Track market-moving stories before they get noisy

All investors love getting big returns from their portfolio, whether it's through stocks, bonds, ETFs, or other types of securities. However, when you're an income investor, your primary focus is generating consistent cash flow from each of your liquid investments.

Cash flow can come from bond interest, interest from other types of investments, and, of course, dividends. A dividend is that coveted distribution of a company's earnings paid out to shareholders, and investors often view it by its dividend yield, a metric that measures the dividend as a percent of the current stock price. Many academic studies show that dividends make up large portions of long-term returns, and in many cases, dividend contributions surpass one-third of total returns.

Targa Resources, Inc. (TRGP - Free Report) is headquartered in Houston, and is in the Oils-Energy sector. The stock has seen a price change of 35.23% since the start of the year. The company is currently shelling out a dividend of $1.25 per share, with a dividend yield of 2%. This compares to the Oil and Gas - Refining and Marketing - Master Limited Partnerships industry's yield of 5.83% and the S&P 500's yield of 1.41%.

Looking at dividend growth, the company's current annualized dividend of $5.00 is up 33.3% from last year. Over the last 5 years, Targa Resources, Inc. has increased its dividend 4 times on a year-over-year basis for an average annual increase of 69.99%. Looking ahead, future dividend growth will be dependent on earnings growth and payout ratio, which is the proportion of a company's annual earnings per share that it pays out as a dividend. Targa Resources's current payout ratio is 47%, meaning it paid out 47% of its trailing 12-month EPS as dividend.

TRGP is expecting earnings to expand this fiscal year as well. The Zacks Consensus Estimate for 2026 is $10.32 per share, with earnings expected to increase 21.55% from the year ago period.

Investors like dividends for a variety of different reasons, from tax advantages and decreasing overall portfolio risk to considerably improving stock investing profits. However, not all companies offer a quarterly payout.

For instance, it's a rare occurrence when a tech start-up or big growth business offers its shareholders a dividend. It's more common to see larger companies with more established profits give out dividends. Income investors have to be mindful of the fact that high-yielding stocks tend to struggle during periods of rising interest rates. With that in mind, TRGP is a compelling investment opportunity. Not only is it a strong dividend play, but the stock currently sits at a Zacks Rank of #3 (Hold).

Targa Resources, Inc. (TRGP - Free Report) came out with quarterly earnings of $2.21 per share, missing the Zacks Consensus Estimate of $2.55 per share. This compares to earnings of $0.91 per share a year ago. These figures are adjusted for non-recurring items.

This quarterly report represents an earnings surprise of -13.24%. A quarter ago, it was expected that this company would post earnings of $2.39 per share when it actually produced earnings of $2.51, delivering a surprise of +5.02%.

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

Targa Resources, which belongs to the Zacks Oil and Gas - Refining and Marketing - Master Limited Partnerships industry, posted revenues of $4.09 billion for the quarter ended March 2026, missing the Zacks Consensus Estimate by 19.64%. This compares to year-ago revenues of $4.56 billion. The company has not been able to beat consensus revenue estimates over the last four quarters.

The sustainability of the stock's immediate price movement based on the recently-released numbers and future earnings expectations will mostly depend on management's commentary on the earnings call.

Targa Resources shares have added about 35.2% since the beginning of the year versus the S&P 500's gain of 7.6%.

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

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

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

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

It will be interesting to see how estimates for the coming quarters and the current fiscal year change in the days ahead. The current consensus EPS estimate is $2.42 on $5.08 billion in revenues for the coming quarter and $10.32 on $20.52 billion in revenues for the current fiscal year.

Investors should be mindful of the fact that the outlook for the industry can have a material impact on the performance of the stock as well. In terms of the Zacks Industry Rank, Oil and Gas - Refining and Marketing - Master Limited Partnerships is currently in the top 41% of the 250 plus Zacks industries. Our research shows that the top 50% of the Zacks-ranked industries outperform the bottom 50% by a factor of more than 2 to 1.

One other stock from the broader Zacks Oils-Energy sector, Natural Gas Services (NGS - Free Report) , is yet to report results for the quarter ended March 2026. The results are expected to be released on May 11.

This maker of natural gas compression equipment and industrial flare systems is expected to post quarterly earnings of $0.45 per share in its upcoming report, which represents a year-over-year change of +18.4%. The consensus EPS estimate for the quarter has remained unchanged over the last 30 days.

Natural Gas Services' revenues are expected to be $47.88 million, up 15.7% from the year-ago quarter.

Key Takeaways TRGP posted record Q1 adjusted EBITDA of $1.4B, up 19% on strong Permian and fractionation volumes.Targa raised its dividend 25%, repurchased shares and expanded Permian processing capacity.TRGP expects 2026 adjusted EBITDA of $5.7B-$5.9B, driven by growth and fee-based cash flows. Targa Resources Corp. (TRGP - Free Report) reported first-quarter 2026 earnings of $2.21 per share, which missed the Zacks Consensus Estimate of $2.55. The underperformance can be attributed to severe winter weather that impacted volumes across its systems, weak Waha natural gas prices that led to producer curtailments in the Permian Basin during the quarter and higher operating expenses related to maintenance activity, system expansions and acquired Permian assets.

The bottom line, however, increased from the year-ago quarter’s level of 91 cents. The year-over-year improvement can be attributed to higher operating margins in the company’s Gathering and Processing and Logistics and Transportation segments.

Total quarterly revenues of $4.1 billion missed the Zacks Consensus Estimate of $5.1 billion by 19.64%. Revenues also declined 10% from the year-ago quarter’s level of $4.6 billion, primarily due to lower commodity sales, partly offset by higher fees from midstream services.

Despite the revenue miss, Targa delivered record first-quarter adjusted EBITDA of $1.4 billion, up 19% from the prior-year quarter. The increase was driven by record Permian inlet volumes, record fractionation volumes and higher marketing margins.

Taking a Closer Look at Q1 ResultsOn April 16, 2026, Houston, TX-based oil and gas storage and transportation company declared a quarterly dividend of $1.25 per share, or $5 annualized, representing a 25% increase from the first-quarter 2025 dividend. The company also repurchased $55 million of common stock during the quarter.

In the first quarter, Targa benefited from continued strength across its integrated Permian-to-Mont Belvieu footprint. Management mentioned that the company still achieved record first-quarter adjusted EBITDA, Permian volumes and NGL fractionation volumes despite winter weather and periodic shut-ins. The company also mentioned that current Permian volumes were running more than 250 million cubic feet per day above the first-quarter average, even with 200-400 million cubic feet per day of temporary producer shut-ins on any given day.

TRGP’s Segmental PerformanceGathering and Processing: The segment’s operating margin was $703.5 million, up 17% from $602.2 million in the year-ago quarter. However, the figure missed the Zacks Consensus Estimate of $757 million. Adjusted operating margin increased 16% year over year to $937.1 million, primarily driven by higher Permian natural gas inlet volumes, which boosted fee-based margin, partially offset by lower commodity prices.

Total Permian plant natural gas inlet volumes averaged 6,730 MMcf/d, up 12% year over year. The improvement was supported by the Pembrook II, Bull Moose II and Falcon II plants, continued producer activity and the acquisition of certain Permian Basin assets in the first quarter.

Logistics and Transportation: This unit reflects TRGP’s downstream operations. The segment’s operating margin increased 20% year over year to $773.3 million, and beat the Zacks Consensus Estimate of $783 million, while adjusted operating margin rose 18% to $873.5 million. The improvement was driven by higher marketing margin and stronger pipeline transportation and fractionation margin.

NGL pipeline transportation volumes averaged 1,016.8 MBbl/d, up 21% year over year. Fractionation volumes averaged 1,145.2 MBbl/d, up 17%. Export volumes declined 2% year over year to 437 MBbl/d, affected by the outage at a portion of the Galena Park export facility.

TRGP’s Costs, Capex & Balance SheetProduct purchases and fuel declined 26% year over year to $2.39 billion, reflecting lower NGL and natural gas prices, partly offset by higher volumes. Operating expenses rose 10% to $333.7 million, mainly due to higher labor and maintenance costs from increased activity, system expansions and the Permian asset acquisition.

The company spent $914.4 million on growth capital programs compared with $594.5 million in the year-ago period. While maintenance capital expenditures were $37.6 million compared with $47.3 million in the year-ago period, adjusted free cash flow was $227.9 million.

As of March 31, 2026, TRGP had cash and cash equivalents of $100.1 million and long-term debt of $18.4 billion, with a debt-to-capitalization of around 85.5%.

TRGP’s Project UpdatesTarga completed the Falcon II processing plant in Permian Delaware in February 2026 and the East Pembrook plant in Permian Midland in late March. The company also completed Train 11 in Mont Belvieu in April and began start-up operations for its Delaware Express NGL Pipeline expansion in May.

Targa announced two new Permian Delaware processing plants — Roadrunner III and Copperhead II — expected to begin operations in the first quarter of 2028. The company’s investor presentation shows several other major projects underway, including Train 12, Train 13, Speedway, the GPMT LPG Export Expansion and residue gas pipeline projects.

TRGP’s 2026 GuidanceThe company expects a stronger 2026 financial performance, supported by continued growth across the Permian gathering and processing footprint and record volumes through its integrated NGL system. Management guided to a 2026 adjusted EBITDA of approximately $5.7 billion to $5.9 billion, representing roughly 17% year-over-year growth, driven by higher throughput volumes, strength in marketing and optimization activities and contributions from recently completed and ongoing expansion projects. The company also plans to invest about $4.5 billion in net growth capital expenditures during 2026, while maintenance capital is expected to total roughly $250 million.

Importantly, more than 90% of expected EBITDA is projected to be fee-based, providing greater cash flow stability and limiting direct exposure to commodity price volatility.

Overall, management’s outlook reflects confidence in sustained producer activity, rising infrastructure demand in the Permian Basin and continued operating momentum heading into 2026. TRGP currently carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.

Important Earnings at a GlanceWhile we have discussed TRGP’s first-quarter results in detail, let us take a look at three other key reports in this space.

Houston, TX-based oil and gas equipment and services provider, Halliburton Company (HAL - Free Report) , posted first-quarter 2026 adjusted net income per share of 55 cents, beating the Zacks Consensus Estimate of 49 cents. The outperformance primarily reflects successful cost reduction initiatives. However, the bottom line fell from the year-ago adjusted profit of 60 cents.

Halliburton reported first-quarter capital expenditure of $192 million. As of March 31, 2026, this oil and gas equipment and services company had approximately $2 billion in cash/cash equivalents and $7.1 billion in long-term debt, representing a debt-to-capitalization ratio of 39.6.

Houston, TX-based oil and gas storage and transportation company, Kinder Morgan Inc. (KMI - Free Report) , posted first-quarter 2026 adjusted earnings per share of 48 cents, which beat the Zacks Consensus Estimate of 38 cents. The bottom line increased year over year from 34 cents. The strong quarterly results can be primarily attributed to contributions from the Natural Gas Pipelines business segment.

As of March 31, 2026, KMI reported $72 million in cash and cash equivalents. At the quarter's end, its long-term debt amounted to $29.72 billion. KMI’s project backlog was reported at $10.1 billion by the end of the first quarter. The midstream energy major added that natural gas projects comprise approximately 92% of its project backlog, with nearly 60% dedicated to supporting local distribution companies and power generation.

Fort Worth, TX-based oil and gas exploration and production company, Range Resources Corporation (RRC - Free Report) , posted first-quarter 2026 adjusted earnings of $1.52 per share, which beat the Zacks Consensus Estimate of $1.33. The bottom line also improved from the prior-year level of 96 cents. Strong quarterly results can be attributed to higher gas-equivalent production and increased natural gas price realization.

Drilling and completion expenditure totaled $130 million. An additional $5 million was spent on acreage and $4 million on infrastructure and other investments. At the end of the first quarter, Range Resources reported a total debt of $819.3 million, net of deferred financing costs.

