The Zacks Electronics – Testing Equipment industry has been suffering from a challenging global macroeconomic environment, end-market volatility, unfavorable forex and growing geopolitical tensions. The sluggish automotive sector, due to declining investments in electric vehicles, has been a major headwind for industry participants. The factory automation end market has been weak, and the conservative capital expenditure trend across consumer electronics is a headwind. Nevertheless, industry players like AMETEK (AME - Free Report) and Fortive (FTV - Free Report) are benefiting from 5G-related growth opportunities, strengthening automation drive and the Industry 4.0 momentum. The increasing adoption of software-enabled testing instruments and devices is another positive.
Industry Description The Zacks Electronics – Testing Equipment industry comprises companies offering advanced instruments, electronic testing equipment solutions, thermal management systems, electrical connectors, motors and various test solutions. The major end markets served by this industry are consumer, automobile, industrial, aerospace and defense, healthcare, semiconductors and communications, to name a few. Industry participants have been making technological advancements to gain traction among semiconductors, vehicles, machinery, smartphones and medical device manufacturers, who are constantly increasing their spending on electronic components.
4 Trends Shaping the Future of Electronics - Testing Equipment Industry Solid Adoption of Motion Control & Test Systems is Positive: The rising utilization of precision motion-control solutions and automatic test systems in motion-control devices and testing products, particularly in the aerospace, automation, medical and military markets, is an upside. Commercial motor and autonomous vehicles will likely continue to hike the demand for vehicle-tracking systems, fleet-management solutions and other private fleet applications, which are part of the industry’s key offerings.
Secular Growth, Niche Strength, and Sustainability-Driven Demand Aids Growth: Secular growth is driven by exposure to long-term themes like automation, healthcare, aerospace, semiconductors, and energy transition. Industry players operate in niche, mission-critical segments where products are essential to performance and safety. This supports strong pricing power, customer attachment, and consistently high margins compared to broader industrial peers. Sustainability and energy transition trends are creating new demand for products that improve efficiency, reduce emissions, and support renewable energy adoption, providing an additional long-term growth driver.
Recurring Revenues Boost Free Cash Flow Generation Ability: A meaningful portion of revenue comes from recurring streams such as aftermarket services, calibration, maintenance, and spares. This improves earnings visibility and reduces volatility across cycles. Asset-light business models require relatively low capital expenditure, resulting in high free cash flow conversion. This supports shareholder returns, reinvestment, and acquisition strategies.
Macroeconomic Headwinds Pose Concerns: Due to the challenging macroeconomic scenario, enterprises are reluctant to sign multi-year deals worldwide. The industry is seeing supply chain volatility along with the negative impact of tariffs. These trends do not bode well for the industry participants.
Zacks Industry Rank Indicates Bright Prospects The Zacks Electronics – Testing Equipment industry is housed within the broader Zacks Computer and Technology sector. It carries a Zacks Industry Rank #96 at present, which places it in the top 39% of more than 250 Zacks industries.
The group’s Zacks Industry Rank, the average of the Zacks Rank of all the member stocks, indicates dim near-term prospects. Our research shows that the top 50% of the Zacks-ranked industries outperform the bottom 50% by a factor of more than two to one.
The industry’s position in the top 50% of the Zacks-ranked industries is a result of a positive earnings outlook for the constituent companies in aggregate. Looking at the aggregate earnings estimate revisions, it appears that analysts are optimistic about this group’s earnings growth potential. The industry’s earnings estimates for 2026 have moved north by 6.5% since July 31, 2025.
Given the bullish scenario, there are a number of stocks currently worth watching. But before we present those stocks, let us look at the industry’s recent stock-market performance and the valuation picture.
Industry Underperforms S&P 500 & Sector The Zacks Electronics – Testing Equipment industry has underperformed the S&P 500 and the broader sector over the past year. The industry has climbed 23.6% over this period against the S&P 500’s appreciation of 33.1% and the broader sector’s return of 54%.
One-Year Price Performance
Industry's Current Valuation Based on the forward 12-month price-to-earnings ratio (P/E), a commonly used multiple for valuing the Electronics – Testing Equipment stocks, the industry is currently trading at 26.17X, higher than the S&P 500’s 22.10X and the sector’s 25.56X.
Over the past five years, the industry has traded as high as 26.64X and as low as 20.50X, with a median of 23.83X, as the chart below shows.
Forward 12-Month P/E Ratio
2 Testing Equipment Stocks to Watch AMETEK: This Zacks Rank #3 (Hold) company is benefiting from strong order growth, record backlog ($3.58 billion) and acquisitions. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
In 2025, AME completed the acquisitions of FARO Technologies and Kern Microtechnik for approximately $1 billion, acquiring approximately $400 million in annual sales. These, along with the LKC Technologies acquisition, are driving AMETEK’s Electronic Instruments Group segment performance.
AMETEK expects 2026 sales to increase mid- to high single digits on a percentage basis, with organic sales expected to increase low to mid-single digits. The company expects earnings between $7.87 per share and $8.07 per share, suggesting 6-9% year-over-year growth.
The Zacks Consensus Estimate for 2026 earnings has been steady at $8.04 per share over the past 30 days, indicating year-over-year growth of 8.2%. Shares of AMETEK have climbed 11.5% year to date.
Price & Consensus: AME
Fortive: This Zacks Rank #3 company is benefiting from a diversified portfolio across automation, digitization and electrification.
The company remains focused on executing the Fortive Accelerated strategy across growth, capital discipline and investor trust. Fortive continues to accelerate new product introduction velocity, including solutions targeting high-growth verticals. In the fourth quarter of 2025, recurring revenues grew, driven by continued strength in Fluke's maintenance software and deeply embedded data, as well as AI-enhanced software capabilities across iOS and AHS segments.
Fortive expects 2026 adjusted earnings between $2.90 per share and $3 per share, indicating 9% year-over-year growth at the midpoint. The Zacks Consensus Estimate for 2026 earnings has been revised a penny downward in the past 30 days to $2.94 per share, indicating year-over-year growth of 8.5%. Shares of Fortive have climbed 11.9% year to date.
EVERETT, Wash.--(BUSINESS WIRE)--Fortive Corporation (“Fortive”) (NYSE: FTV) today announced financial results for the first quarter of 2026.
“Q1 represented a strong start to the year and another quarter of solid execution by our team. We delivered core revenue growth of ~5%, adjusted EBITDA growth of ~13%, and adjusted EPS growth of ~25%. This solid performance reflects underlying strength in demand for our market-leading products, encouraging progress in the execution of our Fortive Accelerated strategy, and a continued focus on financial discipline and Fortive Business System (FBS) operational rigor. We continued to deliver on our commitment to disciplined capital allocation by completing an additional ~$500 million of share repurchases in the quarter, bringing our total buybacks in the three quarters since launching new Fortive to ~$1.8 billion,” said Olumide Soroye, President and CEO.
“Looking ahead, we are reaffirming our full-year 2026 adjusted EPS guidance range of $2.90 to $3.00, and we are currently trending toward the upper half of the range. We are encouraged by early progress on all three pillars of our Fortive Accelerated strategy: profitable organic growth acceleration powered by FBS Amplified, disciplined capital allocation with a focus on best relative returns, and a commitment to building and maintaining investor trust. We remain firmly on track to deliver on our medium-term financial framework and our progress to date boosts our excitement about the significant shareholder value creation opportunity in front of us,” Mr. Soroye concluded.
Financial Highlights for First Quarter 2026, Continuing Operations
Revenue of $1.07 billion, up 7.7% year-over-year; core revenue up 5.3% GAAP net earnings of $136 million, up 21.1% year-over-year, GAAP net earnings margin of 12.8%; adjusted EBITDA of $314 million, up 13.2% year-over-year, adjusted EBITDA margin of 29.3% GAAP diluted net EPS of $0.44, up 33.3% year-over-year; adjusted diluted net EPS of $0.70, up 25.4% year-over-year GAAP operating cash flow of $220 million; Free Cash Flow of $194 million Deployed ~$500 million towards share repurchases FY 2026 Guidance
For FY 2026, Fortive continues to expect adjusted diluted net earnings per share of $2.90 to $3.00.
Summary Financial Results, Continuing Operations
Fortive Continuing Operations
Q1-26
Q1-25
Variance
Revenue
$1,069M
$993M
7.7% / 5.3% (reported / core)
GAAP Net Earnings
$136M
$113M
21.1%
GAAP Net Earnings margin
12.8%
11.3%
150 bps
Adj. EBITDA
$314M
$277M
13.2%
Adj. EBITDA margin
29.3%
27.9%
140 bps
GAAP diluted net earnings per share
$0.44
$0.33
33.3%
Adj. diluted net earnings per share
$0.70
$0.55
25.4%
GAAP Operating cash flow
$220M
$192M
14.9%
Free cash flow
$194M
$171M
13.5%
Percentages presented may not recalculate based on the amounts shown due to rounding.
Summary Financial Results by Segment, Continuing Operations
Intelligent Operating Solutions
Q1-26
Q1-25
Variance
Revenue
$743M
$691M
7.6% / 5.2% (reported / core)
GAAP Operating profit
$186M
$175M
6.6%
GAAP Operating margin
25.1%
25.3%
(20) bps
Adj. EBITDA
$255M
$236M
8.0%
Adj. EBITDA margin
34.3%
34.2%
10 bps
Advanced Healthcare Solutions
Q1-26
Q1-25
Variance
Revenue
$326M
$302M
7.9% / 5.8% (reported / core)
GAAP Operating profit
$33M
$22M
50.7%
GAAP Operating margin
10.0%
7.2%
280 bps
Adj. EBITDA
$84M
$71M
17.7%
Adj. EBITDA margin
25.7%
23.6%
210 bps
PRECISION TECHNOLOGIES SEPARATION
On June 28, 2025 (the “Distribution Date”), the Company completed the separation (the “Separation” or the “PT Separation”) of its former Precision Technologies segment by distributing to Fortive shareholders on a pro rata basis all of the issued and outstanding common stock of Ralliant Corporation (“Ralliant”), the entity incorporated to hold the PT businesses. The requirements for reporting the Ralliant business as discontinued operations were met upon completion of the PT Separation. Unless otherwise indicated, all amounts herein refer to continuing operations.
CONFERENCE CALL DETAILS
Fortive will discuss results and outlook during its quarterly investor conference call today starting at 12:00 p.m. ET. The call and an accompanying slide presentation will be webcast on the “Investors” section of Fortive’s website, www.fortive.com, under “News & Events.” A replay of the webcast will be available at the same location shortly after the conclusion of the presentation.
The conference call can be accessed by dialing 877-407-3110 within the U.S. or by dialing +1 215-268-9915 outside the U.S. a few minutes before 12:00 p.m. ET and notifying the operator that you are dialing in for Fortive’s earnings conference call. You can access a replay of the conference call on the “Investors” section of Fortive’s website, www.fortive.com, under “News & Events.”
ABOUT FORTIVE
Fortive innovates essential technologies to keep our world safe and productive. Fortive’s strategic segments - Intelligent Operating Solutions and Advanced Healthcare Solutions - include iconic inventor brands with leading positions in their markets. The company’s businesses design, develop, manufacture, and market products, software, and services, building on leading brand names, innovative technologies, and strong market positions. Fortive is headquartered in Everett, Washington and employs a team of more than 10,000 research and development, manufacturing, sales, distribution, service, and administrative team members in approximately 50 countries around the world. With a culture rooted in continuous improvement, the core of our company’s operating model is the Fortive Business System. For more information please visit: www.fortive.com.
NON-GAAP FINANCIAL MEASURES
In addition to the financial measures prepared in accordance with United States generally accepted accounting principles (GAAP), this earnings release also references “adjusted net earnings,” “adjusted diluted net earnings per share,” “adjusted EBITDA,” “adjusted EBITDA margin,” “free cash flow,” and “core revenue growth,” which are non-GAAP financial measures. The reasons why we believe these measures, when used in conjunction with the GAAP financial measures, provide useful information to investors, how management uses such non-GAAP financial measures, a reconciliation of these measures to the most directly comparable GAAP measures and other information relating to these measures are included in the supplemental reconciliation schedule attached. The non-GAAP financial measures should not be considered in isolation or as a substitute for the GAAP financial measures, but should instead be read in conjunction with the GAAP financial measures. The non-GAAP financial measures used by Fortive in this release may be different from similarly-titled non-GAAP measures used by other companies. With respect to forward-looking non-GAAP measures, we have not reconciled with, or presented, corresponding forward-looking GAAP measures since doing so would require us to make assumptions with precision about acquisitions, currency translations, capital and other expenses and other similar adjustments during the future periods.
FORWARD-LOOKING STATEMENTS
Statements in this presentation that are not strictly historical, including statements regarding anticipated financial results, industry trends, the ability to execute the planned strategies, future prospects, shareholder value, and any other statements identified by their use of words like “anticipate,” “expect,” “believe,” “outlook,” “guidance,” “target,” or “will” or other words of similar meaning, are “forward-looking statements" within the meaning of the United States federal securities laws. Factors that could cause actual results to differ materially from those in the forward-looking statements include, among other things: deterioration of or instability in the economy, the markets we serve, international trade policies and deteriorating trade relations with other countries, including imposition of tariffs and retaliatory tariffs between United States and China and other countries, responsive economic nationalism, trade restrictions, and enhanced regulation, impact of any prolonged government shutdown, the financial markets, geopolitical conditions and conflicts including in the Middle East and in Ukraine, security breaches, data exfiltration, or other disruptions of our information technology systems, supply chain constraints, our ability to adjust purchases and manufacturing capacity to reflect market conditions, reliance on sole sources of supply, contractions or lower growth rates and cyclicality of markets we serve, competition, changes in industry standards and governmental regulations, our ability to manage leadership transitions and recruit and retain key employees, our ability to successfully identify, consummate, integrate and realize the anticipated value of appropriate acquisitions or otherwise effectively deploy our capital, our ability to develop and successfully market new products, software, and services and expand into new markets, the potential for improper conduct by our employees, agents or business partners, contingent liabilities relating to acquisitions and divestitures, impact of changes to tax laws, our compliance with applicable laws and regulations and changes in applicable laws and regulations, risks relating to international economic, geopolitical, including war and sanctions, legal, compliance and business factors, risks relating to potential impairment of goodwill and other intangible assets, currency exchange rates, tax audits and changes in our tax rate and income tax liabilities, the impact of our debt obligations on our operations, litigation and other contingent liabilities including intellectual property and environmental, health and safety matters, our ability to adequately protect our intellectual property rights, risks relating to product, service or software defects, product liability and recalls, risks relating to product manufacturing, our relationships with and the performance of our channel partners, commodity costs and surcharges, adverse effects of restructuring activities, our separation into two independent, publicly-traded companies, risk related to tax treatment of our prior separations, impact of our indemnification obligation to Ralliant and Vontier, impact of changes to U.S. GAAP, labor matters, and disruptions relating to man-made and natural disasters and climate change. Additional information regarding the factors that may cause actual results to differ materially from these forward-looking statements is available in our SEC filings, including our Annual Report on Form 10-K for the year ended December 31, 2025 and Quarterly Reports on Form 10-Q for the subsequent quarters. These forward-looking statements speak only as of the date of this presentation, and Fortive does not assume any obligation to update or revise any forward-looking statement, whether as a result of new information, future events and developments or otherwise.
FORTIVE CORPORATION AND SUBSIDIARIES
CONSOLIDATED CONDENSED STATEMENTS OF EARNINGS
($ and shares in millions, except per share amounts)
(unaudited)
Three Months Ended
April 3, 2026
March 28, 2025
Sales
1,069.4
993.1
Cost of sales
(393.9
)
(355.6
)
Gross profit
675.5
637.5
Operating costs:
Selling, general and administrative
(417.3
)
(408.2
)
Research and development
(66.5
)
(64.0
)
Operating profit
191.7
165.3
Non-operating income (expense), net:
Interest expense, net
(31.6
)
(32.0
)
Other non-operating income, net
3.5
0.4
Earnings from continuing operations before income taxes
163.6
133.7
Income taxes
(27.2
)
(21.1
)
Net earnings from continuing operations
136.4
112.6
Net earnings from discontinued operations
—
59.3
Net earnings
$
136.4
$
171.9
Net earnings per common share from continuing operations:
Basic
$
0.44
$
0.33
Diluted
$
0.44
$
0.33
Net earnings per common share from discontinued operations:
Basic
$
—
$
0.17
Diluted
$
—
$
0.17
Net earnings per share:
Basic
$
0.44
$
0.50
Diluted
$
0.44
$
0.50
Average common stock and common equivalent shares outstanding:
Basic
309.6
341.1
Diluted
312.8
344.6
This information is presented for reference only. A complete copy of Fortive’s Form 10-Q financial statements is available on the Company’s website (www.fortive.com).
FORTIVE CORPORATION AND SUBSIDIARIES
SEGMENT INFORMATION
($ in millions)
(unaudited)
Three Months Ended
April 3, 2026
March 28, 2025
Sales:
Intelligent Operating Solutions
$
743.2
$
690.9
Advanced Healthcare Solutions
326.2
302.2
Total
$
1,069.4
$
993.1
Operating Profit:
Intelligent Operating Solutions
$
186.2
$
174.6
Advanced Healthcare Solutions
32.7
21.7
Other (a)
(27.2
)
(31.0
)
Total
$
191.7
$
165.3
Operating Margins:
Intelligent Operating Solutions
25.1 %
25.3 %
Advanced Healthcare Solutions
10.0 %
7.2 %
Total
17.9 %
16.6 %
(a) Operating profit amounts in the Other category consist of unallocated corporate costs and other costs not considered part of our evaluation of reportable segment operating performance.
This information is presented for reference only. A complete copy of Fortive’s Form 10-Q financial statements is available on the Company’s website (www.fortive.com).
FORTIVE CORPORATION AND SUBSIDIARIES
CONSOLIDATED CONDENSED BALANCE SHEETS
($ and shares in millions, except per share amounts)
As of
April 3, 2026
December 31, 2025
(unaudited)
ASSETS
Current assets:
Cash and equivalents
$
356.1
$
375.5
Accounts receivable less allowance for doubtful accounts of $18.4 and $18.8, respectively
647.0
683.6
Inventories:
Finished goods
175.0
169.9
Work in process
13.9
12.3
Raw materials
116.6
109.6
Inventories
305.5
291.8
Prepaid expenses and other current assets
233.8
234.0
Current assets, discontinued operations
4.8
20.8
Total current assets
1,547.2
1,605.7
Property, plant and equipment, net of accumulated depreciation of $447.0 and $430.2, respectively
276.3
269.8
Other assets
378.6
375.5
Goodwill
7,288.5
7,298.3
Other intangible assets, net
2,093.5
2,188.4
Total assets
$
11,584.1
$
11,737.7
LIABILITIES AND EQUITY
Current liabilities:
Current portion of long-term debt
$
899.8
$
899.5
Trade accounts payable
415.9
436.4
Accrued expenses and other current liabilities
869.6
910.7
Total current liabilities
2,185.3
2,246.6
Other long-term liabilities
718.1
723.5
Long-term debt
2,589.3
2,306.5
Equity:
Common stock: $0.01 par value, 2,000 shares authorized; 371.3 and 366.6 issued; 305.6 and 313.4 outstanding; respectively
3.7
3.7
Additional paid-in capital
4,225.7
4,210.0
Treasury shares, at cost
(3,734.3
)
(3,229.8
)
Retained earnings
5,546.5
5,428.5
Accumulated other comprehensive income (loss)
41.5
41.0
Total Fortive stockholders’ equity
6,083.1
6,453.4
Noncontrolling interests
8.3
7.7
Total stockholders’ equity
6,091.4
6,461.1
Total liabilities and equity
$
11,584.1
$
11,737.7
This information is presented for reference only. A complete copy of Fortive’s Form 10-Q financial statements is available on the Company’s website (www.fortive.com).
FORTIVE CORPORATION AND SUBSIDIARIES
CONSOLIDATED CONDENSED STATEMENTS OF CASH FLOWS
($ in millions)
(unaudited)
Three Months Ended
April 3, 2026
March 28, 2025
Cash flows from operating activities:
Net earnings
$
136.4
$
171.9
Less: net earnings from discontinued operations
—
(59.3
)
Net earnings from continuing operations
136.4
112.6
Adjustments to reconcile net earnings to net cash provided by operating activities:
Amortization
93.2
91.2
Depreciation
20.4
16.8
Stock-based compensation
21.3
23.4
Change in certain assets and liabilities:
Change in accounts receivable, net
34.8
25.9
Change in inventories
(14.8
)
(12.7
)
Change in trade accounts payable
(19.8
)
5.2
Change in prepaid expenses and other assets
(4.4
)
(15.4
)
Change in accrued expenses and other liabilities
(46.7
)
(55.2
)
Total operating cash provided by continuing operations
220.4
191.8
Total operating cash provided by discontinued operations
14.4
49.9
Net cash provided by operating activities
234.8
241.7
Cash flows from investing activities:
Purchases of property, plant and equipment
(26.6
)
(21.1
)
All other investing activities
(0.1
)
(1.0
)
Total investing cash used in continuing operations
(26.7
)
(22.1
)
Total investing cash used in discontinued operations
—
(4.1
)
Net cash used in investing activities
(26.7
)
(26.2
)
Cash flows from financing activities:
Net proceeds from commercial paper borrowings
591.7
80.7
Repurchase of common shares
(500.2
)
(202.6
)
Payment of dividends
(18.4
)
(27.2
)
Repayment of borrowings (maturities greater than 90 days)
(292.9
)
—
All other financing activities
(8.7
)
8.1
Total financing cash used in continuing operations
(228.5
)
(141.0
)
Total financing cash used in discontinued operations
—
—
Net cash used in financing activities
(228.5
)
(141.0
)
Effect of exchange rate changes on cash and equivalents
1.0
4.3
Net change in cash and equivalents
(19.4
)
78.8
Beginning balance of cash and equivalents
375.5
813.3
Ending balance of cash and equivalents
$
356.1
$
892.1
This information is presented for reference only. A complete copy of Fortive’s Form 10-Q financial statements is available on the Company’s website (www.fortive.com).
FORTIVE CORPORATION AND SUBSIDIARIES
RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURES
AND OTHER INFORMATION
Management believes that each of the non-GAAP financial measures described below provide useful information to investors by reflecting additional ways of viewing aspects of our operations that, when reconciled to the corresponding GAAP measure, help our investors to understand the long-term profitability trends of our business, and facilitate comparisons of our operational performance and profitability to prior and future periods and to our peers.
The information presented below reflect GAAP to non-GAAP reconciliations for the non-GAAP measures of Fortive on a continuing operations basis.
These non-GAAP measures should be considered in addition to, and not as a replacement for or superior to, the comparable GAAP measures, and may not be comparable to similarly titled measures reported by other companies.
Adjusted Net Earnings, Adjusted Diluted Net Earnings per Share, Adjusted EBITDA, and Adjusted EBITDA Margin
We disclose the consolidated non-GAAP measures of adjusted net earnings, adjusted diluted net earnings per share, and the non-GAAP measures of adjusted earnings before income taxes, interest, depreciation, and amortization (“adjusted EBITDA”), and adjusted EBITDA margin, which to the extent applicable, make the following adjustments to GAAP net earnings, and GAAP diluted net earnings per share:
Excluding on a pretax basis amortization of acquisition related intangible assets; Excluding on a pretax basis acquisition, divestiture, and Separation related items; Excluding on a pretax basis the costs incurred pursuant to discrete restructuring plans that are fundamentally different from ongoing productivity improvements in terms of the size, strategic nature, planning requirements and the inconsistent frequency of such plans as well as the associated macroeconomic drivers which underlie such plans (the “Discrete Restructuring Charges”); Excluding on a pretax basis the effect of foreign currency transaction gains and losses related to Euro-denominated debt; In addition to the adjustments noted above, with respect to the consolidated non-GAAP measures of adjusted EBITDA and adjusted EBITDA margin, we make the following adjustments to GAAP net earnings before income taxes:
Excluding on a pretax basis net interest expense; Excluding on a pretax basis depreciation expense; and Excluding income taxes. In addition to the adjustments noted above, with respect to the non-GAAP measures of adjusted net earnings and adjusted diluted net earnings per share, we make the following adjustments to GAAP net earnings and GAAP diluted net earnings per share:
Excluding the tax effect (to the extent tax deductible) of the pretax adjustments noted above. The tax effect of such adjustments was calculated by applying our overall estimated effective tax rate to the pretax amount of each adjustment (unless the nature of the item and/or the tax jurisdiction in which the item has been recorded requires application of a specific tax rate or tax treatment, in which case the tax effect of such item is estimated by applying such specific tax rate or tax treatment). We also disclose for each segment of Fortive, the non-GAAP measures of adjusted EBITDA and adjusted EBITDA margin, which to the extent applicable, make the following adjustments to GAAP operating profit for the corresponding segment, which is deemed to be the most comparable GAAP measure given interest and taxes are not incurred at the segment level:
Excluding on a pretax basis amortization of acquisition related intangible assets; Excluding on a pretax basis acquisition and divestiture related items; Excluding on a pretax basis Discrete Restructuring Charges; and Excluding on a pretax basis depreciation expense. Amortization of Acquisition Related Intangible Assets
As a result of our acquisition activity, we have significant amortization expense associated with definite-lived intangible assets. We adjust for amortization expense of acquisition related intangible assets incurred in each period, and impairment charges incurred, if any. We believe that this adjustment provides our investors with additional insight into our operational performance and profitability as such impacts are not related to our core business performance.
