Track market-moving stories before they get noisy

The entity behind the WazirX exploit has liquidated a good portion of its ill-gotten gains, which analysts have noted has had a major impact on some prices.

Alex Svanevik, CEO of blockchain analytics firm Nansen, pointed out on Twitter that the entity behind the hack of Indian exchange WazirX—suggested to be a North Korean hacking group—became the top Uniswap (UNI) seller. Nansen data for UNI shows that the address in question has sold $859,514 worth of the token over the last seven days.

The @WazirXIndia Exploiter is back on the move...

In the past hour, they've moved 21.16b $BOB ($800k) and some smaller holdings that have also been sold. And a further 6.7m $CHR ($1.6m), was sent to a separate address and was sold a few minutes ago

This is after the… pic.twitter.com/L0zPf8Id0O

— Nansen 🧭 (@nansen_ai) July 22, 2024

Similarly, the presumed North Korean hacker group also topped the sale charts for Chainlink (LINK) and The Sandbox (SAND). Nansen data shows that the hacker sold over $2.77 million of Chainlink and $1.6 million of SAND over the last seven days.

Later, the firm's main account sent a tweet saying that there's now only $5 million worth of funds left in the exploiter's wallet. The remainder is mostly comprised of Celer Network (CELR), Ooki (OOKI), and Frontier (FRONT).

Market reacts to WazirX hacker's sellingDespite this, according to CoinMarketCap data, Chainlink is trading at $14.16 after seeing a 2.57% gain over the last seven days. Similarly, The Sandbox is trading at $0.3371 after seeing 3.61% worth of gains over the last seven days. Uniswap is trading at $7.91 after trading in the red for most of the last seven days—even before the hack—and lost 6.1% over the last seven days.

The same cannot be said about Push Protocol (PUSH). The token has dropped 24% over both the last seven days and 32% in the last 24 hours. It's now trading at $0.1027 after rebounding 28% from its $0.08022 low reported earlier on Monday. Nansen data shows that the WazirX hacker wallet sold $529,167 worth of PUSH over the last da—with the next top seller only having sold $11,133, highlighting the low liquidity.

Push Protocol and The Sandbox 24-hour price chart. Source: CoinMarketCapPush Protocol & The Sandbox 24-hour price chart. | Source: CoinMarketCap

The difference in impact is to be largely attributed to the different levels of liquidity. Push Protocol has a market cap of under $6.2 million and a 24-hour volume of under $4.9 million as of press time.

Hi Push Community

As you may know, WazirX exchange has been the victim of a hack that exposed several coins, and unfortunately, PUSH as well. We have traced them to this address: https://t.co/NA2ObL7eM6 exploiter of the exchange has sold 100% of the reserve of PUSH tokens… pic.twitter.com/m43ec4TrME

— Push Protocol | Push Nodes SOON (@pushprotocol) July 22, 2024

Chainlink has a market cap of nearly $8.6 billion and a volume of over $421 million, whereas The Sandbox has $767 million and $69 million respectively. Uniswap has a market cap of $4.74 billion and a volume of nearly $158 million.

Edited by Stacy Elliott.

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Key NotesWeb3 communications protocol Push is launching its native Layer-1 chain.The new chain is designed as a Proof-of-Stake chain with core developer tools.It is out in Devnet with mainnet expected next year. Web3-native communications startup Push Protocol is working on launching its Layer-1 blockchain, dubbed the Push Chain. As reported by The Block, it plans to develop the L1 to focus on chain abstraction and building Web3 applications with multichain accessibility. Ultimately, the Push Protocol will address the challenges of fragmented user experiences and scalability issues with the Push Chain.

Push Chain will introduce groundbreaking features to achieve these goals, such as the ability to do any chain transactions. It also plans to introduce a new model called Consumer transactions. Other features expected to come with the chain are wallet and gas fee abstraction, sharding, and sub-one-second transaction finality.

Push Protocol Pivots With Push Chain For a long time, the blockchain-based notifications project has operated as a communication protocol. It enables cross-chain notifications and messaging for Decentralized Applications (dApps).

This upcoming Proof-of-Stake (PoS) chain is a strategic shift from Push’s original form.

The entire notification and chat protocols will be merged into the Push Chain, turning these interactions into value-accruing transactions. The integration aims to ensure its continued status as the standard for Web3 communication while leveraging Push Chain’s scalability and innovation advantages.

Under its PoS consensus algorithm, the Push Chain will bridge EVM and non-EVM ecosystems.

In the long run, it will enable seamless transactions, liquidity bridging, and smart contract interoperability. According to a spokesperson for the project, the team “worked on building notification nodes for years and completed their implementation in January 2024.”

“It was during this journey that we realized our efforts to scale, unify web3, and enable seamless onboarding for an exceptional consumer experience could evolve into something far more impactful,” the Push spokesperson added.

Push Chain Plans For Phased Launch As part of its benefits, the Push Chain will serve as a common settlement layer for all the L1s and L2s.

If this is achieved, the resulting “universal smart contracts” will offer developers or users access to the state of a wallet on another chain. The chain’s initial testnet would be phased out, starting with the first in mid-January 2025. The mainnet will follow later in the year.

For now, the Chain is live on devnet. It includes tools and resources for developers, such as the Push Chain Whitepaper, Push Chain Knowledgebase, Push Scan Explorer, and Tx App.

The chain will pave the way for consumer-friendly apps like decentralized social platforms, gaming ecosystems, universal Decentralized Finance (DeFi), and cross-chain non-fungible token (NFT) marketplaces. By doing so, Push Chain could drive mass adoption of Web3. All the resources going into the development of the chain position it to form the infrastructure for on-chain AI.

For context, features like its shared state, fast finality, sharding, transaction payload size, and the ability to have users from any chain give Push Chain the capacity to support fast, multi-use AI use cases in Web3.

Disclaimer: Coinspeaker is committed to providing unbiased and transparent reporting. This article aims to deliver accurate and timely information but should not be taken as financial or investment advice. Since market conditions can change rapidly, we encourage you to verify information on your own and consult with a professional before making any decisions based on this content.

Blockchain News, Cryptocurrency News, News

Benjamin Godfrey is a blockchain enthusiast and journalist who relishes writing about the real life applications of blockchain technology and innovations to drive general acceptance and worldwide integration of the emerging technology. His desire to educate people about cryptocurrencies inspires his contributions to renowned blockchain media and sites.

Godfrey Benjamin on X

NEW YORK--(BUSINESS WIRE)--Qualcomm Technologies, Inc. (NASDAQ: QCOM):

Highlights:

Introducing new data center solutions, including the Qualcomm Dragonfly C1000 CPU, Qualcomm High Bandwidth Compute (HBC), Qualcomm Dragonfly AI300 inference accelerator, and leading connectivity products, together with custom silicon solutions. Qualcomm Dragonfly AI300 joins AI200 and AI250 in our multi-generation AI accelerator roadmap with an annual cadence. New Qualcomm High Bandwidth Compute (HBC) technology breaks memory wall with lower energy per token. Multi-year, multi-generation data center agreements from leading AI and data center companies. Broad industry support from over 35 leaders across technology ecosystems. Qualcomm Technologies, Inc. (NASDAQ: QCOM) today announced at its Investor Day, new data center solutions, including the Qualcomm Dragonfly™ C1000 CPU, Qualcomm® High Bandwidth Compute (HBC), Qualcomm Dragonfly™ AI300 inference accelerator, and connectivity products, together with custom silicon solutions, all engineered to maximize performance per watt and token throughput at lower total cost of ownership. The new platforms highlight Qualcomm Technologies’ growing role in building full‑stack data center infrastructure optimized for AI, spanning agentic and data‑center‑class CPUs, AI inference accelerators, high‑performance connectivity, and at scale custom silicon solutions. The Qualcomm Dragonfly AI300 joins the previously announced Qualcomm Dragonfly AI200 and AI250 in its data center solutions portfolio with an annual cadence AI accelerator roadmap.

“Agentic AI is driving a significant increase in demand for AI inference in the data center. As these become the dominant workloads, infrastructure has to deliver much higher performance at lower power and cost,” said Cristiano Amon, President and CEO of Qualcomm Incorporated. “That plays directly to Qualcomm’s strengths, and we’re well positioned for this shift. With Qualcomm Dragonfly, we’re bringing our high-performance, low-power computing into the data center, with multi-year, multi-generation agreements with leading customers.”

Inference-First Platforms Built for Hyperscalers

Qualcomm Technologies draws on decades of expertise in systems-on-chips (SoCs), low-power design, high-performance processing, and leading IP, combined with experience engineering over 40 billion components, to deliver disaggregated, rack-scale AI infrastructure designed for data-center-grade, agent-intensive AI inference workloads at hyper scale. These innovations enable improved token economics, low latency, simplified integration, scalable deployment, and lower total cost of ownership. As agentic AI dramatically increases token demand, Qualcomm Technologies’ solutions are optimized for tokens-per-watt as the key lever to reduce total cost of ownership (TCO).

“What enterprises need now goes far beyond individual components. Orchestrating multiple types of compute across distributed, always-on infrastructure is critical,” said Tony Pialis, EVP and GM of Data Center, Qualcomm Technologies, Inc. “With Qualcomm Dragonfly, we’re bringing together compute, AI, memory, and connectivity into a unified, rack-scale platform designed for increasingly complex, agent-driven workloads while addressing key bottlenecks in memory bandwidth and power consumption. This builds on what Qualcomm Technologies has been delivering for decades: high-performance, low-power compute at scale, now applied to the data center in a way that very few companies can match.”

From Silicon to Rack: A Disaggregated, Rack-Scale AI Inference Platform

Qualcomm Dragonfly C1000 CPU

Purpose-built data center CPU designed for leadership performance and utilization for agentic, general-purpose, and AI head node workloads at best-in-class power efficiency and TCO Custom-designed Qualcomm Oryon™ CPU cores optimized for core performance and frequencies > 5 GHz to deliver superior performance for agentic workload deployed at scale 250+ core count chiplet design for exceptional throughput and scale while delivering exceptional per-core performance > 2x better performance per watt estimate compared to existing product benchmarks for server CPU competitive offerings based on specs Architected and designed for best throughput, responsiveness, and infrastructure utilization for critical data center usages and lowering CapEx and OpEx to deliver best-in-class performance per TCO leadership at scale Multi-chiplet architecture enabling modular integration with advanced packaging technologies for performance and IO scaling addressing general-purpose to AI CPUs in the data center domain > 2 TB/s leading-edge PCIe Gen 7 connectivity, plus CXL connectivity, to support next-generation accelerators, high-speed networking & storage and memory disaggregation Memory sub-system built to deliver superior bandwidth, capacity, latency and power efficiency using leading-edge low-power memory technology CPU-based inference with optional HBC attach Built with advanced reliability, availability, and serviceability (RAS) features, including ECC, fault isolation, and error recovery to enable resilient operation at scale Support for both air and liquid cooling, enabling deployment across diverse data center environments with OCP ORv3 compliant racks and servers CPU portfolio includes: agentic CPU designed for high-throughput agentic orchestration and low latency interactive AI use cases; general-purpose CPU designed for optimal performance-per-TCO for first-party workload and performance-per-vCPU for third-party usage elasticity; AI head node CPU designed to maximize XPU utilization of XPU for generative AI compute through low overhead host processing through high-speed CPU Commercial availability is expected in 2028 Qualcomm High Bandwidth Compute (HBC)

Innovative purpose-built near-memory computing architecture that bonds compute with highly-accelerated memory bandwidth in a 3D-stacked silicon solution to address AI’s fundamental data movement bottleneck HBC has a multi-generation roadmap to deliver faster, more efficient, and more scalable processing at lower total cost of ownership and higher energy efficiency compared to high bandwidth memory (HBM) With HBC Gen 1, AI250 is designed to enable an industry-leading 133 TB/s per card, an 18x increase in effective memory bandwidth compared to AI200 with LPDDR5X; AI300 with HBC Gen 2 is designed to enable another stepwise improvement with a 54x increase over AI200 HBC is designed to enable a 6x increase in bandwidth per watt versus HBM compared to competing published product specifications normalized at card-level HBC is designed to enable a 200x increase in capacity per watt versus SRAM compared to competing published product specifications normalized at rack-level HBC is designed to enable efficient scaling of AI agents to meet the demands of continuous reasoning, memory bandwidth, and real-time responsiveness Our strategic relationships with the supply chain and unique implementation addresses near-memory computing complexity due to 3D integration leadership, system-level design, LPDDR leadership, and power efficiency expertise Commercial sampling of HBC Gen 1 with AI250 is expected in mid-2027 Qualcomm Dragonfly AI300 (Card and Rack)

Third-generation, air- and direct-liquid-cooled rack-level AI inference platform – following the introduction of the AI200 and AI250 solutions last October AI300 integrates breakthrough Qualcomm HBC Gen 2 technology for compute acceleration with integrated memory and increased effective memory bandwidth, designed for disaggregated inference deployments (AI250 uses HBC Gen 1) Enables industry-leading memory capacity and effective bandwidth enabling high-throughput, low-latency performance for large language & multimodal model (LLM, LMM) inference and agentic AI workloads Expecting 4x-8x better performance-per-watt compared to existing GPU-based architectures on memory bandwidth per watt per card Scale up with UALink (Ultra Accelerator Link) and ESUN (Ethernet for Scale-Up Networking); scale out with copper and optical Commercial sampling is expected in 2028 Custom Silicon

Performance-optimized silicon at scale for next-generation AI and cloud data center infrastructure Bespoke custom silicon for agentic AI and other specialized workloads End-to-end co-design capabilities across silicon, system, and software to address customer-specific performance, power, and integration requirements Advanced packaging and modular architectures designed to improve performance, power efficiency, and scalability Proven IP and streamlined design execution to support faster time-to-market and reduced execution risk Execution from design through high-volume manufacturing, supported by ecosystem and supply chain relationships Connectivity

Broad connectivity portfolio spanning die-to-die, copper, optical, and campus-reach interconnects for next-generation AI data centers Supports high-bandwidth 800G and 1.6T connectivity across optical, AOC, and AEC applications, from intra-data-center links to campus-reach deployments up to 20 km Combines Qualcomm Technologies’ SerDes, PAM4, coherent-lite DSP, signal integrity, and telemetry capabilities to support scalable, high-performance AI infrastructure Addresses data movement bottlenecks that are central to AI data center performance in increasingly distributed, disaggregated, and bandwidth-intensive infrastructure Across the Ecosystem

In addition to the new Qualcomm Dragonfly data center portfolio, Qualcomm Technologies announced a multi-year, multi-generation agreement with Meta.

Qualcomm Technologies and Meta today announced a strategic multi-generation collaboration for Qualcomm Technologies to be a supplier for data center CPUs for Meta. Qualcomm Technologies’ data center CPU, the Qualcomm Dragonfly™ C1000, is planned to power Meta’s next-generation server fleet, underscoring the growing importance of high-performance, power-efficient compute in large-scale, scale-out environments.

Additionally, over 35 global leaders across the technology and AI ecosystems are also sharing their support for Qualcomm Technologies’ data center vision and commercial solutions including Advantest, Arista, Astera, Cirrascale, Compal, Confidential Core AI , Core42, Delta, Fibercop, Foxconn, GIGABYTE Technology, HUMAIN, Inventec, IONOS, Lenovo, Master Works, Microchip Technology, Micron Technology, Nanya Technology, NEC, NeuReality, Quanta, Pegatron Corporation, Samsung SDS, Saptiva AI , SK hynix America, Supermicro, Teradyne, TeraHop, UMC, VAST Data, Viettel IDC, VNPT Group, and Wistron. Read ecosystem partner quotes here.

Qualcomm Technologies is committed to a multi-generation data center roadmap with an annual cadence focused on advancing AI inference performance, energy efficiency, and total cost of ownership. For more information, visit our website.

About Qualcomm

Qualcomm is a global computing leader at the center of the AI era, enabling intelligence to scale from the most personal devices to large‑scale infrastructure. Building on more than four decades of innovation, we develop platforms and solutions that bring together advanced AI, high‑performance low-power computing, and industry‑leading connectivity—powering products and services used around the world. At Qualcomm, we are engineering human progress.

