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PagerDuty, Inc. (PD) Presents at Bank of America 2026 Global Technology Conference Transcript

While the proven Zacks Rank places an emphasis on earnings estimates and estimate revisions to find strong stocks, we also know that investors tend to develop their own individual strategies. With this in mind, we are always looking at value, growth, and momentum trends to discover great companies.

Considering these trends, value investing is clearly one of the most preferred ways to find strong stocks in any type of market. Value investors use tried-and-true metrics and fundamental analysis to find companies that they believe are undervalued at their current share price levels.

In addition to the Zacks Rank, investors looking for stocks with specific traits can utilize our Style Scores system. Of course, value investors will be most interested in the system's "Value" category. Stocks with "A" grades for Value and high Zacks Ranks are among the best value stocks available at any given moment.

One company value investors might notice is PagerDuty (PD - Free Report) . PD is currently sporting a Zacks Rank #2 (Buy) and an A for Value. The stock is trading with P/E ratio of 15.36 right now. For comparison, its industry sports an average P/E of 26.79. Over the past 52 weeks, PD's Forward P/E has been as high as 28.68 and as low as 13.23, with a median of 20.09.

Value investors also use the P/S ratio. The P/S ratio is calculated as price divided by sales. Some people prefer this metric because sales are harder to manipulate on an income statement. This means it could be a truer performance indicator. PD has a P/S ratio of 1.41. This compares to its industry's average P/S of 2.72.

These are just a handful of the figures considered in PagerDuty's great Value grade. Still, they help show that the stock is likely being undervalued at the moment. Add this to the strength of its earnings outlook, and we can clearly see that PD is an impressive value stock right now.

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Three-quarters of office professionals (75%) say they would be likely to look for a new job that offered better AI skills development, a figure that climbs to 80% at companies with $1 billion or more in revenue

SAN FRANCISCO--(BUSINESS WIRE)--PagerDuty, Inc. (NYSE: PD), a leader in AI-first operations management, today published an international survey which illustrates a growing disconnect between employee AI adoption and corporate governance. Left unaddressed, that gap generates measurable risks around data security, workforce trust and talent retention. The PagerDuty Shadow AI Survey was conducted among 1,250 office professionals at organizations with annual revenue of $500 million or more, in non-IT and technology roles, across Australia, Japan, the United Kingdom, and the United States.

"When over 30% of employees are putting confidential company data into public models, 'Shadow AI' becomes a massive enterprise liability,” said Tim Armandpour, CTO at PagerDuty.

Share To read the full report, including survey findings and methodology, please visit here.

Proliferation of AI Tools - Workplace Policies Lag

Office professionals are growing increasingly confident in their AI expertise, but company policies appear to hinder their adoption of AI tools:

According to the findings, two-thirds of office professionals report having used AI tools or services at work even though they believed doing so was not permitted under company policy. Among those who used AI tools that may not have been allowed, more than half (53%) received informal feedback or guidance to discontinue use, while only 48% faced formal consequences, such as a warning or disciplinary action. Respondents are eager to grow their careers with AI but are feeling stifled at the office. 77% believe their companies’ restrictions or policies on AI usage are limiting their professional growth or career mobility, and 75% say they would be likely to look for a new job that offered better AI skills development. This figure climbs to 80% at companies with $1 billion or more in revenue. Sharing Confidential Information with LLMs

A clear majority of office professionals (88%) have shared work-related information with public AI tools such as ChatGPT, Claude, or Gemini. This widespread exposure includes 43% who have shared emails and other types of correspondence, 40% who have shared meeting notes or summaries, and 34% who have input customer data or information. Additionally, 31% of workers have shared financial information or confidential company documents and strategies. Additional key findings from the PagerDuty Shadow AI Survey include:

A Majority of Employees (72%) believe they know AI better than their own tech teams. That figure rises to 80% at billion-dollar enterprises. Senior leaders (77%) are more likely to feel this way than mid-level managers or below (66%). Policies are inconsistent and widely perceived as unequal. While 86% of respondents work at organizations they believe have AI policies in place, more than four in five (81%) believe leadership operates under a different set of rules than the rest of the company when it comes to AI. Employees at larger organizations, by both revenue and headcount, are more likely (85% each) to perceive this double standard. Personal AI use is driving adoption at work. Nearly nine in 10 office professionals (89%) who have used AI for work say they first encountered the tool in their personal lives. Once adopted, AI use skews heavily toward work: 79% report using AI more often on the job than at home. “When over 30% of employees are putting confidential company data into public models, 'Shadow AI' becomes a massive enterprise liability,” said Tim Armandpour, CTO at PagerDuty. “We know the demand for AI is there because we see it in our own platform - PagerDuty customers are increasingly leveraging our AI and agentic products to solve complex operational challenges securely. The goal for any executive today should not be to slow down AI adoption, but to redirect that energy into proven platforms that offer governance and automation at scale.”

Additional Resources

Read more about the survey findings on the PagerDuty blog. Download the full report here. About PagerDuty

PagerDuty, Inc. (NYSE: PD) is the global leader in AI-first digital operations. By automatically detecting, diagnosing, and remediating issues, the PagerDuty Operations Cloud acts as the central control plane for the modern enterprise - orchestrating AI agents and automated workflows with context from over 750 integrations. Trusted by approximately two-thirds of the Fortune 100 and nearly half of the Fortune 500, PagerDuty is the industry standard for organizations scaling resilient, autonomous operations. Learn more and try it for free at www.pagerduty.com.

The PagerDuty Operations Cloud

The PagerDuty Operations Cloud is an AI-powered platform that automates and orchestrates the entire incident management lifecycle - from detection to resolution, providing resilience at scale. Designed for mission-critical operations, the platform empowers teams to identify and diagnose disruptions in real time, mobilizing the right teams to quickly streamline workflows to solve digital issues before they become incidents. The PagerDuty Operations Cloud is essential for delivering flawless, always-on digital experiences that organizations and consumers expect today.

FAQs

What is the PagerDuty Shadow AI Survey? The PagerDuty Shadow AI Survey examines how office professionals across four global markets are adopting and using AI while circumventing AI policies at work, and what such behavior means for organizations navigating AI governance, security, and workforce development. What is the key theme of the survey? The survey illustrates how employee AI adoption has outpaced corporate policy at large organizations, potentially creating measurable risks around data security, workforce equity, and talent retention. Who was included in the survey? The survey was conducted by Wakefield Research among 1,250 office professionals working at companies with a minimum annual revenue of $500 million, excluding IT and technology roles. What regions are represented across the survey data? The survey was conducted in four markets: the United States (n=500), United Kingdom (n=250), Australia (n=250), and Japan (n=250). More News From PagerDuty, Inc.

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Posted by Defense World Staff on Mar 31st, 2026

Otter Tail Corporation (NASDAQ:OTTR – Get Free Report) crossed above its 200-day moving average during trading on Monday . The stock has a 200-day moving average of $83.62 and traded as high as $86.92. Otter Tail shares last traded at $85.73, with a volume of 233,856 shares traded.

Analyst Ratings Changes Separately, Weiss Ratings lowered Otter Tail from a “buy (b)” rating to a “hold (c+)” rating in a research note on Wednesday, February 25th. One analyst has rated the stock with a Buy rating and two have issued a Hold rating to the stock. According to data from MarketBeat.com, the stock has an average rating of “Hold” and an average price target of $83.00.

View Our Latest Research Report on Otter Tail

Otter Tail Stock Performance The company has a quick ratio of 1.83, a current ratio of 2.28 and a debt-to-equity ratio of 0.52. The company has a market capitalization of $3.60 billion, a PE ratio of 13.07 and a beta of 0.56. The business has a 50 day simple moving average of $86.98 and a 200 day simple moving average of $83.62.

Otter Tail (NASDAQ:OTTR – Get Free Report) last posted its quarterly earnings data on Tuesday, February 17th. The utilities provider reported $1.23 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.16 by $0.07. The firm had revenue of $308.10 million for the quarter, compared to the consensus estimate of $311.15 million. Otter Tail had a net margin of 21.16% and a return on equity of 15.36%. The company’s revenue for the quarter was up 1.6% compared to the same quarter last year. During the same quarter in the prior year, the company posted $1.30 earnings per share. Equities research analysts predict that Otter Tail Corporation will post 5.88 EPS for the current fiscal year.

Otter Tail Increases Dividend The company also recently declared a quarterly dividend, which was paid on Tuesday, March 10th. Shareholders of record on Friday, February 13th were given a dividend of $0.5775 per share. The ex-dividend date of this dividend was Friday, February 13th. This represents a $2.31 dividend on an annualized basis and a yield of 2.7%. This is an increase from Otter Tail’s previous quarterly dividend of $0.53. Otter Tail’s payout ratio is presently 35.21%.

Institutional Investors Weigh In On Otter Tail A number of institutional investors and hedge funds have recently modified their holdings of the company. EverSource Wealth Advisors LLC increased its holdings in Otter Tail by 129.3% in the 4th quarter. EverSource Wealth Advisors LLC now owns 376 shares of the utilities provider’s stock worth $30,000 after buying an additional 212 shares during the period. Caitong International Asset Management Co. Ltd acquired a new stake in shares of Otter Tail in the fourth quarter worth $31,000. Motiv8 Investments LLC acquired a new position in Otter Tail during the fourth quarter valued at $34,000. GAMMA Investing LLC boosted its holdings in Otter Tail by 44.0% in the third quarter. GAMMA Investing LLC now owns 432 shares of the utilities provider’s stock valued at $35,000 after purchasing an additional 132 shares during the last quarter. Finally, SHP Wealth Management acquired a new stake in Otter Tail during the 4th quarter worth about $40,000. Institutional investors and hedge funds own 61.32% of the company’s stock.

Otter Tail Company Profile (Get Free Report)

Otter Tail Corporation, through its primary subsidiary Otter Tail Power Company, is a regulated electric utility engaged in the generation, transmission and distribution of electricity. The company operates a diversified portfolio of owned and contracted power generation facilities, including coal, natural gas, wind and hydroelectric units, supplemented by long-term power purchase agreements. In addition to utility operations, Otter Tail provides related engineering, construction and maintenance services to support grid reliability and efficiency.

The company’s service territory covers a predominantly rural footprint in the Upper Midwest, including communities in west-central Minnesota, eastern North Dakota, northwest Wisconsin and small portions of South Dakota.

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FERGUS FALLS, Minn.--(BUSINESS WIRE)--Otter Tail Corporation (Nasdaq: OTTR) today announced executive leadership transitions in conjunction with the long-term succession plan approved by its Board of Directors.

Effective April 13, 2026, Tim Rogelstad has been elected President of Otter Tail Corporation. In his new role, Mr. Rogelstad will oversee the electric and manufacturing platforms and report to Chuck MacFarlane, Otter Tail Corporation Chief Executive Officer.

Mr. Rogelstad previously served as President of Otter Tail Power Company, the Corporation’s electric utility, and as Senior Vice President, Electric Platform of the Corporation.

Mr. Rogelstad has been with Otter Tail Power Company since 1989 and has held roles of increasing responsibility across the electric utility and the Corporation during his 37‑year career. He has served as the President of Otter Tail Power Company since 2014 and has been instrumental in advancing the Corporation’s electric platform strategy and operational performance.