Acquisition, Divestiture, and Separation Related Items
While we have a history of acquisition and divestiture activity, we do not acquire and divest businesses or assets on a predictable cycle. The amount of an acquisition’s purchase price allocated to inventory fair value adjustments are unique to each acquisition and can vary significantly from acquisition to acquisition. In addition, transaction costs, which include acquisition, divestiture, integration, restructuring, and separation costs related to completed or announced transactions are unique to each transaction and are impacted from period to period depending on the number of acquisitions or divestitures evaluated, pending, or completed during such period, and the complexity of such transactions. We adjust for transaction costs, incremental costs related to the Separation, integration costs and corresponding restructuring charges related to acquisitions, in each case, incurred in a given period. Restructuring costs related to the Separation are not included in this adjustment but are instead included in Discrete Restructuring Costs.
Discrete Restructuring Costs
We will exclude costs incurred pursuant to discrete restructuring plans that are fundamentally different from the ongoing productivity improvements that result from application of the Fortive Business System or from execution of general cost saving strategies. These discrete restructuring plans differ in terms of the size, strategic nature and planning requirements, and are often triggered by significant macroeconomic shifts, significant divestitures such as the Separation, or material operational, economic or capital market disruptions. Because these restructuring plans will be incremental to the fundamental activities that arise in the ordinary course of our business and we believe are not indicative of our ongoing operating costs in a given period, we exclude these costs to facilitate a more consistent comparison of operating results over time. Restructuring costs related primarily to an acquisition as opposed to dispositions are not included in this adjustment but are instead included in acquisition related items. In the fourth quarter of 2024, we initiated a discrete restructuring plan related to the Separation that is expected to be completed by the second half of 2026.
Foreign Currency Transaction Gains and Losses Related to Euro-denominated Debt
We adjust for the effect of unrealized foreign currency transaction gains and losses on the remeasurement of Euro-denominated debt that are not designated as hedging instruments for accounting purpose. As the fluctuations in foreign currency exchange rates continue to remain volatile, we believe this adjustment facilitates comparison of our performance with prior and future periods and provides our investors with additional insight into our operational performance.
Core Revenue Growth
We use the term “core revenue growth” when referring to a corresponding year-over-year GAAP revenue measure, excluding (1) the impact from acquired or divested businesses and (2) the impact of foreign currency translation. References to sales attributable to acquisitions or acquired businesses refer to GAAP sales from acquired businesses recorded prior to the first anniversary of the acquisition less the amount of sales attributable to certain divested businesses or product lines that have been divested or, at the time of reporting, are pending divestiture but are not, and will not be, considered discontinued operations prior to the first anniversary of the divestiture. The portion of sales attributable to the impact of currency translation is calculated as the difference between (a) the period-to-period change in sales (excluding sales impact from acquired businesses) and (b) the period-to-period change in sales (excluding sales impact from acquired businesses) after applying the current period foreign exchange rates to the prior year period. This non-GAAP measure should be considered in addition to, and not as a replacement for or superior to, the comparable GAAP measure, and may not be comparable to similarly titled measures reported by other companies.
Management believes that this non-GAAP measure provides useful information to investors by helping identify underlying growth trends in our business and facilitating comparisons of our revenue performance with prior and future periods and to our peers. We exclude the effect of acquisition and divestiture-related items because the nature, size and number of such transactions can vary dramatically from period to period and between us and our peers. We exclude the effect of currency translation from sales measures because currency translation is not under management’s control and is subject to volatility. We believe that such exclusions, when presented with the corresponding GAAP measures, may assist in assessing the business trends and making comparisons of long-term performance.
Free Cash Flow
We use the term “free cash flow” when referring to net cash provided by operating activities calculated according to GAAP less payments for capital expenditures.
Management believes that such non-GAAP measure provides useful information to investors in assessing our ability to generate cash without external financing, fund acquisitions and other investments and, in the absence of refinancing, repay our debt obligations. However, it should be noted that free cash flow as a liquidity measure has material limitations because it excludes certain expenditures that are required or that we have committed to, such as debt service requirements and other non-discretionary expenditures. Such non-GAAP measure should be considered in addition to, and not as a replacement for or superior to, the comparable GAAP measure, and may not be comparable to similarly titled measures reported by other companies.
Core Revenue Growth (unaudited)
Three Months Ended
April 3, 2026
Intelligent Operating Solutions
Advanced Healthcare Solutions
Total Fortive
Total Revenue Growth (GAAP)
7.6 %
7.9 %
7.7 %
Excluding impact of:
Acquisitions and divestitures
0.1 %
— %
— %
Currency exchange rates
(2.5)%
(2.1)%
(2.4)%
Core Revenue Growth (Non-GAAP)
5.2 %
5.8 %
5.3 %
Adjusted EBITDA and Adjusted EBITDA Margin from Continuing Operations (unaudited)
Three Months Ended
$ in millions
April 3, 2026
March 28, 2025
Revenue (GAAP)
$
1,069.4
$
993.1
Net Earnings from Continuing Operations (GAAP)
$
136.4
$
112.6
Interest expense, net
31.6
32.0
Income taxes
27.2
21.1
Depreciation
20.4
16.8
Amortization
93.2
91.2
EBITDA (Non-GAAP)
308.8
273.7
Pretax acquisition, divestiture, and Separation related items (a)
1.9
—
Pretax discrete restructuring charges
6.3
3.4
Pretax foreign currency transaction (gains) and losses related to Euro-denominated debt
(3.3
)
—
Adjusted EBITDA (Non-GAAP)
$
313.7
$
277.1
Net Earnings Margin from Continuing Operations (GAAP)
12.8 %
11.3 %
Adjusted EBITDA Margin (Non-GAAP)
29.3 %
27.9 %
(a) Includes pretax transaction costs, integration costs, corresponding restructuring charges related to acquisitions, and certain Separation-related costs recorded in Net earnings from continuing operations.
Amortization of acquisition-related intangible assets
47.7
45.5
46.6
44.6
Acquisition, divestiture, and Separation related items (a)
0.5
—
—
—
Discrete restructuring charges
6.0
0.3
3.4
—
Adjusted Operating Profit (Non-GAAP)
240.4
78.5
224.6
66.3
Depreciation
14.7
5.3
11.6
4.9
Adjusted EBITDA (Non-GAAP)
$
255.1
$
83.8
$
236.2
$
71.2
Operating Profit Margin (GAAP)
25.1
%
10.0
%
25.3
%
7.2
%
Adjusted Operating Profit Margin (Non-GAAP)
32.3
%
24.1
%
32.5
%
21.9
%
Adjusted EBITDA Margin (Non-GAAP)
34.3
%
25.7
%
34.2
%
23.6
%
(a) Includes pretax transaction costs, integration costs, corresponding restructuring charges related to acquisitions, and certain Separation-related costs recorded in Operating profit.
Adjusted Net Earnings and Adjusted Diluted Net Earnings Per Share from Continuing Operations (unaudited)
Three Months Ended
($ in millions, except per share amounts)
April 3, 2026
March 28, 2025
Per share values
Per share values
Net Earnings and Net Earnings Per Share from Continuing Operations (GAAP)
$
136.4
$
0.44
$
112.6
$
0.33
Pretax amortization of acquisition related intangible assets
93.2
0.30
91.2
0.26
Pretax acquisition, divestiture, and Separation related items (a)
1.9
0.01
—
—
Pretax discrete restructuring charges
6.3
0.02
3.4
0.01
Pretax foreign currency transaction (gains) and losses related to Euro-denominated debt
(3.3
)
(0.01
)
—
—
Tax effect of the adjustments reflected above
(17.0
)
(0.06
)
(16.1
)
(0.05
)
Adjusted Net Earnings and Adjusted Net Earnings Per Share from Continuing Operations (Non-GAAP)
$
217.5
$
0.70
$
191.1
$
0.55
Average Common Diluted Stock Outstanding (shares in millions)
312.8
344.6
(a) Includes pretax transaction costs, integration costs, corresponding restructuring charges related to acquisitions, and certain Separation-related costs recorded in Net earnings from continuing operations.
Percentages presented elsewhere may not recalculate based on the amounts shown due to rounding.
Fortive (FTV - Free Report) reported $1.07 billion in revenue for the quarter ended March 2026, representing a year-over-year decline of 27.5%. EPS of $0.70 for the same period compares to $0.85 a year ago.
The reported revenue represents a surprise of +3.46% over the Zacks Consensus Estimate of $1.03 billion. With the consensus EPS estimate being $0.64, the EPS surprise was +9.72%.
While investors closely watch year-over-year changes in headline numbers -- revenue and earnings -- and how they compare to Wall Street expectations to determine their next course of action, some key metrics always provide a better insight into a company's underlying performance.
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 Fortive performed in the just reported quarter in terms of the metrics most widely monitored and projected by Wall Street analysts:
Sales- Advanced Healthcare Solutions: $326.2 million compared to the $312.92 million average estimate based on four analysts. The reported number represents a change of +7.9% year over year.Sales- Intelligent Operating Solutions: $743.2 million versus $728.82 million estimated by four analysts on average. Compared to the year-ago quarter, this number represents a +10.7% change.Operating Profit- Intelligent Operating Solutions: $186.2 million compared to the $189.56 million average estimate based on three analysts.Operating Profit- Advanced Healthcare Solutions: $32.7 million versus $22.91 million estimated by three analysts on average.Adjusted Operating Profit (Non-GAAP)- Advanced Healthcare Solutions: $78.5 million versus the three-analyst average estimate of $71.41 million.Adjusted Operating Profit (Non-GAAP)- Intelligent Operating Solutions: $240.4 million versus $245.93 million estimated by three analysts on average.Operating Profit- Other: $-27.2 million versus $-28.57 million estimated by three analysts on average.View all Key Company Metrics for Fortive here>>>
Shares of Fortive have returned +10.5% over the past month versus the Zacks S&P 500 composite's +12.2% 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.
Key Takeaways Fortive reported Q1 EPS of 70 cents, beating estimates and rising 25.4% year over year.FTV revenues rose 7.7% to $1.07B, driven by strength across both operating segments.FTV saw margin expansion and continued buybacks, with $1.8B repurchased since strategy launch. Fortive Corporation (FTV - Free Report) reported first-quarter 2026 adjusted earnings per share (EPS) of 70 cents from continuing operations, which surpassed the Zacks Consensus Estimate of 64 cents. The bottom line increased 25.4% year over year.
Revenues increased 7.7% year over year to $1069.4 million. The top line beat the Zacks Consensus Estimate by 3.8%. Core revenues jumped 5.3%.
After the announcement, Fortive’s shares jumped around 1.5% in the pre-market trading session today. The stock has gained 24.2% in the past year compared with the Zacks Electronics - Testing Equipment industry's growth of 35.1%.
Image Source: Zacks Investment Research
Management stated that the company’s strong performance reflects robust demand for its market-leading products, steady progress in executing the Fortive Accelerated strategy and a continued focus on financial discipline supported by the operational rigor of the Fortive Business System (FBS). It added that the company remained committed to disciplined capital allocation, completing approximately $500 million in additional share repurchases during the quarter, bringing total buybacks to around $1.8 billion over the three quarters since the launch of the new Fortive.
Top Line in DetailFortive operates under the following two organized segments:
Intelligent Operating Solutions: The segment generated revenues of $743.2 million (contributing 69.5% to total revenues), which increased 7.6% on a year-over-year basis.
Advanced Healthcare Solutions: This segment registered revenues of $326.2 million (30.5%), up 7.9% year over year.
Operating DetailsIn the reported quarter, adjusted gross profit increased 5.8% to $676.3 million on a year-over-year basis.
Adjusted operating margin was 27.4%, which expanded 120 basis points (bps) on a year-over-year basis.
Segment-wise, the adjusted operating margins of Intelligent Operating Solutions were 32.3%, contracting 20 bps year over year.
Adjusted operating margins of Advanced Healthcare Solutions were 24.1%, up 220 bps.
Balance Sheet & Cash FlowAs of April 3, 2026, cash and cash equivalents were $356.1 million compared with $375.5 million as of Dec. 31, 2025.
FTV generated an operating cash flow of $220.4 million for the first quarter compared with $344.2 million in the previous quarter. Non-GAAP free cash flow was $193.8 million compared with $313.8 million in the prior quarter.
Fortive’s OutlookFor full-year 2026, Fortive still expects adjusted earnings per share in the range of $2.90-$3.00.
Management highlighted that it is currently trending toward the upper half of its guidance. Management expressed confidence in the early progress made across the three pillars of its Fortive Accelerated strategy, driving profitable organic growth through FBS Amplified, maintaining disciplined capital allocation with a focus on achieving the best relative returns, and reinforcing its commitment to building and sustaining investor trust. The company remains firmly on track to meet its medium-term financial framework, and the progress achieved so far strengthens its optimism about the meaningful shareholder value creation opportunity.
Zacks Rank
Currently, Fortive has a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Recent Performance of Other FirmsBadger Meter, Inc. (BMI - Free Report) reported EPS of 93 cents for first-quarter 2026, which missed the Zacks Consensus Estimate by 22.5%. The bottom line compared unfavorably with the year-ago quarter’s EPS of $1.30.
Quarterly net sales were $202.3 million, down 9% from $222.2 million in the year-ago quarter due to delayed project deployments and weaker-than-expected short-cycle order activity. The Zacks Consensus Estimate was pegged at $230.1 million.
SAP SE (SAP - Free Report) reported first-quarter 2026 non-IFRS EPS of €1.72 ($2.01), which increased 20% from the year-ago quarter. The Zacks Consensus Estimate was pegged at $1.92.
Driven by momentum in the cloud business, SAP reported total revenues on a non-IFRS basis of €9.56 billion ($11.2 billion), which increased 6% year over year (up 12% at constant currency or cc). The Zacks Consensus Estimate was pegged at $11.3 billion.
Sensata Technologies Holding plc (ST - Free Report) reported first-quarter 2026 adjusted EPS of 86 cents, up from 78 cents a year ago. The bottom line beat the Zacks Consensus Estimate by 2.4%.
Revenues for the quarter reached $934.8 million, up 2.6% from a year ago. The figure came near to the upper end of management’s expectations ($917-$937 million) and beat the consensus estimate by 0.7%. Strength Aerospace, Defense and Commercial Equipment segments drove the top-line performance.
EVERETT, Wash.--(BUSINESS WIRE)--Fortive Corporation (“Fortive”) (NYSE: FTV) announced today that its Board of Directors approved an increase in the number of shares of Fortive’s common stock authorized under its general share repurchase program (the “General Share Repurchase Program”), with the total number of shares remaining available for repurchase under the General Share Repurchase Program following such increase equal to 20 million shares, including shares that were available prior to such increase.
The shares available for repurchase under the General Share Repurchase Program are in addition to approximately $66.7 million available under the $550 million special purpose share repurchase program previously adopted by Fortive’s Board of Directors under which Fortive may repurchase shares of Fortive common stock exclusively from the proceeds of the cash dividend and any other cash received by Fortive from Ralliant Corporation in connection with the separation of Ralliant completed on June 28, 2025.
Under the share repurchase programs, Fortive may purchase its common stock on a discretionary basis from time to time on the open market or in privately negotiated transactions, including through the use of trading plans that satisfy the conditions of Rule 10b5-1 under the Securities Exchange Act of 1934, as amended, in accordance with the requirements of the Securities and Exchange Commission.
The timing and amount of common stock repurchases made under the share repurchase programs will be determined by Fortive’s management based on its evaluation of market conditions and other factors. The repurchase programs have no expiration date and do not obligate Fortive to acquire any particular amount of shares, and may be suspended or discontinued at any time.
FORWARD-LOOKING STATEMENTS
Statements in this release that are not strictly historical, including statements regarding the expected future timing of any dividend payments and the Company's expectations on paying dividends at any level in the future, Fortive’s plans with respect to share repurchases, ability to deliver shareholder value or return, and future financial performance and any other statements identified by their use of words like “anticipate,” “expect,” “believe,” “outlook,” “guidance,” or “will” or other words of similar meaning are “forward-looking statements” within the meaning of the federal securities laws. Actual results may differ materially from those indicated by these forward-looking statements as a result of various important factors including, but not limited to, the possibility that the share repurchase program may be suspended or discontinued, deterioration of or instability in the economy, the markets we serve, international trade policies and deteriorating trade relations with other countries, including imposition of tariffs and retaliatory tariffs between the United States and China and other countries, responsive economic nationalism, trade restrictions, and enhanced regulation, impact of any prolonged government shutdown, the financial markets, geopolitical conditions and conflicts including in the Middle East and in Ukraine, security breaches, data exfiltration, or other disruptions of our information technology systems, supply chain constraints, our ability to adjust purchases and manufacturing capacity to reflect market conditions, reliance on sole sources of supply, contractions or lower growth rates and cyclicality of markets we serve, competition, changes in industry standards and governmental regulations, our ability to manage leadership transitions and recruit and retain key employees, our ability to successfully identify, consummate, integrate and realize the anticipated value of appropriate acquisitions or otherwise effectively deploy our capital, our ability to develop and successfully market new products, software, and services and expand into new markets, the potential for improper conduct by our employees, agents or business partners, contingent liabilities relating to acquisitions and divestitures, impact of changes to tax laws, our compliance with applicable laws and regulations and changes in applicable laws and regulations, risks relating to international economic, geopolitical, including war and sanctions, legal, compliance and business factors, risks relating to potential impairment of goodwill and other intangible assets, currency exchange rates, tax audits and changes in our tax rate and income tax liabilities, the impact of our debt obligations on our operations, litigation and other contingent liabilities including intellectual property and environmental, health and safety matters, our ability to adequately protect our intellectual property rights, risks relating to product, service or software defects, product liability and recalls, risks relating to product manufacturing, our relationships with and the performance of our channel partners, commodity costs and surcharges, adverse effects of restructuring activities, our separation into two independent, publicly-traded companies, risk related to tax treatment of our prior separations, impact of our indemnification obligation to Ralliant and Vontier, impact of changes to U.S. GAAP, labor matters, and disruptions relating to man-made and natural disasters and climate change. Additional information regarding the factors that may cause actual results to differ materially from these forward-looking statements is available in our SEC filings, including our Annual Report on Form 10-K for the year ended December 31, 2025 and Quarterly Reports on Form 10-Q for the subsequent quarters. These forward-looking statements speak only as of the date of this press release, and Fortive does not assume any obligation to update or revise any forward-looking statement, whether as a result of new information, future events and developments or otherwise.
ABOUT FORTIVE
Fortive innovates essential technologies to keep our world safe and productive. Fortive’s strategic segments - Intelligent Operating Solutions and Advanced Healthcare Solutions - include iconic inventor brands with leading positions in their markets. The company’s businesses design, develop, manufacture, and market products, software, and services, building on leading brand names, innovative technologies, and strong market positions. Fortive is headquartered in Everett, Washington and employs a team of more than 10,000 research and development, manufacturing, sales, distribution, service, and administrative team members in approximately 50 countries around the world. With a culture rooted in continuous improvement, the core of our company’s operating model is the Fortive Business System. For more information please visit: www.fortive.com.
EVERETT, Wash.--(BUSINESS WIRE)--Fortive Corporation (“Fortive”) (NYSE: FTV) today announced that Olumide Soroye, President and Chief Executive Officer, and Mark Okerstrom, Chief Financial Officer, will be presenting at the 2026 Wolfe Research 19th Annual Global Transportation & Industrials Conference on Tuesday, May 19th, 2026, at 10:55 a.m. ET. The audio will be simultaneously webcast and archived on the "Investors" section of Fortive’s website, www.fortive.com.
About Fortive
Fortive innovates essential technologies to keep our world safe and productive. Fortive’s strategic segments - Intelligent Operating Solutions and Advanced Healthcare Solutions - include iconic inventor brands with leading positions in their markets. The company’s businesses design, develop, manufacture, and market products, software, and services, building on leading brand names, innovative technologies, and strong market positions. Fortive is headquartered in Everett, Washington and employs a team of more than 10,000 research and development, manufacturing, sales, distribution, service, and administrative team members in approximately 50 countries around the world. With a culture rooted in continuous improvement, the core of our company’s operating model is the Fortive Business System. For more information please visit: www.fortive.com.
As one in five charging stations sits offline, Fluke’s new FEV500 acts as a “virtual EV,” combining safety, communication, and interoperability checks in one tool - bringing data-driven reliability to the world’s fastest-growing charging segment May 12, 2026 08:30 ET | Source: Fluke Corporation
Everett, Washington, May 12, 2026 (GLOBE NEWSWIRE) -- Fluke Corporation today announced the launch of the Fluke FEV500, an all-in-one testing solution designed specifically for fast DC Level 3 EV charging stations. Unlike traditional AC chargers, these high-powered stations operate at extreme energy levels and rely on complex digital communication protocols, making safety, reliability, and uptime critical concerns for operators.
The FEV500 acts like a virtual electric vehicle, enabling technicians in the field to quickly perform comprehensive safety and operability tests on-site without the cost, complexity, or uncertainty of using an actual EV, helping ensure charging stations remain safe and importantly fully operational.
“With the FEV500, Fluke is redefining how fast DC EV charging stations are tested and maintained,” said Theo Brillhart, Technology Director, R&D at Fluke Corporation. “Fast DC charging is the backbone of the EV transition but the truth is, reliability is still the industry’s weakest link. We built the FEV500 to close that gap. It replaces uncertainty with insight and turns testing from a bottleneck into a competitive advantage. If the EV industry wants to scale, it starts with trust and trust starts with reliability.
One in five charging stations in the U.S. is not operational*, indicating an urgent need to improve the nation’s charging network. For fleet operators, downtime can be costly, and for consumers, reliability is critical. The FEV500 makes testing more efficient by replacing the need for multiple tools – including a digital multimeter, insulation tester, and oscilloscope – while also providing technicians with guided instructions on critical testing criteria.
Key features of the FEV500 include:
One-Tool Testing: The tool combines performance, interoperability, and safety checks in a single device. The FEV500 is designed to meet ISO 15118 and DIN SPEC70121 international standards for digital communication between electric vehicles and electric vehicle supply equipment. EV Simulation: The FEV500 tests the charging infrastructure without requiring an external power source. It can also simulate real-world charging and communication scenarios to validate interoperability and performance. Best Practice Standardization: The tool provides actionable data for regulatory compliance, maintenance planning, and performance forecasting. It delivers fast PASS/FAIL results with guided workflows, so technicians have access to best practices for commissioning, maintaining, and troubleshooting a fast DC station without the need for advanced training.User-Friendly Interface: Technicians can avoid the need for manual input, as the tool has an intuitive auto-test feature, and test data is input directly to the device. The FEV500 is also portable and provides clear guidance on what to test, even for complex fast DC stations. Time-Saving: Fleet operators and technicians can troubleshoot without needing to open the charging station, avoiding costly downtime. All tests can be conducted through a single connection point, with no disassembly required. Built for field service technicians who are constantly on the move, the FEV500 features a rugged wheeled chassis for easy transport between depots and sites, along with a removable battery that makes it convenient for air travel. Backed by Fluke’s trusted accuracy, the FEV500’s dependable insights give commercial and fleet teams the confidence to keep EV stations running and able to power an always-on, energy-driven world.