Qualcomm Incorporated includes our licensing business, QTL, and the vast majority of our patent portfolio. Qualcomm Technologies, Inc., a subsidiary of Qualcomm Incorporated, operates, along with its subsidiaries, substantially all of our engineering and research and development functions and substantially all of our products and services businesses, including our QCT semiconductor business. Snapdragon and Qualcomm branded products are products of Qualcomm Technologies, Inc. and/or its subsidiaries. Qualcomm patents are licensed by Qualcomm Incorporated. Qualcomm, Snapdragon, Qualcomm Dragonwing and Qualcomm Dragonfly are trademarks or registered trademarks of Qualcomm Incorporated.

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Board of Directors approves quarterly cash dividend of $0.43 per share

NEW YORK--(BUSINESS WIRE)--Pfizer Inc. (NYSE: PFE) today announced that its board of directors declared a $0.43 third-quarter 2026 dividend on the company’s common stock, payable September 1, 2026, to holders of the Common Stock of record at the close of business on July 24, 2026.

Pfizer is committed to maintaining, and over the longer term, growing the dividend, as part of its capital allocation strategy. The third-quarter 2026 cash dividend will be the 351st consecutive quarterly dividend paid by Pfizer.

About Pfizer: Breakthroughs That Change Patients’ Lives
At Pfizer, we apply science and our global resources to bring therapies to people that extend and significantly improve their lives. We strive to set the standard for quality, safety and value in the discovery, development and manufacture of health care products, including innovative medicines and vaccines. Every day, Pfizer colleagues work across developed and emerging markets to advance wellness, prevention, treatments and cures that challenge the most feared diseases of our time. Consistent with our responsibility as one of the world's premier innovative biopharmaceutical companies, we collaborate with health care providers, governments and local communities to support and expand access to reliable, affordable health care around the world. For over 175 years, we have worked to make a difference for all who rely on us. We routinely post information that may be important to investors on our website at www.Pfizer.com. In addition, to learn more, please visit us on www.Pfizer.com and follow us on X at @Pfizer and @Pfizer News, LinkedIn, YouTube and like us on Facebook at Facebook.com/Pfizer.

Disclosure Notice: The information contained in this release is as of June 24, 2026. The Company assumes no obligation to update forward-looking statements contained in this release as a result of new information or future events or developments.

This release contains forward-looking information about, among other things, Pfizer’s commitment to maintaining, and over the longer term, growing the dividend, that involve substantial risks and uncertainties that could cause actual results to differ materially from those expressed or implied by such statements. Risks and uncertainties include, among other things, the uncertainties inherent in research and development, including the ability to meet anticipated clinical endpoints, commencement and/or completion dates for our clinical trials, regulatory submission dates, regulatory approval dates and/or launch dates, as well as the possibility of unfavorable new clinical data and further analyses of existing clinical data; risks associated with interim and preliminary data; the risk that clinical trial data are subject to differing interpretations and assessments by regulatory authorities; risks associated with our clinical development plans; whether regulatory authorities will be satisfied with the design of and results from our clinical studies; whether and when any drug applications, biologics license applications and/or emergency use authorization applications may be filed in any jurisdictions for any potential indication for Pfizer’s product candidates; whether and when any such applications that may be pending or filed for any of Pfizer’s product candidates may be approved by regulatory authorities, which will depend on myriad factors, including making a determination as to whether the product's benefits outweigh its known risks and determination of the product's efficacy and, if approved, whether any such product candidates will be commercially successful; decisions by regulatory authorities impacting labeling, manufacturing processes, safety and/or other matters that could affect the availability or commercial potential of Pfizer’s product candidates, including development of products or therapies by other companies; manufacturing capabilities or capacity; uncertainties regarding the ability to obtain or maintain recommendations from vaccine technical committees and other public health authorities and uncertainties regarding the commercial impact of any such recommendations; risks related to the ability to realize the anticipated benefits of Pfizer’s business development transactions, including the possibility that the expected benefits from such transactions will not be realized or will not be realized within the expected time period; the uncertainties inherent in business and financial planning, including, without limitation, risks related to Pfizer’s business and prospects, adverse developments in Pfizer’s markets, or adverse developments in the U.S. or global capital markets, credit markets, regulatory environment, trade policies or economies generally; the impact of COVID-19 on our business, operations and financial results; and competitive developments.

A further description of risks and uncertainties can be found in Pfizer’s Annual Report on Form 10-K for the fiscal year ended December 31, 2025 and in its subsequent reports on Form 10-Q, including in the sections thereof captioned “Risk Factors” and “Forward-Looking Information and Factors That May Affect Future Results”, as well as in its subsequent reports on Form 8-K, all of which are filed with the U.S. Securities and Exchange Commission and available at www.sec.gov and www.pfizer.com.

Category: Corporate, Financial

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SAN FRANCISCO--(BUSINESS WIRE)--Wells Fargo & Company (NYSE: WFC) today announced that it has completed the Federal Reserve’s 2026 supervisory stress test process. As previously announced by the Federal Reserve, this year’s stress test results do not impact bank capital requirements, and Wells Fargo’s stress capital buffer (SCB) remains at 2.5%.

The Company also announced that it expects to increase its third quarter 2026 common stock dividend by 11% to $0.50 per share from $0.45 per share, subject to approval by the Company’s Board of Directors at its regularly scheduled meeting in July. Additionally, the Company has capacity to continue repurchasing common stock, which will be routinely assessed as part of the Company’s internal capital adequacy framework that considers current market conditions, regulatory capital requirements, and other risk factors.

About Wells Fargo

Wells Fargo & Company (NYSE: WFC) is a leading financial services company that has approximately $2.2 trillion in assets. We provide a diversified set of banking, investment and mortgage products and services, as well as consumer and commercial finance, through our four reportable operating segments: Consumer Banking and Lending, Commercial Banking, Corporate and Investment Banking, and Wealth & Investment Management. Wells Fargo ranked No. 33 on Fortune’s 2025 rankings of America’s largest corporations. News, insights, and perspectives from Wells Fargo are also available at Wells Fargo Stories.

Additional information may be found at www.wellsfargo.com

LinkedIn: https://www.linkedin.com/company/wellsfargo

Cautionary Statement About Forward-Looking Statements

This news release contains forward-looking statements about our future regulatory capital levels and possible future capital actions, including common stock dividends and repurchases. Because forward-looking statements are based on our current expectations and assumptions regarding the future, they are subject to inherent risks and uncertainties. Do not unduly rely on forward-looking statements as actual results could differ materially from expectations. Forward-looking statements speak only as of the date made, and we do not undertake to update them to reflect changes or events that occur after that date. Actual capital levels and capital actions may vary materially from expectations due to a number of factors, including those described in our reports filed with the Securities and Exchange Commission and available on its website at www.sec.gov. The amount and timing of any future common stock dividends or repurchases will depend on the earnings, cash requirements and financial condition of the Company, the impact to our balance sheet of expected customer activity, our capital requirements and long-term targeted capital structure, the results of supervisory stress tests, market conditions (including the trading price of our stock), regulatory and legal considerations, including regulatory requirements under the Federal Reserve Board’s capital plan rule, and other factors deemed relevant by the Company, and may be subject to regulatory approval or conditions.

News Release Category: WF-CFH

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Yuma, one of Bittensor’s largest contributors and the network’s third-largest validator, has published a detailed critique of the proposed “Root Reborn” upgrade, arguing that the design introduces governance, regulatory, and market structure risks that outweigh its potential benefits.

Summary

Yuma has opposed Bittensor’s proposed Root Reborn upgrade, warning that it could introduce conflicts of interest, regulatory concerns, and new risks for stakers. The proposal would allow validators to allocate root staking rewards across subnet tokens instead of automatically converting rewards into TAO. Yuma said subnets backed by validator allocations could benefit from additional demand, but called for more testing, risk analysis, and a formal upgrade roadmap before deployment. The proposal, currently under review and not yet active on mainnet, would overhaul how root staking rewards are handled. Under the existing system, root dividends are effectively paid by automatically converting subnet alpha emissions back into TAO. The new design would stop those automatic sales.

🧠 Bittensor $TAO upgrade watch: Root Reborn

A new Subtensor PR proposes one of the larger changes to Bittensor’s root validation structure so far.

Today, root dividends are effectively paid by auto-swapping subnet alpha back into TAO. This creates constant sell pressure on… pic.twitter.com/UNLFsKzcsl

— tao.bot (τ, τ) (@taodotbot) June 18, 2026 Instead, validators would set allocation weights across subnets. Root emissions would then be deployed into validator-selected baskets of subnet tokens, with stakers receiving redeemable claims on those positions rather than direct TAO rewards.

The proposal states that the change would reduce automatic sell pressure on subnet assets and make validator allocation decisions a more important part of the network economy. It would also introduce new tools to track validator basket net asset value, subnet allocations, staker liabilities, and network-wide basket performance.

Yuma said the proposal changes the role of validators from infrastructure operators into active allocators of capital.

“In its current form, the Root Reborn proposal carries substantial unmitigated risk that outweighs its benefits,” the validator group wrote.

The following analysis is a byproduct of lack of process within the ecosystem that leaves business builders limited notice or ability to properly plan, assess risk, and execute.

We are responding rapidly to the code we’ve seen thus far, in the forum where we see it being… https://t.co/cZ3DQD2gkU

— Yuma (@YumaGroup) June 18, 2026 Yuma warns of conflicts and regulatory exposure Yuma argued that validators would gain significant influence over capital flows inside the Bittensor ecosystem, creating incentives that may not always align with the interests of delegators.

The group said validators could direct allocations toward subnets in which they already hold positions or accept external incentives from subnet operators seeking additional capital. Yuma compared the structure to the lessons of the LIBOR scandal, where a small group of participants held influence over key financial benchmarks.

“Moral hazard is acute,” Yuma wrote, adding that validators should be expected to maximize their own financial returns.

The organization also questioned whether validator performance could be measured effectively under the proposed system. It said validators would not control redemption timing, making it difficult to maintain target portfolio allocations as users enter and exit positions.

Over time, Yuma argued, new emissions would represent an increasingly small portion of large validator baskets, limiting a validator’s ability to materially influence performance through future allocation decisions.

The report also raised concerns about regulatory treatment. Yuma said validators currently direct blockchain emissions, but Root Reborn would place them in a position where they actively determine subnet token exposure for delegators.

“Validators are no longer simply providing a neutral technological service due to the requirement to also set weights for subnet token rewards,” the group wrote.

Proposal seeks to reduce sell pressure on subnet assets Supporters of the proposal have presented the upgrade as a mechanism to keep more value inside the subnet economy.

A summary accompanying the Subtensor pull request stated that root yield would move away from automatic subnet token sales and toward reinvestment across validator-selected subnets. The proposal described the change as a way to make validator selection depend on capital allocation decisions rather than primarily on fees or staking yields.

The proposal also said delegators would gain additional transparency through dashboard tools that display basket composition, net asset value, and outstanding liabilities owed to stakers.

Yuma acknowledged that subnets receiving validator allocations could benefit from increased demand and stronger token prices. The group wrote that subnets awarded meaningful weights would likely experience net-positive price effects, while subnets receiving little or no allocation could see neutral outcomes.

At the same time, Yuma warned that the structure could encourage lobbying efforts by subnet operators seeking validator support. The report said new projects may face greater barriers to entry if relationships with validators become an important factor in attracting capital.

The validator group also identified operational risks. Its report cited escrow concentration in a single coldkey, redemption dynamics that could create losses for late redeemers during periods of heavy withdrawals, repeated slippage costs from basket rebalancing, and execution challenges if network activity scales significantly.

Yuma urged the OpenTensor Foundation and network stakeholders to consider alternative approaches that allow stakers to express subnet preferences directly through opt-in mechanisms rather than concentrating allocation decisions among validators.

The group also called for a published upgrade roadmap, a defined release process, additional testing, and formal risk evaluation before any implementation proceeds.

The debate arrives days after Bittensor attracted renewed market attention following comments from Grayscale Head of Research Zach Pandl, who argued that recent U.S. restrictions on Anthropic’s advanced AI models could strengthen demand for decentralized AI networks. Pandl wrote that investors may increasingly look toward alternatives such as Bittensor as access to frontier AI systems becomes subject to centralized controls.

TAO (TAO) climbed roughly 30% within 12 hours after those developments, as per previous coverage on crypto.news. However, as of press time, TAO is down over 6% as traders weigh the recent concerns around the Root Rebor proposal.

Bittensor co-founder Jacob Steeves wants the protocol he helped build to no longer need him. The man known as “Const” in crypto circles has published a roadmap to fully decentralize Bittensor within 18 months, targeting a completion date around December 2027.

The decentralization deficit Bittensor, co-founded by Steeves and Ala Shaabana, has built genuine decentralized ownership among its participants over more than five years of operation. The network currently runs 128 active subnet teams and more than 20 core validator teams.

But ownership and control are not the same thing. Bittensor’s governance structure has relied on what’s been called a “triumvirate” model, and critics have argued it concentrates too much power in too few hands. The core team’s grip on the economic incentive layer, the mechanism that determines how rewards flow through the network, has been a persistent sore point.

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That criticism reached a boiling point in April 2026 when Covenant AI, a participant in the Bittensor ecosystem, exited the network entirely. Covenant AI accused the protocol of “decentralization theatre,” alleging unilateral control by Steeves over key network decisions. TAO’s price dropped roughly 18-20% in the aftermath.

The roadmap: what Steeves is actually proposing Steeves’ plan isn’t a single flip-the-switch moment. He’s outlined a phased approach that touches several core components of how Bittensor operates.

First, the roadmap calls for raising validator competition. Second, the plan includes implementing bidirectional liquidity pools. Third, Steeves wants to introduce a conviction-based voting mechanism for Alpha token holders. This type of system weights votes based on how long a holder commits their tokens, rewarding long-term alignment over short-term speculation.

The roadmap also includes updates to the TaoFlow algorithm, which governs how incentives are distributed across the network’s subnets.

Steeves resigned as CEO of the Opentensor Foundation in February 2026, months before announcing this roadmap. The move was explicitly framed as reducing key-person dependency.

What this means for investors For TAO holders, the roadmap addresses the single biggest governance risk that has weighed on the token. The April 2026 price drop following Covenant AI’s departure demonstrated how directly governance concerns translate into market impact.

The conviction-based voting mechanism deserves particular attention from investors. If implemented correctly, it could create a structural incentive for longer-term holding, reducing sell pressure and rewarding patient capital. If implemented poorly, it could entrench existing large holders and create a new form of centralization dressed in governance clothing.

Disclosure: This article was edited by Editorial Team. For more information on how we create and review content, see our Editorial Policy.

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SummaryMicron Technology, Inc. delivered historic Q3 results, with record revenue, margin expansion, and robust free cash flow, underscoring surging AI-driven memory demand.MU's forward guidance significantly exceeded consensus, with management securing HBM capacity commitments through 2027 and projecting HBM TAM to surpass $100 billion by 2028.Despite a strong rally, MU remains undervalued, trading at 14x forward EPS, and could appreciate another 50% while maintaining reasonable valuation metrics.We continue to recommend accumulating MU on pullbacks, given its compelling growth-and-value profile, operational execution, and strong shareholder return strategy.Looking for a helping hand in the market? Members of BAD BEAT Investing get exclusive ideas and guidance to navigate any climate. Learn More »Sitewide Sale 2026: Get 20% Off itsarasak thithuekthak/iStock via Getty Images

Our investing group has held a position in Micron Technology, Inc. (MU) since it was trading around the $40 mark. Having tracked this company well before the AI tailwinds emerged over the last year or

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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.

@StarkWareLtd has unveiled a zero-knowledge identity system designed to let users pass a KYC check without surrendering their personal data to a central verifier. The prototype, called Private KYC, is built on STRK20, @Starknet's privacy layer, and works by flipping the logic of how identity verification is typically done.

How it works A user scans their passport using their phone's NFC chip. That identity data is then encrypted and bound to their own Starknet account rather than stored on a third-party server. When a KYC check is required, the system generates a zero-knowledge proof of just the fact that matters, such as confirming the user is over 18, while name, date of birth, and document number remain sealed. No central verifier holds a copy of the document, so there is no database to breach.

