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For the quarter ended June 30, 2026

Net Revenue $3.15 billion Net Income $373 million Diluted Earnings per Share $0.53 per Share  Consolidated Adjusted Property EBITDA $1.12 billion LVS Repurchased $787 million of Common Stock during the quarter LVS Board of Directors Increased Stock Repurchase Authorization to $6.0 billion , /PRNewswire/ -- Las Vegas Sands (NYSE: LVS), the leading global developer and operator of Integrated Resorts, today reported financial results for the quarter ended June 30, 2026.

"We continued to execute our strategic objectives during the quarter in both Singapore and Macao while continuing to increase the return of capital to shareholders," said Patrick Dumont, chairman and chief executive officer.

"In Macao, our ongoing investments in enhanced service and hospitality offerings contributed to growth in volumes across all gaming segments as compared to the prior year, although unusually low hold in rolling play negatively impacted our reported financial results for the quarter.

"At Marina Bay Sands in Singapore, we continued to deliver industry-leading financial performance. 

"Looking ahead, we remain confident that our people, our products and our focus on delivering outstanding service, hospitality and entertainment experiences to our customers will drive growth for the company and deliver strong returns to our shareholders in the years ahead."

Net revenue was $3.15 billion, compared to $3.18 billion in the prior year quarter.  Operating income was $618 million, compared to $783 million in the prior year quarter.  Net income in the second quarter of 2026 was $373 million, compared to $519 million in the second quarter of 2025. 

Consolidated adjusted property EBITDA was $1.12 billion, compared to $1.33 billion in the prior year quarter.

Sands China Ltd. Consolidated Financial Results
On a GAAP basis, total net revenues for SCL decreased 0.8% to $1.78 billion, compared to the second quarter of 2025.  Net income for SCL decreased 50.0% to $107 million, compared to $214 million in the second quarter of 2025.

Other Factors Affecting Earnings
Interest expense, net of amounts capitalized, was $189 million for the second quarter of 2026, compared to $194 million in the prior year quarter.  Our weighted average debt balance was $16.06 billion during the second quarter of 2026, compared to $15.85 billion during the second quarter of 2025.  Our weighted average borrowing cost was 4.6% during the second quarter of 2026, compared to 4.8% during the second quarter of 2025.

Our effective income tax rate for the second quarter of 2026 was 19.1%, compared to 14.8% in the prior year quarter.  The income tax rate for the second quarter of 2026 was primarily driven by a 17% statutory rate on our Singapore operations.

Stockholder Returns
During the second quarter of 2026, we repurchased $787 million of our common stock (approximately 15 million shares at a weighted average price of $52.37).  The remaining amount authorized under our share repurchase program was $29 million as of June 30, 2026.  Subsequently, on July 21, 2026, the company's Board of Directors authorized increasing the remaining share repurchase amount to $6.0 billion and extending the expiration date of the authorization to July 21, 2029.  Since the resumption of our share repurchase program in the fourth quarter of 2023 through June 30, 2026, we have repurchased 16.3% of our outstanding shares, approximately 124 million shares of our common stock at an average price of $48.49, for a total investment of $6.03 billion.  The timing and actual number of shares to be repurchased in the future will depend on a variety of factors, including the company's financial position, earnings, legal requirements, other investment opportunities and market conditions.

We paid a quarterly dividend of $0.30 per common share during the quarter.  Our next quarterly dividend of $0.30 per common share will be paid on August 12, 2026, to Las Vegas Sands stockholders of record on August 4, 2026.

Balance Sheet Items
Unrestricted cash balances as of June 30, 2026 were $3.38 billion.

In May 2026, the company received $1.26 billion of proceeds from the repayment in full of the seller financing loan related to the sale of the Las Vegas real property and operations.

The company has access to $4.26 billion available for borrowing under our U.S., SCL and Singapore revolving credit facilities, net of outstanding letters of credit, and $4.68 billion available under a delayed draw term loan facility that may be used to finance development and construction costs, expenses, fees and other payments related to the MBS Expansion Project.  As of June 30, 2026, total debt outstanding, net of deferred offering costs and original issue discounts, excluding finance leases, was $15.11 billion.

Capital Expenditures
Capital expenditures during the second quarter totaled $332 million, including construction, development and maintenance activities of $215 million at Marina Bay Sands, $86 million in Macao and $31 million in corporate and other.

Conference Call Information
The company will host a conference call to discuss the company's results on Wednesday, July 22, 2026, at 1:30 p.m. Pacific Time.  Interested parties may listen to the conference call through a webcast available on the company's website at www.sands.com.

About Sands (NYSE: LVS) 
Sands is the leading global developer and operator of integrated resorts.  The company's iconic properties drive valuable leisure and business tourism and deliver significant economic benefits, sustained job creation, financial opportunities for local businesses and community investment to help make its host regions ideal places to live, work and visit.

Sands' portfolio of properties includes Marina Bay Sands® in Singapore and The Venetian® Macao, The Londoner Macao®, The Parisian® Macao, The Plaza® Macao and Four Seasons® Hotel Macao, and Sands® Macao in Macao SAR, China, through majority ownership in Sands China Ltd. 

Dedicated to being a leader in corporate responsibility, Sands is anchored by the core tenets of serving people, communities and the planet.  The company's ESG leadership has led to inclusion on the Dow Jones Best-in-Class Indices for World and North America, as well as Fortune's list of the World's Most Admired Companies.  To learn more, visit www.sands.com.

Forward-Looking Statements
This press release contains forward-looking statements made pursuant to the Safe Harbor Provisions of the Private Securities Litigation Reform Act of 1995.  These forward-looking statements include the discussions of our business strategies and expectations concerning future operations, margins, profitability, liquidity and capital resources.  In addition, in certain portions included in this press release, the words "anticipates," "believes," "can," "continues," "estimates," "expects," "goals," "intends," "looks forward to," "may," "opportunities," "plans," "positions," "remains," "seeks," "should," "targets," "will," "would" and similar expressions, as they relate to our company or management, are intended to identify forward-looking statements.  Although we believe these forward-looking statements are reasonable, we cannot assure you any forward-looking statements will prove to be correct.  These statements represent our expectations, beliefs, intentions or strategies concerning future events that, by their nature, involve a number of risks, uncertainties or other factors beyond our control, which may cause our actual results, performance, achievements or other expectations to be materially different from any future results, performance, achievements or other expectations expressed or implied by these forward-looking statements.  These factors include, but are not limited to, the risks associated with: our gaming license in Singapore and concession in Macao and amendments to Macao's gaming laws; general economic conditions; disruptions or reductions in travel and our operations due to natural or man-made disasters, pandemics, epidemics or outbreaks of infectious or contagious diseases; our ability to invest in future growth opportunities, or attempt to expand our business in new markets and new ventures, execute our capital expenditure programs at our existing properties and produce future returns; government regulation; the extent to which the laws and regulations of mainland China become applicable to our operations in Macao and Hong Kong; the possibility that economic, political and legal developments in Macao adversely affect our Macao operations, or that there is a change in the manner in which regulatory oversight is conducted in Macao; our subsidiaries' ability to make distribution payments to us; substantial leverage and debt service; fluctuations in currency exchange rates and interest rates; our ability to collect gaming receivables; win rates for our gaming operations; risk of fraud and cheating; competition; tax law changes; political instability, civil unrest, terrorist acts or war; legalization of gaming; insurance; limitations on the transfers of cash to and from our subsidiaries; limitations of the pataca exchange markets; restrictions on the export of the renminbi; and other risks and uncertainties detailed in Annual Reports on Form 10-K and Quarterly Reports on Form 10-Q filed by Las Vegas Sands Corp. with the Securities and Exchange Commission.  Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date such statement is made.  Las Vegas Sands Corp. assumes no obligation to update any forward-looking statements and information.

Las Vegas Sands Corp.
Second Quarter 2026 Results
Non-GAAP Financial Measures

Within the company's second quarter 2026 press release, the company makes reference to certain non-GAAP financial measures that supplement the company's consolidated financial information prepared in accordance with GAAP including "adjusted net income (loss)," "adjusted earnings (loss) per diluted share" and "consolidated adjusted property EBITDA," which have directly comparable GAAP financial measures.  The company believes these measures represent important internal measures of financial performance.  Set forth in the financial schedules accompanying this press release and presentations included on the company's website are reconciliations of the non-GAAP financial measures to the most directly comparable GAAP financial measures.  The non-GAAP financial measure disclosure by the company has limitations and should not be considered a substitute for, or superior to, the financial measures prepared in accordance with GAAP.  The definitions of our non-GAAP financial measures and the specific reasons why the company's management believes the presentation of the non-GAAP financial measures provides useful information to investors regarding the company's financial condition, results of operations and cash flows are presented below.

The following non-GAAP financial measures are used by management, as well as industry analysts, to evaluate the company's operations and operating performance.  These non-GAAP financial measures are presented so investors have the same financial data management uses in evaluating financial performance with the belief it will assist the investment community in properly assessing the underlying financial performance of the company on a year-over-year and a quarter sequential basis.

Adjusted net income (loss), which is a non-GAAP financial measure, is net income (loss) attributable to Las Vegas Sands excluding pre-opening expense, development expense, gain or loss on disposal or impairment of assets, gain or loss on modification or early retirement of debt, other income or expense and certain nonrecurring corporate expenses, net of income tax.  Adjusted net income (loss) and adjusted earnings (loss) per diluted share are presented as supplemental disclosures as management believes they are (1) each widely used measures of performance by industry analysts and investors and (2) a principal basis for valuation of Integrated Resort companies, as these non-GAAP financial measures are considered by many as alternative measures on which to base expectations for future results.  These measures also form the basis of certain internal management performance expectations.

Consolidated adjusted property EBITDA, which is a non-GAAP financial measure, is net income (loss) before stock-based compensation expense, corporate expense, pre-opening expense, development expense, depreciation and amortization, amortization of leasehold interests in land, gain or loss on disposal or impairment of assets, interest, other income or expense, gain or loss on modification or early retirement of debt and income taxes.  Management utilizes consolidated adjusted property EBITDA to compare the operating profitability of its operations with those of its competitors, as well as a basis for determining certain incentive compensation.  Integrated Resort companies, including Las Vegas Sands, have historically reported adjusted property EBITDA as a supplemental performance measure to GAAP financial measures.  In order to view the operations of their properties on a more stand-alone basis, Integrated Resort companies, including Las Vegas Sands, have historically excluded certain expenses that do not relate to the management of specific properties, such as pre-opening expense, development expense and corporate expense, from their adjusted property EBITDA calculations.  Consolidated adjusted property EBITDA should not be interpreted as an alternative to income (loss) from operations (as an indicator of operating performance) or to cash flows from operations (as a measure of liquidity), in each case, as determined in accordance with GAAP.  The company has significant uses of cash flow, including capital expenditures, dividend payments, interest payments, debt principal repayments, share repurchases and income tax payments, which are not reflected in consolidated adjusted property EBITDA.  Not all companies calculate adjusted property EBITDA in the same manner.  As a result, consolidated adjusted property EBITDA as presented by Las Vegas Sands may not be directly comparable to similarly titled measures presented by other companies.