For more information and to purchase the FEV500, please visit Fluke FEV500 Fast DC EV Charging Station Analyzer .
About Fluke
As the world leader in test and measurement equipment, software, and service, Fluke is committed to advancing sustainability at a global level. Growth in renewable energy industries requires precision measurement, quality control, and reporting capabilities for installation, maintenance, and service. Every day, Fluke customers stake their reputations on Fluke tools—it’s why they depend on Fluke’s reliability, accuracy, and commitment to help them extend their skills and professionalism.
# # #
* Harvard Business School: The state of EV charging in America
FLUKE is a registered trademark of Fluke Corporation. For more information, visit the Fluke website.
New Fluke FEV500 Redefines Testing for Fast DC Electric Vehicle Chargers, Eliminating Costly Downtime New Fluke FEV500 Redefines Testing for Fast DC Electric Vehicle Chargers, Eliminating Costly Downtime
New Fluke FEV500 Redefines Testing for Fast DC Electric Vehicle Chargers, Eliminating Costly Downtim... Fluke’s new FEV500 acts as a “virtual EV,” combining safety, communication, and interoperability che... New Fluke FEV500 Redefines Testing for Fast DC Electric Vehicle Chargers, Eliminating Costly Downtim... Fluke’s new FEV500 acts as a “virtual EV,” combining safety, communication, and interoperability che...
EVERETT, Wash.--(BUSINESS WIRE)--Fortive Corporation (“Fortive”) (NYSE: FTV) today announced that it has priced its registered offering (the “offering”) of $600 million aggregate principal amount of its 4.750% Notes due 2031 (the “2031 notes”) and $500 million aggregate principal amount of its 5.250% Notes due 2036 (the “2036 notes” and, together with the 2031 notes, the “notes”). The 2031 notes will bear interest at 4.750% per annum and mature on May 15, 2031, and the 2036 notes will bear interest at 5.250% per annum and mature on May 15, 2036. Interest on the notes will be paid semi-annually in arrears on May 15 and November 15 of each year, beginning on November 15, 2026. Fortive intends to use the net proceeds from the offering to refinance certain indebtedness, including the repayment at maturity of its 3.150% Senior Notes due June 15, 2026 (plus accrued and unpaid interest thereon), to pay related fees and expenses, and for general corporate purposes. The sale of the notes is expected to close on or about May 14, 2026, subject to customary closing conditions.
Morgan Stanley & Co. LLC, Barclays Capital Inc., J.P. Morgan Securities LLC and Scotia Capital (USA) Inc. are acting as joint book-running managers for the offering of the notes.
This offering is being made only by means of a prospectus supplement and the accompanying prospectus related to the offering of the notes (collectively, the “prospectus”). The notes will be issued pursuant to an effective shelf registration statement on Form S-3ASR previously filed by Fortive with the U.S. Securities and Exchange Commission (the “SEC”). Before you invest, you should read the prospectus and other documents Fortive has filed with the SEC for more complete information about Fortive and this offering. The preliminary prospectus supplement and an issuer free writing prospectus have been, and the final prospectus supplement will be, filed with the SEC and are and will be available on the SEC’s website at www.sec.gov. Alternatively, copies of the prospectus, preliminary prospectus supplement and, when available, the final prospectus supplement related to this offering may be obtained by contacting Morgan Stanley & Co. LLC at +1-866-718-1649; Barclays Capital Inc. at +1-888-603-5847; J.P. Morgan Securities LLC at +1-212-834-4533; and Scotia Capital (USA) Inc. at +1-800-372-3930.
This press release is for informational purposes only and shall not constitute an offer to sell or a solicitation of an offer to buy the notes or any security and shall not constitute an offer, solicitation or sale in any jurisdiction in which such offering, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction.
ABOUT FORTIVE
Fortive innovates essential technologies to keep our world safe and productive. Fortive’s strategic segments - Intelligent Operating Solutions and Advanced Healthcare Solutions - include iconic inventor brands with leading positions in their markets. The company’s businesses design, develop, manufacture, and market products, software, and services, building on leading brand names, innovative technologies, and strong market positions. Fortive is headquartered in Everett, Washington and employs a team of more than 10,000 research and development, manufacturing, sales, distribution, service, and administrative team members in approximately 50 countries around the world. With a culture rooted in continuous improvement, the core of our company’s operating model is the Fortive Business System.
FORWARD-LOOKING STATEMENTS
The release contains information about future expectations, plans and prospects of Fortive’s management that constitute forward-looking statements within the meaning of the U.S. federal securities laws, including statements with respect to Fortive’s expectations to complete the proposed offering and its intended use of proceeds therefrom. There can be no assurance that Fortive will be able to complete the proposed offering on the anticipated terms, or at all. Actual results may differ materially from those indicated by these forward-looking statements as a result of various important factors including, but not limited to, the terms of the offering, risks and uncertainties related to whether or not Fortive will consummate the offering, the impact of general economic, industry, market or political conditions and other factors that are discussed in Fortive’s SEC filings, including its Annual Report on Form 10-K for the year ended December 31, 2025 and its quarterly reports on Form 10-Q and other documents periodically filed with the SEC, all of which are available on the SEC’s website at www.sec.gov. These forward-looking statements speak only as of the date of this release, and Fortive does not undertake any obligation to update or revise any forward-looking statement, whether as a result of new information, future events and developments or otherwise.
June 05, 2026 07:30 ET | Source: Foresight VCT PLC
FORESIGHT VCT PLC
LEI: 213800GNTY699WHACF46
RESULT OF AGM
5 JUNE 2026
The Board of Foresight VCT plc is pleased to announce that all resolutions proposed at the Annual General Meeting of the Company held on 4 June 2026, were approved on a Poll.
Resolutions 1 to 10 were proposed as ordinary resolutions and resolutions 11 and 12 were proposed as special resolutions.
Proxy votes were received in respect of 18,158,921 Ordinary Shares, representing 5.18% of the issued share capital as at 4 June 2026.
The Results of the Poll were as follows:
ResolutionVotes For%Votes Against%Votes Withheld*118,103,47299.7937,8750.2117,574.0217,830,71498.77221,2191.23106,988.0317,733,73798.52265,8061.48159,378.0417,850,48098.83210,8741.1797,567.0517,998,39199.8134,3020.19126,228.0617,975,07199.6857,6220.32126,228.0717,816,69898.80216,3671.20125,856.0817,720,54198.71231,8091.29206,571.0918,130,98799.8527,9340.15-1018,007,21399.24137,9090.7613,799.01116,883,57797.28471,5402.72803,804.01217,377,82998.66235,5111.34545,581.0 * A vote withheld is not a vote in law and is not counted in the calculation of the votes for or against a resolution.
A copy of the resolutions passed at the AGM, other than ordinary business, will be submitted to the National Storage Mechanism in accordance with UK Listing Rules 6.4.2.
For further information, please contact:
Company Secretary:
Foresight Group LLP
Contact: Stephen Thayer Tel: 0203 667 8100
Investor Relations:
Foresight Group LLP
Contact: Andrew James Tel: 0203 6678110
EVERETT, Wash.--(BUSINESS WIRE)--Fortive Corporation (“Fortive”) (NYSE: FTV) announced today that its Board of Directors declared a regular quarterly cash dividend of $0.06 per share of its common stock, par value $0.01 per share, payable on July 6, 2026 to common stockholders of record on June 22, 2026. Although Fortive expects to pay dividends on a quarterly basis, any subsequent declaration of dividends, including the amount, the record dates and the payment dates for any such future dividend payments, is subject to the discretion of the Board of Directors.
ABOUT FORTIVE
Fortive innovates essential technologies to keep our world safe and productive. Fortive’s strategic segments - Intelligent Operating Solutions and Advanced Healthcare Solutions - include iconic inventor brands with leading positions in their markets. The company’s businesses design, develop, manufacture, and market products, software, and services, building on leading brand names, innovative technologies, and strong market positions. Fortive is headquartered in Everett, Washington, and employs a team of more than 10,000 research and development, manufacturing, sales, distribution, service, and administrative team members in approximately 50 countries around the world. For more information please visit: www.fortive.com.
FORWARD-LOOKING STATEMENTS
Statements in this release that are not strictly historical, including the statements regarding the expected future timing of any dividend payments and the Company's expectations on paying dividends at any level in the future, and any other statements identified by their use of words like “expect,” or other words of similar meaning are “forward-looking” statements within the meaning of the federal securities laws. There are a number of important factors that could cause dividend payments and dividend schedule to differ materially from those suggested or indicated by such forward-looking statements and you should not place undue reliance on any such forward-looking statements. These factors include, among other things: deterioration of or instability in the economy, the markets we serve, international trade policies and deteriorating trade relations with other countries, including imposition of tariffs and retaliatory tariffs between the United States and China and other countries, responsive economic nationalism, trade restrictions, and enhanced regulation, impact of any prolonged government shutdown, the financial markets, geopolitical conditions and conflicts including in the Middle East and in Ukraine, security breaches, data exfiltration, or other disruptions of our information technology systems, supply chain constraints, our ability to adjust purchases and manufacturing capacity to reflect market conditions, reliance on sole sources of supply, contractions or lower growth rates and cyclicality of markets we serve, competition, changes in industry standards and governmental regulations, our ability to manage leadership transitions and recruit and retain key employees, our ability to successfully identify, consummate, integrate and realize the anticipated value of appropriate acquisitions or otherwise effectively deploy our capital, our ability to develop and successfully market new products, software, and services and expand into new markets, the potential for improper conduct by our employees, agents or business partners, contingent liabilities relating to acquisitions and divestitures, impact of changes to tax laws, our compliance with applicable laws and regulations and changes in applicable laws and regulations, risks relating to international economic, geopolitical, including war and sanctions, legal, compliance and business factors, risks relating to potential impairment of goodwill and other intangible assets, currency exchange rates, tax audits and changes in our tax rate and income tax liabilities, the impact of our debt obligations on our operations, litigation and other contingent liabilities including intellectual property and environmental, health and safety matters, our ability to adequately protect our intellectual property rights, risks relating to product, service or software defects, product liability and recalls, risks relating to product manufacturing, our relationships with and the performance of our channel partners, commodity costs and surcharges, adverse effects of restructuring activities, our separation into two independent, publicly-traded companies, risk related to tax treatment of our prior separations, impact of our indemnification obligation to Ralliant and Vontier, impact of changes to U.S. GAAP, labor matters, and disruptions relating to man-made and natural disasters and climate change. Additional information regarding the factors that may cause actual results to differ materially from these forward-looking statements is available in our SEC filings, including our Annual Report on Form 10-K for the year ended December 31, 2025 and Quarterly Reports on Form 10-Q for the subsequent quarters. These forward-looking statements speak only as of the date of this release, and Fortive does not assume any obligation to update or revise any forward-looking statement, whether as a result of new information, future events and developments or otherwise.
The market expects Mosaic (MOS - Free Report) to deliver a year-over-year decline in earnings on higher revenues when it reports results for the quarter ended March 2026. This widely-known consensus outlook is important in assessing the company's earnings picture, but a powerful factor that might influence its near-term stock price is how the actual results compare to these estimates.
The earnings report, which is expected to be released on May 11, might help the stock move higher if these key numbers are better than expectations. On the other hand, if they miss, the stock may move lower.
While management's discussion of business conditions on the earnings call will mostly determine the sustainability of the immediate price change and future earnings expectations, it's worth having a handicapping insight into the odds of a positive EPS surprise.
Zacks Consensus EstimateThis fertilizer maker is expected to post quarterly earnings of $0.20 per share in its upcoming report, which represents a year-over-year change of -59.2%.
Revenues are expected to be $2.75 billion, up 4.9% from the year-ago quarter.
Estimate Revisions TrendThe consensus EPS estimate for the quarter has been revised 10% lower over the last 30 days to the current level. This is essentially a reflection of how the covering analysts have collectively reassessed their initial estimates over this period.
Investors should keep in mind that an aggregate change may not always reflect the direction of estimate revisions by each of the covering analysts.
Price, Consensus and EPS Surprise
Earnings WhisperEstimate revisions ahead of a company's earnings release offer clues to the business conditions for the period whose results are coming out. Our proprietary surprise prediction model -- the Zacks Earnings ESP (Expected Surprise Prediction) -- has this insight at its core.
The Zacks Earnings ESP compares the Most Accurate Estimate to the Zacks Consensus Estimate for the quarter; the Most Accurate Estimate is a more recent version of the Zacks Consensus EPS estimate. The idea here is that analysts revising their estimates right before an earnings release have the latest information, which could potentially be more accurate than what they and others contributing to the consensus had predicted earlier.
Thus, a positive or negative Earnings ESP reading theoretically indicates the likely deviation of the actual earnings from the consensus estimate. However, the model's predictive power is significant for positive ESP readings only.
A positive Earnings ESP is a strong predictor of an earnings beat, particularly when combined with a Zacks Rank #1 (Strong Buy), 2 (Buy) or 3 (Hold). Our research shows that stocks with this combination produce a positive surprise nearly 70% of the time, and a solid Zacks Rank actually increases the predictive power of Earnings ESP.
Please note that a negative Earnings ESP reading is not indicative of an earnings miss. Our research shows that it is difficult to predict an earnings beat with any degree of confidence for stocks with negative Earnings ESP readings and/or Zacks Rank of 4 (Sell) or 5 (Strong Sell).
How Have the Numbers Shaped Up for Mosaic?For Mosaic, the Most Accurate Estimate is lower than the Zacks Consensus Estimate, suggesting that analysts have recently become bearish on the company's earnings prospects. This has resulted in an Earnings ESP of -7.50%.
On the other hand, the stock currently carries a Zacks Rank of #3.
So, this combination makes it difficult to conclusively predict that Mosaic will beat the consensus EPS estimate.
Does Earnings Surprise History Hold Any Clue?While calculating estimates for a company's future earnings, analysts often consider to what extent it has been able to match past consensus estimates. So, it's worth taking a look at the surprise history for gauging its influence on the upcoming number.
For the last reported quarter, it was expected that Mosaic would post earnings of $0.48 per share when it actually produced earnings of $0.22, delivering a surprise of -54.17%.
Over the last four quarters, the company has beaten consensus EPS estimates two times.
Bottom LineAn earnings beat or miss may not be the sole basis for a stock moving higher or lower. Many stocks end up losing ground despite an earnings beat due to other factors that disappoint investors. Similarly, unforeseen catalysts help a number of stocks gain despite an earnings miss.
That said, betting on stocks that are expected to beat earnings expectations does increase the odds of success. This is why it's worth checking a company's Earnings ESP and Zacks Rank ahead of its quarterly release. Make sure to utilize our Earnings ESP Filter to uncover the best stocks to buy or sell before they've reported.
Mosaic doesn't appear a compelling earnings-beat candidate. However, investors should pay attention to other factors too for betting on this stock or staying away from it ahead of its earnings release.
An Industry Player's Expected ResultsCF Industries (CF - Free Report) , another stock in the Zacks Fertilizers industry, is expected to report earnings per share of $2.35 for the quarter ended March 2026. This estimate points to a year-over-year change of +27%. Revenues for the quarter are expected to be $1.77 billion, up 6.2% from the year-ago quarter.
The consensus EPS estimate for CF has been revised 29% higher over the last 30 days to the current level. However, a higher Most Accurate Estimate has resulted in an Earnings ESP of +1.07%.
When combined with a Zacks Rank of #1 (Strong Buy), this Earnings ESP indicates that CF will most likely beat the consensus EPS estimate. The company beat consensus EPS estimates in each of the trailing four quarters.
Stay on top of upcoming earnings announcements with the Zacks Earnings Calendar.
Key Takeaways Mosaic set to report Q1 2026 results on May 11, with revenues seen up 4.9% year over year.MOS benefits from strong fertilizer demand, higher prices and cost-cut actions.Mosaic faces margin pressure from rising sulfur costs and expects up to $400M in pre-tax charges. The Mosaic Company (MOS - Free Report) is set to release first-quarter 2026 results before the opening bell on May 11.
Mosaic beat the Zacks Consensus Estimate for earnings in two of the trailing four quarters, and missed it twice. It delivered a trailing four-quarter negative earnings surprise of around 11.6%, on average. The company is expected to have benefited from favorable demand for phosphate and potash, higher fertilizer prices and actions to improve its cost structure in the first quarter amid headwinds from input cost inflation.
MOS's shares are down 26.3% in the past year compared with the Zacks Fertilizers industry’s 19.4% rise.
Image Source: Zacks Investment Research
Let’s see how things are shaping up for this announcement.
What Do MOS’ Revenue Estimates Say?The Zacks Consensus Estimate for first-quarter consolidated revenues for MOS is currently pegged at $2,749.3 million, reflecting a year-over-year increase of 4.9%.
Factors at Play for MOS StockStrong demand for fertilizers is expected to have aided Mosaic’s volumes in the first quarter. Attractive farm economics continue to drive demand for fertilizers globally. Farmer economics remain favorable in most global growing regions due to strong crop demand and affordable inputs. The phosphate market is benefiting from higher global demand and low producer and channel inventories. Demand for grains and oilseeds remains high globally. Improved farmer affordability is also driving demand for fertilizers.
Our estimate for consolidated sales volumes for the first quarter is 6.1 million tons, suggesting a 5% year over year rise.
MOS’s actions to improve its operating cost structure through transformation plans are also expected to have aided its profitability. Mosaic remains on track with its cost-reduction plan, which is expected to drive $250 million in run-rate cost reductions by the end of 2026, having already achieved $150 million in cost reduction targets in 2025, mostly in Fertilizantes. The additional cost reductions are expected to be realized through optimization of the supply chain, automation of administrative functions, absorption of fixed costs and operational cost cuts.
Higher fertilizer prices are also expected to have supported the company’s first-quarter performance. Strong demand and supply tightness have led to an uptick in fertilizer prices, with phosphate prices seeing a notable increase. Prices were driven by solid agricultural demand in major markets, China’s export restrictions, U.S. tariffs and higher costs of inputs. The upward momentum in fertilizer prices continues this year.
Our estimate for the average selling price for the Phosphate unit is pegged at $653 per ton, indicating a 3.3% year over year increase. The same for the Potash unit stands at $260 per ton, suggesting an 11% year over year rise.
Mosaic uses sulfur and ammonia as key inputs for the production of phosphate. Supply disruptions contributed to the rise in prices of both sulfur and ammonia last year. Plant shutdowns and maintenance led to a tight supply of these raw materials, which, coupled with strong demand, pushed up their prices. Higher raw material costs led to an increase in the company’s production costs.
The impacts of raw material inflation are likely to reflect in the company’s margins in the first quarter. MOS has witnessed a sharp increase in sulfur price since late 2025, which is expected to have weighed on phosphate margins in the first quarter.
Mosaic, last month, announced that it will idle its Araxa Mining and Chemical Complex and suspend mining operations at the Patrocínio Complex in Brazil as part of a strategic effort to streamline operations and improve cost efficiency. The company expects these actions to reduce its annual phosphate production at Mosaic Fertilizantes by approximately 1 million tons, reflecting a meaningful decline in Brazilian output. Mosaic intends to pursue the sale of its Araxa assets, signaling a broader portfolio optimization strategy focused on higher-return operations.
The company anticipates a pre-tax charge of $350-$400 million for the first quarter of 2026, including $275 million to $300 million in asset impairments and the remainder related to severance and contract termination costs. Some impacts of these charges are expected to reflect on MOS’s first-quarter results.
What Our Model Unveils for MOS StockOur proven model does not conclusively predict an earnings beat for Mosaic this season. The combination of a positive Earnings ESP and a Zacks Rank #1 (Strong Buy), 2 (Buy) or 3 (Hold) increases the chances of an earnings beat. But that’s not the case here.
Earnings ESP: Earnings ESP for MOS is -7.50%. The Zacks Consensus Estimate for the first quarter is currently pegged at 20 cents. You can uncover the best stocks to buy or sell before they’re reported with our Earnings ESP Filter.
Zacks Rank: MOS currently carries a Zacks Rank #3.
Basic Materials Stocks That Warrant a LookHere are some companies in the basic materials space you may want to consider as our model shows they have the right combination of elements to post an earnings beat this quarter:
Lithium Americas Corp. (LAC - Free Report) , expected to release earnings on May 21, has an Earnings ESP of +15.23% and carries a Zacks Rank #3. You can see the complete list of today’s Zacks #1 Rank stocks here.
The consensus estimate for LAC’s earnings for the first quarter is currently pegged at a loss of 7 cents.
Wheaton Precious Metals Corp. (WPM - Free Report) , scheduled to release earnings on May 7, has an Earnings ESP of +7.44% and carries a Zacks Rank #3 at present.
The consensus mark for WPM’s first-quarter earnings is currently pegged at $1.15.
Barrick Mining Corporation (B - Free Report) , slated to release earnings on May 11, has an Earnings ESP of +0.56%.
The Zacks Consensus Estimate for B's earnings for the first quarter is currently pegged at 74 cents. B currently carries a Zacks Rank #3.
In its upcoming report, Mosaic (MOS - Free Report) is predicted by Wall Street analysts to post quarterly earnings of $0.20 per share, reflecting a decline of 59.2% compared to the same period last year. Revenues are forecasted to be $2.75 billion, representing a year-over-year increase of 4.9%.
Over the past 30 days, the consensus EPS estimate for the quarter has been adjusted downward by 10% to its current level. This demonstrates the covering analysts' collective reassessment of their initial projections during this period.
Before a company announces its earnings, it is essential to take into account any changes made to earnings estimates. This is a valuable factor in predicting the potential reactions of investors toward the stock. Empirical research has consistently shown a strong correlation between trends in earnings estimate revisions and the short-term price performance of a stock.
While investors typically rely on consensus earnings and revenue estimates to gauge how the business may have fared during the quarter, examining analysts' projections for some of the company's key metrics often helps gain a deeper insight.
In light of this perspective, let's dive into the average estimates of certain Mosaic metrics that are commonly tracked and forecasted by Wall Street analysts.
Analysts' assessment points toward 'Net Sales- Phosphates' reaching $1.24 billion. The estimate indicates a year-over-year change of +12.8%.
Analysts predict that the 'Net Sales- Mosaic Fertilizantes' will reach $855.11 million. The estimate indicates a change of -8.5% from the prior-year quarter.
The combined assessment of analysts suggests that 'Net Sales- Corporate and Other' will likely reach -$8.41 million. The estimate points to a change of -146.7% from the year-ago quarter.
Analysts forecast 'Net Sales- Potash' to reach $603.33 million. The estimate indicates a change of +5.9% from the prior-year quarter.
The average prediction of analysts places 'Mosaic Fertilizantes - Sales volumes - Total Finished Product' at 1757 thousands of tons. Compared to the current estimate, the company reported 1847 thousands of tons in the same quarter of the previous year.
The consensus estimate for 'Potash - Average finished product selling price (destination)' stands at $267.24 . The estimate compares to the year-ago value of $234.00 .
The consensus among analysts is that 'Phosphates - Sales volumes - Total Finished Product' will reach 1770 thousands of tons. Compared to the present estimate, the company reported 1498 thousands of tons in the same quarter last year.
The collective assessment of analysts points to an estimated 'Potash - Sales volumes - Total Finished Product' of 2112 thousands of tons. Compared to the present estimate, the company reported 2113 thousands of tons in the same quarter last year.
Based on the collective assessment of analysts, 'Mosaic Fertilizantes - Average finished product selling price (destination)' should arrive at $481.33 . The estimate compares to the year-ago value of $452.00 .
It is projected by analysts that the 'Phosphates - Sales volumes - DAP/MAP' will reach 978 thousands of tons. Compared to the current estimate, the company reported 846 thousands of tons in the same quarter of the previous year.
According to the collective judgment of analysts, 'Phosphates - Sales volumes - Performance & other products' should come in at 703 thousands of tons. Compared to the present estimate, the company reported 652 thousands of tons in the same quarter last year.
