368 32,908 Acquisition, development, and construction 412 412 657 Other loans — 11 — Non-accrual loans held for investment $66,819 $57,136 $53,214 Non-accrual loans held for investment / Total loans held for investment 0.62% 0.54% 0.49% Non-accrual loans held for sale $1,750 $38,000 $— Total non-accrual loans $68,569 $95,136 $53,214 Total non-accrual loans/ Total loans 0.64% 0.89% 0.49% Total non-performing assets ("NPAs")(1) $69,019 $95,586 $53,214 Total loans 90 days delinquent and accruing ("90+ Delinquent") $— $— $— NPAs and 90+ Delinquent $69,019 $95,586 $53,214 NPAs and 90+ Delinquent / Total assets 0.46% 0.64% 0.37% Net loan charge-offs ("NCOs") $9,662 $8,574 $5,405 NCOs / Average loans(2) 0.36% 0.32% 0.20% (1)June 30, 2026 and March 31, 2026 balances include one non-performing available-for-sale security in the amount of $450 thousand.(2)Calculated based on annualized NCOs to average loans. DIME COMMERCIAL BANCSHARES, INC. AND SUBSIDIARIES
NON-GAAP RECONCILIATION
(Dollars in thousands except per share amounts)
The following tables below provide a reconciliation of certain financial measures calculated under generally accepted accounting principles ("GAAP") (as reported) and non-GAAP measures. A non-GAAP financial measure is a numerical measure of historical or future financial performance, financial position or cash flows that excludes or includes amounts that are required to be disclosed in the most directly comparable measure calculated and presented in accordance with GAAP in the United States. The Company’s management believes the presentation of non-GAAP financial measures provides investors with a greater understanding of the Company’s operating results in addition to the results measured in accordance with GAAP. While management uses these non-GAAP measures in its analysis of the Company’s performance, this information should not be viewed as a substitute for financial results determined in accordance with GAAP or considered to be more important than financial results determined in accordance with GAAP.
The following non-GAAP financial measures exclude pre-tax income and expenses associated with the fair value change in equity securities and loans held for sale, loss (gain) on sale of securities, loans and other assets, severance, net loss (gain) on extinguishment of debt and loss due to pension settlement.
Three Months Ended Six Months Ended June 30, March 31, June 30, June 30, June 30, 2026 2026 2025 2026 2025 Reconciliation of Reported and Adjusted (non-GAAP) Net Income Available to Common Stockholders Reported net income available to common stockholders $32,993 $32,760 $27,876 $65,753 $47,512 Adjustments to net income(1): Fair value change in equity securities and loans held for sale (38) 38 (83) — (101) Loss (gain) on sale of securities, loans and other assets 2,000 320 (72) 2,320 (72) Severance 454 102 136 556 212 Net loss (gain) on extinguishment of debt 2 (974) — (972) — Loss due to pension settlement — — — — 7,231 Income tax effect of adjustments noted above(1) (748) 159 6 (589) (2,231) Adjusted net income available to common stockholders (non-GAAP) $34,663 $32,405 $27,863 $67,068 $52,551 Adjusted Ratios (Based upon Adjusted (non-GAAP) Net Income as calculated above) Adjusted EPS (Diluted) $0.79 $0.74 $0.64 $1.52 $1.20 Adjusted return on average assets 0.98 % 0.91 % 0.85 % 0.95 % 0.81 %Adjusted return on average equity 9.59 9.11 8.28 9.35 7.87 Adjusted return on average tangible common equity 11.16 10.60 9.67 10.88 9.18 Adjusted non-interest expense to average assets 1.72 1.69 1.71 1.71 1.70 Adjusted efficiency ratio 49.9 51.2 54.7 50.5 55.2 (1)Adjustments to net income are taxed at the Company's approximate statutory tax rate. The following table presents a reconciliation of operating expense as a percentage of average assets (as reported) and adjusted operating expense as a percentage of average assets (non-GAAP):
