Elon Musk řekl, že Tesla má utrácet za AI co nejrychleji, i za cenu určitého plýtvání. Capex ve druhém čtvrtletí vzrostl meziročně o 142 % na 5,8 miliardy USD.
Elon Musk said aiming for a "high-efficiency capital spend" would just "slow things down." WEF/Getty images Elon Musk says Tesla should spend even more on AI — even if some money ends up being wasted.
The EV giant's capital expenditure soared 142% year-over-year to $5.8 billion in the second quarter as Musk's AI spending spree ramped up.
Speaking on an analyst call after Tesla's earnings on Thursday, Musk said that he had asked executives to keep accelerating the company's spending.
"We should be spending on capex as fast as we can spend — as fast as we can without it being too wasteful. So we're not trying to aim for some extremely high-efficiency capital spend because that would slow things down," Musk said.
Tesla is investing aggressively in new production lines and factories for its Cybercab robotaxi and Optimus humanoid robot.
The automaker recorded a negative free cash flow of $1.1 billion in the second quarter, its first shortfall since 2024, and Tesla's shares fell in premarket trading as the company's profits missed earnings expectations.
Executives told investors that AI spending will continue to grow, with Tesla's total capex spending expected to surpass $25 billion this year.
CFO Vaibhav Taneja said on the earnings call that Tesla was aiming to secure debt facilities to give it the capacity to borrow up to $30 billion.
He predicted spending would ramp up in the next 2-3 years as the company builds a new solar panel factory, installs more AI compute, and breaks ground on a massive 'Terafab' semiconductor fab that Tesla is building with SpaceX.
It comes as other tech giants burn through cash to keep up in the escalating AI race. Google recorded a negative free cash flow of nearly $6 billion in its second-quarter earnings on Wednesday and raised its capex predictions for the full year to as much as $205 billion.
Musk's comments on Tesla's spending efficiency come a year after he launched an assault on wasteful government spending with DOGE, and the world's richest man has continued to criticize government spending as prone to abuse and waste.
Musk told investors on Wednesday that Tesla's capex efficiency was "off-scale good" because the EV giant was investing in lots of productive assets like factories and infrastructure at the same time.
"I think probably this is the fastest industrial scale-up since World War II in America," Musk said.
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EU uložila Googlu pokutu 890 mil. € za porušení pravidel hospodářské soutěže v oblasti vyhledávání a obchodu s aplikacemi. Komise nařídila firmě zacházet s třetími stranami ve výsledcích vyhledávání férově a nediskriminačně a umožnit vývojářům aplikací nabízet nabídky mimo obchod Google.
Google has been fined a total of €890m (£760m) by the EU for breaches of online competition laws by its search and app store services.
The European Commission, the EU’s executive arm, said Google had broken the Digital Markets Act by giving priority to its own services, such as shopping and hotel deals, in search results over those of its rivals.
It also infringed the DMA by preventing app developers from steering consumers towards cheaper offers, including for subscriptions, on websites or alternative app stores.
Google has been fined €460m for the search-related breach and €430m for the app store violation. The commission has ordered the company to treat third-party services that appear in its search results in a “fair and non-discriminatory manner” and allow app developers to make offers outside Google’s app store.
It noted that Google had already started testing changes to how it displays search results featuring its own services. It said those changes represent “substantial progress towards compliance”.
Consumers will be direct beneficiaries of the decision by the EU, a senior official said. “Research results will be in different in Europe. They will have to adapt their search engine going forward,” they said.
Max von Thun, director of the Open Markets Institute Europe thinktank, said the fines were the “bare minimum” for a company that made revenues of just over $400bn last year.
“Having finally established Google’s non-compliance, the commission must now move quickly to force Google to end its anti-competitive practices once and for all. Europe’s startups and innovators cannot wait much longer,” he said.
The decision to impose the fine risks the ire of Donald Trump, only hours before a series of temporary global tariffs against about 60 countries expires.
A senior official for the EU said they had no knowledge of how Trump was likely to react, insisting that the bloc had the “sovereign right” to regulate US tech companies in its own jurisdiction and that the timing of the fine was not connected to tariffs.
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Last year Apple and Mark Zuckerberg’s Meta were fined under the DMA. Apple was told to pay €500m for anti-competitive practices at its app store and Meta was told to pay €200m in a ruling on its ad-free “consent or pay” proposal for facebook and Instagram.
Google can appeal against the decision and ask for interim measures, including a request to suspend the measure. The search company’s president of global affairs, Kent Walker, described the fine as “product degradation driven by a small group of self-serving complainants” that will have a negative impact on European businesses and consumers.
He argued that the DMA forces Google “to strip away real-time search features Europeans love – like instant pricing and direct availability for hotels, flights, and restaurants – and dismantle safety protections on Google Play”.
Jeff Bezos tlačí na redesign Prime Video, aby AI stála v centru služby. Projekt Lighthouse má zlepšit doporučování i hlasové ovládání pro více než 200 milionů uživatelů.
SummaryCompaniesPrime Video to receive an AI-driven redesignJeff Bezos is overseeing Prime Video projectAmazon aims to improve its battered reputation in AISAN FRANCISCO, July 23 (Reuters) - Jeff Bezos has identified a new, high-profile platform to help showcase the hundreds of billions of dollars Amazon (AMZN.O), opens new tab has bet on artificial intelligence: Prime Video.
The Amazon founder and executive chairman pushed Prime Video head Mike Hopkins to overhaul the streaming service so that AI is front and center, according to four people with direct knowledge of the matter.
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The resulting project, known internally as Lighthouse, would shine a light on Amazon’s AI capabilities for the more than 200 million consumers who use Prime Video.
Lighthouse is viewed as one critical piece in Amazon’s companywide efforts to elevate the company’s stature in artificial intelligence, as competitors like OpenAI and Anthropic speed ahead, the people said. Other AI initiatives, such as the multiyear overhaul of its Alexa voice assistant to provide more conversational responses, have had mixed results and the unit is still losing money, people familiar with the matter have previously told Reuters.
Amazon declined to comment.
CONTENTIOUS MEETING SPARKED OVERHAULThe Prime Video initiative grew out of an internal presentation the streaming service’s executives made to Bezos last autumn that turned contentious, according to these people.
Bezos was displeased that Hopkins' plans to update Prime Video failed to sufficiently highlight the service’s capabilities in AI and personalization, according to the people. Bezos' response prompted the Prime Video executives to scrap their previous plans and embark on Lighthouse.
The company has committed some $200 billion to capital expenditures this year, related primarily to developing AI, and invested an initial $23 billion in ChatGPT-maker OpenAI and Anthropic combined, with the potential for upwards of another $40 billion.
Lighthouse entails a broad swath of new features that use AI to improve film and TV recommendations, in part by learning consumers' preferences, and responding to spoken requests, according to one person with knowledge of the project who spoke on condition of anonymity. Prime Video is working on redesigning the main home page as part of the project, the other people said.
The final redesign has not yet been settled, but one option Prime Video executives discussed includes AI-driven tiles, with pre-populated viewing suggestions like “action movies from the 1980s” or “Christmas rom-coms,” three of the people said. Another source said a current version does not include text-heavy tiles.
The traditional search function would remain, as well as space at the top of the screen for video highlights promoting new releases or sporting events, such as “Thursday Night Football,” the weekly National Football League game that is exclusive to Amazon.
Amazon is already testing versions of the redesign with a few users, said one of the people. Prime Video's plans, the people said, could change due to feedback from early testers, or financial or other concerns.
Prime Video, like other streaming services, relies on paid placement by studios, as well as software algorithms, to dictate where content is displayed on the home screen, said Michael Goodman, director of entertainment research for Parks Associates. Any change to that, including through greater personalization, could upend that system, he said.
“The real estate on the home screen is very valuable to studios, so it would be a big change to take away any of that coveted space,” said Goodman.
FOUNDER'S PERSONAL INVOLVEMENTBezos has been personally involved in the Prime Video overhaul, the people said, including receiving occasional updates, underscoring the stakes for a company battling a reputation for subpar AI foundation models. Improved personalization can lead to more hours spent on the service.
His involvement with the Prime Video project is unusual as he has taken a step back from most day-to-day operations at Amazon since relinquishing the CEO title in 2021. He also owns the Washington Post and is the founder of spaceflight firm Blue Origin and AI startup Prometheus, reportedly valued at around $41 billion. He has focused more of his attention on those projects.
Prime Video is one of Amazon's best-known brands and is available to consumers in a number of markets where Amazon has limited or no e-commerce presence. Beyond no-cost shipping, Prime Video is the Prime subscription's most-used offering.
As part of the Lighthouse project, Amazon has also discussed integrating the Alexa voice assistant into Prime Video’s search function, the people said. Amazon in early 2025 released an overhauled generative AI version of Alexa, and integrated it into its main shopping site in May 2026.
Kam Keshmiri, global head of the Prime Video design, was also at the meeting with Bezos and is now leading the Lighthouse redesign, the people said.
PRIME VIDEO'S MARKET POSITIONIn the U.S., Prime Video is the fourth most-watched streaming service, but it is prized by Bezos, who frequents high-profile Hollywood events and owns a $165 million home in Beverly Hills.
Amazon became the first streaming service to win an Academy Award in a major category. The company deepened its commitment to entertainment in 2022 when it paid $8.5 billion to buy MGM, giving it access to many well-known entertainment franchises, including James Bond.
Prime Video’s 4.2% share of television viewing in the U.S. trails YouTube with 13.4%, Netflix (NFLX.O), opens new tab at 7.8% and Walt Disney's (DIS.N), opens new tab Disney+ at 5%, according to April data from Nielsen. Still, many Prime Video members spend hours a week consuming content on the platform, and the company wants to further hone its personalization capabilities through AI.
The service released a significant redesign in July 2024, aimed at making it easier for users to distinguish between what content is free and what costs extra, such as subscriptions to Paramount+ and TV shows and movies that require a rental fee.
Amazon wants Prime Video to be users’ central hub for paid subscriptions.
Reporting by Greg Bensinger in San Francisco and Dawn Chmielewski in Los Angeles; Editing by Edmund Lee and Matthew Lewis
Our Standards: The Thomson Reuters Trust Principles., opens new tab
Greg Bensinger joined Reuters as a technology correspondent in 2022 focusing on the world's largest technology companies. He was previously a member of The New York Times editorial board and a technology beat reporter for The Washington Post and The Wall Street Journal. He also worked for Bloomberg News writing about the auto and telecommunications industries. He studied English literature at The University of Virginia and graduate journalism at Columbia University. Greg lives in San Francisco with his wife and two children.
Počet zaměstnanců Amazonu pobírajících potravinovou a zdravotní pomoc se od roku 2020 téměř ztrojnásobil. Firma zároveň plánuje v roce 2026 investovat do AI infrastruktury 200 miliard USD.
A new Government Accountability Office report commissioned by Sen. Bernie Sanders finds the number of Amazon (NASDAQ:AMZN | AMZN Price Prediction) workers relying on federal food and health assistance has nearly tripled since 2020, even as the company disclosed plans to spend $200 billion on artificial intelligence infrastructure in 2026.
The GAO reviewed enrollment data from 11 states representing roughly one-fifth of the U.S. population, covering February 2020 through September 2025. In those states, 12,346 Amazon workers were enrolled in the Supplemental Nutrition Assistance Program and 11,338 in Medicaid, figures the report says are nearly triple the counts in the prior GAO study.
Amazon ranked second among traditional employers of public-assistance recipients in the sample, behind Walmart, which had 16,055 workers on Medicaid, a 55% increase from the earlier report, and 15,515 on SNAP. Gig platforms including Uber, Lyft, DoorDash, Grubhub and Instacart collectively surpassed Walmart to become the single largest category of SNAP recipients, a reflection of how contract labor has reshaped the low-wage workforce.
A National Picture Nationally, the GAO estimates 13.8 million working Americans are on Medicaid, up from 12 million in 2020, and 10.6 million on SNAP, up from 9 million. Wage data helps explain the persistence. The Bureau of Labor Statistics reports average hourly earnings for the total private sector reached $37.64 in June 2026, but real average hourly earnings have barely moved, sitting at $11.32 in June 2026 compared with $11.18 in June 2024. The BEA’s latest quarterly figures show transfer receipts have grown to $5,099.7 billion in the first quarter of 2026, with Medicaid outlays climbing to $1,060.2 billion.
The Corporate Side of the Ledger Over roughly the same window covered by the GAO study, Amazon’s annual profit grew from $11.59 billion to $77.67 billion. Revenue reached $716.92 billion in fiscal 2025, with operating income of $79.98 billion.
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On the Q4 2025 earnings call on Feb. 5, 2026, CEO Andy Jassy told investors the company would spend about $200 billion in capital expenditures in 2026, a roughly 60% increase from about $125 billion in 2025, saying the outlays are “predominantly in AWS” to meet AI compute demand. Jassy characterized the spend as demand-driven: “We are monetizing capacity as fast as we can install it.”
The most recent quarter offers evidence the AI bet is landing. AWS generated $37.59 billion in revenue in Q1 2026, up 28% year over year, the segment’s fastest growth in 15 quarters. Capital expenditures in that single quarter hit $44.2 billion, and free cash flow fell sharply as the buildout accelerated. Prediction market participants on Polymarket assign a 0.89 probability that Amazon’s 2026 capex will exceed $200 billion.
What to Watch The two datasets cover overlapping but nonidentical fiscal years, which limits any causal reading between the AI outlays and the growth in workers on public assistance. The GAO report establishes that the workforce dependency trend accelerated during years when Amazon’s earnings, and its capital ambitions, were expanding at their fastest pace in company history. The next signal comes on July 30, 2026, when Amazon reports Q2 results and updates its capex guidance for the balance of the year.
Act now: the analyst who called NVIDIA in 2010 just named his top 10 AI stocks — and Amazon didn't make the cut. Grab the names FREE today.
Nokia zvýšila celoroční výhled srovnatelného provozního zisku po silném druhém čtvrtletí, kdy jí pomohla poptávka od AI a cloud zákazníků. Srovnatelný provozní zisk vzrostl na 434 milionů eur.
Nokia reported a stronger-than-expected rise in second-quarter comparable operating profit on Thursday, supported by growing demand from artificial intelligence and cloud customers.
The Finnish telecom equipment maker also raised its full-year comparable operating profit guidance range, signalling confidence that the current growth momentum will continue.
The company reported comparable operating profit of 434 million euros ($496.11 million) for the second quarter of 2026.
The figure represented an 18% increase from the same period and exceeded the average analyst estimate of 382 million euros, according to analysts polled by LSEG.
Nokia's results come as the company continues to shift its focus towards supplying fibre-optic equipment to large technology companies building AI data centres.
The strategy has helped the company benefit from rising investment in artificial intelligence infrastructure and increasing demand from cloud customers.
Nokia said comparable net sales reached 4.82 billion euros during the quarter, also exceeding market estimates.
The company reported particularly strong growth among its AI and cloud customers.
Net sales from these customers doubled during the quarter to 446 million euros.
Nokia also said it booked 2.8 billion euros in new orders during the period.
The increase in orders highlights continued demand for infrastructure supporting AI and cloud operations.
CEO Justin Hotard said demand remained strong, while supply constraints continued to affect the wider industry.
"Demand remains strong, while supply continues to be the main industry constraint, prompting our customers to place longer-term orders," Hotard said in a statement.
The comments point to continued pressure across the telecom equipment industry as companies seek to manage supply challenges while responding to growing demand linked to AI infrastructure.
Despite the stronger demand environment, Nokia has not been immune to rising costs linked to memory chips.
The rapid expansion of AI has contributed to a sudden increase in memory chip prices.
AI companies have been cornering the market for memory chips, creating pressure for telecom equipment makers and raising concerns about the impact on industry margins.
Nokia's Swedish rival Ericsson warned last week that rising memory chip costs, driven by surging AI demand, were putting pressure on the company.
The warning increased investor concerns that higher costs could affect margins and contributed to a sharp decline in Ericsson's shares.
Nokia's latest results suggest that the company is benefiting from the same AI-driven demand trend while continuing to navigate the supply constraints and cost pressures affecting the broader telecom equipment sector.
Since joining Nokia last year, Hotard has focused on expanding the company's data centre business.
Before joining the Finnish group, he led Intel's Data Center & AI Group.
Under his leadership, Nokia has placed greater emphasis on opportunities created by the growth of AI and data centre infrastructure.
The company has also entered into a billion-dollar deal with chipmaker Nvidia as part of its efforts to expand its position in the data centre market.
The strategy has coincided with a sharp increase in revenue from AI and cloud customers.
Nokia's latest results show that the business is becoming an increasingly important contributor to the company's overall performance.
Nokia also raised its full-year comparable operating profit guidance range following the stronger quarterly performance.
The company now expects full-year comparable operating profit to be between 2.1 billion euros and 2.6 billion euros.
This compares with its previous guidance range of 2 billion euros to 2.5 billion euros.
The upgraded outlook reflects Nokia's stronger second-quarter performance and its expectations for continued growth from AI and cloud customers.
The company, however, continues to operate in an industry facing supply constraints and higher memory chip costs.
While AI-related demand is creating new opportunities, the rising cost of memory chips remains a challenge for telecom equipment manufacturers.
For Nokia, the latest results indicate that its increased focus on AI infrastructure and data centre customers is helping support growth.
The company will continue to balance that demand with supply constraints and cost pressures across the wider industry.
TORONTO, July 23, 2026 (GLOBE NEWSWIRE) -- Tilray Brands, Inc. ("Tilray" or the "Company") (Nasdaq: TLRY; TSX: TLRY), a global lifestyle and consumer packaged goods company at the forefront of the cannabis, wellness, and beverage industries, today announced the launch of ZONNA, a new cannabis brand introducing fast-acting THC pouches designed for adult consumers seeking a discreet, smoke-free, and convenient cannabis experience.
Launching with Bubble Pink, ZONNA combines innovative Capsoil™ technology with a portable pouch design to deliver a fast-acting experience. Designed to fit comfortably between the gum and lip, the compact pouches offer a discreet and odor-free alternative to traditional cannabis consumption methods.
Blair MacNeil, President, Tilray Canada, stated, "Consumer demand is redefining what cannabis can be, and Tilray is leading that evolution through innovation that expands choice for adult consumers. As preferences move toward products that are discreet, convenient, precise, and smoke-free, ZONNA reflects our ability to anticipate where the category is going and deliver differentiated experiences that meet consumers there. By combining fast-acting Capsoil™ technology with a controlled-dose pouch, we are expanding choice, creating new occasions for cannabis consumption, and reinforcing Tilray’s leadership in bringing forward products that move the industry forward."
Each ZONNA pouch contains 10 mg THC, providing a precise and controlled dose while eliminating much of the uncertainty associated with other consumption formats. The launch format includes 15 pouches per container (150 mg THC per pack) and features a child-resistant puck with separate compartments for unused and used pouches, supporting convenient and responsible disposal.
ZONNA Bubble Pink THC Pouches are now available through licensed cannabis retailers across Canada where cannabis products are sold. Follow ZONNA on Instagram to stay up to date.
Canadian cannabis products are produced and distributed by Aphria Inc., a licensed producer under the Cannabis Act.
About Tilray Brands
Tilray Brands, Inc. (“Tilray”) (Nasdaq: TLRY; TSX: TLRY), is a leading global lifestyle and consumer packaged goods company with operations in Canada, the United States, Europe, Australia, and Latin America that is leading as a transformative force at the nexus of cannabis, beverage, wellness, and entertainment, elevating lives through moments of connection. Tilray’s mission is to be a leading premium lifestyle company with a house of brands and innovative products that inspire joy and create memorable experiences. Tilray’s unprecedented platform supports over 40 brands in over 20 countries, including comprehensive cannabis offerings, hemp-based foods, and craft beverages.
For more information on how we are elevating lives through moments of connection, visit Tilray.com and follow @Tilray on all social platforms.
Forward-Looking Statements
Certain statements in this communication that are not historical facts constitute forward-looking information or forward-looking statements (together, “forward-looking statements”) under Canadian and U.S. securities laws and within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, that are intended to be subject to the “safe harbor” created by those sections and other applicable laws. Forward-looking statements can be identified by words such as “forecast,” “future,” “should,” “could,” “enable,” “potential,” “contemplate,” “believe,” “anticipate,” “estimate,” “plan,” “expect,” “intend,” “may,” “project,” “will,” “would” and the negative of these terms or similar expressions, although not all forward-looking statements contain these identifying words. Certain material factors, estimates, goals, projections, or assumptions were used in drawing the conclusions contained in the forward-looking statements throughout this communication. Forward-looking statements include statements regarding our intentions, beliefs, projections, outlook, analyses, or current expectations. Many factors could cause actual results, performance, or achievement to be materially different from any forward-looking statements, and other risks and uncertainties not presently known to the Company or that the Company deems immaterial could also cause actual results or events to differ materially from those expressed in the forward-looking statements contained herein. For a more detailed discussion of these risks and other factors, see the most recently filed annual information form of Tilray and the Annual Report on Form 10-K (and other periodic reports filed with the SEC) of Tilray made with the SEC and available on EDGAR. The forward-looking statements included in this communication are made as of the date of this communication and the Company does not undertake any obligation to publicly update such forward-looking statements to reflect new information, subsequent events, or otherwise unless required by applicable securities laws.
180 Wealth Advisors LLC boosted its position in NVIDIA Corporation (NASDAQ:NVDA – Free Report) by 1.5% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 195,530 shares of the computer hardware maker’s stock after acquiring an additional 2,970 shares during the quarter. NVIDIA accounts for 3.9% of 180 Wealth Advisors LLC’s investment portfolio, making the stock its 2nd biggest position. 180 Wealth Advisors LLC’s holdings in NVIDIA were worth $34,100,000 at the end of the most recent reporting period.
A number of other institutional investors have also recently added to or reduced their stakes in NVDA. Brighton Jones LLC grew its holdings in shares of NVIDIA by 12.4% during the 4th quarter. Brighton Jones LLC now owns 324,901 shares of the computer hardware maker’s stock worth $43,631,000 after purchasing an additional 35,815 shares during the period. Bank Pictet & Cie Europe AG raised its holdings in NVIDIA by 1.0% in the fourth quarter. Bank Pictet & Cie Europe AG now owns 2,346,417 shares of the computer hardware maker’s stock valued at $315,100,000 after buying an additional 22,929 shares during the period. Highview Capital Management LLC DE raised its holdings in NVIDIA by 6.7% in the fourth quarter. Highview Capital Management LLC DE now owns 58,396 shares of the computer hardware maker’s stock valued at $7,842,000 after buying an additional 3,653 shares during the period. Hudson Value Partners LLC lifted its position in NVIDIA by 30.7% during the fourth quarter. Hudson Value Partners LLC now owns 50,658 shares of the computer hardware maker’s stock valued at $6,805,000 after buying an additional 11,900 shares in the last quarter. Finally, Wealth Group Ltd. lifted its position in NVIDIA by 15.7% during the first quarter. Wealth Group Ltd. now owns 6,598 shares of the computer hardware maker’s stock valued at $715,000 after buying an additional 896 shares in the last quarter. Hedge funds and other institutional investors own 65.27% of the company’s stock.
NVIDIA News Summary Here are the key news stories impacting NVIDIA this week:
Positive Sentiment: NVIDIA and the Naval Postgraduate School said NVIDIA donated a supercomputer using its latest chips to a nonprofit tied to the institution, highlighting expanding adoption of its AI hardware in U.S. defense and research. Reuters: Nvidia donates supercomputer to U.S. military university Positive Sentiment: Bank of America said NVIDIA’s Vera CPU launch is intensifying the AI server CPU battle and kept a Buy rating with a $350 target, suggesting the company could expand beyond GPUs into a larger share of AI infrastructure spending. Yahoo Finance: BofA sees server CPU TAM hitting $170bn by 2030 as NVIDIA takes on AMD Positive Sentiment: Several articles highlighted NVIDIA as a beneficiary of the broader AI capex cycle, with bullish takes pointing to cheaper AI models, sovereign AI demand, and continued chip spending that could support long-term growth. Zacks: Can NVIDIA’s Sovereign AI Push Unlock New Revenue Streams Now? Positive Sentiment: NVIDIA also gained support from market momentum and technical traders, with reports that the stock cleared an early buy trigger ahead of Alphabet earnings and that the semiconductor rebound is being treated as a positioning reset, not a collapse in demand. Investor’s Business Daily: Nvidia Hits Buy Trigger With Alphabet Earnings Due Insider Buying and Selling In other NVIDIA news, Director John Dabiri sold 625 shares of the firm’s stock in a transaction on Wednesday, May 27th. The shares were sold at an average price of $214.00, for a total transaction of $133,750.00. Following the completion of the transaction, the director directly owned 14,163 shares of the company’s stock, valued at $3,030,882. This trade represents a 4.23% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Stephen C. Neal sold 15,500 shares of the business’s stock in a transaction dated Wednesday, June 3rd. The stock was sold at an average price of $215.73, for a total transaction of $3,343,815.00. Following the completion of the sale, the director directly owned 116,135 shares of the company’s stock, valued at $25,053,803.55. The trade was a 11.77% decrease in their position. The SEC filing for this sale provides additional information. Over the last quarter, insiders sold 1,901,125 shares of company stock worth $410,583,015. Insiders own 3.94% of the company’s stock.
Wall Street Analyst Weigh In NVDA has been the topic of a number of research reports. Sanford C. Bernstein reissued a “buy” rating on shares of NVIDIA in a research note on Monday, June 29th. The Goldman Sachs Group reiterated a “buy” rating and issued a $285.00 price target (up from $250.00) on shares of NVIDIA in a report on Wednesday, May 20th. Daiwa Securities Group boosted their price objective on NVIDIA from $215.00 to $255.00 and gave the stock an “outperform” rating in a research note on Friday, May 22nd. China Renaissance initiated coverage on NVIDIA in a research report on Friday, June 5th. They issued a “buy” rating and a $319.00 target price for the company. Finally, BTIG Research assumed coverage on NVIDIA in a research note on Wednesday, April 15th. They issued a “buy” rating for the company. Three analysts have rated the stock with a Strong Buy rating, forty-eight have given a Buy rating and two have issued a Hold rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of “Buy” and a consensus price target of $304.26.
Get Our Latest Stock Report on NVDA
NVIDIA Trading Up 2.3% NASDAQ:NVDA opened at $212.06 on Thursday. The stock has a market cap of $5.13 trillion, a price-to-earnings ratio of 32.47, a price-to-earnings-growth ratio of 0.40 and a beta of 2.21. NVIDIA Corporation has a one year low of $164.07 and a one year high of $236.54. The company has a debt-to-equity ratio of 0.04, a quick ratio of 2.85 and a current ratio of 3.44. The business’s 50-day simple moving average is $208.76 and its 200 day simple moving average is $195.59.
NVIDIA (NASDAQ:NVDA – Get Free Report) last posted its quarterly earnings data on Wednesday, May 20th. The computer hardware maker reported $1.87 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.76 by $0.11. NVIDIA had a return on equity of 96.94% and a net margin of 62.97%.The company had revenue of $81.61 billion for the quarter, compared to the consensus estimate of $78.42 billion. During the same period in the previous year, the business earned $0.81 EPS. NVIDIA’s revenue for the quarter was up 85.2% compared to the same quarter last year. As a group, sell-side analysts predict that NVIDIA Corporation will post 8.79 earnings per share for the current fiscal year.
NVIDIA announced that its Board of Directors has initiated a stock buyback plan on Wednesday, May 20th that permits the company to buyback $80.00 billion in outstanding shares. This buyback authorization permits the computer hardware maker to buy up to 1.5% of its stock through open market purchases. Stock buyback plans are typically a sign that the company’s leadership believes its stock is undervalued.
NVIDIA Increases Dividend The business also recently declared a quarterly dividend, which was paid on Friday, June 26th. Investors of record on Thursday, June 4th were paid a $0.25 dividend. This represents a $1.00 dividend on an annualized basis and a dividend yield of 0.5%. This is a boost from NVIDIA’s previous quarterly dividend of $0.01. The ex-dividend date was Thursday, June 4th. NVIDIA’s payout ratio is presently 15.31%.
NVIDIA Company Profile (Free Report)
NVIDIA Corporation, founded in 1993 and headquartered in Santa Clara, California, is a global technology company that designs and develops graphics processing units (GPUs) and system-on-chip (SoC) technologies. Co-founded by Jensen Huang, who serves as president and chief executive officer, along with Chris Malachowsky and Curtis Priem, NVIDIA has grown from a graphics-focused chipmaker into a broad provider of accelerated computing hardware and software for multiple industries.
The company’s product portfolio spans discrete GPUs for gaming and professional visualization (marketed under the GeForce and NVIDIA RTX lines), high-performance data center accelerators used for AI training and inference (including widely adopted platforms such as the A100 and H100 series), and Tegra SoCs for automotive and edge applications.
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Cullinan Associates ve 1. čtvrtletí snížila podíl v NVIDIA o 28 % na 59 425 akcií po prodeji 23 075 akcií. NVIDIA zároveň zahájila obchodování o 2,3 % výše.
Cullinan Associates Inc. cut its stake in NVIDIA Corporation (NASDAQ:NVDA – Free Report) by 28.0% in the first quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 59,425 shares of the computer hardware maker’s stock after selling 23,075 shares during the period. Cullinan Associates Inc.’s holdings in NVIDIA were worth $10,364,000 as of its most recent filing with the Securities & Exchange Commission.
Several other large investors also recently bought and sold shares of NVDA. Brighton Jones LLC increased its position in shares of NVIDIA by 12.4% in the 4th quarter. Brighton Jones LLC now owns 324,901 shares of the computer hardware maker’s stock valued at $43,631,000 after acquiring an additional 35,815 shares during the period. Bank Pictet & Cie Europe AG lifted its position in NVIDIA by 1.0% during the 4th quarter. Bank Pictet & Cie Europe AG now owns 2,346,417 shares of the computer hardware maker’s stock worth $315,100,000 after acquiring an additional 22,929 shares during the period. Highview Capital Management LLC DE grew its stake in NVIDIA by 6.7% during the 4th quarter. Highview Capital Management LLC DE now owns 58,396 shares of the computer hardware maker’s stock valued at $7,842,000 after purchasing an additional 3,653 shares during the last quarter. Hudson Value Partners LLC increased its holdings in shares of NVIDIA by 30.7% in the fourth quarter. Hudson Value Partners LLC now owns 50,658 shares of the computer hardware maker’s stock valued at $6,805,000 after purchasing an additional 11,900 shares during the period. Finally, Wealth Group Ltd. increased its holdings in shares of NVIDIA by 15.7% in the first quarter. Wealth Group Ltd. now owns 6,598 shares of the computer hardware maker’s stock valued at $715,000 after purchasing an additional 896 shares during the period. Hedge funds and other institutional investors own 65.27% of the company’s stock.
NVIDIA Trading Up 2.3% Shares of NASDAQ:NVDA opened at $212.06 on Thursday. NVIDIA Corporation has a 12-month low of $164.07 and a 12-month high of $236.54. The company has a market capitalization of $5.13 trillion, a PE ratio of 32.47, a PEG ratio of 0.40 and a beta of 2.21. The business has a 50 day moving average of $208.76 and a two-hundred day moving average of $195.59. The company has a current ratio of 3.44, a quick ratio of 2.85 and a debt-to-equity ratio of 0.04.
NVIDIA (NASDAQ:NVDA – Get Free Report) last issued its quarterly earnings data on Wednesday, May 20th. The computer hardware maker reported $1.87 EPS for the quarter, topping analysts’ consensus estimates of $1.76 by $0.11. The business had revenue of $81.61 billion for the quarter, compared to analysts’ expectations of $78.42 billion. NVIDIA had a net margin of 62.97% and a return on equity of 96.94%. The business’s revenue was up 85.2% on a year-over-year basis. During the same quarter last year, the company earned $0.81 EPS. As a group, analysts forecast that NVIDIA Corporation will post 8.79 EPS for the current year.
NVIDIA declared that its Board of Directors has initiated a share repurchase program on Wednesday, May 20th that allows the company to buyback $80.00 billion in outstanding shares. This buyback authorization allows the computer hardware maker to reacquire up to 1.5% of its stock through open market purchases. Stock buyback programs are typically a sign that the company’s management believes its stock is undervalued.
NVIDIA Increases Dividend The company also recently declared a quarterly dividend, which was paid on Friday, June 26th. Investors of record on Thursday, June 4th were issued a dividend of $0.25 per share. This represents a $1.00 dividend on an annualized basis and a yield of 0.5%. This is a boost from NVIDIA’s previous quarterly dividend of $0.01. The ex-dividend date of this dividend was Thursday, June 4th. NVIDIA’s payout ratio is currently 15.31%.
Insider Activity at NVIDIA In other NVIDIA news, Director John Dabiri sold 625 shares of the company’s stock in a transaction dated Wednesday, May 27th. The shares were sold at an average price of $214.00, for a total value of $133,750.00. Following the completion of the transaction, the director owned 14,163 shares in the company, valued at approximately $3,030,882. This represents a 4.23% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Stephen C. Neal sold 15,500 shares of the stock in a transaction dated Wednesday, June 3rd. The stock was sold at an average price of $215.73, for a total transaction of $3,343,815.00. Following the sale, the director directly owned 116,135 shares in the company, valued at approximately $25,053,803.55. The trade was a 11.77% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Over the last quarter, insiders have sold 1,901,125 shares of company stock worth $410,583,015. 3.94% of the stock is owned by company insiders.
Key NVIDIA News Here are the key news stories impacting NVIDIA this week:
Positive Sentiment: NVIDIA and the Naval Postgraduate School said NVIDIA donated a supercomputer using its latest chips to a nonprofit tied to the institution, highlighting expanding adoption of its AI hardware in U.S. defense and research. Reuters: Nvidia donates supercomputer to U.S. military university Positive Sentiment: Bank of America said NVIDIA’s Vera CPU launch is intensifying the AI server CPU battle and kept a Buy rating with a $350 target, suggesting the company could expand beyond GPUs into a larger share of AI infrastructure spending. Yahoo Finance: BofA sees server CPU TAM hitting $170bn by 2030 as NVIDIA takes on AMD Positive Sentiment: Several articles highlighted NVIDIA as a beneficiary of the broader AI capex cycle, with bullish takes pointing to cheaper AI models, sovereign AI demand, and continued chip spending that could support long-term growth. Zacks: Can NVIDIA’s Sovereign AI Push Unlock New Revenue Streams Now? Positive Sentiment: NVIDIA also gained support from market momentum and technical traders, with reports that the stock cleared an early buy trigger ahead of Alphabet earnings and that the semiconductor rebound is being treated as a positioning reset, not a collapse in demand. Investor’s Business Daily: Nvidia Hits Buy Trigger With Alphabet Earnings Due Wall Street Analyst Weigh In A number of equities research analysts recently commented on NVDA shares. Itau BBA Securities decreased their target price on NVIDIA from $256.00 to $218.00 in a report on Wednesday, June 24th. Argus raised their price target on shares of NVIDIA from $220.00 to $270.00 and gave the stock a “buy” rating in a research report on Thursday, May 21st. BTIG Research assumed coverage on shares of NVIDIA in a research note on Wednesday, April 15th. They set a “buy” rating for the company. BNP Paribas Exane increased their price objective on shares of NVIDIA from $270.00 to $285.00 and gave the stock an “outperform” rating in a research note on Thursday, May 21st. Finally, Sanford C. Bernstein reissued a “buy” rating on shares of NVIDIA in a report on Monday, June 29th. Three research analysts have rated the stock with a Strong Buy rating, forty-eight have assigned a Buy rating and two have issued a Hold rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of “Buy” and an average target price of $304.26.
Get Our Latest Analysis on NVIDIA
About NVIDIA (Free Report)
NVIDIA Corporation, founded in 1993 and headquartered in Santa Clara, California, is a global technology company that designs and develops graphics processing units (GPUs) and system-on-chip (SoC) technologies. Co-founded by Jensen Huang, who serves as president and chief executive officer, along with Chris Malachowsky and Curtis Priem, NVIDIA has grown from a graphics-focused chipmaker into a broad provider of accelerated computing hardware and software for multiple industries.
The company’s product portfolio spans discrete GPUs for gaming and professional visualization (marketed under the GeForce and NVIDIA RTX lines), high-performance data center accelerators used for AI training and inference (including widely adopted platforms such as the A100 and H100 series), and Tegra SoCs for automotive and edge applications.
Recommended Stories Five stocks we like better than NVIDIA Could Truth API Become Trump Media’s First Meaningful Revenue Driver? Small Caps Are Crushing the S&P 500—3 Stocks Still Worth Buying Moog Is More Than a Missile Maker, and Wall Street Is Noticing A Boring Dividend Growth Strategy Becomes a Solid Defensive Play Want to see what other hedge funds are holding NVDA? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for NVIDIA Corporation (NASDAQ:NVDA – Free Report).
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Ferguson Wellman Capital Management v 1. čtvrtletí snížil svou pozici ve společnosti NVIDIA o 0,5 % a po prodeji 9 709 akcií držel 1 875 623 akcií v hodnotě 327,1 milionu USD.
Ferguson Wellman Capital Management Inc. trimmed its holdings in shares of NVIDIA Corporation (NASDAQ:NVDA – Free Report) by 0.5% during the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 1,875,623 shares of the computer hardware maker’s stock after selling 9,709 shares during the quarter. NVIDIA comprises 4.5% of Ferguson Wellman Capital Management Inc.’s portfolio, making the stock its 5th biggest holding. Ferguson Wellman Capital Management Inc.’s holdings in NVIDIA were worth $327,109,000 as of its most recent SEC filing.
Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. State Street Corp lifted its position in NVIDIA by 1.2% during the 4th quarter. State Street Corp now owns 991,480,489 shares of the computer hardware maker’s stock worth $184,911,111,000 after acquiring an additional 11,451,386 shares during the last quarter. Geode Capital Management LLC grew its position in shares of NVIDIA by 0.6% in the fourth quarter. Geode Capital Management LLC now owns 588,803,093 shares of the computer hardware maker’s stock valued at $109,446,217,000 after purchasing an additional 3,383,441 shares during the last quarter. Norges Bank acquired a new stake in shares of NVIDIA in the fourth quarter valued at about $62,244,133,000. Bank of America Corp DE increased its stake in shares of NVIDIA by 1.5% in the fourth quarter. Bank of America Corp DE now owns 187,181,484 shares of the computer hardware maker’s stock worth $34,909,347,000 after purchasing an additional 2,849,678 shares during the period. Finally, Legal & General Group Plc lifted its position in shares of NVIDIA by 1.5% during the 3rd quarter. Legal & General Group Plc now owns 181,203,035 shares of the computer hardware maker’s stock worth $33,808,862,000 after purchasing an additional 2,609,560 shares during the last quarter. Institutional investors and hedge funds own 65.27% of the company’s stock.
Analyst Upgrades and Downgrades Several analysts recently weighed in on the company. Melius Research set a $400.00 target price on NVIDIA in a research note on Thursday, May 21st. UBS Group lifted their price target on NVIDIA from $275.00 to $280.00 and gave the stock a “buy” rating in a research report on Thursday, May 21st. Rothschild & Co Redburn increased their price objective on NVIDIA from $280.00 to $300.00 and gave the company a “buy” rating in a research report on Tuesday, May 26th. KeyCorp reissued an “overweight” rating and issued a $330.00 price objective (up from $310.00) on shares of NVIDIA in a research report on Tuesday, July 14th. Finally, Morgan Stanley set a $288.00 target price on shares of NVIDIA and gave the stock an “overweight” rating in a research report on Thursday, May 21st. Three research analysts have rated the stock with a Strong Buy rating, forty-eight have assigned a Buy rating and two have issued a Hold rating to the company. Based on data from MarketBeat.com, NVIDIA has an average rating of “Buy” and an average price target of $304.26.
Read Our Latest Report on NVDA
Key Stories Impacting NVIDIA Here are the key news stories impacting NVIDIA this week:
Positive Sentiment: NVIDIA and the Naval Postgraduate School said NVIDIA donated a supercomputer using its latest chips to a nonprofit tied to the institution, highlighting expanding adoption of its AI hardware in U.S. defense and research. Reuters: Nvidia donates supercomputer to U.S. military university Positive Sentiment: Bank of America said NVIDIA’s Vera CPU launch is intensifying the AI server CPU battle and kept a Buy rating with a $350 target, suggesting the company could expand beyond GPUs into a larger share of AI infrastructure spending. Yahoo Finance: BofA sees server CPU TAM hitting $170bn by 2030 as NVIDIA takes on AMD Positive Sentiment: Several articles highlighted NVIDIA as a beneficiary of the broader AI capex cycle, with bullish takes pointing to cheaper AI models, sovereign AI demand, and continued chip spending that could support long-term growth. Zacks: Can NVIDIA’s Sovereign AI Push Unlock New Revenue Streams Now? Positive Sentiment: NVIDIA also gained support from market momentum and technical traders, with reports that the stock cleared an early buy trigger ahead of Alphabet earnings and that the semiconductor rebound is being treated as a positioning reset, not a collapse in demand. Investor’s Business Daily: Nvidia Hits Buy Trigger With Alphabet Earnings Due Insider Buying and Selling In other news, Director Stephen C. Neal sold 15,500 shares of the company’s stock in a transaction that occurred on Wednesday, June 3rd. The stock was sold at an average price of $215.73, for a total value of $3,343,815.00. Following the sale, the director directly owned 116,135 shares in the company, valued at approximately $25,053,803.55. This represents a 11.77% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. Also, Director Mark A. Stevens sold 885,000 shares of the stock in a transaction that occurred on Thursday, June 18th. The stock was sold at an average price of $210.17, for a total value of $186,000,450.00. Following the completion of the transaction, the director directly owned 5,207,271 shares of the company’s stock, valued at approximately $1,094,412,146.07. The trade was a 14.53% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders sold 1,901,125 shares of company stock valued at $410,583,015 over the last quarter. Corporate insiders own 3.94% of the company’s stock.
NVIDIA Stock Performance NVDA opened at $212.06 on Thursday. The stock’s 50 day simple moving average is $208.76 and its 200-day simple moving average is $195.59. The company has a current ratio of 3.44, a quick ratio of 2.85 and a debt-to-equity ratio of 0.04. The stock has a market cap of $5.13 trillion, a PE ratio of 32.47, a P/E/G ratio of 0.40 and a beta of 2.21. NVIDIA Corporation has a 1 year low of $164.07 and a 1 year high of $236.54.
NVIDIA (NASDAQ:NVDA – Get Free Report) last issued its earnings results on Wednesday, May 20th. The computer hardware maker reported $1.87 EPS for the quarter, topping the consensus estimate of $1.76 by $0.11. The firm had revenue of $81.61 billion during the quarter, compared to analysts’ expectations of $78.42 billion. NVIDIA had a return on equity of 96.94% and a net margin of 62.97%.NVIDIA’s quarterly revenue was up 85.2% compared to the same quarter last year. During the same period last year, the business earned $0.81 earnings per share. Sell-side analysts forecast that NVIDIA Corporation will post 8.79 EPS for the current year.
NVIDIA Increases Dividend The firm also recently announced a quarterly dividend, which was paid on Friday, June 26th. Investors of record on Thursday, June 4th were paid a $0.25 dividend. The ex-dividend date of this dividend was Thursday, June 4th. This is an increase from NVIDIA’s previous quarterly dividend of $0.01. This represents a $1.00 dividend on an annualized basis and a yield of 0.5%. NVIDIA’s payout ratio is presently 15.31%.
NVIDIA declared that its board has initiated a stock repurchase program on Wednesday, May 20th that authorizes the company to buyback $80.00 billion in shares. This buyback authorization authorizes the computer hardware maker to repurchase up to 1.5% of its stock through open market purchases. Stock buyback programs are usually a sign that the company’s board of directors believes its stock is undervalued.
About NVIDIA (Free Report)
NVIDIA Corporation, founded in 1993 and headquartered in Santa Clara, California, is a global technology company that designs and develops graphics processing units (GPUs) and system-on-chip (SoC) technologies. Co-founded by Jensen Huang, who serves as president and chief executive officer, along with Chris Malachowsky and Curtis Priem, NVIDIA has grown from a graphics-focused chipmaker into a broad provider of accelerated computing hardware and software for multiple industries.
The company’s product portfolio spans discrete GPUs for gaming and professional visualization (marketed under the GeForce and NVIDIA RTX lines), high-performance data center accelerators used for AI training and inference (including widely adopted platforms such as the A100 and H100 series), and Tegra SoCs for automotive and edge applications.
Recommended Stories Five stocks we like better than NVIDIA Could Truth API Become Trump Media’s First Meaningful Revenue Driver? Small Caps Are Crushing the S&P 500—3 Stocks Still Worth Buying Moog Is More Than a Missile Maker, and Wall Street Is Noticing A Boring Dividend Growth Strategy Becomes a Solid Defensive Play
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Manifest Finance ve spolupráci s Mastercard spustila debetní kartu pro tvůrce, která propojuje platby, bankovnictví a správu financí do jedné platformy. Nabízí rychlejší výplaty, přeshraniční transakce i nástroje pro fakturaci, výdaje a daně.
Creator-focused embedded banking platform Manifest Finance launched a debit card in partnership with Mastercard.
“As the creator economy evolves, millions of creators are operating as full-scale businesses, managing multiple revenue streams, selling products and services, and engaging global audiences,” according to a Thursday (July 23) news release provided to PYMNTS.
However, many of these creators “lack financial tools built for how they actually work,” the release said.
The Manifest Business Debit Mastercard is designed to address this issue “by aligning payments, banking and financial management into an integrated experience” for creator-led businesses, according to the release.
The new card’s offerings include Mastercard’s global business loyalty program, fraud monitoring and identity theft protection services, and access to dining, travel and entertainment events on the Mastercard Priceless platform, the release said.
The platform also allows for faster payouts, embedded payment acceptance, seamless cross-border transactions, and tools for overseeing invoicing, expenses, taxes and multiple income streams, according to the release.
“Creators are building some of today’s most dynamic small businesses,” Ginger Siegel, North America small and medium business lead at Mastercard, said in the release. “They’re managing customers, cash flow, taxes, global audiences and multiple income streams often without tools designed for how they work. Together with Manifest, we’re helping creators access the trusted payments, security and infrastructure they need to grow sustainable businesses in the digital economy.”
The release of the new Manifest and Mastercard debit card follows Visa’s April launch of a creator-focused card, developed in partnership with TikTok.
Meanwhile, the PYMNTS Intelligence report “Ready for Change: Why Nearly Half of SMBs Want to Ditch Cash and Checks” found that small business owners are seeking digital tools to help them control money movement, track spending and deal with payment-related mishaps.
According to the report, 46% of small- to medium-sized businesses (SMBs) said they would pay to access digital tools.
Meanwhile, 45.8% of these businesses said they would pay for the ability to adjust payment windows based on when their business had the money available, while 63.1% of SMBs said credit cards are the best payment method for disputing a transaction and getting money back.
Freemont Management S.A. raised its holdings in JPMorgan Chase & Co. (NYSE:JPM – Free Report) by 350.0% during the 1st quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 13,500 shares of the financial services provider’s stock after acquiring an additional 10,500 shares during the period. Freemont Management S.A.’s holdings in JPMorgan Chase & Co. were worth $3,971,000 at the end of the most recent reporting period.
A number of other large investors have also recently modified their holdings of the business. Fidelis Capital Partners LLC increased its stake in JPMorgan Chase & Co. by 7.9% in the fourth quarter. Fidelis Capital Partners LLC now owns 70,077 shares of the financial services provider’s stock valued at $22,580,000 after acquiring an additional 5,101 shares during the last quarter. Howard Capital Management Inc. lifted its stake in JPMorgan Chase & Co. by 18.2% during the fourth quarter. Howard Capital Management Inc. now owns 25,784 shares of the financial services provider’s stock worth $8,308,000 after purchasing an additional 3,976 shares during the last quarter. Newbridge Financial Services Group Inc. boosted its holdings in shares of JPMorgan Chase & Co. by 51.7% in the 4th quarter. Newbridge Financial Services Group Inc. now owns 8,883 shares of the financial services provider’s stock worth $2,862,000 after purchasing an additional 3,027 shares in the last quarter. Brighton Jones LLC boosted its holdings in shares of JPMorgan Chase & Co. by 11.0% in the 4th quarter. Brighton Jones LLC now owns 48,732 shares of the financial services provider’s stock worth $11,682,000 after purchasing an additional 4,841 shares in the last quarter. Finally, KTF Investments LLC purchased a new position in shares of JPMorgan Chase & Co. in the 4th quarter worth about $6,449,000. Institutional investors own 71.55% of the company’s stock.
JPMorgan Chase & Co. Price Performance Shares of JPMorgan Chase & Co. stock opened at $348.72 on Thursday. The company’s fifty day simple moving average is $321.65 and its two-hundred day simple moving average is $310.67. JPMorgan Chase & Co. has a 12-month low of $279.10 and a 12-month high of $351.24. The firm has a market cap of $934.39 billion, a PE ratio of 14.94, a price-to-earnings-growth ratio of 1.52 and a beta of 0.99. The company has a quick ratio of 0.86, a current ratio of 0.85 and a debt-to-equity ratio of 1.30.
JPMorgan Chase & Co. (NYSE:JPM – Get Free Report) last issued its quarterly earnings data on Tuesday, July 14th. The financial services provider reported $6.14 EPS for the quarter, beating the consensus estimate of $5.59 by $0.55. The firm had revenue of $58.02 billion during the quarter, compared to the consensus estimate of $50.72 billion. JPMorgan Chase & Co. had a net margin of 21.86% and a return on equity of 18.23%. The company’s quarterly revenue was up 27.7% compared to the same quarter last year. During the same period in the prior year, the firm posted $4.96 earnings per share. As a group, equities analysts expect that JPMorgan Chase & Co. will post 23.59 EPS for the current year.
JPMorgan Chase & Co. Dividend Announcement The firm also recently declared a quarterly dividend, which will be paid on Friday, July 31st. Investors of record on Monday, July 6th will be issued a dividend of $1.50 per share. This represents a $6.00 dividend on an annualized basis and a yield of 1.7%. The ex-dividend date is Monday, July 6th. JPMorgan Chase & Co.’s payout ratio is currently 25.71%.
Key Headlines Impacting JPMorgan Chase & Co. Here are the key news stories impacting JPMorgan Chase & Co. this week:
Positive Sentiment: JPMorgan posted record Q2 2026 results, with record revenue across all business lines and net income of $16.9 billion, underscoring strong underlying business momentum. JPMorgan Chase (JPM) Q2 2026 Earnings Call Transcript Positive Sentiment: Analysts and media outlets highlighted JPM as one of the top big-bank picks after strong earnings and an improving outlook, which supports the stock’s valuation narrative. Buy 3 Top-Ranked Big Investment Banks Amid Solid Q2 Earnings & Outlook Positive Sentiment: JPMorgan stock was noted as being on track for its longest weekly winning streak since early 2024 after the earnings beat, showing momentum traders are still piling in. QUICK SPARK: JPMorgan Stock Eyes Longest Weekly Winning Streak Since Early 2024 Positive Sentiment: Coverage around JPMorgan’s AI adoption suggested automation is already reducing costs in some units, which could help protect margins even if revenue growth moderates. Jamie Dimon Says AI Has Already Cut 30% to 40% of Jobs in Some JPMorgan Units Positive Sentiment: Reports that JPMorgan may help finance Japan’s $550 billion U.S. investment plan and other large global deals point to additional fee opportunities. JPMorgan, other US banks set to help finance Japan’s $550 billion US investment plan, sources say Neutral Sentiment: Jamie Dimon repeated warnings about macro risks, bond market stress, and geopolitical uncertainty. These comments do not directly change JPM’s fundamentals, but they can temper enthusiasm for bank stocks if investors become more cautious. ‘Worse than people expect’: Jamie Dimon sounds alarm about the next credit crisis Neutral Sentiment: Several articles focused on Dimon’s broader market commentary, including his view that stocks and long-term Treasurys look expensive; while notable, this is more about market caution than JPM’s own operating results. JPMorgan CEO Urges Investor Patience Wall Street Analysts Forecast Growth A number of brokerages recently weighed in on JPM. HSBC raised their price objective on JPMorgan Chase & Co. from $288.00 to $312.00 and gave the company a “hold” rating in a report on Monday, May 4th. UBS Group lifted their price target on shares of JPMorgan Chase & Co. from $375.00 to $384.00 and gave the stock a “buy” rating in a research note on Tuesday, July 7th. Royal Bank Of Canada boosted their price objective on shares of JPMorgan Chase & Co. from $330.00 to $370.00 and gave the stock an “outperform” rating in a report on Wednesday, July 15th. Citigroup upped their price objective on shares of JPMorgan Chase & Co. from $325.00 to $360.00 and gave the company a “neutral” rating in a research note on Monday. Finally, Autonomous Res reduced their target price on shares of JPMorgan Chase & Co. from $360.00 to $324.00 and set a “neutral” rating on the stock in a report on Monday, April 6th. One equities research analyst has rated the stock with a Strong Buy rating, sixteen have assigned a Buy rating and eleven have given a Hold rating to the company’s stock. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average price target of $358.67.
View Our Latest Analysis on JPMorgan Chase & Co.
Insider Buying and Selling at JPMorgan Chase & Co. In other JPMorgan Chase & Co. news, CFO Jeremy Barnum sold 3,022 shares of the stock in a transaction that occurred on Tuesday, May 5th. The stock was sold at an average price of $309.41, for a total value of $935,037.02. Following the completion of the sale, the chief financial officer owned 32,438 shares in the company, valued at approximately $10,036,641.58. This trade represents a 8.52% decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, COO Jennifer Piepszak sold 4,919 shares of JPMorgan Chase & Co. stock in a transaction that occurred on Tuesday, May 5th. The stock was sold at an average price of $309.42, for a total value of $1,522,036.98. Following the completion of the sale, the chief operating officer owned 85,082 shares in the company, valued at approximately $26,326,072.44. This represents a 5.47% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold 18,876 shares of company stock valued at $5,907,051 in the last 90 days. Insiders own 0.41% of the company’s stock.
JPMorgan Chase & Co. Profile (Free Report)
JPMorgan Chase & Co (NYSE: JPM) is a diversified global financial services firm headquartered in New York City. The company provides a wide range of banking and financial products and services to consumers, small businesses, corporations, governments and institutional investors worldwide. Its operations span retail banking, commercial lending, investment banking, asset management, payments and card services, and treasury and securities services.
The firm’s principal business activities are organized across several core lines: Consumer & Community Banking, which offers deposit accounts, mortgages, auto loans, credit cards and branch and digital banking under the Chase brand; Corporate & Investment Banking, which provides capital markets, advisory, underwriting, trading and risk management services; Commercial Banking, delivering lending, treasury and capital solutions to middle-market and corporate clients; and Asset & Wealth Management, which offers investment management, private banking and retirement services to institutions and high-net-worth individuals.
Featured Articles Five stocks we like better than JPMorgan Chase & Co. Could Truth API Become Trump Media’s First Meaningful Revenue Driver? Small Caps Are Crushing the S&P 500—3 Stocks Still Worth Buying Moog Is More Than a Missile Maker, and Wall Street Is Noticing A Boring Dividend Growth Strategy Becomes a Solid Defensive Play
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Arvest Bank Trust Division ve 1. čtvrtletí snížila podíl v Johnson & Johnson o 20,7 % a prodala 15 867 akcií. Po prodeji držela 60 784 akcií v hodnotě 14,858 milionu USD.
Arvest Bank Trust Division decreased its position in shares of Johnson & Johnson (NYSE:JNJ – Free Report) by 20.7% in the 1st quarter, according to its most recent 13F filing with the SEC. The firm owned 60,784 shares of the company’s stock after selling 15,867 shares during the quarter. Johnson & Johnson makes up 0.8% of Arvest Bank Trust Division’s investment portfolio, making the stock its 29th largest position. Arvest Bank Trust Division’s holdings in Johnson & Johnson were worth $14,858,000 at the end of the most recent quarter.
A number of other hedge funds and other institutional investors have also added to or reduced their stakes in JNJ. Greenberg Financial Group bought a new stake in shares of Johnson & Johnson during the fourth quarter valued at about $954,000. World Investment Advisors increased its holdings in Johnson & Johnson by 19.6% during the 4th quarter. World Investment Advisors now owns 161,343 shares of the company’s stock worth $33,390,000 after acquiring an additional 26,450 shares during the period. Benchmark Financial LLC bought a new stake in Johnson & Johnson during the fourth quarter valued at $554,000. Robinhood Asset Management LLC purchased a new stake in shares of Johnson & Johnson in the 4th quarter valued at about $11,853,000. Finally, Principal Financial Group Inc. boosted its position in shares of Johnson & Johnson by 0.8% during the 4th quarter. Principal Financial Group Inc. now owns 3,410,177 shares of the company’s stock valued at $705,736,000 after acquiring an additional 28,370 shares during the last quarter. 69.55% of the stock is currently owned by institutional investors.
Insider Activity In related news, EVP Kathryn E. Wengel sold 10,000 shares of Johnson & Johnson stock in a transaction dated Thursday, June 11th. The shares were sold at an average price of $241.15, for a total transaction of $2,411,500.00. Following the completion of the transaction, the executive vice president directly owned 114,288 shares of the company’s stock, valued at $27,560,551.20. This trade represents a 8.05% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. 0.16% of the stock is currently owned by insiders.
Analysts Set New Price Targets JNJ has been the topic of a number of recent analyst reports. Stifel Nicolaus set a $260.00 target price on shares of Johnson & Johnson in a research note on Wednesday, July 15th. Guggenheim restated a “buy” rating and set a $270.00 price target on shares of Johnson & Johnson in a research report on Friday, July 17th. The Goldman Sachs Group reaffirmed a “buy” rating and set a $282.00 price target on shares of Johnson & Johnson in a research note on Thursday, July 16th. HSBC set a $290.00 price objective on Johnson & Johnson and gave the company a “buy” rating in a research report on Monday, July 6th. Finally, Barclays upped their price objective on shares of Johnson & Johnson from $234.00 to $255.00 and gave the company an “equal weight” rating in a research note on Wednesday, April 15th. One analyst has rated the stock with a Strong Buy rating, eighteen have assigned a Buy rating and six have given a Hold rating to the company. Based on data from MarketBeat, Johnson & Johnson presently has an average rating of “Moderate Buy” and an average price target of $265.30.
Check Out Our Latest Stock Report on Johnson & Johnson
Key Headlines Impacting Johnson & Johnson Here are the key news stories impacting Johnson & Johnson this week:
Positive Sentiment: The FDA approved J&J’s OTTAVA robotic surgery system, opening the door for Johnson & Johnson to compete in robotic soft-tissue surgery and potentially expand its medtech growth runway. Reuters article on OTTAVA approval Positive Sentiment: Investors are also encouraged by the prospect of a phased launch of OTTAVA with select customers, suggesting J&J is preparing a commercial rollout after securing clearance. Medical Device Network article on OTTAVA launch plans Positive Sentiment: J&J also continues to look like a defensive income stock, with a newly declared quarterly dividend reinforcing its appeal to dividend-focused investors. Yahoo Finance dividend article Neutral Sentiment: A federal judge cast doubt on roughly 69,000 talc-related cancer claims, but the court did not dismiss the litigation outright, so the legal overhang remains a mixed but potentially improving risk for J&J. Reuters talc litigation article Johnson & Johnson Price Performance JNJ stock opened at $255.71 on Thursday. The company has a debt-to-equity ratio of 0.46, a current ratio of 1.03 and a quick ratio of 0.77. Johnson & Johnson has a 1 year low of $164.23 and a 1 year high of $269.43. The firm has a 50-day moving average of $241.40 and a 200 day moving average of $235.76. The company has a market cap of $615.56 billion, a P/E ratio of 29.63, a PEG ratio of 2.38 and a beta of 0.24.
