Bio-Techne schválila čtvrtletní dividendu 0,08 USD na akcii za období končící 30. června 2026. Splatná bude 28. srpna 2026 akcionářům zapsaným k 17. srpnu 2026.
, /PRNewswire/ -- Bio-Techne Corporation (NASDAQ: TECH) announced that its Board of Directors has decided to pay a dividend of $0.08 per share for the quarter ended June 30, 2026. The quarterly dividend will be payable August 28, 2026, to all common shareholders of record on August 17, 2026. Future cash dividends will be considered by the Board of Directors on a quarterly basis.
Bio–Techne Corporation (NASDAQ: TECH) is a global life sciences company headquartered in Minnesota, celebrating 50 years of empowering scientific and diagnostic communities to reach better answers. The company provides high–quality reagents, analytical instruments, and precision diagnostics. Its portfolio is organized into three customer–focused brands: R&D Systems™, Bio–Techne Spatial™, and Bio–Techne Diagnostics™, reflecting the scientific journey from discovery to translational research to clinical decision–making. Bio–Techne operates in 34 locations worldwide and employs approximately 3,000 people. In fiscal year 2026, the company generated over $1.2 billion in net sales. Its more than 500,000 products are used globally by academic researchers, biopharmaceutical and biotechnology companies, and clinical diagnostic laboratories. For more information on Bio-Techne and its brands, please visit www.bio-techne.com or follow the company on social media at LinkedIn, X, or YouTube.
Forward Looking Statements:
Our press releases may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act. Such statements involve risks and uncertainties that may affect the actual results of operations. Forward looking statements in this press release include statements regarding potential future repurchase of Bio-Techne common stock. The following important factors, among others, have affected and, in the future, could affect the Company's actual results and future share price: the effect of new branding and marketing initiatives, the integration of new businesses and leadership, the introduction and acceptance of new products, the funding and focus of the types of research by the Company's customers, the impact of the growing number of producers of biotechnology research products and related price competition, general economic conditions, customer site closures or supply chain issues, the impact of currency exchange rate fluctuations, and the costs and results of research and product development efforts of the Company and of companies in which the Company has invested or with which it has formed strategic relationships.
For additional information concerning such factors, see the section titled "Risk Factors" in the Company's annual report on Form 10-K and quarterly reports on Form 10-Q as filed with the Securities and Exchange Commission. We undertake no obligation to update or revise any forward-looking statements we make in our press releases due to new information or future events. Investors are cautioned not to place undue emphasis on these statements.
CNS Pharmaceuticals uvedla, že po nadměrně upsané nabídce akcií za 22,5 milionu USD má přibližně 20,0 milionu USD v hotovosti a prodloužený cash runway. Zároveň pokračuje v posunu k diverzifikovanému pipeline.
Company reports approximately $20.0 million cash position and extended operating runway following oversubscribed $22.5 million financing, as it advances its pivot toward a diversified, high-value pipeline
HOUSTON, TX / ACCESS Newswire / August 12, 2026 / CNS Pharmaceuticals, Inc. (NASDAQ:CNSP) ("CNS" or the "Company"), a biotechnology company focused on building a pipeline of innovative therapies addressing significant unmet medical needs, today reported financial results for the second quarter ended June 30, 2026 and provided an update on the corporate strategy the company introduced in March 2026.
"We are moving with speed and discipline to transform this company," said Rami Levin, President and Chief Executive Officer of CNS Pharmaceuticals. "In the second quarter, we significantly strengthened our balance sheet and added new expertise to our Board to enable us to build a differentiated, high-value pipeline of innovative therapies. We are executing with urgency and are confident that the actions we've taken this year strengthen CNS Pharmaceuticals ability to create meaningful value going forward."
Strategic and Corporate Highlights
New corporate strategy in motion. Since announcing its strategic pivot in March 2026 beyond a singular focus on glioblastoma multiforme, the Company has been leveraging its executive team's multi-functional experience across high-value therapeutic areas. As previously stated, the Company expects to in-license or acquire one or more assets by year end 2026.
Oversubscribed $22.5 million financing closed. On May 5, 2026, the Company closed a private placement with institutional investors, including ADAR1 Capital, Ikarian Capital, Stonepine Capital Management and Nazare Partners, generating approximately $22.5 million in gross proceeds ($20.7 million net), significantly reinforcing the Company's capital and shareholder base in support of its new strategy.
Board strengthened with dealmaking depth. The Company appointed Michal Fisher, a life sciences executive with a track record in business development, licensing and capital formation, including prior leadership roles in strategic alliances and corporate development to its Board of Directors in May 2026.
Legacy programs advancing toward closure. The Company's global clinical trial of Berubicin for glioblastoma is complete. The Company is now focused on closing out the study while pursuing out-licensing discussions for both Berubicin and TPI 287.
Since announcing its new corporate strategy in March 2026, the Company has focused on leveraging the experience of its leadership team to identify promising development-stage therapeutic assets that align with its strategy of building a diversified pipeline targeting serious diseases. Management is actively evaluating business development opportunities while maintaining financial discipline and preserving capital for future growth initiatives.
"This quarter reflects the deliberate work of resetting CNS Pharmaceuticals for its next chapter," said Steve O'Loughlin, Chief Financial Officer. "With a fortified balance sheet, extended capital runway, and new shareholder base comprised of biotech focused institutional investors, we are well positioned to execute our strategy with an enhanced ability to transact."
Second Quarter 2026 Financial Results
Cash and cash equivalents were approximately $20.0 million as of June 30, 2026, compared to $7.2 million as of December 31, 2025. The increase primarily reflects the Company's previously announced private placement financing completed in May 2026. The Company believes its existing cash resources are sufficient to fund planned operations beyond the next twelve months as it continues executing its strategic business development initiatives.
Research and development expenses were approximately $1.2 million for the second quarter of 2026, compared to $1.2 million for the same period in 2025. Research and development expenses included activities related to completing and closing out the Berubicin clinical trial, as enrollment and patient treatment have been completed. Future research and development expenses will depend on the timing and nature of any assets the Company acquires or licenses and the associated development activities.
General and administrative expenses were approximately $1.5 million for the second quarter of 2026, compared to $1.2 million for the same period in 2025. The increase was primarily attributable to higher headcount-related expenses, partially offset by lower professional services costs.
Net loss for the second quarter of 2026 was approximately $2.6 million, or $0.37 per basic and diluted share, compared to a net loss of approximately $2.4 million, or $6.42 per basic and diluted share, for the second quarter of 2025.
As of August 14, 2025, the Company had 1,461,449 common shares of stock outstanding and 10,604,928 shares fully diluted including pre-funded warrants that were issued in its May 2026 financing.
About CNS Pharmaceuticals, Inc.
CNS Pharmaceuticals is a biotechnology company focused on developing innovative therapies for serious diseases. With an experienced executive team and a focus on high-value therapeutic opportunities, the Company is working to build a differentiated portfolio of assets addressing significant unmet medical needs. CNS is committed to advancing novel treatments that have the potential to improve patient outcomes while creating long-term value for patients and shareholders.
For more information, please visit www.CNSPharma.com, and connect with the Company on X and LinkedIn.
Forward-Looking Statements
Some of the statements in this press release are forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, Section 21E of the Securities Exchange Act of 1934 and the Private Securities Litigation Reform Act of 1995, which involve risks and uncertainties. Forward-looking statements in this release include, without limitation, statements regarding the Company's strategic transformation and pipeline development plans, the anticipated use of proceeds from the Company's recent $22.5 million financing, the Company's ability to identify and advance new therapeutic assets, expectations regarding the Company's ability to create long-term shareholder value, and key milestones related to the execution of the Company's strategy. These statements relate to future events, future expectations, plans and prospects. Although CNS believes the expectations reflected in such forward-looking statements are reasonable as of the date made, expectations may prove to have been materially different from the results expressed or implied by such forward-looking statements. CNS has attempted to identify forward-looking statements by terminology including "believes," "estimates," "anticipates," "expects," "plans," "projects," "intends," "potential," "may," "could," "might," "will," "should," "approximately" or other words that convey uncertainty of future events or outcomes to identify these forward-looking statements. These statements are only predictions and involve known and unknown risks, uncertainties and other factors, including market and other conditions and those discussed under Item 1A. "Risk Factors" in CNS's most recently filed Form 10-K filed with the SEC and updated from time to time in its Form 10-Q filings and in its other public filings with the SEC. Any forward-looking statements contained in this press release speak only as of its date. CNS undertakes no obligation to update any forward-looking statements contained in this press release to reflect events or circumstances occurring after its date or to reflect the occurrence of unanticipated events, except as required by law.
Boyd Group Services ve 2. čtvrtletí zvýšila tržby o 29,9 % na 1,0137 miliardy USD a upravený EBITDA o 44,9 % na 135,9 milionu USD. Poprvé v historii překročila čtvrtletní tržby 1 miliardu USD.
Delivering Strong Sales Growth, Margin Expansion and Accelerated Synergy Realization
Second Quarter 2026 Highlights
Sales increased 29.9% to $1,013.7 million Adjusted EBITDA1 increased 44.9% to $135.9 million, with Adjusted EBITDA margins1 expanding 140 basis points to 13.4% New locations contributed $211.3 million to revenue, complemented by 2.9% same-store sales1 growth Achieved $15 million in incremental cost savings from Project 360 and synergy realization Joe Hudson's synergy realization ahead of schedule following completion of shop conversion Pro forma debt leverage improved to 2.8x from 3.1x at the end of 2025 , /PRNewswire/ -- Boyd Group Services Inc. (TSX: BYD) (NYSE: BGSI) ("Boyd Group" or "the Company") today announced financial results for the quarter ended June 30, 2026.
"The Boyd team delivered another strong quarter, with sales increasing 30% in the second quarter and Adjusted EBITDA growing 45%. Quarterly revenue surpassed $1 billion for the first time in Boyd's history, while Adjusted EBITDA margins reached 13.4%, up from 12.0% in Q2 2025 and 11.5% in Q2 2024, reflecting the continued benefits of Project 360 and synergy realization.
We also successfully completed the conversion of Joe Hudson's 258 locations during the quarter, accelerating synergy realization, which contributed to the strength in our profitability. Combined with our strong balance sheet, these achievements position us well to continue executing our growth strategy, enhancing profitability and creating long-term value for our shareholders." - Brian Kaner, President & CEO of the Boyd Group
1 Same-store sales, Adjusted EBITDA, Adjusted EBITDA margin, Adjusted net earnings and Adjusted net earnings per share are non-GAAP financial measures and ratios and are not standardized financial measures under International Financial Reporting Standards and might not be comparable to similar financial measures disclosed by other issuers. For additional details, including a reconciliation of each non-GAAP financial measure to its nearest GAAP equivalent, please see "Non-GAAP financial measures and ratios" section of this news release.
Financial And Operational Highlights
Three months ended
June 30,
Six months ended June 30,
(thousands of U.S. dollars, except per share amounts)
2026
2025
Y/Y Change
2026
2025
Y/Y Change
Financial Highlights
Sales
1,013,652
780,407
30 %
2,010,328
1,558,730
29 %
Gross margin
47.4 %
46.8 %
60 bps
46.9 %
46.5 %
40 bps
Adjusted EBITDA (1)
135,932
93,786
45 %
258,317
174,331
48 %
Adjusted EBITDA margin (1)
13.4 %
12.0 %
140 bps
12.8 %
11.2 %
160 bps
Net earnings (loss)
1,291
5,422
(76) %
(6,635)
2,785
N/A
Basic and diluted loss per share
0.05
0.25
(80) %
(0.24)
0.13
N/A
Adjusted net earnings (1)(2)
22,403
15,267
47 %
38,462
21,841
76 %
Adjusted net earnings per share (1)(2)
0.80
0.71
13 %
1.38
1.02
35 %
Operational Highlights
Same-store sales growth (1)
2.9 %
(2.1) %
2.2 %
(2.5) %
New locations added
10
8
279
17
From multi-location acquisitions
--
258
--
From single shop acquisitions
4
4
7
7
From start-up locations
6
4
14
10
Collision location count at period end
1,321
991
33 %
1,321
991
33 %
(2)
Comparative figures have been restated to conform with current period presentation
Q2 2026 Results
(Second quarter 2026 compared to second quarter of 2025)
Sales increased 29.9% to $1,013.7 million, driven by $211.3 million from 340 new locations that were not in operation for the full comparative quarter and 2.9% same-store sales1 . The second quarter of 2026 had the same number of selling and production days as the prior year period.
Gross profit increased by 31.4% to $480.0 million as gross margins expanded to 47.4% from 46.8% in the second quarter of 2025. Gross margins benefited from increased paint and parts margins, driven by Joe Hudson's synergy realization and Project 360, as well as higher sublet, scanning, and calibration margins. These gains were partially offset by lower labor margins and variability in performance-based pricing.
Adjusted EBITDA1 increased 44.9% to $135.9 million with Adjusted EBITDA margins1 expanding to 13.4% from 12.0% reflecting the contribution from the Joe Hudson's acquisition, which is accretive to Adjusted EBITDA margin1, cost savings from Project 360 and faster than expected synergy realization.
Net earnings was $1.3 million, compared to $5.4 million in the same period of the prior year. Net earnings was impacted by higher depreciation and amortization costs from new location growth, as well as higher finance costs related to the Joe Hudson's acquisition.
Adjusted net earnings1 increased 46.7% to $22.4 million and Adjusted earnings per share increased to $0.80 from $0.71, driven primarily by the increase in Adjusted EBITDA1.
The conversion of Joe Hudson's locations was completed during the quarter, with the timing of synergy realization coming in ahead of expectations. During the second quarter, Boyd realized an incremental $15 million in cost savings from Project 360 and acquisition synergies and a total of $35 million in the first six month of 2026.
Boyd added ten new locations during the quarter, including four single shop acquisitions and six new start up locations.
___________________________________
1Same-store sales, Adjusted EBITDA, Adjusted EBITDA margin, Adjusted net earnings and Adjusted net earnings per share are non-GAAP financial measures and ratios and are not standardized financial measures under International Financial Reporting Standards and might not be comparable to similar financial measures disclosed by other issuers. For additional details, including a reconciliation of each non-GAAP financial measure to its nearest GAAP equivalent, please see "Non-GAAP financial measures and ratios" section of this news release.
Outlook
Industry repairable-claims volumes showed continued stabilization during the second quarter of 2026. Based on second quarter claims-processing data, the Company estimates that repairable-claims volumes were flat to down 2% year-over-year, representing a meaningful improvement from the declines experienced during the same period in 2025, and consistent with our long-term planning assumptions.
Against this backdrop, Boyd continued to outperform underlying industry volumes and gain market share. This performance reflects the strength of the Company's insurer relationships and underscores the competitive advantage of Boyd's scale and business model. These share gains delivered positive same-store sales growth for the quarter, with only limited contribution from total cost of repair ("TCOR") growth.
In July 2026, same-store sales growth was positive in the low single digits, driven entirely by continued share gains. While TCOR growth continues to face well-documented, short-term transitory pressures, long-term structural tailwinds remain intact. Given the inherent monthly and quarterly variability the Company evaluates same-store sales over longer periods and does not view any single period as indicative of sustainable market share expansion or multi-year strategic targets. Looking ahead, Boyd's scale and network allows it to invest in superior client capabilities, providing multiple company-specific growth paths independent of any single industry variable.
Boyd remains focused on strengthening its position as a leading direct repair program multi-shop operator by deepening insurer relationships, improving opportunity capture and capacity utilization, and expanding its presence in priority markets. The Company expects these initiatives to support continued growth and additional share gains. Boyd also intends to complement organic growth through disciplined acquisitions and new-location development, together with continued investment in glass, scanning, calibration and other adjacent capabilities, while maintaining balance-sheet flexibility.
The Company is accelerating its Project 360 and acquisition cost savings target of $140 million due to faster-than-expected gains from the Joe Hudson's integration. It now expects $35 million in Joe Hudson's synergies in 2026, up from the previous $20 million target. As a result, total cost savings expected in 2026 have increased to $65 million from $50 million, with the remaining $35 million expected to be realized ratably from 2027 to 2029.
The conversion of Joe Hudson's location was successfully completed in the second quarter, establishing a stronger operating foundation and driving meaningful year-over-year profit growth. While the transition has resulted in some temporary sales disruptions that have continued into the third quarter, initiatives focused on throughput and local market execution are driving revenue on a more profitable foundation.
The Company expects to open three new start-up locations during the third quarter and currently has an additional 10 start-up locations targeted for completion in the fourth quarter. Organic expansion is expected to be complemented by single-location acquisitions, supported by the Company's strong balance sheet.
2026 Second Quarter Conference Call & Webcast
Management will hold a conference call on Wednesday, August 12, 2026, at 8:00 a.m. (ET) to review the Company's 2026 second quarter results. You can join the call by dialing 1-833-461-5787 or 1-585-542-9983.
A live audio webcast of the conference call will be available at https://events.q4inc.com/attendee/789326895. An archived replay of the webcast will be available for 90 days on the Boyd Group's website https://www.boydgroup.com.
About Boyd Group Services Inc.
Boyd Group Services Inc. is a Canadian corporation and controls The Boyd Group Inc. and its subsidiaries. Boyd Group Services Inc. shares trade on the Toronto Stock Exchange (TSX) under the symbol BYD.TO and the New York Stock Exchange (NYSE) under the symbol BGSI. For more information on The Boyd Group Inc. or Boyd Group Services Inc., please visit our website at https://www.boydgroup.com.
About The Boyd Group Inc.
Boyd Group Services Inc. ("BGSI"), through its operating company, The Boyd Group Inc. and its subsidiaries ("Boyd" or the "Company"), is one of the largest operators of non-franchised collision repair centers in North America in terms of number of locations and sales. The Company currently operates locations in Canada under the trade name Boyd Autobody & Glass and Assured Automotive, as well as in the U.S. under the trade name Gerber Collision & Glass. The Company is also a major retail auto glass operator in the U.S., under the trade names Gerber Collision & Glass, Glass America, Auto Glass Service, Auto Glass Authority and Autoglassonly.com. In addition, the Company operates a third party administrator, Gerber National Claims Services ("GNCS"), that offers glass, emergency roadside and first notice of loss services. The Company also operates Mobile Auto Solutions ("MAS") in the U.S. and Volta Auto Diagnostics Ltd. ("Volta") in Canada that offer scanning and calibration services. For more information on The Boyd Group Inc. or Boyd Group Services Inc., please visit our website at http://www.boydgroup.com.
Non-GAAP Financial Measures and Ratios
Same-store sales, Adjusted EBITDA, Adjusted EBITDA margin, Adjusted net earnings and Adjusted net earnings per share are non-GAAP financial measures and ratios, which are not standardized measures under International Financial Reporting Standards ("IFRS") and therefore may not be comparable to similar measures disclosed by other issuers. Boyd's management uses certain non-GAAP financial measures to evaluate the performance of the business and to reward employees. These non-GAAP should not be considered as a substitute for, or superior to, measures of financial performance prepared in accordance with IFRS, such as net earnings or sales in measuring the performance of Boyd.
The following is a reconciliation of Boyd's non-GAAP financial measures and ratios used in this release:
SAME-STORE SALES
Same-store sales is a non-GAAP measure that includes only those locations in operation for the full comparative period. Same-store sales is presented excluding the impact of foreign exchange fluctuation on the current period.
Three months ended
June 30,
Six months ended
June 30,
(thousands of U.S. dollars)
2026
2025
2026
2025
Sales
$ 1,013,652
$ 780,407
$ 2,010,328
$ 1,558,730
Less:
Sales from locations not in the comparative period
(211,748)
(465)
(421,675)
(6,276)
Sales from under-performing facilities closed during the period
—
(377)
—
(1,240)
Foreign exchange
(32)
—
(2,924)
—
Same-store sales (excluding foreign exchange)
$ 801,872
$ 779,565
$ 1,585,729
$ 1,551,214
ADJUSTED EBITDA
EBITDA represents an indication of the Company's capacity to generate income from operations before taking into account management's financing decisions and costs of consuming tangible and intangible capital assets, which vary according to their vintage, technological age and management's estimates of their useful life. EBITDA comprises sales less operating expenses before finance costs, capital asset amortization and impairment charges, and income taxes.
Adjusted EBITDA is calculated to exclude items of an unusual nature that do not reflect normal or ongoing operations of BGSI and which should not be considered in a valuation metric or should not be included in an assessment of the ability to service or incur debt. Included as an adjustment to EBITDA are acquisition and transformational cost initiative expenses and fair value adjustments to contingent consideration and financial instruments which do not have a cash impact. These adjustments do not relate to the current operating performance of the business units but are typically costs incurred to expand operations as well as execute transformational plans. Acquisition and transformational costs include transaction costs in acquiring and integrating a business acquisition and other non-recurring costs related to the execution of Project 360. From time to time BGSI may make other adjustments to its Adjusted EBITDA for items that are not expected to recur. Management believes that in addition to net earnings and cash flows, Adjusted EBITDA is useful to readers to provide an indication of earnings from operations and cash available for distribution, both before and after debt management , productive capacity maintenance and non-recurring and other adjustments.
Adjusted EBITDA margin is a measure of operating profit that can be used to assess Boyd's operational performance. Adjusted EBITDA margin is calculated by dividing Adjusted EBITDA by total sales.
Three months ended
June 30,
Six months ended
June 30,
(thousands of U.S. dollars)
2026
2025
2026
2025
Net earnings (loss)
$ 1,291
$ 5,422
$ (6,635)
$ 2,785
Add:
Finance costs
30,760
18,023
60,835
35,855
Income tax expense
2,023
2,851
1,357
2,561
Depreciation of property, plant and equipment
28,126
21,547
54,792
42,394
Depreciation of right of use assets
43,691
31,799
85,712
63,414
Amortization of intangible assets
20,032
6,868
32,457
13,548
EBITDA
$ 125,923
$ 86,510
$ 228,518
$ 160,557
Add (deduct):
Fair value adjustments
(185)
—
(1,465)
1
Acquisition and transformational cost initiatives
10,194
7,276
31,264
13,773
Adjusted EBITDA
$ 135,932
$ 93,786
$ 258,317
$ 174,331
Sales
$ 1,013,652
$ 780,407
$ 2,010,328
$ 1,558,730
Adjusted EBITDA margin (%)
13.4 %
12.0 %
12.8 %
11.2 %
ADJUSTED NET EARNINGS
Adjusted net earnings means net earnings adjusted to add back fair value adjustments (non-taxable) and acquisition and transformational cost initiatives (net of tax). Commencing in the fourth quarter of 2025, and on a go-forward basis, the calculation of Adjusted net earnings also excludes amortization of intangibles arising on acquisitions. Amortization of intangible assets arising on acquisition is the result of the purchase price allocation on completion of an acquisition. There are no future capital expenditures associated with maintaining or replacing these intangible assets. Comparative periods have been restated to reflect this additional adjustment. BGSI believes that certain users of financial statements are interested in understanding net earnings excluding certain fair value adjustments and other items of an unusual or infrequent nature that do not reflect normal or ongoing operations of the Company. This can assist these users in comparing current results to historical results that did not include such items.
Adjusted net earnings per share means Adjusted net earnings, divided by our weighted average number of shares for the applicable period.
(thousands of U.S. dollars, except share and per share amounts)
Three months ended
June 30,
Six months ended
June 30,
2026
2025
2026
2025
Net earnings (loss)
$ 1,291
$ 5,422
$ (6,635)
$ 2,785
Add (deduct):
Fair value adjustments (net of tax)
(137)
—
(1,084)
1
Acquisition and transformational cost initiatives (net of tax)
7,566
5,384
24,193
10,192
Amortization of intangibles arising on acquisitions (net of tax)
13,683
4,461
21,987
8,863
Adjusted net earnings (1)
$ 22,403
$ 15,267
$ 38,462
$ 21,841
Weighted average number of shares
27,836,295
21,467,807
27,833,160
21,467,695
Adjusted net earnings per share (1)
$ 0.80
$ 0.71
$ 1.38
$ 1.02
(1) Comparative figures have been restated to conform with current period presentation
Caution concerning forward-looking statements
Statements made in this press release, other than those concerning historical information, may be "forward-looking statements" and "forward-looking information" within the meaning of applicable securities laws of the U.S. and Canada, respectively (collectively, "forward-looking statements") and therefore subject to various risks and uncertainties. Some forward-looking statements may be identified by words such as "may", "will", "anticipate", "estimate", "expect", "intend", "continue", "will", "project", "target", "plan", "goal" or the negative thereof or similar variations.
The forward-looking statements in this press release include, without limitation, statements regarding: Boyd's outlook and expectations regarding performance relative to industry peers; trends and industry conditions; execution of the Company's growth strategy and outlook; progress on Project 360 initiatives; the Company's financial metric goals, including for Adjusted EBITDA margin; growth opportunities presented by the Company's increased scale, greater market density, expanded platform and fragmentation; the Company's ability and expectations to open three start-up locations in the third quarter of 2026 with an additional ten locations to be added through year-end; execute on the pipeline of approximately eight to ten start-up locations per quarter; the Company's ability to activate the stores in its development pipeline for 2026; the Company's expectations for continued acquisition activity and the Company's ability to deliver sustained growth and value creation for shareholders and customers.
Forward-looking statements are subject to significant risks and uncertainties and are based on a number of assumptions and estimates. Forward-looking statements are based on certain assumptions and analyses made by Boyd concerning its experience and perception of historical trends, current conditions, expected future developments, and other factors it believes are appropriate. A number of factors could cause actual results, performance or achievement to differ materially from those discussed or implied in the forward-looking statements. Risks and uncertainties related to Boyd's business include, but are not limited to, risks and uncertainties relating to: acquisition and new location risk; employee relations and staffing; operational performance; brand management and reputation; market environment change; reliance on technology; corporate governance; decline in number of insurance claims; low capture rates; supply chain risk; margin pressure and sales mix changes; economic downturn; changes in client relationships; environmental, health and safety risk; climate change and weather conditions; pandemic risk; competition; access to capital; dependence on key personnel; tax position risk; increased government regulation and tax risk; fluctuations in operating results and seasonality; risk of litigation; execution on new strategies; insurance risk; interest rates; U.S. health care costs and workers compensation claims; foreign currency risk; capital expenditures; public company costs; foreign private issuer status; differences in Canadian and U.S. corporate and securities laws; enforceability against foreign persons and of foreign judgments; intellectual property; and energy costs; and Boyd's success in anticipating and managing the foregoing risks.
We caution that the foregoing list of factors is not exhaustive and that when reviewing our forward-looking statements, investors and others should refer to the "Business Risks and Uncertainties" section of Boyd's Annual Information Form, the "Business Risks and Uncertainties" and other sections of our Management's Discussion and Analysis of Operating Results and Financial Position and our other periodic filings with Canadian securities regulatory authorities and the SEC from time to time, available at www.sedarplus.ca and www.sec.gov. All forward-looking statements presented herein should be considered in conjunction with such filings. Readers are cautioned not to place undue reliance on such forward-looking statements, as actual results may differ materially from those expressed or implied in such statements.
The forward-looking statements in this press release reflect the Boyd's current expectations, assumptions and/or beliefs based on information currently available, including with respect to such things as conditions in the collision and auto glass repair business, including weather, accident frequency, cost of repair, miles driven and available repairable vehicles; the Company's ability to complete the integration of acquired businesses within anticipated time periods and at expected cost levels; the Company's ability to achieve synergies arising from successful integration of acquired businesses; the impact of acquisitions on growth; the accuracy and completeness of the information (including financial information) regarding acquired businesses; the absence of significant undisclosed costs or liabilities associated with acquisitions; the successful implementation of margin improvement initiatives; the future performance and results of our business and operations; general economic conditions, industry forecasts and/or trends, the government and regulatory environment and potential impacts thereof. Although the Company believes the expectations reflected in these forward-looking statements and the assumptions upon which they are based are reasonable, no assurance can be given that actual results will be consistent with those expressed or implied in such forward-looking statements, and they should not be unduly relied upon. There can be no assurance that such expectations and assumptions will prove to be correct. The forward-looking statements contained in this presentation describe the expectations of the Company as of the date of this press release. Except as required by law, the Company does not undertake to update or revise any forward-looking statements, whether as a result of new information, future events or for any other reason. The forward-looking statements contained herein are expressly qualified in their entirety by this cautionary statement.
CoreWeave zvedl celoroční výhled tržeb na 12,4 až 13,2 miliardy USD a ve 3. čtvrtletí čeká tržby 3,45 až 3,6 miliardy USD. Firma zároveň v červenci zdražila nabídky AI compute asi o 25 %.
CoreWeave, Inc. (NASDAQ:CRWV) stock jumped in Wednesday’s premarket session as investors focused on stronger AI compute pricing, higher revenue guidance and continued demand for large-scale AI infrastructure.
The company said it raised prices by about 25% across AI compute offerings in July to reflect strong demand and higher component costs, including more expensive GPUs.
Management also said demand for NVIDIA’s Vera Rubin platform remains "enormous," while contribution margins on new deals are rising by 5 to 10 percentage points.
CoreWeave lifted its full-year 2026 revenue forecast to $12.4 billion to $13.2 billion and guided third-quarter revenue to $3.45 billion to $3.6 billion.
Backlog Signals Strong AI DemandJefferies analyst Brent Thill said CoreWeave remains a key AI infrastructure vendor as backlog growth points to healthy demand.
Thill told CNBC that CoreWeave ended the quarter with about $99 billion in backlog and moved closer to $130 billion after signing additional business early in the current quarter.
He said that growth shows demand remains strong and that the broader AI trade remains intact as hyperscalers keep increasing capital spending.
Profitability Remains A Key Watch PointHe said CoreWeave benefits from a supply-constrained environment where customers continue to seek more capacity. However, he said investors still need more clarity on whether the company can become profitable and evolve over the next three years into a software-enabled cloud platform.
Thill said several metrics looked slightly above consensus, but he described the quarter as stable rather than a blowout. He also said CoreWeave must manage rising infrastructure costs, generate proper returns after financing costs and address concerns about insider selling.
Top ETF ExposureSignificance: Because CRWV carries such a heavy weight in these funds, any significant inflows or outflows for these ETFs will likely force automatic buying or selling of the stock.
Price ActionCRWV Stock Price Activity: CoreWeave shares were trading higher by 17.36% at $106.00 during premarket trading on Wednesday, according to Benzinga Pro data.
Photo via Shutterstock
Market News and Data brought to you by Benzinga APIs
Nintendo letos v prosinci poprvé uvede konzole Switch a Switch 2 v Indonésii, největší ekonomice jihovýchodní Asie. Oficiálním distributorem bude dceřiná firma Salim Group.
A person holds a Nintendo Switch 2 game console box at an electronics store in Tokyo, Japan June 5, 2025. REUTERS/Issei Kato/File Photo Purchase Licensing Rights, opens new tab
JAKARTA, Aug 12 (Reuters) - Japanese game maker Nintendo (7974.T), opens new tab said on Wednesday that it would launch its Switch consoles in Indonesia for the first time this year, marking its entrance into Southeast Asia's largest economy.
Here are some details:
Get a daily digest of breaking business news straight to your inbox with the Reuters Business newsletter. Sign up here.
Nintendo told Reuters in an email it would launch Nintendo Switch and Nintendo Switch 2 in Indonesia this December.
Asked what its presence in Indonesia might entail, the company said: "Unfortunately, we have nothing further to share besides the fact that we plan to launch Nintendo Switch and Nintendo Switch 2 in Indonesia this December."
A subsidiary of one of Indonesia's biggest conglomerates, Salim Group, will be the official distributor for the consoles, Indonesia's Ministry of Creative Economy said in a statement.
Irene Umar, Indonesia's vice-creative economy minister, said on Wednesday in an Instagram post that allowing Nintendo to sell its products through official channels would help address copyright violations.
Indonesia is pushing to make Nintendo's developer kit available to help local developers, Irene added.
Nintendo consoles and game cartridges are currently sold mainly through unofficial channels, making pricing mechanisms unclear, local game developer Adam Ardisasmita told Reuters.
Salim Group's Axton Salim was quoted by state news website Antara as saying that its subsidiary would work with Nintendo to build an official repair centre and customer service.
Indonesia's gaming market is worth about 30 trillion rupiah ($1.68 billion) annually, the largest in Southeast Asia, but local developers generate only around 2.5% of that spending, the Indonesian Game Association said last year.
Nintendo launched the Switch 2 hybrid home-portable console in June 2025 and expects to sell 16.5 million units in the current business year through to March 2027.
($1 = 17,865 rupiah)
Reporting by Stanley Widianto
Our Standards: The Thomson Reuters Trust Principles., opens new tab
Tržby společnosti Brinker International ve 4. čtvrtletí vzrostly na 1 521,2 mil. USD a srovnatelné tržby se zvýšily o 5,0 %, včetně 5,6 % u Chili's. Pro fiskální rok 2027 společnost čeká tržby 6,15–6,27 mld. USD.
, /PRNewswire/ -- Brinker International, Inc. (NYSE: EAT) today announced its financial results for the fourth quarter and fiscal year ended June 24, 2026 and provided guidance for fiscal 2027.
Fourth Quarter and Full Year Fiscal 2026 Financial Highlights
"Q4 2026 completes five consecutive years of Chili's same-store sales growth, delivering an unprecedented 71% cumulative increase over that time," said Kevin Hochman, President and CEO of Brinker International. "Our strong brand relevance, industry-leading value proposition, streamlined operations, and significant restaurant investments have created a competitive moat that positions Chili's to deliver sustainable, profitable growth."
In the fourth quarter of fiscal 2026, Company sales were $1,521.2 million compared to $1,448.9 million in the fourth quarter of fiscal 2025. Company comparable restaurant sales increased 5.0% in the fourth quarter of fiscal 2026, including 5.6% for Chili's, as the brand drove positive traffic and continued outperformance against the casual dining industry. Chili's sustained strong performance reflects disciplined execution across the business. Continued investments in food quality, service, atmosphere, menu innovation, everyday value, and high-impact marketing reinforced the strength of the brand and attracted new guests, reinforcing the Company's confidence in its ability to deliver sustainable long-term growth. Chili's momentum accelerated in July with the sustained success of the Big Crispy chicken sandwich and other brand initiatives. Net income per diluted share and Net income per diluted share, excluding special items, non-GAAP, increased 30.0% and 23.3%, respectively, for the fourth quarter of fiscal 2026 compared to the fourth quarter of fiscal 2025.
During fiscal 2026, the Company utilized operational cash flow to repurchase $400.0 million of the Company's common stock. Effective August 10, 2026, our Board of Directors authorized a total of $750.0 million under our existing share repurchase program.
Financial results for the fourth quarter and full year of fiscal 2026 and fiscal 2025 were as follows (in millions, except per share amounts and percentages):
Fourth Quarter
Fiscal Year
2026
2025
Variance
2026
2025
Variance
Company sales
$ 1,521.2
$ 1,448.9
$ 72.3
$ 5,750.9
$ 5,335.3
$ 415.6
Total revenues
$ 1,535.8
$ 1,461.9
$ 73.9
$ 5,807.4
$ 5,384.2
$ 423.2
Operating income
$ 167.0
$ 142.7
$ 24.3
$ 619.9
$ 512.0
$ 107.9
Operating income as a % of Total revenues
10.9 %
9.8 %
1.1 %
10.7 %
9.5 %
1.2 %
Restaurant operating margin, non-GAAP(1)
$ 273.4
$ 258.2
$ 15.2
$ 1,026.4
$ 933.5
$ 92.9
Restaurant operating margin as a % of
Company sales, non-GAAP(1)
18.0 %
17.8 %
0.2 %
17.8 %
17.5 %
0.3 %
Net income
$ 131.1
$ 107.0
$ 24.1
$ 487.0
$ 383.1
$ 103.9
Adjusted EBITDA, non-GAAP(1)
$ 227.6
$ 212.4
$ 15.2
$ 847.2
$ 760.4
$ 86.8
Net income per diluted share
$ 2.99
$ 2.30
$ 0.69
$ 10.87
$ 8.32
$ 2.55
Net income per diluted share, excluding
special items, non-GAAP(1)
$ 3.07
$ 2.49
$ 0.58
$ 10.74
$ 8.90
$ 1.84
Comparable Restaurant Sales(2)
Q4:26 vs 25
FY:26 vs 25
Brinker
5.0 %
8.1 %
Chili's
5.6 %
9.2 %
Maggiano's
(2.5) %
(3.9) %
(1)
See Non-GAAP Information and Reconciliations section below for more details.
(2)
Comparable Restaurant Sales include restaurants that have been in operation for more than 18 full months. Restaurants temporarily closed for 14 days or more are excluded from comparable restaurant sales. Percentage amounts are calculated based on the comparable periods year-over-year.
Subsequent to the end of the fiscal year, on July 16, 2026, the Company redeemed the outstanding $350.0 million 8.25% notes, and the payoff was funded with borrowings from the revolving credit facility. During the fourth quarter of fiscal 2026, the Company executed an agreement with a franchisee for the acquisition of 12 Chili's restaurants located in Alabama and Mississippi, including the real estate for six of the locations, and the transaction is expected to close on August 27, 2026.
Full Year Fiscal 2027 Guidance
We are providing the following select financial guidance for fiscal 2027 which includes a 53rd operating week in the fourth quarter. We estimate the impact of the additional operating week to be an increase of approximately 2.0% in Total revenues and $0.70 in Net income per diluted share, excluding special items, non-GAAP:
Total revenues
$6.15 billion - $6.27 billion
Net income per diluted share, excluding special items, non-GAAP
$12.60 - $13.40
Capital expenditures
$265.0 million - $285.0 million
Diluted weighted average shares
42.0 million - 43.0 million
The risks outlined in the Forward-Looking Statements paragraph of this press release, among other risks, could cause actual results to differ materially from forecasted results. We are unable to reliably forecast special items without unreasonable effort. As such, we do not present a reconciliation of forecasted non-GAAP measures to the corresponding GAAP measures.
Fourth Quarter of Fiscal 2026 Operating Performance
Segment Performance
The table below presents selected financial information (in millions, except as noted) related to our segments' operational performance for the thirteen week periods ended June 24, 2026 and June 25, 2025:
Chili's
Maggiano's
Fourth Quarter
Variance
Fourth Quarter
Variance
2026
2025
2026
2025
Company sales
$ 1,408.6
$ 1,326.8
$ 81.8
$ 112.6
$ 122.1
$ (9.5)
Franchise revenues
14.4
12.8
1.6
0.2
0.2
—
Total revenues
$ 1,423.0
$ 1,339.6
$ 83.4
$ 112.8
$ 122.3
$ (9.5)
Company restaurant expenses(1)
$ 1,146.7
$ 1,085.4
$ 61.3
$ 101.0
$ 105.8
$ (4.8)
Company restaurant expenses as a % of
Company sales
81.4 %
81.8 %
(0.4) %
89.7 %
86.7 %
3.0 %
Operating income - GAAP
$ 214.2
$ 177.3
$ 36.9
$ 1.0
$ 13.4
$ (12.4)
Operating income (loss) as a % of Total
revenues
15.1 %
13.2 %
1.9 %
0.9 %
11.0 %
(10.1) %
Restaurant operating margin, non-
GAAP(2)
$ 261.9
$ 241.4
$ 20.5
$ 11.6
$ 16.3
$ (4.7)
Restaurant operating margin as a % of
Company sales, non-GAAP(2)
18.6 %
18.2 %
0.4 %
10.3 %
13.3 %
(3.0) %
(1)
Company restaurant expenses includes Food and beverage costs, Restaurant labor and Restaurant expenses, and excludes Depreciation and amortization, General and administrative and Other (gains) and charges.
(2)
See Non-GAAP Information and Reconciliations section below for more details.
Chili's
Chili's Company sales increased primarily due to favorable comparable restaurant sales driven by menu pricing and higher traffic. Chili's Company restaurant expenses, as a percentage of Company sales, decreased primarily due to sales leverage and lower manager bonus, partially offset by unfavorable Food and beverage costs, higher advertising, hourly labor, delivery fees and to-go supplies, manager salaries, and other restaurant expenses. Food and beverage costs were negatively impacted by higher beef costs and a temporary increase in produce costs due to a late freeze in Florida. Chili's franchisees generated sales of approximately $301.2 million for the fourth quarter of fiscal 2026 compared to $262.3 million for the fourth quarter of fiscal 2025. Maggiano's
Maggiano's Company sales decreased primarily due to lower traffic and restaurant closures, partially offset by menu pricing. Maggiano's Company restaurant expenses, as a percentage of Company sales, increased primarily due to sales deleverage, unfavorable Food and beverage costs, higher pre-opening costs, partially offset by lower worker's compensation and general liability insurance, repairs and maintenance, and advertising. Corporate
On a GAAP basis, the effective income tax rate was 17.3% in the fourth quarter of fiscal 2026. The effective income tax rate is lower than the statutory rate of 21.0% primarily due to leverage of the FICA tip credit. Excluding the impact of special items, the effective income tax rate was an expense of 17.6% in the fourth quarter of fiscal 2026. Webcast Information
Investors and interested parties are invited to listen to today's conference call, as management will provide further details of the quarter and business updates. A real-time audio webcast of the presentation can be accessed via the Events and Presentations section of the Brinker Investor Relations page. The call will be broadcast live today, August 12, 2026 at 9 a.m. CDT:
For those who are unable to listen to the live broadcast, a replay of the call will be available shortly thereafter.
Additional financial information, including statements of income which detail operations excluding special items, and comparable restaurant sales trends by brand, is also available on Brinker's website under the Financial Information section of the Investor tab.
Forward Calendar
SEC Form 10-K for the year of fiscal 2026 filing on or before August 24, 2026 Earnings release call for the first quarter of fiscal 2027 on October 28, 2026 Non-GAAP Measures
Brinker management uses certain non-GAAP measures in analyzing operating performance and believes that the presentation of these measures in this release provides investors with information that is beneficial to gaining an understanding of the Company's financial results. Non-GAAP disclosures should not be viewed as a substitute for financial results determined in accordance with GAAP, nor are they necessarily comparable to non-GAAP performance measures that may be presented by other companies. Reconciliations of these non-GAAP measures are included in the tables below.