Concurrent with this move, Todd Wahlund was elected Senior Vice President of Otter Tail Corporation and President of Otter Tail Power Company and will report to Mr. Rogelstad. Mr. Wahlund previously served as Vice President and Chief Financial Officer of Otter Tail Corporation and brings extensive financial and utility expertise from his 34 years at Otter Tail across finance, operations, and his 20 years at the electric utility platform.

Also effective April 13, 2026, Tyler Nelson has been elected Vice President and Chief Financial Officer of Otter Tail Corporation. In this role, he will report to Mr. MacFarlane. Mr. Nelson most recently served as Vice President of Finance and Treasurer and previously held the role of Vice President of Accounting. He joined the Corporation in 2020, following his role as Corporate Controller for Titan Machinery. Earlier in his career, Mr. Nelson worked in public accounting with Grant Thornton.

Otter Tail CEO Chuck MacFarlane said, “These leadership transitions are the result of long‑standing and thoughtful succession planning by the Board and management team. Tim has spent nearly four decades with Otter Tail Power Company and the Corporation and has consistently demonstrated strong leadership, sound judgment, and a deep understanding of our businesses. His election as President reflects the confidence the Board has in his ability to help lead the Corporation’s operating platforms forward. Todd’s transition to President of Otter Tail Power Company leverages his extensive expertise at the electric utility and ensures seasoned leadership as it continues to execute its long‑term strategy. Tyler has played a key role in Otter Tail’s financial leadership and brings continuity, discipline, and a strong understanding of our financial operations to the CFO role. Collectively, these appointments position Otter Tail well for continued execution and long‑term success.”

About Otter Tail Corporation

Otter Tail Corporation, a member of the S&P SmallCap 600 Index, has interests in diversified operations that include an electric utility and manufacturing businesses. Otter Tail Corporation stock trades on the Nasdaq Global Select Market under the symbol OTTR. The latest investor and corporate information is available at www.ottertail.com. Corporate offices are in Fergus Falls, Minnesota and Fargo, North Dakota.

More News From Otter Tail Corporation

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FERGUS FALLS, Minn.--(BUSINESS WIRE)--Otter Tail Corporation (Nasdaq: OTTR) today announced financial results for the quarter ended March 31, 2026.

SUMMARY

Produced diluted earnings per share of $1.73 in the first quarter of 2026. Return on equity of 15% over the trailing twelve months. Affirmed 2026 diluted earnings per share guidance range of $5.22 to $5.62. CEO OVERVIEW

"We are pleased with our first quarter financial results and are well positioned to achieve our financial objectives for the year,” said CEO Chuck MacFarlane. “Across our businesses, our team members executed on our near-term priorities for the benefit of our customers and shareholders.

“Otter Tail Power delivered on our regulatory priorities while making significant progress on our customer-focused rate base growth plan. We obtained approval of our fully settled South Dakota rate case in the first quarter and implemented our new base rates at the beginning of April. We also implemented interim rates at the start of the year for our ongoing Minnesota rate case.

“We completed our wind repowering project earlier this year on budget despite weather-related headwinds delaying the in-service timing. We continue to make progress on our solar, battery storage and large regional transmission projects. Our team members secured the solar panels needed for our two solar development projects during the first quarter, eliminating tariff-related risk and avoiding the potential cost increase for the benefit of our customers.

“We are pleased with the results produced by our Manufacturing segment businesses as our team members’ cost-management efforts over the past year positively contributed to our quarterly results. We are also encouraged by increasing sales volumes in several of our end markets.

“Our Plastics segment businesses benefitted from better-than-expected demand for our products while average sales prices continued to recede in line with our expectations. We completed the second phase of our Vinyltech expansion project earlier this year and look forward to leveraging the additional production capacity. With the conclusion of the second phase, this completes a multi-year expansion project that added 15 percent of additional production capacity, and increased manufacturing space and raw material storage capabilities. This investment will allow us to better serve our customers, pursue growth opportunities and enhance our employee experience.

“We are maintaining our 2026 diluted earnings per share guidance range of $5.22 to $5.62. The fundamentals of our diversified portfolio remain strong, and we are confident in our ability to deliver on our customer-focused growth plan over the long term. Our targeted long-term earnings per share growth rate is 7 to 9 percent, with a total shareholder return of 10 to 12 percent.”

QUARTERLY DIVIDEND

On May 4, 2026, the corporation’s Board of Directors declared a quarterly common stock dividend of $0.5775 per share. This dividend is payable on June 10, 2026 to shareholders of record on May 15, 2026.

CASH FLOWS AND LIQUIDITY

Our consolidated cash provided by operating activities for the three months ended March 31, 2026 was $70.6 million compared to $39.5 million for the three months ended March 31, 2025. The increase in cash provided by operating activities was primarily due to a decrease in working capital requirements, largely driven by the timing of vendor payments and the recovery of fuel cost and rider revenue from our utility customers.

Investing activities for the three months ended March 31, 2026 included capital expenditures of $185.3 million. Our capital investments were largely within our Electric segment and included investments in our solar, wind repowering and other projects.

Financing activities for the three months ended March 31, 2026 included the issuance of $100.0 million of long-term debt by Otter Tail Power; the proceeds of which were used to repay short-term borrowings, fund capital investments and support operating activities. Financing activities for the period also included net short-term borrowings totaling $7.7 million and dividend payments of $24.3 million.

As of March 31, 2026 we had $170.0 million and $140.5 million of available liquidity under our Otter Tail Corporation and Otter Tail Power credit facilities, respectively, along with $348.4 million of available cash and cash equivalents, resulting in total available liquidity of $658.9 million.

SEGMENT PERFORMANCE

Electric Segment

Three Months Ended March 31,

($ in thousands)

2026

2025

Change

% Change

Operating Revenues

$

165,870

$

149,720

$

16,150

10.8

%

Net Income

35,250

24,708

10,542

42.7

Retail MWh Sales

1,715,724

1,673,004

42,720

2.6

%

Heating Degree Days

3,155

3,451

(296

)

(8.6

)

The following table shows heating degree days as a percent of normal.

Three Months Ended March 31,

2026

2025

Heating Degree Days

92.2

%

100.9

%

The following table summarizes the estimated effect on diluted earnings per share of the difference in retail kilowatt-hour (kwh) sales under actual weather conditions and expected retail kwh sales under normal weather conditions for the three months ended March 31, 2026 and 2025.

2026 vs Normal

2026 vs

2025

2025 vs Normal

Effect on Diluted Earnings Per Share

$

(0.05

)

$

(0.05

)

$

—

Operating Revenues increased $16.2 million driven by higher retail revenues due to increased rates, higher fuel recovery revenues, increased commercial sales volumes and the recovery of our investments through riders. These increases were partially offset by the impact of unfavorable weather and higher production tax credits, the benefit of which is provided to customers.

Interim rates in Minnesota and South Dakota became effective in January 2026 and December 2025, respectively, and updated base rates in North Dakota went into effect in March 2025. Higher fuel recovery revenues resulted from increased generation from our natural gas and coal-fired facilities. Finally, we benefited from the recovery of our significant rate base investments over the past twelve months, including investments in our wind repowering and solar facility projects.

Net Income increased $10.5 million primarily due to higher retail revenues, partially offset by higher operating and maintenance expenses, including increased labor costs, as well as higher depreciation and interest expense associated with our rate base investments.

Manufacturing Segment

Three Months Ended March 31,

(in thousands)

2026

2025

$ Change

% Change

Operating Revenues

$

89,559

$

81,685

$

7,874

9.6

%

Net Income

4,283

1,532

2,751

179.6

Operating Revenues increased $7.9 million primarily due to a 5% increase in steel costs, which are passed on to customers, and a 4% increase in sales volumes. Demand improved in certain markets we serve, including the construction and recreational vehicle markets, compared to softer demand and tighter inventory management efforts during the same period last year.

Net Income increased $2.8 million primarily due to higher margins resulting from the mix of products sold, improved production efficiencies and a cost structure aligned with current demand levels. Higher sales volumes also contributed to the increase in earnings. The impact of higher margins and sales volumes was partially offset by higher general and administrative expenses.

Plastics Segment

Three Months Ended March 31,

(in thousands)

2026

2025

$ Change

% Change

Operating Revenues

$

91,597

$

105,948

$

(14,351

)

(13.5

)%

Net Income

32,940

43,439

(10,499

)

(24.2

)

Operating Revenues decreased $14.4 million primarily due to a 19% decrease in average sales prices compared with the same period last year, continuing the multi‑year decline in product pricing from peak levels in late 2022. This decrease was partially offset by a 7% increase in sales volumes. Sales volumes benefited from the opportunistic sale of specialty pipe during the period. Late in the quarter, we also benefited from distributor and contractor demand as they sought to secure inventories in advance of potential PVC resin cost increases.

Net Income decreased $10.5 million as a result of decreased sales prices, partially offset by the increase in sales volumes and a 12% decrease in PVC resin and other input material costs.

Corporate

Three Months Ended March 31,

(in thousands)

2026

2025

$ Change

% Change

Net Income (Loss)

$

137

$

(1,580

)

$

1,717

n/m

Net Income improved $1.7 million compared to the same period last year, primarily driven by a higher tax benefit and lower employee healthcare claims under our self-insured healthcare program. These improvements were partially offset by market-driven losses on our corporate-owned life insurance investments.

2026 OUTLOOK

We continue to anticipate 2026 diluted earnings per share to be in the range of $5.22 to $5.62. We expect our earnings mix in 2026 to be approximately 49% from our Electric segment and 51% from our Manufacturing and Plastics segments, net of corporate costs. Our anticipated earnings mix in 2026 deviates from our long-term expected earnings mix of 70% Electric and 30% Non-Electric as we expect Plastics segment earnings to remain elevated in 2026 compared to our long-term view of normal earnings for this segment.

The segment components of our 2026 diluted earnings per share guidance compared with actual earnings for 2025 are as follows:

2025 EPS

by Segment

2026 EPS Guidance

Low

High

Electric

$

2.32

$

2.61

$

2.69

Manufacturing

0.27

0.26

0.32

Plastics

4.05

2.49

2.71

Corporate

(0.09

)

(0.14

)

(0.10

)

Total

$

6.55

$

5.22

$

5.62

Return on Equity

15.6

%

11.5

%

12.3

%

CONFERENCE CALL AND WEBCAST

The corporation will host a live webcast on Tuesday, May 5, 2026 at 10:00 a.m. CT to discuss its financial and operating performance.

The presentation will be posted on our website before the webcast. To access the live webcast, go to www.ottertail.com/presentations and select “Webcast.” Please allow time prior to the call to visit the site and download any software needed to listen in. An archived copy of the webcast will be available on our website shortly after the call.

If you are interested in asking a question during the live webcast, visit and follow the link provided in the press release announcing the upcoming conference call.