Johnson & Johnson (NYSE:JNJ – Get Free Report) last issued its quarterly earnings results on Wednesday, July 15th. The company reported $2.90 earnings per share for the quarter, topping the consensus estimate of $2.84 by $0.06. The company had revenue of $25.31 billion for the quarter, compared to analysts’ expectations of $25.06 billion. Johnson & Johnson had a return on equity of 32.86% and a net margin of 21.48%.The firm’s revenue for the quarter was up 6.6% on a year-over-year basis. During the same period in the prior year, the firm earned $2.77 earnings per share. Johnson & Johnson has set its FY 2026 guidance at 11.600-11.750 EPS. On average, sell-side analysts forecast that Johnson & Johnson will post 11.68 EPS for the current year.
Johnson & Johnson Dividend Announcement The firm also recently announced a quarterly dividend, which will be paid on Tuesday, September 8th. Stockholders of record on Tuesday, August 25th will be given a $1.34 dividend. The ex-dividend date of this dividend is Tuesday, August 25th. This represents a $5.36 dividend on an annualized basis and a dividend yield of 2.1%. Johnson & Johnson’s dividend payout ratio is currently 62.11%.
Johnson & Johnson Profile (Free Report)
Johnson & Johnson is a multinational healthcare company headquartered in New Brunswick, New Jersey, that develops, manufactures and markets a broad range of products across pharmaceuticals, medical devices and previously consumer health. Founded in 1886 by the Johnson family, the company has grown into a global healthcare organization with operations and sales in many countries around the world.
The company’s pharmaceuticals business, organized largely under its Janssen research and development organization, focuses on prescription medicines across therapeutic areas such as immunology, infectious disease, oncology and neuroscience.
Further Reading Five stocks we like better than Johnson & Johnson Could Truth API Become Trump Media’s First Meaningful Revenue Driver? Small Caps Are Crushing the S&P 500—3 Stocks Still Worth Buying Moog Is More Than a Missile Maker, and Wall Street Is Noticing A Boring Dividend Growth Strategy Becomes a Solid Defensive Play Want to see what other hedge funds are holding JNJ? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Johnson & Johnson (NYSE:JNJ – Free Report).
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Aureus Asset Management LLC decreased its stake in shares of Johnson & Johnson (NYSE:JNJ – Free Report) by 48.7% during the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 9,841 shares of the company’s stock after selling 9,325 shares during the period. Aureus Asset Management LLC’s holdings in Johnson & Johnson were worth $2,405,000 at the end of the most recent reporting period.
Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Vanguard Group Inc. lifted its holdings in shares of Johnson & Johnson by 1.6% during the 4th quarter. Vanguard Group Inc. now owns 240,349,660 shares of the company’s stock valued at $49,740,362,000 after buying an additional 3,731,074 shares during the period. State Street Corp grew its holdings in shares of Johnson & Johnson by 1.3% in the fourth quarter. State Street Corp now owns 133,869,843 shares of the company’s stock worth $27,704,364,000 after acquiring an additional 1,663,782 shares during the period. Auto Owners Insurance Co grew its holdings in shares of Johnson & Johnson by 22,225.6% in the fourth quarter. Auto Owners Insurance Co now owns 69,419,308 shares of the company’s stock worth $1,436,633,000 after acquiring an additional 69,108,368 shares during the period. Geode Capital Management LLC increased its position in Johnson & Johnson by 3.1% during the fourth quarter. Geode Capital Management LLC now owns 57,953,747 shares of the company’s stock valued at $11,967,947,000 after acquiring an additional 1,738,292 shares during the last quarter. Finally, Norges Bank bought a new position in Johnson & Johnson in the fourth quarter valued at about $6,924,523,000. Hedge funds and other institutional investors own 69.55% of the company’s stock.
Insider Buying and Selling In related news, EVP Kathryn E. Wengel sold 10,000 shares of the business’s stock in a transaction that occurred on Thursday, June 11th. The stock was sold at an average price of $241.15, for a total value of $2,411,500.00. Following the transaction, the executive vice president directly owned 114,288 shares of the company’s stock, valued at approximately $27,560,551.20. The trade was a 8.05% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Corporate insiders own 0.16% of the company’s stock.
Key Johnson & Johnson News Here are the key news stories impacting Johnson & Johnson this week:
Positive Sentiment: The FDA approved J&J’s OTTAVA robotic surgery system, opening the door for Johnson & Johnson to compete in robotic soft-tissue surgery and potentially expand its medtech growth runway. Reuters article on OTTAVA approval Positive Sentiment: Investors are also encouraged by the prospect of a phased launch of OTTAVA with select customers, suggesting J&J is preparing a commercial rollout after securing clearance. Medical Device Network article on OTTAVA launch plans Positive Sentiment: J&J also continues to look like a defensive income stock, with a newly declared quarterly dividend reinforcing its appeal to dividend-focused investors. Yahoo Finance dividend article Neutral Sentiment: A federal judge cast doubt on roughly 69,000 talc-related cancer claims, but the court did not dismiss the litigation outright, so the legal overhang remains a mixed but potentially improving risk for J&J. Reuters talc litigation article Johnson & Johnson Trading Up 2.0% Shares of Johnson & Johnson stock opened at $255.71 on Thursday. Johnson & Johnson has a fifty-two week low of $164.23 and a fifty-two week high of $269.43. The company has a debt-to-equity ratio of 0.46, a quick ratio of 0.77 and a current ratio of 1.03. The company has a market capitalization of $615.56 billion, a P/E ratio of 29.63, a P/E/G ratio of 2.38 and a beta of 0.24. The company has a fifty day moving average of $241.40 and a 200 day moving average of $235.76.
Johnson & Johnson (NYSE:JNJ – Get Free Report) last posted its quarterly earnings results on Wednesday, July 15th. The company reported $2.90 EPS for the quarter, beating analysts’ consensus estimates of $2.84 by $0.06. Johnson & Johnson had a return on equity of 32.86% and a net margin of 21.48%.The business had revenue of $25.31 billion for the quarter, compared to analysts’ expectations of $25.06 billion. During the same period last year, the firm earned $2.77 earnings per share. The business’s quarterly revenue was up 6.6% on a year-over-year basis. Johnson & Johnson has set its FY 2026 guidance at 11.600-11.750 EPS. On average, sell-side analysts anticipate that Johnson & Johnson will post 11.68 earnings per share for the current fiscal year.
Johnson & Johnson Announces Dividend The firm also recently announced a quarterly dividend, which will be paid on Tuesday, September 8th. Investors of record on Tuesday, August 25th will be paid a dividend of $1.34 per share. This represents a $5.36 annualized dividend and a yield of 2.1%. The ex-dividend date of this dividend is Tuesday, August 25th. Johnson & Johnson’s dividend payout ratio (DPR) is 62.11%.
Analyst Ratings Changes A number of research firms have issued reports on JNJ. HSBC set a $290.00 price target on Johnson & Johnson and gave the company a “buy” rating in a research note on Monday, July 6th. Guggenheim reiterated a “buy” rating and issued a $270.00 price objective on shares of Johnson & Johnson in a research note on Friday, July 17th. Citigroup raised their price objective on shares of Johnson & Johnson from $285.00 to $298.00 and gave the stock a “buy” rating in a report on Wednesday, July 8th. Weiss Ratings lowered shares of Johnson & Johnson from a “buy (b)” rating to a “buy (b-)” rating in a research report on Monday, June 15th. Finally, Leerink Partners upgraded shares of Johnson & Johnson from a “market perform” rating to an “outperform” rating and set a $265.00 price target on the stock in a research report on Wednesday, May 13th. One equities research analyst has rated the stock with a Strong Buy rating, eighteen have assigned a Buy rating and six have issued a Hold rating to the company’s stock. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $265.30.
Get Our Latest Stock Analysis on Johnson & Johnson
About Johnson & Johnson (Free Report)
Johnson & Johnson is a multinational healthcare company headquartered in New Brunswick, New Jersey, that develops, manufactures and markets a broad range of products across pharmaceuticals, medical devices and previously consumer health. Founded in 1886 by the Johnson family, the company has grown into a global healthcare organization with operations and sales in many countries around the world.
The company’s pharmaceuticals business, organized largely under its Janssen research and development organization, focuses on prescription medicines across therapeutic areas such as immunology, infectious disease, oncology and neuroscience.
See Also Five stocks we like better than Johnson & Johnson Could Truth API Become Trump Media’s First Meaningful Revenue Driver? Small Caps Are Crushing the S&P 500—3 Stocks Still Worth Buying Moog Is More Than a Missile Maker, and Wall Street Is Noticing A Boring Dividend Growth Strategy Becomes a Solid Defensive Play Want to see what other hedge funds are holding JNJ? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Johnson & Johnson (NYSE:JNJ – Free Report).
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Fond Andra AP ve 1. čtvrtletí koupil nový podíl v General Motors, konkrétně 83 573 akcií za zhruba 6,226 mil. USD. GM zároveň za 2. čtvrtletí vykázal EPS 3,57 USD a tržby 48,03 mld. USD, obojí nad odhady.
Andra AP fonden purchased a new stake in General Motors Company (NYSE:GM – Free Report) (TSE:GMM.U) during the 1st quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm purchased 83,573 shares of the auto manufacturer’s stock, valued at approximately $6,226,000.
Other hedge funds also recently made changes to their positions in the company. Cibc World Market Inc. lifted its holdings in shares of General Motors by 57.2% during the 4th quarter. Cibc World Market Inc. now owns 200,662 shares of the auto manufacturer’s stock valued at $16,318,000 after buying an additional 72,984 shares during the last quarter. M&T Bank Corp increased its holdings in General Motors by 82.0% in the fourth quarter. M&T Bank Corp now owns 72,062 shares of the auto manufacturer’s stock worth $5,860,000 after buying an additional 32,474 shares during the last quarter. Legacy Capital Group California Inc. increased its holdings in General Motors by 206.4% in the fourth quarter. Legacy Capital Group California Inc. now owns 21,004 shares of the auto manufacturer’s stock worth $1,708,000 after buying an additional 14,150 shares during the last quarter. Janney Montgomery Scott LLC raised its position in General Motors by 16.2% during the first quarter. Janney Montgomery Scott LLC now owns 202,172 shares of the auto manufacturer’s stock valued at $15,062,000 after acquiring an additional 28,163 shares in the last quarter. Finally, Leonteq Securities AG bought a new position in General Motors during the fourth quarter valued at approximately $17,753,000. Institutional investors own 92.67% of the company’s stock.
Analyst Ratings Changes Several analysts have commented on GM shares. Citigroup boosted their target price on shares of General Motors from $108.00 to $131.00 and gave the stock a “buy” rating in a research report on Monday, June 1st. Deutsche Bank Aktiengesellschaft restated a “buy” rating and set a $100.00 price target on shares of General Motors in a report on Wednesday. Wells Fargo & Company lifted their price objective on shares of General Motors from $60.00 to $61.00 and gave the company an “underweight” rating in a research note on Wednesday. Barclays upped their price objective on shares of General Motors from $105.00 to $110.00 and gave the stock an “overweight” rating in a report on Wednesday. Finally, Benchmark restated a “buy” rating on shares of General Motors in a report on Tuesday. One research analyst has rated the stock with a Strong Buy rating, seventeen have assigned a Buy rating, four have assigned a Hold rating and one has given a Sell rating to the stock. According to MarketBeat, General Motors has an average rating of “Moderate Buy” and an average target price of $99.59.
Get Our Latest Stock Report on General Motors
Insider Buying and Selling In other General Motors news, CEO Mary T. Barra sold 215,391 shares of the firm’s stock in a transaction that occurred on Tuesday, May 26th. The stock was sold at an average price of $80.01, for a total value of $17,233,433.91. Following the sale, the chief executive officer owned 770,491 shares of the company’s stock, valued at $61,646,984.91. This trade represents a 21.85% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, EVP Rory Harvey sold 79,494 shares of General Motors stock in a transaction that occurred on Wednesday, May 27th. The stock was sold at an average price of $83.02, for a total value of $6,599,591.88. Following the completion of the transaction, the executive vice president directly owned 46,519 shares in the company, valued at approximately $3,862,007.38. This represents a 63.08% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last 90 days, insiders sold 697,388 shares of company stock valued at $57,752,596. Insiders own 0.54% of the company’s stock.
Key Headlines Impacting General Motors Here are the key news stories impacting General Motors this week:
Positive Sentiment: GM posted Q2 EPS of $3.57 and revenue of $48.03 billion, both above Wall Street estimates, while adjusted EBIT jumped nearly 30% on strong truck and SUV demand. Positive Sentiment: The company raised its full-year 2026 outlook again, now guiding for adjusted EPS of $12 to $14 and higher EBIT, reinforcing confidence in earnings momentum. Positive Sentiment: Analysts turned more constructive after earnings, with JPMorgan lifting its price target on GM to $120 and keeping an overweight rating, adding fuel to the stock’s rally. Positive Sentiment: Coverage highlighted GM’s strong cash flow and ongoing share repurchases, with the company having spent more than $4 billion on buybacks over the past year, which can support per-share earnings. Neutral Sentiment: GM also announced new gas-powered Cadillac models and a push into defense-related opportunities, suggesting management is broadening growth avenues beyond EVs. Article: At GM, Trump’s Second Term Means Big Trucks—and a Push Into the Defense Industry Neutral Sentiment: The company is still absorbing EV-related restructuring costs and faces tariff, labor, and broader auto-industry risks, which could limit upside if demand softens or costs rise. Negative Sentiment: GM Korea labor unions are continuing partial strikes, adding a potential operational headwind. Article: GM Korea’s unionised workers continue partial strikes General Motors Stock Performance Shares of GM opened at $82.23 on Thursday. The company has a market capitalization of $74.15 billion, a PE ratio of 41.53, a price-to-earnings-growth ratio of 0.40 and a beta of 1.31. General Motors Company has a one year low of $49.87 and a one year high of $87.62. The company has a debt-to-equity ratio of 1.42, a current ratio of 1.14 and a quick ratio of 0.99. The company’s fifty day moving average price is $79.03 and its 200 day moving average price is $78.83.
General Motors (NYSE:GM – Get Free Report) (TSE:GMM.U) last released its earnings results on Tuesday, July 21st. The auto manufacturer reported $3.57 earnings per share for the quarter, topping analysts’ consensus estimates of $3.19 by $0.38. General Motors had a net margin of 1.05% and a return on equity of 18.18%. The firm had revenue of $48.03 billion during the quarter, compared to analyst estimates of $47.01 billion. During the same quarter in the previous year, the business earned $2.53 EPS. The business’s revenue was up 1.9% on a year-over-year basis. General Motors has set its FY 2026 guidance at 12.000-14.000 EPS. As a group, analysts expect that General Motors Company will post 12.88 earnings per share for the current year.
General Motors Announces Dividend The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, September 17th. Investors of record on Friday, September 4th will be given a dividend of $0.18 per share. This represents a $0.72 annualized dividend and a dividend yield of 0.9%. The ex-dividend date of this dividend is Friday, September 4th. General Motors’s payout ratio is currently 29.03%.
General Motors Company Profile (Free Report)
General Motors Company (NYSE: GM) is a global automotive manufacturer headquartered in Detroit, Michigan, that designs, builds and sells cars, trucks, crossovers and electric vehicles, and provides related parts and services. Founded in 1908, GM has long been one of the world’s largest automakers and has evolved into a multi-brand company whose primary marques include Chevrolet, GMC, Cadillac and Buick. Beyond vehicle manufacturing, GM’s operations encompass vehicle financing, connected services and advanced mobility initiatives.
GM develops and markets a broad portfolio of products and technologies, including internal-combustion and battery-electric vehicles, vehicle components and on-board connectivity services.
Further Reading Five stocks we like better than General Motors Could Truth API Become Trump Media’s First Meaningful Revenue Driver? Small Caps Are Crushing the S&P 500—3 Stocks Still Worth Buying Moog Is More Than a Missile Maker, and Wall Street Is Noticing A Boring Dividend Growth Strategy Becomes a Solid Defensive Play
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Starbucks je od začátku roku zatím v plusu o 24 % a míří k prvnímu překonání Nasdaq-100 od roku 2022. Firma zároveň zvýšila celoroční výhled upraveného EPS na 2,25 až 2,45 USD.
Starbucks (SBUX -0.32%) is energizing investors' portfolios. Shares have climbed 24% so far in 2026, as of July 21. Should this positive trend hold up throughout the rest of the year, the business will put together its first gain since 2021. That's welcome news for investors who have gotten used to ongoing declines.
It's also noteworthy that this coffee stock is on track to beat the Nasdaq-100 index for the first time since 2022. Outperforming a well-known technology benchmark would certainly be a winning outcome.
Does Starbucks have more room to run?
Image source: The Motley Fool.
Traffic trends are encouraging It wasn't that long ago when Starbucks was really struggling. Customers grew displeased with a worsening store experience, complex menus, and ongoing price increases, which all contributed to weaker traffic. The intensely competitive nature of the retail coffee market didn't make things easier.
The company reported declining year-over-year same-store sales in both fiscal 2024 and fiscal 2025. Since this metric is critical for any retailer or restaurant, as it indicates the productivity of each location, it's no wonder the stock was under pressure.
The situation has improved. Traffic trends have been encouraging. In April, Starbucks reported its financial results for Q2 2026, ended March 29. And the management team revealed that global comparable transactions were up for a second straight quarter.
"Our US company-operated business grew transactions across all day parts," CEO Brian Niccol said on the Q2 2026 earnings call.
Starbucks is working to right the ship. The company's key priorities have been to re-establish cafes as a welcoming "Third Place," while boosting store operations with better staffing and equipment. Starbucks also innovated with new menu offerings to capture more sales during the afternoon.
The Starbucks rewards program has been updated, too. It now features membership tiers based on different spending levels, aiding in personalization and providing more benefits to the most loyal customers. This setup supports engagement and frequency. There are now a record 35.6 million members in the United States.
Starbucks set out to reduce its annual expenses by $2 billion, and there appears to be progress in this regard. The business raised its full-year profit guidance, now forecasting adjusted earnings per share of $2.25 to $2.45. At the midpoint, that implies a 10% year-over-year jump.
The turnaround isn't over, though. Getting back to healthy growth is the main goal. At Starbucks' investor day meeting in January this year, management laid out a target to achieve a 5% year-over-year revenue gain by fiscal 2028. The top line is expected to be flat in fiscal 2026, so there is still work to do.
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Should you buy the coffee chain's shares today? Starbucks is a high-quality business. It has a wide economic moat that's supported by an incredible brand and tremendous scale. These two traits, which have driven success in the past, give Starbucks a durable advantage in the crowded industry.
Another bullish argument focuses on the company's profit outlook. Starbucks' adjusted EPS will grow at a compound annual rate of 19.8% between fiscal 2025 and fiscal 2028, according to consensus analyst estimates. That's an encouraging outlook.
But investors should remember that this bottom-line forecast isn't on solid ground. Starbucks is still in the middle of a turnaround that can present new challenges. Plus, the macroeconomic environment could weaken, pressuring demand for the premium food and beverage that Starbucks offers.
In addition, the valuation is expensive. The consumer discretionary stock trades at a forward price-to-earnings ratio of 35.6. There is no margin of safety, adding greater downside risk to the equation. So this isn't a stock I'm thinking of buying.
Income investors, however, will have a different perspective. Starbucks' current dividend yield of 2.37% is more than double what the S&P 500 index offers. That payout has increased by 210% in the past decade. And Starbucks has paid a dividend for an impressive 66 straight quarters. T
IBM oznámila definitivní dohodu o koupi HRL Laboratories, aby posílila vývoj kvantových počítačů a kvantového snímání. Finanční podmínky nezveřejnila; uzavření čeká do konce 3. čtvrtletí 2026.
HRL's expertise in silicon-spin qubits and quantum sensing will strengthen and extend IBM's world-leading quantum computing mission
, /PRNewswire/ -- IBM (NYSE: IBM) today announced it has signed a definitive agreement to acquire HRL Laboratories, LLC (HRL), a flagship research and development institution. HRL is a private company jointly owned by Boeing and General Motors. Both Boeing and GM will continue to partner with IBM on quantum applications and advanced technology development following the transaction.
HRL's advanced expertise in silicon-spin qubit engineering will complement and extend IBM's long-term mission to scale increasingly powerful quantum computers and accelerate its quantum vision. Superconducting qubits and spin qubits both leverage state-of-the art silicon fabrication. This shared foundation is amongst the reasons why these two modalities offer credible paths to scaling quantum technologies.
"The HRL team will help IBM push even farther forward toward the frontiers of quantum innovation," said Jay Gambetta, IBM's Director of Research and IBM Fellow. "This talented group of researchers brings a broad portfolio of technologies that will strengthen IBM's long-term plans to deliver useful quantum computing to the world, bringing together advances across quantum computing, quantum sensing, and quantum networking to enable the applications of the future."
"Joining IBM is the natural next chapter for what we have built at HRL, where our team has dedicated years to exploring paths to how future quantum computers could be built at scales that today seem impossible," said Rob Vasquez, President and Chief Executive Officer at HRL "We now look forward to leveraging IBM's industry leadership and working alongside their world-class talent on fundamental infrastructure to take this vision forward. Additionally, our cutting-edge physical and information science innovations will combine with their advanced research capabilities to deliver an unmatched suite of technology solutions for our commercial and government customers."
HRL will also enable IBM to innovate in and industrialize promising technologies such as quantum sensing and drive new research into quantum materials. This includes ultra precise quantum sensors capable of detecting subtle physical phenomena and capturing finely tuned measurements for life sciences, navigation, defense, and scientific applications. Combined with additional capabilities in cryogenics, control electronics, qubit interconnects, and packaging, IBM anticipates that HRL's technical breakthroughs will help fuel its quantum program for decades to come.
Additionally, HRL has developed innovations in novel quantum materials that have the potential to unlock better semiconductors and more sensitive sensors – all of which can optimize the performance and scalability of a wide range of quantum technologies.
Beyond its leadership in quantum computing, HRL brings deep expertise in advanced sensors, high-speed and high-power communications, electronics, advanced manufacturing, and materials science, developed through decades of research and development for both commercial and U.S. government customers. HRL's broad technology portfolio will complement IBM's innovation leadership and help accelerate the development of next-generation computing, communications, and mission-critical systems.
Advancing Quantum Computers for Generations to Come
IBM continues to define the direction for the industry with superconducting qubit-based architectures, including breakthroughs in error correction and new algorithms enabling quantum computers to run harder problems more efficiently. IBM's roadmap to deliver the world's first large-scale, fault-tolerant quantum computers is clear and on course. This includes delivering IBM Quantum Starling by 2029, which will be 20,000 times more powerful than today's quantum computers and capable of running 100 million quantum operations. In the mid-2030s, Starling will be followed by the even more powerful Blue Jay quantum computer, projected to be capable of 1 billion quantum operations.
As IBM looks to further extend quantum computing, HRL will bring robust knowledge of silicon‑based spin qubit platforms and surrounding infrastructure that could offer new insights into how to best scale quantum computers into the next decade.
In May 2026, IBM further expanded its global quantum leadership when the company announced it would establish Anderon, the world's first pure-play quantum wafer foundry. As a standalone IBM company, Anderon is being created with the support of the U.S. Department of Commerce to enable scalable, consistent, and agile manufacturing for a broad range of quantum computing modalities and companies. The acquisition of HRL offers an opportunity to partner even more closely with Anderon, including potential plans to develop spin qubit manufacturing to scale quantum manufacturing and enable faster learning cycles.
Financial details of the transaction were not disclosed, and IBM's acquisition of HRL is subject to customary closing conditions and regulatory approvals. The transaction is anticipated to close by the end of the third quarter of 2026.
Media Contact:
Erin Angelini
IBM
[email protected]
EU schválila podle pravidel o fúzích akvizici Electronic Arts za 55 miliard dolarů konsorciem vedeným saúdskoarabským PIF. Komise uvedla, že transakce nevzbudí obavy o hospodářskou soutěž.
Electronic Arts and PIF (Public Investment Fund) logos are seen in this illustration taken September 30, 2025. REUTERS/Dado Ruvic/Illustration Purchase Licensing Rights, opens new tab
CompaniesBRUSSELS, July 23 (Reuters) - A group of investors including Saudi Arabia's Public Investment Fund has secured EU antitrust approval for its $55 billion acquisition of video game developer Electronic Arts (EA.O), opens new tab, the European Commission said on Thursday.
Saudi Arabia's $1 trillion wealth fund, Jared Kushner's Affinity Partners and private equity firm Silver Lake announced the deal, the largest leveraged buyout in history, in September last year.
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The Commission, which acts as the EU competition enforcer and had examined the deal under its merger rules, said the acquisition would not raise competition concerns, confirming a Reuters story.
The EU executive is also scrutinising the deal under its Foreign Subsidies Regulation (FSR) aimed at preventing unfair non-EU subsidies granted to companies looking to acquire rivals in the 27-country bloc and is seen as a bigger hurdle.
PIF is also expected to win EU clearance under EU subsidy rules, people familiar with the matter told Reuters last week. The Commission's decision is due by July 30.
Reporting by Foo Yun Chee; Editing by K irsten Donovan
Our Standards: The Thomson Reuters Trust Principles., opens new tab
Alamar Capital Management LLC purchased a new position in shares of Caterpillar Inc. (NYSE:CAT – Free Report) in the 1st quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor purchased 1,000 shares of the industrial products company’s stock, valued at approximately $708,000.
A number of other institutional investors also recently added to or reduced their stakes in CAT. Diamant Asset Management Inc. grew its position in Caterpillar by 68,427.2% during the first quarter. Diamant Asset Management Inc. now owns 3,140,603 shares of the industrial products company’s stock worth $2,224,992,000 after buying an additional 3,136,020 shares during the period. Capital International Investors purchased a new stake in shares of Caterpillar during the 4th quarter worth approximately $1,225,317,000. Northwestern Mutual Wealth Management Co. grew its holdings in shares of Caterpillar by 573.1% in the 4th quarter. Northwestern Mutual Wealth Management Co. now owns 1,504,612 shares of the industrial products company’s stock worth $861,947,000 after acquiring an additional 1,281,087 shares during the period. Bank of America Corp DE increased its stake in Caterpillar by 16.0% in the 4th quarter. Bank of America Corp DE now owns 6,738,802 shares of the industrial products company’s stock valued at $3,860,457,000 after purchasing an additional 928,974 shares in the last quarter. Finally, Cynosure Group LLC increased its stake in Caterpillar by 8,359.6% in the 4th quarter. Cynosure Group LLC now owns 513,754 shares of the industrial products company’s stock valued at $294,314,000 after purchasing an additional 507,681 shares in the last quarter. Hedge funds and other institutional investors own 70.98% of the company’s stock.
Insider Transactions at Caterpillar In other Caterpillar news, CFO Andrew R. J. Bonfield sold 15,674 shares of the business’s stock in a transaction on Wednesday, May 6th. The stock was sold at an average price of $918.71, for a total value of $14,399,860.54. Following the completion of the transaction, the chief financial officer directly owned 52,935 shares in the company, valued at approximately $48,631,913.85. The trade was a 22.85% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, insider Lange Bob De sold 24,222 shares of the company’s stock in a transaction dated Wednesday, May 6th. The shares were sold at an average price of $922.92, for a total transaction of $22,354,968.24. Following the transaction, the insider directly owned 86,029 shares of the company’s stock, valued at approximately $79,397,884.68. This represents a 21.97% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold 95,773 shares of company stock worth $87,642,635 in the last three months. 0.33% of the stock is currently owned by company insiders.
Caterpillar News Roundup Here are the key news stories impacting Caterpillar this week:
Positive Sentiment: Analysts have been raising their outlook on Caterpillar, with one report saying the stock’s fair value estimate was lifted to $970.37 as investors continue to focus on strong demand in construction, energy, data centers, and infrastructure. Caterpillar Stock Fair Value Edges Higher After Analysts Lift Targets Positive Sentiment: Caterpillar was highlighted in several pieces as a stock with AI exposure and reliable dividend growth, which can attract investors looking for both growth and defensive characteristics. These Stocks Offer AI Exposure and Dividend Payouts Positive Sentiment: The company is also being discussed as a “solid defensive play” thanks to its long dividend-increase streak and stable yield, which may help support the stock during uncertain markets. A Boring Dividend Growth Strategy Becomes a Solid Defensive Play (CAT) Positive Sentiment: Caterpillar also announced it will release second-quarter 2026 results on August 4, keeping attention on upcoming earnings that could provide another catalyst for the shares. Caterpillar Inc. to Announce Second-Quarter 2026 Financial Results on August 4 Neutral Sentiment: A local article noted Caterpillar is renovating a recently purchased Texas property, which appears to be a routine real-estate and facilities update rather than a major stock-moving event. Caterpillar embarks on renovations after purchasing property in Texas Analyst Upgrades and Downgrades A number of analysts have commented on CAT shares. Barclays boosted their target price on Caterpillar from $700.00 to $800.00 and gave the stock an “equal weight” rating in a research report on Friday, May 1st. Oppenheimer lifted their price target on Caterpillar from $980.00 to $1,105.00 and gave the stock an “outperform” rating in a research note on Monday, July 13th. Argus boosted their price objective on shares of Caterpillar from $820.00 to $990.00 and gave the stock a “buy” rating in a research report on Tuesday, May 5th. Evercore reissued an “outperform” rating and issued a $1,103.00 price objective on shares of Caterpillar in a research note on Monday, May 11th. Finally, Rothschild & Co Redburn lifted their target price on shares of Caterpillar from $700.00 to $950.00 and gave the stock a “neutral” rating in a research report on Thursday, May 14th. Fifteen research analysts have rated the stock with a Buy rating and ten have assigned a Hold rating to the company’s stock. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $980.57.
Read Our Latest Report on CAT
Caterpillar Stock Down 0.0% Shares of NYSE:CAT opened at $889.79 on Thursday. The company has a quick ratio of 0.81, a current ratio of 1.35 and a debt-to-equity ratio of 1.64. The company has a market capitalization of $409.83 billion, a P/E ratio of 44.29, a P/E/G ratio of 1.74 and a beta of 1.57. Caterpillar Inc. has a 52-week low of $405.46 and a 52-week high of $1,073.46. The stock’s fifty day simple moving average is $929.39 and its 200-day simple moving average is $801.45.
Caterpillar (NYSE:CAT – Get Free Report) last posted its quarterly earnings data on Thursday, April 30th. The industrial products company reported $5.54 EPS for the quarter, topping analysts’ consensus estimates of $4.65 by $0.89. The firm had revenue of $17.41 billion during the quarter, compared to analysts’ expectations of $16.53 billion. Caterpillar had a return on equity of 48.21% and a net margin of 13.33%.The firm’s quarterly revenue was up 22.2% compared to the same quarter last year. During the same quarter last year, the business posted $4.25 EPS. As a group, equities research analysts forecast that Caterpillar Inc. will post 24.87 earnings per share for the current fiscal year.
Caterpillar Increases Dividend The company also recently announced a quarterly dividend, which will be paid on Wednesday, August 19th. Investors of record on Monday, July 20th will be given a dividend of $1.63 per share. This represents a $6.52 dividend on an annualized basis and a yield of 0.7%. This is an increase from Caterpillar’s previous quarterly dividend of $1.51. The ex-dividend date is Monday, July 20th. Caterpillar’s dividend payout ratio (DPR) is 32.45%.
Caterpillar Profile (Free Report)
Caterpillar Inc is a global manufacturer of construction and mining equipment, diesel and natural gas engines, industrial gas turbines and locomotives. The company’s product portfolio includes earthmoving machines such as excavators, bulldozers, wheel loaders and off‑highway trucks, as well as a range of power generation products including generator sets and power systems for industrial and commercial use. Caterpillar serves customers across heavy construction, mining, energy, transportation and related industries with both equipment and integrated technology solutions.
In addition to manufacturing, Caterpillar provides a broad range of aftermarket parts and support services, including maintenance, repair, remanufacturing and fleet management tools.
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Dover ve 2. čtvrtletí zvýšil tržby o 7 % na 2,19 miliardy USD a upravený zisk na akcii o 12 % na 2,74 USD. Zároveň zvýšil celoroční odhad upraveného EPS na 10,55 až 10,75 USD.
, /PRNewswire/ -- Dover (NYSE: DOV), a diversified global manufacturer, announced its financial results for the second quarter ended June 30, 2026. All comparisons are to the comparable period of the prior fiscal year, unless otherwise noted.
Three Months Ended June 30,
Six Months Ended June 30,
($ in millions, except per share data)*
2026
2025
% Change*
2026
2025
% Change*
U.S. GAAP
Revenue
$ 2,190
$ 2,050
7 %
$ 4,244
$ 3,916
8 %
Earnings from continuing operations
313
280
12 %
551
519
6 %
Diluted EPS from continuing operations
2.31
2.03
14 %
4.06
3.76
8 %
Non-GAAP
Organic revenue change
5 %
5 %
Adjusted earnings from continuing operations 1
372
337
10 %
681
620
10 %
Adjusted diluted EPS from continuing operations
2.74
2.44
12 %
5.02
4.49
12 %
1
Q2 and year-to-date 2026 and 2025 adjusted earnings from continuing operations exclude after-tax purchase accounting expenses, restructuring and other costs, and gain on dispositions.
*
Totals, change and per share data may be impacted by rounding.
For the quarter ended June 30, 2026, Dover generated revenue of $2.2 billion, an increase of 7% (+5% organic). GAAP earnings from continuing operations of $313 million increased by 12%, and GAAP diluted EPS from continuing operations of $2.31 was up 14%. On an adjusted basis, earnings from continuing operations of $372 million were up 10% and adjusted diluted EPS from continuing operations of $2.74 was up 12%.
For the six months ended June 30, 2026, Dover generated revenue of $4.2 billion, an increase of 8% (+5% organic). GAAP earnings from continuing operations of $551 million increased by 6%, and GAAP diluted EPS from continuing operations of $4.06 was up 8%. On an adjusted basis, earnings from continuing operations of $681 million were up 10% and adjusted diluted EPS from continuing operations of $5.02 was up 12%.
A full reconciliation between GAAP and adjusted measures and definitions of non-GAAP and other performance measures are included as an exhibit herein.
MANAGEMENT COMMENTARY:
Dover's President and Chief Executive Officer, Richard J. Tobin, said, "Dover delivered another strong quarter of double-digit earnings per share growth. Top-line performance was led by our secular-growth-exposed markets — which now account for approximately 25% of the total portfolio — and was complemented by broad-based, constructive trading conditions across the portfolio. Notably, all five segments delivered positive organic growth in the quarter, underscoring the breadth and durability of demand. Margin performance was solid, as continued operational execution on incremental volumes more than offset input cost inflation.
"Bookings outpaced shipments and grew double digits in the quarter, extending the streak of exceptional order rate momentum our businesses have posted over the past several quarters. The strength and breadth of our order book provide improved visibility to our second half outlook.
"Our balance sheet remains a competitive advantage, and we continue to invest capital behind our businesses. During the quarter, we advanced capacity-expansion projects to support growth and productivity investments to drive margins across the portfolio. Industrial M&A markets have improved this year, and our acquisition pipeline has a number of interesting opportunities in attractive end markets.
"As we look to the back half of the year, we are well positioned to drive continued value creation for our shareholders. The underlying strength of our order book, together with the flexibility of our business model and the optionality of our balance sheet, afford us the ability to respond dynamically to market conditions and quickly capitalize on opportunities as they arise. Accordingly, we are raising our full-year adjusted EPS guidance."
FULL YEAR 2026 GUIDANCE:
In 2026, Dover expects to generate GAAP EPS in the range of $8.94 to $9.14 (adjusted EPS of $10.55 to $10.75), based on full year revenue growth of 6% to 8% (organic growth of 4% to 6%).
CONFERENCE CALL INFORMATION:
Dover will host a webcast and conference call to discuss its second quarter results at 9:30 A.M. Eastern Time (8:30 A.M. Central Time) on Thursday, July 23, 2026. The webcast can be accessed on the Dover website at dovercorporation.com. The conference call will also be made available for replay on the website. Additional information on Dover's results and its operating segments can be found on the Company's website.
ABOUT DOVER:
Dover is a diversified global manufacturer and solutions provider with annual revenue of over $8 billion. We deliver innovative equipment and components, consumable supplies, aftermarket parts, software and digital solutions, and support services through five operating segments: Engineered Products, Clean Energy & Fueling, Imaging & Identification, Pumps & Process Solutions and Climate & Sustainability Technologies. Dover combines global scale with operational agility to lead the markets we serve. Recognized for our entrepreneurial approach for over 70 years, our team of approximately 24,000 employees takes an ownership mindset, collaborating with customers to redefine what's possible. Headquartered in Downers Grove, Illinois, Dover trades on the New York Stock Exchange under "DOV."
FORWARD-LOOKING STATEMENTS:
This press release contains "forward-looking" statements within the meaning of the Private Securities Litigation Reform Act of 1995, as amended. All statements in this document other than statements of historical fact are statements that are, or could be deemed, "forward-looking" statements. Forward-looking statements are subject to numerous important risks, uncertainties, assumptions and other factors, some of which are beyond the Company's control. Factors that could cause actual results to differ materially from current expectations include, among other things, general economic conditions and conditions in the particular markets in which we operate; supply chain constraints and labor shortages that could result in production stoppages; inflation in material input costs and freight logistics; the impacts of natural or human-induced disasters, acts of war, terrorism, international conflicts, and public health crises or other future pandemics on the global economy and on our customers, suppliers, employees, business and cash flows; changes in customer demand and capital spending; competitive factors and pricing pressures; our ability to develop and launch new products in a cost-effective manner; changes in law, including the effect of tax laws and developments with respect to trade policy and tariffs; our ability to identify, consummate and successfully integrate and realize synergies from newly acquired businesses; acquisition valuation levels; the impact of interest rate and currency exchange rate fluctuations; capital allocation plans and changes in those plans, including with respect to dividends, share repurchases, investments in research and development, capital expenditures and acquisitions; our ability to effectively deploy capital resulting from dispositions; our ability to derive expected benefits from restructurings, productivity initiatives and other cost reduction actions; the impact of legal compliance risks and litigation, including with respect to product quality and safety, cybersecurity and privacy; and our ability to capture and protect intellectual property rights. For details on the risks and uncertainties that could cause our results to differ materially from the forward-looking statements contained herein, we refer you to the documents we file with the Securities and Exchange Commission, including our Annual Report on Form 10-K for the year ended December 31, 2025, and our Quarterly Reports on Form 10-Q and Current Reports on Form 8-K. These documents are available from the Securities and Exchange Commission, and on our website, dovercorporation.com. The Company undertakes no obligation to publicly update any forward-looking statement, whether as a result of new information, future events or otherwise.
INVESTOR SUPPLEMENT - SECOND QUARTER 2026
DOVER CORPORATION
CONSOLIDATED STATEMENTS OF EARNINGS
(unaudited)(in thousands)
Three Months Ended June 30,
Six Months Ended June 30,
2026
2025
2026
2025
Revenue
$ 2,190,021
$ 2,049,592
$ 4,243,644
$ 3,915,651
Cost of goods and services
1,309,415
1,231,330
2,564,903
2,351,889
Gross profit
880,606
818,262
1,678,741
1,563,762
Selling, general and administrative expenses
488,819
463,665
981,045
912,856
Operating earnings
391,787
354,597
697,696
650,906
Interest expense
29,058
26,791
58,580
54,399
Interest income
(14,522)
(17,935)
(28,582)
(38,189)
Gain on dispositions
—
(2,176)
—
(4,644)
Other income, net
(10,447)
(4,180)
(18,902)
(8,138)
Earnings before provision for income taxes
387,698
352,097
686,600
647,478
Provision for income taxes
75,153
71,967
135,306
128,107
Earnings from continuing operations
312,545
280,130
551,294
519,371
Loss from discontinued operations, net
(299)
(1,066)
(615)
(9,486)
Net earnings
$ 312,246
$ 279,064
$ 550,679
$ 509,885
DOVER CORPORATION
QUARTERLY EARNINGS PER SHARE
(unaudited)(in thousands, except per share data*)
Earnings Per Share
2026
2025
Q1
Q2
Q2 YTD
Q1
Q2
Q2 YTD
Q3
Q4
FY 2025
Basic earnings (loss) per share:
Continuing operations
$ 1.77
$ 2.32
$ 4.09
$ 1.74
$ 2.04
$ 3.78
$ 2.21
$ 2.02
$ 8.01
Discontinued operations
$ —
$ —
$ —
$ (0.06)
$ (0.01)
$ (0.07)
$ (0.01)
$ 0.05
$ (0.03)
Net earnings
$ 1.77
$ 2.32
$ 4.08
$ 1.68
$ 2.03
$ 3.71
$ 2.20
$ 2.07
$ 7.99
Diluted earnings (loss) per share:
Continuing operations
$ 1.76
$ 2.31
$ 4.06
$ 1.73
$ 2.03
$ 3.76
$ 2.20
$ 2.01
$ 7.97
Discontinued operations
$ —
$ —
$ —
$ (0.06)
$ (0.01)
$ (0.07)
$ (0.01)
$ 0.05
$ (0.03)
Net earnings
$ 1.75
$ 2.30
$ 4.06
$ 1.67
$ 2.02
$ 3.69
$ 2.19
$ 2.06
$ 7.94
Net earnings (loss) and weighted average shares used in calculated earnings (loss) per share amounts are as follows:
Continuing operations
$238,749
$312,545
$551,294
$239,241
$280,130
$519,371
$303,292
$274,766
$1,097,429
Discontinued operations
(316)
(299)
(615)
(8,420)
(1,066)
(9,486)
(1,296)
7,309
(3,473)
Net earnings
$238,433
$312,246
$550,679
$230,821
$279,064
$509,885
$301,996
$282,075
$1,093,956
Weighted average shares outstanding:
Basic
134,977
134,759
134,869
137,267
137,226
137,261
137,236
135,993
136,935
Diluted
135,895
135,553
135,725
138,260
137,974
138,132
138,029
136,826
137,777
Dividends paid per common share
$ 0.52
$ 0.52
$ 1.04
$ 0.515
$ 0.515
$ 1.03
$ 0.52
$ 0.52
$ 2.07
* Per share data may be impacted by rounding.
DOVER CORPORATION
QUARTERLY SEGMENT INFORMATION
(unaudited)(in thousands)
2026
2025
Q1
Q2
Q2 YTD
Q1
Q2
Q2 YTD
Q3
Q4
FY 2025
REVENUE
Engineered Products
$ 266,639
$ 283,481
$ 550,120
$ 254,646
$ 275,944
$ 530,590
$ 279,705
$ 275,549
$1,085,844
Clean Energy & Fueling
554,809
594,959
1,149,768
491,148
546,097
1,037,245
541,368
551,894
2,130,507
Imaging & Identification
285,420
305,101
590,521
280,090
292,009
572,099
299,100
302,244
1,173,443
Pumps & Process Solutions
537,810
552,709
1,090,519
493,573
520,554
1,014,127
550,920
583,623
2,148,670
Climate & Sustainability
Technologies
411,060
455,097
866,157
347,888
416,151
764,039
408,529
387,273
1,559,841
Intersegment eliminations
(2,115)
(1,326)
(3,441)
(1,286)
(1,163)
(2,449)
(1,781)
(1,504)
(5,734)
Total consolidated revenue
$2,053,623
$2,190,021
$4,243,644
$1,866,059
$2,049,592
$3,915,651
$2,077,841
$2,099,079
$8,092,571
EARNINGS FROM CONTINUING OPERATIONS
Segment Earnings:
Engineered Products
$ 44,991
$ 57,798
$ 102,789
$ 44,114
$ 53,511
$ 97,625
$ 57,483
$ 62,158
$ 217,266
Clean Energy & Fueling
99,041
128,546
227,587
85,644
107,771
193,415
118,665
105,990
418,070
Imaging & Identification
77,457
84,976
162,433
77,575
76,937
154,512
81,772
78,451
314,735
Pumps & Process Solutions
169,492
178,848
348,340
151,275
159,504
310,779
168,565
172,256
651,600
Climate & Sustainability
Technologies
63,995
75,826
139,821
52,119
77,262
129,381
76,002
60,264
265,647
Total segment earnings
454,976
525,994
980,970
410,727
474,985
885,712
502,487
479,119
1,867,318
Purchase accounting
expenses 1
54,579
51,591
106,170
49,104
51,123
100,227
59,381
58,837
218,445
Restructuring and other costs 2
36,795
24,635
61,430
9,397
23,210
32,607
15,913
29,466
77,986
Gain on dispositions 3
—
—
—
(2,468)
(2,176)
(4,644)
—
—
(4,644)
Corporate expense / other 4
49,238
47,534
96,772
51,959
41,875
93,834
31,515
39,190
164,539
Interest expense
29,522
29,058
58,580
27,608
26,791
54,399
27,239
28,134
109,772
Interest income
(14,060)
(14,522)
(28,582)
(20,254)
(17,935)
(38,189)
(17,804)
(17,039)
(73,032)
Earnings before provision for
income taxes
298,902
387,698
686,600
295,381
352,097
647,478
386,243
340,531
1,374,252
Provision for income taxes
60,153
75,153
135,306
56,140
71,967
128,107
82,951
65,765
276,823
Earnings from continuing
operations
$ 238,749
$ 312,545
$ 551,294
$ 239,241
$ 280,130
$ 519,371
$ 303,292
$ 274,766
$1,097,429
SEGMENT EARNINGS MARGIN
Engineered Products
16.9 %
20.4 %
18.7 %
17.3 %
19.4 %
18.4 %
20.6 %
22.6 %
20.0 %
Clean Energy & Fueling
17.9 %
21.6 %
19.8 %
17.4 %
19.7 %
18.6 %
21.9 %
19.2 %
19.6 %
Imaging & Identification
27.1 %
27.9 %
27.5 %
27.7 %
26.3 %
27.0 %
27.3 %
26.0 %
26.8 %
Pumps & Process Solutions
31.5 %
32.4 %
31.9 %
30.6 %
30.6 %
30.6 %
30.6 %
29.5 %
30.3 %
Climate & Sustainability
Technologies
15.6 %
16.7 %
16.1 %
15.0 %
18.6 %
16.9 %
18.6 %
15.6 %
17.0 %
Total segment earnings margin
22.2 %
24.0 %
23.1 %
22.0 %
23.2 %
22.6 %
24.2 %
22.8 %
23.1 %
1 Purchase accounting expenses are primarily comprised of amortization of intangible assets.
2 Restructuring and other costs relate to actions taken for headcount reductions, facility consolidations and site closures, product line exits, and other asset charges.
3 Gain on dispositions, including post-closing adjustments.
4 Certain expenses are maintained at the corporate level and not allocated to the segments. These expenses include executive and functional compensation costs, non-service pension costs, non-operating insurance expenses, shared business services and digital and IT overhead costs, deal-related expenses and various administrative expenses relating to the corporate headquarters.
DOVER CORPORATION
QUARTERLY ADJUSTED EARNINGS AND ADJUSTED EARNINGS PER SHARE (NON-GAAP)
(unaudited)(in thousands, except per share data*)
Non-GAAP Reconciliations
2026
2025
Q1
Q2
Q2 YTD
Q1
Q2
Q2 YTD
Q3
Q4
FY 2025
Adjusted earnings from continuing operations:
Earnings from continuing
operations
$ 238,749
$ 312,545
$ 551,294
$ 239,241
$ 280,130
$ 519,371
$ 303,292
$ 274,766
$1,097,429
Purchase accounting
expenses, pre-tax 1
54,579
51,591
106,170
49,104
51,123
100,227
59,381
58,837
218,445
Purchase accounting
expenses, tax impact 2
(12,692)
(11,704)
(24,396)
(10,919)
(11,367)
(22,286)
(14,067)
(14,134)
(50,487)
Restructuring and other costs,
pre-tax 3
36,795
24,635
61,430
9,397
23,210
32,607
15,913
29,466
77,986
Restructuring and other costs,
tax impact 2
(8,048)
(5,375)
(13,423)
(1,887)
(4,642)
(6,529)
(3,230)
(5,608)
(15,367)
Gain on dispositions, pre-tax 4
—
—
—
(2,468)
(2,176)
(4,644)
—
—
(4,644)
Gain on dispositions, tax-
impact 2
—
—
—
689
435
1,124
—
—
1,124
Adjusted earnings from
continuing operations
$ 309,383
$ 371,692
$ 681,075
$ 283,157
$ 336,713
$ 619,870
$ 361,289
$ 343,327
$1,324,486
Adjusted diluted earnings per share from continuing operations:
Diluted earnings per share
from continuing operations
$ 1.76
$ 2.31
$ 4.06
$ 1.73
$ 2.03
$ 3.76
$ 2.20
$ 2.01
$ 7.97
Purchase accounting
expenses, pre-tax 1
0.40
0.38
0.78
0.36
0.37
0.73
0.43
0.43
1.59
Purchase accounting
expenses, tax impact 2
(0.09)
(0.09)
(0.18)
(0.08)
(0.08)
(0.16)
(0.10)
(0.10)
(0.37)
Restructuring and other costs,
pre-tax 3
0.27
0.18
0.45
0.07
0.17
0.24
0.12
0.22
0.57
Restructuring and other costs,
tax impact 2
(0.06)
(0.04)
(0.10)
(0.01)
(0.03)
(0.05)
(0.02)
(0.04)
(0.11)
Gain on dispositions, pre-tax 4
—
—
—
(0.02)
(0.02)
(0.03)
—
—
(0.03)
Gain on dispositions, tax-
impact 2
—
—
—
—
—
0.01
—
—
0.01
Adjusted diluted earnings per
share from continuing
operations
$ 2.28
$ 2.74
$ 5.02
$ 2.05
$ 2.44
$ 4.49
$ 2.62
$ 2.51
$ 9.61
1 Purchase accounting expenses are primarily comprised of amortization of intangible assets.
2 Adjustments were tax effected using the statutory tax rates in the applicable jurisdictions or the effective tax rate, where applicable, for each period.
3 Restructuring and other costs relate to actions taken for headcount reductions, facility consolidations and site closures, product line exits, and other asset charges. Q1 2026, Q2 2026 and YTD 2026 includes other costs of $3.0 million, $4.3 million and $7.3 million, respectively, associated with a footprint reduction in our Climate & Sustainability Technologies segment. Q2 2025, Q3 2025, Q4 2025 and FY 2025 include other costs of $1.9 million, $1.8 million, $2.6 million and $6.3 million, respectively, associated with a footprint reduction within our Climate & Sustainability Technologies segment. Q2 2025 and FY 2025 include other costs of $4.0 million associated with a product line exit within our Climate & Sustainability Technologies segment.
4 Gain on dispositions, including post-closing adjustments.
* Per share data and totals may be impacted by rounding.
DOVER CORPORATION
QUARTERLY ADJUSTED SEGMENT EBITDA (NON-GAAP)
(unaudited)(in thousands)
Non-GAAP Reconciliations
2026
2025
Q1
Q2
Q2 YTD
Q1
Q2
Q2 YTD
Q3
Q4
FY 2025
ADJUSTED SEGMENT EBITDA
Engineered Products:
Segment earnings
$ 44,991
$ 57,798
$ 102,789
$ 44,114
$ 53,511
$ 97,625
$ 57,483
$ 62,158
$ 217,266
Other depreciation and amortization 1
5,486
5,447
10,933
4,800
5,141
9,941
5,736
5,818
21,495
Adjusted segment EBITDA 2
50,477
63,245
113,722
48,914
58,652
107,566
63,219
67,976
238,761
Adjusted segment EBITDA margin 2
18.9 %
22.3 %
20.7 %
19.2 %
21.3 %
20.3 %
22.6 %
24.7 %
22.0 %
Clean Energy & Fueling:
Segment earnings
$ 99,041
$ 128,546
$ 227,587
$ 85,644
$ 107,771
$ 193,415
$ 118,665
$ 105,990
$ 418,070
Other depreciation and amortization 1
8,552
9,111
17,663
8,578
8,961
17,539
8,582
8,685
34,806
Adjusted segment EBITDA 2
107,593
137,657
245,250
94,222
116,732
210,954
127,247
114,675
452,876
Adjusted segment EBITDA margin 2
19.4 %
23.1 %
21.3 %
19.2 %
21.4 %
20.3 %
23.5 %
20.8 %
21.3 %
Imaging & Identification:
Segment earnings
$ 77,457
$ 84,976
$ 162,433
$ 77,575
$ 76,937
$ 154,512
$ 81,772
$ 78,451
$ 314,735
Other depreciation and amortization 1
4,208
4,373
8,581
4,093
4,229
8,322
4,091
5,155
17,568
Adjusted segment EBITDA 2
81,665
89,349
171,014
81,668
81,166
162,834
85,863
83,606
332,303
Adjusted segment EBITDA margin 2
28.6 %
29.3 %
29.0 %
29.2 %
27.8 %
28.5 %
28.7 %
27.7 %
28.3 %
Pumps & Process Solutions:
Segment earnings
$ 169,492
$ 178,848
$ 348,340
$ 151,275
$ 159,504
$ 310,779
$ 168,565
$ 172,256
$ 651,600
Other depreciation and amortization 1
14,012
14,004
28,016
12,601
13,131
25,732
14,256
14,238
54,226
Adjusted segment EBITDA 2
183,504
192,852
376,356
163,876
172,635
336,511
182,821
186,494
705,826
Adjusted segment EBITDA margin 2
34.1 %
34.9 %
34.5 %
33.2 %
33.2 %
33.2 %
33.2 %
32.0 %
32.8 %
Climate & Sustainability Technologies:
Segment earnings
$ 63,995
$ 75,826
$ 139,821
$ 52,119
$ 77,262
$ 129,381
$ 76,002
$ 60,264
$ 265,647
Other depreciation and amortization 1
8,069
8,001
16,070
7,325
7,605
14,930
7,558
7,856
30,344
Adjusted segment EBITDA 2
72,064
83,827
155,891
59,444
84,867
144,311
83,560
68,120
295,991
Adjusted segment EBITDA margin 2
17.5 %
18.4 %
18.0 %
17.1 %
20.4 %
18.9 %
20.5 %
17.6 %
19.0 %
Total Segments:
Total segment earnings 2, 3
$ 454,976
$ 525,994
$ 980,970
$ 410,727
$ 474,985
$ 885,712
$ 502,487
$ 479,119
$1,867,318
Other depreciation and amortization 1
40,327
40,936
81,263
37,397
39,067
76,464
40,223
41,752
158,439
Total Adjusted segment EBITDA 2
495,303
566,930
1,062,233
448,124
514,052
962,176
542,710
520,871
2,025,757
Total Adjusted segment EBITDA
margin 2
24.1 %
25.9 %
25.0 %
24.0 %
25.1 %
24.6 %
26.1 %
24.8 %
25.0 %
1 Other depreciation and amortization relates to property, plant, and equipment and intangibles, and excludes amounts related to purchase accounting expenses and restructuring and other costs.
2 Refer to Non-GAAP Measures Definitions section for definition.
3 Refer to Quarterly Segment Information section for reconciliation of total segment earnings to earnings from continuing operations.
DOVER CORPORATION
QUARTERLY EARNINGS FROM CONTINUING OPERATIONS TO ADJUSTED SEGMENT EBITDA RECONCILIATION (NON-GAAP)
(unaudited)(in thousands)
Non-GAAP Reconciliations
2026
2025
Q1
Q2
Q2 YTD
Q1
Q2
Q2 YTD
Q3
Q4
FY 2025
Earnings from continuing
operations
$ 238,749
$ 312,545
$ 551,294
$ 239,241
$ 280,130
$ 519,371
$ 303,292
$ 274,766
$1,097,429
Provision for income taxes
60,153
75,153
135,306
56,140
71,967
128,107
82,951
65,765
276,823
Earnings before provision for
income taxes
298,902
387,698
686,600
295,381
352,097
647,478
386,243
340,531
1,374,252
Interest income
(14,060)
(14,522)
(28,582)
(20,254)
(17,935)
(38,189)
(17,804)
(17,039)
(73,032)
Interest expense
29,522
29,058
58,580
27,608
26,791
54,399
27,239
28,134
109,772
Corporate expense / other 1
49,238
47,534
96,772
51,959
41,875
93,834
31,515
39,190
164,539
Gain on dispositions 2
—
—
—
(2,468)
(2,176)
(4,644)
—
—
(4,644)
Restructuring and other costs 3
36,795
24,635
61,430
9,397
23,210
32,607
15,913
29,466
77,986
Purchase accounting expenses 4
54,579
51,591
106,170
49,104
51,123
100,227
59,381
58,837
218,445
Total segment earnings 5
454,976
525,994
980,970
410,727
474,985
885,712
502,487
479,119
1,867,318
Add: Other depreciation and
amortization 6
40,327
40,936
81,263
37,397
39,067
76,464
40,223
41,752
158,439
Total adjusted segment EBITDA 5
$ 495,303
$ 566,930
$1,062,233
$ 448,124
$ 514,052
$ 962,176
$ 542,710
$ 520,871
$2,025,757
1 Certain expenses are maintained at the corporate level and not allocated to the segments. These expenses include executive and functional compensation costs, non-service pension costs, non-operating insurance expenses, shared business services and digital and IT overhead costs, deal-related expenses and various administrative expenses relating to the corporate headquarters.
2 Gain on dispositions, including post-closing adjustments.
3 Restructuring and other costs relate to actions taken for headcount reductions, facility consolidations and site closures, product line exits, and other asset charges.
4 Purchase accounting expenses are primarily comprised of amortization of intangible assets.
5 Refer to Non-GAAP Measures Definitions section for definition.
6 Other depreciation and amortization relates to property, plant, and equipment and intangibles, and excludes amounts related to purchase accounting expenses and restructuring and other costs.
DOVER CORPORATION
REVENUE GROWTH FACTORS AND ADJUSTED EPS GUIDANCE RECONCILIATIONS (NON-GAAP)
(unaudited)
Non-GAAP Reconciliations
Revenue Growth Factors
2026
Q2
Q2 YTD
Organic
Engineered Products
2.1 %
2.1 %
Clean Energy & Fueling
8.6 %
9.8 %
Imaging & Identification
2.9 %
(0.1) %
Pumps & Process Solutions
0.4 %
(0.2) %
Climate & Sustainability Technologies
8.3 %
11.5 %
Total Organic
4.8 %
5.0 %
Acquisitions
1.2 %
1.5 %
Currency translation
0.9 %
1.9 %
Total*
6.9 %
8.4 %
* Totals may be impacted by rounding.
2026
Q2
Q2 YTD
Organic
United States
7.9 %
9.9 %
Europe
(5.0) %
(4.6) %
Asia
8.5 %
2.0 %
Other Americas
8.8 %
5.9 %
Other
(0.9) %
(2.0) %
Total Organic
4.8 %
5.0 %
Acquisitions
1.2 %
1.5 %
Currency translation
0.9 %
1.9 %
Total*
6.9 %
8.4 %
* Totals may be impacted by rounding.
Adjusted EPS Guidance Reconciliation*
Range
2026 Guidance for Earnings per Share from Continuing Operations (GAAP)
$ 8.94
$ 9.14
Purchase accounting expenses, net
1.20
Restructuring and other costs, net
0.41
2026 Guidance for Adjusted Earnings per Share from Continuing Operations (Non-GAAP)
$ 10.55
$ 10.75
* Per share data and totals may be impacted by rounding.