Analysts expect 'Phosphates - Average finished product selling price (destination)' to come in at $661.17 . The estimate compares to the year-ago value of $632.00 .
View all Key Company Metrics for Mosaic here>>>
Over the past month, shares of Mosaic have returned -11.8% versus the Zacks S&P 500 composite's +10.3% change. Currently, MOS carries a Zacks Rank #3 (Hold), suggesting that its performance may align with the overall market in the near future. You can see the complete list of today's Zacks Rank #1 (Strong Buy) stocks here >>>> .
The Mosaic Company (NYSE:MOS) will release earnings for its first quarter before the opening bell on Monday, May 11.
Analysts expect the company to report quarterly earnings of 22 cents per share, down from 49 cents per share in the year-ago period. The consensus estimate for Mosaic's quarterly revenue is $2.9 billion (it reported $2.62 billion last year), according to Benzinga Pro.
Ahead of quarterly earnings, CIBC analyst Hamir Patel, on April 30, maintained a Neutral rating on Mosaic and lowered the price target from $32 to $27.
With the recent buzz around Mosaic, some investors may be eyeing potential gains from the company's dividends too. As of now, Mosaic has an annual dividend yield of 3.84%, which is a quarterly dividend amount of 22 cents per share (88 cents a year).
So, how can investors exploit its dividend yield to pocket a regular $500 monthly?
To earn $500 per month or $6,000 annually from dividends alone, you would need an investment of approximately $156,200 or around 6,818 shares. For a more modest $100 per month or $1,200 per year, you would need $31,249 or around 1,364 shares.
To calculate: Divide the desired annual income ($6,000 or $1,200) by the dividend ($0.88 in this case). So, $6,000 / $0.88 = 6,818 ($500 per month), and $1,200 / $0.88 = 1,364 shares ($100 per month).
Note that dividend yield can change on a rolling basis, as the dividend payment and the stock price both fluctuate over time.
How that works: The dividend yield is computed by dividing the annual dividend payment by the stock’s current price.
For example, if a stock pays an annual dividend of $2 and is currently priced at $50, the dividend yield would be 4% ($2/$50). However, if the stock price increases to $60, the dividend yield drops to 3.33% ($2/$60). Conversely, if the stock price falls to $40, the dividend yield rises to 5% ($2/$40).
Similarly, changes in the dividend payment can impact the yield. If a company increases its dividend, the yield will also increase, provided the stock price stays the same. Conversely, if the dividend payment decreases, so will the yield.
MOS Price Action: Shares of Mosaic fell 2.8% to close at $22.91 on Thursday.
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TAMPA, FL / ACCESS Newswire / May 11, 2026 / The Mosaic Company (NYSE:MOS) released its financial results for the first quarter 2026. The company's earnings release and supplemental materials are available at https://investors.mosaicco.com/financials/quarterly-results.
Mosaic will discuss its results and address investor questions during a conference call today, May 11, at 11:00 a.m. Eastern Time. Access to the call can be found at https://investors.mosaicco.com, or through the dial in numbers below. The webcast will be available for one year.
Conference Call Details:
About The Mosaic Company
The Mosaic Company (NYSE:MOS) helps the world grow the food it needs. Headquartered in Tampa, Florida, Mosaic is a leading producer and marketer of potash and phosphate fertilizer which are essential inputs for the world's farmers. Through the Mosaic Biosciences platform, the company is advancing the next generation of biological solutions designed to improve nutrient use efficiency, strengthen crop performance, and support more sustainable agricultural systems. As a Fortune 500 company with 13,000 employees serving customers in more than 40 countries, Mosaic is helping build resilient and productive food systems for the future. More information on the company is available at www.mosaicco.com.
Mosaic withdrew its phosphate production guidance and said it would limit capital expenditures for the year, as surging sulfuric acid prices weigh on its operations.
Mosaic (MOS - Free Report) came out with quarterly earnings of $0.05 per share, missing the Zacks Consensus Estimate of $0.2 per share. This compares to earnings of $0.49 per share a year ago. These figures are adjusted for non-recurring items.
This quarterly report represents an earnings surprise of -75.00%. A quarter ago, it was expected that this fertilizer maker would post earnings of $0.48 per share when it actually produced earnings of $0.22, delivering a surprise of -54.17%.
Over the last four quarters, the company has surpassed consensus EPS estimates just once.
Mosaic, which belongs to the Zacks Fertilizers industry, posted revenues of $3 billion for the quarter ended March 2026, surpassing the Zacks Consensus Estimate by 9.04%. This compares to year-ago revenues of $2.62 billion. The company has topped consensus revenue estimates two times 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.
Mosaic shares have lost about 7.9% since the beginning of the year versus the S&P 500's gain of 8.1%.
What's Next for Mosaic?While Mosaic has underperformed 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 Mosaic 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 $0.23 on $3.16 billion in revenues for the coming quarter and $1.56 on $12.79 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, Fertilizers is currently in the top 15% 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.
Another stock from the same industry, ICL Group (ICL - Free Report) , has yet to report results for the quarter ended March 2026. The results are expected to be released on May 13.
This potash and fertilizer producer is expected to post quarterly earnings of $0.10 per share in its upcoming report, which represents a year-over-year change of +11.1%. The consensus EPS estimate for the quarter has remained unchanged over the last 30 days.
ICL Group's revenues are expected to be $1.83 billion, up 3.9% from the year-ago quarter.
Mosaic (MOS - Free Report) reported $3 billion in revenue for the quarter ended March 2026, representing a year-over-year increase of 14.4%. EPS of $0.05 for the same period compares to $0.49 a year ago.
The reported revenue represents a surprise of +9.04% over the Zacks Consensus Estimate of $2.75 billion. With the consensus EPS estimate being $0.20, the EPS surprise was -75%.
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 Mosaic performed in the just reported quarter in terms of the metrics most widely monitored and projected by Wall Street analysts:
Potash - Average finished product selling price (destination): $277.00 versus the four-analyst average estimate of $267.24.Phosphates - Sales volumes - Total Finished Product: 1,936.00 KTon versus 1,770.20 KTon estimated by four analysts on average.Potash - Sales volumes - Total Finished Product: 2,159.00 KTon versus 2,112.03 KTon estimated by four analysts on average.Mosaic Fertilizantes - Sales volumes - Total Finished Product: 1,618.00 KTon versus 1,756.94 KTon estimated by four analysts on average.Phosphates - Average finished product selling price (destination): $653.00 versus $661.17 estimated by three analysts on average.Phosphates - Sales volumes - Performance & other products: 720.00 KTon versus 703.34 KTon estimated by three analysts on average.Mosaic Fertilizantes - Average finished product selling price (destination): $527.00 versus $481.33 estimated by three analysts on average.Phosphates - Sales volumes - DAP/MAP: 1,116.00 KTon versus 978.40 KTon estimated by three analysts on average.Net Sales- Phosphates: $1.43 billion versus $1.24 billion estimated by four analysts on average. Compared to the year-ago quarter, this number represents a +29.8% change.Net Sales- Corporate and Other: $-32 million versus $-8.41 million estimated by four analysts on average. Compared to the year-ago quarter, this number represents a -277.8% change.Net Sales- Mosaic Fertilizantes: $937 million compared to the $855.11 million average estimate based on four analysts. The reported number represents a change of +0.3% year over year.Net Sales- Potash: $667 million versus $603.33 million estimated by four analysts on average. Compared to the year-ago quarter, this number represents a +17% change.View all Key Company Metrics for Mosaic here>>>
Shares of Mosaic have returned -10.4% over the past month versus the Zacks S&P 500 composite's +9.1% 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
U.S. stocks traded higher this morning, with the Dow Jones gaining around 0.1% on Monday.
Following the market opening Monday, the Dow traded up 0.11% to 49,661.54 while the NASDAQ gained 0.17% to 26,292.83. The S&P 500 also rose, gaining, 0.24% to 7,416.79.
Leading and Lagging Sectors
Energy shares jumped by 1.8% on Monday.
In trading on Monday, communication services stocks fell by 1.5%.
Top Headline
Mosaic Co (NYSE:MOS) shares fell around 2% on Monday after the company released earnings results for the first quarter.
The company posted adjusted EPS of 5 cents, missing market estimates of 24 cents per share. The company's sales came in at $2.998 billion beating expectations of $2.897 billion.
Equities Trading UP
Equities Trading DOWN
Commodities
In commodity news, oil traded up 2% to $97.36 while gold traded up 0.3% at $4,742.50.
Silver traded up 6.9% to $86.355 on Monday, while copper rose 3.1% to $6.4875.
Euro zone
European shares were mixed today. The eurozone's STOXX 600 rose 0.1%, while Spain's IBEX 35 Index fell 0.3%. London's FTSE 100 rose 0.4%, Germany's DAX fell 0.1%, while France's CAC 40 declined 0.9%.
Asia Pacific Markets
Asian markets closed mixed on Monday, with Japan's Nikkei 225 falling 0.47%, Hong Kong's Hang Seng Index gaining 0.05%, China's Shanghai Composite gaining 1.08% and India's BSE Sensex falling 1.70%
Economics
U.S. existing home sales rose by 0.2% to an annualized rate of 4.02 million units in April.
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Key Takeaways MOS Q1 adjusted EPS fell 90% Y/Y to 5 cents, missing estimates despite higher sales.Mosaic's phosphate margin dropped to $2 per ton as raw material costs surged.MOS cut 2026 capex guidance by $250M while reaffirming potash production outlook. The Mosaic Company (MOS - Free Report) posted first-quarter 2026 adjusted earnings of 5 cents per share, down 89.8% from 49 cents a year ago. The figure missed the Zacks Consensus Estimate of 20 cents by 75%.
Net sales rose 14.4% year over year to $2,998 million and beat the consensus estimate of $2,749.3 million by 9%. Results reflected volatile fertilizer and raw material markets.
MOS' Segment HighlightsMOS’ Phosphate segment generated net sales of $1.4 billion in the quarter, up from $1.1 billion a year ago. Sales volumes increased to 1.9 million tons from 1.5 million tons, in line with our estimate of 1.9 million tons. Gross margin fell sharply to $2 per ton from $111 per ton, as higher raw material costs overwhelmed the benefit of better volumes. The average DAP selling price was $668 per ton versus $623 per ton in the year-ago quarter.
The Potash segment delivered net sales of $667 million, up from $570 million a year ago. Sales volumes were 2.2 million tons compared with 2.1 million tons in the prior-year period. The figure beat our estimate of 2.1 million tons. Gross margin improved to $88 per ton from $80 per ton. Higher realized prices more than offset a higher cost environment. The average MOP selling price rose to $265 per ton from $223 per ton.
Mosaic Fertilizantes posted net sales of $937 million, essentially flat with $934 million a year ago. Sales volumes declined to 1.6 million tons from 1.8 million tons, while gross margin compressed to $22 per ton from $69 per ton. The average finished product selling price increased to $527 per ton from $452 per ton. The company said the decision to idle operations at Araxa and Patrocinio resulted in charges totaling $442 million, which drove the reported loss in the quarter. The ongoing credit constraints in Brazil were also flagged as a headwind to distribution margins.
MOS' FinancialsMosaic ended the quarter with cash and cash equivalents of $281.8 million, compared with $276.6 million at the end of 2025. Long-term debt (net of current maturities) was $4,271.1 million versus $4,250.9 million at the end of 2025.
Cash flow from operating activities was $104.2 million in the first quarter, up from $42.9 million a year ago, aided by improved working capital dynamics. Capital expenditures were $356.8 million, and free cash flow was negative $252.6 million, consistent with typical first-quarter seasonality.
Mosaic paid a regular dividend of 22 cents per share in the quarter.
MOS 2026 OutlookFor 2026, Mosaic reduced capital expenditure guidance by $250 million to $1.25 billion and maintained its potash production outlook of about 9 million tons. For the second quarter, phosphate sales volumes are expected to be 1.4 to 1.7 million tons with DAP prices of $760 to $780 per ton, while potash sales volumes are projected to be 1.9 to 2.1 million tons with MOP prices of $260 to $280 per ton. Management also reaffirmed key annual guideposts, including SG&A expense of $520 to $540 million, net interest expense of $200 to $220 million, and cash taxes of $275 to $325 million.
MOS’ Price PerformanceMosaic’s shares have lost 32.7% in the past year compared with the Zacks Fertilizers industry’s 10.3% rise.
Image Source: Zacks Investment Research
MOS’s Zacks Rank & Key PicksMOS currently carries a Zacks Rank #3 (Hold).
Some better-ranked stocks in the basic materials space are Idaho Strategic Resources, Inc. (IDR - Free Report) , NioCorp Developments Ltd. (NB - Free Report) and Hawkins, Inc. (HWKN - Free Report) .
Idaho is expected to report first-quarter 2026 results on May 14. The Zacks Consensus Estimate for earnings is pegged at 43 cents per share, indicating 258.33% year-over-year growth. IDR sports a Zacks Rank #1 (Strong Buy) at present. You can see the complete list of today’s Zacks #1 Rank stocks here.
NioCorp is expected to report third-quarter fiscal 2026 results on May 14. The consensus estimate for NB’s loss per share is pegged at 2 cents, indicating 83.33% year-over-year growth. NB presently carries a Zacks Rank #1.
Hawkins is scheduled to report fiscal fourth-quarter 2026 results on May 13. The Zacks Consensus Estimate for HWKN’s first-quarter earnings per share is pegged at 77 cents. HWKN carries a Zacks Rank #2 (Buy) at present.
CocaCola (NYSE:KO) EVP Jennifer Mann Sells 23,984 SharesMarketBeat
CocaCola Company (The) (NYSE:KO - Get Free Report) EVP Jennifer Mann sold 23,984 shares of the firm's stock in a transaction dated Wednesday, June 10th. The stock was sold at an average price of $83.41, for a total value of $2,000,505.44. Following the completion of the transaction, the executive vice president owned 157,400 shares of the company's stock, valued at approximately $13,128,734. The trade was a 13.22% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.
NYSE:KO
Read CocaCola (NYSE:KO) EVP Jennifer Mann Sells 23,984 Shares
2 hours ago
Dutch Bros (NYSE:BROS) Major Shareholder Sells $15,759,829.98 in StockMarketBeat
Dutch Bros Inc. (NYSE:BROS - Get Free Report) major shareholder Dm Individual Aggregator, Llc sold 261,054 shares of the company's stock in a transaction dated Wednesday, June 10th. The stock was sold at an average price of $60.37, for a total transaction of $15,759,829.98. Following the completion of the sale, the insider owned 2,671,855 shares in the company, valued at $161,299,886.35. This represents a 8.90% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Large shareholders that own at least 10% of a company's shares are required to disclose their transactions with the SEC.
NYSE:BROS
Read Dutch Bros (NYSE:BROS) Major Shareholder Sells $15,759,829.98 in Stock
2 hours ago
Insider Selling: Dutch Bros (NYSE:BROS) Major Shareholder Sells 261,055 Shares of StockMarketBeat
Dutch Bros Inc. (NYSE:BROS - Get Free Report) major shareholder Dm Individual Aggregator, Llc sold 261,055 shares of the business's stock in a transaction dated Thursday, June 11th. The stock was sold at an average price of $63.02, for a total value of $16,451,686.10. Following the completion of the transaction, the insider owned 2,410,800 shares in the company, valued at approximately $151,928,616. This trade represents a 9.77% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Large shareholders that own at least 10% of a company's shares are required to disclose their transactions with the SEC.
NYSE:BROS
Read Insider Selling: Dutch Bros (NYSE:BROS) Major Shareholder Sells 261,055 Shares of Stock
2 hours ago
Travis Boersma Sells 749,999 Shares of Dutch Bros (NYSE:BROS) StockMarketBeat
Dutch Bros Inc. (NYSE:BROS - Get Free Report) Chairman Travis Boersma sold 749,999 shares of Dutch Bros stock in a transaction that occurred on Wednesday, June 10th. The stock was sold at an average price of $60.39, for a total transaction of $45,292,439.61. Following the completion of the sale, the chairman owned 2,671,855 shares of the company's stock, valued at $161,353,323.45. This represents a 21.92% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.
Dutch Bros Inc. (NYSE:BROS - Get Free Report) Chairman Travis Boersma sold 750,000 shares of the company's stock in a transaction that occurred on Thursday, June 11th. The shares were sold at an average price of $63.02, for a total value of $47,265,000.00. Following the sale, the chairman owned 2,410,800 shares in the company, valued at approximately $151,928,616. This trade represents a 23.73% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.
Mosaic Company (NYSE:MOS) on Monday reported mixed first-quarter results.
The company posted adjusted earnings per share of five cents, below analyst expectations of 24 cents. Revenue of $2.998 billion came slightly ahead of the $2.897 billion consensus estimate.
The company continues to project roughly 9 million tonnes of potash production in 2026, supported by strong output at Esterhazy, which is expected to offset the impact of the Carlsbad divestiture.
Mosiac sees second-quarter potash sales volumes of 1.9–2.1 million tonnes, with realized mine-gate MOP pricing projected at $260–$280 per tonne.
Mosaic shares gained 2.4% to trade at $22.32 on Tuesday.
These analysts made changes to their price targets on Mosaic following earnings announcement.
Mizuho analyst Christopher Parkinson maintained Mosaic with a Neutral and lowered the price target from $27 to $24. JP Morgan analyst Jeffrey Zekaukas maintained the stock with an Underweight rating and cut the price target from $24 to $19. Considering buying MOS stock? Here’s what analysts think:
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The Mosaic Company is positioned to recapture its post-crisis share price as the crisis is likely to end. Fertilizer prices, especially for phosphate and potash, are surging due to supply chain bottlenecks and raw material shortages. MOS management is proactively cutting CapEx by $250M, selling mines, and optimizing capital allocation to weather near-term challenges.
Long bonds are doing something they have not done in years: pricing real risk. With the 10-year Treasury at 4.67% and the 20- and 30-year already above 5%, capital is rotating out of duration-sensitive growth and into companies that actually make stuff out of the ground. That backdrop favors value cyclicals: energy producers, miners, and fertilizer names with hard assets, real cash flow, and pricing power tied to physical commodities. For retail investors, the screen gets interesting under $40, where a few classic cyclical names still trade at depressed multiples despite improving fundamentals.
Of the five tickers in focus for this rotation theme (CNX, FCX, MOS, HCC, and E), only two currently clear the $40 ceiling. Here is what the data says about them.
CNX Resources (NYSE: CNX) CNX Resources (NYSE:CNX | CNX Price Prediction) is an Appalachian Basin natural gas producer focused on the Marcellus and Utica shales. Shares last traded at $37.37, which keeps the name inside the under-$40 value bucket even after a 15.13% one-year gain.
The fundamentals are doing the heavy lifting. CNX reported Q1 2026 EPS of $2.18 against a $0.97 consensus on revenue of $786.65 million, up 28.84% year over year. Free cash flow came in at $139 million, and management still guides to roughly $525 million of full-year free cash flow. The stock trades at a trailing P/E of 5 and an EV/EBITDA of 3, with an analyst target price of $39. The bull case is clean: 81% of 2026 gas is hedged, the Apex Energy acquisition added about 23,000 Utica acres, and management spent $54 million on buybacks in the quarter.
The risk is gas itself. Henry Hub spot recently sat near $2.82/MMBtu, well below CNX’s $3.64/MMBtu forward assumption, and the company already flagged around $193 million in projected 2026 realized hedging losses. Even so, the cash flow profile and valuation give this one a margin of safety that most cyclicals at this point in the cycle simply do not offer.
Mosaic (NYSE: MOS) Mosaic (NYSE:MOS) mines phosphate and potash and runs a large Brazil fertilizer distribution arm. Shares trade at $21.40, down 37.62% over the past year, which puts the stock well below its book value of $38.07 and at a price-to-book of 0.59.
The most recent quarter was ugly. Mosaic posted Q1 2026 adjusted EPS of $0.05, missing the $0.22 consensus by 77.13%, with a GAAP net loss of $257.6 million. The culprit was a $280 million year-over-year spike in raw material costs, with sulfur prices breaching $1,200 per tonne. Management responded by curtailing production, cutting capex guidance to $1.25 billion, and launching a $50 million annualized cost-savings program.
The bull case rests on pricing tailwinds finally feeding through. Q2 phosphate is guided at $760 to $780 per tonne, the highest level in the recent earnings record, and both China and Brazil set Q1 potash import records. The analyst target sits at $27.22, and the 4.04% dividend yield pays investors to wait. CEO Bruce Bodine said the company is positioned to “benefit when market dynamics improve.”
The risk is straightforward: if sulfur stays elevated and Brazil credit conditions tighten further, the recovery slips into 2027. Mosaic is a leveraged play on fertilizer margin normalization, not a stable compounder.
The bottom line CNX offers cash flow and capital returns at a low multiple, while Mosaic is a deeper-cyclical bet on commodity normalization. Both fit the rotation narrative as long-bond yields march toward 5%, but each carries commodity risk that can override the macro setup. Investors should do their own work on hedging schedules, raw material inputs, and capital allocation before treating either as a bargain.
Mosaic Company (MOS) is rated a buy as current fertilizer shortages and lower demand create a near-term buying opportunity ahead of expected market normalization. MOS faces several weak quarters potentially, due to reduced potash and phosphate demand, but I anticipate a rebound as fertilizer supplies recover and planting activity resumes. Despite a Q1 net loss of $258 million and ongoing profitability challenges, MOS maintains manageable debt and interest expenses, supporting long-term viability.
Mosaic Company is navigating a fertilizer cycle trough with high input costs and significant earnings uncertainty, judging by its FQ1 2026 earnings update. MOS reported a 14.4% YoY revenue increase to $3.0B, but EPS dropped ~90% YoY to $0.05. Dividend yield, currently around 3.91%, is near a peak level in at least five years.
On June 08, 2026, The Mosaic Co MOS shares fell 3.9% today, bringing the current price to $21.38. Over the past week, the stock has declined by 8.4%, and year-to-date, it has dropped 9.6%. The 52-week range for MOS is between $20.89 and $38.23.
GF Value™ verdict: Current price of $21.38 is 26.9% below the GF Value™ estimate of $29.26.GF Score™: 64/100, indicating an above-average performance compared to peers.Most notable signal: No insider transactions in the last 3 months. Is MOS Overvalued or Undervalued? The current share price of The Mosaic Co MOS stands at $21.38, which is significantly below the GF Value™ estimate of $29.26. This presents a margin of safety of approximately 26.9%, suggesting that the stock may be undervalued at its current price point. The GF Valuation label rates MOS as modestly undervalued, indicating potential investment opportunities. However, while the undervaluation presents a buying opportunity, investors should consider the risks associated with the company's financial health, as indicated by its GF Score™ and other financial metrics.
GF Value™ is GuruFocus' proprietary measure of intrinsic value, calculated from historical trading multiples, past business growth, and future performance estimates.
How Does MOS's Valuation Compare to Its History? Metric Current Historical P/E (TTM) 164.5x 9.2x Forward P/E 26.2x - The current P/E (TTM) of 164.5x is significantly above its 5-year median P/E of 9.2x, representing an increase of approximately 1688%. The forward P/E is more reasonable at 26.2x, indicating that the stock is trading well above its historical valuation metrics. This analysis supports the GF Value™ verdict, suggesting that MOS may indeed be overvalued relative to its historical P/E ratios.
What Does MOS's GF Score™ Tell Us? Metric Rating GF Score™ 64/100 Financial Strength 5/10 Profitability 6/10 Growth 3/10 Valuation 8/10 Momentum 2/10 The GF Score™ of 64/100 indicates that The Mosaic Co MOS is performing above average compared to its peers. The strongest area is its Valuation score of 8/10, suggesting that the stock is priced favorably relative to its intrinsic value. However, the weakest area is the Momentum rank at 2/10, indicating that the stock has not been performing well in recent terms. Financial Strength and Profitability scores are moderate, signifying that while the company has some stability, there are areas that could be improved for better overall performance.
What Are Insiders Doing with MOS Stock? There have been no insider transactions in the last three months for The Mosaic Co MOS . This lack of insider activity may suggest that company executives and board members do not currently see significant opportunities to buy or sell shares, which could indicate a cautious approach given the stock's recent performance and valuation metrics.
