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New capability puts the AI agent in the customer's environment while keeping nCino's compliance and permissioning framework intact August 07, 2026 07:30 ET  | Source: nCino, Inc.

WILMINGTON, N.C., Aug. 07, 2026 (GLOBE NEWSWIRE) -- nCino, Inc. (NASDAQ: NCNO), the platform for agentic AI banking, today announced new capabilities to let lenders connect MCP-compatible AI agents directly to the nCino Mortgage Suite via Model Context Protocol (MCP), an open-source protocol that acts as a universal plug between AI agents and external platforms.

Mortgage teams lose real time to a familiar problem: getting information or taking action means navigating screen after screen, even when the task itself is simple. Mortgage MCP solves that. The agent executes the task on the user's behalf — no clicking, no toggling between tools — within your existing governance and permissions settings.

Mortgage MCP currently ships with two pre-built tools for those who want to get to work immediately:

Admin MCP Mortgage systems administrators — the internal "product owners" responsible for a lender's loan origination system (LOS), point-of-sale system (POS) and other key mortgage technologies — spend dozens of hours each month on tasks such as user and role management, system configuration and integration maintenance.

The Admin MCP lets administrators handle those tasks through natural language conversation, without logging into the nCino console. An administrator can onboard a new loan officer, add their state licenses, assign them to a branch, restructure organizational hierarchies, perform compliance tasks and report on loan officer performance in a single conversation.

Loan Officer MCP Loan officers move fast — or try to. Between checking loan status, triaging their pipeline, managing borrower records and triggering income and asset verifications, they spend much of their day toggling between screens rather than working with borrowers.

The Loan Officer MCP gives loan officers a single conversational interface to handle those tasks, eliminating the screen-switching that slows origination workflows and keeping their attention on the borrower relationship. Other use cases include running AUS, drafting disclosures, partner onboarding, loan briefings, guidance on where to focus time, and task reminders.

"With Mortgage MCP, administrative workflows that used to consume hours become a five-minute conversation," said Casey Williams, General Manager of Global Mortgage at nCino. "We're building for a world where lending teams state intent and the system acts, replacing clicks with commands and dashboards with answers. Admins can connect the AI agent they already use directly into the nCino Mortgage Suite, and it only ever acts within their existing permissions, with every action logged."

Mortgage MCP is built on nCino's existing permissioning and audit-logging framework: actions taken through the nCino Mortgage Suite logged with a timestamp, action and outcome within nCino's system. The framework supports configurable controls for high-impact actions, such as archiving a loan officer or restructuring a branch, including a requirement for human confirmation before execution. Customers have the flexibility to configure these controls to fit their own approval workflows and environment.

To learn more about Mortgage MCP or to see nCino's agentic mortgage platform in action, visit www.ncino.com/mortgage or contact nCino today. Existing customers can connect Mortgage MCP through their nCino relationship manager.

About nCino

nCino (NASDAQ: NCNO) is the platform for agentic AI banking. With over 2,700 customers worldwide — including community banks, credit unions, independent mortgage banks and the largest financial entities globally — nCino offers a trusted agentic platform purpose-built for financial services and regulated industries. By deploying AI agents alongside human teams, nCino's dual workforce enables institutions to eliminate inefficiencies, sharpen decision-making and deliver better outcomes for the customers they serve. For more information, visit www.ncino.com.

MEDIA CONTACT

Riley Keyzer

[email protected]

Forward-Looking Statements

This press release contains forward-looking statements about nCino's financial and operating results, which include statements regarding nCino’s future performance, outlook, guidance, the benefits from the use of nCino’s solutions, our strategies, and general business conditions. Forward-looking statements generally include actions, events, results, strategies and expectations and are often identifiable by use of the words “believes,” “expects,” “intends,” “anticipates,” “plans,” “seeks,” “estimates,” “projects,” “may,” “will,” “could,” “might,” or “continues” or similar expressions and the negatives thereof. Any forward-looking statements contained in this press release are based upon nCino’s historical performance and its current plans, estimates, and expectations and are not a representation that such plans, estimates, or expectations will be achieved. These forward-looking statements represent nCino’s expectations as of the date of this press release. Subsequent events may cause these expectations to change and, except as may be required by law, nCino does not undertake any obligation to update or revise these forward-looking statements. These forward-looking statements are subject to known and unknown risks and uncertainties that may cause actual results to differ materially including, but not limited to risks associated with (i) adverse changes in the financial services industry, including as a result of customer consolidation or bank failures; (ii) adverse changes in economic, regulatory, or market conditions, including as a direct or indirect consequence of higher interest rates; (iii) risks associated with acquisitions we undertake, (iv) breaches in our security measures or unauthorized access to our customers’ or their clients' data; (v) the accuracy of management’s assumptions and estimates; (vi) our ability to attract new customers and succeed in having current customers expand their use of our solution, including in connection with our migration to an asset-based pricing model; (vii) competitive factors, including pricing pressures and migration to asset-based pricing, consolidation among competitors, entry of new competitors, the launch of new products and marketing initiatives by our competitors, and difficulty securing rights to access or integrate with third party products or data used by our customers; (viii) the rate of adoption of our newer solutions and the results of our efforts to sustain or expand the use and adoption of our more established solutions; (ix) fluctuation of our results of operations, which may make period-to-period comparisons less meaningful; (x) our ability to manage our growth effectively including expanding outside of the United States; (xi) adverse changes in our relationship with Salesforce; (xii) our ability to successfully acquire new companies and/or integrate acquisitions into our existing organization; (xiii) the loss of one or more customers, particularly any of our larger customers, or a reduction in the number of users our customers purchase access and use rights for; (xiv) system unavailability, system performance problems, or loss of data due to disruptions or other problems with our computing infrastructure or the infrastructure we rely on that is operated by third parties; (xv) our ability to maintain our corporate culture and attract and retain highly skilled employees; and (xvi) the outcome and impact of legal proceedings and related fees and expenses.

Reports second quarter net loss of $12.3 million and Adjusted EBITDA of $25.6 million
, /PRNewswire/ -- Alpha Metallurgical Resources, Inc. (NYSE: AMR), a leading U.S. supplier of metallurgical products for the steel industry, today reported financial results for the second quarter ending June 30, 2026.

(millions, except per share)

Three months ended

Jun. 30, 2026

Mar. 31, 2026

Jun. 30, 2025

Net loss

($12.3)

($11.0)

($5.0)

Net loss per diluted share

($0.96)

($0.86)

($0.38)

Adjusted EBITDA(1)

$25.6

$30.0

$46.1

Operating cash flow

$39.9

$29.0

$53.2

Capital expenditures

($45.1)

($40.7)

($34.6)

Tons of coal sold

3.5

3.6

3.9

1. This is a non-GAAP financial measure.  A reconciliation of Net Loss to Adjusted EBITDA is included in tables accompanying the financial schedules.

"Due to several factors, we closed out the first half of 2026 with fewer tons shipped and higher costs than expected," said Andy Eidson, Alpha's chief executive officer. "Those realities are evident in our second quarter results, and they informed our decision to release adjusted guidance ranges for sales volumes and cost of coal sales. We continue to engage with terminal leaders at Dominion Terminal Associates (DTA) to address the high-wind storm damage that occurred in June. Our reduced sales volume guidance for the balance of the year incorporates our expectations of reduced efficiency at DTA, which we plan to mitigate in part by utilizing our throughput capacity at other East Coast terminals. Once the insurance claims process advances, alongside conversations with third party equipment providers, terminal leadership should gain additional clarity regarding the longer-term plan for replacing the stacker reclaimer. In the immediate term, however, we remain appreciative of the cooperation from DTA leaders in working through these challenges and their resourcefulness in keeping the terminal running as well as possible under the circumstances."

Eidson continued: "With soft met market conditions persisting, our increased cost of coal sales guidance incorporates our expectation of fewer shipped tons for the year, together with the continuation of higher supply costs we've been experiencing."

Financial Performance

Alpha reported a net loss of $12.3 million, or $0.96 per diluted share, for the second quarter, as compared to net loss of $11.0 million, or $0.86 per diluted share, in the first quarter.

Total Adjusted EBITDA was $25.6 million for the second quarter, compared to $30.0 million in the first quarter. 

Coal Revenues

(millions)

Three months ended

Jun. 30, 2026

Mar. 31, 2026

Met segment

$491.5

$523.5

Met segment (excl. freight & handling)(1)

$421.3

$447.3

Tons Sold

(millions)

Three months ended

Jun. 30, 2026

Mar. 31, 2026

Met segment

3.5

3.6

1. Represents Non-GAAP coal revenues which is defined and reconciled under "Non-GAAP Financial Measures" and "Results of Operations."

Coal Sales Realization(1)

(per ton)

Three months ended

Jun. 30, 2026

Mar. 31, 2026

Met segment

$118.71

$124.39

1. Represents Non-GAAP coal sales realization which is defined and reconciled under "Non-GAAP Financial Measures" and "Results of Operations."

Second quarter net realized pricing for the Met segment was $118.71 per ton.

The table below provides a breakdown of our Met segment coal sold in the second quarter by pricing mechanism.

(in millions, except per ton data)

Met Segment Sales

Three months ended Jun. 30, 2026

Tons Sold

Coal Revenues

Realization/ton(1)

% of Met Tons
Sold

Domestic

0.9

$124.8

$134.37

30 %

Export - Australian indexed

0.7

$98.5

$143.82

22 %

Export - other pricing mechanisms

1.5

$162.9

$109.08

48 %

Total Met coal revenues

3.1

$386.2

$124.30

100 %

Thermal coal revenues

0.4

$35.1

$79.36

Total Met segment coal revenues
(excl. freight & handling)(1)

3.5

$421.3

$118.71

1. Represents Non-GAAP coal sales realization which is defined and reconciled under "Non-GAAP Financial Measures" and "Results of Operations."

Cost of Coal Sales

(in millions, except per ton data)

Three months ended

Jun. 30, 2026

Mar. 31, 2026

Met segment

$443.7

$474.4

Met segment (excl. freight & handling/idle)(1)

$365.8

$388.3

(per ton)

Met segment(1)

$103.07

$107.98

1. Represents Non-GAAP cost of coal sales and Non-GAAP cost of coal sales per ton which is defined and reconciled under "Non-GAAP Financial Measures" and "Results of Operations."

Alpha's Met segment cost of coal sales decreased to an average of $103.07 per ton in the second quarter, compared to $107.98 per ton in the first quarter.

Liquidity and Capital Resources

Cash provided by operating activities in the second quarter increased to $39.9 million as compared to $29.0 million in the first quarter. Capital expenditures for the second quarter were $45.1 million compared to $40.7 million for the first quarter.

As of June 30, 2026, the company had total liquidity of $447.8 million, including cash and cash equivalents of $307.6 million, short-term investments of $30.9 million, and $184.3 million of unused availability under the asset-based revolving credit facility (ABL), partially offset by a minimum required liquidity of $75.0 million as required by the ABL. As of June 30, 2026, the company had no amounts borrowed and $40.7 million in letters of credit outstanding under the ABL. Total long-term debt, including the current portion of long-term debt as of June 30, 2026, was $11.4 million.

Share Repurchase Program

As previously announced, Alpha's board of directors authorized a share repurchase program allowing for the expenditure of up to $1.5 billion for the repurchase of the company's common stock. As of July 31, 2026, the company had acquired approximately 7.0 million shares of common stock at a cost of approximately $1.2 billion, or approximately $166.29 per share. The number of common stock shares outstanding as of July 31, 2026 was 12,679,045, not including the potential effect of unvested equity awards.

The timing and amount of share repurchases will be based on various factors, including but not limited to market conditions, the trading price of the stock, applicable legal requirements, compliance with the provisions of the company's debt agreements, and other factors.

2026 Operational Performance Update

As of July 30, 2026, Alpha has committed and priced approximately 70% of its metallurgical coal for 2026 at an average price of $128.17 per ton. At the midpoint of guidance, Alpha's thermal coal is fully committed for the year at an average price of $75.94 per ton.

2026 Guidance

in millions of tons

Low

High

Metallurgical

13.2

14.0

Thermal

1.0

1.4

Met segment - total shipments

14.2

15.4

Committed/Priced1,2,3

Committed

Volume
(in millions of
tons)

Average Price

Metallurgical - domestic

3.8

$136.18

Metallurgical - export

5.7

$122.77

Metallurgical total

70 %

9.5

$128.17

Thermal

100 %

1.3

$75.94

Met segment

73 %

10.8

$121.94

Committed/Unpriced1,3

Committed

Metallurgical total

30 %

Thermal

— %

Met segment

27 %

Costs per ton4

Low

High

Met segment

$103.00

$107.00

in millions (except taxes)

Low

High

SG&A5

$53

$59

Idle operations expense

$24

$32

Net cash interest income

$2

$6

DD&A

$160

$174

Capital expenditures

$148

$168

Capital contributions to equity affiliates6

$35

$45

Cash tax rate

0 %

5 %

Notes:          

1.

Based on committed and priced coal shipments as of July 30, 2026. Committed percentage based on the midpoint of shipment guidance range.

2.

Actual average per-ton realizations on committed and priced tons recognized in future periods may vary based on actual freight expense in future periods relative to assumed freight expense embedded in projected average per-ton realizations.

3.

Includes estimates of future coal shipments based upon contract terms and anticipated delivery schedules. Actual coal shipments may vary from these estimates.

4.

Note: The Company is unable to present a quantitative reconciliation of its forward-looking non-GAAP cost of coal sales per ton sold financial measures to the most directly comparable GAAP measures without unreasonable efforts due to the inherent difficulty in forecasting and quantifying with reasonable accuracy significant items required for the reconciliation. The most directly comparable GAAP measure, GAAP cost of sales, is not accessible without unreasonable efforts on a forward-looking basis. The reconciling items include freight and handling costs, which are a component of GAAP cost of sales. Management is unable to predict without unreasonable efforts freight and handling costs due to uncertainty as to the end market and FOB point for uncommitted sales volumes and the final shipping point for export shipments. These amounts have varied historically and may continue to vary significantly from quarter to quarter and material changes to these items could have a significant effect on our future GAAP results.

5.

Excludes expenses related to non-cash stock compensation and non-recurring expenses.

6.

Includes contributions to fund normal operations at our DTA export facility and expected capital investments related to the facility upgrades.

Conference Call

The company plans to hold a conference call regarding its second quarter results on August 7, 2026, at 10:00 a.m. Eastern time. The conference call will be available live on the investor section of the company's website at https://alphametresources.com/investors. Analysts who would like to participate in the conference call should dial 877-407-0832 (domestic toll-free) or 201-689-8433 (international) approximately 15 minutes prior to start time.

About Alpha Metallurgical Resources

Alpha Metallurgical Resources (NYSE: AMR) is a Tennessee-based mining company with operations across Virginia and West Virginia. With customers across the globe, high-quality reserves and significant port capacity, Alpha reliably supplies metallurgical products to the steel industry. For more information, visit www.AlphaMetResources.com. 

Forward-Looking Statements

This news release includes forward-looking statements. These forward-looking statements are based on Alpha's expectations and beliefs concerning future events and involve risks and uncertainties that may cause actual results to differ materially from current expectations. These factors are difficult to predict accurately and may be beyond Alpha's control. Forward-looking statements in this news release or elsewhere speak only as of the date made. New uncertainties and risks arise from time to time, and it is impossible for Alpha to predict these events or how they may affect Alpha. Except as required by law, Alpha has no duty to, and does not intend to, update or revise the forward-looking statements in this news release or elsewhere after the date this release is issued. In light of these risks and uncertainties, investors should keep in mind that results, events or developments discussed in any forward-looking statement made in this news release may not occur. See Alpha's filings with the U.S. Securities and Exchange Commission for more information.

FINANCIAL TABLES FOLLOW

Non-GAAP Financial Measures

The discussion below contains "non-GAAP financial measures." These are financial measures that either exclude or include amounts that are not excluded or included in the most directly comparable measures calculated and presented in accordance with generally accepted accounting principles in the United States ("U.S. GAAP" or "GAAP"). Specifically, we make use of the non-GAAP financial measures "Adjusted EBITDA," "non-GAAP coal revenues," "non-GAAP coal sales realization per ton," "non-GAAP cost of coal sales," "non-GAAP cost of coal sales per ton," "non-GAAP coal margin," and "non-GAAP coal margin per ton." In addition to net income (loss), we use Adjusted EBITDA to measure the operating performance of our reportable segment. Adjusted EBITDA does not purport to be an alternative to net income (loss) as a measure of operating performance or any other measure of operating results, financial performance, or liquidity presented in accordance with GAAP. Moreover, this measure is not calculated identically by all companies and therefore may not be comparable to similarly titled measures used by other companies. Adjusted EBITDA is presented because management believes it is a useful indicator of the financial performance of our coal operations. We use non-GAAP coal revenues to present coal revenues generated, excluding freight and handling fulfillment revenues. Non-GAAP coal sales realization per ton is calculated as non-GAAP coal revenues divided by tons sold. We use non-GAAP cost of coal sales to adjust cost of coal sales to remove freight and handling costs, depreciation, depletion and amortization - production (excluding the depreciation, depletion and amortization related to selling, general and administrative functions), accretion on asset retirement obligations, amortization of acquired intangibles, and idled and closed mine costs. Non-GAAP cost of coal sales per ton is calculated as non-GAAP cost of coal sales divided by tons sold. Non-GAAP coal margin is calculated as non-GAAP coal revenues less non-GAAP cost of coal sales. Non-GAAP coal margin per ton is calculated as non-GAAP coal margin divided by tons sold. The presentation of these measures should not be considered in isolation, or as a substitute for analysis of our results as reported under GAAP.

Management uses non-GAAP financial measures to supplement GAAP results to provide a more complete understanding of the factors and trends affecting the business than GAAP results alone. The definition of these non-GAAP measures may be changed periodically by management to adjust for significant items important to an understanding of operating trends and to adjust for items that may not reflect the trend of future results by excluding transactions that are not indicative of our core operating performance. Furthermore, analogous measures are used by industry analysts to evaluate our operating performance. Because not all companies use identical calculations, the presentations of these measures may not be comparable to other similarly titled measures of other companies and can differ significantly from company to company depending on long-term strategic decisions regarding capital structure, the tax jurisdictions in which companies operate, capital investments and other factors.

Included below are reconciliations of non-GAAP financial measures to GAAP financial measures.

ALPHA METALLURGICAL RESOURCES, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited)

(Amounts in thousands, except share and per share data)

Three Months Ended June 30,

Six Months Ended June 30,

2026

2025

2026

2025

Revenues:

Coal revenues

$        491,505

$        548,675

$      1,015,038

$      1,078,342

Other revenues

1,351

1,599

2,805

3,889

Total revenues

492,856

550,274

1,017,843

1,082,231

Costs and expenses:

Cost of coal sales (exclusive of items shown
separately below)

443,663

479,953

918,052

984,537

Depreciation, depletion and amortization

36,044

44,822

75,970

88,732

Accretion on asset retirement obligations

5,214

5,508

10,429

11,122

Amortization of acquired intangibles

876

1,357

1,752

2,714

Selling, general and administrative
expenses (exclusive of depreciation,
depletion and amortization shown
separately above)

17,257

15,216

33,855

30,640

Other operating loss (income)

302

763

(1,283)

2,006

Total costs and expenses

503,356

547,619

1,038,775

1,119,751

(Loss) income from operations

(10,500)

2,655

(20,932)

(37,520)

Other (expense) income:

Interest expense

(962)

(761)

(1,803)

(1,524)

Interest income

2,919

4,199

7,125

8,245

Equity loss in affiliates

(6,717)

(8,736)

(12,450)

(13,696)

Miscellaneous expense, net

(3,587)

(3,559)

(7,145)

(7,091)

Total other expense, net

(8,347)

(8,857)

(14,273)

(14,066)

Loss before income taxes

(18,847)

(6,202)

(35,205)

(51,586)

Income tax benefit

6,595

1,248

11,921

12,685

Net loss

$         (12,252)

$          (4,954)

$         (23,284)

$         (38,901)

Basic loss per common share

$           (0.96)

$           (0.38)

$           (1.83)

$           (2.98)

Diluted loss per common share

$           (0.96)

$           (0.38)

$           (1.83)

$           (2.98)

Weighted average shares – basic

12,713,728

13,057,749

12,756,644

13,052,706

Weighted average shares – diluted

12,713,728

13,057,749

12,756,644

13,052,706

ALPHA METALLURGICAL RESOURCES, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited)

(Amounts in thousands, except share and per share data)

June 30, 2026

December 31, 2025

Assets

Current assets:

Cash and cash equivalents

$        307,595

$        365,974

Short-term investments

30,887

49,582

Trade accounts receivable, net of allowance for credit losses of $2,714 and $2,519
as of June 30, 2026 and December 31, 2025, respectively

230,565

278,620

Inventories, net

262,435

193,000

Prepaid expenses and other current assets

30,981

31,132

Total current assets

862,463

918,308

Property, plant, and equipment, net of accumulated depreciation and amortization
of $837,738 and $774,101 as of June 30, 2026 and December 31, 2025,
respectively

637,737

621,866

Owned and leased mineral rights, net of accumulated depletion and amortization of
$162,223 and $150,616 as of June 30, 2026 and December 31, 2025, respectively

408,456

416,944

Other acquired intangibles, net of accumulated amortization of $44,825 and
$43,072 as of June 30, 2026 and December 31, 2025, respectively

32,700

34,452

Long-term restricted cash

128,219

126,911

Long-term restricted investments

34,453

34,356

Deferred income taxes

8,361

8,087

Other non-current assets

143,358

119,702

Total assets

$      2,255,747

$      2,280,626

Liabilities and Stockholders' Equity

Current liabilities:

Current portion of long-term debt

$           3,199

$           3,575

Trade accounts payable

86,714

66,169

Accrued expenses and other current liabilities

163,346

135,778

Total current liabilities

253,259

205,522

Long-term debt

8,202

9,841

Workers' compensation and black lung obligations

188,596

190,965

Pension obligations

76,077

87,317

Asset retirement obligations

204,242

204,745

Deferred income taxes

5,237

15,433

Other non-current liabilities

21,315

21,308

Total liabilities

756,928

735,131

Commitments and Contingencies

Stockholders' Equity

Preferred stock - par value $0.01, 5,000,000 shares authorized, none issued

—

—

Common stock - par value $0.01, 50,000,000 shares authorized, 22,496,891 issued
and 12,685,495 outstanding at June 30, 2026 and 22,437,379 issued and 12,805,909
outstanding at December 31, 2025

225

224

Additional paid-in capital

860,001

852,030

Accumulated other comprehensive loss

(55,187)

(60,433)

Treasury stock, at cost: 9,811,396 shares at June 30, 2026 and 9,631,470 shares at
December 31, 2025

(1,377,653)

(1,341,027)

Retained earnings

2,071,433

2,094,701

Total stockholders' equity

1,498,819

1,545,495

Total liabilities and stockholders' equity

$      2,255,747

$      2,280,626

ALPHA METALLURGICAL RESOURCES, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited)

(Amounts in thousands)

Six Months Ended June 30,

2026

2025

Operating activities:

Net loss

$          (23,284)

$          (38,901)

Adjustments to reconcile net loss to net cash provided by operating activities:

Depreciation, depletion and amortization

75,970

88,732

Amortization of acquired intangibles

1,752

2,714

(Gain) loss on disposal of assets, net

(2,071)

138

Accretion on asset retirement obligations

10,429

11,122

Employee benefit plans, net

14,646

11,628

Deferred tax benefit

(11,932)

(12,663)

Stock-based compensation

7,972

7,455

Equity loss in affiliates

12,450

13,696

Other, net

2,250

365

Changes in operating assets and liabilities

(19,272)

(8,874)

Net cash provided by operating activities

68,910

75,412

Investing activities:

Capital expenditures

(85,816)

(73,092)

Capital contributions to equity affiliates

(23,325)

(23,509)

Purchases of investment securities

(48,886)

(29,303)

Sales and maturities of investment securities

68,327

30,630

Other, net

2,139

107

Net cash used in investing activities

(87,561)

(95,167)

Financing activities:

Principal repayments of long-term debt

(1,620)

(1,561)

Common stock repurchases and related expenses

(36,728)

(5,155)

Other, net

(72)

(2,557)

Net cash used in financing activities

(38,420)

(9,273)

Net decrease in cash and cash equivalents and restricted cash

(57,071)

(29,028)

Cash and cash equivalents and restricted cash at beginning of period

492,885

604,161

Cash and cash equivalents and restricted cash at end of period

$          435,814

$          575,133

Supplemental disclosure of noncash investing and financing activities:

Accrued capital expenditures

$           10,967

$             7,831

The following table provides a reconciliation of cash and cash equivalents and restricted cash reported within the Condensed Consolidated Balance Sheets that sum to the total of the same such amounts shown in the Condensed Consolidated Statements of Cash Flows.