DOVER CORPORATION
QUARTERLY CASH FLOW AND FREE CASH FLOW (NON-GAAP)
(unaudited)(in thousands)
Quarterly Cash Flow
2026
2025
Q1
Q2
Q2 YTD
Q1
Q2
Q2 YTD
Q3
Q4
FY 2025
Net Cash Flows Provided By (Used In):
Operating activities
$ 190,997
$ 236,171
$ 427,168
$ 157,474
$ 212,340
$ 369,814
$ 424,245
$ 543,946
$1,338,005
Investing activities
(61,660)
(44,181)
(105,841)
(74,186)
(681,584)
(755,770)
(58,857)
(71,967)
(886,594)
Financing activities
(161,451)
(73,586)
(235,037)
(122,234)
(84,235)
(206,469)
(73,878)
(344,523)
(624,870)
Quarterly Free Cash Flow (Non-GAAP)
2026
2025
Q1
Q2
Q2 YTD
Q1
Q2
Q2 YTD
Q3
Q4
FY 2025
Cash flow from operating activities
$ 190,997
$ 236,171
$ 427,168
$ 157,474
$ 212,340
$ 369,814
$ 424,245
$ 543,946
$1,338,005
Less: Capital expenditures
(59,808)
(47,783)
(107,591)
(48,192)
(60,932)
(109,124)
(54,150)
(56,989)
(220,263)
Free cash flow
$ 131,189
$ 188,388
$ 319,577
$ 109,282
$ 151,408
$ 260,690
$ 370,095
$ 486,957
$1,117,742
Cash flow from operating activities as a
percentage of revenue
9.3 %
10.8 %
10.1 %
8.4 %
10.4 %
9.4 %
20.4 %
25.9 %
16.5 %
Cash flow from operating activities as a
percentage of adjusted earnings from
continuing operations
61.7 %
63.5 %
62.7 %
55.6 %
63.1 %
59.7 %
117.4 %
158.4 %
101.0 %
Free cash flow as a percentage of
revenue
6.4 %
8.6 %
7.5 %
5.9 %
7.4 %
6.7 %
17.8 %
23.2 %
13.8 %
Free cash flow as a percentage of
adjusted earnings from continuing
operations
42.4 %
50.7 %
46.9 %
38.6 %
45.0 %
42.1 %
102.4 %
141.8 %
84.4 %
DOVER CORPORATION
PERFORMANCE MEASURES
(unaudited)(in thousands)
2026
2025
Q1
Q2
Q2 YTD
Q1
Q2
Q2 YTD
Q3
Q4
FY 2025
BOOKINGS
Engineered Products
$ 294,009
$ 277,148
$ 571,157
$ 264,538
$ 276,571
$ 541,109
$ 273,278
$ 281,237
$1,095,624
Clean Energy & Fueling
615,197
602,624
1,217,821
543,859
526,819
1,070,678
509,553
587,041
2,167,272
Imaging & Identification
312,646
302,771
615,417
288,169
292,092
580,261
292,229
302,047
1,174,537
Pumps & Process Solutions
597,578
590,020
1,187,598
499,287
530,158
1,029,445
510,960
500,779
2,041,184
Climate & Sustainability
Technologies
646,960
560,272
1,207,232
395,623
384,246
779,869
415,099
470,081
1,665,049
Intersegment eliminations
(2,714)
(1,482)
(4,196)
(1,892)
(1,295)
(3,187)
(1,380)
(1,472)
(6,039)
Total consolidated bookings
$2,463,676
$2,331,353
$4,795,029
$1,989,584
$2,008,591
$3,998,175
$1,999,739
$2,139,713
$8,137,627
Non-GAAP Measures Definitions
In an effort to provide investors with additional information regarding our results as determined by GAAP, management also discloses non-GAAP information that management believes provides useful information to investors. Adjusted earnings from continuing operations, adjusted diluted earnings per share from continuing operations, total segment earnings, total segment earnings margin, adjusted segment EBITDA, adjusted segment EBITDA margin, free cash flow, free cash flow as a percentage of revenue, free cash flow as a percentage of adjusted earnings from continuing operations, and organic revenue growth are not financial measures under GAAP and should not be considered as a substitute for earnings from continuing operations, diluted earnings per share from continuing operations, cash flows from operating activities, or revenue as determined in accordance with GAAP, and they may not be comparable to similarly titled measures reported by other companies.
The items described in our definitions herein, unless otherwise noted, relate solely to our continuing operations.
Adjusted earnings from continuing operations represents earnings from continuing operations adjusted for the effect of purchase accounting expenses, restructuring and other costs/benefits and gain/loss on dispositions. Purchase accounting expenses are primarily comprised of amortization of intangible assets. We exclude after-tax purchase accounting expenses because the amount and timing of such charges are significantly impacted by the timing, size, number and nature of the acquisitions the Company consummates. While we have a history of acquisition activity, our acquisitions do not happen in a predictive cycle. Exclusion of purchase accounting expenses facilitates more consistent comparisons of operating results over time. We believe it is important to understand that such intangible assets were recorded as part of purchase accounting and contribute to revenue generation. We exclude the other items because they occur for reasons that may be unrelated to the Company's commercial performance during the period and/or management believes they are not indicative of the Company's ongoing operating costs or gains in a given period.
Adjusted diluted earnings per share from continuing operations or adjusted earnings per share from continuing operations represents diluted earnings per share from continuing operations adjusted for the effect of purchase accounting expenses, restructuring and other costs/benefits and gain/loss on disposition.
Total segment earnings is defined as the sum of earnings before purchase accounting expenses, restructuring and other costs/benefits, gain/loss on dispositions, corporate expenses/other, interest expense, interest income and provision for income taxes for all segments. Total segment earnings margin is defined as total segment earnings divided by revenue.
Adjusted segment EBITDA is defined as segment earnings plus other depreciation and amortization expense, which relates to property, plant, and equipment and intangibles, and excludes amounts related to purchase accounting expenses and restructuring and other costs/benefits. Adjusted segment EBITDA margin is defined as adjusted segment EBITDA divided by revenue.
Management believes the non-GAAP measures above are useful to investors to better understand the Company's ongoing profitability as they better reflect the Company's core operating results, offer more transparency and facilitate easier comparability to prior and future periods and to its peers.
Free cash flow represents net cash provided by operating activities minus capital expenditures. Free cash flow as a percentage of revenue equals free cash flow divided by revenue. Free cash flow as a percentage of adjusted earnings from continuing operations equals free cash flow divided by adjusted earnings from continuing operations. Management believes that free cash flow and free cash flow ratios are important measures of liquidity because they provide management and investors a measurement of cash generated from operations that is available for mandatory payment obligations and investment opportunities, such as funding acquisitions, paying dividends, repaying debt and repurchasing our common stock.
Management believes that reporting organic revenue growth, which excludes the impact of foreign currency exchange rates and the impact of acquisitions and dispositions, provides a useful comparison of our revenue and trends between periods. We do not provide a reconciliation of forward-looking organic revenue to the most directly comparable GAAP financial measure pursuant to the exception provided in Item 10(e)(1)(i)(B) of Regulation S-K because we are not able to provide a meaningful or accurate compilation of reconciling items. This is due to the inherent difficulty in accurately forecasting the timing and amounts of the items that would be excluded from the most directly comparable GAAP financial measure or are out of our control. For the same reasons, we are unable to address the probable significance of unavailable information which may be material.
Performance Measures Definitions
Bookings represent total orders received from customers in the current reporting period and exclude de-bookings related to orders received in prior periods, if any. This metric is an important measure of performance and an indicator of revenue order trends.
We use the above operational metric in monitoring the performance of the business. We believe the operational metric is useful to investors and other users of our financial information in assessing the performance of our segments.
Dow oznámil tržby ve výši 12,1 miliardy USD, což je meziročně o 20 % více, a čistý zisk 802 milionů USD. Upravený zisk na akcii činil 1,44 USD oproti ztrátě 0,42 USD loni.
Net sales were $12.1 billion, up 20% year-over-year, reflecting increases in all operating segments and regions. Local price increased 20% versus the year-ago period, led by gains in Packaging & Specialty Plastics, with higher polyethylene prices in all regions. Currency increased 1% year-over-year. Volume decreased 1% year-over-year. Gains in Performance Materials & Coatings across both businesses were more than offset by declines in Packaging & Specialty Plastics largely due to planned maintenance activity. GAAP net income was $802 million. Op. EBIT1 was $1.6 billion, up $1.7 billion year-over-year, primarily driven by higher prices as well as the Company's self-help initiatives. GAAP earnings per share (EPS) was $0.99; operating EPS1 was $1.44, compared to a loss of $0.42 in the year-ago period. Op. EPS excludes significant items totaling $0.45 per share, driven by costs associated with Transform to Outperform, partially offset by an income tax adjustment associated with a payment from NOVA Chemicals. Cash provided by operating activities – continuing operations was $1.3 billion, primarily driven by higher earnings across all businesses, more than offsetting an expected working capital build reflecting revenue growth. Returns to shareholders totaled $253 million of dividends in the quarter. CEO QUOTE
"Team Dow delivered strong second quarter results through disciplined and timely execution, reliably serving our customers, and accelerating our self-help actions," said Karen S. Carter, Dow CEO. "Market conditions were supportive this quarter, and our self-help initiatives delivered ahead of plan, further reinforcing the improvement in our earnings as we continue to strengthen Dow's resilience and agility. We now expect to generate approximately $200 million more in benefits from Transform to Outperform this year, enabling us to increase the total in-year benefits from self-help to greater than $1.3 billion. Our actions to become a leaner, more competitive company position Dow well to continue winning with our customers while delivering enhanced long-term shareholder value."
SUMMARY FINANCIAL RESULTS
Three Months Ended Jun 30
In millions, except per share amounts
2Q26
2Q25
vs. SQLY
[B / (W)]
Net Sales
$12,092
$10,104
$1,988
GAAP Income (Loss) Net of Tax
$802
$(801)
$1,603
Operating EBIT¹
$1,648
$(21)
$1,669
Operating EBITDA¹
$2,312
$703
$1,609
GAAP Earnings (Loss) Per Share
$0.99
$(1.18)
$2.17
Operating Earnings Per Share¹
$1.44
$(0.42)
$1.86
Cash Provided by (Used for) Operating Activities
– Cont. Ops
$1,324
$(470)
$1,794
1. Op. Earnings Per Share, Op. EBIT, Op. EBIT Margin and Op. EBITDA, Free Cash Flow and Cash Flow Conversion are non-GAAP measures. See appendix for further discussion.
®TM Trademark of The Dow Chemical Company or an affiliated company of Dow
SEGMENT HIGHLIGHTS
Packaging & Specialty Plastics
Three Months Ended Jun 30
In millions
2Q26
2Q25
vs. SQLY
[B / (W)]
Net Sales
$6,385
$5,025
$1,360
Operating EBIT
$1,278
$71
$1,207
Packaging & Specialty Plastics segment net sales in the quarter were $6.4 billion, up 27% versus the year-ago period. Local price increased 30% year-over-year, primarily driven by higher polyethylene prices in all regions. Currency increased net sales by 1%. Volume decreased 4% year-over-year, driven by lower volumes in both businesses, including higher planned maintenance activity in Hydrocarbons & Energy, resulting in lower merchant sales.
Op. EBIT was $1.3 billion, an increase of $1.2 billion compared to the year-ago period, driven by higher integrated margins as a result of higher polyethylene prices contributing to margin expansion and tailwinds from the Company's self-help initiatives, which were partly offset by higher planned maintenance activity.
Packaging and Specialty Plastics business reported a net sales increase versus the year-ago period, reflecting higher polyethylene prices, most notably in flexible packaging applications and in all regions. This more than offset lower polyethylene volumes, driven by declines in Europe, the Middle East, Africa and India (EMEAI) and Asia Pacific impacted by the Middle East conflict.
Hydrocarbons & Energy business reported a net sales increase year-over-year, driven by higher olefins prices, which more than offset lower volumes due to planned maintenance activity in the U.S. Gulf Coast and the idling of a cracker in EMEAI in mid-2025, which successfully restarted in June.
Industrial Intermediates & Infrastructure
Three Months Ended Jun 30
In millions
2Q26
2Q25
vs. SQLY
[B / (W)]
Net Sales
$3,166
$2,786
$380
Operating EBIT
$246
$(185)
$431
Industrial Intermediates & Infrastructure segment net sales in the quarter were $3.2 billion, up 14% versus the year-ago period. Local price increased 15% year-over-year, reflecting gains in both businesses and in all regions. Currency increased net sales by 1%. Volume decreased 2% year-over-year, driven by lower volumes in Polyurethanes & Construction Chemicals, including impacts from the Middle East conflict, which were partially offset by increased volume in Industrial Solutions.
Op. EBIT was $246 million, an increase of $431 million versus the year-ago period, driven by higher margins, tailwinds from the Company's self-help initiatives, lower planned maintenance activity and the suspension of the recognition of equity losses from Sadara.
Polyurethanes & Construction Chemicals business reported an increase in net sales compared to the year-ago period, primarily driven by local price gains, which were partly offset by lower volumes. Volume growth across industrial market applications was more than offset by impacts from the Middle East conflict.
Industrial Solutions business reported an increase in net sales, with local price gains in all regions compared to the year-ago period. Volume growth was driven by recent alkoxylation investments and increased demand for data center applications, partially offset by impacts from the Middle East conflict.
Performance Materials & Coatings
Three Months Ended Jun 30
In millions
2Q26
2Q25
vs. SQLY
[B / (W)]
Net Sales
$2,361
$2,129
$232
Operating EBIT
$133
$152
($19)
Performance Materials & Coatings segment net sales in the quarter were $2.4 billion, up 11% versus the year-ago period. Local price increased 4% year-over-year, driven by an increase in Coatings & Performance Monomers. Currency increased net sales by 1%. Volume increased 6% year-over-year, driven by higher volumes in both businesses, led by growth in downstream silicones.
Op. EBIT was $133 million, a decrease of $19 million versus the year-ago period, as tailwinds from the Company's self-help initiatives were more than offset by higher fixed costs, including turnaround activity in the quarter and the costs associated with the in-period shutdown of our Barry, U.K. upstream siloxanes plant.
Consumer Solutions business reported an increase in net sales versus the year-ago period, driven by volume gains in downstream silicones, led by consumer, electronics and home care applications.
Coatings & Performance Monomers business reported an increase in net sales across all regions compared to the year-ago period, led by higher price and volume in both acrylic monomers and architectural coatings.
OUTLOOK
"As we look into the second half of 2026, we will continue to build a more agile and resilient company that sets a new competitive standard," said Carter. "We will do so by advancing three priorities: growth and innovation in attractive end markets, investing in and strengthening our portfolio, and ensuring balanced capital allocation. Aligned to this, Transform to Outperform is delivering improvements in both growth and productivity, and we expect the impact of these efforts to ramp significantly throughout the remainder of this year and into 2027. Taken together, our collective actions are focused on enhancing the long-term value Dow delivers across the cycle."
Conference Call
Dow will host a live webcast of its quarterly earnings conference call with investors to discuss its results, business outlook and other matters today at 8:00 a.m. ET. The webcast and slide presentation that accompany the conference call will be posted on the events and presentations page of investors.dow.com.
About Dow
Dow (NYSE: DOW) is one of the world's leading materials science companies, serving customers in high-growth markets such as packaging, infrastructure, mobility and consumer applications. Our global breadth, asset integration and scale, customer-focused innovation and leading business positions enable us to achieve profitable growth and help deliver a sustainable future. We operate manufacturing sites in 29 countries and employed approximately 34,600 people as of year-end 2025. Dow delivered sales of approximately $40 billion in 2025. References to Dow or the Company mean Dow Inc. and its subsidiaries. Learn more about us at www.dow.com.
Cautionary Statement about 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," "could," "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.
Forward-looking statements are based on current assumptions and expectations of future events that are subject to risks, uncertainties and other factors that are beyond Dow's control, which may cause actual results to differ materially from those projected, anticipated or implied in the forward-looking statements and speak only as of the date the statements were made. These factors include, but are not limited to: sales of Dow's products; Dow's expenses, future revenues and profitability; any supply chain, operational or other disruptions, sanctions, export restrictions, or increased economic uncertainty related to the ongoing conflicts between Russia and Ukraine and in the Middle East; capital requirements and need for and availability of financing; unexpected barriers in the development of technology, including with respect to Dow's contemplated capital and operating projects; Dow's ability to realize its commitment to carbon neutrality on the contemplated timeframe, including the completion and success of its integrated ethylene cracker and derivatives facility in Alberta, Canada; size of the markets for Dow's products and services and ability to compete in such markets; Dow's ability to develop and market new products and optimally manage product life cycles; the rate and degree of market acceptance of Dow's products; significant litigation and environmental matters and related contingencies and unexpected expenses; the success of competing technologies that are or may become available; the ability to protect Dow's intellectual property in the United States and abroad; Dow's ability to realize expected benefits from Transform to Outperform on the contemplated timeframe; developments related to contemplated restructuring activities and proposed divestitures or acquisitions such as workforce reduction, manufacturing facility and/or asset closure and related exit and disposal activities, and the benefits and costs associated with each of the foregoing; fluctuations in energy and raw material prices; management of process safety and product stewardship; changes in relationships with Dow's significant customers and suppliers; changes in public sentiment and political leadership; increased concerns about plastics in the environment and lack of a circular economy for plastics at scale; changes in consumer preferences and demand; changes in laws and regulations, political conditions, tariffs and trade policies, or industry development; global economic and capital markets conditions, such as inflation, market uncertainty, interest and currency exchange rates, and equity and commodity prices; business, logistics, and supply disruptions; security threats, such as acts of sabotage, terrorism or war, including the ongoing conflicts between Russia and Ukraine and in the Middle East; weather events and natural disasters; disruptions in Dow's information technology networks and systems, including the impact of cyberattacks; risks related to Dow's separation from DowDuPont Inc. such as Dow's obligation to indemnify DuPont de Nemours, Inc. and/or Corteva, Inc. for certain liabilities; and any global and regional economic impacts of a pandemic or other public health-related risks and events on Dow's business.
Where, in any forward-looking statement, an expectation or belief as to future results or events is expressed, such expectation or belief is based on the current plans and expectations of management and expressed in good faith and believed to have a reasonable basis, but there can be no assurance that the expectation or belief will result or be achieved or accomplished. A detailed discussion of principal risks and uncertainties which may cause actual results and events to differ materially from such forward-looking statements is included in the section titled "Risk Factors" contained in the Company's Annual Report on Form 10-K for the year ended December 31, 2025, and the Company's subsequent reports filed with the U.S. Securities and Exchange Commission. These are not the only risks and uncertainties that Dow faces. There may be other risks and uncertainties that Dow is unable to identify at this time or that Dow does not currently expect to have a material impact on its business. If any of those risks or uncertainties develops into an actual event, it could have a material adverse effect on Dow's business. Dow Inc. and The Dow Chemical Company and its consolidated subsidiaries assume no obligation to update or revise publicly any forward-looking statements whether because of new information, future events, or otherwise, except as required by securities and other applicable laws.
®TM Trademark of The Dow Chemical Company or an affiliated company of Dow
Non-GAAP Financial Measures
This earnings release includes information that does not conform to GAAP and are considered non-GAAP measures. Management uses these measures internally for planning, forecasting and evaluating the performance of the Company's segments, including allocating resources. Dow's management believes that these non-GAAP measures best reflect the ongoing performance of the Company during the periods presented and provide more relevant and meaningful information to investors as they provide insight with respect to ongoing operating results of the Company and a more useful comparison of year-over-year results. These non-GAAP measures supplement the Company's GAAP disclosures and should not be viewed as alternatives to GAAP measures of performance. Furthermore, such non-GAAP measures may not be consistent with similar measures provided or used by other companies. Non-GAAP measures included in this release are defined below. Reconciliations for these non-GAAP measures to GAAP are provided in the Selected Financial Information and Non-GAAP Measures section starting on page 10. Dow does not provide forward-looking GAAP financial measures or a reconciliation of forward-looking non-GAAP financial measures to the most comparable GAAP financial measures on a forward-looking basis because the Company is unable to predict with reasonable certainty the ultimate outcome of pending litigation, unusual gains and losses, foreign currency exchange gains or losses and potential future asset impairments, as well as discrete taxable events, without unreasonable effort. These items are uncertain, depend on various factors, and could have a material impact on GAAP results for the guidance period.
Operating Earnings Per Share is defined as "Earnings (loss) per common share - diluted" excluding the after-tax impact of significant items.
Operating EBIT is defined as earnings (i.e., "Income (loss) before income taxes") before interest, excluding the impact of significant items.
Operating EBIT Margin is defined as Operating EBIT as a percentage of net sales.
Operating EBITDA is defined as earnings (i.e., "Income (loss) before income taxes") before interest, depreciation and amortization, excluding the impact of significant items.
Free Cash Flow is defined as "Cash provided by (used for) operating activities - continuing operations," less capital expenditures. Under this definition, Free Cash Flow represents the cash generated by the Company from operations after investing in its asset base. Free Cash Flow, combined with cash balances and other sources of liquidity, represent the cash available to fund obligations and provide returns to shareholders. Free Cash Flow is an integral financial measure used in the Company's financial planning process.
Cash Flow Conversion is defined as "Cash provided by (used for) operating activities - continuing operations," divided by Operating EBITDA. Management believes Cash Flow Conversion is an important financial metric as it helps the Company determine how efficiently it is converting its earnings into cash flow.
Operating Return on Capital (ROC) is defined as net operating profit after tax, excluding the impact of significant items, divided by total average capital, also referred to as ROIC.
Dow Inc. and Subsidiaries
Consolidated Statements of Income
In millions, except per share amounts (Unaudited)
Three Months Ended
Six Months Ended
Jun 30,
2026
Jun 30,
2025
Jun 30,
2026
Jun 30,
2025
Net sales
$ 12,092
$ 10,104
$ 21,886
$ 20,535
Cost of sales
9,925
9,521
19,079
19,281
Research and development expenses
207
188
388
388
Selling, general and administrative expenses
535
347
952
713
Amortization of intangibles
40
63
86
139
Restructuring and asset related charges - net
503
591
530
799
Equity in earnings (losses) of nonconsolidated affiliates
36
(30)
(267)
(50)
Sundry income (expense) - net
125
147
246
160
Interest income
38
39
80
67
Interest expense and amortization of debt discount
210
209
429
425
Income (loss) before income taxes
871
(659)
481
(1,033)
Provision for income taxes
69
142
124
58
Net income (loss)
802
(801)
357
(1,091)
Net income attributable to noncontrolling interests
81
34
169
51
Net income (loss) available for Dow Inc. common stockholders
$ 721
$ (835)
$ 188
$ (1,142)
Per common share data:
Earnings (loss) per common share - basic
$ 0.99
$ (1.18)
$ 0.25
$ (1.62)
Earnings (loss) per common share - diluted
$ 0.99
$ (1.18)
$ 0.25
$ (1.62)
Weighted-average common shares outstanding - basic
723.5
709.5
722.4
708.2
Weighted-average common shares outstanding - diluted
Treasury stock at cost (2026: 69,578,048 shares; 2025: 73,065,152 shares)
(4,016)
(4,233)
Dow Inc.'s stockholders' equity
15,860
16,008
Noncontrolling interests
1,507
1,514
Total equity
17,367
17,522
Total Liabilities and Equity
$ 61,585
$ 58,538
Dow Inc. and Subsidiaries
Consolidated Statements of Cash Flows
In millions (Unaudited)
Six Months Ended
Jun 30,
2026
Jun 30,
2025
Operating Activities
Net income (loss)
$ 357
$ (1,091)
Adjustments to reconcile net income (loss) to net cash provided by (used for) operating activities:
Depreciation and amortization
1,383
1,438
Credit for deferred income tax
(114)
(131)
Earnings of nonconsolidated affiliates less than dividends received
543
220
Net periodic pension benefit credit
(16)
(50)
Pension contributions
(78)
(76)
Net gain on sales of assets, businesses and investments
(49)
(102)
Restructuring and asset related charges - net
530
799
Other net loss
3
104
Changes in assets and liabilities, net of effects of acquired and divested companies:
Accounts and notes receivable
(1,761)
(935)
Inventories
(638)
(158)
Accounts payable
1,347
(12)
Other assets and liabilities, net
941
(372)
Cash provided by (used for) operating activities - continuing operations
2,448
(366)
Cash provided by (used for) operating activities - discontinued operations
7
(13)
Cash provided by (used for) operating activities
2,455
(379)
Investing Activities
Capital expenditures
(1,135)
(1,347)
Proceeds from incentives related to capital expenditures
49
—
Cash flow hedging related to capital expenditures
(6)
—
Investment in gas field developments
(48)
(68)
Proceeds from sales of property, businesses and consolidated companies, net of cash divested
58
131
Investments in and loans to nonconsolidated affiliates
(133)
(20)
Purchases of investments
(782)
(205)
Proceeds from sales and maturities of investments
524
552
Other investing activities, net
53
(5)
Cash used for investing activities
(1,420)
(962)
Financing Activities
Changes in short-term notes payable
17
48
Proceeds from issuance of short-term debt greater than three months
16
37
Payments on short-term debt greater than three months
(34)
(41)
Proceeds from issuance of long-term debt
81
1,107
Payments on long-term debt
(206)
(1,114)
Collections on securitization programs, net of remittances
—
18
Transaction financing, debt issuance and other costs
(3)
(85)
Employee taxes paid for share-based payment arrangements
(15)
(16)
Distributions to noncontrolling interests
(158)
(56)
Proceeds from sale of noncontrolling interests
—
2,433
Dividends paid to stockholders
(505)
(990)
Cash provided by (used for) financing activities
(807)
1,341
Effect of exchange rate changes on cash, cash equivalents and restricted cash
(76)
253
Summary
Increase in cash, cash equivalents and restricted cash
152
253
Cash, cash equivalents and restricted cash at beginning of period
3,952
2,263
Cash, cash equivalents and restricted cash at end of period
$ 4,104
$ 2,516
Less: Restricted cash and cash equivalents, included in "Other current assets"
131
117
Cash and cash equivalents at end of period
$ 3,973
$ 2,399
Dow Inc. and Subsidiaries
Net Sales by Segment and Geographic Region
Net Sales by Segment
Three Months Ended
Six Months Ended
In millions (Unaudited)
Jun 30,
2026
Jun 30,
2025
Jun 30,
2026
Jun 30,
2025
Packaging & Specialty Plastics
$ 6,385
$ 5,025
$ 11,304
$ 10,335
Industrial Intermediates & Infrastructure
3,166
2,786
5,792
5,641
Performance Materials & Coatings
2,361
2,129
4,441
4,200
Corporate
180
164
349
359
Total
$ 12,092
$ 10,104
$ 21,886
$ 20,535
U.S. & Canada
$ 4,782
$ 3,988
$ 8,578
$ 8,215
EMEAI 1
3,930
3,272
7,114
6,546
Asia Pacific
1,817
1,737
3,555
3,595
Latin America
1,563
1,107
2,639
2,179
Total
$ 12,092
$ 10,104
$ 21,886
$ 20,535
Net Sales Variance by Segment and
Geographic Region
Three Months Ended Jun 30, 2026
Six Months Ended Jun 30, 2026
Local
Price &
Product
Mix
Currency
Volume
Total
Local
Price &
Product
Mix
Currency
Volume
Total
Percent change from prior year
Packaging & Specialty Plastics
30 %
1 %
(4) %
27 %
10 %
2 %
(3) %
9 %
Industrial Intermediates & Infrastructure
15
1
(2)
14
3
3
(3)
3
Performance Materials & Coatings
4
1
6
11
—
2
4
6
Total
20 %
1 %
(1) %
20 %
6 %
2 %
(1) %
7 %
Total, excluding the Hydrocarbons & Energy
business
18 %
1 %
— %
19 %
6 %
2 %
— %
8 %
U.S. & Canada
17 %
— %
3 %
20 %
5 %
— %
(1) %
4 %
EMEAI 1
21
3
(4)
20
7
6
(4)
9
Asia Pacific
14
—
(9)
5
3
1
(5)
(1)
Latin America
32
—
9
41
12
—
9
21
Total
20 %
1 %
(1) %
20 %
6 %
2 %
(1) %
7 %
Europe, Middle East, Africa and India. Dow Inc. and Subsidiaries
Selected Financial Information and Non-GAAP Measures
Operating EBIT by Segment
Three Months Ended
Six Months Ended
In millions (Unaudited)
Jun 30,
2026
Jun 30,
2025
Jun 30,
2026
Jun 30,
2025
Packaging & Specialty Plastics
$ 1,278
$ 71
$ 1,486
$ 413
Industrial Intermediates & Infrastructure
246
(185)
128
(313)
Performance Materials & Coatings
133
152
250
201
Corporate
(9)
(59)
(62)
(92)
Total
$ 1,648
$ (21)
$ 1,802
$ 209
Depreciation and Amortization by Segment
Three Months Ended
Six Months Ended
In millions (Unaudited)
Jun 30,
2026
Jun 30,
2025
Jun 30,
2026
Jun 30,
2025
Packaging & Specialty Plastics
$ 361
$ 369
$ 743
$ 729
Industrial Intermediates & Infrastructure
137
153
285
299
Performance Materials & Coatings
158
192
339
392
Corporate
8
10
16
18
Total
$ 664
$ 724
$ 1,383
$ 1,438
Operating EBITDA by Segment
Three Months Ended
Six Months Ended
In millions (Unaudited)
Jun 30,
2026
Jun 30,
2025
Jun 30,
2026
Jun 30,
2025
Packaging & Specialty Plastics
$ 1,639
$ 440
$ 2,229
$ 1,142
Industrial Intermediates & Infrastructure
383
(32)
413
(14)
Performance Materials & Coatings
291
344
589
593
Corporate
(1)
(49)
(46)
(74)
Total
$ 2,312
$ 703
$ 3,185
$ 1,647
Equity in Earnings (Losses) of Nonconsolidated
Affiliates by Segment
Three Months Ended
Six Months Ended
In millions (Unaudited)
Jun 30,
2026
Jun 30,
2025
Jun 30,
2026
Jun 30,
2025
Packaging & Specialty Plastics 1
$ 19
$ 7
$ (44)
$ 46
Industrial Intermediates & Infrastructure 1
15
(39)
(227)
(97)
Performance Materials & Coatings
1
1
2
1
Corporate
1
1
2
—
Total
$ 36
$ (30)
$ (267)
$ (50)
Reconciliation of "Net income (loss)" to "Operating EBIT"
Three Months Ended
Six Months Ended
In millions (Unaudited)
Jun 30,
2026
Jun 30,
2025
Jun 30,
2026
Jun 30,
2025
Net income (loss)
$ 802
$ (801)
$ 357
$ (1,091)
+ Provision for income taxes
69
142
124
58
Income (loss) before income taxes
$ 871
$ (659)
$ 481
$ (1,033)
- Interest income
38
39
80
67
+ Interest expense and amortization of debt discount
210
209
429
425
- Significant items
(605)
(468)
(972)
(884)
Operating EBIT (non-GAAP)
$ 1,648
$ (21)
$ 1,802
$ 209
Packaging & Specialty Plastics and Industrial Intermediates & Infrastructure include losses of $81 million and $211 million, respectively, in the six months ended June 30, 2026, related to the Sadara guarantee liability adjustment, a significant item. Dow Inc. and Subsidiaries
Selected Financial Information and Non-GAAP Measures
Significant Items Impacting Results for the Three Months Ended Jun 30, 2026
In millions, except per share amounts (Unaudited)
Pretax 1
Net
income
(loss) 2
EPS 3
Income Statement Classification
Reported results
$ 871
$ 721
$ 0.99
Less: Significant items
Transform to Outperform 4
(526)
(418)
(0.58)
SG&A ($81 million); Restructuring and
asset related charges - net
($445 million)
2025 Restructuring Program asset
related charges and exit and disposal
costs 5
(58)
(46)
(0.06)
Restructuring and asset related charges
- net
2025 Restructuring implementation
costs 6
(28)
(23)
(0.03)
Cost of sales ($27 million);
R&D ($1 million)
Indemnification and other transaction
related credits 7
7
7
0.01
Sundry income (expense) - net
Income tax related items 8
—
150
0.21
Provision for income taxes
Total significant items
$ (605)
$ (330)
$ (0.45)
Operating results (non-GAAP)
$ 1,476
$ 1,051
$ 1.44
Significant Items Impacting Results for the Three Months Ended Jun 30, 2025
In millions, except per share amounts (Unaudited)
Pretax 1
Net
income
(loss) 2
EPS 3
Income Statement Classification
Reported results
$ (659)
$ (835)
$ (1.18)
Less: Significant items
2025 Restructuring Program severance
and related benefit costs and asset
related charges 5
(591)
(474)
(0.67)
Restructuring and asset related charges
- net
Implementation costs 6
(5)
(4)
(0.01)
Cost of sales ($1 million);
SG&A ($4 million)
Net gain on divestitures and asset sale 9
103
77
0.11
Sundry income (expense) - net
Litigation related charges, awards and
adjustments 10
42
33
0.05
Cost of sales
Indemnification and other transaction
related costs 7
(17)
(17)
(0.02)
Sundry income (expense) - net
Income tax related items 8
—
(153)
(0.22)
Provision for income taxes
Total significant items
$ (468)
$ (538)
$ (0.76)
Operating results (non-GAAP)
$ (191)
$ (297)
$ (0.42)
"Income (loss) before income taxes." "Net income (loss) available for Dow Inc. common stockholders." The income tax effect on significant items was calculated based upon the enacted tax laws and statutory income tax rates applicable in the tax jurisdiction(s) of the underlying non-GAAP adjustment. "Earnings (loss) per common share - diluted," which includes the impact of participating securities in accordance with the two-class method. Includes costs to achieve of $81 million and severance and related benefit costs of $445 million associated with Transform to Outperform. For 2026, includes impairment charges related to the write-down of certain manufacturing facilities and other miscellaneous assets and exit and disposal costs associated with the Company's 2025 Restructuring program. For 2025, includes severance and related benefit costs and impairment charges related to the write-down of certain manufacturing facilities, corporate assets, leased non-manufacturing facilities and other miscellaneous assets associated with the Company's 2025 Restructuring Program. For 2026, includes implementation costs associated with the Company's 2025 Restructuring Program. For 2025, also includes implementation costs associated with the sale of membership interests of the Company's formerly wholly owned subsidiary, Dow InfraCo, LLC. Relates to credits (charges) associated with agreements entered into with DuPont and Corteva as part of the separation and distribution which, among other matters, provides for cross-indemnities and allocations of obligations and liabilities for periods prior to, at and after the completion of the separation. For 2026, amount relates to changes in the Company's ability to utilize foreign tax credits associated with cash proceeds received in March 2026 related to a legal matter with Nova Chemicals Corporation ("Nova"). For 2025, amounts relate to valuation allowances on deferred tax assets in certain foreign jurisdictions, partially offset by a tax basis adjustment related to the Company's consolidated infrastructure entity. Relates to a gain on the sale of the Company's soil fumigation product line. Includes a gain associated with the reassessment of liabilities for certain accrued legacy agricultural products groundwater contamination matters, partially offset by the settlement of a separate claim related to water storage district legacy groundwater contamination matters. Dow Inc. and Subsidiaries
Selected Financial Information and Non-GAAP Measures
Significant Items Impacting Results for the Six Months Ended Jun 30, 2026
In millions, except per share amounts (Unaudited)
Pretax 1
Net
Income 2
EPS 3
Income Statement Classification
Reported results
$ 481
$ 188
$ 0.25
Less: Significant items
Transform to Outperform 4
(606)
(481)
(0.67)
SG&A ($134 million); Restructuring
and asset related charges - net
($472 million)
2025 Restructuring Program asset
related charges and exit and disposal
costs 5
Litigation related charges, awards and
adjustments 8
26
21
0.03
Sundry income (expense) - net
Indemnification and other transaction
related credits 9
7
7
0.01
Sundry income (expense) - net
Total significant items
$ (972)
$ (766)
$ (1.05)
Operating results (non-GAAP)
$ 1,453
$ 954
$ 1.30
"Income (loss) before income taxes." "Net income (loss) available for Dow Inc. common stockholders." The income tax effect on significant items was calculated based upon the enacted tax laws and statutory income tax rates applicable in the tax jurisdiction(s) of the underlying non-GAAP adjustment. "Earnings (loss) per common share - diluted," which includes the impact of participating securities in accordance with the two-class method. Includes costs to achieve of $134 million and severance and related benefit costs of $472 million associated with Transform to Outperform. Includes impairment charges related to the write-down of certain manufacturing facilities and other miscellaneous assets and exit and disposal costs associated with the Company's 2025 Restructuring program. Includes implementation costs associated with the Company's 2025 Restructuring Program. Includes a charge due to a change in fair value of the estimated liability associated with the Company's guarantee of Sadara's project financing debt. Relates to a gain associated with a legal matter with Nova. Relates to credits associated with agreements entered into with DuPont and Corteva as part of the separation and distribution which, among other matters, provides for cross-indemnities and allocations of obligations and liabilities for periods prior to, at and after the completion of the separation. Dow Inc. and Subsidiaries
Selected Financial Information and Non-GAAP Measures
Significant Items Impacting Results for the Six Months Ended Jun 30, 2025
In millions, except per share amounts (Unaudited)
Pretax 1
Net Income 2
EPS 3
Income Statement Classification
Reported results
$ (1,033)
$ (1,142)
$ (1.62)
Less: Significant items
Restructuring, implementation and
efficiency costs, and asset related
charges - net 4
(51)
(39)
(0.05)
Cost of sales ($44 million);
R&D ($1 million); SG&A ($4 million);
Restructuring and asset related
charges - net ($1 million); Sundry
income (expense) - net ($1 million)
2025 Restructuring Program severance
and related benefit costs and asset
related charges 5
(798)
(635)
(0.90)
Restructuring and asset related charges
- net
Implementation costs 6
(5)
(4)
(0.01)
Cost of sales ($1 million);
SG&A ($4 million)
Net gain on divestitures and asset sale 7
103
77
0.11
Sundry income (expense) - net
Litigation related charges, awards and
adjustments 8
42
33
0.05
Cost of sales
Loss on early extinguishment of debt
(60)
(48)
(0.07)
Sundry income (expense) - net
Indemnification and other transaction
related costs 9
(115)
(93)
(0.13)
Cost of sales ($98 million); Sundry
income (expense) - net ($17 million)
Income tax related items 10
—
(153)
(0.22)
Provision for income taxes
Total significant items
$ (884)
$ (862)
$ (1.22)
Operating results (non-GAAP)
$ (149)
$ (280)
$ (0.40)
"Income (loss) before income taxes." "Net income (loss) available for Dow Inc. common stockholders." The income tax effect on significant items was calculated based upon the enacted tax laws and statutory income tax rates applicable in the tax jurisdiction(s) of the underlying non-GAAP adjustment. "Earnings (loss) per common share - diluted," which includes the impact of participating securities in accordance with the two-class method. Includes restructuring charges and implementation and efficiency costs associated with the Company's 2023 Restructuring program. Includes severance and related benefit costs and impairment charges related to the write-down of certain manufacturing facilities, corporate assets, leased non-manufacturing facilities and other miscellaneous assets associated with the Company's 2025 Restructuring program. Includes implementation costs associated with the Company's 2025 Restructuring Program and the sale of membership interests of the Company's formerly wholly owned subsidiary, Dow InfraCo, LLC. Relates to a gain on the sale of the Company's soil fumigation product line. Includes a gain associated with the reassessment of liabilities for certain accrued legacy agricultural products groundwater contamination matters, partially offset by the settlement of a separate claim related to water storage district legacy groundwater contamination matters. Primarily includes a charge related to an arbitration settlement agreement for historical product claims from a divested business. Also includes charges associated with agreements entered into with DuPont and Corteva as part of the separation and distribution which, among other matters, provides for cross-indemnities and allocations of obligations and liabilities for periods prior to, at and after the completion of the separation. Relates to valuation allowances on deferred tax assets in certain foreign jurisdictions, partially offset by a tax basis adjustment related to the Company's consolidated infrastructure entity. Dow Inc. and Subsidiaries
Selected Financial Information and Non-GAAP Measures
Cash flow from operations to net income is not applicable for the fourth quarter of 2025 and first quarter of 2026 due to a net loss for the period. Cash flow from operations to net income - trailing twelve months is not applicable due to a net loss for the trailing twelve months period. SOURCE The Dow Chemical Company
Alamar Capital Management v 1. čtvrtletí získala nový podíl v Oracle, konkrétně 8 480 akcií za zhruba 1,248 milionu USD. Oracle zároveň vykázala za poslední čtvrtletí zisk 2,11 USD na akcii a tržby 19,18 miliardy USD.
Alamar Capital Management LLC acquired a new stake in Oracle Corporation (NYSE:ORCL – Free Report) during the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund acquired 8,480 shares of the enterprise software provider’s stock, valued at approximately $1,248,000.
Other institutional investors have also recently made changes to their positions in the company. Norges Bank purchased a new position in Oracle in the 4th quarter worth approximately $4,336,031,000. Capital Research Global Investors boosted its stake in Oracle by 29.3% in the 4th quarter. Capital Research Global Investors now owns 30,137,126 shares of the enterprise software provider’s stock worth $5,874,070,000 after purchasing an additional 6,826,299 shares during the period. Vanguard Group Inc. grew its holdings in Oracle by 3.5% during the 4th quarter. Vanguard Group Inc. now owns 174,802,084 shares of the enterprise software provider’s stock valued at $34,070,674,000 after buying an additional 5,841,584 shares in the last quarter. Cardano Risk Management B.V. raised its position in shares of Oracle by 882.3% during the fourth quarter. Cardano Risk Management B.V. now owns 4,991,010 shares of the enterprise software provider’s stock valued at $972,798,000 after buying an additional 4,482,934 shares during the last quarter. Finally, FIL Ltd raised its position in shares of Oracle by 1,605.7% during the fourth quarter. FIL Ltd now owns 3,976,441 shares of the enterprise software provider’s stock valued at $775,048,000 after buying an additional 3,743,314 shares during the last quarter. Hedge funds and other institutional investors own 42.44% of the company’s stock.
Oracle Stock Performance NYSE ORCL opened at $125.86 on Thursday. The company has a market cap of $362.54 billion, a P/E ratio of 21.59, a P/E/G ratio of 0.80 and a beta of 1.72. The company has a debt-to-equity ratio of 3.21, a quick ratio of 1.12 and a current ratio of 1.12. The business’s 50 day moving average price is $173.38 and its 200-day moving average price is $167.78. Oracle Corporation has a fifty-two week low of $120.03 and a fifty-two week high of $345.72.
Oracle (NYSE:ORCL – Get Free Report) last posted its quarterly earnings data on Wednesday, June 10th. The enterprise software provider reported $2.11 earnings per share for the quarter, beating analysts’ consensus estimates of $1.96 by $0.15. Oracle had a net margin of 25.37% and a return on equity of 58.62%. The business had revenue of $19.18 billion for the quarter, compared to analysts’ expectations of $19.10 billion. During the same quarter in the previous year, the business posted $1.70 earnings per share. The business’s revenue was up 20.6% compared to the same quarter last year. Oracle has set its Q1 2027 guidance at 1.720-1.760 EPS and its FY 2027 guidance at 8.050-8.050 EPS. Sell-side analysts predict that Oracle Corporation will post 6.47 earnings per share for the current year.
Oracle Announces Dividend The company also recently disclosed a quarterly dividend, which will be paid on Friday, July 24th. Investors of record on Friday, July 10th will be paid a $0.50 dividend. The ex-dividend date of this dividend is Friday, July 10th. This represents a $2.00 annualized dividend and a yield of 1.6%. Oracle’s dividend payout ratio is 34.31%.
Analyst Upgrades and Downgrades A number of analysts have issued reports on ORCL shares. KeyCorp reiterated an “overweight” rating on shares of Oracle in a report on Thursday, June 11th. Weiss Ratings lowered Oracle from a “hold (c+)” rating to a “hold (c)” rating in a research report on Monday. Barclays lifted their target price on Oracle from $240.00 to $250.00 and gave the stock an “overweight” rating in a report on Thursday, June 11th. Scotiabank reiterated an “overweight” rating on shares of Oracle in a research report on Thursday, June 11th. Finally, BMO Capital Markets increased their price target on Oracle from $200.00 to $220.00 and gave the company an “outperform” rating in a research note on Thursday, June 11th. Two research analysts have rated the stock with a Strong Buy rating, twenty-eight have assigned a Buy rating, eight have given a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average price target of $265.03.
Check Out Our Latest Report on ORCL
Insider Transactions at Oracle In related news, Vice Chairman Jeffrey Henley sold 400,000 shares of Oracle stock in a transaction dated Wednesday, June 24th. The stock was sold at an average price of $159.16, for a total value of $63,664,000.00. Following the completion of the sale, the insider directly owned 400,000 shares in the company, valued at $63,664,000. The trade was a 50.00% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 40.90% of the stock is currently owned by company insiders.
Oracle News Summary Here are the key news stories impacting Oracle this week:
Positive Sentiment: Some analysts remain bullish, arguing Oracle’s massive backlog and cloud growth support long-term upside despite the selloff. Oracle stock is still a buy: Analyst outlines his bull case Positive Sentiment: Mizuho reiterated an outperform/buy view, saying Oracle’s risk/reward looks attractive and that the stock may have become oversold. Mizuho analyst on Oracle stock Neutral Sentiment: Several recent pieces say Oracle may be deeply oversold and could rebound technically if selling pressure eases. Oracle Corp. (ORCL) Price Forecast Negative Sentiment: Reports that Oracle could face a $7 billion collateral bill for its Wisconsin data center have intensified funding and execution worries. Oracle could face $7bn collateral bill for Wisconsin data centre Negative Sentiment: Investors are also worried that AI-related spending is consuming free cash flow across big tech, including Oracle, which could pressure margins and capital returns. Analysis-AI investment boom puts Big Tech’s free cash flow under pressure Oracle Profile (Free Report)
Oracle Corporation is a multinational technology company that develops and sells database software, cloud engineered systems, enterprise software applications and related services. The company is widely known for its flagship Oracle Database and a portfolio of enterprise-grade software products that support data management, application development, analytics and middleware. Over recent years Oracle has expanded its focus to include cloud infrastructure and cloud applications, positioning itself as a provider of both platform and software-as-a-service solutions for large organizations.
Oracle’s product and service offerings include Oracle Database and the Autonomous Database, Oracle Cloud Infrastructure (OCI), enterprise resource planning (ERP), human capital management (HCM) and supply chain management (SCM) cloud applications (often grouped under Oracle Fusion Cloud Applications), middleware such as WebLogic, and developer technologies including Java and MySQL.
See Also Five stocks we like better than Oracle Could Truth API Become Trump Media’s First Meaningful Revenue Driver? Small Caps Are Crushing the S&P 500—3 Stocks Still Worth Buying Moog Is More Than a Missile Maker, and Wall Street Is Noticing A Boring Dividend Growth Strategy Becomes a Solid Defensive Play
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Fond Andra AP ve 1. čtvrtletí koupil novou pozici v Duke Energy za zhruba 4,098,000 USD, když nabyl 31 300 akcií. Zároveň společnost oznámila vyšší čtvrtletní dividendu na 1,085 USD na akcii.
Andra AP fonden purchased a new position in shares of Duke Energy Corporation (NYSE:DUK – Free Report) during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund purchased 31,300 shares of the utilities provider’s stock, valued at approximately $4,098,000.
A number of other institutional investors and hedge funds have also modified their holdings of the company. World Investment Advisors increased its stake in Duke Energy by 62.7% in the fourth quarter. World Investment Advisors now owns 42,680 shares of the utilities provider’s stock valued at $5,003,000 after purchasing an additional 16,450 shares during the last quarter. Mirae Asset Global Investments Co. Ltd. grew its holdings in Duke Energy by 22.7% in the 4th quarter. Mirae Asset Global Investments Co. Ltd. now owns 132,530 shares of the utilities provider’s stock valued at $15,534,000 after buying an additional 24,497 shares during the period. Moseley Investment Management Inc. increased its stake in shares of Duke Energy by 423.6% during the 4th quarter. Moseley Investment Management Inc. now owns 9,749 shares of the utilities provider’s stock valued at $1,143,000 after acquiring an additional 7,887 shares during the last quarter. Exchange Traded Concepts LLC lifted its holdings in shares of Duke Energy by 4.1% during the 4th quarter. Exchange Traded Concepts LLC now owns 359,829 shares of the utilities provider’s stock worth $42,176,000 after acquiring an additional 14,137 shares during the period. Finally, Advisors Management Group Inc. ADV boosted its position in shares of Duke Energy by 187.8% in the fourth quarter. Advisors Management Group Inc. ADV now owns 78,293 shares of the utilities provider’s stock worth $9,177,000 after acquiring an additional 51,088 shares during the last quarter. Institutional investors and hedge funds own 65.31% of the company’s stock.
Duke Energy News Roundup Here are the key news stories impacting Duke Energy this week:
Positive Sentiment: Duke Energy reached a North Carolina rate settlement that significantly trims the proposed increase, which could improve the outlook for future revenue and reduce uncertainty for investors. Positive Sentiment: The company was highlighted as a trending stock, suggesting increased investor attention and trading interest around Duke Energy shares. Positive Sentiment: Duke Energy also received coverage tied to dividend growth and data-center demand trends, reinforcing the stock’s appeal as a defensive income name with growth catalysts. Neutral Sentiment: Duke Energy awarded $35,000 to West Terre Haute nonprofits, a positive community-relations item but not likely to materially affect the stock price. Negative Sentiment: North Carolina officials, including the attorney general, continue to push back on the rate settlement, keeping regulatory scrutiny elevated and leaving some downside risk if approvals become more difficult. Negative Sentiment: News that Duke Energy ended a wind lease off the North Carolina coast adds a bit of uncertainty around its clean-energy strategy, though the immediate financial impact appears limited. Insiders Place Their Bets In other news, CEO Harry K. Sideris sold 20,000 shares of the business’s stock in a transaction on Friday, May 8th. The shares were sold at an average price of $124.37, for a total transaction of $2,487,400.00. Following the transaction, the chief executive officer directly owned 96,102 shares of the company’s stock, valued at approximately $11,952,205.74. The trade was a 17.23% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CEO Louis E. Renjel sold 3,500 shares of the company’s stock in a transaction on Monday, May 11th. The shares were sold at an average price of $125.15, for a total transaction of $438,025.00. Following the completion of the transaction, the chief executive officer owned 21,415 shares of the company’s stock, valued at $2,680,087.25. This trade represents a 14.05% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders own 0.12% of the company’s stock.
Wall Street Analyst Weigh In A number of equities research analysts recently issued reports on the stock. BTIG Research restated a “buy” rating and issued a $139.00 target price on shares of Duke Energy in a report on Tuesday, June 2nd. UBS Group decreased their price target on shares of Duke Energy from $137.00 to $135.00 in a report on Monday, May 11th. Jefferies Financial Group lowered their price objective on shares of Duke Energy from $143.00 to $138.00 in a research note on Monday, May 11th. Mizuho dropped their price objective on Duke Energy from $139.00 to $135.00 and set an “outperform” rating for the company in a report on Thursday, June 18th. Finally, Wall Street Zen raised Duke Energy from a “sell” rating to a “hold” rating in a research report on Saturday, March 28th. Nine research analysts have rated the stock with a Buy rating and eight have given a Hold rating to the company’s stock. Based on data from MarketBeat, Duke Energy currently has an average rating of “Moderate Buy” and an average target price of $138.60.
View Our Latest Report on DUK
Duke Energy Price Performance Shares of NYSE DUK opened at $127.96 on Thursday. The company has a debt-to-equity ratio of 1.45, a current ratio of 0.66 and a quick ratio of 0.44. Duke Energy Corporation has a 1-year low of $113.89 and a 1-year high of $134.49. The company has a market capitalization of $99.76 billion, a price-to-earnings ratio of 19.60, a PEG ratio of 2.77 and a beta of 0.38. The business has a 50-day moving average of $125.00 and a 200-day moving average of $125.67.
Duke Energy (NYSE:DUK – Get Free Report) last announced its earnings results on Monday, May 4th. The utilities provider reported $1.93 EPS for the quarter, beating the consensus estimate of $1.87 by $0.06. The business had revenue of $9.18 billion for the quarter, compared to the consensus estimate of $8.44 billion. Duke Energy had a return on equity of 9.73% and a net margin of 15.49%.The company’s revenue was up 11.3% on a year-over-year basis. During the same period last year, the business posted $1.76 EPS. On average, equities analysts anticipate that Duke Energy Corporation will post 6.72 EPS for the current fiscal year.
Duke Energy Increases Dividend The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, September 16th. Stockholders of record on Friday, August 14th will be paid a dividend of $1.085 per share. This is an increase from Duke Energy’s previous quarterly dividend of $1.06. This represents a $4.34 dividend on an annualized basis and a dividend yield of 3.4%. The ex-dividend date is Friday, August 14th. Duke Energy’s payout ratio is 65.24%.
Duke Energy Profile (Free Report)
Duke Energy Corporation is a U.S.-based electric power holding company headquartered in Charlotte, North Carolina. The company’s core business is the generation, transmission and distribution of electricity to residential, commercial and industrial customers. Duke Energy operates a mix of regulated electric utilities and non-regulated energy businesses, providing essential energy infrastructure and services across multiple states.
Its operating activities include owning and operating generation assets across a portfolio that encompasses nuclear, natural gas, coal, hydroelectric and an expanding array of renewable resources, as well as battery storage and grid modernization projects.
Read More Five stocks we like better than Duke Energy Could Truth API Become Trump Media’s First Meaningful Revenue Driver? Small Caps Are Crushing the S&P 500—3 Stocks Still Worth Buying Moog Is More Than a Missile Maker, and Wall Street Is Noticing A Boring Dividend Growth Strategy Becomes a Solid Defensive Play
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Teladoc Health představil Teladoc One, nový model virtuální péče s multidisciplinárními týmy a nepřetržitou podporou AI. Firma tvrdí, že má zlepšit výsledky a snížit celkové náklady na péči.
Teladoc One is a model of care delivered as a single, predictive and adaptive experience to drive better health outcomes and address the rising total cost of care
Multidisciplinary care teams, paired with always-on AI support, deliver and guide every step of care
NEW YORK, July 23, 2026 (GLOBE NEWSWIRE) -- Teladoc Health (NYSE: TDOC), the pioneer and global leader in virtual care, today announced Teladoc One — a fundamentally new model of virtual care. Teladoc One begins with the person. It addresses the industry's longstanding challenge of fragmented care, where solutions have been built to address one disease at a time rather than dynamically supporting a person's entire health needs.
Teladoc One continuously adapts to each individual, with Teladoc Health care teams delivering and coordinating care across virtual settings and in partnership with a member's trusted local providers. With it, Teladoc Health is advancing a vision in which care is no longer fragmented, but connected, adaptive and deeply accountable for outcomes.
Teladoc One builds on the company’s strong foundation as the nation's largest multi-specialty virtual care practice, with decades of clinical and behavioral data and expertise from delivering more than 100 million visits across primary care, mental health, chronic illness and acute care.
Drawing on the largest unified data ecosystem in virtual healthcare, Teladoc Health's Pulse intelligence engine pairs clinical history with available context from claims, pharmacy, device, medical record, engagement and eligibility data — helping Teladoc Health care teams identify needs earlier, intervene at the right time, improve follow-up, better support specialty referrals and drive better outcomes. Teladoc One is the result of two years rebuilding the technical foundation to bring those assets together.
"Three in four Americans manage at least one chronic disease, driving approximately $4.7 trillion of spending a year — costs that employers and health plans can’t sustain," said Kelly Bliss, President of U.S. Group Health at Teladoc Health. "The industry’s current approach of treating one disease at a time isn’t the answer. Teladoc One changes that. We’ve applied industry-leading intelligence and multidisciplinary care teams to deliver highly personalized care at scale. Importantly for our buyers, Teladoc One raises the bar on accountability, delivering a model that answers to outcomes.”
The average U.S. adult spends eight hours each month coordinating healthcare, the equivalent of a full workday. In addition, the average adult uses six different health-related apps on a regular basis. Teladoc One helps solve this challenge by treating every patient as a population of one. The model supports personalized care pathways, with new capabilities that match patients to the right level of care, optimized for cost and need. As a result, patients don’t have to spend hours deciding what to do and where to go next, and plan sponsors don’t have to buy yet another solution to simply connect patients across their ecosystem. Under the Teladoc One care model, care teams anticipate a patient’s unique needs and deliver or route care appropriately, whether that’s to a Teladoc Health clinician, or a member’s local trusted provider. When in-person care is needed, Teladoc Health care teams don't just refer patients, they actively coordinate it across settings to ensure follow-through.
What's new with Teladoc One
Backed by Teladoc Health's clinical quality and rigor, Teladoc One designs a healthcare ecosystem around the person. Through this model, care adapts to each individual using technology and data. Patients are supported by:
A multidisciplinary virtual care team spanning licensed clinicians, certified health coaches, registered dietitians, mental health therapists and specialists who support every step of care.A human care guide who keeps them on track with their care plan and escalates to other members of the care team as necessary, coordinating with in-network primary care physicians and specialists, exchanging data and ensuring follow-through.Always-on AI support that works in concert with the care team and keeps members supported and engaged between human touchpoints — drawing on a member’s history and preferences to check in, send reminders, help with scheduling and gather information that's surfaced to the human care team.
“Teladoc One represents the next evolution of healthcare, where care is no longer fragmented, but connected, adaptive and more accountable for outcomes,” said Dr. Ethan Berke, Chief Medical Officer at Teladoc Health. "This proactive, always-on model gives us the ability to care for each person holistically in ways we couldn't before."
Teladoc One is designed to deliver superior outcomes, helping improve health while reducing total cost of care through earlier intervention, better coordination and more effective use of clinical resources. Lower total medical costs are driven by smarter medication management, optimized care site selection, avoidance of unnecessary referrals, improved condition control and meaningful reductions in ER visits and hospitalizations.
Teladoc One moves beyond condition-specific programs to deliver personalized, outcome-based, intelligent care journeys, addressing the full spectrum of needs, from prevention to the treatment of complex conditions. As a part of this model, Teladoc Health is placing 100% of its fees at risk, linking payment directly to performance towards achievement of clinical outcome measures and total cost of care improvement for a full population. By aligning program economics with validated cost reductions, Teladoc Health creates a true partnership model with its clients.
Data consistently show that Teladoc Health’s connected care model delivers more value to customers. Teladoc Health’s customers increasingly turn to the company to resolve a wider range of care needs. In fact, 67% of Teladoc Health clients have two or more products — a testament to the growing value of integrated care. Furthermore, a recent study of more than 29,000 Teladoc Health members enrolled in multiple chronic care programs found that when chronic care and mental health are combined, members have significantly greater reduction in blood sugar and more weight loss.
The launch is part of Teladoc Health’s strategy to enhance its integrated care offerings and deliver greater value to customers. The company recently unveiled new partnerships with the National Basketball Players Association, Walmart and Instacart, and expanded its flagship 24/7 Care service, which can now address a significantly wider spectrum of health needs.
Teladoc One was developed in partnership with select clients, first targeting populations with cardiometabolic health needs, with the ability to expand to additional populations over time. Programs under the Teladoc One model will launch with select clients in September 2026, with broader availability beginning January 2027.
About Teladoc Health
Teladoc Health (NYSE: TDOC) is the global leader in virtual care. The company is delivering and orchestrating care across patients, care providers, platforms, and partners — transforming virtual care into a catalyst for how better health happens. Through our relationships with health plans, employers, providers, health systems and consumers, we are enabling more access, driving better outcomes, extending provider capacity and lowering costs. Learn more at teladochealth.com.
Teladoc One Programs under the Teladoc One model will launch with select clients in September 2026, with broader... Teladoc Health Teladoc One builds on the Teladoc Health's strong foundation as the nation's largest multi-specialty...
MercadoLibre jedná s chilskými úřady o provozování vlastní online lékárny, což by vyžadovalo změnu místních pravidel. V Chile zatím smí prodávat léky pouze od třetích stran.
An employee of e-commerce MercadoLibre works at the company's offices in Buenos Aires, Argentina September 6, 2024. REUTERS/Agustin Marcarian Purchase Licensing Rights, opens new tab
SANTIAGO, July 23 (Reuters) - E-commerce firm MercadoLibre (MELI.O), opens new tab has discussed a proposal with Chilean authorities to operate as a pharmacy in the country, a plan that would require a change in local regulations, records of meetings between the parties showed.