FORWARD-LOOKING STATEMENTS

Except for historical information contained here, the statements in this release are forward-looking and made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. The words “anticipate,” “believe,” “can,” “confident,” “could,” “estimate,” “expect,” “future,” “goal,” “intend,” “likely,” “may,” “optimistic,” “opportunity,” “outlook,” “plan,” “possible,” “position,” “potential,” “predict,” “probable,” “projected,” “should,” “target,” “will,” “would” and similar words and expressions are intended to identify forward-looking statements. Such statements are based upon the current beliefs and expectations of management. Forward-looking statements made herein, which may include statements regarding 2026 earnings and earnings per share, long-term earnings, earnings-per-share growth and earnings mix, anticipated levels of energy generation from renewable resources, anticipated reductions in carbon dioxide emissions, future investments and capital expenditures, rate base levels and rate base growth, future raw materials costs, future raw materials availability and supply constraints, future operating revenues and operating results, and expectations regarding regulatory proceedings, as well as other assumptions and statements, involve known and unknown risks and uncertainties that may cause our actual results in current or future periods to differ materially from the forecasted assumptions and expected results. The Company’s risks and uncertainties include, among other things, uncertainty of future investments and capital expenditures; rate base levels and rate base growth; risks associated with energy markets; the availability and pricing of resource materials; inflationary cost pressures; attracting and maintaining a qualified and stable workforce; changing macroeconomic and industry conditions that impact the demand for our products, pricing and margin; long-term investment risk; seasonal weather patterns and extreme weather events; future business volumes with key customers; reductions in our credit ratings; our ability to access capital markets on favorable terms; assumptions and costs relating to funding our employee benefit plans; our subsidiaries’ ability to make dividend payments; cybersecurity threats or data breaches; the impact of government executive orders, legislation and regulation including foreign trade policy; environmental, health and safety laws and regulations; changes in tax laws and regulations; the impact of climate change including compliance with legislative and regulatory changes to address climate change; expectations regarding regulatory proceedings, assigned service areas, the construction of major facilities, capital structure, and allowed customer rates; actual and threatened claims or litigation; and operational and economic risks associated with our electric generating and manufacturing facilities. These and other risks are more fully described in our filings with the Securities and Exchange Commission, including our most recently filed Annual Report on Form 10-K, as updated in subsequently filed Quarterly Reports on Form 10-Q, as applicable. Forward-looking statements speak only as of the date they are made, and we expressly disclaim any obligation to update any forward-looking information.

Category: Earnings

About the Corporation: Otter Tail Corporation, a member of the S&P SmallCap 600 Index, has interests in diversified operations that include an electric utility and manufacturing businesses. Otter Tail Corporation stock trades on the Nasdaq Global Select Market under the symbol OTTR. The latest investor and corporate information is available at www.ottertail.com. Corporate offices are in Fergus Falls, Minnesota, and Fargo, North Dakota.

OTTER TAIL CORPORATION

CONSOLIDATED STATEMENTS OF INCOME (unaudited)

  Three Months Ended March 31,

(in thousands, except per-share amounts)

2026

2025

Operating Revenues

Electric

$

165,870

$

149,720

Product Sales

181,156

187,633

Total Operating Revenues

347,026

337,353

Operating Expenses

Electric Production Fuel

20,773

14,321

Electric Purchased Power

27,013

30,870

Electric Operating and Maintenance Expense

50,255

48,881

Cost of Products Sold (excluding depreciation)

107,536

104,387

Nonelectric Selling, General, and Administrative Expenses

21,771

21,292

Depreciation and Amortization

29,979

29,375

Electric Property Taxes

4,462

4,228

Total Operating Expenses

261,789

253,354

Operating Income

85,237

83,999

Other Income and (Expense)

Interest Expense

(12,636

)

(11,553

)

Nonservice Components of Postretirement Benefits

443

1,282

Other Income (Expense), net

4,442

4,456

Income Before Income Taxes

77,486

78,184

Income Tax Expense

4,876

10,085

Net Income

$

72,610

$

68,099

Weighted-Average Common Shares Outstanding:

Basic

41,904

41,826

Diluted

42,071

42,062

Earnings Per Share:

Basic

$

1.73

$

1.63

Diluted

$

1.73

$

1.62

OTTER TAIL CORPORATION

CONSOLIDATED BALANCE SHEETS (unaudited)

  March 31,

December 31,

(in thousands)

2026

2025

Assets

Current Assets

Cash and Cash Equivalents

$

348,354

$

386,193

Receivables, net of allowance for credit losses

183,215

145,496

Inventories

157,055

158,598

Investments

54,887

54,311

Regulatory Assets

25,431

20,437

Other Current Assets

30,018

34,690

Total Current Assets

798,960

799,725

Noncurrent Assets

Investments

78,684

78,823

Property, Plant and Equipment, net of accumulated depreciation

3,064,991

2,876,685

Regulatory Assets

86,942

86,062

Intangible Assets, net of accumulated amortization

4,381

4,642

Goodwill

37,572

37,572

Other Noncurrent Assets

81,279

80,770

Total Noncurrent Assets

3,353,849

3,164,554

Total Assets

$

4,152,809

$

3,964,279

Liabilities and Shareholders' Equity

Current Liabilities

Short-Term Debt

$

67,971

$

60,242

Current Maturities of Long-Term Debt

79,964

79,951

Accounts Payable

132,821

93,606

Accrued Salaries and Wages

27,875

35,666

Accrued Taxes

19,414

18,460

Regulatory Liabilities

19,102

16,600

Other Current Liabilities

44,734

46,433

Total Current Liabilities

391,881

350,958

Noncurrent Liabilities and Deferred Credits

Pension Benefit Liability

32,189

32,376

Other Postretirement Benefits Liability

32,128

31,813

Regulatory Liabilities

302,075

297,398

Deferred Income Taxes

307,852

305,931

Deferred Tax Credits

14,281

14,321

Other Noncurrent Liabilities

101,447

106,156

Total Noncurrent Liabilities and Deferred Credits

789,972

787,995

Commitments and Contingencies

Capitalization

Long-Term Debt

1,063,164

963,566

Shareholders’ Equity

Common Shares

209,768

209,528

Additional Paid-In Capital

431,829

434,195

Retained Earnings

1,265,926

1,217,567

Accumulated Other Comprehensive Income

269

470

Total Shareholders' Equity

1,907,792

1,861,760

Total Capitalization

2,970,956

2,825,326

Total Liabilities and Shareholders' Equity

$

4,152,809

$

3,964,279

OTTER TAIL CORPORATION

CONSOLIDATED STATEMENTS OF CASH FLOWS (unaudited)

  Three Months Ended March 31,

(in thousands)

2026

2025

Operating Activities

Net Income

$

72,610

$

68,099

Adjustments to Reconcile Net Income to Net Cash Provided by Operating Activities:

Depreciation and Amortization

29,979

29,375

Deferred Tax Credits

(40

)

(192

)

Deferred Income Taxes

977

1,797

Investment Losses

1,646

37

Stock Compensation Expense

6,380

5,758

Other, net

(1,565

)

(969

)

Change in Operating Assets and Liabilities:

Receivables

(37,719

)

(38,087

)

Inventories

1,829

1,526

Regulatory Assets

(1,856

)

(3,091

)

Other Assets

7,046

5,732

Accounts Payable

2,979

(16,360

)

Accrued and Other Liabilities

(17,886

)

(13,888

)

Regulatory Liabilities

6,651

1,652

Pension and Other Postretirement Benefits

(420

)

(1,920

)

Net Cash Provided by Operating Activities

70,611

39,469

Investing Activities

Capital Expenditures

(185,281

)

(58,012

)

Proceeds from Disposal of Noncurrent Assets

2,966

1,276

Purchases of Investments and Other Assets

(4,693

)

(4,175

)

Net Cash Used in Investing Activities

(187,008

)

(60,911

)

Financing Activities

Net Borrowings (Repayments) of Short-Term Debt

7,729

(10,762

)

Proceeds from Issuance of Long-Term Debt

100,000

50,000

Dividends Paid

(24,251

)

(22,003

)

Payments for Shares Withheld for Employee Tax Obligations

(3,973

)

(3,134

)

Other, net

(947

)

(2,496

)

Net Cash Provided by Financing Activities

78,558

11,605

Net Change in Cash and Cash Equivalents

(37,839

)

(9,837

)

Cash and Cash Equivalents at Beginning of Period

386,193

294,651

Cash and Cash Equivalents at End of Period

$

348,354

$

284,814

OTTER TAIL CORPORATION

SEGMENT RESULTS (unaudited)

  Three Months Ended March 31,

(in thousands)

2026

2025

Operating Revenues

Electric

$

165,870

$

149,720

Manufacturing

89,559

81,685

Plastics

91,597

105,948

Total Operating Revenues

$

347,026

$

337,353

Operating Income (Loss)

Electric

$

39,922

$

29,043

Manufacturing

6,129

2,426

Plastics

44,703

58,876

Corporate

(5,517

)

(6,346

)

Total Operating Income

$

85,237

$

83,999

Net Income (Loss)

Electric

$

35,250

$

24,708

Manufacturing

4,283

1,532

Plastics

32,940

43,439

Corporate

137

(1,580

)

Total Net Income

$

72,610

$

68,099

Otter Tail Corporation (OTTR) Q1 2026 Earnings Call Transcript

In its upcoming report, Universal Health Services (UHS - Free Report) is predicted by Wall Street analysts to post quarterly earnings of $5.36 per share, reflecting an increase of 10.7% compared to the same period last year. Revenues are forecasted to be $4.37 billion, representing a year-over-year increase of 6.6%.

The consensus EPS estimate for the quarter has remained unchanged over the last 30 days. This represents how the covering analysts, as a whole, have reassessed their initial estimates during this timeframe.

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 use consensus earnings and revenue estimates as indicators of quarterly business performance, exploring analysts' projections for specific key metrics can offer valuable insights.

With that in mind, let's delve into the average projections of some Universal Health Services metrics that are commonly tracked and projected by analysts on Wall Street.

It is projected by analysts that the 'Net Revenues- Acute care hospital services' will reach $2.50 billion. The estimate indicates a change of +6.3% from the prior-year quarter.

The consensus estimate for 'Net Revenues- Behavioral health services' stands at $1.86 billion. The estimate indicates a year-over-year change of +6.2%.

The combined assessment of analysts suggests that 'Admissions - Acute - Same facility basis' will likely reach 88,434 . Compared to the present estimate, the company reported 85,244 in the same quarter last year.

Analysts expect 'Admissions - Behavioral health' to come in at 118,679 . Compared to the current estimate, the company reported 117,788 in the same quarter of the previous year.

The average prediction of analysts places 'Operating Income- Behavioral Health Care Services' at $352.05 million. The estimate is in contrast to the year-ago figure of $337.68 million.

The collective assessment of analysts points to an estimated 'Operating Income- Acute Care Hospital Services' of $259.08 million. Compared to the present estimate, the company reported $254.79 million in the same quarter last year.

View all Key Company Metrics for Universal Health Services here>>>

Over the past month, Universal Health Services shares have recorded returns of -4% versus the Zacks S&P 500 composite's +8.6% change. Based on its Zacks Rank #3 (Hold), UHS will likely exhibit a performance that aligns with the overall market in the upcoming period. You can see the complete list of today's Zacks Rank #1 (Strong Buy) stocks here >>>> .

Consolidated Results of Operations, As Reported and As Adjusted  – Three-month periods ended March 31, 2026 and 2025:

, /PRNewswire/ -- Universal Health Services, Inc. (NYSE: UHS) announced today that its reported net income attributable to UHS was $348.7 million, or $5.65 per diluted share, during the first quarter of 2026, as compared to $316.7 million, or $4.80 per diluted share, during the first quarter of 2025.  Net revenues increased by 9.6% to $4.495 billion during the first quarter of 2026, as compared to $4.100 billion during the first quarter of 2025.