As of June 30,

2026

2025

Cash and cash equivalents

$          307,595

$          449,027

Long-term restricted cash

128,219

126,106

Total cash and cash equivalents and restricted cash shown in the Condensed
Consolidated Statements of Cash Flows

$          435,814

$          575,133

ALPHA METALLURGICAL RESOURCES, INC. AND SUBSIDIARIES

ADJUSTED EBITDA RECONCILIATION

(Amounts in thousands)

Three Months Ended

Six Months Ended June 30,

June 30, 2026

March 31, 2026

June 30, 2025

2026

2025

Net loss

$        (12,252)

$        (11,032)

$          (4,954)

$      (23,284)

$      (38,901)

Interest expense

962

841

761

1,803

1,524

Interest income

(2,919)

(4,206)

(4,199)

(7,125)

(8,245)

Income tax benefit

(6,595)

(5,326)

(1,248)

(11,921)

(12,685)

Depreciation, depletion and amortization

36,044

39,926

44,822

75,970

88,732

Non-cash stock compensation expense

4,236

3,736

4,018

7,972

7,455

Accretion on asset retirement obligations

5,214

5,215

5,508

10,429

11,122

Amortization of acquired intangibles

876

876

1,357

1,752

2,714

Adjusted EBITDA

$         25,566

$         30,030

$         46,065

$       55,596

$       51,716

ALPHA METALLURGICAL RESOURCES, INC. AND SUBSIDIARIES

RESULTS OF OPERATIONS

Three Months Ended

(In thousands, except for per ton data)

June 30, 2026

March 31, 2026

June 30, 2025

Coal revenues

$        491,505

$        523,533

$        548,675

Less: freight and handling fulfillment revenues

(70,220)

(76,214)

(84,589)

Non-GAAP coal revenues

$        421,285

$        447,319

$        464,086

Non-GAAP coal sales realization per ton

$          118.71

$          124.39

$          119.43

Cost of coal sales (exclusive of items shown separately below)

$        443,663

$        474,389

$        479,953

Depreciation, depletion and amortization - production (1)

35,750

39,606

44,504

Accretion on asset retirement obligations

5,214

5,215

5,508

Amortization of acquired intangibles

876

876

1,357

Total cost of coal sales

485,503

520,086

531,322

Less: freight and handling costs

(70,220)

(76,214)

(84,589)

Less: depreciation, depletion and amortization - production (1)

(35,750)

(39,606)

(44,504)

Less: accretion on asset retirement obligations

(5,214)

(5,215)

(5,508)

Less: amortization of acquired intangibles

(876)

(876)

(1,357)

Less: idled and closed mine costs

(7,654)

(9,872)

(6,520)

Non-GAAP cost of coal sales

$        365,789

$        388,303

$        388,844

Non-GAAP cost of coal sales per ton

$          103.07

$          107.98

$          100.06

GAAP coal margin

$           6,002

$           3,447

$          17,353

GAAP coal margin per ton

$             1.69

$             0.96

$             4.47

Non-GAAP coal margin

$          55,496

$          59,016

$          75,242

Non-GAAP coal margin per ton

$           15.64

$           16.41

$           19.36

Tons sold

3,549

3,596

3,886

(1)

Depreciation, depletion and amortization - production excludes the depreciation, depletion and amortization related to selling, general and administrative functions.

Six Months Ended

(In thousands, except for per ton data)

June 30, 2026

June 30, 2025

Coal revenues

$      1,015,038

$      1,078,342

Less: freight and handling fulfillment revenues

(146,434)

(168,513)

Non-GAAP coal revenues

$        868,604

$        909,829

Non-GAAP coal sales realization per ton

$          121.57

$          119.03

Cost of coal sales (exclusive of items shown separately below)

$        918,052

$        984,537

Depreciation, depletion and amortization - production (1)

75,356

88,096

Accretion on asset retirement obligations

10,429

11,122

Amortization of acquired intangibles

1,752

2,714

Total cost of coal sales

1,005,589

1,086,469

Less: freight and handling costs

(146,434)

(168,513)

Less: depreciation, depletion and amortization - production (1)

(75,356)

(88,096)

Less: accretion on asset retirement obligations

(10,429)

(11,122)

Less: amortization of acquired intangibles

(1,752)

(2,714)

Less: idled and closed mine costs

(17,526)

(12,511)

Non-GAAP cost of coal sales

$        754,092

$        803,513

Non-GAAP cost of coal sales per ton

$          105.54

$          105.12

GAAP coal margin

$           9,449

$          (8,127)

GAAP coal margin per ton

$             1.32

$           (1.06)

Non-GAAP coal margin

$        114,512

$        106,316

Non-GAAP coal margin per ton

$           16.03

$           13.91

Tons sold

7,145

7,644

(1)

Depreciation, depletion and amortization - production excludes the depreciation, depletion and amortization related to selling, general and administrative functions.

Three Months Ended June 30, 2026

(In thousands, except for per ton data)

Tons Sold

Coal Revenues

Non-GAAP
Coal sales
realization per
ton

% of Met Tons
Sold

Domestic

929

$    124,829

$      134.37

30 %

Export - Australian indexed

685

98,516

$      143.82

22 %

Export - other pricing mechanisms

1,493

162,863

$      109.08

48 %

Total Met segment - met coal

3,107

386,208

$      124.30

100 %

Met segment - thermal coal

442

35,077

$       79.36

Non-GAAP coal revenues

3,549

421,285

$      118.71

Add: freight and handling fulfillment revenues

—

70,220

Coal revenues

3,549

$    491,505

Six Months Ended June 30, 2026

(In thousands, except for per ton data)

Tons Sold

Coal Revenues

Non-GAAP
Coal sales
realization per
ton

% of Met Tons
Sold

Domestic

1,737

$    235,882

$      135.80

27 %

Export - Australian indexed

1,805

260,863

$      144.52

28 %

Export - other pricing mechanisms

2,916

319,844

$      109.69

45 %

Total Met segment - met coal

6,458

816,589

$      126.45

100 %

Met segment - thermal coal

687

52,015

$       75.71

Non-GAAP coal revenues

7,145

868,604

$      121.57

Add: freight and handling fulfillment revenues

—

146,434

Coal revenues

7,145

$  1,015,038

INVESTOR & MEDIA CONTACT: EMILY O'QUINN
[email protected]
[email protected]
(423) 573-0369

SOURCE ALPHA METALLURGICAL RESOURCES, INC.

HOUSTON, Aug. 07, 2026 (GLOBE NEWSWIRE) -- Plains All American Pipeline, L.P. (Nasdaq: PAA) and Plains GP Holdings (Nasdaq: PAGP) today reported second-quarter 2026 results and provided the following highlights:

Second-Quarter 2026 Results

Second-quarter Net income attributable to PAA of $1.830 billion, including a net gain of approximately $1.6 billion from the Canadian NGL Business divestiture, and Net cash provided by operating activities of $956 millionDelivered strong second-quarter Adjusted EBITDA attributable to PAA of $738 millionPro forma leverage ratio at quarter-end was 3.3x reflecting approximately $2.9 billion of debt reduction funded with proceeds from the Canadian NGL Business divestiture and toward the low-end of our target range of 3.25 to 3.75xPaid a quarterly cash distribution of $0.4175 per unit ($1.67 per unit annualized), representing a current distribution yield of ~7% Highlights and Recent Announcements

Executing on three key initiatives for the year: closed the NGL sale, captured $50 million of synergies on the Cactus III acquisition and delivering on $50 million of targeted cost reductions through year-end 2026Increased 2026 organic growth capital from $350 million to a range of $400 to $450 million including a 75 Mbbl/d expansion of the Cactus III pipeline, Canadian gathering systems and Permian gathering projects across the Delaware and Midland basinsMaintenance capital guidance is being reduced by $10 million to $175 million largely based on timing of the NGL divestiture
“Strong results in the quarter mark a significant improvement from first quarter levels and place us on-track to deliver on our full-year Adjusted EBITDA guidance. Year-to-date we are on pace to accomplish all three key initiatives outlined for 2026. In May, we successfully closed on the sale of our Canadian NGL business, completing a transition to a premier pure play crude oil midstream provider. Proceeds from the NGL sale were used to bring our leverage ratio back within our established target range. Cactus III synergies have been captured and we are now seeing additional upside potential from expanding the capacity of the pipeline by 75 Mbbl/d. Finally, we remain on-track to capture streamlining efficiencies throughout the organization this year. The combination of these key initiatives along with contributions from new organic investment opportunities and Permian volume growth provides momentum for the organization heading into 2027. The oil macro environment remains volatile but our well positioned asset footprint, integrated business model, and commercial relationships position us well to capture opportunities across our portfolio,” said Willie Chiang, Chairman, CEO and President.

Financial Reporting Considerations from Sale of Canadian NGL Business

On May 12, 2026, we completed the sale of substantially all of our NGL business in Canada (the “Canadian NGL Business”) to Keyera Corp. (“Keyera”), pursuant to a definitive share purchase agreement (as amended to date, the “SPA”) entered into on June 17, 2025. We determined that the operations of the Canadian NGL Business met the criteria for classification as held for sale and for discontinued operations reporting. Results throughout this release specify if they are presented from continuing operations (which exclude results related to the Canadian NGL Business) and/or discontinued operations.

Plains All American Pipeline
Summary Financial Information (unaudited)
(in millions, except per unit data)

  Three Months Ended
June 30, %  Six Months Ended
June 30, %GAAP Results(1)  2026  2025 Change   2026  2025 ChangeNet income attributable to PAA(2) $1,830 $210 **  $1,983 $653 **Diluted net income per common unit $2.51 $0.21 **  $2.65 $0.70 **Diluted weighted average common units outstanding  706  703 —%   706  704 —%Net cash provided by operating activities $956 $694 38%  $1,373 $1,333 3%Distribution per common unit declared for the period $0.4175 $0.3800 10%  $0.8350 $0.7600 10%   Three Months Ended
June 30, %  Six Months Ended
June 30, %Non-GAAP Results(1) (3)  2026  2025 Change   2026  2025  ChangeAdjusted net income attributable to PAA(2) $348 $312 12 %  $674 $687  (2)%Diluted adjusted net income per common unit $0.41 $0.36 14 %  $0.80 $0.75  7 %Adjusted EBITDA $879 $812 8 %  $1,731 $1,693  2 %Adjusted EBITDA attributable to PAA(2) $738 $672 10 %  $1,468 $1,426  3 %Implied DCF per common unit and common unit equivalent $0.70 $0.66 6 %  $1.31 $1.32  (1
)%Adjusted Free Cash Flow(4) $4,189 $348  **  $4,270 $40   **Adjusted Free Cash Flow after Distributions(4) $3,842 $28  **  $3,576 $(612)  **Adjusted Free Cash Flow (Excluding Changes in Assets &                    Liabilities)(4) $4,011 $342  **  $4,195 $174   **Adjusted Free Cash Flow after Distributions (Excluding                    Changes in Assets & Liabilities)(4) $3,664 $22  **  $3,501 $(478)  **                    **  Indicates that variance as a percentage is not meaningful.(1) Includes results from continuing operations and discontinued operations for all periods presented. See the tables attached hereto for additional information.(2) Excludes amounts attributable to noncontrolling interests in the Plains Oryx Permian Basin LLC (the “Permian JV”), Cactus II Pipeline LLC and Red River Pipeline LLC joint ventures.(3) See the section of this release entitled “Non-GAAP Financial Measures and Selected Items Impacting Comparability” and the tables attached hereto for information regarding our Non-GAAP financial measures, including their reconciliation to the most directly comparable measures as reported in accordance with GAAP, and certain selected items that PAA believes impact comparability of financial results between reporting periods.(4) For the three and six months ended June 30, 2026, includes a net cash inflow of approximately $3.483 billion for proceeds (net of cash divested) from the sale of the Canadian NGL Business. For the six months ended June 30, 2025, includes a net cash outflow of $681 million for bolt-on acquisitions.  Disaggregation of Adjusted EBITDA by Product (1) (2) (unaudited)
(in millions)

 Adjusted EBITDA
from Crude Oil Adjusted EBITDA from NGLThree Months Ended June 30, 2026$690  $40Three Months Ended June 30, 2025$580  $87Percentage change versus 2025 period 19% (54)%     Adjusted EBITDA from Crude Oil Adjusted EBITDA from NGLSix Months Ended June 30, 2026$1,272  $186Six Months Ended June 30, 2025$1,140  $276Percentage change versus 2025 period 12% (33)%      (1) Includes results from continuing operations and discontinued operations for all periods presented.
(2) See the section of this release entitled “Non-GAAP Financial Measures and Selected Items Impacting Comparability” and the tables attached hereto for information regarding our Non-GAAP financial measures, including their reconciliation to the most directly comparable measures as reported in accordance with GAAP, and certain selected items that PAA believes impact comparability of financial results between reporting periods.
  Second-quarter 2026 Adjusted EBITDA from Crude Oil increased 19% versus comparable 2025 results. Favorable results in the 2026 period from (i) contributions from our Cactus III pipeline acquisition, which was completed during the fourth quarter of 2025, (ii) higher volumes on our pipelines and (iii) market opportunities and optimization initiatives were partially offset by the impact of (iv) certain Permian long-haul pipeline contract rate resets.

Second-quarter 2026 Adjusted EBITDA from NGL decreased 54% versus comparable 2025 results primarily due to the sale of the Canadian NGL Business, which closed on May 12, 2026.

Plains GP Holdings

PAGP owns an indirect non-economic controlling interest in PAA’s general partner and an indirect limited partner interest in PAA. As the control entity of PAA, PAGP consolidates PAA’s results into its financial statements, which is reflected in the condensed consolidating balance sheet and income statement tables attached hereto.

Conference Call and Webcast Instructions

PAA and PAGP will hold a joint conference call at 9:00 a.m. CT on Friday, August 7, 2026 to discuss second-quarter performance and related items.

To access the internet webcast, please go to https://edge.media-server.com/mmc/p/d62hd2t2/lan/en.

Alternatively, the webcast can be accessed on our website at https://ir.plains.com/news-events/events-presentations. Following the live webcast, an audio replay will be available on our website and will be accessible for a period of 365 days. Slides will be posted prior to the call at the above referenced website.

Non-GAAP Financial Measures and Selected Items Impacting Comparability

To supplement our financial information presented in accordance with GAAP, management uses additional measures known as “non-GAAP financial measures” in its evaluation of past performance and prospects for the future and to assess the amount of cash that is available for distributions, debt repayments, common equity repurchases and other general partnership purposes. The primary additional measures used by management are Adjusted EBITDA, Adjusted EBITDA attributable to PAA, Implied Distributable Cash Flow (“DCF”), Adjusted Free Cash Flow and Adjusted Free Cash Flow after Distributions.

Our definition and calculation of certain non-GAAP financial measures may not be comparable to similarly-titled measures of other companies. Adjusted EBITDA, Adjusted EBITDA attributable to PAA, Implied DCF and certain other non-GAAP financial performance measures are reconciled to Net Income, and Adjusted Free Cash Flow, Adjusted Free Cash Flow after Distributions and certain other non-GAAP financial liquidity measures are reconciled to Net Cash Provided by Operating Activities (the most directly comparable measures as reported in accordance with GAAP) for the historical periods presented in the tables attached to this release, and should be viewed in addition to, and not in lieu of, our Consolidated Financial Statements and accompanying notes. In addition, we encourage you to visit the Investor Relations section of our website at www.plains.com (navigate to the “Financials” tab, then click on “Quarterly Results”), which presents a reconciliation of our commonly used non-GAAP and supplemental financial measures. We do not reconcile non-GAAP financial measures on a forward-looking basis as it is impractical to do so without unreasonable effort.

Non-GAAP Financial Performance Measures

Adjusted EBITDA is defined as earnings from continuing operations and discontinued operations before (i) interest expense, (ii) income tax (expense)/benefit from continuing operations and discontinued operations, (iii) depreciation and amortization (including our proportionate share of depreciation and amortization, including write-downs related to cancelled projects and impairments, of unconsolidated entities) from continuing operations and discontinued operations, (iv) gains and losses on asset sales, asset impairments and other, net from continuing operations and discontinued operations, (v) gains on investments in unconsolidated entities, net and (vi) interest income on promissory notes by and among certain Plains entities, and (vii) adjusted for certain selected items impacting comparability. Adjusted EBITDA attributable to PAA excludes the portion of Adjusted EBITDA that is attributable to noncontrolling interests. Adjusted EBITDA disaggregated by product (e.g., Adjusted EBITDA from Crude Oil and Adjusted EBITDA from NGL) excludes amounts related to Other income/(expense).

Management believes that the presentation of Adjusted EBITDA, Adjusted EBITDA attributable to PAA and Implied DCF provides useful information to investors regarding our performance and results of operations because these measures, when used to supplement related GAAP financial measures, (i) provide additional information about our operating performance and ability to fund distributions to our unitholders through cash generated by our operations and (ii) provide investors with the same financial analytical framework upon which management bases financial, operational, compensation and planning/budgeting decisions. We also present these and additional non-GAAP financial measures, including adjusted net income attributable to PAA and basic and diluted adjusted net income per common unit, as they are measures that investors, rating agencies and debt holders have indicated are useful in assessing us and our results of operations. These non-GAAP financial performance measures may exclude, for example, (i) charges for obligations that are expected to be settled with the issuance of equity instruments, (ii) gains and losses on derivative instruments that are related to underlying activities in another period (or the reversal of such adjustments from a prior period), gains and losses on derivatives that are either related to investing activities (such as the purchase of linefill) or purchases of long-term inventory, and inventory valuation adjustments, as applicable, (iii) long-term inventory costing adjustments, (iv) items that are not indicative of our operating results and/or (v) other items that we believe should be excluded in understanding our operating performance. These measures may be further adjusted to include amounts related to deficiencies associated with minimum volume commitments whereby we have billed the counterparties for their deficiency obligation and such amounts are recognized as deferred revenue in “Other current liabilities” in our Consolidated Financial Statements. We also adjust for amounts billed by our equity method investees related to deficiencies under minimum volume commitments. Such amounts are presented net of applicable amounts subsequently recognized into revenue. Furthermore, the calculation of these measures contemplates tax effects as a separate reconciling item, where applicable. We have defined all such items as “selected items impacting comparability.” Due to the nature of the selected items, certain selected items impacting comparability may impact certain non-GAAP financial measures, referred to as adjusted results, but not impact other non-GAAP financial measures. We do not necessarily consider all of our selected items impacting comparability to be non-recurring, infrequent or unusual, but we believe that an understanding of these selected items impacting comparability is material to the evaluation of our operating results and prospects.

Although we present selected items impacting comparability that management considers in evaluating our performance, you should also be aware that the items presented do not represent all items that affect comparability between the periods presented. Variations in our operating results are also caused by changes in volumes, prices, exchange rates, mechanical interruptions, acquisitions, divestitures, investment capital projects and numerous other factors. These types of variations may not be separately identified in this release, but will be discussed, as applicable, in management’s discussion and analysis of operating results in our Quarterly Report on Form 10-Q.

Non-GAAP Financial Liquidity Measures

Management uses the non-GAAP financial liquidity measures Adjusted Free Cash Flow and Adjusted Free Cash Flow after Distributions to assess the amount of cash that is available for distributions, debt repayments, common equity repurchases and other general partnership purposes. Adjusted Free Cash Flow is defined as Net Cash Provided by Operating Activities, less Net Cash Provided by/(Used in) Investing Activities, which primarily includes acquisition, investment and maintenance capital expenditures, investments in unconsolidated entities and related party notes and the impact from the purchase and sale of linefill, net of proceeds from the sales of assets and further impacted by distributions to and contributions from noncontrolling interests and proceeds from the issuance of related party notes. Adjusted Free Cash Flow is further reduced by cash distributions paid to our preferred and common unitholders to arrive at Adjusted Free Cash Flow after Distributions.