Taking full advantage of the stock market and investing with confidence are common goals for new and old investors, and Zacks Premium offers many different ways to do both.

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It also includes access to the Zacks Style Scores.

What are the Zacks Style Scores? Developed alongside the Zacks Rank, the Zacks Style Scores are a group of complementary indicators that help investors pick stocks with the best chances of beating the market over the next 30 days.

Based on their value, growth, and momentum characteristics, each stock is assigned a rating of A, B, C, D, or F. The better the score, the better chance the stock will outperform; an A is better than a B, a B is better than a C, and so on.

The Style Scores are broken down into four categories:

Value ScoreFinding good stocks at good prices, and discovering which companies are trading under their true value, are what value investors like to focus on. So, the Value Style Score takes into account ratios like P/E, PEG, Price/Sales, Price/Cash Flow, and a host of other multiples to highlight the most attractive and discounted stocks.

Growth ScoreGrowth investors, on the other hand, are more concerned with a company's financial strength and health, and its future outlook. The Growth Style Score examines things like projected and historic earnings, sales, and cash flow to find stocks that will experience sustainable growth over time.

Momentum ScoreMomentum traders and investors live by the saying "the trend is your friend." This investing style is all about taking advantage of upward or downward trends in a stock's price or earnings outlook. Employing factors like one-week price change and the monthly percentage change in earnings estimates, the Momentum Style Score can indicate favorable times to build a position in high-momentum stocks.

VGM ScoreWhat if you like to use all three types of investing? The VGM Score is a combination of all Style Scores, making it one of the most comprehensive indicators to use with the Zacks Rank. It rates each stock on their combined weighted styles, which helps narrow down the companies with the most attractive value, best growth forecast, and most promising momentum.

How Style Scores Work with the Zacks Rank A proprietary stock-rating model, the Zacks Rank utilizes the power of earnings estimate revisions, or changes to a company's earnings outlook, to help investors create a successful portfolio.

It's highly successful, with #1 (Strong Buy) stocks producing an unmatched +23.7% average annual return since 1988. That's more than double the S&P 500. But because of the large number of stocks we rate, there are over 200 companies with a Strong Buy rank, plus another 600 with a #2 (Buy) rank, on any given day.

This totals more than 800 top-rated stocks, and it can be overwhelming to try and pick the best stocks for you and your portfolio.

That's where the Style Scores come in.

You want to make sure you're buying stocks with the highest likelihood of success, and to do that, you'll need to pick stocks with a Zacks Rank #1 or #2 that also have Style Scores of A or B. If you like a stock that only has a #3 (Hold) rank, it should also have Scores of A or B to guarantee as much upside potential as possible.

Since the Scores were created to work together with the Zacks Rank, the direction of a stock's earnings estimate revisions should be a key factor when choosing which stocks to buy.

Here's an example: a stock with a #4 (Sell) or #5 (Strong Sell) rating, even one with Style Scores of A and B, still has a downward-trending earnings outlook, and a bigger chance its share price will decrease too.

Thus, the more stocks you own with a #1 or #2 Rank and Scores of A or B, the better.

Stock to Watch: Targa Resources, Inc. (TRGP - Free Report) Targa Resources Corp. is a premier energy infrastructure company. A leading provider of integrated midstream services in North America, the Houston, TX based operator primarily derives its revenues from gathering, compressing, treating, processing and selling natural gas. Targa Resources also provides services associated with natural gas liquids (“NGL”), including those to liquefied petroleum gas (“LPG”) exporters - and crude oil.

TRGP is a #3 (Hold) on the Zacks Rank, with a VGM Score of B.

Additionally, the company could be a top pick for growth investors. TRGP has a Growth Style Score of B, forecasting year-over-year earnings growth of 25.6% for the current fiscal year.

For fiscal 2026, six analysts revised their earnings estimate upwards in the last 60 days, and the Zacks Consensus Estimate has increased $0.47 to $10.66 per share. TRGP boasts an average earnings surprise of +10.2%.

With a solid Zacks Rank and top-tier Growth and VGM Style Scores, TRGP should be on investors' short list.

Taking full advantage of the stock market and investing with confidence are common goals for new and old investors, and Zacks Premium offers many different ways to do both.

The popular research service can help you become a smarter, more self-assured investor, giving you access to daily updates of the Zacks Rank and Zacks Industry Rank, the Zacks #1 Rank List, Equity Research reports, and Premium stock screens.

Zacks Premium includes access to the Zacks Style Scores as well.

What are the Zacks Style Scores? The Zacks Style Scores is a unique set of guidelines that rates stocks based on three popular investing types, and were developed as complementary indicators for the Zacks Rank. This combination helps investors choose securities with the highest chances of beating the market over the next 30 days.

Each stock is given an alphabetic rating of A, B, C, D or F based on their value, growth, and momentum qualities. With this system, an A is better than a B, a B is better than a C, and so on, meaning the better the score, the better chance the stock will outperform.

The Style Scores are broken down into four categories:

Value ScoreFinding good stocks at good prices, and discovering which companies are trading under their true value, are what value investors like to focus on. So, the Value Style Score takes into account ratios like P/E, PEG, Price/Sales, Price/Cash Flow, and a host of other multiples to highlight the most attractive and discounted stocks.

Growth ScoreGrowth investors are more concerned with a stock's future prospects, and the overall financial health and strength of a company. Thus, the Growth Style Score analyzes characteristics like projected and historic earnings, sales, and cash flow to find stocks that will see sustainable growth over time.

Momentum ScoreMomentum traders and investors live by the saying "the trend is your friend." This investing style is all about taking advantage of upward or downward trends in a stock's price or earnings outlook. Employing factors like one-week price change and the monthly percentage change in earnings estimates, the Momentum Style Score can indicate favorable times to build a position in high-momentum stocks.

VGM ScoreIf you like to use all three kinds of investing, then the VGM Score is for you. It's a combination of all Style Scores, and is an important indicator to use with the Zacks Rank. The VGM Score rates each stock on their shared weighted styles, narrowing down the companies with the most attractive value, best growth forecast, and most promising momentum.

How Style Scores Work with the Zacks Rank The Zacks Rank is a proprietary stock-rating model that harnesses the power of earnings estimate revisions, or changes to a company's earnings expectations, to help investors build a successful portfolio.

Investors can count on the Zacks Rank's success, with #1 (Strong Buy) stocks producing an unmatched +23.7% average annual return since 1988, more than double the S&P 500's performance. But the model rates a large number of stocks, and there are over 200 companies with a Strong Buy rank, plus another 600 with a #2 (Buy) rank, on any given day.

This totals more than 800 top-rated stocks, and it can be overwhelming to try and pick the best stocks for you and your portfolio.

That's where the Style Scores come in.

To maximize your returns, you want to buy stocks with the highest probability of success. This means picking stocks with a Zacks Rank #1 or #2 that also have Style Scores of A or B. If you find yourself looking at stocks with a #3 (Hold) rank, make sure they have Scores of A or B as well to ensure as much upside potential as possible.

Since the Scores were created to work together with the Zacks Rank, the direction of a stock's earnings estimate revisions should be a key factor when choosing which stocks to buy.

For instance, a stock with a #4 (Sell) or #5 (Strong Sell) rating, even one that boasts Scores of A and B, still has a downward-trending earnings forecast, and a much greater likelihood its share price will decline as well.

Thus, the more stocks you own with a #1 or #2 Rank and Scores of A or B, the better.

Stock to Watch: Targa Resources, Inc. (TRGP - Free Report) Targa Resources Corp. is a premier energy infrastructure company. A leading provider of integrated midstream services in North America, the Houston, TX based operator primarily derives its revenues from gathering, compressing, treating, processing and selling natural gas. Targa Resources also provides services associated with natural gas liquids (“NGL”), including those to liquefied petroleum gas (“LPG”) exporters - and crude oil.

TRGP is a #3 (Hold) on the Zacks Rank, with a VGM Score of B.

Momentum investors should take note of this Oils-Energy stock. TRGP has a Momentum Style Score of A, and shares are up 4.3% over the past four weeks.

Seven analysts revised their earnings estimate higher in the last 60 days for fiscal 2026, while the Zacks Consensus Estimate has increased $0.43 to $10.75 per share. TRGP also boasts an average earnings surprise of +10.2%.

With a solid Zacks Rank and top-tier Momentum and VGM Style Scores, TRGP should be on investors' short list.

CWA Asset Management Group LLC acquired a new position in shares of Kilroy Realty Corporation (NYSE: KRC) during the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor acquired 21,322 shares of the real estate investment trust's stock, valued at approximately $797,000.

LOS ANGELES--(BUSINESS WIRE)--Kilroy Realty Corporation (NYSE: KRC) ("Kilroy" or the “Company”) announced today it will release first quarter 2026 financial results after the market closes on Monday, April 27, 2026. Kilroy will hold a conference call to discuss the results at 10:00 a.m. PT / 1:00 p.m. ET on Tuesday, April 28, 2026.

To participate and obtain conference call dial-in details, register by using the following link:
https://events.q4inc.com/analyst/264481752?pwd=Vl5fneFS.

This call will be broadcast live over the Internet and can be accessed on the Investor Relations section of Kilroy’s website at https://investors.kilroyrealty.com/shareholders/investor-events/default.aspx. A replay will also be available on the Company’s Investor Relations website beginning April 28, 2026 through April 27, 2027.

About Kilroy Realty Corporation

Kilroy is a leading U.S. landlord and developer, with operations in the San Francisco Bay Area, Los Angeles, Seattle, San Diego, and Austin. The Company has earned global recognition for sustainability, building operations, innovation, and design. As a pioneer and innovator in the creation of a more sustainable real estate industry, the Company’s approach to modern business environments helps drive creativity and productivity for some of the world’s leading technology, media, life science, and business services companies.

The Company is a publicly traded real estate investment trust (“REIT”) and member of the S&P MidCap 400 Index with more than seven decades of experience developing, acquiring, and managing office, life science, and mixed-use projects.

As of December 31, 2025, Kilroy’s stabilized portfolio totaled approximately 16.3 million square feet of primarily office and life science space that was 81.6% occupied and 83.8% leased. The Company also had approximately 1,000 residential units in Hollywood and San Diego, which had a quarterly average occupancy of 94.1%. In addition, the Company had one development project in the tenant improvement phase totaling approximately 872,000 square feet with a total estimated investment of $1.2 billion.

A Leader in Sustainability and Commitment to Corporate Social Responsibility

Kilroy has a longstanding commitment to sustainability and continues to be a recognized leader in our sector. For over a decade, the Company and its sustainability initiatives have been recognized with numerous honors, including earning the GRESB five star rating and being named a sector and regional leader in the Americas. Other honors have included the Nareit Leader in the Light Award, being listed on the Dow Jones Sustainability World Index, being named ENERGY STAR Partner of the Year, and receiving the ENERGY STAR highest honor of Sustained Excellence.

Kilroy is proud to have achieved carbon neutral operations across our portfolio since 2020. The Company also has a longstanding commitment to maintain high levels of LEED, Fitwell, and ENERGY STAR certifications across the portfolio.

Kilroy is committed to cultivating a company culture that makes a positive difference in our employees’ lives by focusing on development, celebrating our unique backgrounds, promoting employee health and wellness, and dedicating ourselves to being a responsible corporate citizen through our community service and philanthropic efforts.

More information is available at http://www.kilroyrealty.com.