About Brinker
Brinker International, Inc. is one of the world's leading casual dining restaurant companies and home of Chili's® Grill & Bar, and Maggiano's Little Italy.® Founded in 1975 in Dallas, Texas, we've ventured far from home, but stayed true to our roots. Brinker owns, operates or franchises more than 1,600 restaurants in the United States, 28 other countries and two U.S. territories. Our passion is making everyone feel special, and we hope you feel that passion each time you visit one of our restaurants or invite us into your home through takeout or delivery. Learn more about Brinker and its brands at brinker.com.
Forward-Looking Statements
The statements and tables contained in this release that are not historical facts are forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. We intend all forward-looking statements to be covered by the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. All forward-looking statements are made only based on our current plans and expectations as of the date such statements are made, and we undertake no obligation to update forward-looking statements to reflect events or circumstances arising after the date such statements are made. Forward-looking statements are neither predictions nor guarantees of future events or performance and are subject to risks and uncertainties which could cause actual results to differ materially from our historical results or from those projected in forward-looking statements. Such risks and uncertainties include, among other things, the impact of general economic conditions, including inflation, on economic activity and on our operations; disruptions on our business including consumer demand, costs, product mix, our strategic initiatives, operations, technology and assets, and our financial performance; the impact of current and potential tariffs and trade barriers; the impact of competition, including competitors employing our same strategies or discounting their offerings; changes in consumer preferences, including shifts in their brand preferences; food-borne illness outbreaks; consumer perception of food safety; reduced consumer discretionary spending; governmental regulations; the effectiveness of the Company's business strategy plan; loss of key management personnel; failure to hire and retain high-quality restaurant management and team members; increasing regulation surrounding wage inflation and competitive labor markets; the impact of social media, including the potential governmental ban of platforms used by the Company in its marketing initiatives; reputational damage or unfavorable publicity for our brands, which may result from actions of franchisees not within our control; reliance on technology and third party delivery providers; failure to protect the security of data of our guests and team members; product availability and supply chain disruptions; regional business and economic conditions; volatility in consumer, commodity, transportation, labor, currency and capital markets; litigation; franchisee success; technology failures; failure to protect our intellectual property; outsourcing; impairment of goodwill or assets; failure to maintain effective internal control over financial reporting; downgrades in credit ratings; changes in estimates regarding our assets; actions of activist shareholders; our pursuit of or failure to comply with new environmental and sustainability requirements; our pursuit of or failure to achieve any goals, targets or objectives with respect to sustainability matters; adverse weather conditions; terrorist acts; cybersecurity, artificial intelligence and phishing threats; health epidemics or pandemics; tax reform; inadequate insurance coverage; and limitations imposed by our credit agreements as well as the risks and uncertainties described in "Risk Factors" in our Annual Report on Form 10-K and future filings with the Securities and Exchange Commission.
BRINKER INTERNATIONAL, INC.
Consolidated Statements of Comprehensive Income (Unaudited)
(In millions, except per share amounts)
Thirteen Week Periods Ended
Fifty-Two Week Periods Ended
June 24, 2026
June 25, 2025
June 24, 2026
June 25, 2025
Revenues
Company sales
$ 1,521.2
$ 1,448.9
$ 5,750.9
$ 5,335.3
Franchise revenues
14.6
13.0
56.5
48.9
Total revenues
1,535.8
1,461.9
5,807.4
5,384.2
Operating costs and expenses
Food and beverage costs
399.4
369.3
1,487.6
1,350.6
Restaurant labor
476.4
466.7
1,810.2
1,717.3
Restaurant expenses
372.0
354.7
1,426.7
1,333.9
Depreciation and amortization
55.5
57.9
218.7
206.6
General and administrative
60.4
58.8
235.7
222.0
Other (gains) and charges(1)
5.1
11.8
8.6
41.8
Total operating costs and expenses
1,368.8
1,319.2
5,187.5
4,872.2
Operating income
167.0
142.7
619.9
512.0
Interest expenses
9.2
10.9
40.5
53.1
Other income, net
(0.7)
(0.4)
(1.5)
(1.1)
Income before income taxes
158.5
132.2
580.9
460.0
Provision for income taxes
27.4
25.2
93.9
76.9
Net income
$ 131.1
$ 107.0
$ 487.0
$ 383.1
Basic net income per share
$ 3.08
$ 2.41
$ 11.16
$ 8.60
Diluted net income per share
$ 2.99
$ 2.30
$ 10.87
$ 8.32
Basic weighted average shares outstanding
42.6
44.5
43.6
44.6
Diluted weighted average shares outstanding
43.9
46.5
44.8
46.1
Other comprehensive income (loss)
Foreign currency translation adjustment
$ (0.2)
$ 0.2
$ (0.3)
$ (0.1)
Comprehensive income
$ 130.9
$ 107.2
$ 486.7
$ 383.0
(1)
Other (gains) and charges included in the Consolidated Statements of Comprehensive Income (Unaudited):
Thirteen Week Periods Ended
Fifty-Two Week Periods Ended
June 24, 2026
June 25, 2025
June 24, 2026
June 25, 2025
Restaurant-level impairment charges
$ 5.7
$ 4.6
$ 5.7
$ 4.6
Litigation & claims, net
1.0
11.3
3.4
22.4
Restaurant closure asset write-offs and charges
0.5
1.8
2.7
4.1
Severance and other benefit charges
—
0.1
1.7
2.4
Enterprise system implementation costs
—
2.1
—
14.1
Lease contingencies
—
0.2
—
1.7
Lease modification gain, net
(1.1)
(3.9)
(3.7)
(5.1)
Loss from natural disasters, net (of insurance
recoveries)
(0.2)
(4.4)
(2.2)
(3.7)
Other, net
(0.8)
—
1.0
1.3
Total other (gains) and charges
$ 5.1
$ 11.8
$ 8.6
$ 41.8
BRINKER INTERNATIONAL, INC.
Condensed Consolidated Balance Sheets (Unaudited)
(In millions)
June 24,
2026
June 25,
2025
ASSETS
Total current assets
$ 307.7
$ 207.0
Net property and equipment
967.4
952.7
Operating lease assets
1,205.9
1,149.1
Deferred income taxes, net
69.1
101.4
Other assets
264.9
268.4
Total assets
$ 2,815.0
$ 2,678.6
LIABILITIES AND SHAREHOLDERS' EQUITY
Total current liabilities
$ 676.7
$ 675.6
Long-term debt and finance leases, less current installments
419.7
426.0
Long-term operating lease liabilities, less current portion
1,194.3
1,135.3
Other liabilities
80.6
70.8
Total shareholders' equity
443.7
370.9
Total liabilities and shareholders' equity
$ 2,815.0
$ 2,678.6
BRINKER INTERNATIONAL, INC.
Condensed Consolidated Statements of Cash Flows (Unaudited)
(In millions)
Fifty-Two Week Periods Ended
June 24, 2026
June 25, 2025
Cash flows from operating activities
Net income
$ 487.0
$ 383.1
Adjustments to reconcile Net income to Net cash provided by operating activities:
Depreciation and amortization
218.7
206.6
Deferred income taxes, net
32.2
12.6
Non-cash other (gains) and charges
12.1
25.7
Stock-based compensation
32.2
31.4
Net loss on disposal of assets
10.3
11.7
Other
1.8
2.6
Changes in assets and liabilities
(4.9)
5.3
Net cash provided by operating activities
789.4
679.0
Cash flows from investing activities
Payments for property and equipment
(231.9)
(265.3)
Proceeds from sale of assets
0.4
1.0
Insurance recoveries
0.5
0.9
Net cash used in investing activities
(231.0)
(263.4)
Cash flows from financing activities
Borrowings on revolving credit facility
650.0
885.0
Payments on revolving credit facility
(650.0)
(885.0)
Purchases of treasury stock
(443.9)
(90.2)
Payments on long-term debt
(24.1)
(375.8)
Proceeds from issuance of treasury stock
0.7
8.3
Payments for debt issuance costs
—
(3.6)
Net cash used in financing activities
(467.3)
(461.3)
Net change in cash and cash equivalents
91.1
(45.7)
Cash and cash equivalents at beginning of period
18.9
64.6
Cash and cash equivalents at end of period
$ 110.0
$ 18.9
BRINKER INTERNATIONAL, INC.
Restaurant Summary
Fiscal 2026 New Openings
Total Restaurants
Open at June 24,
2026
Total Restaurants
Open at June 25,
2025
Fourth Quarter
Openings
Fiscal Year
Openings
Company-owned restaurants
Chili's domestic
1,110
1,109
1
6
Chili's international
4
4
—
—
Maggiano's domestic
49
49
—
—
Total Company-owned
1,163
1,162
1
6
Franchise restaurants
Chili's domestic
99
99
1
4
Chili's international
370
364
6
23
Maggiano's domestic
3
3
—
—
Total franchise
472
466
7
27
Total Company-owned and franchise
Chili's domestic
1,209
1,208
2
10
Chili's international
374
368
6
23
Maggiano's domestic
52
52
—
—
Total
1,635
1,628
8
33
NON-GAAP INFORMATION AND RECONCILIATIONS
Comparable Restaurant Sales
Q4 26 and Q4 25
Comparable Restaurant
Sales(1)
Price Impact
Mix-Shift Impact(2)
Traffic Impact
Q4:26 vs 25
Q4:25 vs 24
Q4:26 vs 25
Q4:25 vs 24
Q4:26 vs 25
Q4:25 vs 24
Q4:26 vs 25
Q4:25 vs 24
Company-owned
5.0 %
21.3 %
4.2 %
3.0 %
(0.2) %
4.5 %
1.0 %
13.8 %
Chili's
5.6 %
23.7 %
4.3 %
2.7 %
(0.2) %
4.7 %
1.5 %
16.3 %
Maggiano's
(2.5) %
(0.4) %
2.9 %
7.0 %
(0.1) %
1.5 %
(5.3) %
(8.9) %
Franchise(3)
5.6 %
11.4 %
U.S.
8.3 %
15.5 %
International
4.0 %
9.0 %
Chili's domestic(4)
5.9 %
23.2 %
System-wide(5)
5.1 %
19.8 %
FY 26 and FY 25
Comparable Restaurant
Sales(1)
Price Impact
Mix-Shift Impact(2)
Traffic Impact
FY:26 vs 25
FY:25 vs 24
FY:26 vs 25
FY:25 vs 24
FY:26 vs 25
FY:25 vs 24
FY:26 vs 25
FY:25 vs 24
Company-owned
8.1 %
22.7 %
4.4 %
4.8 %
1.2 %
4.4 %
2.5 %
13.5 %
Chili's
9.2 %
25.3 %
4.4 %
4.5 %
1.2 %
4.8 %
3.6 %
16.0 %
Maggiano's
(3.9) %
1.5 %
5.0 %
7.8 %
0.4 %
1.2 %
(9.3) %
(7.5) %
Franchise(3)
8.6 %
11.7 %
U.S.
10.6 %
19.9 %
International
7.3 %
6.8 %
Chili's domestic(4)
9.4 %
25.0 %
System-wide(5)
8.2 %
21.0 %
(1)
Comparable Restaurant Sales include all restaurants that have been in operation for more than 18 full months. Restaurants temporarily closed 14 days or more are excluded from Comparable Restaurant Sales. Percentage amounts are calculated based on the comparable periods year-over-year.
(2)
Mix-Shift is calculated as the year-over-year percentage change in Company sales resulting from the change in menu items ordered by guests.
(3)
Franchise sales generated by franchisees are not included in Total revenues in the Consolidated Statements of Comprehensive Income (Unaudited); however, we generate royalty revenues and advertising fees based on franchisee revenues, where applicable. We believe presenting Franchise Comparable Restaurant Sales provides investors relevant information regarding total brand performance.
(4)
Chili's domestic Comparable Restaurant Sales percentages are derived from sales generated by Company-owned and franchise-operated Chili's restaurants in the United States.
(5)
System-wide Comparable Restaurant Sales are derived from sales generated by Chili's and Maggiano's Company-owned and franchise-operated restaurants.
Reconciliation of Net Income Excluding Special Items (in millions, except per share amounts)
Brinker believes excluding special items from its financial results provides investors with a clearer perspective of the Company's ongoing operating performance and a more relevant comparison to prior period results.
Fourth Quarter
Fiscal Year
Q4 26
EPS Q4
26
Q4 25
EPS Q4
25
FY 26
EPS FY
26
FY 25
EPS FY
25
Net income, GAAP
$ 131.1
$ 2.99
$ 107.0
$ 2.30
$ 487.0
$ 10.87
$ 383.1
$ 8.32
Special items - Other (gains) and
charges(1)
5.1
0.11
11.8
0.25
8.6
0.19
41.8
0.91
Income tax effect related to
special items(2)
(1.2)
(0.03)
(2.6)
(0.05)
(2.1)
(0.04)
(10.1)
(0.22)
Special items, net of taxes
3.9
0.08
9.2
0.20
6.5
0.15
31.7
0.69
Adjustment for special tax items(3)
(0.1)
—
(0.3)
(0.01)
(12.4)
(0.28)
(4.8)
(0.11)
Net income, excluding special items,
non-GAAP
$ 134.9
$ 3.07
$ 115.9
$ 2.49
$ 481.1
$ 10.74
$ 410.0
$ 8.90
(1)
See footnote (1) to the Consolidated Statements of Comprehensive Income (Unaudited) for additional details on the composition of Other (gains) and charges.
(2)
Income tax effect related to special items is based on the statutory tax rate in effect at the end of each period.
(3)
Adjustment for special tax items primarily represents excess tax benefits associated with stock-based compensation.
Reconciliation of Restaurant Operating Margin (in millions, except percentages)
Q4 26 and Q4 25
Chili's
Maggiano's
Brinker
Q4 26
Q4 25
Q4 26
Q4 25
Q4 26
Q4 25
Operating income - GAAP
$ 214.2
$ 177.3
$ 1.0
$ 13.4
$ 167.0
$ 142.7
Operating income as a % of Total revenues
15.1 %
13.2 %
0.9 %
11.0 %
10.9 %
9.8 %
Operating income - GAAP
$ 214.2
$ 177.3
$ 1.0
$ 13.4
$ 167.0
$ 142.7
Less: Franchise revenues
(14.4)
(12.8)
(0.2)
(0.2)
(14.6)
(13.0)
Plus: Depreciation and amortization
48.1
51.3
4.7
4.3
55.5
57.9
General and administrative
13.6
13.7
1.7
1.8
60.4
58.8
Other (gains) and charges
0.4
11.9
4.4
(3.0)
5.1
11.8
Restaurant operating margin, non-GAAP
$ 261.9
$ 241.4
$ 11.6
$ 16.3
$ 273.4
$ 258.2
Restaurant operating margin as a % of Company sales,
non-GAAP
18.6 %
18.2 %
10.3 %
13.3 %
18.0 %
17.8 %
FY 26 and FY 25
Chili's
Maggiano's
Brinker
FY 26
FY 25
FY 26
FY 25
FY 26
FY 25
Operating income, GAAP
$ 792.6
$ 644.0
$ 16.5
$ 60.1
$ 619.9
$ 512.0
Operating income as a % of Total revenues
14.8 %
13.2 %
3.6 %
12.0 %
10.7 %
9.5 %
Operating income, GAAP
$ 792.6
$ 644.0
$ 16.5
$ 60.1
$ 619.9
$ 512.0
Less: Franchise revenues
(55.6)
(48.1)
(0.9)
(0.8)
(56.5)
(48.9)
Plus: Depreciation and amortization
189.9
182.5
17.8
14.6
218.7
206.6
General and administrative
54.1
50.4
6.7
9.7
235.7
222.0
Other (gains) and charges
0.5
23.7
5.7
(1.8)
8.6
41.8
Restaurant operating margin, non-GAAP
$ 981.5
$ 852.5
$ 45.8
$ 81.8
$ 1,026.4
$ 933.5
Restaurant operating margin as a % of Company sales,
non-GAAP
18.5 %
17.6 %
10.1 %
16.3 %
17.8 %
17.5 %
Restaurant operating margin is not a measurement determined in accordance with GAAP and should not be considered in isolation, or as an alternative to operating income as an indicator of financial performance. Restaurant operating margin is widely regarded in the restaurant industry as a useful metric by which to evaluate restaurant-level operating efficiency and performance of ongoing restaurant-level operations. This non-GAAP measure is not indicative of overall Company performance and profitability because this measure does not directly accrue benefit to the shareholders due to the nature of costs excluded.
We define Restaurant operating margin as Company sales less Food and beverage costs, Restaurant labor and Restaurant expenses. We believe this metric provides a more useful comparison between periods and enables investors to focus on the performance of restaurant-level operations by excluding revenues not related to Company-owned restaurants, corporate General and administrative expenses, Depreciation and amortization, and Other (gains) and charges. Restaurant operating margin as presented may not be comparable to other similarly titled measures of other companies in our industry.
Reconciliation of Adjusted EBITDA (in millions)
Adjusted EBITDA is not a measurement determined in accordance with GAAP and should not be considered in isolation, or as an alternative to net income as an indicator of financial performance. Brinker believes presenting Adjusted EBITDA provides a useful measure of our operating performance, excluding the impacts of financing costs, capital expenditures and special items. We define Adjusted EBITDA as Net income before Provision for income taxes, Other income, net, Interest expenses, Depreciation and amortization and Other (gains) and charges.
Quarter
Year-to-Date
Q4 26
Q4 25
Q4 26
Q4 25
Net income - GAAP
$ 131.1
$ 107.0
$ 487.0
$ 383.1
Provision for income taxes
27.4
25.2
93.9
76.9
Other income, net
(0.7)
(0.4)
(1.5)
(1.1)
Interest expenses
9.2
10.9
40.5
53.1
Depreciation and amortization
55.5
57.9
218.7
206.6
Other (gains) and charges
5.1
11.8
8.6
41.8
Adjusted EBITDA, non-GAAP
$ 227.6
$ 212.4
$ 847.2
$ 760.4
SOURCE Brinker International Payroll Company, L.P.
Sandisk schválil další zpětný odkup akcií za 14 miliard USD, čímž se celkový zbývající objem zvýšil na 15,5 miliardy USD. Management tím dává najevo důvěru v další růst firmy.
Sandisk (SNDK +2.68%) is a leading innovator in flash memory and advanced data storage solutions. The company supplies high-capacity NAND products essential for accelerated computing. In the artificial intelligence (AI) infrastructure era, Sandisk's enterprise solid-state drives (SSDs) and related technologies form a critical layer in hyperscale chip stacks -- providing massive data storage, retrieval, and low-latency access for inference workloads and next-generation agentic systems.
The AI data center build-out boom has transformed Sandisk's business, and its shares have gained ground accordingly. Since its return to the market as an independent public company in February 2025, the stock has risen by more than 3,400%. And even though the shares have surged more than 400% so far in 2026 alone, I think further gains appear almost certain as the company converts secular demand into durable revenue acceleration and earnings power.
Image source: The Motley Fool.
Looking at Sandisk's share buyback history Sandisk's approach to returning capital has accelerated since the company was spun off by Western Digital (which acquired it in 2016). In its fiscal 2026 third quarter (which ended April 3), the company's board of directors authorized a $6 billion share repurchase program.
Management moved swiftly, deploying roughly $4.5 billion during the fiscal fourth quarter alone to retire shares. With only $1.5 billion remaining under the prior authorization, the board approved an additional $14 billion buyback program, lifting the company's total remaining authorization to $15.5 billion. Its market cap is currently in the neighborhood of $186 billion.
This stepped-up commitment reflects both the scale of the company's cash flow generation and its clear intention to continue shrinking the company's share count at a meaningful pace.
Today's Change
(
2.68
%) $
33.13
Current Price
$
1,271.05
Why do companies buy back their own stock? Share buybacks serve as a unique form of capital allocation. By reducing the number of shares outstanding, companies increase earnings per share (EPS) and the ownership stakes of their remaining investors.
Generally speaking, management teams authorize stock buybacks only when they believe shares are trading below their intrinsic value or when the excess cash they have available exceeds their reinvestment needs. Sandisk's decision signals confidence: Leadership is effectively showcasing that the best use of its capital is to invest in the company's own equity rather than paying dividends, making acquisitions, or letting cash sit idle on the balance sheet.
Sustained buyback programs often coincide with periods when the underlying business is achieving robust cash generation and has an optimistic growth outlook, reinforcing the view that future earnings will justify the stock's current valuation.
Image source: Getty Images.
Why Sandisk stock remains a reasonable buy Despite its parabolic rise, Sandisk stock still screens as reasonably valued based on forward valuation metrics. Analysts' consensus estimates are for EPS of $212 for its fiscal 2027 (which just started last month). At its current share price, that gives it a forward price-to-earnings (P/E) ratio of roughly 6. This is quite modest compared to other leading semiconductor stocks in the AI chip value chain.
SNDK PE Ratio (Forward) data by YCharts.
Meanwhile, Sandisk's revenue rose by 175% to $20.3 billion in fiscal 2026 (which ended July 3). Sales during the fourth quarter alone hit $8.9 billion, up 372% from the prior-year period, and up 51% sequentially. Revenue from its data center segment more than doubled sequentially and rose 437% year over year.
Another important detail smart investors are not overlooking is Sandisk's ability to lock in future revenue through what it calls its "new business model" agreements -- long-term deals with large buyers of memory. The company has secured eight multiyear supply contracts that establish a minimum contracted revenue floor of $93.9 billion, supported by $16.5 billion in prepayments.
Its remaining performance obligations stand at roughly $60 billion and rise to more than $90 billion when accounting for recently signed customer expansions. These contract arrangements provide the company with a level of revenue visibility and pricing protection that prior memory cycles did not afford.
Combined with consistent free-cash-flow conversion and gross margins that have expanded to nearly 85%, the foundation for sustained revenue acceleration and compounding profitability is firmly in place. As this positions it for consistently higher earnings, I think valuation expansion becomes almost inevitable for Sandisk. Investors who are able to buy Sandisk stock at today's modest price point may want to consider scooping up shares with the intention to hold onto them over the next couple of years as the AI capex cycle unfolds.
SpaceX čeká další uvolnění akcií pro insidery: za devět dní bude možné prodat asi 319 milionů akcií, zhruba za 42,5 miliardy USD. Už první unlock zpřístupnil asi 911,5 milionu akcií.
Arguably, no event has been more talked about on Wall Street in 2026 than Elon Musk's Space Exploration Technologies (SpaceX) (SPCX -3.93%) shattering the stock market's record books. The $85.7 billion raised from its initial public offering (IPO), including the underwriters' overallotment, practically tripled the previous recordholder, Saudi Aramco.
But SpaceX made history with more than just its historic capital raise. The entire structure of SpaceX's IPO was unique. Unfortunately, that's terrible news for the retail investors who've been piling in.
Image source: Getty Images.
SpaceX's staggered and accelerated share unlock schedule isn't retail investor-friendly One of the more glaring differences between SpaceX's debut and the long list of brand-name IPOs that came before it lies in the lockup period.
Typically, newly public companies prohibit insiders (high-ranking executives, board members, and early investors, all of whom may possess non-public information) from selling their shares for 180 calendar days after an IPO. Lockup periods are designed to prevent insiders from taking advantage of early IPO gains or retail investor buzz.
SpaceX's lengthy registration statement indicated it would employ a staggered and accelerated lockup period. The first share unlock for early release-eligible insiders occurred on Aug. 6, two trading days after the company's first earnings release as a public company. Approximately 911.5 million shares became eligible for sale by early release-eligible insiders, representing in the neighborhood of $121 billion in potential selling pressure.
Great look at the SpaceX shares unlock schedule as well as the potential passive buying schedule from @JSeyff @FrancisSharoon Depending on the early post-IPO returns, this could really play with and disperse the returns of "passive" funds (which is why there's arguably no such... pic.twitter.com/KOuEkJlngF
-- Eric Balchunas (@EricBalchunas) May 28, 2026 Another share unlock event for insiders is right around the corner. On the 70th calendar day following SpaceX's debut, which is nine days from now on Aug. 21, another 7% of early release-eligible insider shares are available to be sold. This equates to approximately 319 million shares, or roughly $42.5 billion in added potential selling pressure.
On calendar days 90, 105, 120, 135, and 180 after SpaceX's debut, 319 million additional shares held by early release-eligible insiders can be sold.
Image source: Getty Images.
SpaceX's historically low float is about to go parabolic Furthermore, SpaceX initially sold roughly 555.6 million shares in its IPO (excluding the underwriters' overallotment). Though this might sound like a large figure, it represents less than 5% of the company's outstanding shares. Most companies going public sell 10% to 25% of their outstanding shares.
This low float, coupled with SpaceX gaining fast-track entry into the Nasdaq-100, Russell 1000, and Russell 3000, which required passive funds to purchase its stock, helped buoy SpaceX's share price. These dynamics won't be in place going forward as the company's float rapidly expands due to insider share lockup events.
Even though CEO Elon Musk can't sell any shares until 366 calendar days after the IPO, it's reasonable to assume that early investors, including employees, who've been unable to cash out their investment, are likely to take some of their chips off the table. With several staggered and accelerated share unlock periods, SpaceX's float is going to grow exponentially through mid-December.
-- Financelot (@FinanceLancelot) July 21, 2026 There's no way to frame these share unlock events as anything other than a fleecing of retail investors. It allows insiders to cash out at the expense of everyday investors.
With the next unlock event nine days away, and another share unlock occurring 20 calendar days after that, SpaceX stock is about as unfriendly as it gets for retail investors.
Elon Musk said SpaceX employees would "effectively be the parents of the AI." Fabrice Coffrini / AFP via Getty Images SpaceX is joining the new AI gold rush: employee data.
In a company all-hands, Elon Musk told staff that SpaceX plans to train its Grok AI on the company's data, including contributions from staff. This type of data has become a valuable commodity for tech companies training AI agents to use computers and perform real-world tasks.
"We're going to be training Grok on the sum total of all SpaceX information," Musk told employees in a video of the all-hands posted on X on Tuesday.
"So in a way, it will be trained on you," he added.
The world's richest man reiterated concerns he has been expressing for years about the risks of superintelligent AI that is not aligned with humanity's goals.
Musk suggested that training it on data from SpaceX employees — who he described as "a collection of some of the very best humans on Earth" — could imbue future models with what he considers desirable values.
"You will effectively be the parents of the AI. It will inherit your thoughts and ideas and beliefs, and I think that's a good thing," the SpaceX CEO said.
It is not clear what employee data SpaceX is planning to use to train its AI models, or how. The company did not respond to a request for comment.
Musk previously raised the prospect of training Grok on SpaceX data in the company's recent earnings call, and the rocket maker is not the only Big Tech giant eyeing employee data in the quest to improve AI models.
Having exhausted most of the readily available training data on the internet, AI companies are increasingly turning to data from employees and other sources, such as factory and sensor data, to improve their models' ability to navigate real-world tasks.
Meta launched a new initiative in April to collect employee keystrokes and mouse movements as training data to improve the company's AI models.
The plan sparked intense backlash from staff and was paused in June after private employee conversations and performance data were made available across the entire company, Business Insider exclusively reported.
Grok Bot SpaceX, which absorbed Musk's AI startup xAI months before going public in a record-breaking IPO, is attempting to catch up in the AI race. Grok has lagged behind cutting-edge models from OpenAI and Anthropic on some major benchmarks.
SpaceX's $60 billion acquisition of the AI coding startup Cursor is expected to close in the coming months. On Tuesday, SpaceX launched Grok Bot, an AI agent that is designed to perform tasks on a computer.
The company says Grok Bots can sign into apps and websites, draft emails, write code, and perform a wide range of other tasks autonomously. Training AI models to perform these kinds of agentic tasks often requires specially curated computer use data.
In the all-hands, Musk encouraged all SpaceX employees to use the company's AI and "make it better." The billionaire said that SpaceX's mission to dominate AI on Earth and in space would ultimately lead to soaring profits, a golden age of civilization, and teased holidays on the moon for employees.
"Anyone at SpaceX who wants to go to the moon or Mars will be able to go in the future. You have my word," Musk said.
Do you work at SpaceX and have thoughts about the company using employee data to train its AI models? Get in touch with this reporter at tcarter.41 on Signal or [email protected]. Use a personal email address and a nonwork device; here's our guide to sharing information securely.
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California State Teachers Retirement System snížil svůj podíl v Apple o 3,1 % v prvním čtvrtletí a prodal 708 401 akcií. Po transakci drží 22 272 610 akcií.
California State Teachers Retirement System lowered its stake in Apple Inc. (NASDAQ:AAPL – Free Report) by 3.1% in the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 22,272,610 shares of the iPhone maker’s stock after selling 708,401 shares during the period. Apple makes up approximately 6.0% of California State Teachers Retirement System’s holdings, making the stock its 2nd biggest position. California State Teachers Retirement System owned about 0.15% of Apple worth $5,652,566,000 as of its most recent SEC filing.
Several other large investors also recently made changes to their positions in the stock. First National Bank of Hutchinson lifted its holdings in Apple by 24.6% in the 4th quarter. First National Bank of Hutchinson now owns 35,319 shares of the iPhone maker’s stock worth $8,845,000 after purchasing an additional 6,982 shares during the last quarter. Eagle Capital Management LLC grew its holdings in Apple by 0.5% during the fourth quarter. Eagle Capital Management LLC now owns 54,085 shares of the iPhone maker’s stock valued at $13,544,000 after purchasing an additional 272 shares during the last quarter. Brighton Jones LLC grew its holdings in Apple by 14.8% during the fourth quarter. Brighton Jones LLC now owns 537,314 shares of the iPhone maker’s stock valued at $134,554,000 after purchasing an additional 69,207 shares during the last quarter. Revolve Wealth Partners LLC raised its position in shares of Apple by 4.2% in the fourth quarter. Revolve Wealth Partners LLC now owns 66,857 shares of the iPhone maker’s stock valued at $16,742,000 after purchasing an additional 2,695 shares during the period. Finally, Highview Capital Management LLC DE raised its position in shares of Apple by 2.4% in the fourth quarter. Highview Capital Management LLC DE now owns 50,264 shares of the iPhone maker’s stock valued at $12,587,000 after purchasing an additional 1,155 shares during the period. Institutional investors own 67.73% of the company’s stock.
Analyst Ratings Changes Several analysts recently issued reports on AAPL shares. Wells Fargo & Company reaffirmed an “overweight” rating and set a $350.00 price objective (up from $310.00) on shares of Apple in a report on Friday, July 31st. BNP Paribas Exane upgraded shares of Apple from a “neutral” rating to an “outperform” rating and set a $300.00 target price on the stock in a report on Friday, April 17th. KGI Securities lowered shares of Apple from an “outperform” rating to a “hold” rating and set a $315.00 target price for the company. in a research report on Monday, June 22nd. Maxim Group restated a “buy” rating and set a $350.00 price target (up from $310.00) on shares of Apple in a report on Tuesday, June 9th. Finally, Monness Crespi & Hardt raised their price target on Apple from $315.00 to $335.00 and gave the company a “buy” rating in a research report on Friday, May 1st. One equities research analyst has rated the stock with a Strong Buy rating, twenty-one have issued a Buy rating, ten have issued a Hold rating and four have given a Sell rating to the company’s stock. According to data from MarketBeat.com, Apple has an average rating of “Moderate Buy” and a consensus target price of $328.60.
Check Out Our Latest Report on Apple
Apple Trading Down 1.1% Shares of AAPL stock opened at $304.91 on Wednesday. The firm has a market capitalization of $4.45 trillion, a P/E ratio of 34.97, a price-to-earnings-growth ratio of 2.64 and a beta of 1.09. Apple Inc. has a 1 year low of $223.78 and a 1 year high of $344.57. The firm’s fifty day simple moving average is $309.28 and its 200 day simple moving average is $284.26. The company has a current ratio of 1.00, a quick ratio of 0.93 and a debt-to-equity ratio of 0.66.
Apple (NASDAQ:AAPL – Get Free Report) last issued its quarterly earnings results on Thursday, July 30th. The iPhone maker reported $2.02 earnings per share for the quarter, beating analysts’ consensus estimates of $1.89 by $0.13. The firm had revenue of $109.42 billion during the quarter, compared to the consensus estimate of $109.04 billion. Apple had a net margin of 27.62% and a return on equity of 135.46%. During the same period in the prior year, the firm earned $1.57 EPS. The business’s revenue was up 16.4% on a year-over-year basis. As a group, sell-side analysts predict that Apple Inc. will post 8.76 EPS for the current year.
Apple Dividend Announcement The company also recently announced a quarterly dividend, which will be paid on Thursday, August 13th. Investors of record on Monday, August 10th will be given a dividend of $0.27 per share. The ex-dividend date of this dividend is Monday, August 10th. This represents a $1.08 dividend on an annualized basis and a yield of 0.4%. Apple’s dividend payout ratio (DPR) is 12.39%.
Insiders Place Their Bets In related news, insider Ben Borders sold 116 shares of the business’s stock in a transaction dated Tuesday, June 16th. The stock was sold at an average price of $295.14, for a total transaction of $34,236.24. Following the transaction, the insider directly owned 38,713 shares in the company, valued at $11,425,754.82. The trade was a 0.30% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link. The sale was made to cover tax withholding obligations related to the vesting of equity awards. 0.06% of the stock is currently owned by company insiders.
Key Headlines Impacting Apple Here are the key news stories impacting Apple this week:
Positive Sentiment: Apple’s latest quarter was its strongest June quarter on record, with revenue rising 16.4% year over year to $109.42 billion and earnings per share of $2.02, ahead of Wall Street expectations. Some investors and analysts, including Gene Munster, view the recent weakness as an attractive accumulation opportunity and anticipate a substantial iPhone upgrade cycle. Apple’s Dip Below $310 is a Great Accumulation Opportunity Positive Sentiment: Apple is reportedly exploring alternative memory suppliers, including China’s CXMT, as artificial-intelligence demand tightens global DRAM supplies. Diversifying procurement could help reduce shortages and limit production disruptions, although U.S. restrictions may constrain the opportunity. Apple tests China’s CXMT memory chips Neutral Sentiment: Apple is participating in efforts to make AI-generated content traceable, potentially strengthening platform trust and content provenance over time. The initiative is strategically relevant but is unlikely to materially affect near-term earnings. Tech’s Big Push to Make AI Content Traceable Neutral Sentiment: Apple Pay and Wallet chief Jennifer Bailey is retiring, creating another senior leadership transition. The impact depends on the successor and execution in financial services. Jennifer Bailey retires Negative Sentiment: Jefferies downgraded AAPL from Hold to Underperform and cut its price target to $263.66 from $285.56. The firm cited supply-chain checks suggesting Apple may have abandoned a high-end all-glass iPhone, weakening the case for significantly higher average selling prices. Bloomberg separately reported that the 2027 device may still be on track, leaving uncertainty rather than confirmation. Jefferies downgrades Apple Negative Sentiment: Surging memory and storage costs could raise iPhone production expenses by roughly 38%, forcing Apple to choose between higher prices that could pressure demand and lower margins. Reports that iPhone prices have already increased by as much as $300 are intensifying concerns about consumer affordability and pricing power. Apple’s Next iPhone Could Test Pricing Power Negative Sentiment: Analyst confidence has cooled despite strong revenue growth, with investors questioning whether Apple can sustain premium-device growth at its roughly $4.45 trillion valuation, particularly as Nvidia and other AI leaders capture more market enthusiasm. About Apple (Free Report)
Apple Inc (NASDAQ: AAPL) is a multinational technology company headquartered in Cupertino, California, founded in 1976 by Steve Jobs, Steve Wozniak and Ronald Wayne. The company designs, develops and sells consumer electronics, software and services. Over its history Apple has evolved from personal computers to a broad portfolio that spans mobile devices, wearables, home entertainment and digital services.
Apple’s principal hardware products include the iPhone smartphone, iPad tablet, Mac personal computers, Apple Watch wearable devices and a range of accessories such as AirPods and HomePod.
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WSJ upozornil na klauzuli v odměně Elona Muska, která by při změně kontroly Tesly mohla zrušit provozní milníky a otevřít cestu k výplatě až 824 miliard USD.
A Wall Street Journal report dissected on the TBPN podcast episode Nvidia’s $500B Compute Deal, Paramount Threatens CA Exit, Musk’s ‘Shortcut’ to $1T Payday | Diet TBPN is drawing fresh scrutiny to an obscure provision inside Elon Musk’s 2025 Tesla compensation plan. The clause could allow the world’s richest executive to skip the operational milestones that otherwise stand between him and one of the largest pay packages in corporate history.
Tesla (NASDAQ:TSLA | TSLA Price Prediction) shares traded at $332.81 as of the most recent close, giving the company a market capitalization of roughly $1.31 trillion. The stock is down 26% year to date and 18.38% over the past month.
The Package and the Shortcut Under the 2025 CEO Performance Award, Musk can earn up to 423 million Tesla shares across 12 tranches. Each tranche requires Tesla to hit both a market capitalization target and an operational milestone. The operational goals across the full package include delivering 20 million vehicles, reaching 10 million active FSD subscriptions, producing 1 million Optimus robots, and putting 1 million robotaxis into commercial operation. The Journal estimates the maximum award is currently worth approximately $824 billion.
The catch surfaced by the WSJ, as unpacked on TBPN: if Tesla undergoes a change of control, those operational requirements disappear entirely. As the discussion framed it, “Instead of spending the next decade hitting a dozen separate operating goals, a sufficiently expensive acquisition of Tesla could effectively declare those goals accomplished.” For all 12 tranches to unlock through a deal, Tesla’s value at the time of the transaction would need to reach $8.5 trillion, more than 6 times its recent market cap.
Tesla shareholders approved the compensation plan in November, and would still need to approve any acquisition. Evidence that the award is already flowing through Tesla’s income statement is visible in the Q2 2026 8-K filing, which attributes a 47% year-over-year surge in operating expenses to $4.35 billion to AI infrastructure buildout, R&D, and stock-based compensation tied to the CEO award.
SpaceX as the Only Plausible Buyer The speculated acquirer is SpaceX, a privately held company also valued in the trillions and the only entity plausibly capable of such a deal. Speculation intensified after WSJ reported that Tesla executives were considering separating the company’s China business through a spin-off, sale, or closure to pave the way for a potential SpaceX merger, a claim Musk publicly denied. Prediction markets remain skeptical, assigning only a 17.5% probability to a Tesla-SpaceX merger being announced by year-end 2026.
Analysts are split. RBC Capital Markets sees a hypothetical combined entity valued at $3.31 trillion with Tesla shareholders owning 54%, and other analysts suggest an all-stock deal could carry a 20-30% premium for Tesla holders. Future Fund’s Gary Black has pushed back, arguing that SpaceX could not afford Tesla due to significant dilution to SpaceX shareholders.
The U-Shape Incentive One TBPN host described Musk’s payoff curve as a “U-shape.” Musk owns 19.9% of Tesla as of June 17, 2026, based on 413,152,109 shares. Because his stake in SpaceX is larger, he arguably benefits from acquiring Tesla at a very low price, and he also benefits at a very high price through expanded Tesla equity. The middle, per the discussion, is messy.
What to Watch Tesla’s Q2 2026 operating margin compressed to 1.4%, with free cash flow turning negative at -$1.09 billion even as deliveries hit a record 480,126 vehicles and FSD subscriptions climbed to 1.48 million (+56% YoY). Analyst consensus target sits at $396.62, well below anything approaching the $8.5 trillion threshold. For investors, the compensation clause is worth tracking because it aligns Musk’s incentives around a corporate event that would rewrite Tesla’s governance, not just its market cap.
Contact [email protected] for any questions or corrections.
At $332.81, Tesla (NASDAQ:TSLA | TSLA Price Prediction) looks meaningfully overvalued. The stock has slid 26% year to date while the market has climbed, yet it trades at a valuation that assumes near-flawless execution on projects that have not yet earned a dollar.
Tesla remains an automaker. Automotive sales contributed $20.0 billion of $28.24 billion Q2 2026 revenue, with Energy at $3.14 billion and Services at $4.58 billion. The market prices it as an AI, robotics, and autonomy platform. That gap between current earnings and what shareholders pay for tomorrow is the entire debate.
The Bull Case: A Software and Robotics Flywheel Deliveries hit a Q2 record of 480,126 vehicles, up 25% year over year, and energy storage deployments rose 41%. Services revenue expanded 50%, and active FSD subscriptions reached 1.48 million, up 56%, with attach rates above 55% on new North American deliveries. Bulls cite robotaxi service now live in seven U.S. metros, Cybercab production starting at Gigafactory Texas, Optimus lines being installed, and a $43.5 billion cash pile that funds ambitions few rivals can match.
The Bear Case: A Trillion-Dollar Automaker With Auto Economics Q2 2026 was ugly beneath the delivery headline. EPS of $0.33 missed the $0.5367 consensus estimate. Operating income fell 57% to $398 million, operating margin compressed to 1.4%, and free cash flow flipped to negative $1.09 billion as capex jumped 142%. Regulatory credits dropped to $146 million. Morgan Stanley recently argued Tesla needs “clearer evidence of its Robotaxi program scaling to increase investor confidence.”. An ongoing NHTSA suspension probe adds operational noise.
The Case for Patience: Cash Cushion, No Catalyst The balance sheet, with $43.5 billion in cash and modest leverage, is solid. The problem is timing. Polymarket traders assign only a 14.5% probability to Optimus releasing by year end and a 17.5% probability to a Tesla-SpaceX merger announcement. Investors waiting for confirmation on unit economics from robotaxi or FSD monetization may prefer to watch quarterly margin trends and delivery mix before committing new capital.