Exhibit 1

Las Vegas Sands Corp. and Subsidiaries

Condensed Consolidated Statements of Operations

(In millions, except per share data)

(Unaudited)

Three Months Ended

Six Months Ended

June 30,

June 30,

2026

2025

2026

2025

Revenues:

  Casino

$        2,341

$        2,415

$        5,080

$        4,542

  Rooms

359

345

736

669

  Food and beverage

168

147

344

288

  Mall

198

187

402

373

  Convention, retail and other

88

81

177

165

Net revenues

3,154

3,175

6,739

6,037

Operating expenses:

  Resort operations

2,041

1,846

4,208

3,569

  Corporate

74

69

157

142

  Pre-opening

5

9

9

13

  Development

43

69

84

138

  Depreciation and amortization

350

371

707

733

  Amortization of leasehold interests in land

21

20

42

35

Loss on disposal or impairment of assets

2

8

10

15

2,536

2,392

5,217

4,645

Operating income

618

783

1,522

1,392

Other income (expense):

  Interest income

31

42

66

84

  Interest expense, net of amounts capitalized

(189)

(194)

(377)

(368)

Other income (expense)

1

(22)

(2)

(23)

Loss on modification or early retirement of debt

—

—

—

(5)

Income before income taxes

461

609

1,209

1,080

Income tax expense

(88)

(90)

(195)

(153)

Net income

373

519

1,014

927

Net income attributable to noncontrolling interests

(27)

(58)

(101)

(114)

Net income attributable to Las Vegas Sands Corp.

$           346

$           461

$           913

$           813

Earnings per share:

Basic

$          0.53

$          0.66

$          1.38

$          1.15

Diluted

$          0.53

$          0.66

$          1.38

$          1.15

Weighted average shares outstanding:

  Basic

654

695

661

704

  Diluted

656

696

663

704

Exhibit 2

Las Vegas Sands Corp. and Subsidiaries

Net Revenues and Adjusted Property EBITDA

(In millions)

(Unaudited)

Three Months Ended

Six Months Ended

June 30,

June 30,

2026

2025

2026

2025

Net Revenues

The Venetian Macao

$        591

$        663

$     1,301

$     1,301

The Londoner Macao

710

642

1,464

1,171

The Parisian Macao

218

194

447

421

The Plaza Macao and Four Seasons Macao

137

194

427

402

Sands Macao

95

71

188

146

Ferry Operations and Other

39

33

77

65

  Macao Operations

1,790

1,797

3,904

3,506

Marina Bay Sands

1,380

1,388

2,867

2,551

Intercompany Royalties

83

67

170

128

Intersegment Eliminations(1)

(99)

(77)

(202)

(148)

$     3,154

$     3,175

$     6,739

$     6,037

Adjusted Property EBITDA

The Venetian Macao

$        165

$        236

$        403

$        461

The Londoner Macao

192

205

415

358

The Parisian Macao

38

44

84

110

The Plaza Macao and Four Seasons Macao

20

66

134

140

Sands Macao

11

9

20

19

Ferry Operations and Other

4

6

7

13

  Macao Operations

430

566

1,063

1,101

Marina Bay Sands

689

768

1,477

1,373

$     1,119

$     1,334

$     2,540

$     2,474

Adjusted Property EBITDA as a Percentage of Net Revenues

The Venetian Macao

27.9 %

35.6 %

31.0 %

35.4 %

The Londoner Macao

27.0 %

31.9 %

28.3 %

30.6 %

The Parisian Macao

17.4 %

22.7 %

18.8 %

26.1 %

The Plaza Macao and Four Seasons Macao

14.6 %

34.0 %

31.4 %

34.8 %

Sands Macao

11.6 %

12.7 %

10.6 %

13.0 %

Ferry Operations and Other

10.3 %

18.2 %

9.1 %

20.0 %

  Macao Operations

24.0 %

31.5 %

27.2 %

31.4 %

Marina Bay Sands

49.9 %

55.3 %

51.5 %

53.8 %

Total

35.5 %

42.0 %

37.7 %

41.0 %

____________________

(1)

Intersegment eliminations include royalties and other intercompany services.

Exhibit 3

Las Vegas Sands Corp. and Subsidiaries

Non-GAAP Financial Measure Reconciliation

(In millions)

(Unaudited)

The following is a reconciliation of Net Income to Consolidated Adjusted Property EBITDA:

Three Months Ended

Six Months Ended

June 30,

June 30,

2026

2025

2026

2025

Net income

$           373

$           519

$        1,014

$           927

  Add (deduct):

Income tax expense

88

90

195

153

Loss on modification or early retirement of debt

—

—

—

5

Other (income) expense

(1)

22

2

23

Interest expense, net of amounts capitalized

189

194

377

368

Interest income

(31)

(42)

(66)

(84)

Loss on disposal or impairment of assets

2

8

10

15

Amortization of leasehold interests in land

21

20

42

35

Depreciation and amortization

350

371

707

733

Development expense

43

69

84

138

Pre-opening expense

5

9

9

13

Stock-based compensation(1)

6

5

9

6

Corporate expense

74

69

157

142

Consolidated Adjusted Property EBITDA

$        1,119

$        1,334

$        2,540

$        2,474

____________________

(1)

During the three months ended June 30, 2026 and 2025, the company recorded stock-based compensation expense of $15 million and $17 million, respectively, of which $9 million and $12 million, respectively, was included in corporate expense in the accompanying condensed consolidated statements of operations.

During the six months ended June 30, 2026 and 2025, the company recorded stock-based compensation expense of $39 million and $26 million, respectively, of which $30 million and $20 million, respectively, was included in corporate expense in the accompanying condensed consolidated statements of operations.

Exhibit 4

Las Vegas Sands Corp. and Subsidiaries

Non-GAAP Financial Measure Reconciliation

(In millions, except per share data)

(Unaudited)

The following is a reconciliation of Net Income Attributable to LVS to Adjusted Net Income:

Three Months Ended

Six Months Ended

June 30,

June 30,

2026

2025

2026

2025

Net income attributable to LVS

$           346

$           461

$           913

$           813

Pre-opening expense

5

9

9

13

Development expense

43

69

84

138

Loss on disposal or impairment of assets

2

8

10

15

Other (income) expense

(1)

22

2

23

Loss on modification or early retirement of debt

—

—

—

5

Income tax impact on net income adjustments(1)

(11)

(14)

(20)

(28)

Noncontrolling interest impact on net income adjustments

—

(8)

(2)

(11)

Adjusted net income attributable to LVS

$           384

$           547

$           996

$           968

The following is a reconciliation of Net Income per Diluted Share to Adjusted Earnings per Diluted Share:

Three Months Ended

Six Months Ended

June 30,

June 30,

2026

2025

2026

2025

Per diluted share of common stock:

Net income attributable to LVS

$          0.53

$          0.66

$          1.38

$          1.15

Pre-opening expense

0.01

0.01

0.01

0.02

Development expense

0.07

0.10

0.13

0.20

Loss on disposal or impairment of assets

—

0.01

0.01

0.02

Other (income) expense

—

0.03

—

0.03

Loss on modification or early retirement of debt

—

—

—

0.01

Income tax impact on net income adjustments

(0.02)

(0.01)

(0.03)

(0.03)

Noncontrolling interest impact on net income adjustments

—

(0.01)

—

(0.02)

Adjusted earnings per diluted share

$          0.59

$          0.79

$          1.50

$          1.38

Weighted average diluted shares outstanding

656

696

663

704

____________________

(1)

The income tax impact for each adjustment is derived by applying the effective tax rate, including current and deferred income tax expense, based upon the jurisdiction and the nature of the adjustment.

Exhibit 5

Las Vegas Sands Corp. and Subsidiaries

Supplemental Data

(In millions)

(Unaudited)

The following reflects the impact on Net Revenues for hold-adjusted win percentage:

Three Months Ended

June 30,

2026

2025

Macao Operations

$          147

$           (11)

Marina Bay Sands(1)

(49)

(102)

$            98

$         (113)

The following reflects the impact on Adjusted Property EBITDA for hold-adjusted win percentage:

Three Months Ended

June 30,

2026

2025

Macao Operations

$            87

$             (7)

Marina Bay Sands(1)

(37)

(80)

$            50

$           (87)

____________________

Note:

These amounts represent the estimated impact of the hold adjustment that would have occurred had the company's Rolling Chip win percentage for the three months ended June 30, 2026 and 2025, equaled 3.3% for the Macao operations and 4.2% and 4.1%, respectively, for Marina Bay Sands. Included are the estimated commissions paid, discounts and other incentives rebated directly or indirectly to customers, gaming taxes and bad debt expense that would have been incurred or avoided.

(1)

Beginning with the three months ended September 30, 2025, we revised our expected hold-adjusted win percentage for Marina Bay Sands to be based on the theoretical hold percentage measured by technology-enabled gaming tables.  Presentation of the prior year period has been revised to be consistent with that methodology.

Exhibit 6

Las Vegas Sands Corp. and Subsidiaries

Supplemental Data

(Unaudited)

Three Months Ended

Six Months Ended

June 30,

June 30,

2026

2025

2026

2025

Casino Statistics:

The Venetian Macao:

Table games win per unit per day(1)

$        8,819

$        9,710

$        9,688

$        9,271

Slot machine win per unit per day(2)

$           446

$           305

$           464

$           336

Average number of table games

632

658

635

663

Average number of slot machines

1,396

1,651

1,426

1,667

The Londoner Macao:

Table games win per unit per day(1)

$      14,008

$      11,904

$      14,970

$      11,194

Slot machine win per unit per day(2)

$           718

$           591

$           673

$           506

Average number of table games

523

523

510

509

Average number of slot machines

1,380

1,566

1,418

1,562

The Parisian Macao:

Table games win per unit per day(1)

$        7,819

$        6,850

$        8,403

$        7,552

Slot machine win per unit per day(2)

$           370

$           273

$           369

$           278

Average number of table games

242

228

241

238

Average number of slot machines

1,291

1,412

1,285

1,352

The Plaza Macao and Four Seasons Macao:

Table games win per unit per day(1)

$      14,081

$      19,300

$      21,781

$      20,460

Slot machine win per unit per day(2)

$             —

$            92

$             —

$            99

Average number of table games

116

105

114

105

Average number of slot machines(3)

—

53

2

51

Sands Macao:

Table games win per unit per day(1)

$        6,665

$        5,435

$        6,191

$        5,774

Slot machine win per unit per day(2)

$           276

$           256

$           272

$           246

Average number of table games

121

116

133

114

Average number of slot machines

1,278

761

1,233

779

Marina Bay Sands:

Table games win per unit per day(1)

$      20,156

$      21,003

$      22,491

$      18,928

Slot machine win per unit per day(2)

$        1,086

$        1,052

$        1,050

$           992

Average number of table games

564

539

566

541

Average number of slot machines

2,945

2,959

2,964

2,979

____________________

(1)

Table games win per unit per day is shown before discounts, commissions, deferring revenue associated with the company's loyalty programs and allocating casino revenues related to goods and services provided to patrons on a complimentary basis.

(2)

Slot machine win per unit per day is shown before deferring revenue associated with the company's loyalty programs and allocating casino revenues related to goods and services provided to patrons on a complimentary basis.