The move would mark the latest step by Uruguay-based MercadoLibre, once primarily a marketplace for external sellers, toward expanding its own retail operations while deepening its push into pharmacies after a similar pilot in Brazil.
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MercadoLibre, which operates across Latin America and is one of the region's largest firms by market capitalization, met with Chilean officials at least six times in the past year. Meeting minutes revealed MercadoLibre's previously unreported plan to operate an in-house and online-only pharmacy model in Chile.
The plan would expand the firm's Chile operations, where, as in Argentina, Mexico and other markets, MercadoLibre currently only sells medication from third-party retailers.
After hearing the plan, Chile's health ministry recommended that MercadoLibre seek a technical evaluation from the nation's Public Health Institute (ISP), since the proposal would require regulatory changes or reinterpretations, according to records from a January meeting.
ISP in a written response to a request for comment did not detail whether MercadoLibre had requested that evaluation. It said MercadoLibre currently does not have authorization to operate an in-house drugstore in Chile, and that current regulations do not allow for the operation of an online-only drugstore.
Chile's health ministry did not respond to requests for comment.
MercadoLibre said in a statement to Reuters that it was working to gradually expand its health offering, adapting to each market's regulatory framework. It declined to comment specifically on plans in Chile.
As part of a broader long-term business strategy, the firm has increased investment in its in-house retail operations in recent quarters, focusing on segments such as beauty and household appliances.
That strategy has pressured margins, causing the stock to tumble almost 11% so far this year to $1,799 each.
In Brazil, its biggest market, MercadoLibre bought a physical drugstore last year due to local rules requiring a brick-and-mortar presence for companies selling medicines. It began a pilot there in March selling over-the-counter medicines, promising delivery in an average of up to three hours. It has yet to expand outside of Sao Paulo.
The firm's pitch in Chile also included deliveries in "a few hours in some regions," according to minutes from a meeting in September.
Chile lags behind the company's largest markets of Brazil, Mexico and Argentina, but a successful rollout there could serve as a model for expansion across Latin America.
Reporting by Kylie Madry in Santiago and Andre Romani in Sao Paulo; Editing by Mark Porter
Our Standards: The Thomson Reuters Trust Principles., opens new tab
Kylie Madry is a headline news reporter covering business, politics and breaking news for all of Latin America. She's based out of the Reuters office in Mexico City, where she was previously a freelance journalist and translator working on award-winning podcasts, books about Mexico's drug lords and stories ranging from the fight for clean water to the millions spent on the city's surveillance system. Kylie is originally from Dallas, Texas.
Thermo Fisher Scientific ve 2. čtvrtletí překonala odhady díky silnější poptávce zákazníků; tržby vzrostly o 10 % na 11,99 miliardy USD a upravený zisk na akcii činil 6,03 USD.
A sign marks the offices of Thermo Fisher Scientific offices in Waltham, Massachusetts, U.S., August 2, 2023. REUTERS/Brian Snyder/File Photo Purchase Licensing Rights, opens new tab
CompaniesJuly 23 (Reuters) - Thermo Fisher Scientific (TMO.N), opens new tab beat Wall Street estimates for second-quarter profit and revenue on Thursday, as improving customer demand lifted sales across all its business segments.
Shares of the Waltham, Massachusetts-based company were up more than 5% in premarket trading.
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The life sciences tools market has shown signs of improvement as biotech and pharmaceutical companies increase spending on research and manufacturing after a prolonged post-pandemic slowdown. Thermo Fisher said customer activity across its markets continued to strengthen.
"Our end markets continue to strengthen and we're making great progress enhancing our capabilities,” CEO Marc Casper said.
Thermo Fisher’s laboratory products and biopharma services segment, which supports clinical trials and drug manufacturing, posted a near 12% rise in revenue to $6.69 billion.
The life-sciences solutions segment, which supplies products used in biological research and drug production, recorded an increase of about 13% in revenue to $2.82 billion.
The company's quarterly revenue grew 10% to $11.99 billion, above analysts' estimate of $11.70 billion, according to data compiled by LSEG.
Peer Danaher (DHR.N), opens new tab also beat quarterly profit estimates and raised its annual profit outlook. However, it cut its full-year core revenue growth outlook earlier this week due to weaker respiratory testing revenue, and also reported lower-than-expected revenue in its biotechnology business.
The results should reassure investors that end markets for life-sciences tools are turning and that Danaher's bioprocessing order delay was "company-specific" and "not reflective of the industry," Evercore ISI analyst Vijay Kumar said.
Thermo Fisher posted second-quarter adjusted earnings of $6.03 per share, above analysts' average estimate of $5.71 per share.
Reporting by Kunal Das and Puyaan Singh in Bengaluru; Editing by Tasim Zahid
Our Standards: The Thomson Reuters Trust Principles., opens new tab
Eli Lilly podá žádost o schválení nové obezitní léčby retatrutidu v 1. čtvrtletí 2027 po úspěchu ve dvou dalších studiích fáze 3. Ve studiích vedla k výraznému úbytku hmotnosti a zlepšení hladiny cukru v krvi.
Eli Lilly on Thursday said it will file for approval of its next-generation obesity drug in the first quarter of 2027, as the treatment succeeds in two more late-stage trials.
The pharmaceutical giant previously said it would submit an application as early as this year for the weekly injection, retatrutide, which works differently and appears to be more effective than existing shots and pills. In a statement to CNBC, Lilly said it needs more time to gather and verify the manufacturing and quality-control data required by regulators before it can seek approval.
In two separate phase three trials, retatrutide delivered significant weight loss and improvements in a key measure of blood sugar levels in adults with obesity and two major complications, Type 2 diabetes and established cardiovascular disease.
Based on the data, the company believes it has the data necessary to file for approval globally for retatrutide as a potential treatment for obesity, knee osteoarthritis pain and obstructive sleep apnea, Kenneth Custer, president of Lilly Cardiometabolic Health, said in a release.
In one trial, adults with obesity and diabetes taking the drug lost up to an average of 20.8% of their weight, or nearly 50 pounds, at 80 weeks. That population typically struggles to lose weight.
In another trial, adults with severe obesity and established cardiovascular disease, with or without diabetes, on the treatment lost up to an average of 22.6% of their weight, or 55.8 pounds, at 80 weeks. Retatrutide meaningfully reduced certain cardiovascular risk factors in patients, Lilly added.
The side effects associated with the drug were consistent across the two trials, as well as previous studies on the treatment. The most common included diarrhea, nausea and constipation, which are also seen across the broader GLP-1 class.
There are now positive results from five late-stage trials on retatrutide, which Lilly is positioning as the next pillar of its obesity portfolio after its injection Zepbound and newly launched pill, Foundayo. In a January note, TD Cowen analysts estimated that retatrutide could rake in sales of $3.8 billion in 2030.
Retatrutide is also critical to the drugmaker's plan to maintain its market share majority over Novo in the booming market for weight loss and diabetes drugs. Some analysts estimate the segment could be worth about $100 billion by the 2030s.
Dubbed the "triple G" drug, retatrutide targets GLP-1, GIP and glucagon rather than just one or two of those hormones like existing treatments. That appears to have more potent effects on a person's appetite and satisfaction with food than other treatments.
Tirzepatide, the active ingredient in Zepbound, mimics GLP-1 and GIP. Novo Nordisk's semaglutide, the active ingredient in Wegovy, mimics only GLP-1.
ABN Amro Investment Solutions v 1. čtvrtletí zvýšila svůj podíl v Texas Instruments o 10,3 % na 47 988 akcií. Firma zároveň oznámila čtvrtletní zisk 2,14 USD na akcii a tržby 5,46 miliardy USD, obojí nad odhady.
ABN Amro Investment Solutions grew its position in shares of Texas Instruments Incorporated (NASDAQ:TXN – Free Report) by 10.3% in the first quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 47,988 shares of the semiconductor company’s stock after buying an additional 4,463 shares during the quarter. ABN Amro Investment Solutions’ holdings in Texas Instruments were worth $9,316,000 as of its most recent filing with the SEC.
Several other hedge funds also recently made changes to their positions in the company. Strategic Wealth Investment Group LLC purchased a new stake in Texas Instruments in the 2nd quarter valued at approximately $25,000. Portus Wealth Advisors LLC acquired a new stake in shares of Texas Instruments in the 1st quarter valued at approximately $27,000. High Point Wealth Management LLC purchased a new stake in shares of Texas Instruments in the fourth quarter valued at approximately $25,000. Advocate Investing Services LLC acquired a new position in Texas Instruments during the fourth quarter worth $25,000. Finally, Scarborough Advisors LLC purchased a new position in Texas Instruments in the first quarter worth $29,000. Institutional investors and hedge funds own 84.99% of the company’s stock.
Insider Activity In other Texas Instruments news, VP Mark T. Roberts sold 28,080 shares of the firm’s stock in a transaction dated Thursday, April 30th. The stock was sold at an average price of $280.34, for a total value of $7,871,947.20. Following the sale, the vice president directly owned 53,809 shares of the company’s stock, valued at approximately $15,084,815.06. This trade represents a 34.29% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, VP Mohammad Yunus sold 51,098 shares of Texas Instruments stock in a transaction dated Wednesday, April 29th. The shares were sold at an average price of $270.44, for a total value of $13,818,943.12. Following the completion of the sale, the vice president owned 52,856 shares of the company’s stock, valued at $14,294,376.64. This trade represents a 49.15% decrease in their position. The SEC filing for this sale provides additional information. Insiders sold a total of 303,475 shares of company stock valued at $85,666,638 in the last three months. Company insiders own 0.60% of the company’s stock.
Texas Instruments Stock Up 1.0% TXN stock opened at $294.19 on Thursday. The stock has a market capitalization of $267.74 billion, a P/E ratio of 50.38, a PEG ratio of 1.49 and a beta of 1.32. The company has a debt-to-equity ratio of 0.77, a quick ratio of 2.94 and a current ratio of 4.46. Texas Instruments Incorporated has a one year low of $152.73 and a one year high of $334.03. The company has a 50 day moving average price of $301.99 and a two-hundred day moving average price of $246.39.
Texas Instruments (NASDAQ:TXN – Get Free Report) last issued its quarterly earnings results on Wednesday, July 22nd. The semiconductor company reported $2.14 earnings per share for the quarter, beating the consensus estimate of $1.91 by $0.23. Texas Instruments had a return on equity of 32.49% and a net margin of 29.11%.The company had revenue of $5.46 billion during the quarter, compared to the consensus estimate of $5.26 billion. During the same period in the previous year, the firm posted $1.41 EPS. Texas Instruments’s revenue was up 22.8% on a year-over-year basis. Texas Instruments has set its Q3 2026 guidance at 2.230-2.570 EPS. As a group, sell-side analysts expect that Texas Instruments Incorporated will post 7.69 EPS for the current year.
Texas Instruments Announces Dividend The firm also recently announced a quarterly dividend, which will be paid on Tuesday, August 11th. Investors of record on Friday, July 31st will be given a dividend of $1.42 per share. The ex-dividend date is Friday, July 31st. This represents a $5.68 annualized dividend and a yield of 1.9%. Texas Instruments’s dividend payout ratio is 97.26%.
Key Texas Instruments News Here are the key news stories impacting Texas Instruments this week:
Positive Sentiment: Texas Instruments beat Q2 earnings and revenue estimates, signaling better-than-expected operating performance. Texas Instruments Tops Q2 Earnings and Revenue Estimates Positive Sentiment: Management raised Q3 guidance above Wall Street expectations, which supports the case for an improving demand backdrop in industrial, automotive and AI-related chip markets. Texas Instruments forecasts quarterly revenue above estimates Positive Sentiment: Revenue, profit and EPS all increased year over year, showing a healthier operating trend versus the same quarter last year. Texas Instruments Posts Higher Second-Quarter Profit, Revenue as Sales Increase Neutral Sentiment: Despite the solid report, TXN weakened in after-hours trading as investors likely focused on valuation and whether the improvement is durable. Conference Call and Press Release Wall Street Analyst Weigh In TXN has been the topic of several research reports. Robert W. Baird upped their target price on Texas Instruments from $225.00 to $300.00 and gave the company an “outperform” rating in a report on Thursday, April 23rd. KeyCorp lifted their price target on Texas Instruments from $325.00 to $390.00 and gave the stock an “overweight” rating in a research note on Tuesday, July 14th. JPMorgan Chase & Co. boosted their price objective on shares of Texas Instruments from $227.00 to $280.00 and gave the stock an “overweight” rating in a research report on Thursday, April 23rd. The Goldman Sachs Group increased their price objective on shares of Texas Instruments from $175.00 to $200.00 and gave the company a “sell” rating in a research note on Thursday, April 23rd. Finally, Wolfe Research restated an “outperform” rating and set a $315.00 target price on shares of Texas Instruments in a report on Thursday, April 23rd. Thirteen investment analysts have rated the stock with a Buy rating, ten have given a Hold rating and four have given a Sell rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus price target of $290.75.
Read Our Latest Research Report on Texas Instruments
Texas Instruments Profile (Free Report)
Texas Instruments Inc (NASDAQ: TXN) is a global semiconductor company headquartered in Dallas, Texas, that designs and manufactures analog and embedded processing chips. The company’s products are used across a wide range of end markets, including industrial, automotive, personal electronics, communications and enterprise equipment. TI’s business emphasizes components that condition, convert, manage and move electrical signals—capabilities that are foundational to modern electronic systems.
TI’s product portfolio includes a broad array of analog integrated circuits—such as power management, amplifiers, data converters and interface devices—as well as embedded processors and microcontrollers used to control systems and run real-time applications.
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« PREVIOUS HEADLINEABN Amro Investment Solutions Makes New $5.94 Million Investment in TE Connectivity Ltd. $TEL
RTX ve 2. čtvrtletí zvýšila tržby o 14 % na 24,7 mld. USD a upravený EPS o 21 % na 1,89 USD. Zároveň zvedla celoroční výhled pro tržby, upravený EPS i volný cash flow.
Sales of $24.7 billion, up 14 percent versus prior year, and up 16 percent organically* GAAP EPS of $1.57, including $0.27 of acquisition accounting adjustments and $0.05 of restructuring and other net significant and/or non-recurring items Adjusted EPS* of $1.89, up 21 percent versus prior year Operating cash flow of $3.5 billion; free cash flow* of $2.9 billion Company backlog of $289 billion, including $170 billion of commercial and $119 billion of defense Reached an agreement to sell Raytheon's Blue Canyon Technologies business for $620 million Updates outlook for full year 2026
Adjusted sales* of $95.0 - $96.0 billion, up from $92.5 - $93.5 billion Organic sales growth* of 8 to 9 percent, up from 5 to 6 percent Adjusted EPS* of $7.10 - $7.25, up from $6.70 - $6.90 Free cash flow* of $8.50 - $8.75 billion, up from $8.25 - $8.75 billion "RTX delivered very strong second quarter results with 16 percent organic sales growth,* including double-digit commercial aftermarket and defense growth, margin expansion across all three segments, and $2.9 billion of free cash flow.* Demand remains robust, and our backlog is up 22 percent year over year," said RTX Chairman and CEO Chris Calio.
"Given our first half performance and current backlog, we are raising our full year outlook for adjusted sales,* adjusted EPS,* and free cash flow.* RTX is exceptionally well positioned to drive continued growth as we execute on our backlog, increase productivity, expand capacity, and introduce new technologies to our customers."
Second quarter 2026
RTX second quarter reported and adjusted sales* were $24.7 billion, up 14 percent over the prior year and 16 percent organically.* GAAP EPS of $1.57 included $0.27 of acquisition accounting adjustments and $0.05 of restructuring and other net significant and/or non-recurring items. Adjusted EPS* of $1.89 was up 21 percent versus the prior year.
The company reported net income attributable to common shareowners in the second quarter of $2.1 billion which included $0.4 billion of acquisition accounting adjustments and $0.1 billion of restructuring and other net significant and/or non-recurring items. Adjusted net income* of $2.6 billion was up 22 percent versus the prior year driven by adjusted segment operating profit growth* across all three segments. Operating cash flow in the second quarter was $3.5 billion and capital expenditures were $0.7 billion, resulting in free cash flow* of $2.9 billion.
Summary Financial Results
2nd Quarter
($ in millions, except EPS)
2026
2025
% Change
Reported
Sales
$ 24,708
$ 21,581
14 %
Net Income
$ 2,139
$ 1,657
29 %
EPS
$ 1.57
$ 1.22
29 %
Adjusted*
Sales
$ 24,708
$ 21,581
14 %
Net Income
$ 2,579
$ 2,118
22 %
EPS
$ 1.89
$ 1.56
21 %
Operating Cash Flow
$ 3,547
$ 458
674 %
Free Cash Flow*
$ 2,878
$ (72)
NM
NM = Not Meaningful
Segment Results
Collins Aerospace
2nd Quarter
($ in millions)
2026
2025
% Change
Reported
Sales
$ 8,210
$ 7,622
8 %
Operating Profit
$ 1,306
$ 1,173
11 %
ROS
15.9 %
15.4 %
50
bps
Adjusted*
Sales
$ 8,210
$ 7,622
8 %
Operating Profit
$ 1,370
$ 1,249
10 %
ROS
16.7 %
16.4 %
30
bps
Collins Aerospace second quarter 2026 reported and adjusted sales* of $8,210 million were up 8 percent versus the prior year. Excluding the impact of divestitures, sales increased 13 percent organically* driven by a 26 percent increase in commercial OE, a 10 percent increase in commercial aftermarket, and a 7 percent increase in defense. The increase in commercial OE sales was driven by higher volume on narrowbody and widebody platforms, and the increase in commercial aftermarket sales was primarily driven by growth in parts and repair and modifications and upgrades. The increase in defense sales was driven by higher volume across multiple programs.
Collins Aerospace reported operating profit of $1,306 million was up 11 percent versus the prior year. Adjusted operating profit* of $1,370 million was up 10 percent versus the prior year. The growth was driven by drop through on higher commercial and defense volume, which was partially offset by defense mix, higher SG&A expense, and the impact of divestitures completed in 2025. Reported operating profit in Q2 2026 included higher restructuring charges associated with cost transformation initiatives.
Pratt & Whitney
2nd Quarter
($ in millions)
2026
2025
% Change
Reported
Sales
$ 8,889
$ 7,631
16 %
Operating Profit
$ 738
$ 492
50 %
ROS
8.3 %
6.4 %
190
bps
Adjusted*
Sales
$ 8,889
$ 7,631
16 %
Operating Profit
$ 740
$ 608
22 %
ROS
8.3 %
8.0 %
30
bps
Pratt & Whitney second quarter reported and adjusted sales* of $8,889 million were up 16 percent versus the prior year. The sales growth was driven by a 25 percent increase in commercial aftermarket and a 23 percent increase in military, partially offset by an 8 percent decrease in commercial OE. The increase in commercial aftermarket was driven by higher volume, while the increase in military sales was driven by higher F135 volume, including the benefit of prior year contract award timing. The decrease in commercial OE sales was driven by large commercial engine mix which more than offset increased large commercial engine deliveries.
Pratt & Whitney reported operating profit of $738 million was up 50 percent versus the prior year. Q2 2025 reported profit included an approximately $100 million charge related to a customer bankruptcy. Adjusted operating profit* of $740 million was up 22 percent versus the prior year. The increase was driven by drop through on higher commercial aftermarket and military volume, as well as military mix. This growth was partially offset by increased large commercial engine deliveries, large commercial engine mix, and higher SG&A expense.
Raytheon
2nd Quarter
($ in millions)
2026
2025
% Change
Reported
Sales
$ 8,269
$ 7,001
18 %
Operating Profit
$ 1,042
$ 805
29 %
ROS
12.6 %
11.5 %
110
bps
Adjusted*
Sales
$ 8,269
$ 7,001
18 %
Operating Profit
$ 1,043
$ 809
29 %
ROS
12.6 %
11.6 %
100
bps
Raytheon second quarter reported and adjusted sales* of $8,269 million were up 18 percent versus the prior year. This increase was driven by higher volume on land and air defense systems, naval programs, and air and space defense systems, including Patriot, Standard Missile, and AMRAAM.
Raytheon reported operating profit of $1,042 million was up 29 percent versus the prior year. Adjusted operating profit* of $1,043 million was up 29 percent versus the prior year. The increase was driven by higher volume, favorable mix, including Patriot programs, and improved net productivity.
*Adjusted net sales (also referred to as adjusted sales), organic sales, adjusted operating profit (loss) and margin percentage (ROS), segment operating profit (loss) and margin percentage (ROS), adjusted segment sales, adjusted segment operating profit (loss) and margin percentage (ROS), adjusted net income, adjusted earnings per share ("EPS"), adjusted effective tax rate, and free cash flow are non-GAAP financial measures. When we provide our expectation for adjusted net sales (also referred to as adjusted sales), adjusted EPS and free cash flow on a forward-looking basis, a reconciliation of these non-GAAP financial measures to the corresponding GAAP measures (expected diluted EPS and expected cash flow from operations) is not available without unreasonable effort due to potentially high variability, complexity, and low visibility as to the items that would be excluded from the GAAP measure in the relevant future period, such as unusual gains and losses, the ultimate outcome of pending litigation, fluctuations in foreign currency exchange rates, the impact and timing of potential acquisitions and divestitures, and other structural changes or their probable significance. The variability of the excluded items may have a significant, and potentially unpredictable, impact on our future GAAP results. See "Use and Definitions of Non-GAAP Financial Measures" below for information regarding non-GAAP financial measures.
About RTX
With more than 180,000 global employees, we push the limits of technology and science to redefine how we connect and protect our world. With industry-leading capabilities, we advance aviation, engineer integrated defense systems for operational success, and develop next-generation technology solutions and manufacturing to help global customers address their most critical challenges. The company, with 2025 sales of more than $88 billion, is headquartered in Arlington, Virginia.
Conference Call on the Second Quarter 2026 Financial Results
RTX's financial results conference call will be held on Thursday, July 23, 2026 at 7:30 a.m. ET. The conference call will be webcast live on the company's website at www.rtx.com and will be available for replay following the call. The corresponding presentation slides will be available for downloading prior to the call.
Use and Definitions of Non-GAAP Financial Measures
RTX Corporation ("RTX" or "the Company") reports its financial results in accordance with accounting principles generally accepted in the United States ("GAAP"). We supplement the reporting of our financial information determined under GAAP with certain non-GAAP financial information. The non-GAAP information presented provides investors with additional useful information but should not be considered in isolation or as substitutes for the related GAAP measures. We believe that these non-GAAP measures provide investors with additional insight into the Company's ongoing business performance. Other companies may define non-GAAP measures differently, which limits the usefulness of these measures for comparisons with such other companies. We encourage investors to review our financial statements and publicly-filed reports in their entirety and not to rely on any single financial measure. A reconciliation of the non-GAAP measures to the corresponding amounts prepared in accordance with GAAP appears in the tables in this Appendix. Certain non-GAAP financial adjustments are also described in this Appendix. Below are our non-GAAP financial measures:
Non-GAAP measure
Definition
Adjusted net sales / Adjusted sales
Represents consolidated net sales (a GAAP measure), excluding net significant and/or non-recurring items1 (hereinafter referred to as "net significant and/or non-recurring items").
Organic sales
Organic sales represents the change in consolidated net sales (a GAAP measure), excluding the impact of foreign currency translation, acquisitions and divestitures completed in the preceding twelve months and net significant and/or non-recurring items.
Adjusted operating profit (loss) and margin percentage (ROS)
Adjusted operating profit (loss) represents operating profit (loss) (a GAAP measure), excluding restructuring costs, acquisition accounting adjustments2, and net significant and/or non-recurring items. Adjusted operating profit margin percentage represents adjusted operating profit (loss) as a percentage of adjusted net sales.
Segment operating profit (loss) and margin percentage (ROS)
Segment operating profit (loss) represents operating profit (loss) (a GAAP measure) excluding acquisition accounting adjustments2, the FAS/CAS operating adjustment3, Corporate expenses and other unallocated items, and Eliminations and other. Segment operating profit margin percentage represents segment operating profit (loss) as a percentage of segment sales (net sales, excluding Eliminations and other).
Adjusted segment sales
Represents consolidated net sales (a GAAP measure) excluding eliminations and other and net significant and/or non-recurring items.
Adjusted segment operating profit (loss) and margin percentage (ROS)
Adjusted segment operating profit (loss) represents segment operating profit (loss) excluding restructuring costs, and net significant and/or non-recurring items. Adjusted segment operating profit margin percentage represents adjusted segment operating profit (loss) as a percentage of adjusted segment sales (adjusted net sales excluding Eliminations and other).
Adjusted net income
Adjusted net income represents net income (a GAAP measure), excluding restructuring costs, acquisition accounting adjustments2, and net significant and/or non-recurring items.
Adjusted earnings per share (EPS)
Adjusted EPS represents diluted earnings per share (a GAAP measure), excluding restructuring costs, acquisition accounting adjustments2, and net significant and/or non-recurring items.
Adjusted effective tax rate
Adjusted effective tax rate represents the effective tax rate (a GAAP measure), excluding the tax impact of restructuring costs, acquisition accounting adjustments2, and net significant and/or non-recurring items.
Free cash flow
Free cash flow represents cash flow from operating activities (a GAAP measure) less capital expenditures. Management believes free cash flow is a useful measure of liquidity and an additional basis for assessing RTX's ability to fund its activities, including the financing of acquisitions, debt service, repurchases of RTX's common stock, and distribution of earnings to shareowners.
1 Net significant and/or non-recurring items represent significant nonoperational items and/or significant operational items that may occur at irregular intervals.
2 Acquisition accounting adjustments include the amortization of acquired intangible assets related to acquisitions, the amortization of the property, plant and equipment fair value adjustment acquired through acquisitions, the amortization of customer contractual obligations related to loss making or below market contracts acquired, and goodwill impairment, if applicable.
3 The FAS/CAS operating adjustment represents the difference between the service cost component of our pension and postretirement benefit (PRB) expense under the Financial Accounting Standards (FAS) requirements of GAAP and our pension and PRB expense under U.S. government Cost Accounting Standards (CAS) primarily related to our Raytheon segment.
When we provide our expectation for adjusted net sales (also referred to as adjusted sales), organic sales, adjusted operating profit (loss) and margin percentage (ROS), adjusted segment operating profit (loss) and margin percentage (ROS), adjusted EPS, adjusted effective tax rate, and free cash flow, on a forward-looking basis, a reconciliation of the differences between the non-GAAP expectations and the corresponding GAAP measures, as described above, generally are not available without unreasonable effort due to potentially high variability, complexity, and low visibility as to the items that would be excluded from the GAAP measure in the relevant future period, such as unusual gains and losses, the ultimate outcome of pending litigation, fluctuations in foreign currency exchange rates, the impact and timing of potential acquisitions and divestitures, and other structural changes or their probable significance. The variability of the excluded items may have a significant, and potentially unpredictable, impact on our future GAAP results.
Cautionary Statement Regarding Forward-Looking Statements This press release contains statements which, to the extent they are not statements of historical or present fact, constitute "forward-looking statements" under the securities laws. These forward-looking statements are intended to provide RTX Corporation ("RTX") management's current expectations or plans for our future operating and financial performance, based on assumptions currently believed to be valid and are not statements of historical fact. Forward-looking statements can be identified by the use of words such as "believe," "expect," "expectations," "plans," "strategy," "prospects," "estimate," "project," "target," "anticipate," "will," "should," "see," "guidance," "outlook," "goals," "objectives," "confident," "on track," "designed to," "commit," "commitment" and other words of similar meaning. Forward-looking statements may include, among other things, statements relating to future sales, earnings, cash flow, results of operations, uses of cash, share repurchases, tax payments and rates, research and development spending, cost savings, other measures of financial performance, potential future plans, strategies or transactions, credit ratings and net indebtedness, the Pratt powder metal matter and related matters and activities, including without limitation other engine models that may be impacted, targets and commitments (including for share repurchases or otherwise), and other statements which are not solely historical facts. All forward-looking statements involve risks, uncertainties, changes in circumstances and other factors that are hard to predict, and each of which may cause actual results to differ materially from those expressed or implied in the forward-looking statements. For those statements, we claim the protection of the safe harbor for forward-looking statements contained in the U.S. Private Securities Litigation Reform Act of 1995, as amended. Such risks, uncertainties and other factors include, without limitation: (1) changes in economic, capital market, and political conditions in the U.S. and globally; (2) changes in U.S. or foreign government defense spending, national priorities, and policy positions; (3) our performance on our contracts and programs, including our ability to control costs, and our dependence on U.S. government approvals for certain international contracts; (4) challenges in the development, certification, production, delivery, support, and performance of RTX's advanced technologies and new products and services and the realization of anticipated benefits; (5) challenges of operating in RTX's highly-competitive industries both domestically and abroad; (6) our reliance on U.S. and non-U.S. suppliers and commodity markets, including cost increases and disruptions in the delivery of materials and services to RTX or our suppliers; (7) changes in trade policies, implementation of sanctions, imposition of tariffs (and counter-tariffs), and other trade measures and restrictions, foreign currency fluctuations, and sales methods; (8) the economic condition of the aerospace industry; (9) the ability of RTX to attract, train, qualify, and retain qualified personnel and maintain its culture and high ethical standards, and the ability of our personnel to continue to operate our facilities and businesses around the world; (10) the scope, nature, timing, and challenges of managing and completing acquisitions, investments, divestitures, and other transactions; (11) compliance with legal, environmental, regulatory, and other requirements in the U.S. and other countries in which RTX and its businesses operate; (12) pending, threatened, and future legal proceedings, investigations, audits, and other contingencies; (13) the previously-disclosed deferred prosecution agreements entered into between the Company and the Department of Justice (DOJ), the Securities and Exchange Commission (SEC) administrative order imposed on the Company, and the related investigations by the SEC and DOJ, and the consent agreement between the Company and the Department of State; (14) RTX's ability to engage in desirable capital-raising or strategic transactions; (15) repurchases by RTX of its common stock, or declarations of cash dividends, which may be discontinued, accelerated, suspended, or delayed at any time due to various factors; (16) realizing expected benefits from, incurring costs for, and successfully managing strategic initiatives such as cost reduction, restructuring, digital transformation, and other operational initiatives; (17) additional tax exposures due to new tax legislation or other developments in the U.S. and other countries in which RTX and its businesses operate; (18) the identified rare condition in powder metal used to manufacture certain Pratt & Whitney engine parts requiring accelerated removals and inspections of a significant portion of the PW1100G-JM Geared Turbofan (GTF) fleet; (19) changes in production volumes of one or more of our significant customers as a result of business, labor, or other challenges, and the resulting effect on its or their demand for our products and services; (20) an RTX product safety failure, quality issue, or other failure affecting RTX's or its customers' or suppliers' products or systems; (21) cybersecurity, including cyber-attacks on RTX's information technology infrastructure, products, suppliers, customers and partners, and cybersecurity-related regulations; (22) insufficient indemnity or insurance coverage; (23) our intellectual property and certain third-party intellectual property; (24) threats to RTX facilities and personnel, or those of its suppliers or customers, as well as public health crises, damaging weather, acts of nature, or other similar events outside of RTX's control that may affect RTX or its suppliers or customers; (25) changes in accounting estimates for our programs on our financial results; (26) changes in pension and other postretirement plan estimates and assumptions and contributions; (27) an impairment of goodwill and other intangible assets; and (28) climate change and climate-related regulations, and any related customer and market demands, products and technologies. For additional information on identifying factors that may cause actual results to differ materially from those expressed or implied in the forward-looking statements, see the reports of RTX filed with or furnished to the Securities and Exchange Commission from time to time, including our most recent Annual Report on Form 10-K, Quarterly Reports on Form 10-Q and Current Reports on Form 8-K. Any forward-looking statement speaks only as of the date on which it is made, and RTX assumes no obligation to update or revise such statement, whether as a result of new information, future events or otherwise, except as required by applicable law.
RTX Corporation
Condensed Consolidated Statement of Operations
Quarter Ended June 30,
Six Months Ended June 30,
(Unaudited)
(Unaudited)
(dollars in millions, except per share amounts; shares in millions)
2026
2025
2026
2025
Net Sales
$ 24,708
$ 21,581
$ 46,784
$ 41,887
Costs and expenses:
Cost of sales
19,575
17,205
37,057
33,395
Research and development
726
697
1,353
1,334
Selling, general, and administrative
1,658
1,573
3,134
3,021
Total costs and expenses
21,959
19,475
41,544
37,750
Other income, net
62
40
126
44
Operating profit
2,811
2,146
5,366
4,181
Non-service pension income
(348)
(351)
(703)
(717)
Interest expense, net
417
457
807
900
Income before income taxes
2,742
2,040
5,262
3,998
Income tax expense
493
315
856
648
Net income
2,249
1,725
4,406
3,350
Less: Noncontrolling interest in subsidiaries' earnings
110
68
208
158
Net income attributable to common shareowners
$ 2,139
$ 1,657
$ 4,198
$ 3,192
Earnings Per Share attributable to common shareowners:
Basic
$ 1.58
$ 1.24
$ 3.11
$ 2.38
Diluted
$ 1.57
$ 1.22
$ 3.08
$ 2.36
Weighted Average Shares Outstanding:
Basic shares
1,350.7
1,340.6
1,349.2
1,338.8
Diluted shares
1,365.0
1,354.0
1,364.7
1,352.9
RTX Corporation
Segment Net Sales and Operating Profit (Loss)
Quarter Ended
Six Months Ended
(Unaudited)
(Unaudited)
June 30, 2026
June 30, 2025
June 30, 2026
June 30, 2025
(dollars in millions)
Reported
Adjusted
Reported
Adjusted
Reported
Adjusted
Reported
Adjusted
Net Sales
Collins Aerospace
$ 8,210
$ 8,210
$ 7,622
$ 7,622
$ 15,812
$ 15,812
$ 14,839
$ 14,839
Pratt & Whitney
8,889
8,889
7,631
7,631
17,062
17,062
14,997
14,997
Raytheon
8,269
8,269
7,001
7,001
15,214
15,214
13,341
13,341
Total segments
25,368
25,368
22,254
22,254
48,088
48,088
43,177
43,177
Eliminations and other
(660)
(660)
(673)
(673)
(1,304)
(1,304)
(1,290)
(1,290)
Consolidated
$ 24,708
$ 24,708
$ 21,581
$ 21,581
$ 46,784
$ 46,784
$ 41,887
$ 41,887
Operating Profit (Loss)
Collins Aerospace
$ 1,306
$ 1,370
$ 1,173
$ 1,249
$ 2,613
$ 2,668
$ 2,261
$ 2,476
Pratt & Whitney
738
740
492
608
1,448
1,451
1,072
1,198
Raytheon
1,042
1,043
805
809
1,883
1,888
1,483
1,487
Total segments
3,086
3,153
2,470
2,666
5,944
6,007
4,816
5,161
Eliminations and other
98
28
24
(17)
136
66
36
(5)
Corporate expenses and other unallocated items
(70)
7
(47)
(42)
(112)
(34)
(85)
(71)
FAS/CAS operating adjustment
171
171
186
186
343
343
371
371
Acquisition accounting adjustments
(474)
—
(487)
—
(945)
—
(957)
—
Consolidated
$ 2,811
$ 3,359
$ 2,146
$ 2,793
$ 5,366
$ 6,382
$ 4,181
$ 5,456
Segment Operating Profit Margin
Collins Aerospace
15.9 %
16.7 %
15.4 %
16.4 %
16.5 %
16.9 %
15.2 %
16.7 %
Pratt & Whitney
8.3 %
8.3 %
6.4 %
8.0 %
8.5 %
8.5 %
7.1 %
8.0 %
Raytheon
12.6 %
12.6 %
11.5 %
11.6 %
12.4 %
12.4 %
11.1 %
11.1 %
Total segment
12.2 %
12.4 %
11.1 %
12.0 %
12.4 %
12.5 %
11.2 %
12.0 %
RTX Corporation
Condensed Consolidated Balance Sheet
June 30, 2026
December 31, 2025
(dollars in millions)
(Unaudited)
(Unaudited)
Assets
Cash and cash equivalents
$ 8,305
$ 7,435
Accounts receivable, net
13,942
14,701
Contract assets, net
18,980
17,092
Inventory, net
14,409
13,364
Other assets, current
8,276
7,740
Total current assets
63,912
60,332
Customer financing assets
1,902
2,132
Fixed assets, net
16,965
16,868
Operating lease right-of-use assets
1,727
1,887
Goodwill
52,928
53,343
Intangible assets, net
31,043
31,845
Other assets
5,495
4,672
Total assets
$ 173,972
$ 171,079
Liabilities, Redeemable Noncontrolling Interest, and Equity
Short-term borrowings
$ 229
$ 204
Accounts payable
16,998
15,895
Accrued employee compensation
2,356
3,308
Other accrued liabilities
15,695
14,350
Contract liabilities
22,671
21,615
Long-term debt currently due
5,296
3,412
Total current liabilities
63,245
58,784
Long-term debt
31,858
34,288
Operating lease liabilities, non-current
1,473
1,602
Future pension and postretirement benefit obligations
1,956
2,067
Other long-term liabilities
7,296
7,200
Total liabilities
105,828
103,941
Redeemable noncontrolling interest
28
36
Shareowners' Equity:
Common stock
38,424
38,126
Treasury stock
(26,758)
(26,881)
Retained earnings
58,020
56,718
Accumulated other comprehensive loss
(3,309)
(2,718)
Total shareowners' equity
66,377
65,245
Noncontrolling interest
1,739
1,857
Total equity
68,116
67,102
Total liabilities, redeemable noncontrolling interest, and equity
$ 173,972
$ 171,079
RTX Corporation
Condensed Consolidated Statement of Cash Flows
Quarter Ended June 30,
Six Months Ended June 30,
(Unaudited)
(Unaudited)
(dollars in millions)
2026
2025
2026
2025
Operating Activities:
Net income
$ 2,249
$ 1,725
$ 4,406
$ 3,350
Adjustments to reconcile net income to net cash flows provided by operating activities from:
Depreciation and amortization
1,079
1,076
2,150
2,128
Deferred income tax (benefit) provision
(56)
54
(30)
121
Stock compensation cost
164
113
296
224
Net periodic pension and other postretirement income
(303)
(312)
(616)
(636)
Share-based 401(k) matching contributions
147
140
339
307
Change in:
Accounts receivable
(729)
(765)
1,094
(1,137)
Contract assets
(963)
(484)
(1,942)
(1,190)
Inventory
(330)
(384)
(1,143)
(1,197)
Other current assets
47
25
(422)
(100)
Accounts payable and accrued liabilities
2,102
(538)
947
(141)
Contract liabilities
198
(30)
292
343
Other operating activities, net
(58)
(162)
31
(309)
Net cash flows provided by operating activities
3,547
458
5,402
1,763
Investing Activities:
Capital expenditures
(669)
(530)
(1,215)
(1,043)
Increase in other intangible assets
(58)
(122)
(156)
(226)
(Payments) receipts from settlements of derivative contracts, net
(71)
192
1
145
Other investing activities, net
(146)
(49)
(182)
(63)
Net cash flows used in investing activities
(944)
(509)
(1,552)
(1,187)
Financing Activities:
Repayment of long-term debt
(24)
(780)
(524)
(789)
Change in commercial paper, net
—
1,432
—
1,432
Dividends paid
(983)
(910)
(1,898)
(1,750)
Repurchase of common stock
—
—
—
(50)
Other financing activities, net
(62)
(95)
(487)
(252)
Net cash flows used in financing activities
(1,069)
(353)
(2,909)
(1,409)
Effect of foreign exchange rate changes on cash and cash equivalents
(13)
38
(19)
54
Net increase (decrease) in cash, cash equivalents, and restricted cash
1,521
(366)
922
(779)
Cash, cash equivalents and restricted cash, beginning of period
6,871
5,193
7,470
5,606
Cash, cash equivalents and restricted cash, end of period
8,392
4,827
8,392
4,827
Less: Restricted cash, included in Other assets, current and Other assets
Segment and portfolio transformation and divestiture costs (1)
—
(37)
—
(63)
Adjusted operating profit
$ 1,370
$ 1,249
$ 2,668
$ 2,476
Adjusted operating profit margin
16.7 %
16.4 %
16.9 %
16.7 %
Pratt & Whitney
Net sales
$ 8,889
$ 7,631
$ 17,062
$ 14,997
Operating profit
$ 738
$ 492
$ 1,448
$ 1,072
Restructuring
(2)
(8)
(3)
(18)
Customer bankruptcy (1)
—
(108)
—
(108)
Adjusted operating profit
$ 740
$ 608
$ 1,451
$ 1,198
Adjusted operating profit margin
8.3 %
8.0 %
8.5 %
8.0 %
Raytheon
Net sales
$ 8,269
$ 7,001
$ 15,214
$ 13,341
Operating profit
$ 1,042
$ 805
$ 1,883
$ 1,483
Restructuring
(1)
(4)
(5)
(4)
Adjusted operating profit
$ 1,043
$ 809
$ 1,888
$ 1,487
Adjusted operating profit margin
12.6 %
11.6 %
12.4 %
11.1 %
Eliminations and Other
Net sales
$ (660)
$ (673)
$ (1,304)
$ (1,290)
Operating profit
$ 98
$ 24
$ 136
$ 36
Gain on investment (1)
70
41
70
41
Adjusted operating profit (loss)
$ 28
$ (17)
$ 66
$ (5)
Corporate expenses and other unallocated items
Operating loss
$ (70)
$ (47)
$ (112)
$ (85)
Restructuring
(8)
—
(9)
(9)
Tax audit settlements and closures (1)
—
(5)
—
(5)
Litigation matter (1)
(69)
—
(69)
—
Adjusted operating profit (loss)
$ 7
$ (42)
$ (34)
$ (71)
FAS/CAS Operating Adjustment
Operating profit
$ 171
$ 186
$ 343
$ 371
Acquisition Accounting Adjustments
Operating loss
$ (474)
$ (487)
$ (945)
$ (957)
Acquisition accounting adjustments
(474)
(487)
(945)
(957)
Adjusted operating loss
$ —
$ —
$ —
$ —
RTX Consolidated
Net sales
$ 24,708
$ 21,581
$ 46,784
$ 41,887
Operating profit
$ 2,811
$ 2,146
$ 5,366
$ 4,181
Restructuring
(75)
(51)
(72)
(183)
Acquisition accounting adjustments
(474)
(487)
(945)
(957)
Total net significant and/or non-recurring items included in Operating profit above (1)
1
(109)
1
(135)
Adjusted operating profit
$ 3,359
$ 2,793
$ 6,382
$ 5,456
(1) Refer to "Non-GAAP Financial Adjustments" below for a description of these adjustments.
RTX Corporation
Reconciliation of Adjusted (Non-GAAP) Results
Adjusted Income, Earnings Per Share, and Effective Tax Rate
Quarter Ended
June 30,
Six Months Ended
June 30,
(Unaudited)
(Unaudited)
(dollars in millions - Income (Expense))
2026
2025
2026
2025
Net income attributable to common shareowners
$ 2,139
$ 1,657
$ 4,198
$ 3,192
Total Restructuring
(75)
(51)
(72)
(183)
Total Acquisition accounting adjustments
(474)
(487)
(945)
(957)
Total net significant and/or non-recurring items included in Operating profit (1)
1
(109)
1
(135)
Significant and/or non-recurring items included in Non-service Pension Income
Non-service pension restructuring
(2)
—
(4)
—
Significant non-recurring and non-operational items included in Interest Expense, Net
Tax audit settlements and closures (1)
—
11
—
54
International tax matter (1)
—
—
—
(35)
Tax effect of restructuring and net significant and/or non-recurring items above
110
142
214
280
Significant and/or non-recurring items included in Income Tax Expense
Tax audit settlements and closures (1)
—
33
—
59
Less: Impact on net income attributable to common shareowners
(440)
(461)
(806)
(917)
Adjusted net income attributable to common shareowners
$ 2,579
$ 2,118
$ 5,004
$ 4,109
Diluted Earnings Per Share
$ 1.57
$ 1.22
$ 3.08
$ 2.36
Impact on Diluted Earnings Per Share
(0.32)
(0.34)
(0.59)
(0.68)
Adjusted Diluted Earnings Per Share
$ 1.89
$ 1.56
$ 3.67
$ 3.04
Effective Tax Rate
18.0 %
15.4 %
16.3 %
16.2 %
Impact on Effective Tax Rate
(0.3) %
(2.9) %
(0.7) %
(2.6) %
Adjusted Effective Tax Rate
18.3 %
18.3 %
17.0 %
18.8 %
(1) Refer to "Non-GAAP Financial Adjustments" below for a description of these adjustments.
RTX Corporation
Reconciliation of Adjusted (Non-GAAP) Results
Segment Operating Profit Margin and Adjusted Segment Operating Profit Margin
Quarter Ended June 30,
Six Months Ended June 30,
(Unaudited)
(Unaudited)
(dollars in millions)
2026
2025
2026
2025
Net Sales
$ 24,708
$ 21,581
$ 46,784
$ 41,887
Reconciliation to segment net sales:
Eliminations and other
660
673
1,304
1,290
Segment Net Sales
$ 25,368
$ 22,254
$ 48,088
$ 43,177
Operating Profit
$ 2,811
$ 2,146
$ 5,366
$ 4,181
Operating Profit Margin
11.4 %
9.9 %
11.5 %
10.0 %
Reconciliation to segment operating profit:
Eliminations and other
(98)
(24)
(136)
(36)
Corporate expenses and other unallocated items
70
47
112
85
FAS/CAS operating adjustment
(171)
(186)
(343)
(371)
Acquisition accounting adjustments
474
487
945
957
Segment Operating Profit
$ 3,086
$ 2,470
$ 5,944
$ 4,816
Segment Operating Profit Margin
12.2 %
11.1 %
12.4 %
11.2 %
Reconciliation to adjusted segment operating profit:
Restructuring
(67)
(51)
(63)
(174)
Net significant and/or non-recurring items (1)
—
(145)
—
(171)
Adjusted Segment Operating Profit
$ 3,153
$ 2,666
$ 6,007
$ 5,161
Adjusted Segment Operating Profit Margin
12.4 %
12.0 %
12.5 %
12.0 %
(1) Refer to "Non-GAAP Financial Adjustments" below for a description of these adjustments.
RTX Corporation
Free Cash Flow Reconciliation
Quarter Ended June 30,
(Unaudited)
(dollars in millions)
2026
2025
Net cash flows provided by operating activities
$ 3,547
$ 458
Capital expenditures
(669)
(530)
Free cash flow
$ 2,878
$ (72)
Six Months Ended June 30,
(Unaudited)
(dollars in millions)
2026
2025
Net cash flows provided by operating activities
$ 5,402
$ 1,763
Capital expenditures
(1,215)
(1,043)
Free cash flow
$ 4,187
$ 720
RTX Corporation
Reconciliation of Adjusted (Non-GAAP) Results
Organic Sales Reconciliation
Quarter ended June 30, 2026 compared to the Quarter Ended June 30, 2025
(Unaudited)
(dollars in millions)
Total Reported
Change
Acquisitions &
Divestitures
Change
FX / Other
Change (2)
Organic Change
Prior Year
Adjusted Sales (1)
Organic Change
as a % of
Adjusted Sales
Collins Aerospace
$ 588
$ (404)
$ 11
$ 981
$ 7,622
13 %
Pratt & Whitney
1,258
—
(16)
1,274
7,631
17 %
Raytheon
1,268
—
12
1,256
7,001
18 %
Eliminations and Other (3)
13
13
—
—
(673)
— %
Consolidated
$ 3,127
$ (391)
$ 7
$ 3,511
$ 21,581
16 %
(1)
For the full Non-GAAP reconciliation of adjusted sales refer to "Reconciliation of Adjusted (Non-GAAP) Results - Adjusted Sales, Adjusted Operating Profit & Operating Profit Margin."
(2)
Includes other significant non-operational items and/or significant operational items that may occur at irregular intervals.
(3)
FX/Other Change includes the transactional impact of foreign exchange hedging at Pratt & Whitney Canada, which is included in Pratt & Whitney's FX/Other Change, but excluded for Consolidated RTX.
Six Months Ended June 30, 2026 compared to the Six Months Ended June 30, 2025
(Unaudited)
(dollars in millions)
Total Reported
Change
Acquisitions &
Divestitures
Change
FX / Other
Change (2)
Organic Change
Prior Year
Adjusted Sales (1)
Organic Change
as a % of
Adjusted Sales
Collins Aerospace
$ 973
$ (787)
$ 51
$ 1,709
$ 14,839
12 %
Pratt & Whitney
2,065
—
21
2,044
14,997
14 %
Raytheon
1,873
—
29
1,844
13,341
14 %
Eliminations and Other (3)
(14)
26
(31)
(9)
(1,290)
1 %
Consolidated
$ 4,897
$ (761)
$ 70
$ 5,588
$ 41,887
13 %
(1)
For the full Non-GAAP reconciliation of adjusted sales refer to "Reconciliation of Adjusted (Non-GAAP) Results - Adjusted Sales, Adjusted Operating Profit & Operating Profit Margin."
(2)
Includes other significant non-operational items and/or significant operational items that may occur at irregular intervals.
(3)
FX/Other Change includes the transactional impact of foreign exchange hedging at Pratt & Whitney Canada, which is included in Pratt & Whitney's FX/Other Change, but excluded for Consolidated RTX.
Non-GAAP Financial Adjustments
Non-GAAP Adjustments
Description
Segment and portfolio transformation and divestiture costs
The quarter and six months ended June 30, 2025 include separation costs incurred in advance of the completion of certain divestitures.
Customer bankruptcy
The quarter and six months ended June 30, 2025 include a net pre-tax charge of approximately $0.1 billion related to a customer bankruptcy at Pratt & Whitney. The charge primarily relates to contract asset exposures with a customer. Management has determined that the nature and significance of the charge is considered unusual and, therefore, not indicative of the Company's ongoing operational performance.
Gain on investment
The quarter and six months ended June 30, 2026 and quarter and six months ended June 30, 2025, include a pre-tax gain of $70 million and $41 million, respectively, related to the increase in fair value on an investment. Management has determined that the nature of the gain on investment to be significant and non-operational, and, therefore, not indicative of the Company's ongoing operational performance.
Tax audit settlements and closures
The quarter and six months ended June 30, 2025 include a tax benefit of $59 million and a pre-tax benefit on the reversal of $54 million of interest accruals both recognized as a result of the closure of the examination phase of multiple state tax audits. In addition, in the quarter and six months ended June 30, 2025, there was a tax benefit of $33 million and a net pre-tax benefit of $6 million from the
reversal of interest accruals and the write-off of certain tax related indemnity receivables associated
with the closure of a federal tax audit.
Litigation matter
The quarter and six months ended June 30, 2026 include a pre-tax charge of $69 million related to a litigation matter. Management considers this charge non-operational and directly attributable to the litigation matter and, therefore, not indicative of the Company's ongoing operational performance.
International tax matter
During the six months ended June 30, 2025, the Company recorded the impact of an unfavorable decision related to an international tax matter for the years ended December 31, 2015 to December 31, 2019, resulting in interest expense, net of $35 million and a tax benefit of $8 million. Management has determined that the nature of this impact related to the tax matter is considered significant and non-operational, and, therefore, not indicative of the Company's ongoing operational performance.
Lockheed Martin ve 2. čtvrtletí zvýšila tržby o 11 % na 20,1 mld. USD a čistý zisk na 1,8 mld. USD. Backlog dosáhl rekordu 230,4 mld. USD a firma zvýšila celoroční výhled.
Sales increase of 11% to $20.1 billion Net earnings of $1.8 billion, or $7.94 per share Cash from operations of $3.2 billion and free cash flow of $2.9 billion Record backlog of $230 billion, inclusive of the multi-year contract to produce THAAD interceptors Updates 2026 financial outlook , /PRNewswire/ -- Lockheed Martin Corporation (NYSE: LMT) today reported second quarter 2026 sales of $20.1 billion, compared to $18.2 billion in the second quarter of 2025. Net earnings in the second quarter of 2026 were $1.8 billion, or $7.94 per share, compared to $342 million, or $1.46 per share, including $1.6 billion of program losses and $169 million of other charges, in the second quarter of 2025. Cash from operations was $3.2 billion in the second quarter of 2026, compared to $201 million in the second quarter of 2025. Free cash flow was $2.9 billion in the second quarter of 2026, compared to $(150) million in the second quarter of 2025.
"We delivered strong second‑quarter performance, with over $20 billion in sales – a year‑over‑year increase of 11% – free cash flow of $2.9 billion, and $65 billion of new orders, which takes our backlog to a record $230 billion. This continued performance reflects more than just increased customer demand – it is evidence that our 21st Century Security® strategy, and its focus on integration, partnerships and operational excellence is working, resulting in increased business, and advancing the security needs of our nation and allies. We are delivering on our strategy, achieving a higher trajectory for our business and giving us confidence to raise our full year financial guidance. We now anticipate accelerated year‑over‑year sales growth of approximately 8%, driving 28% higher segment operating profit, and increased free cash flow, now projected to be over $7 billion," said Lockheed Martin Chairman, President and CEO Jim Taiclet.
"These results are powered by consistent performance on the commitments we've made and by our investments to support the missions our customers will face next. Over the quarter, we took a major step forward in transforming munitions production, putting the framework agreements we announced earlier this year into action by signing a $35 billion multi-year contract with the Missile Defense Agency for THAAD. We continue to innovate at the speed our customers' missions demand, taking our Sanctum counter-drone system from concept to successful live fire testing in just 45 days by combining a battle manager, radar, launcher, and combat-proven missile into one engagement chain. And, we are investing strategically to strengthen global defense manufacturing capabilities through our collaboration with General Motors Defense in the U.S. and our agreement with Rheinmetall to co-produce ATACMS in Europe."
Summary Financial Results
(in millions, except per share data)
Quarters Ended
Six Months Ended
June 28,
2026
June 29,
2025
June 28,
2026
June 29,
2025
Sales
$ 20,063
$ 18,155
$ 38,084
$ 36,118
Business segment operating profit1
$ 2,162
$ 571
$ 3,985
$ 2,656
Unallocated items
FAS/CAS pension operating adjustment
422
379
843
758
Impairment and other charges
—
(66)
—
(66)
Intangible asset amortization expense
(50)
(63)
(100)
(127)
Other, net2
(55)
(73)
(186)
(101)
Total unallocated items
317
177
557
464
Consolidated operating profit
$ 2,479
$ 748
$ 4,542
$ 3,120
Net earnings
$ 1,836
$ 342
$ 3,324
$ 2,054
Diluted earnings per share
$ 7.94
$ 1.46
$ 14.38
$ 8.75
Cash from operations
$ 3,235
$ 201
$ 3,455
$ 1,610
Capital expenditures
(318)
(351)
(829)
(805)
Free cash flow1
$ 2,917
$ (150)
$ 2,626
$ 805
1
Business segment operating profit and free cash flow are non-GAAP measures. See the "Use of Non-GAAP Financial Measures" section of this news
release for more information.
2
Other, net for the quarters ended June 28, 2026 and June 29, 2025 included net gains of $36 million ($27 million, or $0.12 per share, after-tax)
and $18 million ($14 million,or $0.06 per share, after tax) due to changes in fair value of net assets and liabilities for deferred compensation plans.
Sales: Second quarter 2026 sales increased $1.9 billion, or 11%, driven by growth across all segments reflecting increased volume and munitions ramps.
Consolidated Operating Profit: Second quarter 2026 consolidated operating profit increased $1.7 billion largely driven by combined prior year reach-forward losses of $1.6 billion on a classified program at Aeronautics, and on the Canadian Maritime Helicopter Program (CMHP) and the Turkish Utility Helicopter Program (TUHP) at Rotary and Mission Systems; prior year write-off of $66 million for fixed assets; and a $43 million increase in the FAS/CAS operating adjustment.
Business Segment Operating Profit: Second quarter 2026 business segment operating profit increased $1.6 billion due to the prior year reach-forward losses described above and munition ramps at Missiles and Fire Control.
Net Earnings and Diluted EPS: Second quarter 2026 net earnings increased $1.5 billion and diluted earnings per share increased $6.48 primarily due to higher consolidated operating profit of $1.7 billion described above, partially offset by a $267 million increase in income tax expense.
Cash Flows: Second quarter 2026 cash from operations and free cash flows increased $3.0 billion primarily due to the timing of customer receipts and lower tax payments. The company's cash activities during the second quarter of 2026 included capital expenditures of $318 million and independent research and development of $558 million.
2026 Financial Outlook
The following guidance table contains forward-looking statements, which are based on the company's expectations at the time of this news release. Actual results may differ materially from those projected. It is the company's practice not to incorporate adjustments in its financial outlook for proposed acquisitions (such as the recently announced agreement to acquire Ultra Maritime), divestitures, joint ventures, changes in tax laws, or special items until such items have been consummated or enacted. Refer to the "Forward-Looking Statements" section contained in this press release and Form 10-Q for factors that may impact the company's ability to achieve guidance or meet expectations.
(in millions, except per share data)
Current Update
April 2026
Sales
~$79,750 - $81,750
$77,500 - $80,000
Business segment operating profit1
~$8,500 - $8,700
$8,425 - $8,675
Total FAS/CAS pension adjustment
~$1,365
~$1,365
Diluted earnings per share
~$29.95 - $30.65
$29.35 - $30.25
Cash from operations
~$9,200 - $9,400
$9,150 - $9,450
Capital expenditures
~$2,000 - $2,400
$2,500 - $2,800
Free cash flow1
~$7,000 - $7,200
$6,500 - $6,800
1
Business segment operating profit and free cash flow are non-GAAP measures. See the "Use of Non-GAAP Financial Measures" section of this
news release for more information.
Segment Results
(in millions)
Quarters Ended
Six Months Ended
June 28,
2026
June 29,
2025
June 28,
2026
June 29,
2025
Sales
Aeronautics
$ 8,112
$ 7,420
$ 15,065
$ 14,477
Missiles and Fire Control
4,101
3,433
7,750
6,806
Rotary and Mission Systems
4,354
3,995
8,345
8,323
Space
3,496
3,307
6,924
6,512
Total sales
$ 20,063
$ 18,155
$ 38,084
$ 36,118
Operating profit (loss)
Aeronautics
$ 760
$ (98)
$ 1,379
$ 622
Missiles and Fire Control
594
479
1,094
944
Rotary and Mission Systems
437
(172)
860
349
Space
371
362
652
741
Total business segment operating profit
2,162
571
3,985
2,656
Unallocated items
FAS/CAS operating adjustment
422
379
843
758
Impairment and other charges
—
(66)
—
(66)
Intangible asset amortization expense
(50)
(63)
(100)
(127)
Other, net
(55)
(73)
(186)
(101)
Total unallocated items
317
177
557
464
Total consolidated operating profit
$ 2,479
$ 748
$ 4,542
$ 3,120
Aeronautics
(in millions)
Quarters Ended
Six Months Ended
June 28,
2026
June 29,
2025
June 28,
2026
June 29,
2025
Sales
$ 8,112
$ 7,420
$ 15,065
$ 14,477
Operating profit (loss)
760
(98)
1,379
622
Operating margin
9.4 %
(1.3 %)
9.2 %
4.3 %
Second quarter 2026 sales increased $692 million, or 9%, compared to the second quarter of 2025. The increase was primarily due to higher sales of $475 million on the F‑35 program as a result of higher volume on production contracts, and $360 million due to the sales impact of the reach-forward loss recognized on a classified contract in 2025. These increases were partially offset by lower sales of $120 million on F-16 and C-130 programs due to lower volume on sustainment contracts.
Second quarter 2026 operating profit increased $858 million compared to the second quarter of 2025. The increase was attributable to the $950 million reach-forward loss recognized on a classified contract in 2025, and higher sales volume on F-35 production contracts. The increases were partially offset by $160 million of lower net favorable profit adjustments across the portfolio.