Forward-Looking Statements

This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements are based on our current expectations, beliefs, and assumptions, and are not guarantees of future performance. Forward-looking statements are inherently subject to uncertainties, risks, changes in circumstances, trends, and factors that are difficult to predict, many of which are outside of our control. Accordingly, actual performance, results, and events may vary materially from those indicated or implied in the forward-looking statements, and you should not rely on the forward-looking statements as predictions of future performance, results, or events. Numerous factors could cause actual future performance, results, and events to differ materially from those indicated in the forward-looking statements, including, among others: global market and general economic conditions, including actual and potential tariffs and periods of heightened inflation, and their effect on our liquidity and financial conditions and those of our tenants; adverse economic or real estate conditions generally, and specifically, in the States of California, Texas, and Washington; risks associated with our investment in real estate assets, which are illiquid, and with trends in the real estate industry; defaults on or non-renewal of leases by tenants; any significant downturn in tenants’ businesses, including bankruptcy, lack of liquidity or lack of funding, and the impact labor disruptions or strikes, such as episodic strikes in the media industry, may have on our tenants’ businesses; our ability to re-lease property at or above current market rates; reduced demand for office space, including as a result of remote working and flexible working arrangements that allow work from remote locations other than an employer's office premises; costs to comply with government regulations, including environmental remediation; the availability of cash for distribution and debt service, and exposure to risk of default under debt obligations; increases in interest rates and our ability to manage interest rate exposure; changes in interest rates and the availability of financing on attractive terms or at all, which may adversely impact our future interest expense and our ability to pursue development, redevelopment, and acquisition opportunities and refinance existing debt; a decline in real estate asset valuations, which may limit our ability to dispose of assets at attractive prices, or obtain or maintain debt financing, and which may result in write-offs or impairment charges; significant competition, which may decrease the occupancy and rental rates of properties; potential losses that may not be covered by insurance; the ability to successfully complete acquisitions and dispositions on announced terms; the ability to successfully operate acquired, developed, and redeveloped properties; the ability to successfully complete development and redevelopment projects on schedule and within budgeted amounts; delays or refusals in obtaining all necessary zoning, land use, and other required entitlements, governmental permits and authorizations for our development and redevelopment properties; increases in anticipated capital expenditures, tenant improvement, and/or leasing costs; defaults on leases for land on which some of our properties are located; adverse changes to, or enactment or implementations of, tax laws or other applicable laws, regulations, or legislation, as well as business and consumer reactions to such changes; risks associated with joint venture investments, including our lack of sole decision-making authority, our reliance on co-venturers’ financial condition, and disputes between us and our co-venturers; environmental uncertainties and risks related to natural disasters; risks associated with climate change and our sustainability strategies, and our ability to achieve our sustainability goals; and our ability to maintain our status as a REIT. These factors are not exhaustive and additional factors could adversely affect our business and financial performance. For a discussion of additional factors that could materially adversely affect our business and financial performance, see the factors included under the caption “Risk Factors” in our annual report on Form 10-K for the year ended December 31, 2025, and our other filings with the Securities and Exchange Commission. All forward-looking statements are based on currently available information and speak only as of the dates on which they are made. We assume no obligation to update any forward-looking statement made in this press release that becomes untrue because of subsequent events, new information, or otherwise, except to the extent we are required to do so in connection with our ongoing requirements under federal securities laws.

LOS ANGELES--(BUSINESS WIRE)--Kilroy Realty Corporation (NYSE: KRC) ("Kilroy" or the “Company”) published its fifteenth annual Sustainability Report today, providing updates on progress toward our 2030 Environmental and Social Goals, and building on the Company’s longstanding track record of sustainability leadership.

Kilroy’s 2025 Sustainability Report details the Company’s sustainability strategy, goals, performance, and impact across a wide range of environmental, social, and governance initiatives.

“Sustainability is an integral part of our business strategy and company culture,” said Angela Aman, Chief Executive Officer. “Our approach creates long-term value and fosters meaningful engagement with our employees, our existing and prospective tenants, the communities we serve, and our shareholders.”

Recent achievements announced in the 2025 Sustainability Report include:

Maintained carbon neutral operations for the sixth consecutive year Earned a five-star designation in the 2025 GRESB Real Estate Assessment for our Standing Assets and named the Regional Sector Leader in the Americas in Technology / Life Science for our Development Portfolio Received a 2026 Nareit Leader in the Light Award for Responsibility Named a 2026 Fitwel Best in Building Health Impact Award winner for Greatest Number of Recertified Projects of All-Time “Collaboration across Kilroy, as well as with our tenants and partners, has been central to our sustainability success this year,” said Sarah King, Senior Vice President, Sustainability. “Whether advancing energy efficiency projects, expanding onsite solar, sharpening our philanthropic focus, or investing in employee development, our shared commitment to environmental and social progress continues to drive meaningful results.”

The full report can be found on the Kilroy website at: https://kilroyrealty.com/sustainability/

About Kilroy Realty Corporation

Kilroy is a leading U.S. landlord and developer, with operations in the San Francisco Bay Area, Los Angeles, Seattle, San Diego, and Austin. The Company has earned global recognition for sustainability, building operations, innovation, and design. As a pioneer and innovator in the creation of a more sustainable real estate industry, the Company’s approach to modern business environments helps drive creativity and productivity for some of the world’s leading technology, media, life science, and business services companies.

The Company is a publicly traded real estate investment trust (“REIT”) and member of the S&P MidCap 400 Index with more than seven decades of experience developing, acquiring, and managing office, life science, and mixed-use projects.

As of December 31, 2025, Kilroy’s stabilized portfolio totaled approximately 16.3 million square feet of primarily office and life science space that was 81.6% occupied and 83.8% leased. The Company also had approximately 1,000 residential units in Hollywood and San Diego, which had a quarterly average occupancy of 94.1%. In addition, the Company had one development project in the tenant improvement phase totaling approximately 872,000 square feet with a total estimated investment of $1.2 billion.

A Leader in Sustainability and Commitment to Corporate Social Responsibility

Kilroy has a longstanding commitment to sustainability and continues to be a recognized leader in our sector. For over a decade, the Company and its sustainability initiatives have been recognized with numerous honors, including earning the GRESB five star rating and being named a sector and regional leader in the Americas. Other honors have included the Nareit Leader in the Light Award, being listed on the Dow Jones Sustainability World Index, being named ENERGY STAR Partner of the Year, and receiving the ENERGY STAR highest honor of Sustained Excellence.

Kilroy is proud to have achieved carbon neutral operations across our portfolio since 2020. The Company also has a longstanding commitment to maintain high levels of LEED, Fitwell, and ENERGY STAR certifications across the portfolio.

Kilroy is committed to cultivating a company culture that makes a positive difference in our employees’ lives by focusing on development, celebrating our unique backgrounds, promoting employee health and wellness, and dedicating ourselves to being a responsible corporate citizen through our community service and philanthropic efforts.

More information is available at http://www.kilroyrealty.com.

Forward-Looking Statements

This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements are based on our current expectations, beliefs, and assumptions, and are not guarantees of future performance. Forward-looking statements are inherently subject to uncertainties, risks, changes in circumstances, trends, and factors that are difficult to predict, many of which are outside of our control. Accordingly, actual performance, results, and events may vary materially from those indicated or implied in the forward-looking statements, and you should not rely on the forward-looking statements as predictions of future performance, results, or events. Numerous factors could cause actual future performance, results, and events to differ materially from those indicated in the forward-looking statements, including, among others: global market and general economic conditions, including actual and potential tariffs and periods of heightened inflation, and their effect on our liquidity and financial conditions and those of our tenants; adverse economic or real estate conditions generally, and specifically, in the States of California, Texas, and Washington; risks associated with our investment in real estate assets, which are illiquid, and with trends in the real estate industry; defaults on or non-renewal of leases by tenants; any significant downturn in tenants’ businesses, including bankruptcy, lack of liquidity or lack of funding, and the impact labor disruptions or strikes, such as episodic strikes in the media industry, may have on our tenants’ businesses; our ability to re-lease property at or above current market rates; reduced demand for office space, including as a result of remote working and flexible working arrangements that allow work from remote locations other than an employer's office premises; costs to comply with government regulations, including environmental remediation; the availability of cash for distribution and debt service, and exposure to risk of default under debt obligations; increases in interest rates and our ability to manage interest rate exposure; changes in interest rates and the availability of financing on attractive terms or at all, which may adversely impact our future interest expense and our ability to pursue development, redevelopment, and acquisition opportunities and refinance existing debt; a decline in real estate asset valuations, which may limit our ability to dispose of assets at attractive prices, or obtain or maintain debt financing, and which may result in write-offs or impairment charges; significant competition, which may decrease the occupancy and rental rates of properties; potential losses that may not be covered by insurance; the ability to successfully complete acquisitions and dispositions on announced terms; the ability to successfully operate acquired, developed, and redeveloped properties; the ability to successfully complete development and redevelopment projects on schedule and within budgeted amounts; delays or refusals in obtaining all necessary zoning, land use, and other required entitlements, governmental permits and authorizations for our development and redevelopment properties; increases in anticipated capital expenditures, tenant improvement, and/or leasing costs; defaults on leases for land on which some of our properties are located; adverse changes to, or enactment or implementations of, tax laws or other applicable laws, regulations, or legislation, as well as business and consumer reactions to such changes; risks associated with joint venture investments, including our lack of sole decision-making authority, our reliance on co-venturers’ financial condition, and disputes between us and our co-venturers; environmental uncertainties and risks related to natural disasters; risks associated with climate change and our sustainability strategies, and our ability to achieve our sustainability goals; and our ability to maintain our status as a REIT. These factors are not exhaustive and additional factors could adversely affect our business and financial performance. For a discussion of additional factors that could materially adversely affect our business and financial performance, see the factors included under the caption “Risk Factors” in our annual report on Form 10-K for the year ended December 31, 2025, and our other filings with the Securities and Exchange Commission. All forward-looking statements are based on currently available information and speak only as of the dates on which they are made. We assume no obligation to update any forward-looking statement made in this press release that becomes untrue because of subsequent events, new information, or otherwise, except to the extent we are required to do so in connection with our ongoing requirements under federal securities laws.

On April 15, 2026, Kilroy Realty Corp KRC shares rose 4.3% to a current price of $30.46. The stock has seen a 52-week range between $27.36 and $45.03, reflecting a significant fluctuation in investor sentiment and market conditions.

GF Value™ verdict: KRC is currently trading at $30.46, which is 11.1% below its GF Value™ of $34.27.GF Score™: KRC has a GF Score™ of 70/100, indicating an above-average ranking based on various financial metrics.Most notable signal: KRC has experienced no insider transactions in the last 3 months, suggesting a lack of recent insider confidence in the stock. Is KRC Overvalued or Undervalued? With a current price of $30.46 and a GF Value™ estimate of $34.27, Kilroy Realty Corp KRC is considered undervalued by 11.1%. This margin of safety offers a potential opportunity for investors looking to capitalize on a stock that is trading below its intrinsic value. The GF Valuation label describes KRC as "Modestly Undervalued," implying that while there is room for appreciation, caution should still be exercised due to the current market dynamics.

GF Value™ is GuruFocus' proprietary measure of intrinsic value, calculated from historical trading multiples, past business growth, and future performance estimates. The relatively low price compared to its GF Value™ suggests that KRC may provide an appealing entry point, although prospective investors should consider the overall market conditions and the company's financial health before making decisions.

How Does KRC's Valuation Compare to Its History? Metric Current Historical P/E (TTM) 13.2x 18.8x Forward P/E 70.8x N/A KRC's current P/E ratio of 13.2x is significantly below its 5-year median P/E of 18.8x, indicating that the stock is trading at a lower valuation compared to its historical averages. This analysis aligns with the GF Value™ verdict that KRC is undervalued, as a lower P/E ratio typically reflects an undervalued stock, especially when compared to its historical performance.

What Does KRC's GF Score™ Tell Us? Metric Rating GF Score™ 70/100 Financial Strength 4/10 Profitability 7/10 Growth 1/10 Valuation 10/10 Momentum 5/10 KRC's GF Score™ of 70/100 indicates a stock that is performing above average. The strongest area is its Valuation rank of 10/10, suggesting that the stock is attractively priced relative to its intrinsic value. However, the Growth rank of 1/10 is a significant weakness, indicating challenges in the company's growth prospects. Overall, the combination of these scores highlights KRC's current undervaluation, while also flagging potential concerns regarding its growth trajectory.