(3)

Slot machines were relocated to other properties during the three months ended March 31, 2026.

Exhibit 7

Las Vegas Sands Corp. and Subsidiaries

Supplemental Data

(Unaudited)

Three Months Ended

The Venetian Macao

June 30,

(Dollars in millions)

2026

2025

Change

Revenues:

Casino

$        457

$        524

$       (67)

Rooms

43

50

(7)

Food and beverage

15

15

—

Mall

62

62

—

Convention, retail and other

14

12

2

Net revenues

$        591

$        663

$       (72)

Adjusted Property EBITDA

$        165

$        236

$       (71)

EBITDA Margin %

27.9 %

35.6 %

       (7.7) pts

Gaming Statistics

(Dollars in millions)

Rolling Chip volume

$     1,028

$        859

$      169

Rolling Chip win %(1)

0.62 %

3.57 %

         (2.95) pts

Non-Rolling Chip drop

$     2,452

$     2,348

$      104

Non-Rolling Chip win %

20.4 %

23.5 %

       (3.1) pts

Slot handle

$     1,399

$     1,372

$        27

Slot hold %

4.1 %

3.3 %

      0.8 pts

Hotel Statistics

Occupancy %

98.2 %

98.6 %

       (0.4) pts

Average daily room rate (ADR)

$        197

$        195

$          2

Revenue per available room (RevPAR)

$        194

$        192

$          2

____________________

(1)

This compares to our expected Rolling Chip win percentage of 3.3% (calculated before discounts, commissions, deferring revenue associated with the company's loyalty programs and allocating casino revenues related to goods and services provided to patrons on a complimentary basis).

Las Vegas Sands Corp. and Subsidiaries

Supplemental Data

(Unaudited)

Three Months Ended

The Londoner Macao

June 30,

(Dollars in millions)

2026

2025

Change

Revenues:

Casino

$        548

$        495

$        53

Rooms

100

95

5

Food and beverage

31

27

4

Mall

23

21

2

Convention, retail and other

8

4

4

Net revenues

$        710

$        642

$        68

Adjusted Property EBITDA

$        192

$        205

$       (13)

EBITDA Margin %

27.0 %

31.9 %

       (4.9) pts

Gaming Statistics

(Dollars in millions)

Rolling Chip volume

$     3,523

$     2,090

$   1,433

Rolling Chip win %(1)

3.67 %

4.09 %

         (0.42) pts

Non-Rolling Chip drop

$     2,584

$     2,196

$      388

Non-Rolling Chip win %

20.8 %

21.9 %

       (1.1) pts

Slot handle

$     2,227

$     2,114

$      113

Slot hold %

4.0 %

4.0 %

     — pts

Hotel Statistics

Occupancy %

96.7 %

93.3 %

      3.4 pts

Average daily room rate (ADR)

$        262

$        259

$          3

Revenue per available room (RevPAR)

$        254

$        242

$        12

____________________

(1)

This compares to our expected Rolling Chip win percentage of 3.3% (calculated before discounts, commissions, deferring revenue associated with the company's loyalty programs and allocating casino revenues related to goods and services provided to patrons on a complimentary basis).

Las Vegas Sands Corp. and Subsidiaries

Supplemental Data

(Unaudited)

Three Months Ended

The Parisian Macao

June 30,

(Dollars in millions)

2026

2025

Change

Revenues:

Casino

$        165

$        143

$        22

Rooms

32

34

(2)

Food and beverage

14

11

3

Mall

5

5

—

Convention, retail and other

2

1

1

Net revenues

$        218

$        194

$        24

Adjusted Property EBITDA

$         38

$          44

$         (6)

EBITDA Margin %

17.4 %

22.7 %

       (5.3) pts

Gaming Statistics

(Dollars in millions)

Rolling Chip volume

$        169

$          —

$      169

Rolling Chip win %(1)

(2.26) %

— %

     — pts

Non-Rolling Chip drop

$        816

$        663

$      153

Non-Rolling Chip win %

21.6 %

21.4 %

      0.2 pts

Slot handle

$     1,302

$        872

$      430

Slot hold %

3.3 %

4.0 %

       (0.7) pts

Hotel Statistics

Occupancy %

97.4 %

99.2 %

       (1.8) pts

Average daily room rate (ADR)

$        141

$        147

$        (6)

Revenue per available room (RevPAR)

$        138

$        146

$        (8)

____________________

(1)

This compares to our expected Rolling Chip win percentage of 3.3% (calculated before discounts, commissions, deferring revenue associated with the company's loyalty programs and allocating casino revenues related to goods and services provided to patrons on a complimentary basis).

Las Vegas Sands Corp. and Subsidiaries

Supplemental Data

(Unaudited)

Three Months Ended

The Plaza Macao and Four Seasons Macao

June 30,

(Dollars in millions)

2026

2025

Change

Revenues:

Casino

$         59

$        122

$       (63)

Rooms

28

28

—

Food and beverage

8

7

1

Mall

41

37

4

Convention, retail and other

1

—

1

Net revenues

$        137

$        194

$       (57)

Adjusted Property EBITDA

$         20

$         66

$       (46)

EBITDA Margin %

14.6 %

34.0 %

         (19.4) pts

Gaming Statistics

(Dollars in millions)

Rolling Chip volume

$     2,824

$     1,399

$   1,425

Rolling Chip win %(1)

(1.15) %

2.72 %

         (3.87) pts

Non-Rolling Chip drop

$        839

$        655

$      184

Non-Rolling Chip win %

21.6 %

22.3 %

       (0.7) pts

Slot handle

$          —

$         19

$       (19)

Slot hold %

— %

2.3 %

     — pts

Hotel Statistics

Occupancy %

95.1 %

92.1 %

      3.0 pts

Average daily room rate (ADR)

$        507

$        502

$          5

Revenue per available room (RevPAR)

$        482

$        462

$        20

____________________

(1)

This compares to our expected Rolling Chip win percentage of 3.3% (calculated before discounts, commissions, deferring revenue associated with the company's loyalty programs and allocating casino revenues related to goods and services provided to patrons on a complimentary basis).

Las Vegas Sands Corp. and Subsidiaries

Supplemental Data

(Unaudited)

Three Months Ended

Sands Macao

June 30,

(Dollars in millions)

2026

2025

Change

Revenues:

Casino

$         88

$         63

$        25

Rooms

5

4

1

Food and beverage

2

3

(1)

Convention, retail and other

—

1

(1)

Net revenues

$         95

$         71

$        24

Adjusted Property EBITDA

$         11

$           9

$          2

EBITDA Margin %

11.6 %

12.7 %

       (1.1) pts

Gaming Statistics

(Dollars in millions)

Rolling Chip volume

$         26

$         23

$          3

Rolling Chip win %(1)

11.78 %

5.60 %

        6.18 pts

Non-Rolling Chip drop

$        497

$        389

$      108

Non-Rolling Chip win %

14.2 %

14.4 %

       (0.2) pts

Slot handle

$     1,526

$        589

$      937

Slot hold %

2.1 %

3.0 %

       (0.9) pts

Hotel Statistics

Occupancy %

99.4 %

99.4 %

     — pts

Average daily room rate (ADR)

$        162

$        176

$       (14)

Revenue per available room (RevPAR)

$        161

$        175

$       (14)

____________________

(1)

This compares to our expected Rolling Chip win percentage of 3.3% (calculated before discounts, commissions, deferring revenue associated with the company's loyalty programs and allocating casino revenues related to goods and services provided to patrons on a complimentary basis).

Las Vegas Sands Corp. and Subsidiaries

Supplemental Data

(Unaudited)

Three Months Ended

Marina Bay Sands

June 30,

(Dollars in millions)

2026

2025

Change

Revenues:

Casino

$     1,024

$     1,068

$       (44)

Rooms

151

134

17

Food and beverage

98

84

14

Mall

67

62

5

Convention, retail and other

40

40

—

Net revenues

$     1,380

$     1,388

$         (8)

Adjusted Property EBITDA

$        689

$        768

$       (79)

EBITDA Margin %

49.9 %

55.3 %

       (5.4) pts

Gaming Statistics

(Dollars in millions)

Rolling Chip volume

$     9,269

$     8,945

$      324

Rolling Chip win %(1)

4.74 %

5.26 %

         (0.52) pts

Non-Rolling Chip drop

$     2,597

$     2,360

$      237

Non-Rolling Chip win %

22.9 %

23.7 %

       (0.8) pts

Slot handle

$     6,382

$     6,192

$      190

Slot hold %

4.6 %

4.6 %

     — pts

Hotel Statistics

Occupancy %

95.6 %

95.0 %

      0.6 pts

Average daily room rate (ADR)

$        982

$        888

$        94

Revenue per available room (RevPAR)

$        939

$        844

$        95

____________________

(1)

This compares to our theoretical Rolling Chip win percentage of 4.2% and 4.1% for the three months ended June 30, 2026 and 2025, respectively (calculated before discounts, commissions, deferring revenue associated with the company's loyalty programs and allocating casino revenues related to goods and services provided to patrons on a complimentary basis).

Beginning with the three months ended September 30, 2025, we revised our expected hold-adjusted win percentage for Marina Bay Sands to be based on the theoretical hold percentage measured by technology-enabled gaming tables.

Las Vegas Sands Corp. and Subsidiaries

Supplemental Data - Asian Retail Mall Operations

(Unaudited)

For the Three Months Ended June 30, 2026

TTM

June 30,
2026

(Dollars in millions except per square foot data)

Gross
Revenue(1)

Operating
Profit

Operating
Profit
Margin

Gross
Leasable
Area (sq. ft.)

Occupancy
% at End
of Period

Tenant Sales
Per Sq. Ft.(2)

Shoppes at Venetian

$           62

$         55

88.7 %

829,874

89.3 %

$          2,161

Shoppes at Four Seasons

Luxury Retail

29

27

93.1 %

161,025

100.0 %

5,670

Other Stores

12

11

91.7 %

94,292

78.7 %

2,115

41

38

92.7 %

255,317

92.1 %

4,650

Shoppes at Londoner

23

19

82.6 %

518,122

75.9 %

1,886

Shoppes at Parisian

5

3

60.0 %

253,784

66.4 %

428

Total Cotai Strip in Macao

131

115

87.8 %

1,857,097

82.8 %

2,331

The Shoppes at Marina Bay Sands

67

61

91.0 %

616,028

100.0 %

3,279

Total

$         198

$       176

88.9 %

2,473,125

87.1 %

$          2,608

____________________

Note:

This table excludes the results of our retail outlets at Sands Macao.

(1)

Gross revenue figures are net of intersegment revenue eliminations.

(2)

Tenant sales per square foot reflect sales from tenants only after the tenant has been open for a period of 12 months.

SOURCE Las Vegas Sands Corp.

Item 1 of 2 An Intel logo appears in this illustration taken August 25, 2025. REUTERS/Dado Ruvic/Illustration/File Photo

[1/2]An Intel logo appears in this illustration taken August 25, 2025. REUTERS/Dado Ruvic/Illustration/File Photo Purchase Licensing Rights, opens new tab

SummaryCompaniesIntel, AMD seek longer China server CPU supply commitmentsAI data-centre boom strains supply beyond GPUs into mainstream processorsChina server CPU prices up more than 40% this year for some productsBEIJING, July 23 (Reuters) - U.S. chipmaking giants Intel (INTC.O), opens new tab and Advanced Micro Devices (AMD.O), opens new tab are signing longer-term purchase commitments with Chinese server customers ‌for data-centre processors as prices surge, two people familiar with the talks said.