We also present these measures and additional non-GAAP financial liquidity measures as they are measures that investors have indicated are useful. We present Adjusted Free Cash Flow (Excluding Changes in Assets & Liabilities) for use in assessing our underlying business liquidity and cash flow generating capacity excluding fluctuations caused by timing of when amounts earned or incurred were collected, received or paid from period to period. Adjusted Free Cash Flow (Excluding Changes in Assets & Liabilities) is defined as Adjusted Free Cash Flow excluding the impact of “Changes in assets and liabilities, net of acquisitions” on our Condensed Consolidated Statements of Cash Flows. In addition, we exclude impacts related to the Canadian NGL Business divestiture. Adjusted Free Cash Flow (Excluding Changes in Assets & Liabilities) is further reduced by cash distributions paid to our preferred and common unitholders to arrive at Adjusted Free Cash Flow after Distributions (Excluding Changes in Assets & Liabilities).

Non-GAAP Financial Measures and Discontinued Operations

From June 17, 2025, the date we entered into the SPA with Keyera to sell the Canadian NGL Business, through the closing of the divestiture on May 12, 2026, management reviewed such business as a component of our overall company performance and ability to fund distributions to our unitholders in the near term. As such, certain Non-GAAP financial performance measures, such as Adjusted EBITDA, Adjusted EBITDA attributable to PAA, Implied DCF, and certain Non-GAAP financial liquidity measures, such as Adjusted Free Cash Flow and Adjusted Free Cash Flow (Excluding Changes in Assets & Liabilities), are presented on a consolidated basis (e.g., the aggregate of continuing operations and discontinued operations) to provide relevant and useful information regarding our historical performance and results of operations and to assist in reconciling results presented in historical periods.

PLAINS ALL AMERICAN PIPELINE, L.P. AND SUBSIDIARIES
FINANCIAL SUMMARY (unaudited)

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(in millions, except per unit data)

 Three Months Ended
June 30, Six Months Ended
June 30,  2026   2025   2026   2025 REVENUES$17,693  $10,642  $30,162  $22,119         COSTS AND EXPENSES       Purchases and related costs 16,556   9,758   28,049   20,277 Field operating costs 328   286   628   585 General and administrative expenses(1) 110   82   192   168 Depreciation and amortization 242   235   486   466 Losses on asset sales, asset impairments and other, net 59   42   6   29 Total costs and expenses 17,295   10,403   29,361   21,525         OPERATING INCOME 398   239   801   594         OTHER INCOME/(EXPENSE)       Equity earnings in unconsolidated entities 89   94   178   196 Gain on investments in unconsolidated entities, net —   —   —   31 Interest expense, net(2) (153)  (133)  (320)  (260)Other income, net(2) 42   31   49   57         INCOME FROM CONTINUING OPERATIONS BEFORE TAX 376   231   708   618 Current income tax expense from continuing operations (107)  (1)  (322)  (6)Deferred income tax benefit/(expense) from continuing operations 7   (3)  222   (5)INCOME FROM CONTINUING OPERATIONS, NET OF TAX 276   227   608   607         INCOME FROM DISCONTINUED OPERATIONS, NET OF TAX 1,649   70   1,548   206         NET INCOME 1,925   297   2,156   813 Net income attributable to noncontrolling interests (95)  (87)  (173)  (160)NET INCOME ATTRIBUTABLE TO PAA$1,830  $210  $1,983  $653         NET INCOME PER COMMON UNIT:       Net income allocated to common unitholders — Basic and Diluted       Continuing operations$121  $80  $322  $287 Discontinued operations 1,649   70   1,548   206 Net income allocated to common unitholders — Basic and Diluted$1,770  $150  $1,870  $493         Basic and diluted weighted average common units outstanding 706   703   706   704         Basic and diluted net income per common unit:       Continuing operations$0.17  $0.11  $0.46  $0.41 Discontinued operations$2.34  $0.10   2.19   0.29 Basic and diluted net income per common unit$2.51  $0.21  $2.65  $0.70                 (1) For each of the three and six months ended June 30, 2026, General and administrative expenses include approximately $34 million related to the acceleration of certain expenses during the second quarter of 2026 resulting from exit costs associated with the Canadian NGL Business.(2) Certain Plains entities have issued promissory notes by and among such entities to facilitate financing. “Interest expense, net” and “Other income, net” each include $18 million and $41 million for the three and six months ended June 30, 2026, respectively, and $23 million and $43 million for the three and six months ended June 30, 2025 related to interest on such related party promissory notes. These amounts offset and do not impact Net Income or Non-GAAP metrics such as Adjusted EBITDA, Implied DCF and Adjusted Free Cash Flow.  PLAINS ALL AMERICAN PIPELINE, L.P. AND SUBSIDIARIES
FINANCIAL SUMMARY (unaudited)

CONDENSED CONSOLIDATED BALANCE SHEET DATA
(in millions)

 June 30,
2026 December 31,
2025ASSETS   Current assets (including Cash and cash equivalents of $1,059 and $328, respectively)(1)$6,537 $4,733Property and equipment, net 16,781  16,860Investments in unconsolidated entities 2,817  2,846Intangible assets, net 1,610  1,754Linefill 892  900Long-term operating lease right-of-use assets, net 172  198Long-term inventory 257  214Long-term assets of discontinued operations —  2,557Other long-term assets, net 152  107Total assets$29,218 $30,169    LIABILITIES AND PARTNERS’ CAPITAL   Current liabilities(2)$5,859 $4,931Senior notes, net 8,373  9,118Other long-term debt, net 59  1,578Long-term operating lease liabilities 194  202Long-term liabilities of discontinued operations —  606Other long-term liabilities and deferred credits 442  654Total liabilities 14,927  17,089    Partners’ capital excluding noncontrolling interests 11,079  9,836Noncontrolling interests 3,212  3,244Total partners’ capital 14,291  13,080Total liabilities and partners’ capital$29,218 $30,169      (1) Includes current assets of discontinued operations of $479 million as of December 31, 2025.(2) Includes current liabilities of discontinued operations of $154 million and $382 million as of June 30, 2026 and December 31, 2025, respectively.  DEBT CAPITALIZATION RATIOS (1)
(in millions, except percentages)

 June 30,
2026 December 31,
2025Short-term debt$9  $564 Long-term debt 8,432   10,698 Total debt$8,441  $11,262     Long-term debt$8,432  $10,698 Partners’ capital excluding noncontrolling interests 11,079   9,836 Total book capitalization excluding noncontrolling interests (“Total book capitalization”)$19,511  $20,534 Total book capitalization, including short-term debt$19,520  $21,098     Long-term debt-to-total book capitalization 43%  52%Total debt-to-total book capitalization, including short-term debt 43%  53% (1) Includes results from continuing operations and discontinued operations for all periods presented.  PLAINS ALL AMERICAN PIPELINE, L.P. AND SUBSIDIARIES
FINANCIAL SUMMARY (unaudited)

COMPUTATION OF BASIC AND DILUTED NET INCOME PER COMMON UNIT
(in millions, except per unit data)

 Three Months Ended
June 30, Six Months Ended
June 30,  2026   2025   2026   2025 Basic and Diluted Net Income per Common Unit               Continuing Operations:       Income from continuing operations, net of tax$276  $227  $608  $607 Net income attributable to noncontrolling interests (95)  (87)  (173)  (160)Net income from continuing operations attributable to PAA$181  $140  $435  $447 Distributions to Series A preferred unitholders (36)  (36)  (72)  (75)Distributions to Series B preferred unitholders (16)  (18)  (32)  (35)Amounts allocated to participating securities (9)  (7)  (11)  (9)Impact from repurchase of Series A preferred units —   —   —   (43)Other 1   1   2   2 Net income from continuing operations allocated to common
unitholders - Basic and Diluted(1)$121  $80  $322  $287         Discontinued Operations:       Net income from discontinued operations allocated to common unitholders - Basic and Diluted(2)$1,649  $70  $1,548  $206         Net income allocated to common unitholders - Basic and Diluted$1,770  $150  $1,870  $493         Basic and diluted weighted average common units outstanding(3) (4) 706   703   706   704         Basic and diluted net income per common unit       Continuing operations$0.17  $0.11  $0.46  $0.41 Discontinued operations$2.34  $0.10  $2.19  $0.29 Basic and diluted net income per common unit$2.51  $0.21  $2.65  $0.70                 (1) We calculate net income from continuing operations allocated to common unitholders based on the distributions pertaining to the current period’s net income. After adjusting for the appropriate period’s distributions, the remaining undistributed earnings or excess distributions over earnings, if any, are allocated to common unitholders and participating securities in accordance with the contractual terms of our partnership agreement in effect for the period and as further prescribed under the two-class method.(2) Net income from discontinued operations allocated to common unitholders is “Income from discontinued operations, net of tax” as presented on our Condensed Consolidated Statements of Operations.(3) The possible conversion of our Series A preferred units was excluded from the calculation of diluted net income per common unit from continuing operations for each of the three and six months ended June 30, 2026 and 2025 as the effect was antidilutive.(4) Our equity-indexed compensation plan awards that contemplate the issuance of common units are considered potentially dilutive unless (i) they become vested only upon the satisfaction of a performance condition and (ii) that performance condition has yet to be satisfied. Equity-indexed compensation plan awards that are deemed to be dilutive are reduced by a hypothetical common unit repurchase based on the remaining unamortized fair value, as prescribed by the treasury stock method in guidance issued by the FASB.  PLAINS ALL AMERICAN PIPELINE, L.P. AND SUBSIDIARIES
FINANCIAL SUMMARY (unaudited)

CONDENSED CONSOLIDATED CASH FLOW DATA
(in millions)

 Six Months Ended
June 30,  2026   2025 CASH FLOWS FROM OPERATING ACTIVITIES   Net income$2,156  $813 Reconciliation of net income to net cash provided by operating activities:   Income from discontinued operations, net of tax (1,548)  (206)Depreciation and amortization 486   466 Losses on asset sales, asset impairments and other, net 6   29 Deferred income tax (benefit)/expense (222)  5 (Gain)/loss on foreign currency revaluation (16)  4 Equity earnings in unconsolidated entities (178)  (196)Distributions on earnings from unconsolidated entities 204   256 Gain on investments in unconsolidated entities, net —   (31)Other 27   32 Changes in assets and liabilities, net of acquisitions 299   (140)Cash provided by operating activities - continuing operations 1,214   1,032 Cash provided by operating activities - discontinued operations 159   301 Net cash provided by operating activities 1,373   1,333     CASH FLOWS FROM INVESTING ACTIVITIES   Cash used in investing activities - continuing operations (349)  (1,317)Cash provided by/(used in) investing activities - discontinued operations 3,451   (106)Net cash provided by/(used in) investing activities(1) (2) 3,102   (1,423)    CASH FLOWS FROM FINANCING ACTIVITIES   Net cash provided by/(used in) financing activities(1) (3,728)  182     Effect of translation adjustment (16)  19     Net increase in cash and cash equivalents and restricted cash 731   111     Cash and cash equivalents and restricted cash, beginning of period 328   348 Cash and cash equivalents and restricted cash, end of period$1,059  $459  (1) Certain Plains entities have issued promissory notes by and among such entities to facilitate financing. For the six months ended June 30, 2025, “Net cash provided by/(used in) investing activities” includes a cash outflow of approximately $330 million associated with our investment in related party notes. An equal and offsetting cash inflow associated with our issuance of related party notes is included in “Net cash provided by/(used in) financing activities.”(2) For the six months ended June 30, 2026, includes a net cash inflow of approximately $3.483 billion for proceeds (net of cash divested) from the sale of the Canadian NGL Business. For the six months ended June 30, 2025, includes a net cash outflow of $681 million for bolt-on acquisitions.  PLAINS ALL AMERICAN PIPELINE, L.P. AND SUBSIDIARIES
FINANCIAL SUMMARY(unaudited)

CAPITAL EXPENDITURES(1)
(in millions)

 Net to PAA(2) Consolidated Three Months Ended
June 30, Six Months Ended
June 30, Three Months Ended
June 30, Six Months Ended
June 30,  2026  2025  2026  2025  2026  2025  2026  2025Investment capital expenditures:               Crude Oil$88 $126 $147 $215 $113 $160 $196 $280NGL(3) 7  27  10  68  7  27  10  68Total Investment capital expenditures 95  153  157  283  120  187  206  348Total Maintenance capital expenditures(4) 41  58  83  97  47  64  93  105Total Investment and Maintenance
    capital expenditures$136 $211 $240 $380 $167 $251 $299 $453                        (1) Includes results from continuing operations and discontinued operations for all periods presented.(2) Excludes expenditures attributable to noncontrolling interests.(3) See the “Discontinued Operations Detail” section for amounts attributable to discontinued operations.(4) See the “Selected Financial Data by NGL” section for amounts attributable to discontinued operations.  PLAINS ALL AMERICAN PIPELINE, L.P. AND SUBSIDIARIES
FINANCIAL SUMMARY(unaudited)

NON-GAAP RECONCILIATIONS
(in millions, except per unit and ratio data)

Computation of Basic and Diluted Adjusted Net Income Per Common Unit(1) (2):
  Three Months Ended
June 30, Six Months Ended
June 30,  2026   2025   2026   2025 Basic and Diluted Adjusted Net Income per Common Unit       Net income attributable to PAA$1,830  $210  $1,983  $653 Selected items impacting comparability - Adjusted net income attributable to PAA(3) (1,482)  102   (1,309)  34 Adjusted net income attributable to PAA$348  $312  $674  $687 Distributions to Series A preferred unitholders (36)  (36)  (72)  (75)Distributions to Series B preferred unitholders (16)  (18)  (32)  (35)Amounts allocated to participating securities (9)  (7)  (11)  (9)Impact from repurchase of Series A preferred units —   —   —   (43)Other 1   1   2   2 Adjusted net income allocated to common unitholders$288  $252  $561  $527         Basic and diluted weighted average common units outstanding(4) (5) 706   703   706   704         Basic and diluted adjusted net income per common unit$0.41  $0.36  $0.80  $0.75                 (1) We calculate adjusted net income allocated to common unitholders based on the distributions pertaining to the current period’s net income. After adjusting for the appropriate period’s distributions, the remaining undistributed earnings or excess distributions over earnings, if any, are allocated to the common unitholders and participating securities in accordance with the contractual terms of our partnership agreement in effect for the period and as further prescribed under the two-class method.(2) Includes results from continuing operations and discontinued operations for all periods presented.(3) See the “Selected Items Impacting Comparability” table for additional information.(4) The possible conversion of our Series A preferred units was excluded from the calculation of diluted adjusted net income per common unit for each of the three and six months ended June 30, 2026 and 2025 as the effect was antidilutive.(5) Our equity-indexed compensation plan awards that contemplate the issuance of common units are considered potentially dilutive unless (i) they become vested only upon the satisfaction of a performance condition and (ii) that performance condition has yet to be satisfied. Equity-indexed compensation plan awards that are deemed to be dilutive are reduced by a hypothetical common unit repurchase based on the remaining unamortized fair value, as prescribed by the treasury stock method in guidance issued by the FASB.  Net Income Per Common Unit to Adjusted Net Income Per Common Unit Reconciliation (1):

 Three Months Ended
June 30, Six Months Ended
June 30,  2026   2025  2026   2025Basic and diluted net income per common unit$2.51  $0.21 $2.65  $0.70Selected items impacting comparability per common unit(2) (2.10)  0.15  (1.85)  0.05Basic and diluted adjusted net income per common unit$0.41  $0.36 $0.80  $0.75              (1) Includes results from continuing operations and discontinued operations for all periods presented.(2) See the “Selected Items Impacting Comparability” and the “Computation of Basic and Diluted Net Income Per Common Unit” tables for additional information.  PLAINS ALL AMERICAN PIPELINE, L.P. AND SUBSIDIARIES
FINANCIAL SUMMARY (unaudited)

Net Income to Adjusted EBITDA attributable to PAA and Implied DCF Reconciliation:

 Three Months Ended
June 30, Six Months Ended
June 30,  2026   2025   2026   2025 Net Income(1)$1,925  $297  $2,156  $813 Interest expense, net of certain items(2) 135   110   279   217 Income tax expense from continuing operations 100   4   100   11 Income tax expense from discontinued operations 2   26   77   69 Depreciation and amortization from continuing operations 242   235   486   466 Depreciation and amortization from discontinued operations —   27   —   57 Losses on asset sales, asset impairments and other, net from continuing operations 59   42   6   29 (Gains)/losses on asset sales and other, net from discontinued operations (1,637)  13   (1,605)  13 Gain on investments in unconsolidated entities, net —   —   —   (31)Depreciation and amortization of unconsolidated entities(3) 21   20   42   40 Selected items impacting comparability - Adjusted EBITDA(1) (4) 32   38   190   9 Adjusted EBITDA(1)$879  $812  $1,731  $1,693 Adjusted EBITDA attributable to noncontrolling interests (141)  (140)  (263)  (267)Adjusted EBITDA attributable to PAA(1)$738  $672  $1,468  $1,426         Adjusted EBITDA(1)$879  $812  $1,731  $1,693 Interest expense, net of certain non-cash and other items(5) (128)  (107)  (269)  (211)Maintenance capital from continuing operations (38)  (44)  (73)  (77)Maintenance capital from discontinued operations (9)  (20)  (20)  (28)Investment capital of noncontrolling interests(6) (25)  (33)  (49)  (64)Current income tax expense, net of certain tax effects related to the               Canadian NGL Business divestiture(1) (7) (26)  (15)  (69)  (60)Distributions from unconsolidated entities in excess of/(less than) adjusted               equity earnings(8) (1)  22   (12)  19 Distributions to noncontrolling interests(9) (102)  (97)  (205)  (229)Implied DCF(1)$550  $518  $1,034  $1,043 Preferred unit cash distributions paid(9) (52)  (53)  (105)  (117)Implied DCF Available to Common Unitholders(1)$498  $465  $929  $926 Weighted Average Common Units Outstanding 706   703   706   704 Weighted Average Common Units and Common Unit Equivalents 764   761   764   764 Implied DCF per Common Unit(1) (10)$0.71  $0.66  $1.32  $1.32 Implied DCF per Common Unit and Common Unit Equivalent(1) (11)$0.70  $0.66  $1.31  $1.32 Cash Distribution Paid per Common Unit$0.4175  $0.3800  $0.8350  $0.7600 Common Unit Cash Distributions(9)$295  $267  $589  $535 Common Unit Distribution Coverage Ratio(1)1.69x 1.74x 1.58x 1.73xImplied DCF Excess(1)$203  $198  $340  $391                 (1) Includes results from continuing operations and discontinued operations for all periods presented.(2) Represents “Interest expense, net” as reported on our Condensed Consolidated Statements of Operations, net of interest income associated with promissory notes by and among certain Plains entities.(3) Adjustment to exclude our proportionate share of depreciation and amortization expense (including write-downs related to cancelled projects and impairments) of unconsolidated entities.(4) See the “Selected Items Impacting Comparability” table for additional information.(5) Amount excludes certain non-cash items impacting interest expense such as amortization of debt issuance costs and terminated interest rate swaps and is net of interest income associated with promissory notes by and among certain Plains entities.(6) Investment capital expenditures attributable to noncontrolling interests that reduce Implied DCF available to PAA common unitholders.(7) Includes current income tax expense from continuing operations and discontinued operations, adjusted for current income tax expense associated with certain planning and restructuring activities within our organizational structure in connection with the Canadian NGL Business divestiture that had income tax consequences that required recognition during the first and second quarters of 2026.(8) Comprised of cash distributions received from unconsolidated entities less equity earnings in unconsolidated entities (adjusted for our proportionate share of depreciation and amortization, including write-downs related to cancelled projects and impairments, and selected items impacting comparability of unconsolidated entities)(9) Cash distributions paid during the period presented.(10) Implied DCF Available to Common Unitholders for the period divided by the weighted average common units outstanding for the period.(11) Implied DCF Available to Common Unitholders for the period, adjusted for Series A preferred unit cash distributions paid, divided by the weighted average common units and common unit equivalents outstanding for the period. Our Series A preferred units are convertible into common units, generally on a one-for-one basis and subject to customary anti-dilution adjustments, in whole or in part, subject to certain minimum conversion amounts.  PLAINS ALL AMERICAN PIPELINE, L.P. AND SUBSIDIARIES
FINANCIAL SUMMARY (unaudited)

Net Income Per Common Unit to Implied DCF Per Common Unit and Common Unit Equivalent Reconciliation (1):

     Three Months Ended
June 30, Six Months Ended
June 30,  2026   2025  2026   2025Basic net income per common unit$2.51  $0.21 $2.65  $0.70Reconciling items per common unit(2) (3) (1.80)  0.45  (1.33)  0.62Implied DCF per common unit$0.71  $0.66 $1.32  $1.32        Basic net income per common unit$2.51  $0.21 $2.65  $0.70Reconciling items per common unit and common unit equivalent(2) (4) (1.81)  0.45  (1.34)  0.62Implied DCF per common unit and common unit equivalent$0.70  $0.66 $1.31  $1.32 (1) Includes results from continuing operations and discontinued operations for all periods presented.(2) Represents adjustments to Net Income to calculate Implied DCF Available to Common Unitholders. See the “Net Income to Adjusted EBITDA attributable to PAA and Implied DCF Reconciliation” table for additional information.(3) Based on weighted average common units outstanding for the periods of 706 million, 703 million, 706 million and 704 million, respectively.(4) Based on weighted average common units outstanding for the periods, as well as weighted average Series A preferred units outstanding of 58 million, 58 million, 58 million and 60 million for the periods presented, respectively.  PLAINS ALL AMERICAN PIPELINE, L.P. AND SUBSIDIARIES
FINANCIAL SUMMARY (unaudited)