STRK20, which launched in early June, introduces zero-knowledge privacy features for ERC-20 tokens, letting users shield balances and make private transfers without moving assets to a separate privacy chain. The technical architecture relies on client-side zero-knowledge proofs built with StarkWare's Stwo prover and Cairo programming language. Private KYC extends that same infrastructure into identity verification.

Targeting a well-documented problem The timing of the demo is pointed. A KYC store becomes a data honeypot the moment it concentrates identity records someone else wants, and that concentration is something the rulebook compels, not something a control choice creates. The scale of recent incidents makes the case plainly: IDmerit, disclosed in February 2026, exposed a data set running to roughly 1 billion records, including approximately 203 million US records. Unlike traditional passwords or credit card numbers, biometric data cannot be changed if compromised, posing long-term security risks. If fingerprints or iris patterns are stolen, the victim is permanently vulnerable to identity theft.

StarkWare's architecture sidesteps this problem by design. Because no raw document is ever handed to a verifier, there is no archive to steal. StarkWare chief executive Eli Ben-Sasson has said zero-knowledge systems could allow future investigations to request narrower information, though the approach has not yet faced broad regulatory testing, and institutions will still need to assess its legal, security, and operational controls before adoption.

For now, Private KYC is a demonstration pitched at government and institutional audiences, not a live product. Whether regulators will accept a ZK proof as a substitute for a stored document copy remains an open question. But as centralized identity databases continue to attract attackers, the architectural argument for an alternative is only getting stronger.

Sources:
Starknet: Make ERC-20 Tokens Private with STRK20
Finextra: The KYC Data Honeypot Is a Retention Mandate, Not a Security Failure
Fincrime Central: IDMerit data breach, 1 billion records exposed

, /PRNewswire/ -- Today, the U.S. government awarded Lockheed Martin (NYSE: LMT) a seven-year undefinitized contract action (UCA) for up to $35 billion to quadruple production of Terminal High Altitude Area Defense (THAAD) interceptors. The award is one of the first major multiyear procurement contracts executed under the Department of War's Acquisition Transformation Strategy and represents one of the first full-scale transitions from framework agreement to contract execution under the initiative. It demonstrates Lockheed Martin's commitment to building the Arsenal of Freedom. 

The $35 billion THAAD seven-year procurement award propels acceleration of critical missile defense interceptor production.

THAAD is a highly effective, combat-proven defense against short, medium and intermediate-range ballistic missile threats. The contract puts into action the THAAD framework agreement signed in January between the Department of War and Lockheed Martin, providing the long-term demand signal needed to accelerate production capacity, strengthen the defense industrial base and deliver critical missile defense capability at speed and scale for the U.S. and its allies.

The award comes weeks after Lockheed Martin broke ground on a new Munitions Production Center in Troy, Alabama, as part of the company's more than $9 billion investment through 2030. This investment is already delivering tangible results to meet heightened munitions demand, including more than 20 new or modernized facilities across the United States. Lockheed Martin also recently opened the Next Generation Interceptor facility in Courtland, Alabama, and the Munitions Acceleration Center in Camden, Arkansas.

WHY IT MATTERS

THAAD is the only U.S. system designed to intercept threats both inside and outside the atmosphere, providing a critical layer of missile defense. Its performance has been demonstrated in operations including Operation Epic Fury, where it continues to defend forces and key infrastructure against evolving threats.

EXPERT PERSPECTIVE 

"This award reflects our shared vision with the Department of War to strengthen America's Arsenal of Freedom through a transformational shift to multiyear procurement," said Tim Cahill, president, Lockheed Martin Missiles and Fire Control. "This new approach propels our efforts to strengthen the defense industrial base, expand production and deliver capabilities to the American warfighter at unprecedented speed and scale."

ADDITIONAL CONTEXT

Acquisition Transformation Leadership: Lockheed Martin was the first in the industry to announce a framework agreement for munitions acceleration under the Department of War's Acquisition Transformation Strategy. Since January, landmark framework agreements have been established to expand production capacity for PAC-3® MSE, the THAAD interceptor and Precision Strike Missile (PrSM). In April, the U.S. government awarded Lockheed Martin a $4.7 billion contract to continue critical accelerated production of PAC-3 MSE this year. American Job Growth: Lockheed Martin continues to expand its workforce, creating tens of thousands of high-quality American jobs across manufacturing, engineering and skilled trades. These investments ensure America and its allies have the proven capabilities needed to protect people, infrastructure and freedom around the globe. Supply Chain Resilience: Lockheed Martin is strengthening resilience of our supply chain, deepening collaboration with suppliers and driving innovation across operations. Lockheed Martin is engaging regularly with suppliers critical to scaling munitions production, focusing on building stronger relationships, emphasizing speed and driving solutions to better prepare for current and future threats. About Lockheed Martin
Lockheed Martin is a global defense technology company driving innovation and advancing scientific discovery. Our all-domain mission solutions and 21st Century Security® vision accelerate the delivery of transformative technologies to ensure those we serve always stay ahead of ready. More information at Lockheedmartin.com.   

Forward-Looking Statements
This news release contains statements that, to the extent they are not recitations of historical fact, constitute forward-looking statements within the meaning of the federal securities laws, and are based on the Company's current expectations and assumptions, including statements about the expected value and duration of the THAAD procurement award, the expected acceleration and quadrupling of production capacity and Lockheed Martin's investments through 2030 and expected results from facility and workforce expansion, supplier collaboration and production scaling.  Actual results may differ materially due to factors such as: the availability, timing, and amount of U.S. government and allied government funding; changes in government priorities, budgets, acquisition strategies, contract terms, or procurement schedules; the risk that UCAs, multiyear procurement arrangements, or expected follow-on awards may be modified, delayed, reduced, terminated, or not fully funded; supply chain constraints, supplier performance, inflationary pressures and labor availability; challenges associated with increasing output at speed and scale; and delays in facility expansion.  For a discussion identifying additional important factors that could cause actual results to vary materially from those anticipated in the forward-looking statements, see the Company's filings with the U.S. Securities and Exchange Commission ("SEC") including "Management's Discussion and Analysis of Financial Condition and Results of Operations" and "Risk Factors" in the Company's Annual Report on Form 10-K for the year ended December 31, 2025 and subsequent Quarterly Reports on Form 10-Q. The Company's filings may be accessed through the Investor Relations page of its website, www.lockheedmartin.com/investor, or through the website maintained by the SEC at www.sec.gov. Except where required by applicable law, the Company expressly disclaims a duty to provide updates to forward-looking statements after the date of this filing to reflect subsequent events, changed circumstances, changes in expectations, or the estimates and assumptions associated with them. The forward-looking statements in this filing are intended to be subject to the safe harbor protection provided by the federal securities laws.

SOURCE Lockheed Martin

© Inspiration GP / Shutterstock.com

Few large-cap stocks have performed quite like Coinbase (NASDAQ:COIN | COIN Price Prediction) over the past 12 months. After peaking near $444.64 in the prior bull run, shares have round-tripped on a brutal crypto pullback. Our model sees significant upside from here.

Our 24/7 Wall St. price target for Coinbase is $271.94, implying 64.97% upside from the recent close of $164.84. The recommendation is buy, with a confidence level of 90%. That is a high-conviction call, anchored by forward earnings recovery, a deep subscription revenue base, and analyst consensus well above today’s quote.

24/7 Wall St. Price Target Summary Metric Value Current Price $164.84 24/7 Wall St. Price Target $271.94 Upside 64.97% Recommendation BUY Confidence Level 90% Crypto Winter Has Hit COIN Hard Coinbase shares are down 27.11% year to date and 46.55% over the past year, badly lagging the broader market. Bitcoin is down 27.05% YTD and Ethereum has tumbled 41.86%, squeezing the trading volumes that drive Coinbase’s transaction line.

Q1 2026 results, released May 7, 2026, showed the damage. Revenue of $1.41 billion fell 30.54% year over year, missing consensus by 4.72%. EPS came in at -$1.49 versus a $0.0444 estimate, weighed down by $482.40 million in markdowns on crypto held for investment. Management responded with a 14% headcount cut targeting roughly $500 million in annualized savings.

The Case for $400+ The bull case rests on Coinbase’s evolution beyond a pure trading venue. Subscription and services revenue reached 44% of net revenue in Q1, with stablecoin revenue of $305 million riding a USDC market cap that touched $80 billion in March.

Prediction markets crossed $100 million annualized within two months of launch, retail derivatives are tracking toward a $250 million tier, and DEX trading volume doubled quarter over quarter.

Industry tailwinds are sizeable. The stablecoin market is projected to grow from $300 billion to $3 trillion by 2030, with tokenized real-world assets potentially reaching $16 trillion.

If Coinbase rides those waves, our bull case scenario points to $406.07 over the next 12 months. Analyst consensus sits at $229.74, with 21 buys against just 3 sells.

What Could Go Wrong Coinbase remains tethered to crypto prices. Total crypto market cap and volumes both fell more than 20% quarter over quarter in Q1, and a beta of 3.32 means downside in BTC and ETH translates into amplified equity moves.

Insiders have been net sellers across 90 recent transactions, and the forward P/E of 77 leaves no room for further volume erosion.

The Q1 GAAP loss was largely a non-cash crypto markdown, and adjusted EBITDA was still positive at $303.30 million, the 13th straight positive quarter.

Cash of $10.21 billion and $2.10 billion in remaining buyback authorization give management room to defend the stock. Our bear case scenario still lands at $227.99, above today’s price.

Coinbase Price Prediction 2026-2030 My 24/7 Wall St. price target is $271.94, buy, with 90% confidence. The factor tipping the scale is the durability of subscription revenue, which now cushions trading swings far better than during the 2022 cycle.

The setup looks constructive if BTC stabilizes above $60,000 and Q2 transaction revenue tracks management’s $215 million May 5 pace. Caution is warranted if stablecoin revenue rolls over or another data-security event hits the cost base.

Year 24/7 Wall St. Price Target 2026 $221.08 2027 $271.94 2028 $365.00 2029 $490.00 2030 $645.59 These projections assume Coinbase executes its Everything Exchange strategy and stablecoin and prediction-market revenue compound through the decade. Significant upside or downside could result from crypto cycle timing, regulatory shifts under the GENIUS Act framework, or a major security incident.

 MEXC, a pioneer in 0-fee digital asset trading, has listed nine Ondo tokenized stock trading pairs on the Spot markets, giving users on-chain access to real-world equity exposure across key technology sectors including AI, semiconductors, and optical communications.

MEXC listed Ondo tokenized stock trading pairs across some of the most closely watched names in U.S. equity markets. The selection includes Cerebras Systems in AI inference hardware, Corning, Lumentum Holdings, and Applied Optoelectronics in optical communications infrastructure, and United Microelectronics and Amkor Technology in semiconductor manufacturing and packaging. Dell Technologies, Nokia, and Planet Labs complete the lineup across enterprise technology, telecommunications, and satellite data. Full listing details are available on the MEXC announcement page.

This listing builds on MEXC’s ongoing collaboration with Ondo Finance, further expanding the range of tokenized real-world assets available on the platform. The tokens’ underlying assets are securely held in custody by licensed broker-dealers. They are freely transferable and DeFi-compatible, unconstrained by the geographical restrictions and trading hours of traditional markets. Additionally, dividends are automatically reinvested after tax, providing users with an additional source of investment return. 

MEXC will continue to expand access to the world’s most sought-after assets, delivering on its mission to connect users worldwide with infinite investment opportunities.

About MEXC MEXC is the world’s fastest-growing cryptocurrency exchange, trusted by more than 40 million users across 170+ markets. Built on a user-first philosophy, MEXC offers industry-leading 0-fee trading and access to over 3,000 digital assets. As the Gateway to Infinite Opportunities, MEXC provides a single platform where users can easily trade cryptocurrencies alongside tokenized assets, including stocks, ETFs, commodities, and precious metals.

MEXC Official Website｜X ｜Telegram ｜How to Sign Up on MEXC

For media inquiries, please contact MEXC PR team: [email protected]

Risk Disclaimer:

This content does not constitute investment advice. Given the highly volatile nature of the cryptocurrency market, investors are encouraged to carefully assess market fluctuations, project fundamentals, and potential financial risks before making any trading decisions.

Source

Disclaimer: TheNewsCrypto does not endorse any content on this page. The content depicted in this Press Release does not represent any investment advice. TheNewsCrypto recommends our readers to make decisions based on their own research. TheNewsCrypto is not accountable for any damage or loss related to content, products, or services stated in this Press Release.

A redemption that used to take days cleared in about five seconds. The names in the room matter more than the speed, and the question for XRP holders is where the token actually sits in the flow.

Summary

JPMorgan, Mastercard, Ondo, and Ripple tested tokenized Treasury redemption on the XRP Ledger. The settlement speed matters, but the institutional names matter more. XRP was not the asset being redeemed, but it can sit in fees, reserves, and routing. The long-term signal is utility; the near-term question is whether volume follows. On June 12, JPMorgan, Mastercard, Ondo Finance, and Ripple completed a test that moved a tokenized United States Treasury through a full redemption on the XRP Ledger. The settlement finished in roughly five seconds.

The same operation on traditional rails takes three to five business days. crypto.news shared the result the day it happened, and within hours the XRP community had folded it into the familiar story: another institution, another marquee logo, another reason the token should be worth more than it is.

NEW: JPMorgan, Mastercard, Ondo Finance and Ripple complete tokenized Treasury redemption test on XRP Ledger. Settlement took roughly 5 seconds compared to 3 to 5 business days on traditional rails pic.twitter.com/9Rkd3MkWF4

— crypto.news (@cryptodotnews) June 12, 2026 The speed is real and the participants are real. What deserves a closer look is the part the headlines skip, which is the exact role XRP the asset plays when a tokenized Treasury changes hands on its ledger.

That answer is more interesting than a simple win or loss. It sets the boundary on how much a holder should read into the news.

What actually happened on June 12 Strip the announcement down to its parts and the test looks like this. Ondo Finance issued a tokenized version of a short-dated United States Treasury instrument, the kind of product that wraps a real government bond into an on-chain token that pays the yield of the underlying paper.

Mastercard provided the link between the regulated money layer and the chain through its Multi-Token Network, the rails it has been building to let banks move tokenized deposits and settle against tokenized assets. JPMorgan brought its institutional settlement infrastructure to the bank side of the trade.

Ripple supplied the ledger and the surrounding tooling that let the redemption clear on the XRP Ledger instead of on a private bank network.

A redemption is the moment a holder hands the token back and receives cash value in return. In the legacy world, that round trip crawls through custodians, transfer agents, and settlement windows that only open on business days.

The test compressed that into a single near-instant on-chain event, with the cash leg and the asset leg settling together instead of days apart. Atomic settlement, where both sides of a trade move or neither does, removes the gap during which one party holds an asset and waits to be paid.

That gap is where counterparty risk lives, and closing it is the entire point of putting this kind of asset on a fast public ledger. So the result is a working proof that a tokenized Treasury can be issued, held, and redeemed across a chain that major financial firms were willing to touch.

That is not nothing. It is also not the same thing as production volume, and the difference is where careful readers should slow down.

The logos are the story, up to a point Each name on the June 12 test carries weight, and the weight is worth spelling out because the market tends to treat any JPMorgan headline as a verdict.

JPMorgan has spent years building Kinexys, formerly Onyx, its blockchain settlement arm that already moves large daily volumes in tokenized deposits. When a bank of that size agrees to run a redemption across the XRP Ledger, even as a test, it signals that the ledger met its internal bar for security and controls.

Mastercard has been pushing its Multi-Token Network as the connective tissue between banks and tokenized assets, and its presence shows the test was built to plug into existing card-network plumbing instead of standing alone as a crypto experiment. Ondo is one of the larger issuers of tokenized Treasuries, and its OUSG product has become a reference point for the whole real-world-asset category.

Ripple sat at the center as the ledger host and the firm whose institutional features made the settlement possible. Put together, the group reads as a deliberate signal that tokenized Treasuries can settle on the XRP Ledger with names that compliance departments recognize.

JPMorgan, Mastercard, Ondo Finance and Ripple just completed something quietly historic.

The first cross-border tokenized US Treasury redemption on the XRP Ledger.

Cleared in under 5 seconds.

Traditional settlement for this kind of transaction takes days.

Tokenized assets… pic.twitter.com/9uk5akaVRf

— Rose (@Rose09202) June 21, 2026 The temptation is to draw a straight line from that signal to the XRP price. Before drawing it, look at what moved through the transaction and what did not.