As reflected on the Schedule of Non-GAAP Supplemental Information ("Supplemental Schedule"), our adjusted net income during the first quarter of 2026 was $346.5 million, or $5.62 per diluted share, as compared to $319.5 million, or $4.84 per diluted share, during the first quarter of 2025. 

As reflected on the Supplemental Schedule, included in our reported results during the first quarter of 2026 was a favorable net after-tax impact of $2.2 million, or $.03 per diluted share, resulting from the net tax benefit recorded in connection with "ASU 2016-09", Compensation – Stock Compensation: Improvements to Employee Share-Based Payment Accounting, net of the impact of executive compensation limitations pursuant to IRC section 162(m).    

As reflected on the Supplemental Schedule, included in our reported results during the first quarter of 2025 were: (i) an unrealized after-tax loss (included in "Other (income) expense, net") of $3.3 million, or $.05 per diluted share ($4.3 million pre-tax), resulting from a decrease in the market value of certain equity securities (that were sold during the fourth quarter of 2025), and; (ii) a favorable net after-tax impact of $0.5 million, or $.01 per diluted share, resulting from the net tax benefit recorded in connection with ASU 2016-09.     

As calculated on the attached Supplemental Schedule, our earnings before interest, taxes, depreciation & amortization ("EBITDA net of NCI", NCI is net income attributable to noncontrolling interests), was $651.7 million during the first quarter of 2026, as compared to $603.9 million during the first quarter of 2025. Our adjusted earnings before interest, taxes, depreciation & amortization ("Adjusted EBITDA net of NCI"), which excludes the impact of other (income) expense, net, was $648.3 million during the first quarter of 2026, as compared to $598.2 million during the first quarter of 2025.

Acute Care Services – Three-month periods ended March 31, 2026 and 2025:

During the first quarter of 2026, at our acute care hospitals owned during both periods ("same facility basis"), adjusted admissions (adjusted for outpatient activity) were unchanged and adjusted patient days increased by 0.8%, as compared to the first quarter of 2025. At these facilities, during the first quarter of 2026, net revenue per adjusted admission increased by 6.3% while net revenue per adjusted patient day increased by 5.5%, as compared to the first quarter of 2025. Net revenues generated from our acute care services, on a same facility basis, increased by 8.2% during the first quarter of 2026, as compared to the first quarter of 2025.

Behavioral Health Care Services – Three-month periods ended March 31, 2026 and 2025:

During the first quarter of 2026, at our behavioral health care facilities on a same facility basis, adjusted admissions increased by 1.2% while adjusted patient days increased by 1.6%, as compared to the first quarter of 2025. At these facilities, during the first quarter of 2026, net revenue per adjusted admission increased by 6.2% and net revenue per adjusted patient day increased by 5.8%, as compared to the first quarter of 2025. Net revenues generated from our behavioral health care services, on a same facility basis, increased by 7.3% during the first quarter of 2026, as compared to the first quarter of 2025.

Net Cash Provided by Operating Activities and Credit Agreement Amendment/Capital Resources:

Net Cash Provided by Operating Activities:

During the three-month period ended March 31, 2026, our net cash provided by operating activities was $402 million as compared to $360 million during the first quarter of 2025. The $42 million net increase in our net cash provided by operating activities consisted of: (i) a favorable change of $40 million resulting from an increase in net income plus/minus depreciation and amortization expense, stock-based compensation expense and gain on sales of assets and businesses; (ii) a favorable change of $95 million in accounts receivable (due, in part, to delays experienced during the first quarter of 2025 in receipt of funds in connection with certain Medicaid supplemental payment programs in various states); (iii) an unfavorable change of $80 million in other working capital accounts due primarily to the timing of accounts payable disbursements, and; (iv) other combined net unfavorable changes of $13 million.  

Credit Agreement Amendment/Capital Resources:

In April, 2026, and as previously disclosed on Form 8-K as filed with the Securities and Exchange Commission on April 24, 2026, we amended our credit agreement to, among other things, increase our borrowing capacity by an aggregate of $900 million as follows: (i) increase the borrowing capacity of the revolving credit facility by $200 million to $1.5 billion (from $1.3 billion previously); (ii) increase the existing tranche term loan A by $300 million to $1.455 billion (from $1.155 billion previously), and; (iii) initiate a new $400 million delayed draw term loan A which is expected to be drawn upon the closing of our acquisition of Talkspace, Inc. The maturity date for our credit agreement, which is scheduled for September 26, 2029, remained unchanged.     

As of March 31, 2026, we had approximately $373 million of borrowings outstanding pursuant to our revolving credit facility.

Stock Repurchase Program:

In connection with our stock repurchase program, shares of our Class B Common Stock may be repurchased, from time to time as conditions allow, on the open market or in negotiated private transactions. Pursuant to this program, during the first quarter of 2026, we have repurchased 675,000 shares at an aggregate cost of approximately $127.3 million (average price of approximately $189 per share).

As of March 31, 2026, we had an aggregate available repurchase authorization of approximately $1.298 billion pursuant to our stock repurchase program.

Conference call information:

We will hold a conference call for investors and analysts at 9:00 a.m. eastern time on April 28, 2026. A live webcast of the call will be available on our website at www.uhs.com. To participate via telephone, please register in advance at this link. Upon registration, all telephone participants will receive a confirmation email detailing how to join the conference call, including the dial-in number along with a unique passcode and registrant ID that can be used to access the call. A replay of the call will be available for one full year following the live call. Supplemental financial disclosures related to our financial results are available on our website.

General Information, Forward-Looking Statements and Risk Factors and Non-GAAP Financial Measures:

One of the nation's largest and most respected providers of hospital and healthcare services, Universal Health Services, Inc. (the "Company") has built an impressive record of achievement and performance. Growing steadily since our inception into an esteemed Fortune 500® corporation, our annual revenues during 2025 were $17.4 billion. UHS ranked #271 on the Fortune 500® and #355 among American companies on the Forbes Global 2000. In 2026, UHS was again recognized as one of Fortune World's Most Admired Companies™ (from Fortune, ©2025, 2026 Fortune Media IP Limited. All rights reserved. Used under license).

Our operating philosophy is as effective today as it was upon the Company's founding in 1979, enabling us to provide compassionate care to our patients and their loved ones.  Our strategy includes building or acquiring high quality hospitals in rapidly growing markets, investing in the people and equipment needed to allow each facility to thrive, and becoming the leading healthcare provider in each community we serve.

UHS is headquartered in King of Prussia, PA, and, through its subsidiaries, has approximately 101,500 employees and operates 29 inpatient acute care hospitals, 346 inpatient behavioral health facilities, 168 outpatient facilities and ambulatory care access points, an insurance offering, a physician network and various related services located in 40 states, Washington, D.C., the United Kingdom and Puerto Rico.

A wholly-owned subsidiary of UHS acts as the advisor to Universal Health Realty Income Trust, a real estate investment trust (NYSE:UHT).  For additional information visit www.uhs.com.

This press release contains forward-looking statements based on current management expectations.  Numerous factors, including those disclosed herein, those related to healthcare industry trends and those detailed in our filings with the Securities and Exchange Commission (as set forth in Item 1A-Risk Factors, and Item 7-Forward-Looking Statements and Risk Factors, in our Form 10-K for the year ended December 31, 2025), may cause the results to differ materially from those anticipated in the forward-looking statements.  These statements are subject to risks and uncertainties and therefore actual results may differ materially.  Readers should not place undue reliance on such forward-looking statements which reflect management's view only as of the date hereof.  We undertake no obligation to revise or update any forward-looking statements, or to make any other forward-looking statements, whether as a result of new information, future events or otherwise. 

Many of the factors that could affect our future results are beyond our control or ability to predict, including, but not limited to:

A significant portion of our revenues are derived from federal and state government programs including the Medicare and Medicaid programs. Payments from these programs are subject to statutory and regulatory changes, administrative rulings, interpretations and determinations, requirements for utilization review, and federal and state funding restrictions.  Changes to these programs could materially affect program payments which could materially impact our results of operations. In addition, we receive substantial reimbursement from multiple states in connection with various supplemental Medicaid payment programs. Failure to renew these programs beyond their scheduled termination dates, failure of the public hospitals to provide the necessary Inter-Governmental Transfers for the states' share of the Medicaid disproportionate share hospital programs, and the failure of our hospitals that currently receive supplemental Medicaid revenues to qualify for future funds under these programs could cause our actual results of operations for the year ended December 31, 2026 to differ materially from our previously disclosed 2026 operating results forecast. Legislation adopted on July 4, 2025, attaches work and community service requirements to eligibility for Medicaid benefits that will have the effect of limiting Medicaid enrollment and expenditures. That legislation also places limits on provider fees used to increase federal Medicaid funding to states and eliminated certain exchange premium tax credits beyond 2025. As these provisions become effective over the next several years, they may be expected to reduce our revenues and likely increase the level of uncompensated care provided by our facilities. The increase in interest rates during the past few years has increased our interest expense significantly thereby reducing our free cash flow. As such, although interest rates have moderated more recently, the effects of increased borrowing rates have adversely impacted our results of operations, financial condition and cash flows. We cannot predict future changes to interest rates, however, significant increases in our borrowing rates could have a material unfavorable impact on our future results of operations and our ability to access the capital markets on favorable terms. Changes in laws or policies governing the terms of foreign trade, and in particular, increased trade restrictions, tariffs or taxes on imports from where our products or materials are made (either directly or through our suppliers) could have an impact on our competitive position, business operations and financial results.       The outcome of known and unknown litigation, liabilities and other claims asserted against us and/or our subsidiaries, including, but not limited to, the matters related to Cumberland Hospital for Children and Adolescents, located in New Kent, Virginia, and the verdict in Washoe County, Nevada, against certain subsidiaries of ours, both of which were previously disclosed in various filings including, most recently, our Form 10-K for the year ended December 31, 2025. Although we can make no assurances regarding the ultimate outcome of these matters, or what damages will ultimately be awarded, the final resolution of these matters could have a material adverse effect on the Company. The ability to successfully complete, integrate and realize the benefit and synergies from our proposed acquisition of Talkspace, Inc.  We believe that adjusted net income attributable to UHS, adjusted net income attributable to UHS per diluted share, EBITDA net of NCI and Adjusted EBITDA net of NCI, which are non-GAAP financial measures ("GAAP" is Generally Accepted Accounting Principles in the United States of America), are helpful to our investors as measures of our operating performance. In addition, we believe that, when applicable, comparing and discussing our financial results based on these measures, as calculated, is helpful to our investors since it neutralizes the effect of material items impacting our net income attributable to UHS, such as, changes in the value of certain non-marketable securities (in connection with our minority ownership in a healthcare generative artificial intelligence company), the impact of ASU 2016-09, and other potential material items that are nonrecurring or non-operational in nature including, but not limited to, impairments of goodwill, long-lived and intangible assets, reserves for various matters including settlements, legal judgments and lawsuits, costs related to extinguishment of debt, gains/losses on sales of assets and businesses, potential impacts of non-ordinary acquisitions, divestitures, joint ventures or other strategic transactions, and other amounts that may be reflected in the current or prior year financial statements that relate to prior periods. To obtain a complete understanding of our financial performance these measures should be examined in connection with net income attributable to UHS, as determined in accordance with GAAP, and as presented in the condensed consolidated financial statements and notes thereto in this report or in our filings with the Securities and Exchange Commission including our Report on Form 10-K for the year ended December 31, 2025. Since the items included or excluded from these measures are significant components in understanding and assessing financial performance under GAAP, these measures should not be considered to be alternatives to net income as a measure of our operating performance or profitability. Since these measures, as presented, are not determined in accordance with GAAP and are thus susceptible to varying calculations, they may not be comparable to other similarly titled measures of other companies. Investors are encouraged to use GAAP measures when evaluating our financial performance.