Net Cash Provided by Operating Activities to Non-GAAP Financial Liquidity Measures Reconciliation(1):
     Three Months Ended
June 30, Six Months Ended
June 30,  2026   2025   2026   2025 Net cash provided by operating activities$956  $694  $1,373  $1,333 Adjustments to reconcile Net cash provided by operating activities to
    Adjusted Free Cash Flow:       Net cash provided by/(used in) investing activities(2) (3) 3,335   (274)  3,102   (1,423)Cash contributions from noncontrolling interests —   25   —   29 Cash distributions paid to noncontrolling interests(4) (102)  (97)  (205)  (229)Proceeds from the issuance of related party notes(2) —   —   —   330 Adjusted Free Cash Flow(5)$4,189  $348  $4,270  $40 Cash distributions(6) (347)  (320)  (694)  (652)Adjusted Free Cash Flow after Distributions(5) (7)$3,842  $28  $3,576  $(612)         Three Months Ended
June 30, Six Months Ended
June 30,  2026   2025   2026   2025 Adjusted Free Cash Flow(5)$4,189  $348  $4,270  $40 Changes in assets and liabilities, net of acquisitions(8) (178)  (6)  (75)  134 Adjusted Free Cash Flow (Excluding Changes in Assets & Liabilities)(9)$4,011  $342  $4,195  $174 Cash distributions(6) (347)  (320)  (694)  (652)Adjusted Free Cash Flow after Distributions (Excluding Changes in Assets &               Liabilities)(9)$3,664  $22  $3,501  $(478) (1) Includes results from continuing operations and discontinued operations for all periods presented.(2) Certain Plains entities have issued promissory notes by and among such entities to facilitate financing. “Proceeds from the issuance of related party notes” has an equal and offsetting cash outflow associated with our investment in related party notes, which is included as a component of “Net cash provided by/(used in) investing activities.”(3) For the three and six months ended June 30, 2026, includes a net cash inflow of approximately $3.483 billion for proceeds (net of cash divested) from the sale of the Canadian NGL Business. For the six months ended June 30, 2025, includes a net cash outflow of $681 million for bolt-on acquisitions.(4) Cash distributions paid during the period presented.(5) Management uses the non-GAAP financial liquidity measures Adjusted Free Cash Flow and Adjusted Free Cash Flow after Distributions to assess the amount of cash that is available for distributions, debt repayments, common equity repurchases and other general partnership purposes. Adjusted Free Cash Flow after Distributions shortages, if any, may be funded from previously established reserves, cash on hand or from borrowings under our credit facilities or commercial paper program.(6) Cash distributions paid to preferred and common unitholders during the period.(7) Excess Adjusted Free Cash Flow after Distributions is retained to establish reserves for future distributions, capital expenditures, debt reduction and other partnership purposes. Adjusted Free Cash Flow after Distributions shortages may be funded from previously established reserves, cash on hand or from borrowings under our credit facilities or commercial paper program.(8) Excludes the income tax impacts related to the Canadian NGL Business divestiture. See the “Condensed Consolidated Cash Flow Data” table for information regarding changes in assets and liabilities.
(9) Management uses the non-GAAP financial liquidity measures Adjusted Free Cash Flow (Excluding Changes in Assets & Liabilities) and Adjusted Free Cash Flow after Distributions (Excluding Changes in Assets & Liabilities) to assess the underlying business liquidity and cash flow generating capacity excluding fluctuations caused by timing of when amounts earned or incurred were collected, received or paid from period to period.  PLAINS ALL AMERICAN PIPELINE, L.P. AND SUBSIDIARIES
FINANCIAL SUMMARY (unaudited)

SELECTED ITEMS IMPACTING COMPARABILITY (in millions)

 Three Months Ended
June 30, Six Months Ended
June 30,Selected Items Impacting Comparability:(1) (2) 2026   2025   2026   2025 Derivative activities and inventory valuation adjustments(3)$47  $(8) $(242) $27 Long-term inventory costing adjustments(4) (64)  (19)  49   (17)Deficiencies under minimum volume commitments, net(5) 4   9   36   16 Rail fleet amortization expense related to discontinued operations(6) 3   —   11   — Equity-indexed compensation expense(7) (10)  (8)  (20)  (18)Foreign currency revaluation(8) 22   (9)  16   (9)Contingent consideration fair value adjustment(9) —   —   (6)  — Impact from exit of Canadian NGL Business(10) (34)  —   (34)  — Transaction-related expenses(11) —   (3)  —   (8)Selected items impacting comparability - Adjusted EBITDA$(32) $(38) $(190) $(9)Gain on investments in unconsolidated entities, net —   —   —   31 Gains/(losses) on asset sales, asset impairments and other, net 1,578   (55)  1,599   (42)Current income tax expense related to Canadian NGL Business divestiture(12) (152)  —   (368)  — Deferred income tax benefit related to Canadian NGL Business divestiture(12) 78   —   217   — Tax effect on selected items impacting comparability 10   (9)  54   (12)Aggregate selected items impacting noncontrolling interests —   —   (3)  (2)Selected items impacting comparability - Adjusted net income attributable to PAA$1,482  $(102) $1,309  $(34) (1) Certain of our non-GAAP financial measures may not be impacted by each of the selected items impacting comparability. See the “Net Income to Adjusted EBITDA attributable to PAA and Implied DCF Reconciliation” and “Computation of Basic and Diluted Adjusted Net Income Per Common Unit” tables for additional details on how these selected items impacting comparability affect such measures.(2) Includes results from continuing operations and discontinued operations for all periods presented.(3) We use derivative instruments for risk management purposes and our related processes include specific identification of hedging instruments to an underlying hedged transaction. Although we identify an underlying transaction for each derivative instrument we enter into, there may not be an accounting hedge relationship between the instrument and the underlying transaction. In the course of evaluating our results, we identify differences in the timing of earnings from the derivative instruments and the underlying transactions and exclude the related gains and losses in determining adjusted results such that the earnings from the derivative instruments and the underlying transactions impact adjusted results in the same period. In addition, we exclude gains and losses on derivatives that are related to (i) investing activities, such as the purchase of linefill, and (ii) purchases of long-term inventory. We also exclude the impact of corresponding inventory valuation adjustments, as applicable.(4) We carry crude oil and NGL inventory that is comprised of minimum working inventory requirements in third-party assets and other working inventory that is needed for our commercial operations. We consider this inventory necessary to conduct our operations and we intend to carry this inventory for the foreseeable future. Therefore, we classify this inventory as long-term on our balance sheet and do not hedge the inventory with derivative instruments (similar to linefill in our own assets). We treat the impact of changes in the average cost of the long-term inventory (that result from fluctuations in market prices) and write-downs of such inventory that result from price declines as a selected item impacting comparability.(5) We, and certain of our equity method investees, have certain agreements that require counterparties to deliver, transport or throughput a minimum volume over an agreed upon period. Substantially all of such agreements were entered into with counterparties to economically support the return on capital expenditure necessary to construct the related asset. Some of these agreements include make-up rights if the minimum volume is not met. We record a receivable from the counterparty in the period that services are provided or when the transaction occurs, including amounts for deficiency obligations from counterparties associated with minimum volume commitments. If a counterparty has a make-up right associated with a deficiency, we defer the revenue attributable to the counterparty’s make-up right and subsequently recognize the revenue at the earlier of when the deficiency volume is delivered or shipped, when the make-up right expires or when it is determined that the counterparty’s ability to utilize the make-up right is remote. We include the impact of amounts billed to counterparties for their deficiency obligation, net of applicable amounts subsequently recognized into revenue or equity earnings, as a selected item impacting comparability. We believe the inclusion of the contractually committed revenues associated with that period is meaningful to investors as the related asset has been constructed, is standing ready to provide the committed service and the fixed operating costs are included in the current period results.(6) Depreciation and amortization on the long-lived assets of the Canadian NGL Business disposal group ceased upon meeting the criteria to be classified as assets held for sale. Management believes that the presentation of Adjusted EBITDA and Implied DCF on a consolidated basis (e.g., the aggregate of continuing operations and discontinued operations) provides more relevant and useful information regarding our performance and results of operations than presenting such metrics only on a continuing operations or discontinued operations basis. We therefore include an adjustment for the impact of amortization of the rail fleet associated with the Canadian NGL Business.(7) Our total equity-indexed compensation expense includes expense associated with awards that will be settled in units and awards that will be settled in cash. The awards that will be settled in units are included in our diluted net income per unit calculation when the applicable performance criteria have been met. We consider the compensation expense associated with these awards as a selected item impacting comparability as the dilutive impact of the outstanding awards is included in our diluted net income per unit calculation, as applicable. The portion of compensation expense associated with awards that will be settled in cash is not considered a selected item impacting comparability.(8) During the periods presented, there were fluctuations in the value of the Canadian dollar to the U.S. dollar, resulting in the realization of foreign exchange gains and losses on the settlement of foreign currency transactions as well as the revaluation of monetary assets and liabilities denominated in a foreign currency. The associated gains and losses are not integral to our results and were thus classified as a selected item impacting comparability.(9) We agreed to potential earnout payments associated with recently completed acquisitions, primarily our Cactus III acquisition. We consider the non-cash change in the estimated fair value of such earnout payments as a selected item impacting comparability.(10) Represents the acceleration of certain general and administrative expenses associated with exit activities related to the Canadian NGL Business divestiture in May 2026. Such costs are not integral to our core operating performance and were therefore excluded in determining Segment Adjusted EBITDA.(11) Primarily related to deal-specific costs incurred during the period.(12) In connection with the Canadian NGL Business divestiture, we completed certain planning and restructuring activities within our organizational structure that had income tax consequences that required recognition during the first and second quarters of 2026. We consider the impacts from the Canadian NGL Business divestiture as a selected item impacting comparability.  PLAINS ALL AMERICAN PIPELINE, L.P. AND SUBSIDIARIES
FINANCIAL SUMMARY (unaudited)

SELECTED FINANCIAL DATA BY CRUDE OIL
(in millions)

 Three Months Ended
June 30,  Six Months Ended
June 30,  2026   2025    2026   2025 Revenues(1)$17,760  $10,622   $30,309  $22,061 Purchases and related costs(1) (16,632)  (9,742)   (28,211)  (20,231)Field operating costs(2) (325)  (279)   (616)  (571)Segment general and administrative expenses(2) (3) (108)  (75)   (184)  (155)Equity earnings in unconsolidated entities 89   94    178   196          Adjustments:(4)        Depreciation and amortization of unconsolidated entities 21   20    42   40 Derivative activities and inventory valuation adjustments (74)  52    56   28 Long-term inventory costing adjustments 67   17    (45)  18 Deficiencies under minimum volume commitments, net (4)  (9)   (36)  (16)Equity-indexed compensation expense 10   8    20   18 Foreign currency revaluation (8)  9    (13)  9 Impact from exit of Canadian NGL Business 34   —    34   — Transaction-related expenses —   3    —   8 Segment amounts attributable to noncontrolling interests(5) (140)  (140)   (262)  (265)Crude Oil Segment Adjusted EBITDA / Adjusted EBITDA from Crude Oil$690  $580   $1,272  $1,140          Crude Oil maintenance capital expenditures$38  $43   $72  $74  (1) Includes intersegment amounts.(2) Field operating costs and Segment general and administrative expenses include equity-indexed compensation expense.(3) Segment general and administrative expenses reflect direct costs attributable to each segment and an allocation of other expenses to the segments. The proportional allocations by segment require judgment by management and are based on the business activities that exist during each period.(4) Represents adjustments utilized by our CODM in the evaluation of segment results. Many of these adjustments are also considered selected items impacting comparability when calculating consolidated non-GAAP financial measures such as Adjusted EBITDA. See the “Selected Items Impacting Comparability” table for additional discussion.(5) Reflects amounts attributable to noncontrolling interests in the Permian JV, Cactus II Pipeline LLC and Red River Pipeline LLC.  PLAINS ALL AMERICAN PIPELINE, L.P. AND SUBSIDIARIES
FINANCIAL SUMMARY (unaudited)

SELECTED FINANCIAL DATA BY NGL
(in millions)

 Three Months Ended
June 30,  Six Months Ended
June 30,  2026   2025    2026   2025 Revenues(1)$22  $26   $61  $67 Purchases and related costs(1) (13)  (22)   (46)  (55)Field operating costs(2) (3)  (7)   (12)  (14)Segment general and administrative expenses(2) (3) (2)  (7)   (8)  (13)NGL Segment Adjusted EBITDA(4)$4  $(10)  $(5) $(15)Adjusted EBITDA from NGL Discontinued Operations(5) 36   97    191   291 Adjusted EBITDA from NGL$40  $87   $186  $276          Maintenance capital expenditures from NGL continuing operations$—  $1   $1  $3 Maintenance capital expenditures from NGL discontinued operations 9   20    20   28 NGL maintenance capital expenditures$9  $21   $21  $31  (1) Includes intersegment amounts.(2) Field operating costs and Segment general and administrative expenses include certain costs that are part of the overhead of continuing operations, including information technology, insurance and other shared services costs.(3) Segment general and administrative expenses reflect direct costs attributable to each segment and an allocation of other expenses to the segments. The proportional allocations by segment require judgment by management and are based on the business activities that exist during each period.(4) Includes results from continuing operations and excludes amounts related to discontinued operations for all periods presented.(5) See the “Reconciliation of Adjusted EBITDA from NGL Discontinued Operations” table for a reconciliation to the most directly comparable measure as reported in accordance with GAAP.  PLAINS ALL AMERICAN PIPELINE, L.P. AND SUBSIDIARIES
FINANCIAL SUMMARY (unaudited)

DISCONTINUED OPERATIONS DETAIL
(in millions)

Components of Income from Discontinued Operations, Net of Tax:

 Three Months Ended
June 30, Six Months Ended
June 30,  2026   2025   2026   2025 Revenues$54  $211  $350  $745 Cost and Expenses:       Purchases and related costs —   10   205   252 Field operating costs 37   53   108   122 General and administrative expenses 3   12   17   26 Depreciation and amortization —   27   —   57 (Gains)/losses on asset sales and other, net (1,637)  13   (1,605)  13 Total costs and expenses (1,597)  115   (1,275)  470 Income from discontinued operations before tax 1,651   96   1,625   275 Current income tax expense (71)  (14)  (115)  (54)Deferred income tax (expense)/benefit 69   (12)  38   (15)Income from discontinued operations, net of tax$1,649  $70  $1,548  $206                  Reconciliation of Adjusted EBITDA from NGL Discontinued Operations:

 Three Months Ended
June 30, Six Months Ended
June 30,  2026   2025   2026   2025 Income from discontinued operations, net of tax$1,649  $70  $1,548  $206 Income tax expense from discontinued operations 2   26   77   69 Depreciation and amortization from discontinued operations —   27   —   57 (Gains)/losses on asset sales and other, net from discontinued operations (1,637)  13   (1,605)  13 Adjustments attributable to discontinued operations(1):       Derivative activities and inventory valuation adjustments 27   (44)  186   (55)Long-term inventory costing adjustments (3)  2   (4)  (1)Rail fleet amortization expense related to discontinued operations (3)  —   (11)  — Foreign currency revaluation 1   3   —   2 Adjusted EBITDA from NGL Discontinued Operations$36  $97  $191  $291                 (1) See the “Selected Items Impacting Comparability” table for additional information.  Investment Capital from NGL Discontinued Operations:

  Three Months Ended
June 30, Six Months Ended
June 30,   2026  2025  2026  2025NGL investment capital expenditures from discontinued operations $7 $27 $10 $68              PLAINS ALL AMERICAN PIPELINE, L.P. AND SUBSIDIARIES
FINANCIAL SUMMARY (unaudited)

OPERATING DATA (1)

 Three Months Ended
June 30, Six Months Ended
June 30, 2026 2025 2026 2025Crude Oil Volumes       Crude oil pipeline tariff (by region)       Permian Basin(2)8,045 7,223 7,910 7,047South Texas / Eagle Ford(2)527 542 521 517Mid-Continent(2)575 537 525 477Gulf Coast(2)241 219 224 216Rocky Mountain(2)519 508 477 501Western345 289 310 268Canada343 341 351 348Total crude oil pipeline tariff(2)10,595 9,659 10,318 9,374        NGL Volumes(3)       NGL fractionation97 151 131 154NGL pipeline tariff69 225 159 230Propane and butane sales17 54 76 100 (1) Average volumes in thousands of barrels per day calculated as the total volumes (attributable to our interest for assets owned by unconsolidated entities or through undivided joint interests) for the period divided by the number of days in the period. Volumes associated with assets acquired during the period represent total volumes for the number of days we actually owned the assets divided by the number of days in the period.(2) Includes volumes (attributable to our interest) from assets owned by unconsolidated entities.(3) Includes volumes from assets associated with continuing operations and discontinued operations.  PLAINS ALL AMERICAN PIPELINE, L.P. AND SUBSIDIARIES
FINANCIAL SUMMARY (unaudited)

SUPPLEMENTAL NON-GAAP RECONCILIATIONS
(in millions)

Supplemental Adjusted EBITDA attributable to PAA Reconciliation:

 Three Months Ended
June 30, Six Months Ended
June 30,  2026  2025   2026   2025 Crude Oil Segment Adjusted EBITDA$690 $580  $1,272  $1,140 NGL Segment Adjusted EBITDA 4  (10)  (5)  (15)Adjusted EBITDA from NGL Discontinued Operations(1) 36  97   191   291 Adjusted other income, net(2) 8  5   10   10 Adjusted EBITDA attributable to PAA(3)$738 $672  $1,468  $1,426  (1) See the “Reconciliation of Adjusted EBITDA from NGL Discontinued Operations” table for a reconciliation to the most directly comparable measure as reported in accordance with GAAP.(2) Represents “Other income, net” as reported on our Condensed Consolidated Statements of Operations, excluding interest income on promissory notes by and among certain Plains entities, as well as other income, net attributable to noncontrolling interests, adjusted for selected items impacting comparability. See the “Selected Items Impacting Comparability” table for additional information.(3) See the “Net Income to Adjusted EBITDA attributable to PAA and Implied DCF Reconciliation” table for reconciliation to Net Income.  PLAINS GP HOLDINGS AND SUBSIDIARIES
FINANCIAL SUMMARY (unaudited)

CONDENSED CONSOLIDATING STATEMENTS OF OPERATIONS
(in millions, except per share data)

 Three Months Ended
June 30, 2026  Three Months Ended
June 30, 2025   Consolidating      Consolidating   PAA Adjustments(1) PAGP  PAA Adjustments(1) PAGPREVENUES$17,693  $—  $17,693   $10,642  $—  $10,642 COSTS AND EXPENSES            Purchases and related costs 16,556   —   16,556    9,758   —   9,758 Field operating costs 328   —   328    286   —   286 General and administrative expenses(2) 110   1   111    82   2   84 Depreciation and amortization 242   —   242    235   —   235 Losses on asset sales, asset impairments and other, net 59   —   59    42   —   42 Total costs and expenses 17,295   1   17,296    10,403   2   10,405 OPERATING INCOME 398   (1)  397    239   (2)  237 OTHER INCOME/(EXPENSE)            Equity earnings in unconsolidated entities 89   —   89    94   —   94 Interest expense, net (153)  18   (135)   (133)  23   (110)Other income, net 42   (18)  24    31   (23)  8 INCOME FROM CONTINUING OPERATIONS
                        BEFORE TAX 376   (1)  375    231   (2)  229 Current income tax expense from continuing operations (107)  —   (107)   (1)  —   (1)Deferred income tax benefit/(expense) from continuing                        operations 7   (109)  (102)   (3)  (12)  (15)INCOME FROM CONTINUING OPERATIONS,
                        NET OF TAX 276   (110)  166    227   (14)  213 INCOME FROM DISCONTINUED OPERATIONS,
                        NET OF TAX 1,649   —   1,649    70   —   70 NET INCOME 1,925   (110)  1,815    297   (14)  283 Net income attributable to noncontrolling interests (95)  (1,331)  (1,426)   (87)  (166)  (253)NET INCOME ATTRIBUTABLE TO PAGP$1,830  $(1,441) $389   $210  $(180) $30              Basic net income/(loss) per Class A share(3):           Continuing operations    $(0.37)      $0.05 Discontinued operations    $2.34       $0.10 Basic net income per Class A share $1.97       $0.15              Diluted net income/(loss) per Class A share(3):           Continuing operations    $(0.37)      $0.05 Discontinued operations    $2.34       $0.10 Diluted net income per Class A share $1.97       $0.15  (1) Represents the aggregate consolidating adjustments necessary to produce consolidated financial statements for PAGP.(2) For the three months ended June 30, 2026, General and administrative expenses include approximately $34 million related to the acceleration of certain expenses during the second quarter of 2026 resulting from exit costs associated with the Canadian NGL Business.(3) See the “Computation of Basic and Diluted Net Income Per Class A Share” table for additional information.  PLAINS GP HOLDINGS AND SUBSIDIARIES
FINANCIAL SUMMARY (unaudited)

CONDENSED CONSOLIDATING STATEMENTS OF OPERATIONS
(in millions, except per share data)

 Six Months Ended
June 30, 2026  Six Months Ended
June 30, 2025   Consolidating      Consolidating   PAA Adjustments(1) PAGP  PAA Adjustments(1) PAGPREVENUES$30,162  $—  $30,162   $22,119  $—  $22,119 COSTS AND EXPENSES            Purchases and related costs 28,049   —   28,049    20,277   —   20,277 Field operating costs 628   —   628    585   —   585 General and administrative expenses(2) 192   3   195    168   3   171 Depreciation and amortization 486   —   486    466   —   466 Losses on asset sales, asset impairments and other, net 6   —   6    29   —   29 Total costs and expenses 29,361   3   29,364    21,525   3   21,528 OPERATING INCOME 801   (3)  798    594   (3)  591 OTHER INCOME/(EXPENSE)            Equity earnings in unconsolidated entities 178   —   178    196   —   196 Gain on investments in unconsolidated entities, net —   —   —    31   —   31 Interest expense, net (320)  41   (279)   (260)  43   (217)Other income, net 49   (41)  8    57   (43)  14 INCOME FROM CONTINUING OPERATIONS
                        BEFORE TAX 708   (3)  705    618   (3)  615 Current income tax expense from continuing operations (322)  —   (322)   (6)  —   (6)Deferred income tax benefit/(expense) from continuing                        operations 222   (116)  106    (5)  (35)  (40)INCOME FROM CONTINUING OPERATIONS,
                        NET OF TAX 608   (119)  489    607   (38)  569 INCOME FROM DISCONTINUED OPERATIONS,
                         NET OF TAX 1,548   —   1,548    206   —   206 NET INCOME 2,156   (119)  2,037    813   (38)  775 Net income attributable to noncontrolling interests (173)  (1,456)  (1,629)   (160)  (501)  (661)NET INCOME ATTRIBUTABLE TO PAGP$1,983  $(1,575) $408   $653  $(539) $114 Basic net income/(loss) per Class A share(3):           Continuing operations    $(0.13)      $0.29 Discontinued operations     2.19        0.29 Basic net income per Class A share $2.06       $0.58              Diluted net income/(loss) per Class A share(3):           Continuing operations    $(0.13)      $0.29 Discontinued operations    $2.19       $0.28 Diluted net income per Class A share $2.06       $0.57  (1) Represents the aggregate consolidating adjustments necessary to produce consolidated financial statements for PAGP.(2) For the six months ended June 30, 2026, General and administrative expenses include approximately $34 million related to the acceleration of certain expenses during the second quarter of 2026 resulting from exit costs associated with the Canadian NGL Business.(3) See the “Computation of Basic and Diluted Net Income Per Class A Share” table for additional information.  PLAINS GP HOLDINGS AND SUBSIDIARIES
FINANCIAL SUMMARY (unaudited)