What Are Insiders Doing with KRC Stock? There have been no insider transactions involving Kilroy Realty Corp KRC in the last three months. This lack of activity may suggest that insiders are currently not making moves to buy or sell shares, which can be interpreted as a neutral signal regarding their confidence in the company's future performance. Investors often look for insider buying as a sign of confidence in the company's prospects, so the absence of such activity could indicate caution among executives.

What This Means for Investors Based on the current analysis, Kilroy Realty Corp KRC is considered modestly undervalued according to GF Value™. This presents potential opportunities for investors looking for value plays in the real estate sector. However, prospective investors should weigh the company's financial strength and growth potential against the current market environment before making decisions.

For the complete analysis, visit the Kilroy Realty Corp KRC stock page. You can also explore the GF Value™ page for detailed valuation methodology, or use the GuruFocus Stock Screener to find similar opportunities.

Frequently Asked Questions What is KRC's GF Score™?

KRC has a GF Score™ of 70/100, indicating an above-average ranking based on financial metrics.

Is KRC overvalued or undervalued?

KRC is currently considered undervalued with a GF Value™ estimate of $34.27 compared to its market price of $30.46.

What is KRC's P/E ratio?

KRC's P/E (TTM) ratio is 13.2x, which is significantly below its 5-year median of 18.8x, indicating a lower valuation compared to its historical performance.

This stock alert was generated using automated technology and GuruFocus financial data to provide readers with timely and accurate market reporting. This content was reviewed by GuruFocus editorial team prior to publication. Please send any questions or comments about this story to [email protected].

LOS ANGELES--(BUSINESS WIRE)--Kilroy Realty Corporation (NYSE: KRC) (“Kilroy” or the “Company”) today reported financial results for the first quarter ended March 31, 2026.

“I am pleased to report on a remarkably strong quarter of execution across all facets of our business. First-quarter leasing activity, which totaled 568,000 square feet, represented the Company’s strongest first-quarter performance since 2017, as we continued to capitalize on accelerating momentum across the West Coast,” said Angela Aman, Chief Executive Officer. “In addition, we remained active on the capital allocation front, selling approximately $350 million of non-core and non-strategic properties year-to-date, while prudently allocating capital to debt repayments, opportunistic share repurchases, and a substantially pre-leased development project in one of the Company’s best-performing submarkets.”

Financial Results

Revenues of $270.1 million for the quarter ended March 31, 2026, as compared to $270.8 million for the quarter ended March 31, 2025 Net loss available to common stockholders of $(19.3) million, or $(0.16) per diluted share, for the quarter ended March 31, 2026, as compared to Net income available to common stockholders of $39.0 million, or $0.33 per diluted share, for the quarter ended March 31, 2025 Funds from operations (“FFO”) of $108.8 million, or $0.91 per diluted share, for the quarter ended March 31, 2026, as compared to $122.3 million, or $1.02 per diluted share, for the quarter ended March 31, 2025 Leasing and Occupancy

Stabilized Portfolio was 77.6% occupied and 82.3% leased at March 31, 2026, representing 470 basis points of leases signed but not yet commenced Excluding Kilroy Oyster Point Phase 2 (“KOP 2”), the Stabilized Portfolio was 81.5% occupied and 84.3% leased at March 31, 2026, representing 280 basis points of leases signed but not yet commenced During the quarter, signed approximately 568,000 square feet of leases Leasing activity was comprised of 406,000 square feet of new leasing on previously vacant space, 80,000 square feet of new leasing on currently occupied space, and 82,000 square feet of renewal leasing New leasing on vacant space included an approximately 145,000-square-foot development lease with Cooley LLP, a global law firm. See “Joint Venture Formation” section below for additional details Leasing activity during the quarter included approximately 70,000 square feet of short-term leasing GAAP and cash rents on leases signed during the quarter decreased (10.6)% and (16.8)%, respectively, from prior levels on Second Generation leasing, excluding short-term leasing Excluding leases signed on space vacant for more than 12 months, GAAP and cash rents on leases signed during the quarter increased 19.2% and 5.2%, respectively Capital Recycling Activity

In January, completed the sale of Kilroy Sabre Springs, an approximately 428,000-square-foot, three-building campus in the I-15 Corridor submarket of San Diego, for gross sales proceeds of $124.5 million In March, completed the sale of Del Mar Tech Center, an approximately 39,000-square-foot office property in the Del Mar submarket of San Diego, for gross sales proceeds of $21.0 million During the first quarter, entered into an agreement to sell the 200-unit Columbia Square Living residential tower and the 193-unit Jardine residential tower in the Hollywood submarket of Los Angeles and classified the properties as Held for Sale. The sale closed in April for gross sales proceeds of $202.0 million Common Stock Repurchases

During the quarter, repurchased approximately 2.4 million shares of common stock at a weighted average price of $30.80 per common share for an aggregate purchase price of $72.7 million Joint Venture Formation

In February, acquired an interest in 1900 Broadway, a fully-entitled land site in Downtown Redwood City capable of supporting a 251,000-square-foot office building. Concurrent with closing, signed a 20-year lease with Cooley LLP for 145,000 square feet, bringing the project to 58% pre-leased. Total project costs are expected to range from $330.0 million to $350.0 million. Construction is anticipated to commence in 2027, with delivery scheduled for 2030, at which time the Company’s ownership interest is expected to be 97% Dividend

The Board declared and paid a regular quarterly cash dividend on its common stock of $0.54 per share, equivalent to an annual rate of $2.16 per share. The dividend was paid on April 8, 2026 to stockholders of record on March 31, 2026 (the ex-dividend date) Recent Developments

In April, repaid the outstanding $50.0 million of 4.300% Private Placement Senior Notes Series A due July 2026, at par Net Income Available to Common Stockholders / FFO Guidance

The Company is updating Nareit-defined FFO per share guidance for the full year 2026 to $3.49 to $3.63 per diluted share, from the previous range of $3.25 to $3.45. The table below reflects key assumptions for 2026 guidance.

Key Assumptions

February 2026 Assumptions

April 2026 Assumptions

Average full year occupancy

76.0% to 78.0%

76.5% to 78.0%

Average full year occupancy excluding KOP 2

80.0% to 81.5%

80.5% to 81.5%

Same Property Cash Net Operating Income (“NOI”) growth (1) (2)

(1.50%) to 0.00%

0.25% to 1.25%

NOI from Development Properties (3)

$(23.5) to $(25.0) million

$(22.5) to $(24.0) million

Non-Cash GAAP NOI adjustments (1) (4)

$12.0 to $14.0 million

$13.0 to $15.0 million

GAAP lease termination fee income

$3.0 to $4.5 million

No change

General and administrative and Leasing costs

$(89.0) to $(91.0) million

$(87.5) to $(89.5) million

Interest income

$2.0 to $3.0 million

No change

Gross interest expense

$(212.0) to $(214.0) million

$(208.0) to $(209.5) million

Capitalized interest (5)

$32.0 to $34.0 million

$48.5 to $49.5 million

Total development spending (6)

$150.0 to $200.0 million

No change

Operating property dispositions

+/- $300.0 million

$347.5 to $500.0 million

Full Year 2026 Range

as of February 2026

Full Year 2026 Range

as of April 2026

Low End

High End

Low End

High End

$ and shares/units in thousands, except per share/unit amounts

Net income available to common stockholders per share - diluted

$

0.59

$

0.79

$

0.08

$

0.22

Weighted average common shares outstanding - diluted (7)

120,100

120,100

118,100

118,100

Net income available to common stockholders

$

70,800

$

95,040

$

9,055

$

25,743

Adjustments:

Net income attributable to noncontrolling common units of the Operating Partnership

300

300

300

300

Net income attributable to noncontrolling interests in consolidated property partnerships

17,000

17,000

17,000

17,000

Depreciation and amortization of real estate assets

342,000

342,000

379,400

379,400

Gain on sale of depreciable operating property

(8,200

)

(8,200

)

(23,525

)

(23,525

)

Impairment of real estate assets

—

—

61,778

61,778

Funds From Operations attributable to noncontrolling interests in consolidated property partnerships

(28,000

)

(28,000

)

(28,000

)

(28,000

)

Funds From Operations (1)

$

393,900

$

418,140

$

416,008

$

432,696

Weighted average common shares/units outstanding – diluted (8)

121,200

121,200

119,200

119,200

Nareit Funds From Operations per common share/unit – diluted (1)

$

3.25

$

3.45

$

3.49

$

3.63

(1)

For additional information, please refer to pages 36-38 “Non-GAAP Supplemental Measures” of the Company’s Supplemental Financial Report furnished on Form 8-K for management statements on the Company’s non-GAAP measures.

(2)

Increase in guidance range includes $5.9 million in settlement income received in Q2 2026.

(3)

NOI from Development Properties is primarily comprised of carry costs associated with Company’s KOP 2 and Flower Mart projects. Guidance now assumes the continued capitalization of the Company’s Flower Mart project through December 2026, previously assumed to be June 2026.

(4)

Non-Cash GAAP NOI adjustments include the following items: Amortization of deferred revenue related to tenant-funded tenant improvements, Straight-line rents, net, Amortization of net below market rents, and Lease related adjustments and other.

(5)

Capitalized interest guidance now assumes the continued capitalization of the Company’s Flower Mart project through December 2026, previously assumed to be June 2026.

(6)

Total development spending includes recently stabilized, in-process, and future development projects.

(7)

Calculated based on estimated weighted average shares outstanding, including non-participating share-based awards and the dilutive impact of contingently issuable shares.

(8)

Calculated based on the weighted average shares outstanding, including participating and non-participating share-based awards, and the dilutive impact of contingently issuable shares, and assuming the exchange of all common limited partnership units outstanding. Reported amounts are attributable to common stockholders, common unitholders, and restricted stock unitholders.

The Company’s guidance estimates for the full year 2026, and the reconciliation of Net income available to common stockholders per share - diluted and FFO per share and unit - diluted included within this press release, reflect management’s views on current and future market conditions, including assumptions with respect to rental rates, occupancy levels, and the earnings impact of the events referenced in this press release. These guidance estimates do not include the impact on the Company’s operating results from any events outside of the Company’s control, as the timing and magnitude of any such events are not known at the time the Company provides guidance. There can be no assurance that the Company’s actual results will not differ materially from these estimates.

Conference Call and Audio Webcast

The Company’s management will discuss first quarter results and the current business environment during the Company’s April 28, 2026 earnings conference call. The call will begin at 10:00 a.m. Pacific Time and last approximately one hour. To participate and obtain conference call dial-in details, register by using the following link, https://events.q4inc.com/analyst/264481752?pwd=Vl5fneFS. Those interested in listening via the Internet can access the conference call at https://events.q4inc.com/attendee/264481752. It may be necessary to download audio software to hear the conference call.

About Kilroy Realty Corporation

Kilroy is a leading U.S. landlord and developer, with operations in the San Francisco Bay Area, Los Angeles, Seattle, San Diego, and Austin. The Company has earned global recognition for sustainability, building operations, innovation, and design. As a pioneer and innovator in the creation of a more sustainable real estate industry, the Company’s approach to modern business environments helps drive creativity and productivity for some of the world’s leading technology, media, life science, and professional services companies.

The Company is a publicly traded real estate investment trust (“REIT”) and member of the S&P MidCap 400 Index with more than seven decades of experience managing, developing, and acquiring office, life science, and mixed-use projects.

As of March 31, 2026, Kilroy’s stabilized portfolio totaled approximately 17.1 million square feet of primarily office and life science space that was 77.6% occupied and 82.3% leased. The Company also has 608 residential units in San Diego, with a quarterly average occupancy of 95.0%.

A Leader in Sustainability and Commitment to Corporate Social Responsibility

Kilroy has a longstanding commitment to sustainability and continues to be a recognized leader in our sector. For over a decade, the Company and its sustainability initiatives have been recognized with numerous honors, including earning the GRESB five star rating and being named a sector and regional leader in the Americas. Other honors have included the Nareit Leader in the Light Award, being listed on the Dow Jones Sustainability World Index, being named ENERGY STAR Partner of the Year, and receiving the ENERGY STAR highest honor of Sustained Excellence.