The move highlights a broader consequence of the AI boom: demand has spread beyond AI accelerators to memory, networking gear and server processors, giving suppliers greater leverage to seek long-term purchase ​deals.

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AI data centres require not only Nvidia-style graphics processors (GPUs) but also large numbers of central processing units (CPUs) ​to support servers, storage, networking and inference workloads.

The agreements under discussion typically lock in purchase ⁠volumes but not prices, the people said. Most cover about a year of supply, although Intel and ​AMD have discussed commitments of two years or longer from some customers, one of the people said.

The shift echoes trends in ​the memory-chip market, opens new tab, where the AI-driven shortage has pushed buyers toward longer-term supply commitments.

The sources declined to be identified because they were not authorised to speak to the media. Intel and AMD did not respond to requests for comment.

The talks mark a shift ​for server CPUs, which have been easier to obtain than AI accelerators or memory chips.

Tighter CPU supply could ​raise costs and slow deployment for Chinese cloud providers and internet companies expanding AI services.

Server CPU prices are still climbing in ‌China, with ⁠month-on-month increases topping 10% for some products, one of the sources said. Prices of some CPU products have risen more than 40% in China since the start of the year, the source added.

Reuters reported earlier this year that Intel and AMD had notified Chinese customers of lengthy waits for server CPUs, with Intel lead times reaching ​as long as six months ​for some products.

The CPU ⁠shortage will be among the key topics likely to be addressed on Thursday when Intel reports its quarterly results.

CEO Lip-Bu Tan told analysts in April that demand "continues to ​run ahead of supply," especially for Xeon server CPUs. He also cited a ​multi-year deal with ⁠Google as one of several long-term contracts Intel signed in the first quarter.

AMD, due to report in early August, already raised its server CPU market forecast to more than $120 billion by 2030, citing strong demand related to agentic AI ⁠workloads.

China is ​one of the world's largest server markets, fuelled by rapid construction ​of data centre racks, AI computing clusters and national computing infrastructure.

The buildout has intensified competition for Intel and AMD processors, even as Chinese ​buyers face separate U.S. restrictions on access to the most advanced AI GPUs.

Editing by Miyoung Kim and Kim Coghill

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

Eduardo Baptista is a Senior Correspondent for Reuters based in Beijing, covering China’s technology, space, and automotive industries. He has led enterprise and investigative reporting on China’s military-linked companies, artificial intelligence and semiconductor supply chains, as well as macroeconomic and industrial policy. Baptista has reported from China for nearly a decade and holds a BA in History from the University of Cambridge.

Alexis Le-Quoc, co-founder and Chief Technology Officer of Datadog, Inc. (DDOG -3.47%), sold 43,224 shares of Class A Common Stock on July 20, 2026, for a total value of ~$11.5 million, according to an SEC Form 4 filing.

Transaction summaryMetricValueTransaction value$11.5 millionShares sold (direct)43,224Post-transaction shares (total)509,974Post-transaction shares (directly held)509,805Post-transaction shares (indirectly held)169Post-transaction value$134.23 millionTransaction value based on SEC Form 4 weighted average sale price ($265.23); post-transaction value based on July 20, 2026 market close ($263.20).

Key questionsWhat triggered this specific liquidation of equity?
The transaction was part of a structured divestment process governed by a Rule 10b5-1 trading plan adopted on June 13, 2025. This plan facilitated the automatic exercise of 43,224 options and their immediate sale on the open market, providing the executive with liquidity while maintaining a substantial long-term stake in Datadog.How does the current holding compare to historical equity awards?
While the sale involved ~43,000 shares, Alexis Le-Quoc continues to hold a significant portfolio of company equity. This includes 509,805 shares held directly and approximately 8.4 million derivative securities, including vested and unvested awards, held both directly and through the Alexis Le-Quoc Revocable Trust.How has the stock performed relative to the transaction price?
The disposition occurred at a weighted average price of $265.23, while the one-year total return for the stock stood at 81% as of the July 20, 2026 transaction date. Since the trade, the share price settled at $254.79 as of the July 21, 2026 market close.What is the impact on total ownership concentration?
The transaction resulted in an 8% reduction in direct holdings, leaving the insider with a total beneficial interest of 509,974 shares of Class A Common Stock. This remaining position, excluding derivatives, represents an insider ownership percentage of 0.14% and a market valuation of approximately $130 million based on recent trading levels.Company OverviewMetricValueShare Price (as of market close 2026-07-21)$254.79Market Capitalization$87.1 billionRevenue (TTM)$3.7 billionNet Income (TTM)$135.7 millionCompany SnapshotDatadog provides a comprehensive cloud-based Software-as-a-Service (SaaS) platform that delivers infrastructure monitoring, application performance management, log management, and security surveillance capabilities to enterprise customers globally.The company operates on a subscription-based business model, generating recurring revenue from customers who rely on its integrated monitoring and analytics solutions to maintain real-time visibility across their technology infrastructure.Datadog serves developers, IT operations teams, and business stakeholders across North America and internationally, with particular strength in enterprises requiring end-to-end observability and security monitoring solutions.Datadog has established itself as a leading provider of cloud-based observability and security solutions, with a market capitalization of $87.1 billion. The company's integrated platform approach — combining infrastructure monitoring, application performance tracking, log management, and security surveillance — provides a competitive advantage by delivering comprehensive visibility across complex technology environments.

With 8,100 employees and a strong presence in North America and international markets, Datadog continues to benefit from secular trends in cloud adoption and the increasing complexity of distributed systems requiring sophisticated monitoring solutions.

What this transaction means for investorsThe July 20 sale of over 40,000 Datadog shares by its co-founder and CTO Alexis Le-Quoc seems like a substantial disposition. Yet take into account that he retained over 500,000 directly-held shares post-transaction, and another 6.1 million Class B shares held indirectly via the Alexis Le-Quoc Revocable Trust, which can be converted into Class A, and the sale actually represents a small percentage of his equity stake.

In addition, this was a non-discretionary transaction executed as part of a pre-established Rule 10b5-1 plan. Such plans allow insiders to sell shares at predetermined times to avoid concerns of trading on non-public information. Consequently, Le-Quoc’s disposition does not appear to be a cause for investor concern.

Datadog shares are up thanks to strong business performance. In the first quarter, revenue reached $1 billion, representing outstanding 32% growth from the previous year. The company forecasted 2026 full-year sales to rise to $4.3 billion, a significant increase from 2025’s $3.4 billion.

Nvidia (NVDA +2.39%) disclosed this week that it beneficially owns 9.3% of Nebius Group (NBIS +0.61%), an artificial intelligence (AI) cloud infrastructure provider that has become one of the market's hottest stocks. The disclosure came in a Schedule 13G (which Nvidia filed under the rule for passive investors) covering about 22.3 million shares.

Investors treated it as a vote of confidence. Nebius shares jumped nearly 19% on Tuesday, to close at $217.09. The stock is up more than 300% over the past year.

But the market may be reacting to the headline number rather than the fine print. What Nvidia actually owns, and why, tells a more useful story for investors.

Image source: Nvidia.

Mostly a prepaid warrant, locked up until September The 9.3% figure comes with two big qualifiers.

First, the composition. Only about 1.2 million of the shares are common stock Nvidia holds outright. The rest (roughly 21 million shares) comes from a pre-funded warrant Nvidia bought outright with its previously announced $2 billion investment in Nebius, at an exercise price of $0.0001 a share. Nebius already counts those shares as outstanding for earnings-per-share purposes. Nvidia simply can't exercise the warrant or sell the shares before Sept. 11.

Second, the intent. A Schedule 13G is a passive filing. It signals that Nvidia isn't seeking control or pushing for changes. This is a financial and strategic position, not the opening move of a takeover.

Put another way, Nvidia didn't suddenly buy a tenth of Nebius on the open market this week. The filing largely formalizes a stake investors have known about since the $2 billion investment was announced. The market's 19% response says more about sentiment toward anything Nvidia touches than about new information.

Today's Change

(

0.61

%) $

1.32

Current Price

$

218.24

Why Nvidia wants equity in its own customer Nebius is what the industry calls a neocloud. It buys enormous quantities of graphics processing units (GPUs), overwhelmingly Nvidia's, and turns them into rentable AI computing capacity for customers who can't build their own. Nvidia taking equity in a company like that deepens a loop that already exists: Nebius gets capital and credibility, and Nvidia strengthens a fast-growing buyer of its chips while collecting a slice of the upside.

The stake also says something about demand. Nvidia doesn't need to prop up customers if AI computing capacity is going unsold. Putting $2 billion behind a company whose business is renting out Nvidia hardware is a bet that demand for that capacity keeps outrunning supply.

And Nebius has momentum to point to. Its revenue over the trailing 12 months totals about $878 million, and the demand evidence keeps stacking up. In March, Meta Platforms signed a long-term agreement to spend up to $27 billion on Nebius' AI infrastructure.

Today's Change

(

2.39

%) $

4.96

Current Price

$

212.25

The stock has moved just as violently. Shares traded below $50 within the past year, peaked at $299.86, and even after Tuesday's jump still sit about 28% below that high. Swings like that are the price of admission in this corner of the AI market, and investors should expect more of them.

The problem is the price. After Tuesday's jump, Nebius commands a market capitalization of about $55 billion, which is more than 60 times its trailing sales. A multiple like that prices in years of hypergrowth and flawless execution in one of the most capital-hungry businesses in technology.

After all, building AI infrastructure requires staggering amounts of money for data centers, power, and chips, and Nebius will likely need to keep raising capital to fund its expansion. Every dollar of that spending has to earn a return in a market where the largest cloud providers are building the same capacity.

Additionally, a passive minority stake doesn't guarantee Nebius preferential access to chips. It doesn't change the company's economics or its capital needs, and it doesn't make the valuation cheaper. Nvidia's endorsement is a point in the bull case, not a substitute for one.

The stake itself, though, is a meaningful signal. The most important company in AI wants this neocloud to succeed, and it has put real money behind that preference. For Nebius shareholders, that's comforting.

But at more than 60 times sales, the growth stock already prices in an awful lot of success, and Tuesday's pop made that math harder, not easier. I'd watch this one from the sidelines and let the next few quarters show if the growth can keep pace with the expectations.

Tesla, Inc. (TSLA) Q2 2026 Earnings Call July 22, 2026 5:30 PM EDT

Company Participants

Travis Axelrod - Head of Investor Relations
Elon Musk - Co-Founder, Technoking of Tesla, CEO & Director
Vaibhav Taneja - Chief Financial Officer
Ashok Elluswamy - Executive Officer
Karn Budhiraj
Lars Moravy - Vice President of Vehicle Engineering
Brandon Ehrhart

Conference Call Participants

Andrew Percoco - Morgan Stanley, Research Division
Alexander Perry - BofA Securities, Research Division
Colin Langan - Wells Fargo Securities, LLC, Research Division
Walter Piecyk - LightShed Partners, LLC
William Stein - Truist Securities, Inc., Research Division
Dan Levy - Barclays Bank PLC, Research Division

Presentation

Travis Axelrod
Head of Investor Relations

Good afternoon, everyone, and welcome to Tesla's Second Quarter 2026 Q&A Webcast. My name is Travis Axelrod, Head of Investor Relations, and I'm joined today by Elon Musk, Vaibhav Taneja and a number of other executives.