CONDENSED CONSOLIDATING BALANCE SHEET DATA
(in millions)

 June 30, 2026  December 31, 2025   Consolidating      Consolidating   PAA Adjustments(1) PAGP  PAA Adjustments(1) PAGPASSETS            Current assets(2)$6,537 $(7) $6,530  $4,733 $(29) $4,704Property and equipment, net 16,781  —   16,781   16,860  —   16,860Investments in unconsolidated                     entities 2,817  —   2,817   2,846  —   2,846Intangible assets, net 1,610  —   1,610   1,754  —   1,754Deferred tax asset —  1,083   1,083   —  1,136   1,136Linefill 892  —   892   900  —   900Long-term operating lease right-of-                    use assets, net 172  —   172   198  —   198Long-term inventory 257  —   257   214  —   214Long-term assets of discontinued                     operations —  —   —   2,557  —   2,557Other long-term assets, net 152  (61)  91   107  —   107Total assets$29,218 $1,015  $30,233  $30,169 $1,107  $31,276             LIABILITIES AND PARTNERS’ CAPITAL            Current liabilities(3)$5,859 $(8) $5,851  $4,931 $(29) $4,902Senior notes, net 8,373  —   8,373   9,118  —   9,118Other long-term debt, net 59  —   59   1,578  —   1,578Long-term operating lease liabilities 194  —   194   202  —   202Long-term liabilities of discontinued                    operations —  —   —   606  —   606Other long-term liabilities and                     deferred credits 442  —   442   654  —   654Total liabilities 14,927  (8)  14,919   17,089  (29)  17,060             Partners’ capital excluding                     noncontrolling interests 11,079  (9,499)  1,580   9,836  (8,491)  1,345Noncontrolling interests 3,212  10,522   13,734   3,244  9,627   12,871Total partners’ capital 14,291  1,023   15,314   13,080  1,136   14,216Total liabilities and partners’                     capital$29,218 $1,015  $30,233  $30,169 $1,107  $31,276 (1) Represents the aggregate consolidating adjustments necessary to produce consolidated financial statements for PAGP.(2) Includes current assets of discontinued operations of $479 million as of December 31, 2025.(3) Includes current liabilities of discontinued operations of $154 million and $382 million as of June 30, 2026 and December 31, 2025, respectively.  PLAINS GP HOLDINGS AND SUBSIDIARIES
FINANCIAL SUMMARY (unaudited)

COMPUTATION OF BASIC AND DILUTED NET INCOME PER CLASS A SHARE
(in millions, except per share data)

 Three Months Ended
June 30, Six Months Ended
June 30,  2026   2025  2026   2025Basic Net Income per Class A Share       Net income/(loss) attributable to PAGP from continuing operations$(74) $10 $(26) $56        Net income attributable to PAGP from discontinued operations$463  $20 $434  $58        Basic weighted average Class A shares outstanding 198   198  198   198        Basic Net Income/(Loss) per Class A Share:       Continuing operations$(0.37) $0.05 $(0.13) $0.29Discontinued operations 2.34   0.10  2.19   0.29Basic net income per Class A share$1.97  $0.15 $2.06  $0.58        Diluted Net Income per Class A Share       Net income/(loss) attributable to PAGP from continuing operations$(74) $10 $(26) $56        Net income attributable to PAGP from discontinued operations$463  $20 $434  $58Incremental net income attributable to PAGP resulting from assumed             exchange of AAP Management Units —   —  —   8Net income attributable to PAGP from discontinued operations              including incremental net income from assumed exchange of AAP             Management Units$463  $20 $434  $66        Basic weighted average Class A shares outstanding 198   198  198   198Dilutive shares resulting from assumed exchange of AAP             Management Units —   —  —   35Diluted weighted average Class A shares outstanding 198   198  198   233        Diluted Net Income/(Loss) per Class A Share:       Continuing operations$(0.37) $0.05 $(0.13) $0.29Discontinued operations 2.34   0.10  2.19   0.28Diluted net income per Class A share$1.97  $0.15 $2.06  $0.57               Forward-Looking Statements

Except for the historical information contained herein, the matters discussed in this release consist of forward-looking statements that involve certain risks and uncertainties that could cause actual results or outcomes to differ materially from results or outcomes anticipated in the forward-looking statements. These risks and uncertainties include, among other things, the following:

general economic, market or business conditions in the United States and elsewhere (including the potential for a recession or significant slowdown in economic activity levels, the risk of persistently high inflation and supply chain issues, the impact of global public health events, such as pandemics, on demand and growth, and the timing, pace and extent of economic recovery) that impact (i) demand for crude oil, drilling and production activities and therefore the demand for the midstream services we provide and (ii) commercial opportunities available to us;declines in global crude oil demand and/or crude oil prices or other factors that correspondingly lead to a significant reduction of North American crude oil production (whether due to reduced producer cash flow to fund drilling activities or the inability of producers to access capital, or both, the unavailability of pipeline and/or storage capacity, the shutting-in of production by producers, government-mandated pro-ration orders, or other factors), which in turn could result in significant declines in the actual or expected volume of crude oil shipped, processed, purchased, stored, fractionated and/or gathered at or through the use of our assets and/or the reduction of the margins we can earn or the commercial opportunities that might otherwise be available to us;impacts of global geopolitical events, including conflicts in the Middle East and elsewhere, on commodity price volatility and crude oil supply and demand, as well as broader impacts on financial markets and the global macroeconomic environment;fluctuations in refinery capacity and other factors affecting demand for various grades of crude oil and resulting changes in pricing conditions or transportation throughput requirements;unanticipated changes in crude oil market structure, grade differentials and volatility (or lack thereof);the effects of competition and capacity overbuild in areas where we operate, including downward pressure on rates, volumes and margins, contract renewal risk and the risk of loss of business to other midstream operators who are willing or under pressure to aggressively reduce transportation rates in order to capture or preserve customers;the availability of, and our ability to consummate, acquisitions, divestitures, joint ventures or other strategic opportunities and realize benefits therefrom;the successful operation of joint ventures and joint operating arrangements we enter into from time to time, whether relating to assets operated by us or by third parties, and the successful integration and future performance of acquired assets or businesses;environmental liabilities, litigation or other events that are not covered by an indemnity, insurance or existing reserves;negative societal sentiment regarding the hydrocarbon energy industry and the continued development and consumption of hydrocarbons, which could influence consumer preferences and governmental or regulatory actions that adversely impact our business;the occurrence of a natural disaster, catastrophe, terrorist attack (including eco-terrorist attacks) or other event that materially impacts our operations, including cyber or other attacks on our or our service providers’ electronic and computer systems;weather interference with business operations or project construction, including the impact of extreme weather events or conditions (including hurricanes, floods, wildfires and drought);the impact of current and future laws, rulings, legislation, governmental regulations, executive orders, trade policies, trade tariffs, accounting standards and statements, and related interpretations that (i) prohibit, restrict or regulate the development of oil and gas resources and the related infrastructure on lands dedicated to or served by our pipelines or (ii) negatively impact our ability to develop, operate or repair midstream assets, or (iii) otherwise negatively impact our business or increase our exposure to risk;negative impacts on production levels in the Permian Basin or elsewhere due to issues associated with (or laws, rules or regulations relating to) hydraulic fracturing and related activities (including wastewater injection or disposal), including earthquakes, subsidence, expansion or other issues;the pace of development of natural gas or other infrastructure and its impact on expected crude oil production growth in the Permian Basin;the refusal or inability of our customers or counterparties to perform their obligations under their contracts with us (including commercial contracts, asset sale agreements and other agreements), whether justified or not and whether due to financial constraints (such as reduced creditworthiness, liquidity issues or insolvency), market constraints, legal constraints (including governmental orders or guidance), the exercise of contractual or common law rights that allegedly excuse their performance (such as force majeure or similar claims) or other factors;loss of key personnel and inability to attract and retain new talent;disruptions to futures markets for crude oil and other petroleum products, which may impair our ability to execute our commercial or hedging strategies;the effectiveness of our risk management activities;shortages or cost increases of supplies, materials or labor;maintenance of our credit ratings and ability to receive open credit from our suppliers and trade counterparties;our inability to perform our obligations under our contracts, whether due to non-performance by third parties, including our customers or counterparties, market constraints, third-party constraints, supply chain issues, legal constraints (including governmental orders or guidance), or other factors or events;the incurrence of costs and expenses related to unexpected or unplanned capital or maintenance expenditures, third-party claims or other factors;failure to implement or capitalize, or delays in implementing or capitalizing, on investment capital projects, whether due to permitting delays, permitting withdrawals or other factors;failure to implement or realize anticipated benefits from operational and organizational streamlining and efficiency efforts and initiatives;tightened capital markets or other factors that increase our cost of capital or limit our ability to obtain debt or equity financing on satisfactory terms to fund additional acquisitions, investment capital projects, working capital requirements and the repayment or refinancing of indebtedness;the amplification of other risks caused by volatile or closed financial markets, capital constraints, liquidity concerns and inflation;the use or availability of third-party assets upon which our operations depend and over which we have little or no control;the currency exchange rate of the Canadian dollar to the United States dollar;the deferral of current revenue recognition attributable to deficiency payments received from customers who fail to ship or move their minimum contracted volumes;significant under-utilization of our assets and facilities;increased costs, or lack of availability, of insurance;fluctuations in the debt and equity markets, including the price of our units at the time of vesting under our long-term incentive plans;risks related to the development and operation of our assets; andother factors and uncertainties inherent in the transportation, storage, terminalling and marketing of crude oil and other petroleum products as discussed in the Partnerships’ filings with the Securities and Exchange Commission. About Plains:

PAA is a publicly traded master limited partnership that owns and operates midstream energy infrastructure and provides logistics services primarily for crude oil. PAA owns an extensive network of pipeline gathering and transportation systems, in addition to terminalling, storage, processing, fractionation and other infrastructure assets serving key producing basins, transportation corridors and major market hubs and export outlets in the United States and Canada.

PAGP is a publicly traded entity that owns an indirect, non-economic controlling general partner interest in PAA and an indirect limited partner interest in PAA, one of the largest energy infrastructure and logistics companies in North America.

PAA and PAGP are headquartered in Houston, Texas. For more information, please visit www.plains.com.

Contacts:

Blake Fernandez
Vice President, Investor Relations
(866) 809-1291

Ross Hovde
Director, Investor Relations
(866) 809-1291

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LOS ANGELES--(BUSINESS WIRE)--Banc of California, Inc. (the “Company”) (NYSE: BANC) announced today that its Board of Directors declared a quarterly cash dividend of $0.12 per share on its outstanding common stock. The dividend will be payable October 1, 2026, to stockholders of record as of September 15, 2026.

The Board of Directors also declared a quarterly cash dividend of $0.4845 per depositary share on its 7.75% Fixed Rate Non-Cumulative Perpetual Preferred Stock, Series F. The dividend will be payable September 1, 2026, to stockholders of record as of August 20, 2026. The Series F depositary shares are traded on the New York Stock Exchange under the “Banc/PF” symbol.

The Company maintains a Dividend Reinvestment Plan (DRIP) which allows common stockholders to automatically acquire common shares at a 3% discount from the applicable market price. All registered common stockholders with holdings maintained at the Company’s transfer agent, Computershare, are eligible to participate in the DRIP program. For more information on the Company’s DRIP program, please contact Investor Relations at [email protected] or (855) 361-2262.

About Banc of California, Inc.

Banc of California, Inc. (NYSE: BANC) is a bank holding company with over $34 billion in assets and the parent company of Banc of California. Banc of California is one of the nation’s premier relationship-based business banks, providing banking and treasury management services to small, middle-market, and venture-backed businesses. Banc of California is the largest independent bank headquartered in Los Angeles and the third largest bank headquartered in California and offers a broad range of loan and deposit products and services through 77 full-service branches located throughout California and in Denver, Colorado, and Durham, North Carolina, as well as through regional offices nationwide. The Bank also provides full-service payment processing solutions to its clients and serves the Community Association Management industry nationwide with its technology-forward platform, SmartStreet™. The Bank is committed to its local communities by supporting organizations that provide financial literacy and job training, small business support, affordable housing, and more. Member FDIC. For more information, please visit us at www.bancofcal.com.

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Jim Cramer is telling investors to consider buying one of the market’s most battered recent IPOs for people who may not need the money for decades: their children.

SpaceX stock NASDAQ:SPCX has nearly halved from its June peak as investors question the sums Elon Musk plans to spend on artificial-intelligence infrastructure.

The stock rebounded 6.1% to $114.92 on Thursday as 911.5 million insider shares became eligible for trading, but remained below its $135 IPO price.

Cramer’s argument on CNBC is deliberately long-term.

Starlink, Starship, AI and orbital computing could become businesses whose scale cannot be judged from the next earnings report. The harder question is why investors should buy that future now.

SpaceX’s first public earnings showed why the long horizon matters.

Second-quarter revenue rose about 90% from a year earlier to $7.8 billion, while the company posted a $541 million net loss.

Capital expenditure reached $18.4 billion, with AI infrastructure accounting for much of the increase.

The investment case rests on several businesses developing together, like Starlink becoming a larger communications platform, Starship cutting launch costs, AI services generating revenue and Musk eventually commercialising computing infrastructure in orbit.

Oppenheimer reiterated an Outperform rating and $250 target after earnings, despite calling elevated capital spending a major concern.

Its analysts now expect SpaceX to reach $1 trillion in annual revenue by 2032, three years earlier than previously forecast, arguing that the company has historically excelled at execution.

Bank of America maintained a Buy rating, $235 target and expects SpaceX’s AI operation to generate about $24.5 billion of revenue in 2026.

The bank noted that the second-quarter report made it more positive on the company’s positioning.

Morgan Stanley retained an Overweight rating and $300 target. It raised its 2026 revenue forecast to $45 billion to $48 billion and expects $91 billion to $102 billion the following year.

Bernstein analysts led by Douglas Harned said they saw nothing fundamentally negative in the earnings report, suggesting the insider-share unlock probably contributed to the sell-off.

Thursday’s rebound supported that view. SpaceX rose even as more than 900 million shares became eligible for sale, suggesting part of the feared supply pressure was already priced in.

The bullish forecasts come with extraordinary spending assumptions.

Morgan Stanley lifted its capital-expenditure estimate to $64 billion for 2026 and $163 billion for 2027 as SpaceX accelerates its computing buildout.

Revenue growth may therefore remain accompanied by heavy financing needs for years.

Piper Sandler kept a Neutral rating and cut its target to $140, warning that lockup expirations could remain a valuation headwind until summer 2027.

It also noted that lucrative AI-cloud contracts can be cancelled, making their staying power difficult to assess.

Morningstar analyst Nicolas Owens offers the hardest challenge to Cramer’s thesis.

He values SpaceX at $62 a share and argues that the market price assumes highly optimistic outcomes for rapid Starship reusability and orbital data centres.

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SummaryI rate Amazon a buy over 12–36 months, given AWS-led earnings growth and improving retail economics, but not a Strong Buy due to valuation demands.AWS reaccelerated to 37% revenue growth and 39.4% margin, driving 61% of Q2 operating income from just 21% of revenue.Retail's profitability is rising, with North America delivering a 7.9% margin and third-party advertising and subscription services enhancing monetization.Amazon's $220B infrastructure spend must translate into revenue and cash flow by 2027 to justify the current 31.8x EV/operating income multiple. hapabapa/iStock Editorial via Getty Images

Executive Summary I rate Amazon as a buy over the next 12 to 36 months. Amazon’s operating results are better than they were a year ago, AWS has accelerated without giving up margin, and retail now

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

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

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Sale of Pizza Hut, excluding Mainland China, to LongRange Capital remains on track to close this month

LOUISVILLE, Ky.--(BUSINESS WIRE)--Yum! Brands, Inc. (NYSE: YUM) (“Yum!” or the “Company”) today announced the completion of the sale of Pizza Hut in Mainland China (“Pizza Hut China”) to Yum China Holdings, Inc. (NYSE: YUMC; HKEX: 9987) (“Yum China”), for $1.2 billion.

The transaction with Yum China represents one of two previously announced definitive agreements to sell Pizza Hut for $2.7 billion in the aggregate, subject to certain purchase price adjustments relating to the sale of the Pizza Hut business outside of Mainland China.

Yum!’s transaction to sell Pizza Hut, excluding Mainland China, to LongRange Capital remains on track to close this month, subject to customary closing conditions, including receipt of required regulatory approvals.

About Yum! Brands

Yum! Brands, Inc. and its subsidiaries franchise or operate more than 58,000 restaurants in 155 countries and territories under its iconic brands — KFC, Taco Bell, Pizza Hut and Habit Burger & Grill. KFC, Taco Bell and Pizza Hut are global leaders in the chicken, Mexican-inspired food and pizza categories, respectively. Habit is a fast-casual concept known for fresh, cooked-to-order food.

Fueled by Yum!’s Recipe for Good Growth, KFC, Taco Bell and Pizza Hut led Entrepreneur's 2026 Franchise 500 rankings and its Top Global Franchises 2025 list. In 2026, Yum!’s unrivaled culture and talent led it to be named one of TIME magazine’s list of Best Companies for Future Leaders for the third consecutive year.

Forward-Looking Statements

This announcement contains “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934 regarding the anticipated consummation of the sale of the Pizza Hut business outside Mainland China. We intend all forward-looking statements to be covered by the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. These statements are based on and reflect our current expectations, estimates, assumptions and/ or projections, our perception of historical trends and current conditions, as well as other factors that we believe are appropriate and reasonable under the circumstances. Forward-looking statements are neither predictions nor guarantees of future events, circumstances or performance and are inherently subject to known and unknown risks, uncertainties and assumptions that could cause our actual results to differ materially from those indicated by those statements. There can be no assurance that our expectations, estimates, assumptions and/or projections, including with respect to the future earnings and performance or capital structure of Yum! Brands, will prove to be correct or that any of our expectations, estimates or projections will be achieved.

Numerous factors could cause our actual results and events to differ materially from those expressed or implied by forward-looking statements, including, without limitation: food safety and food- or beverage-borne illness concerns, including the impact of the July 2026 cyclospora outbreak; the impact of such outbreak on sales and pace of recovery; adverse impacts of public health conditions or other catastrophic or unforeseen events; the success and financial stability of our concepts’ franchisees; the success of our development strategy; anticipated benefits from past or potential future acquisitions, investments, other strategic transactions or initiatives, or our portfolio business model; the possibility that the sale of the Pizza Hut business will not close within the anticipated timeframe, or at all, or that we may not be able to realize the anticipated benefits of the sale of the Pizza Hut business; our significant exposure to the Chinese market; our global operations and related exposure to geopolitical instability, including the expansion or threatened expansion of restrictive trade policies and increasing anti-American sentiment; foreign currency risks and foreign exchange controls; our ability to protect the integrity or availability of IT systems or the security of confidential information and other cybersecurity risks; compliance with data privacy, data protection and emerging technology legal requirements; our ability to successfully and securely implement technology initiatives, including utilization of artificial intelligence; our increasing dependence on digital commerce and delivery platforms; the impact of social media; our ability to protect our trademarks or other intellectual property; shortages or interruptions in the availability and the delivery of food, equipment and other supplies; the loss of key personnel or failure to successfully transition senior management, labor shortages and increased labor costs, including as a result of state and local legislation related to wages and working conditions; changes in food prices and other operating costs; our corporate reputation, the value and perception of our brands and changes in consumer preferences such as wellness trends; evolving expectations and requirements with respect to social and environmental sustainability matters; adverse effects of severe weather and climate change; pending or future litigation and legal claims or proceedings; changes in, or non-compliance with, legal requirements; tax matters, including changes in tax rates or laws, impositions of new taxes, tax implications of our restructurings, or disagreements with taxing authorities; changes in consumer discretionary spending and macroeconomic conditions, including inflationary pressures and interest rate conditions; competition within the retail food industry; and risks relating to our level of indebtedness. In addition, other risks and uncertainties not presently known to us or that we currently believe to be immaterial could affect the accuracy of any such forward-looking statements. All forward-looking statements should be evaluated with the understanding of their inherent uncertainty. The forward-looking statements included in this announcement are only made as of the date of this announcement and we disclaim any obligation to publicly update any forward-looking statement to reflect subsequent events or circumstances.

You should consult our filings with the Securities and Exchange Commission (including the information set forth under the captions “Risk Factors” and “Forward-Looking Statements” in our most recently filed Annual Report on Form 10-K and Quarterly Report on Form 10-Q) for additional detail about factors that could affect our financial and other results.

More News From Yum! Brands, Inc.

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Privia Health Group NASDAQ: PRVA reported second-quarter results marked by double-digit growth in implemented providers, attributed lives and practice collections, while adjusted EBITDA rose 29% from a year earlier. Management also raised its 2026 outlook for several financial measures following what Chief Executive Officer Parth Mehrotra described as strong first-half execution.

The company said implemented providers increased 10.1% year over year to 5,644 as of June 30, while value-based attributed lives rose 19.2%. Total practice collections grew 12.4% to $970 million during the quarter. Adjusted EBITDA increased to $37.4 million, representing 28.3% of care margin and a 310-basis-point improvement from the prior-year period.

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For the first half of 2026, practice collections increased 13.4% to $1.88 billion, care margin rose 18.3%, and adjusted EBITDA climbed 32.5% to $74.1 million, according to Chief Financial Officer David Mountcastle.

Guidance Raised Following Strong First Half Mountcastle said Privia raised its 2026 outlook for attributed lives above the high end of its prior guidance range. The company also increased expectations to the high end of prior ranges for practice collections and GAAP revenue, and to the mid-to-high end of ranges for care margin, platform contribution and adjusted EBITDA.

The company did not change its outlook for implemented providers. At the midpoint of that guidance, Privia expects to add 570 providers in 2026, or growth of 10.6% over 2025, Mehrotra said.

When asked about guidance implying slower practice-collections growth in the second half, Mehrotra said the outlook reflected the company’s customary prudence rather than specific operational headwinds. He said ambulatory utilization remained favorable and noted that inpatient utilization trends reported by health systems do not directly apply to Privia’s business model.

Privia ended the quarter with more than $412 million in cash and no debt. Mountcastle said the company expects 70% to 80% of full-year adjusted EBITDA to convert to free cash flow, excluding capital deployment for business development and assuming it receives a significant portion of shared-savings cash payments for 2025 performance by year-end.