Kilroy is proud to have achieved carbon neutral operations across our portfolio since 2020. The Company also has a longstanding commitment to maintain high levels of LEED, Fitwell, and ENERGY STAR certifications across the portfolio.

Kilroy is committed to cultivating a company culture that makes a positive difference in our employees’ lives by focusing on development, celebrating our unique backgrounds, promoting employee health and wellness, and dedicating ourselves to being a responsible corporate citizen through our community service and philanthropic efforts.

More information is available at http://www.kilroyrealty.com.

Forward-Looking Statements

This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements are based on our current expectations, beliefs, and assumptions, and are not guarantees of future performance. Forward-looking statements are inherently subject to uncertainties, risks, changes in circumstances, trends, and factors that are difficult to predict, many of which are outside of our control. Accordingly, actual performance, results, and events may vary materially from those indicated or implied in the forward-looking statements, and you should not rely on the forward-looking statements as predictions of future performance, results, or events. Numerous factors could cause actual future performance, results, and events to differ materially from those indicated in the forward-looking statements, including, among others: global market and general economic conditions, including actual and potential tariffs and periods of heightened inflation, and their effect on us and our tenants; adverse economic or real estate conditions generally, and specifically, in the States of California, Texas, and Washington; risks associated with our investment in real estate assets, which are illiquid, and with trends in the real estate industry; defaults on or non-renewal of leases by tenants; any significant downturn in tenants’ businesses, including bankruptcy, lack of liquidity or lack of funding, and the impact labor disruptions or strikes, such as episodic strikes in the media industry, may have on our tenants’ businesses; our ability to re-lease property at or above current market rates; reduced demand for office space, including as a result of remote working and flexible working arrangements that allow work from remote locations other than an employer's office premises; costs to comply with government regulations, including environmental remediation; the availability of cash for distribution and debt service, and exposure to risk of default under debt obligations; increases in interest rates and our ability to manage interest rate exposure; changes in interest rates and the availability of financing on attractive terms or at all, which may adversely impact our future interest expense and our ability to pursue development, redevelopment, and acquisition opportunities and refinance existing debt; a decline in real estate asset valuations, which may limit our ability to dispose of assets at attractive prices, or obtain or maintain debt financing, and which may result in write-offs or impairment charges; significant competition, which may decrease the occupancy and rental rates of properties; potential losses that may not be covered by insurance; the ability to successfully complete acquisitions and dispositions on announced terms; the ability to successfully operate acquired, developed, and redeveloped properties; the ability to successfully complete development and redevelopment projects on schedule and within budgeted amounts; delays or refusals in obtaining all necessary zoning, land use, and other required entitlements, governmental permits and authorizations for our development and redevelopment properties; increases in anticipated capital expenditures, tenant improvement, and/or leasing costs; defaults on leases for land on which some of our properties are located; adverse changes to, or enactment or implementations of, tax laws or other applicable laws, regulations, or legislation, as well as business and consumer reactions to such changes; risks associated with joint venture investments, including our lack of sole decision-making authority, our reliance on co-venturers’ financial condition, and disputes between us and our co-venturers; environmental uncertainties and risks related to natural disasters; risks associated with climate change and our sustainability strategies, and our ability to achieve our sustainability goals; and our ability to maintain our status as a REIT. These factors are not exhaustive and additional factors could adversely affect our business and financial performance. For a discussion of additional factors that could materially adversely affect our business and financial performance, see the factors included under the caption “Risk Factors” in our annual report on Form 10-K for the year ended December 31, 2025, and our other filings with the Securities and Exchange Commission. All forward-looking statements are based on currently available information and speak only as of the dates on which they are made. We assume no obligation to update any forward-looking statement made in this press release that becomes untrue because of subsequent events, new information, or otherwise, except to the extent we are required to do so in connection with our ongoing requirements under federal securities laws.

KILROY REALTY CORPORATION

SUMMARY OF QUARTERLY RESULTS

(unaudited; in thousands, except per share data)

  Three Months Ended March 31,

2026

2025

Revenues

$

270,053

$

270,844

Net (loss) income available to common stockholders

$

(19,267

)

$

39,008

Weighted average common shares outstanding – basic

117,637

118,195

Weighted average common shares outstanding – diluted

117,637

118,664

Net (loss) income available to common stockholders per share – basic

$

(0.16

)

$

0.33

Net (loss) income available to common stockholders per share – diluted

$

(0.16

)

$

0.33

Funds From Operations (1)(2)

$

108,846

$

122,310

Weighted average common shares/units outstanding – basic (3)

119,251

119,750

Weighted average common shares/units outstanding – diluted (4)

119,957

120,220

Funds From Operations per common share/unit – basic (2)

$

0.91

$

1.02

Funds From Operations per common share/unit – diluted (2)

$

0.91

$

1.02

Common shares outstanding at end of period

116,279

118,269

Common partnership units outstanding at end of period

1,134

1,151

Total common shares and units outstanding at end of period

117,413

119,420

March 31, 2026

March 31, 2025

Stabilized office portfolio occupancy rates: (5)

San Francisco Bay Area

75.2

%

86.8

%

Los Angeles

74.8

%

72.7

%

Seattle

79.3

%

78.6

%

San Diego

84.6

%

87.5

%

Austin

83.2

%

76.4

%

Weighted average total

77.6

%

81.4

%

Total square feet of stabilized office properties owned at end of period: (5)

San Francisco Bay Area

6,437

6,171

Los Angeles

4,242

4,340

Seattle

2,997

2,996

San Diego

2,689

2,870

Austin

759

759

Total

17,124

17,136

KILROY REALTY CORPORATION

CONSOLIDATED BALANCE SHEETS

(unaudited; in thousands)

  March 31, 2026

December 31, 2025

ASSETS

Real Estate Assets

Land

$

1,730,514

$

1,641,913

Buildings and improvements

9,011,023

8,505,486

Undeveloped land and construction in progress

1,585,042

2,387,742

Total real estate assets held for investment

12,326,579

12,535,141

Accumulated depreciation and amortization

(2,857,265

)

(2,843,811

)

Total real estate assets held for investment, net

9,469,314

9,691,330

Real estate and other assets held for sale, net

188,771

115,155

Cash and cash equivalents

192,904

179,316

Marketable securities

31,417

30,807

Current receivables, net

15,712

12,765

Deferred rent receivables, net

425,420

424,794

Deferred leasing costs and acquisition-related intangible assets, net

271,213

278,232

Right of use ground lease assets, net

127,834

128,116

Prepaid expenses and other assets, net

52,273

54,561

TOTAL ASSETS

$

10,774,858

$

10,915,076

LIABILITIES AND EQUITY

Liabilities:

Secured debt, net

$

591,398

$

592,685

Unsecured debt, net

3,997,993

3,996,774

Accounts payable, accrued expenses, and other liabilities

303,808

288,963

Ground lease liabilities

127,414

127,628

Accrued dividends and distributions

63,421

65,009

Deferred revenue and acquisition-related intangible liabilities, net

122,272

125,628

Rents received in advance and tenant security deposits

79,638

75,701

Liabilities related to real estate assets held for sale

—

4,945

Total liabilities

5,285,944

5,277,333

Equity:

Stockholders’ Equity

Common stock

1,163

1,184

Additional paid-in capital

5,161,140

5,230,747

Retained earnings

102,859

188,876

Total stockholders’ equity

5,265,162

5,420,807

Noncontrolling Interests

Common units of the Operating Partnership

51,328

51,911

Consolidated property partnerships

172,424

165,025

Total noncontrolling interests

223,752

216,936

Total equity

5,488,914

5,637,743

TOTAL LIABILITIES AND EQUITY

$

10,774,858

$

10,915,076

  KILROY REALTY CORPORATION

CONSOLIDATED STATEMENTS OF OPERATIONS

(unaudited; in thousands, except per share data)

  Three Months Ended March 31,

2026

2025

Revenues

Rental income

$

265,330

$

266,244

Other property income

4,723

4,600

Total revenues

270,053

270,844

Expenses

Property expenses

59,283

58,714

Real estate taxes

28,782

28,365

Ground leases

3,187

3,020

General and administrative expenses

20,699

16,901

Leasing costs

3,010

2,873

Depreciation and amortization

94,344

87,119

Total expenses

209,305

196,992

Other Income (Expenses)

Interest income

954

1,134

Interest expense

(38,511

)

(31,148

)

Other income (expense)

389

(157

)

Gains on sales of depreciable operating properties

23,525

—

Impairment of real estate assets

(61,778

)

—

Total other expenses

(75,421

)

(30,171

)

Net (loss) income

(14,673

)

43,681

Net loss (income) attributable to noncontrolling common units of the Operating Partnership

185

(375

)

Net income attributable to noncontrolling interests in consolidated property partnerships

(4,779

)

(4,298

)

Total net income attributable to noncontrolling interests

(4,594

)

(4,673

)

Net (loss) income available to common stockholders

$

(19,267

)

$

39,008

Weighted average shares of common stock outstanding – basic

117,637

118,195

Weighted average shares of common stock outstanding – diluted

117,637

118,664

Net (loss) income available to common stockholders per share – basic

$

(0.16

)

$

0.33

Net (loss) income available to common stockholders per share – diluted

$

(0.16

)

$

0.33

  KILROY REALTY CORPORATION

CONSOLIDATED STATEMENTS OF CASH FLOWS

(unaudited; in thousands, except per share data)

  Three Months Ended March 31,

2026

2025

Cash flows from operating activities:

Net (loss) income

$

(14,673

)

$

43,681

Adjustments to reconcile net (loss) income to net cash provided by operating activities:

Depreciation and amortization of real estate assets and leasing costs

92,885

85,735

Depreciation of non-real estate furniture, fixtures, and equipment

1,459

1,384

Revenues deemed uncollectible

358

621

Non-cash amortization of deferred revenue related to tenant-funded tenant improvements

(3,218

)

(3,688

)

Straight-line rents, net

(701

)

4,613

Non-cash amortization of net below-market rents

(641

)

(846

)

Non-cash amortization of deferred financing costs and debt discounts

1,662

1,219

Non-cash amortization of share-based compensation awards

4,869

3,927

Amortization of right of use ground lease assets

282

273

Gains on sales of depreciable operating properties

(23,525

)

—

Impairment of real estate assets

61,778

—

Net change in other operating assets

131

(21,886

)

Net change in other operating liabilities

30,029

21,888

Net cash provided by operating activities

150,695

136,921

Cash flows from investing activities:

Expenditures for development and redevelopment properties and undeveloped land

(102,647

)

(55,347

)

Expenditures for operating properties and other capital assets

(29,945

)

(21,313

)

Net proceeds received from dispositions of real estate assets

141,440

—

Non-refundable deposits received for future dispositions

6,200

—

Net cash provided by (used in) investing activities

15,048

(76,660

)

Cash flows from financing activities:

Distributions to noncontrolling interests in consolidated property partnerships

(6,380

)

(7,226

)

Dividends and distributions paid to common stockholders and common unitholders

(64,534

)

(64,366

)

Taxes paid upon net share settlement of restricted share units

(6,970

)

(6,009

)

Principal payments and repayments of secured debt

(1,600

)

(1,539

)

Repurchase of common stock

(72,671

)

—

Financing costs

—

(100

)

Net cash used in financing activities

(152,155

)

(79,240

)

Net increase (decrease) in cash and cash equivalents

13,588

(18,979

)

Cash and cash equivalents, beginning of period

179,316

165,690

Cash and cash equivalents, end of period

$

192,904

$

146,711

  KILROY REALTY CORPORATION

FUNDS FROM OPERATIONS

(unaudited; in thousands, except per share data)

  Three Months Ended March 31,

2026

2025

Net (loss) income available to common stockholders

$

(19,267

)

$

39,008

Adjustments:

Net loss (income) attributable to noncontrolling common units of the Operating Partnership

(185

)

375

Net income attributable to noncontrolling interests in consolidated property partnerships

4,779

4,298

Depreciation and amortization of real estate assets

92,885

85,735

Gains on sales of depreciable operating properties

(23,525

)

—

Impairment of real estate assets

61,778

—

Funds From Operations attributable to noncontrolling interests in consolidated property partnerships

(7,619

)

(7,106

)

Funds From Operations (1)(2)(3)

$

108,846

$

122,310

Weighted average common shares/units outstanding – basic (4)

119,251

119,750

Weighted average common shares/units outstanding – diluted (5)

119,957

120,220

Funds From Operations per common share/unit – basic (2)

$

0.91

$

1.02

Funds From Operations per common share/unit – diluted (2)

$

0.91

$

1.02

(1)

The Company calculates Funds From Operations available to common stockholders and common unitholders (“FFO”) in accordance with the 2018 Restated White Paper on FFO approved by the Board of Governors of Nareit. The White Paper defines FFO as net income or loss (calculated in accordance with GAAP), excluding depreciation and amortization related to real estate, gains and losses from the sale of certain real estate assets, gains and losses from change in control, and impairment write-downs of certain real estate assets and investments in entities when the impairment is directly attributable to decreases in the value of depreciable real estate held by the entity. The reconciling items include amounts to adjust earnings from consolidated partially-owned entities and equity in earnings of unconsolidated affiliates to FFO. Our calculation of FFO includes the amortization of deferred revenue related to tenant-funded tenant improvements and excludes the depreciation of the related tenant improvement assets. We also add back net income attributable to noncontrolling common units of the Operating Partnership because we report FFO attributable to common stockholders and common unitholders.