What the Stock Is Telling Us Tesla trades at $332.81 against an analyst consensus target of $396.62, implying roughly 19% upside if targets hold. Coverage splits 6 Strong Buy, 17 Buy, 18 Hold, 4 Sell, and 2 Strong Sell, hardly a conviction call. Shares fetch 304 times trailing earnings and 169 times forward earnings, with EV/EBITDA at 106 and a PEG of 5. Over the past month the stock is down 18.38%, and it has fallen 12.3% since the Q2 filing while the SPY rose 4.4%. Year to date, TSLA is off 26% against a market grinding higher.
The Verdict: Overvalued at $333 At $333, Tesla looks overvalued on the numbers. The company is valued as if autonomy, robotaxis, and Optimus already generate meaningful profit, while today’s financials show the opposite. Q2 delivered record volume yet margins collapsed and free cash flow went negative, meaning growth is destroying near-term shareholder value while the multiple assumes the opposite.
Any slip in robotaxi ramp, any Optimus timeline push, or another quarter of operating margin near 1.4% forces the market to reprice Tesla closer to auto peers trading at single-digit multiples. Even a partial derating from 304 times earnings toward premium tech multiples in the 40 to 60 range implies substantial downside from here.
What would invalidate the thesis: a step change in FSD unit economics, a credible robotaxi profit disclosure, or Optimus revenue that is measurable rather than promised. Absent those, the risk/reward remains skewed to the downside. Watch Q3 operating margin, capex trajectory, and any pricing action in China and Europe.
Paying 304 times earnings for an automaker whose profitability is going the wrong way is a bet that Tesla can outrun physics, competition, and time all at once, and $333 is still too much to pay for that bet.
Contact [email protected] for any questions or corrections.
Amazon zvýšil čisté tržby o 20 %, ale masivní kapitálové výdaje stlačily volný cash flow na -7,6 miliardy USD za posledních 12 měsíců. Akcie tak obchodují za pouhý 22násobek očekávaného zisku.
The price action on Amazon (AMZN -2.09%) stock may leave investors scratching their heads. The 20% net sales growth is an improvement over 2025, when growth rates were barely above double digits.
However, despite an improved performance, its forward P/E ratio has fallen to just 22, a level that would have been unimaginable in Amazon's earlier years. Although we do not know for sure why it has become so cheap, one aspect of its financials may have made some investors hesitant to buy the stock.
Image source: The Motley Fool.
The likely reason Amazon's valuation is so low The factor most likely making investors skittish about Amazon stock is its capital expenditures (capex).
In the report for the second quarter of 2026, Amazon announced that it would increase capex spending for the year to $220 billion, up from the $200 billion estimate in the prior quarter. The company said it needed additional funding to cover the cost of memory chips, whose prices shot up amid an unprecedented shortage.
This comes after Amazon spent almost $132 billion in 2025, and the strain on its balance sheet has begun to show. The company holds about $123 billion in liquidity, which investors might typically view as a sign of balance-sheet strength.
Still, free cash flow has fallen to -$7.6 billion over the trailing 12 months (TTM). This is down from the $18.2 billion in TTM free cash flow in the year-ago quarter, indicating that Amazon's spending has begun to strain its financials.
Due in part to those expenditures, long-term debt also increased by 96% over the previous year to almost $129 billion. Considering the change in its financial situation, investors might be questioning whether Amazon can recoup this massive investment in AI infrastructure.
Moreover, amid the aforementioned 22 forward P/E ratios, investors may overlook that Amazon also trades at a 22 trailing P/E ratio. This implies that earnings growth will struggle, which is probably not a reassuring sign for investors right now.
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Nonetheless, Amazon stock hit a new all-time high following the Q2 earnings release. Also, accelerating net sales growth is a sign that it is recouping its investment, particularly given the 37% increase in its cloud computing arm, Amazon Web Services (AWS).
Furthermore, one could argue that Amazon's aforementioned negative free cash flow is actually strong, given the staggering level of capex spending. That could induce investors to see the 22 forward P/E ratio as an overreaction and convince them to add to their Amazon positions.
Amazon's stock going forward Admittedly, Amazon's unprecedented capex spending has strained its balance sheet and turned its free cash flow negative. When also considering the added borrowing, it could cause Amazon significant financial pain if the company's investment in itself does not pay off. This heavy capex spending is the most likely explanation for its low valuation.
Fortunately, Amazon's net sales growth has accelerated, and the company's continued growth and high liquidity have long attracted investors to the stock. Those factors might be a compelling reason to buy the consumer discretionary stock at 22 times forward earnings.
Cooper Creek Partners Management LLC grew its stake in Microsoft Corporation (NASDAQ:MSFT – Free Report) by 12.0% during the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 38,561 shares of the software giant’s stock after acquiring an additional 4,117 shares during the quarter. Cooper Creek Partners Management LLC’s holdings in Microsoft were worth $14,274,000 at the end of the most recent quarter.
A number of other institutional investors have also recently modified their holdings of MSFT. Longfellow Investment Management Co. LLC increased its stake in Microsoft by 51.3% during the 2nd quarter. Longfellow Investment Management Co. LLC now owns 59 shares of the software giant’s stock valued at $29,000 after purchasing an additional 20 shares in the last quarter. Bernzott Capital Advisors bought a new position in shares of Microsoft in the fourth quarter worth approximately $34,000. Timmons Wealth Management LLC bought a new position in shares of Microsoft in the fourth quarter worth approximately $36,000. Fairway Wealth LLC grew its holdings in shares of Microsoft by 287.0% during the fourth quarter. Fairway Wealth LLC now owns 89 shares of the software giant’s stock valued at $43,000 after buying an additional 66 shares during the last quarter. Finally, LSV Asset Management purchased a new stake in shares of Microsoft during the fourth quarter valued at approximately $44,000. 71.13% of the stock is owned by hedge funds and other institutional investors.
Insiders Place Their Bets In other Microsoft news, EVP Takeshi Numoto sold 4,810 shares of the firm’s stock in a transaction dated Tuesday, August 4th. The stock was sold at an average price of $496.48, for a total value of $2,388,068.80. Following the transaction, the executive vice president directly owned 42,677 shares of the company’s stock, valued at approximately $21,188,276.96. This trade represents a 10.13% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, EVP Amy Coleman sold 1,262 shares of the business’s stock in a transaction dated Thursday, May 14th. The shares were sold at an average price of $411.34, for a total value of $519,111.08. Following the sale, the executive vice president owned 46,003 shares of the company’s stock, valued at approximately $18,922,874.02. This represents a 2.67% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Over the last three months, insiders have sold 38,572 shares of company stock valued at $17,775,330. Insiders own 0.03% of the company’s stock.
Analyst Upgrades and Downgrades A number of equities analysts recently weighed in on MSFT shares. China Renaissance decreased their price objective on shares of Microsoft from $630.00 to $550.00 and set a “buy” rating for the company in a report on Monday, May 4th. Cantor Fitzgerald increased their target price on Microsoft from $502.00 to $522.00 and gave the company an “overweight” rating in a research note on Monday, July 27th. Wells Fargo & Company lifted their target price on Microsoft from $625.00 to $650.00 and gave the stock an “overweight” rating in a report on Thursday, July 30th. The Goldman Sachs Group reaffirmed a “buy” rating and set a $640.00 price target on shares of Microsoft in a report on Thursday, July 30th. Finally, Mizuho dropped their price objective on Microsoft from $515.00 to $490.00 and set an “outperform” rating on the stock in a research report on Wednesday, July 15th. Forty-two research analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the company. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average target price of $559.16.
View Our Latest Analysis on Microsoft
Microsoft Trading Down 0.4% NASDAQ:MSFT opened at $503.81 on Wednesday. The company has a market cap of $3.74 trillion, a PE ratio of 28.05, a price-to-earnings-growth ratio of 1.63 and a beta of 1.11. The company has a current ratio of 1.23, a quick ratio of 1.22 and a debt-to-equity ratio of 0.07. The company has a 50 day simple moving average of $407.02 and a two-hundred day simple moving average of $407.37. Microsoft Corporation has a 12 month low of $349.20 and a 12 month high of $553.72.
Microsoft (NASDAQ:MSFT – Get Free Report) last released its quarterly earnings results on Wednesday, July 29th. The software giant reported $4.74 earnings per share for the quarter, beating the consensus estimate of $4.24 by $0.50. Microsoft had a return on equity of 31.98% and a net margin of 40.31%.The firm had revenue of $90.01 billion for the quarter, compared to analysts’ expectations of $87.62 billion. During the same period in the prior year, the firm earned $3.65 EPS. The company’s revenue was up 17.7% compared to the same quarter last year. Research analysts forecast that Microsoft Corporation will post 19.58 earnings per share for the current year.
Microsoft Announces Dividend The company also recently announced a quarterly dividend, which will be paid on Thursday, September 10th. Shareholders of record on Thursday, August 20th will be issued a $0.91 dividend. The ex-dividend date of this dividend is Thursday, August 20th. This represents a $3.64 dividend on an annualized basis and a yield of 0.7%. Microsoft’s dividend payout ratio is currently 20.27%.
Microsoft News Summary Here are the key news stories impacting Microsoft this week:
Positive Sentiment: Microsoft’s latest earnings showed stronger-than-expected profitability and revenue, with Azure growth and Copilot adoption reinforcing the view that substantial AI investment is beginning to generate returns. Hedge funds and institutional investors continue to favor Microsoft over some other mega-cap technology names. Hedge Funds Favor Microsoft Over Meta Positive Sentiment: Bernstein raised its Microsoft price target to $660 and maintained an Outperform rating, arguing that Microsoft’s data-center expansion is measured, flexible, and supported by durable cloud demand. Other analysts also identified Azure growth, backlog, and institutional buying as potential catalysts for a year-end rally. Bernstein Raises Microsoft Target Positive Sentiment: Reports that Microsoft may unveil its Maia 300 AI chip as early as September and secure production capacity for more than 300,000 units could reduce reliance on Nvidia processors, lower long-term AI costs, and support Microsoft’s cloud strategy. Microsoft Maia 300 Chip Report Microsoft Company Profile (Free Report)
Microsoft Corporation is a global technology company headquartered in Redmond, Washington. Founded in 1975 by Bill Gates and Paul Allen, Microsoft develops, licenses and supports a broad range of software products, services and devices for consumers, enterprises and governments worldwide. Its operations span personal computing, productivity software, cloud infrastructure, enterprise applications, developer tools and gaming.
Microsoft’s product portfolio includes the Windows operating system and the Microsoft 365 suite of productivity and collaboration tools (Office apps, Outlook, Teams).
Further Reading Five stocks we like better than Microsoft Atlassian Just Pulled Off the Software Comeback Wall Street Wanted AST SpaceMobile Earnings Just Reminded Investors How Risky Space Can Be NVIDIA’s Rally Sets Up a Bigger Test Ahead of Earnings Apple’s Next iPhone Could Test How Much Pricing Power Is Left
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Blue Chip Partners zvýšila podíl v Microsoftu o 1,3 % v 1. čtvrtletí a po nákupu 1 314 akcií nyní drží 102 117 akcií v hodnotě 37,8 mil. USD. Microsoft zároveň oznámil čtvrtletní dividendu 0,91 USD na akcii.
Blue Chip Partners LLC raised its holdings in Microsoft Corporation (NASDAQ:MSFT – Free Report) by 1.3% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 102,117 shares of the software giant’s stock after buying an additional 1,314 shares during the period. Microsoft comprises about 2.7% of Blue Chip Partners LLC’s holdings, making the stock its 9th largest position. Blue Chip Partners LLC’s holdings in Microsoft were worth $37,801,000 at the end of the most recent quarter.
A number of other hedge funds have also recently made changes to their positions in MSFT. Longfellow Investment Management Co. LLC lifted its holdings in shares of Microsoft by 51.3% in the second quarter. Longfellow Investment Management Co. LLC now owns 59 shares of the software giant’s stock valued at $29,000 after purchasing an additional 20 shares in the last quarter. Shepherd Kaplan Krochuk LLC boosted its position in shares of Microsoft by 4.9% during the third quarter. Shepherd Kaplan Krochuk LLC now owns 431 shares of the software giant’s stock valued at $223,000 after buying an additional 20 shares during the last quarter. Fischer Investment Strategies LLC grew its holdings in Microsoft by 3.1% during the fourth quarter. Fischer Investment Strategies LLC now owns 697 shares of the software giant’s stock worth $337,000 after buying an additional 21 shares in the last quarter. Pollock Investment Advisors LLC grew its holdings in Microsoft by 0.8% during the third quarter. Pollock Investment Advisors LLC now owns 2,805 shares of the software giant’s stock worth $1,453,000 after buying an additional 21 shares in the last quarter. Finally, Better Money Decisions LLC raised its position in Microsoft by 0.6% in the 2nd quarter. Better Money Decisions LLC now owns 3,498 shares of the software giant’s stock valued at $1,740,000 after buying an additional 21 shares during the last quarter. 71.13% of the stock is currently owned by institutional investors and hedge funds.
Microsoft News Roundup Here are the key news stories impacting Microsoft this week:
Positive Sentiment: Microsoft’s latest earnings showed stronger-than-expected profitability and revenue, with Azure growth and Copilot adoption reinforcing the view that substantial AI investment is beginning to generate returns. Hedge funds and institutional investors continue to favor Microsoft over some other mega-cap technology names. Hedge Funds Favor Microsoft Over Meta Positive Sentiment: Bernstein raised its Microsoft price target to $660 and maintained an Outperform rating, arguing that Microsoft’s data-center expansion is measured, flexible, and supported by durable cloud demand. Other analysts also identified Azure growth, backlog, and institutional buying as potential catalysts for a year-end rally. Bernstein Raises Microsoft Target Positive Sentiment: Reports that Microsoft may unveil its Maia 300 AI chip as early as September and secure production capacity for more than 300,000 units could reduce reliance on Nvidia processors, lower long-term AI costs, and support Microsoft’s cloud strategy. Microsoft Maia 300 Chip Report Analysts Set New Price Targets A number of equities analysts have issued reports on the stock. Jefferies Financial Group reaffirmed a “buy” rating on shares of Microsoft in a report on Monday, May 4th. Weiss Ratings reiterated a “hold (c)” rating on shares of Microsoft in a report on Monday, July 6th. Barclays dropped their price target on shares of Microsoft from $545.00 to $512.00 and set an “overweight” rating on the stock in a research report on Thursday, July 30th. Scotiabank restated an “outperform” rating and set a $510.00 price target on shares of Microsoft in a report on Thursday, July 30th. Finally, Rothschild & Co Redburn reduced their price objective on shares of Microsoft from $450.00 to $400.00 and set a “neutral” rating for the company in a research report on Thursday, April 23rd. Forty-two investment analysts have rated the stock with a Buy rating and five have issued a Hold rating to the company. Based on data from MarketBeat.com, Microsoft presently has an average rating of “Moderate Buy” and a consensus target price of $559.16.
View Our Latest Analysis on Microsoft
Microsoft Trading Down 0.4% Shares of MSFT opened at $503.81 on Wednesday. Microsoft Corporation has a fifty-two week low of $349.20 and a fifty-two week high of $553.72. The business has a 50-day moving average of $407.02 and a 200 day moving average of $407.37. The firm has a market cap of $3.74 trillion, a P/E ratio of 28.05, a price-to-earnings-growth ratio of 1.63 and a beta of 1.11. The company has a debt-to-equity ratio of 0.07, a quick ratio of 1.22 and a current ratio of 1.23.
Microsoft (NASDAQ:MSFT – Get Free Report) last released its quarterly earnings data on Wednesday, July 29th. The software giant reported $4.74 EPS for the quarter, beating the consensus estimate of $4.24 by $0.50. The business had revenue of $90.01 billion for the quarter, compared to the consensus estimate of $87.62 billion. Microsoft had a net margin of 40.31% and a return on equity of 31.98%. The company’s revenue was up 17.7% compared to the same quarter last year. During the same period in the prior year, the firm earned $3.65 earnings per share. As a group, research analysts forecast that Microsoft Corporation will post 19.58 EPS for the current year.
Microsoft Announces Dividend The firm also recently declared a quarterly dividend, which will be paid on Thursday, September 10th. Investors of record on Thursday, August 20th will be paid a dividend of $0.91 per share. This represents a $3.64 dividend on an annualized basis and a dividend yield of 0.7%. The ex-dividend date is Thursday, August 20th. Microsoft’s dividend payout ratio is presently 20.27%.
Insider Buying and Selling In other Microsoft news, CEO Judson Althoff sold 15,500 shares of the business’s stock in a transaction on Monday, June 1st. The shares were sold at an average price of $460.99, for a total transaction of $7,145,345.00. Following the sale, the chief executive officer owned 110,477 shares of the company’s stock, valued at $50,928,792.23. The trade was a 12.30% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, EVP Amy Coleman sold 1,262 shares of the stock in a transaction on Thursday, May 14th. The stock was sold at an average price of $411.34, for a total value of $519,111.08. Following the sale, the executive vice president owned 46,003 shares in the company, valued at approximately $18,922,874.02. This represents a 2.67% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. In the last ninety days, insiders sold 38,572 shares of company stock valued at $17,775,330. Company insiders own 0.03% of the company’s stock.
About Microsoft (Free Report)
Microsoft Corporation is a global technology company headquartered in Redmond, Washington. Founded in 1975 by Bill Gates and Paul Allen, Microsoft develops, licenses and supports a broad range of software products, services and devices for consumers, enterprises and governments worldwide. Its operations span personal computing, productivity software, cloud infrastructure, enterprise applications, developer tools and gaming.
Microsoft’s product portfolio includes the Windows operating system and the Microsoft 365 suite of productivity and collaboration tools (Office apps, Outlook, Teams).
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Aristotle Atlantic Partners LLC boosted its stake in shares of Microsoft Corporation (NASDAQ:MSFT – Free Report) by 3.2% during the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 346,829 shares of the software giant’s stock after purchasing an additional 10,771 shares during the period. Microsoft makes up about 6.0% of Aristotle Atlantic Partners LLC’s portfolio, making the stock its 2nd biggest position. Aristotle Atlantic Partners LLC’s holdings in Microsoft were worth $128,386,000 as of its most recent filing with the Securities and Exchange Commission.
A number of other hedge funds have also bought and sold shares of MSFT. Longfellow Investment Management Co. LLC lifted its position in Microsoft by 51.3% during the 2nd quarter. Longfellow Investment Management Co. LLC now owns 59 shares of the software giant’s stock worth $29,000 after acquiring an additional 20 shares during the period. Shepherd Kaplan Krochuk LLC increased its holdings in shares of Microsoft by 4.9% in the third quarter. Shepherd Kaplan Krochuk LLC now owns 431 shares of the software giant’s stock valued at $223,000 after purchasing an additional 20 shares during the period. Fischer Investment Strategies LLC raised its stake in shares of Microsoft by 3.1% in the fourth quarter. Fischer Investment Strategies LLC now owns 697 shares of the software giant’s stock worth $337,000 after purchasing an additional 21 shares during the last quarter. Pollock Investment Advisors LLC raised its stake in shares of Microsoft by 0.8% in the third quarter. Pollock Investment Advisors LLC now owns 2,805 shares of the software giant’s stock worth $1,453,000 after purchasing an additional 21 shares during the last quarter. Finally, Better Money Decisions LLC lifted its holdings in shares of Microsoft by 0.6% during the second quarter. Better Money Decisions LLC now owns 3,498 shares of the software giant’s stock worth $1,740,000 after purchasing an additional 21 shares during the period. Institutional investors and hedge funds own 71.13% of the company’s stock.
Analysts Set New Price Targets Several brokerages recently weighed in on MSFT. Scotiabank reiterated an “outperform” rating and issued a $510.00 price target on shares of Microsoft in a report on Thursday, July 30th. Argus decreased their price objective on shares of Microsoft from $620.00 to $510.00 and set a “buy” rating for the company in a research note on Friday, July 10th. Dbs Bank cut their price objective on shares of Microsoft from $678.00 to $573.00 in a research note on Thursday, May 7th. Mizuho reduced their target price on shares of Microsoft from $515.00 to $490.00 and set an “outperform” rating for the company in a report on Wednesday, July 15th. Finally, Guggenheim restated a “buy” rating and set a $586.00 target price on shares of Microsoft in a research report on Monday, July 27th. Forty-two investment analysts have rated the stock with a Buy rating and five have given a Hold rating to the company. According to data from MarketBeat.com, Microsoft presently has a consensus rating of “Moderate Buy” and an average target price of $559.16.
Read Our Latest Stock Analysis on Microsoft
Microsoft News Summary Here are the key news stories impacting Microsoft this week:
Positive Sentiment: Microsoft’s latest earnings showed stronger-than-expected profitability and revenue, with Azure growth and Copilot adoption reinforcing the view that substantial AI investment is beginning to generate returns. Hedge funds and institutional investors continue to favor Microsoft over some other mega-cap technology names. Hedge Funds Favor Microsoft Over Meta Positive Sentiment: Bernstein raised its Microsoft price target to $660 and maintained an Outperform rating, arguing that Microsoft’s data-center expansion is measured, flexible, and supported by durable cloud demand. Other analysts also identified Azure growth, backlog, and institutional buying as potential catalysts for a year-end rally. Bernstein Raises Microsoft Target Positive Sentiment: Reports that Microsoft may unveil its Maia 300 AI chip as early as September and secure production capacity for more than 300,000 units could reduce reliance on Nvidia processors, lower long-term AI costs, and support Microsoft’s cloud strategy. Microsoft Maia 300 Chip Report Microsoft Stock Performance Shares of NASDAQ MSFT opened at $503.81 on Wednesday. The company has a market capitalization of $3.74 trillion, a PE ratio of 28.05, a price-to-earnings-growth ratio of 1.63 and a beta of 1.11. The company has a debt-to-equity ratio of 0.07, a quick ratio of 1.22 and a current ratio of 1.23. The company’s fifty day moving average price is $407.02 and its 200 day moving average price is $407.37. Microsoft Corporation has a 1 year low of $349.20 and a 1 year high of $553.72.
Microsoft (NASDAQ:MSFT – Get Free Report) last released its quarterly earnings data on Wednesday, July 29th. The software giant reported $4.74 earnings per share for the quarter, beating analysts’ consensus estimates of $4.24 by $0.50. The company had revenue of $90.01 billion during the quarter, compared to analysts’ expectations of $87.62 billion. Microsoft had a net margin of 40.31% and a return on equity of 31.98%. The firm’s revenue for the quarter was up 17.7% on a year-over-year basis. During the same quarter in the previous year, the company earned $3.65 earnings per share. On average, research analysts predict that Microsoft Corporation will post 19.58 earnings per share for the current year.
Microsoft Announces Dividend The firm also recently declared a quarterly dividend, which will be paid on Thursday, September 10th. Investors of record on Thursday, August 20th will be paid a $0.91 dividend. This represents a $3.64 annualized dividend and a dividend yield of 0.7%. The ex-dividend date is Thursday, August 20th. Microsoft’s payout ratio is currently 20.27%.
Insider Buying and Selling In other Microsoft news, EVP Takeshi Numoto sold 4,810 shares of the firm’s stock in a transaction that occurred on Tuesday, August 4th. The stock was sold at an average price of $496.48, for a total value of $2,388,068.80. Following the sale, the executive vice president directly owned 42,677 shares of the company’s stock, valued at approximately $21,188,276.96. This trade represents a 10.13% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO Judson Althoff sold 15,500 shares of the business’s stock in a transaction that occurred on Monday, June 1st. The shares were sold at an average price of $460.99, for a total value of $7,145,345.00. Following the completion of the sale, the chief executive officer owned 110,477 shares of the company’s stock, valued at $50,928,792.23. This trade represents a 12.30% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. In the last 90 days, insiders sold 38,572 shares of company stock valued at $17,775,330. 0.03% of the stock is owned by company insiders.
Microsoft Profile (Free Report)
Microsoft Corporation is a global technology company headquartered in Redmond, Washington. Founded in 1975 by Bill Gates and Paul Allen, Microsoft develops, licenses and supports a broad range of software products, services and devices for consumers, enterprises and governments worldwide. Its operations span personal computing, productivity software, cloud infrastructure, enterprise applications, developer tools and gaming.
Microsoft’s product portfolio includes the Windows operating system and the Microsoft 365 suite of productivity and collaboration tools (Office apps, Outlook, Teams).
Further Reading Five stocks we like better than Microsoft Atlassian Just Pulled Off the Software Comeback Wall Street Wanted AST SpaceMobile Earnings Just Reminded Investors How Risky Space Can Be NVIDIA’s Rally Sets Up a Bigger Test Ahead of Earnings Apple’s Next iPhone Could Test How Much Pricing Power Is Left
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Microsoft ve fiskálním roce končícím 30. června zvýšil tržby o 18 % na více než 331 miliard USD a provozní zisk o 21 % na více než 155 miliard USD. AI byznys firmy dosáhl ročního tempa 37 miliard USD.
For the last five years, I've been the person rolling my eyes at Microsoft's (MSFT -0.45%) valuation and calling it priced for perfection. Today, after its latest set of numbers and the way the company has embedded itself into AI, cloud, and everyday work, I'm finally willing to say it: At these levels, Microsoft is an easy buy for a long‑term investor.
Back in the 2021 to 2022 time frame, my skepticism sounded reasonable. Microsoft was trading at a rich multiple compared with its own history, and it felt like everyone already knew the bull case: dominant Windows, sticky Office, and fast‑growing Azure. I kept waiting for growth to slow or margins to crack.
Instead, 2026 gave a very different picture. In the fiscal year that ended June 30, Microsoft's revenue climbed 18% to more than $331 billion, while operating income rose 21% to more than $155 billion. Net income hit $133.7 billion, with full‑year EPS growth comfortably above 20% even after stripping out gains from OpenAI and Anthropic investments. Those are not the numbers of a mature company just coasting on its legacy.
Image source: Getty Images.
Microsoft is turning into an AI tycoon The AI story is where I was most wrong. I assumed the AI halo would be mostly narrative. Instead, it has become a concrete, growing business.
In the latest quarter, revenue reached $90 billion, up 18% year over year, driven by 32% growth in the Intelligent Cloud segment and Azure revenue now surpassing $100 billion annually. Microsoft says its AI business has crossed a $37 billion annual run rate, growing 123% year over year. This is not really a side hustle. It's a growth engine.
On top of this, Azure grew 43% year over year in fiscal Q4 2026, and CEO Satya Nadella said Microsoft's custom AI chips can deliver up to 40% better performance per watt, potentially improving cloud margins and earnings.
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Copilot is the clearest proof that this is real monetization, not just GPU reselling. Microsoft 365 Copilot has already passed 30 million paid seats, with net seat adds more than doubling quarter over quarter as enterprises move from pilots to production.
Microsoft is rolling Copilot out across knowledge work, coding, security, and even as a super app that ties consumer and commercial experiences together. That means AI is getting woven into the subscription backbone of the company's productivity and business software.
The part that finally changed my mind, though, is the valuation-versus-execution debate. As of early August 2026, Microsoft trades at a trailing P/E of 28 to 28.5, which is slightly below its 10‑year average of 30. Forward P/E estimates sit around 25 based on current consensus, even as the company continues to grow revenue in the high teens and EPS in the low-to-mid‑20s.
That is not cheap in an absolute sense, but for a business with Microsoft's moat and growth profile, it looks more like fair for a wonderful company than irrational exuberance.
I think it's time to buy Could I wait for a better entry point? Sure. There will always be a pullback. But the last five years have taught me that trying to shave a few multiple points off the price has been far more costly than simply owning a compounding machine that keeps finding new profit pools -- first cloud, now AI, and next whatever sits on top of that stack.
Microsoft today is not just a safe blue chip; it is one of the few companies genuinely defining the next era of enterprise computing. I spent half a decade treating it as too expensive. Now I'm much more worried about the opportunity cost of staying on the sidelines.
Michael Burry uvedl, že Berkshire Hathaway už nepovažuje za atraktivní investici. Kritizuje, že první kroky Grega Abela působí spíše jako marketingový rámec než skutečné investice.
Berkshire Hathaway (NYSE: BRKA) (BRKB -2.46%) has generated market-crushing returns for roughly six decades.
Investors attribute the superior performance largely to its longtime former chief executive officer, Warren Buffett, who stepped down from the role at the end of last year. The loss of Buffett seemed to remove some of the premium that investors paid for Berkshire's stock, which has underperformed the broader market this year.
While Buffett handpicked new CEO Greg Abel to lead the company, the market hasn't been completely sold. However, Berkshire's stock has bounced back during the past month, up 4.6% (as of Aug. 11), as Abel has begun to deploy some of Berkshire's huge cash pile.
Still, this hasn't convinced The Big Short's Michael Burry, who recently said on Substack that he no longer finds Berkshire to be "an attractive investment." Does Burry know something that Wall Street doesn't?
Image source: Getty Images.
Concerns about the long-term strategy It's not a surprise that Abel will have nearly impossible shoes to fill as Buffett's successor. Warren Buffett became an icon in the stock market for his investing prowess, so that would be true for anyone stepping into the role.
One issue investors have had in recent years is Berkshire's towering cash pile, which reached almost $400 billion at the end of the first quarter.
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Although Buffett has expressed concern about speculation and frothiness in the market in recent years, investors have surely been hoping that Berkshire could make more productive use of the staggering amount of cash the company has been sitting on.
Abel has started to do this. Abel has significantly increased Berkshire's equity position in Alphabet, which is now a top-five holding in the portfolio.
Berkshire also announced the acquisition of Taylor Morrison Homes in the second quarter for $6.8 billion, and repurchased roughly $4.5 billion of its own stock, more than the company had repurchased in either 2024 or 2025.
Furthermore, Berkshire was a net buyer of stocks in the second quarter, breaking a 14-quarter streak of net selling. Still, Burry has concerns that Abel may not take the same approach as Buffett.
"My biggest fear for Berkshire Hathaway was that when Warren finally stepped down, the successor would be too old and otherwise not Warren, so would not have his patience for the fat pitch," Burry wrote on Substack. "I believe this fear has come true. I do not find Berkshire an attractive investment going forward. I realize not too much of the cash pile has been spent, and the cash pile remains large. However, these first steps look to be more framing moves than investment moves."
By "fat pitch," Burry is using to a baseball term that refers to a pitch right down the middle of home plate, which looks like it is perfect to hit. Buffett made this term famous in his investing philosophy by likening the "fat pitch" to an obvious, low-risk opportunity that the market is mispricing.
While I am just speculating, it's quite possible that Burry is not pleased with Abel's decision to invest so heavily in Alphabet, a company that, along with other major artificial intelligence (AI) players, he's been critical of, particularly some of its accounting practices regarding how it estimates the useful life of equipment.
Damned if you do, damned if you don't Burry is considered one of the brightest investors around, so perhaps he's right. But it also seems as if he's being a bit harsh toward Abel.
Although Buffett wasn't penalized by the market for carrying nearly $400 billion of cash without paying a dividend, the market may not have the same patience for Abel, so the new CEO is damned if he puts cash to work and damned if he doesn't.
It's true that Alphabet is beholden to the AI trade and will likely see its stock suffer if AI suffers a significant setback. However, there are worse AI stocks to invest in, and Alphabet probably can weather a crash better than most AI stocks.
Furthermore, sitting on the sidelines while AI booms is easier said than done. Sure, investors who manage to avoid a crash will certainly be rewarded. But they can also be punished if they avoid AI and it goes on to generate gigantic returns.
Berkshire probably isn't going to be a real growth stock again, but it still could serve as a good hedge in the portfolio, especially if the market falters. The stock will generate solid long-term returns through the entire economic cycle.
Bank of America spouští 18měsíční iniciativu Critical Infrastructure Finance Initiative, v níž chce mobilizovat a nasadit 250 miliard USD na financování americké infrastruktury. Program má podpořit digitální, energetickou a energeticko-přenosovou i základní infrastrukturu.
Initiative aims to help strengthen and modernize America's infrastructure, supporting energy security, U.S. job growth and economic competitiveness
Key points
Bank of America's Critical Infrastructure Finance Initiative to help drive transformative infrastructure investment across the United States, honoring America's 250th anniversary Bank of America to support the development of digital, energy and power, and core infrastructure that enhances national competitiveness by strengthening energy security, accelerating technological leadership and enabling long-term economic growth Initiative to help create tens of thousands of jobs and advance community development Capital to be mobilized and deployed over 18 months, from America's 250th year in 2026 through July 4, 2027 , /PRNewswire/ -- In celebration of America's 250th anniversary, Bank of America today announced the Critical Infrastructure Finance Initiative to mobilize and deploy $250 billion to support U.S. infrastructure development through financing, investment and advisory solutions. The initiative reflects the company's commitment to financing digital, energy and power, and core infrastructure development and modernization to help fuel America's next era of economic growth, innovation and competitiveness. Capital will be mobilized and deployed from over 18 months, from America's 250th year in 2026 through July 4, 2027.
Surging demand for computing power, energy, manufacturing capacity, modern transportation systems and diversified supply chains is propelling a new wave of infrastructure investment across the United States. Bank of America is helping clients across these sectors access the capital they need through our global capital markets platform, advisory expertise and strong balance sheet support, driving investment and creating tens of thousands of jobs nationwide.
"We are proud of our long history supporting the American economy. As America marks its 250th year, this initiative reflects our confidence in the country's future and the investments that will shape it," said Jim DeMare, Co-President, Bank of America. "The infrastructure that powers our economy, strengthens our energy security and secures our technological leadership will drive growth, create jobs and define America's next chapter."
Financial activity – including primary market lending, investing, capital markets, banking and advisory solutions – will span three broad infrastructure categories:
Digital infrastructure, such as data centers and computing infrastructure (hardware, chips, and equipment), telecommunications and semiconductors Energy and power infrastructure, such as conventional and renewable power generation and energy storage, as well as other energy distribution systems Core infrastructure, such as transportation, electric and energy transmission, grid optimization, water systems, critical minerals and mining, and other assets "Meeting America's growing infrastructure needs requires mobilizing capital at scale across increasingly interconnected sectors," said Karen Fang, Global Head of Infrastructure & Sustainable Finance and Co-Head of Global Capital Solutions at Bank of America. "Delivering these projects requires integrated financing solutions spanning corporate and project-level capital in both public and private markets. By bringing together capital providers, developers, corporations and investors, we are focused on helping accelerate investment in infrastructure that drives economic growth and creates lasting value for communities."
The effort will be led by Bank of America's Global Capital Solutions (GCS) and Global Infrastructure & Sustainable Finance (GISFG) teams and is supported across all eight lines of business. Bank of America provides integrated financing, investment, advisory and supply chain solutions for clients at both the corporate and asset levels, and across public and private markets.
Frequently asked questions
Question: What is Bank of America announcing?
Answer: Bank of America announced the Critical Infrastructure Finance Initiative to mobilize and deploy $250 billion to support the development and modernization of American infrastructure, through financing, investment, advisory and supply chain solutions. The amount will be measured based on eligible activity over 18 months, from America's 250th year, January 1, 2026 through July 4, 2027.
Question: What types of infrastructure are included?
Answer: Eligible activity spans three broad categories:
Digital infrastructure, such as data centers and computing infrastructure (hardware, chips, and equipment), telecommunications and semiconductors Energy and power infrastructure, such as conventional and renewable power generation and energy storage, as well as other energy distribution systems Core infrastructure, such as transportation, electric and energy transmission, grid optimization, water systems, critical minerals and mining, and other assets Question: How will progress toward the goal be measured?
Answer: Progress for this initiative will be measured solely based on eligible activity in primary market lending, investing, capital markets and advisory transactions, consistent with Bank of America's methodology for its $1.5 trillion ten-year sustainable finance goal.
Question: Why is Bank of America announcing this now?
Answer: The $250 billion Critical Infrastructure Finance Initiative is in recognition of America's 250th anniversary and reflects the important role private capital plays in financing the critical infrastructure that supports economic growth, innovation and competitiveness.
Question: How is the Critical Infrastructure Finance Initiative creating jobs?
Answer:
Infrastructure financing helps drive job creation across sectors including construction, manufacturing, technology and long-term operations. By providing capital for digital, energy and power, and core infrastructure projects, the initiative helps enable investments that support employment opportunities nationwide. Infrastructure investment and workforce development go hand in hand. Projects such as data centers, power generation facilities, grid modernization projects and transportation infrastructure require a highly skilled workforce to build, operate and maintain them. Alongside financing these investments, Bank of America supports workforce development through longstanding training, education and career pathway programs that help connect people to the skills and jobs these projects create. In 2025, Bank of America invested nearly $40 million in more than 730 workforce development partners including employers, nonprofits and community colleges across 97 U.S. markets. These partners estimate that the funding helped connect more than 90,000 people to employment opportunities and provided over 290,000 individuals with access to training, education and career-readiness programs. Bank of America
Bank of America is one of the world's leading financial institutions, serving individual consumers, small and middle-market businesses and large corporations with a full range of banking, investing, asset management and other financial and risk management products and services. The company provides unmatched convenience in the United States, serving more than 69 million clients with approximately 3,500 retail financial centers, approximately 15,000 ATMs (automated teller machines) and award-winning digital banking with approximately 60 million verified digital users. Bank of America is a global leader in wealth management, corporate and investment banking and trading across a broad range of asset classes, serving corporations, governments, institutions and individuals around the world. As the #1 small business lender in the United States (FDIC), Bank of America offers industry-leading support to approximately 4 million small business households through a suite of innovative, easy-to-use online products and services. The company serves clients through operations across the United States, its territories and more than 35 countries and/or jurisdictions. Bank of America Corporation stock (NYSE: BAC) is listed on the New York Stock Exchange.
For more Bank of America news, including dividend announcements and other important information, visit the Bank of America newsroom and register for news email alerts.
Reporters may contact
John Yiannacopoulos, Bank of America
Phone: 1.646.855.2314
[email protected]
Sheryl Lee, Bank of America
Phone: 1.657.234.9950
[email protected]
Rocky Shore Gold zahájila první fázi vrtů v nově vymezené oblasti Mosquito Target Horizon jižně od ložiska Mosquito Hill v projektu Gold Anchor. Cílem je otestovat okraje mineralizace a novou geologickou zónu s vysokou rezistivitou.
TORONTO, ON / ACCESS Newswire / August 12, 2026 / Rocky Shore Gold Ltd. ("Rocky Shore" or the "Company") (CSE:RSG)(OTCQB:RSGLF) is pleased to announce the commencement of a first-phase drill program at a newly termed Mosquito Target Horizon immediately south of the Company's Mosquito Hill Gold Deposit. The Mosquito Hill Gold Deposit is part of its 100%-owned Gold Anchor Project in central Newfoundland (see Map 1 below).
Rocky Shore's President & CEO Ken Lapierre commented, "The drill has now moved proximal to our Mosquito Hill Gold Deposit with a goal of testing the outer limits of the mineralization and, at the same time, we are collecting, analyzing and interpreting all drill data from the recently completed 25 holes at our Lane Pond Gold Target. The identification of the Mosquito Target Horizon is defined as a distinct geological and prominent resistivity setting on trend to historical higher-grade gold intersections within the deposit. The Target Horizon extends well beyond the current gold deposit and remains open along strike, fundamentally changing how we intend to explore Mosquito Hill. We are excited to see this model tested as we begin our next phase of drilling."
Mosquito Hill Gold Deposit and Area Highlights (see Map 2 below)
Modern reinterpretation of historical geophysical data completed over the porphyry-hosted Mosquito Hill Gold Deposit.
Modern 3D resistivity inversions indicate that approximately 63% of the interpreted intrusive footprint lies outside the currently drilled deposit outline. Drilling will prioritize the newly identified Mosquito Target Horizon - a high-gradient resistivity transition zone along the eastern margin where historical higher-grade gold values are concentrated - as well as untested targets to the west and southwest.
The updated geological model establishes a new priority exploration target for the Company's upcoming drill program. The Mosquito Target Horizon may represent an important geological control on gold mineralization, potentially reflecting structural pathways that focused mineralizing fluids, zones of hydrothermal alteration, contacts within the intrusive system, or a combination of these geological processes.
The drill program has been designed to test these interpretations and determine the significance of this horizon within the broader Mosquito Hill mineral system.
Map 1: North half of the Gold Anchor Project highlighting Mosquito Hill and Reid Gold Deposits and proximity to the Lane Pond Gold Target (with Lucky 13 Gold Zone in red, see news release dated August 5, 2026) within the Appleton Fault Corridor.
Map 2: Mosquito Hill Gold Deposit and exploration potential shows a modern reinterpretation of historical resistivity data that outlines an interpreted porphyry footprint (black outline) that extends well beyond the gold deposit (transparent grey). Approximately 63% of the interpreted intrusive footprint lies outside the currently defined drilled deposit (plan-view estimate). Historical higher-grade drill intersections are spatially associated with the eastern resistivity transition area, establishing a priority target for exploration drilling.
Qualified Person
The scientific and technical information in this press release has been prepared and approved by Ken Lapierre, P.Geo., President and CEO of the Company, and a Qualified Person in accordance with the Canadian regulatory requirements as set out in National Instrument 43-101. Mr. Lapierre consents to the publication of this press release dated August 12, 2026, by Rocky Shore Gold Ltd.
About Rocky Shore Gold Ltd.
Rocky Shore Gold is a Canadian junior exploration company focused on its 100%-owned Gold Anchor Project in central Newfoundland. It is strategically located within one of Canada's most promising and underexplored gold belts. The project is the second-largest property (greater than 1,200 square kilometres) in this emerging gold district. Rocky Shore is targeting the expansion of its structurally controlled, orogenic-hosted, surface bulk-tonnage Mosquito Hill and Reid Gold Deposits, associated with the Dog Bay Line Fault. It also hosts orogenic, structurally controlled gold targets including the Lucky 13 Gold Zone along the highly prospective Appleton Fault Corridor located on trend and southwest of major gold discoveries and deposits.