CMS Timing Could Affect Year-End Cash Flow Management said proposed changes from the Centers for Medicare & Medicaid Services to the Medicare Shared Savings Program could delay final reconciliation results for the 2025 performance year until November if finalized. While Mountcastle said the development would have minimal impact on accruals, it could create an unusual year-end cash-flow dynamic depending on when CMS distributes payments and when Privia subsequently pays providers.

Mehrotra said the company was not concerned about ultimately receiving the payments. He said CMS has historically delivered results in August or September, followed by cash settlements around October, and characterized the potential delay as approximately 30 to 45 days.

Management viewed the broader MSSP proposals favorably. Mehrotra cited potential changes involving attribution, the addition of providers who have not previously participated in an ACO, and rebasing as constructive for the program. He said Privia remains supportive of direct contracting with the government through MSSP and expects the program to continue evolving.

Network Expansion and Value-Based Care Growth In late May, Privia announced its entry into New Jersey through a partnership with Neurology Group of Bergen County, which has 25 adult and pediatric clinicians. The move marked Privia’s 25th state. Mehrotra said the practice was too small to materially affect guidance but described New Jersey as an important market with substantial healthcare spending and independent-provider opportunities.

The company now operates across 25 states and the District of Columbia, with more than 1,300 care center locations serving over 6.1 million patients. Privia said it has averaged 98% gross provider retention over the past three years.

Privia managed more than 1.64 million attributed lives across over 130 commercial and government value-based care programs. Commercial attributed lives rose 11.7% to 942,000. Attributed lives in CMS Medicare programs increased 55%, while Medicare Advantage and Medicaid attribution increased more than 12% and 18%, respectively.

Mehrotra said Privia estimates it manages $15.7 billion in total medical spending through its value-based risk arrangements. He said the company’s goal is to continue increasing attribution while generating positive contribution margin across its value-based business.

Margin Strategy Includes AI and Operating Scale Management said it expects to move EBITDA margin toward the high end of its long-term target range of 30% to 35% of care margin over the next several years. Privia expects adjusted EBITDA to equal roughly 29% of care margin in 2026, Mehrotra said, placing the company near the low end of that long-term range.

The company cited scaling operations, maturation of newer markets and deployment of artificial intelligence tools as drivers of further margin expansion. Mehrotra said Privia is evaluating AI applications across corporate functions, fee-for-service workflows, value-based care workflows and patient-care processes.

Potential uses include revenue-cycle activities, patient experience, clinical decision-making, coding compliance and identifying suspect medical conditions. Mehrotra said Privia is measuring AI investments at a detailed workflow level based on time saved, outcomes achieved and costs reduced, and is tying its technology deployment to EBITDA margin improvement rather than pursuing spending without returns.

Privia also said its acquisitions of IMS and Evolent’s Care Partners business are progressing well and have been integrated into its operating cadence. Mehrotra said the Arizona-based IMS business provides momentum in a new state, while Care Partners expands Privia’s ability to work with providers through an ACO-focused model, including in markets where the company has not yet established a full medical group.

About Privia Health Group (NASDAQ:PRVA)Privia Health Group NASDAQ: PRVA is a physician enablement company that partners with independent physicians, medical groups and health systems to transform the delivery of patient care. Through a clinically integrated network and a proprietary technology platform, the company supports providers in managing population health, delivering coordinated care and optimizing financial performance under both fee-for-service and value-based reimbursement models.

Founded in 2016 and headquartered in McLean, Virginia, Privia Health has rapidly expanded its footprint to serve multiple metropolitan markets across the United States.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to [email protected].

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August 07, 2026 05:00 ET  | Source: ACM Research, Inc.

FREMONT, Calif., Aug. 07, 2026 (GLOBE NEWSWIRE) -- ACM Research, Inc. (“ACM”) (NASDAQ: ACMR), a leading supplier of wafer processing solutions for semiconductor and advanced wafer-level packaging applications, today reported financial results for its second quarter ended June 30, 2026.

“We delivered a strong second quarter, with revenue and shipments both increasing 36% year over year,” said Dr. David Wang, President and Chief Executive Officer of ACM. “Revenue growth was led by the ECP and advanced packaging categories, which grew 168% and 153%, respectively, reflecting the growing contribution of our broader product portfolio. During the quarter, we shipped our 2,000th ECP chamber, an important milestone that demonstrates the increasing adoption of our ECP technology in high-volume manufacturing of logic, memory and 3D packaging. We also delivered good profitability, and ended the quarter with $1.0 billion in net cash, providing significant financial strength to support our long-term growth strategy.”

Dr. Wang continued, “Customer demand as demonstrated by increased order activity provides us with good visibility for the remainder of 2026. We see 2026 as a ‘Big Year’ for new products as we proceed with customer evaluations and product ramps across multiple platforms, including SPM Cleaning, Track, PECVD and horizontal panel-level plating for advanced packaging. At the same time, we are expanding engagement with global customers and making solid progress at our Oregon facility. We are raising our full-year 2026 revenue outlook for 25% to 30% growth. We remain confident in our ability to outgrow the market through new product cycles, market share gains and increasing contributions from global markets as we execute toward our long-term revenue target of $4 billion.”

 Three Months Ended June 30 GAAP Non-GAAP(1)  2026   2025   2026   2025  (dollars in thousands, except EPS)Revenue$292,919  $215,372  $292,919  $215,372 Gross margin 46.0%  48.5%  46.0%  48.7%Income from operations$49,743  $31,694  $56,326  $41,464 Net income attributable to ACM Research, Inc.$88,984  $29,760  $44,516  $37,316 Basic EPS$1.31  $0.47  $0.66  $0.58 Diluted EPS$1.23  $0.44  $0.61  $0.55   Six Months Ended June 30 GAAP Non-GAAP(1)  2026   2025   2026   2025  (dollars in thousands, except EPS)Revenue$524,182  $387,719  $524,182  $387,719 Gross margin 46.1%  48.2%  46.2%  48.5%Income from operations$85,920  $57,471  $98,124  $77,058 Net income attributable to ACM Research, Inc.$106,291  $50,140  $68,484  $68,395 Basic EPS$1.59  $0.79  $1.02  $1.08 Diluted EPS$1.49  $0.74  $0.96  $1.01                  (1) Reconciliations to U.S. generally accepted accounting principles (“GAAP”) financial measures from non-GAAP financial measures are presented below under “Reconciliation of GAAP to Non-GAAP Financial Measures.” Non-GAAP financial measures exclude stock-based compensation and, with respect to net income attributable to ACM Research, Inc. and basic and diluted earnings per share, also exclude unrealized gain on short-term investments and its impact to net income attributable to non-controlling interests.

Outlook

ACM has raised its revenue guidance range to $1.125 billion to $1.175 billion for fiscal year 2026, from the prior range of $1.08 billion to $1.175 billion. This expectation is based on ACM management’s current assessment of the continuing impact from international trade policy, together with various expected spending scenarios of key customers, supply chain constraints, and the timing of acceptances for first tools under evaluation in the field, among other factors.

Operating Highlights and Recent Announcements

Shipments. Total shipments in the second quarter of 2026 were $281.5 million, up 36.4% when compared to the second quarter of 2025. Total shipments include deliveries for revenue in the quarter and deliveries of first tool systems awaiting customer acceptance for potential revenue in future quarters.Shipment of the 2,000th Electroplating Chamber. ACM shipped its 2,000th electroplating chamber, following shipment milestones of 500 chambers in 2022 and 1,500 chambers in 2025. The achievement underscores the continued commercial expansion and growing market recognition of ACM's electroplating solutions.Presented Proprietary High-Temperature SPM Cleaning Technology at SPCC 2026. ACM presented its proprietary high-temperature SPM cleaning technology at the Surface Preparation and Cleaning Conference (SPCC) 2026, showcasing particle performance of fewer than 15 particles at 15nm without requiring periodic DI water chamber cleaning. The technology is designed to improve yield and lower maintenance requirements for advanced GAA logic, DRAM and HBM applications.Expansion of the Ultra C Tahoe Wet Processing Platform. ACM has expanded its Ultra C Tahoe system into a multi-process wet processing platform, by adding advanced wet etch and monitor wafer reclaim applications for logic and memory manufacturing. The expanded platform has been adopted by leading semiconductor manufacturers, and the Tahoe Recycle application is running in volume production at customer facilities. This expanded Tahoe platform demonstrates the versatility of our hybrid architecture and its scalability for advanced semiconductor manufacturing. ACM will continue to drive world-class process performance and integrating environmental benefits into product development to help make advanced semiconductor manufacturing more efficient and sustainable.Received Orders for the Ultra ECP ap-p Tool. ACM received the first production order for one 510 × 515 mm Ultra ECP ap-p tool from an existing advanced packaging customer in mainland China, with delivery scheduled for the first half of 2027. ACM also received an evaluation order for one 310 × 310 mm tool from a new leading panel-manufacturer customer based in Asia, with delivery scheduled for the fourth quarter of 2026. Second Quarter 2026 Financial Summary

Unless otherwise noted, the following figures refer to the second quarter of 2026 and comparisons are with the second quarter of 2025.

Revenue was $292.9 million, up 36.0%, primarily driven by higher sales of ECP (front-end and packaging), furnace and other technologies, and advanced packaging (excluding ECP), services & spares, partially offset by lower sales of single-wafer cleaning, Tahoe and semi-critical cleaning tools.Gross margin was 46.0% versus 48.5%. Non-GAAP gross margin, which excludes stock-based compensation, was 46.0% versus 48.7%. Gross margin was above the mid-point of ACM’s long-term business model target range of 42% to 48%. ACM expects gross margin to vary from period to period due to a variety of factors, such as product mix, currency impacts and sales volume.Operating expenses were $84.9 million, an increase of 16.6%. Operating expenses as a percentage of revenue decreased to 29.0% from 33.8%. Non-GAAP operating expenses, which exclude the effect of stock-based compensation, were $78.5 million, up 23.9%. Non-GAAP operating expenses as a percentage of revenue decreased to 26.8% from 29.4%.Operating income was $49.7 million, compared to $31.7 million. Operating margin was 17.0% compared to 14.7%. Non-GAAP operating income, which excludes the effect of stock-based compensation, was $56.3 million, compared to $41.5 million. Non-GAAP operating margin, which excludes stock-based compensation, was 19.2% compared to 19.3%.Unrealized gain on short-term investments was $69.6 million, compared to an unrealized gain of $2.7 million. Unrealized gain reflects the change in market value of the investments by ACM’s principal operating subsidiary, ACM Research (Shanghai), Inc. The value is marked-to-market quarterly and is excluded in the non-GAAP financial metrics.Income tax expense was $13.5 million, compared to $1.9 million. The change in tax expense primarily resulted from the tax effect of an increase in operating profit for the period.Net income attributable to ACM Research, Inc. was $89.0 million, compared to $29.8 million. Non-GAAP net income attributable to ACM Research, Inc., which excludes the effect of stock-based compensation and unrealized gain on short-term investments, was $44.5 million, compared to $37.3 million.Net income per diluted share attributable to ACM Research, Inc. was $1.23, compared to $0.44. Non-GAAP net income per diluted share, which excludes the effect of stock-based compensation and unrealized gain on short-term investments, was $0.61, compared to $0.55.Cash and cash equivalents, plus restricted cash and short-term time deposits were $1.36 billion at June 30, 2026, compared to $1.25 billion at March 31, 2026. Net cash, which excludes short-term and long-term borrowings, was $1.0 billion at June 30, 2026, compared to $924.2 million at March 31, 2026.
Conference Call Details

A conference call to discuss results will be held on Friday, August 7, 2026, at 8:00 a.m. Eastern Time (8:00 p.m. China Time). To join the conference call via telephone, participants must use the following link to complete an online registration process. Upon registering, each participant will receive email instructions to access the conference call, including dial-in information and a PIN number allowing access to the conference call. This pre-registration process is designed by the operator to reduce delays due to operator congestion when accessing the live call.

Online Registration: https://register-conf.media-server.com/register/BIc282607074af4b0895b2ed37fb7d0eb9

Participants who have not pre-registered may join the webcast by accessing the link at ir.acmr.com/news-events/events.

A live and archived webcast will be available on the Investors section of the ACM website at www.acmr.com.

Use of Non-GAAP Financial Measures

ACM presents non-GAAP gross margin, operating expenses, operating income, net income attributable to ACM Research, Inc. and basic and diluted earnings per share as supplemental measures to GAAP financial measures regarding ACM’s operational performance. These supplemental measures exclude the impact of stock-based compensation, which ACM does not believe is indicative of its core operating results. In addition, non-GAAP net income attributable to ACM Research, Inc. and basic and diluted earnings per share exclude the effect of stock-based compensation and unrealized gain (loss) on short-term investments, which ACM also believes are not indicative of its core operating results. A reconciliation of each non-GAAP financial measure to the most directly comparable GAAP financial measure is provided below under “Reconciliation of GAAP to non-GAAP Financial Measures.”

ACM believes these non-GAAP financial measures are useful to investors in assessing its operating performance. ACM uses these financial measures internally to evaluate its operating performance and for planning and forecasting of future periods. Financial analysts may focus on and publish both historical results and future projections based on the non-GAAP financial measures. ACM also believes it is in the best interests of investors for ACM to provide this non-GAAP information.

While ACM believes these non-GAAP financial measures provide useful supplemental information to investors, there are limitations associated with the use of these non-GAAP financial measures. These non-GAAP financial measures may not be reported by competitors, and they may not be directly comparable to similarly titled measures of other companies due to differences in calculation methodologies. The non-GAAP financial measures are not an alternative to GAAP information and are not meant to be considered in isolation or as a substitute for comparable GAAP financial measures. They should be used only as a supplement to GAAP information and should be considered only in conjunction with ACM’s consolidated financial statements prepared in accordance with GAAP.

Forward-Looking Statements

Certain statements contained in this press release are not historical facts and may be forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Words such as “plans,” “expects,” “believes,” “anticipates,” “designed,” and similar words are intended to identify forward-looking statements. Forward-looking statements are based on ACM management’s current expectations and beliefs, and involve a number of risks and uncertainties that are difficult to predict and that could cause actual results to differ materially from those stated or implied by the forward-looking statements. A description of certain of these risks, uncertainties and other matters can be found in filings ACM makes with the U.S. Securities and Exchange Commission, all of which are available at www.sec.gov. Because forward-looking statements involve risks and uncertainties, actual results and events may differ materially from results and events currently expected by ACM. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof. ACM undertakes no obligation to publicly update these forward-looking statements to reflect events or circumstances that occur after the date hereof or to reflect any change in its expectations with regard to these forward-looking statements or the occurrence of unanticipated events.

About ACM Research, Inc.

ACM develops, manufactures and sells semiconductor process equipment spanning cleaning, electroplating, stress-free polishing, vertical furnace processes, track, PECVD, and wafer- and panel-level packaging tools, enabling advanced and semi-critical semiconductor device manufacturing. ACM is committed to delivering customized, high-performance, cost-effective process solutions that semiconductor manufacturers can use in numerous manufacturing steps to improve productivity and product yield. For more information, visit www.acmr.com.

© ACM Research, Inc. Ultra C and the ACM Research logo are trademarks of ACM Research, Inc. For convenience, these trademarks appear in this press release without ™ symbols, but that practice does not mean that ACM will not assert, to the fullest extent under applicable law, its rights to the trademarks.

For investor and media inquiries, please contact:

In the United States:The Blueshirt Group Steven C. Pelayo, CFA (360) 808-5154 [email protected]  In China:The Blueshirt Group Asia Gary Dvorchak, CFA +86 (138) 1079-1480 [email protected] ACM RESEARCH, INC.
Condensed Consolidated Balance Sheets

 June 30, 2026 December 31, 2025 (Unaudited)   (In thousands)Assets   Current assets:   Cash and cash equivalents$969,229 $757,373 Restricted cash 21,358  8,589 Short-term time deposits 365,055  366,591 Short-term investments 105,091  35,524 Accounts receivables, net 538,389  504,250 Other receivables 66,820  48,655 Inventories, net 783,119  702,631 Advances to related parties 163  2,500 Prepaid expenses and other current assets 25,554  10,567 Total current assets 2,874,778  2,436,680 Property, plant and equipment, net 384,593  314,830 Operating lease right-of-use assets, net 16,634  17,925 Intangible assets, net 2,516  2,847 Deferred tax assets 25,904  29,389 Long-term investments 89,249  66,035 Other long-term assets 5,564  4,479  Total assets$3,399,238 $2,872,185 Liabilities and Equity   Current liabilities:   Short-term borrowings$107,218 $74,041 Current portion of long-term borrowings 40,787  35,082 Related parties accounts payable 29,799  32,060 Accounts payable 220,601  215,440 Advances from customers 165,566  187,809 Deferred revenue 15,908  17,388 Income taxes payable 3,626  991 FIN-48 payable 28,908  27,719 Other payables and accrued expenses 168,944  150,396 Current portion of operating lease liability 4,907  4,786 Total current liabilities 786,264  745,712 Long-term borrowings 192,904  178,930 Long-term operating lease liability 3,503  5,069 Other long-term liabilities 11,444  11,965  Total liabilities 994,115  941,676 Commitments and contingencies    Equity:   Stockholders’ equity:   Class A Common stock 6  6 Class B Common stock 1  1 Additional paid-in capital 1,361,841  1,115,504 Retained earnings 456,719  350,428 Statutory surplus reserve 34,164  34,164 Accumulated other comprehensive loss 7,423  (35,740)Total ACM Research, Inc. stockholders’ equity 1,860,154  1,464,363 Non-controlling interests 544,969  466,146 Total equity 2,405,123  1,930,509  Total liabilities and equity$3,399,238 $2,872,185  ACM RESEARCH, INC.
Condensed Consolidated Statements of Operations and Comprehensive Income

 Three Months Ended June 30, Six Months Ended June 30,  2026   2025   2026   2025  (Unaudited) ( In thousands, except share and per share data) Revenue$292,919  $215,372  $524,182  $387,719 Cost of revenue 158,301   110,911   282,326   200,708  Gross profit 134,618   104,461   241,856   187,011 Operating expenses:       Sales and marketing 23,778   22,102   44,466   38,445 Research and development 42,254   33,817   78,803   61,320 General and administrative 18,843   16,848   32,667   29,775  Total operating expenses 84,875   72,767   155,936   129,540  Income from operations 49,743   31,694   85,920   57,471 Interest income 7,142   4,013   11,861   7,352 Interest expense (2,059)  (1,757)  (3,992)  (3,315)Realized gain on short-term investments -   54   -   54 Unrealized gain on short-term investments 69,592   2,730   68,186   1,648 Other expense, net (9,793)  (346)  (19,093)  (608)Income from equity method investments 21,097   1,773   22,846   2,725  Income before income taxes 135,722   38,161   165,728   65,327 Income tax expense (13,472)  (1,891)  (17,243)  (4,044) Net income 122,250   36,270   148,485   61,283 Less: Net income attributable to non-controlling interests 33,266   6,510   42,194   11,143  Net income attributable to ACM Research, Inc.$88,984  $29,760  $106,291  $50,140 Comprehensive income:       Net income 122,250   36,270   148,485   61,283 Foreign currency translation adjustment, net of tax of nil 30,141   3,905   57,938   5,655  Comprehensive Income 153,066   40,175   207,098   66,938 Less: Comprehensive income attributable to non-controlling interests 41,477   7,250   57,644   12,207  Comprehensive income attributable to ACM Research, Inc.$111,589  $32,925  $149,454  $54,731         Net income attributable to ACM Research, Inc. per common share:       Basic$1.31  $0.47  $1.59  $0.79 Diluted$1.23  $0.44  $1.49  $0.74         Weighted average common shares outstanding used in computing per share amounts:       Basic 67,890,917   63,968,763   66,853,350   63,620,235 Diluted 71,838,908   67,464,856   70,678,872   67,138,338  ACM RESEARCH, INC.
Total Revenue by Product Category

 Three Months Ended June 30, Six Months Ended June 30, 2026
 2025
 2026
 2025
 (Unaudited) ($ in thousand)Single wafer cleaning, Tahoe and semi-critical cleaning equipment$132,978 $154,961 $255,460 $284,530ECP (front-end and packaging), furnace and other technologies 128,546  48,016  212,785  75,646Advanced packaging (excluding ECP), services & spares 31,395  12,395  55,937  27,543Total Revenue By Product Category$292,919 $215,372 $524,182 $387,719 ACM RESEARCH, INC.
Reconciliation of GAAP to Non-GAAP Financial Measures

As described under “Use of Non-GAAP Financial Measures” above, ACM presents non-GAAP gross margin, operating expenses, operating income, net income attributable to ACM Research, Inc., and basic and diluted earnings per share as supplemental measures to GAAP financial measures, each of which excludes stock-based compensation (“SBC”) from the equivalent GAAP financial line items. In addition, non-GAAP net income attributable to ACM Research, Inc., and basic and diluted earnings per share exclude unrealized gain (loss) on short-term investments. The following tables reconcile gross margin, operating expenses, operating income, net income attributable to ACM Research, Inc., and basic and diluted earnings per share to the related non-GAAP financial measures:

 Three Months Ended June 30,  2026  2025  Actual
(GAAP)SBCOther non-
operating
adjustmentsAdjusted
(Non-
GAAP)Actual
(GAAP)SBCOther non-
operating
adjustmentsAdjusted
(Non-
GAAP) (In thousands)Revenue$292,919 $- $- $292,919 $215,372 $- $- $215,372 Cost of revenue (158,301) (177) -  (158,124) (110,911) (356) -  (110,555)Gross profit 134,618  (177) -  134,795  104,461  (356) -  104,817 Gross margin 46.0% 0.1% -  46.0% 48.5% 0.2% -  48.7%Operating expenses:        Sales and marketing (23,778) (1,330) -  (22,448) (22,102) (2,096) -  (20,006)Research and development (42,254) (1,532) -  (40,722) (33,817) (2,580) -  (31,237)General and administrative (18,843) (3,544) -  (15,299) (16,848) (4,738) -  (12,110)Total operating expenses (84,875) (6,406) -  (78,469) (72,767) (9,414) -  (63,353)Income (loss) from operations 49,743  (6,583) -  56,326  31,694  (9,770) -  41,464 Unrealized gain on short-term investments 69,592  -  69,592  -  2,730  -  2,730  - Less: Net income attributable to non-controlling interests 33,266  -  (18,541) 14,725  6,510  -  (516) 5,994 Net income (loss) attributable to ACM Research, Inc.$88,984 $(6,583)$51,051 $44,516 $29,760 $(9,770)$2,214 $37,316 Basic EPS$1.31   $0.66 $0.47   $0.58 Diluted EPS$1.23   $0.61 $0.44   $0.55   Six Months Ended June 30,  2026  2025  Actual
(GAAP)SBCOther non-
operating
adjustmentsAdjusted
(Non-
GAAP)Actual
(GAAP)SBCOther non-
operating
adjustmentsAdjusted
(Non-
GAAP) (In thousands)Revenue$524,182 $- $- $524,182 $387,719 $- $- $387,719 Cost of revenue (282,326) (525) -  (281,801) (200,708) (885) -  (199,823)Gross profit 241,856  (525) -  242,381  187,011  (885) -  187,896 Gross margin 46.1% 0.1% -  46.2% 48.2% 0.2% -  48.5%Operating expenses:        Sales and marketing (44,466) (2,822) -  (41,644) (38,445) (4,253) -  (34,192)Research and development (78,803) (3,374) -  (75,429) (61,320) (5,355) -  (55,965)General and administrative (32,667) (5,483) -  (27,184) (29,775) (9,094) -  (20,681)Total operating expenses (155,936) (11,679) -  (144,257) (129,540) (18,702) -  (110,838)Income (loss) from operations 85,920  (12,204) -  98,124  57,471  (19,587) -  77,058 Unrealized gain on short-term investments 68,186  -  68,186  -  1,648  -  1,648  - Less: Net income attributable to non-controlling interests 42,194  -  (18,175) 24,019  11,143  -  (316) 10,827 Net income (loss) attributable to ACM Research, Inc.$106,291 $(12,204)$50,011 $68,484 $50,140 $(19,587)$1,332 $68,395 Basic EPS$1.59   $1.02 $0.79   $1.08 Diluted EPS$1.49   $0.96 $0.74   $1.01 

7.8.2026 10:35, ALV, MUV2, RHM, DTG

Index DAX přidává 0,56 % na 26286,76 b.