Missiles and Fire Control
(in millions)
Quarters Ended
Six Months Ended
June 28,
2026
June 29,
2025
June 28,
2026
June 29,
2025
Sales
$ 4,101
$ 3,433
$ 7,750
$ 6,806
Operating profit
594
479
1,094
944
Operating margin
14.5 %
14.0 %
14.1 %
13.9 %
Second quarter 2026 sales increased $668 million, or 19%, compared to the second quarter of 2025. The increase was primarily attributable to higher sales of $560 million on integrated air and missile defense programs due to production ramps (PAC-3 and THAAD), and $100 million on tactical and strike missile programs due to production ramps (Precision Strike Missile (PrSM)).
Second quarter 2026 operating profit increased $115 million, or 24%, compared to the second quarter of 2025. The increase was primarily attributable to higher sales volume previously described, and $60 million due to higher net favorable profit adjustments.
Rotary and Mission Systems
(in millions)
Quarters Ended
Six Months Ended
June 28,
2026
June 29,
2025
June 28,
2026
June 29,
2025
Sales
$ 4,354
$ 3,995
$ 8,345
$ 8,323
Operating profit (loss)
437
(172)
860
349
Operating margin
10.0 %
(4.3 %)
10.3 %
4.2 %
Second quarter 2026 sales increased $359 million, or 9%, compared to the second quarter of 2025. The increase was attributable to higher sales of $255 million on Sikorsky helicopter programs due to the sales impact of the reach-forward loss recognized on the Canadian Maritime Helicopter Program (CMHP) and the Türkish Utility Helicopter Program (TUHP) in 2025, and $115 million on Mission Integrated Command & Control (MIC2) programs due to higher volume on undersea combat systems programs and the River Class Destroyer program.
Second quarter 2026 operating profit increased $609 million compared to the second quarter of 2025. The increase was attributable to the $570 million reach-forward loss recognized on the CMHP program and the $95 million reach-forward loss recognized on the TUHP program in 2025. This increase was offset by unfavorable profit adjustments of $65 million on Heavy Lift and $50 million on Seahawk programs, partially offset by higher net favorable profit adjustments across the portfolio.
Space
(in millions)
Quarters Ended
Six Months Ended
June 28,
2026
June 29,
2025
June 28,
2026
June 29,
2025
Sales
$ 3,496
$ 3,307
$ 6,924
$ 6,512
Operating profit
371
362
652
741
Operating margin
10.6 %
10.9 %
9.4 %
11.4 %
Second quarter 2026 sales increased $189 million, or 6%, compared to the second quarter of 2025. The increase was primarily attributable to higher sales of $190 million on strategic and missile defense programs due to increased volume (Fleet Ballistic Missile (FBM) and Next Generation Interceptor (NGI)).
Second quarter 2026 operating profit was comparable to the second quarter of 2025.
Income Taxes
The company's effective income tax rates were 15.7% and 18.0% for the quarters ended June 28, 2026 and June 29, 2025. The lower effective income tax rate for the quarter ended June 28, 2026 was primarily attributable to lower interest expense on the company's uncertain tax position and the reach-forward losses recognized in 2025. The rates for all periods benefited from the tax deductions for foreign derived deduction eligible income, research and development tax credits, dividends paid to the company's defined contribution plans with an employee stock ownership plan feature and employee equity awards.
On February 18, 2026, the U.S. Department of Treasury issued Notice 2026-7 (the Notice) providing additional interim guidance regarding the application of the CAMT. As a result of the One Big Beautiful Bill Act (the Tax Act) and the Notice, the company is no longer subject to CAMT this year and expects to make reduced federal income tax payments for 2026.
Use of Non-GAAP Financial Measures
This news release contains the following non-generally accepted accounting principles (non-GAAP) financial measures (as defined by U.S. Securities and Exchange Commission (SEC) Regulation G). While management believes that these non-GAAP financial measures may be useful in evaluating the financial performance of the company, this information should be considered supplemental to, and not a substitute for, financial information prepared in accordance with GAAP. In addition, the company's definitions for non-GAAP financial measures may differ from similarly titled measures used by other companies or analysts.
Business segment operating profit
Business segment operating profit represents operating profit from the company's business segments before unallocated income and expense. This measure is used by the company's senior management in evaluating the performance of its business segments and is a performance goal in the company's annual incentive plan. Business segment operating margin is calculated by dividing business segment operating profit by sales. The table below reconciles the non-GAAP measure business segment operating profit with the most directly comparable GAAP financial measure, consolidated operating profit.
(in millions)
Current Update
April 2026
Business segment operating profit (non-GAAP)
~$8,500 - $8,700
$8,425 - $8,675
FAS/CAS operating adjustment1
~1,685
~1,685
Intangible asset amortization expense
~(200)
~(200)
Other, net
~(490)
~(475)
Consolidated operating profit (GAAP)
~$9,495 - $9,695
$9,435 - $9,685
1
Reflects the amount by which total CAS pension cost of $1.7 billion exceeds FAS pension service cost
and excludes non-service FAS pension expense. Refer to the supplemental table "Selected Financial Data"
included in this news release for a detail of the FAS/CAS operating adjustment.
Free cash flow
Free cash flow is a non-GAAP financial measure that the company defines as cash from operations less capital expenditures. The company's capital expenditures are comprised of equipment and facilities infrastructure and information technology (inclusive of costs for the development or purchase of internal-use software that are capitalized). The company uses free cash flow to evaluate its business performance and overall liquidity. While management believes that free cash flow as a non-GAAP financial measure may be useful in evaluating the company's financial performance, it should be considered supplemental to, and not a substitute for, financial information prepared in accordance with GAAP and may not be comparable to similarly titled measures used by other companies.
Webcast and Conference Call Information
Lockheed Martin Corporation will webcast live the earnings results conference call (listen-only mode) on Thursday, July 23, 2026, at 8:30 a.m. ET on the Lockheed Martin Investor Relations website at www.lockheedmartin.com/investor. The accompanying presentation slides and relevant financial charts are also available at www.lockheedmartin.com/investor.
For additional information, visit the company's website: www.lockheedmartin.com.
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 www.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 Lockheed Martin's current expectations and assumptions. The words "believe," "estimate," "anticipate," "project," "intend," "expect," "plan," "outlook," "scheduled," "forecast" and similar expressions are intended to identify forward-looking statements. These statements are not guarantees of future performance and are subject to risks and uncertainties. Actual results may differ materially due to factors such as:
the company's reliance on contracts with the U.S. Government, which are dependent on U.S. Government funding and can be terminated for convenience, and the company's ability to negotiate favorable contract terms; budget uncertainty, the risk of future budget cuts, the impact of continuing resolution funding mechanisms, the debt ceiling and government shutdowns, and changing funding and acquisition priorities; risks related to the development, production, sustainment, performance, schedule, cost and requirements of complex and technologically advanced programs, including the F-35 program; the timing of contract awards or contract definitization, decisions by government customers to impose contract terms following undefinitized contract actions, achievement of performance milestones, customer acceptance of product deliveries, and receipt of customer payments; the company's ability to recover costs under U.S. Government contracts, the mix of fixed-price and cost-reimbursable contracts and the risks inherent in preparing estimates for fixed-price contracts (particularly for complex and technologically advanced programs); customer procurement and other policies, laws, regulations and executive actions that affect the company and its industry, programs, future opportunities, and financial performance, including those relating to mission priorities, competing domestic and international spending, contracting terms (such as fixed-price requirements), acquisition process reforms, treatment of contractor performance issues, and contractor access to competitive opportunities; planned production rates and orders for significant programs, compliance with stringent performance and reliability standards, and materials availability, including government furnished equipment and rare earth minerals; performance and/or financial viability of key suppliers, teammates, joint ventures (including United Launch Alliance, for which the company has provided and expects to provide additional financial guarantees), joint venture partners, subcontractors and customers; changes in economic, capital market and political conditions in the U.S. and globally; the impact of inflation and other cost pressures; government actions that restrict or prevent the sale or delivery of the company's products (such as delays in approvals for exports requiring Congressional notification); foreign policy and international trade actions taken by governments such as tariffs, sanctions, embargoes, export and import controls, buying preferences, and other trade restrictions; the company's success expanding into and doing business in adjacent markets and internationally and the risks posed by international sales, including potential effects from fluctuations in currency exchange rates; changes in non-U.S. national priorities and government budgets and planned orders; the competitive environment for the company's products and services; the company's ability to develop and commercialize new technologies and products, including emerging digital and network technologies and capabilities; the company's ability to benefit fully from or adequately protect its intellectual property rights; the company's ability to attract and retain a highly skilled workforce and the impact of work stoppages or other labor disruptions; cyber or other security threats or other disruptions faced by the company or its suppliers; the company's ability to implement and continue, and the timing and impact of, capitalization changes such as share repurchases, dividend payments and financing transactions, including as a result of presidential executive orders; the accuracy of the company's estimates and projections; changes in pension plan assumptions and actual returns on pension assets; cash funding requirements and pension annuity contracts and associated charges; realizing the anticipated benefits of acquisitions or divestitures, investments, joint ventures, teaming arrangements or internal reorganizations, and market volatility affecting the fair value of investments that are marked to market; the satisfaction of conditions to (including regulatory approvals) and consummation of the company's announced acquisition of Ultra Maritime, if at all, the timing and terms of any financing for such acquisition and the impact thereof on its indebtedness and capital allocation, its ability to successfully integrate the Ultra Maritime business and realize synergies and other expected benefits of the transaction and the potential for disruption to its or Ultra Maritime's business, customer and supplier relationships, and retention of key personnel during the pendency of the transaction; the company's efforts to fund and increase production capabilities and the efficiency of its operations and improve the affordability of its products and services, including through digital transformation and cost reduction initiatives; the risk of an impairment of the company's assets, including the potential impairment of goodwill and intangibles; the availability and adequacy of the company's insurance and indemnities; compliance with laws, regulations, policies, and customer requirements relating to environmental matters; the impact of public health crises, natural disasters and other severe weather conditions on the company's business and financial results, including supply chain disruptions and delays, employee absences, and program delays; changes in accounting, U.S. or foreign tax, export or other laws, regulations, and policies and their interpretation or application, and changes in the amount or reevaluation of uncertain tax positions; and the outcome of legal proceedings, bid protests, environmental remediation efforts, audits, administrative reviews, government investigations or government allegations that the company has failed to comply with law, other contingencies and U.S. Government identification of deficiencies in its business systems. These are only some of the factors that may affect the forward-looking statements contained in this news release. For a discussion identifying additional important factors that could cause actual results to differ materially from those anticipated in the forward-looking statements, see the company's filings with the U.S. Securities and Exchange Commission including, but not limited to, "Management's Discussion and Analysis of Financial Condition and Results of Operations" and "Risk Factors" in the company's most recent Annual Report on Form 10-K 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.
The company's actual financial results likely will be different from those projected due to the inherent nature of projections. Given these uncertainties, forward-looking statements should not be relied on in making investment decisions. The forward-looking statements contained in this news release speak only as of the date of its issuance. Except where required by applicable law, the company expressly disclaims a duty to provide updates to forward-looking statements after the date of this news release to reflect subsequent events, changed circumstances, changes in expectations, or the estimates and assumptions associated with them. The forward-looking statements in this news release are intended to be subject to the safe harbor protection provided by the federal securities laws.
Lockheed Martin Corporation
Consolidated Statements of Earnings1
(unaudited; in millions, except per share data)
Quarters Ended
Six Months Ended
June 28,
2026
June 29,
2025
June 28,
2026
June 29,
2025
Sales
$ 20,063
$ 18,155
$ 38,084
$ 36,118
Operating costs and expenses
(17,617)
(17,421)
(33,560)
(33,061)
Gross profit
2,446
734
4,524
3,057
Other income, net
33
14
18
63
Operating profit2
2,479
748
4,542
3,120
Interest expense
(266)
(274)
(535)
(542)
Non-service FAS pension expense
(80)
(99)
(160)
(197)
Other non-operating income, net
45
42
105
72
Earnings before income taxes
2,178
417
3,952
2,453
Income tax expense
(342)
(75)
(628)
(399)
Net earnings
$ 1,836
$ 342
$ 3,324
$ 2,054
Effective tax rate
15.7 %
18.0 %
15.9 %
16.3 %
Earnings per common share
Basic
$ 7.98
$ 1.46
$ 14.45
$ 8.78
Diluted
$ 7.94
$ 1.46
$ 14.38
$ 8.75
Weighted average shares outstanding
Basic
230.2
233.5
230.1
234.0
Diluted
231.1
234.3
231.1
234.8
Common shares reported in stockholders'
equity at end of period
230
232
1
The company closes its books and records on the last Sunday of the calendar quarter to align its financial closing with its business processes, which was on June 28, for the second quarter of 2026 and June 29, for the second quarter of 2025. The consolidated financial statements and tables of financial information included herein are labeled based on that convention. This practice only affects interim periods, as the company's fiscal year ends on Dec. 31.
2
As previously described, operating profit for the quarter ended June 29, 2025 included losses of $950 million ($713 million, or $3.04 per share, after-tax) on a classified program at its Aeronautics business segment, and $570 million ($428 million, or $1.83 per share, after-tax) on CMHP and $95 million ($71 million, or $0.30 per share, after-tax) on TUHP at its RMS business segment.
Lockheed Martin Corporation
Business Segment Summary Operating Results
(unaudited; in millions)
Quarters Ended
Six Months Ended
June 28,
2026
June 29,
2025
%
Change
June 28,
2026
June 29,
2025
%
Change
Sales
Aeronautics
$ 8,112
$ 7,420
9 %
$ 15,065
$ 14,477
4 %
Missiles and Fire Control
4,101
3,433
19 %
7,750
6,806
14 %
Rotary and Mission Systems
4,354
3,995
9 %
8,345
8,323
— %
Space
3,496
3,307
6 %
6,924
6,512
6 %
Total sales
$ 20,063
$ 18,155
11 %
$ 38,084
$ 36,118
5 %
Operating profit (loss)
Aeronautics1
$ 760
$ (98)
NM*
$ 1,379
$ 622
122 %
Missiles and Fire Control
594
479
24 %
1,094
944
16 %
Rotary and Mission Systems2
437
(172)
NM*
860
349
146 %
Space
371
362
2 %
652
741
(12 %)
Total business segment operating profit
2,162
571
279 %
3,985
2,656
50 %
Unallocated items
FAS/CAS operating adjustment
422
379
843
758
Impairment and other charges
—
(66)
—
(66)
Intangible asset amortization expense
(50)
(63)
(100)
(127)
Other, net
(55)
(73)
(186)
(101)
Total unallocated items
317
177
79 %
557
464
20 %
Total consolidated operating profit
$ 2,479
$ 748
231 %
$ 4,542
$ 3,120
46 %
Operating margin
Aeronautics
9.4 %
(1.3 %)
9.2 %
4.3 %
Missiles and Fire Control
14.5 %
14.0 %
14.1 %
13.9 %
Rotary and Mission Systems
10.0 %
(4.3 %)
10.3 %
4.2 %
Space
10.6 %
10.9 %
9.4 %
11.4 %
Total business segment operating margin
10.8 %
3.1 %
10.5 %
7.4 %
Total consolidated operating margin
12.4 %
4.1 %
11.9 %
8.6 %
1
As previously described, operating profit for the quarter ended June 29, 2025 included losses of $950 million ($713 million, or $3.04 per share, after-tax) at its Aeronautics business segment.
2
As previously described, operating profit for the quarter ended June 29, 2025 included losses of $570 million ($428 million, or $1.83 per share, after-tax) on CMHP and $95 million ($71 million, or $0.30 per share, after-tax) on TUHP at its RMS business segment.
*
NM - not meaningful
Lockheed Martin Corporation
Consolidated Balance Sheets
(in millions, except par value)
June 28,
2026
Dec. 31,
2025
(unaudited)
Assets
Current assets
Cash and cash equivalents
$ 3,791
$ 4,121
Receivables, net
3,356
3,901
Contract assets
16,038
13,001
Inventories
4,411
3,524
Other current assets
805
815
Total current assets
28,401
25,362
Property, plant and equipment, net
11,390
11,292
Goodwill
11,298
11,314
Intangible assets, net
1,787
1,887
Deferred income taxes
2,414
2,975
Other noncurrent assets
7,160
7,010
Total assets
$ 62,450
$ 59,840
Liabilities and equity
Current liabilities
Accounts payable
$ 4,915
$ 3,630
Salaries, benefits and payroll taxes
3,003
3,184
Contract liabilities
12,151
11,440
Current maturities of long-term debt
—
1,168
Other current liabilities
3,740
3,913
Total current liabilities
23,809
23,335
Long-term debt, net
20,538
20,532
Accrued pension liabilities
3,931
3,915
Other noncurrent liabilities
5,404
5,337
Total liabilities
53,682
53,119
Stockholders' equity
Common stock, $1 par value per share
230
229
Additional paid-in capital
247
—
Retained earnings
15,759
14,034
Accumulated other comprehensive loss
(7,468)
(7,542)
Total stockholders' equity
8,768
6,721
Total liabilities and equity
$ 62,450
$ 59,840
Lockheed Martin Corporation
Consolidated Statements of Cash Flows
(unaudited; in millions)
Six Months Ended
June 28,
2026
June 29,
2025
Operating activities
Net earnings
$ 3,324
$ 2,054
Adjustments to reconcile net earnings to net cash provided by operating activities
Depreciation and amortization
798
796
Stock-based compensation
180
141
Deferred income taxes
538
(561)
Impairment and other charges
—
66
Reach-forward losses on select programs
—
1,615
Qualified defined benefit pension plans
184
223
Changes in assets and liabilities
Receivables, net
545
(955)
Contract assets
(3,037)
(2,178)
Inventories
(887)
(461)
Accounts payable
1,409
1,500
Contract liabilities
711
(360)
Income taxes
43
251
Other, net
(353)
(521)
Net cash provided by operating activities
3,455
1,610
Investing activities
Capital expenditures
(829)
(805)
Other, net
(61)
(340)
Net cash used for investing activities
(890)
(1,145)
Financing activities
Repayments of long-term debt
(1,168)
(142)
Proceeds from commercial paper, net
—
1,449
Repurchases of common stock
—
(1,250)
Dividends paid
(1,612)
(1,567)
Other, net
(115)
(145)
Net cash used for financing activities
(2,895)
(1,655)
Net change in cash and cash equivalents
(330)
(1,190)
Cash and cash equivalents at beginning of period
4,121
2,483
Cash and cash equivalents at end of period
$ 3,791
$ 1,293
Lockheed Martin Corporation
Selected Financial Data
(unaudited; in millions)
2026
Outlook
2025
Actual
Total FAS pension expense and CAS cost
FAS pension expense
$ (370)
$ (924)
Less: CAS pension cost
1,735
1,568
Total FAS/CAS pension adjustment
$ 1,365
$ 644
Less: pension settlement charge
—
479
Total FAS/CAS pension adjustment - adjusted1
$ 1,365
$ 1,123
Service and non-service cost reconciliation
FAS pension service cost
$ (50)
$ (50)
Less: CAS pension cost
1,735
1,568
FAS/CAS pension operating adjustment
1,685
1,518
Non-service FAS pension expense
(320)
(874)
Total FAS/CAS pension adjustment
$ 1,365
$ 644
Less: pension settlement charge
—
479
Total FAS/CAS pension adjustment - adjusted1
$ 1,365
$ 1,123
1
The cost components in the table above relate only to the company's qualified defined benefit pension plans. The company recognized a
noncash, non-operating pretax settlement charge of $479 million in the fourth quarter of 2025.
Lockheed Martin Corporation
Other Financial and Operating Information
(unaudited; in millions, except for aircraft deliveries and weeks)
Backlog
June 28,
2026
Dec. 31,
2025
Aeronautics
$ 54,356
$ 59,435
Missiles and Fire Control
87,882
46,650
Rotary and Mission Systems
48,454
47,715
Space
39,724
39,822
Total backlog
$ 230,416
$ 193,622
Quarters Ended
Six Months Ended
Aircraft Deliveries
June 28,
2026
June 29,
2025
June 28,
2026
June 29,
2025
F-35
19
50
51
97
F-16
2
3
2
7
C-130J
7
1
8
2
Government helicopter programs
16
24
35
33
Commercial helicopter programs
—
—
—
1
Number of Weeks in Reporting Period1
2026
2025
First quarter
12
13
Second quarter
13
13
Third quarter
13
13
Fourth quarter
14
13
1
Calendar quarters are typically comprised of 13 weeks. However, the company closes its books and records on the last Sunday of each month, except for the month of Dec., as its fiscal year ends on Dec. 31. As a result, the number of weeks in a reporting quarter may vary slightly during the year and for comparable prior year periods.
Cantillon Capital Management v 1. čtvrtletí snížil podíl v Broadcomu o 11,9 % na 4 056 002 akcií. Broadcom zůstává jeho největší pozicí a tvoří asi 8,3 % portfolia.
Cantillon Capital Management LLC trimmed its holdings in Broadcom Inc. (NASDAQ:AVGO – Free Report) by 11.9% in the first quarter, according to its most recent disclosure with the SEC. The fund owned 4,056,002 shares of the semiconductor manufacturer’s stock after selling 548,299 shares during the period. Broadcom accounts for approximately 8.3% of Cantillon Capital Management LLC’s portfolio, making the stock its largest position. Cantillon Capital Management LLC owned about 0.09% of Broadcom worth $1,255,373,000 as of its most recent SEC filing.
Other hedge funds have also made changes to their positions in the company. Resolute Wealth Strategies LLC grew its holdings in shares of Broadcom by 30.6% during the first quarter. Resolute Wealth Strategies LLC now owns 1,937 shares of the semiconductor manufacturer’s stock worth $600,000 after buying an additional 454 shares during the last quarter. Boston Common Asset Management LLC grew its stake in shares of Broadcom by 1.3% in the 1st quarter. Boston Common Asset Management LLC now owns 123,544 shares of the semiconductor manufacturer’s stock valued at $38,238,000 after purchasing an additional 1,600 shares during the last quarter. Planning Alternatives Ltd. ADV grew its stake in shares of Broadcom by 43.0% in the 1st quarter. Planning Alternatives Ltd. ADV now owns 4,486 shares of the semiconductor manufacturer’s stock valued at $1,388,000 after purchasing an additional 1,349 shares during the last quarter. Broderick Brian C increased its holdings in shares of Broadcom by 390.2% in the first quarter. Broderick Brian C now owns 11,083 shares of the semiconductor manufacturer’s stock valued at $3,430,000 after purchasing an additional 8,822 shares during the period. Finally, Decker Wealth Management LLC purchased a new stake in shares of Broadcom during the first quarter worth approximately $8,985,000. Institutional investors and hedge funds own 76.43% of the company’s stock.
Broadcom Stock Up 2.7% Shares of NASDAQ AVGO opened at $396.81 on Thursday. The stock has a market capitalization of $1.89 trillion, a price-to-earnings ratio of 66.14, a price-to-earnings-growth ratio of 0.74 and a beta of 1.45. Broadcom Inc. has a 52 week low of $273.00 and a 52 week high of $495.00. The firm has a 50-day moving average price of $399.23 and a 200 day moving average price of $366.26. The company has a quick ratio of 2.01, a current ratio of 2.24 and a debt-to-equity ratio of 0.71.
Broadcom (NASDAQ:AVGO – Get Free Report) last issued its earnings results on Wednesday, June 3rd. The semiconductor manufacturer reported $2.44 earnings per share for the quarter, topping the consensus estimate of $2.40 by $0.04. Broadcom had a net margin of 38.85% and a return on equity of 41.61%. The company had revenue of $22.19 billion for the quarter, compared to analyst estimates of $22.13 billion. During the same period in the prior year, the business posted $1.58 earnings per share. The firm’s revenue for the quarter was up 47.9% compared to the same quarter last year. Equities research analysts anticipate that Broadcom Inc. will post 10.24 EPS for the current fiscal year.
Broadcom Dividend Announcement The company also recently disclosed a quarterly dividend, which was paid on Tuesday, June 30th. Investors of record on Monday, June 22nd were paid a $0.65 dividend. This represents a $2.60 annualized dividend and a yield of 0.7%. The ex-dividend date of this dividend was Monday, June 22nd. Broadcom’s dividend payout ratio (DPR) is presently 43.33%.
Analyst Ratings Changes Several brokerages have issued reports on AVGO. Cantor Fitzgerald reissued an “overweight” rating and issued a $525.00 price objective on shares of Broadcom in a research note on Thursday, June 4th. Citigroup reiterated a “buy” rating on shares of Broadcom in a research note on Thursday, June 4th. Wells Fargo & Company reissued an “overweight” rating and set a $545.00 price target (up from $430.00) on shares of Broadcom in a report on Thursday, May 14th. Erste Group Bank restated a “hold” rating on shares of Broadcom in a research report on Tuesday, July 7th. Finally, Weiss Ratings raised Broadcom from a “buy (b-)” rating to a “buy (b)” rating in a report on Wednesday, July 15th. One analyst has rated the stock with a Strong Buy rating, twenty-eight have given a Buy rating and four have issued a Hold rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $493.24.
Read Our Latest Research Report on AVGO
Broadcom News Summary Here are the key news stories impacting Broadcom this week:
Positive Sentiment: Broadcom is seen as a beneficiary of a new cloud deal, which could support future growth and reinforce its position in AI and cloud infrastructure. Broadcom stands to gain from new cloud deal Positive Sentiment: Analysts and bullish commentators continue to highlight Broadcom’s AI exposure, dividend income, and its VCF software business as a growing earnings driver, suggesting more upside if enterprise demand stays strong. VCF is Becoming Broadcom’s Growth Engine: More Upside Ahead? Positive Sentiment: Broader chip-sector momentum and renewed interest in AI-linked semiconductor names are helping lift Broadcom alongside peers, with UBS saying the recent selloff may be nearing exhaustion. UBS sees Broadcom, Sandisk, Oracle stocks rebounding: here’s why Positive Sentiment: Several market pieces also argue Broadcom remains attractive at record highs because of strong cash generation and long-term execution under CEO Hock Tan. Cash is Always King Which is Why I Will Not Stop Adding Broadcom Neutral Sentiment: Some coverage simply notes Broadcom’s continued strength relative to the broader market, while other articles focus on the company as a core AI and dividend holding rather than on a fresh catalyst. These Stocks Offer AI Exposure and Dividend Payouts Negative Sentiment: Insider selling has added a cautious tone, with reports describing mixed insider signals across tech and noting Broadcom sales after a volatile stretch for the stock. Insider Moves Are Sending Mixed Signals Across the Tech Sector (AVGO) Negative Sentiment: Broadcom also faced some sentiment pressure after a patent-related ITC investigation was reported, which could create headline risk even if the direct business impact is still unclear. Is Broadcom (AVGO) Still Undervalued As Netlist Patent Claims Test Sentiment? Insider Transactions at Broadcom In other news, insider Mark David Brazeal sold 25,000 shares of the firm’s stock in a transaction on Friday, July 10th. The stock was sold at an average price of $401.33, for a total value of $10,033,250.00. Following the completion of the transaction, the insider owned 194,989 shares in the company, valued at $78,254,935.37. This trade represents a 11.36% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, Director Justine Page sold 1,602 shares of Broadcom stock in a transaction on Monday, June 29th. The stock was sold at an average price of $373.86, for a total value of $598,923.72. Following the transaction, the director directly owned 17,426 shares of the company’s stock, valued at $6,514,884.36. This trade represents a 8.42% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. In the last ninety days, insiders sold 61,644 shares of company stock valued at $24,016,214. Company insiders own 1.90% of the company’s stock.
About Broadcom (Free Report)
Broadcom Inc (NASDAQ: AVGO) is a global technology company that designs, develops and supplies semiconductor and infrastructure software solutions for a broad range of markets. The company’s semiconductor business provides components and systems for wired and wireless communications, enterprise and cloud storage, networking and broadband access, serving original equipment manufacturers, cloud service providers, telecommunications carriers and industrial customers worldwide. Broadcom is headquartered in Irvine, California, and operates globally with research, development and sales organizations across North America, Europe and Asia.
On the semiconductor side, Broadcom’s portfolio includes system-on-chip (SoC) and application-specific integrated circuit (ASIC) solutions, radio-frequency and connectivity components, Ethernet switching and PHY devices, storage adapters and controllers, optical transceivers and other networking silicon.
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Alamar Capital Management LLC purchased a new position in shares of Palo Alto Networks, Inc. (NASDAQ:PANW – Free Report) during the first quarter, according to its most recent 13F filing with the SEC. The institutional investor purchased 12,209 shares of the network technology company’s stock, valued at approximately $1,957,000. Palo Alto Networks comprises approximately 1.2% of Alamar Capital Management LLC’s portfolio, making the stock its 28th largest position.
A number of other hedge funds and other institutional investors have also recently bought and sold shares of PANW. Janney Montgomery Scott LLC raised its position in shares of Palo Alto Networks by 15.0% during the first quarter. Janney Montgomery Scott LLC now owns 410,401 shares of the network technology company’s stock worth $65,796,000 after purchasing an additional 53,485 shares during the period. Aviva PLC lifted its holdings in shares of Palo Alto Networks by 5.4% during the 4th quarter. Aviva PLC now owns 568,804 shares of the network technology company’s stock valued at $104,774,000 after purchasing an additional 29,230 shares in the last quarter. Granite Islands Private Wealth LLC grew its position in shares of Palo Alto Networks by 43.6% in the 1st quarter. Granite Islands Private Wealth LLC now owns 15,342 shares of the network technology company’s stock valued at $2,453,000 after purchasing an additional 4,659 shares during the period. Peapack Gladstone Financial Corp grew its position in shares of Palo Alto Networks by 8.8% in the 4th quarter. Peapack Gladstone Financial Corp now owns 48,458 shares of the network technology company’s stock valued at $8,926,000 after purchasing an additional 3,926 shares during the period. Finally, Oak Thistle LLC bought a new stake in Palo Alto Networks during the 4th quarter worth approximately $1,554,000. 79.82% of the stock is owned by institutional investors and hedge funds.
Palo Alto Networks Price Performance NASDAQ:PANW opened at $335.28 on Thursday. The company has a debt-to-equity ratio of 0.04, a quick ratio of 0.86 and a current ratio of 0.86. The stock’s 50-day simple moving average is $297.43 and its 200 day simple moving average is $215.80. The company has a market cap of $273.25 billion, a P/E ratio of 274.82, a P/E/G ratio of 12.70 and a beta of 0.91. Palo Alto Networks, Inc. has a 52-week low of $139.57 and a 52-week high of $368.80.
Palo Alto Networks (NASDAQ:PANW – Get Free Report) last issued its quarterly earnings results on Tuesday, June 2nd. The network technology company reported $0.85 EPS for the quarter, beating the consensus estimate of $0.79 by $0.06. The firm had revenue of $3 billion during the quarter, compared to analysts’ expectations of $2.94 billion. Palo Alto Networks had a return on equity of 10.53% and a net margin of 7.95%.The business’s quarterly revenue was up 31.1% compared to the same quarter last year. During the same period in the prior year, the firm posted $0.37 earnings per share. Palo Alto Networks has set its FY 2026 guidance at 3.770-3.790 EPS and its Q4 2026 guidance at 0.960-0.980 EPS. As a group, sell-side analysts forecast that Palo Alto Networks, Inc. will post 2.03 EPS for the current fiscal year.
Key Palo Alto Networks News Here are the key news stories impacting Palo Alto Networks this week:
Positive Sentiment: Analysts and commentators continue to highlight Palo Alto Networks as a key beneficiary of rising AI-driven cybersecurity spending, with Morgan Stanley saying sentiment on software stocks may be too negative and Barron’s arguing PANW could be a major winner in the new AI era. Article: Morgan Stanley Analysts Say Sentiment Has Gotten ‘Too Negative’ on Software Stocks. These Are Their Picks Positive Sentiment: Market watchers are also pointing to broader enterprise demand for cybersecurity as AI agents proliferate, which could support future security product spending and reinforce PANW’s growth narrative. Article: Citi Wealth CIO Warns “Infinite AI Agents” Will Accelerate Cybersecurity’s Share of Enterprise Spending Positive Sentiment: Palo Alto Networks announced it will acquire Embrace to extend its observability platform with Real User Monitoring and Synthetics, a move aimed at improving digital experience monitoring and AI-driven operations. Investors may see this as an expansion into a higher-value adjacent market. Article: Palo Alto Networks to Extend Leading Observability Platform with Innovative Digital Experience Monitoring Neutral Sentiment: Another brief note flagged PANW as a cybersecurity stock to follow, but did not add any new catalyst beyond the broader sector interest. Article: Cybersecurity Stocks To Follow Now – July 20th Negative Sentiment: Despite the upbeat long-term themes, one article noted PANW had slipped intraday, suggesting some investors are still taking profits or reacting to overall software sector weakness. Article: Palo Alto slips 3%: Why this analyst still sees it as a top cyber pick Insiders Place Their Bets In other Palo Alto Networks news, Director Helle Thorning-Schmidt sold 700 shares of the company’s stock in a transaction on Tuesday, July 7th. The shares were sold at an average price of $346.85, for a total value of $242,795.00. Following the transaction, the director directly owned 5,898 shares in the company, valued at $2,045,721.30. The trade was a 10.61% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, CAO Josh D. Paul sold 900 shares of the stock in a transaction dated Wednesday, July 1st. The shares were sold at an average price of $345.00, for a total transaction of $310,500.00. Following the completion of the transaction, the chief accounting officer directly owned 79,644 shares in the company, valued at $27,477,180. The trade was a 1.12% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders have sold 101,239 shares of company stock worth $27,174,360 in the last quarter. Company insiders own 1.40% of the company’s stock.
Analyst Upgrades and Downgrades Several analysts have commented on PANW shares. Deutsche Bank Aktiengesellschaft raised their target price on shares of Palo Alto Networks from $220.00 to $350.00 and gave the stock a “buy” rating in a report on Wednesday, June 3rd. Truist Financial upped their target price on shares of Palo Alto Networks from $275.00 to $375.00 and gave the stock a “buy” rating in a research note on Wednesday, June 3rd. Wolfe Research reissued an “outperform” rating and issued a $320.00 price target on shares of Palo Alto Networks in a research note on Wednesday, June 3rd. Capital One Financial set a $421.00 price objective on Palo Alto Networks and gave the stock an “overweight” rating in a research report on Thursday, July 16th. Finally, BNP Paribas Exane increased their price objective on Palo Alto Networks from $330.00 to $380.00 and gave the stock an “outperform” rating in a report on Wednesday, July 1st. One research analyst has rated the stock with a Strong Buy rating, forty have given a Buy rating, seven have issued a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average target price of $331.48.
Read Our Latest Research Report on PANW
Palo Alto Networks Profile (Free Report)
Palo Alto Networks (NASDAQ: PANW) is a cybersecurity company founded in 2005 and headquartered in Santa Clara, California. The firm develops a broad suite of security products and services designed to prevent successful cyberattacks and protect enterprise networks, clouds, and endpoints. Built around a platform strategy, its offerings target threat prevention, detection, response and governance across hybrid and multi-cloud environments.
The company’s product portfolio includes next‑generation firewalls as a core on‑premises capability, alongside cloud‑delivered security services and software for securing public and private clouds.
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Roblox (NYSE:RBLX – Get Free Report) will likely be posting its Q2 2026 results after the market closes on Thursday, July 30th. Analysts expect Roblox to announce earnings of ($0.3443) per share and revenue of $1.6007 billion for the quarter. Investors can find conference call details on the company’s upcoming Q2 2026 earning overview page for the latest details on the call scheduled for Thursday, July 30, 2026 at 4:30 PM ET.
Roblox (NYSE:RBLX – Get Free Report) last posted its quarterly earnings results on Thursday, April 30th. The company reported ($0.35) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.41) by $0.06. The business had revenue of $1.44 billion for the quarter, compared to the consensus estimate of $1.74 billion. Roblox had a negative return on equity of 277.69% and a negative net margin of 20.69%.The business’s revenue was up 43.4% compared to the same quarter last year. During the same quarter in the prior year, the company earned ($0.32) EPS. On average, analysts expect Roblox to post $-1 EPS for the current fiscal year and $-1 EPS for the next fiscal year.
Roblox Stock Performance RBLX stock opened at $49.76 on Thursday. Roblox has a 1-year low of $40.15 and a 1-year high of $150.59. The business has a 50-day moving average price of $49.09 and a 200 day moving average price of $58.28. The company has a market capitalization of $33.42 billion, a P/E ratio of -31.49 and a beta of 1.41. The company has a debt-to-equity ratio of 2.45, a current ratio of 0.89 and a quick ratio of 0.89.
Roblox declared that its board has approved a share repurchase plan on Tuesday, May 19th that allows the company to buyback $3.00 billion in outstanding shares. This buyback authorization allows the company to buy up to 9.5% of its shares through open market purchases. Shares buyback plans are often a sign that the company’s board believes its stock is undervalued.
Analysts Set New Price Targets Several research firms have recently commented on RBLX. HSBC lowered shares of Roblox from a “buy” rating to a “hold” rating and set a $46.00 price target for the company. in a report on Friday, May 1st. Arete Research set a $95.00 price objective on shares of Roblox and gave the company a “buy” rating in a report on Monday, June 29th. Canaccord Genuity Group reduced their price objective on shares of Roblox from $140.00 to $80.00 and set a “buy” rating for the company in a research note on Friday, May 1st. Cantor Fitzgerald started coverage on Roblox in a report on Monday, June 29th. They set an “overweight” rating for the company. Finally, TD Cowen raised Roblox from a “sell” rating to a “hold” rating and dropped their target price for the company from $54.00 to $49.00 in a research report on Friday, May 1st. One equities research analyst has rated the stock with a Strong Buy rating, seventeen have given a Buy rating, eleven have issued a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus price target of $85.85.
View Our Latest Stock Report on Roblox
More Roblox News Here are the key news stories impacting Roblox this week:
Positive Sentiment: Roblox unveiled Build, a mobile-first creation tab with AI tools that can turn text prompts into playable game prototypes inside the app. Investors may see this as a meaningful product upgrade that could deepen engagement, broaden creator participation, and strengthen Roblox’s user-generated content ecosystem. Roblox (RBLX) Unveiled Build, Is The Stock Fully Priced? Positive Sentiment: Analysts and commentators are highlighting AI as a possible long-term catalyst, arguing that Build could make Roblox’s flywheel more powerful by making creation easier and more accessible on mobile. Roblox: AI Could Turn A Great Flywheel Into A Dominant One Neutral Sentiment: Several firms issued reminders about the August 7 deadline in the ongoing securities class action, with the alleged class period expanded for some claims. These notices increase legal overhang and can keep the stock in focus, but they are largely procedural updates rather than new operational developments. RBLX INVESTOR ALERT: Roblox Corporation (RBLX) Investors with Substantial Losses Have Opportunity to Lead the Roblox Class Action Lawsuit- August 7, 2026 Deadline Negative Sentiment: Rising litigation headlines, including expanded class periods and repeated lead-plaintiff reminders, add uncertainty around Roblox’s prior disclosures about platform safety and the impact of its age-verification rollout. That legal overhang may be weighing on sentiment toward Roblox Corporation (NYSE: RBLX). ROBLOX CORPORATION INVESTORS WITH LOSSES HAVE UNTIL AUGUST 7, 2026 TO JOIN SECURITIES CLASS ACTION – Bernstein Liebhard LLP Announces Deadline Insiders Place Their Bets In other news, insider Matthew D. Kaufman sold 14,356 shares of the stock in a transaction on Wednesday, May 20th. The stock was sold at an average price of $45.27, for a total transaction of $649,896.12. Following the completion of the sale, the insider owned 349,964 shares in the company, valued at approximately $15,842,870.28. This represents a 3.94% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, CFO Naveen K. Chopra sold 16,863 shares of the firm’s stock in a transaction on Wednesday, May 20th. The stock was sold at an average price of $45.28, for a total value of $763,556.64. Following the completion of the sale, the chief financial officer directly owned 380,758 shares of the company’s stock, valued at $17,240,722.24. The trade was a 4.24% decrease in their position. The SEC filing for this sale provides additional information. The sale was made to cover tax withholding obligations related to the vesting of equity awards. In the last ninety days, insiders sold 161,983 shares of company stock valued at $7,580,990. 10.05% of the stock is currently owned by company insiders.
Hedge Funds Weigh In On Roblox Several hedge funds have recently modified their holdings of the stock. Corient Private Wealth LLC raised its stake in Roblox by 414.9% in the 4th quarter. Corient Private Wealth LLC now owns 101,171 shares of the company’s stock worth $8,198,000 after acquiring an additional 81,521 shares during the last quarter. Alberta Investment Management Corp lifted its position in Roblox by 24.6% during the 4th quarter. Alberta Investment Management Corp now owns 51,700 shares of the company’s stock worth $4,189,000 after acquiring an additional 10,200 shares during the period. Alpine Woods Capital Investors LLC purchased a new stake in Roblox during the 4th quarter valued at about $371,000. Vident Advisory LLC increased its holdings in shares of Roblox by 32.0% in the fourth quarter. Vident Advisory LLC now owns 34,924 shares of the company’s stock valued at $2,830,000 after purchasing an additional 8,460 shares during the period. Finally, FAS Wealth Partners Inc. purchased a new position in Roblox during the 4th quarter worth approximately $201,000. Institutional investors and hedge funds own 94.46% of the company’s stock.
About Roblox (Get Free Report)
Roblox Corporation operates Roblox, a user-generated online platform that enables people to create, share and monetize immersive 3D experiences and games. The core offering centers on Roblox Studio, a development environment that allows independent creators and studios to design interactive worlds using the company’s building tools and scripting language. Content on the platform spans games, virtual hangouts, branded experiences and live events, all delivered through a persistent social environment.
Roblox’s business model is built around its virtual economy and creator ecosystem.
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Dimensional Fund Advisors LP v 1. čtvrtletí zvýšil svůj podíl v PPG Industries o 2,0 % na 2 925 343 akcií. Fond tak držel 1,31 % společnosti v hodnotě 312 613 000 USD.
Dimensional Fund Advisors LP lifted its holdings in shares of PPG Industries, Inc. (NYSE:PPG – Free Report) by 2.0% in the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 2,925,343 shares of the specialty chemicals company’s stock after acquiring an additional 58,411 shares during the quarter. Dimensional Fund Advisors LP owned 1.31% of PPG Industries worth $312,613,000 at the end of the most recent quarter.
Other hedge funds have also bought and sold shares of the company. Dorato Capital Management bought a new position in PPG Industries during the fourth quarter valued at about $26,000. Resources Management Corp CT ADV boosted its stake in PPG Industries by 900.0% in the fourth quarter. Resources Management Corp CT ADV now owns 250 shares of the specialty chemicals company’s stock valued at $26,000 after acquiring an additional 225 shares during the last quarter. Quarry LP bought a new position in shares of PPG Industries during the 3rd quarter valued at approximately $26,000. Aster Capital Management DIFC Ltd purchased a new stake in shares of PPG Industries during the 4th quarter worth approximately $30,000. Finally, DV Equities LLC bought a new stake in shares of PPG Industries in the 4th quarter worth approximately $32,000. 81.86% of the stock is currently owned by institutional investors.
Analysts Set New Price Targets Several equities analysts recently commented on PPG shares. Citigroup upped their price objective on PPG Industries from $114.00 to $125.00 and gave the company a “neutral” rating in a research note on Wednesday, June 24th. Weiss Ratings raised PPG Industries from a “hold (c-)” rating to a “hold (c)” rating in a research report on Wednesday, June 17th. Mizuho increased their price target on PPG Industries from $125.00 to $135.00 and gave the stock an “outperform” rating in a research note on Wednesday, July 1st. Wells Fargo & Company decreased their price objective on PPG Industries from $135.00 to $130.00 and set an “overweight” rating for the company in a report on Friday, April 10th. Finally, Deutsche Bank Aktiengesellschaft boosted their price objective on PPG Industries from $120.00 to $130.00 in a research note on Friday, March 27th. Seven analysts have rated the stock with a Buy rating and ten have issued a Hold rating to the company’s stock. Based on data from MarketBeat, PPG Industries currently has an average rating of “Hold” and a consensus price target of $126.13.
Read Our Latest Research Report on PPG
PPG Industries Stock Performance NYSE:PPG opened at $117.40 on Thursday. The company has a debt-to-equity ratio of 0.78, a quick ratio of 1.17 and a current ratio of 1.61. PPG Industries, Inc. has a 52-week low of $93.39 and a 52-week high of $133.43. The firm has a market cap of $26.17 billion, a price-to-earnings ratio of 16.75, a PEG ratio of 1.67 and a beta of 1.05. The business’s fifty day moving average is $115.36 and its 200 day moving average is $113.21.
PPG Industries (NYSE:PPG – Get Free Report) last announced its quarterly earnings results on Tuesday, April 28th. The specialty chemicals company reported $1.83 earnings per share for the quarter, beating the consensus estimate of $1.78 by $0.05. PPG Industries had a return on equity of 21.68% and a net margin of 9.83%.The firm had revenue of $3.93 billion for the quarter, compared to analysts’ expectations of $3.85 billion. During the same period in the prior year, the business posted $1.72 earnings per share. The company’s revenue was up 6.7% on a year-over-year basis. PPG Industries has set its FY 2026 guidance at 7.700-8.100 EPS. Research analysts predict that PPG Industries, Inc. will post 7.94 EPS for the current year.
PPG Industries Increases Dividend The company also recently declared a quarterly dividend, which will be paid on Friday, September 11th. Shareholders of record on Monday, August 10th will be issued a $0.74 dividend. This represents a $2.96 annualized dividend and a yield of 2.5%. The ex-dividend date of this dividend is Monday, August 10th. This is a positive change from PPG Industries’s previous quarterly dividend of $0.71. PPG Industries’s payout ratio is 40.51%.
PPG Industries Profile (Free Report)
PPG Industries is a global supplier of paints, coatings and specialty materials that serves industrial, transportation, consumer and construction markets. Founded in 1883 as the Pittsburgh Plate Glass Company, PPG has evolved from its origins in glass manufacturing into a diversified coatings and materials company headquartered in Pittsburgh, Pennsylvania. The company develops and manufactures a broad array of products used to protect and enhance surfaces, from consumer paints to highly engineered coatings for demanding industrial applications.
PPG’s product portfolio includes architectural and decorative paints, automotive original equipment and refinish coatings, industrial coatings for machinery and equipment, protective and marine coatings, aerospace and defense coatings, and packaging coatings and materials.
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AR Asset Management Inc. grew its holdings in shares of Chubb Limited (NYSE:CB – Free Report) by 16.0% in the 1st quarter, according to its most recent disclosure with the SEC. The fund owned 17,285 shares of the financial services provider’s stock after purchasing an additional 2,379 shares during the period. Chubb makes up approximately 1.1% of AR Asset Management Inc.’s holdings, making the stock its 27th largest position. AR Asset Management Inc.’s holdings in Chubb were worth $5,634,000 as of its most recent SEC filing.
A number of other hedge funds have also recently made changes to their positions in CB. Spire Wealth Management boosted its stake in Chubb by 490.5% during the 4th quarter. Spire Wealth Management now owns 8,615 shares of the financial services provider’s stock valued at $2,689,000 after purchasing an additional 7,156 shares during the last quarter. Chesley Taft & Associates LLC raised its stake in shares of Chubb by 7.4% in the fourth quarter. Chesley Taft & Associates LLC now owns 102,427 shares of the financial services provider’s stock worth $31,970,000 after purchasing an additional 7,043 shares during the last quarter. Pallas Capital Advisors LLC lifted its holdings in shares of Chubb by 42.3% during the fourth quarter. Pallas Capital Advisors LLC now owns 14,243 shares of the financial services provider’s stock valued at $4,446,000 after purchasing an additional 4,233 shares in the last quarter. Janney Montgomery Scott LLC lifted its holdings in shares of Chubb by 1.7% during the first quarter. Janney Montgomery Scott LLC now owns 315,893 shares of the financial services provider’s stock valued at $102,959,000 after purchasing an additional 5,225 shares in the last quarter. Finally, waypoint wealth counsel boosted its position in shares of Chubb by 76.4% during the fourth quarter. waypoint wealth counsel now owns 4,118 shares of the financial services provider’s stock valued at $1,285,000 after buying an additional 1,784 shares during the last quarter. 83.81% of the stock is owned by institutional investors.
Chubb Stock Performance NYSE:CB opened at $343.42 on Thursday. The stock has a 50-day simple moving average of $334.18 and a two-hundred day simple moving average of $326.56. Chubb Limited has a 52-week low of $264.10 and a 52-week high of $365.29. The company has a debt-to-equity ratio of 0.20, a quick ratio of 0.28 and a current ratio of 0.28. The firm has a market capitalization of $133.20 billion, a PE ratio of 12.15, a P/E/G ratio of 1.84 and a beta of 0.40.
Chubb (NYSE:CB – Get Free Report) last posted its quarterly earnings data on Tuesday, July 21st. The financial services provider reported $7.26 EPS for the quarter, topping the consensus estimate of $6.78 by $0.48. Chubb had a return on equity of 14.55% and a net margin of 18.10%.The firm had revenue of $14.71 billion for the quarter, compared to the consensus estimate of $15.07 billion. During the same quarter last year, the company earned $6.14 earnings per share. The business’s revenue for the quarter was up 3.6% compared to the same quarter last year. Analysts forecast that Chubb Limited will post 26.77 EPS for the current year.
Chubb Increases Dividend The company also recently announced a quarterly dividend, which was paid on Thursday, July 2nd. Investors of record on Friday, June 12th were issued a $1.02 dividend. The ex-dividend date of this dividend was Friday, June 12th. This represents a $4.08 annualized dividend and a yield of 1.2%. This is a positive change from Chubb’s previous quarterly dividend of $0.97. Chubb’s payout ratio is currently 14.41%.
Trending Headlines about Chubb Here are the key news stories impacting Chubb this week:
Positive Sentiment: Chubb beat Q2 EPS estimates, reporting core operating income of $7.26 per share versus expectations, with earnings up sharply from a year ago. Article Title Positive Sentiment: Underwriting remained strong, with the P&C combined ratio at 83.8%, catastrophe losses easing, and record investment income helping support results. Article Title Positive Sentiment: Several Wall Street firms turned constructive, including Citizens JMP reaffirming an outperform rating with a $400 target and JPMorgan lifting its target to $370, signaling meaningful upside from current levels. Article Title Neutral Sentiment: Some analysts still flagged softer property-casualty market conditions and weakness in major account premiums, which could temper near-term growth expectations. Article Title Negative Sentiment: Revenue came in below consensus, and the market appears to be focusing more on slower premium growth than on the earnings beat, contributing to the stock’s pullback. Article Title Analyst Ratings Changes A number of equities research analysts have issued reports on the company. UBS Group boosted their price target on Chubb from $340.00 to $369.00 and gave the company a “neutral” rating in a research note on Wednesday, July 8th. Citigroup reiterated a “market outperform” rating on shares of Chubb in a research note on Wednesday. Atlantic Securities set a $301.00 price objective on shares of Chubb in a report on Wednesday, July 15th. Mizuho boosted their target price on shares of Chubb from $335.00 to $352.00 and gave the company a “neutral” rating in a research report on Thursday, July 9th. Finally, JPMorgan Chase & Co. upped their target price on shares of Chubb from $340.00 to $370.00 and gave the company a “neutral” rating in a report on Monday. Two equities research analysts have rated the stock with a Strong Buy rating, seven have assigned a Buy rating, twelve have issued a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat, Chubb presently has a consensus rating of “Hold” and a consensus target price of $360.18.
Read Our Latest Stock Analysis on Chubb
Insider Buying and Selling In other Chubb news, COO John W. Keogh sold 23,000 shares of the firm’s stock in a transaction that occurred on Wednesday, May 27th. The shares were sold at an average price of $321.51, for a total transaction of $7,394,730.00. Following the sale, the chief operating officer owned 203,322 shares in the company, valued at approximately $65,370,056.22. This trade represents a 10.16% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders own 0.37% of the company’s stock.
Chubb Profile (Free Report)
Chubb is a global property and casualty insurance company that underwrites a broad range of commercial and personal insurance products and related services. Its offerings include commercial property and casualty coverage, specialty liability, professional and management liability, cyber and technology insurance, marine and energy, surety, accident and health solutions, and high-net-worth personal lines such as homeowners, auto and valuables protection. Chubb serves businesses, individuals and institutions with tailored underwriting and risk-transfer solutions across multiple industry sectors.
In addition to core underwriting, Chubb provides risk engineering, loss control, claims management and risk consulting services intended to reduce loss severity and help clients manage exposures.
Featured Articles Five stocks we like better than Chubb Could Truth API Become Trump Media’s First Meaningful Revenue Driver? Small Caps Are Crushing the S&P 500—3 Stocks Still Worth Buying Moog Is More Than a Missile Maker, and Wall Street Is Noticing A Boring Dividend Growth Strategy Becomes a Solid Defensive Play Want to see what other hedge funds are holding CB? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Chubb Limited (NYSE:CB – Free Report).
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Andra AP fond ve 1. čtvrtletí snížil podíl v Cloudflare o 30,2 % a po prodeji držel 33 456 akcií v hodnotě 6,903 milionu USD. Cloudflare zároveň za čtvrtletí oznámila tržby 639,75 milionu USD a EPS 0,25, nad odhady.
Andra AP fonden lessened its holdings in shares of Cloudflare, Inc. (NYSE:NET – Free Report) by 30.2% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 33,456 shares of the company’s stock after selling 14,475 shares during the period. Andra AP fonden’s holdings in Cloudflare were worth $6,903,000 at the end of the most recent reporting period.
A number of other hedge funds also recently bought and sold shares of NET. Cassaday & Co Wealth Management LLC acquired a new stake in Cloudflare in the 1st quarter valued at about $53,000. Florida Financial Advisors LLC boosted its holdings in shares of Cloudflare by 22.4% during the 1st quarter. Florida Financial Advisors LLC now owns 5,611 shares of the company’s stock worth $1,158,000 after purchasing an additional 1,025 shares during the last quarter. Earned Wealth Advisors LLC grew its position in shares of Cloudflare by 2.9% in the first quarter. Earned Wealth Advisors LLC now owns 2,119 shares of the company’s stock valued at $437,000 after purchasing an additional 60 shares in the last quarter. Hollencrest Capital Management grew its position in shares of Cloudflare by 153.9% in the first quarter. Hollencrest Capital Management now owns 358 shares of the company’s stock valued at $74,000 after purchasing an additional 217 shares in the last quarter. Finally, Meeder Advisory Services Inc. grew its position in shares of Cloudflare by 14.9% in the first quarter. Meeder Advisory Services Inc. now owns 8,155 shares of the company’s stock valued at $1,683,000 after purchasing an additional 1,058 shares in the last quarter. Institutional investors and hedge funds own 82.68% of the company’s stock.
Cloudflare Trading Down 1.3% Shares of Cloudflare stock opened at $268.86 on Thursday. The stock has a 50 day moving average of $241.16 and a 200 day moving average of $211.56. The company has a debt-to-equity ratio of 1.29, a quick ratio of 1.96 and a current ratio of 1.96. The firm has a market capitalization of $95.04 billion, a price-to-earnings ratio of -1,075.46, a PEG ratio of 277.55 and a beta of 1.67. Cloudflare, Inc. has a fifty-two week low of $158.83 and a fifty-two week high of $291.00.
Cloudflare (NYSE:NET – Get Free Report) last posted its earnings results on Thursday, May 7th. The company reported $0.25 EPS for the quarter, beating analysts’ consensus estimates of $0.23 by $0.02. Cloudflare had a negative return on equity of 5.65% and a negative net margin of 3.72%.The company had revenue of $639.75 million for the quarter, compared to the consensus estimate of $620.83 million. During the same quarter in the previous year, the business earned $0.16 earnings per share. The company’s revenue for the quarter was up 33.5% on a year-over-year basis. Cloudflare has set its FY 2026 guidance at 1.190-1.200 EPS and its Q2 2026 guidance at 0.270-0.270 EPS. As a group, research analysts predict that Cloudflare, Inc. will post 0.02 earnings per share for the current year.
Wall Street Analysts Forecast Growth A number of brokerages recently commented on NET. Sanford C. Bernstein reiterated a “market perform” rating and set a $136.00 price objective on shares of Cloudflare in a research report on Wednesday, June 10th. Wells Fargo & Company upped their target price on Cloudflare from $270.00 to $300.00 and gave the company an “overweight” rating in a report on Monday. Benchmark downgraded Cloudflare to an “underperform” rating in a research note on Tuesday, July 7th. Barclays lifted their price target on Cloudflare from $250.00 to $300.00 and gave the stock an “overweight” rating in a report on Monday, July 13th. Finally, Mizuho boosted their price target on shares of Cloudflare from $260.00 to $310.00 and gave the company an “outperform” rating in a research report on Wednesday, July 15th. Two investment analysts have rated the stock with a Strong Buy rating, twenty-two have assigned a Buy rating, six have given a Hold rating and four have assigned a Sell rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $258.59.
Get Our Latest Stock Analysis on Cloudflare
Insider Transactions at Cloudflare In related news, Director Mark J. Hawkins sold 133 shares of the stock in a transaction dated Wednesday, July 1st. The stock was sold at an average price of $249.00, for a total transaction of $33,117.00. Following the transaction, the director owned 10,765 shares of the company’s stock, valued at approximately $2,680,485. This represents a 1.22% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO Matthew Prince sold 52,383 shares of the firm’s stock in a transaction dated Monday, July 6th. The shares were sold at an average price of $247.28, for a total value of $12,953,268.24. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last three months, insiders have sold 564,903 shares of company stock worth $127,356,194. 10.66% of the stock is owned by corporate insiders.
About Cloudflare (Free Report)
Cloudflare, Inc is a global web infrastructure and security company that provides a suite of services designed to improve the performance, reliability and security of internet properties. Its core offerings include a content delivery network (CDN), distributed denial-of-service (DDoS) protection, managed DNS, and a web application firewall (WAF). Cloudflare also provides tools for bot management, SSL/TLS, load balancing and rate limiting to help organizations maintain uptime and protect web applications from attack.
In addition to traditional edge and security services, Cloudflare has expanded into edge computing and developer platforms.
Featured Stories Five stocks we like better than Cloudflare Could Truth API Become Trump Media’s First Meaningful Revenue Driver? Small Caps Are Crushing the S&P 500—3 Stocks Still Worth Buying Moog Is More Than a Missile Maker, and Wall Street Is Noticing A Boring Dividend Growth Strategy Becomes a Solid Defensive Play
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Increases full year guidance July 23, 2026 06:55 ET | Source: Roper Technologies, Inc.
SARASOTA, Fla., July 23, 2026 (GLOBE NEWSWIRE) -- Roper Technologies, Inc. (Nasdaq: ROP) reported financial results for the second quarter ended June 30, 2026.
Second quarter 2026 highlights
Revenue increased 9% to $2.11 billion; organic revenue was +5% and acquisition contribution was +3%GAAP DEPS increased 233% to $11.62; adjusted DEPS increased 10% to $5.38GAAP operating cash flow increased 16% to $469 million; adjusted free cash flow increased 11% to $447 millionRepurchased 3.6 million shares for $1.2 billion in Q2 (program to date: 9.0 million shares for $3.2 billion) "Roper delivered another solid quarter, with 9% total revenue growth, 5% organic revenue growth, and 11% free cash flow growth," said Neil Hunn, Roper Technologies' President and CEO. "We repurchased 3.6 million shares for $1.2 billion during the quarter, bringing our cumulative repurchase activity over the past three quarters to 9.0 million shares or more than 8% of shares outstanding, and rolling our share count back to 2013 levels."
"We continue to accelerate our pace of AI innovation, having launched multiple new products across the portfolio this quarter that expand our addressable markets. Early adopters are seeing the value of these solutions that address complex workflow challenges. This reinforces our conviction that Roper's vertical market-leading businesses, with deep domain expertise and proprietary data, are well positioned to create differentiated value for customers."