Our Q2 results were announced at about 3:00 p.m. Central Time in the update deck we published at the same link as this webcast.

During this call, we will discuss our business outlook and make forward-looking statements. These comments are based on our predictions and expectations as of today. Actual events or results could differ materially due to a number of risks and uncertainties, including those mentioned in our most recent filings with the SEC.

During the question-and-answer portion of today's call, please limit yourself to one question and one follow-up. [Operator Instructions]

Before we jump into Q&A, Elon has some opening remarks. Elon?

Elon Musk
Co-Founder, Technoking of Tesla, CEO & Director

Thank you. So, yes, it's been a great quarter. We achieved record Q2 deliveries. Model Y, I believe it is now, I think it's the best-selling car of any kind in the world and is setting records across the board. So its popularity is increasing tremendously. And we're seeing in locations that have FSD approved, we're seeing a very high take

International Business Machines Corporation (IBM) Q2 2026 Earnings Call July 22, 2026 5:00 PM EDT

Company Participants

Olympia McNerney - Global Head of Investor Relations
Arvind Krishna - CEO, President & Chairman
James Kavanaugh - CFO and Senior VP of Finance & Operations

Conference Call Participants

Amit Daryanani - Evercore ISI Institutional Equities, Research Division
Brent Thill - Jefferies LLC, Research Division
Benjamin Reitzes - Melius Research LLC
Fatima Boolani - Citigroup Inc., Research Division
Erik Woodring - Morgan Stanley, Research Division
Matthew Swanson - RBC Capital Markets, Research Division

Presentation

Operator

Welcome, and thank you for standing by. [Operator Instructions] Today's conference is being recorded. If you have any objections, you may disconnect at this time.

Now I will turn the meeting over to Olympia McNerney, IBM's Global Head of Investor Relations. Olympia, you may begin.

Olympia McNerney
Global Head of Investor Relations

Thank you. I'd like to welcome you to IBM's Second Quarter 2026 Earnings Presentation. I'm Olympia McNerney, and I'm here today with Arvind Krishna, IBM's Chairman, President and Chief Executive Officer; and Jim Kavanaugh, IBM's Senior Vice President and Chief Financial Officer.

We'll post today's prepared remarks and a replay of today's webcast on the IBM Investor website within a couple of hours. The earnings presentation is already available. To provide additional information to our investors, our presentation includes certain non-GAAP measures. For example, all of our references to revenue and signings growth are at constant currency. We provided reconciliation charts for these and other non-GAAP financial measures at the end of the presentation, which is posted to our investor website.

Finally, some comments made in this presentation may be considered forward-looking under the Private Securities Litigation Reform Act of 1995. These statements involve factors that could cause our actual results to differ materially. Additional information about these factors is included in the company's

Medpace (MEDP - Free Report) came out with quarterly earnings of $4.25 per share, beating the Zacks Consensus Estimate of $4.08 per share. This compares to earnings of $3.1 per share a year ago. These figures are adjusted for non-recurring items.

This quarterly report represents an earnings surprise of +4.17%. A quarter ago, it was expected that this provider of outsourced clinical development services would post earnings of $3.74 per share when it actually produced earnings of $4.28, delivering a surprise of +14.44%.

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

Medpace, which belongs to the Zacks Medical Services industry, posted revenues of $707.33 million for the quarter ended June 2026, surpassing the Zacks Consensus Estimate by 1.12%. This compares to year-ago revenues of $603.31 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.

Medpace shares have lost about 5.3% since the beginning of the year versus the S&P 500's gain of 9.7%.

What's Next for Medpace?While Medpace 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 Medpace 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 $4.22 on $694.23 million in revenues for the coming quarter and $17.04 on $2.79 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, Medical Services is currently in the top 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.

Avantor, Inc. (AVTR - 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 29.

This company is expected to post quarterly earnings of $0.19 per share in its upcoming report, which represents a year-over-year change of -20.8%. The consensus EPS estimate for the quarter has been revised 0.1% higher over the last 30 days to the current level.

Avantor, Inc.'s revenues are expected to be $1.62 billion, down 3.5% from the year-ago quarter.

In the latest close session, Cadence Design Systems (CDNS - Free Report) was down 2.21% at $337.02. This change lagged the S&P 500's daily loss of 0.14%. Meanwhile, the Dow lost 0.01%, and the Nasdaq, a tech-heavy index, lost 0.57%.

Coming into today, shares of the maker of hardware and software products for validating chip designs had lost 9.08% in the past month. In that same time, the Computer and Technology sector lost 4.82%, while the S&P 500 gained 0.25%.

Investors will be eagerly watching for the performance of Cadence Design Systems in its upcoming earnings disclosure. The company's earnings report is set to be unveiled on July 27, 2026. The company is forecasted to report an EPS of $2.05, showcasing a 24.24% upward movement from the corresponding quarter of the prior year. In the meantime, our current consensus estimate forecasts the revenue to be $1.58 billion, indicating a 23.58% growth compared to the corresponding quarter of the prior year.

For the annual period, the Zacks Consensus Estimates anticipate earnings of $7.94 per share and a revenue of $6.2 billion, signifying shifts of +11.2% and +17.11%, respectively, from the last year.

Additionally, investors should keep an eye on any recent revisions to analyst forecasts for Cadence Design Systems. Such recent modifications usually signify the changing landscape of near-term business trends. As such, positive estimate revisions reflect analyst optimism about the business and profitability.

Based on our research, we believe these estimate revisions are directly related to near-term stock moves. To utilize this, we have created the Zacks Rank, a proprietary model that integrates these estimate changes and provides a functional rating system.

Ranging from #1 (Strong Buy) to #5 (Strong Sell), the Zacks Rank system has a proven, outside-audited track record of outperformance, with #1 stocks returning an average of +25% annually since 1988. Over the last 30 days, the Zacks Consensus EPS estimate has witnessed an unchanged state. As of now, Cadence Design Systems holds a Zacks Rank of #3 (Hold).

Digging into valuation, Cadence Design Systems currently has a Forward P/E ratio of 43.42. This indicates a premium in contrast to its industry's Forward P/E of 15.81.

We can also see that CDNS currently has a PEG ratio of 3.2. This metric is used similarly to the famous P/E ratio, but the PEG ratio also takes into account the stock's expected earnings growth rate. The Computer - Software industry had an average PEG ratio of 1.28 as trading concluded yesterday.

The Computer - Software industry is part of the Computer and Technology sector. This industry, currently bearing a Zacks Industry Rank of 93, finds itself in the top 38% echelons of all 250+ industries.

The Zacks Industry Rank is ordered from best to worst in terms of the average Zacks Rank of the individual companies within each of these sectors. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.

Be sure to use Zacks.com to monitor all these stock-influencing metrics, and more, throughout the forthcoming trading sessions.

In the latest trading session, AeroVironment (AVAV - Free Report) closed at $150.35, marking a +1.01% move from the previous day. This change outpaced the S&P 500's 0.14% loss on the day. Meanwhile, the Dow lost 0.01%, and the Nasdaq, a tech-heavy index, lost 0.57%.

The stock of maker of unmanned aircrafts has fallen by 0.16% in the past month, leading the Aerospace sector's loss of 5.8% and undershooting the S&P 500's gain of 0.25%.

Market participants will be closely following the financial results of AeroVironment in its upcoming release. The company's upcoming EPS is projected at $0.34, signifying a 6.25% increase compared to the same quarter of the previous year. Meanwhile, our latest consensus estimate is calling for revenue of $474.57 million, up 4.38% from the prior-year quarter.

Regarding the entire year, the Zacks Consensus Estimates forecast earnings of $3.26 per share and revenue of $2.17 billion, indicating changes of -1.51% and +9.78%, respectively, compared to the previous year.

Additionally, investors should keep an eye on any recent revisions to analyst forecasts for AeroVironment. These revisions help to show the ever-changing nature of near-term business trends. Consequently, upward revisions in estimates express analysts' positivity towards the business operations and its ability to generate profits.

Our research demonstrates that these adjustments in estimates directly associate with imminent stock price performance. To take advantage of this, we've established the Zacks Rank, an exclusive model that considers these estimated changes and delivers an operational rating system.

The Zacks Rank system, running from #1 (Strong Buy) to #5 (Strong Sell), holds an admirable track record of superior performance, independently audited, with #1 stocks contributing an average annual return of +25% since 1988. Over the last 30 days, the Zacks Consensus EPS estimate has moved 19.7% lower. Right now, AeroVironment possesses a Zacks Rank of #3 (Hold).

Digging into valuation, AeroVironment currently has a Forward P/E ratio of 45.66. Its industry sports an average Forward P/E of 37.24, so one might conclude that AeroVironment is trading at a premium comparatively.

It's also important to note that AVAV currently trades at a PEG ratio of 5.06. This popular metric is similar to the widely-known P/E ratio, with the difference being that the PEG ratio also takes into account the company's expected earnings growth rate. Aerospace - Defense Equipment stocks are, on average, holding a PEG ratio of 2.3 based on yesterday's closing prices.

The Aerospace - Defense Equipment industry is part of the Aerospace sector. With its current Zacks Industry Rank of 86, this industry ranks in the top 35% of all industries, numbering over 250.

The Zacks Industry Rank gauges the strength of our industry groups by measuring the average Zacks Rank of the individual stocks within the groups. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.

To follow AVAV in the coming trading sessions, be sure to utilize Zacks.com.

For the quarter ended June 2026, Packaging Corp. (PKG - Free Report) reported revenue of $2.49 billion, up 14.7% over the same period last year. EPS came in at $2.35, compared to $2.48 in the year-ago quarter.

The reported revenue compares to the Zacks Consensus Estimate of $2.4 billion, representing a surprise of +3.57%. The company delivered an EPS surprise of +1.73%, with the consensus EPS estimate being $2.31.

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

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

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

Segment Sales- Packaging: $2.31 billion compared to the $2.21 billion average estimate based on three analysts. The reported number represents a change of +15.2% year over year.Segment Sales- Corporate and Other: $21.3 million versus $21.64 million estimated by three analysts on average. Compared to the year-ago quarter, this number represents a +8.7% change.Segment Sales- Paper: $157.3 million versus the three-analyst average estimate of $160.04 million. The reported number represents a year-over-year change of +7.9%.Segment operating income (loss) excluding special items- Packaging: $327.8 million compared to the $317.11 million average estimate based on two analysts.Segment operating income (loss) excluding special items- Corporate and Other: $-47.2 million versus the two-analyst average estimate of $-39.57 million.Segment operating income (loss) excluding special items- Paper: $34.3 million compared to the $32.53 million average estimate based on two analysts.View all Key Company Metrics for Packaging Corp. here>>>

Shares of Packaging Corp. have returned -2% over the past month versus the Zacks S&P 500 composite's +0.3% change. The stock currently has a Zacks Rank #3 (Hold), indicating that it could perform in line with the broader market in the near term.