Frankfurtská burza na konci týdne posiluje, index DAX přidává 0,56 %.

Akcie Munich Re klesají o 2,6 % poté, co zajišťovna zveřejnila výsledky hospodaření za druhé čtvrtletí. Výnosy z pojištění činily 14,94 mld. EUR (odhad 15,1 mld. EUR), zisk ze zajišťovací činnosti dosáhl 1,89 mld. EUR (meziročně +3,1 %) a zisk na akcii činil 17,50 EUR oproti očekávaným 14,13 EUR. Analytici poukázali na slabší červencové obnovování smluv. Společnost zároveň snížila svůj celoroční výhled výnosů z pojištění na 62 mld. EUR z původně očekávaných 64 mld. EUR (při tržním odhadu 60,98 mld. EUR). Celoroční výhled zisku potvrdila na úrovni 6,3 mld. EUR (odhad 6,46 mld. EUR).

Cenné papíry společnosti Daimler Truck oslabují o 2,7 % po oznámení slabšího objemu objednávek, než analytici očekávali, a opatrnějšího výhledu pro třetí čtvrtletí, který navazuje na předběžné zveřejnění výsledků za druhý kvartál z minulého měsíce. Tržby dosáhly 12,29 mld. EUR při odhadu 12,35 mld. EUR a čistý zisk připadající akcionářům činil 1,46 mld. EUR (odhad 612,5 mil. EUR). Společnost zároveň potvrdila celoroční výhled průmyslové divizi, kdy očekává tržby v rozmezí 43 mld. EUR až 47 mld. EUR (odhad 45,79 mld. EUR) a očistěný zisk EBIT na úrovni 3,6 mld. EUR až 4,1 mld. EUR (odhad 3,76 mld. EUR).

Akcie pojišťovací skupiny Allianz odepisují necelé 1 % po zveřejnění hospodářských výsledků za druhé čtvrtletí. Zatímco analytici ze společnosti Jefferies uvedli, že výsledky nabízejí mnoho pozitivních faktorů, Morgan Stanley poukázala na některé oblasti vyvolávající otázky, včetně pomalejšího růstu výnosů v segmentu majetkového a úrazového pojištění. Celkové výnosy za čtvrtletí činily 45,6 mld. EUR.Provozní zisk dosáhl 4,87 mld. EUR při odhadu 4,58 mld. EUR, k čemuž majetkové a úrazové pojištění přispělo provozním ziskem 2,46 mld. EUR (odhad 2,45 mld. EUR) a životní a zdravotní pojištění částkou 1,54 mld. EUR (odhad 1,44 mld. EUR). Skupina zároveň potvrdila celoroční výhled provozního zisku v pásmu 16,4 mld. EUR až 18,4 mld. EUR (odhad 18,18 mld. EUR).

Zbrojní koncern Rheinmetall (+4 %) očekává, že v prosinci obdrží od německé vlády pevnou zakázku v hodnotě 12,4 mld. EUR na dodávku obrněných vozidel Boxer s označením „Arminius“, uvedl generální ředitel společnosti Armin Papperger v rozhovoru pro Bloomberg Television.

Index DAX +0,56 % na 26286,76 b. Nejsilnější akcie Změna Nejslabší akcie Změna Scout24 SE (G24) +4,7 % Daimler Truck Holding AG (DTG) -2,7 % Rheinmetall AG (RHM) +4,0 % Munich Re (MUV2) -2,6 % SAP (SAP) +3,5 % RWE (RWE) -0,9 % Qiagen (QIA) +3,0 % Allianz (ALV) -0,9 % Brenntag (BNR) +2,4 % Volkswagen (VOW3) -0,9 % Zdroj: Bloomberg

Michal Šnobl
Fio banka, a.s.
Prohlášení

Few fortunes move in straight lines, but Mark Zuckerberg's has been especially jumpy this summer. Twice in a matter of weeks, the value of his stake in Meta Platforms (META +0.19%) shifted by more than $18 billion in a single stretch, once soaring and once sinking. Those swings are not just billionaire trivia. They are a live readout of a debate splitting Wall Street over the company's enormous bet on artificial intelligence (AI).

Today's Change

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Two swings, one argument The first move was up. A blowout earnings report sent Meta's stock to record highs near $780 and added roughly $26.8 billion to Zuckerberg's net worth in a single day, as investors cheered surging revenue and his pitch to build "personal superintelligence" for everyone.

Image source: Getty Images.

The reversal came soon after. When Meta detailed just how much it plans to spend, guiding capital expenditures toward as much as $145 billion this year, up from around $72 billion in 2025, the mood flipped. The stock suffered its worst day of the year, and Zuckerberg's fortune dropped roughly $18 billion.

What changed was not the business but the price tag. Revenue is still climbing at a healthy clip, up 28% from a year earlier last quarter. But free cash flow, the money left over after all that investing, nearly vanished as spending on chips, servers, and data centers ballooned. Some investors see visionary empire-building. Others see a company pouring almost every dollar it earns into an unproven future.

To me, the whipsaw is the message. When a stock lurches this hard on spending plans rather than on sales, it means the market has reached no consensus on whether the AI build-out will pay off. That uncertainty cuts both ways. Zuckerberg has a history of costly bets that critics mocked before they worked, from Reels to mobile, and if his AI infrastructure sharpens ad targeting and powers new products, today's outlays could look like a bargain in hindsight. But there is no guarantee, and any returns may take years to appear, if they appear at all.

For investors, the takeaway is to stop watching the daily net-worth headlines and start deciding what you actually believe. Meta is no longer simply an advertising machine. It has become one of the largest AI-infrastructure bets in the market, and owning it now means accepting sharp swings and a long time horizon. If you trust that the spending will earn its keep, the volatility is just noise. If you do not, the collapsing free cash flow is a warning worth heeding. Either way, size the position for a bumpy ride.

Eastman Kodak (NYSE:KODK) reported higher second-quarter revenue, profit and operational EBITDA, marking its fourth consecutive quarter of year-over-year gains in those measures, as growth in its Advanced Materials & Chemicals and Print businesses helped offset higher commodity costs.

For the quarter ended June 30, Kodak posted revenue of $311 million, up 18% from $263 million in the prior-year quarter. Gross profit increased 61% to $82 million, while gross margin rose to 26% from 19% a year earlier. The company reported GAAP net income of $17 million, compared with a net loss of $26 million in the second quarter of 2025.

“If I had to summarize our performance in the Q2, it would be stability and growth,” Executive Chairman and Chief Executive Officer Jim Continenza said on the company’s earnings call. He said the company’s gains in revenue, gross profit and operational EBITDA, as well as its deleveraging efforts, reflect a long-term plan that Kodak has pursued over the past seven years.

Operational EBITDA and First-Half Results Operational EBITDA, a non-GAAP measure, rose to $36 million in the second quarter from $9 million a year earlier. Chief Financial Officer and Senior Vice President David Bullwinkle said improved pricing and higher volumes more than offset higher aluminum and silver costs, as well as increased selling, general and administrative expenses.

Bullwinkle also cited a $20 million increase in earnings from operations, a $9 million reduction in interest expense and a $28 million improvement in other income and charges, net, as contributors to the company’s year-over-year improvement in GAAP net income. The other-income comparison primarily reflected the absence of asset impairment charges in the current-year quarter, compared with a $17 million charge in the prior-year period.

Those improvements were partly offset by an $11 million decline in non-cash pension income following the termination of the KRIP pension plan in the fourth quarter of 2025. Kodak expects pension income to remain below prior-year levels throughout 2026 because of the plan termination and asset reversion, Bullwinkle said.

For the first six months of 2026, Kodak reported revenue of $576 million, an increase of $66 million, or 13%, from the year-earlier period. Currency fluctuations contributed a favorable $7 million to first-half revenue. Gross profit rose 43% to $139 million, and gross margin reached 24%, compared with 19% in the first half of 2025.

First-half GAAP net income was $1 million, compared with a $33 million net loss in the prior-year period. Operational EBITDA increased to $51 million from $11 million.

Segment Growth Kodak’s Advanced Materials & Chemicals, or AM&C, segment generated second-quarter revenue of $105 million, up 40% from $75 million in the previous year’s quarter. Continenza said the company has reinvested in the business, which he described as tied closely to Kodak’s expertise in layering and coating.

Within AM&C, Kodak said it offers a range of still films directly to distributors to support market stability and customer demand. Continenza also pointed to continued demand for motion-picture film and cited films that used Kodak products, including “The Odyssey,” which he said was shot on 65mm film and exhibited in 70mm at IMAX theaters, and Steven Spielberg’s “Disclosure Day,” which he said used Kodak’s VISION3 AHU film structure.

The company also launched its first pharmaceutical web store and added saline products to its portfolio. Kodak said it continues to work toward Class II certification that would allow it to manufacture more complex and higher-margin pharmaceutical products.

In battery coating, Kodak is investing capital in equipment intended to expand its ability to coat electrodes at large scale. The company said its pilot facility is also being used to help customers scale emerging technologies.

Print, Kodak’s largest division, recorded revenue of $195 million, up 10% from $178 million a year ago. Continenza said the business continued to grow despite supply constraints, inflation and competitive conditions. He said Kodak continues to supply customers globally across the three markets where it manufactures products.

Cash, Debt and Inventory Kodak ended the quarter with $290 million of unrestricted cash, down $47 million from Dec. 31, 2025. Bullwinkle said the decline primarily reflected required term-loan repayments, partly offset by proceeds from the redemption of KRIP investment assets.

During the quarter, Kodak received $41 million in cash proceeds from hedge fund investment redemptions related to the KRIP pension reversion. Cumulative proceeds through June 30 totaled $87 million.

The company made an additional $50 million principal payment on higher-rate term loans in June, bringing year-to-date principal repayments to $100 million. Kodak said the repayments were largely funded by KRIP asset redemptions and would reduce future interest expense. Its net cash position rose to $180 million at June 30 from $128 million at the end of 2025.

Working capital was affected by a $37 million inventory increase. The bulk of that increase occurred in AM&C during the first quarter, driven by silver prices that Kodak said were more than double year-end levels and by higher silver volumes held under supply terms. The company also built inventory ahead of a planned second-quarter maintenance shutdown.

Looking ahead, Continenza said Kodak intends to focus on growth, execution and innovation. He said the company acquired an R&D division to support innovation, efficiency and quality control, while continuing to prioritize industrial manufacturing opportunities with high barriers to entry and potential returns on investment.

About Eastman Kodak (NYSE:KODK) Eastman Kodak Company (NYSE: KODK) is a global technology firm specializing in imaging, printing and advanced materials. The company offers a wide array of products and services that enable customers to create, manage and share visual content across traditional and digital platforms. Its core offerings include graphic communications solutions, enterprise inkjet systems, packaging technologies, functional printing and micro 3D printing systems.

Kodak’s graphic communications segment serves commercial printers, packaging converters and publishing houses with offset plates, digital presses, workflow software and services designed to streamline production.

PPL Corporation (NYSE:PPL) will release its second quarter earnings report before the opening bell on Friday, Aug. 7.

Analysts expect the Allentown, Pennsylvania-based company to report quarterly earnings of 34 cents per share, up from 32 cents per share in the year-ago period. The consensus estimate for PPL’s quarterly revenue is $2.21 billion. It reported $2.02 billion last year, according to Benzinga Pro.

On May 8, PPL posted better-than-expected earnings for the first quarter.

PPL shares fell 0.9% to close at $34.62 on Thursday.

Benzinga readers can access the latest analyst ratings on the Analyst Stock Ratings page. Readers can sort by stock ticker, company name, analyst firm, rating change or other variables.

Let’s have a look at how Benzinga’s most-accurate analysts have rated the company in the recent period.

BMO Capital analyst James Thalacker maintained an Outperform rating and raised the price target from $39 to $40 on July 22, 2026. This analyst has an accuracy rate of 72%. B of A Securities analyst Ross Fowler maintained a Buy rating and cut the price target from $42 to $39 on July 20, 2026. This analyst has an accuracy rate of 62%. JP Morgan analyst Jeremy Tonet maintained an Overweight rating and boosted the price target from $42 to $45 on July 16, 2026. This analyst has an accuracy rate of 64%. Barclays analyst Michael Lonegan maintained an Overweight rating and raised the price target from $39 to $41 on July 14, 2026. This analyst has an accuracy rate of 55%. Mizuho analyst Anthony Crowdell maintained a Neutral rating and cut the price target from $38 to $37 on June 5, 2026. This analyst has an accuracy rate of 66%. Considering buying PPL stock? Here’s what analysts think:

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Kimco Realty (NYSE:KIM) reported second-quarter funds from operations of $0.46 per diluted share, up 4.5% from a year earlier, as higher rents, improving credit trends and strong leasing activity supported results. The shopping center REIT also raised the lower end of its full-year FFO outlook and increased its quarterly common dividend by 12% from the prior-year period.

CEO Conor Flynn said the company’s portfolio continued to benefit from retailer demand for open-air, grocery-anchored centers, while new shopping center development remains limited in its markets. Same-property net operating income rose 3.5% in the quarter, driven by higher minimum rents and stronger net recoveries.

“Kimco has the right platform, portfolio, and balance sheet to drive sustainable earnings growth,” Flynn said, citing retailer demand, shopper traffic, a signed-but-not-open leasing pipeline, capital recycling and balance-sheet management.

Occupancy and Leasing Trends Kimco’s pro-rata portfolio occupancy matched its all-time high of 96.4%, despite a 16-basis-point impact from lease rejections connected to the Painted Tree bankruptcy. Small-shop occupancy reached a record 92.9%, while anchor occupancy was 97.8%, down 10 basis points sequentially but up 110 basis points year over year.

David Jamieson, executive vice president and chief operating officer, said Kimco signed 461 leases covering 2.5 million square feet during the quarter at a blended lease spread of 13.1%. New leases accounted for 161 transactions and 685,000 pro-rata square feet, with a blended spread of 40.4%.

The quarter marked Kimco’s 19th consecutive period of double-digit new-lease spreads, according to Jamieson. Renewal and option activity totaled 300 deals covering 1.9 million square feet, with a blended spread of 7%.

Kimco replaced a former Rite Aid at Marketplace of Victoria with Japanese-inspired home goods retailer Teso Life. Woodlawn Marketplace in Charlotte, North Carolina, added Lowes Foods. The company signed its first Uniqlo lease within its lifestyle portfolio. Non-anchor leasing was broad-based, with strength in fitness, health and wellness, restaurants and professional services. Kimco’s signed-not-open pipeline represented $95 million of annual base rent, including $75 million of incremental rent. The company expects 48% of the incremental pipeline to commence by year-end. Jamieson said Kimco now projects $33 million of rent commencements in 2026, 16% above its initial estimate, including $24 million from tenants that opened during the first half and $9 million expected in the second half.

Foot traffic across the portfolio increased 3% year over year, including 3.2% growth in June, Flynn said. In response to an analyst question, management said spending growth was strongest among higher-income consumers, but remained positive among lower-income shoppers. Jamieson cited spending growth of about 5.5% among middle-income consumers and 3.5% among lower-income consumers.

Capital Recycling and Mixed-Use Monetization Kimco continued to recycle capital from lower-growth assets into grocery-anchored properties with higher expected growth. During the quarter, the company acquired Pompano Marketplace, a Walmart-anchored center in Pompano Beach, Florida, for $53 million, and Sunshine Plaza, a Publix-anchored center in a first-ring Fort Lauderdale suburb, for $56 million.

Pompano Marketplace was the third acquisition sourced through Kimco’s structured investment program. President and Chief Investment Officer Ross Cooper said the property had initially been financed through the program, where Kimco served as senior lender at an 8% yield. Kimco later used contractual rights to acquire the property when its borrower sought to sell.

Cooper said the acquired South Florida centers had compound annual growth rates more than 350 basis points above the Costco properties Kimco sold as part of its disposition initiative. The company said the Costco assets had annual growth below 1% and a sub-6% unlevered internal rate of return over a 10-year hold, compared with an expected unlevered IRR above 9% for the replacement properties.

The company also completed the sale of The Milton, a 253-unit multifamily building at its Pentagon Centre mixed-use project in Pentagon City, Virginia. Cooper described the sale as Kimco’s first full-cycle monetization of a ground-up multifamily development within its value-add redevelopment program. The Milton sold at a 4.9% capitalization rate.

Kimco expects to consider monetizing the second residential tower at Pentagon Centre, The Witmer, next, though Cooper said no formal timetable has been established. Management said it evaluates each mixed-use project individually and retains flexibility to hold, develop, sell or structure assets through joint ventures and preferred-equity arrangements.

Balance Sheet, Outlook and Dividend Executive Vice President and CFO Glenn Cohen said second-quarter FFO totaled $309.2 million, compared with $297.6 million a year earlier. Credit loss was 57 basis points in the quarter, down from 89 basis points in the comparable 2025 period. Year-to-date credit loss was 54 basis points.

Kimco ended the quarter with consolidated net debt to EBITDA of 5.2 times, or 5.5 times including pro-rata joint venture debt and preferred stock. Total liquidity was $2.7 billion, including $700 million of cash, much of which Cohen said is expected to be used for 2026 debt maturities.

During the quarter, Kimco issued $600 million of 3.5% exchangeable senior notes due 2031. The offering was upsized due to investor demand. The notes have an initial exchange price of approximately $32.36 per share, a 27.5% premium to Kimco’s stock price at issuance. In connection with the offering, the company repurchased approximately 4.1 million common shares for $104.7 million.

Kimco raised the lower end of its 2026 FFO outlook to $1.83 per diluted share from $1.81, while maintaining the upper end at $1.84. It also increased its same-property NOI growth forecast to 3% to 3.5%, from a prior range of 2.8% to 3.5%, and tightened its credit-loss outlook to 55 to 75 basis points from 65 to 90 basis points.

The board declared a quarterly common dividend of $0.28 per share, or $1.12 on an annualized basis. Cohen said the increase reflects growth in operating cash flows, earnings and taxable income.

About Kimco Realty (NYSE:KIM) Founded in 1958 by Milton Cooper and headquartered in Jericho, New York, Kimco Realty Corporation (NYSE: KIM) is a leading publicly traded real estate investment trust (REIT) specializing in the ownership, operation and development of open-air shopping centers. The company’s portfolio, concentrated on neighborhood and community centers anchored by grocery stores, encompasses approximately 400 properties across the United States, with selective holdings in Canada and Mexico.

Kimco’s core business activities include acquiring, repositioning and managing retail real estate assets that serve as daily-need destinations for consumers.

Knife River (NYSE:KNF) reported second-quarter revenue growth of 13% year over year as it converted a record backlog into higher sales, while adjusted EBITDA was flat on a reported basis amid higher diesel costs, weather-related project delays and lower-margin contracting work.

President and Chief Executive Officer Brian Gray said adjusted EBITDA increased 7% from the prior-year period when excluding gains on asset sales in both quarters. He characterized the company’s underlying operating performance as solid, citing double-digit volume growth in materials, higher gross profit across aggregates, ready-mix and asphalt, and an 8% increase in aggregate pricing on a product-mix-adjusted basis.

“The fundamentals of our business are strong,” Gray said, pointing to price optimization, cost controls and operational improvement efforts.

Fuel, Weather and Project Timing Weighed on Results Gray said higher diesel prices raised costs by approximately $10 million year over year during the quarter. Knife River recovered $4 million through fuel surcharges in the second quarter and expects to recoup an additional $4 million through escalators in Department of Transportation contracts during the third quarter, reflecting a one- to two-month lag in public-agency reimbursements.

The company estimated that project timing shifts and adverse weather reduced quarterly adjusted EBITDA by about $10 million. In Texas, excessive rain and schedule changes delayed asphalt production and paving on two major highway projects. In Hawaii, a modified construction schedule delayed the P-209 project, affecting concrete and cement volumes. Alaska’s unusually cold winter extended road restrictions until June 15, delaying the construction season by more than a month.

Gray said the affected projects were not canceled, but some of the expected work has shifted to later periods. In particular, most of the volume missed on the Texas highway projects is expected to move into 2027 because crews already have full schedules for the rest of the current year.

Contracting-services results also reflected a change in the type and timing of work. The company performed more asphalt paving during the quarter, which Gray described as lower-risk and generally lower-margin work than the larger general-contracting roadway expansion jobs performed a year earlier. He said performance and quality bonuses on paving jobs are typically received later in projects, and Knife River expects to recognize some of those gains during the second half.

The company estimated that these market dynamics, including the timing of project incentives, reduced second-quarter adjusted EBITDA by approximately $8 million.

Materials Volumes Rise Across Product Lines Chief Financial Officer Nathan Ring said aggregate volumes increased 14%, supported primarily by internal demand from the company’s downstream operations. About 75% of aggregate volume growth came from legacy operations and 25% from acquisitions, Gray said. Knife River now expects full-year aggregate volumes to rise by a high-single-digit percentage.