Three Months Ended Six Months Ended June 30, March 31, June 30, June 30, June 30, 2026 2026 2025 2026 2025 Operating expense as a % of average assets - as reported 1.74 % 1.68 % 1.72 % 1.71 % 1.81 %Severance (0.01) — — (0.01) — Net loss (gain) on extinguishment of debt — 0.02 — 0.01 — Loss due to pension settlement — — — — (0.10) Amortization of other intangible assets (0.01) (0.01) (0.01) — (0.01) Adjusted operating expense as a % of average assets (non-GAAP) 1.72 % 1.69 % 1.71 % 1.71 % 1.70 % The following table presents a reconciliation of efficiency ratio (non-GAAP) and adjusted efficiency ratio (non-GAAP):
Three Months Ended Six Months Ended June 30, March 31, June 30, June 30, June 30, 2026 2026 2025 2026 2025 Efficiency ratio - as reported (non-GAAP)(1) 51.2 % 50.8 % 55.0 % 51.0 % 58.9 %Non-interest expense - as reported $64,701 $62,756 $60,299 $127,457 $125,810 Severance (454) (102) (136) (556) (212) Net (loss) gain on extinguishment of debt (2) 974 — 972 — Loss due to pension settlement — — — — (7,231) Amortization of other intangible assets (195) (209) (235) (404) (487) Adjusted non-interest expense (non-GAAP) $64,050 $63,419 $59,928 $127,469 $117,880 Net interest income - as reported $115,186 $112,251 $98,097 $227,437 $192,310 Non-interest income - as reported $11,266 $11,346 $11,595 $22,612 $21,228 Fair value change in equity securities and loans held for sale (38) 38 (83) — (101) Loss (gain) on sale of securities, loans and other assets 2,000 320 (72) 2,320 (72) Adjusted non-interest income (non-GAAP) $13,228 $11,704 $11,440 $24,932 $21,055 Adjusted total revenues for adjusted efficiency ratio (non-GAAP) $128,414 $123,955 $109,537 $252,369 $213,365 Adjusted efficiency ratio (non-GAAP)(2) 49.9 % 51.2 % 54.7 % 50.5 % 55.2 % (1)The reported efficiency ratio is a non-GAAP measure calculated by dividing GAAP non-interest expense by the sum of GAAP net interest income and GAAP non-interest income.(2)The adjusted efficiency ratio is a non-GAAP measure calculated by dividing adjusted non-interest expense by the sum of GAAP net interest income and adjusted non-interest income. The following table presents a reconciliation of pre-tax pre provision net revenue (non-GAAP) and adjusted pre-tax pre-provision net revenue (non-GAAP):
Three Months Ended Six Months Ended June 30, March 31, June 30, June 30, June 30, 2026 2026 2025 2026 2025Financial Data: Net interest income $115,186 $112,251 $98,097 $227,437 $192,310Non-interest income 11,266 11,346 11,595 22,612 21,228Total revenue 126,452 123,597 109,692 250,049 213,538Non-interest expense 64,701 62,756 60,299 127,457 125,810Pre-tax pre-provision net revenue (non-GAAP)(1) $61,751 $60,841 $49,393 $122,592 $87,728Adjusted pre-tax pre-provision net revenue (non-GAAP)(2) $64,364 $60,536 $49,609 $124,900 $95,485 (1)The reported pre-tax pre-provision net revenue is a non-GAAP measure calculated by adding GAAP net interest income and GAAP non-interest income less GAAP non-interest expense.(2)The adjusted pre-tax pre-provision net revenue is a non-GAAP measure calculated by adding GAAP net interest income and the adjusted non-interest income less the adjusted non-interest expense as shown in the reconciliation of efficiency ratio table above. The following table presents the tangible common equity to tangible assets, tangible equity to tangible assets, and tangible common book value per share calculations (non-GAAP):
June 30, March 31, June 30, 2026 2026 2025 Reconciliation of Tangible Assets: Total assets $15,042,953 $14,999,503 $14,207,935 Goodwill (155,797) (155,797) (155,797) Other intangible assets (2,534) (2,729) (3,409) Tangible assets (non-GAAP) $14,884,622 $14,840,977 $14,048,729 Reconciliation of Tangible Common Equity - Consolidated: Total stockholders' equity $1,520,456 $1,496,970 $1,431,006 Goodwill (155,797) (155,797) (155,797) Other intangible assets (2,534) (2,729) (3,409) Tangible equity (non-GAAP) 1,362,125 1,338,444 1,271,800 Preferred stock, net (116,569) (116,569) (116,569) Tangible common equity (non-GAAP) $1,245,556 $1,221,875 $1,155,231 Common shares outstanding 44,158 44,057 43,889 Tangible common equity to tangible assets (non-GAAP) 8.37 % 8.23 % 8.22 %Tangible equity to tangible assets (non-GAAP) 9.15 9.02 9.05 Book value per common share $31.79 $31.33 $29.95 Tangible common book value per share (non-GAAP) 28.21 27.73 26.32
Tesla při hovoru k výsledkům zaujala opatrnější tón ohledně robotaxi a přiznala pomalejší rozšiřování po městech kvůli regulacím i provozním problémům.