Why tokenized Treasuries are the wedge asset It is no accident that the test used a Treasury and not some exotic instrument. Among all the assets the industry has tried to move on-chain, short-dated government debt has become the wedge that opens the institutional door, and the reasons say a lot about why June 12 happened at all.

A Treasury bill is the simplest large asset to tokenize honestly. It has a known issuer, a known maturity, a yield that is easy to verify, and a price that barely moves day to day.

There is little argument about what it is worth, which means a token wrapped around it can be marked with confidence and redeemed without disputes. Compare that to tokenized real estate or private credit, where valuation is slow, subjective, and easy to challenge, and the appeal of starting with Treasuries becomes obvious.

The asset removes the hardest problem in tokenization, which is agreeing on value, so the experiment can focus on the plumbing. That is why tokenization as the real story keeps coming back to Treasuries: they are liquid, familiar, yield-bearing, and easy for institutions to understand.

The demand is also concrete. Crypto firms, trading desks, and treasuries sit on large idle dollar balances, often parked in stablecoins that pay them nothing.

A tokenized Treasury lets that cash earn the yield of real government paper while staying on-chain, available to move at any hour without leaving for the banking system. That single feature, on-chain dollars that earn a real yield, has turned tokenized Treasuries into one of the fastest-growing corners of the whole digital-asset market.

Ondo’s OUSG and a handful of competitors have pulled in billions because they answer a question every on-chain treasurer has, which is how to stop leaving money on the table.

So when Ripple wanted to prove the XRP Ledger could host serious institutional settlement, the Treasury was the natural choice. It is the asset most likely to move in real size, the one institutions most want on-chain, and the one with the fewest excuses for the test to fail.

Winning the Treasury-settlement business is the beachhead. Everything heavier, corporate bonds, funds, structured credit, follows the rail that first proves itself on the simple asset.

Where XRP actually sits in the transaction Here is the part that gets lost. In the June 12 flow, the asset being moved was a tokenized Treasury. The cash leg most likely settled in a stablecoin or a tokenized deposit.

XRP, the native token of the ledger, was not the thing being bought, sold, or redeemed.

That sounds like bad news for the holder thesis, and read too quickly it would be. The reality is more layered.

XRP touches a settlement like this in three indirect ways, and each one is small per transaction but structural across millions of them.

First, every transaction on the XRP Ledger burns a tiny amount of XRP as a fee. The amounts are fractions of a cent, designed to stop spam, not to enrich anyone.

As transaction count rises, the burn rises with it, which slowly removes XRP from supply. Second, accounts and certain ledger objects require a reserve denominated in XRP, so a ledger that hosts more institutional activity locks up more XRP in reserves.

Third, and most important over time, XRP can serve as the auto-bridge asset when one currency or token needs to move into another inside the ledger’s exchange. In a redemption that converts a tokenized Treasury back into a chosen settlement currency, XRP can sit in the middle as the routing asset that connects the two sides.

While the market obsesses over price action, XRPL just processed another milestone settlement blending JPMorgan, Mastercard, and Ondo Finance rails.

This cross-border tokenized Treasury redemption cleared on XRPL in under five seconds using RLUSD as the settlement asset and a… pic.twitter.com/eDw8SQm88z

— documenting XRP (@documentingXRPP) June 21, 2026 None of those roles require XRP to be the headline asset in the trade. All three grow with usage, not with hype.

That is the honest frame: the June 12 test does not put XRP at the center of the transaction, but it does feed the machinery where XRP earns its keep. Whether that machinery turns fast enough to matter for price is a separate question, and the search history of XRP suggests patience is warranted.

This is also what the tokenized Treasury settlement means for XRP: the ledger can win serious institutional use before the token captures meaningful demand. The two are connected, but not identical.

The ledger features that made it possible A redemption like this could not have run on the XRP Ledger of a few years ago. The capability is new, and it comes from a stack of institutional features Ripple and the wider XRPL developer community shipped across 2025 and into 2026.

Multi-Purpose Tokens, the MPT standard, let a token carry the metadata that a real financial instrument needs, things like maturity dates, transfer restrictions, and tranche information, without forcing developers to bolt on fragile smart contracts. Permissioned Domains and a permissioned version of the ledger’s decentralized exchange let regulated participants trade in gated environments where access depends on credentials such as know-your-customer checks.

RLUSD, Ripple’s dollar stablecoin, now settles on the ledger and gives institutions a compliant cash leg that lives on the same rail as the asset. The escrow feature was extended to support third-party tokens like RLUSD, which matters for structured settlement.

Layer the XLS-66 lending protocol on top, with its single-asset vaults that isolate credit risk one asset at a time, and the ledger starts to look less like a payments network and more like a settlement venue with a credit layer attached. The June 12 test is the visible output of that quieter build.

The features were the precondition. The redemption was the demonstration that they hold together under the eyes of firms that do not lend their names casually.

The competition for the same settlement business The XRP Ledger is not the only chain courting this work, and the contest for institutional settlement is the backdrop that gives June 12 its real stakes.

Ethereum sits at the center of the tokenized-asset world today. Most tokenized Treasuries, including the largest funds from the biggest asset managers, launched on Ethereum or its layer-2 networks, where the deepest pool of developers and the most established custody and compliance tooling already live.

An institution choosing where to settle starts from a world in which Ethereum is the default, and the burden falls on every other chain to give a reason to look elsewhere. Solana has pushed hard on speed and cost and has won its own share of tokenization projects and corporate interest.

On top of the public chains, the banks are building private ones. JPMorgan’s own settlement network already moves enormous daily volumes inside a permissioned environment the bank controls end to end.

Against that field, the XRP Ledger’s pitch is specific. It offers settlement built for payments from the start, with the institutional features, the MPT standard, permissioned trading, credentials, baked into the base layer instead of bolted on through smart contracts that have to be audited one project at a time.

The argument is that a purpose-built settlement ledger carries less risk surface than a general-purpose smart-contract chain, because there is less custom code between an institution and a completed trade. June 12 is Ripple making that argument in public with partners who could have run the same test anywhere.

This is why the names matter more than the speed. Five-second settlement is achievable on several chains.

What the XRP Ledger needed to prove was that firms like JPMorgan and Mastercard would choose it for a real institutional flow when they had every other option available. The test does not win the war.

It wins the right to be in the room for the next one, which for a chain competing against Ethereum’s incumbency is the harder thing to secure.

Following one tokenized Treasury through the flow Abstractions blur the stakes, so trace a single unit through the kind of cycle the test modeled.

Start with a short-dated United States Treasury bill sitting in a custodian’s account. Ondo, or an issuer like it, holds that bill and mints an on-chain token against it.

The token represents a claim on the bill and the yield it throws off. Call it one unit of a tokenized Treasury, and place it in the wallet of an institutional holder who wants short-term dollar yield without leaving the chain.

For weeks, the holder simply holds. The token accrues the bill’s yield.

When the holder decides to exit, the redemption begins. The holder submits the token back toward the issuer through the settlement arrangement that JPMorgan and Mastercard stand behind.

On the ledger, the asset leg and the cash leg are matched so they settle as one event. The token is retired.

A settlement currency, most likely RLUSD or a tokenized deposit, lands in the holder’s wallet in return. The fee for the ledger transactions is paid in XRP and burned.

If the chosen settlement currency differs from the currency the token was priced in, the ledger’s exchange can route through XRP as the bridge to complete the swap. Total elapsed time: around five seconds.

Compare that to the legacy path, where the same redemption would route through a transfer agent, wait for a settlement window, and clear across three to five business days while both sides carry risk. The end state is identical.

The holder is out of the Treasury and into cash. The path is what changed, and the path is the product.

Notice where XRP appeared in that walk. It paid the fee. It may have bridged the currencies. It backed the account reserves.

It was never the asset the holder set out to trade. That is the shape of XRP’s role in institutional settlement, and it explains why utility can climb for years while the token price moves sideways.

What institutions actually buy beyond the five seconds The speed grabs the headline, but settlement time is not the only thing an institution gains, and the other gains explain why firms keep running these tests even when the token economics do not concern them.

The first gain is capital efficiency. In the legacy model, the days between trade and settlement are days during which capital sits frozen, posted as margin or held in reserve against the risk that the other side fails to deliver.

Collapse settlement to seconds and that frozen capital comes free, available to be deployed elsewhere. For a large trading desk, the value of unlocking capital that used to sit idle for three days at a time runs into real money across a year of activity.

The second gain is around-the-clock operation. Traditional settlement runs on banking hours and business days, so a Friday trade waits through the weekend.

An on-chain ledger settles at any hour, which matters more every year as markets globalize and the line between trading days blurs. The third gain is collateral mobility.

A tokenized Treasury that settles instantly can be moved, pledged, or redeemed the moment it is needed, which lets the same asset work harder as collateral across more uses.

These are the reasons a JPMorgan or a Mastercard cares about the test, and none of them depend on XRP the token doing anything. The institution is buying a better settlement process.

XRP earns its small dues in the background. Keeping those two things separate is the key to reading any announcement like this one without mistaking institutional interest in the ledger for institutional demand for the token.

The first is clearly growing. The second has to be inferred from on-chain flow, and the inference is where most of the disappointment in XRP’s price history has come from.

That is why Ripple’s IPO and XRP holders is part of the same broader lesson. Ripple’s success, XRPL adoption, and XRP holder value are related, but they do not automatically collapse into the same thing.

Does settlement volume reach the price? This is the question every holder actually wants answered, and it deserves a straight treatment, not a number pulled from the air.

The bullish case runs through the indirect roles. If tokenized Treasuries and similar real-world assets move onto the XRP Ledger in size, transaction counts climb, fee burn climbs, reserves lock up more supply, and bridge routing pulls XRP into more flows.

Demand for the token then rises from use instead of from speculation, and demand that comes from use tends to be stickier. Ripple has framed exactly this flywheel in its institutional materials, and the logic holds on its own terms.

The sober case sits in the math. Fee burn on the XRP Ledger is deliberately tiny.

Even a large jump in institutional transactions removes a small fraction of supply against the tens of billions of XRP already in circulation and the monthly escrow releases that add to it. Bridge routing only pulls in XRP when a trade actually needs a currency conversion that the ledger chooses to route through XRP, and many institutional flows will settle stablecoin to stablecoin without ever touching the token.

Reserves lock supply but do not create buy pressure on their own. There is a supply side to weigh as well, and it cuts against the burn story in the near term.

Ripple releases up to one billion XRP from escrow at the start of each month, then re-locks most of it, but the net new supply that reaches the market still runs into the hundreds of millions of tokens monthly. For fee burn from institutional settlement to tighten supply in any meaningful way, the volume would have to grow large enough to offset that steady release, which is a high bar at current transaction levels.

A holder who pins hopes on burn alone is betting that on-chain activity climbs by orders of magnitude while the escrow schedule keeps running on its long-set path. That can happen over years. It does not happen because of one test.

The careful reading is that the June 12 test strengthens the long-term utility argument and does little for the short-term price argument. XRP spent most of 2026 trading near or below the one-dollar-and-change range while news exactly like this piled up, which is the market telling you that proofs of concept are priced as proofs of concept until volume follows.

A settlement test is a door opening. Walking through it at scale is a different event, and the token tends to wait for the second one.

What has to be true for this to matter For the June 12 result to move from interesting to important, a few things need to happen, and naming them gives a holder a watchlist instead of a hope.

Production volume has to follow the test. One redemption proves the plumbing.

Recurring institutional flow, measured in real daily value rather than pilot transactions, is what feeds the burn-and-bridge machinery. Regulatory clarity has to land, because the CLARITY Act and the broader United States market-structure framework decide how freely regulated institutions can settle tokenized assets on public ledgers.

Until the rules set, much of this activity stays in the test-and-pilot stage where the June 12 work lives. That is why CLARITY’s XRP classification question matters: the technology can be ready before the legal framework gives the rest of Wall Street permission to use it.

Competing venues have to be held off, since Ethereum, Solana, and a wave of bank-built private chains are chasing the same tokenized-asset settlement business, and the XRP Ledger has to keep winning the names that make compliance teams comfortable.

If those line up, the indirect demand argument gets a real chance to show up in on-chain data, and from there in price. If they stall, June 12 joins the long list of XRP headlines that read well and changed little.

The token has taught its holders that lesson more than once. That is also why institutional positioning in XRP matters as a separate signal: ETFs show who wants exposure, while settlement flows show whether utility is becoming demand.

Reading the signal without inflating it The clean takeaway is that Ripple, with JPMorgan, Mastercard, and Ondo alongside it, proved that a tokenized Treasury can be issued and redeemed on the XRP Ledger in seconds, with names that the institutional world takes seriously.

That is a meaningful step for the ledger as a settlement venue. For XRP the asset, it is a vote for the long-term utility thesis and a weak input to the near-term price, because the token sits in the fees, the reserves, and the bridge rather than at the center of the trade.

A holder who understands that distinction will not oversell the day and will not dismiss it either. The machinery that pays XRP its small, repeated dues got a high-profile workout.

Now the only thing that turns that into price is the boring part, which is volume that shows up and keeps showing up. Watch the on-chain flow, watch the rules, and let the token follow the usage instead of the logos.

This article is information, not investment advice. Figures and partnership details reflect reporting available as of June 23, 2026, and corporate plans, test results, and market conditions can change.

Ondo Tokenized Stocks has expanded the reach of tokenized US stocks and exchange-traded funds (ETFs) through a new integration with LI.FI, allowing greater access to these assets on the blockchain. The integration is now live on both Ethereum and BNB Chain, with support for Solana expected to follow in later stages.

Wider reach for tokenized assetsWith this latest development, more than 438 tokenized US stocks and ETFs have become accessible via one of the most widely used cross-chain transaction infrastructures in the crypto sector. This move has broadened the audience for Ondo’s blockchain-based financial products, opening them up to a larger user base.

The integration allows users to access traditional market assets on-chain directly from their preferred crypto applications, without having to leave those platforms. This convenience is expected to further drive adoption and demand for tokenized securities among investors.

Direct access through the LI.FI ecosystemOver 1,000 partners within the LI.FI ecosystem now have direct access to tokenized products offered by Ondo Global Markets. Among the available assets are major US stocks such as Tesla, NVIDIA, and Apple, as well as widely followed ETFs like QQQ and SPY.

Glossary: An ETF is an exchange-traded fund that tracks an index or group of assets and is traded on stock exchanges. QQQ is one of the most well-known ETFs tracking the Nasdaq 100 index, while SPY tracks the S&P 500 index.

LI.FI serves as an execution infrastructure that facilitates both on-chain and cross-chain asset transfers. Rather than requiring users to select the technical route for their transactions, the system lets them define their desired outcome and relies on professional solution providers within the network to execute the process seamlessly.

With this integration, more than 438 tokenized US stocks and ETFs have become available to a wider user base through Ethereum and BNB Chain.

Transaction volume and custody structureAccording to the shared data, LI.FI has managed a trading volume exceeding $80 billion through more than 100 million transactions so far. The platform also provides its infrastructure services to several leading crypto exchanges and wallets in the industry.

Ondo Tokenized Stocks converts US securities into tokens that are fully backed by the underlying assets. These tokenized securities are held with one or more US-based brokerages and are subject to daily verification protocols. The platform also incorporates investor protection measures specifically designed for institutional participants.

Full backing of tokenized assets by the underlying securities and a daily verification process are highlighted as core structural features of the platform.

Impressive growth metricsAs of September 2025, the total value of tokens issued on the platform has surpassed $1 billion. The number of token holders has climbed into the tens of thousands, and the cumulative transaction volume has exceeded $20 billion.

The collaboration with LI.FI has increased the visibility of Ondo Tokenized Stocks in a variety of markets, underlining the continuing demand to bring financial assets onto the blockchain.

Disclaimer: The information contained in this article does not constitute investment advice. Investors should be aware that cryptocurrencies carry high volatility and therefore risk, and should conduct their own research.

A group of US Senate Democrats is urging Senate Republican leaders to hold hearings into a reported $500 million deal between the Trump family’s crypto firm and Abu Dhabi royalty.

In a letter on Tuesday, the Democrats told Republicans, who control the Senate, lead its committees and decide on hearings, that they should “immediately hold hearings” into the deal and have Trump administration officials testify about it under oath.