Management believes that FFO is a useful supplemental measure of the Company’s operating performance. The exclusion from FFO of gains and losses from the sale of operating real estate assets allows investors and analysts to readily identify the operating results of the assets that form the core of the Company’s activity and assists in comparing those operating results between periods. Also, because FFO is generally recognized as the industry standard for reporting the operations of REITs, it facilitates comparisons of operating performance to other REITs. However, other REITs may use different methodologies to calculate FFO, and accordingly, the Company’s FFO may not be comparable to all other REITs.

Implicit in historical cost accounting for real estate assets in accordance with GAAP is the assumption that the value of real estate assets diminishes predictably over time. Since real estate values have historically risen or fallen with market conditions, many industry investors and analysts have considered presentations of operating results for real estate companies using historical cost accounting alone to be insufficient. Because FFO excludes depreciation and amortization of real estate assets, management believes that FFO along with the required GAAP presentations provides a more complete measurement of the Company’s performance relative to its competitors and a more appropriate basis on which to make decisions involving operating, financing, and investing activities than the required GAAP presentations alone would provide.

FFO should not be viewed as an alternative measure of the Company’s operating performance since it does not reflect either depreciation and amortization costs or the level of capital expenditures and leasing costs necessary to maintain the operating performance of the Company’s properties, which are significant economic costs and could materially impact the Company’s results from operations.

(2)

Reported amounts are attributable to common stockholders, common unitholders, and restricted stock unitholders.

(3)

FFO available to common stockholders and unitholders includes amortization of deferred revenue related to tenant-funded tenant improvements of $3.2 million and $3.7 million for the three months ended March 31, 2026 and 2025, respectively.

(4)

Calculated based on weighted average shares outstanding, including participating share-based awards (i.e., certain time-based restricted stock units) and assuming the exchange of all common limited partnership units outstanding.

(5)

Calculated based on weighted average shares outstanding, including participating and non-participating share-based awards, dilutive impact of contingently issuable shares, and assuming the exchange of all common limited partnership units outstanding.

For the quarter ended March 2026, Kilroy Realty (KRC - Free Report) reported revenue of $270.05 million, down 0.3% over the same period last year. EPS came in at $0.91, compared to $0.33 in the year-ago quarter.

The reported revenue represents a surprise of -0.02% over the Zacks Consensus Estimate of $270.11 million. With the consensus EPS estimate being $0.88, the EPS surprise was +4.04%.

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

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

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

Net Earnings Per Share (Diluted): $-0.16 compared to the $0.14 average estimate based on two analysts.Revenues- Rental income: $265.33 million compared to the $267.49 million average estimate based on two analysts. The reported number represents a change of -0.3% year over year.Revenues- Other property income: $4.72 million versus the two-analyst average estimate of $4.79 million. The reported number represents a year-over-year change of +2.7%.View all Key Company Metrics for Kilroy Realty here>>>

Shares of Kilroy Realty have returned +13.9% over the past month versus the Zacks S&P 500 composite's +9.3% change. The stock currently has a Zacks Rank #3 (Hold), indicating that it could perform in line with the broader market in the near term.

Kilroy Realty remains a compelling Buy, offering a 6.3% yield and trading at 10x forward P/FFO, well below its historical average. KRC's leasing momentum is accelerating, fueled by robust AI-driven demand and a strong pipeline of signed but not yet commenced leases. Occupancy recovery is visible, with management raising full-year guidance and KOP 2's life science space outperforming the broader market.

The Picks and Axes Strategy: Avoid the speculation of picking AI tech winners; own the irreplaceable West Coast real estate held by Kilroy Realty Corporation where their teams live. Over 75% of all domestic venture capital funding for artificial intelligence flows directly through KRC's primary geographic markets. AI real estate demand is inherently compounding—90% of signed leases are expansionary, with scaling firms routinely tripling their original footprint.

Image: Bigstock

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Paccar (PCAR - Free Report) reported $6.23 billion in revenue for the quarter ended March 2026, representing a year-over-year decline of 9.8%. EPS of $1.15 for the same period compares to $1.46 a year ago.

The reported revenue compares to the Zacks Consensus Estimate of $6.35 billion, representing a surprise of -1.79%. The company delivered an EPS surprise of +1.77%, with the consensus EPS estimate being $1.13.

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

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

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

Truck deliveries - Total: 33,100 versus the three-analyst average estimate of 33,142.Truck deliveries - Other: 4,100 compared to the 6,232 average estimate based on three analysts.Truck deliveries - Europe: 11,200 versus 10,285 estimated by three analysts on average.Truck deliveries - U.S and Canada: 17,800 versus 16,626 estimated by three analysts on average.Sales and Revenues- Financial Services: $542.2 million versus the four-analyst average estimate of $559.51 million. The reported number represents a year-over-year change of +2.7%.Sales and Revenues- Parts: $1.71 billion versus $1.74 billion estimated by three analysts on average. Compared to the year-ago quarter, this number represents a +1.2% change.Sales and Revenues- Truck: $4.53 billion versus the two-analyst average estimate of $4.43 billion. The reported number represents a year-over-year change of -13.4%.Pretax Profit- Financial Services: $115.5 million versus the four-analyst average estimate of $118.43 million.Pretax Profit- Parts: $402.3 million compared to the $418.4 million average estimate based on three analysts.Pretax Profit- Truck: $176.2 million compared to the $166.51 million average estimate based on two analysts.View all Key Company Metrics for Paccar here>>>

Shares of Paccar have returned +13.1% over the past month versus the Zacks S&P 500 composite's +12.8% change. The stock currently has a Zacks Rank #3 (Hold), indicating that it could perform in line with the broader market in the near term.

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Published in earnings earnings-estimates-revisions earnings-surprise

PACCAR Inc (PCAR) Q1 2026 Earnings Call Transcript

BELLEVUE, Wash.--(BUSINESS WIRE)--PACCAR Inc’s Board of Directors today approved an increase in the regular quarterly cash dividend from thirty-three cents ($.33) per share to thirty-five cents ($.35) per share. The dividend will be payable on June 3, 2026, to stockholders of record at the close of business on May 13, 2026.

Mark Pigott, executive chairman, shared, “PACCAR has generated excellent shareholder returns and profitability for decades. PACCAR has delivered annual dividends, including regular quarterly and extra cash dividends, totaling approximately 50% of net income for many years. PACCAR’s shareholders have earned returns that have exceeded the S&P 500 index for the last five-, ten-, and twenty-year periods.”

Preston Feight, chief executive officer, commented, “PACCAR succeeds by consistently enhancing customers’ operating performance with fuel efficient and premium quality Kenworth, Peterbilt and DAF trucks, and optimized transportation solutions provided by PACCAR Parts and PACCAR Financial Services.”

PACCAR is a global technology leader in the design, manufacture and customer support of high-quality light-, medium- and heavy-duty trucks under the Kenworth, Peterbilt and DAF nameplates. PACCAR also designs and manufactures advanced powertrains, provides financial services and information technology, and distributes truck parts related to its principal business. PACCAR shares are listed on the NASDAQ Stock Market, symbol PCAR. Its homepage is www.paccar.com.

Posted by Defense World Staff on Apr 29th, 2026

Comerica Bank cut its holdings in PACCAR Inc. (NASDAQ:PCAR – Free Report) by 10.1% in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 126,293 shares of the company’s stock after selling 14,250 shares during the period. Comerica Bank’s holdings in PACCAR were worth $13,830,000 at the end of the most recent quarter.

Several other institutional investors also recently modified their holdings of the business. Vanguard Group Inc. grew its holdings in shares of PACCAR by 0.6% in the fourth quarter. Vanguard Group Inc. now owns 63,475,226 shares of the company’s stock valued at $6,951,172,000 after acquiring an additional 363,782 shares in the last quarter. Capital Research Global Investors grew its holdings in shares of PACCAR by 20.3% in the third quarter. Capital Research Global Investors now owns 5,971,153 shares of the company’s stock valued at $587,084,000 after acquiring an additional 1,009,134 shares in the last quarter. Invesco Ltd. grew its holdings in shares of PACCAR by 3.5% in the third quarter. Invesco Ltd. now owns 5,396,888 shares of the company’s stock valued at $530,622,000 after acquiring an additional 184,502 shares in the last quarter. UBS Group AG grew its holdings in PACCAR by 74.4% during the fourth quarter. UBS Group AG now owns 4,548,861 shares of the company’s stock valued at $498,146,000 after purchasing an additional 1,940,260 shares during the period. Finally, Bank of New York Mellon Corp grew its holdings in PACCAR by 0.7% during the third quarter. Bank of New York Mellon Corp now owns 3,256,671 shares of the company’s stock valued at $320,196,000 after purchasing an additional 22,941 shares during the period. 64.90% of the stock is owned by institutional investors.

More PACCAR News Here are the key news stories impacting PACCAR this week:

Positive Sentiment: Board raised the regular quarterly dividend, supporting income investors and signaling confidence in cash flow. PACCAR Increases Regular Quarterly Dividend Positive Sentiment: Q1 EPS of $1.15 beat consensus ($1.13), helped by higher parts margins and Financial Services results — these segments partially offset weak truck volumes. PCAR Q1 Earnings Surpass Estimates on Higher Parts Profit Neutral Sentiment: Management commentary and prepared remarks emphasize solid parts/finance performance and operational execution; the earnings call transcript provides more color on margins, backlog and dealer inventories for investors digging into guidance and outlook. PACCAR Inc (PCAR) Q1 2026 Earnings Call Transcript Neutral Sentiment: Company press release highlights sequential improvement and an increasing production backlog, which could point to firmer demand ahead if sustained. PACCAR Achieves Good Financial Performance Negative Sentiment: Revenue of $6.23B missed consensus ($6.37B) and was down ~9.8% year-over-year, reflecting softer new-truck demand — a key driver of the share decline. PACCAR (NASDAQ:PCAR) Misses Q1 CY2026 Revenue Estimates Negative Sentiment: Industry-wide overcapacity and tepid demand for new trucks were cited by analysts and Reuters as the main drivers of the revenue decline and investor concern, contributing to the stock drop. PACCAR’s revenue falls on tepid demand for new trucks Negative Sentiment: Market coverage notes the selloff is driven by the revenue miss and weak truck outlook despite the EPS beat and dividend raise — headlines and high trading volume amplified intraday selling. Why PACCAR (PCAR) shares are plunging today Insider Buying and Selling In other PACCAR news, CEO R Preston Feight sold 9,258 shares of the firm’s stock in a transaction dated Wednesday, February 4th. The stock was sold at an average price of $129.70, for a total transaction of $1,200,762.60. Following the sale, the chief executive officer owned 258,566 shares in the company, valued at $33,536,010.20. This trade represents a 3.46% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, EVP C Michael Dozier sold 79,076 shares of the firm’s stock in a transaction dated Tuesday, February 3rd. The shares were sold at an average price of $127.92, for a total value of $10,115,401.92. Following the sale, the executive vice president owned 34,656 shares in the company, valued at $4,433,195.52. The trade was a 69.53% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold a total of 133,105 shares of company stock valued at $16,869,046 in the last ninety days. 1.99% of the stock is owned by insiders.