SummaryCompaniesExecutives cited city-specific rules and operational snags for the measured rolloutAnalyst questioned why fleet size remains in the dozens, not hundredsTesla has contrasted its approach with Waymo's deliberate rolloutLOS ANGELES, July 23 (Reuters) - A year ago, Tesla (TSLA.O), opens new tab CEO Elon Musk said the company's robotaxi network would expand at a "hyper-exponential rate" and be available to half the population of the U.S. by the end of 2025.
On Wednesday's earnings call, Musk and his executive team struck a more guarded tone as they fielded analysts' questions about a slower-than-expected rollout.
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Since launching a small robotaxi pilot in Austin in June 2025, Tesla has expanded to only a handful of other cities, in Texas and Florida, with service often limited to outlying areas.
Tesla said paying customers have traveled 2.5 million miles in its robotaxi service, including 380,000 miles in rides without an in-vehicle safety monitor.
Tesla's unsupervised robotaxi miles remain well below the more than 220 million autonomous miles driven by Waymo through the end of March, underscoring the lead Alphabet's self-driving unit holds in commercial deployment, Forrester analyst Paul Miller said.
Barclays analysts wrote earlier this month that Tesla's perceived advantage in robotaxis is its "ability to scale more rapidly," but instead it "has been seen by many investors as somewhat 'slow.'"
Investors have valued Tesla on the promise that robotaxis and its Optimus humanoid robots will one day become its primary revenue drivers.
The stock trades at more than 166 times forward earnings estimates, far above the multiples of traditional automakers and Big Tech companies. The stock, which has fallen nearly 17% this year as of last close, was down about 4% in premarket trading.
WHY THE ROLLOUT IS SLOWERBefore the Austin launch last year, Musk talked about how Tesla's technology is "a general solution that works anywhere," in contrast to the more deliberate, city-by-city approach of Alphabet's (GOOGL.O), opens new tab Waymo, the U.S. leader in driverless taxis.
On Wednesday, Musk and other executives delved into the specific details of scaling up robotaxi service in individual cities.
"Regulatory situations are different city by city," said Lars Moravy, Tesla's vice president of vehicle engineering. "The reason we're expanding city by city is to make sure that we're meeting all of those one at a time."
CFO Vaibhav Taneja added "there are different kinks ... not just on the software front, but on the operations front, that we're trying to tackle."
He said the company wants to "sort these things out in a smaller fleet in a controlled manner" before going "really high in terms of deployment."
Wells Fargo analyst Colin Langan asked why the number of vehicles is still "in the dozens as opposed to hundreds." What is the "roadblock to start adding more vehicles on the ground?" he asked.
Tesla Vice President of AI Ashok Elluswamy said that even with a few vehicles, "you can get a lot of miles out of them."
He said the growth in robotaxi miles driven is "literally exponential. Just it's in the early part of the exponential. That's why it's hard for others to comprehend."
Musk on Wednesday's call reiterated that Tesla is balancing the pace of the expansion with safety. "We want to grow as fast as possible with robotaxi, without harm to anyone."
In an investor presentation in January, Tesla said that its robotaxis would expand to seven metro areas by the end of June: Dallas, Houston, Phoenix, Miami, Orlando, Tampa and Las Vegas.
Up until Tuesday, Tesla had only launched in three of those cities: Dallas, Houston and Miami, with service limited to outlying sections of Houston and Miami.