Cathay General (CATY - Free Report) came out with quarterly earnings of $1.37 per share, beating the Zacks Consensus Estimate of $1.33 per share. This compares to earnings of $1.1 per share a year ago. These figures are adjusted for non-recurring items.

This quarterly report represents an earnings surprise of +3.01%. A quarter ago, it was expected that this holding company for Cathay Bank would post earnings of $1.19 per share when it actually produced earnings of $1.29, delivering a surprise of +8.4%.

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

Cathay, which belongs to the Zacks Banks - West industry, posted revenues of $222.3 million for the quarter ended June 2026, surpassing the Zacks Consensus Estimate by 1.89%. This compares to year-ago revenues of $196.61 million. The company has topped consensus revenue estimates three 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.

Cathay shares have added about 28.3% since the beginning of the year versus the S&P 500's gain of 9.7%.

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

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

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

Ahead of this earnings release, the estimate revisions trend for Cathay 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 $1.34 on $223.68 million in revenues for the coming quarter and $5.42 on $882.63 million 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, Banks - West is currently in the top 19% 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, Sierra Bancorp (BSRR - Free Report) , has yet to report results for the quarter ended June 2026.

This parent company of Bank of the Sierra is expected to post quarterly earnings of $0.89 per share in its upcoming report, which represents a year-over-year change of +14.1%. The consensus EPS estimate for the quarter has remained unchanged over the last 30 days.

Sierra Bancorp's revenues are expected to be $39.3 million, up 0.2% from the year-ago quarter.

Pinnacle Financial (PNFP - Free Report) reported $1.23 billion in revenue for the quarter ended June 2026, representing a year-over-year increase of 144%. EPS of $2.50 for the same period compares to $2.00 a year ago.

The reported revenue represents a surprise of +0.45% over the Zacks Consensus Estimate of $1.23 billion. With the consensus EPS estimate being $2.46, the EPS surprise was +1.63%.

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

As these metrics influence top- and bottom-line performance, comparing them to the year-ago numbers and what analysts estimated helps investors project a stock's price performance more accurately.

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

Net Interest Margin: 3.4% versus the four-analyst average estimate of 3.5%.Average balances - Total interest-earning assets: $112.67 billion compared to the $111.82 billion average estimate based on three analysts.Nonaccrual loans: $415 million versus $468.37 million estimated by three analysts on average.Annualized net loan charge-offs to avg. loans: 0.2% versus 0.2% estimated by three analysts on average.Total nonperforming assets: $444 million versus the three-analyst average estimate of $500.84 million.Net Interest Income: $956 million versus $965.58 million estimated by four analysts on average.Total noninterest income: $247 million compared to the $263.11 million average estimate based on four analysts.Non-Interest Revenue- Income from equity method investment: $24 million compared to the $24.03 million average estimate based on two analysts.Non-Interest Revenue- Capital markets income: $18 million versus the two-analyst average estimate of $14.97 million.Non-Interest Revenue- Income from bank-owned life insurance: $19 million versus $19.9 million estimated by two analysts on average.Non-Interest Revenue- Other non-interest income: $28 million compared to the $26.82 million average estimate based on two analysts.Non-Interest Revenue- Wealth management revenue: $85 million versus $86.1 million estimated by two analysts on average.View all Key Company Metrics for Pinnacle Financial here>>>

Shares of Pinnacle Financial have returned +0.8% over the past month versus the Zacks S&P 500 composite's +0.3% change. The stock currently has a Zacks Rank #3 (Hold), indicating that it could perform in line with the broader market in the near term.

Goosehead Insurance (GSHD - Free Report) came out with quarterly earnings of $0.64 per share, beating the Zacks Consensus Estimate of $0.52 per share. This compares to earnings of $0.49 per share a year ago. These figures are adjusted for non-recurring items.

This quarterly report represents an earnings surprise of +23.08%. A quarter ago, it was expected that this insurance company would post earnings of $0.2 per share when it actually produced earnings of $0.3, delivering a surprise of +50%.

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

Goosehead, which belongs to the Zacks Insurance - Multi line industry, posted revenues of $113.39 million for the quarter ended June 2026, surpassing the Zacks Consensus Estimate by 9.70%. This compares to year-ago revenues of $94.03 million. The company has topped consensus revenue estimates three 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.

Goosehead shares have lost about 27% since the beginning of the year versus the S&P 500's gain of 9.7%.

What's Next for Goosehead?While Goosehead 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 Goosehead 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 $0.59 on $106.96 million in revenues for the coming quarter and $2.18 on $418.27 million 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, Insurance - Multi line is currently in the bottom 32% 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, Oscar Health, Inc. (OSCR - Free Report) , is yet to report results for the quarter ended June 2026. The results are expected to be released on August 6.

This company is expected to post quarterly earnings of $0.45 per share in its upcoming report, which represents a year-over-year change of +150.6%. The consensus EPS estimate for the quarter has remained unchanged over the last 30 days.

Oscar Health, Inc.'s revenues are expected to be $4.89 billion, up 70.9% from the year-ago quarter.

Knight-Swift Transportation Holdings (KNX - Free Report) came out with quarterly earnings of $0.63 per share, beating the Zacks Consensus Estimate of $0.49 per share. This compares to earnings of $0.35 per share a year ago. These figures are adjusted for non-recurring items.

This quarterly report represents an earnings surprise of +28.57%. A quarter ago, it was expected that this trucking company would post earnings of $0.09 per share when it actually produced earnings of $0.09, delivering no surprise.

Over the last four quarters, the company has surpassed consensus EPS estimates just once.

Knight-Swift, which belongs to the Zacks Transportation - Truck industry, posted revenues of $2.1 billion for the quarter ended June 2026, surpassing the Zacks Consensus Estimate by 4.26%. This compares to year-ago revenues of $1.86 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.

Knight-Swift shares have added about 46.7% since the beginning of the year versus the S&P 500's gain of 9.7%.

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

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

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

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

It will be interesting to see how estimates for the coming quarters and the current fiscal year change in the days ahead. The current consensus EPS estimate is $0.68 on $2.1 billion in revenues for the coming quarter and $2.04 on $8.02 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, Transportation - Truck is currently in the top 3% 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.

ArcBest (ARCB - 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 29.

This freight transportation and logistics company is expected to post quarterly earnings of $2.18 per share in its upcoming report, which represents a year-over-year change of +60.3%. The consensus EPS estimate for the quarter has been revised 9% higher over the last 30 days to the current level.

ArcBest's revenues are expected to be $1.19 billion, up 16.8% from the year-ago quarter.

In the latest close session, e.l.f. Beauty (ELF - Free Report) was down 1.09% at $79.03. The stock's performance was behind the S&P 500's daily loss of 0.14%. Elsewhere, the Dow lost 0.01%, while the tech-heavy Nasdaq lost 0.57%.

Coming into today, shares of the cosmetics company had gained 25.85% in the past month. In that same time, the Consumer Staples sector gained 1.73%, while the S&P 500 gained 0.25%.

Analysts and investors alike will be keeping a close eye on the performance of e.l.f. Beauty in its upcoming earnings disclosure. The company is expected to report EPS of $0.71, down 20.22% from the prior-year quarter. In the meantime, our current consensus estimate forecasts the revenue to be $425.66 million, indicating a 20.33% growth compared to the corresponding quarter of the prior year.

For the entire fiscal year, the Zacks Consensus Estimates are projecting earnings of $3.31 per share and a revenue of $1.86 billion, representing changes of +5.75% and +13.57%, respectively, from the prior year.

Investors should also note any recent changes to analyst estimates for e.l.f Beauty. These recent revisions tend to reflect the evolving nature of short-term business trends. As such, positive estimate revisions reflect analyst optimism about the business and profitability.

Research indicates that these estimate revisions are directly correlated with near-term share price momentum. To take advantage of this, we've established the Zacks Rank, an exclusive model that considers these estimated changes and delivers an operational rating system.

The Zacks Rank system, spanning from #1 (Strong Buy) to #5 (Strong Sell), boasts an impressive track record of outperformance, audited externally, with #1 ranked stocks yielding an average annual return of +25% since 1988. Within the past 30 days, our consensus EPS projection has moved 0.12% higher. Right now, e.l.f. Beauty possesses a Zacks Rank of #3 (Hold).

Investors should also note e.l.f. Beauty's current valuation metrics, including its Forward P/E ratio of 24.11. This expresses no noticeable deviation compared to the average Forward P/E of 24.11 of its industry.

Also, we should mention that ELF has a PEG ratio of 2.27. This metric is used similarly to the famous P/E ratio, but the PEG ratio also takes into account the stock's expected earnings growth rate. Cosmetics stocks are, on average, holding a PEG ratio of 0.81 based on yesterday's closing prices.

The Cosmetics industry is part of the Consumer Staples sector. This industry, currently bearing a Zacks Industry Rank of 172, finds itself in the bottom 31% echelons of all 250+ industries.

The Zacks Industry Rank is ordered from best to worst in terms of the average Zacks Rank of the individual companies within each of these sectors. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.

Be sure to follow all of these stock-moving metrics, and many more, on Zacks.com.

Blue Bird (BLBD - Free Report) ended the recent trading session at $80.20, demonstrating a -1.33% change from the preceding day's closing price. The stock fell short of the S&P 500, which registered a loss of 0.14% for the day. On the other hand, the Dow registered a loss of 0.01%, and the technology-centric Nasdaq decreased by 0.57%.

Coming into today, shares of the school bus maker had gained 10.26% in the past month. In that same time, the Auto-Tires-Trucks sector lost 4.03%, while the S&P 500 gained 0.25%.

The investment community will be closely monitoring the performance of Blue Bird in its forthcoming earnings report. In that report, analysts expect Blue Bird to post earnings of $1.22 per share. This would mark year-over-year growth of 2.52%. Meanwhile, the latest consensus estimate predicts the revenue to be $498.7 million, indicating a 25.3% increase compared to the same quarter of the previous year.

Looking at the full year, the Zacks Consensus Estimates suggest analysts are expecting earnings of $4.74 per share and revenue of $1.74 billion. These totals would mark changes of +8.22% and +17.88%, respectively, from last year.

It is also important to note the recent changes to analyst estimates for Blue Bird. These latest adjustments often mirror the shifting dynamics of short-term business patterns. Consequently, upward revisions in estimates express analysts' positivity towards the business operations and its ability to generate profits.

Our research shows that these estimate changes are directly correlated with near-term stock prices. To exploit this, we've formed the Zacks Rank, a quantitative model that includes these estimate changes and presents a viable rating system.

The Zacks Rank system ranges from #1 (Strong Buy) to #5 (Strong Sell). It has a remarkable, outside-audited track record of success, with #1 stocks delivering an average annual return of +25% since 1988. Over the last 30 days, the Zacks Consensus EPS estimate has moved 3.45% higher. Currently, Blue Bird is carrying a Zacks Rank of #3 (Hold).

Investors should also note Blue Bird's current valuation metrics, including its Forward P/E ratio of 17.15. Its industry sports an average Forward P/E of 19.24, so one might conclude that Blue Bird is trading at a discount comparatively.