What This Means for Investors Based on the analysis of the GF Value™, The Mosaic Co MOS appears to be undervalued at its current price of $21.38 compared to the GF Value™ estimate of $29.26. However, the high P/E ratio and low momentum score should be taken into account, suggesting volatility and potential risks that investors should consider.
For the complete analysis, visit the The Mosaic Co MOS 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 MOS's GF Score™?
MOS's GF Score™ is 64/100, indicating an above-average performance compared to its peers, suggesting a stable investment opportunity.
Is MOS overvalued or undervalued?
MOS is currently undervalued with a price of $21.38 compared to the GF Value™ estimate of $29.26, suggesting a margin of safety for potential investors.
What is MOS's P/E ratio?
The current P/E ratio for MOS is 164.5x, which is significantly higher than its 5-year median of 9.2x, indicating that the stock is trading above its historical valuation metrics.
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].
A month has gone by since the last earnings report for Mosaic (MOS - Free Report) . Shares have lost about 5% in that time frame, underperforming the S&P 500.
But investors have to be wondering, will the recent negative trend continue leading up to its next earnings release, or is Mosaic due for a breakout? Before we dive into how investors and analysts have reacted as of late, let's take a quick look at its most recent earnings report in order to get a better handle on the important catalysts.
Mosaic's Q1 Earnings Lag Estimates on Higher Input Costs, Sales Up Y/YMosaic posted first-quarter 2026 adjusted earnings of 5 cents per share, down 89.8% from 49 cents a year ago. The figure missed the Zacks Consensus Estimate of 20 cents by 75%.
Net sales rose 14.4% year over year to roughly $3 billion and beat the consensus estimate of $2.75 billion by 9%. Results reflected volatile fertilizer and raw material markets.
Segment HighlightsThe Phosphate segment generated net sales of $1.4 billion in the quarter, up from $1.1 billion a year ago. Sales volumes increased to 1.9 million tons from 1.5 million tons, in line with our estimate of 1.9 million tons. Gross margin fell sharply to $2 per ton from $111 per ton, as higher raw material costs overwhelmed the benefit of better volumes. The average DAP selling price was $668 per ton versus $623 per ton in the year-ago quarter.
The Potash segment delivered net sales of $667 million, up from $570 million a year ago. Sales volumes were 2.2 million tons compared with 2.1 million tons in the prior-year period. The figure beat our estimate of 2.1 million tons. Gross margin improved to $88 per ton from $80 per ton. Higher realized prices more than offset a higher cost environment. The average MOP selling price rose to $265 per ton from $223 per ton.
Mosaic Fertilizantes posted net sales of $937 million, essentially flat with $934 million a year ago. Sales volumes declined to 1.6 million tons from 1.8 million tons, while gross margin compressed to $22 per ton from $69 per ton. The average finished product selling price increased to $527 per ton from $452 per ton. The company said the decision to idle operations at Araxa and Patrocinio resulted in charges totaling $442 million, which drove the reported loss in the quarter. The ongoing credit constraints in Brazil were also flagged as a headwind to distribution margins.
FinancialsMosaic ended the quarter with cash and cash equivalents of $281.8 million, compared with $276.6 million at the end of 2025. Long-term debt (net of current maturities) was $4.27 billion versus $4.25 billion at the end of 2025.
Cash flow from operating activities was $104.2 million in the first quarter, up from $42.9 million a year ago, aided by improved working capital dynamics. Capital expenditures were $356.8 million, and free cash flow was negative $252.6 million, consistent with typical first-quarter seasonality.
Mosaic paid a regular dividend of 22 cents per share in the quarter.
OutlookFor 2026, Mosaic reduced capital expenditure guidance by $250 million to $1.25 billion and maintained its potash production outlook of about 9 million tons. For the second quarter, phosphate sales volumes are expected to be 1.4 to 1.7 million tons with DAP prices of $760 to $780 per ton, while potash sales volumes are projected to be 1.9 to 2.1 million tons with MOP prices of $260 to $280 per ton. Management also reaffirmed key annual guideposts, including SG&A expense of $520 to $540 million, net interest expense of $200 to $220 million, and cash taxes of $275 to $325 million.
How Have Estimates Been Moving Since Then?In the past month, investors have witnessed a downward trend in fresh estimates.
The consensus estimate has shifted -52.22% due to these changes.
VGM ScoresCurrently, Mosaic has a subpar Growth Score of D, a score with the same score on the momentum front. However, the stock was allocated a score of B on the value side, putting it in the second quintile 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 indicates a downward shift. It's no surprise Mosaic has a Zacks Rank #4 (Sell). We expect a below average return from the stock in the next few months.
Western Alliance Bancorporation (NYSE:WAL – Get Free Report) saw a large drop in short interest in the month of March. As of March 13th, there was short interest totaling 3,688,093 shares, a drop of 22.2% from the February 26th total of 4,739,356 shares. Based on an average daily trading volume, of 2,312,505 shares, the short-interest ratio is presently 1.6 days. Approximately 3.5% of the company’s stock are sold short.
Analyst Ratings Changes A number of analysts have recently weighed in on WAL shares. Weiss Ratings lowered Western Alliance Bancorporation from a “buy (b-)” rating to a “hold (c+)” rating in a research report on Friday, March 20th. National Alliance Securities reiterated a “buy” rating on shares of Western Alliance Bancorporation in a report on Friday, March 6th. TD Cowen cut Western Alliance Bancorporation from a “buy” rating to a “hold” rating and set a $83.00 target price for the company. in a research note on Monday, March 9th. Wells Fargo & Company upgraded Western Alliance Bancorporation from an “underweight” rating to an “equal weight” rating and cut their price target for the stock from $83.00 to $79.00 in a report on Monday, March 9th. Finally, JPMorgan Chase & Co. reaffirmed a “neutral” rating and issued a $105.00 price target (up from $100.00) on shares of Western Alliance Bancorporation in a research report on Wednesday, January 28th. Eleven analysts have rated the stock with a Buy rating and four have issued a Hold rating to the company. According to MarketBeat, Western Alliance Bancorporation has a consensus rating of “Moderate Buy” and an average target price of $97.73.
Get Our Latest Report on Western Alliance Bancorporation
Institutional Inflows and Outflows Several institutional investors and hedge funds have recently made changes to their positions in the business. Dimensional Fund Advisors LP boosted its holdings in Western Alliance Bancorporation by 1.6% in the third quarter. Dimensional Fund Advisors LP now owns 3,674,518 shares of the financial services provider’s stock valued at $318,655,000 after purchasing an additional 58,535 shares in the last quarter. William Blair Investment Management LLC lifted its position in shares of Western Alliance Bancorporation by 3.5% during the 3rd quarter. William Blair Investment Management LLC now owns 2,394,722 shares of the financial services provider’s stock worth $207,670,000 after buying an additional 81,386 shares during the last quarter. Congress Asset Management Co. boosted its holdings in shares of Western Alliance Bancorporation by 14.5% in the 3rd quarter. Congress Asset Management Co. now owns 215,419 shares of the financial services provider’s stock valued at $18,681,000 after buying an additional 27,329 shares in the last quarter. MidWestOne Financial Group Inc. grew its position in shares of Western Alliance Bancorporation by 42.4% in the 3rd quarter. MidWestOne Financial Group Inc. now owns 36,559 shares of the financial services provider’s stock valued at $3,170,000 after buying an additional 10,887 shares during the last quarter. Finally, SG Americas Securities LLC raised its stake in Western Alliance Bancorporation by 568.0% during the 3rd quarter. SG Americas Securities LLC now owns 17,355 shares of the financial services provider’s stock worth $1,505,000 after acquiring an additional 14,757 shares in the last quarter. 79.15% of the stock is owned by institutional investors and hedge funds.
Western Alliance Bancorporation Trading Down 3.5% Shares of NYSE:WAL opened at $67.70 on Friday. Western Alliance Bancorporation has a 52 week low of $57.05 and a 52 week high of $97.23. The company’s 50 day moving average is $83.11 and its two-hundred day moving average is $83.26. The company has a current ratio of 0.85, a quick ratio of 0.80 and a debt-to-equity ratio of 0.83. The company has a market cap of $7.44 billion, a PE ratio of 7.76, a P/E/G ratio of 0.59 and a beta of 1.34.
Western Alliance Bancorporation (NYSE:WAL – Get Free Report) last released its quarterly earnings data on Tuesday, January 27th. The financial services provider reported $2.59 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.40 by $0.19. The business had revenue of $890.80 million during the quarter, compared to analysts’ expectations of $912.69 million. Western Alliance Bancorporation had a net margin of 18.04% and a return on equity of 13.33%. The company’s revenue for the quarter was up 17.0% on a year-over-year basis. During the same period in the previous year, the company earned $1.95 EPS. Equities analysts predict that Western Alliance Bancorporation will post 9.05 earnings per share for the current fiscal year.
Western Alliance Bancorporation Announces Dividend The firm also recently declared a quarterly dividend, which was paid on Friday, March 6th. Shareholders of record on Friday, February 20th were issued a dividend of $0.42 per share. This represents a $1.68 dividend on an annualized basis and a yield of 2.5%. The ex-dividend date of this dividend was Friday, February 20th. Western Alliance Bancorporation’s payout ratio is 19.24%.
Western Alliance Bancorporation Company Profile (Get Free Report)
Western Alliance Bancorporation is a bank holding company headquartered in Phoenix, Arizona. Through its principal subsidiary, Western Alliance Bank, the company provides a range of banking services to commercial clients, entrepreneurs and real estate developers. As one of the largest regional banks in the western United States, it focuses on relationship-driven banking solutions tailored to niche industries and growing businesses.
The company’s core offerings include deposit products, treasury management and a variety of lending services.
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Experienced industry bankers added to support law firms and legal organizations nationwide
PHOENIX--(BUSINESS WIRE)--Western Alliance Bank (NYSE: WAL) today announced the expansion of its Full-Service Juris Banking team, strengthening Juris Banking Group’s capabilities to support law firms, legal technology providers and other legal businesses across the country.
Western Alliance Bank expands its Juris Banking Group banking team, bringing deeper industry experience to support law firms nationwide.
Share The expanded team is led by Paul Hawkins, Managing Director, and supports the bank’s Juris Banking group, which provides comprehensive banking solutions tailored to the legal industry.
Launched in 2019, Western Alliance’s Juris Banking Group delivers specialized services across full-service banking settlement services, digital disbursements and specialized banking for bankruptcy matters and professional fiduciaries.
Hawkins reports to Francesca Castagnola, Senior Managing Director of the Juris Banking Group, and leads a nationwide team focused on meeting the complete banking needs of legal services organizations. He brings more than 25 years of banking experience working with law firms and law-adjacent businesses nationwide.
As part of the expansion, Western Alliance added the following leaders to its Full-Service Juris Banking team, each responsible for defined regional territories:
Eric Thompson, Senior Director – Pennsylvania, West Virginia, Ohio and Michigan Kameron Cochran, Director – Texas, New Mexico, Kansas, Arkansas and Louisiana Jamal Galehdari, Director – Indiana, Illinois, Wisconsin, Minnesota, Iowa and Missouri Jennifer McWilliams, Director – North Carolina, South Carolina, Georgia, Kentucky, Tennessee, Alabama and Mississippi Alana Scanlan, Director – Pennsylvania, New Jersey, Delaware, Maryland, Virginia, Florida and Washington, D.C. Ken Weinland, Director – Colorado, Arizona and California They join an established Full-Service Juris Banking team that includes Sarah Guindy, Senior Director, Nevada; Ken Vrana, Senior Director, New York; and Donna Jackson, Vice President, Southern California.
In addition, Jon‑Michael Agli, Director; Lefteri Giasemis, Vice President; and Nicholas Krebs, Relationship Manager, joined Western Alliance to support the expanded team and deliver tailored banking solutions and personalized service to legal industry clients.
“The Juris Banking Group is dedicated to providing law firms and other organizations in the legal sector address complex financial needs and support their long‑term growth,” said Castagnola. “This expanded team brings deep experience and a strong understanding of the legal industry, which allows us to serve clients with greater focus and scale.”
Hawkins added, “Western Alliance Bank’s Juris Banking Group brings together industry knowledge and full‑service banking capabilities designed for legal professionals. We’re excited to support law firms and legal businesses as they grow and adapt in a changing environment.”
To learn more about Western Alliance’s Juris Banking Group Bank visit westernalliancebank.com/legal.
About Western Alliance Bank
Western Alliance Bancorporation (NYSE: WAL) is one of the country’s top-performing banking companies and has ranked as a top U.S. bank by American Banker and Bank Director since 2016. Its primary subsidiary, Western Alliance Bank, is a leading national bank for business that puts customers first, delivering tailored business banking solutions and consumer products backed by outstanding, personalized service and specific expertise in more than 30 industries and sectors. With $90 billion in assets and offices nationwide, Western Alliance excels at helping businesses of all sizes capitalize on their opportunities to solve today and succeed tomorrow. For more information on our offerings, subsidiaries and affiliates, visit Western Alliance Bank, Member FDIC, or follow us on LinkedIn.
About Western Alliance Juris Banking Solutions
Western Alliance Juris Banking Solutions, a national banking group within Western Alliance Bank, Member FDIC, brings together a full range of legal industry services and expertise under the same umbrella, including Full-Service Juris Banking, which offers creative, full-service banking solutions for modern law firms and legal technology providers; Settlement Services for class action, mass torts and bankruptcy attorneys, claims administrators and related businesses; bankruptcy solutions for court-appointed trustees, debtors in possession, receivers and fiduciaries; and Digital Disbursements to facilitate payments to claimants in these matters. The Juris Banking Group is part of Western Alliance Bancorporation, which has $90 billion in assets and has ranked as a top U.S. bank by American Banker and Bank Director since 2016. With significant national capabilities, the Juris Banking Group delivers the reach, resources and deep industry knowledge to help businesses capitalize on their opportunities to solve today and succeed tomorrow.
Award recognizes Western Alliance Bank’s transformation into a unified national commercial brand
PHOENIX--(BUSINESS WIRE)--Western Alliance Bank (NYSE: WAL) today announced it has earned a 2026 Portfolio Award from the Financial Communications Society (FCS) for its successful Brand Unity initiative.
Western Alliance earns a 2026 Financial Communications Society Portfolio Award for its Brand Unity initiative, recognizing the bank’s transformation into a single, unified national commercial brand.
Share In 2025, Western Alliance Bank completed a major strategic milestone with the rollout of Brand Unity, an enterprise-wide marketing and communications effort that clearly articulated why, how and when six division bank brands would align under the Western Alliance name. The initiative supported the bank’s National Commercial Bank Strategy by delivering a more seamless, consistent brand experience for customers across touchpoints.
“Western Alliance is a people-first organization, and our teams across all divisions delivered an extraordinary effort to ensure Brand Unity would be frictionless for the bank’s thousands of customers with hundreds of thousands of accounts,” said Tim Boothe, Chief Administration Officer, Western Alliance Bank. “We are proud to preserve the market-leading service and agility of our legacy brands, while elevating awareness for Western Alliance’s powerful capabilities as one bank with one brand.”
According to the Financial Communications Society, more than 140 companies submitted over 600 entries for consideration in the 32nd Annual FCS Portfolio Awards, which will be held in NYC on May 7, 2026.
The full list of financial institutions earning 2026 FCS Portfolio Awards can be found here: 2026 FCS Portfolio Award Winners.
About Western Alliance Bank
Western Alliance Bancorporation (NYSE: WAL) is one of the country’s top-performing banking companies and has ranked as a top U.S. bank by American Banker and Bank Director since 2016. Its primary subsidiary, Western Alliance Bank, is a leading national bank for business that puts customers first, delivering tailored business banking solutions and consumer products backed by outstanding, personalized service and specific expertise in more than 30 industries and sectors. With $90 billion in assets and offices nationwide, Western Alliance excels at helping businesses of all sizes capitalize on their opportunities to solve today and succeed tomorrow. For more information on our offerings, subsidiaries and affiliates, visit Western Alliance Bank, Member FDIC, or follow us on LinkedIn.
Returning Partner to Mission Housing Provides $78M in Construction Financing and Tax Credit Equity for 136-Unit Permanent Supportive Housing Development at 16th and Mission
SAN FRANCISCO--(BUSINESS WIRE)--Western Alliance Bank (NYSE: WAL) is providing $77.9 million in construction financing and Low Income Housing Tax Credit equity for The Marvel in the Mission, the largest affordable housing development in San Francisco’s Mission District. The 136‑unit permanent supportive housing community will serve low‑income families and formerly unhoused residents at the intersection of 16th and Mission streets.
Western Alliance Bank is providing $78 million in construction financing and tax credit equity for The Marvel in the Mission, a 136-unit permanent supportive housing development at 16th and Mission.
Share Western Alliance will join Mission Housing Development Corporation, the Mission Economic Development Agency (MEDA) and community leaders on April 23 for a groundbreaking ceremony marking the start of construction on Phase 1 at 1979 Mission Street, steps from the 16th Street BART Plaza.
The Marvel in the Mission addresses San Francisco’s ongoing shortage of affordable housing and supportive services for residents experiencing or at risk of homelessness. Phase 1 will deliver 136 units for households earning 30% to 50% of area median income. When fully complete, the multi-building development will provide nearly 400 deeply affordable homes across the Mission district.
Permanent supportive housing, which combines long-term affordable housing with on-site services, will be delivered by Mission Housing and Lutheran Social Services to support resident stability.
Western Alliance Bank’s Financing Role
Western Alliance Bank’s Affordable Housing Finance Group is providing a $56.3 million tax-exempt construction loan, which will convert to a $5.6 million permanent loan at stabilization. The bank is also investing $21.6 million in Low Income Housing Tax Credit (LIHTC) equity, representing 49% of the project’s total equity, through the SFMH Club Fund.
“Sixteenth and Mission is one of the most storied intersections in San Francisco, and one of the most in need,” said Mieke Holkeboer, Director, Affordable Housing Finance, Western Alliance Bank. “Mission Housing and MEDA have designed a community that offers more than housing. It offers stability, dignity and support. It has been a privilege to work alongside this team on a project that will have a lasting impact in the Mission.”
The Marvel in the Mission marks a return partnership for Western Alliance Bank and Mission Housing, following their Scattered Sites project, which renovated 69 public housing units across five San Francisco buildings. That project reinforced a shared commitment to doing complex, community-driven deals that go beyond the typical. With The Marvel in the Mission, Western Alliance serves as both senior lender and, through a partnership with LIHTC syndicator Merritt Community Capital Corporation, as the project’s largest equity participant.
“The Marvel in the Mission is a historic development that required true financial partners and community allies, not just banks who present themselves as such in order to underwrite a deal,” said The Marvel’s co-developers Mission Housing and Mission Economic Development Agency. “We’re very fortunate to have found these partners. They all truly care about the future and well-being of our neighborhood and the people who will live here in the future. The Marvel in the Mission would not have been built without them so we’re truly grateful for their partnership and commitment to our communities.”
The project also reflects Western Alliance Bank’s expanding presence in San Francisco. The bank recently opened a full‑service banking office at 201 Montgomery St. in the Financial District, reinforcing its long‑term commitment to the city.
“Western Alliance Bank is continuing to invest in San Francisco in a meaningful and sustained way from affordable housing to our growing local banking presence,” said Philipp Smaczny, Senior Managing Director, Affordable Housing Finance, Western Alliance Bank. “The Marvel in the Mission reflects the role we aim to play, bringing capital, expertise and trusted partnerships together to deliver outcomes that strengthen communities.”
Construction is underway, with completion expected in December 2027 and leasing anticipated to begin in March 2027. Future phases will include 134 units of family housing on Mission Street and 121 units on Capp Street. Additional project details and information on The Marvel in the Mission and the April 23 groundbreaking are available at www.1979missionsf.com.
About Western Alliance Bank
Western Alliance Bancorporation (NYSE: WAL) is one of the country’s top-performing banking companies and has ranked as a top U.S. bank by American Banker and Bank Director since 2016. Its primary subsidiary, Western Alliance Bank, is a leading national bank for business that puts customers first, delivering tailored business banking solutions and consumer products backed by outstanding, personalized service and specific expertise in more than 30 industries and sectors. With $90 billion in assets and offices nationwide, Western Alliance excels at helping businesses of all sizes capitalize on their opportunities to solve today and succeed tomorrow. For more information on our offerings, subsidiaries and affiliates, visit Western Alliance Bank, Member FDIC, or follow us on LinkedIn.
Western Alliance (WAL - Free Report) is expected to deliver a year-over-year decline in earnings on higher revenues when it reports results for the quarter ended March 2026. This widely-known consensus outlook gives a good sense of the company's earnings picture, but how the actual results compare to these estimates is a powerful factor that could impact its near-term stock price.
The earnings report, which is expected to be released on April 21, might help the stock move higher if these key numbers are better than expectations. On the other hand, if they miss, the stock may move lower.
While the sustainability of the immediate price change and future earnings expectations will mostly depend on management's discussion of business conditions on the earnings call, it's worth handicapping the probability of a positive EPS surprise.
Zacks Consensus EstimateThis bank holding company is expected to post quarterly earnings of $1.48 per share in its upcoming report, which represents a year-over-year change of -17.3%.
Revenues are expected to be $959.46 million, up 21.7% from the year-ago quarter.
Estimate Revisions TrendThe consensus EPS estimate for the quarter has been revised 1.95% higher over the last 30 days to the current level. This is essentially a reflection of how the covering analysts have collectively reassessed their initial estimates over this period.
Investors should keep in mind that an aggregate change may not always reflect the direction of estimate revisions by each of the covering analysts.
Price, Consensus and EPS Surprise
Earnings WhisperEstimate revisions ahead of a company's earnings release offer clues to the business conditions for the period whose results are coming out. Our proprietary surprise prediction model -- the Zacks Earnings ESP (Expected Surprise Prediction) -- has this insight at its core.
The Zacks Earnings ESP compares the Most Accurate Estimate to the Zacks Consensus Estimate for the quarter; the Most Accurate Estimate is a more recent version of the Zacks Consensus EPS estimate. The idea here is that analysts revising their estimates right before an earnings release have the latest information, which could potentially be more accurate than what they and others contributing to the consensus had predicted earlier.
Thus, a positive or negative Earnings ESP reading theoretically indicates the likely deviation of the actual earnings from the consensus estimate. However, the model's predictive power is significant for positive ESP readings only.
A positive Earnings ESP is a strong predictor of an earnings beat, particularly when combined with a Zacks Rank #1 (Strong Buy), 2 (Buy) or 3 (Hold). Our research shows that stocks with this combination produce a positive surprise nearly 70% of the time, and a solid Zacks Rank actually increases the predictive power of Earnings ESP.
Please note that a negative Earnings ESP reading is not indicative of an earnings miss. Our research shows that it is difficult to predict an earnings beat with any degree of confidence for stocks with negative Earnings ESP readings and/or Zacks Rank of 4 (Sell) or 5 (Strong Sell).
How Have the Numbers Shaped Up for Western Alliance?For Western Alliance, the Most Accurate Estimate is lower than the Zacks Consensus Estimate, suggesting that analysts have recently become bearish on the company's earnings prospects. This has resulted in an Earnings ESP of -6.71%.
On the other hand, the stock currently carries a Zacks Rank of #3.
So, this combination makes it difficult to conclusively predict that Western Alliance will beat the consensus EPS estimate.
Does Earnings Surprise History Hold Any Clue?Analysts often consider to what extent a company has been able to match consensus estimates in the past while calculating their estimates for its future earnings. So, it's worth taking a look at the surprise history for gauging its influence on the upcoming number.
For the last reported quarter, it was expected that Western Alliance would post earnings of $2.4 per share when it actually produced earnings of $2.59, delivering a surprise of +7.92%.
Over the last four quarters, the company has beaten consensus EPS estimates four times.
Bottom LineAn earnings beat or miss may not be the sole basis for a stock moving higher or lower. Many stocks end up losing ground despite an earnings beat due to other factors that disappoint investors. Similarly, unforeseen catalysts help a number of stocks gain despite an earnings miss.