The company announced on Tuesday that it was "now in Tampa & Orlando," following several analyst reports ahead of earnings that mentioned the slow expansion.
But the service areas in those cities, like Miami and Houston, were limited to less-trafficked neighborhoods outside the city centers.
Reuters tested out the robotaxi service in the weeks after the Dallas and Houston launches and found long wait times, with sometimes no availability at all.
Reporting by Chris Kirkham in Los Angeles and Akash Sriram in Bengaluru; Editing by Mike Colias and Saumyadeb Chakrabarty
Our Standards: The Thomson Reuters Trust Principles., opens new tab
Chris Kirkham is a business reporter in Los Angeles who writes about Tesla, electric vehicles and the wider automotive industry. He previously worked at The Wall Street Journal and the Los Angeles Times, and has covered topics including tobacco, worker safety, gambling, and the economy over a two-decade career. Contact him at [email protected] or on Signal at chris_kirkham.51
Akash reports on technology companies in the United States, electric vehicle companies, and the space industry. His reporting usually appears in the Autos & Transportation and Technology sections. He has a postgraduate degree in Conflict, Development, and Security from the University of Leeds. Akash's interests include music, football (soccer), and Formula 1.
Elon Musk na výsledkové konferenci Tesla nepotvrdil ani nepopřel možné spojení se SpaceX. BNP Paribas varuje, že by to kvůli vysokému cash burn SpaceX mohlo znamenat ředění akcionářů.
On Wednesday’s earnings call, Elon Musk stopped short of confirming a Tesla-SpaceX merger and did something arguably worse for shareholders of Tesla (NASDAQ:TSLA | TSLA Price Prediction): he refused to shut the door.
Asked about synergies between his automaker and SpaceX, Musk told analysts, “Well, as you can tell from all the many collaborations on so many fronts with SpaceX, there’s more and more overlap, especially with Terafab, that’s really going to be a gigantic project.” He then pulled back, adding, “But obviously, we can’t talk about combining companies and that kind of thing on an earnings call, it has got to be done with the appropriate process.” Nothing was confirmed. Nothing was denied.
The overlap Musk referenced is already visible. Starlink connectivity is built into Cybertruck and planned across Tesla’s fleet, including Cybercab. The Grok chatbot is embedded in Tesla vehicles, Tesla is supplying batteries and manufacturing know-how to SpaceX, and Terafab is a jointly relevant AI chip facility. Q1 disclosures flagged a semiconductor fab under construction in Austin, and Tesla previously took a $2 billion equity stake in SpaceX. The integration is already operational.
The Dilution Problem Here is the part that should worry Tesla holders. BNP Paribas notes SpaceX’s cash flow is sharply negative. SpaceX is expected to burn roughly $30 billion this year and as much as $194 billion cumulatively through 2030. Folding that into Tesla would almost certainly require fresh equity raises, diluting existing shareholders. BNP Paribas has separately argued a merger “won’t save investors.”
That warning lands on top of a quarter that already rattled the base. Tesla posted Q2 2026 revenue of $28.24 billion, up 25.52% year over year and ahead of consensus, but non-GAAP EPS of $0.33 missed the $0.5367 estimate by 38.51%. Operating margin compressed to 1.4%. Gross margin slipped to 16.8% from 17.2% a year earlier. Free cash flow swung to a negative $1.092 billion as capex jumped 141.81% year over year to $5.789 billion. Shares fell nearly 3% in after-hours trading, and TSLA is now down 16.83% year to date.
Markets are pricing this ambiguity in real time. Deepwater Asset Management’s Gene Munster raised his odds of a Tesla-SpaceX merger from 80% to 90% after the call. Kalshi shows 52% odds of a merger by roughly May 2027. On Polymarket, the year-end 2026 announcement contract sits at 22.5%, with the September deadline at 9.5%.
No terms, structure, or timeline have been confirmed. That is the point. With operating income already down 56.88% year over year and a $25 billion capital budget in flight, Tesla investors now carry a second, unquantified risk: an equity-funded absorption of the most capital-hungry company in Musk’s orbit. Until Musk says otherwise, that risk is priced in and rising.
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