"Given the combination of our strong first half performance, share repurchases to date, and durable customer demand for our mission-critical solutions, we are raising our full year outlook. With significant capital deployment capacity, we are focused on attractive acquisition targets that will continue compounding free cash flow per share for our shareholders," concluded Mr. Hunn.
Increasing 2026 guidance
Roper now expects full year 2026 adjusted DEPS of $22.15 - $22.30, compared to previous guidance of $21.80 - $22.05. The Company increased its full year total revenue growth outlook to 8%+, compared to a previous outlook of ~8%, and increased its organic revenue growth outlook to ~6%, compared to a previous outlook of +5 - 6%.
For the third quarter of 2026, the Company expects adjusted DEPS of $5.75 - $5.80.
The Company’s guidance excludes the impact of unannounced future acquisitions or divestitures, proceeds from Indicor's pending divestiture of its instrumentation businesses, as well as potential share repurchases.
Conference call to be held at 8:00 AM (ET) today
A conference call to discuss these results has been scheduled for 8:00 AM ET on Thursday, July 23, 2026. The call can be accessed via webcast or by dialing +1 800-836-8184 (US/Canada) or +1 646-357-8785, using conference call ID 70538. Webcast information and conference call materials will be made available in the Investors section of Roper’s website (www.ropertech.com) prior to the start of the call. The webcast can also be accessed directly by using the following URL https://event.webcast. Telephonic replays will be available for up to two weeks and can be accessed by dialing +1 646-517-4150 with access code 70538 #.
Use of non-GAAP financial information
The Company supplements its consolidated financial statements presented on a GAAP basis with certain non-GAAP financial information to provide investors with greater insight, increase transparency and allow for a more comprehensive understanding of the information used by management in its financial and operational decision-making. Reconciliation of non-GAAP measures to their most directly comparable GAAP measures are included in the accompanying financial schedules or tables. The non-GAAP financial measures disclosed by the Company should not be considered a substitute for, or superior to, financial measures prepared in accordance with GAAP, and the financial results prepared in accordance with GAAP and reconciliations from these results should be carefully evaluated.
Minority interest
Following the sale of a majority stake in its industrial businesses to CD&R, Roper holds a minority interest in Indicor. The fair value of Roper’s equity investment in Indicor is updated on a quarterly basis and reported as "equity investment (gain) loss, net." Roper makes non-GAAP adjustments for the impacts associated with this investment.
Table 1: Revenue and adjusted EBITDA reconciliation ($M) Q2 2025 Q2 2026 V %GAAP revenue$ 1,944 $ 2,109 9 %
Components of revenue growth Organic 5 %
Acquisitions 3 %
Foreign exchange — %
Total revenue growth 9 %
Adjusted EBITDA reconciliation GAAP net earnings$ 378 $ 1,168 Taxes 107 140 Interest expense 79 111 Depreciation 10 10 Amortization 213 221 EBITDA$ 788 $ 1,650 109 %
Transaction-related expenses for completed
acquisitions 4 — Financial impacts associated with minority
investments (17) (835)A Adjusted EBITDA$ 775 $ 815 5 %
Adjusted EBITDA margin 39.9% 38.6% (130 bps)
Table 2: Adjusted net earnings reconciliation ($M) Q2 2025 Q2 2026 V %GAAP net earnings$ 378 $ 1,168 209 %
Transaction-related expenses for completed
acquisitions 3 — Financial impacts associated with minority
investments (13) (791)A Amortization of acquisition-related intangible
assets 160 164 B Adjusted net earnings C$ 528 $ 542 3 %
Table 3: Adjusted DEPS reconciliation Q2 2025 Q2 2026 V %GAAP DEPS$ 3.49 $ 11.62 233 %
Transaction-related expenses for completed
acquisitions 0.03 — Financial impacts associated with minority
investments (0.12) (7.86)A Amortization of acquisition-related intangible
assets 1.48 1.63 B Adjusted DEPS C$ 4.87 $ 5.38 10 %
Table 4: Adjusted cash flow reconciliation ($M) Q2 2025 Q2 2026 V %Operating cash flow$ 404 $ 469 16 %
Taxes paid in period related to divestiture 30 — Adjusted operating cash flow$ 434 $ 469 8 %
Capital expenditures (16) (11) Capitalized software expenditures (14) (16) Outgo beneficial interest collections — 4 D Adjusted free cash flow$ 403 $ 447 11 %
Table 5: Forecasted adjusted DEPS reconciliation Q3 2026 FY 2026 Low end High end Low end High endGAAP DEPS E$ 4.07 $ 4.12 $ 24.78 $ 24.93 YTD financial impacts associated with the
minority investment in Indicor ATBD TBD (9.16) (9.16)Amortization of acquisition-related
intangible assets B 1.68 1.68 6.53 6.53 Adjusted DEPS C$ 5.75 $ 5.80 $ 22.15 $ 22.30 Footnotes:
A.Adjustments related to the financial impacts associated with the minority investment in Indicor as shown below ($M, except per share data). Forecasted results do not include any future impacts associated with our minority investment in Indicor, as these future impacts cannot be reasonably predicted. These impacts will be excluded from all non-GAAP results in future periods. Q2 2026A Q3 2026E FY 2026E YTD 2026 Pretax$ (835) TBD TBD $ (1,002) After-tax$ (791) TBD TBD $ (925) Per share$ (7.86) TBD TBD $ (9.16) B.Actual results and forecast of estimated amortization of acquisition-related intangible assets as shown below ($M, except per share data). Q2 2026A Q3 2026E FY 2026E Pretax$ 208 $ 211 $ 835 After-tax$ 164 $ 167 $ 660 Per share$ 1.63 $ 1.68 $ 6.53 C.All actual and forecasted non-GAAP adjustments are taxed at 21% with the exception of the financial impacts associated with minority investments. D.Cash collected on Outgo's beneficial interest, the residual amount owed to Outgo after it sells receivables to a third-party financial institution, classified within cash flows from investing activities. E.Forecasted GAAP DEPS do not include any future impacts associated with our minority investment in Indicor. These impacts will be excluded from all non-GAAP results in future periods. Note: Numbers may not foot due to rounding.
About Roper Technologies
Roper Technologies is a constituent of the Nasdaq 100, S&P 500, and Fortune 500. Roper has a proven, long-term track record of compounding cash flow and shareholder value. The Company operates market leading businesses that design and develop vertical software and technology enabled products for a variety of defensible niche markets. Roper utilizes a disciplined, analytical, and process-driven approach to redeploy its excess capital toward high-quality acquisitions. Additional information about Roper is available on the Company’s website at www.ropertech.com.
The information provided in this press release contains forward-looking statements within the meaning of the federal securities laws. These forward-looking statements may include, among others, statements regarding operating results, the success of our internal operating plans, and the prospects for newly acquired businesses to be integrated and contribute to future growth, profit and cash flow expectations. Forward-looking statements may be indicated by words or phrases such as "anticipate," "estimate," "plans," "expects," "projects," "should," "will," "believes," "intends" and similar words and phrases. These statements reflect management's current beliefs and are not guarantees of future performance. They involve risks and uncertainties that could cause actual results to differ materially from those contained in any forward-looking statement. Such risks and uncertainties include our ability to identify and complete acquisitions consistent with our business strategies, integrate acquisitions that have been completed, realize expected benefits and synergies from, and manage other risks associated with, acquired businesses, including obtaining any required regulatory approvals with respect thereto, and our ability to develop, deploy, and use artificial intelligence in our platforms and offerings. We also face other general risks, including our ability to realize cost savings from our operating initiatives, general economic conditions and the conditions of the specific markets in which we operate, including risks related to labor shortages and volatile interest rates, changes in foreign exchange rates, risks related to changing U.S. and foreign trade policies, including increased trade restrictions or tariffs, risks associated with our international operations, cybersecurity and data privacy risks, including litigation resulting therefrom, risks related to political instability, armed hostilities, incidents of terrorism, public health crises or natural disasters, increased product liability and insurance costs, increased warranty exposure, future competition, changes in the supply of, or price for, parts and components, including as a result of inflation and potential supply chain constraints, environmental compliance costs and liabilities, risks and cost associated with litigation, potential write-offs of our substantial intangible assets, and risks associated with obtaining governmental approvals and maintaining regulatory compliance for new and existing products. Important risks may be discussed in current and subsequent filings with the SEC. You should not place undue reliance on any forward-looking statements. These statements speak only as of the date they are made, and we undertake no obligation to update publicly any of them in light of new information or future events.
Roper Technologies, Inc. Condensed Consolidated Balance Sheets (unaudited) (Amounts in millions) June 30, 2026 December 31, 2025ASSETS: Cash and cash equivalents$ 364.9 $ 297.4 Accounts receivable, net 927.2 1,001.0 Inventories, net 145.4 141.7 Income taxes receivable 73.3 128.2 Unbilled receivables 153.8 124.0 Prepaid expenses and other current assets 253.9 235.8 Total current assets 1,918.5 1,928.1 Property, plant and equipment, net 158.7 156.9 Goodwill 21,330.7 21,341.2 Other intangible assets, net 9,347.3 9,764.2 Deferred taxes 67.8 73.3 Equity investment 1,792.2 796.3 Other assets 554.3 517.0 Total assets$ 35,169.5 $ 34,577.0 LIABILITIES AND STOCKHOLDERS’ EQUITY: Accounts payable$ 174.1 $ 150.3 Accrued compensation 232.0 293.0 Deferred revenue 1,707.8 1,906.8 Other accrued liabilities 588.9 642.3 Income taxes payable 49.4 28.0 Current portion of long-term debt, net 718.3 705.2 Total current liabilities 3,470.5 3,725.6 Long-term debt, net of current portion 10,601.1 8,595.8 Deferred taxes 1,897.4 1,883.1 Other liabilities 500.2 491.0 Total liabilities 16,469.2 14,695.5 Common stock, 350.0 shares authorized; 109.4 shares
issued and 98.9 outstanding at June 30, 2026 and 109.3
shares issued and 106.6 outstanding at December 31, 2025 1.1 1.1 Additional paid-in capital 3,391.9 3,292.2 Retained earnings 18,697.6 17,205.7 Accumulated other comprehensive loss (135.5) (101.4)Treasury stock, 10.5 shares at June 30, 2026 and 2.7 shares
at December 31, 2025 (3,254.8) (516.1)Total stockholders’ equity 18,700.3 19,881.5 Total liabilities and stockholders’ equity$ 35,169.5 $ 34,577.0 Roper Technologies, Inc. Condensed Consolidated Statements of Earnings (unaudited) (Amounts in millions, except per share data) Three months ended
June 30, Six months ended
June 30, 2026 2025 2026 2025Net revenues$ 2,108.9 $ 1,943.6 $ 4,204.2 $ 3,826.4Cost of sales 638.7 598.2 1,280.2 1,187.3Gross profit 1,470.2 1,345.4 2,924.0 2,639.1 Selling, general and administrative expenses 885.5 797.1 1,769.7 1,565.0Income from operations 584.7 548.3 1,154.3 1,074.1 Interest expense, net 111.4 79.1 210.7 142.0Equity investment (gain) loss, net (835.2) (16.6) (1,002.5) 27.8Other expense, net 0.5 0.5 3.1 1.0Earnings before income taxes 1,308.0 485.3 1,943.0 903.3 Income taxes 139.5 107.0 265.6 193.9Net earnings$ 1,168.5 $ 378.3 $ 1,677.4 $ 709.4 Net earnings per share: Basic$ 11.64 $ 3.52 $ 16.40 $ 6.60Diluted$ 11.62 $ 3.49 $ 16.35 $ 6.55 Weighted average common shares outstanding: Basic 100.4 107.6 102.3 107.5Diluted 100.6 108.4 102.6 108.3 Roper Technologies, Inc. Selected Segment Financial Data (unaudited) (Amounts in millions; percentages of net revenues) Three months ended June 30, Six months ended June 30, 2026 2025 2026 2025 Amount % Amount % Amount % Amount %Net revenues: Application Software$ 1,180.8 $ 1,094.9 $ 2,372.3 $ 2,163.1 Network Software 430.9 385.4 858.5 761.3 Technology Enabled Products 497.2 463.3 973.4 902.0 Total$ 2,108.9 $ 1,943.6 $4,204.2 $ 3,826.4 Gross profit: Application Software$ 823.7 69.8% $ 753.3 68.8% $ 1,646.3 69.4% $ 1,474.1 68.1%Network Software 363.4 84.3% 320.8 83.2% 723.8 84.3% 636.4 83.6%Technology Enabled Products 283.1 56.9% 271.3 58.6% 553.9 56.9% 528.6 58.6% Total$ 1,470.2 69.7% $ 1,345.4 69.2% $ 2,924.0 69.5% $ 2,639.1 69.0% Operating profit*: Application Software$ 324.0 27.4% $ 294.6 26.9% $ 643.2 27.1% $ 571.4 26.4%Network Software 176.6 41.0% 169.3 43.9% 350.4 40.8% 336.0 44.1%Technology Enabled Products 165.7 33.3% 164.1 35.4% 320.1 32.9% 317.7 35.2% Total$ 666.3 31.6% $ 628.0 32.3% $ 1,313.7 31.2% $ 1,225.1 32.0% * Segment operating profit is before unallocated corporate general and administrative expenses and enterprise-wide stock-based compensation. These expenses were $81.6 and $79.7 for the three months ended June 30, 2026 and 2025, respectively, and $159.4 and $151.0 for the six months ended June 30, 2026 and 2025, respectively. Roper Technologies, Inc. Condensed Consolidated Statements of Cash Flows (unaudited)(Amounts in millions) Six months ended
June 30, 2026 2025 Cash flows from operating activities: Net earnings$ 1,677.4 $ 709.4 Adjustments to reconcile net earnings to cash flows from operating activities: Depreciation and amortization of property, plant and equipment 20.1 19.6 Amortization of intangible assets 440.9 417.2 Amortization of deferred financing costs 6.3 5.5 Non-cash stock compensation 108.2 82.7 Equity investment (gain) loss, net (1,002.5) 27.8 Income tax provision 265.6 193.9 Changes in operating assets and liabilities, net of acquired businesses: Accounts receivable 71.0 37.4 Unbilled receivables (30.8) (9.7)Inventories (4.9) (9.6)Prepaid expenses and other current assets (23.3) (22.9)Accounts payable 24.4 7.0 Other accrued liabilities (93.9) (115.4)Deferred revenue (193.6) (132.7)Cash taxes paid for gain on disposal of equity investment — (30.2)Cash income taxes paid, excluding tax associated with gain on disposal of equity investment (190.2) (233.7)Other, net (13.1) (13.5)Cash provided by operating activities 1,061.6 932.8 Cash flows from (used in) investing activities: Acquisitions of businesses, net of cash acquired (27.5) (2,005.2)Capital expenditures (25.3) (26.0)Capitalized software expenditures (30.9) (26.8)Distributions from equity investment 6.7 5.1 Cash receipts on beneficial interest in sold receivables 4.5 — Other, net 0.2 1.6 Cash used in investing activities (72.3) (2,051.3) Cash flows from (used in) financing activities: Borrowings under revolving credit facility, net 2,000.0 1,275.0 Debt issuance costs (3.9) — Cash dividends to stockholders (191.4) (177.2)Repurchases of common stock (2,726.7) — Proceeds from (tax withholding payments for) stock-based compensation, net (8.6) 73.8 Treasury stock sales under employee stock purchase plan 12.7 12.5 Other, net 12.8 (43.9)Cash provided by (used in) financing activities (905.1) 1,140.2 Effect of exchange rate changes on cash (16.7) 32.5 Net increase in cash and cash equivalents 67.5 54.2 Cash and cash equivalents, beginning of period 297.4 188.2 Cash and cash equivalents, end of period$ 364.9 $ 242.4
West Pharmaceutical Services zvýšil celoroční výhled tržeb i upraveného EPS po silném 2. čtvrtletí. Tržby vzrostly na 872,3 mil. USD a upravený EPS na 2,37 USD.
, /PRNewswire/ -- West Pharmaceutical Services, Inc. (NYSE: WST), a leading provider of innovative, high-quality injectable solutions and services, today announced its financial results for the second quarter of 2026.
Second-Quarter Summary (comparisons to prior-year period)
Net sales of $872.3 million increased 13.8%; organic growth was 12.7%. Diluted earnings per share ("EPS") of $2.15 increased 18.1%. Adjusted-diluted EPS of $2.37 increased 28.8%. Operating cash flow was $213.9 million. Capital expenditures were $85.9 million. Free cash flow (defined as operating cash flow less capital expenditures) was $128.0 million. During the first six months of 2026, the Company repurchased 1.8 million shares for $454.3 million at an average price of $258.03 per share under its share repurchase program that was announced in mid-February 2026. The Company also announced on July 21, 2026 that its Board of Directors declared a third-quarter 2026 dividend of $0.22 per share. Outlook for Full-Year and Third-Quarter 2026
Full-year 2026 net sales are expected to be in the range of $3.345 billion to $3.380 billion, up 8.8% to 10.0% reported and up 10.0% to 11.0% organic. Full-year 2026 adjusted-diluted EPS guidance increased to a range of $8.85 to $9.05. Third-quarter 2026 net sales are expected to be in the range of $820 million to $835 million, up 1.9% to 3.8% reported and up 7.0% to 8.9% organic. Third-quarter 2026 adjusted-diluted EPS guidance is expected to be in the range of $2.14 to $2.24. Eric M. Green, President, Chief Executive Officer and Chair of the Board, commented: "I am pleased to report strong second-quarter results, with net sales and adjusted EPS exceeding our expectations. Net sales increased 12.7% organically, driven by our High Value Product Components business which benefited from continued strength in Biologics, a favorable mix shift from HVP upgrades including Annex 1, and ongoing growth in GLP-1 elastomers. The robust sales growth drove strong operating income margin expansion as compared to prior year. As a result of our team's strong execution in the second quarter and improved outlook, we are increasing our full-year 2026 guidance."
Proprietary Products Segment
Net sales of $722.6 million grew by 16.6% and increased 15.5% on an organic basis.
High-Value Product ("HVP") Components net sales of $424.1 million increased 19.4% and rose 18.4% on an organic basis. HVP Components accounted for 49% of total company net sales in the quarter. HVP Delivery Devices net sales of $131.2 million increased by 29.6%, and were up 29.2% on an organic basis. HVP Delivery Devices accounted for 15% of total company net sales in the quarter. Standard Products net sales of $167.3 million increased by 2.4% and rose 0.7% on an organic basis. Standard Products accounted for 19% of total company net sales this quarter. West Vantage Segment
Net sales of $149.7 million increased by 2.0% and rose 0.8% on an organic basis. West Vantage accounted for 17% of total company net sales in the quarter.
Full-Year 2026 Financial Guidance
The Company is increasing its full-year 2026 net sales guidance range to $3.345 billion to $3.380 billion, up from $3.295 billion to $3.350 billion. Reported net sales growth is anticipated to be in the range of 8.8% to 10.0%, and organic net sales growth is expected to be in the range of 10.0% to 11.0%. Net sales guidance includes an estimated full-year 2026 benefit of approximately 1 percentage point based on current foreign currency exchange rates. SmartDose® 3.5mL generated $55 million in net sales in the second half of 2025. These net sales are excluded going forward to calculate our organic net sales growth guidance. The Company is increasing its full-year 2026 adjusted-diluted EPS guidance range to $8.85 to $9.05, up from the previous range of $8.40 to $8.75. Capital spending guidance is unchanged from a range of $250 million to $275 million. Third-Quarter 2026 Financial Guidance
The Company is introducing its third-quarter 2026 net sales guidance range of $820 million to $835 million. Reported net sales growth is anticipated to be in the range of 1.9% to 3.8%, and organic net sales growth is expected to be in the range of 7.0% to 8.9%. Net sales guidance includes an estimated headwind of approximately 1 percentage point based on current foreign currency exchange rates. SmartDose® 3.5mL generated $30 million in net sales in the third quarter of 2025. These net sales are excluded going forward to calculate our organic net sales growth guidance. The Company is introducing its third-quarter 2026 adjusted-diluted EPS guidance range of $2.14 to $2.24. Second-Quarter 2026 Conference Call
Management will host a conference call at 8 a.m. EDT today. The live webcast can be accessed in the "Investors" section of the Company's website by clicking here.
To participate in the Q&A portion of the conference call, please register in advance by clicking here.
Registered telephone participants will receive the dial-in number along with a unique PIN number that will enable them to ask questions on the call.
An accompanying slide presentation will be posted in the "Investors" section of the Company's website.
A replay of the webcast will be available on the Company's website for approximately 90 days after the event.
About West
West Pharmaceutical Services, Inc. is a leading provider of innovative, high-quality injectable solutions and services. As a trusted partner to established and emerging drug developers, West helps ensure the safe, effective containment and delivery of life-saving and life-enhancing medicines for patients. With over 10,000 team members across 50 sites including 26 manufacturing facilities worldwide, West helps support our customers by delivering over 41 billion components and devices each year. Headquartered in Exton, Pennsylvania, West in its fiscal year 2025 generated $3.07 billion in net sales. West is traded on the New York Stock Exchange (NYSE: WST) and is included in the Standard & Poor's 500 index. For more information, visit www.westpharma.com.
All trademarks and registered trademarks used in this release are the property of West Pharmaceutical Services, Inc. or its subsidiaries, in the United States and other jurisdictions, unless otherwise noted.
Daikyo®, Daikyo Crystal Zenith® and Daikyo CZ® are registered trademarks of Daikyo Seiko, Ltd. Daikyo Crystal Zenith technologies are licensed from Daikyo Seiko, Ltd.
Forward-Looking Statements
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including, but not limited to, statements regarding the Company's expectations regarding future events, financial guidance and financial or operational performance. Forward-looking statements may be identified by words such as "believe," "expect," "intend," "estimate," "plan," "anticipate," "project," "forecast," "guidance," "target," "may," "will," "continue" and similar expressions.
These statements are based on current expectations and assumptions and are subject to risks and uncertainties that could cause actual results to differ materially from those expressed or implied by such forward-looking statements. For additional information regarding these risks as well as other risks, uncertainties and factors that could affect our forward-looking statements, please refer to Part I Item 1A, entitled "Risk Factors," of the Company's most recent Annual Report on Form 10-K and any amendments thereto, as well as the Company's most recently filed Quarterly Reports on Form 10-Q and other filings the Company makes with the Securities and Exchange Commission.
Forward-looking statements speak only as of the date of this press release. Except as required by law or regulation, West Pharmaceutical Services, Inc. undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.
Non-U.S. GAAP Financial Measures
The Company reports its financial results in accordance with U.S. generally accepted accounting principles ("U.S. GAAP"). However, management also uses certain non-U.S. GAAP financial measures in evaluating our results of operations. Management believes that this information provides users with a valuable insight into our overall performance and financial position. As a result, this release contains certain non-GAAP financial measures, including organic net sales, adjusted-diluted EPS and adjusted operating profit. Organic net sales exclude the impact from acquisitions and/or divestitures and translate the current-period reported sales of subsidiaries whose functional currency is other than the U.S. Dollar at the applicable foreign currency exchange rates in effect during the comparable prior-year period. We may also refer to financial results, such as adjusted-diluted EPS and adjusted operating profit, that exclude the effects of unallocated items. The unallocated items are not representative of ongoing operations, and generally include restructuring and related charges, certain asset impairments, and other specifically identified income or expense items. These non-U.S. GAAP financial measures should be viewed in addition to, and not as an alternative for, the Company's results prepared in accordance with U.S. GAAP. A reconciliation of these non-U.S. GAAP measures to the comparable U.S. GAAP financial measures is included in the accompanying tables.
WEST PHARMACEUTICAL SERVICES, INC.
CONSOLIDATED STATEMENTS OF INCOME
(UNAUDITED)
(in millions, except per share data)
Three Months Ended
June 30,
Six Months Ended
June 30,
2026
2025
2026
2025
Net sales
$ 872.3
100 %
$ 766.5
100 %
$ 1,717.2
100 %
$ 1,464.5
100 %
Cost of goods and services sold
543.1
62
492.6
64
1,091.6
64
958.7
65
Gross profit
329.2
38
273.9
36
625.6
36
505.8
35
Research and development
19.7
2
19.1
2
35.5
2
35.4
2
Selling, general and administrative expenses
117.6
14
95.9
13
217.1
12
183.9
13
Other expense (income), net
12.8
1
5.2
1
16.8
1
25.8
2
Operating profit
179.1
21
153.7
20
356.2
21
260.7
18
Interest (income) expense, net
(1.2)
—
(3.5)
—
(4.4)
—
(7.2)
—
Other nonoperating expense (income)
0.2
—
0.2
—
0.4
—
0.4
—
Income before income taxes and equity
in net income of affiliated companies
180.1
21
157.0
20
360.2
21
267.5
18
Income tax expense
32.2
4
30.2
4
76.9
4
54.3
4
Equity in net income of affiliated companies
(6.1)
(1)
(5.0)
(1)
(9.5)
—
(8.4)
(1)
Net income
$ 154.0
18 %
$ 131.8
17 %
$ 292.8
17 %
$ 221.6
15 %
Net income per share:
Basic
$ 2.17
$ 1.82
$ 4.10
$ 3.06
Diluted
$ 2.15
$ 1.82
$ 4.07
$ 3.05
Average common shares outstanding
70.8
72.2
71.4
72.3
Average shares assuming dilution
71.3
72.5
71.9
72.8
WEST PHARMACEUTICAL SERVICES
REPORTING SEGMENT INFORMATION
(UNAUDITED)
(in millions)
Three Months Ended
June 30,
Six Months Ended
June 30,
Net Sales:
2026
2025
2026
2025
Proprietary Products
$ 722.6
$ 619.8
$ 1,416.9
$ 1,182.8
West Vantage
149.7
146.7
300.3
281.7
Consolidated Total
$ 872.3
$ 766.5
$ 1,717.2
$ 1,464.5
Gross Profit:
Proprietary Products
$ 308.0
$ 248.3
$ 581.1
$ 458.5
West Vantage
21.2
25.6
44.5
47.3
Gross Profit
$ 329.2
$ 273.9
$ 625.6
$ 505.8
Gross Profit Margin
37.7 %
35.7 %
36.4 %
34.5 %
Operating Profit (Loss):
Proprietary Products
$ 211.9
$ 161.7
$ 401.1
$ 292.3
West Vantage
12.9
17.8
28.5
31.3
Stock-based compensation expense
(10.9)
(7.4)
(17.5)
(8.7)
General corporate costs
(34.8)
(18.4)
(55.9)
(54.2)
Reported Operating Profit
$ 179.1
$ 153.7
$ 356.2
$ 260.7
Reported Operating Profit Margin
20.5 %
20.1 %
20.7 %
17.8 %
Unallocated items
18.3
1.6
22.2
19.6
Adjusted Operating Profit
$ 197.4
$ 155.3
$ 378.4
$ 280.3
Adjusted Operating Profit Margin
22.6 %
20.3 %
22.0 %
19.1 %
WEST PHARMACEUTICAL SERVICES
RECONCILIATION OF NON-U.S. GAAP MEASURES (UNAUDITED)
Please refer to "Non-U.S. GAAP Financial Measures" for more information
(in millions, except per share data)
Reconciliation of Reported and Adjusted Operating Profit, Net Income and Diluted EPS
Three Months ended June 30, 2026
Operating
profit
Income
tax
expense
Net
income
Diluted
EPS
Reported (U.S. GAAP)
$179.1
$32.2
$154.0
$2.15
Unallocated Items:
Restructuring and other charges(1)
1.5
0.3
1.2
0.02
M&A activities, including SmartDose® 3.5mL sale(2)
6.4
1.5
4.9
0.07
Cost-method investment activity(3)
3.5
—
3.5
0.05
Amortization of acquisition-related intangible assets(4)
—
—
0.4
—
Other(5)
6.9
1.4
5.4
0.08
Adjusted (Non-U.S. GAAP)
$197.4
$35.4
$169.4
$2.37
Six Months ended June 30, 2026
Operating
profit
Income
tax
expense
Net
income
Diluted
EPS
Reported (U.S. GAAP)
$356.2
$76.9
$292.8
$4.07
Unallocated Items:
Restructuring and other charges(1)
2.9
(11.3)
14.2
0.20
M&A activities, including SmartDose® 3.5mL sale(2)
8.3
1.9
6.4
0.09
Cost-method investment activity(3)
3.5
—
3.5
0.05
Amortization of acquisition-related intangible assets(4)
—
—
0.9
0.01
Other(5)
7.5
1.6
5.9
0.08
Adjusted (Non-U.S. GAAP)
$378.4
$69.1
$323.7
$4.50
Three Months ended June 30, 2025
Operating
profit
Income
tax
expense
Net
income
Diluted
EPS
Reported (U.S. GAAP)
$153.7
$30.2
$131.8
$1.82
Unallocated items:
Restructuring and other charges(1)
1.6
0.4
1.2
0.02
Amortization of acquisition-related intangible assets(4)
—
—
0.5
—
Adjusted (Non-U.S. GAAP)
$155.3
$30.6
$133.5
$1.84
Six Months ended June 30, 2025
Operating
profit
Income
tax
expense
Net
income
Diluted
EPS
Reported (U.S. GAAP)
$260.7
$54.3
$221.6
$3.05
Unallocated items:
Restructuring and other charges(1)
19.4
2.4
17.0
0.23
Amortization of acquisition-related intangible assets(4)
0.2
—
1.1
0.01
Adjusted (Non-U.S. GAAP)
$280.3
$56.7
$239.7
$3.29
(1)
During the three and six months ended June 30, 2026, the Company recorded pre-tax charges of $1.5 million and $2.9 million, respectively, related to our two existing restructuring programs: (i) $1.0 million and $1.9 million, respectively, within other expense (income), related to acceleration of depreciation and lease costs in connection with the Company's January 2025 restructuring plan and (ii) $0.5 million and $1.0 million, respectively, within selling, general and administrative expenses, for professional services relating to our 2024 plan to optimize the legal structure of the Company and its subsidiaries. In addition, we recorded a one-time tax cost of $12.0 million associated with an internal legal entity restructuring which occurred in the first quarter of 2026. During the three and six months ended June 30, 2025, the Company recorded pre-tax charges of $1.6 million and $19.4 million, respectively, related to our two existing restructuring programs: (i) $0.2 million and $16.6 million, respectively, within other expense (income), related to severance, acceleration of depreciation and lease costs in connection with the Company's January 2025 restructuring plan and (ii) $1.4 million and $2.8 million, respectively, within selling, general and administrative expenses, for professional services relating to our 2024 plan to optimize the legal structure of the Company and its subsidiaries. In addition, we recorded income tax charges of $2.0 million in the first quarter of 2025, related primarily to withholding tax and capital gains incurred in executing our plan to optimize our legal structure.
(2)
During the three and six months ended June 30, 2026, the Company recorded pre-tax charges of $6.4 million and $8.3 million, respectively, related to M&A activities, including the Company's agreement to sell its SmartDose® 3.5mL On-Body Delivery System and associated facilities to AbbVie. The Company recorded $1.3 million and $2.2 million, respectively, of the charges within other expense (income), related to employee benefit costs in connection with the sale agreement. The Company recorded the remaining $5.1 million and $6.1 million, respectively, within selling, general and administrative expenses, relating to professional services in connection with the sale agreement and other M&A activities.
(3)
During the three and six months ended June 30, 2026, the Company recorded cost-method investment impairment charges of $3.5 million within other expense (income).
(4)
During the three and six months ended June 30, 2026, the Company recorded $0.4 million and $0.9 million, respectively, of amortization expense in association with an acquisition of increased ownership interest in Daikyo. During the three and six months ended June 30, 2025, the Company recorded $0.0 million and $0.2 million, respectively, of amortization expense within selling, general and administrative expenses associated with an intangible asset acquired during the second quarter of 2020. During the three and six months ended June 30, 2025, the Company recorded $0.5 million and $0.9 million, respectively, of amortization expense in association with an acquisition of increased ownership interest in Daikyo.
(5)
Other includes nonrecurring professional fees associated with various items including certain legal matters and our cybersecurity incident from May 2026. These charges are recorded within selling, general and administrative expenses.
WEST PHARMACEUTICAL SERVICES
RECONCILIATION OF NON-U.S. GAAP FINANCIAL MEASURES (UNAUDITED)
Please refer to "Non-U.S. GAAP Financial Measures" for more information
(in millions, except per share data)
Reconciliation of Reported Net Sales to Organic Net Sales by Segment (6)
Three Months Ended
June 30,
Reported Net Sales
(U.S. GAAP)
Percent
Change
Impact of
Currency
Organic Net Sales
Growth Rate (Decline)
(Non-U.S. GAAP) (6)
2026
2025
Proprietary Products
$722.6
$619.8
16.6 %
1.1 %
15.5 %
West Vantage
149.7
146.7
2.0 %
1.2 %
0.8 %
Total
$872.3
$766.5
13.8 %
1.1 %
12.7 %
Six Months Ended
June 30,
Reported Net Sales
(U.S. GAAP)
Percent
Change
Impact of
Currency
Organic Net Sales
Growth Rate (Decline)
(Non-U.S. GAAP) (6)
2026
2025
Proprietary Products
$1,416.9
$1,182.8
19.8 %
3.3 %
16.5 %
West Vantage
300.3
281.7
6.6 %
3.2 %
3.4 %
Total
$1,717.2
$1,464.5
17.3 %
3.4 %
13.9 %
Reconciliation of Proprietary Products Segment Organic Net Sales by Product Category (6)
Three Months Ended
June 30,
Reported Net Sales
(U.S. GAAP)
Percent
Change
Impact of
Currency
Organic Net Sales
Growth Rate (Decline)
(Non-U.S. GAAP) (6)
2026
2025
HVP Components
$424.1
$355.2
19.4 %
1.0 %
18.4 %
HVP Delivery Devices
131.2
101.2
29.6 %
0.4 %
29.2 %
Standard Products
167.3
163.4
2.4 %
1.7 %
0.7 %
Total Proprietary Products
$722.6
$619.8
16.6 %
1.1 %
15.5 %
Six Months Ended
June 30,
Reported Net Sales
(U.S. GAAP)
Percent
Change
Impact of
Currency
Organic Net Sales
Growth Rate (Decline)
(Non-U.S. GAAP) (6)
2026
2025
HVP Components
$833.4
$671.1
24.2 %
3.8 %
20.4 %
HVP Delivery Devices
254.8
197.0
29.3 %
1.0 %
28.3 %
Standard Products
328.7
314.7
4.4 %
3.8 %
0.6 %
Total Proprietary Products
$1,416.9
$1,182.8
19.8 %
3.3 %
16.5 %
Reconciliation of Proprietary Products Segment Organic Net Sales by Market Group (6)
Three Months Ended
June 30,
Reported Net Sales
(U.S. GAAP)
Percent
Change
Impact of
Currency
Organic Net Sales
Growth Rate (Decline)
(Non-U.S. GAAP) (6)
2026
2025
Biologics
$374.8
$287.7
30.3 %
1.1 %
29.2 %
Pharma
205.0
198.5
3.3 %
1.7 %
1.6 %
Generics
142.8
133.6
6.9 %
0.2 %
6.7 %
Total Proprietary Products
$722.6
$619.8
16.6 %
1.1 %
15.5 %
Six Months Ended
June 30,
Reported Net Sales
(U.S. GAAP)
Percent
Change
Impact of
Currency
Organic Net Sales
Growth Rate (Decline)
(Non-U.S. GAAP) (6)
2026
2025
Biologics
$729.3
$557.0
30.9 %
3.3 %
27.6 %
Pharma
415.6
379.1
9.6 %
4.1 %
5.5 %
Generics
272.0
246.7
10.3 %
2.2 %
8.1 %
Total Proprietary Products
$1,416.9
$1,182.8
19.8 %
3.3 %
16.5 %
Reconciliation of Reported Net Sales to Organic Net Sales by Geography (6)
Three Months Ended
June 30,
Reported Net Sales
(U.S. GAAP)
Percent
Change
Impact of
Currency
Organic Net Sales
Growth Rate (Decline)
(Non-U.S. GAAP) (6)
2026
2025
Americas
$388.7
$349.7
11.2 %
0.6 %
10.6 %
Europe, Middle East, Africa
399.8
349.7
14.3 %
2.2 %
12.1 %
Asia Pacific
83.8
67.1
24.9 %
(2.1) %
27.0 %
Total
$872.3
$766.5
13.8 %
1.1 %
12.7 %
Six Months Ended
June 30,
Reported Net Sales
(U.S. GAAP)
Percent
Change
Impact of
Currency
Organic Net Sales
Growth Rate (Decline)
(Non-U.S. GAAP) (6)
2026
2025
Americas
$766.0
$688.6
11.2 %
0.5 %
10.7 %
Europe, Middle East, Africa
799.2
656.6
21.7 %
6.9 %
14.8 %
Asia Pacific
152.0
119.3
27.4 %
(0.6) %
28.0 %
Total
$1,717.2
$1,464.5
17.3 %
3.4 %
13.9 %
(6)
Organic net sales exclude the impact from acquisitions and/or divestitures and translate the current-period reported sales of subsidiaries whose functional currency is other than the U.S. Dollar at the applicable foreign currency exchange rates in effect during the comparable prior-year period.
WEST PHARMACEUTICAL SERVICES
RECONCILIATION OF NON-U.S. GAAP FINANCIAL MEASURES (UNAUDITED)
Please refer to "Non-U.S. GAAP Financial Measures" for more information
(in millions, except per share data)
Reconciliation of Reported-Diluted EPS Guidance to Adjusted-Diluted EPS Guidance
2025 Actual
2026 Guidance
% Change
Reported-diluted EPS (U.S. GAAP)
$6.79
$9.01 to $9.26
32.7% to 36.4%
Restructuring and other charges
0.31
0.23
M&A activities, including SmartDose® 3.5mL sale
0.09
(0.54) to (0.59)
Cost-method investment activity
0.06
0.05
Amortization of acquisition-related intangible assets
0.03
0.02
Other
0.01
0.08
Adjusted-diluted EPS (Non-U.S. GAAP)
$7.29
$8.85 to $9.05
21.4% to 24.1%
WEST PHARMACEUTICAL SERVICES
CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED)
(in millions, except per share data)
June 30,
2026
December 31,
2025
ASSETS
Current assets:
Cash and cash equivalents
$ 435.8
$ 791.3
Accounts receivable, net
712.0
574.4
Inventories
447.4
443.9
Other current assets
212.3
168.6
Total current assets
1,807.5
1,978.2
Property, plant and equipment
3,248.6
3,223.4
Less: accumulated depreciation and amortization
1,562.3
1,497.0
Property, plant and equipment, net
1,686.3
1,726.4
Operating lease right-of-use assets
104.7
117.0
Investments in affiliated companies
207.7
212.3
Goodwill
108.7
109.9
Intangible assets, net
6.4
7.7
Deferred income taxes
72.3
38.4
Other noncurrent assets
82.8
80.1
Total Assets
$ 4,076.4
$ 4,270.0
LIABILITIES AND EQUITY
Current liabilities:
Accounts payable
$ 252.7
$ 253.7
Accrued salaries, wages and benefits
97.1
135.9
Income taxes payable
64.7
28.1
Operating lease liabilities
20.9
22.7
Accrued commissions, rebates and royalties
34.0
39.2
Other current liabilities
171.1
175.3
Total current liabilities
640.5
654.9
Long-term debt
202.9
202.8
Deferred income taxes
22.4
23.0
Pension and other postretirement benefits
28.3
29.0
Operating lease liabilities
88.3
95.6
Deferred compensation benefits
13.9
13.5
Other long-term liabilities
89.9
75.2
Total Liabilities
1,086.2
1,094.0
Equity:
Preferred stock, 3.0 million shares authorized; 0 shares issued and outstanding
—
—
Common stock, par value $0.25 per share; 200.0 million shares authorized; shares
issued: June 30, 2026 - 75.3 million, December 31, 2025 - 75.3 million; shares
outstanding: June 30, 2026 - 70.4 million, December 31, 2025 - 72.0 million
18.8
18.8
Capital in excess of par value
—
—
Retained earnings
4,624.1
4,374.9
Accumulated other comprehensive loss
(140.4)
(105.5)
Treasury stock, at cost (June 30, 2026 - 4.9 million shares, December 31, 2025 -
3.3 million shares)
(1,512.3)
(1,112.2)
Total Equity
2,990.2
3,176.0
Total Liabilities and Equity
$ 4,076.4
$ 4,270.0
WEST PHARMACEUTICAL SERVICES
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)
(in millions)
Six Months Ended
June 30,
2026
2025
Cash flows from operating activities:
Net income
$ 292.8
$ 221.6
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation
90.3
79.9
Amortization
1.1
1.5
Stock-based compensation
17.5
8.7
Non-cash restructuring charges
1.9
1.6
Asset impairments
4.2
4.1
Other non-cash items, net
(5.0)
(6.9)
Changes in assets and liabilities
(188.9)
(4.0)
Net cash provided by operating activities
213.9
306.5
Cash flows from investing activities:
Capital expenditures
(85.9)
(146.5)
Net cash used in investing activities
(85.9)
(146.5)
Cash flows from financing activities:
Borrowings under revolving credit agreements
50.0
—
Repayments under revolving credit agreements
(50.0)
—
Principal repayments on finance leases
(0.7)
(0.5)
Excise tax payments
(0.8)
(4.2)
Dividend payments
(31.5)
(30.3)
Proceeds from stock-based compensation awards
12.4
6.0
Employee stock purchase plan contributions
3.9
3.6
Shares purchased under share repurchase programs
(454.3)
(134.0)
Shares repurchased for employee tax withholdings
(2.5)
(2.5)
Net cash used in financing activities
(473.5)
(161.9)
Effect of exchange rates on cash
(10.0)
27.0
Net decrease in cash and cash equivalents
(355.5)
25.1
Cash, including cash equivalents at beginning of period
Key Takeaways Analysts are raising earnings estimates on Expeditors International ahead of Q2 results.The Zacks Consensus is looking for earnings to jump 13.3% in 2026.Expeditors International has a $3 billion share repurchase program and pays a dividend. Expeditors International of Washington, Inc. (EXPD - Free Report) is expected to grow earnings by the double digits in 2026 as logistics heats up. Analysts are raising earnings estimates on this Zacks Rank #1 (Strong Buy) even before it reports Q2 earnings in August 2026.
Expeditors International of Washington is a global logistics company headquartered in Bellevue, Washington. It has 171 district offices and numerous branch locations across six continents.
Services include consolidation or forwarding of air and ocean freight, customs brokerage, vendor consolidation, time-definite transportation, cargo insurance, order management, customized logistics solutions, and warehousing and distribution.
Expeditors International Expands its Aircraft on Ground (AOG) CapabilitiesOn July 20, 2026, Expeditors International of Washington announced it was expanding its global Aircraft on Ground (AOG) capabilities by bringing together logistics teams, 24/7/365 support centers and access to the company’s global network for those customers facing urgent operational disruptions.
The AOG product supports airlines, aircraft manufacturers, maintenance, repair and overhaul organizations, aerospace suppliers, defense customers, advanced air mobility providers, and others who are in the aviation industry.
This comes at a time when there is a need for specialized support during unexpected aircraft downtime, critical parts shortages, and unplanned maintenance events, as well as other operational challenges. The global air fleet is aging and requires more support.
Analysts Bullish on Expeditors International’s Earnings for Q2 2026 and FY2026Expeditors will report second quarter 2026 earnings on Aug 4, 2026. But the analysts are getting bullish ahead of the report.
One estimate has been raised for the second quarter in the last week, pushing the Zacks Consensus Estimate up to $1.68 from $1.64. This is earnings growth of 25.4% as Expeditors only made $1.34 last year.
It has beat on earnings nine quarters in a row.
For the full year, analysts are bullish as well. One estimate is higher in the last seven days, with four higher in the last month for 2026. The 2026 Zacks Consensus Estimate has jumped to $6.74 from $6.66 in the last month.
But the most accurate estimate for the full year is looking for $6.85, which is $0.09 higher than the consensus.
This is 13.3% earnings growth year-over-year as Expeditors made $5.95 in 2025.
Image Source: Zacks Investment Research
Shares of Expeditors International Near 52-Week HighsThe shares have busted out to new 5-year and 52-week highs as the earnings picture has improved.
Image Source: Zacks Investment Research
Expeditors International isn’t cheap, however. It trades with a forward price-to-earnings (P/E) ratio of 26.5. A P/E of 15 or under usually indicates value. But investors would be buying Expeditors for its growth.
It is shareholder friendly. In Feb 2026, the Board of Directors authorized a new $3 billion share repurchase program. It is also a dividend aristocrat and pays a dividend yielding 0.9%.
Since 2024, Expeditors International has returned nearly $2 billion to shareholders in the form of dividends and share repurchases.
Logistic services are heating up again. For those looking for a way to get in on this trade, Expeditors International of Washington should be on your short list.
Aureus Asset Management LLC v 1. čtvrtletí koupila nový podíl v Dell Technologies, a to 11 186 akcií za zhruba 1,836 milionu USD. Institucionální investoři drží 76,37 % akcií společnosti.
Aureus Asset Management LLC purchased a new stake in shares of Dell Technologies Inc. (NYSE:DELL – Free Report) during the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor purchased 11,186 shares of the technology company’s stock, valued at approximately $1,836,000.
Other hedge funds have also added to or reduced their stakes in the company. Vanguard Group Inc. grew its position in shares of Dell Technologies by 4.5% during the 4th quarter. Vanguard Group Inc. now owns 31,441,451 shares of the technology company’s stock worth $3,957,850,000 after buying an additional 1,355,841 shares during the period. State Street Corp boosted its stake in Dell Technologies by 1.8% in the fourth quarter. State Street Corp now owns 14,715,998 shares of the technology company’s stock valued at $1,852,450,000 after acquiring an additional 265,740 shares during the last quarter. Geode Capital Management LLC grew its holdings in Dell Technologies by 1.5% during the 4th quarter. Geode Capital Management LLC now owns 7,478,732 shares of the technology company’s stock worth $939,808,000 after acquiring an additional 108,011 shares during the period. Invesco Ltd. grew its holdings in Dell Technologies by 50.4% during the 4th quarter. Invesco Ltd. now owns 7,301,008 shares of the technology company’s stock worth $919,051,000 after acquiring an additional 2,445,854 shares during the period. Finally, Deutsche Bank AG raised its position in shares of Dell Technologies by 24.6% during the 4th quarter. Deutsche Bank AG now owns 5,517,070 shares of the technology company’s stock valued at $694,489,000 after acquiring an additional 1,090,336 shares during the last quarter. Institutional investors own 76.37% of the company’s stock.
Trending Headlines about Dell Technologies Here are the key news stories impacting Dell Technologies this week:
Positive Sentiment: Super Micro Computer reported more than $60 billion in new orders and gross margins well above expectations, signaling that AI server demand remains exceptionally strong and lifting Dell along with other AI hardware peers. Stock Market Today, July 22: Super Micro Computer Surges on Record Q4 Orders and Surprise Margin Beat Positive Sentiment: Wall Street commentary suggested Dell could be one of the next winners from the AI buildout, with traders treating Dell, Super Micro, and Hewlett Packard Enterprise as a group trade on server demand. Dell Stock Surges as Super Micro Signals Strong New Order Growth Positive Sentiment: Recent coverage highlighted Dell’s AI infrastructure business as a major growth driver, reinforcing investor expectations that the company is benefiting from the broader AI hardware cycle. Dell: AI Infrastructure Drives Massive Growth Neutral Sentiment: Analyst and media coverage also pointed to Dell’s recent earnings strength and elevated guidance, but these were already known to investors and are more of a background support than a fresh catalyst. Dell Technologies stock and earnings background Insider Activity at Dell Technologies In other news, Director Silver Lake Partners Iv, L.P. sold 189,805 shares of the stock in a transaction on Monday, June 1st. The shares were sold at an average price of $457.99, for a total transaction of $86,928,791.95. Following the completion of the sale, the director owned 24,287 shares of the company’s stock, valued at $11,123,203.13. This represents a 88.66% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Spv-2 L.P. Sl sold 175,901 shares of the firm’s stock in a transaction on Monday, June 1st. The stock was sold at an average price of $457.99, for a total transaction of $80,560,898.99. Following the sale, the director owned 36,659 shares in the company, valued at approximately $16,789,455.41. The trade was a 82.75% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders sold 3,434,758 shares of company stock valued at $1,448,870,683 in the last quarter. Corporate insiders own 41.50% of the company’s stock.
Wall Street Analyst Weigh In A number of equities research analysts recently commented on DELL shares. Bank of America lifted their price objective on Dell Technologies from $280.00 to $500.00 and gave the stock a “buy” rating in a research note on Friday, May 29th. Wolfe Research cut Dell Technologies from a “peer perform” rating to a “peer perform” rating in a report on Friday, May 29th. Piper Sandler boosted their target price on Dell Technologies from $167.00 to $497.00 and gave the stock an “overweight” rating in a research report on Friday, May 29th. UBS Group set a $700.00 price target on Dell Technologies in a research note on Friday, May 29th. Finally, Daiwa Securities Group lifted their price objective on shares of Dell Technologies from $170.00 to $465.00 and gave the stock an “outperform” rating in a research note on Tuesday, June 2nd. One investment analyst has rated the stock with a Strong Buy rating, twenty have given a Buy rating, ten have issued a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus target price of $492.76.
Get Our Latest Report on Dell Technologies
Dell Technologies Trading Up 9.3% NYSE:DELL opened at $441.81 on Thursday. Dell Technologies Inc. has a 1 year low of $110.22 and a 1 year high of $469.47. The stock has a 50-day moving average price of $382.63 and a two-hundred day moving average price of $235.36. The stock has a market cap of $286.34 billion, a price-to-earnings ratio of 35.09, a PEG ratio of 0.86 and a beta of 1.31.
Dell Technologies (NYSE:DELL – Get Free Report) last released its quarterly earnings results on Thursday, May 28th. The technology company reported $4.86 EPS for the quarter, topping analysts’ consensus estimates of $2.96 by $1.90. Dell Technologies had a negative return on equity of 366.90% and a net margin of 6.28%.The company had revenue of $43.84 billion for the quarter, compared to analyst estimates of $35.74 billion. During the same quarter last year, the firm posted $1.55 earnings per share. Dell Technologies’s revenue was up 87.5% compared to the same quarter last year. Dell Technologies has set its FY 2027 guidance at 17.900-17.900 EPS and its Q2 2027 guidance at 4.800-4.800 EPS. Sell-side analysts forecast that Dell Technologies Inc. will post 17.77 earnings per share for the current year.
Dell Technologies Announces Dividend The business also recently declared a quarterly dividend, which will be paid on Friday, July 31st. Shareholders of record on Tuesday, July 21st will be paid a $0.63 dividend. The ex-dividend date of this dividend is Tuesday, July 21st. This represents a $2.52 dividend on an annualized basis and a yield of 0.6%. Dell Technologies’s payout ratio is presently 20.02%.
Dell Technologies Profile (Free Report)
Dell Technologies Inc is a multinational technology company that designs, manufactures and sells a broad range of information technology products, solutions and services. Its offerings span client computing devices (consumer and commercial laptops and desktops), enterprise infrastructure (servers, storage systems and networking equipment), software and cloud infrastructure, and a variety of professional services such as IT consulting, deployment, managed services and financing solutions. The company serves organizations of all sizes as well as individual consumers, with products and services aimed at enabling digital transformation and modern IT environments.
Founded by Michael Dell in 1984, the company grew from a direct-to-consumer PC business into a diversified IT provider through organic expansion and strategic acquisitions.
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Cigna Healthcare rozšiřuje AI podporu pro včasnější identifikaci zákazníků s komplexními či chronickými potřebami. Očekává 20% více podpořených klientů a úsporu 200 milionů USD za tři roky.
New capabilities will help 20% more customers with complex or chronic health needs access personalized clinical support earlier, reducing medical costs by $200M over three years
, /PRNewswire/ -- Cigna Healthcare®, the health benefits division of The Cigna Group (NYSE: CI), is significantly expanding its personalized care management programs through AI-enabled capabilities and predictive analytics that help identify customers who would benefit from earlier support and connect them with clinicians. The expansion will support 20% more customers with emerging, complex or chronic health needs – including cancer, heart disease, kidney disease, high-risk pregnancy, and behavioral health conditions.
AI-enabled capacities identify opportunities for personalized outreach and support, while experienced clinicians provide the guidance, care coordination, and expertise needed to help customers navigate their health journey with confidence. More than 1,250 Cigna Healthcare clinicians, including nurses and behavioral health specialists, guide customers as they navigate care, coordinate with multiple providers, and access additional resources. Through these new capabilities, clinicians will help customers address health needs earlier and manage conditions more effectively – reducing medical costs for engaged customers by $2,000 per year on average, resulting in an estimated $200 million in total savings over the next three years.
"As costs for hospital care, emergency services, and prescription drugs continue to rise, we are investing in tools and clinical programs that help customers avoid unnecessary hospitalizations, better manage chronic conditions, and reduce the likelihood of more serious and expensive health events later," said Bryan Holgerson, President, Cigna Healthcare U.S. and Executive Vice President, Customer Health Outcomes, The Cigna Group. "By combining predictive analytics, AI-enabled capabilities, and clinical expertise, we can identify health needs earlier and connect more customers with personalized support when it has the greatest impact."
Cigna Healthcare's care management programs have demonstrated meaningful results:
95% customer satisfaction among surveyed customers A 42% reduction in avoidable inpatient stays among customers who engage early with care management support Earlier identification of likely breast, colorectal, and lung cancer diagnoses by approximately 55, 46, and 37 days, respectively 72% of customers achieving clinically meaningful improvement in depression symptoms when connected to high-quality behavioral health providers "Health care can be difficult to navigate, especially when someone is facing a new diagnosis or complex condition. Our goal is to make it easier for customers to connect with an experienced Cigna Healthcare clinician who can help them understand their options and make the most of the support available through their health plan," said Dr. Stanley Crittenden, Chief Medical Officer, Cigna Healthcare. "With earlier guidance, we can help customers get the right care at the right time and avoid more serious and costly health complications."
How These Enhancements Improve Customer Experience
These AI-enabled capabilities help Cigna Healthcare identify opportunities to provide support earlier, personalize engagement, and connect more customers with experienced clinicians.
Earlier Identification of Support Opportunities: Advanced predictive models and AI-enabled insights help identify emerging health needs sooner, creating more opportunities to engage customers before a condition becomes more serious. More Personalized Engagement: Customers can connect with clinicians through the channels they prefer, including phone, text, email, and digital tools. These interactions create more opportunities to provide guidance, answer questions, and support healthier outcomes. Greater Access to Expert Clinical Support: AI-enabled capabilities help identify and prioritize engagement opportunities, allowing clinicians to focus more time on helping customers understand their options, coordinate care, and access resources. This work advances the company's commitments to create more connected, personalized health care experiences and complements services such as My Personal Champion, which helps customers navigate the administrative challenges that often accompany complex health conditions, including prior authorizations, claims, and continuity of care.
About Cigna Healthcare
Cigna Healthcare is a health benefits provider that advocates for better health through every stage of life. We guide our customers through the health care system, empowering them with the information and insight they need to make the best choices for improving their health and vitality. Products and services are provided exclusively by or through operating subsidiaries of The Cigna Group (NYSE:CI), including Cigna Health and Life Insurance Company, Connecticut General Life Insurance Company, Evernorth Health companies or their affiliates and Express Scripts companies or their affiliates. Such products and services include an integrated suite of health services, such as medical, dental, behavioral health, pharmacy, vision, supplemental benefits, and others.
Learn more at www.cignahealthcare.com.
MEDIA CONTACT:
Gena Madow
[email protected]
240.513.5986
Blackstone ve 2. čtvrtletí zvýšil distributabilní zisk na akcii o 26 % na 1,52 USD díky růstu spravovaných aktiv na 1,35 bilionu USD. Těží také z investic do AI, kde je navázáno devět z jeho deseti nejlepších pozic.
A logo of Blackstone is pictured in Manhattan, New York City, U.S. July 29, 2025. REUTERS/Mike Segar/File Photo Purchase Licensing Rights, opens new tab
SummaryCompaniesInflows boost assets under management to $1.35 trillionNine of Blackstone's 10 best-performing holdings are tied to AIBlackstone is deepening ties with AI innovators - CEO SchwarzmanJuly 23 (Reuters) - Blackstone (BX.N), opens new tab, the world's largest alternative asset manager, reported rising income for the second quarter on Thursday, buoyed by growing assets under management and reaping profit from a mammoth bet on artificial intelligence.
The New York-based company said inflows in the quarter pushed total assets to $1.35 trillion, while distributable earnings, or profit available to shareholders, rose 26% on a per-share basis to $1.52.
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Blackstone shares rose 2.7% in premarket trading. The stock has slipped 20% this year through last close.
Deals to sell a stake in three data centers to Digital Realty and a majority holding in power infrastructure company Sabre Industries to TPG (TPG.O), opens new tab helped push its haul from monetizing assets to $31.8 billion.
Market volatility had hampered some deals in the first quarter, but Blackstone picked up the pace in the second.
It also benefited from the listings of advertising technology company Liftoff Mobile (LFTO.O), opens new tab, a data center investment vehicle called Blackstone Digital Infrastructure Trust (BXDC.N), opens new tab and Indian office REIT Bagmane (BAGM.NS), opens new tab.
Blackstone is betting heavily on the growth of AI and is joining peer Apollo (APO.N), opens new tab in a $35 billion financing for custom chips to be used by Claude Code creator Anthropic.
Nine of its top 10 best-appreciating investments are linked to AI, Blackstone said. These include a stake in Anthropic and its data center businesses. Blackstone took data center platform QTS private for $10 billion in 2021.
CEO Stephen Schwarzman said the firm had decided to "lean into the artificial intelligence megatrend". He said the company becoming "a trusted partner at scale to many of the key innovators" had positioned it well for the future.
Worries that AI will disrupt software businesses have weighed in recent months on private equity and credit firms that both invested in and lent to those companies in droves. This has contributed to scrutiny on how they value assets.
Amid the upset, wealthy individuals, whose assets represent almost a quarter of the total Blackstone manages, have sought to withdraw money from private credit funds in particular.
The retail flagship Blackstone Private Credit Fund BCRED raised $1 billion in the quarter, down from $1.9 billion in the previous quarter and $3.7 billion in the same period of 2025.
Net returns from private credit improved to 0.4% from flat in the first quarter, but remained below 2.2% from a year ago.
Blackstone Private Equity Strategies and infrastructure fund BXINFRA, which are also offered to wealthy individuals, raised $2.4 billion and $861 million, respectively. Real estate investment trust BREIT, which started exercising a right to block investor redemptions in 2022, pulled in $1.2 billion.
Reporting by Isla Binnie in New York and Arasu Kannagi Basil in Bengaluru; Editing by Arun Koyyur
Our Standards: The Thomson Reuters Trust Principles., opens new tab
Isla Binnie reports on how company directors and executives manage stakeholder and shareholder interests, with a focus on compensation, corporate crises, dealmaking and succession. She also covers how politics, regulation, environmental issues and the broader economy affect boardroom discussions. Isla previously covered business, politics and general news in Spain and Italy. She trained with Reuters in London and covered emerging markets debt for the International Financing Review (IFR).
Yiren Digital oznámila měřitelné zlepšení provozní efektivity po nasazení AI agentů napříč klíčovými firemními procesy. Ve vymáhání pohledávek klesl podíl ručního zpracování z 45,0 % na 24,9 %.
Broader AI adoption improves productivity across asset recovery and enterprise operations
, /PRNewswire/ -- Yiren Digital Ltd. (NYSE: YRD) ("Yiren Digital" or the "Company"), a leading company specializing in financial technology and artificial intelligence innovation across multiple industries in China and global markets, today announced measurable operating efficiency improvements as it continues to deploy AI agents across core enterprise workflows. Broader AI adoption is reducing manual intervention, increasing workforce productivity and creating greater operating leverage by automating high-volume processes across multiple business functions.