Reported aggregate pricing rose 3%, but Ring said the figure was affected by sales of 630,000 tons of lower-priced natural fines. Adjusting for product mix, aggregate pricing increased 8%. The company continues to expect aggregate pricing to rise by a mid-single-digit percentage on a reported basis for the full year.

Aggregate gross profit increased 12%, though gross margin declined slightly because of increased delivery volumes and higher fuel costs. Aggregate deliveries rose 41% year over year, and delivery revenue and fuel surcharges generally carry lower margins than materials sold at company plants.

Ready-mix volumes increased 15%, aided by the Texcrete acquisition, while gross profit rose 21% and gross margin improved 80 basis points. Asphalt volumes rose 24%, including a 44% increase in internal asphalt volumes tied to more paving activity. Gross profit also increased 24%, while gross margin improved 50 basis points. Contracting-services revenue increased 20%, although margins declined due to project mix, incentive timing and lower-margin legacy jobs acquired in the Mountain segment. Ring said the acquired legacy projects are being completed and replaced with new work, with most of the remaining impact expected to occur in the third quarter. He said Knife River expects second-half contracting-services margins to be in line with those reported in the second half of the prior year.

Backlog, Guidance and Capital Allocation Knife River expanded backlog by about $50 million sequentially to $1.2 billion at the end of the second quarter. Ring said the company expects approximately 55% of its full-year adjusted EBITDA to be generated in the third quarter, assuming normal weather and stable operating conditions.

The company raised its 2026 revenue outlook to a range of $3.4 billion to $3.6 billion and reaffirmed adjusted EBITDA guidance of $520 million to $560 million. Ring said the company is guiding toward the midpoint of that EBITDA range following the second-quarter headwinds.

During the quarter, Knife River invested $48 million in maintenance and operational improvements and $35 million in growth initiatives, including acquisitions and organic expansion. It also amended its Term Loan B agreement, increasing borrowings by $400 million while lowering its interest rate. Net leverage was 3.2 times at the end of June, compared with 3.1 times a year earlier.

Acquisitions and Organic Growth Projects Gray said acquisitions remain a central component of Knife River’s growth strategy. Since its 2023 spin-off, the company has integrated 16 acquisitions. He highlighted Strata, which expanded Knife River’s Central segment and added aggregate reserves and rail distribution sites. Supported by a record North Dakota DOT budget and full integration efforts, Knife River expects Strata to post a record year and exceed its original EBITDA projections by more than 15%.

The company has invested about $140 million in organic initiatives over the past 18 months, primarily in aggregate reserve expansions and greenfield projects. One major project is an approximately $85 million rail-served quarry near Sioux Falls, South Dakota, with roughly 70 million tons of quartzite reserves and access to two Class I railroads. The first phase is expected to become operational in the first half of next year.

Gray also said Knife River’s Spokane, Washington, prestress facility secured a substantial contract during the second quarter to supply components for a semiconductor facility in Idaho. He said the company sees growing opportunities tied to data centers, advanced manufacturing, energy infrastructure and future bridge replacement work.

Gray closed by noting that the company recorded the safest second quarter in its history and said management remains focused on execution during the remainder of the construction season.

About Knife River (NYSE:KNF) Knife River Corporation, headquartered in Bismarck, North Dakota, is a leading integrated construction materials and contracting company in the western United States. The company specializes in producing and supplying aggregates, asphalt mix, ready-mixed concrete and other heavy construction materials used in highway, commercial and residential projects.

In addition to material production, Knife River offers a comprehensive suite of contracting services, including heavy civil construction, road building, underground and open-pit mining and logistics support.

Posted by Defense World Staff on Aug 7th, 2026

Jackson Financial (NYSE:JXN) reported record adjusted operating earnings in the second quarter of 2026, supported by higher fee income, growth in spread-based products and strong equity-market performance. The company also said it remains on track to meet its full-year free capital generation and shareholder-return targets.

Adjusted operating earnings were $7.30 per diluted share for the quarter, a company record. Pre-tax adjusted operating earnings totaled $618 million, or $648 million excluding notable items. On that basis, earnings increased 50% from a year earlier, Chief Financial Officer Don Cummings said, citing expanding spread-based assets, growth in fee-based assets under management and higher net investment income.

Excluding $0.36 per share in notable items and normalizing for the difference between the company’s actual tax rate and its 15% tax guidance, adjusted operating earnings were $7.68 per diluted share, up 55% year over year. The notable item reflected limited partnership results that fell below Jackson’s long-term 10% return assumption.

Retail annuity sales accelerate Retail annuity sales approached $6 billion in the second quarter, up 34% from a year earlier and higher than the first quarter. President and CEO Laura Prieskorn said sales increased across all product categories.

Registered index-linked annuity, or RILA, sales exceeded $2.3 billion, rising 69% from the prior-year period and marking a quarterly record. RILA assets under management surpassed $26 billion. Jackson launched Market Link Pro 4 and Market Link Pro Advisory 4 in June, products that include an index option linked to the Dow Jones Industrial Average.

Spread-based products represented 54% of total sales during the quarter, Cummings said. Fixed and fixed-index annuity sales totaled $812 million, up 73% from a year earlier, aided by the company’s Jackson Income Assurance product. For the first half, fixed-index annuity sales reached $1.3 billion.

Non-variable annuity net inflows were $2.9 billion, an increase of 65% from the prior-year quarter and 16% sequentially. Total retail annuity net outflows declined for a second consecutive quarter and improved 20% in the first half compared with the same period in 2025, Prieskorn said.

Variable annuity surrenders were influenced by equity-market gains, with separate-account returns of 12.9% during the quarter contributing more than $27 billion of investment gains in variable annuity assets under management. Those gains exceeded variable annuity net outflows by more than $22 billion, according to Cummings.

Combined retail annuity and institutional account value exceeded $295 billion at quarter end, up 10% sequentially. Nearly 40% of Jackson’s in-force book consisted of spread-based and investment-only variable annuity products, reflecting the company’s diversification efforts.

Capital generation, liquidity and investment strategy Jackson generated $575 million in free cash flow during the first half, up 14% from a year earlier, and returned $547 million to common shareholders through dividends and share repurchases. Second-quarter capital returns totaled $290 million.

After-tax statutory capital generation was $656 million in the second quarter, while free capital generation was $304 million. Cummings said free capital generation reflected higher required capital associated with new business production, equity-market effects and sales patterns under the risk-based capital framework.

The company maintained its full-year targets of at least $1.2 billion in free capital generation and $900 million to $1.1 billion in capital returns to common shareholders. Total adjusted capital ended the quarter at $5.8 billion, with an estimated risk-based capital ratio of 538%, above the company’s 425% risk-appetite level.

Holding-company cash and investments totaled nearly $1.4 billion at quarter end. Jackson issued $750 million of senior debt during the quarter, pre-funding $650 million of debt maturities due in 2027 and adding $100 million of holding-company liquidity. The company expanded its revolving credit facility to $1.25 billion from $1 billion and extended its maturity to 2031 from 2028. Total available liquidity at Jackson Financial Inc. was about $4 billion, including cash, highly liquid securities and the undrawn credit facility. Cummings said new money was invested at rates above the existing portfolio yield, with new-money yield about 100 basis points above the overall portfolio yield during the quarter. PPM America, Jackson’s investment management subsidiary, surpassed $100 billion in assets under management. The company said its partnership with TPG is expanding investment sourcing capabilities, including in direct lending and asset-backed finance.

Hedging and leadership transition Jackson reported an overall net hedge gain of $2 million after isolating implied-volatility effects on market risk benefits. Gains in RILA and fixed-index annuity businesses were largely offset by losses in variable annuities. Brian Walta, head of planning and asset liability management, said the company manages the RILA and variable annuity liabilities independently and seeks economic and statutory outcomes rather than GAAP accounting results alone.

Prieskorn also confirmed that she will retire at the end of 2026 after nearly 40 years with Jackson. Cummings will become president and CEO on Oct. 1, while Walta will succeed him as chief financial officer.

“This transition reflects the strength of Jackson’s organization and the thoughtful succession planning process in place to ensure continuity, stability, and long-term success,” Prieskorn said.

About Jackson Financial (NYSE:JXN) Jackson Financial Inc is a U.S.-based financial services holding company headquartered in Lansing, Michigan. The company operates primarily through its principal subsidiary, Jackson National Life Insurance Company, and specializes in designing and distributing retirement products. Jackson Financial has been publicly traded on the New York Stock Exchange under the ticker JXN since its initial public offering in May 2022.

The company’s core offerings include a broad range of fixed, variable and indexed annuity products aimed at helping individuals preserve and grow retirement assets.

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3 Biotech Stocks That Could Benefit from the Patent CliffIntellia Therapeutics NASDAQ: NTLA said it advanced its lead gene-editing programs during the second quarter, highlighting positive Phase III results for lonvo-z in hereditary angioedema and the resumption of enrollment in Phase III studies of nex-z for transthyretin amyloidosis.

Chief Executive Officer John Leonard said the company is preparing a rolling biologics license application, or BLA, for lonvo-z, a one-time therapy intended to treat hereditary angioedema, or HAE. Intellia expects to be positioned to announce FDA acceptance of the filing by the end of 2026 and is preparing for a potential U.S. approval and launch in the first half of 2027.

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Lonvo-z Phase III results and launch preparations Goldman Spotlights These 3 Stocks in Its Bullish S&P 500 OutlookLeonard pointed to results from the Phase III HALO trial, which were presented at the European Academy of Allergy and Clinical Immunology meeting and published in The New England Journal of Medicine. During the six-month primary observation period, lonvo-z reduced mean monthly HAE attacks by 87% compared with placebo, according to the company.

Sixty-two percent of patients receiving lonvo-z were attack-free and therapy-free during the observation period. Patients in the lonvo-z arm recorded a 23-point improvement from baseline in the total angioedema quality-of-life score. Leonard said a six-point change is considered clinically meaningful. All patients in the lonvo-z arm experienced attack-rate reductions from baseline during weeks five through 28, according to patient-level data cited by the company. The most common treatment-emergent adverse events were infusion-related reactions, headache and fatigue. All reported events were Grade 1 or Grade 2, and no serious adverse events had been observed in the lonvo-z arm as of the data cutoff. Leonard said patients in both the original treatment arm and crossover group remained free of long-term prophylaxis therapy at the data cutoff. He also said the company believes some patients may continue to improve over time based on preclinical work and observations from its Phase I/II study.

Analysts Think These Stocks Could More Than Double in ValueIntellia has completed hiring for field medical, reimbursement and strategic accounts teams as it builds its commercial infrastructure. The company said those teams are engaging treatment centers on readiness, while separate work continues on payer outreach, distribution planning and access strategy.

During the quarter, Intellia launched the HAEreframed.com disease-awareness initiative. Leonard said the effort is intended to broaden understanding of the burdens associated with HAE, including the recurring requirements of chronic therapy and prior authorizations.

Nex-z trials resume as company adds HLA screening Intellia said it resumed enrollment and dosing in both Phase III nex-z studies during the second quarter after resolving clinical holds earlier in the year. Nex-z is being evaluated as a one-time treatment for transthyretin amyloidosis, including cardiomyopathy and polyneuropathy.

Leonard said more than 650 patients have been enrolled in the MAGNITUDE study in transthyretin amyloid cardiomyopathy, or ATTR-CM. The trial’s primary endpoint is event-based, rather than time-bound, and the company said its blinded event rate remains within its internally projected range. Intellia remains on track to complete enrollment in MAGNITUDE-2 later in 2026, though management said it was premature to provide data timing.

The company also discussed a genetic analysis involving more than 600 patient samples across nex-z clinical trials. The blinded analysis identified an HLA allele known as C0501 that was associated with a significantly higher rate of Grade 3 or greater transaminase elevations. Each of the five highest elevations after dosing occurred in patients carrying the allele, Leonard said.

About 12% of analyzed samples carried C0501, although the majority of those patients did not experience severe transaminase elevations. Intellia said the finding appears specific to nex-z and does not have implications for lonvo-z. The company has updated trial protocols, investigator brochures and informed-consent documents to incorporate HLA typing for patients in its Phase III nex-z studies.

Patients and investigators will receive HLA results during screening or before crossover, allowing them to make treatment decisions with additional information. Leonard said Intellia is discussing the findings with the FDA and does not currently expect the screening process to slow enrollment.

Management said it believes the liver-enzyme findings support its earlier hypothesis that the elevations may be related to an adaptive immune response. The company has implemented enhanced monitoring and intervention measures, which Leonard said could be used in a commercial setting if needed.

Quarterly financial results Chief Financial Officer Ed Dulac said Intellia completed an equity financing in April that generated approximately $195 million in net proceeds. Cash, cash equivalents and marketable securities totaled $628.4 million as of June 30, 2026, up from $605.1 million at the end of 2025.

The company said it expects its cash balance to fund operations into at least 2028. Dulac noted that this runway estimate excludes potential revenue from lonvo-z.

Second-quarter collaboration revenue was $7.7 million, compared with $14.2 million a year earlier, primarily reflecting lower revenue from Regeneron. Research and development expense declined to $82.6 million from $97 million, driven by lower external costs for lonvo-z and nex-z and reduced stock-based compensation. General and administrative expense rose to $37.8 million from $27.2 million, reflecting commercial infrastructure buildout, legal costs and stock-based compensation. Net loss was $106.6 million for the quarter, compared with a net loss of $101.3 million in the prior-year period. Intellia said it will continue evaluating information from the CARDIO-TTRansform study of eplontersen as it considers whether any changes could further optimize the MAGNITUDE trial design.

About Intellia Therapeutics (NASDAQ:NTLA)Intellia Therapeutics, Inc NASDAQ: NTLA is a clinical‐stage biotechnology company focused on developing potentially curative genome editing therapies using the CRISPR/Cas9 platform. The company's research spans both in vivo and ex vivo applications of CRISPR/Cas9, aiming to correct or disable disease‐causing genes with a single administration. Intellia's lead in vivo program targets transthyretin amyloidosis (ATTR) by delivering CRISPR/Cas9 machinery directly to the liver, while additional preclinical efforts pursue treatments for hemophilia A, hereditary angioedema and other genetic disorders.

Beyond its in vivo pipeline, Intellia collaborates with strategic partners to extend the impact of its genome editing approach.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to [email protected].

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At $312.41, Apple (NASDAQ:AAPL | AAPL Price Prediction) is a Hold. The stock dropped 6.3% in a week while the S&P 500 climbed, and the reason matters more than the move itself.

Apple remains the world’s most profitable consumer hardware and services franchise, with a $4.54 trillion market cap and 2.5 billion active devices. Fiscal Q3 delivered $109.417 billion in revenue, up 16.36% year over year, with EPS of $2.02. The stock filed at $340 and dropped nearly 8% within an hour.

The setup is unusual. Headline numbers were excellent, capex paid off, yet the market flinched at what lay underneath.

Why the Post-Earnings Drop Looks Like a Gift Bulls argue this is a rare entry point in a franchise that almost never goes on sale. Every geographic segment posted double-digit growth, iPhone revenue jumped to $54.252 billion from $44.58 billion, and Services expanded to $30.739 billion. Operating income grew 26.57%, well ahead of revenue.

Capital return remains enormous, with $62.094 billion in nine-month buybacks and a fresh $100 billion authorization. Prediction markets assign a 97% probability to an iPhone 18 launch this year and 85.5% odds on a foldable iPhone before 2027.

Why the Underlying Report Was Softer Than It Looked Bears have a cleaner story. Tariff refunds added roughly 2 percentage points to gross margin and $0.11 to EPS, a one-time boost that will not repeat. Services grew 12.1% year over year but missed the $31.2 billion consensus, a soft spot in Apple’s highest-margin business.

Supply chain leverage is shifting the wrong way. Reddit’s dominant post-earnings narrative pivoted to CXMT refusing Apple’s price-cut demand as Huawei and Xiaomi hand it rare leverage, and a global DRAM and NAND crunch is pushing input costs higher. R&D surged to $11.73 billion from $8.9 billion, with no visible payoff yet on Apple Intelligence.

At a trailing P/E of 35 and forward P/E near 32, the multiple assumes flawless execution.

Why Neither Side Has Closed the Case The fundamentals are too strong for a Sell and the setup too crowded for a Buy. iPhone demand is real, Services is decelerating but still growing, and buybacks provide a floor. The one-time tariff benefit and DRAM cost pressure will both become visible next quarter, when the real underlying margin picture emerges.

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Watch three things over the next two quarters: Services growth reacceleration, gross margin without tariff help, and whether the foldable iPhone and Siri AI rollouts land. Until then, risk and reward look balanced.

What the Numbers Actually Say Apple trades at $312.41, against an analyst consensus target of $324.01, implying modest single-digit upside. Coverage is broad, with 46 analysts tracked and a rating split of 6 Strong Buy, 22 Buy, 14 Hold, 2 Sell, and 2 Strong Sell.

Over the past week, Apple fell 6.3% while the S&P 500 rose 3.62%. Year to date, Apple is up 15.13% versus 12.71% for the index, and one-year returns are 47.08% versus 21.46%.

Why Patience Beats Conviction at This Price At $312.41, Apple is a Hold.

The bull thesis needs Services to reaccelerate and Apple Intelligence to become a demonstrable differentiator. The bear thesis needs gross margins to compress once tariff refunds fade and memory costs bite. Both catalysts land in the same window, likely the September quarter and December holiday earnings report, and neither is knowable today.

Buying here pays a premium for a franchise whose highest-margin segment just missed and whose supplier leverage is deteriorating. Selling ignores 32 times forward earnings in fresh buyback authorization, an iPhone 18 launch the crowd puts at 97% odds, and a foldable device pipeline the market largely believes in.

Invalidation signals are specific. A clean Services beat above $100 billion next quarter or gross margins holding above 46% without tariff help would tip this toward Buy. Services below 10% growth or margins slipping into the low-44% range would tip it toward Sell. Neither has happened.

Waiting is the right call because the next earnings report will resolve the exact ambiguity that made this one so hard to trust.

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Microsoft (NASDAQ:MSFT | MSFT Price Prediction) at $499.86 sits at a pivotal level, and the fiscal 2026 earnings report is the reason. After a violent round trip that took shares from the low $500s down to the high $380s and back, the stock is once again testing the level bulls need to defend to keep the AI monetization narrative intact.

Microsoft is the second-largest company in the world by market cap, with a business anchored on Azure, Microsoft 365, and a widening AI stack built around Copilot and its restructured OpenAI relationship. Fiscal Q4 delivered $90.007 billion in revenue, up 17.75% year over year, and non-GAAP EPS of $4.74, the fifth consecutive quarter Microsoft has beaten Wall Street estimates.

The stock rebounded 28.55% over the past month, forcing every investor to make a call at $500. Azure crossed $100 billion in full-year revenue for the first time, growing 43% in Q4. Commercial Remaining Performance Obligations reached $678 billion, up 84% year over year, giving Microsoft one of the largest contracted revenue backlogs in enterprise software history. AI services contributed more than 11 percentage points to Azure growth, evidence that capex is converting into revenue.

Why the Earnings Report Justifies Paying Up Copilot passed 30 million paid seats against a 400 million Office 365 addressable base. At a forward P/E near 25, bulls argue you are paying a modest multiple for a business compounding revenue at 17.7% with a 45.1% operating margin.

Why the Capex Bill Could Break the Story Full-year capex hit $115.948 billion, up 79.62%, and free cash flow fell 6.46% for the year and 23.19% in Q4. Cash and equivalents dropped 30.78% year over year. Bears see two active securities class actions alleging misleading Copilot disclosures, and prediction markets assign only a 48% probability that MSFT finishes the week above $500.

Why Patience Has an Argument The stock is down 4.01% over the past year while the S&P 500 rose 21.46%. That relative weakness reflects real investor unease over capex intensity and Copilot monetization timing. Waiting one quarter to see whether free cash flow re-accelerates costs little if the thesis is durable.

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The Numbers Behind the Verdict Microsoft currently trades at $499.86 with a market cap near $3.62 trillion and a trailing P/E of 27. The consensus analyst price target sits at $562.73, implying meaningful upside from here, though targets are one input rather than a promise.

Coverage runs 57 analysts deep: 14 Strong Buy, 40 Buy, 3 Hold, and zero Sell ratings. Year to date, MSFT is up 3.82%, materially lagging the S&P 500’s 12.71% gain. That underperformance is the setup bulls are pricing.

Why $500 Is the Key Level At $500, Microsoft’s bull framework rests on three catalysts. First, RPO of $678 billion converts into recognized revenue over the next several quarters, giving the top line rare visibility at this scale. Second, Copilot’s 30 million seats represent early penetration, and usage-based enterprise pricing should expand gross margins as adoption deepens.

Third, the capex cycle peaks. Free cash flow compression is the bear’s best card, but the $250 billion incremental OpenAI Azure commitment and a $37 billion AI run rate up 123% suggest monetization is running ahead of depreciation. A single quarter of free cash flow re-acceleration re-rates the multiple.

The thesis breaks if Azure growth decelerates below the mid-30s or Copilot seat growth stalls. Absent that, paying 25x forward earnings for the AI infrastructure winner with a fortress balance sheet is what the bull case looks like at $500.

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Second Quarter Net Sales Increased by 12% to $18.7 Million from $16.7 Million in the Second Quarter of 2025; Second Quarter Net Income Increased by 47% to $1.8 Million from $1.2 Million in the Prior Year Period Net sales for the second quarter of 2026 were $18.7 million, up 12.0%, compared to $16.7 million for the second quarter of 2025 Building Supply segment sales increased to $11.7 million, up 5.5%, compared to $11.1 million for the three months ended June 30, 2025 Disposable Protective Apparel sales increased by $1.4 million, or 24.9%, to $7.0 million, compared to $5.6 million for the same period of 2025 Net income for the second quarter of 2026 was $1.8 million, or $0.18 per diluted share, compared to $1.2 million, or $0.12 per diluted share for the second quarter of 2025 Excluding the impact of the International Emergency Economic Powers Act (“IEEPA”) tariff refund, net income for the second quarter of 2026 was $1.6 million* or $0.16 per diluted share*, compared to $1.2 million, or $0.12 per diluted share for the second quarter of 2025 Cash of $18.9 million and working capital of $51.0 million, with no debt, as of June 30, 2026 * Management reviews and analyzes several key performance measures which are non-GAAP financial measures when shown excluding the impact of the IEEPA tariff refund, including gross profit, net income, basic earnings per share, and diluted earnings per share. These measures are reviewed and analyzed in order to evaluate our business performance, identify trends affecting our business, allocate capital, and make strategic decisions, including those discussed below.