PACCAR Trading Down 6.0% Shares of PCAR stock opened at $119.61 on Wednesday. The company has a debt-to-equity ratio of 0.55, a quick ratio of 2.79 and a current ratio of 2.98. PACCAR Inc. has a 52-week low of $84.65 and a 52-week high of $131.88. The company has a market capitalization of $62.95 billion, a PE ratio of 26.52, a price-to-earnings-growth ratio of 1.06 and a beta of 1.06. The business’s fifty day moving average is $121.18 and its 200 day moving average is $114.16.

PACCAR (NASDAQ:PCAR – Get Free Report) last issued its quarterly earnings data on Tuesday, April 28th. The company reported $1.15 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.13 by $0.02. PACCAR had a return on equity of 13.97% and a net margin of 8.35%.The company had revenue of $6.23 billion for the quarter, compared to the consensus estimate of $6.37 billion. During the same quarter last year, the business posted $1.46 earnings per share. The firm’s revenue was down 9.8% compared to the same quarter last year. On average, equities research analysts anticipate that PACCAR Inc. will post 5.55 EPS for the current fiscal year.

PACCAR Increases Dividend The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, June 3rd. Investors of record on Wednesday, May 13th will be given a $0.35 dividend. This represents a $1.40 dividend on an annualized basis and a dividend yield of 1.2%. This is a boost from PACCAR’s previous quarterly dividend of $0.33. The ex-dividend date is Wednesday, May 13th. PACCAR’s dividend payout ratio (DPR) is 29.27%.

Analyst Ratings Changes PCAR has been the subject of several research reports. BNP Paribas Exane initiated coverage on PACCAR in a report on Tuesday, March 31st. They set a “neutral” rating and a $126.00 price objective for the company. Morgan Stanley set a $109.00 price objective on PACCAR and gave the company an “equal weight” rating in a report on Tuesday, February 3rd. Truist Financial increased their price objective on PACCAR from $108.00 to $120.00 and gave the company a “hold” rating in a report on Wednesday, January 28th. JPMorgan Chase & Co. increased their price objective on PACCAR from $133.00 to $142.00 and gave the company an “overweight” rating in a report on Wednesday, January 14th. Finally, Citigroup increased their price objective on PACCAR from $125.00 to $130.00 and gave the company a “neutral” rating in a report on Monday, April 13th. One investment analyst has rated the stock with a Strong Buy rating, four have given a Buy rating and twelve have assigned a Hold rating to the company. According to data from MarketBeat, the company currently has a consensus rating of “Hold” and a consensus target price of $117.42.

View Our Latest Report on PCAR

PACCAR Company Profile (Free Report)

PACCAR Inc is a global technology leader in the design, manufacture and customer support of light-, medium- and heavy-duty commercial vehicles. The company’s products are marketed under well-known brand names including Kenworth, Peterbilt and DAF and span vocational and long-haul applications. PACCAR’s core business includes vehicle engineering and assembly as well as the supply of components and proprietary powertrain systems designed to meet regulatory and customer performance requirements.

In addition to truck manufacturing, PACCAR operates a comprehensive aftermarket parts business, distributes used trucks and provides commercial vehicle financing and leasing through its financial services operations.

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The S&P 500 index climbed about 10.5% in April, making it the best month for the market since 2020.The index hit a new all-time high on the last trading day of the month, despite ongoing uncertainty and economic drag from the conflicts in the Middle East. So, what sent the market soaring in April?

Two words: Artificial intelligence (AI).

More specifically, it's the massive AI build-out underway in the U.S., including some $670 billion in AI capital expenditures by hyperscalers this year. (Some analysts predict it could be much higher -- UBS expects the final AI spending figure for 2026 to be closer to $770 billion.)

Goldman Sachs estimates that AI-related investment will drive a full 40% of the entire S&P 500's earnings-per-share (EPS) growth this year. Earnings growth -- or, more accurately, the anticipation of it -- is what drives stocks higher.

Image source: Getty Images.

AI spending is showing up in the financial results of many industries The AI investment bonanza is boosting revenues and profits in companies far from Silicon Valley.

Of course, the hyperscalers -- cloud computing companies like Alphabet (GOOG +0.43%) (GOOGL +0.47%), Amazon (AMZN 1.24%), and Meta Platforms (META 0.17%) that offer data storage and computing services -- are the major initiators of the AI spending. Those companies are issuing billions of dollars in bonds in capital markets to fund that spending extravaganza.

Today's Change

(

0.47

%) $

1.68

Current Price

$

359.45

Then there are the semiconductor and semiconductor equipment manufacturers. Due to the AI construction boom, there's currently a shortage of memory chips, which is expected to continue through 2027. As a result, the State Street SPDR S&P Semiconductor ETF (XSD +1.38%) is up nearly 60% over the past month. Nvidia (NVDA +0.09%), which has the largest market cap and therefore the greatest effect on the S&P 500 index, rose 20% in April. Micron Technology (MU 1.02%), which makes memory chips, soared 61% in April.

Today's Change

(

0.09

%) $

0.19

Current Price

$

205.06

Don't forget construction equipment companies like Deere (DE +1.23%) and Caterpillar (CAT +1.44%), and heavy-duty truck manufacturers like Paccar (PCAR +0.60%), which are needed to build the massive data centers. They, too, are seeing a windfall from the AI boom. Caterpillar's gas turbine division is booming due to the insatiable power needs of AI data centers. Sales in the company's turbine division rose 23% during the first quarter, to $1.75 billion.

GE Vernova (GEV +3.60%), which makes power technologies, blew past Wall Street expectations for first-quarter revenue and earnings, and its shares climbed 33% last month.

Today's Change

(

3.60

%) $

32.66

Current Price

$

939.45

The rapidly rising demand for power is affecting electricity utilities, too. Dominion Energy (D +1.63%) just turned on the first commercial turbine project in its Coastal Virginia Offshore Wind project. Dominion plans to spend nearly $55 billion to build facilities to support the power needs of data centers (Virginia has more than any other state).

The enormous AI tailwind for the market should continue for the foreseeable future. Goldman Sachs expects AI infrastructure spending to reach nearly $800 billion in 2027.

An AI-driven stock market is a trend with staying power and is increasingly looking like a potential supercycle.

Matthew Benjamin has positions in Alphabet and Deere & Company. The Motley Fool has positions in and recommends Alphabet, Amazon, Caterpillar, Deere & Company, GE Vernova, Goldman Sachs Group, Meta Platforms, Micron Technology, Nvidia, and Paccar. The Motley Fool recommends Dominion Energy. The Motley Fool has a disclosure policy.

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Stock to Watch: Paccar (PCAR - Free Report) Headquartered in Bellevue, WA, PACCAR Inc. is a leading manufacturer of heavy-duty trucks in the world and has substantial manufacturing exposure to light/medium trucks. It also designs and manufactures diesel engines and other powertrain components for use in its products and sale to third-party manufacturers of trucks and buses. Besides supplying aftermarket parts, PACCAR also offers finance and leasing services.

PCAR is a #3 (Hold) on the Zacks Rank, with a VGM Score of B.

It also boasts a Value Style Score of B thanks to attractive valuation metrics like a forward P/E ratio of 19.86; value investors should take notice.

Four analysts revised their earnings estimate higher in the last 60 days for fiscal 2026, while the Zacks Consensus Estimate has increased $0.06 to $5.87 per share. PCAR also boasts an average earnings surprise of +2.2%.

With a solid Zacks Rank and top-tier Value and VGM Style Scores, PCAR should be on investors' short list.

It has been about a month since the last earnings report for Paccar (PCAR - Free Report) . Shares have lost about 5% in that time frame, underperforming the S&P 500.

Will the recent negative trend continue leading up to its next earnings release, or is Paccar due for a breakout? Before we dive into how investors and analysts have reacted as of late, let's take a quick look at the most recent earnings report in order to get a better handle on the important drivers.

PCAR Q1 Earnings Surpass Estimates on Higher Parts ProfitPACCAR delivered first-quarter 2026 earnings of $1.15 per share, beating the Zacks Consensus Estimate of $1.13 by 1.8%. The bottom line decreased 21.2% from $1.46 in the year-ago quarter.

Consolidated revenues (including trucks and financial services) were $6.78 billion, down from $7.44 billion in the corresponding quarter of 2025. The decline reflected lower industry volumes.

Sales from Truck, Parts and Other amounted to $6.23 billion. Global new truck deliveries totaled 33,100 units versus 40,100 a year ago.

PCAR’s Revenue Mix Tilts Toward TrucksBy business line, Truck sales were $4.53 billion versus $5.23 billion a year ago. Parts revenues rose to $1.71 billion from $1.69 billion reported in the year-ago period. Financial Services revenues increased to $542.2 million from $528 million. PACCAR Sees Improving Demand in Key Markets

The company expects a “positive inflection” in the U.S. and Canada truck market as freight rates improve amid reduced trucking capacity. For 2026, the company expects U.S. and Canada Class 8 industry retail sales in the range of 230,000-270,000 trucks.

In Europe, PACCAR projected above 16-tonne registrations of 280,000-320,000 trucks in 2026, while the comparable South American market is expected to be 100,000-110,000 trucks. The company also pointed to product initiatives, including new DAF XD, XF, XG and XG+ Electric offerings and Kenworth’s newly unveiled C580 vocational truck, with production slated to begin in January 2027.

PCAR Parts and Financing Remain Key Profit PillarsPACCAR Parts continued to be a major profit contributor, generating pretax income of $402.3 million in the quarter compared with $426.5 million a year ago. The segment’s performance improved due to investments in parts distribution centers, TRP all-makes parts and logistics capabilities supporting a broad dealer and service footprint.

PACCAR Truck's pre-tax income was $176.2 million, which decreased 51.7% year over year.

PACCAR Financial Services delivered pretax income of $115.5 million versus $121.1 million in the year-ago quarter. The business ended the period with a portfolio of 221,000 trucks and trailers and total assets of $22.3 billion, while PacLease’s fleet was about 37,000 vehicles. The company issued $400 million in medium-term notes during the first quarter.

PACCAR’s Costs and Other Items Shift Year Over YearWithin Truck, Parts and Other, the cost of sales and revenues were $5.42 billion, while research and development expense was $109.1 million and selling, general and administrative expense was $149.6 million. Truck, Parts and Other income before income taxes rose to $580.4 million from $438.2 million in the prior-year quarter.

A notable year-over-year swing came from “Interest and other (income) expense, net,” which was income of $21.3 million in the first quarter of 2026 compared with an expense of $325.8 million a year ago. The prior-year period included a $350.0 million charge related to civil litigation in Europe (EC-related claims). In Financial Services, provision for losses on receivables increased to $44.1 million from $18.3 million.

PCAR’s Cash Flow Stays Solid as Investment ContinuesPACCAR generated $971.8 million of cash provided by operations in the quarter, up from $910.3 million a year ago. The company invested $135.5 million in capital projects and declared a dividend of 33 cents per share.