The Wall Street Journal reported in January that an Abu Dhabi investment company backed by Sheikh Tahnoon bin Zayed Al Nahyan, the United Arab Emirates’ national security adviser, signed a deal in January 2025 to buy a 49% stake in World Liberty Financial, the crypto platform tied to US President Donald Trump.

Months later, in May 2025, the Trump administration made a major arms and artificial intelligence chip deal with the UAE, which the Democratic senators said came “despite concerns raised by US national security officials that China could access the chips.” Trump has said he wasn’t aware of the World Liberty deal.

The letter is the Democrats' latest bid to probe World Liberty Financial’s dealings and its possible ties to decisions the president has made. Both Trump critics and supporters have criticized the perceived conflict of interest posed by the Trump family’s sprawling crypto interests amid Trump’s push to deregulate the sector.

Donald Trump (right) meeting with Tahnoon bin Zayed Al Nahyan (centre) at the White House in March 2025. Source: The White House

“We are deeply concerned about this series of events, which raise questions about what more the UAE may receive — or may have already received — at the expense of US national security after investing in the Trump family crypto company,” the Democrats wrote.

“Congress has a responsibility to investigate the details of the reported investment and whether it influenced subsequent actions by President Trump and the Trump Administration,” they added.

The senators said that they’re also concerned about the Trump administration’s “steps to weaken enforcement” by exempting crypto service providers from financial services regulations and disbanding the Justice Department’s crypto enforcement team.

Senators Elizabeth Warren, Richard Blumenthal, Gary Peters, Dick Durbin and Ron Wyden signed the letter.

Warren has called for an investigation into the UAE deal before, urging Treasury Secretary Scott Bessent in February to determine if the deal should be subject to a Committee on Foreign Investment probe.

Earlier this year, Democrats pressed Securities and Exchange Commission Chair Paul Atkins over the decision to drop a fraud case against Justin Sun, a major World Liberty Financial backer.

In May, Democratic Senator Peter Welch and Representative Dave Min launched a probe into Trump’s pardons, including that of Binance co-founder Changpeng Zhao.

The pardon came after Binance accepted a $2 billion investment from an Abu Dhabi fund in early 2025 and agreed for the funds to be paid in World Liberty Financial’s stablecoin, USD1.

Magazine: Trump’s crypto ventures raise conflict of interest, insider trading questions

Cointelegraph is committed to independent, transparent journalism. This news article is produced in accordance with Cointelegraph’s Editorial Policy and aims to provide accurate and timely information. Readers are encouraged to verify information independently.

Large holders of Hyperliquid's native token $HYPE are pulling significant sums off major custodians, with on-chain data pointing to a fresh wave of accumulation as the asset hovers near its all-time high.

Two Major Withdrawals Flagged by LookonchainAccording to on-chain analytics platform Lookonchain, a newly created wallet withdrew 278,827 $HYPE, worth approximately $17.45 million, from Coinbase Prime. The move is consistent with a broader pattern of large holders moving tokens out of institutional custody. Coinbase Prime is used almost exclusively by institutional buyers such as hedge funds, asset managers, and corporate treasuries who are moving assets off-exchange for long-term holding.

A second wallet also came back to life after a month of dormancy, pulling 96,930 $HYPE worth around $6.01 million from BitGo, a regulated digital asset custodian. Moving assets from an exchange to a custody solution is a classic behavioral indicator in crypto markets, with analysts generally interpreting such moves as a shift from active trading to secure, long-term storage.

Part of a Broader Accumulation TrendThese are not isolated events. Following a massive 96% rally in May, $HYPE's price consolidated while attracting aggressive whale accumulation, with data showing whale wallets withdrawing millions of HYPE tokens as the price remained stable above $70, signalling strong conviction among large investors.

Over one week, a single wallet moved a total of 1.14 million $HYPE, valued at roughly $79.22 million, off exchanges and deposited the tokens into Hyperliquid for staking. Additionally, Hyperliquid broke into the top 10 crypto assets by market capitalisation, becoming the first DeFi protocol since Uniswap in 2021 to achieve the milestone.

Hyperliquid has emerged as the leading venue for perpetuals trading in decentralised finance, with its native $HYPE token carrying a market capitalisation above $15 billion, making it the tenth-largest crypto asset globally.

The accumulation activity comes as spot $HYPE exchange-traded funds gain traction in the United States. Spot Hyperliquid ETFs have gathered $221 million in net assets since their May 2026 launch, with the products pulling in roughly $50 million so far in June, outpacing XRP ETFs' $24 million over the same period.

Movement off an exchange or custodian usually reduces immediate sell pressure, a dynamic that market participants are watching closely as $HYPE trades below its all-time high of $76.67, reached on 16 June 2026.

This article is for informational purposes only and does not constitute investment advice.

Sources:
Bitcoin.com News: Spot HYPE ETFs Log Strongest Crypto Debut on Record
CoinPedia: Whales Accumulate Millions in HYPE as Hyperliquid Defies Market Volatility
CryptoPotato: Lookonchain Flags $2M HYPE Buy Linked to Arthur Hayes

Binance Wallet has launched a new 16 million WLFI incentive campaign tied to USD1 DeFi activity, offering rewards to users who engage with the stablecoin across a range of on-chain protocols. The program runs from June 19 to July 18, 2026.

Three Protocols, Multiple Ways to Earn Three partners are participating in the campaign: PancakeSwap (@PancakeSwap), Lorenzo Protocol (@LorenzoProtocol), and Lista DAO (@lista_dao). Users can earn $WLFI rewards through lending, staking, and liquidity provision involving USD1. PancakeSwap's inclusion is specifically tied to an sUSD1+/USD1 liquidity pool, with 800,000 WLFI allocated to that pool.

The campaign is the latest in a series of reward programs Binance and World Liberty Financial (@worldlibertyfi) have run together to drive USD1 adoption. USD1 reached $4.6 billion in circulation by April 2026, placing it among the largest fiat-backed dollar tokens by market capitalization.

About World Liberty Financial and USD1 USD1 is a fiat-collateralized stablecoin pegged 1:1 to the US dollar, with each token backed by a corresponding dollar of reserves held in cash deposits and short-term US Treasury securities. The custodian is BitGo Trust Company, and reserves are held in cash and short-duration US Treasury bills through government money market funds.

World Liberty Financial launched World Liberty Markets in early 2026, a decentralized lending and borrowing platform where USD1 serves as the primary asset. This new Binance Wallet campaign extends that DeFi push to BNB Chain, pulling in established protocols as distribution partners to deepen on-chain liquidity and usage.

Sources
Eco: USD1 Stablecoin by World Liberty Financial
CoinDesk: World Liberty Financial Introduces DeFi Lending Platform for USD1

Pump.fun’s new GO bounty feature is facing fresh criticism after reports said users completed or posted tasks involving tattoos, public humiliation and high-risk stunts for crypto rewards. 

Summary

Pump.fun’s GO feature has paid over $370,000 while hundreds of bounties remain open online. Reported tasks range from charity actions to forehead tattoos, job quitting videos and risky stunts. Critics say crypto rewards can pressure vulnerable users into unsafe or humiliating public behavior online. The Solana meme coin launchpad introduced GO in early June as a marketplace where users can create paid tasks and lock rewards in escrow.

According to the New York Post, the feature has paid out more than $370,000 since June 4. The report said about 270 open bounties still offered more than $200,000 in rewards, with some tasks ranging from charity actions to stunts that critics called unsafe or degrading.

https://twitter.com/Crypto_Jargon/status/2068584617851142404

How the GO bounty feature works As previously reported by crypto.news, Pump.fun launched GO as a bounty marketplace with more than 320 active tasks and $144,000 in unclaimed rewards shortly after going live. Users could connect an X account and crypto wallet, then post or complete tasks for payouts starting at $5.

Pump.fun promoted the feature with the phrase “Pay ANYONE to do ANYTHING.” Bankless reported that rewards sit in escrow until Pump.fun reviews a submission, and that the platform has final authority over approval, rejection or cancellation.

Reports point to strange and risky tasks The New York Post reported that one man in the Philippines received $15,000 in crypto after tattooing “bounty.fun” on his forehead. Other listings reportedly included putting a face in a toilet, quitting a job on camera and climbing Mount Everest for a large reward.

Some listed tasks were harmless, including feeding stray animals or donating clothes. Others raised safety and dignity concerns. Wired reported that several bounties pushed people toward embarrassment, harassment or possible legal risk, while some submissions appeared to use AI-generated images as proof. Wired also noted that payouts can be split among several entries.

Public criticism grows New York Governor Kathy Hochul criticized the platform on X, calling it a “dystopian nightmare” and saying she would support the first bill introduced to ban it. X head of product Nikita Bier also criticized the feature, saying it showed people using money to push others into shameful acts.

The concern is not only about strange internet behavior. Critics argue that crypto rewards can put pressure on people with fewer resources to accept tasks they might otherwise avoid. Pump.fun warns users that participation is at their own risk, according to the New York Post. The company did not immediately comment to the outlet.

Earlier Pump.fun controversy adds context The backlash follows earlier concerns around Pump.fun’s livestreaming tools. crypto.news reported that Pump.fun had shut down livestreaming after users became more extreme in how they tried to attract attention. The feature later returned with stricter moderation.

The Defiant reported that GO drew backlash within hours of launch after an extreme listing appeared on the platform. The report said GO gives Pump.fun sole authority to accept or reject tasks and submissions, while its public rules still leave many decisions to platform review.

Pump.fun remains one of the most watched meme coin platforms on Solana. Its GO feature now places the company in a wider debate over crypto incentives, user safety and online attention markets. The platform’s next steps may depend on how it handles moderation and public pressure. It may also face closer scrutiny from policymakers and consumer advocates.

-

Quarterly Record Combined Investment Banking Advisory and Underwriting Net Revenues, as well as Quarterly Record Equities Net Revenues

NEW YORK--(BUSINESS WIRE)--Jefferies Financial Group Inc. (NYSE: JEF)

Q2 Financial Highlights

$ in thousands, except per share amounts

Quarter End

Year-to-Date

2Q26

2Q25

2026

2025

Net earnings attributable to common shareholders

$

226,234

$

88,017

$

382,161

$

215,955

Diluted earnings per voting common share

$

1.02

$

0.40

$

1.70

$

0.97

Return on adjusted tangible shareholders' equity1

12.8

%

5.5

%

12.2

%

6.9

%

Total net revenues

$

2,206,451

$

1,634,447

$

4,223,581

$

3,227,466

Investment banking net revenues

$

1,206,820

$

766,307

$

2,224,113

$

1,466,999

Capital markets net revenues

$

799,292

$

704,155

$

1,578,048

$

1,402,439

Asset management net revenues

$

187,718

$

154,621

$

407,980

$

346,336

Pre-tax earnings

$

315,549

$

134,901

$

527,765

$

285,966

Book value per common share

$

51.95

$

49.96

$

51.95

$

49.96

Adjusted tangible book value per fully diluted share3

$

34.55

$

32.84

$

34.55

$

32.84

Quarterly Cash Dividend and Stock Buyback Activity

The Jefferies Board of Directors declared a quarterly cash dividend equal to $0.40 per Jefferies common share, payable on August 28, 2026 to record holders of Jefferies common shares on August 18, 2026.

During the quarter, we repurchased 4.0 million shares of common stock for $197 million, or an average price of $49.83 per share. Our Board of Directors has increased our share buyback authorization back to a total of $250 million.

Management Comments

"Our strong second quarter net revenues of $2.21 billion, net earnings attributable to common shareholders of $226 million, diluted earnings per voting common share of $1.02 and return on adjusted tangible shareholders' equity of 12.8% reflect the momentum and market position we have been building at Jefferies.

"The continued acceleration in our core businesses during the second quarter drove record first half net revenues in Advisory, total Investment Banking, Equities, total Capital Markets and combined Investment Banking and Capital Markets. We expect to build further on this momentum in coming periods.

“Investment Banking net revenues were $1.21 billion, up 57% from the prior year quarter. Growth was driven by continued market share gains and a growing addressable market in our Advisory and Equity Underwriting businesses and represent a balanced performance, as no single outsized fee drove our results. We continue to make progress in building our corporate M&A business, while staying focused on our historical areas of strength in sponsor-led activity and had very strong performance during the quarter with corporates particularly in the healthcare, industrials and energy sectors. The new issue market remains resilient. We continue to be optimistic about the second half of 2026, given the strength of our current backlog and new business bookings.

"Capital Markets net revenues were $799 million, up 14% from the prior year quarter. Equities delivered record net revenues of $601 million, up 14% from the prior year quarter. Our continued growth in Equities is being driven by market share gains in cash and electronic trading in EMEA, Asia and the Americas, as well as growth in prime services where we have become an increasingly important strategic partner to some of the most significant, well diversified, hedge funds in the world. While the growth of client-related prime brokerage balances has added to our overall balance sheet size, it has added a layer of high quality, consistent revenues that supports a more durable earnings profile. Additionally, our equity derivatives business continues to expand in sync with our investment banking business, and has allowed Jefferies to support some of our corporate clients' most important transactions with strategic derivative solutions. The shape and scale of growth in our Equities business is translating to higher overall equities operating margins after we invested the past few years in infrastructure to support meaningfully larger global volumes. Fixed Income net revenues were $199 million, up 12%, from the prior year quarter, reflecting strong performance in our distressed, municipal and emerging markets businesses.

"Asset management fees and investment return revenues were $46 million, down 35% compared to the prior year quarter due to weaker performance across several fund strategies, as well as the impact of our strategy to reposition the business by reducing capital allocated to certain funds in line with the announcement we made last fall when we disclosed our intent to acquire 50% of Hildene. In the short term, this has resulted in modestly lower investment return until we close our investment in Hildene, which we are targeting to complete in our third quarter, and should be immediately accretive to results."

Richard Handler, CEO, and Brian Friedman, President

Financial Summary (Unaudited)

$ in thousands

Three Months Ended

Six Months Ended

May 31,
2026

February 28,
2026

May 31,
2025

May 31,
2026

May 31,
2025

Net revenues by source:

Advisory

$

674,118

$

527,128

$

457,860

$

1,201,246

$

855,640

Equity underwriting

370,691

305,969

122,366

676,660

250,886

Debt underwriting

160,186

181,858

205,363

342,044

404,725

Other investment banking

1,825

2,338

(19,282

)

4,163

(44,252

)

Total Investment Banking

1,206,820

1,017,293

766,307

2,224,113

1,466,999

Equities

600,751

558,488

526,244

1,159,239

935,302

Fixed income

198,541

220,268

177,911

418,809

467,137

Total Capital Markets

799,292

778,756

704,155

1,578,048

1,402,439

Total Investment Banking and Capital Markets Net revenues5

2,006,112

1,796,049

1,470,462

3,802,161

2,869,438

Asset management fees and revenues6

15,169

69,910

20,766

85,079

109,396

Investment return

31,037

88,992

50,404

120,029

44,770

Allocated net interest4

(22,935

)

(22,238

)

(19,144

)

(45,173

)

(36,365

)

Other investments, inclusive of net interest

164,447

83,598

102,595

248,045

228,535

Total Asset Management Net revenues

187,718

220,262

154,621

407,980

346,336

Other

12,621

819

9,364

13,440

11,692

Total Net revenues by source

$

2,206,451

$

2,017,130

$

1,634,447

$

4,223,581

$

3,227,466

Non-interest expenses:

Compensation and benefits

$

1,188,245

$

1,085,890

$

854,839

$

2,274,135

$

1,695,966

Compensation ratio13

53.9

%

53.8

%

52.3

%

53.8

%

52.5

%

Non-compensation expenses

$

702,657

$

719,024

$

644,707

$

1,421,681

$

1,245,534

Non-compensation ratio13

31.8

%

35.6

%

39.4

%

33.7

%

38.6

%

Total Non-interest expenses

$

1,890,902

$

1,804,914

$

1,499,546

$

3,695,816

$

2,941,500

Net earnings before income taxes

$

315,549

$

212,216

$

134,901

$

527,765

$

285,966

Income tax expense

$

65,571

$

52,870

$

43,506

$

118,441

$

57,722

Income tax rate

20.8

%

24.9

%

32.3

%

22.4

%

20.2

%

Net earnings

$

249,978

$

159,346

$

91,395

$

409,324

$

228,244

Net losses attributable to noncontrolling interests

(5,440

)

(15,858

)

(7,668

)

(21,298

)

(14,651

)

Preferred stock dividends

29,184

19,504

11,046

48,461

26,940

Net earnings attributable to common shareholders

$

226,234

$

155,700

$

88,017

$

382,161

$

215,955

Results Discussion

* * * *

Amounts herein pertaining to May 31, 2026 represent a preliminary estimate as of the date of this earnings release and may be revised upon filing our Quarterly Report on Form 10-Q with the Securities and Exchange Commission (“SEC”). More information on our results of operations for the three and six months ended May 31, 2026 will be provided upon filing our Quarterly Report on Form 10-Q with the SEC, which we expect to file on or about July 9, 2026.