Universal Health Services, Inc.

Consolidated Statements of Income

(in thousands, except per share amounts)

(unaudited)

Three months

ended March 31,

2026

2025

Net revenues

$4,495,182

$4,099,720

Operating charges:

   Salaries, wages and benefits

2,088,229

1,951,104

   Other operating expenses

1,283,928

1,105,752

   Supplies expense

426,543

402,881

   Depreciation and amortization

155,426

148,345

   Lease and rental expense

38,196

36,813

3,992,322

3,644,895

Income from operations

502,860

454,825

Interest expense, net

37,133

40,056

Other (income) expense, net

(3,389)

(5,659)

Income before income taxes

469,116

420,428

Provision for income taxes

110,438

98,800

Net income

358,678

321,628

Less:  Net income (loss) attributable to

noncontrolling interests ("NCI")

9,996

4,948

Net income attributable to UHS

$348,682

$316,680

Basic earnings per share attributable to UHS (a)

$5.71

$4.87

Diluted earnings per share attributable to UHS (a)

$5.65

$4.80

Universal Health Services, Inc.

Footnotes to Consolidated Statements of Income

(in thousands, except per share amounts)

(unaudited)

Three months

(a) Earnings per share calculation:

ended March 31,

2026

2025

Basic and diluted:

Net income attributable to UHS - basic and diluted

$348,682

$316,680

Weighted average number of common shares - basic

61,071

64,970

Basic earnings per share attributable to UHS:

$5.71

$4.87

Weighted average number of common shares

61,071

64,970

Add: Other share equivalents

597

1,067

Weighted average number of common shares and equiv. - diluted

61,668

66,037

Diluted earnings per share attributable to UHS:

$5.65

$4.80

Universal Health Services, Inc.

Schedule of Non-GAAP Supplemental Information ("Supplemental Schedule")

For the Three Months ended March 31, 2026 and 2025

(in thousands, except per share amounts)

(unaudited)

Calculation of Earnings/Adjusted Earnings Before Interest, Taxes, Depreciation and Amortization
("EBITDA/Adjusted EBITDA net of NCI")

Three months ended

% Net

Three months ended

% Net

March 31, 2026

revenues

March 31, 2025

revenues

Net income attributable to UHS

$348,682

$316,680

   Depreciation and amortization

155,426

148,345

   Interest expense, net

37,133

40,056

   Provision for income taxes

110,438

98,800

EBITDA net of NCI

$651,679

14.5 %

$603,881

14.7 %

Other (income) expense, net

(3,389)

(5,659)

Adjusted EBITDA net of NCI

$648,290

14.4 %

$598,222

14.6 %

Net revenues

$4,495,182

$4,099,720

Calculation of Adjusted Net Income Attributable to UHS

Three months ended

Three months ended

March 31, 2026

March 31, 2025

Per

Per

Amount

Diluted Share

Amount

Diluted Share

Net income attributable to UHS

$348,682

$5.65

$316,680

$4.80

Plus/minus after-tax adjustments:

Loss on marketable equity securities

-

-

3,285

0.05

Impact of ASU 2016-09, net

(2,164)

(0.03)

(461)

(0.01)

Subtotal adjustments

(2,164)

(0.03)

2,824

0.04

Adjusted net income

$346,518

$5.62

$319,504

$4.84

Universal Health Services, Inc.

Condensed Consolidated Balance Sheets

(in thousands)

(unaudited)

March 31,

December 31,

2026

2025

Assets

Current assets:

    Cash and cash equivalents

$

119,028

$

137,797

    Accounts receivable, net

2,745,090

2,602,434

    Supplies

229,415

232,110

    Other current assets

406,168

435,574

          Total current assets

3,499,701

3,407,915

Property and equipment

13,609,793

13,489,811

Less: accumulated depreciation

(6,546,146)

(6,481,714)

7,063,647

7,008,097

Other assets:

    Goodwill

3,980,656

3,990,213

    Deferred income taxes

68,339

70,517

    Right of use assets-operating leases

375,316

374,239

    Deferred charges

9,234

9,272

    Other

684,249

667,340

Total Assets

$

15,681,142

$

15,527,593

Liabilities and Stockholders' Equity

Current liabilities:

    Current maturities of long-term debt

$

756,240

$

748,158

    Accounts payable and other liabilities

2,356,343

2,416,276

    Operating lease liabilities

72,904

73,237

    Federal and state taxes

58,591

1,930

          Total current liabilities

3,244,078

3,239,601

Other noncurrent liabilities

532,678

527,827

Operating lease liabilities noncurrent

344,555

340,715

Deferred income taxes

3,234

5,649

Long-term debt

3,952,118

4,004,393

Redeemable noncontrolling interest

73,380

70,620

UHS common stockholders' equity

7,464,857

7,275,792

Noncontrolling interest

66,242

62,996

          Total equity

7,531,099

7,338,788

Total Liabilities and Stockholders' Equity

$

15,681,142

$

15,527,593

Universal Health Services, Inc.

Consolidated Statements of Cash Flows

(in thousands)

(unaudited)

Three months

ended March 31,

2026

2025

Cash Flows from Operating Activities:

  Net income

$358,678

$321,628

  Adjustments to reconcile net income to net 

cash provided by operating activities:

Depreciation & amortization

155,426

148,345

Stock-based compensation expense

22,504

21,595

Gain on sales of assets and businesses

(5,046)

0

  Changes in assets & liabilities, net of effects from

acquisitions and dispositions:

   Accounts receivable

(123,862)

(218,374)

   Accrued interest

10,992

11,086

   Accrued and deferred income taxes 

104,772

88,641

   Other working capital accounts 

(122,911)

(42,824)

   Other assets and deferred charges

(12,257)

(489)

   Other, net 

(221)

3,811

   Accrued insurance expense, net of commercial premiums paid

62,568

47,334

   Payments made in settlement of self-insurance claims, net of commercial insurance reimbursements

(49,015)

(20,705)

          Net cash provided by operating activities

401,628

360,048

Cash Flows from Investing Activities:

   Property and equipment additions

(217,157)

(239,026)

   Proceeds received from sales of assets and businesses

14,304

0

   Acquisition of businesses and property

(4,857)

(8,314)

   Inflows (outflows) from foreign exchange contracts that hedge our net U.K. investment

14,716

(23,695)

   Costs incurred for purchase and development of enterprise resource planning application

(4,613)

0

   Decrease (increase) in capital reserves of commercial insurance subsidiary 

28

(264)

          Net cash used in investing activities

(197,579)

(271,299)

Cash Flows from Financing Activities:

   Repayments of long-term debt

(44,731)

(9,113)

   Additional borrowings

40

152,454

   Repurchase of common shares

(163,849)

(223,385)

   Dividends paid

(12,974)

(13,534)

   Issuance of common stock

3,782

3,658

   Profit distributions to noncontrolling interests

(7,912)

(5,912)

   Purchase of ownership interests by minority members, net

3,750

4,412

          Net cash used in financing activities

(221,894)

(91,420)

   Effect of exchange rate changes on cash and cash equivalents

(924)

1,645

Decrease in cash, cash equivalents and restricted cash

(18,769)

(1,026)

Cash, cash equivalents and restricted cash, beginning of period

271,322

224,752

Cash, cash equivalents and restricted cash, end of period

$252,553

$223,726

Supplemental Disclosures of Cash Flow Information:

  Interest paid

$25,119

$27,718

  Income taxes paid, net of refunds

$8,276

$5,638

  Noncash purchases of property and equipment

$70,246

$116,196

Universal Health Services, Inc.

Supplemental Statistical Information

(unaudited)

 % Change 

Three Months ended

Same Facility:

3/31/2026

Acute Care Hospitals (1)

Revenues

8.2 %

Adjusted Admissions

0.0 %

Adjusted Patient Days

0.8 %

Revenue Per Adjusted Admission

6.3 %

Revenue Per Adjusted Patient Day

5.5 %

Behavioral Health Hospitals (1)

Revenues

7.3 %

Adjusted Admissions

1.2 %

Adjusted Patient Days

1.6 %

Revenue Per Adjusted Admission

6.2 %

Revenue Per Adjusted Patient Day

5.8 %

UHS Consolidated

Three Months ended

3/31/2026

3/31/2025

Revenues

$4,495,182

$4,099,720

EBITDA net of NCI

$651,679

$603,881

EBITDA Margin net of NCI

14.5 %

14.7 %

Adjusted EBITDA net of NCI

$648,290

$598,222

Adjusted EBITDA Margin net of NCI

14.4 %

14.6 %

Cash Flow From Operations

$401,628

$360,048

Capital Expenditures  

$217,157

$239,026

Days Sales Outstanding

55

53

Debt 

$4,708,358

$4,649,682

UHS' Shareholders Equity

$7,464,857

$6,785,604

Debt / Total Capitalization

38.7 %

40.7 %

Debt / EBITDA net of NCI (2)

1.70

2.00

Debt / Adjusted EBITDA net of NCI (2)

1.78

2.01

Debt / Cash From Operations (2)

2.47

2.29

(1) Prior year amounts related to certain facilities previously included in our Behavioral Health Care Services' results have been reclassified into our Acute Care Hospital Services' results as of January 1, 2025 to conform with current year presentation.

(2) Latest 4 quarters.

Universal Health Services, Inc.