It's also important to note that BLBD currently trades at a PEG ratio of 1.04. Comparable to the widely accepted P/E ratio, the PEG ratio also accounts for the company's projected earnings growth. The average PEG ratio for the Automotive - Domestic industry stood at 1.04 at the close of the market yesterday.

The Automotive - Domestic industry is part of the Auto-Tires-Trucks sector. This group has a Zacks Industry Rank of 105, putting it in the top 43% of all 250+ industries.

The Zacks Industry Rank assesses the strength of our separate industry groups by calculating the average Zacks Rank of the individual stocks contained within the groups. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.

Keep in mind to rely on Zacks.com to watch all these stock-impacting metrics, and more, in the succeeding trading sessions.

SpaceX (SPCX -6.70%) is once again looking to launch a test flight of its Starship megarocket. Investors should be paying very close attention, as the impact on SpaceX’s stock price should be meaningful.

After several aborted attempts, the company is looking to complete the rocket’s thirteenth test flight on July 23. As with most SpaceX launches, the attempt will be livestreamed via the company’s website.

“The booster’s primary test objective will be executing a successful launch, ascent, stage separation, boostback burn, and landing burn at an offshore landing point in the Gulf of America,” SpaceX explains. “There have been several modifications to hardware and software to address issues seen on the previous flight.”

The impact of this test flight for SpaceX cannot be overstated. In many ways, SpaceX’s long-term growth plans hinge on the company’s ability to successfully commercialize its Starship rocket.

If you’re a current or potential SpaceX investor, there are two things you need to know.

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1. Starship is critical for SpaceX growth plansIn its IPO prospectus filed earlier this year, SpaceX was not shy about predicting its growth potential.

“We believe we have identified the largest actionable total addressable market in human history,” the company boasted. “We estimate that our quantifiable TAM is $28.5 trillion.”

Digging deeper, it may be surprising to learn that SpaceX attributes just $370 billion to what it calls “space-enabled solutions”. That bucket includes the total revenue potential of commercializing its Starship rockets.

With a market cap well above $2 trillion, successfully commercializing rockets may not seem critical to SpaceX’s long-term plan, given its relatively low growth potential. But investors must understand that the success of SpaceX’s Starship rocket will enable other growth opportunities that are much more lucrative long term. In other words, Starship’s value won’t be relegated to payload fees alone.

For example, SpaceX attributes $1.6 trillion of its total addressable market to its Starlink internet service. If successful, its Starship rocket would dramatically increase the number of satellites SpaceX can launch in any given year while also lowering the cost of getting them into space.

In other words, SpaceX’s Starship rocket will increase the odds that SpaceX will be able to realize as much of its claimed $1.6 trillion opportunity as possible.

Meanwhile, SpaceX attributes a massive $26.5 trillion of its total $28.5 trillion addressable market to a single opportunity: AI. While this bucket contains many smaller opportunities, one of SpaceX’s biggest growth catalysts should be the realization of orbital data centers.

Orbital data centers are exactly what they sound like: data centers that operate in space. In space, data centers can take better advantage of solar energy and low ambient temperatures, lowering ongoing operating costs.

There are many technical challenges to getting data centers to operate successfully in space. One of the biggest, however, is simply getting these systems into space economically. If successful, SpaceX’s Starship rocket would meaningfully improve the company’s chances of doing so.

Image Source: Getty Images

2. Competition for Starship is heating upSpaceX’s rocket program is arguably the most advanced rocket program on the planet. But there’s rising investment across the industry, which will create more competition for SpaceX over the coming months and years.

Government entities like China’s CNSA and India’s ISRO are pursuing their own rocket developments. Meanwhile, private companies, including Blue Origin, Rocket Lab (RKLB +0.91%), and Relativity Space are also aggressively pursuing the development of their own rocket systems.

SpaceX’s rocket program, however, is unique in terms of its vertical integration.

“SpaceX has also effectively achieved a high degree of vertical integration,” observes Government Technology, a public sector magazine. “It owns almost all parts of its supply chain, designing, building, and testing all its major hardware components in-house, with a minimal use of suppliers. That gives it not just control over its hardware but considerably lower costs, and the price tag is the top consideration for launch contracts.”

It’s hard to disagree about SpaceX’s success, both in terms of its launch achievements and its cost competitiveness. But it’s also clear that competition is heating up.

If SpaceX’s upcoming test flight is successful, that will help clear the path for the full commercialization of Starship. In this scenario, SpaceX will once again put itself ahead of the pack in terms of both technology and launch costs. Both of those factors will prove critical to the company’s ability to execute on its long-term growth potential.

SpaceX’s rocket program is arguably the most advanced rocket program on the planet. But there’s rising investment across the industry, a fact that will create more competition for SpaceX over the coming months and years.

Editor’s Note: The transcripts have been removed and were published in error.

Alphabet (NASDAQ:GOOGL) released second-quarter financial results and hosted an earnings call on Wednesday. Read the complete transcript below.

Benzinga APIs provide real-time access to earnings call transcripts and financial data. Visit https://www.benzinga.com/apis/ to learn more.

The full earnings call is available at https://abc.xyz/investor/events/event-details/2026/2026-Q2-Earnings-Call-2026-GgTAq7Is0z/default.aspx

SummaryAlphabet Inc reported its financial performance for the second quarter of 2026, highlighting strong revenue growth driven by its core services and new initiatives.

The company emphasized its strategic focus on AI technology, particularly through the development and implementation of AI-driven solutions like Gemini, which aims to solve complex problems across various sectors.

YouTube TV was highlighted as a key product with expanding service plans, reflecting the company’s commitment to diversifying its revenue streams beyond traditional advertising.

Alphabet Inc announced continued investment in its cloud services, aiming to leverage AI capabilities to enhance its offerings and maintain competitive advantage.

Management expressed optimism about the future, focusing on the potential of AI to drive growth and innovation, while also addressing the company’s mission to tackle solvable diseases with new technology.

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In the latest trading session, Amazon (AMZN - Free Report) closed at $244.85, marking a -1.09% move from the previous day. The stock trailed the S&P 500, which registered a daily loss of 0.14%. Elsewhere, the Dow lost 0.01%, while the tech-heavy Nasdaq lost 0.57%.

The online retailer's shares have seen an increase of 5.74% over the last month, surpassing the Retail-Wholesale sector's gain of 0.45% and the S&P 500's gain of 0.25%.

The investment community will be closely monitoring the performance of Amazon in its forthcoming earnings report. The company is scheduled to release its earnings on July 30, 2026. In that report, analysts expect Amazon to post earnings of $1.82 per share. This would mark year-over-year growth of 8.33%. Meanwhile, the latest consensus estimate predicts the revenue to be $196.85 billion, indicating a 17.38% increase compared to the same quarter of the previous year.

In terms of the entire fiscal year, the Zacks Consensus Estimates predict earnings of $8.93 per share and a revenue of $826.74 billion, indicating changes of +24.55% and +15.32%, respectively, from the former year.

Investors should also take note of any recent adjustments to analyst estimates for Amazon. These revisions help to show the ever-changing nature of near-term business trends. Hence, positive alterations in estimates signify analyst optimism regarding the business and profitability.

Our research reveals that these estimate alterations are directly linked with the stock price performance in the near future. To utilize this, we have created the Zacks Rank, a proprietary model that integrates these estimate changes and provides a functional rating system.

The Zacks Rank system, which varies between #1 (Strong Buy) and #5 (Strong Sell), carries an impressive track record of exceeding expectations, confirmed by external audits, with stocks at #1 delivering an average annual return of +25% since 1988. The Zacks Consensus EPS estimate has moved 0.49% higher within the past month. At present, Amazon boasts a Zacks Rank of #2 (Buy).

In the context of valuation, Amazon is at present trading with a Forward P/E ratio of 27.72. For comparison, its industry has an average Forward P/E of 17.14, which means Amazon is trading at a premium to the group.

Meanwhile, AMZN's PEG ratio is currently 1.6. This metric is used similarly to the famous P/E ratio, but the PEG ratio also takes into account the stock's expected earnings growth rate. As of the close of trade yesterday, the Internet - Commerce industry held an average PEG ratio of 1.12.

The Internet - Commerce industry is part of the Retail-Wholesale sector. This industry currently has a Zacks Industry Rank of 161, which puts it in the bottom 35% of all 250+ industries.

The Zacks Industry Rank gauges the strength of our industry groups by measuring the average Zacks Rank of the individual stocks within the groups. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.

Don't forget to use Zacks.com to keep track of all these stock-moving metrics, and others, in the upcoming trading sessions.

Intel (INTC -2.47%) CEO Lip-Bu Tan told CNBC in May that "multiple customers" were working with the company's foundry business, but that it was his personal policy not to name them. On Tuesday, Intel finally named one.

Cybersecurity specialist Fortinet will use Intel's foundry (the business that manufactures chips for other companies) to produce its next-generation security chip, called the SP6, the two companies announced. The chip will be built on the Intel 4 process, and Fortinet becomes the first named outside customer for the foundry since Tan took over in March 2025.

Investors saw plenty to like. Intel shares jumped more than 8% on Tuesday to close at $105.40, adding to a run that has lifted the stock more than 300% over the past year.

And the timing raises the stakes. Intel reports second-quarter results after the market closes on Thursday, July 23.

So what does the Fortinet deal actually prove -- and what should investors watch for in the report?

Image source: Intel.

A name matters more than the chip Intel's foundry effort has never lacked announcements. What it has lacked is named, committed customers. And Intel has yet to land a major one for its most advanced manufacturing processes, known as 14A and 18A.

That history is what makes the Fortinet deal both encouraging and limited.

On the positive side, a company has now publicly committed a next-generation product to Intel's manufacturing. That is the kind of outside validation the foundry strategy has been missing, and it arguably makes the next customer conversation easier. Fortinet is a credible name, too. The cybersecurity company's dedicated security chips serve a market where demand has been climbing for years.

However, the SP6 will be built on Intel 4. That's an older, less advanced process, introduced in 2023 for the compute tile in Intel's own Core Ultra PC chips -- not the leading-edge technology Intel's turnaround ultimately depends on. A named customer on Intel 4 is progress. It isn't the marquee win that would prove Intel can manufacture the industry's most advanced chips in large quantities.

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The economics are still tiny The deal's financial weight is the other reason to stay level-headed. In the first quarter, Intel Foundry generated $5.4 billion of revenue, up 16% year over year. But nearly all of that came from making Intel's own products. External foundry revenue (money from manufacturing chips for outside customers) was just $174 million in the quarter. That's a sliver for a company that posted $13.6 billion in total revenue.

Demand for Intel's own chips, at least, is trending the right way -- even as the company confirmed this week that it is trimming jobs in that same data center unit. First-quarter revenue in the company's data center and artificial intelligence (AI) segment rose 22% year over year, faster than the company's overall 7% growth rate.

"The next wave of AI will bring intelligence closer to the end user," Tan said in the company's first-quarter earnings release, adding that the shift "is significantly increasing the need for Intel's CPUs and wafer and advanced packaging offerings."

Even so, Intel's reported bottom line is still in the red while it builds out capacity. The company posted a net loss of $3.7 billion in the first quarter -- though $4.1 billion of restructuring and impairment charges, largely a writedown of Mobileye goodwill, more than accounted for it. On a non-GAAP basis, which strips out those and other items, Intel earned $1.5 billion.