Please visit our website at www.rockyshoregold.com.
Rocky Shore Gold would like to acknowledge the $150,000 in financial support received for 2025, and the approval of the 2026 Junior Exploration Assistance (JEA) administered by the Mineral Incentive Program from the Mineral Development Division, Department of Energy and Mines, Government of Newfoundland and Labrador.
For more information, please contact:
Ken Lapierre, President & CEO
Rocky Shore Gold Ltd.
T: +1 (647) 678-3879
E: [email protected]
Cathy Hume, CEO
CHF Capital Markets
T: +1 (416) 868-1079 x 251
E: [email protected]
X: @RockyShoreGold
LinkedIn: @RockyShoreGold
Forward-Looking Information
This news release contains "forward-looking information" and "forward-looking statements" (collectively, "forward-looking information") within the meaning of applicable Canadian and United States securities laws. Generally, forward-looking information can be identified by the use of forward-looking terminology such as "plans", "expects", or "does not expect", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates", or "does not anticipate", or "believes" or variations of such words and phrases or state that certain actions, events or results "may", "could", "would", "might", or "will be taken", "occur", or "be achieved". Certain information set forth in this news release may contain forward-looking information that involves substantial known and unknown risks and uncertainties, including, but not limited to the results of exploration and the advancement of the Company's properties, the exploration potential, the price of gold, the geology and potential mineralization of the Gold Anchor project and the advancement of the Company's mineral properties. The forward-looking information is based on reasonable assumptions and estimates of the management of the Company at the time such statements were made and is subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of the Company to be materially different from those expressed or implied by such forward-looking information, including risks associated with the exploration; future commodity prices; changes in regulations; political or economic developments; environmental risks; permitting timelines; capital expenditures; technical difficulties in connection with exploration activities; employee relations; the speculative nature of mineral resource exploration including the risks of diminishing quantities of grades of mineral resources, contests over title to properties, the Company's limited operating history, future capital needs and uncertainty of additional financing, and the competitive nature of the mining industry; the need for the Company to manage its future strategic plans; global economic and financial market conditions; uninsurable risks; and changes in project parameters as plans continue to be evaluated. Although the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in the forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. Although the forward-looking information contained in this news release is based upon what management of the Company believes, or believed at the time, to be reasonable assumptions, the Company cannot assure shareholders that actual results will be consistent with such forward-looking information, as there may be other factors that cause results not to be as anticipated, estimated or intended. Accordingly, readers should not place undue reliance on forward-looking information. There can be no assurance that forward-looking information, or the material factors or assumptions used to develop such forward-looking information, will prove to be accurate. The Company does not undertake any obligations to release publicly any revisions for updating any voluntary forward-looking information, except as required by applicable securities law.
Neither the Canadian Securities Exchange nor its Market Regulator (as that term is defined in the policies of the Canadian Securities Exchange) accepts responsibility for the adequacy or accuracy of this release.
Assenagon Asset Management S.A. ve 2. čtvrtletí zvýšila podíl v PayPalu o 50,8 % na 163 691 akcií v hodnotě 7,068 milionu USD. PayPal zároveň oznámila čtvrtletní dividendu ve výši 0,14 USD na akcii.
Assenagon Asset Management S.A. grew its holdings in shares of PayPal Holdings, Inc. (NASDAQ:PYPL – Free Report) by 50.8% during the second quarter, according to the company in its most recent disclosure with the SEC. The fund owned 163,691 shares of the credit services provider’s stock after buying an additional 55,112 shares during the quarter. Assenagon Asset Management S.A.’s holdings in PayPal were worth $7,068,000 at the end of the most recent reporting period.
Other hedge funds and other institutional investors have also recently modified their holdings of the company. Brighton Jones LLC grew its holdings in shares of PayPal by 15.2% in the fourth quarter. Brighton Jones LLC now owns 6,989 shares of the credit services provider’s stock worth $596,000 after purchasing an additional 924 shares during the last quarter. Revolve Wealth Partners LLC bought a new stake in PayPal during the 4th quarter valued at about $248,000. Sivia Capital Partners LLC boosted its position in PayPal by 41.5% in the 2nd quarter. Sivia Capital Partners LLC now owns 4,470 shares of the credit services provider’s stock valued at $332,000 after buying an additional 1,310 shares during the period. United Bank boosted its position in PayPal by 40.1% in the 2nd quarter. United Bank now owns 17,388 shares of the credit services provider’s stock valued at $1,292,000 after buying an additional 4,974 shares during the period. Finally, Federated Hermes Inc. grew its stake in PayPal by 17.9% in the 2nd quarter. Federated Hermes Inc. now owns 18,909 shares of the credit services provider’s stock worth $1,405,000 after acquiring an additional 2,865 shares in the last quarter. 68.32% of the stock is currently owned by hedge funds and other institutional investors.
PayPal Stock Performance Shares of PayPal stock opened at $59.00 on Wednesday. The company has a market capitalization of $50.47 billion, a PE ratio of 11.15, a P/E/G ratio of 1.44 and a beta of 1.29. The company has a debt-to-equity ratio of 0.55, a quick ratio of 1.29 and a current ratio of 1.29. The company has a 50-day simple moving average of $49.03 and a two-hundred day simple moving average of $47.13. PayPal Holdings, Inc. has a one year low of $38.46 and a one year high of $79.21.
PayPal (NASDAQ:PYPL – Get Free Report) last released its quarterly earnings results on Tuesday, July 28th. The credit services provider reported $1.38 earnings per share for the quarter, beating analysts’ consensus estimates of $1.28 by $0.10. PayPal had a net margin of 14.36% and a return on equity of 24.39%. The business had revenue of $8.68 billion for the quarter, compared to analysts’ expectations of $8.47 billion. During the same period last year, the business earned $1.40 EPS. The company’s revenue was up 4.8% compared to the same quarter last year. Research analysts expect that PayPal Holdings, Inc. will post 5.37 EPS for the current fiscal year.
PayPal Dividend Announcement The company also recently announced a quarterly dividend, which will be paid on Friday, September 25th. Shareholders of record on Friday, September 4th will be paid a $0.14 dividend. This represents a $0.56 annualized dividend and a yield of 0.9%. The ex-dividend date is Friday, September 4th. PayPal’s dividend payout ratio (DPR) is 10.59%.
Wall Street Analyst Weigh In A number of equities analysts have recently commented on PYPL shares. Mizuho raised their target price on shares of PayPal from $50.00 to $60.00 and gave the stock a “neutral” rating in a research report on Wednesday, July 29th. Royal Bank Of Canada boosted their price target on PayPal from $59.00 to $65.00 and gave the company an “outperform” rating in a report on Wednesday, July 29th. TD Cowen increased their price objective on PayPal from $48.00 to $59.00 and gave the stock a “hold” rating in a research note on Wednesday, July 29th. HSBC assumed coverage on PayPal in a report on Friday, July 24th. They set a “buy” rating on the stock. Finally, Citigroup lifted their target price on PayPal from $48.00 to $61.00 and gave the company a “neutral” rating in a research report on Wednesday, July 29th. Nine investment analysts have rated the stock with a Buy rating, thirty-four have assigned a Hold rating and four have given a Sell rating to the stock. Based on data from MarketBeat, the stock has an average rating of “Hold” and an average target price of $55.72.
Check Out Our Latest Analysis on PayPal
Trending Headlines about PayPal Here are the key news stories impacting PayPal this week:
Positive Sentiment: Strong quarterly results support the recovery story. PayPal reported second-quarter 2026 sales of approximately $8.68 billion and net income of $1.10 billion. Its prior earnings release showed adjusted EPS of $1.38, above the $1.28 consensus estimate, while revenue also exceeded expectations and increased 4.8% year over year. Is PayPal Holdings Undervalued After Earnings and Its Recent Share Price Jump? Positive Sentiment: Analyst upgrades and valuation appeal are attracting buyers. PayPal was among the most-upgraded stocks in July, with the upgrades attributed to its earnings performance and a reported buyout offer. The stock’s relatively low valuation—approximately 11 times earnings based on the supplied data—may also be encouraging investors after its recent gains. These 3 Most-Upgraded Stocks Have Almost Nothing to Do With AI Positive Sentiment: PayPal expanded its credit-card financing reach. A partnership with Synchrony now makes six-month promotional financing available to eligible PayPal Credit Card holders for purchases of at least $149 across the Mastercard network, both online and in stores. Broader usage could support transaction volume and customer engagement, although it also carries credit and execution risks. Synchrony and PayPal Bring Special Financing to the Entire Mastercard Network Neutral Sentiment: M&A speculation remains an important but unconfirmed catalyst. Jim Cramer cited market reaction to a reported private-fintech buyout proposal and highlighted perceived operational improvements under CEO Enrique Lores. No completed transaction or definitive offer was reported, leaving the potential catalyst—and its premium—uncertain. Jim Cramer Examines PayPal Holdings Performance and M&A Speculation Neutral Sentiment: Short-interest data is not usable. The reported August figure of zero shares and a “NaN” percentage change conflicts with the description of a large increase, so it provides no reliable signal about short-covering or bearish positioning. Insiders Place Their Bets In other news, insider Suzan Kereere sold 3,379 shares of the stock in a transaction on Wednesday, June 3rd. The stock was sold at an average price of $42.79, for a total transaction of $144,587.41. Following the completion of the sale, the insider owned 30,983 shares in the company, valued at approximately $1,325,762.57. This represents a 9.83% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CAO Chris Natali sold 1,337 shares of the firm’s stock in a transaction on Wednesday, July 29th. The stock was sold at an average price of $58.10, for a total value of $77,679.70. Following the completion of the sale, the chief accounting officer directly owned 2,216 shares of the company’s stock, valued at $128,749.60. The trade was a 37.63% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last three months, insiders have sold 10,612 shares of company stock valued at $484,534. 0.63% of the stock is currently owned by insiders.
About PayPal (Free Report)
PayPal Holdings, Inc operates a global digital payments platform that enables consumers and merchants to send and receive payments online, on mobile devices and at the point of sale. The company provides a broad set of payment solutions, including a digital wallet, merchant payment processing, checkout services, invoicing and fraud-management tools. PayPal’s platform is designed to support e-commerce, in-person retail and person-to-person transfers, targeting both individual consumers and businesses of varying sizes.
Key products and services in PayPal’s portfolio include the PayPal wallet and checkout ecosystem, the Venmo peer-to-peer mobile app, Braintree’s developer-focused payment gateway, Xoom for international money transfers, and PayPal Credit and buy-now-pay-later options.
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CoreCap Advisors LLC lowered its holdings in PayPal Holdings, Inc. (NASDAQ:PYPL – Free Report) by 72.1% in the second quarter, according to the company in its most recent disclosure with the SEC. The firm owned 4,429 shares of the credit services provider’s stock after selling 11,442 shares during the quarter. CoreCap Advisors LLC’s holdings in PayPal were worth $191,000 as of its most recent filing with the SEC.
Other institutional investors also recently made changes to their positions in the company. Norges Bank acquired a new position in PayPal during the fourth quarter worth about $949,758,000. Bank of America Corp DE boosted its stake in shares of PayPal by 67.9% during the 1st quarter. Bank of America Corp DE now owns 25,614,720 shares of the credit services provider’s stock worth $1,158,554,000 after acquiring an additional 10,356,256 shares in the last quarter. Amundi grew its holdings in shares of PayPal by 227.6% in the 1st quarter. Amundi now owns 13,804,208 shares of the credit services provider’s stock worth $624,364,000 after acquiring an additional 9,590,488 shares during the period. Vanguard Group Inc. grew its holdings in shares of PayPal by 6.5% in the 4th quarter. Vanguard Group Inc. now owns 90,376,927 shares of the credit services provider’s stock worth $5,276,205,000 after acquiring an additional 5,534,462 shares during the period. Finally, SG Americas Securities LLC increased its stake in PayPal by 355.1% in the 1st quarter. SG Americas Securities LLC now owns 4,967,170 shares of the credit services provider’s stock valued at $224,665,000 after purchasing an additional 3,875,688 shares in the last quarter. 68.32% of the stock is currently owned by hedge funds and other institutional investors.
More PayPal News Here are the key news stories impacting PayPal this week:
Positive Sentiment: Strong quarterly results support the recovery story. PayPal reported second-quarter 2026 sales of approximately $8.68 billion and net income of $1.10 billion. Its prior earnings release showed adjusted EPS of $1.38, above the $1.28 consensus estimate, while revenue also exceeded expectations and increased 4.8% year over year. Is PayPal Holdings Undervalued After Earnings and Its Recent Share Price Jump? Positive Sentiment: Analyst upgrades and valuation appeal are attracting buyers. PayPal was among the most-upgraded stocks in July, with the upgrades attributed to its earnings performance and a reported buyout offer. The stock’s relatively low valuation—approximately 11 times earnings based on the supplied data—may also be encouraging investors after its recent gains. These 3 Most-Upgraded Stocks Have Almost Nothing to Do With AI Positive Sentiment: PayPal expanded its credit-card financing reach. A partnership with Synchrony now makes six-month promotional financing available to eligible PayPal Credit Card holders for purchases of at least $149 across the Mastercard network, both online and in stores. Broader usage could support transaction volume and customer engagement, although it also carries credit and execution risks. Synchrony and PayPal Bring Special Financing to the Entire Mastercard Network Neutral Sentiment: M&A speculation remains an important but unconfirmed catalyst. Jim Cramer cited market reaction to a reported private-fintech buyout proposal and highlighted perceived operational improvements under CEO Enrique Lores. No completed transaction or definitive offer was reported, leaving the potential catalyst—and its premium—uncertain. Jim Cramer Examines PayPal Holdings Performance and M&A Speculation Neutral Sentiment: Short-interest data is not usable. The reported August figure of zero shares and a “NaN” percentage change conflicts with the description of a large increase, so it provides no reliable signal about short-covering or bearish positioning. Analysts Set New Price Targets A number of analysts have commented on the company. Clear Str upgraded PayPal to a “hold” rating in a research report on Thursday, July 16th. BTIG Research reiterated a “neutral” rating on shares of PayPal in a research report on Wednesday, July 15th. BNP Paribas Exane boosted their price objective on shares of PayPal from $43.50 to $52.00 and gave the stock a “neutral” rating in a research report on Tuesday, July 21st. Piper Sandler lowered their price objective on shares of PayPal from $46.00 to $42.00 and set a “neutral” rating on the stock in a research note on Monday, June 29th. Finally, BMO Capital Markets started coverage on shares of PayPal in a report on Tuesday, April 21st. They set a “market perform” rating and a $52.00 target price for the company. Nine equities research analysts have rated the stock with a Buy rating, thirty-four have assigned a Hold rating and four have given a Sell rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of “Hold” and a consensus target price of $55.72.
View Our Latest Analysis on PYPL
Insider Transactions at PayPal In other news, insider Frank Keller sold 732 shares of the stock in a transaction dated Wednesday, July 29th. The stock was sold at an average price of $58.10, for a total value of $42,529.20. Following the completion of the sale, the insider owned 41,567 shares in the company, valued at approximately $2,415,042.70. This trade represents a 1.73% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Suzan Kereere sold 3,379 shares of the firm’s stock in a transaction dated Wednesday, June 3rd. The shares were sold at an average price of $42.79, for a total value of $144,587.41. Following the sale, the insider owned 30,983 shares in the company, valued at approximately $1,325,762.57. The trade was a 9.83% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold 10,612 shares of company stock valued at $484,534 over the last quarter. Company insiders own 0.63% of the company’s stock.
PayPal Price Performance PayPal stock opened at $59.00 on Wednesday. PayPal Holdings, Inc. has a 52-week low of $38.46 and a 52-week high of $79.21. The firm has a fifty day moving average of $49.03 and a 200-day moving average of $47.13. The firm has a market capitalization of $50.47 billion, a P/E ratio of 11.15, a PEG ratio of 1.44 and a beta of 1.29. The company has a quick ratio of 1.29, a current ratio of 1.29 and a debt-to-equity ratio of 0.55.
PayPal (NASDAQ:PYPL – Get Free Report) last posted its earnings results on Tuesday, July 28th. The credit services provider reported $1.38 earnings per share for the quarter, beating the consensus estimate of $1.28 by $0.10. PayPal had a net margin of 14.36% and a return on equity of 24.39%. The business had revenue of $8.68 billion for the quarter, compared to analyst estimates of $8.47 billion. During the same quarter in the previous year, the business posted $1.40 EPS. The business’s quarterly revenue was up 4.8% on a year-over-year basis. As a group, analysts predict that PayPal Holdings, Inc. will post 5.37 EPS for the current year.
PayPal Dividend Announcement The business also recently announced a quarterly dividend, which will be paid on Friday, September 25th. Stockholders of record on Friday, September 4th will be given a $0.14 dividend. The ex-dividend date of this dividend is Friday, September 4th. This represents a $0.56 annualized dividend and a dividend yield of 0.9%. PayPal’s dividend payout ratio is presently 10.59%.
About PayPal (Free Report)
PayPal Holdings, Inc operates a global digital payments platform that enables consumers and merchants to send and receive payments online, on mobile devices and at the point of sale. The company provides a broad set of payment solutions, including a digital wallet, merchant payment processing, checkout services, invoicing and fraud-management tools. PayPal’s platform is designed to support e-commerce, in-person retail and person-to-person transfers, targeting both individual consumers and businesses of varying sizes.
Key products and services in PayPal’s portfolio include the PayPal wallet and checkout ecosystem, the Venmo peer-to-peer mobile app, Braintree’s developer-focused payment gateway, Xoom for international money transfers, and PayPal Credit and buy-now-pay-later options.
See Also Five stocks we like better than PayPal Atlassian Just Pulled Off the Software Comeback Wall Street Wanted AST SpaceMobile Earnings Just Reminded Investors How Risky Space Can Be NVIDIA’s Rally Sets Up a Bigger Test Ahead of Earnings Apple’s Next iPhone Could Test How Much Pricing Power Is Left Want to see what other hedge funds are holding PYPL? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for PayPal Holdings, Inc. (NASDAQ:PYPL – Free Report).
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Bay Colony Advisory Group Inc d b a Bay Colony Advisors ve 2. čtvrtletí snížila podíl v UnitedHealth Group o 64,9 % na 1 646 akcií poté, co během období prodala 3 037 akcií. Generální ředitel Patrick Hugh Conway mezitím prodal 500 akcií za 410 USD za kus, celkem za 205 000 USD.
Bay Colony Advisory Group Inc d b a Bay Colony Advisors cut its holdings in shares of UnitedHealth Group Incorporated (NYSE:UNH – Free Report) by 64.9% during the second quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 1,646 shares of the healthcare conglomerate’s stock after selling 3,037 shares during the period. Bay Colony Advisory Group Inc d b a Bay Colony Advisors’ holdings in UnitedHealth Group were worth $684,000 as of its most recent SEC filing.
A number of other institutional investors and hedge funds have also made changes to their positions in UNH. Vanguard Group Inc. grew its position in shares of UnitedHealth Group by 1.1% in the fourth quarter. Vanguard Group Inc. now owns 91,600,260 shares of the healthcare conglomerate’s stock valued at $30,238,162,000 after purchasing an additional 995,210 shares during the period. State Street Corp increased its stake in shares of UnitedHealth Group by 2.5% in the 4th quarter. State Street Corp now owns 45,232,170 shares of the healthcare conglomerate’s stock worth $14,931,592,000 after acquiring an additional 1,119,834 shares during the last quarter. Capital World Investors raised its stake in UnitedHealth Group by 3.8% during the fourth quarter. Capital World Investors now owns 22,591,042 shares of the healthcare conglomerate’s stock worth $7,457,723,000 after purchasing an additional 824,120 shares during the period. Price T Rowe Associates Inc. MD lifted its holdings in UnitedHealth Group by 3.7% in the fourth quarter. Price T Rowe Associates Inc. MD now owns 18,829,054 shares of the healthcare conglomerate’s stock valued at $6,215,660,000 after acquiring an additional 680,077 shares during the last quarter. Finally, Capital International Investors lifted its stake in shares of UnitedHealth Group by 6.6% in the 4th quarter. Capital International Investors now owns 18,655,111 shares of the healthcare conglomerate’s stock valued at $6,158,734,000 after purchasing an additional 1,155,162 shares during the last quarter. 87.86% of the stock is currently owned by hedge funds and other institutional investors.
Analyst Upgrades and Downgrades UNH has been the topic of several recent analyst reports. HC Wainwright set a $492.00 price objective on shares of UnitedHealth Group in a report on Wednesday, May 27th. Zacks Research upgraded UnitedHealth Group from a “hold” rating to a “strong-buy” rating in a report on Monday, July 13th. DA Davidson set a $512.00 target price on UnitedHealth Group in a report on Tuesday, July 21st. Robert W. Baird upgraded shares of UnitedHealth Group from an “underperform” rating to a “neutral” rating and boosted their price target for the stock from $287.00 to $453.00 in a research note on Thursday, July 16th. Finally, Royal Bank Of Canada upped their target price on shares of UnitedHealth Group from $463.00 to $478.00 and gave the stock an “outperform” rating in a research note on Friday, July 17th. Two equities research analysts have rated the stock with a Strong Buy rating, twenty have given a Buy rating and five have given a Hold rating to the company’s stock. According to MarketBeat, UnitedHealth Group currently has a consensus rating of “Moderate Buy” and a consensus price target of $455.92.
Get Our Latest Stock Analysis on UnitedHealth Group
Insider Buying and Selling at UnitedHealth Group In other news, CEO Patrick Hugh Conway sold 500 shares of the business’s stock in a transaction dated Wednesday, August 5th. The shares were sold at an average price of $410.00, for a total transaction of $205,000.00. Following the transaction, the chief executive officer directly owned 16,497 shares in the company, valued at $6,763,770. The trade was a 2.94% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. 0.19% of the stock is currently owned by insiders.
UnitedHealth Group Trading Down 1.8% NYSE:UNH opened at $401.56 on Wednesday. The company has a market capitalization of $364.67 billion, a PE ratio of 25.84, a P/E/G ratio of 1.42 and a beta of 0.62. The stock’s 50 day moving average price is $415.13 and its 200 day moving average price is $351.84. The company has a quick ratio of 0.80, a current ratio of 0.78 and a debt-to-equity ratio of 0.66. UnitedHealth Group Incorporated has a 52-week low of $253.67 and a 52-week high of $461.62.
UnitedHealth Group (NYSE:UNH – Get Free Report) last issued its quarterly earnings data on Thursday, July 16th. The healthcare conglomerate reported $6.38 earnings per share (EPS) for the quarter, topping the consensus estimate of $4.94 by $1.44. UnitedHealth Group had a net margin of 3.14% and a return on equity of 16.53%. The company had revenue of $112.03 billion for the quarter, compared to the consensus estimate of $110.81 billion. During the same period last year, the firm posted $4.08 EPS. UnitedHealth Group’s revenue for the quarter was up .4% on a year-over-year basis. UnitedHealth Group has set its FY 2026 guidance at 19.500-20.000 EPS. On average, research analysts anticipate that UnitedHealth Group Incorporated will post 19.69 EPS for the current year.
UnitedHealth Group Increases Dividend The company also recently disclosed a quarterly dividend, which was paid on Tuesday, June 23rd. Investors of record on Monday, June 15th were given a $2.32 dividend. This is a positive change from UnitedHealth Group’s previous quarterly dividend of $2.21. The ex-dividend date was Monday, June 15th. This represents a $9.28 dividend on an annualized basis and a yield of 2.3%. UnitedHealth Group’s payout ratio is 59.72%.
UnitedHealth Group Profile (Free Report)
UnitedHealth Group Inc is a diversified health care company headquartered in Minnetonka, Minnesota, that operates two primary business platforms: UnitedHealthcare and Optum. Founded in 1977, the company provides a broad range of health benefits and health care services to individuals, employers, governmental entities and other organizations. Its operations span commercial employer-sponsored plans, individual and Medicare and Medicaid programs, and services for customers and health systems in the United States and selected international markets.
UnitedHealthcare is the company’s benefits business, administering health plans and networks, managing provider relationships, and offering coverage products for employers, individuals, and government-sponsored programs.
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BD dokončila nábor do studie PREVENT, první velké randomizované studie Phasix™ Mesh pro prevenci incizní kýly po břišní operaci. Do výzkumu bylo zařazeno 477 pacientů na 32 místech v USA a Evropě.
Enrollment completed in the first large-scale randomized study evaluating Phasix™ Mesh for incisional hernia prevention, a significant unmet need following abdominal surgery
, /PRNewswire/ -- BD (Becton, Dickinson and Company) (NYSE: BDX), a leading global medical technology company, today announced a significant milestone in its advanced tissue regeneration strategy and expansion efforts with successful completion of enrollment in the PREVENT clinical trial evaluating Phasix™ Mesh for the prevention of incisional hernias.
Phasix Flat Mesh The study enrolled 477 patients across 32 sites in the United States and Europe, making it the first large, randomized study evaluating prophylactic reinforcement for incisional hernia prevention using a resorbable mesh, a common complication following abdominal surgery for which no products are currently approved.
"PREVENT reflects our commitment to extending the impact of advanced tissue regeneration into new areas of patient care," said Rian Seger, worldwide president of Surgery at BD. "By evaluating Phasix™ Mesh in hernia prevention, we are building on decades of innovation in abdominal wall surgery and generating evidence that could help broaden the role of regenerative technologies for patients at risk of post-surgical complications. We are grateful to the investigators, clinical sites and patients whose participation made this achievement possible."
The PREVENT trial aims to generate robust clinical evidence evaluating Phasix™ Mesh for the prevention of incisional hernia following elective open midline abdominal surgery in patients at high risk of developing a hernia.
Patients will continue to be followed through the study's primary endpoint at 24 months, with longer-term follow-up planned through five years to further evaluate safety and clinical outcomes. Following completion of the primary endpoint assessments, data from the study are expected to support a planned submission to the U.S. Food and Drug Administration as part of the regulatory pathway for this indication.
About BD
BD is one of the world's largest pure-play medical technology companies with a Purpose of advancing the world of health™ by driving innovation across medical essentials, connected care, biopharma systems and interventional. The company supports those on the frontlines of healthcare by developing transformative technologies, services and solutions that optimize clinical operations and improve care for patients. Operating across the globe, with more than 60,000 employees, BD delivers billions of products annually that have a positive impact on global healthcare. By working in close collaboration with customers, BD can help enhance outcomes, lower costs, increase clinical efficiency, improve safety and expand access to healthcare. For more information on BD, please visit bd.com or connect with us on LinkedIn at www.linkedin.com/company/bd1/, X @BDandCo or Instagram @becton_dickinson.
Eli Lilly podala šest nových žalob proti americkým subjektům prodávajícím nelegální retatrutid a vyzvala platformy, platební firmy i regulátory k zásahu. Firma tvrdí, že lék není nikde na světě schválen pro lidské použití.
Files six new lawsuits as company escalates fight to protect patients
, /PRNewswire/ -- Eli Lilly and Company (NYSE: LLY) today escalated its continued fight to protect patients from the dangerous black market for retatrutide, filing six new lawsuits against U.S. entities selling black-market products in addition to having referred hundreds of bad actors to regulators and law enforcement worldwide. Lilly is also calling on the entities that sellers use to conduct their illegal business—social media and e-commerce platforms, credit card companies, payment processors and shipping and logistics carriers—to help protect patients and fight this illicit activity. According to the U.S. Food and Drug Administration (FDA), unapproved drugs sold for human use may pose significant risks for patients and are illegal.
"Retatrutide is being rigorously studied as part of a comprehensive clinical trial development program," said David A. Hyman, M.D., Lilly's chief medical officer. "We take the responsibility of evaluating the safety and efficacy of our investigational medicines seriously. What is being sold on the black market is not a medicine – it is entirely unverified, unapproved and not worth the risk."
Retatrutide is an investigational molecule in Phase 3 clinical trials for obesity, type 2 diabetes and other related indications. No medicine containing retatrutide has yet been approved for human use by any regulatory agency in the world. It cannot be sold to consumers.
FDA has made clear that sales of unapproved retatrutide to consumers are illegal, that retatrutide cannot be lawfully compounded, and that so-called "research-use only" products "are of unknown quality and may be harmful to [consumers'] health." Yet black-market sellers and businesses posing as legitimate medical providers openly sell retatrutide as a weight-loss "hack." These "medical spas," "wellness clinics" and self-styled suppliers are not practicing medicine; they are selling illegal drugs, frequently made by unregulated foreign manufacturers. Regulators, customs agencies and law enforcement worldwide have warned of the same dangers and acted on them, raiding clandestine manufacturing sites, seizing shipments and arresting those involved.
Lilly's lawsuits target U.S. entities selling illegal retatrutide products, including compounding pharmacies, medical spas, and online sellers that falsely claim their drugs are for "research-use only" when they are actually intended for human use. Lilly has also referred more than 200 individuals and entities to FDA, the U.S. Department of Justice, state attorneys general, law enforcement, and professional licensing boards, and is working with global regulators, law enforcement, and customs authorities to stop this illegal market. The company has reported more than 14,000 websites, advertisements, social media posts and product listings that unlawfully market retatrutide in over 100 countries to internet service providers, social media platforms, and e-commerce companies, but some continue to amplify misleading content to vulnerable consumers.
Now, Lilly is calling on others to join the fight for patient safety:
Drug regulators, customs agencies, law enforcement and other government authorities must treat the sale of unapproved retatrutide as the urgent public health crisis it is, prioritizing enforcement and coordinating across borders to dismantle the criminal networks selling these drugs. Social media and e-commerce platforms must stop enabling—and in some cases fueling—this illegal market and must take proactive steps to block this conduct before it reaches consumers. Credit card companies, payment processors, shipping and logistics companies, and other entities that sellers use to conduct their illegal businesses must cut off the infrastructure enabling this illegal trade. Healthcare providers should raise awareness of the potentially serious risks involved. Everyone can help by reporting illegal retatrutide products to law enforcement, drug and pharmacy regulators, and the Lilly Answers Center at 1-800-LillyRx. Lilly's lawsuits include:
Eli Lilly & Co. v. Aesthetic Envy Cosmetic Centers LLC, d/b/a Aesthetic Envy (N.D. Cal.) Eli Lilly & Co. v. Astra LLC, d/b/a Astra Peptides (W.D. Tex.) Eli Lilly & Co. v. Legendary Peptides, LLC (E.D. Tex.) Eli Lilly & Co. v. Striker Pharmacy, LLC (S.D. Tex.) Eli Lilly & Co. v. Texas Peptides Inc. (W.D. Tex.) Eli Lilly & Co. v. Lone Star Peptide Co. (S.D. Tex.) About Lilly
Lilly is a medicine company turning science into healing to make life better for people around the world. We've been pioneering life-changing discoveries for 150 years, and today our medicines help tens of millions of people across the globe. Harnessing the power of biotechnology, chemistry and genetic medicine, our scientists are urgently advancing new discoveries to solve some of the world's most significant health challenges: redefining diabetes care; treating obesity and curtailing its most devastating long-term effects; advancing the fight against Alzheimer's disease; providing solutions to some of the most debilitating immune system disorders; and transforming the most difficult-to-treat cancers into manageable diseases. With each step toward a healthier world, we're motivated by one thing: making life better for millions more people. That includes delivering innovative clinical trials that reflect the diversity of our world and working to ensure our medicines are accessible and affordable. To learn more, visit Lilly.com and Lilly.com/news, or follow us on Facebook, Instagram, and LinkedIn. C-LLY
Hawkeye and DiTing helped prevent RMB165M (approximately US$23M) in fraud losses in 2025, reinforcing Yiren Digital's credit-risk discipline
, /PRNewswire/ -- Yiren Digital Ltd. (NYSE: YRD) ("Yiren Digital" or the "Company"), a leading company specializing in financial technology and artificial intelligence innovation across multiple industries in China and global markets, today announced that its AI-powered fraud detection systems intercepted 10,300 fraudulent borrowers across 14,500 cases in 2025, helping avoid RMB165 million (US$23 million) in fraud-related losses and demonstrating how enterprise AI can strengthen credit-risk management through AI-led fraud detection and intelligent decision-making.
As part of its broader "All-in-AI" strategy, Yiren Digital has established a proactive AI risk management framework spanning pre-loan, in-loan and post-loan processes. The framework combines the Company's Hawkeye fraud detection system, the DiTing intelligent decision-making platform, risk models, data analysis and specialist review to identify suspicious activity, improve underwriting quality and support timely intervention.
"Risk management is one of the clearest examples of how AI can create measurable value across highly regulated financial services," said Mr. Ning Tang, Chairman and Chief Executive Officer of Yiren Digital. "Our third-generation AI fraud detection technology represents a significant advancement in financial risk management, enabling more adaptive and precise detection while continuously responding to emerging fraud patterns. Built on years of innovation, this advanced platform is now available as an exportable service, enabling financial institutions and fintech companies to deploy enterprise-grade fraud protection without massive infrastructure investment."
Yiren Digital uses a monitoring-analysis-response-review process to track asset quality, compliance dynamics and other risk indicators, trigger warnings when specified thresholds are reached, and coordinate responses across risk control, legal and other functions, supporting more proactive portfolio risk management.
Its proprietary DiTing system applies AI models to analyze multidimensional information, including credit reports, user behavior and other authorized data, supporting fraud identification, refined credit-risk assessment and more consistent credit decisions. Hawkeye uses accumulated fraud cases and structured feedback to update screening rules and strengthen future detection.
Yiren Digital's AI Fraud Protection at Scale
Fraud losses avoided: In 2025, the Company intercepted 10,300 fraudulent borrowers across 14,500 cases, helping avoid RMB165 million (US$23 million) in losses. Cumulative fraud intelligence: As of the end of 2025, the Company's proprietary blacklist database contained approximately 800 million records. Hawkeye and DiTing had cumulatively identified more than 500,000 suspected fraudulent borrowers and 41,993 malicious actors associated with black-market operations. High-volume screening: DiTing supports AI-driven risk decisions with daily capacity to screen approximately 30,000 potentially risky credentials. Related document and identity-verification tools identify approximately 1,500 counterfeit documents and more than 1,000 video-fraud cases each day. Human oversight and governance: Hawkeye analyzes fraud-risk events using historical cases, risk-assessment results and algorithmic rules, and generates virtual work orders for fraud detection specialists. Automated identification is combined with human review to support consistent, reviewable decisions in higher-risk cases. The Company's fraud detection capabilities are built on its proprietary enterprise AI architecture, including the MagiCube 2.0 multi-agent platform, which provides common infrastructure for enterprise AI deployment across risk management and other core business functions, allowing proven AI capabilities to be deployed more efficiently across the organization.
These production AI deployments illustrate how Yiren Digital is applying enterprise AI beyond workflow automation to strengthen credit-risk management, improve fraud detection, enhance credit decision-making and help reduce potential fraud-related losses across regulated financial services.
Going forward, Yiren Digital will continue strengthening AI-enabled credit-risk management and governance across its credit and insurance operations, while enhancing model monitoring, explainability and human oversight across regulated business lines to support long-term asset quality, operational resilience and responsible AI deployment.
About Yiren Digital
Yiren Digital Ltd. is a leading company specializing in financial technology and artificial intelligence innovation across multiple industries in China and global markets. The Company leverages advanced artificial intelligence and emerging technologies to enhance customer experience, optimize capital efficiency, and expand financial inclusion. Following the regulatory filing of its in-house developed Large Language Model Zhiyu, and the significant enhancement of its MagiCube Agent platform, Yiren Digital is establishing a new growth engine to accelerate its evolution into an AI-native, multi-industry operating platform extending beyond traditional financial services. For more information, please visit https://ir.yiren.com.
Safe Harbor Statement
This press release contains forward-looking statements. These statements are made under the "safe harbor" provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as "aim," "anticipate," "believe," "estimate," "expect," "hope," "going forward," "intend," "ought to," "plan," "project," "potential," "seek," "may," "might," "can," "could," "will," "would," "shall," "should," "is likely to" and the negative form of these words and other similar expressions. This press release contains forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended, and as defined in the U.S. Private Securities Litigation Reform Act of 1995. These statements can be identified by terminology such as "will," "expects," "anticipates," "future," "intends," "plans," "believes," "estimates," "target," "confident," and similar expressions. Forward-looking statements are based on management's current expectations, assumptions, and assessments of current market and operating conditions. These statements involve inherent risks, uncertainties, and other factors, many of which are outside the control of the Company, and which could cause actual results to differ materially from those expressed or implied in such statements. Actual results may differ materially from those expressed or implied in forward-looking statements due to a variety of factors and other risks described in the Company's filings with the U.S. Securities and Exchange Commission. All forward-looking statements speak only as of the date of this press release. The Company undertakes no, and expressly disclaims any, obligation to update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise, except as required under applicable law.
Amcor ve 4. čtvrtletí zvýšila tržby o 26 % na 6,4 mld. USD a čistý zisk na 389 mil. USD. Za celý rok tržby vzrostly o 57 % na 23,5 mld. USD a firma čeká upravený EPS 1,80 až 1,90 USD.
Net sales $6.4 billion, up 26% largely driven by Berry acquisition and pass through of higher raw material costs Net income $389 million vs. -$39 million prior-year Adjusted EBITDA $1,045 million vs. $789 million prior-year, up 32% Diluted EPS of $0.83 vs. $-0.10 prior-year Adjusted Diluted EPS of $1.23 vs $1.00 prior-year, up 23% Highlights - Fiscal Year Ended June 30, 2026
Net sales $23.5 billion, up 57% largely driven by the Berry acquisition Net income $1,106 million vs. $511 million prior-year Adjusted EBITDA $3,673 million vs. $2,186 million prior-year, up 68% Diluted EPS of $2.38 vs. $1.60 prior-year Adjusted Diluted EPS $4.02 vs. $3.56 prior-year, up 13% Outlook - Six Months Ended December 31, 2026 ('Transition Period')
Adjusted Diluted EPS of $1.80 to $1.90 Amcor CEO Peter Konieczny said, "We delivered strong operating performance in the fourth quarter despite a challenging macro environment. We drove broad-based volume growth, while effectively managing unprecedented input cost inflation. Synergy realization came in ahead of plan, while performance in our non-core businesses improved substantially.
Looking ahead, we are encouraged by the momentum we see across the business and the greater potential for growth and continued synergy capture following the transformative acquisition of Berry. As we complete the integration and begin to realize our potential as a global leader in consumer packaging, we remain confident in delivering on our medium and long-term commitments."
Key Financials(1)(2)(3)
Three Months Ended June 30,
Twelve Months Ended June 30,
GAAP results
2025 $ million
2026 $ million
2025 $ million
2026 $ million
Net sales
5,082
6,398
15,009
23,506
Net income
(39)
389
511
1,106
EPS (diluted, $)
(0.10)
0.83
1.60
2.38
Three Months Ended June 30,
Reported ∆%
Twelve Months Ended June 30,
Reported ∆%
Adjusted non-GAAP results
2025 $ million
2026 $ million
2025 $ million
2026 $ million
Net sales
5,082
6,398
26
15,009
23,506
57
EBITDA
789
1,045
32
2,186
3,673
68
EBIT
611
836
37
1,723
2,813
63
Net income
408
570
40
1,136
1,863
64
EPS ($)
1.00
1.23
23
3.56
4.02
13
Free Cash Flow
943
1,396
48
926
1,303
41
All amounts referenced throughout this document are in US dollars unless otherwise indicated and numbers may not add up to the totals provided due to
rounding.
(1) Adjusted non-GAAP results exclude items not considered representative of ongoing operations. Further details on non-GAAP measures and
reconciliations to GAAP measures can be found under "Presentation of non-GAAP information".
(2) All prior year results reflect the Amcor plc group, considered the accounting acquirer in the April 30, 2025 combination between Amcor plc and Berry
Global.
(3) All periods presented in this release have been retroactively adjusted to reflect the 1-for-5 reverse stock split effected on January 14, 2026. Further
details can be found under 'Reverse Stock Split'.
Financial results
Three months ended June 30, 2026
Net sales of $6,398 million were 26% higher than last year on a reported basis, including approximately $962 million of acquired sales net of divestitures, which represents growth of approximately 19%. The pass through of movements in raw material costs had a favorable impact of approximately $280 million, which represents growth of approximately 6%, movements in foreign exchange rates had a favorable impact of approximately 2% and the remaining (1%) year-over-year variation reflects the net impact of volumes and price/mix.
The Company estimates that volumes were approximately 0.5% higher than estimated combined volumes for the legacy Amcor and legacy Berry businesses in the June quarter last year, excluding non-core and divested businesses. The Company estimates that price/mix had an unfavorable impact of approximately (1%) on comparable prior year net sales, excluding non-core and divested businesses.
Adjusted EBIT of $836 million was 37% higher than last year on a reported basis, including approximately $96 million of acquired EBIT net of divestitures, which represents growth of approximately 15%. Movements in foreign exchange rates had a favorable impact of approximately 3% and the remaining 19% year-over-year variation mainly reflects synergy benefits from the Berry acquisition of approximately $100 million and strong execution against initiatives to drive cost and productivity benefits, including in the non-core businesses.
GAAP net interest expense was $150 million and GAAP income tax expense was $97 million. Inclusive of acquisition- related financial benefits of approximately $15 million, adjusted net interest expense was $150 million and adjusted tax expense was $116 million representing an effective tax rate of 16.8%. Adjusted net interest expense was $36 million higher than the prior year primarily as a result of increased acquisition related net debt.
Twelve months ended June 30, 2026
Net sales of $23,506 million were 57% higher than last year on a reported basis, including approximately $7.9 billion of acquired sales net of divestitures, which represents growth of approximately 52%. The pass through of movements in raw material costs had a favorable impact of approximately $240 million, which represents growth of approximately 2%, movements in foreign exchange rates had a favorable impact of approximately 5% and the remaining (2%) year-over-year variation reflects the net impact of volumes and price/mix.