These deployments are a key component of Yiren Digital's "All-in-AI" strategy and its broader transition from AI-assisted productivity toward agent-driven execution. By embedding AI agents into core workflows, the Company is creating reusable operating capabilities that can be deployed across its businesses, supporting greater efficiency and reducing the cost of extending automation into new functions.
"Our objective is not simply to automate individual tasks, but to fundamentally improve how work is performed across the enterprise," said Mr. Ning Tang, Chairman and Chief Executive Officer of Yiren Digital. "As AI agents take on more of our high-volume, demanding workflows, the productivity gains are becoming a structural part of how we run the business, not a one-time efficiency project. We will continue to deepen AI integration across our existing businesses while extending reusable capabilities into additional verticals."
The AI deployments are supported by the Company's proprietary enterprise AI architecture, including MagiCube 2.0, its upgraded multi-agent platform. The platform provides common infrastructure for agents deployed across marketing, customer service, capital operations, risk management, compliance and research and development, with more than 10 reusable foundational capabilities, supporting enterprise-wide execution.
Measurable Operating Impact
Lower manual intervention: The human handling rate in asset-recovery operations decreased from 45.0% to 24.9%, representing a 20.1-percentage-point decline, an approximately 44.6% relative reduction in manual intervention.
Higher staff productivity: The number of service tickets handled per asset-recovery staff member within the applicable Month 1 workflow increased from 358 to 525, an improvement of approximately 47%.
Expanded agent adoption: AI agents accounted for 81% of service tickets within eligible Day 1 asset-recovery workflows in 2025, up from 50% in 2024. The Company also deployed AI agents selectively in later-stage workflows, accounting for 20% of eligible service tickets at Day 4, 14% at Day 16 and 20% at Month 2. Each percentage is calculated separately for the relevant stage and should not be interpreted as a sequential adoption trend.
Enterprise-wide reuse: MagiCube 2.0 supports agent deployment across six enterprise functions, allowing the Company to apply common AI capabilities to a broader range of regulated and high-volume workflows.
Enterprise-scale AI execution: The Fengchao AI voice agent processes approximately 1,500 hours of real-time speech-to-text activity each day. The LingShu intelligent marketing platform executes more than 1,700 tasks daily and generates individualized communication content in an average of 0.6 seconds.
Building Enterprise Operating Leverage Through AI
As AI deployment expands across the enterprise, Yiren Digital is increasingly shifting repetitive, high-volume tasks from human-assisted processes toward agent-driven execution. By combining AI agents with centralized orchestration and governance, the Company is improving operating consistency, strengthening workforce productivity and creating reusable capabilities that increase operating leverage as AI is deployed across additional business functions.
Yiren Digital plans to continue expanding agent-driven workflows across its credit and insurance operations, as part of its ongoing All-in-AI strategy, while strengthening the shared architecture and governance that support enterprise-wide AI deployment. These capabilities are designed to scale across multiple use cases and provide a foundation for the Company's broader expansion into AI application-layer opportunities, including AI entertainment and AI-assisted language learning.
About Yiren Digital
Yiren Digital Ltd. is a leading company specializing in financial technology and artificial intelligence innovation across multiple industries in China and global markets. The Company leverages advanced artificial intelligence and emerging technologies to enhance customer experience, optimize capital efficiency, and expand financial inclusion. Following the regulatory filing of its in-house developed Large Language Model Zhiyu, and the significant enhancement of its MagiCube Agent platform, Yiren Digital is establishing a new growth engine to accelerate its evolution into an AI-native, multi-industry operating platform extending beyond traditional financial services. For more information, please visit https://ir.yiren.com.
Safe Harbor Statement
This press release contains forward-looking statements. These statements are made under the "safe harbor" provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as "aim," "anticipate," "believe," "estimate," "expect," "hope," "going forward," "intend," "ought to," "plan," "project," "potential," "seek," "may," "might," "can," "could," "will," "would," "shall," "should," "is likely to" and the negative form of these words and other similar expressions. This press release contains forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended, and as defined in the U.S. Private Securities Litigation Reform Act of 1995. These statements can be identified by terminology such as "will," "expects," "anticipates," "future," "intends," "plans," "believes," "estimates," "target," "confident," and similar expressions. Forward-looking statements are based on management's current expectations, assumptions, and assessments of current market and operating conditions. These statements involve inherent risks, uncertainties, and other factors, many of which are outside the control of the Company, and which could cause actual results to differ materially from those expressed or implied in such statements. Actual results may differ materially from those expressed or implied in forward-looking statements due to a variety of factors and other risks described in the Company's filings with the U.S. Securities and Exchange Commission. All forward-looking statements speak only as of the date of this press release. The Company undertakes no, and expressly disclaims any, obligation to update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise, except as required under applicable law.
Dimensional Fund Advisors LP ve 1. čtvrtletí zvýšil podíl v McKesson o 1,2 % na 356 397 akcií v hodnotě 308,388 milionu USD. McKesson zároveň zvýšil čtvrtletní dividendu na 0,94 USD na akcii.
Dimensional Fund Advisors LP grew its stake in shares of McKesson Corporation (NYSE:MCK – Free Report) by 1.2% in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 356,397 shares of the company’s stock after acquiring an additional 4,311 shares during the period. Dimensional Fund Advisors LP owned about 0.29% of McKesson worth $308,388,000 at the end of the most recent reporting period.
Several other institutional investors have also modified their holdings of the company. Parallel Advisors LLC grew its holdings in McKesson by 3.0% in the first quarter. Parallel Advisors LLC now owns 2,878 shares of the company’s stock valued at $2,491,000 after purchasing an additional 83 shares during the last quarter. Marshall & Sterling Wealth Advisors Inc. raised its stake in shares of McKesson by 41.1% during the 1st quarter. Marshall & Sterling Wealth Advisors Inc. now owns 508 shares of the company’s stock worth $440,000 after buying an additional 148 shares during the last quarter. SEB Asset Management AB acquired a new position in shares of McKesson during the 1st quarter worth $129,760,000. Swiss National Bank boosted its position in shares of McKesson by 6.3% in the 1st quarter. Swiss National Bank now owns 362,250 shares of the company’s stock worth $313,477,000 after buying an additional 21,360 shares in the last quarter. Finally, AIA Group Ltd purchased a new stake in shares of McKesson in the 1st quarter worth about $245,000. Hedge funds and other institutional investors own 85.07% of the company’s stock.
McKesson Stock Performance Shares of MCK opened at $813.95 on Thursday. The company has a market capitalization of $95.30 billion, a price-to-earnings ratio of 21.16, a PEG ratio of 1.36 and a beta of 0.31. McKesson Corporation has a 1 year low of $637.00 and a 1 year high of $999.00. The company’s 50 day simple moving average is $776.87 and its 200 day simple moving average is $838.43.
McKesson (NYSE:MCK – Get Free Report) last issued its quarterly earnings results on Thursday, May 7th. The company reported $11.69 earnings per share for the quarter, beating the consensus estimate of $11.56 by $0.13. McKesson had a negative return on equity of 345.35% and a net margin of 1.18%.The company had revenue of $96.30 billion during the quarter, compared to the consensus estimate of $101.35 billion. During the same period in the previous year, the firm posted $10.12 EPS. McKesson’s revenue was up 6.0% on a year-over-year basis. McKesson has set its FY 2027 guidance at 43.800-44.600 EPS. Equities analysts expect that McKesson Corporation will post 44.28 EPS for the current fiscal year.
McKesson Increases Dividend The firm also recently declared a quarterly dividend, which will be paid on Thursday, October 1st. Shareholders of record on Tuesday, September 1st will be paid a $0.94 dividend. This represents a $3.76 dividend on an annualized basis and a yield of 0.5%. The ex-dividend date of this dividend is Tuesday, September 1st. This is a positive change from McKesson’s previous quarterly dividend of $0.82. McKesson’s dividend payout ratio is 8.53%.
Analysts Set New Price Targets MCK has been the subject of a number of research reports. JPMorgan Chase & Co. cut their target price on shares of McKesson from $1,107.00 to $1,015.00 and set an “overweight” rating for the company in a research report on Friday, May 8th. Citigroup lowered their price target on shares of McKesson from $975.00 to $945.00 and set a “buy” rating on the stock in a research report on Thursday, May 14th. Deutsche Bank Aktiengesellschaft reissued a “buy” rating and set a $875.00 price objective on shares of McKesson in a research note on Friday, May 8th. TD Cowen cut their price objective on McKesson from $1,012.00 to $989.00 and set a “buy” rating for the company in a research report on Tuesday. Finally, Wells Fargo & Company reduced their target price on McKesson from $925.00 to $812.00 and set an “equal weight” rating on the stock in a research note on Tuesday, May 12th. Fourteen research analysts have rated the stock with a Buy rating and three have issued a Hold rating to the company. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average target price of $959.00.
Check Out Our Latest Report on MCK
Key Stories Impacting McKesson Here are the key news stories impacting McKesson this week:
Positive Sentiment: McKesson raised its quarterly dividend by about 15% to $0.94 per share, signaling confidence in cash flow and capital returns. The increase was announced alongside a new payment schedule for shareholders of record on September 1. McKesson Corporation Raises Quarterly Dividend by 15% to $0.94 Per Share Positive Sentiment: Analysts remain constructive overall: TD Cowen lowered its price target slightly to $989 from $1,012 but kept a buy rating, implying meaningful upside from current levels. TD Cowen price target update via Benzinga Neutral Sentiment: Recent Zacks articles note that McKesson is drawing investor attention and is still viewed as a strong growth stock, but these pieces are largely commentary rather than new fundamental catalysts. Why McKesson Fell More Than Broader Market Neutral Sentiment: Other recent posts focus on stock performance over time and whether MCK is a buy now, but they do not appear to add a major new operational catalyst. Is Trending Stock McKesson Corporation (MCK) a Buy Now? Negative Sentiment: McKesson has been declining more than the broader market in recent sessions, reflecting near-term selling pressure even after strong longer-term fundamentals. Here’s Why McKesson (MCK) Fell More Than Broader Market Insiders Place Their Bets In other news, EVP Thomas L. Rodgers sold 699 shares of the stock in a transaction dated Tuesday, June 2nd. The shares were sold at an average price of $735.27, for a total transaction of $513,953.73. Following the transaction, the executive vice president directly owned 2,268 shares in the company, valued at $1,667,592.36. This represents a 23.56% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, EVP Michele Lau sold 3,550 shares of the stock in a transaction that occurred on Tuesday, May 26th. The stock was sold at an average price of $761.09, for a total transaction of $2,701,869.50. Following the transaction, the executive vice president directly owned 3,247 shares in the company, valued at approximately $2,471,259.23. This represents a 52.23% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold a total of 28,748 shares of company stock valued at $22,262,035 in the last quarter. Corporate insiders own 0.06% of the company’s stock.
McKesson Profile (Free Report)
McKesson Corporation (NYSE: MCK) is a global healthcare services and distribution company that supplies pharmaceuticals, medical-surgical products and health care technology solutions. Founded in 1833 and headquartered in Irving, Texas, McKesson operates across the drug distribution and healthcare services value chain, connecting manufacturers, pharmacies, hospitals and health systems to help manage the movement of medicines and clinical supplies.
The company’s core activities include pharmaceutical wholesale distribution and logistics, specialty pharmacy services, and the provision of medical-surgical supplies to acute and non-acute care providers.
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Berkshire Hathaway Energy se stává nepřímým vítězem boomu umělé inteligence díky rostoucí poptávce datových center po elektřině. Greg Abel uvedl, že zhruba polovina energetických operací nyní řeší potřeby spojené s AI.
Warren Buffett built Berkshire Hathaway (BRKB -0.05%) by avoiding things he did not understand, and for the most part, that has kept the company on the sidelines of the AI stock frenzy.
Yet Berkshire may have more AI exposure than it appears, and it comes from an unlikely place: not a chipmaker, but one of its wholly owned subsidiaries, Berkshire Hathaway Energy. This sprawling collection of regulated utilities is quietly turning into a backdoor winner of the artificial intelligence boom.
Image source: Getty Images.
How a utility becomes an AI winner The connection is simple once you see it. AI data centers are astonishingly hungry for electricity, and someone has to generate and deliver that power. Berkshire Hathaway Energy owns utilities across the country, including MidAmerican in Iowa, NV Energy in Nevada, and PacifiCorp in the West, and they are watching demand surge.
In Iowa, a cluster of mega data centers now accounts for roughly 8% of peak electricity load, and management expects data center consumption to keep climbing for years.
Here is why that matters for profits. Regulated utilities make money in two reinforcing ways. They sell more electricity as demand rises, and, more importantly, they earn a regulated return on the capital they invest to serve that demand. Berkshire Hathaway Energy is in the middle of a roughly $34 billion capital plan to build out generation, storage, and transmission, and every dollar of approved investment becomes a base on which it earns steady profits for decades.
Berkshire's own CEO, Greg Abel, who ran this business, told shareholders that about half of its energy operations are now addressing AI-related power needs. That is a striking statement for a company usually associated with power lines and pipelines, not silicon.
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Some things to consider I would keep expectations measured. Utilities grow slowly and swallow enormous amounts of capital, and their returns depend on regulators approving rate increases, which is never guaranteed. Berkshire Hathaway Energy also carries real liabilities, including wildfire exposure at PacifiCorp that has cost it dearly. And because Berkshire is so vast, even a thriving energy unit will not move the overall stock the way a hot chip stock might. This is a slow, steady contributor, not a moonshot.
The lesson here is that AI's beneficiaries extend far beyond the obvious names. Berkshire may have barely touched AI stocks, but through Berkshire Hathaway Energy it owns a genuine stake in the electricity boom powering the entire movement. For shareholders, it is a reminder that Berkshire's famous caution does not mean missing the trend entirely. Sometimes the smartest AI exposure is not in the chips at all, but in the unglamorous business of keeping them running.
SPX Technologies dokončila akvizici Neptronic za 605 mil. CA$. Transakce rozšiřuje její HVAC segment o inteligentní řízení a řešení pro správu vzduchu.
Expands SPX Technologies’ HVAC Capabilities with Custom HVAC Control and Engineered Air Management Solutions July 23, 2026 06:45 ET | Source: SPX Technologies
CHARLOTTE, N.C., July 23, 2026 (GLOBE NEWSWIRE) -- SPX Technologies, Inc. (NYSE: SPXC) (“SPX” or the “Company”) announced today that it has completed the acquisition of Neptronic Inc. (“Neptronic”) for a total cash consideration of CA$ 605 million (approximately US$ 430 million), subject to customary closing adjustments. The multiple of enterprise value to earnings before interest, tax, depreciation and amortization (“EBITDA multiple”) implied in the transaction is modestly above the upper-end of the Company’s recently transacted range of 8-12x.
Neptronic designs and manufactures highly engineered HVAC solutions including intelligent controls, electric duct heaters, humidifiers, actuators and valves. Neptronic serves customers through a strong network of OEMs and channel partners, focused on mission-critical applications including data centers, healthcare and education. Based in Montreal, Canada, Neptronic has about 300 employees and generates annual revenues of approximately US$ 75 million.
Neptronic will become part of SPX Technologies’ HVAC segment, expanding the Company’s position in precision thermal management solutions and expanding its offering with high-quality brands and products that it can leverage across its platform and geographic footprint. The addition of Neptronic strengthens SPX’s portfolio with differentiated controls, electric duct heaters, actuators, actuated valves, and humidifiers - strategic product categories with strong market fundamentals and a natural fit within the Company’s existing sales channels. Neptronic’s technology platform further advances SPX’s evolution toward delivering intelligent, controls-enabled HVAC solutions for customers globally.
SPX intends to accelerate Neptronic’s growth by expanding channel access and customer reach and by providing the capital and operational resources to scale the business while preserving its innovation-led culture and speed to market. Neptronic’s solutions are also expected to be leveraged across the broader SPX HVAC portfolio, enabling more intelligent, fully integrated HVAC solutions.
“We are excited to welcome Neptronic to the SPX Technologies team,” said Gene Lowe, SPX Technologies President and CEO. “Neptronic’s differentiated controls and thermal management solutions are highly complementary to our existing portfolio and further advance our HVAC growth strategy. The addition of Neptronic expands our capabilities as an integrated controls-enabled systems provider and enhances our portfolio with highly complementary product categories that can be leveraged across our HVAC platform and global footprint.”
“Joining SPX Technologies represents an exciting opportunity for Neptronic,” said Biagio Di Lorenzo, CFO and President of Neptronic. “SPX’s scale, operational resources and strong channel relationships in the HVAC market will help accelerate our growth while preserving the engineering expertise, innovation and customer focus that have defined our business for nearly 50 years.”
SPX management plans to provide updated 2026 guidance, incorporating the impact of Neptronic, on July 30, 2026, when SPX Technologies reports Q2 2026 results.
About SPX Technologies, Inc: SPX Technologies is a supplier of highly engineered products and technologies, holding leadership positions in the HVAC and detection and measurement markets. Based in Charlotte, North Carolina, SPX has operations in 16 countries. SPX Technologies is listed on the New York Stock Exchange under the ticker symbol “SPXC.” For more information, please visit www.spx.com.
About Neptronic Inc.: Founded in 1976 in Montréal, Quebec, Neptronic designs and manufactures engineered HVAC solutions including intelligent controllers, electric heaters, humidifiers, actuators and valves. Neptronic employs more than 300 employees in an integrated 93,000-square-foot facility.
Forward Looking Statements:
Statements in this press release that express a belief, expectation, or intention, as well as those that are not historical fact, including plans to expand Neptronic’s sales, are forward-looking statements under the Private Securities Litigation Reform Act of 1995. The words “intends,” “plans,” “will,” “believe,” “expected,” “anticipated,” and similar expressions identify forward-looking statements. Although the Company believes that the expectations reflected in its forward-looking statements are reasonable, it can give no assurance that such expectations will prove to be correct. These forward-looking statements involve a number of risks and uncertainties that may cause actual events and results to differ materially from such forward-looking statements. These risks and uncertainties include, but are not limited to: risks that the acquisition disrupts current plans and operations of SPX Technologies or Neptronic; the risk that the disruption from the transaction may make it more difficult to maintain business and operational relationships, including retaining and hiring key personnel and maintaining relationships with Neptronic’s vendors and others with whom Neptronic does business; and risks and uncertainties with respect to SPX Technologies’ ability to recognize the anticipated benefits of the transaction, including expanding Neptronic’s sales. SPX Technologies’ filings with the Securities and Exchange Commission, including its most recent Form 10-K and Form 10-Q, describe other risks and uncertainties.
Statements in this press release speak only as of the date of this press release, and SPX Technologies disclaims any responsibility to update or revise such statements, except as required by law.
FirstCash oznámila rekordní tržby a zisk za 2. čtvrtletí; GAAP EPS vzrostl o 58 % a upravený EPS o 40 %. Zároveň schválila nový program zpětného odkupu akcií až za 150 milionů USD.
FORT WORTH, Texas, July 23, 2026 (GLOBE NEWSWIRE) -- FirstCash Holdings, Inc. (“FirstCash” or the “Company”) (Nasdaq: FCFS), the leading international operator of more than 3,300 retail pawn stores, today announced record revenue and earnings results for the three and six month periods ended June 30, 2026. The Company also announced that the Board of Directors declared a quarterly cash dividend of $0.42 per share, which will be paid in August 2026. In addition, the Company has completed its previous $150 million share repurchase plan and the Board of Directors authorized a new $150 million share repurchase plan.
Mr. Rick Wessel, chief executive officer, stated, “FirstCash achieved record second quarter and year-to-date results, with revenue increases of 29% for the quarter and 28% year-to-date, driving exceptional growth in net income, EBITDA and earnings per share. Pawn demand remains extremely robust, with consolidated pawn receivables up 63% in total and 22% on a same-store basis over the prior year. We are again raising consolidated full year pawn revenue guidance given our second quarter results and continuing demand for pawn products and our deep-value retail sales model.
“The Company expects to complete its previously announced acquisition of Ramsdens Holdings plc (“Ramsdens”) by the end of 2026, subject to the approval of Ramsdens’ shareholders, receipt of the required anti-trust and regulatory approvals and satisfaction of other closing conditions. Ramsdens is a leading operator of pawn stores in the U.K. with 174 locations that will expand FirstCash’s geographic footprint in the U.K. to more than 450 locations. We also expect to see additional 2026 store expansion opportunities across each of our major geographic markets through acquisitions and new store openings.
“Additionally, during the second quarter, FirstCash successfully completed a $750 million bond offering and used the proceeds to pay down a significant portion of the revolving credit facility and to provide additional long-term funding capacity for further expansion of pawn operations and shareholder returns,” concluded Mr. Wessel.
This release contains adjusted financial measures, which exclude certain non-operating and/or non-cash income and expenses, that are non-GAAP financial measures. Please refer to the descriptions and reconciliations to GAAP of these and other non-GAAP financial measures at the end of this release.
Diluted earnings per share for the second quarter increased 58% over the prior-year quarter on a GAAP basis while adjusted diluted earnings per share increased 40% compared to the prior-year quarter.Year-to-date diluted earnings per share increased 42% over the prior-year period on a GAAP basis and adjusted diluted earnings per share increased 34% compared to the prior-year period.Net income for the second quarter totaled $93 million, a 56% increase over the prior-year quarter on a GAAP basis, while adjusted net income increased 38% compared to the prior-year quarter.Year-to-date net income totaled $201 million, a 40% increase over the prior-year period on a GAAP basis, while adjusted net income increased 33% compared to the prior-year period.Adjusted EBITDA for the second quarter was $201 million, a 39% increase over the prior-year quarter. On a year-to-date basis, adjusted EBITDA increased 34% compared to the prior-year period.Consolidated revenue totaled $1.1 billion for the quarter and $2.1 billion year-to-date. Both total revenue and net revenue (gross profit) for the second quarter increased 29% over the prior-year quarter. Year-to-date revenue increased 28% over the prior-year period and net revenue increased 29% compared to the prior-year period. Combined revenues from the Company’s pawn segments increased 44% in the second quarter over last year, while the combined pawn segment income increased 59% over the same period. Year-to-date revenues from the Company’s pawn segments increased 42% while pawn segment income increased 59% over the same prior-year period.Consolidated assets at June 30, 2026 totaled a record $5.5 billion, including record pawn receivables of $898 million. This compares to assets of $4.5 billion and pawn receivables of $551 million a year ago.For the trailing twelve month period ended June 30, 2026, the Company reported:
Revenues of $4.1 billionNet income of $388 million on a GAAP basis and adjusted net income of $447 millionAdjusted EBITDA of $802 millionOperating cash flows of $673 million and adjusted free cash flows (a non-GAAP measure) of $309 million Growth Platforms
During the second quarter, the Company added 20 retail pawn locations, including seven acquired stores and one new location in the U.S. and six de novo stores each in Latin America and the U.K. A total of 28 stores have been added year-to-date.Over the last twelve months, the Company has added 347 locations and as of June 30, 2026, the Company had 3,343 locations, comprised of 1,212 U.S. locations, 1,836 locations in Latin America and 295 U.K. locations.Subsequent to quarter end, the Company completed a one-store acquisition in the U.K. In addition to the Ramsdens transaction, the Company has an active pipeline of acquisition opportunities which could potentially add 35 to 40 additional acquired locations across its global footprint in the second half of 2026.Ramsdens acquisition update: On July 16, 2026, the Company agreed to revised offer terms with Ramsdens’ board of directors, increasing the cash price to be received by Ramsdens’ shareholders from 600 pence to 675 pence for each Ramsdens share held plus a permitted dividend of 9 pence per share due to be paid on October 9, 2026. The revised total equity value for the Ramsdens acquisition is approximately £232 million ($308 million USD using GBP/USD exchange rate as of the close of business on June 30, 2026), representing an aggregate increase of approximately £25 million ($34 million USD).Pending approvals by Ramsdens’ shareholders, receipt of the required anti-trust and regulatory approvals and satisfaction of other closing conditions, the Company still expects the transaction to close by the end of 2026.Upon closing, the addition of Ramsdens would add 174 U.K. locations and increase the Company’s store base to be in excess of 3,500 locations. The Company’s real estate portfolio of owned pawn locations now totals 466 properties, of which eight were acquired in the second quarter and 45 were acquired over the past twelve months. These are highly strategic investments which protect valuable store locations and reduce future operating expenses. Most of the owned properties are in the U.S. and now represent 38% of the total U.S. store base.AFF had approximately 16,700 active retail and e-commerce point-of-sale merchant partner locations at June 30, 2026, representing a 9% increase compared to a year ago. U.S. Pawn Segment Operating Results
Total segment revenue increased 22% in the second quarter and 19% year-to-date, reflecting especially strong same-store revenue growth coupled with contributions from the 2025 acquisitions.Segment pre-tax operating income increased 31% compared to the prior-year quarter. The resulting segment pre-tax operating margin increased to a record 26% for the second quarter of 2026 compared to 24% in the prior-year quarter. Year-to-date segment pre-tax operating income increased 28% compared to the prior-year period.Pawn receivables increased 20% in total at June 30, 2026 compared to last year. Same-store pawn receivables increased 19% and are up 32% on a two-year stacked basis. This represented the twelfth consecutive quarter of double-digit same-store receivables growth.Pawn loan fees increased 15% in the second quarter while retail merchandise sales increased 10%, both compared to the prior-year quarter. On a same-store basis, pawn fees increased 14% and retail sales increased 8%.Retail sales margins were 43% for the second quarter of 2026, which equaled the second quarter of 2025. Inventories aged greater than one year at June 30, 2026 remained low at 1.5% of total inventories, which excludes aged inventories from certain recently acquired stores, improving from 1.9% at June 30, 2025. Latin America Pawn Segment Operating Results
Note: Certain growth rates below are calculated on a constant or local currency basis, a non-GAAP financial measure defined at the end of this release. The average U.S. dollar to Mexican peso exchange rate for the second quarter of 2026 was 17.4 dollar / peso, a favorable change of 11% versus the comparable prior-year period, and for the six month period ended June 30, 2026 was 17.5 dollar / peso, a favorable change of 13% versus the prior-year period.
Total segment revenue in the second quarter of 2026 increased 42% on a U.S. dollar basis and 29% on a constant currency basis compared to the prior-year quarter. Year-to-date, segment revenue increased 41% on a U.S. dollar basis compared to the prior-year period and increased 26% on a local currency basis.Second quarter segment pre-tax operating income increased 42% on a U.S. dollar basis compared to last year and increased 36% on a local currency basis. Year-to-date, segment pre-tax operating income increased 51% on a U.S. dollar basis compared to the prior-year period and increased 42% on a local currency basis.Pawn receivables, both in total and on a same-store basis, as of June 30, 2026, increased 32% on a U.S. dollar basis while increasing 22% on a constant currency basis compared to the prior year. Two-year stacked same-store receivable growth increased 42% in total and 35% on a currency adjusted basis.Total and same-store pawn loan fees in the second quarter both increased 33% on a U.S. dollar basis and 19% on a constant currency basis compared to the prior-year quarter.Total and same-store retail merchandise sales in the second quarter increased 28% on a U.S. dollar basis compared to the prior-year quarter. On a constant currency basis, both total and same-store retail merchandise sales increased 15% in the second quarter compared to the prior-year quarter.Retail margins were 35% in the second quarter of 2026 versus 36% in the second quarter of 2025. Inventories aged greater than one year at June 30, 2026 remained extremely low, improving to 1.2% compared to 1.5% at June 30, 2025. U.K. Pawn Segment Operating Results
Total revenues in the second quarter were $95 million, with strong growth over the prior-year quarter (pre-acquisition) in both pawn fees and merchandise sales.Segment pre-tax operating income for the second quarter of 2026 was $34 million, resulting in a segment pre-tax operating margin of 35%. Year-to-date segment pre-tax operating income was $73 million, resulting in a segment pre-tax operating margin of 37%.Pawn receivables at June 30, 2026 totaled $217 million, an increase of 22% on a U.S. dollar basis. On a local currency basis, both total and same-store pawn receivables increased 26% compared to a year ago (pre-acquisition). American First Finance (AFF) - Retail POS Payment Solutions Segment Operating Results
Second quarter segment pre-tax operating income totaled $29 million. This represented a sequential increase over the first quarter of 2026 but an expected decrease compared to the second quarter of 2025, due primarily to loss of earnings from previously reported merchant partner bankruptcies. Year-to-date segment pre-tax operating income totaled $55 million.Gross transaction volume of lease and loan originations during the second quarter decreased 14% compared to the prior-year quarter, due primarily to continued weakness in the furniture industry coupled with an increased strategic focus on merchant quality. For the year-to-date period, overall gross transaction volume decreased 6% over the prior-year period.Net revenues in the second quarter decreased 15% compared to the prior-year quarter, representing a sequential improvement over the first quarter, while year-to-date decreased 26% compared to the prior-year period.The second quarter combined average monthly net charge-off rate for lease and finance products was 5.2%, which represented sequential improvement compared to 5.6% in the first quarter, and was consistent with the prior-year quarter. Cash Flow and Liquidity
Consolidated operating cash flows for the twelve month period ended June 30, 2026 totaled $673 million, an increase of 21% compared to the same prior-year period, driven by significant contributions from each of the Company’s four business segments.Adjusted free cash flows, which includes net fundings/repayments of pawn loans and finance receivables, increased 16% to $309 million in the twelve month period ended June 30, 2026 compared to the same prior-year period.The operating cash flows helped fund significant growth in earning assets, continued investments in the pawn store platform, real estate and shareholder returns over the past twelve months: A total of 313 pawn stores were acquired for a combined purchase price of $453 million. Excluding earning assets obtained through acquisitions over the past twelve months, pawn earning assets (pawn receivables and inventories) increased $282 million compared to last year.34 de novo pawn stores were opened with a combined investment of approximately $15 million in fixed assets and working capital.Strategic real estate purchases totaled $74 million as the Company purchased the underlying real estate at 45 of its existing pawn stores, bringing the number of Company-owned properties to 466 locations or 38% of its U.S. store base.Shareholder returns comprised of stock repurchases and cash dividends totaled $256 million. In May 2026, the Company successfully completed an offering of $750 million of 6.125% senior unsecured notes due in 2034. The Company used the proceeds to reduce the outstanding balance on the Company’s higher-rate, U.S. revolving credit facility and to repay in full and terminate other revolving credit facilities and secured term loans which were assumed as part of the H&T acquisition in 2025.Based on trailing twelve month actual results, the Company’s net debt to adjusted EBITDA ratio was 2.7x at June 30, 2026. Including the estimated pro forma EBITDA contributions from acquisitions and other lender permitted adjustments over the past twelve months, the ratio of net debt to adjusted EBITDA at June 30, 2026 was 2.6x, which is an improvement versus the same ratio nine months ago (post the acquisition of H&T) of 2.9x. Shareholder Returns
The Board of Directors declared a $0.42 per share third quarter cash dividend, which will be paid on August 28, 2026 to stockholders of record as of August 14, 2026. This represents an annualized dividend of $1.68 per share. Any future dividends are subject to approval by the Company’s Board of Directors.Through the date of this release, the Company repurchased 725,000 shares of common stock in 2026 at an average price of $206.73 per share for a total cost of $150 million. This completes, in less than nine months, the $150 million stock repurchase program authorized in October 2025.On July 22, 2026, the Board of Directors approved a new share repurchase authorization of up to $150 million, effective immediately. Future share repurchases are subject to expected liquidity, acquisition and other investment opportunities, debt covenant restrictions, market conditions and other relevant factors.Over the past twelve months, the Company has repurchased 1,005,000 shares of common stock at an average price of $180.96 per share for a total cost of $182 million and paid out $74 million in cash dividends, representing a payout ratio of approximately 66% of net income over the same period.The Company generated a 17% return on equity and an 8% return on assets for the twelve months ended June 30, 2026. Using adjusted net income for the twelve months ended June 30, 2026, the adjusted return on equity was 20% while the adjusted return on assets was 9%. 2026 Outlook
The outlook for the remainder of 2026 continues to be highly positive as the Company is again raising its overall expectations for year-over-year growth in consolidated pawn segment revenue. While the acquisition of Ramsdens and other prospective and in-process acquisitions are anticipated to close by the end of 2026, the estimates provided below do not include revenue and earnings contributions from such potential acquisitions.
Pawn Operations:
Pawn operations remain the primary earnings driver as the Company expects the combined U.S., Latin America and U.K. pawn segments to be over 90% of total net revenue and segment level pre-tax income for 2026.
U.S. Pawn
Pawn fees in the first half of 2026 were up 14% compared to a year ago. The Company continues to see strong results in July and expects mid-teen or better growth in pawn fees in second half and full year 2026.The Company expects retail merchandise sales to grow in a range of 10% to 15% in 2026 and will continue to target retail margins in a range of 42% to 43%. Additionally, the Company continues to anticipate increased gross profit from scrap jewelry sales.Store operating expenses are projected to grow at a mid-to-high single-digit range in 2026, primarily due to increased variable compensation expense and the significant 2025 store additions. Latin America Pawn
Pawn fees in the first half of 2026 were up 21% on a constant currency basis and 37% on a U.S. dollar basis due to a 13% favorable change in the peso exchange rate compared to the same period last year. The Company expects approximately 20% growth in pawn fees on a U.S. dollar basis in the second half of 2026, assuming an exchange rate equal to the first half of 2026.The Company expects second half retail merchandise sales to grow in a mid 20% range on a U.S. dollar basis, assuming an exchange rate equal to the first half of 2026, with consistent retail margins of approximately 35%. Similar to the U.S., Latin America expects a year-over-year increase in gross profit from scrap jewelry sales.Combined with increased store counts and increased variable compensation expense, operating expenses are expected to grow at a rate in the mid-teens on a U.S. dollar basis. U.K. Pawn
Based on first half of 2026 performance and increased full year revenue projections, 2026 segment income (before administrative expenses, interest expense and taxes) is now expected to be in a range of $135 million to $140 million assuming the current GBP exchange rate. Retail POS Payment Solutions (AFF) Operations:
Given continued softness in furniture and other large-ticket retail sales, gross transaction volumes for lease and loan originations for 2026 are now forecast to be down approximately 10% compared to 2025.Net revenue (after depreciation of leased merchandise and lease and loan loss provisioning) is expected to decrease in a range of 20% to 25% for the full year. The decrease is primarily due to the decrease in net revenue from the American Freight and Conn’s portfolios as a result of their bankruptcies at the end of 2024 and the expected decline in 2026 originations. Other Expenses, Tax Rates and Currency:
Corporate administrative expenses for the remainder of 2026 are expected to remain at a run rate which is similar to the first and second quarters of 2026, while interest expense is expected to increase for full year 2026 in a range of 15% to 20% over 2025 assuming current interest rates.The full year 2026 consolidated effective income tax rate is expected to range from 26% to 27% of net income.Each full point change in the exchange rate of the Mexican peso is projected to have an annual earnings impact of approximately $0.10 to $0.12 per share. A comparable percentage rate change in the exchange rate for the British pound sterling would have an annual earnings impact of approximately $0.07 to $0.09 per share. Additional Commentary and Analysis
Mr. Wessel further commented on FirstCash’s exceptionally strong operating performance and its outlook for the remainder of 2026, “We are extremely excited to share outstanding second quarter results which clearly reflect continued consumer demand for our core pawn products and services coupled with outstanding execution on the part of our front-line associates, store operators and support teams. The record level of pawn receivables coupled with solid inventory positions at quarter end position us well for further revenue growth in the second half of the year from both pawn fees and merchandise sales.
“The strength of our pawn business is notable in its consistency and breadth across each of our pawn segments, both domestically and internationally. Every market continues to see record levels of customer transaction volumes and increased transaction amounts. In addition, the discipline in our lending practices and retail strategies continue to be reflected in optimized inventory positioning with strong turns, low levels of aged inventories and industry leading retail margins.
“From a store growth perspective, the second quarter saw continued global expansion in all pawn segments with the addition of 20 locations through a combination of store openings and acquisitions. We added 13 de novo locations spread across each of our pawn segments. The seven acquired U.S. locations were all in targeted and attractive U.S. growth markets including the states of Alabama, Georgia, Tennessee and Oklahoma. I am especially pleased to report that over the last twelve months, we have now added a total of almost 350 locations in four different countries.
“Our experienced operations and support teams have demonstrated capabilities and the necessary resources for successfully integrating the significant volume of acquired stores. As an example, we completed, in June, the integration of the acquired H&T store platform, representing almost 300 locations, into our proprietary FirstPawn POS system which was accomplished in less than nine months and well ahead of the original schedule. We believe this POS integration and future consolidation of other back office platforms will improve customer service, facilitate product enhancements and generate additional operating synergies for H&T.
“Equally as exciting is the especially large pipeline of pawn acquisitions anticipated for the second half of 2026. The opportunity to add the established Ramsdens brand represents a highly complementary strategic fit as one of the U.K.’s leading pawnbrokers. Operating with a network of 174 stores, Ramsdens will expand our geographic footprint, especially in the more northern regions of U.K., further providing additional scale, operating efficiencies and long-term growth opportunities. In addition, we have a number of other smaller acquisitions in process across multiple geographies which could add 35 to 40 additional locations between now and year end. These expected transactions continue to reinforce both the near and long-term opportunities for FirstCash’s continued growth of its store base, revenues and earnings.
“Our balance sheet and cash flows remain incredibly strong, as demonstrated by the successful $750 million bond offering completed in the second quarter which allowed us to pay down a significant portion of our U.S. credit facility and to pay off all of the assumed, higher-rate H&T debt. The bond issuance provides greater financial flexibility going forward for continued acquisitions, new store growth, real estate purchases and future shareholder returns. Furthermore, we continue to maintain the leverage ratio within our normal targeted range of 2.0x to 3.0x adjusted EBITDA.
“We are also pleased to report that during the second quarter, FirstCash repurchased $77 million of its common stock, bringing our year-to-date buybacks to $127 million at an average cost of $204.77. Subsequent to quarter end in early July 2026, we fully completed the $150 million share buyback authorization, and the Board of Directors has now authorized an additional $150 million for further potential share repurchases.
“A final highlight of the quarter was the shareholder approval of the reincorporation of FirstCash to become a Texas-domiciled company. The conversion from a Delaware to a Texas corporation was completed on June 18 and now aligns our corporate domicile with the state where we are headquartered and have the largest number of U.S. locations and employees.
“In summary, we are very excited about the ongoing strength of our business model and the potential for further long-term growth and shareholder value creation,” concluded Mr. Wessel.
About FirstCash
FirstCash is the leading international operator of pawn stores focused on serving cash and credit-constrained consumers. FirstCash operates more than 3,300 pawn stores in the U.S., Latin America and the U.K. Most of the stores buy and sell a wide variety of jewelry, electronics, tools, appliances, sporting goods, musical instruments and other merchandise, and make small non-recourse pawn loans secured by pledged personal property. FirstCash’s pawn operations account for approximately 90% of net revenue, with the remainder provided by its wholly owned subsidiary, AFF, a leading provider of customer payment solutions at the point-of-sale for retailers of consumer goods and services.
FirstCash is a component company in both the Standard & Poor’s MidCap 400 Index® and the Russell 2000 Index®. FirstCash’s common stock (ticker symbol “FCFS”) is traded on the Nasdaq, the creator of the world’s first electronic stock market. For additional information regarding FirstCash and the services it provides, visit FirstCash’s websites located at http://www.firstcash.com, http://www.americanfirstfinance.com and http://www.handt.co.uk.
Forward-Looking Information
This release contains forward-looking statements about the business, financial condition, outlook and prospects of FirstCash Holdings, Inc. and its wholly owned subsidiaries (together, the “Company”), including the Company’s outlook for 2026 and the Company’s previously announced Ramsdens acquisition. Forward-looking statements, as that term is defined in the Private Securities Litigation Reform Act of 1995, can be identified by the use of forward-looking terminology such as “outlook,” “believes,” “projects,” “expects,” “may,” “estimates,” “should,” “plans,” “targets,” “intends,” “could,” “would,” “anticipates,” “potential,” “confident,” “optimistic,” or the negative thereof, or other variations thereon, or comparable terminology, or by discussions of strategy, objectives, estimates, guidance, expectations, outlook and future plans. Forward-looking statements can also be identified by the fact these statements do not relate strictly to historical or current matters. Rather, forward-looking statements relate to anticipated or expected events, activities, trends or results. Because forward-looking statements relate to matters that have not yet occurred, these statements are inherently subject to risks and uncertainties.
While the Company believes the expectations reflected in forward-looking statements are reasonable, there can be no assurances such expectations will prove to be accurate. Security holders are cautioned that such forward-looking statements involve risks and uncertainties. Certain factors may cause results to differ materially from those anticipated by the forward-looking statements made in this release. Such factors and risks may include, without limitation, risks related to the extensive regulatory environment in which the Company operates, including uncertainty involving the present regulatory environment in the jurisdictions in which the Company operates; risks associated with the legal and regulatory proceedings that the Company is a party to or may become a party to in the future; risks related to the Company’s acquisitions, including the failure of the Company’s acquisitions to deliver the estimated value and benefits expected by the Company and the ability of the Company to continue to identify and consummate acquisitions on favorable terms, if at all; risks related to the Ramsdens acquisition, in particular, the ability to obtain the necessary shareholder, anti-trust and regulatory approvals, and to satisfy the other closing conditions in the expected timeframe, if at all, and the ability to achieve the anticipated benefits from the acquisition of Ramsdens on the anticipated timeline, if at all; potential changes in consumer behavior and shopping patterns which could impact demand for the Company’s pawn loan, retail, lease-to-own (“LTO”) and retail finance products; labor shortages and increased labor costs; a deterioration in the economic conditions in the United States, Latin America and the United Kingdom, including as a result of geopolitical conflicts, inflation, elevated interest rates, increased energy costs and trade policy, which potentially could have an impact on discretionary consumer spending and demand for the Company’s products; currency fluctuations, primarily involving the Mexican peso and British pound sterling; competition the Company faces from other retailers and providers of retail payment solutions; the ability of the Company to successfully execute on its business strategies; risks related to the Company’s ability to prevent cyber attacks, other cybersecurity incidents, security breaches or other disruptions to its information technology systems; risks related to the Company’s ability to develop, operate and adapt its information technology infrastructure suitable for the nature of its business and to successfully transition acquired businesses to its information technology platform; contraction in sales activity or store closures at merchant partners of the Company’s retail point-of-sale (“POS”) payment solutions business; the ability of the Company’s retail POS payment solutions business to continue to grow its base of merchant partners; and other risks discussed and described in the Company’s most recent Annual Report on Form 10-K filed with the Securities and Exchange Commission (the “SEC”), including the risks described in Part I, Item 1A, “Risk Factors” thereof, and other reports filed with the SEC. Many of these risks and uncertainties are beyond the ability of the Company to control, nor can the Company predict, in many cases, all of the risks and uncertainties that could cause its actual results to differ materially from those indicated by the forward-looking statements. The forward-looking statements contained in this release speak only as of the date of this release, and the Company expressly disclaims any obligation or undertaking to report any updates or revisions to any such statement to reflect any change in the Company’s expectations or any change in events, conditions or circumstances on which any such statement is based, except as required by law.
FIRSTCASH HOLDINGS, INC.
CONSOLIDATED STATEMENTS OF INCOME
(unaudited, in thousands) Three Months Ended Six Months Ended June 30, June 30, 2026 2025 2026 2025 Revenue: Retail merchandise sales$ 471,263 $ 385,125 $ 936,097 $ 756,181 Pawn loan fees 258,441 190,822 525,139 382,693 Leased merchandise income 115,499 139,784 245,686 296,702 Interest and fees on retail finance products 73,962 76,075 148,297 149,488 Wholesale scrap jewelry sales 152,132 38,816 264,613 81,981 Other revenue 3,391 — 6,507 — Total revenue 1,074,688 830,622 2,126,339 1,667,045 Cost of revenue: Cost of retail merchandise sold 285,619 230,326 563,668 454,450 Depreciation of leased merchandise 71,650 78,272 152,709 167,091 Provision for lease losses 24,439 32,543 54,183 60,105 Provision for loan losses 39,930 41,761 82,774 78,121 Cost of wholesale scrap jewelry sold 119,069 34,904 195,796 70,259 Other cost of revenue 312 — 1,158 — Total cost of revenue 541,019 417,806 1,050,288 830,026 Net revenue 533,669 412,816 1,076,051 837,019 Expenses and other income: Operating expenses 267,738 222,493 537,167 437,079 Administrative expenses 66,825 59,263 132,603 107,786 Depreciation and amortization 32,440 25,864 63,956 51,366 Interest expense 35,702 26,337 70,230 53,808 Interest income (417) (527) (644) (1,756)Loss (gain) on foreign exchange 1,738 (1,271) 636 (1,285)Merger and acquisition expenses 6,358 2,777 7,223 3,239 Other income, net (3,717) (3,199) (7,250) (5,514)Total expenses and other income 406,667 331,737 803,921 644,723 Income before income taxes 127,002 81,079 272,130 192,296 Provision for income taxes 33,535 21,274 70,961 48,900 Net income$ 93,467 $ 59,805 $ 201,169 $ 143,396 FIRSTCASH HOLDINGS, INC.
CONSOLIDATED BALANCE SHEETS
(unaudited, in thousands) June 30, December 31, 2026 2025 2025 ASSETS Cash and cash equivalents$ 172,298 $ 101,467 $ 125,197 Accounts receivable, net 120,884 76,062 115,854 Pawn loans 897,555 550,718 831,497 Finance receivables, net 131,002 154,518 150,274 Inventories 570,493 355,733 487,232 Leased merchandise, net 84,569 100,689 114,283 Prepaid expenses and other current assets 41,911 35,667 32,131 Total current assets 2,018,712 1,374,854 1,856,468 Property and equipment, net 855,034 750,862 808,050 Operating lease right of use asset 363,132 342,859 365,621 Goodwill 2,030,563 1,826,184 2,023,426 Intangible assets, net 200,247 204,643 231,140 Other assets 9,639 9,805 9,796 Deferred tax assets, net 8,246 5,042 6,262 Total assets$ 5,485,573 $ 4,514,249 $ 5,300,763 LIABILITIES AND STOCKHOLDERS’ EQUITY Accounts payable and accrued liabilities$ 208,170 $ 145,035 $ 212,615 Customer deposits and prepayments 93,437 80,848 83,908 Lease liability, current 111,512 100,845 111,291 Total current liabilities 413,119 326,728 407,814 Revolving unsecured credit facility 69,000 152,000 559,000 Other long-term debt 2,277,039 1,532,865 1,649,434 Deferred tax liabilities, net 159,158 125,290 158,819 Lease liability, non-current 245,465 237,198 248,934 Total liabilities 3,163,781 2,374,081 3,024,001 Stockholders’ equity: Common stock 575 575 575 Additional paid-in capital 1,761,131 1,760,179 1,771,379 Retained earnings 1,834,886 1,520,677 1,670,583 Accumulated other comprehensive loss (55,746) (96,267) (64,835)Common stock held in treasury, at cost (1,219,054) (1,044,996) (1,100,940)Total stockholders’ equity 2,321,792 2,140,168 2,276,762 Total liabilities and stockholders’ equity$ 5,485,573 $ 4,514,249 $ 5,300,763 FIRSTCASH HOLDINGS, INC.
SEGMENT RESULTS
(unaudited)
The Company organizes its operations into four reportable segments as follows:
United States pawn (“U.S. pawn”)Latin America pawn (“LatAm pawn”)United Kingdom pawn (“U.K. pawn”)Retail POS payment solutions (American First Finance or “AFF”) Operating expenses of the three pawn segments include salary and benefit expenses of store-level employees, occupancy costs, bank and other treasury fees, security, insurance, utilities, supplies and other costs incurred by the pawn stores. Operating expenses of the AFF segment include salary and benefit expenses of operations-focused departments, payment processing charges, data analytics and decisioning costs, information technology costs, advertising costs and other operational costs incurred by AFF.
Corporate expenses and income, which include administrative expenses, corporate depreciation and amortization, interest expense, interest income, loss (gain) on foreign exchange, merger and acquisition expenses, and other income, net, are presented on a consolidated basis and are not allocated between the segments. Intersegment transactions related to AFF’s LTO payment solution product offered in U.S. pawn stores are eliminated from consolidated totals.
The Company completed the acquisition of H&T, the leading pawn operator in the United Kingdom, on August 14, 2025, the date which the balance sheet and operating results of H&T were included in the Company’s consolidated financial results.
FIRSTCASH HOLDINGS, INC.
SEGMENT RESULTS
(unaudited, in thousands)
Three Months Ended June 30, 2026 U.S.
Pawn LatAm
Pawn U.K.
Pawn AFF Intersegment
Eliminations ConsolidatedRevenue: Retail merchandise sales$ 275,676 $ 174,316 $ 21,467 $ — $ (196) $ 471,263Pawn loan fees 150,062 79,572 28,807 — — 258,441Leased merchandise income — — — 115,499 — 115,499Interest and fees on retail finance products — — — 73,962 — 73,962Wholesale scrap jewelry sales 72,334 38,154 41,644 — — 152,132Other revenue — — 3,391 — — 3,391Total revenue 498,072 292,042 95,309 189,461 (196) 1,074,688Cost of revenue: Cost of retail merchandise sold 156,453 113,763 15,507 — (104) 285,619Depreciation of leased merchandise — — — 71,701 (51) 71,650Provision for lease losses — — — 24,516 (77) 24,439Provision for loan losses — — — 39,930 — 39,930Cost of wholesale scrap jewelry sold 60,962 32,947 25,160 — — 119,069Other cost of revenue — — 312 — — 312Total cost of revenue 217,415 146,710 40,979 136,147 (232) 541,019Net revenue 280,657 145,332 54,330 53,314 36 533,669Segment expenses: Operating expenses 142,367 82,181 19,344 23,846 — 267,738Depreciation 9,074 5,002 1,349 730 — 16,155Total segment expenses 151,441 87,183 20,693 24,576 — 283,893Segment pre-tax operating income$ 129,216 $ 58,149 $ 33,637 $ 28,738 $ 36 $ 249,776 Three Months Ended June 30, 2025 U.S.
Pawn LatAm
Pawn U.K.
Pawn AFF Intersegment
Eliminations ConsolidatedRevenue: Retail merchandise sales$ 249,918 $ 135,956 $ — $ — $ (749) $ 385,125Pawn loan fees 130,948 59,874 — — — 190,822Leased merchandise income — — — 139,784 — 139,784Interest and fees on retail finance products — — — 76,075 — 76,075Wholesale scrap jewelry sales 28,740 10,076 — — — 38,816Total revenue 409,606 205,906 — 215,859 (749) 830,622Cost of revenue: Cost of retail merchandise sold 143,149 87,579 — — (402) 230,326Depreciation of leased merchandise — — — 78,529 (257) 78,272Provision for lease losses — — — 32,667 (124) 32,543Provision for loan losses — — — 41,761 — 41,761Cost of wholesale scrap jewelry sold 26,265 8,639 — — — 34,904Total cost of revenue 169,414 96,218 — 152,957 (783) 417,806Net revenue 240,192 109,688 — 62,902 34 412,816Segment expenses: Operating expenses 133,815 64,414 — 24,264 — 222,493Depreciation 8,091 4,294 — 699 — 13,084Total segment expenses 141,906 68,708 — 24,963 — 235,577Segment pre-tax operating income$ 98,286 $ 40,980 $ — $ 37,939 $ 34 $ 177,239 FIRSTCASH HOLDINGS, INC.
SEGMENT RESULTS
(unaudited, in thousands)
Six Months Ended June 30, 2026 U.S.
Pawn LatAm
Pawn U.K.
Pawn AFF Intersegment
Eliminations ConsolidatedRevenue: Retail merchandise sales$ 559,505 $ 334,157 $ 43,312 $ — $ (877) $ 936,097Pawn loan fees 307,870 156,218 61,051 — — 525,139Leased merchandise income — — — 245,686 — 245,686Interest and fees on retail finance products — — — 148,297 — 148,297Wholesale scrap jewelry sales 119,703 58,786 86,124 — — 264,613Other revenue — — 6,507 — — 6,507Total revenue 987,078 549,161 196,994 393,983 (877) 2,126,339Cost of revenue: Cost of retail merchandise sold 315,409 217,829 30,886 — (456) 563,668Depreciation of leased merchandise — — — 153,053 (344) 152,709Provision for lease losses — — — 54,447 (264) 54,183Provision for loan losses — — — 82,774 — 82,774Cost of wholesale scrap jewelry sold 97,059 49,807 48,930 — — 195,796Other cost of revenue — — 1,158 — — 1,158Total cost of revenue 412,468 267,636 80,974 290,274 (1,064) 1,050,288Net revenue 574,610 281,525 116,020 103,709 187 1,076,051Segment expenses: Operating expenses 286,224 162,908 40,433 47,602 — 537,167Depreciation 17,770 9,587 2,796 1,450 — 31,603Total segment expenses 303,994 172,495 43,229 49,052 — 568,770Segment pre-tax operating income$ 270,616 $ 109,030 $ 72,791 $ 54,657 $ 187 $ 507,281 Six Months Ended June 30, 2025 U.S.
Pawn LatAm
Pawn U.K.
Pawn AFF Intersegment
Eliminations ConsolidatedRevenue: Retail merchandise sales$ 501,143 $ 256,488 $ — $ — $ (1,450) $ 756,181Pawn loan fees 268,896 113,797 — — — 382,693Leased merchandise income — — — 296,702 — 296,702Interest and fees on retail finance products — — — 149,488 — 149,488Wholesale scrap jewelry sales 62,232 19,749 — — — 81,981Total revenue 832,271 390,034 — 446,190 (1,450) 1,667,045Cost of revenue: Cost of retail merchandise sold 288,907 166,318 — — (775) 454,450Depreciation of leased merchandise — — — 167,672 (581) 167,091Provision for lease losses — — — 60,271 (166) 60,105Provision for loan losses — — — 78,121 — 78,121Cost of wholesale scrap jewelry sold 53,489 16,770 — — — 70,259Total cost of revenue 342,396 183,088 — 306,064 (1,522) 830,026Net revenue 489,875 206,946 — 140,126 72 837,019Segment expenses: Operating expenses 262,766 125,831 — 48,482 — 437,079Depreciation 15,691 8,730 — 1,404 — 25,825Total segment expenses 278,457 134,561 — 49,886 — 462,904Segment pre-tax operating income$ 211,418 $ 72,385 $ — $ 90,240 $ 72 $ 374,115 FIRSTCASH HOLDINGS, INC.
SEGMENT RESULTS
(unaudited)
Pawn Operating Metrics
(dollars in thousands, except as otherwise noted)
As of June 30, 2026 U.S.
Pawn LatAm
Pawn U.K.
Pawn Total
PawnEarning assets: Pawn loans$ 481,850 $ 198,347 $ 217,358 $ 897,555 Inventories 324,120 161,013 85,360 570,493 $ 805,970 $ 359,360 $ 302,718 $ 1,468,048 Average outstanding pawn loan amount (in ones)$ 322 $ 104 $ 877 $ 245 Composition of pawn collateral: Jewelry74% 51% 99% 75%General merchandise26% 49% 1% 25% 100% 100% 100% 100% Composition of inventories: Jewelry65% 54% 98% 66%General merchandise35% 46% 2% 34% 100% 100% 100% 100% Percentage of inventory aged greater than one year1.5% 1.2% 13.7% 3.3% Inventory turns (trailing twelve months cost of merchandise sales divided by average inventories)2.8 times 3.8 times 2.2 times 3.0 times As of June 30, 2025 U.S.
Pawn LatAm
Pawn U.K.
Pawn Total
PawnEarning assets: Pawn loans$ 400,143 $ 150,575 $ — $ 550,718 Inventories 252,885 102,848 — 355,733 $ 653,028 $ 253,423 $ — $ 906,451 Average outstanding pawn loan amount (in ones)$ 286 $ 96 $ — $ 185 Composition of pawn collateral: Jewelry72 % 43 % —% 64 % General merchandise28 % 57 % —% 36 % 100 % 100 % —% 100 % Composition of inventories: Jewelry61 % 41 % —% 55 % General merchandise39 % 59 % —% 45 % 100 % 100 % —% 100 % Percentage of inventory aged greater than one year1.9 % 1.5 % —% 1.8 % Inventory turns (trailing twelve months cost of merchandise sales divided by average inventories)2.8 times 4.1 times — 3.1 times FIRSTCASH HOLDINGS, INC.
SEGMENT RESULTS
(unaudited) Retail POS Payment Operating Metrics
(dollars in thousands) Three Months Ended Six Months Ended June 30, June 30, 2026 2025 2026 2025Gross transaction volume: Leased merchandise$ 85,977 $ 110,516 $ 182,679 $ 204,822Finance receivables (1) 137,680 149,943 283,157 291,205Total gross transaction volume$ 223,657 $ 260,459 $ 465,836 $ 496,027 (1)During the third quarter of 2025, AFF began assisting certain customers in applying for a direct-to-consumer unsecured installment loan that is underwritten and fully retained by AFF’s bank partner (“OBS Loans”). OBS Loans are not reflected on the Company’s balance sheet as a finance receivable. For the three and six months ended June 30, 2026, gross transaction volume includes $13.2 million and $27.7 million, respectively, of OBS Loans originated by AFF’s bank partner through the assistance of AFF. As of June 30,Earning assets: 2026 2025 Leased merchandise, net: Leased merchandise, before allowance for lease losses$ 141,691 $ 170,824 Less allowance for lease losses (57,112) (69,972)Leased merchandise, net$ 84,579 $ 100,852 Finance receivables, net: Finance receivables, before allowance for loan losses (1)$ 236,008 $ 277,392 Less allowance for loan losses (105,006) (122,874)Finance receivables, net$ 131,002 $ 154,518 (1)Does not include $35.2 million of outstanding OBS Loans held by AFF’s bank partner as of June 30, 2026. Combined finance receivables, before allowance for loan losses, and OBS Loans totaled $271.2 million as of June 30, 2026. Three Months Ended Six Months Ended June 30, June 30, 2026 2025 2026 2025 Leased merchandise portfolio metrics: Provision rate (1) 28.5 % 29.6 % 29.8 % 29.4 %Average monthly net charge-off rate (2) 6.4 % 6.2 % 6.5 % 6.2 %Delinquency rate (3) 25.6 % 23.2 % 25.6 % 23.2 % Finance receivables portfolio metrics: Provision rate (1) 29.0 % 27.9 % 29.2 % 26.8 %Average monthly net charge-off rate (2) 4.4 % 4.6 % 4.7 % 4.4 %Delinquency rate (3) 22.3 % 20.6 % 22.3 % 20.6 % (1)Calculated as provision for lease or loan losses as a percentage of the respective gross transaction volume originated.(2)Calculated as charge-offs, net of recoveries, as a percentage of the respective average earning asset balance before allowance for lease or loan losses. (3)Calculated as the percentage of the respective contractual earning asset balance owed that is 1 to 89 days past due (the Company charges off leases and finance receivables when they are 90 days or more contractually past due). FIRSTCASH HOLDINGS, INC.
PAWN STORE LOCATIONS AND MERCHANT PARTNER LOCATIONS
Pawn Operations
As of June 30, 2026, the Company operated 3,343 pawn store locations composed of 1,212 stores in 29 U.S. states and the District of Columbia, 1,729 stores in 32 states in Mexico, 77 stores in Guatemala, 18 stores in El Salvador, 12 stores in Colombia and 295 stores in the U.K.
The following tables detail pawn store count activity:
Three Months Ended June 30, 2026 U.S. LatAm U.K. TotalTotal locations, beginning of period 1,207 1,838 289 3,334 New locations opened 1 6 6 13 Locations acquired 7 — — 7 Consolidation of existing pawn locations (1) (3) (8) — (11)Total locations, end of period 1,212 1,836 295 3,343 Six Months Ended June 30, 2026 U.S. LatAm U.K. TotalTotal locations, beginning of period 1,207 1,837 286 3,330 New locations opened 1 10 9 20 Locations acquired 8 — — 8 Consolidation of existing pawn locations (1) (4) (11) — (15)Total locations, end of period 1,212 1,836 295 3,343 (1)Store consolidations, which include certain acquired locations that have been combined with overlapping stores, represent closings for which the Company expects to maintain a significant portion of the customer base in the consolidated location. Retail POS Payment Solutions
As of June 30, 2026, AFF provided LTO and retail POS payment solutions for consumer goods and services through a network of approximately 16,700 active retail merchant partner locations. This compares to the active door count of approximately 15,300 locations at June 30, 2025.