That said, betting on stocks that are expected to beat earnings expectations does increase the odds of success. This is why it's worth checking a company's Earnings ESP and Zacks Rank ahead of its quarterly release. Make sure to utilize our Earnings ESP Filter to uncover the best stocks to buy or sell before they've reported.
Western Alliance doesn't appear a compelling earnings-beat candidate. However, investors should pay attention to other factors too for betting on this stock or staying away from it ahead of its earnings release.
Expected Results of an Industry PlayerAnother stock from the Zacks Banks - West industry, WaFd (WAFD - Free Report) , is soon expected to post earnings of $0.74 per share for the quarter ended March 2026. This estimate indicates a year-over-year change of +13.9%. Revenues for the quarter are expected to be $190.66 million, up 6.1% from the year-ago quarter.
The consensus EPS estimate for WaFd has remained unchanged over the last 30 days. However, a lower Most Accurate Estimate has resulted in an Earnings ESP of -0.45%.
This Earnings ESP, combined with its Zacks Rank #4 (Sell), makes it difficult to conclusively predict that WaFd will beat the consensus EPS estimate. Over the last four quarters, the company surpassed consensus EPS estimates two times.
Stay on top of upcoming earnings announcements with the Zacks Earnings Calendar.
Analysts on Wall Street project that Western Alliance (WAL - Free Report) will announce quarterly earnings of $1.48 per share in its forthcoming report, representing a decline of 17.3% year over year. Revenues are projected to reach $959.46 million, increasing 21.7% from the same quarter last year.
Over the last 30 days, there has been an upward revision of 1.9% in the consensus EPS estimate for the quarter, leading to its current level. This signifies the covering analysts' collective reconsideration of their initial forecasts over the course of this timeframe.
Prior to a company's earnings announcement, it is crucial to consider revisions to earnings estimates. This serves as a significant indicator for predicting potential investor actions regarding the stock. Empirical research has consistently demonstrated a robust correlation between trends in earnings estimate revision and the short-term price performance of a stock.
While it's common for investors to rely on consensus earnings and revenue estimates for assessing how the business may have performed during the quarter, exploring analysts' forecasts for key metrics can yield valuable insights.
In light of this perspective, let's dive into the average estimates of certain Western Alliance metrics that are commonly tracked and forecasted by Wall Street analysts.
The combined assessment of analysts suggests that 'Net Interest Margin' will likely reach 3.2%. The estimate is in contrast to the year-ago figure of 3.5%.
According to the collective judgment of analysts, 'Efficiency Ratio' should come in at 55.7%. The estimate compares to the year-ago value of 63.5%.
The consensus estimate for 'Total Non-Performing - Loan' stands at $487.50 million. Compared to the present estimate, the company reported $630.00 million in the same quarter last year.
The collective assessment of analysts points to an estimated 'Average Balance - Total interest earning assets' of $88.95 billion. The estimate is in contrast to the year-ago figure of $77.18 billion.
Analysts predict that the 'Total Non-Performing - Assets' will reach $555.32 million. Compared to the present estimate, the company reported $681.00 million in the same quarter last year.
Analysts forecast 'Total non-interest income' to reach $176.02 million. The estimate compares to the year-ago value of $127.40 million.
The average prediction of analysts places 'Net gain on loan origination and sale activities' at $77.29 million. The estimate is in contrast to the year-ago figure of $49.50 million.
Based on the collective assessment of analysts, 'Net Interest Income (FTE)' should arrive at $767.77 million. Compared to the present estimate, the company reported $660.80 million in the same quarter last year.
Analysts' assessment points toward 'Service charges and fees' reaching $55.09 million. Compared to the present estimate, the company reported $37.20 million in the same quarter last year.
View all Key Company Metrics for Western Alliance here>>>
Shares of Western Alliance have demonstrated returns of +17.7% over the past month compared to the Zacks S&P 500 composite's +6% change. With a Zacks Rank #3 (Hold), WAL is expected to mirror the overall market performance in the near future. You can see the complete list of today's Zacks Rank #1 (Strong Buy) stocks here >>>> .
Western Alliance Bancorp remains a 'buy' as shares are attractively valued and operational momentum continues. WAL has demonstrated robust deposit and loan growth, improved profitability, and prudent capital management, despite some margin compression. Asset quality is solid, with non-accrual loans at 0.85%, and uninsured deposit exposure remains just under the 30% threshold.
Nonperforming (nonaccrual) loans to funded HFI loans of 0.83%, decreased from 0.85% Nonperforming (nonaccrual) loans to funded HFI loans of 0.83%, increased from 0.82% Criticized loans of $1.4 billion, up $75 million Criticized loans of $1.4 billion, down $254 million Repossessed assets of $123 million, down $14 million from $137 million Repossessed assets of $123 million, up $72 million from $51 million Annualized net loan charge-offs to average loans outstanding of 1.45% (or 0.39%, as adjusted1), compared to 0.31% Annualized net loan charge-offs to average loans outstanding of 1.45% (or 0.39%, as adjusted1), compared to 0.20% 1See Reconciliation of Non-GAAP Financial Measures.
FIRST QUARTER 2026 FINANCIAL RESULTS
KEY PERFORMANCE METRICS:
Net interest margin of 3.54%, increased from 3.51% Net interest margin of 3.54%, increased from 3.47% Return on average assets and on tangible common equity1 of 0.80% (or 1.07%, as adjusted1) and 10.5% (or 14.2%, as adjusted1), compared to 1.23% and 16.9%, respectively Return on average assets and on tangible common equity1 of 0.80% (or 1.07%, as adjusted1) and 10.5% (or 14.2%, as adjusted1), compared to 0.97% and 13.4%, respectively Tangible common equity ratio1 of 6.8%, decreased from 7.3% Tangible common equity ratio1 of 6.8%, decreased from 7.2% CET 1 ratio of 11.0%, flat from the prior quarter CET 1 ratio of 11.0%, compared to 11.1% Tangible book value per share1, net of tax, of $61.14, relatively flat from $61.29 Tangible book value per share1, net of tax, of $61.14, an increase of 13.0% from $54.10 Efficiency ratio1 of 55.8%, compared to 55.7% Efficiency ratio1 of 55.8%, a decrease of 7.7%, from 63.5% Efficiency ratio, adjusted for deposit costs1 of 47.5%, compared to 46.5% Efficiency ratio, adjusted for deposit costs1 of 47.5%, a decrease of 8.3%, from 55.8% Share repurchases of $50.0 million, or 0.7 million shares at $71.61 per share 1 See Reconciliation of Non-GAAP Financial Measures.
Income Statement
The Company's first quarter 2026 financial results reflect the impact to provision for credit losses, arising from the charge-off of the remaining $126.4 million balance of the LAM loan. This impact was partially offset by $50.5 million in gains from security sales for the quarter. For reconciliations of the non-GAAP financial measures that exclude the effects of these actions, refer to the reconciliations.
Net interest income totaled $766.3 million in the first quarter 2026, which was relatively flat from $766.2 million in the fourth quarter 2025, but represented an increase of $115.7 million, or 17.8%, compared to the first quarter 2025. The slight increase in net interest income from the fourth quarter 2025 was primarily due to lower deposit and borrowing costs and an increase in average interest bearing assets, which were largely offset by declining yields on interest earning assets. The increase in net interest income from the first quarter 2025 was driven by an increase in average interest earning asset balances and lower rates on interest bearing liabilities, partially offset by an increase in average interest bearing liabilities balances and declining yields on interest earning assets.
The Company recorded a provision for credit losses of $213.2 million in the first quarter 2026, an increase of $140.2 million from $73.0 million in the fourth quarter 2025, and an increase of $182.0 million from $31.2 million in the first quarter 2025. The provision for credit losses during the first quarter 2026 was primarily driven by higher net charge-offs totaling $208.5 million, which included a charge-off of $126.4 million for the remaining balance of the LAM loan and a $26.1 million charge-off from the specific reserve previously established on the Cantor loan.
The Company’s net interest margin was 3.54% in the first quarter 2026, an increase from 3.51% in the fourth quarter 2025, and an increase from 3.47% in the first quarter 2025. Net interest margin increased from the fourth quarter 2025 due to lower rates on deposits and short-term borrowings, partially offset by declining yields on interest earning assets. The increase in net interest margin from the first quarter 2025 was primarily driven by a reduction in interest bearing liability costs resulting from a lower rate environment, partially offset by declining yields on interest earning assets.
Non-interest income was $252.6 million for the first quarter 2026, compared to $214.7 million for the fourth quarter 2025, and $127.4 million for the first quarter 2025. The increase in non-interest income of $37.9 million from the fourth quarter 2025 was primarily due to increases in gain on sales of investment securities of $43.1 million and service charges and fees of $14.9 million, partially offset by a lower net gain on mortgage loan origination and sale activities of $18.4 million. The increase in non-interest income of $125.2 million from the first quarter 2025 was primarily driven by increases in gain on sales of investment securities, service charges and fees, net gain on mortgage loan origination and sale activities, and income from equity investments. These increases were partially offset by a decrease in net loan servicing revenue.
Net revenue totaled $1.0 billion for the first quarter 2026, an increase of $38.0 million, or 3.9%, compared to $980.9 million for the fourth quarter 2025, and an increase of $240.9 million, or 31.0%, compared to $778.0 million for the first quarter 2025.
Non-interest expense was $574.4 million for the first quarter 2026, compared to $552.2 million for the fourth quarter 2025, and $500.4 million for the first quarter 2025. The increase in non-interest expense of $22.2 million from the fourth quarter 2025 was primarily due to an increase of $21.2 million in other non-interest expense and $7.0 million in insurance costs. The increase in other non-interest expense was primarily driven by costs associated with Juris banking, which had comparable growth in service charges and fees within non-interest income, as well as OREO-related charges. Insurance costs increased primarily due to a reduction in the FDIC special assessment recognized in the fourth quarter 2025. These increases were partially offset by a $7.9 million reduction in deposit costs. The increase in non-interest expense of $74.0 million from the first quarter 2025 was primarily attributable to increased deposit costs of $26.5 million, increased salaries and employee benefits of $23.1 million, and a $19.4 million increase in other non-interest expense largely related to Juris banking. These increases were partially offset by decreased insurance costs of $13.2 million. The Company's efficiency ratio was 55.8% for the first quarter 2026, compared to 55.7% for the fourth quarter 2025, and 63.5% for the first quarter 2025. The Company’s efficiency ratio, adjusted for deposit costs1, was 47.5% for the first quarter 2026, compared to 46.5% in the fourth quarter 2025, and 55.8% for the first quarter 2025.
Income tax expense was $42.1 million for the first quarter 2026, compared to $62.5 million for the fourth quarter 2025, and $47.3 million for the first quarter 2025. The decrease in income tax expense from the fourth quarter 2025 and the first quarter 2025 was primarily driven by lower pre-tax income.
Net income was $189.2 million (or $251.3 million, as adjusted1) for the first quarter 2026, a decrease of $104.0 million from $293.2 million for the fourth quarter 2025, and a decrease of $9.9 million from $199.1 million for the first quarter 2025. Earnings per share totaled $1.65 (or $2.22, as adjusted1) for the first quarter 2026, compared to $2.59 for the fourth quarter 2025, and $1.79 for the first quarter 2025.
The Company believes its pre-provision net revenue1 ("PPNR") is a key metric for assessing the Company’s earnings power, which it defines as net revenue less non-interest expense. For the first quarter 2026, the Company’s PPNR1 was $444.5 million, up $15.8 million from $428.7 million in the fourth quarter 2025, and up $166.9 million from $277.6 million in the first quarter 2025.
1 See Reconciliation of Non-GAAP Financial Measures.
Balance Sheet
HFI loans, net of deferred fees, totaled $59.1 billion at March 31, 2026, compared to $58.7 billion at December 31, 2025, and $54.8 billion at March 31, 2025. The increase in HFI loans of $465 million from the prior quarter was primarily driven by increases of $295 million and $113 million in commercial and industrial loans and residential real estate loans, respectively. The increase in HFI loans of $4.4 billion from March 31, 2025 was primarily driven by increases of $4.1 billion, $490 million, and $304 million in commercial and industrial, residential real estate, and commercial real estate non-owner occupied loans, respectively, partially offset by a decrease of $424 million in construction and land development loans. HFS loans totaled $3.9 billion at March 31, 2026, $3.5 billion at December 31, 2025, and $3.2 billion at March 31, 2025. The increase in HFS loans of $438 million from December 31, 2025 was primarily driven by increases of $345 million and $113 million in government-insured or guaranteed and agency-conforming mortgage loans, respectively. The increase in HFS loans of $698 million from March 31, 2025 was primarily driven by increases of $689 million and $110 million in government-insured or guaranteed and non-agency mortgage loans, respectively, partially offset by a $167 million decrease in agency-conforming mortgage loans.
The Company's allowance for credit losses on HFI loans consists of an allowance for funded HFI loans and an allowance for unfunded loan commitments. The allowance for loan losses to funded HFI loans ratio was 0.78% at both at March 31, 2026 and December 31, 2025, and 0.71% , and March 31, 2025. The allowance for credit losses, which includes the allowance for unfunded loan commitments, to funded HFI loans ratio was 0.87% at both March 31, 2026 and December 31, 2025, and 0.77% at March 31, 2025. The Company is a party to credit linked note transactions which effectively transfer a portion of the risk of losses on reference pools of loans to the purchasers of the notes. The Company is protected from first credit losses on reference pools of loans totaling $7.9 billion, $8.1 billion, and $8.5 billion as of March 31, 2026, December 31, 2025, and March 31, 2025, respectively, under these transactions. However, as these note transactions are considered to be free standing credit enhancements, the allowance for credit losses cannot be reduced by the expected credit losses that may be mitigated by these notes. Accordingly, the allowance for loan and credit losses ratios include an allowance related to these pools of loans of $11.2 million as of March 31, 2026, $11.8 million as of December 31, 2025, and $11.9 million as of March 31, 2025. The allowance for credit losses to funded HFI loans ratio, adjusted to reduce the HFI loan balance by the amount of loans in covered reference pools, was 1.00% at March 31, 2026, 1.01% at December 31, 2025, and 0.92% at March 31, 2025.
Deposits totaled $82.7 billion at March 31, 2026, an increase of $5.6 billion from December 31, 2025, and an increase of $13.4 billion from $69.3 billion at March 31, 2025. By deposit type, the increase from the prior quarter is primarily attributable to increases of $3.7 billion, $969 million, and $828 million from non-interest bearing deposits, interest-bearing demand deposits and savings and money market accounts, respectively. From March 31, 2025, non-interest bearing deposits, interest-bearing demand deposits, and savings and money market accounts increased $6.1 billion, $3.9 billion, and $3.7 billion, respectively. Non-interest bearing deposits totaled $28.1 billion at March 31, 2026, compared to $24.4 billion at December 31, 2025, and $22.0 billion at March 31, 2025.
The table below shows the Company's deposit types as a percentage of total deposits:
Mar 31, 2026
Dec 31, 2025
Mar 31, 2025
Non-interest bearing
34.0
%
31.5
%
31.8
%
Interest-bearing demand
23.4
23.9
22.4
Savings and money market
30.7
31.9
31.3
Certificates of deposit
11.9
12.7
14.5
The Company’s ratio of HFI loans to deposits was 71.5% at March 31, 2026, compared to 76.0% at December 31, 2025, and 79.0% at March 31, 2025.
Borrowings totaled $5.6 billion at March 31, 2026, $5.2 billion at December 31, 2025, and $4.2 billion at March 31, 2025. Borrowings increased $370 million from December 31, 2025 driven by a $676 million increase in short-term borrowings, partially offset by a $307 million decrease in long-term borrowings. Borrowings increased $1.5 billion from March 31, 2025, reflecting an increase in short-term borrowings of $2.0 billion, partially offset by a $529 million decrease in long-term borrowings.
Qualifying debt totaled $1.1 billion at March 31, 2026, consistent with the balance at December 31, 2025, and up from $898 million at March 31, 2025. The increase in qualifying debt from March 31, 2025 was primarily due to the issuance of $400 million of subordinated debt during the quarter ended December 31, 2025, partially offset by the repayment of $225 million of subordinated debt during the quarter ended June 30, 2025.
Total equity was $7.9 billion at March 31, 2026, relatively flat from December 31, 2025, and up from $7.2 billion at March 31, 2025. Total equity was flat from the prior quarter, primarily due to net income of $189.2 million, partially offset by changes in accumulated other comprehensive income of $112 million and cash dividends paid during the first quarter, comprised of $46.1 million, or $0.42 per common share, $3.2 million or $0.27 per depositary share, and $7.1 million on preferred stock of the Company's REIT subsidiary. In addition, the Company repurchased 0.7 million shares for $50.0 million during the first quarter of 2026 under the Company's $300 million share repurchase program. The increase in equity from March 31, 2025 was primarily driven by net income, partially offset by dividends to stockholders and share repurchases.
The Company's common equity tier 1 capital ratio was 11.0% at March 31, 2026 and December 31, 2025, compared to 11.1% at March 31, 2025. At March 31, 2026, tangible common equity, net of tax1, was 6.8% of tangible assets1 and total capital was 14.4% of risk-weighted assets. The Company’s tangible book value per share1 was $61.14 at March 31, 2026, relatively flat from $61.29 at December 31, 2025, and an increase of 13.0% from $54.10 at March 31, 2025. The increase in tangible book value per share from March 31, 2025 was primarily attributable to net income.
Total assets increased $6.1 billion, or 6.6%, to $98.9 billion at March 31, 2026 from $92.8 billion at December 31, 2025, and increased 19.0% from $83.0 billion at March 31, 2025. The increase in total assets from December 31, 2025 was primarily driven by increased cash as well as HFI and HFS loans. The increase in total assets from March 31, 2025 was primarily driven by increased cash, investment securities, and HFI and HFS loans.
1 See Reconciliation of Non-GAAP Financial Measures.
Asset Quality
Provision for credit losses totaled $213.2 million for the first quarter 2026, compared to $73.0 million for the fourth quarter 2025, and $31.2 million for the first quarter 2025. Net loan charge-offs in the first quarter 2026 totaled $208.5 million, or 1.45% of average loans (annualized), compared to $44.6 million, or 0.31%, in the fourth quarter 2025, and $25.8 million, or 0.20%, in the first quarter 2025. Net loan charge-offs for the first quarter 2026 included charge-offs for the LAM and Cantor loans totaling $152.5 million. Excluding these two fraud-related charge-offs, net loan charge-offs1 were $56.0 million, or 0.39% of average loans (annualized)1 in the first quarter 2026.
Nonaccrual loans decreased $8 million to $492 million during the quarter and increased $41 million from March 31, 2025. Loans past due 90 days and still accruing interest totaled $56 million at March 31, 2026, $66 million at December 31, 2025, and $44 million at March 31, 2025 (excluding government guaranteed loans of $288 million, $290 million, and $275 million, respectively). Loans past due 30-89 days and still accruing interest totaled $157 million at March 31, 2026, an increase from $108 million at December 31, 2025, and a decrease from $182 million at March 31, 2025 (excluding government guaranteed loans of $94 million, $145 million, and $161 million, respectively). Criticized loans of $1.4 billion increased $75 million during the quarter and decreased $254 million from March 31, 2025.
Repossessed assets totaled $123 million at March 31, 2026, compared to $137 million at December 31, 2025, and $51 million at March 31, 2025. Classified assets of $1.1 billion at March 31, 2026 decreased $18 million from December 31, 2025, and decreased $125 million from March 31, 2025.
The ratio of classified assets to Tier 1 capital plus the allowance for credit losses2, a common regulatory measure of asset quality, was 13.0% at March 31, 2026, compared to 13.3% at December 31, 2025, and 15.9% at March 31, 2025.
1 See Reconciliation of Non-GAAP Financial Measures.
2 The allowance for credit losses used in this ratio is calculated in accordance with regulatory capital rules.
Conference Call and Webcast
Western Alliance Bancorporation will host a conference call and live webcast to discuss its first quarter 2026 financial results at 12:00 p.m. ET on Wednesday, April 22, 2026. Participants may access the call by dialing 1-888-596-4144 and using access code 9350603 or via live audio webcast using the website link https://events.q4inc.com/attendee/403697580. The webcast is also available via the Company’s website at www.westernalliancebancorporation.com. Participants should log in at least 15 minutes early to receive instructions. The call will be recorded and made available for replay after 3:00 p.m. ET April 22nd through 1:00 p.m. ET April 29th by dialing 1-800-770-2030, using access code 9350603.
Reclassifications
Certain amounts in the Consolidated Income Statements for the prior periods have been reclassified to conform to the current presentation. The reclassifications have no effect on net income or stockholders’ equity as previously reported.
Use of Non-GAAP Financial Information
This press release contains both financial measures based on GAAP and non-GAAP based financial measures, which are used where management believes them to be helpful in understanding the Company’s results of operations or financial position. Where non-GAAP financial measures are used, the comparable GAAP financial measure, as well as the reconciliation to the comparable GAAP financial measure, can be found in this press release. These disclosures should not be viewed as a substitute for operating results determined in accordance with GAAP, nor are they necessarily comparable to non-GAAP performance measures that may be presented by other companies.
This release contains forward-looking statements that relate to expectations, beliefs, projections, future plans and strategies, anticipated events or trends and similar expressions concerning matters that are not historical facts. Examples of forward-looking statements include, among others, statements we make regarding our expectations with regard to our business, financial and operating results, including our deposits, liquidity and funding, changes in economic conditions and related impacts on the Company's business, future economic performance and dividends. The forward-looking statements contained herein reflect our current views about future events and financial performance and are subject to risks, uncertainties, assumptions and changes in circumstances that may cause our actual results to differ significantly from historical results and those expressed in any forward-looking statement. Some factors that could cause actual results to differ materially from historical or expected results include, among others: the risk factors discussed in the Company’s Annual Report on Form 10-K for the year ended December 31, 2025, as filed with the Securities and Exchange Commission; adverse developments in the financial services industry generally and any related impact on depositor behavior; risks related to the sufficiency of liquidity; changes in international trade policies, tariffs and treaties affecting imports and exports, trade disputes, barriers to trade or the emergence of other trade restrictions, and their related impacts on macroeconomic conditions and customer behavior; the potential adverse effects of unusual and infrequently occurring events and any governmental or societal responses thereto; changes in general economic conditions, either nationally or locally in the areas in which we conduct or will conduct our business; the impact on financial markets from geopolitical conflicts such as the wars in Ukraine and the Middle East; inflation, interest rate, market and monetary fluctuations; increases in competitive pressures among financial institutions and businesses offering similar products and services; higher defaults on our loan portfolio than we expect; increased foreclosures and ownership of real property; changes in management’s estimate of the adequacy of the allowance for credit losses; technological risks and developments and cyber threats, attacks or events; emerging external focus among regulators and other officials related to risks in connection with the development and use of artificial intelligence; legislative or regulatory changes or changes in accounting principles, policies or guidelines; supervisory actions by regulatory agencies which may limit our ability to pursue certain growth opportunities, including expansion through acquisitions; additional regulatory requirements resulting from our continued growth; management’s estimates and projections of interest rates and interest rate policy; the execution of our business plan; the outcome of legal proceedings regarding the Cantor Group V loan and the Leucadia Asset Management LLC loan, the amount of funds and/or collateral that may be available for repayment of such loans, and any adverse economic or other events impacting the collateral, borrower or guarantors with respect to such loans; and other factors affecting the financial services industry generally or the banking industry in particular.
Any forward-looking statement made by us in this release is based only on information currently available to us and speaks only as of the date on which it is made. We do not intend and disclaim any duty or obligation to update or revise any industry information or forward-looking statements, whether written or oral, that may be made from time to time, set forth in this press release to reflect new information, future events or otherwise, except to the extent required by applicable law. In light of these risks, uncertainties and assumptions, the forward-looking events discussed in this press release might not occur, and you should not put undue reliance on any forward-looking statements.