On the balance sheet, cash and marketable securities were $8.60 billion as of March 31, 2026, compared with $9.25 billion as of Dec. 31, 2025, while stockholders’ equity increased to $19.76 billion from $19.26 billion over the same span. Looking ahead, the company expects 2026 capital expenditures of $725-$775 million and research and development expenses of $450-$500 million as it steps up investment in next-generation powertrains, connected vehicle services, expanded manufacturing capabilities and its autonomous vehicle platform.

How Have Estimates Been Moving Since Then?In the past month, investors have witnessed a downward trend in estimates revision.

The consensus estimate has shifted -8.97% due to these changes.

VGM ScoresAt this time, Paccar has a subpar Growth Score of D, however its Momentum Score is doing a lot better with a B. Following the exact same course, the stock has a grade of B on the value side, putting it in the top 40% for value investors.

Overall, the stock has an aggregate VGM Score of C. If you aren't focused on one strategy, this score is the one you should be interested in.

OutlookEstimates have been broadly trending downward for the stock, and the magnitude of these revisions looks promising. Interestingly, Paccar has a Zacks Rank #3 (Hold). We expect an in-line return from the stock in the next few months.

In the latest trading session, Paccar (PCAR - Free Report) closed at $119.69, marking a +1.06% move from the previous day. This move outpaced the S&P 500's daily loss of 0.26%. Elsewhere, the Dow gained 0.17%, while the tech-heavy Nasdaq lost 0.97%.

Prior to today's trading, shares of the truck maker had gained 4.85% outpaced the Auto-Tires-Trucks sector's loss of 2.65% and the S&P 500's gain of 0.23%.

Market participants will be closely following the financial results of Paccar in its upcoming release. The company is expected to report EPS of $1.32, down 3.65% from the prior-year quarter. Meanwhile, our latest consensus estimate is calling for revenue of $7.1 billion, up 1.92% from the prior-year quarter.

In terms of the entire fiscal year, the Zacks Consensus Estimates predict earnings of $5.59 per share and a revenue of $27.7 billion, indicating changes of +11.58% and +5.59%, respectively, from the former year.

Additionally, investors should keep an eye on any recent revisions to analyst forecasts for Paccar. Recent revisions tend to reflect the latest near-term business trends. Consequently, upward revisions in estimates express analysts' positivity towards the business operations and its ability to generate profits.

Our research reveals that these estimate alterations are directly linked with the stock price performance in the near future. To capitalize on this, we've crafted the Zacks Rank, a unique model that incorporates these estimate changes and offers a practical rating system.

The Zacks Rank system ranges from #1 (Strong Buy) to #5 (Strong Sell). It has a remarkable, outside-audited track record of success, with #1 stocks delivering an average annual return of +25% since 1988. Over the past month, the Zacks Consensus EPS estimate has moved 0.21% lower. Paccar is currently sporting a Zacks Rank of #3 (Hold).

With respect to valuation, Paccar is currently being traded at a Forward P/E ratio of 21.19. Its industry sports an average Forward P/E of 19.26, so one might conclude that Paccar is trading at a premium comparatively.

One should further note that PCAR currently holds a PEG ratio of 1.1. The PEG ratio bears resemblance to the frequently used P/E ratio, but this parameter also includes the company's expected earnings growth trajectory. The Automotive - Domestic industry had an average PEG ratio of 0.92 as trading concluded yesterday.

The Automotive - Domestic industry is part of the Auto-Tires-Trucks sector. With its current Zacks Industry Rank of 169, this industry ranks in the bottom 31% of all industries, numbering over 250.

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

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

Wheaton Precious Metals Corp. (WPM - Free Report) reported $901.47 million in revenue for the quarter ended March 2026, representing a year-over-year increase of 91.6%. EPS of $1.28 for the same period compares to $0.55 a year ago.

The reported revenue represents a surprise of +13.44% over the Zacks Consensus Estimate of $794.66 million. With the consensus EPS estimate being $1.15, the EPS surprise was +11.2%.

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

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

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

Units Produced - GEOs produced: 211.95 Oz versus the four-analyst average estimate of 198.74 Oz.Average Realized Price Per Unit - Silver: $84.5 per ounce versus $66 per ounce estimated by four analysts on average.Average Realized Price Per Unit - Gold: $4849 per ounce versus $4407.5 per ounce estimated by four analysts on average.Units Sold - Silver: 5,049.00 Oz compared to the 5,046.47 Oz average estimate based on three analysts.Sales- Silver: $426.77 million versus the eight-analyst average estimate of $276.12 million. The reported number represents a year-over-year change of +194.5%.Sales- Gold: $461.04 million versus $415.52 million estimated by eight analysts on average. Compared to the year-ago quarter, this number represents a +44.2% change.Sales- Cobalt: $8.75 million versus the eight-analyst average estimate of $11.82 million. The reported number represents a year-over-year change of +157%.Sales- Palladium: $4.91 million versus the eight-analyst average estimate of $3.96 million. The reported number represents a year-over-year change of +107%.Sales- Gold- Stillwater: $6.75 million compared to the $6.34 million average estimate based on seven analysts. The reported number represents a change of +20.7% year over year.Sales- Silver- Antamina: $127.01 million compared to the $76.23 million average estimate based on seven analysts. The reported number represents a change of +348.6% year over year.Sales- Silver- Constancia: $56.94 million versus $30.92 million estimated by seven analysts on average. Compared to the year-ago quarter, this number represents a +143.6% change.Sales- Gold- Constancia: $52.73 million versus the seven-analyst average estimate of $19.52 million. The reported number represents a year-over-year change of +87.5%.View all Key Company Metrics for Wheaton Precious Metals here>>>

Shares of Wheaton Precious Metals have returned -4% over the past month versus the Zacks S&P 500 composite's +11.4% change. The stock currently has a Zacks Rank #3 (Hold), indicating that it could perform in line with the broader market in the near term.

, /PRNewswire/ - Wheaton Precious Metals™ Corp. ("Wheaton" or the "Company") announces that the nominees listed below were elected to the Board of Directors at the 2026 Annual and Special Meeting of Shareholders. Detailed results of the vote for the Board of Directors of the Company are shown below.

As part of the previously announced leadership transition, Randy V.J. Smallwood has assumed the role of non-executive Chair of the Board, Haytham Hodaly has become a Director and George L. Brack has assumed the role of Lead Independent Director.

Detailed results of the vote for the Board of Directors of the Company are shown below.

2026 Annual and Special Meeting of Shareholders Voting Results

Nominee

Votes For

% For

Votes Withheld

% Withheld

George L. Brack

333,711,486

97.13 %

9,848,246

2.87 %

Jaimie Donovan

339,995,576

98.96 %

3,564,156

1.04 %

Chantal Gosselin

324,705,766

94.51 %

18,853,966

5.49 %

Haytham Hodaly

342,885,572

99.80 %

674,160

0.20 %

Jeane Hull

339,900,004

98.93 %

3,659,728

1.07 %

Glenn Ives

343,067,103

99.86 %

492,629

0.14 %

Charles A. Jeannes

338,028,776

98.39 %

5,530,956

1.61 %

Marilyn Schonberner

339,912,698

98.94 %

3,647,034

1.06 %

Randy V.J. Smallwood

332,281,297

96.72 %

11,278,435

3.28 %

Srinivasan Venkatakrishnan

336,269,112

97.88 %

7,290,620

2.12 %

The following matters were also approved by shareholders at the 2026 Annual and Special Meeting of Shareholders:

the non-binding advisory resolution accepting the Company's approach to executive compensation was carried with 95.16% of the votes cast in favour of such resolution. SOURCE Wheaton Precious Metals Corp.

On May 11, 2026, Wheaton Precious Metals Corp WPM shares rose 3.6% to $143.80. Over the past week, the stock has experienced a significant increase of 15.8%, despite a slight decline of 0.7% in the past month. Year-to-date, shares are up 22.6% and have soared 68.8% over the last year, with a 52-week high of $165.76 and a low of $75.42.

GF Value™ verdict: Current price of $143.80 is 8.4% below the GF Value™ estimate of $157.00, indicating it is undervalued.GF Score™ of 93/100 suggests a strong overall performance and potential for long-term returns.Financial strength is rated at 10/10, indicating a robust financial position with low risk of financial distress. Is WPM Overvalued or Undervalued? The current price of Wheaton Precious Metals Corp WPM at $143.80 is positioned 8.4% below the GF Value™ estimate of $157.00, highlighting a potential undervaluation. This margin of safety may present an opportunity for investors, as the stock is assessed as fairly valued according to the GF Valuation label. GF Value™ is GuruFocus' proprietary measure of intrinsic value, calculated from historical trading multiples, past business growth, and future performance estimates.

Being undervalued suggests that WPM could be seen as a bargain given its intrinsic value, but investors should remain cautious about market volatility and external economic factors that may impact stock performance in the future. The strong financial metrics and positive growth indicators offer a favorable outlook, yet the caveat remains that market conditions can change rapidly.

How Does WPM's Valuation Compare to Its History? Metric Current Historical P/E (TTM) 36.3x 36.4x Forward P/E 27.9x - WPM's current P/E (TTM) of 36.3x is nearly identical to its 5-year median P/E of 36.4x, indicating the stock is trading at a similar valuation level compared to its historical average. Additionally, the lower forward P/E of 27.9x suggests that earnings growth expectations may be favorable. This P/E analysis aligns with the GF Value™ verdict of undervaluation, as the current trading multiples indicate potential upside relative to intrinsic value.

What Does WPM's GF Score™ Tell Us? Metric Rating GF Score™ 93 Financial Strength 10/10 Profitability 9/10 Growth 10/10 Valuation 10/10 Momentum 3/10 The GF Score™ of 93/100 indicates a strong overall performance across key metrics, particularly in Financial Strength, Growth, and Valuation, which are rated 10/10. This suggests that WPM is well-positioned for future success. However, the momentum score of 3/10 reflects a weaker performance in recent price movement, which could indicate volatility or an adjustment phase after significant gains. Overall, the high scores in financial health and growth potential position WPM favorably for long-term investors.

What Are Insiders Doing with WPM Stock? In the past three months, there have been no insider transactions reported for Wheaton Precious Metals Corp WPM . This lack of activity may suggest that insiders are content with the current state of the company or are awaiting more favorable market conditions to make moves. The absence of insider buying or selling can also indicate a stable outlook from those closest to the company.

What This Means for Investors Based on the GF Value™ assessment, Wheaton Precious Metals Corp WPM appears to be undervalued at the current price of $143.80. This presents a potential opportunity for investors, but they should remain vigilant regarding market dynamics that could influence stock performance.

For the complete analysis, visit the Wheaton Precious Metals Corp WPM stock page. You can also explore the GF Value™ page for detailed valuation methodology, or use the GuruFocus Stock Screener to find similar opportunities.

Frequently Asked Questions What is WPM's GF Score™?

WPM's GF Score™ is 93/100, indicating a strong overall performance that suggests potential for higher long-term returns.

Is WPM overvalued or undervalued?

WPM is currently undervalued, with a GF Value™ estimate indicating a potential upside of 8.4% from the current price.

What is WPM's P/E ratio?

WPM has a P/E (TTM) of 36.3x, which is consistent with its 5-year median P/E of 36.4x, suggesting the stock is trading at a historical valuation level.

This stock alert was generated using automated technology and GuruFocus financial data to provide readers with timely and accurate market reporting. This content was reviewed by GuruFocus editorial team prior to publication. Please send any questions or comments about this story to [email protected].

Wheaton Precious Metals delivered a standout Q1, with revenue up 91.6% and margins expanding sharply on robust gold and silver prices. The BHP Antamina silver deal boosts WPM's production share to 67.5%, adding $1.0–1.1 billion in high-margin annual revenue and supporting long-term cash flow. Despite a 12% share price pullback, WPM's premium valuation is justified by superior growth, profitability, and minimal debt; I rate it Buy with a $159 target (10.5% upside).