Adjusted EBIT of $2,813 million was 63% higher than last year on a reported basis, including approximately $842 million of acquired EBIT net of divestitures, which represents growth of approximately 49%. Movements in foreign exchange rates had a favorable impact of approximately 4% and the remaining 10% year-over-year variation mainly reflects synergy benefits from the Berry acquisition of approximately $240 million, partly offset by lower volumes.
GAAP net interest expense was $610 million and GAAP income tax expense was $181 million. Inclusive of acquisition-related financial benefits of approximately $45 million, adjusted net interest expense was $581 million and adjusted tax expense was $368 million representing an effective tax rate of 16.5%.
Free cash flow was $1,303 million after funding approximately $290 million of net transaction, restructuring and integration costs. Net debt was $12,897 million at June 30, 2026.
Dividend
The Board declared a quarterly cash dividend of 65.0 cents per share today, compared with 63.75 cents per share, declared as 12.75 cents per share before adjusting for the 1-for-5 reverse stock split effected on January 14, 2026. The dividend will be paid in US dollars to holders of Amcor's ordinary shares trading on the NYSE. Holders of CDIs trading on the ASX will receive an unfranked dividend of 92.0 Australian cents per share, which reflects the quarterly dividend of 65.0 cents per share converted at an AUD:USD average exchange rate of 0.7043 over the five trading days ended August 10, 2026.
The ex-dividend date will be September 3, 2026 for holders of CDIs trading on the ASX and September 4, 2026 for holders of shares trading on the NYSE. For all shareholders, the record date will be September 4, 2026 and the payment date will be September 24, 2026.
Outlook
Amcor will have a six-month reporting period from July 1, 2026, through December 31, 2026 ('Transition Period'), as part of transitioning from a previously announced June 30 to December 31 year-end.
For the transition period, the Company expects Adjusted EPS of approximately $1.80 to $1.90, and leverage on December 31, 2026 of 3.5x - 3.6x.[1]
Outlook does not take into account the impact of potential portfolio optimization actions not announced to date. Outlook contemplates a range of factors, including ongoing geopolitical developments, which create a higher degree of uncertainty and additional complexity when estimating future financial results and actual results could vary materially. Reconciliations of projected non-GAAP measures are not included herein because the individual components are not known with certainty as individual financial statements for the periods referenced have not been completed. Refer to page 14 for further information.
[1] Leverage calculated as Net Debt divided by LTM Adjusted EBITDA plus share-based compensation.
Conference Call
Amcor is hosting a conference call with investors and analysts to discuss these results on Wednesday August 12, 2026 at 8:00am US Eastern Daylight Time / 10:00pm Australian Eastern Standard Time. Investors are invited to listen to a live webcast of the conference call at our website, www.amcor.com, in the "Investors" section.
Those wishing to access the call should use the following toll-free numbers, with the Conference ID : 980769865
USA: 833 461 5787 (toll free) Australia: 1800 849 752 (toll free) United Kingdom: 0808 196 8935 (toll free) Singapore: 1800 408 1721 (toll free) Hong Kong: 800 938 481 (toll free) From all other countries, the call can be accessed by dialing +1 585 542 9983 (toll).
A replay of the webcast will also be available in the "Investors" section at www.amcor.com following the call.
About Amcor
Amcor is the global leader in developing and producing responsible consumer packaging and dispensing solutions across a variety of materials for nutrition, health, beauty and wellness categories. Our global product innovation and sustainability expertise enable us to solve packaging challenges around the world every day, producing a range of flexible packaging, rigid packaging, cartons and closures that are more sustainable, functional and appealing for our customers and their consumers. We are guided by our purpose of elevating customers, shaping lives and protecting the future. Supported by a commitment to safety, 75,000 people generate $23 billion in annual sales from operations that span approximately 400 locations in more than 40 countries. NYSE: AMCR; ASX: AMC
www.amcor.com I LinkedIn I YouTube
Amcor plc UK Establishment Address: 83 Tower Road North, Warmley, Bristol, England, BS30 8XP, United Kingdom
UK Overseas Company Number: BR020803
Registered Office: 3rd Floor, 44 Esplanade, St Helier, JE4 9WG, Jersey
Jersey Registered Company Number: 126984, Australian Registered Body Number (ARBN): 630 385 278
Segment information
Global Flexible Packaging Solutions segment - June 2026 quarter
Three Months Ended June 30,
Reported ∆%
Constant
currency ∆%
2025 $ million
2026 $ million
Net sales
2,994
3,525
18
16
Adjusted EBIT
435
533
23
20
Adjusted EBIT / Sales %
14.5
15.1
Net sales of $3,525 million were 16% higher than last year on a constant currency basis including approximately $297 million of acquired sales net of divestitures, which represents growth of approximately 10%. The pass through of movements in raw material costs had a favorable impact of approximately $190 million, or 6% on net sales.
The Company estimates that volumes for the Global Flexible Packaging Solutions segment were approximately 1% higher compared to volumes for the combined legacy Amcor and Berry businesses in the June quarter last year. Market category highlights included higher volumes in pet food and protein, partly offset by lower volumes in healthcare. By region, volumes in developed markets were higher than the prior year led by North America. Emerging markets continued to see volume growth compared with the prior year, led by Asia. The Company estimates that price/mix had an unfavorable impact of approximately (1%) on comparable prior year net sales.
Adjusted EBIT of $533 million was 20% higher than last year on a constant currency basis, reflecting approximately $31 million of acquired EBIT, net of divestitures which represents growth of approximately 7%. The remaining 13% year-over-year growth mainly reflects synergy realization from the Berry acquisition, favorable cost performance and productivity benefits.
Global Flexible Packaging Solutions segment - FY 2026
Twelve Months Ended June 30,
Reported ∆%
Constant
currency ∆%
2025 $ million
2026 $ million
Net sales
10,066
12,829
27
24
Adjusted EBIT
1,398
1,789
28
26
Adjusted EBIT / Sales %
13.9
13.9
Net sales of $12,829 million were 24% higher than last year on a constant currency basis including approximately $2.2 billion of acquired sales net of divestitures, which represents growth of approximately 22%. The pass through of movements in raw material costs had a favorable impact of approximately $240 million, or 2% on net sales.
Adjusted EBIT of $1,789 million was 26% higher than last year on a constant currency basis, reflecting approximately $250 million of acquired EBIT, net of divestitures which represents growth of approximately 18%. The remaining 8% year-over-year growth mainly reflects synergy benefits from the Berry acquisition, favorable cost performance and productivity benefits.
Global Rigid Packaging Solutions segment - June 2026 quarter
Three Months Ended June 30,
Reported ∆%
Constant
currency ∆%
2025 $ million
2026 $ million
Net sales
2,088
2,873
38
35
Adjusted EBIT
219
352
61
57
Adjusted EBIT / Sales %
10.5
12.3
Net sales of $2,873 million were 35% higher than last year on a constant currency basis, including approximately $665 million of acquired sales, which represents growth of approximately 32%. The pass through of movements in raw material costs had a favorable impact of approximately $90 million, or 4% on net sales, and the remaining (1%) year- over-year variation reflects the impact of volumes and price/mix.
Excluding non-core businesses, the Company estimates that volumes for the Global Rigid Packaging Solutions segment were approximately 0.5% higher compared with volumes for the combined legacy Amcor and Berry businesses in the June quarter last year. Market category highlights included higher volumes in foodservice and beauty & wellness, partly offset by lower volumes in liquids. By region, volumes in North America were in line with the prior year, higher than the prior year in Europe and modestly lower across emerging markets, primarily Latin America. The Company estimates that price/mix had an unfavorable impact of approximately (1%) on comparable prior year net sales.
Adjusted EBIT of $352 million was 57% higher than last year on a constant currency basis, including approximately $52 million of acquired EBIT which represents growth of approximately 24%. The remaining 33% year-over-year variation mainly reflects synergy realization from the Berry acquisition and strong execution against initiatives to drive cost and productivity benefits, including the non-core businesses.
Global Rigid Packaging Solutions segment - FY 2026
Twelve Months Ended June 30,
Reported ∆%
Constant
currency ∆%
2025 $ million
2026 $ million
Net sales
4,943
10,677
116
110
Adjusted EBIT
435
1,176
170
161
Adjusted EBIT / Sales %
8.8
11.0
Net sales of $10,677 million, were 110% higher than last year on a constant currency basis, including approximately $5.6 billion of acquired sales net of divestitures, which represents growth of approximately 114%, while the remaining (4%) year-over-year variation reflects lower volumes and price/mix. The pass through of movements in raw material costs had no material impact on net sales.
Adjusted EBIT of $1,176 million was 161% higher than last year on a constant currency basis, including approximately $635 million of acquired EBIT net of divestitures which represents growth of approximately 146%. The remaining 15% year-over-year variation mainly reflects synergy benefits from the Berry acquisition and cost reduction initiatives, partly offset by lower volumes and lower earnings in non-core businesses.
Adjusted EBIT margins of 11.0% were 220 basis points higher than the prior year reflecting the improved quality of the combined business.
U.S. GAAP Condensed Consolidated Statements of Income (Unaudited)
Three Months Ended June 30,
Twelve Months Ended June 30,
($ million, except per share amounts)
2025
2026
2025
2026
Net sales
5,082
6,398
15,009
23,506
Cost of sales
(4,187)
(5,061)
(12,175)
(18,816)
Gross profit
895
1,337
2,834
4,690
Selling, general, and administrative expenses
(408)
(568)
(1,205)
(1,931)
Amortization of acquired intangible assets
(130)
(147)
(246)
(558)
Research and development expenses
(38)
(42)
(120)
(170)
Restructuring, transaction and integration expenses, net
(236)
(36)
(307)
(298)
Other income, net
4
102
53
166
Operating income
87
646
1,009
1,899
Interest expense, net
(125)
(150)
(347)
(610)
Other non-operating income/(loss), net
(9)
(11)
(12)
(7)
Income/loss before income taxes and equity in income/(loss) of
affiliated companies
(47)
485
650
1,282
Income tax expense
6
(97)
(135)
(181)
Equity in income/(loss) of affiliated companies, net of tax
2
1
3
5
Net income/(loss)
(39)
389
518
1,106
Net income attributable to non-controlling interests
—
—
(7)
—
Net income/(loss) attributable to Amcor plc
(39)
389
511
1,106
USD:EUR average FX rate
0.8825
0.8614
0.9203
0.8574
Basic earnings per share attributable to Amcor
(0.10)
0.84
1.60
2.39
Diluted earnings per share attributable to Amcor
(0.10)
0.83
1.60
2.38
Weighted average number of shares outstanding – Basic
406.9
463.4
317.9
463.2
Weighted average number of shares outstanding – Diluted
408.0
464.6
318.6
463.8
U.S. GAAP Condensed Consolidated Statements of Cash Flows (Unaudited)
Twelve Months Ended June 30,
($ million)
2025
2026
Net income
518
1,106
Depreciation, amortization, and impairment
722
1,479
Net gain on disposal of businesses and investments
(8)
(54)
Changes in operating assets and liabilities, excluding effect of acquisitions, divestitures, and
currency
(53)
(273)
Other non-cash items
211
(107)
Net cash provided by operating activities
1,390
2,151
Purchase of property, plant, and equipment and other intangible assets
(580)
(922)
Proceeds from sales of property, plant, and equipment and other intangible assets
18
73
Business acquisitions and Investments in affiliated companies, and other
(1,653)
(17)
Proceeds from divestitures
113
272
Proceeds from sale of affiliated companies and other investments
70
Net debt proceeds/(repayments)
1,876
(65)
Dividends paid
(845)
(1,195)
Share buy-back/cancellations
—
(1)
Purchase of treasury shares, proceeds from exercise of options and tax withholdings for share-
based incentive plans
(107)
(65)
Other, including effects of exchange rate on cash and cash equivalents
27
(13)
Net increase/decrease in cash and cash equivalents
239
288
Cash and cash equivalents at the beginning of the year
588
827
Cash and cash equivalents at the end of the year
827
1,115
U.S. GAAP Condensed Consolidated Balance Sheets (Unaudited)
($ million)
June 30, 2025
June 30, 2026
Cash and cash equivalents
827
1,115
Trade receivables, net
3,426
3,639
Inventories, net
3,471
3,672
Property, plant and equipment, net
8,202
7,409
Goodwill and other intangible assets, net
18,679
18,663
Other assets
2,461
2,597
Total assets
37,066
37,095
Trade payables
3,490
4,021
Short-term debt and current portion of long-term debt
257
150
Long-term debt, less current portion
13,841
13,862
Accruals and other liabilities
7,738
7,261
Shareholders' equity
11,740
11,801
Total liabilities and shareholders' equity
37,066
37,095
Components of Fiscal 2026 Net Sales growth
Three Months Ended June 30
Twelve Months Ended June 30
($ million)
Global
Flexible
Packaging
Solutions
Global Rigid
Packaging
Solutions
Total
Global
Flexible
Packaging
Solutions
Global Rigid
Packaging
Solutions
Total
Net sales fiscal year 2026
3,525
2,873
6,398
12,829
10,677
23,506
Net sales fiscal year 2025
2,994
2,088
5,082
10,066
4,943
15,009
Reported Growth %
18
38
26
27
116
57
FX %
2
3
2
3
6
5
Constant Currency Growth %
16
35
24
24
110
52
Raw Material Pass Through %
6
4
6
2
—
2
Items affecting comparability %
10
32
19
22
114
52
Organic Growth %
—
(1)
(1)
—
(4)
(2)
Volume %
1
(1)
—
(1)
(3)
(2)
Price/Mix %
(1)
—
(1)
1
(1)
—
Reconciliation of Non-GAAP Measures
Reconciliation of adjusted Earnings before interest, tax, depreciation and amortization (EBITDA), Earnings before interest
and tax (EBIT), Net income, Earnings per share (EPS) and Free Cash Flow
Three Months Ended June 30, 2025
Three Months Ended June 30, 2026
($ million)
EBITDA
EBIT
Net
Income
EPS
(Diluted)
EBITDA
EBIT
Net
Income
EPS
(Diluted)
Net income attributable to Amcor
(39)
(39)
(39)
(0.10)
389
389
389
0.83
Net income attributable to non-controlling
interests
—
—
—
—
Tax expense
(6)
(6)
97
97
Interest expense, net
125
125
150
150
Depreciation and amortization
309
367
EBITDA, EBIT, Net income and EPS
389
80
(39)
(0.10)
1,003
636
389
0.83
Impact of hyperinflation
8
8
8
0.02
6
6
6
0.01
Restructuring, integration and related expenses, net (1)
53
53
53
0.13
24
36
36
0.08
Transaction costs
142
142
142
0.35
—
—
—
—
Merger related compensation
41
41
41
0.10
—
—
—
—
Inventory step-up amortization
133
133
133
0.33
—
—
—
—
Other
24
24
24
0.06
12
12
12
0.03
Amortization of acquired intangibles (2)
130
130
0.32
147
147
0.32
Interest expense Berry Transaction
10
0.02
—
—
Tax effect of above items
(94)
(0.23)
(20)
(0.04)
Adjusted EBITDA, EBIT, Net income and EPS
789
611
408
1.00
1,045
836
570
1.23
Reconciliation of adjusted growth to constant currency growth
% growth - Adjusted EBITDA, EBIT, Net income and EPS
32
37
40
23
% currency impact
2
3
4
3
% constant currency growth
30
34
36
20
% items affecting comparability (3)
18
15
% from all other sources
12
19
Adjusted EBITDA
789
1,045
Interest paid, net
(123)
(143)
Income tax paid
(138)
(70)
Purchase of property, plant and equipment and
other intangible assets
(220)
(235)
Proceeds from sales of property, plant and
equipment and other intangible assets
9
35
Movement in working capital
744
849
Other
(118)
(57)
Adjusted Free Cash Flow
943
1,424
Berry transaction and integration costs
(28)
Free cash flow
1,396
(1) Three months ended June 30, 2026 primarily reflects restructuring and integration costs incurred in connection with the Berry
Global acquisition.
(2) Amortization of acquired intangible assets from business combinations.
(3) Reflects the impact of acquired, disposed, and ceased operations.
Twelve Months Ended June 30, 2025
Twelve Months Ended June 30, 2026
($ million)
EBITDA
EBIT
Net
Income
EPS
(Diluted)
EBITDA
EBIT
Net
Income
EPS
(Diluted)
(1)
Net income attributable to Amcor
511
511
511
1.60
1,106
1,106
1,106
2.38
Net income attributable to non-controlling interests
7
7
—
—
Tax expense
135
135
181
181
Interest expense, net
347
347
610
610
Depreciation and amortization
710
1,450
EBITDA, EBIT, Net income and EPS
1,710
1,000
511
1.60
3,347
1,897
1,106
2.38
Impact of hyperinflation
16
16
16
0.05
19
19
19
0.04
Restructuring, integration and related expenses, net (2)
97
97
97
0.30
234
266
266
0.58
Transaction costs
169
169
169
0.53
32
32
32
0.07
Merger related compensation
41
41
41
0.13
—
—
—
—
Inventory step-up amortization
133
133
133
0.42
—
—
—
—
Other
21
21
21
0.07
41
41
41
0.09
Amortization of acquired intangibles (3)
246
246
0.77
558
558
1.20
Interest expense Berry Transaction
15
0.05
29
0.06
Tax effect of above items
(113)
(0.35)
(188)
(0.40)
Adjusted EBITDA, EBIT, Net income and EPS
2,186
1,723
1,136
3.56
3,673
2,813
1,863
4.02
Reconciliation of adjusted growth to constant currency growth
% growth - Adjusted EBITDA, EBIT, Net income, and EPS
68
63
64
13
% currency impact
4
4
5
3
% constant currency growth
64
59
59
10
% items affecting comparability (4)
56
49
% from all other sources
8
10
Adjusted EBITDA
2,186
3,673
Interest paid, net
(290)
(549)
Income tax paid
(286)
(451)
Purchase of property, plant and equipment and other intangible assets
(580)
(922)
Proceeds from sales of property, plant and equipment and other intangible assets
18
48
Movement in working capital
34
(50)
Other
(156)
(156)
Adjusted Free Cash Flow
926
1,593
Berry transaction and integration costs
(290)
Free cash flow
1,303
(1) Calculation of diluted EPS for the twelve months ended June 30, 2026 and 2025, excludes net income attributable to shares to
be repurchased under forward contracts of $0 million and $1 million, respectively. Earnings per share amounts are computed
independently for each of the quarters presented. The sum of the quarters may not equal the total year amount due to the impact of
changes in average quarterly shares outstanding and due to rounding.
(2) Twelve months ended June 30, 2026 primarily reflects restructuring and integration costs incurred in connection with the Berry
Global acquisition.
(3) Amortization of acquired intangible assets from business combinations.
(4) Reflects the impact of acquired, disposed, and ceased operations.
Reconciliation of adjusted EBIT by reporting segment
Three Months Ended June 30, 2025
Three Months Ended June 30, 2026
($ million)
Global
Flexible
Packaging
Solutions
Global
Rigid
Packaging
Solutions
Other
Total
Global
Flexible
Packaging
Solutions
Global
Rigid
Packaging
Solutions
Other
Total
Net income attributable to Amcor
(39)
389
Net income attributable to non-
controlling interests
—
—
Tax expense
(6)
97
Interest expense, net
125
150
EBIT
298
17
(236)
80
440
293
(98)
636
Impact of hyperinflation
1
7
—
8
—
6
—
6
Restructuring, integration and
related expenses, net (1)
38
7
8
53
28
22
(14)
36
Transaction costs
9
3
130
142
—
—
—
—
Merger related compensation
—
—
41
41
—
—
—
—
Inventory step-up amortization
27
106
—
133
—
—
—
—
Other
1
12
11
24
(10)
(41)
63
12
Amortization of acquired
intangibles(2)
61
67
2
130
75
72
1
147
Adjusted EBIT
435
219
(43)
611
533
352
(48)
836
Adjusted EBIT / Sales %
14.5 %
10.5 %
12.0 %
15.1 %
12.3 %
13.1 %
Reconciliation of adjusted growth to constant currency growth
% growth - Adjusted EBIT
23
61
—
37
% currency impact
3
4
—
3
% constant currency
20
57
—
34
% items affecting comparability (3)
7
24
—
15
% from all other sources
13
33
—
19
(1) Three months ended June 30, 2026 primarily reflects restructuring and integration costs incurred in connection with the Berry
Global acquisition.
(2) Amortization of acquired intangible assets from business combinations.
(3) Reflects the impact of acquired, disposed, and ceased operations.
Twelve Months Ended June 30, 2025
Twelve Months Ended June 30, 2026
($ million)
Global
Flexible
Packaging
Solutions
Global
Rigid
Packaging
Solutions
Other
Total
Global
Flexible
Packaging
Solutions
Global
Rigid
Packaging
Solutions
Other
Total
Net income attributable to Amcor
511
1,106
Net income attributable to non-
controlling interests
7
—
Tax expense
135
181
Interest expense, net
347
610
EBIT
1,113
229
(342)
1,000
1,373
817
(294)
1,897
Impact of hyperinflation
1
15
—
16
1
18
—
19
Restructuring, integration and related
expenses, net (1)
68
12
17
97
106
120
40
266
Transaction costs
9
4
156
169
8
2
22
32
Merger related compensation
—
—
41
41
—
—
—
—
Inventory step-up amortization
27
106
—
133
—
—
—
—
Other
12
(4)
13
21
—
(35)
76
41
Amortization of acquired intangibles(2)
169
73
4
246
300
254
4
558
Adjusted EBIT
1,398
435
(110)
1,723
1,789
1,176
(152)
2,813
Adjusted EBIT / Sales %
13.9 %
8.8 %
11.5 %
13.9 %
11.0 %
12.0 %
Reconciliation of adjusted growth to constant currency growth
% growth - Adjusted EBIT
28
170
—
63
% currency impact
2
9
—
4
% constant currency growth
26
161
—
59
% items affecting comparability (3)
18
146
—
49
% from all other sources
8
15
—
10
(1) Twelve months ended June 30, 2026 primarily reflects restructuring and integration costs incurred in connection with the Berry Global acquisition.
(2) Amortization of acquired intangible assets from business combinations.
(3) Reflects the impact of acquired, disposed, and ceased operations.
Unless otherwise indicated, references to "Amcor," the "Company," "we," "our," and "us" in this document refer to Amcor plc and its consolidated subsidiaries. This document contains certain statements that are "forward-looking statements" within the meaning of the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995. Forward-looking statements are generally identified with words like "believe," "expect," "target," "project," "may," "could," "would," "approximately," "possible," "will," "should," "intend," "plan," "anticipate," "commit," "estimate," "potential," "ambitions," "outlook," or "continue," the negative of these words, other terms of similar meaning, or the use of future dates. Such statements are based on the current expectations of the management of Amcor and are qualified by the inherent risks and uncertainties surrounding future expectations generally. Actual results could differ materially from those currently anticipated due to a number of risks and uncertainties. Neither Amcor nor any of its respective directors, executive officers, or advisors, provide any representation, assurance, or guarantee that the occurrence of the events expressed or implied in any forward-looking statements will actually occur or if any of them do occur, what impact they will have on the business, results of operations or financial condition of Amcor. Should any risks and uncertainties develop into actual events, these developments could have a material adverse effect on Amcor's business. Risks and uncertainties that could cause actual results to differ from expectations include, but are not limited to: changes in consumer demand patterns and customer requirements in numerous industries; risk of loss of key customers, a reduction in their production requirements, or consolidation among key customers; significant competition in the industries and regions in which we operate; risk of integrating acquisitions and achieving the financial and other results and benefits anticipated at the time of acquisition; risk that the strategic review of our portfolio may cause disruptions to our business or may not result in completion of a transaction to restructure or divest non-core businesses or may not create additional value for our shareholders; an inability to expand our current business effectively through either organic growth, including product innovation, investments, or acquisitions; challenging global economic conditions, including impacts from the Middle East conflict; impacts of operating internationally; price fluctuations or shortages in the availability of raw materials, energy and other inputs, which could adversely affect our business; production, supply, and other commercial risks, including those resulting from geopolitical conflicts and counterparty credit risks, which may be exacerbated in times of economic volatility; pandemics, epidemics, or other disease outbreaks; an inability to attract, develop, and retain our skilled workforce and manage key transitions; labor disputes and an inability to renew collective bargaining agreements at acceptable terms; physical impacts of climate change; significant disruption at a key manufacturing facility; cybersecurity risks, which could disrupt our operations or risk of loss of our sensitive business information; failures or disruptions in our information technology systems which could disrupt our operations, compromise customer, employee, supplier, and other data; risk that the use of artificial intelligence could adversely affect our business and financial results; risk that the Company's significant indebtedness may limit its flexibility and increase its borrowing costs; rising interest rates that increase our borrowing costs on our variable rate indebtedness and could have other negative impacts; foreign exchange rate risk; a significant write-down of goodwill and/or other intangible assets; a failure to maintain an effective system of internal control over financial reporting; an inability of our insurance policies, including our use of a captive insurance company, to provide adequate protection against all of the key operational risks we face; an inability to defend our intellectual property rights or intellectual property infringement claims against us; litigation, including product liability claims or litigation related to Environmental, Social, and Governance ("ESG") matters, or regulatory developments; increasing scrutiny and changing expectations from investors, customers, suppliers, and governments with respect to our ESG practices and commitments resulting in additional costs or exposure to additional risks; changing ESG government regulations including climate-related rules; changing environmental, health, and safety laws; changes in tax laws or changes in our geographic mix of earnings; and changes in trade policy, including tariff and custom regulations or failure to comply with such regulations. These risks and uncertainties are supplemented by those identified from time to time in our filings with the Securities and Exchange Commission (the "SEC"), including without limitation, those described under Part I, "Item 1A - Risk Factors" in our Annual Report on Form 10-K for the fiscal year ended June 30, 2025, and as updated by our quarterly reports on Form 10-Q. You can obtain copies of Amcor's filings with the SEC for free at the SEC's website (www.sec.gov). Forward-looking statements included herein are made only as of the date hereof and Amcor does not undertake any obligation to update any forward-looking statements, or any other information in this communication, as a result of new information, future developments or otherwise, or to correct any inaccuracies or omissions in them which become apparent, except as expressly required by law. All forward-looking statements in this communication are qualified in their entirety by this cautionary statement.
Presentation of non-GAAP information
Included in this release are measures of financial performance that are not calculated in accordance with U.S. GAAP. These measures include adjusted EBITDA and EBITDA (calculated as earnings before interest and tax and depreciation and amortization), adjusted EBIT and EBIT (calculated as earnings before interest and tax), adjusted net income, adjusted earnings per share, adjusted free cash flow, and net debt. In arriving at these non-GAAP measures, we exclude items that either have a non-recurring impact on the income statement or which, in the judgment of our management, are items that, either as a result of their nature or size, could, were they not singled out, potentially cause investors to extrapolate future performance from an improper base. Note that while amortization of acquired intangible assets is excluded from non-GAAP adjusted financial measures, the revenue of the acquired entities and all other expenses unless otherwise stated, are reflected in our non-GAAP financial performance earnings measures. While not all inclusive, examples of these items include: material restructuring programs, including associated costs such as employee severance, pension and related benefits, impairment of property and equipment and other assets, accelerated depreciation, termination payments for contracts and leases, contractual obligations, and any other qualifying costs related to restructuring plans; material sales and earnings from disposed or ceased operations and any associated profit or loss on sale of businesses or subsidiaries; changes in the fair value of economic hedging instruments on commercial paper and contingent purchase consideration; pension settlements; impairments in goodwill and equity method investments; material acquisition compensation and transaction costs such as due diligence expenses, professional and legal fees, financing-related expenses; and integration costs; material purchase accounting adjustments for inventory; amortization of acquired intangible assets from business combination; gains or losses on significant property and divestitures and significant property and other impairments, net of insurance recovery; certain regulatory and legal matters; impacts from highly inflationary accounting; expenses related to the Company's CEO and CFO transition; and impacts related to the Russia-Ukraine conflict and conflict in the Middle East.
Amcor also evaluates performance on a comparable constant currency basis, which measures financial results assuming constant foreign currency exchange rates used for translation based on the average rates in effect for the comparable prior year period. In order to compute comparable constant currency results, we multiply or divide, as appropriate, current-year U.S. dollar results by the current year average foreign exchange rates and then multiply or divide, as appropriate, those amounts by the prior-year average foreign exchange rates. We then adjust for other items affecting comparability. While not all inclusive, examples of items affecting comparability include the difference between sales or earnings in the current period and the prior period related to disposed, or ceased operations. Comparable constant currency net sales performance also excludes the impact from passing through movements in raw material costs.
Management has used and uses these measures internally for planning, forecasting and evaluating the performance of the Company's reporting segments and certain of the measures are used as a component of Amcor's Board of Directors' measurement of Amcor's performance for incentive compensation purposes. Amcor believes that these non-GAAP measures are useful to enable investors to perform comparisons of current and historical performance of the Company. For each of these non-GAAP financial measures, a reconciliation to the most directly comparable U.S. GAAP financial measure has been provided herein. These non-GAAP financial measures should not be construed as an alternative to results determined in accordance with U.S. GAAP. The Company's outlook and guidance do not contemplate the impact of any potential portfolio optimization actions, including acquisitions, divestitures, or other portfolio actions, that have not been publicly announced as of the date of this release. The Company provides guidance on a non-GAAP basis as we are unable to predict with reasonable certainty the ultimate outcome and timing of certain significant forward-looking items without unreasonable effort. These items include but are not limited to the impact of foreign exchange translation, restructuring program costs, asset impairments, possible gains and losses on the sale of assets, certain tax related events, and difficulty in making accurate forecasts and projections in connection with the legacy Berry Global business given recency of access to all relevant information. These items are uncertain, depend on various factors, and could have a material impact on U.S. GAAP earnings and cash flow measures for the guidance period.
Reconciliations of Transition Period projected non-GAAP measures are not included herein because the individual components are not known with certainty as individual financial statements for Transition Period have not been completed.
Reverse Stock Split
On January 14, 2026, the Company filed an amendment to its memorandum of association to effect a 1-for-5 reverse stock split (the "Reverse Split") of the Company's ordinary shares. The Reverse Split became effective on January 14, 2026 and reduced the number of authorized ordinary shares to 1,800,000,000 and increased the par value of the ordinary shares to $0.05 per share. Accordingly, all share and per share amounts for all prior periods presented in the discussion within this release have been adjusted retroactively, where applicable, to reflect the Reverse Split.
Presentation of combined volume performance
In order to provide the most meaningful comparison of results of volume performance by region and end market for Amcor plc and for each of its reportable segments, the Company has included commentary to reflect Amcor's estimate of year-over-year volume performance for the three and twelve months ended June 30, 2026 compared with estimated combined volumes for the legacy Amcor and Berry Global businesses for the three and twelve months ended June 30, 2025. The combined volume performance information has been presented for informational purposes and Amcor believes this information reflects the impact of the combination including allocation of volumes across the combined production footprint since May 1, 2025. For the avoidance of doubt, combined volume performance information is not intended to be, and was not, prepared on a basis consistent with pro forma financial information required by Article 11 of Regulation S-X.
Dividends
Amcor has received a waiver from the ASX's settlement operating rules, which will allow the Company to defer processing conversions between its ordinary share and CDI registers from September 3, 2026 to September 4, 2026 inclusive.
Vestas ve 2. čtvrtletí více než zdvojnásobila provozní zisk (EBIT), zvýšila celoroční výhled provozní marže na 7 až 9 % a oznámila zpětný odkup akcií za 400 milionů eur.
Dánský výrobce větrných turbín Vestas Wind Systems výrazně překonal očekávání trhu a vyslal silný signál, že sektor obnovitelných zdrojů znovu nabírá na síle. Společnost ve druhém čtvrtletí více než zdvojnásobila provozní zisk, zvýšila výhled marží pro letošní rok a oznámila zpětný odkup akcií v hodnotě 400 milionů eur.
Akcie dánského výrobce větrných turbín Vestas Wind Systems vzrostly až o 19 %, což představuje jejich největší jednodenní nárůst od července 2022. Investory potěšilo zvýšení výhledu ziskovosti na letošní rok a oznámení programu zpětného odkupu akcií po výrazném nárůstu nových objednávek turbín.
Provozní zisk před úroky a daněmi (EBIT) po očištění o mimořádné položky vyletěl ve druhém čtvrtletí na 446 milionů eur, tedy více než dvojnásobku toho, co očekávali analytici, proti loňským 57 mil. EUR. Tržby ve výši 4,7 mld. EUR překonaly odhady trhu (4,56 mld. EUR) a rovněž výrazně narostly z loňských 3,7 mld. EUR. A čistý upr. zisk na akcii činil 1,11 EUR z loňských 0,76 EUR/akcie.
Společnost ponechala prognózu celoročních tržeb beze změny a nadále očekává tržby v rozmezí 20 až 22 miliard eur. Nově ale očekává, že její provozní marže za celý rok dosáhne 7 až 9 %, zatímco dříve počítala s rozmezím 6 až 8 %. Společnost zároveň oznámila zpětný odkup akcií v hodnotě 400 milionů eur, který bude probíhat až do konce letošního roku.
Přestože Vestas v posledních letech zvyšovala ceny svých turbín, poptávka neklesá. Objem nových objednávek turbín vzrostl v prvním pololetí o více než 50 % meziročně. A hodnota nevyřízených zakázek (backlog) dosáhla ke konci června 36 miliard eur. Větrný průmysl tradičně zaznamenává silnější aktivitu ve druhé polovině roku, což naznačuje, že rok 2026 by mohl být pro Vestas rekordní.
Dalším pozitivním faktorem pro společnost Vestas je zlepšující se regulatorní prostředí na některých klíčových trzích. V Německu vedly reformy povolovacích procesů k výraznému růstu instalací větrných elektráren. Tento největší evropský trh s elektřinou tak začíná zrychlovat výstavbu nových větrných parků.
Také další země upravují podpůrné programy a pobídky pro rozvoj větrných elektráren budovaných na moři. Zajímavý vývoj je patrný i ve Spojených státech. Přestože prezident Donald Trump dlouhodobě vystupuje proti větrné energetice a snaží se její rozvoj omezovat, prudce rostoucí spotřeba elektřiny způsobená rozvojem AI datových center vytváří silnou poptávku po nových zdrojích energie. CEO Andersen řekl, že „Spojené státy postupně docházejí k závěru: Potřebujeme více všeho.“
Analytici JPMorgan vedení Ahashem Guptou výsledky označili za mimořádně silné. „Vestas vykázala vynikající výsledky za druhé čtvrtletí. Celkově může jít o nejlepší sadu výsledků za několik posledních let.“
Vestas se v posledních letech potýkala s prudkým růstem nákladů a problémy v dodavatelských řetězcích po pandemii covidu-19, což výrazně zasáhlo její ziskovost. Nyní však firma těží z rostoucí poptávky po větrných elektrárnách. Generální ředitel Henrik Andersen v rozhovoru uvedl: „Je to začátek něčeho mnohem většího. Přizpůsobili jsme tomu naše kapacity a jsme připraveni růst a dodávat.“
Constellation Software ve 2Q 2026 zvýšila výnosy o 17 % na 3,34 mld. USD, ale organický růst zůstal nízký a činil 3 % (po očištění o vliv oslabení dolaru 1 %). Čistý zisk připadající akcionářům vzrostl na 274 mil. USD.
Kanadský softwarový holding Constellation Software, který nakupuje, spravuje a dlouhodobě rozvíjí stovky menších firem specializovaných na vertikální tržní software, zveřejnil výsledky za druhý kvartál roku 2026. Výnosy vzrostly meziročně o 17 % na 3,34 mld. USD, těsně pod konsensem trhu, přičemž organický růst zůstal i nadále nízký. Čistý zisk připadající akcionářům se téměř zpětinásobil na 274 mil. USD, k čemuž ale výrazně pomohly nepeněžní účetní vlivy. Společnost současně vyhlásila kvartální dividendu 1,00 USD na akcii.
Výsledky společnosti Constellation Software (CNSWF) za 2Q 2026 2Q 2026 Konsensus 2Q 2026 2Q 2025 Výnosy (mld. USD) 3,34 3,36 2,84 Čistý zisk (mil. USD) 274 -- 56 Zisk na akcii (EPS, USD/akcie) 12,93 14,39 2,66 Výsledky za 2Q Výnosy vzrostly meziročně o 17 % na 3,34 mld. USD. Za nárůstem stály především akvizice, přičemž organický růst dosáhl 3 %, po očištění o vliv oslabení dolaru vzrostl pouze o 1 %.
Údržba a ostatní opakující se výnosy přidaly 19 % na 2,55 mld. USD. Profesionální služby vzrostly o 8 % na 573 mil. USD, pod očekáváním 598,4 mil. USD. Výnosy z licencí dosáhly 92 mil. USD, přičemž se očekávalo 94 mil. USD. Hardware a ostatní výnosy činily 116 mil. USD oproti konsensu 94,9 mil. USD.
Provozní náklady vzrostly meziročně o 20 % na 2,84 mld. USD.
Čistý zisk připadající akcionářům dosáhl 274 mil. USD proti 56 mil. USD ve stejném období loni, což odpovídá zisku na akcii 12,93 USD (2Q 2025: 2,66 USD). Skokový nárůst je ale z velké části účetní záležitostí. Bez vlivu kurzových rozdílů a přecenění závazku IRGA vzrostl čistý zisk ve 2Q o 8 %.
Provozní hotovostní toky vzrostly meziročně o 10 % na 477 mil. USD. Volné hotovostní toky dostupné akcionářům (FCFA2S) se zvýšily o 57 % na 345 mil. USD.
Akvizice Ve druhém kvartále společnost dokončila řadu akvizic za hotovostní protiplnění 732 mil. USD, k němuž se pojí odložené platby v odhadované hodnotě 160 mil. USD. Celková protihodnota tak činí 893 mil. USD. Nejvýznamnějším uzavřeným obchodem bylo převzetí 91,8 % podílu v hotelové technologické firmě DerbySoft za celkových 392 mil. USD.
Po konci kvartálu Constellation Software dokončil nebo se zavázal k dalším nákupům za 669 mil. USD v hotovosti při uzavření a odložené platby 149 mil. USD, celkem tedy za 818 mil. USD. Nové firmy působí mimo jiné v segmentech bezpečnosti, médií, letectví, pohostinství, dopravy, pojištění, vzdělávání či zdravotnictví.
Dividenda Představenstvo deklarovalo dividendu ve výši 1,00 USD na akcii.
Akcie Akcie Constellation Software jsou primárně kotovány na torontské burze pod tickerem CSU v kanadských dolarech. Klienti Fio banky je mohou obchodovat na americkém mimoburzovním trhu OTC pod tickerem CNSWF.
Akcie Constellation Software (CNSWF) před výsledky na 2 301,03 USD Ukazatel Ukazatel Kapitalizace (mld. USD) 48,8 P/E 43,1 Vývoj za letošní rok (%) -4,1 Očekávané P/E 23,1 52týdenní minimum (USD) 1612,7 Prům. cílová cena (USD) 2667 52týdenní maximum (USD) 3572 Dividendový výnos (%) 0,2 Zdroj: Constellation Software, Bloomberg
C.H. Robinson se odvolá proti verdiktu z Dallasu a tvrdí, že to nezmění jeho strategii, kapitálové priority ani výhled. Firma dál počítá s růstem a odkupem akcií.
GLP-1 Demand Is Creating a New Dividend Angle in These 4 Logistics StocksC.H. Robinson Worldwide NASDAQ: CHRW executives said the company plans to appeal a large jury verdict tied to a fatal accident in Dallas, while maintaining that the outcome will not alter its operating strategy, capital allocation priorities or outlook for its brokerage business.
Speaking at the Chicago Industrials Summit, Chief Executive Officer Dave Bozeman said the company believes the verdict was driven by “emotion than fact” and that the evidence supports its position. He said the final judgment had not yet been entered and could come within 30 to 90 days, after which the company expects to begin its appeal process immediately.
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AI Broke the Trucks: 3 Transports to Buy After the AI PanicBozeman said the appeal could take 18 months to two years and potentially reach the Texas Supreme Court. He added that the presiding judge has discretion to alter elements of the decision before a final judgment is issued, though the company is not expecting that outcome.
Company Cites Carrier Safety Rating, Lack of Driver Contact In discussing the case, Bozeman said the carrier involved had a satisfactory Federal Motor Carrier Safety Administration rating both before and after the accident. He said only 6% of carriers hold that rating and noted that the carrier represented less than 5% of C.H. Robinson’s business while also serving other brokers and shippers.
Is the Grinch Stealing This Year's Holiday Season Jobs? Bozeman and Chief Financial Officer Damon Lee said C.H. Robinson had no communication with the driver and did not control the driver’s actions. Bozeman said the company rescheduled the relevant load for four days later and did not act as a motor carrier in the matter.
Lee said management believes the stock-price reaction assumes both that large “nuclear verdicts” will become routine and that the company will not prevail on appeal. “We don’t believe that’s likely,” Lee said, adding that the company has continued to repurchase its shares and views the price decline as an attractive investment entry point.
The executives argued that a sustained increase in such verdicts would represent a broader risk to logistics and U.S. commerce rather than a company-specific issue. Bozeman said brokers move about 30% of commerce and help connect shippers with small owner-operator carriers. The company is advocating for a federal reasonable-care standard through the Department of Transportation and the FMCSA, along with congressional action on liability rules.
Technology Strategy and Freight-Market Outlook Bozeman described freight demand as mixed, citing areas of activity in technology-related industrial projects and data centers but relatively flat conditions in housing, retail and consumer spending. He said the company remains cautiously optimistic on demand, while characterizing the recent freight-rate shift as primarily supply-driven.
Management said C.H. Robinson’s North American Surface Transportation business has outgrown the Cass Freight Index for 13 consecutive quarters. Lee attributed that performance to a combination of competitive pricing, service levels and the company’s “Lean AI” approach.