Acute Care Hospital Services

For the Three Months ended

March 31, 2026 and 2025

(in thousands)

(unaudited)

Same Facility Basis - Acute Care Hospital Services

Three months ended

Three months ended

March 31, 2026

March 31, 2025

Amount

% of Net
Revenues 

Amount

% of Net
Revenues 

Net revenues

$2,470,045

100.0 %

$2,281,831

100.0 %

Operating charges:

Salaries, wages and benefits

952,835

38.6 %

913,829

40.0 %

Other operating expenses

728,152

29.5 %

638,599

28.0 %

Supplies expense

365,497

14.8 %

348,824

15.3 %

Depreciation and amortization

95,681

3.9 %

94,901

4.2 %

Lease and rental expense

26,738

1.1 %

25,344

1.1 %

Subtotal-operating expenses

2,168,903

87.8 %

2,021,497

88.6 %

Income from operations

301,142

12.2 %

260,334

11.4 %

Interest expense, net 

986

0.0 %

2,262

0.1 %

Other (income) expense, net 

(2,555)

(0.1) %

(8,572)

(0.4) %

Income before income taxes

$302,711

12.3 %

$266,644

11.7 %

All Acute Care Hospital Services

Three months ended

Three months ended

March 31, 2026

March 31, 2025

Amount

% of Net
Revenues

Amount

% of Net
Revenues 

Net revenues

$2,610,136

100.0 %

$2,357,814

100.0 %

Operating charges:

Salaries, wages and benefits

972,846

37.3 %

915,524

38.8 %

Other operating expenses

859,847

32.9 %

716,662

30.4 %

Supplies expense

367,938

14.1 %

348,692

14.8 %

Depreciation and amortization

96,318

3.7 %

94,903

4.0 %

Lease and rental expense

26,572

1.0 %

25,344

1.1 %

Subtotal-operating expenses

2,323,521

89.0 %

2,101,125

89.1 %

Income from operations

286,615

11.0 %

256,689

10.9 %

Interest expense, net 

986

0.0 %

2,262

0.1 %

Other (income) expense, net 

(2,132)

(0.1) %

(8,267)

(0.4) %

Income before income taxes

$287,761

11.0 %

$262,694

11.1 %

We believe that providing our results on a "Same Facility" basis (which is a non-GAAP measure), which includes the operating results for facilities and businesses operated in both the current year and prior year periods, is helpful to our investors as a measure of our operating performance. Our Same Facility results also neutralize (if applicable), the effect of material items that are nonrecurring or non-operational in nature including items such as, but not limited to, reserves for various matters, settlements, legal judgments and lawsuits, cost related to extinguishment of debt, gains/losses on sales of assets and businesses, impairments of goodwill, long-lived and intangible assets and other amounts that may be reflected in the current or prior year financial statements that relate to prior periods. Our Same Facility basis results exclude from net revenues and other operating expenses, provider tax assessments incurred in each period. However, these provider tax assessments are included in net revenues and other operating expenses as reflected in the table under All Acute Care Hospital Services. The provider tax assessments had no impact on the income before income taxes as reflected on the above tables since the amounts offset between net revenues and other operating expenses. To obtain a complete understanding of our financial performance, the Same Facility results should be examined in connection with our net income as determined in accordance with GAAP and as presented herein and the condensed consolidated financial statements and notes thereto as contained in our Form 10-K for the year ended December 31, 2025.

Prior year amounts related to certain facilities previously included in our Behavioral Health Care Services' results have been reclassified into our Acute Care Hospital Services' results as of January 1, 2025 to conform with current year presentation.

The All Acute Care Hospital Services table summarizes the results of operations for all our acute care operations during the periods presented. These amounts include: (i) our acute care results on a same facility basis, as indicated above; (ii) the impact of provider tax assessments which increased net revenues and other operating expenses but had no impact on income before income taxes, and; (iii) certain other amounts including the results of facilities acquired or opened during the last twelve months.

Universal Health Services, Inc.

Behavioral Health Care Services

For the Three Months ended

March 31, 2026 and 2025

(in thousands)

(unaudited)

Same Facility Basis - Behavioral Health Care Services

Three months ended

Three months ended

March 31, 2026

March 31, 2025

Amount

% of Net
Revenues 

Amount

% of Net
Revenues 

Net revenues

$1,818,676

100.0 %

$1,694,160

100.0 %

Operating charges:

Salaries, wages and benefits

993,038

54.6 %

919,790

54.3 %

Other operating expenses

334,423

18.4 %

319,600

18.9 %

Supplies expense

58,456

3.2 %

54,995

3.2 %

Depreciation and amortization

55,156

3.0 %

50,879

3.0 %

Lease and rental expense

11,305

0.6 %

10,878

0.6 %

Subtotal-operating expenses

1,452,378

79.9 %

1,356,142

80.0 %

Income from operations

366,298

20.1 %

338,018

20.0 %

Interest expense, net 

1,192

0.1 %

1,075

0.1 %

Other (income) expense, net 

(883)

(0.0) %

(825)

(0.0) %

Income before income taxes

$365,989

20.1 %

$337,768

19.9 %

All Behavioral Health Care Services

Three months ended

Three months ended

March 31, 2026

March 31, 2025

Amount

% of Net
Revenues

Amount

% of Net
Revenues 

Net revenues

$1,882,152

100.0 %

$1,739,064

100.0 %

Operating charges:

Salaries, wages and benefits

1,001,094

53.2 %

923,366

53.1 %

Other operating expenses

391,898

20.8 %

362,262

20.8 %

Supplies expense

58,787

3.1 %

55,148

3.2 %

Depreciation and amortization

56,634

3.0 %

51,152

2.9 %

Lease and rental expense

11,515

0.6 %

11,364

0.7 %

Subtotal-operating expenses

1,519,928

80.8 %

1,403,292

80.7 %

Income from operations

362,224

19.2 %

335,772

19.3 %

Interest expense, net 

1,272

0.1 %

1,075

0.1 %

Other (income) expense, net 

(883)

(0.0) %

(825)

(0.0) %

Income before income taxes

$361,835

19.2 %

$335,522

19.3 %

We believe that providing our results on a "Same Facility" basis (which is a non-GAAP measure), which includes the operating results for facilities and businesses operated in both the current year and prior year periods, is helpful to our investors as a measure of our operating performance. Our Same Facility results also neutralize (if applicable), the effect of material items that are nonrecurring or non-operational in nature including items such as, but not limited to, reserves for various matters, settlements, legal judgments and lawsuits, cost related to extinguishment of debt, gains/losses on sales of assets and businesses, impairments of goodwill, long-lived and intangible assets and other amounts that may be reflected in the current or prior year financial statements that relate to prior periods. Our Same Facility basis results exclude from net revenues and other operating expenses, provider tax assessments incurred in each period. However, these provider tax assessments are included in net revenues and other operating expenses as reflected in the table under All Behavioral Health Care Services. The provider tax assessments had no impact on the income before income taxes as reflected on the above tables since the amounts offset between net revenues and other operating expenses. To obtain a complete understanding of our financial performance, the Same Facility results should be examined in connection with our net income as determined in accordance with GAAP and as presented herein and the condensed consolidated financial statements and notes thereto as contained in our Form 10-K for the year ended December 31, 2025.

Prior year amounts related to certain facilities previously included in our Behavioral Health Care Services' results have been reclassified into our Acute Care Hospital Services' results as of January 1, 2025 to conform with current year presentation.

The All Behavioral Health Care Services table summarizes the results of operations for all our behavioral health care facilities during the periods presented. These amounts include: (i) our behavioral health results on a same facility basis, as indicated above; (ii) the impact of provider tax assessments which increased net revenues and other operating expenses but had no impact on income before income taxes, and; (iii) certain other amounts including the results of facilities acquired or opened during the last twelve months. 

Universal Health Services, Inc.

Selected Hospital Statistics

For the Three Months ended

March 31, 2026 and 2025

(unaudited)

AS REPORTED:

ACUTE

BEHAVIORAL HEALTH

3/31/26

3/31/25

%  change

3/31/26

3/31/25

%  change

Hospitals owned and leased

29

28

3.6 %

346

334

3.6 %

Average licensed beds

7,165

6,994

2.4 %

24,570

24,083

2.0 %

Average available beds

6,993

6,822

2.5 %

24,470

23,983

2.0 %

Patient days

431,073

429,030

0.5 %

1,619,586

1,588,545

2.0 %

Average daily census

4,789.7

4,767.0

0.5 %

17,995.4

17,650.5

2.0 %

Occupancy-licensed beds

66.8 %

68.2 %

-1.9 %

73.2 %

73.3 %

-0.1 %

Occupancy-available beds

68.5 %

69.9 %

-2.0 %

73.5 %

73.6 %

-0.1 %

Admissions

87,889

88,090

-0.2 %

117,491

116,350

1.0 %

Length of stay

4.9

4.9

0.0 %

13.8

13.7

0.7 %

Inpatient revenue

$15,963,182

$14,318,291

11.5 %

$3,266,302

$2,844,888

14.8 %

Outpatient revenue

10,812,978

9,327,796

15.9 %

312,492

274,034

14.0 %

Total patient revenue

26,776,160

23,646,087

13.2 %

3,578,794

3,118,922

14.7 %

Other revenue

337,257

280,443

20.3 %

95,475

88,379

8.0 %

Gross revenue

27,113,417

23,926,530

13.3 %

3,674,269

3,207,301

14.6 %

Total deductions

24,503,281

21,568,716

13.6 %

1,792,117

1,468,237

22.1 %

Net revenue 

$2,610,136

$2,357,814

10.7 %

$1,882,152

$1,739,064

8.2 %

SAME FACILITY:

ACUTE

BEHAVIORAL HEALTH

3/31/26

3/31/25

%  change

3/31/26

3/31/25

%  change

Hospitals owned and leased

28

28

0.0 %

334

334

0.0 %

Average licensed beds

7,023

6,994

0.4 %

24,016

23,856

0.7 %

Average available beds

6,851

6,822

0.4 %

23,916

23,756

0.7 %

Patient days

425,835

429,030

-0.7 %

1,593,351

1,570,599

1.4 %

Average daily census

4,731.5

4,767.0

-0.7 %

17,703.9

17,451.1

1.4 %

Occupancy-licensed beds

67.4 %

68.2 %

-1.2 %

73.7 %

73.2 %

0.8 %

Occupancy-available beds

69.1 %

69.9 %

-1.2 %

74.0 %

73.5 %

0.8 %

Admissions

86,780

88,090

-1.5 %

116,268

115,049

1.1 %

Length of stay

4.9

4.9

0.0 %

13.7

13.7

0.0 %

Prior year amounts related to certain facilities previously included in our Behavioral Health Care Services' results have been reclassified into our Acute Care Hospital Services' results as of January 1, 2025 to conform with current year presentation.

SOURCE Universal Health Services, Inc.

Universal Health Services, Inc. (UHS) Q1 2026 Earnings Call Transcript

For new and old investors, taking full advantage of the stock market and investing with confidence are common goals. Zacks Premium provides lots of different ways to do both.

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Momentum ScoreMomentum trading is all about taking advantage of upward or downward trends in a stock's price or earnings outlook, and these investors live by the saying "the trend is your friend." The Momentum Style Score can pinpoint good times to build a position in a stock, using factors like one-week price change and the monthly percentage change in earnings estimates.

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

That's where the Style Scores come in.

To have the best chance of big returns, you'll want to always consider stocks with a Zacks Rank #1 or #2 that also have Style Scores of A or B, which will give you the highest probability of success. If you're looking at stocks with a #3 (Hold) rank, it's important they have Scores of A or B as well to ensure as much upside potential as possible.

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

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

Stock to Watch: Universal Health Services (UHS - Free Report) King of Prussia, PA-based Universal Health Services Inc. owns and operates (through its subsidiaries) acute care hospitals, behavioral health centers, surgical hospitals, ambulatory surgery centers and radiation oncology centers.

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

It also boasts a Value Style Score of A thanks to attractive valuation metrics like a forward P/E ratio of 6.91; value investors should take notice.

For fiscal 2026, four analysts revised their earnings estimate upwards in the last 60 days, and the Zacks Consensus Estimate has increased $0.28 to $23.53 per share. UHS boasts an average earnings surprise of +9.5%.

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

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

The research service features daily updates of the Zacks Rank and Zacks Industry Rank, full access to the Zacks #1 Rank List, Equity Research reports, and Premium stock screens, all of which will help you become a smarter, more confident investor.

Zacks Premium also includes the Zacks Style Scores.