FIRSTCASH HOLDINGS, INC.
RECONCILIATIONS OF NON-GAAP FINANCIAL MEASURES
TO GAAP FINANCIAL MEASURES
(unaudited)
The Company uses certain financial calculations such as adjusted net income, adjusted diluted earnings per share, EBITDA, adjusted EBITDA, free cash flow, adjusted free cash flow, adjusted return on equity, adjusted return on assets and constant currency results as factors in the measurement and evaluation of the Company’s operating performance and period-over-period growth. The Company derives these financial calculations on the basis of methodologies other than generally accepted accounting principles (“GAAP”), primarily by excluding from a comparable GAAP measure certain items the Company does not consider to be representative of its actual operating performance. These financial calculations are “non-GAAP financial measures” as defined under the SEC rules. The Company uses these non-GAAP financial measures in operating its business because management believes they are less susceptible to variances in actual operating performance that can result from the excluded items, other infrequent charges and currency fluctuations. The Company presents these financial measures to investors because management believes they are useful to investors in evaluating the primary factors that drive the Company’s core operating performance and provide greater transparency into the Company’s results of operations. However, items that are excluded and other adjustments and assumptions that are made in calculating these non-GAAP financial measures are significant components in understanding and assessing the Company’s financial performance. These non-GAAP financial measures should be evaluated in conjunction with, and are not a substitute for, the Company’s GAAP financial measures. Further, because these non-GAAP financial measures are not determined in accordance with GAAP, and are thus susceptible to varying calculations, the non-GAAP financial measures, as presented, may not be comparable to other similarly-titled measures of other companies.
The Company has adjusted the applicable financial calculations to exclude merger and acquisition expenses, amortization of acquired intangible assets, the CFPB litigation settlement and certain other income and expenses. The Company does not consider these items to be related to the organic operations of the Company’s businesses or its continuing operations and are generally not relevant to assessing or estimating the long-term performance of the Company. In addition, excluding these items allows for more accurate comparisons of the financial results to prior periods. Merger and acquisition expenses include incremental costs directly associated with merger and acquisition activities, including professional fees, legal expenses, severance, retention and other employee-related costs, contract breakage costs, costs related to the consolidation of technology systems and corporate facilities and other integration costs, among others.
FIRSTCASH HOLDINGS, INC.
RECONCILIATIONS OF NON-GAAP FINANCIAL MEASURES
TO GAAP FINANCIAL MEASURES
(unaudited)
Adjusted Net Income and Adjusted Diluted Earnings Per Share
Management believes the presentation of adjusted net income and adjusted diluted earnings per share provides investors with greater transparency and provides a more complete understanding of the Company’s financial performance and prospects for the future by excluding items that management believes are non-operating in nature and are not representative of the Company’s core operating performance. In addition, management believes the adjustments shown below are useful to investors in order to allow them to compare the Company’s financial results for the current periods presented with the prior periods presented.
The following tables provide a reconciliation between net income and diluted earnings per share calculated in accordance with GAAP to adjusted net income and adjusted diluted earnings per share, which are shown net of tax (in thousands, except per share amounts):
Trailing Twelve Three Months Ended Six Months EndedMonths Ended June 30, June 30,June 30, 2026 2025 2026 2025 2026 2025 In Thousands In Thousands In Thousands In Thousands In Thousands In ThousandsNet income, as reported$ 93,467 $ 59,805 $ 201,169 $ 143,396 $ 388,148 $ 291,770Adjustments, net of tax: Merger and acquisition expenses 4,771 2,134 5,417 2,488 15,200 2,690Amortization of acquired intangible assets 11,554 9,258 23,108 18,516 45,647 37,660CFPB litigation settlement — 9,390 — 9,390 — 9,390Other expense (income), net 322 (967) (532) (1,391) (2,090) 1,482Adjusted net income$ 110,114 $ 79,620 $ 229,162 $ 172,399 $ 446,905 $ 342,992 Three Months Ended Six Months Ended June 30, June 30, 2026 2025 2026 2025 Per Share Per Share Per Share Per ShareDiluted earnings per share, as reported$ 2.12 $ 1.34 $ 4.56 $ 3.21 Adjustments, net of tax: Merger and acquisition expenses 0.11 0.05 0.12 0.06 Amortization of acquired intangible assets 0.26 0.21 0.52 0.41 CFPB litigation settlement — 0.21 — 0.21 Other expense (income), net 0.01 (0.02) (0.01) (0.03)Adjusted diluted earnings per share$ 2.50 $ 1.79 $ 5.19 $ 3.86 FIRSTCASH HOLDINGS, INC.
RECONCILIATIONS OF NON-GAAP FINANCIAL MEASURES
TO GAAP FINANCIAL MEASURES
(unaudited)
Earnings Before Interest, Taxes, Depreciation and Amortization (EBITDA) and Adjusted EBITDA
The Company defines EBITDA as net income before income taxes, depreciation and amortization, interest expense and interest income and adjusted EBITDA as EBITDA adjusted for certain items, as listed below, that management considers to be non-operating in nature and not representative of its actual operating performance. The Company believes EBITDA and adjusted EBITDA are commonly used by investors to assess a company’s financial performance, and adjusted EBITDA is used as a starting point in the calculation of the consolidated total debt ratio as defined in the Company’s senior unsecured notes. The following table provides a reconciliation of net income to EBITDA and adjusted EBITDA (in thousands):
Trailing Twelve Three Months Ended Six Months Ended Months Ended June 30, June 30, June 30, 2026 2025 2026 2025 2026 2025 Net income$ 93,467 $ 59,805 $ 201,169 $ 143,396 $ 388,148 $ 291,770 Income taxes 33,535 21,274 70,961 48,900 139,249 95,239 Depreciation and amortization 32,440 25,864 63,956 51,366 124,396 103,733 Interest expense 35,702 26,337 70,230 53,808 137,715 108,429 Interest income (417) (527) (644) (1,756) (1,823) (2,687)EBITDA 194,727 132,753 405,672 295,714 787,685 596,484 Adjustments: Merger and acquisition expenses 6,358 2,777 7,223 3,239 18,353 3,506 CFPB litigation settlement — 11,000 — 11,000 — 11,000 Other expense (income), net 346 (1,401) (833) (1,944) (3,596) 1,982 Adjusted EBITDA$ 201,431 $ 145,129 $ 412,062 $ 308,009 $ 802,442 $ 612,972 FIRSTCASH HOLDINGS, INC.
RECONCILIATIONS OF NON-GAAP FINANCIAL MEASURES
TO GAAP FINANCIAL MEASURES
(unaudited)
Free Cash Flow and Adjusted Free Cash Flow
For purposes of its internal liquidity assessments, the Company considers free cash flow and adjusted free cash flow. The Company defines free cash flow as cash flow from operating activities less purchases of furniture, fixtures, equipment and improvements and net fundings/repayments of pawn loan and finance receivables, which are considered to be operating in nature by the Company but are included in cash flow from investing activities. Adjusted free cash flow is defined as free cash flow adjusted for merger and acquisition expenses paid that management considers to be non-operating in nature.
Free cash flow and adjusted free cash flow are commonly used by investors as additional measures of cash generated by business operations that may be used to repay scheduled debt maturities and debt service or, following payment of such debt obligations and other non-discretionary items, that may be available to invest in future growth through new business development activities or acquisitions, repurchase stock, pay cash dividends or repay debt obligations prior to their maturities. These metrics can also be used to evaluate the Company’s ability to generate cash flow from business operations and the impact that this cash flow has on the Company’s liquidity. However, free cash flow and adjusted free cash flow have limitations as analytical tools and should not be considered in isolation or as a substitute for cash flow from operating activities or other income statement data prepared in accordance with GAAP. The following table reconciles cash flow from operating activities to free cash flow and adjusted free cash flow (in thousands):
Trailing Twelve Three Months Ended Six Months Ended Months Ended June 30, June 30, June 30, 2026 2025 2026 2025 2026 2025 Cash flow from operating activities$ 176,777 $ 116,854 $ 330,405 $ 243,494 $ 672,853 $ 554,733 Cash flow from certain investing activities: Pawn loans made (667,577) (471,331) (1,329,288) (893,706) (2,529,810) (1,770,554)Pawn loans repaid 372,464 257,218 776,118 531,098 1,442,058 1,026,859 Recovery of pawn loan principal through sale of forfeited collateral 193,646 164,081 405,124 332,016 832,441 661,991 Investments in finance receivables (93,742) (122,639) (196,310) (237,132) (399,754) (554,419)Proceeds from finance receivables 94,206 87,228 181,848 181,155 342,965 396,691 Purchases of furniture, fixtures, equipment and improvements (17,748) (12,952) (37,864) (25,866) (66,904) (51,447)Free cash flow 58,026 18,459 130,033 131,059 293,849 263,854 Merger and acquisition expenses paid, net of tax benefit 4,771 2,134 5,417 2,488 15,200 2,690 Adjusted free cash flow$ 62,797 $ 20,593 $ 135,450 $ 133,547 $ 309,049 $ 266,544 FIRSTCASH HOLDINGS, INC.
RECONCILIATIONS OF NON-GAAP FINANCIAL MEASURES
TO GAAP FINANCIAL MEASURES
(unaudited)
Adjusted Return on Equity and Adjusted Return on Assets
Management believes the presentation of adjusted return on equity and adjusted return on assets provides investors with greater transparency and provides a more complete understanding of the Company’s financial performance by excluding items that management believes are non-operating in nature and not representative of the Company’s core operating performance.
Annualized adjusted return on equity and adjusted return on assets is calculated as follows (dollars in thousands):
Trailing Twelve Months Ended June 30, 2026Adjusted net income (1)$ 446,905 Average stockholders’ equity (average of five most recent quarter-end balances)$ 2,247,290 Adjusted return on equity (trailing twelve months adjusted net income divided by average equity)20 % Average total assets (average of five most recent quarter-end balances)$ 5,168,845 Adjusted return on assets (trailing twelve months adjusted net income divided by average total assets)9 % (1) See detail of adjustments to net income in the “Adjusted Net Income and Adjusted Diluted Earnings Per Share” section above.
Constant Currency Results
The Company’s reporting currency is the U.S. dollar, however, certain performance metrics discussed in this release are presented on a “constant currency” basis, which is considered a non-GAAP financial measure. The Company’s management uses constant currency results to evaluate operating results of business operations in Latin America and the U.K., which are transacted in local currencies in Mexico, Guatemala, Colombia and the U.K. The Company also has operations in El Salvador, where the reporting and functional currency is the U.S. dollar.
The Company believes constant currency results provide valuable supplemental information regarding the underlying performance of its business operations in Latin America and the U.K., consistent with how the Company’s management evaluates such performance and operating results. Constant currency results reported herein are calculated by translating certain balance sheet and income statement items denominated in local currencies using the exchange rate from the prior-year comparable period, as opposed to the current comparable period, in order to exclude the effects of foreign currency rate fluctuations for purposes of evaluating period-over-period comparisons.
FIRSTCASH HOLDINGS, INC.
RECONCILIATIONS OF NON-GAAP FINANCIAL MEASURES
TO GAAP FINANCIAL MEASURES
(unaudited) Latin America Pawn Segment Constant Currency ResultsThe following table presents operating results for the Latin America pawn segment using the exchange rate from the prior-year comparable periods (in thousands):
Three Months Ended June 30, 2026 Six Months Ended June 30, 2026 Currency Constant Currency Constant U.S. Exchange Currency U.S. Exchange Currency Dollar Rate Basis Dollar Rate Basis Basis Fluctuations (Non-GAAP) Basis Fluctuations (Non-GAAP)Revenue: Retail merchandise sales$ 174,316 $ (18,115) $ 156,201 $ 334,157 $ (39,642) $ 294,515Pawn loan fees 79,572 (8,291) 71,281 156,218 (18,579) 137,639Wholesale scrap jewelry sales 38,154 — 38,154 58,786 — 58,786Total revenue 292,042 (26,406) 265,636 549,161 (58,221) 490,940 Cost of revenue: Cost of retail merchandise sold 113,763 (11,771) 101,992 217,829 (25,722) 192,107Cost of wholesale scrap jewelry sold 32,947 (3,515) 29,432 49,807 (6,058) 43,749Total cost of revenue 146,710 (15,286) 131,424 267,636 (31,780) 235,856 Net revenue 145,332 (11,120) 134,212 281,525 (26,441) 255,084 Segment expenses: Operating expenses 82,181 (8,312) 73,869 162,908 (18,814) 144,094Depreciation 5,002 (495) 4,507 9,587 (1,079) 8,508Total segment expenses 87,183 (8,807) 78,376 172,495 (19,893) 152,602 Segment pre-tax operating income$ 58,149 $ (2,313) $ 55,836 $ 109,030 $ (6,548) $ 102,482 The following table presents earning assets for the Latin America pawn segment using the exchange rate from the prior-year comparable period (in thousands): As of June 30, 2026 Currency Constant U.S. Exchange Currency Dollar Rate Basis Basis Fluctuations (Non-GAAP)Earning assets: Pawn loans$ 198,347 $ (14,261) $ 184,086Inventories 161,013 (11,601) 149,412 $ 359,360 $ (25,862) $ 333,498 Exchange Rates for the Mexican Peso, Guatemalan Quetzal, Colombian Peso and British Pound Sterling June 30, Favorable / 2026 2025 (Unfavorable)U.S. dollar / Mexican peso exchange rate: End-of-period17.5 18.9 7%
Three months ended17.4 19.5 11%
Six months ended17.5 20.0 13%
U.S. dollar / Guatemalan quetzal exchange rate: End-of-period7.6 7.7 1%
Three months ended7.6 7.7 1%
Six months ended7.6 7.7 1%
U.S. dollar / Colombian peso exchange rate: End-of-period3,444 4,070 15%
Three months ended3,611 4,199 14%
Six months ended3,655 4,195 13%
British pound sterling / U.S. dollar exchange rate: End-of-period1.33 1.37 (3)% Three months ended1.34 1.34 —%
Six months ended1.35 1.30 4%
For further information, please contact:
Gar Jackson Global IR Group Phone:(817) 886-6998Email:[email protected] Doug Orr, Executive Vice President and Chief Financial OfficerPhone:(817) 258-2650Email:[email protected]:
investors.firstcash.com
InterDigital získal od Düsseldorfer Local Division Unified Patent Court další soudní zákaz proti Disney kvůli porušení patentu na kódování videa HEVC. Zákaz platí v 11 zemích EU a Disney se může odvolat.
July 23, 2026 04:34 ET | Source: InterDigital, Inc.
WILMINGTON, Del., July 23, 2026 (GLOBE NEWSWIRE) -- InterDigital, Inc. (Nasdaq: IDCC), a wireless, video and AI technology research and development company, today announced that it has been awarded another injunction against Disney by the Unified Patent Court (UPC). The UPC is a pan-European patent court which issues decisions that apply across multiple countries in the European Union (EU).
The Düsseldorf Local Division of the UPC ruled that InterDigital is entitled to an injunction over Disney’s infringement of an InterDigital patent covering certain video encoding techniques related to HEVC and confirmed the validity of this patent. The injunction against Disney spans 11 EU countries, including France, Germany and Italy. Disney can appeal the decision.
The judgment from the Düsseldorf court is the second injunction related to encoding for HEVC that InterDigital has received from the UPC against Disney.
Other injunctions have been issued by national courts in Germany and Brazil over Disney’s infringement of InterDigital’s intellectual property related to high dynamic range (HDR) technology, the dynamic overlaying of multiple video streams, casting video content over different devices, and additional compression technologies related to HEVC and AVC.
“Encoding for HEVC is a key component of the high-quality, premium viewing experience that streaming companies like Disney use to justify higher subscription prices,” said Josh Schmidt, Chief Legal Officer, InterDigital. “InterDigital has invested heavily in the development of advanced video encoding technologies and we remain committed to receiving a fair return for Disney’s ongoing use of our patented innovations.”
About InterDigital®
InterDigital is a global research and development company focused primarily on wireless, video, artificial intelligence (“AI”), and related technologies. We design and develop foundational technologies that enable connected, immersive experiences in a broad range of communications and entertainment products and services. We license our innovations worldwide to companies providing such products and services, including makers of wireless communications devices, consumer electronics, IoT devices, cars and other motor vehicles, and providers of cloud-based services such as video streaming. As a leader in wireless technology, our engineers have designed and developed a wide range of innovations that are used in wireless products and networks, from the earliest digital cellular systems to 5G and today’s most advanced Wi-Fi technologies. We are also a leader in video processing and video encoding/decoding technology, with a significant AI research effort that intersects with both wireless and video technologies. Founded in 1972, InterDigital is listed on Nasdaq.
InterDigital is a registered trademark of InterDigital, Inc.
For more information, visit: www.interdigital.com.
InterDigital Contact:
Richard Lloyd
Email: [email protected]
+1 (202) 349-1716
Gentherm zvýšil celoroční výhled pro rok 2026 a jeho představenstvo schválilo nový program zpětného odkupu akcií až za 400 milionů USD. Tržby ve 2. čtvrtletí dosáhly rekordních 416,2 milionu USD.
Revenue Growth of 9.5% (ex-FX) Year-over-Year Delivered Record Quarterly Revenue of $416 Million
2026 Full Year Guidance Raised
Board Authorized New Stock Repurchase Program of up to $400 Million
Strategic Medical Acquisition Broadens Product Portfolio and Expands Channel Access
NOVI, Mich., July 23, 2026 (GLOBE NEWSWIRE) -- Gentherm (NASDAQ:THRM), a global market leader of innovative thermal management and pneumatic comfort technologies, today announced its financial results for the second quarter ended June 30, 2026.
“The Gentherm team demonstrated strong commercial performance with record quarterly revenue, while also scaling our core technologies into new markets. Our growth initiatives in both home and office, and medical markets continued to accelerate.” said Bill Presley, the Company's President and CEO. “In addition, I was pleased with our execution during the quarter. The operating systems and key performance indicators we have put in place to drive more rigor and standardization throughout the business are yielding positive results.”
Second Quarter Highlights
Secured Automotive New Business Awards totaling $690 million in the quarter.Selected by two leading North American based furniture brands to supply climate and comfort solutions; fourth consecutive quarter securing new home and office customers.Product revenues of $416.2 million increased 11.0% from $375.1 million in the prior year. Excluding the impact of foreign currency translation, product revenues increased 9.5%, with Automotive increasing 9.8% and Medical decreasing 0.2%.Automotive Climate and Comfort Solutions revenue increased 14.1% year over year, or 12.7% excluding the impact of foreign currency translation, outperforming S&P Global’s mid-July light vehicle production report in our relevant markets by 14 percentage points.Gross margin was 23.2%, compared to 23.9% in the prior year. The decrease was primarily driven by higher material costs, including higher warranty accruals in Automotive and Medical, partially offset by strong operating leverage.Net income was $4.4 million, compared to $0.5 million in the prior year.Adjusted EBITDA was $48.8 million, or 11.7% of revenue, compared to $45.9 million, or 12.2% of revenue, in the prior year.GAAP diluted earnings per share was $0.14, compared to $0.02 in the prior year.Adjusted diluted earnings per share was $0.75, compared to $0.54 in the prior year.Cash flow from operations was $2.3 million, compared to $31.7 million in the prior year. The decrease was primarily driven by restructuring and merger and acquisition expenses.Second quarter ended with net leverage of ~0.3x and liquidity of $502.3 million. The Company provides various non-GAAP financial measures in this release. See “Use of Non-GAAP Measures” below for additional information, including definitions, usefulness for investors and limitations, as well as reconciliations below to the most directly comparable GAAP financial measures.
Guidance
The Company raised its guidance for full year 2026 which is provided below1:
As of April 2026As of July 2026Product Revenues$1.5B – $1.6B$1.55B – $1.65BAdjusted EBITDA$175M – $195M$185M – $200MAdjusted Free Cash Flow$80M – $100M$85M – $100M 12026 guidance based on tariffs currently in effect as of today, our current forecast of customer orders and expectations of near-term conditions, light vehicle production in our relevant markets decreasing at a low single digit rate for full year 2026 versus 2025, and a EUR to USD exchange rate of $1.16/Euro. Assumes an effective tax rate of ~30%. Does not reflect any impact from the planned combination with Modine Performance Technologies.
Presley concluded, “Our strong first half performance puts us on track to deliver a solid year and gives us confidence in raising our 2026 guidance. We continue to transform the Company for profitable growth, margin expansion, and driving shareholder returns.”
M&A Updates
Completed key sign-to-close deliverables related to planned combination with Modine Performance Technologies. The transaction remains on track to close by early fourth quarter 2026.Acquired Innovative Medical Equipment, LLC, provider of the ThermaZone® thermal therapy device, expanding thermal management product portfolio and providing strong cross-selling opportunities by leveraging complementary customer bases across additional healthcare channels. New Stock Repurchase Authorization
The Board of Directors authorized a new stock repurchase program of up to $400 million of the Company’s issued and outstanding common stock.The new program will replace the Company's existing stock repurchase program effective July 27, 2026, and will remain in effect for a three-year period.As of June 30, 2026, the prior program had approximately $110 million of stock repurchase authorization remaining. “During the quarter, we secured financing that provides additional flexibility to support the long-term capital needs of the business. With a strong balance sheet and access to capital, we are well positioned to execute our strategic priorities while maintaining a disciplined approach to capital allocation.” said Jon Douyard, the Company’s Chief Financial Officer. “The Board's authorization of a new stock repurchase program underscores our confidence in the business's long-term cash flow generation and our commitment to creating value for shareholders.”
Conference Call
As previously announced, Gentherm will conduct a conference call today at 8:00 am Eastern Time to review these results. The dial-in number for the call is 1-877-407-4018 (callers in the U.S.) or +1-201-689-8471 (callers outside the U.S.). The passcode for the live call is 13761564.
A live webcast and one-year archived replay of the call, as well as a copy of the supplemental materials that will be used during the conference call, can be accessed on the Events page of the Investor section of Gentherm's website at www.gentherm.com.
A telephonic replay will be available approximately two hours after the call until 11:59 pm Eastern Time on August 6, 2026. The replay can be accessed by dialing 1-844-512-2921 (callers in the U.S.), or +1-412-317-6671 (callers outside the U.S.). The passcode for the replay is 13761564.
About Gentherm
Gentherm (NASDAQ: THRM) is a global market leader of innovative thermal management and pneumatic comfort technologies. Automotive products include Climate Control Seats (CCS®), Climate Control Interiors (CCI™), Lumbar and Massage Comfort Solutions, and Valve Systems. Medical products include patient temperature management systems. The Company is also developing a number of new technologies and products that will help enable improvements to existing products and to create new product applications for existing and new markets. Gentherm has more than 14,000 employees in facilities across 13 countries. In 2025, the company recorded annual sales of approximately $1.5 billion and secured $2.2 billion in automotive new business awards. For more information, go to www.gentherm.com.
NO OFFER OR SOLICITATION
This release is not intended to and does not constitute an offer to sell or the solicitation of an offer to buy or exchange any securities or a solicitation of any vote or approval in any jurisdiction, nor shall there be any sale, issuance or transfer of securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction. It does not constitute a prospectus or prospectus equivalent document. No offering or sale of securities shall be made except by means of a prospectus meeting the requirements of Section 10 of the Securities Act, and otherwise in accordance with applicable law.
Additional Information and Where to Find It
In connection with the proposed transaction (the “Proposed Transaction”) among Gentherm, Modine Manufacturing Company (“Modine”) and Modine’s Performance Technologies business (“SpinCo”), the parties have filed relevant materials with the SEC, including, among other filings, a registration statement on Form S-4 filed by Gentherm on July 2, 2026 (the “Form S-4”) that includes a preliminary proxy statement/prospectus of Gentherm, and a registration statement on Form 10 filed by SpinCo that incorporates by reference certain portions of the Form S-4 and serves as an information statement/prospectus in connection with the spin-off of SpinCo from Modine. Neither the Form S-4 nor the Form 10 have yet become effective. After the Form S-4 is declared effective by the SEC, a definitive proxy statement/prospectus will be mailed to shareholders of Gentherm. INVESTORS AND SECURITY HOLDERS OF GENTHERM AND MODINE ARE URGED TO READ THE PROXY STATEMENT/PROSPECTUS, THE INFORMATION STATEMENT/PROSPECTUS AND ANY OTHER DOCUMENTS THAT ARE FILED WITH THE SEC, AS WELL AS ANY AMENDMENTS OR SUPPLEMENTS TO THESE DOCUMENTS, CAREFULLY AND IN THEIR ENTIRETY WHEN THEY BECOME AVAILABLE BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION ABOUT GENTHERM, MODINE, SPINCO, THE PROPOSED TRANSACTION AND RELATED MATTERS. Investors and security holders are able to obtain free copies of the Form S-4 and the proxy statement/prospectus (when available) and other documents filed with the SEC by Gentherm, Modine or SpinCo through the website maintained by the SEC at www.sec.gov. Copies of the documents filed with the SEC by Gentherm are available free of charge on Gentherm’s website at ir.Gentherm.com under the tab “Financial Info” and under the heading “SEC Filings.” Copies of the documents filed with the SEC by Modine and SpinCo are available free of charge on Modine’s website at investors.Modine.com under the tab “Financials” and under the heading “SEC Filings.”
Participants in the Solicitation
Gentherm and Modine and their respective directors and executive officers and other members of management and employees may be considered participants in the solicitation of proxies from Gentherm’s shareholders in connection with the Proposed Transaction under the rules of the SEC. Information about the directors and executive officers of Gentherm is set forth in its Annual Report on Form 10-K for the year ended December 31, 2025, which was filed with the SEC on February 19, 2026, and its proxy statement for its 2026 annual meeting of shareholders, which was filed with the SEC on April 1, 2026 and supplemented on April 10, 2026. To the extent holdings of Gentherm’s securities by its directors or executive officers have changed since the amounts set forth in such filings, such changes have been or will be reflected on Initial Statements of Beneficial Ownership on Form 3 or Statements of Beneficial Ownership on Form 4 filed with the SEC. Information about the directors and executive officers of Gentherm and other information regarding the potential participants in the proxy solicitations and a description of their direct and indirect interests, by security holdings or otherwise, are contained in the proxy statement/prospectus and other relevant materials filed with the SEC regarding the Proposed Transaction. Information about the directors and executive officers of Modine is set forth in its Annual Report on Form 10-K for the year ended March 31, 2026, which was filed with the SEC on May 27, 2026, and its proxy statement for its 2026 annual meeting of shareholders, which was filed with the SEC on July 10, 2026. To the extent holdings of Modine’s securities by its directors or executive officers have changed since the amounts set forth in such filings, such changes have been or will be reflected on Initial Statements of Beneficial Ownership on Form 3 or Statements of Beneficial Ownership on Form 4 filed with the SEC. You may obtain these documents (when they become available) free of charge through the website maintained by the SEC at www.sec.gov and from Gentherm’s website and Modine’s website as described above.
Forward-Looking Statements
Except for historical information contained herein, statements in this release are forward-looking statements that are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. These forward-looking statements represent Gentherm Incorporated's goals, beliefs, plans and expectations about its prospects for the future and other future events. The forward-looking statements included in this release are made as of the date hereof or as of the date specified herein and are based on management's reasonable expectations and beliefs. In making these statements we rely on assumptions and analysis based on our experience and perception of historical trends, current conditions and expected future developments, third party information and projections from sources that management believes to be reputable, as well as other factors we consider appropriate under the circumstances. Such statements are subject to a number of important assumptions, significant risks and uncertainties (some of which are beyond our control) and other factors that may cause actual results or performance to differ materially from that described in or indicated by the forward-looking statements, including but not limited to:
macroeconomic, geopolitical and similar global factors in the cyclical Automotive industry;the impact of, and our ability to mitigate the effects of, global economic and trade policies, including increases in duties, tariffs and taxation on the import or export of our products related to U.S. trade disputes;increasing U.S. and global competition, including with non-traditional entrants;our ability to effectively manage new product launches and research and development, and the market acceptance of such products and technologies;the evolution and challenges of the automotive industry towards electric vehicles, autonomous vehicles and mobility on demand services, and related consumer behaviors and preferences;our ability to convert automotive new business awards into product revenues;the constraints in the supply chain environment, and inflationary and other cost pressures;the production levels of our major customers and OEMs in our relevant markets and sudden fluctuations in such production levels;our business in China, which is subject to unique operational, competitive, geopolitical, regulatory and economic risks;the impact of our global operations, including our cost structure and global manufacturing footprint, operations within Ukraine, and foreign currency and exchange risk;our product quality and safety and impact of product safety recalls and alleged defects in products;our ability to attract and retain highly skilled employees and wage inflation;a tightening labor market, labor shortages or work stoppages impacting us, our customers or our suppliers, such as recent labor strikes among certain OEMs and suppliers;our achievement of product cost reductions to offset customer-imposed price reductions or other pricing pressures;our ability to execute efforts to optimize our global supply chain and manufacturing footprint, including opening new facilities and transferring production;our ability to source, consummate, integrate and achieve planned benefits of strategic acquisitions, investments and, as applicable, exits;any security breaches and other disruptions to our information technology networks and systems, as well as privacy, data security and data protection risks, including risks associated with use of artificial intelligence capabilities in our business operations;any loss or insolvency of our key customers and OEMs, or key suppliers;our ability to project future sales volume based on third-party information, based on which we manage our business;the protection of our intellectual property in certain jurisdictions;our compliance with global anti-corruption laws and regulations;legal and regulatory proceedings and claims involving us or one of our major customers;the extensive regulation of our patient temperature management business;risks associated with our manufacturing processes;the effects of climate change and regulatory and stakeholder-imposed requirements to address climate change and other sustainability issues;our product quality and safety;our borrowing availability under our revolving credit facility, as well as the ability to access the capital markets, to support our planned growth; andour indebtedness and compliance with our debt covenants. Furthermore, important factors related to the Proposed Transaction could cause actual results to differ materially from those currently anticipated, including:
that one or more closing conditions to the Proposed Transaction, including certain regulatory approvals, may not be satisfied or waived, on a timely basis or otherwise, including that a governmental entity may prohibit, delay or refuse to grant approval for the consummation of the Proposed Transaction, may require conditions, limitations or restrictions in connection with such approvals or that the required approval by the shareholders of Gentherm may not be obtained;the risk that the Proposed Transaction may not be completed on the terms or in the time frame expected by Gentherm, Modine and SpinCo, or at all;unexpected costs, charges or expenses resulting from the Proposed Transaction;uncertainty of the expected financial performance of the combined company following completion of the Proposed Transaction;failure to realize the anticipated benefits of the Proposed Transaction, including as a result of delay in completing the Proposed Transaction or integrating the businesses of Gentherm and SpinCo, on the expected timeframe or at all;the ability of the combined company to implement its business strategy;difficulties and delays in the combined company achieving revenue and cost synergies;inability of the combined company to retain and hire key personnel;the occurrence of any event that could give rise to termination of the Proposed Transaction;the risk that shareholder litigation in connection with the Proposed Transaction or other litigation, settlements or investigations may affect the timing or occurrence of the Proposed Transaction or result in significant costs of defense, indemnification and liability;evolving legal, regulatory and tax regimes;changes in general economic and/or industry specific conditions or any volatility resulting from the imposition of and changing policies, including those policies with respect to tariffs;actions by third parties, including government agencies;the risk that the anticipated tax treatment of the Proposed Transaction is not obtained;the risk of greater than expected difficulty in separating the business of SpinCo from the other businesses of Modine; andrisks related to the disruption of management time from ongoing business operations due to the pendency of the Proposed Transaction, or other effects of the pendency of the Proposed Transaction on the relationship of any of the parties to the Proposed Transaction with their employees, customers, suppliers, or other counterparties. The foregoing risks should be read in conjunction with the Company's reports filed with or furnished to the Securities and Exchange Commission (the “SEC”), including “Risk Factors,” in its most recent Annual Report on Form 10-K and subsequent SEC filings, for a discussion of these and other risks and uncertainties. In addition, with reasonable frequency, we have entered into business combinations, acquisitions, divestitures, strategic investments and other significant transactions. Such forward-looking statements do not include the potential impact of any such transactions that may be completed after the date hereof (except the Proposed Transaction to the extent specified), each of which may present material risks to the Company’s future business and financial results. Moreover, we operate in a very competitive and rapidly changing environment and new risks emerge from time to time.
Except as required by law, the Company expressly disclaims any obligation or undertaking to update any forward-looking statements to reflect any change in its strategies or expectations with regard thereto or any change in events, conditions or circumstances on which any such statement is based.
Use of Non-GAAP Financial Measures
In addition to the results reported in accordance with GAAP throughout this release, the Company has provided here or elsewhere information regarding: adjusted earnings before interest, taxes, depreciation and amortization (“Adjusted EBITDA”); Adjusted EBITDA margin; Adjusted net income; Adjusted earnings per share (“Adjusted earnings per share” or “Adjusted EPS”); Quarter-to-date Operating Cash Flow; Free Cash Flow; Adjusted Free Cash Flow; Adjusted Free Cash Flow Conversion rate; net capital expenditures (“net CAPEX”); Net Debt; Liquidity; Net Leverage Ratio (“Net Leverage”); revenue, segment revenue and product revenue excluding foreign currency translation and other specified gains and losses; Adjusted operating expenses; Pro Forma Revenue; Pro Forma Adjusted EBITDA; and Pro Forma Adjusted EBITDA Margin, each a non-GAAP financial measure. The Company defines Adjusted EBITDA as earnings before interest, taxes, depreciation and amortization, deferred financing cost amortization, non-cash stock based compensation expenses, restructuring expenses, net, unrealized currency gain or loss and other gains and losses not reflective of the Company’s ongoing operations and related tax effects. The Company defines Adjusted EBITDA margin as Adjusted EBITDA divided by product revenues. The Company defines Adjusted net income as earnings adjusted by restructuring expenses, net, unrealized currency gain or loss and other gains and losses not reflective of the Company’s ongoing operations and related tax effects. The Company defines Adjusted EPS as Adjusted net income divided by the Company’s weighted average shares outstanding. The Company defines Quarter-to-date Operating Cash Flow as Net cash provided by/(used in) operating activities for the current period, less that of the immediately preceding period. The Company defines Free Cash Flow as Net cash provided by/(used in) operating activities plus Proceeds from the sale of property and equipment less Purchases of property and equipment. The Company defines net CAPEX as Purchases of property and equipment less Proceeds from the sale of property and equipment. The Company defines Adjusted Free Cash Flow as Net cash provided by/(used in) operating activities, excluding cash restructuring expenses, net and other gains and losses not reflective of the Company’s ongoing operations, less net CAPEX. The Company defines Adjusted Free Cash Flow Conversion rate as Adjusted Free Cash Flow divided by Adjusted EBITDA. The Company defines Net Debt as the principal amount of all Consolidated Funded Indebtedness (as defined in the Credit Agreement) less cash and cash equivalents. The Company defines Liquidity as the sum of cash and cash equivalents and availability under the Company’s revolving line of credit. The Company defines Net Leverage as Net Debt divided by Adjusted EBITDA for the trailing four fiscal quarters. The Company defines revenue, segment revenue or product revenue excluding foreign currency translation and other specified gains and losses as such revenue, excluding the estimated effects of foreign currency exchange on revenue by translating actual revenue using the prior period foreign currency exchange rates and excluding the other items specified. The Company defines Adjusted operating expenses as operating expenses excluding related non-cash stock based compensation, restructuring expenses, net, and other gains and losses not reflective of the Company’s ongoing operations. The Company defines Pro Forma Revenue as Gentherm’s product revenues for the trailing four fiscal quarters (from the date specified), plus Modine Performance Technologies’ Net sales for the trailing four fiscal quarters (from the date specified), as reported by Modine Manufacturing Company, adjusted to reflect the latest business structure. The Company defines Pro Forma Adjusted EBITDA as Gentherm’s Adjusted EBITDA for the trailing four fiscal quarters (from the date specified), plus Modine Performance Technologies’ Adjusted EBITDA for the trailing four fiscal quarters (from the date specified), as reported by Modine Manufacturing Company, adjusted to reflect the latest business structure and go-forward operational alignment. The Company defines Pro Forma Adjusted EBITDA Margin as Pro Forma Adjusted EBITDA divided by Pro Forma Revenue.
The Company’s reconciliations are included in this release or can be found in the supplemental materials for this reporting period on the Company’s website.
In evaluating its business, the Company considers and uses Quarter-to-date Operating Cash Flow, Free Cash Flow, Adjusted Free Cash Flow, Adjusted Free Cash Flow Conversion rate, Net Debt, Net Leverage and Liquidity as supplemental measures of its liquidity and the other non-GAAP financial measures as supplemental measures of its operating performance. Management provides such non-GAAP financial measures so that investors will have the same financial information that management uses with the belief that it will assist investors in properly assessing the Company's performance on a period-over-period basis by excluding matters not indicative of the Company’s ongoing operating or liquidity results and therefore enhance the comparability of the Company's results and provide additional information for analyzing trends in the business. In evaluating our non-GAAP financial measures, you should be aware that in the future we may incur revenues, expenses, and cash and non-cash obligations that are the same as or similar to some of the adjustments in our presentation of non-GAAP financial measures. Our presentation of non-GAAP financial measures should not be construed as an inference that our future results will be unaffected by unusual or non-recurring items. There also can be no assurance that we will not modify the presentation of our non-GAAP financial measures in the future, and any such modification may be material. Other companies in our industry may define and calculate these non-GAAP financial measures differently than we do and those calculations may not be comparable to our metrics. These non-GAAP measures have limitations as analytical tools, and when assessing the Company's operating performance or liquidity, investors should not consider these non-GAAP measures in isolation, or as a substitute for net income/(loss), revenue or other consolidated income/(loss) statement or cash flow statement data prepared in accordance with GAAP.
Non-GAAP measures referenced in this release and other public communications may include estimates of future Adjusted EBITDA, Adjusted EBITDA margin, Adjusted Free Cash Flow, Adjusted Free Cash Flow Conversion rate, Adjusted EPS, Pro Forma Revenue, Pro Forma Adjusted EBITDA and Pro Forma Adjusted EBITDA Margin. The Company has not reconciled the non-GAAP forward-looking guidance included in this release to the most directly comparable GAAP measures because this cannot be done without unreasonable effort due to the variability and low visibility with respect to taxes and non-recurring items, which are potential adjustments to future earnings. We expect the variability of these items to have a potentially unpredictable, and a potentially significant, impact on our future GAAP financial results.
GENTHERM INCORPORATEDCONSOLIDATED CONDENSED STATEMENTS OF INCOME
(Dollars in thousands, except per share data)
(Unaudited)
Three Months Ended June 30, Six Months Ended June 30, 2026 2025 2026 2025 Product revenues $416,166 $375,090 $809,872 $728,944 Cost of sales 319,739 285,328 616,218 552,717 Gross margin 96,427 89,762 193,654 176,227 Operating expenses: Net research and development expenses 24,069 22,558 48,015 46,774 Selling, general and administrative expenses 55,705 41,087 111,010 79,565 Restructuring expenses, net 5,964 2,108 12,655 6,622 Loss on sale of land and building, net — — — 2,196 Total operating expenses 85,738 65,753 171,680 135,157 Operating income 10,689 24,009 21,974 41,070 Interest expense, net (3,290) (4,043) (5,923) (7,598)Foreign currency loss (237) (17,432) (1,297) (27,730)Other income (loss) 162 — 184 (1,124)Earnings before income tax 7,324 2,534 14,938 4,618 Income tax expense 2,904 2,057 6,300 4,269 Net income $4,420 $477 $8,638 $349 Basic earnings per share $0.14 $0.02 $0.28 $0.01 Diluted earnings per share $0.14 $0.02 $0.28 $0.01 Weighted average number of shares – basic 30,650 30,600 30,584 30,687 Weighted average number of shares – diluted 31,054 30,652 30,947 30,781 GENTHERM INCORPORATEDREVENUE BY PRODUCT CATEGORY AND RECONCILIATION OF FOREIGN CURRENCY TRANSLATION IMPACT
(Dollars in thousands)
(Unaudited)
Three Months Ended June 30, Six Months Ended June 30, 2026 2025 % Change 2026 2025 % Change Climate Control Seats $217,465 $200,020 8.7 % $424,053 $391,173 8.4 %Lumbar and Massage Comfort Solutions 72,588 52,530 38.2 % 134,849 97,843 37.8 %Climate Control Interiors 52,538 49,585 6.0 % 103,302 94,926 8.8 %Climate and Comfort Electronics 8,746 5,906 48.1 % 17,906 13,621 31.5 %Automotive Climate and Comfort Solutions 351,337 308,041 14.1 % 680,110 597,563 13.8 %Valve Systems 25,102 25,143 (0.2)% 51,675 48,316 7.0 %Other Automotive 28,376 30,668 (7.5)% 55,196 59,847 (7.8)%Subtotal Automotive segment 404,815 363,852 11.3 % 786,981 705,726 11.5 %Medical segment 11,351 11,238 1.0 % 22,891 23,218 (1.4)%Total Company $416,166 $375,090 11.0 % $809,872 $728,944 11.1 % Foreign currency
translation impact (a) 5,298 — 19,592 — Total Company, excluding foreign currency translation impact $410,868 $375,090 9.5 % $790,280 $728,944 8.4 % (a) Foreign currency translation impacts for the Automotive segment and Medical segment were $5,161 and $137 respectively, for the three months ended June 30, 2026. Foreign currency translation impacts for Automotive Climate and Comfort Solutions were $4,298 for the three months ended June 30, 2026. Foreign currency translation impacts for the Automotive segment and Medical segment were $19,140 and $452 respectively, for the six months ended June 30, 2026. Foreign currency translation impacts for Automotive Climate and Comfort Solutions were $15,218 for the six months ended June 30, 2026. GENTHERM INCORPORATEDRECONCILIATION OF NET INCOME TO ADJUSTED EBITDA
AND ADJUSTED EBITDA MARGIN
(Dollars in thousands)
(Unaudited)
Three Months Ended June 30, Six Months Ended June 30, 2026 2025 2026 2025 Net income $4,420 $477 $8,638 $349 Add back: Depreciation and amortization 14,310 13,058 28,383 25,846 Income tax expense 2,904 2,057 6,300 4,269 Interest expense, net 3,290 4,043 5,923 7,598 Adjustments: Non-cash stock based compensation 4,735 3,992 7,446 6,589 Restructuring expenses, net 5,964 2,108 12,655 6,622 Unrealized currency (gain) loss (644) 18,877 174 28,484 Merger and acquisition expenses 12,862 — 27,659 — Leadership transition expenses 1,107 1,260 1,410 2,158 Loss on sale of land and building, net — — — 2,196 Other (a) (163) 25 (458) 1,127 Adjusted EBITDA $48,785 $45,897 $98,130 $85,238 Product revenues $416,166 $375,090 $809,872 $728,944 Net income margin 1.1% 0.1% 1.1% 0.0%Adjusted EBITDA margin 11.7% 12.2% 12.1% 11.7% (a) Includes a $1,294 decrease in fair value of an equity investment for the six months ended June 30, 2025. GENTHERM INCORPORATEDRECONCILIATION OF NET INCOME TO ADJUSTED NET INCOME
AND ADJUSTED EARNINGS PER SHARE
(Dollars in thousands, except per share data)
(Unaudited)
Three Months Ended June 30, Six Months Ended June 30, 2026 2025 2026 2025 Net income $4,420 $477 $8,638 $349 Amortization of acquisition related intangibles 1,686 1,638 3,375 3,197 Restructuring expenses, net 5,964 2,108 12,655 6,622 Unrealized currency (gain) loss (644) 18,877 174 28,484 Merger and acquisition expenses 12,862 — 27,659 — Leadership transition expenses 1,107 1,260 1,410 2,158 Loss on sale of land and building, net — — — 2,196 Other (163) 25 (458) 1,127 Tax effect of above (2,058) (7,709) (4,461) (11,840)Adjusted net income $23,174 $16,676 $48,992 $32,293 Weighted average shares outstanding: Basic 30,650 30,600 30,584 30,687 Diluted 31,054 30,652 30,947 30,781 Earnings per share, as reported: Basic $0.14 $0.02 $0.28 $0.01 Diluted $0.14 $0.02 $0.28 $0.01 Adjusted earnings per share: Basic $0.76 $0.54 $1.60 $1.05 Diluted $0.75 $0.54 $1.58 $1.05 GENTHERM INCORPORATEDCONSOLIDATED CONDENSED BALANCE SHEETS
(Dollars in thousands, except share data)
(Unaudited)
June 30, 2026 December 31, 2025 ASSETS Current Assets: Cash and cash equivalents $213,173 $160,833 Accounts receivable, net 338,851 281,083 Inventory: Raw materials 116,549 128,314 Work in process 37,913 35,429 Finished goods 90,076 88,959 Inventory, net 244,538 252,702 Other current assets 83,451 82,332 Total current assets 880,013 776,950 Property and equipment, net 268,780 270,614 Goodwill 107,111 108,918 Other intangible assets, net 49,703 52,796 Operating lease right-of-use assets 50,794 56,524 Deferred income tax assets 92,957 93,552 Other non-current assets 43,846 37,075 Total assets $1,493,204 $1,396,429 LIABILITIES AND SHAREHOLDERS’ EQUITY Current Liabilities: Accounts payable $270,382 $260,487 Current lease liabilities 8,199 9,646 Current maturities of long-term debt 868 73 Other current liabilities 146,832 134,104 Total current liabilities 426,281 404,310 Long-term debt, less current maturities 272,390 189,000 Non-current lease liabilities 43,623 48,105 Pension benefit obligation 3,313 3,748 Other non-current liabilities 24,479 30,943 Total liabilities $770,086 $676,106 Shareholders’ Equity: Common Stock: No par value; 55,000,000 shares authorized 30,705,208 and 30,526,231 issued and outstanding at June 30, 2026 and December 31, 2025, respectively 10,709 5,611 Paid-in capital 1,590 1,590 Accumulated other comprehensive loss (11,905) (964)Accumulated earnings 722,724 714,086 Total shareholders’ equity 723,118 720,323 Total liabilities and shareholders’ equity $1,493,204 $1,396,429 GENTHERM INCORPORATED CONSOLIDATED CONDENSED STATEMENTS OF CASH FLOWS
(Dollars in thousands)
(Unaudited)
Six Months Ended June 30, 2026 2025 Operating Activities: Net income $8,638 $349 Adjustments to reconcile net income to net cash provided by operating activities: Depreciation and amortization 28,744 26,089 Deferred income taxes (8,676) (12,202)Stock based compensation 7,446 6,604 Loss on disposition of property and equipment 246 2,444 Provisions for inventory 2,425 3,213 Other non-cash items, including unrealized foreign currency (gain) loss 1,456 31,364 Changes in assets and liabilities: Accounts receivable, net (58,121) (23,690)Inventory (4,379) (13,430)Other assets (3,816) (23,102)Accounts payable 16,224 20,522 Other liabilities 12,085 13,540 Net cash provided by operating activities 2,272 31,701 Investing Activities: Purchases of property and equipment (14,203) (23,728)Proceeds from the sale of property and equipment 70 3,745 Proceeds from deferred purchase price of factored receivables — 744 Cost of technology investments (250) (590)Net cash used in investing activities (14,383) (19,829)Financing Activities: Borrowings on debt 142,000 52,000 Repayments of debt (71,072) (63,076)Cash paid for financing new loans (2,761) — Taxes withheld and paid on employees' stock based compensation (2,302) (1,238)Cash paid for the repurchase of Common Stock — (10,015)Net cash provided by (used in) financing activities 65,865 (22,329)Foreign currency effect (1,414) 4,620 Net increase (decrease) in cash and cash equivalents 52,340 (5,837)Cash and cash equivalents at beginning of period 160,833 134,134 Cash and cash equivalents at end of period $213,173 $128,297 GENTHERM INCORPORATEDOTHER NON-GAAP RECONCILIATIONS
(Dollars in thousands)
(Unaudited)
Three Months Ended June 30, Six Months Ended June 30, 2026 2025 2026 2025 Total operating expenses $85,738 $65,753 $171,680 $135,157 Restructuring expense, net (5,964) (2,108) (12,655) (6,622)Non-cash stock based compensation (4,536) (3,883) (6,954) (6,232)Merger and acquisition expenses (12,862) — (27,659) — Leadership transition expenses (1,107) (1,260) (1,410) (2,158)Loss on sale of land and building, net — — — (2,196)Adjusted operating expenses $61,269 $58,502 $123,002 $117,949 June 30, 2026 June 30, 2025 Cash and cash equivalents $213,173 $128,297 Revolving line of credit availability 289,137 287,970 Total liquidity $502,310 $416,267 June 30, 2026 June 30, 2025 Current maturities of long-term debt $868 $146 Long-term debt, less current maturities 272,390 209,000 Total Debt 273,258 209,146 Cash and cash equivalents 213,173 128,297 Net Debt $60,085 $80,849 Adjusted EBITDA for the trailing four fiscal quarters $187,712 $174,714 Net Leverage 0.3 0.5 Three Months Ended June 30, Six Months Ended June 30, 2026 2025 2026 2025 Net cash provided by operating activities $7,315 $45,045 $2,272 $31,701 Purchases of property and equipment (8,552) (8,857) (14,203) (23,728)Proceeds from the sale of property and equipment 69 2 70 3,745 Free Cash Flow (1,168) 36,190 (11,861) 11,718 Cash effect of adjustments: Restructuring expenses, net 4,464 1,933 6,618 4,340 Merger and acquisition expenses 15,153 — 21,052 — Leadership transition expenses 26 206 26 6,061 Other — (2,143) — (1,399)Adjusted Free Cash Flow $18,475 $36,186 $15,835 $20,720
GBP/EUR oslabil o 0,5 % za posledních pět obchodních dnů, protože nižší britská inflace a zpomalující růst mezd snížily očekávání dalšího zvýšení sazeb BoE. Euro navíc drží ECB před dnešním rozhodnutím.
After gaining over 1% past month, the British pound dropped 0.5% against the euro due to cooling UK inflation and wage growth Lowering expectations for Bank of England rate hikes narrowed the yield gap between the pound and euro, triggering recent short-term profit-taking Anticipation of a hawkish policy stance from the European Central Bank provided additional underlying support for the euro against the British pound The British pound saw a significant monthly increase against the euro, rising over 1% to reach levels near 1.1800, last seen in mid-July. However, the pound has since given back some of these gains, falling about 0.5% in the last five trading days and moving back towards 1.1715. Understanding these movements offers valuable insight for market participants.
The Month’s Rally Explained Two central banks did most of the heavy lifting here. In the Eurozone, June inflation cooled to 2.8%, reducing the likelihood of further interest rate hikes from the European Central Bank following their June increase to a 2.25% deposit rate.
Additionally, a more stable political environment in the UK under new leadership has boosted market sentiment and lessened previous concerns that had impacted the pound. Andy Burnham’s uncontested succession brought an end to the nation’s political uncertainty. This removed a risk premium previously built into the currency.
Why the Pound Lost Its Grip The UK’s latest Consumer Price Index (CPI) report showed headline inflation slowing to 2.6% year-over-year in June, below market expectations of 2.7%. While core CPI held steady at 2.6%, the slower headline figures, combined with slowing wage growth, tempered investor expectations for immediate rate hikes from the Bank of England (BoE).
As the British pound struggled for direction, the euro gained support. Investors were positioning themselves ahead of the European Central Bank’s (ECB) latest monetary policy announcement. Expectations that ECB policymakers would maintain a hawkish stance helped the single currency stay resilient.
What This Means Going Forward Looking ahead, the immediate focus will be on the ECB’s decision today and the BoE’s meeting on July 30. If the ECB maintains its current stance and suggests a potential September hike, it may not significantly affect the pound.
The BoE meeting, however, carries more weight. With a new Monetary Policy Report, the outcome could range from a cautious approach to signals of a potential rate increase, particularly as the number of dissenting votes favoring tighter policy has increased.
For the UK, slowing inflation combined with stable growth metrics suggests the BoE can prioritize economic stability without resorting to aggressive easing measures. This scenario could indicate confidence in the pound’s underlying strength, bolstered by the credibility of domestic policy.
In the Eurozone, persistent challenges related to energy costs and subdued growth forecasts highlight potential weaknesses, even with the ECB’s stated commitment to its 2% inflation target. The euro’s current softness relative to the pound may reflect investor preference for sterling, although both currencies face external pressures from global economic trends.
How Investors Might Position With two significant central bank meetings occurring closely together, this period presents heightened uncertainty for investors, making substantial directional bets less advisable. Those with substantial sterling transactions or exposure due in the next two weeks should account for this increased event risk.
For investors with a longer-term perspective, the current trends, including a more cautious ECB and a BoE possibly moving towards tightening policy, may continue to favor the pound. However, that view should be held loosely until both decisions land.
What key economic data release caused the pound to lose momentum against the euro over the last five sessions?
Softer UK headline inflation of 2.6% and cooling wage growth lowered market expectations for imminent Bank of England rate hikes.
How has the ECB’s upcoming policy announcement influenced the euro’s performance against the Sterling?
Anticipation of a hawkish rate hold by the European Central Bank provided support for the euro against the pound.
How should investors approach GBP/EUR right now?
Investors should avoid large directional bets until both central bank decisions land; the medium-term uptrend looks intact but near-term volatility is elevated.
Brown & Brown oznámila přechod na AI-first model a nasadí Claude od Anthropic pro 23 000 zaměstnanců. Partnerství s Anthropic, McKinsey a Accenture má urychlit růst a zlepšit produktivitu. Brown & Brown také nasadí Claude Code v celé své softwarové inženýrské organizaci.
DAYTONA BEACH, Fla., July 23, 2026 (GLOBE NEWSWIRE) -- Brown & Brown, Inc. (the “Company”) today announced the next phase of its enterprise technology transformation: becoming an AI-first enterprise. This evolution is designed to responsibly leverage artificial intelligence (AI), rewire key business processes to accelerate growth, enhance customer experience, improve teammate productivity and strengthen business performance.
The Company is building AI as a foundational enterprise capability, designed to quickly scale across the business while empowering local teams to address customer and operational needs.
Encouraged by gains realized in initial pilot projects, Brown & Brown is entering the next phase of its AI journey. This phase will focus on thoughtfully expanding AI capabilities using Brown & Brown’s agile, entrepreneurial operating model to incubate AI solutions close to the business and customer, while quickly proving value and deploying capabilities at scale.
This enhanced model empowers local development to address business needs, while creating an operating platform that supports companywide adoption. To do this, the Company has selected Anthropic, McKinsey & Company and Accenture as partners, combining expertise in “frontier” AI, business transformation and governance to establish the guardrails, operating discipline and execution model needed to scale AI responsibly across the enterprise.
“Our teammates are Brown & Brown’s greatest differentiator, and we view AI as an enabler of their experience, specialization and judgment — not a replacement for it,” said Powell Brown, president and chief executive officer of Brown & Brown. “By responsibly implementing AI across our business, we can help teammates spend more time advising customers, building relationships and delivering the specialized solutions that set Brown & Brown apart. To do this well, we are bringing together the right mix of internal leadership and external partners who are leaders in this space.”
Becoming AI-first is more than just deploying technology. It means building a culture of continuous improvement and arming every teammate with the ability to work smarter, unlock creativity, move faster and deliver even greater value to customers. The Company will ultimately deploy Anthropic’s Claude across its 23,000 teammates and integrate AI into end-to-end workflows supporting customer service, operations, technology and corporate functions.
Jim Bramblet, senior managing director leading Accenture's U.S. Insurance business, said, “Brown & Brown is taking a forward-looking approach to using AI to help drive growth, improve efficiency and create value across the business. By combining Anthropic's advanced AI capabilities with Accenture's experience designing technology architectures, developing implementation roadmaps and supporting business transformation, this collaboration is focused on accelerating innovation, modernizing how work gets done and turning AI investments into measurable business outcomes.”
Brown & Brown is also establishing a value management office (VMO) to support disciplined execution and ongoing, outcomes-based evaluation of its AI initiatives. The office will monitor adoption, measure business impact and return on investment, and maintain controls as AI capabilities scale across the enterprise.
“We are excited to partner with Brown & Brown on this next chapter of its AI transformation. Brown & Brown has demonstrated a clear commitment to using AI to create meaningful value for its customers, teammates and shareholders. We look forward to helping the company redesign how work gets done and capture the full potential of AI at enterprise scale,” said Ari Libarikian, global co-lead of McKinsey’s Insurance Practice.
As part of its broader technology transformation, Brown & Brown will also deploy Claude Code across its entire software engineering organization to reimagine and implement an AI-enabled software development lifecycle, expected to improve developer productivity, strengthen software quality and accelerate delivery.
"Brown & Brown's engineers are using Claude Code to develop in hours what used to take days, cutting troubleshooting time dramatically and catching vulnerabilities that other tools missed — and the company is now expanding Claude from a handful of pilot teams to the entire enterprise," said Michael Hartman, head of Americas enterprise, Anthropic. "That's what becoming an AI-first enterprise looks like — proving the value first, then giving every teammate the same capability."
Early Claude Code usage across select pilot teams at Brown & Brown shows promising results:
Improved developer productivity: participating teams have reported productivity gains of approximately 2x to 8x, with certain work that previously took days completed in hours.Enhanced security and code quality: AI-enabled workflows have reduced analysis and troubleshooting time by an estimated 80–90% in certain use cases and helped identify software vulnerabilities not detected by other tools.Strong teammate adoption: participating teams reported high confidence in Claude Code, with 80% rating its value 5 out of 5 during the rollout. Together, these efforts position Brown & Brown to scale responsible AI across its business while keeping teammates, customers, security and measurable outcomes at the center of its transformation.
About Brown & Brown Inc.
Brown & Brown, Inc. (NYSE: BRO) is a leading insurance brokerage firm delivering comprehensive and customized insurance solutions and specialization since 1939. With a global presence spanning 700+ locations and a team of more than 23,000 professionals, we are dedicated to delivering scalable, innovative strategies for our customers at every step of their growth journey. Learn more at BBrown.com.
Forward-Looking Statements
This press release contains forward-looking statements, including statements relating to Brown & Brown’s plans and expectations regarding AI, the next phase of its transformation, estimated efficiency improvements, teammate adoption metrics and statements regarding its early results and expected benefits. These statements are not historical facts but instead represent only Brown & Brown’s current belief regarding future events, many of which, by their nature, are inherently uncertain and outside of Brown & Brown’s control. It is possible that Brown & Brown’s actual results and financial condition may differ, possibly materially, from the anticipated results and financial condition indicated in these forward-looking statements. Further information concerning Brown & Brown and its business, including factors that potentially could materially affect Brown & Brown’s financial results and condition, as well as its other achievements, is contained in Brown & Brown’s filings with the Securities and Exchange Commission. Such factors include the requirement for additional resources and time to adequately respond to dynamics resulting from rapid technological change, including the increasing use of artificial intelligence and robotic processing automation; a cybersecurity attack or any other interruption in formation technology and/or data security that may impact our operations or the operations of third parties that support us; our reliance on vendors and other third parties to perform key functions of our business operations and provide services to our customers; improper disclosure of confidential information; and changes in data privacy and protection laws and regulations or any failure to comply with such laws and regulations. All forward-looking statements made herein are made only as of the date of this release, and Brown & Brown does not undertake any obligation to publicly update or correct any forward-looking statements to reflect events or circumstances that subsequently occur or of which Brown & Brown hereafter becomes aware.
For more information:
Jenny Goco
Vice President of Public Relations & Communications
(386) 333-6066 [email protected]