Lee said the company has automated responses to transactional freight-quote requests that were previously handled only 60% to 65% of the time. Under the current system, he said, customers receive responses 24 hours a day, seven days a week, while humans remain available to intervene when needed.
Bozeman said C.H. Robinson has automated repeatable back-office tasks such as tracking and quoting, rather than eliminating customer-facing support. He said the shift has enabled employees to focus on supply-chain solutions and customer relationships, contributing to a 60% productivity improvement since 2022.
Margins, Consolidation and Capital Allocation Lee said the company has established mid-cycle adjusted gross profit margin targets of 40% for North American Surface Transportation and 30% for Global Forwarding. He said reaching those levels provides more flexibility to pursue growth opportunities selectively while maintaining return standards.
The CFO said the company expects truckload spot rates to remain elevated as capacity leaves the market and regulatory conditions limit its return. Management also said legal and insurance pressures could accelerate consolidation among smaller brokers and carriers. Bozeman said more than 20% of brokers have exited in recent years amid broader market conditions, and Lee said shippers appear to be reducing the number of brokers they use in favor of larger providers.
On insurance, Lee said C.H. Robinson expects inflationary pressure but does not see the extreme increases suggested by some bearish scenarios in preliminary discussions with insurers. He said the company has managed elevated insurance costs for years and expects any broad increase in freight-related costs ultimately to be reflected in freight pricing.
Management also highlighted its less-than-truckload business, which Lee said generates more than $3 billion in revenue and has continued to gain share. The company said its ability to optimize shipments between truckload and LTL services provides flexibility that pure-play providers may not have.
Looking ahead, Bozeman said C.H. Robinson intends to continue applying its operating model to Global Forwarding, pursue innovation and evaluate acquisitions with financial discipline. Lee said the company’s capital allocation strategy remains unchanged following the verdict, including opportunistic share repurchases and consideration of both tuck-in and larger-scale acquisition opportunities.
About C.H. Robinson Worldwide (NASDAQ:CHRW)C.H. Robinson Worldwide, Inc is a third-party logistics provider founded in 1905 and headquartered in Eden Prairie, Minnesota. Originally established as a produce brokerage firm, the company has since expanded its offerings to become one of the world's largest freight and logistics intermediaries. C.H. Robinson leverages a global network of transportation providers, technology platforms, and in-house expertise to connect shippers and carriers across multiple modes of transportation.
The company's primary services include truckload, less-than-truckload (LTL), intermodal, air and ocean freight, and managed transportation solutions.
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Tchajwanský výrobce elektroniky Foxconn zveřejnil výrazně lepší výsledky, než očekával trh, když ve druhém čtvrtletí zvýšil čistý zisk o 35 % a tržby o 41 %. Hlavním motorem růstu byla pokračující expanze datových center a prudce rostoucí poptávka po serverech určených pro umělou inteligenci, které firma vyrábí mimo jiné pro společnost Nvidia.
Největší smluvní výrobce elektroniky na světě Foxconn ve druhém čtvrtletí zvýšil čistý zisk o 35 procent na 59,97 miliardy tchajwanských dolarů (39,1 miliardy Kč). Výsledky výrazně překonaly očekávání analytiků, a to díky prudkému růstu poptávky po serverech pro umělou inteligenci (AI) využívaných v datových centrech. Foxconn, jehož oficiální název je Hon Hai Precision Industry, to uvedl v dnešní tiskové zprávě. Firma působí i v České republice.
Analytici podle společnosti LSEG očekávali zisk 58,8 miliardy tchajwanských dolarů. Tržby se zvýšily o 41 procent na 2,53 bilionu tchajwanských dolarů.
Foxconn je známý zejména jako největší smluvní výrobce chytrých telefonů iPhone pro americkou firmu Apple. Zároveň je největším výrobcem serverů pro amerického výrobce čipů Nvidia. Kromě spotřební elektroniky a počítačů se snaží proniknout i do výroby elektromobilů a komponent pro ně či do oblasti robotiky.
Firma potvrdila předchozí prognózu, podle které letos očekává silný růst tržeb. Hnací silou růstu má být silná poptávka po AI.
Vlády a technologičtí giganti investují obrovské částky do výstavby datových center, která mohou trénovat a provozovat nástroje AI, jako jsou chatboty, generátory obrázků či agenty schopné provádět úkoly. To výrazně nastartovalo podnikání firmy Foxconn, která vyrábí servery používané v datových centrech, napsala agentura AFP.
Akcie společnosti od začátku letošního roku vzrostly přibližně o 17 procent. Zaostávají tak za růstem širšího indexu tchajwanské burzy, který vzrostl o 57 procent.
Společnost Foxconn od roku 2000 působí také v České republice, kde patří k největším podnikům podle objemu tržeb. Zároveň pravidelně figuruje na předních místech v žebříčku největších exportérů. V závodech v Pardubicích a Kutné Hoře vyrábí počítače, spotřební elektroniku a součástky pro řadu světových značek.
Tencent vykázal ve 2. čtvrtletí růst tržeb o 11 % na 204,8 miliardy jüanů. Čistý zisk vzrostl jen o 0,7 % na 56 miliard jüanů a zaostal za odhady 61,8 miliardy jüanů.
The Tencent logo at the company's headquarters during a government‑organised media trip in Shenzhen, Guangdong province, China, April 17, 2026. REUTERS/Go Nakamura Purchase Licensing Rights, opens new tab
BEIJING, Aug 12 (Reuters) - Tencent Holdings (0700.HK), opens new tab reported an 11% rise in second-quarter revenue on Wednesday, driven by strong advertising sales and steady gaming income, as the Chinese technology giant ramps up AI spending.
For the three months to the end of June, the Shenzhen-based gaming and internet company reported revenue of 204.8 billion yuan ($30.36 billion), in line with analyst estimates of 202.2 billion yuan, according to LSEG data.
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Net profit rose only 0.7% from a year earlier to 56 billion yuan, falling short of analyst expectations of 61.8 billion yuan.
Investors have been focused on whether Tencent's heavy AI spending is starting to generate returns, or merely weighing on margins.
Capital expenditure totalled about 79 billion yuan last year, up from 77 billion yuan in 2024, and the company has signalled AI investment will step up further in the second half of this year.
The results come amid an accelerating AI product push by Tencent, which competes with the likes of ByteDance and Alibaba (9988.HK), opens new tab.
The company has built up a broad portfolio of AI products, including the Yuanbao chatbot and the WorkBuddy office assistant.
Revenue from value-added services, which include Tencent's gaming business, rose 8% to 98.4 billion yuan. Domestic games revenue grew 17% to 47.3 billion yuan supported by titles including "Honor of Kings" and "Delta Force", while international games revenue was down 0.8% to 18.6 billion yuan due to foreign currency movements.
Marketing services revenue climbed 22% to 43.6 billion yuan, as AI upgrades continued to boost advertising and pricing within its Weixin ecosystem, the network that combines messaging, payments and social media, among other services.
Fintech and business services revenue rose 9% to 60.3 billion yuan, with cloud demand for AI-related services remaining a key driver.
In July, Tencent released Hy3, the latest version of its Hunyuan AI model, and last week opened it to users worldwide. It has also been testing an AI assistant inside its WeChat social media app since June.
Capital expenditure in the June quarter was 52.8 billion yuan, compared with 31.9 billion yuan in the first quarter.
($1 = 6.7449 Chinese yuan renminbi)
Reporting by Liam Mo and Eduardo Baptista; Editing by Joe Bavier and Keith Weir
Our Standards: The Thomson Reuters Trust Principles., opens new tab
The artificial intelligence (AI) boom has created a tremendous amount of value for investors over the last few years, but not every stock in this space has been a winner. SoundHound AI (SOUN -0.67%) stock, for example, soared to an all-time closing high of $24.23 in late 2024 but has since plummeted 67% to close at just $8 last Friday, Aug. 7.
The company is a leading developer of conversational AI software, with a growing list of customers that includes some of the biggest names in hospitality, automotive manufacturing, financial services, and more. SoundHound stock is still trading at an elevated valuation despite its sharp decline, but that could change after the company completes a major strategic acquisition later this year, which will provide a substantial boost to its revenue.
Should investors buy the stock today, or is there more downside ahead?
Image source: The Motley Fool.
Conversational AI is transformative for businesses Over the last few years, SoundHound's out-of-the-box products have helped businesses deploy voice-activated AI systems into their daily operations. Restaurant chains like White Castle and Panda Express use them to accept orders autonomously in-store, over the phone, and at the drive-thru, while car companies like Hyundai and Stellantis use them to power intuitive voice assistants in their latest vehicles.
But in May, SoundHound launched an entirely new platform called the Orchestrated Agent System (OASYS), which enables its customers to build custom AI voice agents to handle customer inquiries, process transactions, and assist human employees in solving complex problems.
OASYS is built on SoundHound's proprietary foundational speech recognition model, unlike many other AI software products that simply use models from third parties such as OpenAI and Anthropic. Agents built on OASYS also continually learn and improve as they become more familiar with a particular enterprise. These features are appealing to businesses seeking to differentiate their AI products from those of competitors.
SoundHound just increased its 2026 revenue forecast SoundHound generated $61.9 million in revenue during the second quarter of 2026 (ended June 30), a 45% increase from the year-ago period. It was also 10 times the revenue the company generated in the same quarter four years ago, which was its first quarter as a public company. Simply put, it has come a long way.
The second-quarter result was so strong that SoundHound increased its full-year revenue guidance for 2026 to $245 million, up from $242.5 million in its previous forecast (at the midpoint of the respective ranges).
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But SoundHound's revenue could receive a significant boost once it completes its acquisition of another AI enterprise, LivePerson, which is expected to close before the end of this year. Management is targeting revenue of $350 million to $400 million in 2027 due to the deal, representing a 53% increase (at the midpoint) from the company's projected 2026 result.
SoundHound's main challenge is balancing growth and profitability, because scaling an AI software business isn't cheap. The company suffered a generally accepted accounting principles (GAAP) net loss of $42.8 million during the second quarter. While that was a strong improvement from its year-ago loss of $74.7 million, there is still a lot of work to do before the business trades in the black.
SoundHound even lost $9.6 million by its preferred measure of profitability, adjusted (non-GAAP) earnings before interest, tax, depreciation, and amortization (EBITDA), which excludes one-off and noncash expenses such as stock-based compensation. Fortunately, the company had $203 million in cash on hand and no debt at the end of the second quarter, allowing it to sustain these losses for the foreseeable future. But it will have to reach profitability in the next few years if it wants to avoid asking investors for more money.
SoundHound's stock is pricey, despite its decline SoundHound stock currently trades at a price-to-sales (P/S) ratio of 16.7, so despite its 67% decline, it's still notably more expensive than many other AI software stocks. Moreover, the Nasdaq-100 has a P/S ratio of just 6.3, so SoundHound is more than twice as expensive as a basket of America's top technology stocks.
SOUN PS Ratio data by YCharts
Even if we assume SoundHound will generate $400 million in revenue during 2027, its forward P/S ratio would still be 8.7. That makes it a tough investment right now, given the small risk that the LivePerson deal won't officially close due to regulatory issues. There is also execution risk, meaning we don't know if LivePerson's business will be as synergistic with SoundHound's existing operations as expected.
For those reasons, I think investors might be better off waiting on the sidelines for a better opportunity. If there is a correction in the broader market, SoundHound stock could decline even further, which might be a good opportunity to pounce.
Michael Burry oznámil krátkou pozici na Nebius (NBIS), která tento týden zveřejní výsledky. Firma zároveň čelí vysokému ocenění a dluhu, i když její tržby v 1. čtvrtletí meziročně vyskočily o 684 % na 399 milionů USD.
Michael Burry of The Big Short fame recently announced that he had opened a short position on Nebius (NBIS +4.95%), which is set to report earnings this week. While the artificial intelligence (AI) build-out is a major catalyst, Nebius' high valuation and massive debt load have kept some investors away from the stock. But by making his negativity about the stock public, Burry has created more tension for shares.
Although Burry was depicted as a genius in print and on the big screen for anticipating the subprime mortgage crisis, he hasn't gotten every investment call right. This may be one of his misses.
Image source: Getty Images.
Nebius is in the right place at the right time The rising use of artificial intelligence is being supported both by hyperscalers like Microsoft (MSFT -0.45%) and neoclouds like Nebius that can supply AI data centers, chips, and power. Previously existing data centers are limited in what they can do to support AI workloads, and while tech giants have been scrambling to build their own, specialists like Nebius have been finding customers for their compute power, too.
Meta Platforms (META +0.71%) is building a 5-gigawatt facility in Louisiana that will cost more than $50 billion. Microsoft is also working on its Fairwater AI data center, which is expected to be drawing 3.3 gigawatts of electricity by late 2027 -- more than is used to power the city of Los Angeles.
Nebius is already deep into the process of developing multiple AI data centers, and it's generating revenue from some of its facilities. As the company brings more of its compute capacity online, it will realize more revenue from long-term deals it has signed with Meta Platforms, Microsoft, and other tech leaders.
News from the memory chip market indicates that the data center build-out's momentum is not expected to slow down anytime soon. SK Hynix (SKHY +4.70%) recently announced that it is investing $38 billion to build two new memory chip plants due to high and rising demand from the AI data center market. The pace at which new data centers are being built indicates that demand remains robust for compute power of the type that Nebius provides.
Addressing the neocloud's debt One of the main issues that understandably concerns potential investors in Nebius is how much money the company has borrowed to fund its own data center construction. The company's long-term debt more than doubled sequentially from $4.1 billion in Q4 2025 to $8.4 billion in Q1 2026. That figure does not include the company's $1 billion in long-term operating lease liabilities.
Yet its revenues surged by 684% year over year in the first quarter, reaching $399 million. Nebius is delivering substantial top-line growth, but it's still reporting net operating losses. Investors must consider what type of growth rates they think would be necessary to justify the current stock price in the context of the company's debt load.
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On the bright side, all of that debt has left it with $9.3 billion in cash on its books -- that figure, too, more than doubled sequentially. How effectively Nebius uses that cash will heavily determine whether its big bet on debt financing pays off. The expansive nature of the AI build-out suggests a positive outcome for the company is likely in the long run. While short-sellers might profit due to short-term volatility, the long-term picture for this neocloud is still solid.
Brinker International zveřejní čtvrtletní výsledky před otevřením trhu ve středu 12. srpna; analytici čekají EPS 3,08 USD a výnosy 1,53 miliardy USD. Akcie v úterý klesly o 2,7 % na 221,38 USD.
Brinker International, Inc. (NYSE:EAT) will release its fourth quarter earnings report before the opening bell on Wednesday, Aug. 12.
Analysts expect the Dallas, Texas-based company to report quarterly earnings of $3.08 per share, up from $2.49 per share in the year-ago period. The consensus estimate for Brinker’s quarterly revenue is $1.53 billion. It reported $1.46 billion last year, according to Benzinga Pro.
On April 29, Brinker International reported better-than-expected third-quarter earnings.
Shares of Brinker fell 2.7% to close at $221.38 on Tuesday.
Benzinga readers can access the latest analyst ratings on the Analyst Stock Ratings page. Readers can sort by stock ticker, company name, analyst firm, rating change or other variables.
Let’s have a look at how Benzinga’s most-accurate analysts have rated the company in the recent period.
UBS analyst Dennis Geiger maintained a Buy rating and raised the price target from $190 to $260 on Aug. 10, 2026. This analyst has an accuracy rate of 60%. Citigroup analyst Jon Tower maintained a Buy rating and boosted the price target from $189 to $227 on July 28, 2026. This analyst has an accuracy rate of 74%. Evercore ISI Group analyst David Palmer maintained an Outperform rating and increased the price target from $210 to $230 on July 23, 2026. This analyst has an accuracy rate of 61%. TD Cowen analyst Andrew M. Charles maintained the stock with a Buy rating and raised the price target from $170 to $210 on July 20, 2026. This analyst has an accuracy rate of 50%. Wells Fargo analyst Zachary Fadem maintained the stock with an Overweight rating and increased the price target from $200 to $220 on July 16, 2026. This analyst has an accuracy rate of 78% Considering buying EAT stock? Here’s what analysts think:
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Canopy Growth po akvizici MTL Cannabis a úsporách přes C$30 milionů zrychluje expanzi v Evropě, hlavně v Německu, Polsku a Británii. V Evropě chce zvýšit roční tempo zhruba C$10 milionů za čtvrtletí, tedy asi C$40 milionů ročně, na více než C$100 milionů.
The 2026 Cannabis Wildcard: How Tax Reform Could Reset Stock ValuationsCanopy Growth NASDAQ: CGC is positioning itself for further expansion in medical cannabis, European markets and Canadian recreational cannabis after restructuring operations, reducing costs and acquiring MTL Cannabis, President and CEO Luc Mongeau said during a Canaccord Genuity presentation.
Mongeau, who has served as CEO for 18 months, said the company has shifted its focus toward operating as a consumer cannabis business rather than prioritizing cash management and pursuing opportunities across too many markets. He said Canopy reduced costs by more than C$30 million, refinanced the organization, strengthened its management team and acquired MTL Cannabis.
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Constellation Brands: A Fallen Star or a Hidden Value Play?“We are really taking the next few critical step to position Canopy Growth to really win in the global cannabis market,” Mongeau said.
Growth Across Canadian and European Operations Mongeau said Canopy holds the No. 1 position in Canadian medical cannabis and has improved its standing in the Canadian adult-use market. The company was ranked No. 10 in Canadian recreational cannabis when he joined, moved to No. 8 after streamlining operations and now ranks No. 6 following the MTL Cannabis acquisition, according to Mongeau. Its goal is to become a top-three player in the market.
Profit from the Green Wave: Top Cannabis Stocks to WatchWhile acknowledging that Canadian recreational cannabis is a relatively mature market, Mongeau described it as a roughly C$5 billion market growing at 3% to 5%. He expects the industry to consolidate, noting that more than 1,000 licensed producers currently operate in Canadian recreational cannabis. He said the market could ultimately be led by approximately seven major participants.
For fiscal 2026, Canopy reported 20% growth in Canadian adult-use cannabis and 18% growth in its medical business, Mongeau said. For the first quarter of fiscal 2027, he said consolidated revenue rose 13%, including:
10% growth in Europe; 10% growth in Canadian recreational cannabis; 22% growth in Canadian medical cannabis; and 6% growth at Storz & Bickel, its medical vaporizer business. Mongeau also said the company’s gross margin reached 31% in its latest quarterly results, representing a 600-basis-point improvement from the prior year. During the discussion, the operator characterized the most recent margin level as “36-ish percent,” but Mongeau specifically cited 31% during his presentation.
MTL Cannabis Acquisition Targets Flower Supply and Quality A central component of Canopy’s strategy is improving cultivation output and flower quality. Mongeau said Canopy had not historically treated cultivation as a core operational priority, which contributed to supply constraints and inconsistent availability in international markets.
MTL Cannabis brought cultivation expertise and “passion for the plant” into the company, Mongeau said. Canopy is investing in systems, processes and capital expenditures intended to increase yields and production by as much as 30%, creating additional supply for markets including Europe.
“You need great flower consistently to win,” Mongeau said, adding that the company’s operating reviews and systems are now centered on producing higher-quality flower.
Chief Financial Officer Tom Stewart said less than 20% of Canopy’s flower production is currently exported. He said the company is integrating MTL’s operations with Canopy’s facilities and production footprint to eliminate overlap, reduce costs and improve the quality of products supplied to consumers and patients.
Canopy has three cultivation facilities and is converting a hybrid facility to fully indoor cultivation, Mongeau said. The company is cultivating in Canada at facilities certified under European Union Good Manufacturing Practice, or EU GMP, standards.
Europe Seen as Major Opportunity Mongeau identified Europe as Canopy’s largest near-term opportunity, particularly Germany, Poland and the United Kingdom. He said Canopy has invested in sales teams, distribution relationships, brands and connections with pharmacists and doctors, but its progress in Europe had been hampered by inventory shortages.
In Poland, Canopy recently returned to inventory availability and rose to the No. 3 market position, Mongeau said. The company is also making its first shipment to the United Kingdom during the current quarter, with related sales expected to appear in the third quarter.
Canopy’s European business is currently operating at approximately C$10 million per quarter, or about C$40 million annually, according to Mongeau. He said the company is targeting a run rate of more than C$100 million, and eventually C$100 million to C$150 million annually, supported primarily by Germany.
The company’s supply chain is EU GMP-compliant from cultivation through importation into Germany, repackaging and distribution, Mongeau said. He said Canopy is also working to qualify its Smiths Falls facility to produce EU GMP-compliant cannabis 2.0 products, including softgels, oils, concentrate distillates, vapes and eventually pre-rolls.
Stewart said Europe offers more attractive pricing than Canada and could support premium offerings based on MTL Cannabis flower quality. Rather than compete primarily in value-priced products, Canopy plans to focus on premium categories, he said.
Brands and Vaporizer Expansion Mongeau said Canopy plans to use its Tweed and Spectrum brands to compete in premium European medical cannabis segments. He said Germany continues to have a sizable price band of roughly €5 to €7 that has remained resilient despite broader pricing discussion in the market. Recent German research showed positive attitudes toward Tweed, Spectrum and MTL brands, he said.
Canopy also sees expansion potential for Storz & Bickel, which Mongeau described as the leading herbal medical vaporizer company. The company is pursuing innovation in concentrate vaporizers, a category Mongeau said is substantially larger than herbal vaporizers.
Overall, management said it is prioritizing cultivation, operating efficiency and a controlled expansion of its EU GMP supply chain rather than rapidly entering every emerging European market. Stewart said those foundational investments should benefit additional markets as they open.
About Canopy Growth (NASDAQ:CGC)Canopy Growth Corporation is a leading Canadian cannabis company engaged in the production, distribution and sale of both medical and recreational cannabis products. Headquartered in Smiths Falls, Ontario, the company cultivates a diversified portfolio of offerings that includes dried flower, pre-rolled joints, oils, softgel capsules and edibles. Canopy Growth also markets derivative products such as beverages and wellness formulations under a range of brands, aiming to serve both patient and adult-use markets.
The company operates through multiple subsidiaries, including Tweed Inc, Spectrum Therapeutics and Tokyo Smoke, each targeting distinct consumer segments.
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Check Point očekává, že v roce 2027 výrazně porostou výdaje na kyberbezpečnost s využitím AI, protože firmy přejdou od experimentů k cíleným rozpočtům. Firma zároveň vidí AI Network Firewall jako nový produkt s vyšší cenou předplatného.
Time to Buy These Up-and-Coming Software Firms?Check Point Software Technologies NASDAQ: CHKP sees 2027 as a potentially significant year for artificial intelligence-related cybersecurity spending as customers move from experimentation toward more deliberate budgeting, according to Global Head of Investor Relations Kip Meintzer.
Speaking at an investor event, Meintzer said organizations had redirected spending from other budget areas to fund AI initiatives during the current year. However, as companies prepare annual operating plans for next year, he expects more dedicated AI spending, including investments in AI security.
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Is CoStar Group Stock a Buy Before Earnings? Analysts Think So“Without security, you’re in a little heap of trouble,” Meintzer said, adding that companies and AI model developers have increasingly recognized the risks associated with deploying AI without adequate protections.
Go-to-Market Changes and Second-Half Outlook Meintzer said Check Point’s second-quarter execution during its go-to-market transition “could’ve been better,” though he said the company now has a better handle on the third and fourth quarters. He pointed to the company’s guidance and pipeline indicators as evidence that conditions are moving in the right direction.
Sentinel One Stock Is the Growth Story Goldman Sachs Is BuyingThe go-to-market changes are designed to focus more resources on larger customers and new-logo opportunities. Existing large accounts are receiving more dedicated account-manager coverage, while sales “hunters” pursuing new logos are being given multiyear contracts rather than being measured solely on a one-year timetable.
Meintzer said the longer sales time frame is intended to allow representatives to build relationships and pursue larger enterprise opportunities without being rushed. He said the organizational changes, including new sales overlays, staffing adjustments and continued hiring, contributed to disruption during the transition.
Check Point has said it expects to hire an additional 300 employees by year-end, representing a net increase of about 150 employees after other workforce changes. Meintzer said the company expects to enter 2027 “on the ground and running.”
For the third quarter, Meintzer said Check Point views the period as a trough largely because of difficult comparisons, particularly around billings. He said the company has informed investors that a couple of large third-quarter deals could be pushed out. Still, he described the fourth-quarter pipeline as looking like “a complete home run,” supported by sales teams that have now spent roughly two quarters working with their assigned accounts.
AI Network Firewall and Growing Traffic Meintzer said broader AI adoption should drive higher network traffic and increase the need for security. He highlighted Check Point’s AI Network Firewall, which is available now and can be deployed through a software upgrade and subscription for customers using compatible existing hardware. Customers must be on the latest software revision to add the subscription, or they can purchase a new system with the capabilities included.
The subscription for the AI Network Firewall will carry a higher price than previous subscriptions, he said. Meintzer said it was too early to determine whether the offering would primarily lead customers to upgrade existing systems or purchase new hardware.
According to Meintzer, the product is differentiated by its ability to address threats from both outside and inside an organization, including data-loss-prevention capabilities for applications, Model Context Protocol server protections and the ability to identify shadow AI. He said competitors may need to rely on secondary technologies or virtual instances to provide similar capabilities, while some may not offer them within their products.
“It’s brand new, so we’ll have to see how the adoption goes,” Meintzer said.
Platform Strategy, Subscription Revenue and M&A Check Point continues to position itself as a platform provider but is pursuing an “Open Garden” approach rather than requiring customers to standardize exclusively on its products, Meintzer said. He cited the company’s continuous threat exposure management, or CTEM, offering and its Veriti acquisition, which provides virtual patching for more than 70 competing products.
Meintzer said the strategy allows Check Point to help secure a customer’s broader environment even when that environment includes competitors’ technologies. He described CTEM as the company’s fastest-growing product, while noting that it remains relatively small compared with the company’s overall business.
On subscription revenue, Meintzer said growth could flatten temporarily because of pressure on attached services before accelerating again. He said unattached subscriptions, which include SASE, CTEM, endpoint, Avanan, Workspace and AI-related offerings, represent more than 30% of subscription revenue and could eventually account for 50% of that line.
He said Check Point’s SASE product is “enterprise ready” and is continuing to improve. The company expects the offering could begin to make a greater difference in the coming year.
Meintzer also said Check Point has the cash and appetite to pursue a larger acquisition, though it will not force a transaction. Any acquisition would need to make strategic sense and improve the company’s offerings. He said mergers and acquisitions are not essential to reaching the company’s double-digit growth objective, but could accelerate progress toward that goal.
Ultimately, Meintzer said the company’s growth ambitions depend primarily on go-to-market execution, including sales and marketing. He also said AI-driven capacity needs and Check Point’s differentiated offerings could support an accelerated refresh cycle in the future.
Meintzer highlighted Maestro as another differentiator, particularly for large-capacity networks. He said the product is frequently discussed by customers and is well suited to high-end deployments, including neocloud environments.
About Check Point Software Technologies (NASDAQ:CHKP)Check Point Software Technologies Ltd. is an Israeli-founded cybersecurity company that develops, markets and supports a broad portfolio of network, cloud and endpoint security products. Founded in 1993, the company was an early pioneer of stateful inspection firewall technology and later developed a modular “software blade” approach that allowed customers to combine protection capabilities. Check Point's product set spans physical and virtual security appliances, software and cloud-native services designed to prevent cyberattacks, protect data and simplify security management for enterprises and service providers.
Key product families include Quantum Security Gateways (on-premises and hybrid appliances), CloudGuard (cloud security posture and workload protection), Harmony (endpoint, remote access and unified endpoint security), and SandBlast (advanced threat prevention and sandboxing).
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3 Small-Cap Stocks on the Way to Bigger and Better DaysCentral Garden & Pet NASDAQ: CENT executives said the company is entering a period of record profitability, expanding margins and increased acquisition activity as it simplifies its operating structure and pursues growth in pet and garden products.
Speaking at Canaccord’s 46th Annual Growth Conference, Chief Executive Officer Niko Lahanas said the company’s year-to-date results included record earnings, EBIT, EPS, cash flow and cash balances. He said the Garden segment posted a record quarter and that the company’s fiscal third-quarter EPS was its second-highest ever, despite what he described as a difficult comparison period.
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MarketBeat ‘Stock of the Week’: Central Garden & Pet Lahanas also pointed to Central Garden & Pet’s pending acquisition of an 80% interest in European pet-supplies company TRIXIE, which he said is expected to close in January or February of next year. The transaction represents a major international expansion for the company, bringing foreign-exchange exposure as well as a presence in Europe.
TRIXIE Deal Expands European Pet Presence Lahanas described TRIXIE as Europe’s largest pet-supplies business and said combining it with Central’s operations would create what he called the largest global pet-supplies business. He said the transaction offers a platform for further European consolidation, citing a fragmented market and lower acquisition multiples than those seen in the U.S.
Growth Ahead for Central Garden & PetThe CEO said TRIXIE also increases Central’s exposure to cat products, an area where the company’s existing presence is limited. About 20% to 25% of TRIXIE’s business is related to cats, according to Lahanas. He said Central sees continued opportunity in cat products, citing cats’ lower-maintenance nature for consumers.
Central ended its fiscal third quarter with nearly $1 billion in cash and has not tapped its asset-based lending facility, giving it nearly $2 billion of available capital, Lahanas said. He estimated the TRIXIE transaction could total more than $400 million, assuming earn-out payments are achieved.
“Deals beget deals,” Lahanas said, adding that Central has received more inbound acquisition interest following the TRIXIE announcement. He said the company has completed more than 60 acquisitions over its 40-year history and considers M&A a core part of its strategy, particularly in mature categories where acquisitions can alter competitive positioning more quickly than organic growth alone.
Simplification Efforts Support Margins Management attributed improving profitability in part to cost reductions, logistics consolidation and portfolio optimization. Lahanas said the company has focused on exiting or restructuring businesses where it lacks a “right to win” or where channel dynamics have changed structurally.
Central recently announced the divestiture of its pet distribution business through a joint venture in which it will retain a 20% stake. Lahanas said the distribution operation had a large customer base, a SKU count approaching 40,000, fuel exposure, trucking costs and workers’ compensation costs, while generating relatively low margins.
The joint venture structure will preserve Central’s access to independent pet retailers and the product innovation taking place in that channel, while keeping the business out of its consolidated financial results, he said. Lahanas added that independent pet retailers face pressure from food, drug and mass retailers, e-commerce, convenience and subscription models.
He said Central has structurally improved its profitability, noting that the pet business has a gross margin “with a four in front of it” and EBITDA margins of approximately 19% on the pet side. The Garden business can generate similar margins during its season, he said.
Garden Portfolio Helps Offset Weather Volatility Jason Barnes, executive vice president of Garden Consumer Products, said Central’s garden portfolio differs from competitors because of its breadth. In addition to categories shared with companies such as The Scotts Miracle-Gro Company and Spectrum Brands, Central operates in wild bird, live goods and packet seeds.
That diversification can help moderate weather-related volatility, Barnes said. Wild bird products, for example, can perform better in colder conditions than traditional spring garden categories.
Weather remained a major factor during the most recent garden season. Barnes said a strong March and early April gave way to a difficult May, as the market shifted from cold and wet weather to a heat dome without a typical spring period. He said the company’s ability to manage costs and its profit-and-loss structure helped it navigate the volatility and still deliver a record Garden quarter.
Executives also highlighted continued strength in wild bird products. Lahanas said the category gained younger consumers during the pandemic and has remained resilient. Central introduced its Feeding Frenzy product line at Walmart roughly a year ago, supported by new packaging and digital marketing.
E-Commerce, Data and Value Remain Priorities E-commerce accounts for about 26% of Pet sales and about 10% of Garden sales, Lahanas said. Barnes said Central expects Garden e-commerce penetration to expand by another 200 basis points this year, supported by its direct-to-consumer pest-control capabilities and growth across both pure-play and omnichannel retail.
Beyond acquisitions and share repurchases, Central plans to invest in its data infrastructure, artificial intelligence capabilities, logistics network and robotics. Lahanas said the company’s acquisition history has left data insufficiently integrated, and management sees improved data organization as necessary to use AI tools effectively.
On consumer demand, Lahanas said shoppers remain focused on value, particularly at the lower end of the income spectrum. He cited the company’s Bully Hide pet product and The Rebels value-tier grass seed brand as examples of products designed to provide lower-priced options while maintaining quality.
About Central Garden & Pet (NASDAQ:CENT)Central Garden & Pet NASDAQ: CENT is a leading North American specialty retailer, manufacturer and distributor serving the lawn and garden and pet supplies markets. The company operates through two primary segments: Pet and Garden. In the Pet segment, Central Garden & Pet offers a comprehensive range of products including pet food, treats, accessories, training products and habitat solutions for dogs, cats, birds, fish and small animals. The Garden segment encompasses a wide array of lawn, garden and outdoor living products, such as soils, fertilizers, planters, pest control solutions, landscape lighting and watering equipment.
Central Garden & Pet's product portfolio includes both proprietary and branded offerings.
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Tesla, Nvidia, and Google helped shape the last era of market growth, but the next wave could come from a new group of companies. Inside this report, you’ll find 7 stocks that could play a major role in the next tech-driven market boom.
Reinsurance Group of America má od 11 analytiků konsenzus „Moderate Buy“. Firma zároveň oznámila za čtvrtletí EPS 8,89 USD a tržby 6,64 mld. USD, což překonalo odhad zisku na akcii.
Reinsurance Group of America, Incorporated (NYSE:RGA – Get Free Report) has been given an average rating of “Moderate Buy” by the eleven brokerages that are covering the company, MarketBeat Ratings reports. One equities research analyst has rated the stock with a sell rating, two have given a hold rating, seven have given a buy rating and one has assigned a strong buy rating to the company. The average 1 year price target among brokerages that have covered the stock in the last year is $257.1111.
Several research analysts have recently commented on the stock. Evercore reissued an “outperform” rating and issued a $267.00 price objective on shares of Reinsurance Group of America in a research note on Monday, May 18th. JPMorgan Chase & Co. upped their target price on shares of Reinsurance Group of America from $286.00 to $293.00 and gave the stock an “overweight” rating in a research note on Tuesday. Weiss Ratings reiterated a “buy (b)” rating on shares of Reinsurance Group of America in a report on Wednesday, May 13th. TD Cowen boosted their price target on shares of Reinsurance Group of America from $212.00 to $235.00 and gave the stock a “hold” rating in a research note on Wednesday, July 22nd. Finally, Wells Fargo & Company upped their price objective on Reinsurance Group of America from $261.00 to $269.00 and gave the stock an “overweight” rating in a research report on Thursday, July 9th.
Get Our Latest Research Report on Reinsurance Group of America
Reinsurance Group of America Price Performance RGA opened at $244.55 on Wednesday. The stock’s 50-day moving average price is $224.17 and its 200 day moving average price is $214.35. Reinsurance Group of America has a 12-month low of $178.21 and a 12-month high of $248.13. The firm has a market cap of $15.97 billion, a price-to-earnings ratio of 10.74 and a beta of 0.47. The company has a current ratio of 0.14, a quick ratio of 0.14 and a debt-to-equity ratio of 0.41.
Reinsurance Group of America (NYSE:RGA – Get Free Report) last released its earnings results on Thursday, August 6th. The insurance provider reported $8.89 earnings per share for the quarter, beating the consensus estimate of $6.50 by $2.39. The company had revenue of $6.64 billion during the quarter, compared to the consensus estimate of $6.67 billion. Reinsurance Group of America had a return on equity of 14.78% and a net margin of 5.81%.Reinsurance Group of America’s revenue was up 18.5% compared to the same quarter last year. During the same period in the previous year, the company posted $4.72 EPS. As a group, sell-side analysts expect that Reinsurance Group of America will post 26.84 earnings per share for the current year.
Reinsurance Group of America Increases Dividend The business also recently announced a quarterly dividend, which will be paid on Tuesday, September 1st. Investors of record on Tuesday, August 18th will be paid a dividend of $0.98 per share. This represents a $3.92 annualized dividend and a yield of 1.6%. The ex-dividend date of this dividend is Tuesday, August 18th. This is a positive change from Reinsurance Group of America’s previous quarterly dividend of $0.93. Reinsurance Group of America’s payout ratio is presently 16.34%.
Insider Activity In other Reinsurance Group of America news, EVP Ronald Herrmann sold 7,000 shares of the company’s stock in a transaction dated Thursday, May 14th. The stock was sold at an average price of $210.58, for a total transaction of $1,474,060.00. Following the sale, the executive vice president owned 3,938 shares in the company, valued at $829,264.04. This represents a 64.00% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, EVP John W. Hayden sold 414 shares of the stock in a transaction dated Wednesday, May 20th. The shares were sold at an average price of $214.95, for a total value of $88,989.30. Following the completion of the sale, the executive vice president directly owned 20,949 shares in the company, valued at $4,502,987.55. This represents a 1.94% decrease in their position. The disclosure for this sale is available in the SEC filing. 0.60% of the stock is owned by corporate insiders.
Institutional Trading of Reinsurance Group of America Hedge funds have recently added to or reduced their stakes in the company. Foster & Motley Inc. purchased a new position in Reinsurance Group of America in the second quarter worth approximately $1,049,000. Bank of New York Mellon Corp purchased a new stake in shares of Reinsurance Group of America in the 2nd quarter valued at approximately $82,836,000. Wedge Capital Management L L P NC raised its holdings in shares of Reinsurance Group of America by 965.2% in the 2nd quarter. Wedge Capital Management L L P NC now owns 179,440 shares of the insurance provider’s stock valued at $38,158,000 after purchasing an additional 162,594 shares in the last quarter. Handelsbanken Fonder AB raised its holdings in shares of Reinsurance Group of America by 4.7% in the 2nd quarter. Handelsbanken Fonder AB now owns 17,900 shares of the insurance provider’s stock valued at $3,806,000 after purchasing an additional 800 shares in the last quarter. Finally, Elevation Wealth Partners LLC lifted its position in shares of Reinsurance Group of America by 9.5% during the 2nd quarter. Elevation Wealth Partners LLC now owns 702 shares of the insurance provider’s stock worth $149,000 after purchasing an additional 61 shares during the last quarter. Institutional investors and hedge funds own 95.11% of the company’s stock.
About Reinsurance Group of America (Get Free Report)
Reinsurance Group of America, Incorporated (NYSE: RGA) is a leading global provider of life and health reinsurance solutions. Headquartered in St. Louis, Missouri, RGA partners with primary insurance companies to help them manage risk, improve capital efficiency and develop innovative products. The company’s offerings span traditional risk transfer, financial solutions and facultative underwriting services, enabling clients to address a wide range of mortality, longevity, morbidity and critical-illness exposures.
RGA’s product suite includes life reinsurance, living benefits reinsurance, structured reinsurance and financial solutions that support product innovation and capital management.
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Worksport zveřejnil výsledky hospodaření za 2. čtvrtletí 2026 a podal zprávu o provozním pokroku a strategických prioritách. Současně podal i formulář 10-Q za období končící 30. června 2026.
Steven Rossi
Founder, Chairman, President, CEO & Secretary
Good afternoon, everyone, and thank you for joining Worksport's Second Quarter 2026 Earnings Call. I'm Steve Rossi, Founder and Chief Executive Officer. With me is Jennifer Kartychak, our Chief Financial Officer. Jennifer was appointed CFO effective May 1, following Michael Johnson's resignation at the end of April.
She has served as our Vice President of Finance since January and started working with the company in 2023. So this is the continuation rather than a transition. This is our second earnings call on the role, and I'm glad to have her here today with me.
Our quarterly report on Form 10-Q for the period ended June 30, 2026 was filed today and will be available on the SEC's website and on our Investor Relations website along with these remarks and accompanying presentation. Our remarks will follow the slides.
We will open the line for questions. Let me start with some safe harbor statements. During this call, we'll make forward-looking statements, including statements regarding our expectations for financial and business trends, our market position, our go-to-market growth initiatives and our product programs and their expected benefits.
These statements are predictions based on current beliefs, expectations and assumptions because they relate to the future, they are inherently subject to uncertainties, risks and changes in circumstances that are difficult to predict and many of which are outside of our control.
Actual results may differ materially and you should not place undue reliance on that these
Google jmenoval Koraye Kavukcuoglua šéfem DeepMind, aby zrychlil vývoj Gemini a dohnal OpenAI a Anthropic. Alphabet po oznámení ve čtvrtek oslabil, přesto akcie za posledních 12 měsíců vzrostly asi o 76 %.
DeepMind's new boss is set to face intense pressure to close the AI performance gap with OpenAI and Anthropic.
OpenAI and Anthropic have released new systems in recent months that have been both hailed for and prompted concern over their advanced capabilities. On the other hand, Google, which acquired DeepMind in 2014, hasn't unveiled a frontier model since early 2026.
Koray Kavukcuoglu, who was previously the AI unit's CTO and parent company Google's chief AI architect, is inheriting a race to catch up to OpenAI and Anthropic at the frontier — building the industry's most advanced models. He's stepping up to become SVP, replacing DeepMind cofounder and CEO Demis Hassabis, who becomes the organization's chair.
"The goal will undoubtedly be to close the gaps with Anthropic and OpenAI in some areas," Ben Wood, chief analyst at CCS Insight, told CNBC.
Kavukcuoglu's promotion "feels like a move that is designed to adjust the focus of Google's efforts away from academic projects and more toward a stronger focus on improving frontier performance and improving the toolset for developers," Wood added.
Competing at the frontierGoogle has lagged behind OpenAI, which set the pace after releasing ChatGPT to the public in 2022. That shifted in November 2025 when Google released Gemini 3.
watch now
Analysts said the model "moved the frontier forward", with capabilities that "far exceed[ed] what we've typically come to expect from this generation of frontier models."