This press release contains certain “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 based on current views and include statements about our future and statements that are not historical facts. These forward-looking statements are usually preceded by the words “should,” “expect,” “intend,” “may,” “will,” "would," or similar expressions. Forward-looking statements may contain expectations regarding revenues, earnings, operations, and other results, and may include statements of future performance, plans, and objectives. Forward-looking statements may also include statements pertaining to our strategies for future development of our businesses and products. Forward-looking statements represent only our belief regarding future events, many of which by their nature are inherently uncertain. It is possible that the actual results may differ, possibly materially, from the anticipated results indicated in these forward-looking statements. Information regarding important factors, including Risk Factors that could cause actual results to differ, perhaps materially, from those in our forward-looking statements is contained in reports we file with the SEC. You should read and interpret any forward-looking statement together with reports we file with the SEC. We undertake no obligation to update or revise any such forward-looking statement to reflect subsequent circumstances.

Past performance may not be indicative of future results. Different types of investments involve varying degrees of risk. Therefore, it should not be assumed that future performance of any specific investment or investment strategy will be profitable or equal the corresponding indicated performance level(s).

Consolidated Statements of Earnings (Unaudited)

$ in thousands, except per share amounts

Three Months Ended May 31,

Six Months Ended May 31,

2026

2025

2026

2025

Revenues

Investment banking

$

1,209,625

$

789,269

$

2,227,909

$

1,518,779

Principal transactions

488,666

338,507

976,164

745,737

Commissions and other fees

400,614

353,233

768,218

641,533

Asset management fees and revenues

9,788

20,076

77,150

105,484

Interest

853,962

878,025

1,667,081

1,723,196

Other

155,542

115,205

272,940

232,450

Total revenues

3,118,197

2,494,315

5,989,462

4,967,179

Interest expense

911,746

859,868

1,765,881

1,739,713

Net revenues

2,206,451

1,634,447

4,223,581

3,227,466

Non-interest expenses

Compensation and benefits

1,188,245

854,839

2,274,135

1,695,966

Brokerage and clearing fees

147,446

129,745

280,578

239,181

Underwriting costs

26,858

14,525

58,241

32,371

Technology and communications

162,860

146,198

322,718

285,673

Occupancy and equipment rental

34,499

30,711

68,359

60,910

Business development

89,108

80,070

164,530

152,361

Professional services

98,707

77,768

175,651

150,234

Depreciation and amortization

47,328

52,253

104,193

83,241

Cost of sales

31,253

42,961

61,173

84,529

Other expenses

64,598

70,476

186,238

157,034

Total non-interest expenses

1,890,902

1,499,546

3,695,816

2,941,500

Earnings before income taxes

315,549

134,901

527,765

285,966

Income tax expense

65,571

43,506

118,441

57,722

Net earnings

249,978

91,395

409,324

228,244

Net losses attributable to noncontrolling interests

(5,440

)

(7,668

)

(21,298

)

(14,651

)

Preferred stock dividends

29,184

11,046

48,461

26,940

Net earnings attributable to common shareholders

$

226,234

$

88,017

$

382,161

$

215,955

Financial Data and Metrics (Unaudited)

Three Months Ended

Six Months Ended

May 31,
2026

February 28,
2026

May 31,
2025

May 31,
2026

May 31,
2025

Other Data:

Number of trading days

63

61

63

124

124

Number of trading loss days7

0

1

13

1

17

Average VaR (in millions)8

$

10.31

$

9.78

$

11.89

$

10.05

$

12.50

In millions, except other data

May 31,
2026

February 28,
2026

May 31,
2025

Financial position:

Total assets

$

79,540

$

74,380

$

67,285

Cash and cash equivalents

14,315

11,963

11,260

Financial instruments owned

28,038

28,079

25,570

Level 3 financial instruments owned9

839

849

763

Goodwill and intangible assets, net14

1,974

1,979

2,060

Total equity

10,607

10,662

10,382

Total shareholders' equity

10,567

10,611

10,305

Tangible shareholders' equity10

8,593

8,632

8,245

Other data and financial ratios:

Leverage ratio11

7.5

7.0

6.5

Tangible gross leverage ratio12

9.0

8.4

7.9

Number of employees at period end

7,371

7,596

7,671

Number of employees excluding Tessellis and Stratos at period end

6,236

6,221

5,949

Non-GAAP Reconciliations

The following tables reconcile our non-GAAP financial measures to their respective U.S. GAAP financial measures. Management believes such non-GAAP financial measures are useful to investors as they allow them to view our results through the eyes of management, while facilitating a comparison across historical periods. These measures should not be considered a substitute for, or superior to, measures prepared in accordance with U.S. GAAP.

Return on Adjusted Tangible Equity Reconciliation

$ in thousands

Three Months Ended

May 31,

Six Months Ended

May 31,

2026

2025

2026

2025

Net earnings attributable to common shareholders (GAAP)

$

226,234

$

88,017

$

382,161

$

215,955

Intangible amortization and impairment expense, net of tax15

1,682

5,824

48,170

13,093

Adjusted net earnings to common shareholders (non-GAAP)

227,916

93,841

430,331

229,048

Preferred stock dividends

29,184

11,046

48,461

26,940

Adjusted net earnings to total shareholders (non-GAAP)

$

257,100

$

104,887

$

478,792

$

255,988

Adjusted net earnings to total shareholders (non-GAAP)1

$

1,028,400

$

419,548

$

957,584

$

511,976

February 28,

November 30,

2026

2025

2025

2024

Shareholders' equity (GAAP)

$

10,610,845

$

10,204,228

$

10,574,696

$

10,156,772

Less: Goodwill and intangible assets, net

(1,978,652

)

(2,037,906

)

(2,040,147

)

(2,054,310

)

Less: Deferred tax asset, net

(493,427

)

(507,452

)

(459,052

)

(497,590

)

Less: Weighted average impact of dividends and share repurchases

(112,340

)

(67,343

)

(244,489

)

(157,540

)

Adjusted tangible shareholders' equity (non-GAAP)

$

8,026,426

$

7,591,527

$

7,831,008

$

7,447,332

Return on adjusted tangible shareholders' equity (non-GAAP)1

12.8

%

5.5

%

12.2

%

6.9

%

Adjusted Tangible Book Value and Fully Diluted Shares Outstanding Reconciliation

Reconciliation of book value (shareholders' equity) to adjusted tangible book value and common shares outstanding to fully diluted shares outstanding:

$ in thousands, except per share amounts

May 31, 2026

May 31, 2025

Book value (GAAP)

$

10,566,996

$

10,305,025

Stock options(1)

114,939

114,939

Goodwill and intangible assets, net(2)

(1,974,240

)

(2,060,018

)

Adjusted tangible book value (non-GAAP)

$

8,707,695

$

8,359,946

Voting common shares outstanding (GAAP)

194,145

206,272

Non-voting common shares outstanding (GAAP)

9,247

—

Preferred shares

27,563

27,563

Restricted stock units ("RSUs")

14,251

14,099

Stock options(1)

5,064

5,064

Other

1,758

1,566

Adjusted fully diluted shares outstanding (non-GAAP)(3)

252,028

254,564

Book value per common share outstanding

$

51.95

$

49.96

Adjusted tangible book value per fully diluted share outstanding (non-GAAP)

$

34.55

$

32.84

(1)

Stock options added to book value are equal to the total number of stock options outstanding as of May 31, 2026 and 2025 of 5.1 million multiplied by the exercise price of $22.69 on May 31, 2026 and 2025.

(2)

Includes goodwill and intangible assets related to Tessellis which were reclassified to assets held for sale during the first quarter of 2026.

(3)

Fully diluted shares outstanding include vested and unvested RSUs as well as the target number of RSUs issuable under the senior executive compensation plans until the performance period is complete. Fully diluted shares outstanding also include all stock options and the impact of convertible preferred shares if-converted to common shares.

Notes

Return on adjusted tangible shareholders' equity represents a non-GAAP financial measure and is based on full year or annualized amounts. Refer to schedule on page 8 for a reconciliation to U.S. GAAP amounts. Shares outstanding on a fully diluted basis (a non-GAAP financial measure) is defined as common shares outstanding plus preferred shares, restricted stock units, stock options and other shares. Refer to schedule on page 9 for a reconciliation to U.S. GAAP amounts. Adjusted tangible book value per fully diluted share (a non-GAAP financial measure) is defined as adjusted tangible book value (a non-GAAP financial measure) divided by shares outstanding on a fully diluted basis (a non-GAAP financial measure). Refer to schedule on page 9 for a reconciliation to U.S. GAAP amounts. Allocated net interest represents an allocation to Asset Management of certain of our long-term debt interest expense, net of interest income on our Cash and cash equivalents and other sources of liquidity. Allocated net interest has been disaggregated to increase transparency and to present direct Asset Management revenues. We believe that aggregating Allocated net interest would obscure the revenue results by including an amount that is unique to our credit spreads, debt maturity profile, capital structure, liquidity risks and allocation methods. Allocated net interest is not separately disaggregated for Investment Banking and Capital Markets. This presentation is aligned to our Investment Banking and Capital Markets internal performance measurement. Asset management fees and revenues include management and performance fees from funds and accounts managed by us, revenue from strategic affiliated asset managers where we are entitled to portions their operating revenues and income based on our ownership interests in the affiliates. Number of trading loss days is calculated based on trading activities in our Investment Banking and Capital Markets and Asset Management business segments, excluding certain Other investments. VaR estimates the potential loss in value of trading positions due to adverse market movements over a one-day time horizon with a 95% confidence level. For a further discussion of the calculation of VaR, see "Value-at-Risk" in Part II, Item 7A "Quantitative and Qualitative Disclosures About Market Risk" in our Annual Report on Form 10-K for the year ended November 30, 2025. Level 3 financial instruments represent those financial instruments classified as such under Accounting Standards Codification 820, accounted for at fair value and included within Financial instruments owned. Tangible shareholders' equity (a non-GAAP financial measure) is defined as shareholders' equity less Intangible assets and goodwill. We believe that tangible shareholders' equity is meaningful for valuation purposes, as financial companies are often measured as a multiple of tangible shareholders' equity, making these ratios meaningful for investors. Leverage ratio equals total assets divided by total equity. Tangible gross leverage ratio (a non-GAAP financial measure) equals total assets less goodwill and intangible assets divided by tangible shareholders' equity. The tangible gross leverage ratio is used by rating agencies in assessing our leverage ratio. Compensation ratio equals total compensation expense divided by total net revenues. Non-compensation ratio equals total non-compensation expense divided by total net revenues. Includes goodwill and intangible assets related to Tessellis which were reclassified to assets held for sale during the first quarter of 2026. Includes a $35.5 million after-tax write-down of goodwill associated with Tessellis for the six months ended May 31, 2026. More News From Jefferies Financial Group Inc.

Back to Newsroom

, /PRNewswire/ -- The PNC Financial Services Group, Inc. (NYSE: PNC) announced today the results of its biennial company-run stress test conducted in accordance with regulations of the Board of Governors of the Federal Reserve System (Federal Reserve) and the Office of the Comptroller of the Currency (OCC) under the Dodd-Frank Wall Street Reform and Consumer Protection Act.

Results of PNC's company-run stress test, including PNC's estimates of pre-provision net revenue, other revenue, loan and other losses, net income before taxes, risk-weighted assets, and regulatory capital ratios for PNC, as well as additional information on the methodologies used in conducting the stress test, may be found at http://www.pnc.com/regulatorydisclosures.

The Federal Reserve released its results of the 2026 supervisory stress test at 4:00 p.m., June 24, 2026. Consistent with the Federal Reserve's announcement Feb. 4, 2026, PNC's stress capital buffer (SCB) will be maintained at the regulatory minimum of 2.5% until PNC receives a new stress capital buffer requirement based on the results of a supervisory stress test conducted in 2027, which would be effective Oct. 1, 2027.

The PNC Financial Services Group, Inc. is one of the largest diversified financial services institutions in the United States, organized around its customers and communities for strong relationships and local delivery of retail and business banking including a full range of lending products; specialized services for corporations and government entities, including corporate banking, real estate finance and asset-based lending; wealth management and asset management. For information about PNC, visit www.pnc.com.

CONTACTS

MEDIA:
Anne Pace
(631) 338-3268
[email protected]

INVESTORS:  
Bryan Gill
(412) 768-4143
[email protected]

SOURCE The PNC Financial Services Group, Inc.

The bank’s takeaway is simple: the market may not fully understand what’s driving the company anymore.

Magic keeps expanding, margins keep rising, and the player ecosystem continues to pull in new customers — yet Hasbro’s valuation still looks like it belongs to a traditional toy maker.

The Magic Flywheel Is Still WorkingAccording to analyst Xian Siew, player engagement remains strong and the Magic ecosystem continues to attract new players. A major driver has been Hasbro’s "Universes Beyond" strategy, which introduces Magic cards based on popular franchises such as Marvel and The Lord of the Rings.

The collaborations serve as an entry point for new customers, while many remain engaged with future releases after joining the ecosystem.

Siew noted that 20% to 30% of Universes Beyond buyers may stay in the Magic ecosystem for subsequent releases, creating a flywheel effect that can support future growth. As the player base expands, demand for both collaboration‑themed sets and traditional Magic releases can grow alongside it.

Why BNP Sees More UpsideBNP’s bullishness on Hasbro isn’t just about revenue growth. It’s about margins. Siew estimates that incremental gross margins on Magic products are roughly 85%, meaning additional sales can have an outsized impact on earnings. That helps explain why the firm believes Magic can continue driving earnings growth in both 2026 and 2027.

The analyst also highlighted Hasbro’s ongoing transition away from slower-growing traditional toy categories and toward higher-growth gaming businesses.

Yet despite that shift, the stock trades at roughly 10 times EBITDA, a valuation BNP believes does not fully reflect the company’s evolving business mix. The bank has maintained a $117 price target on Hasbro shares, representing approximately 41% upside from recent levels.

The Runway May Be Longer Than Investors ThinkWhile some hobby-store operators expressed caution around the upcoming Marvel Super Heroes release, enthusiasm remains high for future collaborations, including The Hobbit set scheduled for next year.

Siew also pointed to ongoing speculation within the Magic community surrounding additional Marvel-themed releases. Potential future collaborations involving franchises such as X-Men could further extend the growth runway.

For investors, the broader takeaway may be more important than any individual card set. Magic: The Gathering is increasingly becoming one of Hasbro’s most important profit engines. And according to BNP, the market still hasn’t fully adjusted to that reality.

Photo: Shutterstock

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HomeEarnings AnalysisIndustrial 

SummaryWorthington Enterprises is downgraded to "Hold" after a double miss in Q4 earnings and a sharp post-earnings selloff.WOR’s valuation aligns with historical averages, with mixed PEG and price-to-sales ratios, and current trading near fair value.Q4 saw stable adjusted EBITDA margins, $55 million free cash flow, and a dividend hike, but profitability trends remain lackluster.Technical signals suggest a bearish false breakout, with shares likely to churn between $50–$60 amid declining long-term momentum. Daria Matveeva/iStock via Getty Images

Worthington Enterprises, Inc. (WOR) reported soft fiscal Q4 earnings this week. The Industrials-sector company saw its shares plunge by more than 9% after a double miss. But the drop came after a strong return since my previous analysis in September

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

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

Reported EPS (diluted) of $1.23; Adjusted EPS (diluted) of $1.41, up 19% year-on-year

Net income of $68 million; Adjusted EBITDA of $181 million, up 9% year-on-year

Record second quarter operating cash flow; Repurchased 750 thousand shares in the quarter

Increases midpoint of full-year adjusted EBITDA and adjusted EPS guidance

ST. PAUL, Minn.--(BUSINESS WIRE)--H.B. Fuller Company (NYSE: FUL) today reported financial results for its second quarter that ended May 30, 2026.