What are the Zacks Style Scores? The Zacks Style Scores, developed alongside the Zacks Rank, are complementary indicators that rate stocks based on three widely-followed investing methodologies; they also help investors pick stocks with the best chances of beating the market over the next 30 days.

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

The Style Scores are broken down into four categories:

Value ScoreValue investors love finding good stocks at good prices, especially before the broader market catches on to a stock's true value. Utilizing ratios like P/E, PEG, Price/Sales, Price/Cash Flow, and many other multiples, the Value Style Score identifies the most attractive and most discounted stocks.

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

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

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

How Style Scores Work with the Zacks Rank The Zacks Rank, which is a proprietary stock-rating model, employs earnings estimate revisions, or changes to a company's earnings expectations, to make building a winning portfolio easier.

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

With more than 800 top-rated stocks to choose from, it can certainly feel overwhelming to pick the ones that are right for you and your investing journey.

That's where the Style Scores come in.

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

As mentioned above, the Scores are designed to work with the Zacks Rank, so any change to a company's earnings outlook should be a deciding factor when picking which stocks to buy.

A stock with a #4 (Sell) or #5 (Strong Sell) rating, for instance, even one with Scores of A and B, will still have a declining earnings forecast, and a greater chance its share price will fall too.

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

Stock to Watch: Universal Health Services (UHS - Free Report) Universal Health Services, Inc. is a King of Prussia, PA-based hospital operator with acute care and behavioral health facilities, plus related outpatient access points. It also operates surgical hospitals, ambulatory surgery centers and radiation oncology centers, and offers an insurance product and physician network.

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

Additionally, the company could be a top pick for growth investors. UHS has a Growth Style Score of B, forecasting year-over-year earnings growth of 7.4% for the current fiscal year.

For fiscal 2026, three analysts revised their earnings estimate upwards in the last 60 days, and the Zacks Consensus Estimate has increased $0.01 to $23.34 per share. UHS boasts an average earnings surprise of +9.5%.

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

Universal Health Services, Inc. (UHS) Shareholder/Analyst Call Prepared Remarks Transcript

Resources Investor Relations Journalists Agencies Client Login Send a Release

News Products Contact Hamburger menu Send a Release KING OF PRUSSIA, Pa., May 27, 2026 /PRNewswire/ -- Universal Health Services, Inc. (NYSE: UHS) announced today that its Board of Directors voted to pay a cash dividend of $0.20 per share on June 18, 2026 to shareholders of record as of June 8, 2026.

Universal Health Services, Inc. ("UHS") is one of the nation's largest providers of hospital and healthcare services. Through its subsidiaries, UHS operates acute care hospitals, behavioral health facilities, outpatient facilities and ambulatory care access points located throughout the United States, Puerto Rico and the United Kingdom.

SOURCE Universal Health Services, Inc.

Also from this source

New York, New York--(Newsfile Corp. - May 28, 2026) - Scott+Scott Attorneys at Law LLP has launched an urgent investigation into whether certain officers and directors of Universal Health Services, Inc. (NYSE: UHS) failed to manage Universal Health in an acceptable manner, breaching their fiduciary duties to Universal Health, and whether Universal Health and its shareholders have suffered damages as a result. Attorney Joseph A. Pettigrew is heading the investigation-what shareholders need to know:

On May 26, the Capitol Forum reported that South Carolina regulators flagged one of Universal Health's facilities multiple times, alleging the company failed to prevent sexual assaults of juvenile patients by other patients. Numerous other states have made similar moves.If you own Universal Health common stock, join our investigation on behalf of Universal Health and its shareholders by contacting us.If you own Universal Health common stock and you wish to discuss this investigation-at no cost for you-please contact attorney Joe Pettigrew toll-free at (844) 818-6982 or [email protected].

About this investigation-FAQ:

Q1: What is this ongoing investigation into Universal Health about?

A: According to our investigation, owners of Universal Health common stock have been impacted by regulatory action against one of its South Carolina facilities. Numerous other states have acted likewise. Scott+Scott has a decades-long track record in fighting for corporate governance and monetary recoveries on behalf of companies and their shareholders.

Q2: How does this Scott+Scott investigation work?

A: Joining our investigation is easy and at no cost for you. By contacting us, we will let you know your rights as a Universal Health shareholder, and how the process works and what you can expect. If you currently own Universal Health stock, we look forward to hearing from you.

To learn more about Scott+Scott, our attorneys, or complex case resolution, please visit www.scott-scott.com.

Attorney Advertising

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/299221

Source: Scott+Scott Attorneys at Law LLP

Universal Health Services, Inc. (UHS) Presents at Goldman Sachs 47th Annual Global Healthcare Conference 2026 Transcript

Commercial Metals (CMC - Free Report) reported $2.13 billion in revenue for the quarter ended February 2026, representing a year-over-year increase of 21.5%. EPS of $1.16 for the same period compares to $0.26 a year ago.

The reported revenue compares to the Zacks Consensus Estimate of $1.98 billion, representing a surprise of +7.58%. The company delivered an EPS surprise of -9.14%, with the consensus EPS estimate being $1.28.

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 Commercial Metals performed in the just reported quarter in terms of the metrics most widely monitored and projected by Wall Street analysts:

North America - Average selling price (per ton) - Raw materials: $985.00 versus $939.87 estimated by three analysts on average.Europe - Steel products metal margin per ton: $316.00 versus $290.50 estimated by three analysts on average.North America - Average selling price (per ton) - Downstream products: $1,242.00 versus the three-analyst average estimate of $1,243.79.North America - Average selling price (per ton) - Steel products: $974.00 versus the three-analyst average estimate of $926.49.North America - Average selling price (per ton) - Cost of ferrous scrap utilized per ton: $351.00 compared to the $330.65 average estimate based on three analysts.North America - Average selling price (per ton) - Steel products metal margin per ton: $623.00 versus $595.84 estimated by three analysts on average.Europe - Steel products (External tons shipped): 284 thousand compared to the 343.02 thousand average estimate based on three analysts.Europe - Steel products - Rebar: 69 thousand versus the three-analyst average estimate of 114.63 thousand.Europe - Steel products - Merchant and other: 215 thousand versus the three-analyst average estimate of 228.39 thousand.Net sales from external customers- Corporate and Other: $9.26 million versus the three-analyst average estimate of $10.78 million. The reported number represents a year-over-year change of -13%.Net sales from external customers- Europe: $200.01 million compared to the $234.14 million average estimate based on three analysts. The reported number represents a change of +1% year over year.Net sales from external customers- North America: $1.61 billion compared to the $1.5 billion average estimate based on three analysts. The reported number represents a change of +16% year over year.View all Key Company Metrics for Commercial Metals here>>>

Shares of Commercial Metals have returned -16.3% over the past month versus the Zacks S&P 500 composite's -5% 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.

U.S. stocks traded lower midway through trading, with the Nasdaq Composite falling around 1% on Thursday.

The Dow traded down 0.43% to 46,228.52 while the NASDAQ fell 1.02% to 21,706.08. The S&P 500 also fell, dropping, 0.75% to 6,542.14.

Leading and Lagging Sectors

Energy shares climbed by 1.6% on Thursday.

In trading on Thursday, communication services stocks fell by 2.3%.

Top Headline

Commercial Metals Co. (NYSE:CMC) reported fiscal second-quarter results Thursday that missed adjusted EPS estimates but beat on revenue, sending shares lower.

CMC reported fiscal second-quarter adjusted earnings of $1.16 per diluted share, missing the $1.30 estimate, while sales of $2.132 billion beat the $2.091 billion estimate.

Net earnings were $93.0 million, or 83 cents per diluted share, on net sales of $2.1 billion. This compares with $25.5 million, or 22 cents per diluted share, on net sales of $1.8 billion a year earlier.

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Commodities

In commodity news, oil traded up 4.1% to $94.00 while gold traded down 2.3% at $4,449.90.

Silver traded down 5% to $69.005 on Thursday, while copper fell 0.7% to $5.5225.

Euro zone

European shares were lower today. The eurozone's STOXX 600 fell 0.92%, while Spain's IBEX 35 Index fell 1.06%. London's FTSE 100 declined 1.24%, Germany's DAX dipped 1.23% and France's CAC 40 fell 0.50% during the session.

Asia Pacific Markets

Asian markets closed lower on Thursday, with Japan's Nikkei 225 falling 0.27%, Hong Kong's Hang Seng index declining 1.89% and China's Shanghai Composite dropping 1.09%.

Economics

U.S. initial jobless claims increased by 5,000 from the previous month to 210,000 during the third week of March, in-line with the median market estimates. U.S. natural-gas stocks fell by 54 billion cubic feet in the week ended March 20, compared to market estimates of a 44 bcf decline. Photo via Shutterstock

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Commercial Metals Company (NYSE: CMC - Get Free Report)'s share price gapped down prior to trading on Thursday following a dissappointing earnings announcement. The stock had previously closed at $62.41, but opened at $57.98. Commercial Metals shares last traded at $61.0560, with a volume of 146,565 shares changing hands. The basic materials company reported $1.16 EPS

Key Takeaways Commercial Metals reported Q2 EPS of $1.16, missing estimates despite strong year-over-year growth.CMC posted $2.13B in sales, beating estimates, with gross profit and EBITDA surging sharply.North America's strength and seasonal gains are expected to drive higher EBITDA in Q3. Commercial Metals Company (CMC - Free Report) reported adjusted earnings per share (EPS) of $1.16 in second-quarter fiscal 2026 (ended Feb. 28, 2026), missing the Zacks Consensus Estimate of $1.28. Adjusted for one-time items, the company posted earnings of 31 cents per share in the prior-year quarter.

CMC’s Revenues & Margins Dip Y/Y in Q2Net sales in the reported quarter were $2.13 billion compared with $1.75 billion in the year-ago quarter. The reported figure beat the Zacks Consensus Estimate of $1.98 billion.

The cost of goods sold in the quarter was up 13.7% year over year to $1.74 billion. The gross profit surged 76.4% year over year to $388 million during this period. The core EBITDA was $297 million in the fiscal second quarter, marking a year-over-year surge of 113.8%.

Commercial Metals’ Q2 Segmental PerformanceThe North America Steel Group segment generated net sales of $1.61 billion in the fiscal second quarter compared with $1.38 billion in the year-ago quarter. We expected net sales of $1.44 billion in the quarter. The segment registered an adjusted EBITDA of around $269 million compared with $137 million in the year-ago quarter. Our model predicted an adjusted EBITDA of $248 million.

The Europe Steel Group segment’s revenues were $200 million, up 1% from the year-ago quarter. Our model predicted net sales of $247 million. The adjusted EBITDA was negative $1.4 million in the fiscal second quarter compared with $0.8 million in the year-ago quarter. We expected an adjusted EBITDA of $0.2 million for the quarter.

The Construction Solutions Group segment generated net sales of around $314 million in the fiscal second quarter compared with $158 million in the year-ago quarter. Our model predicted net sales of $189 million. The segment registered an adjusted EBITDA of $53 million compared with $23 million in the year-ago quarter. Our model predicted an adjusted EBITDA of $37 million.

CMC’s Q2 Cash Flow & Balance Sheet UpdatesCommercial Metals reported cash and cash equivalents of $0.49 billion at the end of second-quarter fiscal 2026 compared with $1 billion at the end of fiscal 2025. The company’s long-term debt was $3.3 billion at the end of the fiscal second quarter. Cash generated from operating activities for the six months ended Feb 28, 2026, was $371 million compared with $245 million in the year-ago period.