But 2026 has seen OpenAI and Claude maker Anthropic pull ahead with new releases. Anthropic's Mythos model broke new ground, and OpenAI's GPT-5.6 was similarly lauded.
Following Gemini 3.1 Pro in February, Google's releases this year haven't challenged at the frontier. It assembled an internal team called "Code Strike" to bolster coding capabilities, crucial to the drive to develop artificial general intelligence (AGI).
Google fell behind Anthropic and OpenAI "because its focus was much more on monetizable areas such as Search, and multi-modal and it lost out on the first clear killer use case, which is coding," Malik Ahmed Khan, senior equity analyst at Morningstar, told CNBC. Coding is an area where those two companies are "miles ahead" of Google, he added.
A Google spokesperson told CNBC it would be inaccurate to say the company was distracted from its mission of solving "intelligence" before solving "everything else." They said the path to AGI will involve pushing on fronts including agents, coding, robotics and world models, and pointed to DeepMind releases across robotics, video and computer use, as well as public policy work and research.
DeepMind under KavukcuogluKavukcuoglu is part of DeepMind's old guard, having joined in 2012 before the Google acquisition, and will look to bring renewed focus on challenging Anthropic and OpenAI at the frontier, amid several high-profile departures.
Reporting directly to Google CEO Sundar Pichai, Kavukcuoglu will oversee Gemini model development, Frontier AI research, and the Gemini app and developer teams, Pichai said in a statement.
Kavukcuoglu's appointment will bring "more focus to GDM, with LLM [large language model] improvements being the clear route forward," Morningstar's Khan said. "We think Google is likely better positioned in the LLM race with these changes than it was without them," he added.
"Demis has been much more interested in building AGI that was beyond LLMs," Khan said.
Hassabis' tenure leading DeepMind "saw a clear focus on other areas such as multi-modal, such as world models, as well as his work in health, for example with Isomorphic Labs," he added.
Kavukcuoglu had been taking on broader responsibilities from Hassabis over the past year, including directing model development and presenting major Gemini releases, a person close to the DeepMind team told CNBC last week.
Kavukcuoglu's promotion "shows that Google is prioritizing execution over deep research," Ray Wang, principal analyst at Constellation Research, told CNBC. "Expect faster releases, more experimentation and an emphasis on developing to a product roadmap."
Alphabet shares sank in July after Bloomberg reported that the company had delayed the release of Gemini 3.5 Pro to try and improve performance in areas like coding.
"The first step [for Kavukcuoglu] would be to ship Gemini 3.5 Pro if possible, and then prove it wasn't a one-off by maintaining a predictable release cadence," said Nick Patience, AI lead at the Futurum Group. Beyond shipping a model that competes at the frontier, Kavukcuoglu "needs to rebuild the coding and pretraining expertise that walked out the door," he told CNBC.
watch now
DeepMind was based in London before its acquisition and Hassabis remained in the city as CEO when it became a division within Google. DeepMind's continued presence there spurred the U.K. AI ecosystem.
Under his previous role, Kavukcuoglu moved from London to Google's headquarters in Mountain View, California.
"Google is quietly consolidating its AI leadership out of London," Patience said. A Google spokesperson told CNBC it remained committed to its presence in the UK capital.
Google's AI playAlphabet shares dropped on Thursday when the AI reshuffle was announced, though the stock has risen around 76% in the last 12 months.
Alphabet CEO Pichai said on last month's earnings call that nearly 90% of Fortune 100 companies are using Gemini Enterprise, stressing the company's ability to sell AI services to cloud customers.
"Although the model is behind and they want to catch up and they take that seriously, the monetization of the model is doing extremely well," Sebastian Mallaby, author of "The Infinity Machine," a biography of Hassabis, told CNBC's "Squawk Box" on Monday. He pointed to Google's AI being deployed across Android phones and Siri and Apple Intelligence on iPhones.
It was wrong to "paint a picture of a general crisis" at the company because of big-name departures, Mallaby added. "It's a big team. It's several thousand people on the Gemini team, if you count everybody. And so we shouldn't over-index on a few famous names."
The breadth of Kavukcuoglu's remit — Gemini model development, the Gemini app and developer teams, and reporting directly to Sundar Pichai — could also boost Google's AI advantage, said Brian Hopkins, VP, emerging tech and principal analyst at Forrester.
"Models, the app, and the developer teams under one executive is how a company organizes a product group rather than a lab," he told CNBC. "This is something that Google knows how to do much better than OpenAI or Anthropic."
— CNBC's MacKenzie Sigalos contributed to this report.
Satya Nadella obdržel rekordní odměnu 96,5 milionu USD, protože Microsoft ve fiskálním roce 2025 těžil z výrazného pokroku v AI a cloudu. Více než 95 % jeho cílové odměny je navázáno na výkon.
Satya Nadella's record $96.5 million pay package is really a mirror of how tightly his financial fate is now tied to Microsoft's (MSFT -0.45%) artificial intelligence (AI) future, and I think that matters a lot for anyone holding the stock. In fiscal 2025, Microsoft's board disclosed that Nadella's total compensation rose about 22%, from 79.1 million to roughly 96.5 million, the highest since he became CEO in 2014.
Microsoft had just posted a powerful year, with revenue up about 15%, operating income up 17%, and cloud revenue up 23% to nearly $169 billion, while Azure revenue grew 34% and surpassed $75 billion. The proxy statement and board commentary explicitly cited "exceptional progress in artificial intelligence" and said that Nadella's leadership had positioned Microsoft as a clear AI leader amid a generational technology shift.
Satya Nadella, CEO of Microsoft. Image source: Microsoft Corporation.
When you look at the structure of that pay, the alignment jumps out. The base salary is only $2.5 million. Around $9.5 million is a cash bonus. The rest, roughly $84 million, is stock awards that move directly with Microsoft's share price. The proxy explains that over 95% of his annual target compensation is performance-based, and at least 70% is equity. His performance stock awards are tied to long-term metrics, including total shareholder return relative to the S&P 500, Microsoft incentive plan revenue, Azure and other cloud services revenue, and Microsoft Cloud revenue. In other (more simple) words, Nadella gets paid when the business grows, margins hold up, the stock outperforms, and the cloud-plus-AI engine keeps compounding.
Today's Change
(
-0.45
%) $
-2.25
Current Price
$
503.81
What does this mean for investors? For investors like us, this is exactly what you want to see. There is obviously a gut reaction to a $96.5 million headline number, especially when the CEO-to-median-employee pay ratio is nearly 480-to-1, as of 2025. But the question is not whether the figure feels large. It is whether the incentives push the leader toward decisions that create durable value instead of short-term optics. Microsoft has deliberately avoided time-based stock grants for Nadella and uses overlapping performance periods, TSR modifiers, and multiyear vesting to keep him focused on long horizons rather than quarter-to-quarter spikes.
To me, the signal in this package is clear. Microsoft's board thinks artificial intelligence and cloud are the core of the story for the next decade, and it has structured Nadella's personal economics so that he wins only if shareholders win, too. You can debate the exact dollar amount, but if you own the stock, having a CEO whose pay lives and dies with the same AI-driven metrics that support your thesis is a lot better than the alternative.
Polymarket dává NVIDIA jen 9% šanci, že na konci měsíce zavře nad 260 USD, proti 50 % před měsícem. Akcie jsou před výsledky za 2. čtvrtletí, které přijdou později v srpnu.
Even as NVIDIA Corp.’s (NASDAQ:NVDA) shares surge in August, cryptocurrency punters remain skeptical that the stock will finish the month at or above $250.
Polymarket Wagers on NVDAThe betting crowd on Polygon (CRYPTO: POL)-based Polymarket currently assigns only a 9% chance to the possibility, down from 50% a month ago.
The odds of NVDA ending above $260 also remained at 9%. Punters put the odds at 62% for a close above $210 on Aug. 31, and 87% for a close above $190. The prediction market was pricing a 99% probability that the stock would close above $140.
The stock closed at $200.75 on the last trading day in July, and has gained 8.34% month-to-date. It closed at $223.96 last week, but has since retraced.
Read Next
NVIDIA, often viewed as the definitive gauge of AI sector, is set to release its second-quarter results later on Aug. 26, making the month pivotal for the stock.
Analysts expect the company to report earnings per share of $2.07, up nearly 100% year-over-year. The firm is expected to report revenue of $91.82 billion, a 96% increase from the same quarter last year.
Investors are waiting to see if earnings beat expectations, and whether that catalyst is enough to push shares higher.
The stock carries a consensus “Buy” rating from 30 analysts, with an average price target of $313 and a third-quarter target of $323.
Price Action: NVIDIA shares rose 0.25% in after-hours trading after closing 0.02% lower at $217.50 during Tuesday’s regular trading session, according to data from Benzinga Pro. Year-to-date, the stock has rised 16.64%.
Benzinga Edge Stock Rankings indicate that NVDA maintains a stronger price trend across short-, medium-, and long-term timeframes, supported by elevated Value and Growth scores.
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Photo: Blossom Stock Studio / Shutterstock
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Franco-Nevada ve 2. čtvrtletí zvýšila tržby o 57 % na 580,9 mil. USD a GEOs o 18 % na 132 405. Firma zároveň uvedla, že míří do horní poloviny celoročního rozpětí pro rok 2026.
Tracking towards the upper half of annual guidance range
(in U.S. dollars unless otherwise noted)
, /PRNewswire/ -- Gold equivalent ounces sold in the quarter were 18% higher compared to the prior year period. Financial results benefited further from strong year-over-year precious metal and oil prices in the quarter. Production for the portfolio is expected to be weighted to the second half of the year, largely due to the expected production profiles at Candelaria, Tocantinzinho and Côté Gold, among others. During the quarter, the Government of Panama allowed the processing of stockpiles at Cobre Panamá to commence and established a ministerial commission to consider the future of the mine. The Company is tracking towards the upper half of its annual guidance range for 2026 due to elevated oil prices and anticipated deliveries from the processing of stockpiles at Cobre Panamá.
"Our portfolio is set to benefit from strong organic growth evidenced by resource increases, planned mine expansions and project advancements," stated Paul Brink, President & CEO. "With $4.3 billion in available capital, the Company is also well positioned to take advantage of a strong pipeline of deal opportunities."
Financial Highlights – Q2 2026 compared to Q2 2025
$580.9 million in revenue, +57%. 132,405 GEOs1 sold, +18%. 122,205 Net GEOs1 sold, +20%. $482.5 million in operating cash flow, +12%. $529.7 million ($2.75/share) in Adjusted EBITDA2, +45%. $354.0 million ($1.84/share) in net income, +43%. $349.2 million ($1.81/share) in Adjusted Net Income2, +46%. $4.3 billion in Available Capital3 as at June 30, 2026. Financial Highlights – H1 2026 compared to H1 2025
$1,231.6 million in revenue, +67% – new half-year record. 268,758 GEOs sold, +13%. 248,225 Net GEOs sold, +15%. $1,002.9 million in operating cash flow, +39% – new half-year record. $1,121.6 million in Adjusted EBITDA or $5.82/share, +63% – new half-year records. $822.6 million in net income or $4.27/share, +80% – new half-year records. $807.5 million in Adjusted Net Income or $4.19/share, +82% – new half-year records. GEOs Sold and Revenue
Quarterly GEOs sold and revenue by commodity
Q2 2026
Q2 2025
GEOs Sold
Revenue
GEOs Sold
Revenue
#
(in millions)
#
(in millions)
PRECIOUS METALS
Gold
91,224
$
403.0
78,738
$
258.4
Silver
19,695
83.5
11,520
38.1
PGM
3,192
12.2
2,191
7.5
114,111
$
498.7
92,449
$
304.0
DIVERSIFIED
Iron ore
2,037
$
9.1
2,197
$
7.2
Other mining assets
573
2.7
900
3.0
Oil
10,057
45.3
10,337
30.6
Gas
4,398
19.8
4,243
16.9
NGL
1,229
5.3
1,967
5.0
18,294
$
82.2
19,644
$
62.7
GEOs and revenue from royalty, stream and working interests
132,405
$
580.9
112,093
$
366.7
Interest revenue and other interest income
—
$
—
—
$
2.7
Total GEOs and revenue
132,405
$
580.9
112,093
$
369.4
Year-to-date GEOs sold and revenue by commodity
H1 2026
H1 2025
GEOs Sold
Revenue
GEOs Sold
Revenue
#
(in millions)
#
(in millions)
PRECIOUS METALS
Gold
182,382
$
839.9
164,261
$
504.2
Silver
43,313
197.0
24,011
75.2
PGM
6,396
29.9
4,800
15.3
232,091
$
1,066.8
193,072
$
594.7
DIVERSIFIED
Iron ore
5,831
$
26.2
6,085
$
19.6
Other mining assets
1,976
8.8
2,457
7.4
Oil
17,463
78.8
23,830
65.5
Gas
8,977
40.4
8,742
34.3
NGL
2,420
10.6
4,492
10.7
36,667
$
164.8
45,606
$
137.5
GEOs and revenue from royalty, stream and working interests
268,758
$
1,231.6
238,678
$
732.2
Interest revenue and other interest income
—
$
—
—
$
5.6
Total GEOs and revenue
268,758
$
1,231.6
238,678
$
737.8
In Q2 2026, we recognized revenue of $580.9 million, an increase of 57% from Q2 2025, and sold 132,405 GEOs, an increase of 18% from Q2 2025. We benefited from higher precious metal and oil prices compared to Q2 2025, strong contributions from Antapaccay, Antamina, South Arturo, Musselwhite, and incremental contributions from Côté Gold, Casa Berardi, Valentine and Porcupine, all of which were acquired or commenced production approximately over the past year. We also benefited from an increase in revenue from our Diversified assets, particularly from our Weyburn and SCOOP/STACK interests.
Precious Metal assets accounted for 86% of our revenue in Q2 2026 (70% gold, 14% silver, and 2% PGM). Revenue was sourced 88% from the Americas (40% South America, 25% Canada, 16% U.S. and 7% Central America & Mexico).
Portfolio Additions
Acquisition of Royalty on the Comet Vale Gold Mine – Australia: Subsequent to quarter-end, on July 15, 2026, we acquired a 2.0% gross royalty on all gold production from the majority of the mining leases of Gorilla Gold Mines Ltd's Comet Vale gold project, including the Sovereign and Cheer deposits, in the north Kalgoorlie region of Western Australia for $8.4 million (A$12.0 million), plus a contingent payment of $2.1 million (A$3.0 million). Acquisition of Royalties on the Greenstone Gold Mine – Canada: On June 22, 2026, we acquired a 5.0% NPI and 2.0% NSR that cover part of Equinox Gold Corp.'s broader Greenstone Gold Mine property for total cash consideration of $2.0 million. The 5.0% NPI area overlaps with a portion of our existing 3.0% NSR on Greenstone. Acquisition of Royalty on Youanmi Gold Mine – Australia: On May 29, 2026, we acquired a 1.0% NSR on all gold production from the mining leases of Rox Resources Limited's Youanmi gold project in the Murchison region of Western Australia for $32.9 million (A$47.0 million). Acquisition of Royalty Portfolio from Victoria Gold Corp.– Canada and U.S.: On April 16, 2026, we closed the previously announced acquisition of a portfolio of six royalties previously held by Victoria Gold Corp. for total cash consideration of $40.0 million (C$55.0 million). The portfolio includes a 6.0% NSR (subject to a 5.0% buy-back at the operator's election) on Banyan Gold Corp.'s AurMac property and a 1.0% NSR on Banyan Gold's Hyland property, both in the Yukon. The portfolio also includes milestone payments on i-80 Gold Corp.'s Cove project in Nevada and three additional royalties on earlier stage properties in Nevada and the Yukon. Cobre Panamá Update
Cobre Panamá remains in a phase of Preservation and Safe Management ("P&SM") with production halted.
During the quarter, the integral audit, carried out by SGS Global, was completed and on June 19, 2026, Panama's Ministry of Environment, MiAmbiente, published SGS' final integral audit report, representing an overall compliance rate of 87.7%.
During the quarter, the Government of Panama (the "GOP") established a high-level ministerial commission comprising the Ministers of Commerce and Industries, Economy and Finance, and Environment to evaluate matters relating to the future of the Cobre Panamá mine, including consideration of the integral audit findings and associated economic, environmental, and legal implications.
On April 7, 2026, the GOP authorized the removal, processing, and export of stockpiled ore (the "Processing Program") currently stored on site at the Cobre Panamá mine as part of the P&SM plan. As a result, after two years of halted operations, Cobre Panamá transitioned to the execution of the approved Processing Program. Commissioning of the first processing train was completed during May 2026, followed by the commencement of stockpile processing and the production of the first copper concentrate. Production reflected the successful commissioning and restart of one of the three milling circuits while Cobre Panamá continued to execute the P&SM plan in accordance with regulatory requirements.
First Quantum estimates that Cobre Panamá will produce between 30,000 and 40,000 tonnes of copper in 2026, with the remaining balance to be processed in 2027 for a total of approximately 70,000 tonnes. Based on these estimates, Cobre Panamá stream deliveries to Franco‑Nevada are expected to total approximately 23,100 gold ounces and 265,000 silver ounces. Deliveries of stream ounces to Franco-Nevada, which are determined based on the sale of copper concentrate by First Quantum under its offtake agreements, are expected to commence in Q3 2026, with one-third of deliveries anticipated in H2 2026.
Guidance
The following contains forward-looking statements. For a description of material factors that could cause our actual results to differ materially from the forward-looking statements below, please see the "Forward-Looking Statements" section at the end of this news release and the "Risk Factors" section of our most recent Annual Information Form filed with the Canadian securities regulatory authorities on www.sedarplus.com and our most recent Form 40-F filed with the SEC on www.sec.gov. Our 2026 guidance is based on assumptions including the forecasted state of operations from our assets based on public statements and other disclosures by the third-party owners and operators of the underlying properties and our assessment thereof.
Production for the portfolio is expected to be weighted to the second half of the year as previously guided, largely due to production profiles at Candelaria, Tocantinzinho, Côté Gold, Greenstone and Valentine. We also expect to benefit from the commencement of processing of stockpiled ore at Cobre Panamá, as outlined in the section above. With the inclusion of the anticipated Cobre Panamá deliveries, we are tracking towards the upper half of our 2026 Total GEOs guidance range. Furthermore, we are benefiting from elevated oil and natural gas liquids prices, with H1 2026 oil revenue of $78.8 million increasing 20% relative to H1 2025. Should oil prices remain elevated, we would expect a continued positive impact on our Energy revenue. An increase of $10 relative to our assumed WTI price of $70 per barrel is estimated to increase oil revenue by approximately 12%.
The following table presents our H1 2026 actual performance compared to our 2026 guidance.
2026 Guidance (1) (2)
H1 2026 Actual
Commodity
Gold ounces sold (oz)
360,000 to 400,000
182,382
Silver ounces sold (oz)
4,700,000 to 5,500,000
2,598,799
PGMs ounces sold (oz)
32,000 to 37,000
15,699
Diversified revenue (millions)
$245 to $285
$164.8
GEOs Sold (oz)
510,000 to 570,000
268,758
1
Our 2026 guidance assumes the following commodity prices: $4,500/oz Au, $75.00/oz Ag, $2,000/oz Pt, $1,650/oz Pd, $100/tonne Fe 62% CFR China, $70/bbl WTI oil and $3.00/mcf Henry Hub natural gas. GEOs for the 2026 period are calculated based on fixed conversion ratios based on the prices assumed in this 2026 guidance.
2
Our guidance does not reflect any incremental revenue from additional contributions we may make to the Royalty Acquisition Venture with Continental. Our guidance does not reflect any buy-backs which may be elected at the discretion of our operators with the exception of the buy-back of the Cascabel royalty and stream, which occurred in March 2026.
Sustainability Updates
During the quarter, we published our 2026 Sustainability Report, highlighting our sustainability-related initiatives and disclosures, including expanded disclosure relating to communities and Indigenous Peoples and enhanced climate-related disclosure. Franco-Nevada was recognized as one of Corporate Knights' Best 50 Corporate Citizens in Canada for 2026 and achieved an "A" rating in CDP's Supplier Engagement Assessment. We continued to strengthen our community engagement and contribution initiatives through operator partnerships, including support for the Boys & Girls Club Early Learning Center in Eureka, Nevada with i-80 Gold and for a community-based facility in Rustenburg, South Africa with Sibanye-Stillwater. During the quarter, we received a record number of applications for the Franco-Nevada Mining Industry Scholarship Program following the expansion of the program in partnership with the Young Mining Professionals Scholarship Fund.
Q2 2026 Portfolio Updates
Precious Metal assets: GEOs sold from our Precious Metal assets amounted to 114,111 GEOs for Q2 2026, an increase of 23% from 92,449 GEOs in Q2 2025. This was primarily due to higher deliveries from Antapaccay, Antamina, South Arturo and Musselwhite, and incremental contributions from Côté Gold, Casa Berardi, Valentine and Porcupine, which were acquired or commenced production approximately over the past year.
South America:
Candelaria (gold and silver stream) – GEOs sold in Q2 2026 were lower than those sold in Q2 2025. Production at the mine was lower compared to last year, which had the benefit of higher-grade ore from Phase 11. Lundin Mining expects production to be weighted towards H2 2026 due to increased availability of higher-grade Phase 12 ore, combined with increased underground mining rates as the underground insourcing initiative nears completion. In addition, Lundin has reported strong potential for mine life extensions through underground extensions, open pit push backs (Phase 14) and surface projects. The underground expansion is expected to achieve 14 ktpd in H2 2027 and progress towards 22 ktpd by 2030. Antapaccay (gold and silver stream) – GEOs sold in Q2 2026 were higher than those sold in Q2 2025, primarily due to processing of higher-grade ore. In addition, delivery shortfalls were experienced in the prior year period. Antamina (22.5% silver stream) – Silver ounces sold in Q2 2026 were higher than in Q2 2025. The increase in deliveries is attributable to higher silver grades in the current period and timing of shipments. Q3 2026 deliveries to Franco-Nevada are expected to be lower based on lower concentrator throughput at the mine in Q2 2026. Tocantinzinho (gold stream) – GEOs sold in Q2 2026 were relatively consistent with those sold in Q2 2025. G Mining Ventures expects production to be weighted towards H2 2026 as higher-grade mineralization becomes available in accordance with the mine plan. Condestable (gold and silver stream) – GEOs sold in Q2 2026 were higher than those sold in Q2 2025. The stream transitioned from fixed deliveries to variable deliveries with Q2 2026 being the first period with variable deliveries. Rio2 Limited expects to receive approval for the modification of the mine EIA during Q3 2026, which will permit an increase in production from 8,400 tonnes per day to 10,000 tpd, and will continue to assess opportunities to expand production further. In June 2026, Rio2 finalized an updated National Instrument 43-101 Technical Report which highlighted continued resource and reserve replacement and outlined a 14-year life of mine through 2039. Yanacocha (1.8% royalty) – GEOs from our Yanacocha royalty in Q2 2026 were relatively consistent with Q2 2025. Newmont anticipates production from Yanacocha for 2026 of approximately 460,000 gold ounces, with 272,000 gold ounces produced in H1 2026. PSJ Cobre Mendocino (San Jorge) (7.5% royalty) – PSJ Cobre Mendocino (formerly San Jorge), a copper-gold project located in the province of Mendoza in Argentina, obtained approval under Argentina's Large Investment Incentive Regime (RIGI) in May 2026. A feasibility study is expected in late 2026 and initial production is planned for 2029. Central America & Mexico:
Guadalupe-Palmarejo (50% gold stream) – GEOs sold in Q2 2026 were slightly lower than in Q2 2025, primarily due to the processing of a larger quantity of higher-grade ore in the previous year. In July 2026, Coeur Mining announced positive exploration results from an extensive exploration program. Drilling along the Main Mine Trend has further expanded mineralization at both the Hidalgo Corridor and Independencia Sur, where results are expected to add near-term reserves, some of which is expected to be within Franco-Nevada's stream boundaries. Canada:
Côté Gold (7.5% GMR) – Production (on a 100% basis) from Côté Gold in Q2 2026 was 96,200 gold ounces, in line with the prior year period, where production was 96,000 gold ounces. The replacement of the conveyor belt in May 2026 and the commissioning of a second cone crusher allowed the plant to operate at near full capacity in June 2026. IAMGOLD expects production to increase and unit costs to decline through H2 2026. In June 2026, IAMGOLD released an updated Mineral Resource estimate integrating the Côté and Gosselin zones into a consolidated block model, outlining Measured and Indicated Mineral Resources of 20.3 million ounces of gold (838.0 Mt at 0.75 g/t Au) and Inferred Mineral Resources of 3.5 million ounces of gold (177.1 Mt at 0.61 g/t Au). An updated Mineral Reserve estimate and updated mine plan outlining near-term opportunities to increase processing capacity to 40,000 tpd are expected in Q4 2026. In parallel, IAMGOLD is continuing to evaluate opportunities for a larger-scale expansion over the long term. Detour Lake (2% royalty) – Detour produced 207,279 ounces of gold during the quarter, a 23% increase over the prior year period driven by a higher-grade sequence and strong mine and mill performance. Development activities for the underground project continued during the quarter, with the exploration ramp reaching a depth of 180 metres as of June 30, 2026. Exploration drilling, which totalled 52,763 metres during the quarter, continued to expand and infill the mineralization below and to the west of the mineral resource pit. Hemlo (50% NPI and 3% NSR) – We earned fewer GEOs in Q2 2026 compared to Q2 2025 as access to higher-grade stopes was delayed based on mining sequence. In June 2026, Hemlo Mining Corporation announced an increased Mineral Resource estimate which outlined Measured and Indicated Mineral Resources of 387,000 ounces of gold (3,086 kt at 3.90 g/t Au) attributable to Franco-Nevada's 50% portion of the Interlake claims, a year-over-year increase of 18%. Porcupine (4.25% royalty) – GEOs sold in Q2 2026 increased compared to Q2 2025. In June 2026, Discovery acquired Glencore's Kidd Operations, providing Discovery with the potential to double production from the Timmins complex to 500,000 gold ounces annually. Discovery expects to release updated mineral resource updates for Dome and TVZ by the end of 2026. Additionally, Discovery has initiated the development of an exploration ramp between Hoyle Pond and Owl Creek to facilitate drilling along the trend. Greenstone (3% royalty) – Equinox Gold reported operational improvements in Q2 2026, as the number of days operating above nameplate capacity continues to increase, with 69% of days exceeding 27,000 tpd compared to 51% in the immediately preceding quarter. This trend is anticipated to continue into H2 2026 resulting in expected higher production quarter-over-quarter for the balance of the year. Equinox Gold expects Greenstone to produce between 250,000 and 275,000 gold ounces in 2026. Valentine (3% royalty) – Equinox Gold reported that the ramp-up is progressing well, with the mine averaging 113% of nameplate capacity for Q2 2026. Production is expected to increase in H2 2026, driven by higher mill feed grades and continued strong plant performance. Following its acquisition of Orla Mining on July 31, 2026, Equinox Gold revised its 2026 production guidance for Valentine from 150,000 – 200,000 gold ounces to 140,000 –150,000 gold ounces. In August 2026, Equinox Gold approved the construction of the Valentine Phase 2 expansion project. Construction is expected to be completed in late 2028. Musselwhite (5% NPI) – GEOs sold in Q2 2026 were higher than in Q2 2025. Production at the mine was higher due to improvements in stope sequencing and underground development rates. In addition, of the 5,198 GEOs recognized in Q2 2026, 3,951 GEOs were related to the 2025 annual period. On July 31, 2026, Equinox Gold completed its acquisition of Orla Mining. Equinox Gold expects production of between 100,000 and 110,000 gold ounces from Musselwhite for the period of August 1, 2026 to December 31, 2026. Sudbury (gold and PGM stream) – GEOs sold from our Sudbury stream were higher in Q2 2026 than in Q2 2025, supported by Magna Mining's record quarterly production under its ownership and continued operational momentum at McCreedy West, where underground development is expected to exceed 2,350 feet during the quarter, also a record under Magna ownership. Canadian Malartic (1.5% royalty) – At Odyssey, production from East Gouldie ramped up during the quarter. Gold production at Odyssey was a record and in line with plan at 28,800 ounces, with Odyssey expected to contribute approximately 120,000 ounces of gold in 2026. In July 2026, Agnico Eagle Mines Limited reported a rock mass movement along the north wall of the Barnat open pit. Franco-Nevada's royalty does not cover the Barnat pit. Agnico Eagle believes that the incident will not affect the development or production outlook for the Odyssey mine. For 2026, Franco-Nevada estimates 600-700 GEOs will be received from our royalty interest at Canadian Malartic. AurMac (1% royalty post buy-back) – Banyan Gold announced the final Environmental Impact Statement and Record of Decision are on track for Q4 2026. The draft EIS was published in April. An updated feasibility study is expected in H2 2026 with an investment decision expected in H1 2027. Kerr-Addison (1% royalty) – In July 2026, Cadillac Mines completed a C$385 million IPO, including a C$60 million investment from Agnico Eagle, providing significant funding to develop the Kerr-Addison project. U.S.:
South Arturo (4-9% royalties) – GEOs sold in Q2 2026 were higher than in Q2 2025, as Nevada Gold Mines continues to process ore from the South Arturo pit in 2026, in line with the Carlin mine plan. Production from Phase 1 is expected to continue through to the end of 2026. Bald Mountain (1-5% royalties) – Kinross reported that mining is advancing well at Bald Mountain Redbird and that the heap leach pad expansion is continuing ahead of schedule. i-80 (1.5% royalty) – i-80 Gold reported that construction at the Archimedes project, which commenced in Q3 2025, continues to be on schedule with first gold expected in Q4 2026. The refurbishment of the Lone Tree autoclave and plant also continues to advance and the plant is expected to achieve first pour in late 2027. Stibnite (1.7% gold royalty and 100% silver royalty) – Perpetua Resources reported that it had commenced critical path construction activities for the 2026 field season, following a decision in May 2026 by the United States District Court of Idaho denying a motion for a preliminary injunction filed by special interest groups. Perpetua anticipates operations to commence in 2029. Stillwater (5% royalty) – Sibanye-Stillwater announced the phased implementation of a new technique to achieve larger stope sizes to be completed by H2 2028 and steady state production of 410,000 2E PGM ounces by 2029. Stillwater West is expected to provide future optionality and upside. Castle Mountain (2.65-4.65% royalties) – Equinox Gold expects a final Environmental Impact Statement and Federal Record of Decision for the Castle Mountain Expansion in Q4 2026. An updated feasibility study is expected in H2 2026 with an investment decision in H1 2027. Rest of World:
Western Limb (gold and platinum stream) – GEOs sold in Q2 2026 were higher than in the prior year quarter. Sibanye-Stillwater reported that the ramp-up of the K4 shaft was 77% complete as of June 2026. Sibanye-Stillwater expects UG2 brownfield projects to sustain an annual underground production profile of 1.5Moz 4E PGM beyond 2035 and increases the mechanized and UG2 contributions to 64% and 80%, respectively. This indicative production profile exceeds our initial expectations at the time of the transaction. Tasiast (2% royalty) – GEOs from our Tasiast royalty were higher in Q2 2026 than in Q2 2025, primarily driven by higher throughput and timing of ounces processed through the mill. Bullabulling (2.45% royalty) – In July 2026, Minerals 260 Limited released an updated mineral resource estimate that substantially exceeded the initial maiden resource estimate. Concurrently, Minerals 260 announced the completion of a positive pre-feasibility study, outlining an annual production profile of 150,000 gold ounces over 19 years with production expected to commence in Q4 2028. Infrastructure for the processing plant of 5Mtpa will be designed to support a potential expansion to 7.5 Mtpa. The pre-feasibility study was based on the maiden ore reserve estimate. The expanded resource estimate is expected to be incorporated into a reserve update as part of a definitive feasibility study targeted for Q1 2027. Séguéla (0.6% royalty) – In July 2026, Fortuna Mining announced it had made a final investment decision for the Séguéla plant expansion, representing a 30% expansion and providing a pathway to production of over 200,000 gold ounces per year. The project includes an expansion of the Séguéla processing facility, upgrades to supporting infrastructure, and development of the Sunbird underground mine. Diversified assets: Our Diversified assets, primarily comprising our Iron Ore and Energy interests, generated $82.2 million in revenue, compared to $62.7 million in Q2 2025.
Other Mining:
Vale (iron ore royalty) – Revenue from the Vale royalty increased when compared to Q2 2025, largely driven by the inclusion of sales from the Southeastern System following the achievement of the cumulative sales threshold of 1.7 billion tonnes of iron ore in April 2025, partly offset by higher transportation costs. LIORC – Revenue from our attributable interest on the Carol Lake mine in Q2 2026 was relatively consistent with Q2 2025. Production at IOC in Q2 2026 was lower than Q2 2025 but improved relative to Q1 2026 as IOC is implementing a multi-year program to address operating challenges. Caserones (0.517% royalty) – In June 2026, Lundin Mining reported that annual cathode production at the mine increased to 25,000 tonnes following leaching improvements. Lundin expects to increase utilization of the cathode plant and further increase cathode production to approximately 40,000 tonnes per year, partially offsetting expected lower sulphide head grades in future years. Subsequent to quarter-end, production at Caserones was impacted by severe winter storms, which restricted site access and disrupted power supply for 13 days. Copper World (2.085% royalty) – Hudbay reported that the Copper World definitive feasibility study is progressing, with 95% of the engineering work completed, and a project sanctioning decision on track for late 2026 and first production expected in H2 2029. Crawford (2% royalty) – Canada Nickel Company received a positive decision statement from the federal Minister of Environment, Climate Change and Nature, and is advancing towards a construction decision in 2027. Energy:
U.S. (various royalty rates) – Revenue from our U.S. Energy interests increased to $46.2 million in Q2 2026, compared to $38.5 million in Q2 2025. The increase was primarily due to a higher share of production earned from our Continental Resources interests and stronger realized oil prices, including the benefit of higher natural gas liquids pricing across our principal gas assets. Overall, we continue to see steady production across the basins. Canada (various royalty rates) – Revenue from our Canadian Energy interests was $24.2 million in Q2 2026, compared to $14.0 million in Q2 2025 due to higher realized oil prices. We earned higher revenue from our Weyburn interests due to the leverage of the NRI royalty to the increase in oil prices in the quarter. Dividend Declaration
Franco-Nevada is pleased to announce that its Board of Directors has declared a quarterly dividend of US$0.44 per share. The dividend will be paid on September 24, 2026, to shareholders of record on September 10, 2026 (the "Record Date"). The dividend has been declared in U.S. dollars and the Canadian dollar equivalent will be determined based on the daily average rate posted by the Bank of Canada on the Record Date. Under Canadian tax legislation, Canadian resident individuals who receive "eligible dividends" are entitled to an enhanced gross-up and dividend tax credit on such dividends.
The Company has a Dividend Reinvestment Plan (the "DRIP") which allows shareholders of Franco-Nevada to reinvest dividends to purchase additional common shares at the Average Market Price, as defined in the DRIP, subject to a discount from the Average Market Price in the case of treasury acquisitions. The Company will issue additional common shares through treasury at a 1% discount to the Average Market Price. The Company may, from time to time, in its discretion, change or eliminate the discount applicable to treasury acquisitions or direct that such common shares be purchased in market acquisitions at the prevailing market price, any of which would be publicly announced. Participation in the DRIP is optional. The DRIP and enrollment forms are available on the Company's website at www.franco-nevada.com. Canadian and U.S. registered shareholders may also enroll in the DRIP online through the plan agent's self-service web portal at www.investorcentre.com/franco-nevada. Canadian and U.S. beneficial shareholders should contact their financial intermediary to arrange enrollment. Non-Canadian and non-U.S. shareholders may potentially participate in the DRIP, subject to the satisfaction of certain conditions. Non-Canadian and non-U.S. shareholders should contact the Company to determine whether they satisfy the necessary conditions to participate in the DRIP.
This news release is not an offer to sell or a solicitation of an offer for securities. A registration statement relating to the DRIP has been filed with the U.S. Securities and Exchange Commission and may be obtained under the Company's profile on the U.S. Securities and Exchange Commission's website at www.sec.gov.
Shareholder Information and Details for Q2 2026 Conference Call
The complete Consolidated Financial Statements and Management's Discussion and Analysis can be found on our website at www.franco-nevada.com, on SEDAR+ at www.sedarplus.com and on EDGAR at www.sec.gov.
We will host a conference call to review our Q2 2026 quarterly results. Interested investors are invited to participate as follows:
Conference Call and Webcast:
August 12th 8:00 am ET
Dial‑in Numbers:
Toll‑Free: 1-888-510-2154
International: 437-900-0527
Conference Call URL (This allows participants to join
the conference call by phone without operator assistance.
Participants will receive an automated call back after
entering their name and phone number):
emportal.ink/4wJByFO
Webcast:
www.franco-nevada.com
Replay (available until August 19th):
Toll‑Free: 1-888-660-6345
International: 289-819-1450
Pass code: 08003#
Corporate Summary
Franco-Nevada Corporation is the leading gold-focused royalty and streaming company with the largest and most diversified portfolio of cash-flow producing assets. Its business model provides investors with gold price and exploration optionality while limiting exposure to cost inflation. Franco-Nevada is debt-free and uses its free cash flow to expand its portfolio and pay dividends. It trades under the symbol FNV on both the Toronto and New York stock exchanges. Franco-Nevada is the gold investment that works.
For more information, please visit our website at www.franco-nevada.com
Forward-Looking Statements
This news release contains "forward-looking information" and "forward-looking statements" within the meaning of applicable Canadian securities laws and the United States Private Securities Litigation Reform Act of 1995, respectively, which may include, but are not limited to, statements with respect to future events or future performance, management's expectations regarding Franco-Nevada's growth, results of operations, estimated future revenues, performance guidance, carrying value of assets, future dividends and requirements for additional capital, mineral resources and mineral reserves estimates, production estimates, production costs and revenue, future demand for and prices of commodities, expected mining sequences, business prospects and opportunities, the performance and plans of third party operators, any ongoing or future audits being conducted by the Canada Revenue Agency ("CRA"), the expected exposure for current and future tax assessments and available remedies, and statements with respect to the future status and any potential restart of the Cobre Panamá mine. In addition, statements relating to mineral resources and mineral reserves, GEOs or mine lives are forward-looking statements, as they involve implied assessment, based on certain estimates and assumptions, and no assurance can be given that the estimates and assumptions are accurate and that such mineral resources and mineral reserves, GEOs or mine lives will be realized. Such forward-looking statements reflect management's current beliefs and are based on information currently available to management. Often, but not always, forward-looking statements can be identified by the use of words such as "plans", "expects", "is expected", "budgets", "potential for", "scheduled", "estimates", "forecasts", "predicts", "projects", "intends", "targets", "aims", "anticipates" or "believes" or variations (including negative variations) of such words and phrases or may be identified by statements to the effect that certain actions "may", "could", "should", "would", "might" or "will" be taken, occur or be achieved. Forward-looking statements involve known and unknown risks, uncertainties and other factors, which may cause the actual results, performance or achievements of Franco-Nevada to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. A number of factors could cause actual events or results to differ materially from any forward-looking statement, including, without limitation: fluctuations in the prices of the primary commodities that drive royalty and stream revenue (gold, platinum group metals, copper, nickel, silver, iron-ore and oil and gas); fluctuations in the value of the Canadian and Australian dollar, Brazilian real, Mexican peso and any other currency in which revenue is generated, relative to the U.S. dollar; changes in national and local government legislation, including permitting and licensing regimes and taxation policies and the enforcement thereof; tariff and other trade measures that may be imposed by the United States and proposed retaliatory measures that may be adopted by its trading partners; the adoption and implementation of a global minimum tax on corporations; regulatory, political or economic developments in any of the countries where properties in which Franco-Nevada holds a royalty, stream or other interest are located or through which they are held; risks related to the operators of the properties in which Franco-Nevada holds a royalty, stream or other interest, including changes in the ownership and control of such operators; relinquishment or sale of mineral properties; influence of macroeconomic developments; business opportunities that become available to, or are pursued by Franco-Nevada; reduced access to debt and equity capital; litigation; title, permit or license disputes related to interests on any of the properties in which Franco-Nevada holds a royalty, stream or other interest; whether or not the Company is determined to have "passive foreign investment company" ("PFIC") status as defined in Section 1297 of the United States Internal Revenue Code of 1986, as amended; potential changes in Canadian tax treatment of offshore streams; excessive cost escalation as well as development, permitting, infrastructure, operating or technical difficulties on any of the properties in which Franco-Nevada holds a royalty, stream or other interest; access to sufficient pipeline capacity; actual mineral content may differ from the mineral resources and mineral reserves contained in technical reports; rate and timing of production differences from mineral resource estimates, other technical reports and mine plans; risks and hazards associated with the business of development and mining on any of the properties in which Franco-Nevada holds a royalty, stream or other interest, including, but not limited to unusual or unexpected geological and metallurgical conditions, slope failures or cave-ins, sinkholes, flooding and other natural disasters, terrorism, civil unrest or an outbreak of contagious disease; the impact of future pandemics; and the integration of acquired assets. The forward-looking statements contained herein are based upon assumptions management believes to be reasonable, including, without limitation: the ongoing operation of the properties in which Franco-Nevada holds a royalty, stream or other interest by the owners or operators of such properties in a manner consistent with past practice; the accuracy of public statements and disclosures made by the owners or operators of such underlying properties; no material adverse change in the market price of the commodities that underlie the asset portfolio; the Company's ongoing income and assets relating to determination of its PFIC status; no material changes to existing tax treatment; the expected application of tax laws and regulations by taxation authorities; the expected assessment and outcome of any audit by any taxation authority; no adverse development in respect of any significant property in which Franco-Nevada holds a royalty, stream or other interest; the accuracy of publicly disclosed expectations for the development of underlying properties that are not yet in production; integration of acquired assets; and the absence of any other factors that could cause actions, events or results to differ from those anticipated, estimated or intended. However, there can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Investors are cautioned that forward-looking statements are not guarantees of future performance. In addition, there can be no assurance as to (i) the outcome of any ongoing or future audits by the CRA or the Company's exposure as a result thereof, or (ii) the future status and any potential restart of the Cobre Panamá mine. Franco-Nevada cannot assure investors that actual results will be consistent with these forward-looking statements. Accordingly, investors should not place undue reliance on forward-looking statements due to the inherent uncertainty therein.