Second Quarter 2026 Noteworthy Items:

Net revenue was $950 million, up 5.8% year-on-year; organic revenue was up 2.6% year-on-year; Gross margin was 33.6%; adjusted gross margin of 34.2% increased 200 basis points year-on-year driven mainly by pricing execution and restructuring savings; Net income was $68 million; adjusted EBITDA was $181 million, up 9% versus last year; adjusted EBITDA margin was 19.1%, up 70 basis points year-on-year; Reported EPS (diluted) was $1.23; adjusted EPS (diluted) was $1.41, up 19% year-on-year, driven by higher adjusted net income; Record second quarter operating cash flow of $121 million dollars, up approximately 10% year-on-year. Summary of Second Quarter 2026 Results:

The Company’s net revenue for the second quarter of fiscal 2026 was $950 million, up 5.8% versus the second quarter of fiscal 2025. Pricing increased net revenue by 3.0%, which more than offset slightly lower volume, resulting in a 2.6% organic revenue increase year-on-year. Foreign currency translation and the impact of acquisitions increased net revenue by 3.1% and 0.1%, respectively.

Gross profit in the second quarter of fiscal 2026 was $320 million. Adjusted gross profit was $325 million. Adjusted gross profit margin of 34.2% increased 200 basis points year-on-year. The impact of pricing execution and restructuring savings drove the majority of the year-on-year increase in adjusted gross profit margin.

Selling, general and administrative (SG&A) expense was $202 million in the second quarter of fiscal 2026 and adjusted SG&A was $196 million, up 11% year-on-year. Adjusting for the impact of foreign exchange and variable compensation related to higher projected income for the year, adjusted SG&A was up approximately 3% year-on-year.

Net income attributable to H.B. Fuller for the second quarter of fiscal 2026 was $68 million. Adjusted net income attributable to H.B. Fuller for the second quarter of fiscal 2026 was $78 million. Reported EPS (diluted) was $1.23 and adjusted EPS (diluted) was $1.41, up 19% year-on-year.

Adjusted EBITDA in the second quarter of fiscal 2026 was $181 million, up 9% year-on-year, driven principally by the impact of pricing execution and restructuring savings.

“We executed very well in the second quarter, delivering strong year-on-year revenue, EBITDA, and EPS growth, with results above the midpoint of our EBITDA guidance range,” said Celeste Mastin, president and chief executive officer. “Our global sourcing capabilities and swift pricing actions have enabled us to maintain supply continuity and reliably serve our customers through market disruption. These efforts, combined with our Quantum Leap restructuring initiative, have strengthened our competitive position and we remain confident in our ability to deliver strong financial results.”

Mastin continued, “While the external environment remains dynamic, our focus is clear: we are executing on what we can control, leveraging our competitive strengths, and continuing to build a business that is more durable and better positioned to deliver superior long-term growth.”

Balance Sheet and Working Capital:

Net debt at the end of the second quarter of fiscal 2026 was $1,958 million, down $58 million year-on-year. Net debt-to-adjusted EBITDA was 3.1X, down from 3.4X at the end of the second quarter of fiscal 2025.

Net working capital in the second quarter of fiscal 2026 was 16.4% as a percentage of annualized net revenue and decreased 260 basis points sequentially versus the first quarter. Cash flow from operations improved to $121 million, a record second quarter, driven primarily by higher net income. As previously communicated, cash flow delivery for 2026 is expected to be weighted to the second half of the year.

Fiscal 2026 Outlook:

As a result of our year-to-date performance, we are updating our previously communicated financial guidance for fiscal 2026:

Net revenue for fiscal 2026 is still expected to be up mid-single digits; organic revenue is still expected to be up low-single digits and the impact from foreign exchange is still expected to be positive 1% to 2%; Adjusted EBITDA for fiscal 2026 is now expected to be in the range of $650 million to $675 million; Adjusted EPS (diluted) is now expected to be in the range of $4.60 to $4.90; Cash flow from operations for fiscal 2026 is now expected to be in the range of $300 million to $325 million; Net revenue for the third quarter of 2026 is expected to be up mid-single digits; adjusted EBITDA for the third quarter of 2026 is expected to be in the range of $180 million to $190 million. Conference Call:

The Company will hold a conference call on June 25, 2026, at 9:30 a.m. CT (10:30 a.m. ET) to discuss its results. Interested parties may listen to the conference call on a live webcast. The webcast, along with a supplemental presentation, may be accessed from the Company’s website at https://investors.hbfuller.com. Participants must register prior to accessing the webcast using this link and should do so at least 10 minutes prior to the start of the call to install and test any necessary software and audio connections. A telephone replay of the conference call will be available from 12:30 p.m. CT on June 25, 2026, to 10:59 p.m. CT on July 1, 2026. To access the telephone replay dial 1-800-770-2030 (toll free) or 1-609-800-9909 and enter the Conference ID: 6370505.

Regulation G:

The information presented in this earnings release regarding consolidated and segment organic revenue growth, operating income, adjusted gross profit, adjusted gross profit margin, adjusted selling, general and administrative expense, adjusted income before income taxes and income from equity investments, adjusted income taxes, adjusted effective tax rate, adjusted net income, adjusted diluted earnings per share, adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA), adjusted EBITDA margin, net debt, net debt-to-adjusted EBITDA, trailing twelve months adjusted EBITDA, net working capital, annualized net revenue and net working capital as a percentage of annualized net revenue does not conform to U.S. generally accepted accounting principles (U.S. GAAP) and should not be construed as an alternative to the reported results determined in accordance with U.S. GAAP. Management has included this non-GAAP information to assist in understanding the operating performance of the company and its operating segments as well as the comparability of results to the results of other companies. The non-GAAP information provided may not be consistent with the methodologies used by other companies. All non-GAAP information is reconciled with reported U.S. GAAP results in the “Regulation G Reconciliation” tables in this press release with the exception of our forward-looking non-GAAP measures contained above in our Fiscal 2026 Outlook, which the company cannot reconcile to forward-looking GAAP results without unreasonable effort.

About H.B. Fuller:

As the largest pureplay adhesives company in the world, H.B. Fuller’s (NYSE: FUL) innovative, functional coatings, adhesives and sealants enhance the quality, safety and performance of products people use every day. Founded in 1887, with 2025 revenue of $3.5 billion, our mission to Connect What Matters is brought to life by more than 7,100 global team members who collaborate with customers across more than 30 market segments in 150 countries to develop highly specified solutions that enable customers to bring world-changing innovations to their end markets. Learn more at www.hbfuller.com

Safe Harbor for Forward-Looking Statements:

Certain statements in this press release are forward-looking statements within the meaning of the federal securities laws, including Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Such statements often address expected future business and financial performance, financial condition, and other matters, and often contain words or phrases such as “anticipate,” “believe,” “estimate,” “expect,” “intend,” “may,” “opportunity,” “outlook,” “plan,” “project,” “seek,” “should,” “strategy,” “target,” “will,” “will be,” “will continue,” “will likely result,” “would” and similar expressions, and variations or negatives of these words or phrases. These statements are subject to various risks and uncertainties that could cause our actual results to differ materially from those in the forward-looking statements, including but not limited to the following: the availability and pricing of raw materials; the impact of potential cybersecurity attacks and security breaches; failures in our information technology systems; the impact on the supply chain, raw material costs and pricing of our products due to military conflict, including between Russia and Ukraine; the impact on our margins and product demand due to inflationary pressures; the substantial amount of debt we have incurred to finance our acquisition of Royal, our ability to repay or refinance our debt or to incur additional debt in the future, our need for a significant amount of cash to service and repay the debt and to pay dividends on our common stock, and the effect of debt covenants that limit the discretion of management in operating the business or in paying dividends; our ability to pay dividends and to pursue growth opportunities if we continue to pay dividends according to our current dividend policy; our ability to effectively manage and realize expected benefits from completed and future mergers, acquisitions, and divestitures; our ability to achieve expected synergies, cost savings and operating efficiencies from our restructuring initiatives and operational improvement projects within the expected time frames or at all; our ability to effectively implement Project ONE; uncertain political and economic conditions; fluctuations in product demand; competing products and pricing; our geographic and product mix; disruptions to our relationships with our major customers and suppliers; regulatory compliance across our global footprint; trade policies and economic sanctions impacting our markets; changes in tax laws and tariffs; devaluations and other foreign exchange rate fluctuations; the impact of litigation and investigations, including for product liability and environmental matters; impairment charges on our goodwill or long-lived assets; the consequences of catastrophic events on our operations and financial results; the effect of new accounting pronouncements and accounting charges and credits; and similar matters.

Additional information about these various risks and uncertainties can be found in the “Risk Factors” section of our Form 10-K filings, and any updates to the risk factors in our Form 10-Q and 8-K filings with the SEC, but there may be other risks and uncertainties that we are unable to identify at this time or that we do not currently expect to have a material impact on the business. You should not place undue reliance on forward-looking statements, which speak only as of the date they are made. We do not undertake to update or revise any forward-looking statements, except as required by law.

Three Months Ended

Percent of

Three Months Ended

Percent of

May 30, 2026

Net Revenue

May 31, 2025

Net Revenue

Net revenue

$

950,271

100.0

%

$

898,095

100.0

%

Cost of sales

(630,617

)

(66.4

)%

(611,711

)

(68.1

)%

Gross profit

319,654

33.6

%

286,384

31.9

%

Selling, general and administrative expenses

(202,365

)

(21.3

)%

(186,340

)

(20.7

)%

Other income, net

5,627

0.6

%

7,141

0.8

%

Interest expense

(32,756

)

(3.4

)%

(34,865

)

(3.9

)%

Interest income

1,961

0.2

%

854

0.1

%

Income before income taxes and income from equity method investments

92,121

9.7

%

73,174

8.1

%

Income taxes

(25,584

)

(2.7

)%

(32,726

)

(3.6

)%

Income from equity method investments

1,268

0.1

%

1,397

0.2

%

Net income including non-controlling interest

67,805

7.1

%

41,845

4.7

%

Net income attributable to non-controlling interest

-

0.0

%

(17

)

(0.0

)%

Net income attributable to H.B. Fuller

$

67,805

7.1

%

$

41,828

4.7

%

Basic income per common share attributable to H.B. Fuller

$

1.25

$

0.77

Diluted income per common share attributable to H.B. Fuller

$

1.23

$

0.76

Weighted-average common shares outstanding:

Basic

54,430

54,443

Diluted

55,069

54,952

Six Months Ended

Percent of

Six Months Ended

Percent of

May 30, 2026

Net Revenue

May 31, 2025

Net Revenue

Net revenue

$

1,721,115

100.0

%

$

1,686,758

100.0

%

Cost of sales

(1,165,413

)

(67.7

)%

(1,173,299

)

(69.6

)%

Gross profit

555,702

32.3

%

513,459

30.4

%

Selling, general and administrative expenses

(386,816

)

(22.5

)%

(366,968

)

(21.8

)%

Other income, net

12,377

0.7

%

10,347

0.6

%

Interest expense

(65,627

)

(3.8

)%

(66,906

)

(4.0

)%

Interest income

4,034

0.2

%

1,954

0.1

%

Income before income taxes and income from equity method investments

119,670

7.0

%

91,886

5.4

%

Income taxes

(33,006

)

(1.9

)%

(38,671

)

(2.3

)%

Income from equity method investments

2,186

0.1

%

1,894

0.1

%

Net income including non-controlling interest

88,850

5.2

%

55,109

3.3

%

Net income attributable to non-controlling interest

-

0.0

%

(33

)

(0.0

)%

Net income attributable to H.B. Fuller

$

88,850

5.2

%

$

55,076

3.3

%

Basic income per common share attributable to H.B. Fuller

$

1.63

$

1.01

Diluted income per common share attributable to H.B. Fuller

$

1.61

$

0.99

Weighted-average common shares outstanding:

Basic

54,580

54,721

Diluted

55,291

55,490

Three Months Ended

Six Months Ended

May 30,

May 31,

May 30,

May 31,

2026

2025

2026

2025

Net income attributable to H.B. Fuller

$

67,805

$

41,828

$

88,850

$

55,076

Adjustments:

Acquisition project costs1

1,395

3,602

2,325

13,430

Organizational realignment2

4,413

6,635

14,435

15,409

Project One3

2,387

2,581

5,440

5,646

Other4

3,024

44

2,929

44

Discrete tax items5

356

13,961

454

14,952

Income tax effect on adjustments6

(1,848

)

(3,999

)

(5,386

)

(9,907

)

Adjusted net income attributable to H.B. Fuller7

77,532

64,652

109,047

94,650

Add:

Interest expense

32,584

34,484

64,957

66,514

Interest income

(1,961

)

(854

)

(4,030

)

(1,954

)

Adjusted Income taxes

27,075

22,765

37,937

33,626

Depreciation and Amortization expense8

45,815

44,613

91,838

87,180

Adjusted EBITDA7

$

181,045

$

165,660

$

299,749

$

280,016

Diluted Shares

55,069

54,952

55,291

55,490

Adjusted diluted income per common share attributable to H.B. Fuller7

$

1.41

$

1.18

$

1.97

$

1.71

Revenue

$

950,271

$

898,095

$

1,721,115

$

1,686,758

Adjusted EBITDA margin6

19.1

%

18.4

%

17.4

%

16.6

%

Three Months Ended

Six Months Ended

May 30,

May 31,

May 30,

May 31,

2026

2025

2026

2025

Net Revenue:

Hygiene, Health and Consumable Adhesives

$

421,861

$

397,475

$

768,388

$

765,700

Engineering Adhesives

283,239

276,418

525,688

513,177

Building Adhesive Solutions

245,171

224,202

427,039

407,881

Corporate unallocated

-

-

-

-

Total H.B. Fuller

$

950,271

$

898,095

$

1,721,115

$

1,686,758

Segment Operating Income:

Hygiene, Health and Consumable Adhesives

$

56,370

$

43,401

$

85,361

$

73,349

Engineering Adhesives

46,856

46,977

77,999

75,028

Building Adhesive Solutions

25,013

22,114

30,201

28,691

Corporate unallocated

(10,950

)

(12,448

)

(24,675

)

(30,577

)

Total H.B. Fuller

$

117,289

$

100,044

$

168,886

$

146,491

Adjusted EBITDA7

Hygiene, Health and Consumable Adhesives

$

75,564

$

61,963

$

123,601

$

108,854

Engineering Adhesives

63,544

63,341

111,703

107,529

Building Adhesive Solutions

41,414

37,535

63,024

59,337

Corporate unallocated

523

2,821

1,421

4,296

Total H.B. Fuller

$

181,045

$

165,660

$

299,749

$

280,016

Adjusted EBITDA Margin7

Hygiene, Health and Consumable Adhesives

17.9

%

15.6

%

16.1

%

14.2

%

Engineering Adhesives

22.4

%

22.9

%

21.2

%

21.0

%

Building Adhesive Solutions

16.9

%

16.7

%

14.8

%

14.5

%

Corporate unallocated

NMP

NMP

NMP

NMP

Total H.B. Fuller

19.1

%

18.4

%

17.4

%

16.6

%

NMP = non-meaningful percentage

Three Months Ended

Six Months Ended

May 30,

May 31,

May 30,

May 31,

2026

2025

2026

2025

Income before income taxes and income from equity method investments

$

92,121

$

73,174

$

119,670

$

91,886

Adjustments:

Acquisition project costs1

1,395

3,602

2,325

13,430

Organizational realignment2

4,413

6,635

14,435

15,409

Project One3

2,387

2,581

5,440

5,646

Other4

3,024

44

2,929

44

Adjusted income before income taxes and income from equity method investments9

$

103,340

$

86,036

$

144,799

$

126,415

Three Months Ended

Six Months Ended

May 30,

May 31,

May 30,

May 31,

2026

2025

2026

2025

Income Taxes

$

(25,584

)

$

(32,726

)

$

(33,006

)

$

(38,671

)

Adjustments:

Acquisition project costs1

(230

)

(1,120

)

(466

)

(3,800

)

Organizational realignment2

(727

)

(2,063

)

(3,276

)

(4,455

)

Project One3

(393

)

(803

)

(1,170

)

(1,638

)

Other4

(497

)

(14

)

(473

)

(14

)

Discrete tax items5

356

13,961

454

14,952

Adjusted income taxes10

$

(27,075

)

$

(22,765

)

$

(37,937

)

$

(33,626

)

Adjusted income before income taxes and income from equity method investments

$

103,340

$

86,036

$

144,799

$

126,415

Adjusted effective income tax rate10

26.2

%

26.5

%

26.2

%

26.6

%

Three Months Ended

Six Months Ended

May 30,

May 31,

May 30,

May 31,

2026

2025

2026

2025

Net revenue

$

950,271

$

898,095

$

1,721,115

$

1,686,758

Gross profit

$

319,654

$

286,384

$

555,702

$

513,459

Gross profit margin

33.6

%

31.9

%

32.3

%

30.4

%

Adjustments:

Acquisition project costs1

-

68

-

675

Organizational realignment2

2,583

2,467

7,521

7,923

Project One3

-

(94

)

-

1

Other4

2,500

-

2,501

-

Adjusted gross profit11

$

324,737

$

288,825

$

565,724

$

522,058

Adjusted gross profit margin11

34.2

%

32.2

%

32.9

%

31.0

%

Three Months Ended

Six Months Ended

May 30,

May 31,

May 30,

May 31,

2026

2025

2026

2025

Selling, general and administrative expenses

$

(202,365

)

$

(186,340

)

$

(386,816

)

$

(366,968

)

Adjustments:

Acquisition project costs1

1,223

3,654

1,660

11,360

Organizational realignment2

1,734

3,633

5,623

4,929

Project One3

2,387

2,676

5,440

5,646

Other4

523

44

1,925

44

Adjusted selling, general and administrative expenses12

$

(196,498

)

$

(176,333

)

$

(372,168

)

$

(344,989

)

Hygiene, Health

Building

Three Months Ended:

and Consumable

Engineering

Adhesive

Segment

Corporate

H.B. Fuller

May 30, 2026

Adhesives

Adhesives

Solutions

Total

Unallocated

Consolidated

Net income attributable to H.B. Fuller

$

58,862

$

47,958

$

27,887

$

134,707

$

(66,902

)

$

67,805

Adjustments:

Acquisition project costs1

-

-

-

-

1,395

1,395

Organizational realignment2

-

-

-

-

4,413

4,413

Project One3

-

-

-

-

2,387

2,387

Other4

-

-

-

-

3,024

3,024

Discrete tax items5

-

-

-

-

356

356

Income tax effect on adjustments6

-

-

-

-

(1,848

)

(1,848

)

Adjusted net income attributable to H.B. Fuller7

58,862

47,958

27,887

134,707

(57,175

)

77,532

Add:

Interest expense

-

-

-

-

32,584

32,584

Interest income

-

-

-

-

(1,961

)

(1,961

)

Adjusted Income taxes

-

-

-

-

27,075

27,075

Depreciation and amortization expense8

16,702

15,586

13,527

45,815

-

45,815

Adjusted EBITDA7

$

75,564

$

63,544

$

41,414

$

180,522

$

523

$

181,045

Revenue

$

421,861

$

283,239

$

245,171

$

950,271

-

$

950,271

Adjusted EBITDA Margin7

17.9

%

22.4

%

16.9

%

19.0

%

NMP

19.1

%

Hygiene, Health

Building

Six Months Ended

and Consumable

Engineering

Adhesive

Segment

Corporate

H.B. Fuller

May 30, 2026

Adhesives

Adhesives

Solutions

Total

Unallocated

Consolidated

Net income attributable to H.B. Fuller

$

90,346

$

80,195

$

35,949

$

206,490

$

(117,640

)

$

88,850

Adjustments:

Acquisition project costs1

-

-

-

-

2,325

2,325

Organizational realignment2

-

-

-

-

14,435

14,435

Project One3

-

-

-

-

5,440

5,440

Other4

-

-

-

-

2,929

2,929

Discrete tax items5

-

-

-

-

454

454

Income tax effect on adjustments6

-

-

-

-

(5,386

)

(5,386

)

Adjusted net income attributable to H.B. Fuller7

90,346

80,195

35,949

206,490

(97,443

)

109,047

Add:

Interest expense

-

-

-

-

64,957

64,957

Interest income

-

-

-

-

(4,030

)

(4,030

)

Adjusted Income taxes

-

-

-

-

37,937

37,937

Depreciation and amortization expense8

33,255

31,508

27,075

91,838

-

91,838

Adjusted EBITDA7

$

123,601

$

111,703

$

63,024

$

298,328

$

1,421

$

299,749

Revenue

768,388

525,688

427,039

1,721,115

-

1,721,115

Adjusted EBITDA Margin7

16.1

%

21.2

%

14.8

%

17.3

%

NMP

17.4

%

Hygiene, Health

Building

Three Months Ended:

and Consumable

Engineering

Adhesive

Segment

Corporate

H.B. Fuller

May 31, 2025

Adhesives

Adhesives

Solutions

Total

Unallocated

Consolidated

Net income attributable to H.B. Fuller

$

45,610

$

47,948

$

24,668

$

118,226

$

(76,398

)

$

41,828

Adjustments:

Acquisition project costs1

-

-

-

-

3,602

3,602

Organizational realignment2

-

-

-

-

6,635

6,635

Project One3

-

-

-

-

2,581

2,581

Other4

-

-

-

-

44

44

Discrete tax items5

-

-

-

-

13,961

13,961

Income tax effect on adjustments6

-

-

-

-

(3,999

)

(3,999

)

Adjusted net income attributable to H.B. Fuller7

45,610

47,948

24,668

118,226

(53,574

)

64,652

Add:

Interest expense

-

-

-

-

34,484

34,484

Interest income

-

-

-

-

(854

)

(854

)

Adjusted Income taxes

-

-

-

-

22,765

22,765

Depreciation and amortization expense8

16,353

15,393

12,867

44,613

-

44,613

Adjusted EBITDA7

$

61,963

$

63,341

$

37,535

$

162,839

$

2,821

$

165,660

Revenue

$

397,475

$

276,418

$

224,202

$

898,095

-

$

898,095

Adjusted EBITDA Margin7

15.6

%

22.9

%

16.7

%

18.1

%

NMP

18.4

%

Hygiene, Health

Building

Six Months Ended

and Consumable

Engineering

Adhesive

Segment

Corporate

H.B. Fuller

May 31, 2025

Adhesives

Adhesives

Solutions

Total

Unallocated

Consolidated

Net income attributable to H.B. Fuller

$

77,771

$

76,970

$

33,799

$

188,540

$

(133,464

)

$

55,076

Adjustments:

Acquisition project costs1

-

-

-

-

13,430

13,430

Organizational realignment2

-

-

-

-

15,409

15,409

Project One3

-

-

-

-

5,646

5,646

Other4

-

-

-

-

44

44

Discrete tax items5

-

-

-

-

14,952

14,952

Income tax effect on adjustments6

-

-

-

-

(9,907

)

(9,907

)

Adjusted net income attributable to H.B. Fuller7

77,771

76,970

33,799

188,540

(93,890

)

94,650

Add:

Interest expense

-

-

-

-

66,514

66,514

Interest income

-

-

-

-

(1,954

)

(1,954

)

Adjusted Income taxes

-

-

-

-

33,626

33,626

Depreciation and amortization expense8

31,083

30,559

25,538

87,180

-

87,180

Adjusted EBITDA7

$

108,854

$

107,529

$

59,337

$

275,720

$

4,296

$

280,016

Revenue

$

765,700

$

513,177

$

407,881

$

1,686,758

-

$

1,686,758

Adjusted EBITDA Margin7

14.2

%

21.0

%

14.5

%

16.3

%

NMP

16.6

%

Three Months Ended

Six Months Ended

May 30, 2026

May 30, 2026

Price

3.0

%

1.8

%

Volume

(0.4

)%

(3.5

)%

Organic Growth13

2.6

%

(1.7

)%

M&A

0.1

%

0.4

%

Constant currency

2.7

%

(1.3

)%

F/X

3.1

%

3.3

%

Total H.B. Fuller Net Revenue

5.8

%

2.0

%

Revenue growth versus 2025

Three Months Ended

May 30, 2026

Net Revenue

F/X

Constant Currency

M&A

Organic Growth13

Hygiene, Health and Consumable Adhesives

6.1

%

3.1

%

3.0

%

0.0

%

3.0

%

Engineering Adhesives

2.5

%

3.2

%

(0.7

)%

0.3

%

(1.0

)%

Building Adhesive Solutions

9.4

%

3.2

%

6.2

%

0.0

%

6.2

%

Corporate Unallocated

0.0

%

0.0

%

0.0

%

0.0

%

0.0

%

Total H.B. Fuller

5.8

%

3.1

%

2.7

%

0.1

%

2.6

%

Revenue growth versus 2025

Six Months Ended

May 30, 2026

Net Revenue

F/X

Constant Currency

M&A

Organic Growth13

Hygiene, Health and Consumable Adhesives

0.4

%

3.2

%

(2.8

)%

0.4

%

(3.2

)%

Engineering Adhesives

2.4

%

3.2

%

(0.8

)%

0.6

%

(1.4

)%

Building Adhesive Solutions

4.7

%

3.6

%

1.1

%

0.0

%

1.1

%

Corporate Unallocated

0.0

%

0.0

%

0.0

%

0.0

%

0.0

%

Total H.B. Fuller

2.0

%

3.3

%

(1.3

)%

0.4

%

(1.7

)%

Three Months Ended

Trailing 12 Months14 Ended

August 30, 2025

November 29, 2025

February 28, 2026

May 30, 2026

May 30, 2026

Net income attributable to H.B. Fuller

$

67,160

$

29,732

$

21,045

$

67,805

$

185,742

Adjustments:

Acquisition project costs1

518

1,465

931

1,395

4,309

Organizational realignment2

4,620

11,396

10,022

4,413

30,451

Project One3

2,499

2,091

3,053

2,387

10,030

Other15

1,711

37,400

(95

)

3,024

42,040

Discrete tax items16

(3,742

)

(3,743

)

98

356

(7,031

)

Income tax effect on adjustments6

(3,402

)

(7,745

)

(3,539

)

(1,848

)

(16,534

)

Adjusted net income attributable to H.B. Fuller7

69,364

70,596

31,515

77,532

249,007

Add:

Interest expense

33,369

32,547

32,373

32,584

130,873

Interest income

(1,110

)

(1,756

)

(2,069

)

(1,961

)

(6,896

)

Adjusted Income taxes

23,671

23,420

10,862

27,075

85,028

Depreciation and Amortization expense17

45,298

45,246

46,023

45,815

182,382

Adjusted EBITDA7

$

170,592

$

170,053

$

118,704

$

181,045

$

640,394

May 30, 2026

November 29, 2025

May 31, 2025

Total debt

$

2,072,151

$

2,016,937

$

2,112,428

Less: Cash and cash equivalents

114,102

107,213

96,785

Net debt18

$

1,958,049

$

1,909,724

$

2,015,643

Trailing twelve months14 / Year ended Adjusted EBITDA

$

640,394

$

620,660

$

593,604

Net Debt-to-Adjusted EBITDA18

3.1

3.1

3.4

May 30, 2026

February 28, 2026

May 31, 2025

Accounts receivable, net

$

622,745

$

532,180

$

584,026

Inventories

526,737

506,776

495,588

Accounts payable

(526,321

)

(453,035

)

(481,957

)

Net working capital19

$

623,161

$

585,921

$

597,657

Net revenue three months ended

$

950,271

$

770,844

$

898,095

Annualized net revenue19

3,801,084

3,083,376

3,592,379

Net working capital as a percentage of annualized revenue19

16.4

%

19.0

%

16.6

%

May 30,

November 29,

2026

2025

Assets

Current assets:

Cash and cash equivalents

$

114,102

$

107,213

Accounts receivable (net of allowances of $12,712 and $11,922, as of May 30, 2026 and November 29, 2025, respectively)

622,745

564,339

Inventories

526,737

471,963

Other current assets

135,836

119,750

Total current assets

1,399,420

1,263,265

Property, plant and equipment

2,034,140

1,956,209

Accumulated depreciation

(1,066,347

)

(1,020,948

)

Property, plant and equipment, net

967,793

935,261

Goodwill

1,693,481

1,680,059

Other intangibles, net

766,626

805,867

Other assets

501,473

498,254

Total assets

$

5,328,793

$

5,182,706

Liabilities, non-controlling interest and total equity

Current liabilities:

Accounts payable

$

526,321

$

470,132

Accrued compensation

95,728

114,302

Income taxes payable

19,909

25,018

Other accrued expenses

137,103

133,907

Total current liabilities

779,061

743,359

Long-term debt

2,072,151

2,016,937

Accrued pension liabilities

51,281

51,317

Other liabilities

343,836

367,899

Total liabilities

$

3,246,329

$

3,179,512

Commitments and contingencies

Equity

H.B. Fuller stockholders' equity:

Preferred stock (no shares outstanding) shares authorized – 10,045,900

-

-

Common stock, par value $1.00 per share, shares authorized – 160,000,000, shares issued and outstanding – 53,785,879 and 54,174,963 as of May 30, 2026 and November 29, 2025, respectively

$

53,786

$

54,175

Additional paid-in capital

275,507

298,017

Retained earnings

2,088,749

2,026,071

Accumulated other comprehensive loss

(335,578

)

(375,045

)

Total H.B. Fuller stockholders' equity

2,082,464

2,003,218

Non-controlling interest

-

(24

)

Total equity

2,082,464

2,003,194

Total liabilities, non-controlling interest and total equity

$

5,328,793

$

5,182,706

Six Months Ended

May 30, 2026

May 31, 2025

Cash flows from operating activities:

Net income including non-controlling interest

$

88,850

$

55,109

Adjustments to reconcile net income including non-controlling interest to net cash provided by operating activities:

Depreciation

48,772

44,837

Amortization

43,646

42,443

Deferred income taxes

(9,098

)

(14,068

)

Income from equity method investments, net of dividends received

(2,186

)

(1,894

)

Loss on the sale of business

-

1,515

Loss on impairment of intangible asset

-

478

Gain on sale or disposal of assets

(833

)

(101

)

Share-based compensation

12,580

12,003

Pension and other post-retirement plan benefit

(12,239

)

(11,039

)

Change in assets and liabilities, net of effects of acquisitions:

Accounts receivable, net

(53,893

)

(28,942

)

Inventories

(51,313

)

(40,182

)

Other assets

(9,291

)

2,364

Accounts payable

80,473

11,602

Accrued compensation

(19,643

)

(23,494

)

Other accrued expenses

13,522

1,097

Income taxes payable

(10,287

)

(10,587

)

Pension plan assets and liabilities

698

76

Other liabilities

(6,052

)

24,804

Foreign currency remeasurement

3,463

(8,252

)

Net cash provided by operating activities

117,169

57,769

Cash flows from investing activities:

Purchased property, plant and equipment

(104,380

)

(64,534

)

Proceeds from sale of property, plant and equipment

4,408

1,438

Payment of holdback on acquisitions

(11,627

)

-

Purchased businesses, net of cash acquired

-

(162,032

)

Purchase of cost method investment

-

(2,549

)

Proceeds from the sale of a business

-

75,727

Net cash used in investing activities

(111,599

)

(151,950

)

Cash flows from financing activities:

Proceeds from issuance of long-term debt

627,000

784,900

Repayment of long-term debt

(571,683

)

(687,751

)

Payment of debt issuance costs

-

(1,047

)

Net payment of notes payable

-

(588

)

Dividends paid

(25,970

)

(24,864

)

Proceeds from stock options exercised

10,266

2,475

Repurchases of common stock

(48,771

)

(60,664

)

Net cash (used in) provided by financing activities

(9,158

)

12,461

Effect of exchange rate changes on cash and cash equivalents

10,477

9,153

Net change in cash and cash equivalents

6,889

(72,567

)

Cash and cash equivalents at beginning of period

107,213

169,352

Cash and cash equivalents at end of period

$

114,102

$

96,785

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