About Western Alliance Bancorporation
Western Alliance Bancorporation (NYSE:WAL) is one of the country’s top-performing banking companies. Its primary subsidiary, Western Alliance Bank, Member FDIC, is a leading national bank for business that puts customers first, delivering tailored business banking solutions and consumer products backed by outstanding, personalized service and specific expertise in more than 30 industries and sectors. With $90 billion in assets and offices nationwide, Western Alliance has ranked as a top U.S. bank by American Banker and Bank Director since 2016. In 2025, Western Alliance Bancorporation was #2 for Best CEO, Best CFO and Best Company Board of Directors on Extel’s All-America Executive Team Midcap Banks list. For more information on offerings, subsidiaries and affiliates, visit www.westernalliancebank.com or follow Western Alliance Bank on LinkedIn.
Western Alliance Bancorporation and Subsidiaries
Summary Consolidated Financial Data
Unaudited
Selected Balance Sheet Data:
As of March 31,
2026
2025
Change %
(in millions)
Total assets
$
98,853
$
83,043
19.0
%
Loans held for sale
3,936
3,238
21.6
Loans HFI, net of deferred fees
59,142
54,761
8.0
Investment securities
20,392
15,868
28.5
Total deposits
82,723
69,322
19.3
Borrowings
5,610
4,151
35.1
Qualifying debt
1,072
898
19.4
Total equity
7,908
7,215
9.6
Tangible common equity, net of tax (1)
6,677
5,973
11.8
Common equity Tier 1 capital
7,050
6,311
11.7
Selected Income Statement Data:
For the Three Months Ended March 31,
2026
2025
Change %
(in millions, except per share data)
Interest income
$
1,188.2
$
1,095.6
8.5
%
Interest expense
421.9
445.0
(5.2
)
Net interest income
766.3
650.6
17.8
Provision for credit losses
213.2
31.2
NM
Net interest income after provision for credit losses
553.1
619.4
(10.7
)
Non-interest income
252.6
127.4
98.3
Non-interest expense
574.4
500.4
14.8
Income before income taxes
231.3
246.4
(6.1
)
Income tax expense
42.1
47.3
(11.0
)
Net income
189.2
199.1
(5.0
)
Net income attributable to noncontrolling interest
7.1
—
NM
Net income attributable to Western Alliance
182.1
199.1
(8.5
)
Dividends on preferred stock
3.2
3.2
—
Net income available to common stockholders
$
178.9
$
195.9
(8.7
)
Diluted earnings per common share
$
1.65
$
1.79
(7.8
)
(1)
See Reconciliation of Non-GAAP Financial Measures.
NM
Changes +/- 100% are not meaningful.
Western Alliance Bancorporation and Subsidiaries
Summary Consolidated Financial Data
Unaudited
Common Share Data:
At or For the Three Months Ended March 31,
2026
2025
Change %
Diluted earnings per common share / as adjusted (1)
$
1.65
/
$
2.22
$
1.79
(7.8
)%
Book value per common share
67.03
60.03
11.7
Tangible book value per common share, net of tax (1)
61.14
54.10
13.0
Average common shares outstanding
(in millions):
Basic
108.2
108.8
(0.6
)
Diluted
108.7
109.6
(0.8
)
Common shares outstanding
109.2
110.4
(1.1
)
Selected Performance Ratios:
Return on average assets / as adjusted (1, 2)
0.80% /
1.07
%
0.97
%
(17.5
)%
Return on average tangible common equity / as adjusted (1, 2)
10.5 /
14.2
13.4
(21.6
)
Net interest margin (2)
3.54
3.47
2.0
Efficiency ratio (1)
55.8
63.5
(12.1
)
Efficiency ratio, adjusted for deposit costs (1)
47.5
55.8
(14.9
)
HFI loan to deposit ratio
71.5
79.0
(9.5
)
Asset Quality Ratios:
Net charge-offs to average loans outstanding / as adjusted (1, 2)
1.45% /
0.39
%
0.20
%
NM
Nonaccrual loans to funded HFI loans
0.83
0.82
1.2
Nonaccrual loans and repossessed assets to total assets
0.62
0.60
3.3
Allowance for loan losses to funded HFI loans
0.78
0.71
9.9
Allowance for credit losses to funded HFI loans
0.87
0.77
13.0
Allowance for loan losses to nonaccrual HFI loans
94
86
9.3
Allowance for credit losses to nonaccrual HFI loans
105
94
11.7
Capital Ratios:
Mar 31, 2026
Dec 31, 2025
Mar 31, 2025
Tangible common equity (1)
6.8
%
7.3
%
7.2
%
Common Equity Tier 1 (3)
11.0
11.0
11.1
Tier 1 Leverage ratio (3)
8.1
8.2
8.6
Tier 1 Capital (3)
12.0
12.1
12.3
Total Capital (3)
14.4
14.5
14.5
(1)
See Reconciliation of Non-GAAP Financial Measures.
(2)
Annualized on an actual/actual basis for periods less than 12 months.
(3)
Capital ratios for March 31, 2026 are preliminary.
NM
Changes +/- 100% are not meaningful. Western Alliance Bancorporation and Subsidiaries
Condensed Consolidated Income Statements
Unaudited
Three Months Ended March 31,
2026
2025
(in millions, except per share data)
Interest income:
Loans
$
915.7
$
881.0
Investment securities
219.9
168.0
Other
52.6
46.6
Total interest income
1,188.2
1,095.6
Interest expense:
Deposits
360.7
378.3
Qualifying debt
13.1
9.3
Borrowings
48.1
57.4
Total interest expense
421.9
445.0
Net interest income
766.3
650.6
Provision for credit losses
213.2
31.2
Net interest income after provision for credit losses
553.1
619.4
Non-interest income:
Service charges and fees
88.5
40.5
Net gain on mortgage loan origination and sale activities
72.7
49.5
Net loan servicing (loss) revenue
(1.3
)
21.8
Income from bank owned life insurance
10.7
11.4
Gain on sales of investment securities
50.5
2.1
Fair value gain adjustments, net
3.1
1.0
Income (loss) from equity investments
13.3
(4.8
)
Other
15.1
5.9
Total non-interest income
252.6
127.4
Non-interest expenses:
Salaries and employee benefits
205.5
182.4
Deposit costs
163.3
136.8
Data processing
53.1
45.2
Legal, professional, and directors' fees
30.6
28.9
Insurance
24.7
37.9
Occupancy
19.2
17.2
Loan servicing expenses
16.7
16.4
Business development and marketing
9.5
5.9
Loan acquisition and origination expenses
7.9
5.2
Other
43.9
24.5
Total non-interest expense
574.4
500.4
Income before income taxes
231.3
246.4
Income tax expense
42.1
47.3
Net income
189.2
199.1
Net income attributable to noncontrolling interest
7.1
—
Net income attributable to Western Alliance
182.1
199.1
Dividends on preferred stock
3.2
3.2
Net income available to common stockholders
$
178.9
$
195.9
Earnings per common share:
Diluted shares
108.7
109.6
Diluted earnings per share
$
1.65
$
1.79
Western Alliance Bancorporation and Subsidiaries
Five Quarter Condensed Consolidated Income Statements
Unaudited
Three Months Ended
Mar 31, 2026
Dec 31, 2025
Sep 30, 2025
Jun 30, 2025
Mar 31, 2025
(in millions, except per share data)
Interest income:
Loans
$
915.7
$
936.2
$
948.3
$
914.3
$
881.0
Investment securities
219.9
221.6
231.7
201.5
168.0
Other
52.6
59.6
45.5
38.6
46.6
Total interest income
1,188.2
1,217.4
1,225.5
1,154.4
1,095.6
Interest expense:
Deposits
360.7
383.5
398.2
377.8
378.3
Qualifying debt
13.1
9.0
6.3
8.2
9.3
Borrowings
48.1
58.7
70.6
70.8
57.4
Total interest expense
421.9
451.2
475.1
456.8
445.0
Net interest income
766.3
766.2
750.4
697.6
650.6
Provision for credit losses
213.2
73.0
80.0
39.9
31.2
Net interest income after provision for credit losses
553.1
693.2
670.4
657.7
619.4
Non-interest income:
Service charges and fees
88.5
73.6
40.5
39.7
40.5
Net gain on mortgage loan origination and sale activities
72.7
91.1
75.5
39.4
49.5
Net loan servicing (loss) revenue
(1.3
)
(1.4
)
19.1
38.3
21.8
Income from bank owned life insurance
10.7
11.8
11.8
11.0
11.4
Gain on sales of investment securities
50.5
7.4
8.5
11.4
2.1
Fair value gain adjustments, net
3.1
3.5
8.3
0.1
1.0
Income (loss) from equity investments
13.3
12.2
7.8
2.9
(4.8
)
Other
15.1
16.5
16.3
5.5
5.9
Total non-interest income
252.6
214.7
187.8
148.3
127.4
Non-interest expenses:
Salaries and employee benefits
205.5
201.7
193.5
179.9
182.4
Deposit costs
163.3
171.2
175.1
147.4
136.8
Data processing
53.1
48.9
48.1
45.0
45.2
Legal, professional, and directors' fees
30.6
33.6
28.1
25.3
28.9
Insurance
24.7
17.7
24.5
37.4
37.9
Occupancy
19.2
19.7
16.8
16.9
17.2
Loan servicing expenses
16.7
17.7
15.0
20.1
16.4
Business development and marketing
9.5
11.1
5.6
6.1
5.9
Loan acquisition and origination expenses
7.9
7.9
7.3
5.8
5.2
Other
43.9
22.7
30.4
30.8
24.5
Total non-interest expense
574.4
552.2
544.4
514.7
500.4
Income before income taxes
231.3
355.7
313.8
291.3
246.4
Income tax expense
42.1
62.5
53.3
53.5
47.3
Net income
189.2
293.2
260.5
237.8
199.1
Net income attributable to noncontrolling interest
7.1
7.1
7.1
7.4
—
Net income attributable to Western Alliance
182.1
286.1
253.4
230.4
199.1
Dividends on preferred stock
3.2
3.2
3.2
3.2
3.2
Net income available to common stockholders
$
178.9
$
282.9
$
250.2
$
227.2
$
195.9
Earnings per common share:
Diluted shares
108.7
109.3
109.8
109.6
109.6
Diluted earnings per share
$
1.65
$
2.59
$
2.28
$
2.07
$
1.79
Western Alliance Bancorporation and Subsidiaries
Five Quarter Condensed Consolidated Balance Sheets
Unaudited
Mar 31, 2026
Dec 31, 2025
Sep 30, 2025
Jun 30, 2025
Mar 31, 2025
(in millions)
Assets:
Cash and due from banks
$
8,554
$
3,596
$
5,756
$
2,767
$
3,279
Investment securities
20,392
20,438
18,841
18,601
15,868
Loans held for sale
3,936
3,498
3,502
3,022
3,238
Loans held for investment:
Commercial and industrial
28,223
27,928
25,734
24,920
24,117
Commercial real estate - non-owner occupied
10,344
10,340
10,487
10,255
10,040
Commercial real estate - owner occupied
1,711
1,683
1,682
1,749
1,787
Construction and land development
4,080
4,055
4,065
4,526
4,504
Residential real estate
14,765
14,652
14,651
14,465
14,275
Consumer
19
19
27
24
38
Loans HFI, net of deferred fees
59,142
58,677
56,646
55,939
54,761
Allowance for loan losses
(461
)
(461
)
(440
)
(395
)
(389
)
Loans HFI, net of deferred fees and allowance
58,681
58,216
56,206
55,544
54,372
Mortgage servicing rights
1,516
1,494
1,213
1,044
1,241
Premises and equipment, net
480
442
416
365
361
Operating lease right-of-use asset
125
131
134
130
125
Other assets acquired through foreclosure, net
123
137
130
218
51
Bank owned life insurance
1,067
1,057
1,045
1,033
1,022
Goodwill and other intangibles, net
646
649
651
653
656
Other assets
3,333
3,116
3,076
3,348
2,830
Total assets
$
98,853
$
92,774
$
90,970
$
86,725
$
83,043
Liabilities and stockholders' equity:
Liabilities:
Deposits
Non-interest bearing deposits
$
28,078
$
24,353
$
26,628
$
22,997
$
22,009
Interest bearing:
Demand
19,385
18,416
16,422
15,674
15,507
Savings and money market
25,414
24,586
24,627
22,231
21,728
Certificates of deposit
9,846
9,804
9,570
10,205
10,078
Total deposits
82,723
77,159
77,247
71,107
69,322
Borrowings
5,610
5,240
3,862
6,052
4,151
Qualifying debt
1,072
1,076
681
678
898
Operating lease liability
154
160
164
160
154
Accrued interest payable and other liabilities
1,386
1,193
1,326
1,321
1,303
Total liabilities
90,945
84,828
83,280
79,318
75,828
Equity:
Preferred stock
295
295
295
295
295
Common stock and additional paid-in capital
2,036
2,095
2,140
2,136
2,125
Retained earnings
5,740
5,607
5,371
5,165
4,980
Accumulated other comprehensive loss
(456
)
(344
)
(409
)
(482
)
(478
)
Total Western Alliance stockholders' equity
7,615
7,653
7,397
7,114
6,922
Noncontrolling interest in subsidiary
293
293
293
293
293
Total equity
7,908
7,946
7,690
7,407
7,215
Total liabilities and equity
$
98,853
$
92,774
$
90,970
$
86,725
$
83,043
Western Alliance Bancorporation and Subsidiaries
Changes in the Allowance For Credit Losses on Loans
Unaudited
Three Months Ended
Mar 31, 2026
Dec 31, 2025
Sep 30, 2025
Jun 30, 2025
Mar 31, 2025
(dollars in millions)
Allowance for loan losses
Balance, beginning of period
$
460.6
$
440.4
$
394.7
$
388.6
$
373.8
Provision for credit losses (1)
209.0
64.8
76.8
35.7
40.6
Recoveries of loans previously charged-off:
Commercial and industrial
0.6
1.7
0.7
0.6
1.0
Commercial real estate - non-owner occupied
—
—
—
5.1
0.6
Commercial real estate - owner occupied
—
0.4
—
—
0.1
Construction and land development
—
1.5
—
—
—
Residential real estate
—
—
—
—
—
Consumer
—
0.1
—
—
—
Total recoveries
0.6
3.7
0.7
5.7
1.7
Loans charged-off:
Commercial and industrial
181.4
28.9
12.4
17.0
13.0
Commercial real estate - non-owner occupied
27.7
10.7
12.9
17.4
14.5
Commercial real estate - owner occupied
—
—
—
0.2
—
Construction and land development
—
8.6
6.3
0.6
—
Residential real estate
—
—
—
0.1
—
Consumer
—
0.1
0.2
—
—
Total loans charged-off
209.1
48.3
31.8
35.3
27.5
Net loan charge-offs
208.5
44.6
31.1
29.6
25.8
Balance, end of period
$
461.1
$
460.6
$
440.4
$
394.7
$
388.6
Allowance for unfunded loan commitments
Balance, beginning of period
$
49.6
$
42.3
$
39.2
$
35.1
$
39.5
Provision for (recovery of) credit losses (1)
3.7
7.3
3.1
4.1
(4.4
)
Balance, end of period (2)
$
53.3
$
49.6
$
42.3
$
39.2
$
35.1
Components of the allowance for credit losses on loans
Allowance for loan losses
$
461.1
$
460.6
$
440.4
$
394.7
$
388.6
Allowance for unfunded loan commitments
53.3
49.6
42.3
39.2
35.1
Total allowance for credit losses on loans
$
514.4
$
510.2
$
482.7
$
433.9
$
423.7
Net charge-offs to average loans - annualized
1.45
%
0.31
%
0.22
%
0.22
%
0.20
%
Allowance ratios
Allowance for loan losses to funded HFI loans (3)
0.78
%
0.78
%
0.78
%
0.71
%
0.71
%
Allowance for credit losses to funded HFI loans (3)
0.87
0.87
0.85
0.78
0.77
Allowance for loan losses to nonaccrual HFI loans
94
92
84
92
86
Allowance for credit losses to nonaccrual HFI loans
105
102
92
102
94
(1)
The above tables reflect only the provision for credit losses on funded and unfunded loans. For the three months ended March 31, 2026, provision for credit losses for HTM investment securities totaled $0.5 million. The allowance for credit losses on HTM investment securities totaled $13.4 million as of March 31, 2026
(2)
The allowance for unfunded loan commitments is included as part of accrued interest payable and other liabilities on the balance sheet.
(3)
Ratio includes an allowance for credit losses of $11.2 million as of March 31, 2026 related to a pool of loans covered under three separate credit linked note transactions.
Western Alliance Bancorporation and Subsidiaries
Asset Quality Metrics
Unaudited
Three Months Ended
Mar 31, 2026
Dec 31, 2025
Sep 30, 2025
Jun 30, 2025
Mar 31, 2025
(dollars in millions)
Nonaccrual loans and repossessed assets
Nonaccrual loans (1)
$
492
$
500
$
522
$
427
$
451
Nonaccrual loans to funded HFI loans
0.83
%
0.85
%
0.92
%
0.76
%
0.82
%
Repossessed assets
$
123
$
137
$
130
$
218
$
51
Nonaccrual loans and repossessed assets to total assets
0.62
%
0.69
%
0.72
%
0.74
%
0.60
%
Loans Past Due
Loans past due 90 days, still accruing (2)
$
56
$
66
$
49
$
51
$
44
Loans past due 90 days, still accruing to funded HFI loans (2)
0.09
%
0.11
%
0.09
%
0.09
%
0.08
%
Loans past due 30 to 89 days, still accruing (3)
$
157
$
108
$
196
$
175
$
182
Loans past due 30 to 89 days, still accruing to funded HFI loans (2)
0.27
%
0.18
%
0.35
%
0.31
%
0.33
%
Other credit quality metrics
Special mention loans
$
403
$
325
$
292
$
444
$
460
Special mention loans to funded HFI loans
0.68
%
0.55
%
0.52
%
0.79
%
0.84
%
Classified loans on accrual
$
455
$
450
$
476
$
615
$
693
Classified loans on accrual to funded HFI loans
0.77
%
0.77
%
0.84
%
1.10
%
1.27
%
Classified assets (1)
$
1,070
$
1,088
$
1,129
$
1,261
$
1,195
Classified assets to total assets
1.08
%
1.17
%
1.24
%
1.45
%
1.44
%
(1)
Includes senior liens acquired to protect the Company's position with respect to its Cantor Group V loan of $13 million as of March 31, 2026.
(2)
Excludes government guaranteed residential mortgage loans of $288 million, $290 million, $282 million, $326 million, and $275 million as of each respective date in the table above.
(3)
Excludes government guaranteed residential mortgage loans of $94 million, $145 million, $149 million, $168 million, and $161 million as of each respective date in the table above.
Western Alliance Bancorporation and Subsidiaries
Analysis of Average Balances, Yields and Rates
Unaudited
Three Months Ended
March 31, 2026
December 31, 2025
Average
Balance
Interest
Average Yield /
Cost
Average
Balance
Interest
Average Yield /
Cost
(dollars in millions)
Interest earning assets
Loans HFS
$
5,469
$
80.2
5.95
%
$
5,195
$
75.2
5.74
%
Loans HFI:
Commercial and industrial
27,560
413.3
6.13
26,246
415.1
6.32
CRE - non-owner occupied
10,317
169.9
6.68
10,454
182.5
6.93
CRE - owner occupied
1,694
24.8
6.00
1,695
24.0
5.74
Construction and land development
3,983
76.4
7.79
4,003
82.5
8.17
Residential real estate
14,611
150.8
4.19
14,690
156.6
4.23
Consumer
19
0.3
7.48
21
0.3
5.34
Total HFI loans (1), (2), (3), (4)
58,184
835.5
5.85
57,109
861.0
6.01
Investment securities:
Taxable
17,696
195.4
4.48
17,690
197.8
4.44
Tax-exempt
2,278
24.5
5.50
2,212
23.8
5.39
Total investment securities (1)
19,974
219.9
4.59
19,902
221.6
4.54
Cash and other
5,327
52.6
4.01
5,633
59.6
4.20
Total interest earning assets
88,954
1,188.2
5.46
87,839
1,217.4
5.54
Non-interest earning assets
Cash and due from banks
543
462
Allowance for loan losses
(464
)
(459
)
Bank owned life insurance
1,060
1,049
Other assets
5,509
5,310
Total assets
$
95,602
$
94,201
Interest-bearing liabilities
Interest-bearing deposits:
Interest-bearing demand accounts
$
18,946
$
99.5
2.13
%
$
17,374
$
102.2
2.33
%
Savings and money market
24,611
168.7
2.78
24,113
180.9
2.98
Certificates of deposit
9,724
92.5
3.86
9,834
100.4
4.05
Total interest-bearing deposits
53,281
360.7
2.75
51,321
383.5
2.96
Short-term borrowings
2,948
29.5
4.05
3,243
33.7
4.13
Long-term debt
1,353
18.6
5.59
1,723
25.0
5.75
Qualifying debt
1,077
13.1
4.92
845
9.0
4.27
Total interest-bearing liabilities
58,659
421.9
2.92
57,132
451.2
3.13
Interest cost of funding earning assets
1.92
2.04
Non-interest-bearing liabilities
Non-interest-bearing deposits
27,352
27,524
Other liabilities
1,470
1,681
Equity
8,121
7,864
Total liabilities and equity
$
95,602
$
94,201
Net interest income and margin (5)
$
766.3
3.54
%
$
766.2
3.51
%
(1)
Yields on loans and securities have been adjusted to a tax equivalent basis. The tax equivalent adjustment was $10.1 million and $9.9 million for the three months ended March 31, 2026 and December 31, 2025, respectively.
(2)
Included in the yield computation are net loan fees of $23.9 million and $25.0 million for the three months ended March 31, 2026 and December 31, 2025, respectively
(3)
Interest income includes a reduction for earnings credits totaling $48.7 million and $56.6 million for the three months ended March 31, 2026 and December 31, 2025, respectively.
(4)
Includes non-accrual loans.
(5)
Net interest margin is computed by dividing net interest income by total average earning assets, annualized on an actual/actual basis.
Western Alliance Bancorporation and Subsidiaries
Analysis of Average Balances, Yields and Rates
Unaudited
Three Months Ended
March 31, 2026
March 31, 2025
Average
Balance
Interest
Average Yield /
Cost
Average
Balance
Interest
Average Yield /
Cost
(dollars in millions)
Interest earning assets
Loans HFS
$
5,469
$
80.2
5.95
%
$
4,300
$
66.6
6.28
%
Loans HFI:
Commercial and industrial
27,560
413.3
6.13
22,831
365.8
6.56
CRE - non-owner occupied
10,317
169.9
6.68
10,011
175.1
7.10
CRE - owner occupied
1,694
24.8
6.00
1,880
28.7
6.30
Construction and land development
3,983
76.4
7.79
4,407
91.8
8.45
Residential real estate
14,611
150.8
4.19
14,346
152.2
4.30
Consumer
19
0.3
7.48
46
0.8
6.69
Total loans HFI (1), (2), (3), (4)
58,184
835.5
5.85
53,521
814.4
6.20
Investment securities:
Taxable
17,696
195.4
4.48
13,020
143.5
4.47
Tax-exempt
2,278
24.5
5.50
2,255
24.5
5.52
Total investment securities (1)
19,974
219.9
4.59
15,275
168.0
4.63
Cash and other
5,327
52.6
4.01
4,083
46.6
4.63
Total interest earning assets
88,954
1,188.2
5.46
77,179
1,095.6
5.81
Non-interest earning assets
Cash and due from banks
543
331
Allowance for loan losses
(464
)
(397
)
Bank owned life insurance
1,060
1,015
Other assets
5,509
4,720
Total assets
$
95,602
$
82,848
Interest bearing liabilities
Interest bearing deposits:
Interest bearing demand accounts
$
18,946
$
99.5
2.13
%
$
15,870
$
99.9
2.55
%
Savings and money market accounts
24,611
168.7
2.78
21,206
164.8
3.15
Certificates of deposit
9,724
92.5
3.86
10,018
113.6
4.60
Total interest bearing deposits
53,281
360.7
2.75
47,094
378.3
3.26
Short-term borrowings
2,948
29.5
4.05
1,722
20.8
4.89
Long-term debt
1,353
18.6
5.59
2,652
36.6
5.60
Qualifying debt
1,077
13.1
4.92
899
9.3
4.18
Total interest bearing liabilities
58,659
421.9
2.92
52,367
445.0
3.45
Interest cost of funding earning assets
1.92
2.34
Non-interest bearing liabilities
Non-interest bearing deposits
27,352
22,097
Other liabilities
1,470
1,485
Equity
8,121
6,899
Total liabilities and equity
$
95,602
$
82,848
Net interest income and margin (5)
$
766.3
3.54
%
$
650.6
3.47
%
(1)
Yields on loans and securities have been adjusted to a tax equivalent basis. The tax equivalent adjustment was $10.1 million and $10.2 million for the three months ended March 31, 2026 and 2025, respectively.