For additional information with respect to risks, uncertainties and assumptions, please refer to Franco-Nevada's most recent Annual Information Form as well as Franco-Nevada's most recent Management's Discussion and Analysis filed with the Canadian securities regulatory authorities on www.sedarplus.com and Franco-Nevada's most recent Annual Report filed on Form 40-F filed with the SEC on www.sec.gov. The forward-looking statements herein are made as of the date hereof only and Franco-Nevada does not assume any obligation to update or revise them to reflect new information, estimates or opinions, future events or results or otherwise, except as required by applicable law.
ENDNOTES:
1. Gold Equivalent Ounces ("GEOs") and Net Gold Equivalent Ounces ("Net GEOs"):
GEOs include Franco-Nevada's attributable share of production from our Mining and Energy assets after applicable recovery and payability factors. GEOs are estimated on a gross basis for NSRs and, in the case of stream ounces, before the payment of the per ounce contractual price paid by the Company. For NPI royalties, GEOs are calculated taking into account the NPI economics. Where the Company receives gold and silver bullion in-kind as payment for its royalties, GEOs are recognized at the time of receipt of such bullion. Silver, platinum, palladium, iron ore, oil, gas and other commodities are converted to GEOs by dividing associated revenue, which includes settlement adjustments, by the relevant gold price. Beginning in 2026, the Company adopted fixed GEO conversion ratios based on the pricing assumptions outlined in our guidance. This methodology replaces our previous methodology which was based on variable GEO conversion ratios using prevailing market prices. Our 2026 guidance, as disclosed in our 2025 MD&A filed on March 10, 2026, assumed the following commodity prices: $4,500/oz Au, $75.00/oz Ag, $2,000/oz Pt, $1,650/oz Pd, $100/tonne Fe 62% CFR China, $70/bbl WTI oil and $3.00/mcf Henry Hub natural gas. GEOs for the 2026 period are calculated based on fixed conversion ratios based on the prices assumed in this 2026 guidance. Net GEOs are GEOs sold, net of direct operating costs, including for our stream GEOs, the associated ongoing cost per ounce. Calculation of Net Gold Equivalent Ounces:
For the three months ended
June 30,
(expressed in millions, except GEOs and Gold Price)
2026
2025
GEOs
132,405
112,093
Less:
Cash Costs
$
45.9
$
33.5
Divided by: Gold price per ounce
$
4,500
$
3,279
10,200
10,217
Net GEOs
122,205
101,876
2. NON-GAAP FINANCIAL MEASURES:
Adjusted Net Income, Adjusted Net Income per share, Adjusted Net Income Margin, Adjusted EBITDA, Adjusted EBITDA per share, and Adjusted EBITDA Margin are non-GAAP financial measures with no standardized meaning under International Financial Reporting Standards ("IFRS Accounting Standards") and might not be comparable to similar financial measures disclosed by other issuers. For a quantitative reconciliation of each non-GAAP financial measure to the most directly comparable financial measure under IFRS Accounting Standards, refer to the below tables. Further information relating to these non-GAAP financial measures is incorporated by reference from the "Non-GAAP Financial Measures" section of Franco-Nevada's MD&A for the three and six months ended June 30, 2026 dated August 11, 2026 filed with the Canadian securities regulatory authorities on SEDAR+ available at www.sedarplus.com and with the U.S. Securities and Exchange Commission available on EDGAR at www.sec.gov. Change in Composition of Adjusted Net Income – Gains on buy-backs of royalty and stream interests: Effective Q1 2026, the Company updated the composition of its Adjusted Net Income (and related per share and margin amounts) to no longer adjust for gains on contractual buy-backs of royalty and stream interests. Previously, gains on buy-backs were an adjusting item when calculating Adjusted Net Income (and related per share and margin amounts). Management continues to adjust for gains or losses on discretionary sales of mineral interests when calculating these non-GAAP measures. Management believes that this change more appropriately reflects the Company's operating performance as contractual buy-backs are embedded in the terms of many of the Company's royalty and stream interest agreements, such that they occur in the ordinary course and are an integral part of Franco-Nevada's royalty and stream business. Unlike less common discretionary sales of mineral interests, these transactions are evaluated by management when assessing overall returns from our royalty and stream interests, and accordingly, we believe such gains should not be eliminated for purposes of calculating Adjusted Net Income and related per share amounts, when evaluating performance for investors. This change is reflected on a full retrospective basis. Adjusted Net Income and Adjusted Net Income per share are non-GAAP financial measures, which exclude the following from net income and earnings per share ("EPS"): impairment losses and reversal related to royalty, stream and working interests and investments; gains/losses on disposals of royalty, stream and working interests (excluding gains on buy-backs of royalty and stream interests) and investments; impairment losses and expected credit losses related to equity investments, loans receivable and other financial instruments, changes in fair value of investments, loans receivable and other financial instruments, foreign exchange gains/losses and other income/expenses; the impact of income taxes on these items; income taxes related to the reassessment of the probability of realization of previously recognized or de-recognized deferred income tax assets; and income taxes relating to the revaluation of deferred income tax assets and liabilities as a result of statutory income tax rate changes in the countries in which the Company operates. Adjusted Net Income Margin is a non-GAAP financial measure which is defined by the Company as Adjusted Net Income divided by revenue. Adjusted EBITDA and Adjusted EBITDA per share are non-GAAP financial measures, which exclude the following from net income and EPS: income tax expense/recovery; finance expenses and finance income; depletion and depreciation; impairment losses and reversals related to royalty, stream and working interests and investments; gains/losses on disposals of royalty, stream and working interests and investments; gains on buy-backs of royalty and stream interests, impairment losses and expected credit losses related to equity investments, loans receivable and other financial instruments, changes in fair value of investment, loans receivable and other financial instruments, and foreign exchange gains/losses and other income/expenses. Adjusted EBITDA Margin is a non-GAAP financial measure which is defined by the Company as Adjusted EBITDA divided by revenue. Reconciliation of Non-GAAP Financial Measures:
For the three months ended
For the six months ended
June 30,
June 30,
(expressed in millions, except per share amounts)
2026
2025
2026
2025
Net income
$
354.0
$
247.1
$
822.6
$
456.9
Impairment reversal
—
(4.1)
—
(4.1)
Foreign exchange gain and other income
(7.1)
(4.1)
(19.5)
(9.8)
Tax effect of adjustments
2.3
(0.4)
4.4
1.0
Adjusted Net Income
$
349.2
$
238.5
$
807.5
$
444.0
Basic weighted average shares outstanding
192.9
192.7
192.8
192.6
Adjusted Net Income per share
$
1.81
$
1.24
$
4.19
$
2.31
For the three months ended
For the six months ended
June 30,
June 30,
(expressed in millions, except Adjusted Net Income Margin)
2026
2025
2026
2025
Adjusted Net Income
$
349.2
$
238.5
$
807.5
$
444.0
Divided by: Revenue
580.9
369.4
1,231.6
737.8
Adjusted Net Income Margin
60.1
%
64.6
%
65.6
%
60.2
For the three months ended
For the six months ended
June 30,
June 30,
(expressed in millions, except per share amounts)
2026
2025
2026
2025
Net income
$
354.0
$
247.1
$
822.6
$
456.9
Income tax expense
104.9
68.6
231.2
128.4
Finance income
(6.8)
(6.6)
(12.3)
(17.7)
Finance expenses
0.7
0.8
1.5
1.5
Depletion and depreciation
84.0
64.0
161.9
132.4
Gain on buy-back of royalty and stream interests
—
—
(63.8)
—
Impairment reversal
—
(4.1)
—
(4.1)
Foreign exchange gain and other income
(7.1)
(4.1)
(19.5)
(9.8)
Adjusted EBITDA
$
529.7
$
365.7
$
1,121.6
$
687.6
Basic weighted average shares outstanding
192.9
192.7
192.8
192.6
Adjusted EBITDA per share
$
2.75
$
1.90
$
5.82
$
3.57
For the three months ended
For the six months ended
June 30,
June 30,
(expressed in millions, except Adjusted EBITDA Margin)
2026
2025
2026
2025
Adjusted EBITDA
$
529.7
$
365.7
$
1,121.6
$
687.6
Divided by: Revenue
580.9
369.4
1,231.6
737.8
Adjusted EBITDA Margin
91.2
%
99.0
%
91.1
%
93.2
%
3. AVAILABLE CAPITAL: Available Capital comprises our cash and cash equivalents of $1,014.2 million as at June 30, 2026, our equity investments (excluding our long-term investment in Labrador Iron Ore Royalty Corporation) of $1,041.2 million and the amounts available to borrow under our corporate revolving credit facilities totaling $1.5 billion and their accordions of $750.0 million as at June 30, 2026.
FRANCO-NEVADA CORPORATION
CONDENSED CONSOLIDATED INTERIM STATEMENTS OF FINANCIAL POSITION
(in millions of U.S. dollars)
At June 30,
At December 31,
2026
2025
ASSETS
Cash and cash equivalents
$
1,014.2
$
670.9
Receivables
237.5
241.9
Gold and silver bullion and stream inventory
112.6
40.1
Other current assets
23.6
68.5
Current assets
$
1,387.9
$
1,021.4
Royalty, stream and working interests, net
$
6,262.3
$
6,043.1
Investments
1,215.1
1,141.3
Loans receivable
17.6
—
Deferred income tax assets
18.8
23.2
Other assets
20.5
12.4
Total assets
$
8,922.2
$
8,241.4
LIABILITIES
Accounts payable and accrued liabilities
$
38.6
$
44.9
Income tax liabilities
109.4
78.1
Current liabilities
$
148.0
$
123.0
Deferred income tax liabilities
$
503.8
$
440.7
Income tax liabilities
21.6
33.8
Other liabilities
8.1
8.6
Total liabilities
$
681.5
$
606.1
SHAREHOLDERS' EQUITY
Share capital
$
5,817.6
$
5,803.4
Contributed surplus
17.6
21.6
Retained earnings
2,045.7
1,379.8
Accumulated other comprehensive income
359.8
430.5
Total shareholders' equity
$
8,240.7
$
7,635.3
Total liabilities and shareholders' equity
$
8,922.2
$
8,241.4
The condensed consolidated interim financial statements and accompanying notes can be found in our Q2 2026 Quarterly Report available on our website
FRANCO-NEVADA CORPORATION
CONDENSED CONSOLIDATED INTERIM STATEMENTS OF INCOME AND COMPREHENSIVE INCOME
(in millions of U.S. dollars and shares, except per share amounts)
For the three months ended
For the six months ended
June 30,
June 30,
2026
2025
2026
2025
Revenue
Revenue from royalty, streams and working interests
$
580.9
$
366.7
$
1,231.6
$
732.2
Interest revenue
—
2.7
—
5.6
Total revenue
$
580.9
$
369.4
$
1,231.6
$
737.8
Costs of sales
Costs of sales
$
45.9
$
33.5
$
92.4
$
72.0
Depletion and depreciation
84.0
64.0
161.9
132.4
Total costs of sales
$
129.9
$
97.5
$
254.3
$
204.4
Gross profit
$
451.0
$
271.9
$
977.3
$
533.4
Other operating expenses (income)
General and administrative expenses
$
7.8
$
9.6
$
17.0
$
19.0
Share-based compensation (recovery) expenses
(3.5)
2.8
2.7
8.5
Impairment reversal
—
(4.1)
—
(4.1)
Gain on buy-back of royalty and stream interests
—
—
(63.8)
—
Loss (gain) on sale of gold and silver bullion
1.0
(42.2)
(2.1)
(49.3)
Total other operating expenses (income)
$
5.3
$
(33.9)
$
(46.2)
$
(25.9)
Operating income
$
445.7
$
305.8
$
1,023.5
$
559.3
Foreign exchange gain and other income
$
7.1
$
4.1
$
19.5
$
9.8
Income before finance items and income taxes
$
452.8
$
309.9
$
1,043.0
$
569.1
Finance items
Finance income
$
6.8
$
6.6
$
12.3
$
17.7
Finance expenses
(0.7)
(0.8)
(1.5)
(1.5)
Net income before income taxes
$
458.9
$
315.7
$
1,053.8
$
585.3
Income tax expense
104.9
68.6
231.2
128.4
Net income
$
354.0
$
247.1
$
822.6
$
456.9
Other comprehensive (loss) income, net of taxes
Items that may be reclassified subsequently to profit and loss:
Currency translation adjustment
$
(63.2)
$
95.7
$
(115.1)
$
98.4
Items that will not be reclassified subsequently to profit and loss:
(Loss) gain on changes in the fair value of equity investments
at fair value through other comprehensive income ("FVTOCI"),
net of income tax
(77.6)
31.2
56.1
180.0
Other comprehensive (loss) income, net of taxes
$
(140.8)
$
126.9
$
(59.0)
$
278.4
Comprehensive income
$
213.2
$
374.0
$
763.6
$
735.3
Earnings per share
Basic
$
1.84
$
1.28
$
4.27
$
2.37
Diluted
$
1.83
$
1.28
$
4.26
$
2.37
Weighted average number of shares outstanding
Basic
192.9
192.7
192.8
192.6
Diluted
193.3
193.0
193.2
192.9
The condensed consolidated interim financial statements and accompanying notes can be found in our Q2 2026 Quarterly Report available on our website
FRANCO-NEVADA CORPORATION
CONDENSED CONSOLIDATED INTERIM STATEMENTS OF CASH FLOWS
(in millions of U.S. dollars)
For the three months ended
For the six months ended
June 30,
June 30,
2026
2025
2026
2025
Cash flows from operating activities
Net income
$
354.0
$
247.1
$
822.6
$
456.9
Adjustments to reconcile net income to net cash provided by operating activities:
Depletion and depreciation
84.0
64.0
161.9
132.4
Share-based compensation expenses
1.0
1.0
2.1
3.1
Impairment loss (reversal)
—
(4.1)
—
(4.1)
Gain on buy-back of royalty and stream interests
—
—
(63.8)
—
Unrealized foreign exchange gain
(2.5)
(5.2)
(3.8)
(11.2)
Deferred income tax expense
36.1
37.2
69.8
46.3
Loss (gain) on sale of gold and silver bullion
1.0
(42.2)
(2.1)
(49.3)
(Gain) loss on derivative financial instruments
(4.1)
(5.7)
(15.1)
(5.6)
Other non-cash items
0.1
0.4
(0.1)
—
Gold and silver bullion from royalties received in-kind
(50.3)
(10.9)
(97.7)
(30.1)
Proceeds from sale of gold and silver bullion
59.8
147.1
74.9
177.3
Receipt of deposits and interest from Canada Revenue Agency
—
—
49.5
—
Increase in other assets
—
—
(8.2)
—
Increase (decrease) in non-current income tax liabilities
9.2
(13.5)
(12.2)
(6.8)
Operating cash flows before changes in non-cash working capital
$
488.3
$
415.2
$
977.8
$
708.9
Changes in non-cash working capital:
Decrease in receivables
$
30.0
$
13.5
$
4.4
$
5.1
Increase in other current assets
(0.7)
(20.0)
(3.9)
(11.1)
(Decrease) increase in accounts payable and accrued liabilities
(10.4)
1.4
(6.1)
4.7
(Decrease) increase in current income tax liabilities
(24.7)
20.2
30.7
11.6
Net cash provided by operating activities
$
482.5
$
430.3
$
1,002.9
$
719.2
Cash flows used in investing activities
Acquisition of royalty, stream and working interests
$
(80.3)
$
(1,360.4)
$
(529.7)
$
(1,865.6)
Proceeds from buy-back of royalty interest
—
—
97.5
—
Acquisition of investments
(19.8)
(3.0)
(55.1)
(55.3)
Loan advanced to Life of Mine Investments Inc.
(17.8)
—
(17.8)
—
Repayment of loan receivable from EMX Royalty Corporation
—
10.0
—
10.0
Proceeds from sale of investments
16.9
15.8
16.9
25.5
Acquisition of gold bullion from buy-back of stream interest
—
—
(10.2)
—
Acquisition of energy well equipment
(0.3)
(0.4)
(0.6)
(1.6)
Acquisition of property and equipment
(0.1)
(0.1)
(0.3)
(2.1)
Net cash used in investing activities
$
(101.4)
$
(1,338.1)
$
(499.3)
$
(1,889.1)
Cash flows used in financing activities
Payment of dividends
$
(80.6)
$
(67.0)
$
(161.1)
$
(137.2)
Capitalized debt issue costs
(0.8)
—
(1.5)
—
Proceeds from exercise of stock options
0.2
0.9
0.6
4.3
Net cash used in financing activities
$
(81.2)
$
(66.1)
$
(162.0)
$
(132.9)
Effect of exchange rate changes on cash and cash equivalents
$
(0.4)
$
6.1
$
1.7
$
11.8
Net change in cash and cash equivalents
$
299.5
$
(967.8)
$
343.3
$
(1,291.0)
Cash and cash equivalents at beginning of period
$
714.7
$
1,128.1
$
670.9
$
1,451.3
Cash and cash equivalents at end of period
$
1,014.2
$
160.3
$
1,014.2
$
160.3
Supplemental cash flow information:
Income taxes paid
$
89.3
$
45.7
$
147.4
$
93.2
Dividend income received
$
1.5
$
2.2
$
3.1
$
5.5
Interest and standby fees paid
$
0.6
$
0.4
$
1.4
$
1.4
The condensed consolidated interim financial statements and accompanying notes can be found in our Q2 2026 Quarterly Report available on our website
ServiceNow ve 2. čtvrtletí zvýšila tržby meziročně o 24 % a uzavřela 123 nových kontraktů s roční hodnotou alespoň 1 milion USD. Firma zároveň hlásí silný zisk a vysoký volný cash flow.
Software-as-a-Service (SaaS) stocks plummeted last year as investors got nervous about their obsolescence in the age of artificial intelligence (AI). However, the fears have not been justified, at least until now, and the stocks may have been oversold.
Many SaaS companies have been thriving as they incorporate AI into their operations, offering even greater value to their clients. Palantir Technologies, Shopify, and ServiceNow (NOW +0.08%), for example, all reported outstanding results for their most recent quarters; Palantir Technologies' revenue increased 93% year over year, Shopify's were up 34%, and ServiceNow's rose 24%.
Not every fantastic company makes a fantastic investment, though. Palantir and Shopify are capitalizing on their growth opportunities, but their stocks have a premium price tag. That makes them more susceptible to dropping on bad news, and that's happened. Their stocks are down this year, even though they're back on the rise, and so is ServiceNow's. However, ServiceNow looks like a bargain, while Palantir and Shopify are still quite expensive, which is why ServiceNow is the best deal of the bunch today. Let's take a closer look.
PLTR PE Ratio (Forward 1y) data by YCharts
Workflow automation in the AI era ServiceNow provides workflow automation services to more than 8,800 enterprise clients, and its platform unifies all of the user's services, including legacy operations and AI agents, into one connected interface. It was one of the companies hit hardest by the SaaS plunge, but it already had an AI deployment model in the works as soon as AI came onto the scene, and it's taking the bull by the horns and demonstrating its value by integrating AI throughout its operations. "The path to value isn't just making AI. It's deploying AI securely across the enterprise," said CEO Bill McDermott on the second-quarter earnings call. That's what ServiceNow does.
Image source: Getty Images.
McDermott also noted that while the market is enthusiastic about the nuts and bolts of AI, or the infrastructure hardware products that are driving market gains, data company IDC says that spending on AI software is going to grow 53% this year, which is 17% higher than expected spend on AI hardware. And while investors debate the benefits of one chip stock over another, ServiceNow provides stability.
"Whichever chip wins, whichever lab wins, whichever price per token regime prevails, the enterprise needs one governed layer of record ... and ServiceNow offers needed certainty in an uncertain stack," McDermott said.
Steady growth and bigger contracts Revenue increased 24% year over year in the 2026 second quarter, driven by a 24.5% increase in subscription revenue, the kind that makes it a SaaS company. However, ServiceNow works through multiyear contracts, locking in long-term recurring revenue streams. Remaining performance obligations (RPO) increased 21% over last year, implying steady revenue for the coming years. It signed 123 transactions worth at least $1 million in net new annual contract value (ACV), nearly 40% more than last year, and it ended the quarter with 658 customers with at least $5 million in ACV, a 23% increase over last year.
In the second quarter, the company deepened some of its collaborations with top AI companies, including Nvidia, which uses its platform for agentic AI governance, and Amazon, which offers its platform to Amazon Web Services (AWS) cloud clients as a unified architecture.
Today's Change
(
0.08
%) $
0.10
Current Price
$
127.54
ServiceNow is also on an acquisition binge, beefing up its platform to handle greater workloads and security threats. It bought cybersecurity company Armis last December for $7.8 billion, and it also acquired identity security company Veza.
A profit powerhouse As a service-based stock, ServiceNow is highly profitable with strong margins. Operating margin was 29.5% in the second quarter, and free-cash-flow margin was 16%. Management is guiding for a 31.5% operating margin and 35% free-cash-flow margin for the full year. The company has generated $4.7 billion in free cash flow over the trailing 12 months, a number that continues to increase. With AI in the picture, margins could continue to expand, and management expects margins to improve as its recent acquisitions offer a new level of scale.
If ServiceNow continues to grow at similar rates and generate high profits and free cash flow, the stock will eventually catch up, which is why it looks priced to buy right now.
CME Group od 11. září rozšíří 24/7 obchodování na futures na 100uncové stříbro, po silném startu nonstop obchodování u futures na 1uncové zlato. Od 24. července se ve víkendových seancích zobchodovalo přes 53 000 kontraktů zlata.
24/7 trading in silver commences September 11 Over $200M traded in weekend sessions for 1-Ounce Gold futures since July 24 launch , /PRNewswire/ -- CME Group, the world's leading derivatives marketplace, today announced that it will expand 24/7 trading to its 100-Ounce Silver futures contract from September 11, 2026, pending regulatory review.
"Silver bridges the precious and industrial metals worlds, acting as a diversifier for investors that responds to both macroeconomic news and real-world demand," said Jin Hennig, Managing Director and Global Head of Metals at CME Group. "Our retail clients have shown a strong appetite for right-sized gold futures available whenever they need them, so we are now extending that same 24/7 access to help participants manage risk and pursue opportunities in silver."
Since 24/7 trading in 1-Ounce Gold futures launched on July 24, over 53,000 contracts have traded during the newly expanded weekend trading sessions, representing approximately $219 million in notional value and is the largest liquidity pool for weekend trading in Gold futures. Both the 1-Ounce Gold and 100-Ounce Silver futures are designed to be right-sized for retail trading, with a smaller notional exposure.
CME Group offers the world's leading benchmark futures contract for silver. A record $50 billion average notional traded each day across CME Group's silver futures in the first half of the year. 100-Ounce Silver futures launched in February 2026, with 17,800 contracts ADV traded in the first half of 2026. CME Group's metals business set a new record in the first half of 2026, with a total of 1.3 million contracts traded daily driven by precious metals activity, up 55% year-on-year.
100-Ounce Silver futures are financially-settled based on the daily settlement price of the global benchmark COMEX 5,000-Ounce Silver futures contract and are listed by and subject to the rules of COMEX. For more information, please visit here.
As the world's leading derivatives marketplace, CME Group (www.cmegroup.com) enables clients to trade futures, options, cash and OTC markets, optimize portfolios, and analyze data – empowering market participants worldwide to efficiently manage risk and capture opportunities. CME Group exchanges offer the widest range of global benchmark products across all major asset classes based on interest rates, equity indexes, foreign exchange, cryptocurrencies, energy, agricultural products and metals. The company offers futures and options on futures trading through the CME Globex platform, fixed income trading via BrokerTec and foreign exchange trading on the EBS platform. In addition, it operates one of the world's leading central counterparty clearing providers, CME Clearing.
CME Group, the Globe logo, CME, Chicago Mercantile Exchange, Globex, and E-mini are trademarks of Chicago Mercantile Exchange Inc. CBOT and Chicago Board of Trade are trademarks of Board of Trade of the City of Chicago, Inc. NYMEX, New York Mercantile Exchange and ClearPort are trademarks of New York Mercantile Exchange, Inc. COMEX is a trademark of Commodity Exchange, Inc. BrokerTec is a trademark of BrokerTec Americas LLC and EBS is a trademark of EBS Group LTD. The S&P 500 Index is a product of S&P Dow Jones Indices LLC ("S&P DJI"). "S&P®", "S&P 500®", "SPY®", "SPX®", US 500 and The 500 are trademarks of Standard & Poor's Financial Services LLC; Dow Jones®, DJIA® and Dow Jones Industrial Average are service and/or trademarks of Dow Jones Trademark Holdings LLC. These trademarks have been licensed for use by Chicago Mercantile Exchange Inc. Futures contracts based on the S&P 500 Index are not sponsored, endorsed, marketed, or promoted by S&P DJI, and S&P DJI makes no representation regarding the advisability of investing in such products. All other trademarks are the property of their respective owners.
CME Group a Silicon Data plánují na 5. října 2026 spustit futures na výpočetní výkon pro zajištění nákladů na AI infrastrukturu. Smlouvy budou sledovat indexy cen pronájmu GPU H100 a B200.
, /PRNewswire/ -- CME Group, the world's leading derivatives marketplace, and Silicon Data, the industry leader in GPU market intelligence and benchmarking backed by global trading firm DRW, today announced plans to launch two Compute futures contracts on October 5, 2026, pending regulatory review.
These innovative new trading tools will bring much-needed hedging and investment vehicles to businesses looking to manage the cost of compute, the processing power and hardware infrastructure that machines need to train and run AI models. Both Silicon Data H100 Rental Index Futures and Silicon Data B200 Rental Index Futures will track indexes measuring hourly rental GPU costs published by Silicon Data. Each contract will represent a month's worth of rent for the Nvidia H100, the chip central to today's AI ecosystem, and the next-generation Nvidia Blackwell B200, respectively.
"Compute has become the currency of the AI age, and this innovative market will bring transparency to the current and future costs that AI builders and hyperscalers need to hedge as they grow," said Pete Keavey, Global Head of Energy and Environmental Products at CME Group. "Just as oil fueled the 20th century economy and evolved from spot trading into a global derivatives market, our futures contracts will now turn compute into a standardized, tradable commodity that will provide global businesses with a reliable, regulated venue to manage price risk ."
"For years, two companies buying the exact same GPU capacity could pay wildly different prices with no way to know who got the better deal. They will now have a benchmark to check that against," said Carmen Li, Chief Executive Officer of Silicon Data. "Compute futures give the market something it's never had: a public, tradable reference price for the resource every AI system runs on. Silicon Data's benchmarks make that price real; CME makes it tradable. Together, that turns compute from something enterprises negotiate blindly into a market they can actually plan around."
Explosive demand has driven sharp swings in compute prices, with volatility exposing a gap in the risk-management toolkit for companies building the AI infrastructure. CME Group and Silicon Data's Compute futures close that gap, bringing transparency to the market and allowing companies, including AI developers and hyperscalers, to lock in their costs. They will also provide a window into future AI spending.
The new contracts will be listed and subject to the rules of NYMEX. For more information on these products, please visit here.
As the world's leading derivatives marketplace, CME Group (www.cmegroup.com) enables clients to trade futures, options, cash and OTC markets, optimize portfolios, and analyze data – empowering market participants worldwide to efficiently manage risk and capture opportunities. CME Group exchanges offer the widest range of global benchmark products across all major asset classes based on interest rates, equity indexes, foreign exchange, cryptocurrencies, energy, agricultural products and metals. The company offers futures and options on futures trading through the CME Globex platform, fixed income trading via BrokerTec and foreign exchange trading on the EBS platform. In addition, it operates one of the world's leading central counterparty clearing providers, CME Clearing.
CME Group, the Globe logo, CME, Chicago Mercantile Exchange, Globex, and E-mini are trademarks of Chicago Mercantile Exchange Inc. CBOT and Chicago Board of Trade are trademarks of Board of Trade of the City of Chicago, Inc. NYMEX, New York Mercantile Exchange and ClearPort are trademarks of New York Mercantile Exchange, Inc. COMEX is a trademark of Commodity Exchange, Inc. BrokerTec is a trademark of BrokerTec Americas LLC and EBS is a trademark of EBS Group LTD. The S&P 500 Index is a product of S&P Dow Jones Indices LLC ("S&P DJI"). "S&P®", "S&P 500®", "SPY®", "SPX®", US 500 and The 500 are trademarks of Standard & Poor's Financial Services LLC; Dow Jones®, DJIA® and Dow Jones Industrial Average are service and/or trademarks of Dow Jones Trademark Holdings LLC. These trademarks have been licensed for use by Chicago Mercantile Exchange Inc. Futures contracts based on the S&P 500 Index are not sponsored, endorsed, marketed, or promoted by S&P DJI, and S&P DJI makes no representation regarding the advisability of investing in such products. All other trademarks are the property of their respective owners.
Cheniere Energy zvýšila výhled upraveného EBITDA pro rok 2026 na 7,90–8,40 mld. USD a DCF na 5,30–5,80 mld. USD. Tahají ji vyšší výroba, provozní zlepšení a rychlejší projekty.
SummaryCheniere Energy remains a Buy, with valuation offering a solid margin of safety and continued outperformance driving another upward guidance revision.LNG raised 2026 Adj. EBITDA guidance to $7.90–$8.40B and DCF to $5.30–$5.80B, supported by higher production, operational improvements, and project acceleration.Financial flexibility and returns are enhanced by an upsized and extended $1.75B revolver, and $7.475B liquidity, alongside robust buybacks and at least 10% annual dividend growth targeted through 2030.Macro volatility and evolving global energy dynamics pose risks, but LNG's long-term contracts, expansion, and conservative intrinsic value estimated above current levels support a favorable risk-reward.Suphanat Khumsap/iStock via Getty Images
Introduction The last time I covered Cheniere Energy (LNG), I reiterated its Buy rating, highlighting how the valuation offered a solid margin of safety despite the recent macro-driven market uncertainty.
LNG remains a Buy, as the
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Analyst’s Disclosure: I/we have no stock, option or similar derivative position in any of the companies mentioned, but may initiate a beneficial Long position through a purchase of the stock, or the purchase of call options or similar derivatives in LNG over the next 72 hours. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from Seeking Alpha). I have no business relationship with any company whose stock is mentioned in this article.
Seeking Alpha's Disclosure: Past performance is no guarantee of future results. No recommendation or advice is being given as to whether any investment is suitable for a particular investor. Any views or opinions expressed above may not reflect those of Seeking Alpha as a whole. Seeking Alpha is not a licensed securities dealer, broker or US investment adviser or investment bank. Our analysts are third party authors that include both professional investors and individual investors who may not be licensed or certified by any institute or regulatory body.
Investors Are Buying Into Sweetgreen Again—Should They?CAVA Group NYSE: CAVA reported second-quarter 2026 revenue growth of 31.3% as same-restaurant sales increased 9%, supported by 5.3% traffic growth and continued strength in new restaurant openings.
Revenue rose to $365.4 million, while net income increased to $23 million from $18.4 million in the prior-year quarter. Diluted earnings per share were $0.19, compared with $0.16 a year earlier. Adjusted EBITDA increased 30% to $54.7 million.
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CAVA Group’s Stock Looks Delicious After Strong Earnings“Our second quarter results underscore the continued strength of our category-defining brand and the resonance of our value proposition with today’s consumer,” Co-Founder and CEO Brett Schulman said on the company’s earnings call.
Restaurant Growth and Sales Trends CAVA opened 17 net new restaurants during the quarter, ending the period with 476 locations across 29 states and Washington, D.C. The company said new restaurant productivity remained above 100%, while systemwide average unit volumes reached $3.1 million.
Shake Shack Stock Gets Shaken After Earnings MissThe chain expanded into Indiana and Ohio during the quarter and plans to enter Las Vegas in the second half of 2026. CAVA also said it expects to expand into the Bay Area in 2027.
Chief Financial Officer Tricia Tolivar said the company’s new-unit performance was broad-based across geographies and restaurant formats. She added that the 2024 restaurant cohort has produced double-digit same-restaurant sales and represents the company’s highest-performing vintage.
CAVA maintained its full-year outlook for 75 to 77 net new restaurant openings and same-restaurant sales growth of 4.5% to 6.5%. Tolivar said the low end of that sales range would imply slightly negative same-restaurant sales, while the upper end would imply mid-single-digit growth.
She said the company’s most recent same-restaurant sales performance had recovered to the mid-single digits after concerns over a Cyclospora outbreak affected sales earlier in the third quarter. CAVA said it does not source leafy greens from Mexico and does not serve iceberg lettuce, but it saw near-term sales pressure from broad consumer concerns about lettuce and fresh produce.
Schulman said CAVA had not seen immediate effects from a separate Salmonella outbreak and does not source from associated farms. The company is continuing to consult with its food safety advisory council, he said.
Margins Reflect Food, Labor and Delivery Costs Restaurant-level profit rose 28.1% to $93.8 million, though restaurant-level margin declined to 25.7% of revenue from 26.3% a year earlier.
Food, beverage and packaging costs represented 30% of revenue, up 50 basis points year over year, largely due to costs associated with the launch of salmon. Labor and related costs were 25.3% of revenue, up 30 basis points, driven in part by a 3% wage investment for team members. Occupancy and related expenses improved by 50 basis points to 6.3% of revenue due to sales leverage. Other operating expenses increased 40 basis points to 12.8% of revenue, primarily because of a higher mix of third-party delivery. Tolivar said food, beverage and packaging costs are expected to increase as a percentage of revenue through the remainder of the year because of fuel surcharges and the rollout of pre-marinated chicken. The company plans to roll out the chicken product across restaurants during the balance of 2026 and into 2027.
Schulman said the pre-marinated chicken is intended to reduce manual kitchen preparation, improve consistency and allow restaurant teams to devote more time to guest service rather than requiring immediate labor-hour reductions.
CAVA reiterated its full-year restaurant-level margin outlook of 23.7% to 24.3% and Adjusted EBITDA guidance of $181 million to $191 million, including pre-opening costs. The company expects fourth-quarter restaurant margins to be seasonally lower than third-quarter margins.
Menu Innovation, Loyalty and Operations During the quarter, CAVA launched Pomegranate Glazed Salmon nationwide, its first seafood offering. Schulman said guest reception was strong and performance was in line with expectations. The item increased the rate of new customers and helped drive purchase frequency among loyalty members who ordered salmon, according to the company.
CAVA plans to retain salmon through the end of 2026. It also recently completed a market test of Roasted Garlic Shrimp and said the product is proceeding through its testing process. Planned seasonal offerings in the second half include a new dressing and another pita chip flavor.
The company continued developing its loyalty program through the launch of Flavor Passport, an in-app feature intended to encourage customers to explore menu offerings and earn rewards. Tolivar said the loyalty member base is growing faster than the company’s restaurant count.
CAVA also plans to launch a second catering market test later this fall, expanding beyond its initial test in Houston. Schulman said the company is focused on understanding production capacity, load balancing and restaurant execution before a broader rollout.
On staffing, the company’s assistant general manager roles have been rolled out to 70% of the fleet. Schulman said the initial rollout has been associated with improved team-member and guest satisfaction, as well as improved speed of service.
Liquidity and Capital Investment CAVA ended the quarter with no debt outstanding, $435.6 million in cash and investments, and an undrawn $150 million revolving credit facility. Cash flow from operations rose to $134.5 million through the second quarter, compared with $98.9 million in the prior-year period, while year-to-date free cash flow totaled $44.8 million.
Tolivar said free cash flow typically becomes less favorable in the latter half of the year as the company invests in its development pipeline. CAVA also expects to invest roughly $5 million to $10 million in restaurant enhancements, including certain Project Soul refreshes and potential grill expansions to support demand at some locations.
About CAVA Group (NYSE:CAVA)CAVA Group, Inc NYSE: CAVA is a leading fast-casual restaurant company specializing in Mediterranean-inspired cuisine. Operating under the CAVA brand, the company offers customizable bowls, pitas and salads built around a variety of proteins, grains, fresh vegetables and house-made spreads. With a focus on high-quality ingredients and made-to-order preparation, CAVA aims to deliver a casual yet elevated dining experience for dine-in, takeout and catering customers.
Founded in 2011 in the Washington, DC metro area by Ike Grigoropoulos, Dimitri Katsanis and Brett Schulman, CAVA has pursued an aggressive growth strategy that included the 2018 acquisition of Zoe's Kitchen.
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Wrap Technologies ve 2. čtvrtletí zvýšila tržby na 2,1 milionu USD, meziročně o 103 %, a hrubý zisk vzrostl o 217 % na 1,5 milionu USD. Firma zároveň uvedla, že ATF rozhodl, že BolaWrap 150 není střelná zbraň ani zbraň.
Wrap Technologies NASDAQ: WRAP reported second-quarter revenue of $2.1 million, up 103% from $1.0 million a year earlier, as the company highlighted expanding product offerings, new training services and opportunities in private security, federal markets and threat detection.
Gross profit rose 217% to $1.5 million, while gross margin expanded to about 75% from approximately 48% in the prior-year quarter. The company’s operating loss narrowed 21% to $2.3 million, and its net loss improved 39% to $2.3 million. Vice President of Finance Lou Springer said the prior-year period included a $0.9 million non-cash loss tied to changes in the fair value of warrant liabilities that did not recur.
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Cash and cash equivalents totaled $4.8 million at June 30, compared with $3.5 million at the end of 2025. Total liabilities declined to $2 million from $3.9 million, reflecting the termination of the company’s former office lease.
ATF Decision Opens Private-Security Focus Chief Executive Officer Scot Cohen said the company is coming off its “best quarter in years,” citing revenue growth, improved operating efficiency and an expansion from a single-product business into a broader portfolio of products and training services.
A central development cited by management was an early-July determination from the Bureau of Alcohol, Tobacco, Firearms and Explosives that the BolaWrap 150 is not classified as a firearm or weapon. President and Chief Operating Officer Jared Novick said the determination applies only to the BolaWrap 150 and not to the company’s other products.
Management said the classification could broaden the company’s ability to sell into private security, where many guards are unarmed and receive less training than law-enforcement officers. Novick said there are more than 1.2 million licensed security officers in the United States, a population larger than all law enforcement.
Cohen said Wrap has held dozens of discussions with prospective private-sector customers in the past month and has received its first grant-funded training order in the market. He also said the company expects insurance companies to become an important part of its go-to-market effort, particularly as customers look for risk-mitigation tools and training.
“Expect partnerships. Expect additional pipeline,” Cohen said regarding the insurance opportunity.
Training Model Shifts Toward Recurring Revenue Novick said the company is seeking to sell a continuing standard of readiness rather than simply a restraint device and a one-day training course. The company launched its WrapTactics training platform earlier this year, and Novick said its core content library was complete as of the call.
The model uses digital instruction in advance of in-person sessions, allowing classroom time to focus on scenario work, coaching, certification and customer relationships. Management expects the learning management system, in-person instruction and virtual-reality offerings to support subscription-based recurring training and proficiency revenue.
Novick said Wrap Reality, the company’s virtual-reality training platform, remains central to its offering. The company has added scenarios and made hardware and software updates, he said, while positioning the platform alongside digital learning and in-person training.
Federal Funding and Frenel Opportunity Management also pointed to the return of Department of Justice grant funding. Cohen said Wrap has identified 11 active programs that could fund BolaWrap devices, body cameras, de-escalation training and virtual training. He said grants are particularly important for small and midsize law-enforcement agencies.
Novick said Wrap received a purchase order from the Department of Homeland Security and delivered training during the second quarter, completing what the company believes was an initial phase of support for DHS operational requirements. He said prospective federal opportunities are not included in the company’s guidance.
Separately, Wrap is pursuing a threat-detection business through its exclusive U.S. and NATO rights to TPiCore by Frenel, a polarimetric sensing technology. Cohen said the technology can detect, identify and classify objects based on materials and shapes, including RF-silent and camouflaged targets in challenging environments.
Management said the technology could have applications in counter-drone operations, border security, maritime surveillance, national defense and public safety. The company is building what it calls the WrapShield platform around integrated solutions, although executives did not provide financial projections for the initiative.
Outlook and Capital Considerations Cohen said the company has not changed its prior target for approximately 100% year-over-year revenue growth and has no new information requiring an update. However, he cautioned that the timing of one or two significant orders could materially affect the company’s results and that the target could move higher or lower as the year progresses.
Regarding Chile, Cohen said the company’s distributor still expects business this year but has cited a government funding gap. Wrap is exploring whether U.S. government funding could support the opportunity, but Cohen said Chilean business is not included in the company’s 2026 revenue forecast.
On financing, Cohen said Wrap regularly evaluates options that could benefit shareholders and remains sensitive to dilution. The company is operating around a $3 million break-even level and does not anticipate a dramatic near-term increase in spending. Still, Cohen said management could accelerate investment and potentially access capital markets if market traction develops as expected.
About Wrap Technologies (NASDAQ:WRAP)Wrap Technologies, Inc NASDAQ: WRAP is a designer and manufacturer of less-lethal restraint devices aimed at law enforcement and security professionals. Its flagship product, the BolaWrap®, is a handheld remote restraint tool that deploys a Kevlar-reinforced cord to safely immobilize individuals from a distance of up to 25 feet. The system is engineered to support de-escalation tactics and reduce reliance on physical force in high-risk encounters.
Based in Scottsdale, Arizona, Wrap Technologies oversees product development, testing and training at its headquarters.
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