That's what makes Thursday's report the more important event of the week. Investors should watch three things: the trajectory of external foundry revenue, the size of the net loss, and any sign that a significant leading-edge customer is getting closer.

And the stock's run complicates the setup. After rising more than 300% in a year, Intel trades at nearly 90 times forward earnings -- a multiple that assumes the turnaround works, not one that leaves room for it to stumble. For a company still in the red on a reported basis, that is a lot of confidence to carry into an earnings report. And Tuesday's move, which came amid a broad chip-sector rally, showed how eager the market is to reward any scrap of foundry progress.

The Fortinet announcement is the first outside proof point of the Tan era, and I don't want to diminish it. A foundry needs customers willing to say so publicly, and now Intel has one. But the deal contributes a signal -- Intel didn't disclose what it contributes in dollars. At this valuation, Intel needs to deliver both. I'd want to see Thursday's numbers (external foundry revenue in particular) before paying nearly 90 times forward earnings for a turnaround still finding its footing.

Globe Life (GL - Free Report) came out with quarterly earnings of $3.61 per share, missing the Zacks Consensus Estimate of $3.67 per share. This compares to earnings of $3.27 per share a year ago. These figures are adjusted for non-recurring items.

This quarterly report represents an earnings surprise of -1.64%. A quarter ago, it was expected that this life and health insurance company would post earnings of $3.46 per share when it actually produced earnings of $3.43, delivering a surprise of -0.87%.

Over the last four quarters, the company has surpassed consensus EPS estimates just once.

Globe Life, which belongs to the Zacks Insurance - Accident and Health industry, posted revenues of $1.59 billion for the quarter ended June 2026, surpassing the Zacks Consensus Estimate by 0.22%. This compares to year-ago revenues of $1.5 billion. The company has topped consensus revenue estimates just once 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.

Globe Life shares have added about 31.8% since the beginning of the year versus the S&P 500's gain of 9.7%.

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

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

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

Ahead of this earnings release, the estimate revisions trend for Globe Life 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 $4.71 on $1.61 billion in revenues for the coming quarter and $15.64 on $6.4 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, Insurance - Accident and Health is currently in the top 29% 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.

Trupanion (TRUP - 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 provider of medical insurance covering cats and dogs is expected to post quarterly earnings of $0.11 per share in its upcoming report, which represents a year-over-year change of -50%. The consensus EPS estimate for the quarter has remained unchanged over the last 30 days.

Trupanion's revenues are expected to be $389.65 million, up 10.2% from the year-ago quarter.

CompaniesJuly 22 (Reuters) - ServiceNow (NOW.N), opens new tab has acquired roughly 5% of BusinessNext in a deal ​that values the software provider at $700 million, as the Indian ‌company looks to expand its autonomous banking tools through a partnership with the U.S.-based software giant.

BusinessNext said on Wednesday it raised $40 million in a Series C ​round from ServiceNow Ventures, a venture capital arm of ​the company.

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Here are some details:

BusinessNext CEO Nishant Singh told Reuters ⁠that the funding will primarily be allocated to strengthening the ​company's sales efforts, initially focusing on expanding distribution in Southeast Asia and ​Australia.

"Every company has to go to an IPO. Right now, we're not looking at the IPO part," he said, adding that BusinessNext's ambition "right now is to run ​in every bank in the world."

The deal comes as banks are ​increasingly adopting AI tools offered by companies like BusinessNext to customize services, address customer queries ‌and ⁠automate operations, helping them in saving time and attract more customers.

BusinessNext competes with companies like Freshworks (FRSH.O), opens new tab and has more than 120 customers including India's largest lender State Bank of India (SBI.NS), opens new tab and HDFC Bank (HDBK.NS), opens new tab.

The company ​said this partnership ​that will allow ⁠for enhanced monitoring of BusinessNext's AI agents through ServiceNow's AI control tower, a centralized platform for ​managing and governing AI models and agents across an ​enterprise.

Singh said ⁠BusinessNext has been "above $50 million for a couple of years now" in annual revenue, adding that the company has nearly 1,300 employees.

On Wednesday, ServiceNow raised ⁠its ​forecast for annual subscription revenue for the ​second time after beating second-quarter revenue and profit estimates, driven by growing demand for ​its AI-powered software.

Reporting by Jaspreet Singh in Bengaluru; Editing by Shailesh Kuber

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

Agreement expands operating rights in Chicago and creates new Canada-Mexico service opportunities for customers July 22, 2026 18:50 ET  | Source: Canadian National Railway Company

MONTREAL, July 22, 2026 (GLOBE NEWSWIRE) -- CN (TSX: CNR) (NYSE: CNI) and Union Pacific (NYSE: UNP) today announced the signing of a binding Memorandum of Understanding that will strengthen rail service across North America, improving both railroads' ability to serve customers.

The agreement provides Union Pacific with expanded operating rights over CN's Elgin, Joliet & Eastern Railway (EJ&E) corridor through Chicago, while granting CN new rights over Union Pacific's network between Memphis, Tennessee, and Eagle Pass, Texas, to support freight movements between Canada and Mexico.

“We are thrilled to have an agreement with Union Pacific to expand CN’s access to Mexico. This is a natural extension of our north-south franchise and will open new routes for customers, provide greater choice and strengthen connections between Canada and Mexico,” said Tracy Robinson, President and CEO of CN. “By extending our reach, we are creating new opportunities for growth while continuing to deliver the safe, reliable service our customers expect. This is another example of CN’s commitment to strengthening rail competitiveness across North America.”

"I’ve seen the benefits first-hand of what the EJ&E route around Chicago can do for a railroad, and we look forward to having access to the quickest way around Chicago,” said Jim Vena, CEO of Union Pacific.

Forward-Looking Statements
Certain statements by CN and Union Pacific included in this news release constitute “forward-looking statements” within the meaning of the United States Private Securities Litigation Reform Act of 1995 and under Canadian securities laws. By their nature, forward-looking statements involve risks, uncertainties and assumptions. The companies caution that their assumptions may not materialize and that current economic conditions render such assumptions, although reasonable at the time they were made, subject to greater uncertainty. Forward-looking statements may be identified by the use of terminology such as “believes,” “expects,” “anticipates,” “assumes,” “outlook,” “plans,” “targets,” or other similar words. Forward-looking statements reflect information as of the date on which they are made. The companies assume no obligation to update or revise forward-looking statements to reflect future events, changes in circumstances, or changes in beliefs, unless required by applicable securities laws. In the event CN or Union Pacific do update any forward-looking statement, no inference should be made that they will make additional updates with respect to that statement, related matters, or any other forward-looking statement.

About CN
CN powers the economy by safely transporting more than 300 million tons of natural resources, manufactured products, and finished goods throughout North America every year for its customers. With its nearly 20,000-mile rail network and related transportation services, CN connects Canada’s Eastern and Western coasts with the U.S. Midwest and the U.S. Gulf Coast, contributing to sustainable trade and the prosperity of the communities in which it operates since 1919.

Contacts:
 MediaInvestment CommunityAshley MichnowskiJamie LockwoodSenior ManagerVice-PresidentMedia RelationsInvestor Relations & Special Projects(438) 596-4329(514) [email protected]@cn.ca
ABOUT UNION PACIFIC
Union Pacific (NYSE: UNP) delivers the goods families and businesses use every day with safe, reliable and efficient service. Operating in 23 western states, the company connects its customers and communities to the global economy. Trains are the most environmentally responsible way to move freight, helping Union Pacific protect future generations. More information about Union Pacific is available at www.up.com.

Union Pacific Media Contact: [email protected]
www.up.com
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Crown Castle (CCI - Free Report) came out with quarterly funds from operations (FFO) of $1.13 per share, beating the Zacks Consensus Estimate of $1 per share. This compares to FFO of $1.02 per share a year ago. These figures are adjusted for non-recurring items.

This quarterly report represents an FFO surprise of +13.00%. A quarter ago, it was expected that this operator of wireless communications towers would post FFO of $1.01 per share when it actually produced FFO of $1.02, delivering a surprise of +0.99%.

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

Crown Castle, which belongs to the Zacks REIT and Equity Trust - Other industry, posted revenues of $1.01 billion for the quarter ended June 2026, surpassing the Zacks Consensus Estimate by 1.52%. This compares to year-ago revenues of $1.06 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 FFO expectations will mostly depend on management's commentary on the earnings call.

Crown Castle shares have lost about 14.3% since the beginning of the year versus the S&P 500's gain of 9.7%.

What's Next for Crown Castle?While Crown Castle 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 FFO outlook. Not only does this include current consensus FFO expectations for the coming quarter(s), but also how these expectations have changed lately.

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

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

It will be interesting to see how estimates for the coming quarters and the current fiscal year change in the days ahead. The current consensus FFO estimate is $1.20 on $1.02 billion in revenues for the coming quarter and $4.43 on $4.13 billion in revenues for the current fiscal year.

Investors should be mindful of the fact that the outlook for the industry can have a material impact on the performance of the stock as well. In terms of the Zacks Industry Rank, REIT and Equity Trust - Other is currently in the top 24% 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, Easterly Government Properties (DEA - Free Report) , is yet to report results for the quarter ended June 2026. The results are expected to be released on August 3.

This property management company is expected to post quarterly earnings of $0.79 per share in its upcoming report, which represents a year-over-year change of +6.8%. The consensus EPS estimate for the quarter has remained unchanged over the last 30 days.

Easterly Government Properties' revenues are expected to be $91.34 million, up 8.4% from the year-ago quarter.

Molina (MOH - Free Report) came out with quarterly earnings of $1.51 per share, beating the Zacks Consensus Estimate of $1.37 per share. This compares to earnings of $5.48 per share a year ago. These figures are adjusted for non-recurring items.

This quarterly report represents an earnings surprise of +10.22%. A quarter ago, it was expected that this provider of Medicaid-related services would post earnings of $1.57 per share when it actually produced earnings of $2.35, delivering a surprise of +49.68%.

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

Molina, which belongs to the Zacks Medical - HMOs industry, posted revenues of $10.87 billion for the quarter ended June 2026, missing the Zacks Consensus Estimate by 0.08%. This compares to year-ago revenues of $11.43 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.

Molina shares have added about 30.5% since the beginning of the year versus the S&P 500's gain of 9.7%.

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

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

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

Ahead of this earnings release, the estimate revisions trend for Molina 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 $1.01 on $11.06 billion in revenues for the coming quarter and $5.23 on $44.41 billion in revenues for the current fiscal year.

Investors should be mindful of the fact that the outlook for the industry can have a material impact on the performance of the stock as well. In terms of the Zacks Industry Rank, Medical - HMOs is currently in the top 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.

The Joint Corp. (JYNT - Free Report) , another stock in the same industry, has yet to report results for the quarter ended June 2026.

This company is expected to post quarterly earnings of $0.11 per share in its upcoming report, which represents a year-over-year change of +283.3%. The consensus EPS estimate for the quarter has remained unchanged over the last 30 days.

The Joint Corp.'s revenues are expected to be $14.7 million, up 10.7% from the year-ago quarter.