(2)
Included in the yield computation are net loan fees of $23.9 million and $23.8 million for the three months ended March 31, 2026 and 2025, respectively.
(3)
Interest income includes a reduction for earnings credits totaling of $48.7 million and $58.1 million for the three months ended March 31, 2026 and 2025, respectively.
(4)
Includes non-accrual loans.
(5)
Net interest margin is computed by dividing net interest income by total average earning assets, annualized on an actual/actual basis.
The below table presents the income statement classification for total earnings credit and referral costs incurred on deposits:
Three Months Ended
Mar 31, 2026
Dec 31, 2025
Sep 30, 2025
Jun 30, 2025
Mar 31, 2025
Income statement line item
(in millions)
Interest income (1)
$
48.7
$
56.6
$
64.9
$
61.3
$
58.1
Service charges and fees (1)
8.3
7.2
5.4
4.4
4.2
Deposit costs (2)
157.3
165.0
169.1
142.8
129.9
Total earnings credit and referral costs
$
214.3
$
228.8
$
239.4
$
208.5
$
192.2
(1)
Earnings credits recorded as a reduction to Interest income and Service charges and fees.
(2)
Deposit costs also included $6.0 million, $6.2 million, $6.0 million, $4.6 million, and $6.9 million in other deposit related costs for each respective period in the table above, primarily associated with reciprocal deposits.
Pre-Provision Net Revenue by Quarter:
Three Months Ended
Mar 31, 2026
Dec 31, 2025
Sep 30, 2025
Jun 30, 2025
Mar 31, 2025
(in millions)
Net interest income
$
766.3
$
766.2
$
750.4
$
697.6
$
650.6
Total non-interest income
252.6
214.7
187.8
148.3
127.4
Net revenue
$
1,018.9
$
980.9
$
938.2
$
845.9
$
778.0
Total non-interest expense
574.4
552.2
544.4
514.7
500.4
Pre-provision net revenue (1)
$
444.5
$
428.7
$
393.8
$
331.2
$
277.6
Less:
Provision for credit losses
213.2
73.0
80.0
39.9
31.2
Income tax expense
42.1
62.5
53.3
53.5
47.3
Net income
$
189.2
$
293.2
$
260.5
$
237.8
$
199.1
Efficiency Ratio (Tax Equivalent Basis) by Quarter:
Three Months Ended
Mar 31, 2026
Dec 31, 2025
Sep 30, 2025
Jun 30, 2025
Mar 31, 2025
(dollars in millions)
Total non-interest expense
$
574.4
$
552.2
$
544.4
$
514.7
$
500.4
Less: Deposit costs
163.3
171.2
175.1
147.4
136.8
Total non-interest 27expense, excluding deposit costs
411.1
381.0
369.3
367.3
363.6
Divided by:
Total net interest income
766.3
766.2
750.4
697.6
650.6
Plus:
Tax equivalent interest adjustment
10.1
9.9
9.7
10.2
10.2
Total non-interest income
252.6
214.7
187.8
148.3
127.4
Less: Deposit costs
163.3
171.2
175.1
147.4
136.8
$
865.7
$
819.6
$
772.8
$
708.7
$
651.4
Efficiency ratio (2)
55.8
%
55.7
%
57.4
%
60.1
%
63.5
%
Efficiency ratio, adjusted for deposit costs (2)
47.5
%
46.5
%
47.8
%
51.8
%
55.8
%
Tangible Common Equity:
Mar 31, 2026
Dec 31, 2025
Sep 30, 2025
Jun 30, 2025
Mar 31, 2025
(in millions, except per share data)
Total equity
$
7,908
$
7,946
$
7,690
$
7,407
$
7,215
Less:
Goodwill and intangible assets, net
646
649
651
653
656
Preferred stock
295
295
295
295
295
Noncontrolling interest in subsidiary
293
293
293
293
293
Total tangible common equity
6,674
6,709
6,451
6,166
5,971
Plus: deferred tax - attributed to intangible assets
3
2
2
2
2
Total tangible common equity, net of tax
$
6,677
$
6,711
$
6,453
$
6,168
$
5,973
Total assets
$
98,853
$
92,774
$
90,970
$
86,725
$
83,043
Less: goodwill and intangible assets, net
646
649
651
653
656
Tangible assets
98,207
92,125
90,319
86,072
82,387
Plus: deferred tax - attributed to intangible assets
3
2
2
2
2
Total tangible assets, net of tax
$
98,210
$
92,127
$
90,321
$
86,074
$
82,389
Tangible common equity ratio (3)
6.8
%
7.3
%
7.1
%
7.2
%
7.2
%
Common shares outstanding
109.2
109.5
110.2
110.4
110.4
Tangible book value per share, net of tax (3)
$
61.14
$
61.29
$
58.56
$
55.87
$
54.10
Return on Average Tangible Common Equity:
Three Months Ended
Mar 31, 2026
Dec 31, 2025
Sep 30, 2025
Jun 30, 2025
Mar 31, 2025
(in millions)
Net income available to common shareholders
$
178.9
$
282.9
$
250.2
$
227.2
$
195.9
Divided by:
Average stockholders' equity
8,121
7,864
7,607
7,355
6,899
Less:
Average goodwill and intangible assets
648
650
652
655
658
Average preferred stock
295
295
295
295
295
Average noncontrolling interest
293
293
293
293
16
Average tangible common equity
$
6,885
$
6,625
$
6,366
$
6,112
$
5,930
Return on average tangible common equity (1)
10.5
%
16.9
%
15.6
%
14.9
%
13.4
%
The adjusted revenue, earnings and return metrics presented below for the three months ended March 31, 2026 exclude the impact to provision for credit losses of charging off the remaining balance of the LAM loan as well as gains from sales of investment securities that were executed as part of the Company's mitigation strategy, as applicable. In addition, net charge-offs for the three months ended March 31, 2026 have been adjusted to exclude the impact of fraud related charge-offs associated with the LAM and Cantor loans.
Net Revenue and Pre-Provision Net Revenue, As Adjusted
(in millions)
Net revenue
$
1,018.9
Adjusted for:
Gain on sales of investment securities
(50.5
)
Net revenue, as adjusted
$
968.4
Total non-interest expense
574.4
Pre-provision net revenue, as adjusted (1)
$
394.0
Less:
Provision for credit losses
213.2
Income tax expense
42.1
Gain on sales of investment securities
(50.5
)
Net income
$
189.2
Earnings per Share, As Adjusted:
(in millions, except per share data)
Net income
$
189.2
Adjusted for:
Gain on sales of investment securities
(50.5
)
Provision for credit losses on LAM
126.4
Tax effect of adjustments
(13.8
)
Net income, as adjusted
251.3
Net income attributable to noncontrolling interest
7.1
Dividends on preferred stock
3.2
Net income available to common stockholders, as adjusted
$
241.0
Diluted shares
108.7
Diluted earnings per share, as adjusted (1)
$
2.22
Return on Average Assets, As Adjusted:
(dollars in millions)
Net income, as adjusted
$
251.3
Divided by:
Average Assets
$
95,602
Return on average assets, as adjusted (1)
1.07
%
Return on Average Tangible Common Equity, As Adjusted:
(dollars in millions)
Net income available to common stockholders, as adjusted
$
241.0
Divided by: Average equity
8,121
Less:
Average goodwill and intangible assets
648
Average preferred stock
295
Average noncontrolling interest
293
Average tangible common equity
$
6,885
Return on average tangible common equity (1)
10.5
%
Return on average tangible common equity, as adjusted (1)
14.2
%
Net Charge-Offs and Net Charge-Offs to Average Loans, As Adjusted:
(dollars in millions)
Net charge-offs
$
208.5
Adjusted for fraud related charge-offs:
LAM
(126.4
)
Cantor
(26.1
)
Net charge-offs, as adjusted
$
56.0
Divided by: Average HFI loans
58,184
Net charge-offs to average loans - annualized, as adjusted
0.39
%
Non-GAAP Financial Measures Footnotes
(1)
We believe this non-GAAP measurement is a key indicator of the earnings power of the Company.
(2)
We believe this non-GAAP ratio provides a useful metric to measure the efficiency of the Company.
(3)
We believe this non-GAAP metric provides an important metric with which to analyze and evaluate the financial condition and capital strength of the Company.
Western Alliance (WAL - Free Report) came out with quarterly earnings of $2.22 per share, beating the Zacks Consensus Estimate of $1.48 per share. This compares to earnings of $1.79 per share a year ago. These figures are adjusted for non-recurring items.
This quarterly report represents an earnings surprise of +50.44%. A quarter ago, it was expected that this bank holding company would post earnings of $2.4 per share when it actually produced earnings of $2.59, delivering a surprise of +7.92%.
Over the last four quarters, the company has surpassed consensus EPS estimates four times.
Western Alliance, which belongs to the Zacks Banks - West industry, posted revenues of $1.03 billion for the quarter ended March 2026, surpassing the Zacks Consensus Estimate by 7.25%. This compares to year-ago revenues of $788.2 million. The company has topped consensus revenue estimates four times 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.
Western Alliance shares have lost about 5.5% since the beginning of the year versus the S&P 500's gain of 3.9%.
What's Next for Western Alliance?While Western Alliance has underperformed 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 Western Alliance 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 $2.44 on $967.81 million in revenues for the coming quarter and $9.74 on $3.99 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, Banks - West is currently in the top 29% 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 same industry, Coastal Financial Corporation (CCB - Free Report) , is yet to report results for the quarter ended March 2026.
This company is expected to post quarterly earnings of $1.03 per share in its upcoming report, which represents a year-over-year change of +63.5%. The consensus EPS estimate for the quarter has been revised 0.4% higher over the last 30 days to the current level.
Coastal Financial Corporation's revenues are expected to be $148.7 million, up 6.6% from the year-ago quarter.
Western Alliance (WAL - Free Report) reported $1.03 billion in revenue for the quarter ended March 2026, representing a year-over-year increase of 30.6%. EPS of $2.22 for the same period compares to $1.79 a year ago.
The reported revenue compares to the Zacks Consensus Estimate of $959.46 million, representing a surprise of +7.25%. The company delivered an EPS surprise of +50.44%, with the consensus EPS estimate being $1.48.
While investors closely watch year-over-year changes in headline numbers -- revenue and earnings -- and how they compare to Wall Street expectations to determine their next course of action, some key metrics always provide a better insight into a company's underlying performance.
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 Western Alliance performed in the just reported quarter in terms of the metrics most widely monitored and projected by Wall Street analysts:
Efficiency Ratio: 55.8% versus the three-analyst average estimate of 55.7%.Net Interest Margin: 3.5% versus 3.2% estimated by three analysts on average.Average Balance - Total interest earning assets: $88.95 billion versus $88.95 billion estimated by two analysts on average.Net charge-offs to average loans - annualized: 1.5% versus the two-analyst average estimate of 1%.Total non-interest income: $252.6 million versus $176.02 million estimated by three analysts on average.Net gain on loan origination and sale activities: $72.7 million compared to the $77.29 million average estimate based on two analysts.Net Interest Income (FTE): $776.4 million versus the two-analyst average estimate of $767.77 million.Service charges and fees: $88.5 million versus the two-analyst average estimate of $55.09 million.View all Key Company Metrics for Western Alliance here>>>
Shares of Western Alliance have returned +14.9% 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.
Executive leadership to outline strategy and long-term outlook during live 8:30 a.m. ET webcast
PHOENIX--(BUSINESS WIRE)--Western Alliance Bancorporation (NYSE: WAL) will host its 2026 Investor Day on Tuesday, May 12, in New York, bringing together members of the company’s executive leadership team to discuss its strategy, operating priorities and long-term outlook.
Webcast and presentation availability
The May 12 event will be webcast live beginning at 8:30 a.m. Eastern Time and will be available via the company’s Investor Day website at https://westernalliance2026ird.q4web.com/.
Investor Day presentation materials will be furnished on Form 8‑K prior to the start of the event at 8:30 a.m. Eastern Time on Tuesday, May 12, and will also be available on the company’s website at https://investors.westernalliancebancorporation.com, under Events and Presentations. A replay of the webcast will be posted to the site following the conclusion of the event.
Management discussion of strategy and long-term outlook
During the program, President and Chief Executive Officer Kenneth A. Vecchione, Chief Financial Officer Vishal Idnani and other senior leaders will provide an overview of Western Alliance’s business model, growth platforms, capital and risk management approach and strategic priorities, followed by a question-and-answer session.
“Western Alliance’s first Investor Day reflects our commitment to transparency and long-term shareholder value creation,” said Kenneth A. Vecchione. “It provides an opportunity to clearly articulate what differentiates our bank, how our strategy has delivered consistent performance and why we believe our diversified business model positions us for continued success and ongoing innovation.”
For additional information, please contact Western Alliance Bancorporation Investor Relations at [email protected].
About Western Alliance Bancorporation
Western Alliance Bancorporation (NYSE: WAL) is one of the country’s top-performing banking companies. Its primary subsidiary, Western Alliance Bank, Member FDIC, is a leading national bank for business that puts customers first, delivering tailored business banking solutions and consumer products backed by outstanding, personalized service and specific expertise in more than 30 industries and sectors. With over $90 billion in assets and offices nationwide, Western Alliance has ranked as a top U.S. bank by American Banker and Bank Director since 2016. In 2025, Western Alliance Bancorporation was #2 for Best CEO, Best CFO and Best Company Board of Directors on Extel’s All-America Executive Team Mid-Cap Banks list. For more information on offerings, subsidiaries and affiliates, visit www.westernalliancebank.com.
On May 12, 2026, Western Alliance Bancorp WAL shares fell 6.0% to $76.95, continuing a downward trend with a year-to-date decline of 8.1%. The stock has fluctuated between a 52-week high of $97.23 and a low of $65.82.
GF Value™ verdict: The current price of $76.95 is 13.6% below the GF Value™ estimate of $89.07.GF Score™: With a strong score of 89/100, WAL indicates solid overall performance.Most notable signal: Insider activity shows that insiders sold $0.1M in the last three months, indicating a lack of buying interest. Is WAL Overvalued or Undervalued? Western Alliance Bancorp WAL is currently trading at $76.95, which is 13.6% undervalued compared to the GF Value™ estimate of $89.07. This suggests a potential margin of safety for investors looking at the stock, despite the recent drop in share price. The GF Valuation label categorizes WAL as "Modestly Undervalued," indicating that the stock may have opportunities for growth as it approaches its intrinsic value.
GF Value™ is GuruFocus' proprietary measure of intrinsic value, calculated from historical trading multiples, past business growth, and future performance estimates. The undervaluation signals an opportunity, but investors should remain cautious, considering the recent performance trends and insider activity, which might reflect broader market sentiments or company-specific challenges.
How Does WAL's Valuation Compare to Its History? Metric Current Historical P/E (TTM) 9.0x 9.5x Forward P/E 8.0x - The current P/E (TTM) ratio of 9.0x is 6% below its 5-year median P/E of 9.5x, suggesting that the stock is trading below its historical valuation. This analysis aligns with the GF Value™ verdict, reinforcing the notion that WAL is currently undervalued based on its historical performance.
What Does WAL's GF Score™ Tell Us? Metric Rating GF Score™ 89/100 Financial Strength 4/10 Profitability 7/10 Growth 10/10 Valuation 10/10 Momentum 7/10 The GF Score™ of 89/100 indicates that WAL has strong potential for long-term returns, particularly due to its high Growth and Valuation rankings of 10/10. However, the Financial Strength score of 4/10 suggests weaknesses that may need addressing. Overall, while WAL shows strengths in growth and valuation, the financial stability aspect may warrant caution for investors.
What Are Insiders Doing with WAL Stock? In the past three months, insiders have sold $0.1M worth of stock, with no reported buying activity. This trend of net selling could suggest a lack of confidence among insiders regarding the stock's near-term prospects or a strategic decision to diversify their holdings. Such activity may be worth monitoring for potential changes in sentiment.
What This Means for Investors Based on the GF Value™ analysis, Western Alliance Bancorp WAL is currently undervalued at $76.95. With the stock trading 13.6% below its intrinsic value, it presents an opportunity for potential growth, though investors should consider the company's financial strength and insider selling trends as part of their evaluation.
For the complete analysis, visit the Western Alliance Bancorp WAL 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 WAL's GF Score™?
WAL's GF Score™ is 89/100, indicating strong potential for long-term returns based on key performance metrics.
Is WAL overvalued or undervalued?
WAL is considered undervalued, with a current price that is 13.6% below the GF Value™ estimate.
What is WAL's P/E ratio?
The P/E (TTM) ratio is 9.0x, which is 6% below its 5-year median P/E of 9.5x, indicating that it is trading below its historical valuation.
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].
Western Alliance Bancorporation remains a Buy despite a Q1 earnings hit from a $126.4M charge-off tied to a Leucadia Asset Management loan. WAL's core lending portfolio continues robust growth, with loans up 8% year-over-year to $59.1B, and net interest margin rising to 3.54%. Western Alliance said last week that a $99M loan was non-performing, raising concerns about asset quality. However, WAL's Q1 adjusted net charge-off ratio didn't show a major structural quality deterioration.
Recognized as one of the nation’s highest-producing residential mortgage lenders in 2026
PHOENIX--(BUSINESS WIRE)--AmeriHome Mortgage Company, a subsidiary of Western Alliance Bank, is proud to announce its inclusion in Scotsman Guide’s highly acclaimed 2026 Top Mortgage Lenders rankings in the following categories:
#2 Overall Ranking, Top Mortgage Lenders #2 Correspondent Ranking, Top Mortgage Lenders #2 FHA Ranking, Top Mortgage Lenders #3 VA Ranking, Top Mortgage Lenders Scotsman Guide’s Top Mortgage Lenders rankings have set the standard for organizational excellence in residential lending. Now in their second decade, these rankings have become a trusted industry benchmark. The data undergoes a rigorous verification process, making it a comprehensive measure of performance in the mortgage space.
For the 2026 rankings, Scotsman Guide received entries from residential mortgage lenders across the country. Collectively, ranked lenders closed 2,120,340 loans totaling more than $750 billion in volume during 2025, underscoring the scale and significance of the ranked companies.
“We are very proud to be included in the 2026 Scotsman Guide Top Mortgage Lender® Rankings,” said Steve Kolker, Managing Director and Chief Production Officer of AmeriHome Mortgage. “Being recognized for this achievement reflects our team's continued dedication, expertise, and commitment to providing exceptional service to our clients. At AmeriHome, we believe that our client’s reputation is our business and we strive to deliver operational excellence that supports their long-term growth goals.”
All submissions require written verification of volume and closed loan data from a financial officer or a similar source. This process ensures that Scotsman Guide’s Top Mortgage Lenders rankings remain the most thoroughly reviewed and trusted of their kind.
View the full Top Mortgage Lenders rankings at scotsmanguide.com/rankings/top-mortgage-lenders.
About AmeriHome
AmeriHome is a leading U.S. producer and servicer of residential mortgage loans. Thriving communities are made of homes filled with individuals, families, pets, passions, belongings, and personal stories created over time. At AmeriHome, we are committed to building these communities by empowering people to make informed decisions that lead to financial success and security. We are your partner throughout your home financing journey. With our unique technology platform and unwavering commitment to relationships, reliability, and results, as a subsidiary of Western Alliance Bank, one of the country’s top-performing banking companies, AmeriHome is one of the largest mortgage lenders and correspondent producers in the country.
For more information, visit amerihome.com.
About Western Alliance Bank
Western Alliance Bancorporation (NYSE: WAL) is one of the country’s top-performing banking companies and has ranked as a top U.S. bank by American Banker and Bank Director since 2016. Its primary subsidiary, Western Alliance Bank, is a leading national bank for business that puts customers first, delivering tailored business banking solutions and consumer products backed by outstanding, personalized service and specific expertise in more than 30 industries and sectors. With $90 billion in assets and offices nationwide, Western Alliance excels at helping businesses of all sizes capitalize on their opportunities to solve today and succeed tomorrow. For more information on our offerings, subsidiaries and affiliates, visit Western Alliance Bank, Member FDIC, or follow us on LinkedIn.
About Scotsman Guide
Scotsman Guide is the only platform built for mortgage professionals that combines vetted direct lenders, curated mortgage news and verified rankings. For more than 30 years, we have empowered mortgage professionals to make informed decisions and grow their business.
Our rankings are the gold standard in the mortgage profession. The data verification, comprehensive scope and a legacy of integrity that has made Scotsman Guide’s rankings the most sought-after distinctions in the industry.
Move accelerates expansion and growth of M&A escrow and sponsor services
PHOENIX--(BUSINESS WIRE)--Western Alliance Bank (NYSE: WAL) today announced the promotion of Brad Alvarez to Managing Director, Business Development and Strategic Partnerships for its national Business Escrow Services Group and M&A specialty services platform. He will lead the national sales team focused on expanding client relationships and driving continued growth across the platform. The move comes as demand grows for specialized escrow and transaction support.
Western Alliance Bank promotes Brad Alvarez to lead national business development across Business Escrow Services and M&A specialty services, building on strong growth and expanding client relationships nationwide.
Share Alvarez, who joined Western Alliance in 2025, is an attorney with deep expertise in private equity, portfolio company operations and mergers and acquisitions. Since joining the bank, he has been instrumental in the strategic growth of the Business Escrow Services Group, combining strong client conversion with a proven ability to scale and lead high performing teams. His insight into transaction execution and complex deal structures has positioned the platform for continued international expansion.
“Brad made an immediate impact with his legal and transactional experience and his ability to connect with clients navigating complex deals,” said Dale Gibbons, Vice Chairman, Chief Banking Officer, Deposits and Innovation, Western Alliance Bank.
In addition to leading business development, Alvarez will continue to play a central role in advancing the bank’s Sponsor Services offering, applying his expertise in sponsor expectations and operational pain points to inform the team’s product development and delivery.
"Brad brings a unique combination of technical expertise and real client credibility in the market,” said Heather Kelly, Senior Managing Director and Head of Business Escrow Services. “He understands how complex transactions come together and how to translate them into consistent results for clients, raising the standard in our space.”
Before joining Western Alliance, Alvarez was Vice President of Legal for Percheron Capital, a high-growth private equity firm specializing in platform investments and roll-up acquisition strategies. Previously, he practiced M&A law at Latham & Watkins, advising strategic acquirers on transactions totaling more than $30 billion. He began his career in the investment banking division at Credit Suisse.
“In today’s competitive M&A environment, clients value speed, clarity and access,” Alvarez said. “We focus on delivering all three by connecting clients with key decision-makers, enabling faster execution and more responsive support than traditional providers, helping them execute complex and international transactions with confidence.”
Western Alliance Business Escrow Services, a national specialty banking group within Western Alliance Bank, is a trusted resource for strategic buyers, top-tier law firms, private equity firms and other stakeholders in mergers, acquisitions, asset purchases and other business escrow transactions. The group tailors paying agent and escrow services related to these complex transactions at every stage of the deal, from pre-closing to post-closing, with a flexible client-first approach. For more information, visit Western Alliance Business Escrow Services.
About Western Alliance Bank
Western Alliance Bancorporation (NYSE:WAL) is one of the country’s top-performing banking companies and has ranked as a top U.S. bank by American Banker and Bank Director since 2016. Its primary subsidiary, Western Alliance Bank, is a leading national bank for business that puts customers first, delivering tailored business banking solutions and consumer products backed by outstanding, personalized service and specific expertise in more than 30 industries and sectors. With $90 billion in assets and offices nationwide, Western Alliance excels at helping businesses of all sizes capitalize on their opportunities to solve today and succeed tomorrow. For more information on our offerings, subsidiaries and affiliates, visit Western Alliance Bank, Member FDIC, or follow us on LinkedIn.