On March 25, the company declared a quarterly dividend of 20 cents per share, marking an 11% increase from the dividend paid in February 2026. The dividend will be paid on April 15 to shareholders of record as of April 6, 2026.

Commercial Metals’ Q3 OutlookCMC expects its fiscal third-quarter core EBITDA to increase sequentially due to normal seasonal improvement and strength across its North American market. North America Steel Group’s adjusted EBITDA is expected to increase modestly from the second quarter, driven by higher seasonal volumes. This will be partially offset by annual maintenance outages.

In the Construction Solutions Group segment, results are expected to nearly double compared with the second quarter of fiscal 2026. The company expects Europe Steel Group's adjusted EBITDA to rise substantially on higher seasonal volumes.

CMC Stock’s Price PerformanceThe company’s shares have gained 30.4% in the past year compared with the industry’s 42.8% growth.

Image Source: Zacks Investment Research

Commercial Metals’ Zacks RankCMC currently carries a Zacks Rank #3 (Hold). You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here.

A Steel - Specialty Stock Awaiting ResultsTernium S.A. (TX - Free Report) is expected to release first-quarter 2026 results soon.

The Zacks Consensus Estimate for Ternium’s EPS is pegged at $1.01 for the fiscal first quarter, suggesting a rise from 55 cents reported in the year-ago period. For total revenues, the Zacks Consensus Estimate is pinned at $4.23 billion, indicating a year-over-year increase of 7.4%.

Recent Peer PerformanceL.B. Foster Company (FSTR - Free Report) recorded adjusted earnings of 22 cents per share for fourth-quarter 2025. The bottom line missed the Zacks Consensus Estimate of 66 cents. The company posted a loss of 52 cents in the year ago quarter.

L.B. Foster’s revenues rose 25% year over year to $160 million in the quarter. The figure beat the consensus estimate of $158 million.

Carpenter Technology Corporation (CRS - Free Report) reported adjusted earnings of $2.33 per share for second-quarter fiscal 2026, beating the Zacks Consensus Estimate of $2.20. It had posted adjusted earnings of $1.66 in the year-ago quarter. The upside was driven by ongoing improvements in the product mix and expanding operating efficiencies.

Carpenter Technology’s net revenues increased 7.5% year over year to $728 million in the reported quarter. The figure missed the Zacks Consensus Estimate of $729 million.

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Commercial Metals Based in Texas, Commercial Metals (NYSE: CMC | CMC Price Prediction) has ongoing demand from the construction industry and pays a small 1.12% dividend. This company offers products and technologies to meet the critical reinforcement needs of the global construction sector. Its solutions support construction across a wide variety of applications, including:

Infrastructure Non-residential Residential Industrial and energy generation Transmission Its North America Steel Group segment provides a diverse range of products and solutions to support the construction sector. The Europe Steel Group segment comprises a vertically integrated network of recycling facilities, an EAF mini-mill, and fabrication operations located in Poland. And the Construction Solutions Group segment’s portfolio consists of its construction services products, Tensar products and solutions, impact metals, and performance reinforcing steel products. It is also a supplier of precast concrete and pipe products.

J.P. Morgan has an Overweight rating with an $83 target price.

Main Street Capital Main Street Capital (NASDAQ: MAIN) has helped over 200 private companies grow or transition by providing flexible private equity and debt capital solutions. This stock is a favorite across Wall Street and offers a substantial 5.59% monthly dividend. This business development company has a strong history of monthly dividends and relatively conservative lending practices. The firm holds a BBB− investment-grade credit rating and has much less debt than regulators allow, making it one of the few monthly dividend-paying stocks to earn a “Safe” Dividend Safety Score.

The firm also provides debt capital to middle-market companies for:

Acquisitions Management buyouts Growth financings Recapitalizations Refinancing The firm seeks to partner with entrepreneurs, business owners, and management teams and generally provides “one-stop” financing options within its lower-middle-market portfolio. Main Street Capital typically invests in lower-middle-market companies with annual revenues between $10 million and $150 million. The firm’s middle-market debt investments are in businesses that are generally larger than those of its lower middle-market portfolio companies. It also creates majority and minority equity.

Royal Bank of Canada has an Outperform rating with a $66 target price.

Starwood Property Trust Starwood Capital is a well-established global investor with international investments across more than 30 countries and an affiliate of Starwood Property Trust (NYSE: STWD), which boasts a 10.90% dividend yield, and it is led by real estate legend Barry Sternlicht. Starwood Property Trust operates as a REIT in the United States, Europe, and Australia. Since going public 15 years ago, it has kept its dividend intact, never once reducing it,  and has held its current payout steady for more than 10 years.

The company’s loan portfolio spans commercial, residential, and infrastructure assets, and it operates with a conservative leverage ratio below 3x. Its four operating segments are:

Commercial and Residential Lending Infrastructure Lending Property Investing and Servicing The Commercial and Residential Lending segment:

Originates, acquires, finances, and manages commercial first mortgages Non-agency residential mortgages Subordinated mortgages Mezzanine loans Preferred Equity Commercial mortgage-backed securities (CMBS) Residential mortgage-backed securities The Infrastructure Lending segment originates, acquires, finances, and manages infrastructure debt investments, while the Property segment primarily develops and manages equity interests in stabilized commercial real estate properties, including multifamily and net-leased commercial properties, held for investment purposes.

The Investing and Servicing segment:

Manages and works out problem assets Acquires and contains unrated, investment-grade, and non-investment-grade rated CMBS comprising subordinated interests of securitization and re-securitization transactions Originates conduit loans to sell these loans into securitization transactions and acquire commercial real estate assets, including properties from CMBS trusts Keefe, Bruyette & Woods has an Outperform rating and a $22 price target.

UMB Financial This financial firm traces its lineage back to the Kemper Financial legacy in Missouri and pays a 1.36% dividend. UMB Financial (NASDAQ: UMBF) is a financial services company operating via these segments:

Commercial Banking Institutional Banking Personal Banking Commercial Banking includes:

Comprehensive deposit, lending, investment, and retirement plan services Personal banking, which includes comprehensive deposit, lending, wealth management, and financial planning services Institutional banking, which includes asset servicing, corporate trust solutions, investment banking, and healthcare services The segment serves the commercial banking and treasury management needs of its small to middle-market businesses through a variety of products and services.

Institutional Banking is a combination of banking services, fund services, asset management services, and healthcare services provided to institutional clients. And Personal Banking products include deposit accounts, retail credit cards, private banking, installment loans, home equity lines of credit, and residential mortgages.

BofA Securities has a Buy rating with a $148 price objective.

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Investors in Commercial Metals Company (CMC - Free Report) need to pay close attention to the stock based on moves in the options market lately. That is because the Jun 18, 2026 $35 Call had some of the highest implied volatility of all equity options today.

What is Implied Volatility?Implied volatility shows how much movement the market is expecting in the future. Options with high levels of implied volatility suggest that investors in the underlying stocks are expecting a big move in one direction or the other. It could also mean there is an event coming up soon that may cause a big rally or a huge sell-off. However, implied volatility is only one piece of the puzzle when putting together an options trading strategy.

What do the Analysts Think?Clearly, options traders are pricing in a big move for Commercial Metals shares, but what is the fundamental picture for the company? Currently, Commercial Metals is a Zacks Rank #3 (Hold) in the Steel – Producers industry that ranks in the Top 42% of our Zacks Industry Rank. Over the last 60 days, no analysts have increased their earnings estimates for the current quarter, while three analysts have revised their estimates downward. The net effect has taken our Zacks Consensus Estimate for the current quarter from $1.90 per share to $1.78 in that period.

Given the way analysts feel about Commercial Metals right now, this huge implied volatility could mean there’s a trade developing. Oftentimes, options traders look for options with high levels of implied volatility to sell premium. This is a strategy many seasoned traders use because it captures decay. At expiration, the hope for these traders is that the underlying stock does not move as much as originally expected.

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Published in basic-materials

INVESTOR ALERT: Pomerantz Law Firm Investigates Claims On Behalf of Investors of Grace Therapeutics, Inc. - GRCE PR Newswire

NEW YORK, May 14, 2026

, /PRNewswire/ -- Pomerantz LLP is investigating claims on behalf of investors of Grace Therapeutics, Inc. ("Grace" or the "Company") (NASDAQ: GRCE). Such investors are advised to contact Danielle Peyton at [email protected] or 646-581-9980, ext. 7980.

The investigation concerns whether Grace and certain of its officers and/or directors have engaged in securities fraud or other unlawful business practices.

[Click here for information about joining the class action]

On April 23, 2026, Grace issued a press release "announc[ing] that the U.S. Food and Drug Administration (FDA) has issued a Complete Response Letter (CRL) for the Company's New Drug Application (NDA) for GTx-104 for the treatment of patients with aSAH." Per the press release, "the FDA referenced certain items in the Chemistry, Manufacturing, and Controls (CMC) and Non-Clinical sections of the application," which "are related to leachables data for product packaging, non-clinical product toxicology risk assessments, and product manufacturing deficiencies at our contract manufacturing organization."

On this news, Grace's stock price fell $1.96 per share, or 45.48%, to close at $2.35 per share on April 23, 2026.

Pomerantz LLP, with offices in New York, Chicago, Los Angeles, London, Paris, and Tel Aviv, is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, Pomerantz pioneered the field of securities class actions. Today, more than 85 years later, Pomerantz continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered numerous multimillion-dollar damages awards on behalf of class members. See www.pomlaw.com.

Attorney advertising. Prior results do not guarantee similar outcomes.

CONTACT:
Danielle Peyton
Pomerantz LLP
[email protected]
646-581-9980 ext. 7980

View original content to download multimedia:https://www.prnewswire.com/news-releases/investor-alert-pomerantz-law-firm-investigates-claims-on-behalf-of-investors-of-grace-therapeutics-inc---grce-302773100.html

SOURCE Pomerantz LLP

, /PRNewswire/ -- CMC (NYSE: CMC) today announced it will host its Investor Day on August 5, 2026.

Peter Matt, President and Chief Executive Officer, along with members of his executive leadership team will present an update on the Company's strategy, operations, and long-term growth outlook.

The event will be webcast live via the Investor Relations section of CMC's website at www.cmc.com. Investors and other interested parties are invited to join the virtual event by registering in advance at CMC Investor Day 2026. A replay of the webcast and accompanying materials will be available following the event.

About CMC

CMC is a Fortune 500 company (NYSE: CMC) headquartered in Irving, Texas, and a leading provider of early-stage construction solutions that support the foundational phases of modern infrastructure and building projects. Founded in 1915, CMC has grown from a single-site recycling operation into one of the largest U.S. manufacturers of steel reinforcing bar (rebar), a leading producer of subgrade soil stabilization and foundation enhancement solutions, and a major supplier of concrete pipe and precast products.

Through an extensive manufacturing network primarily located in the United States and Central Europe, with strategic operations in the United Kingdom, Europe and Asia, CMC serves infrastructure, non-residential, residential, industrial and energy markets. While often unseen, CMC's products are essential to highways, bridges, airports, commercial buildings and other critical structures that support everyday life.

SOURCE CMC

CMC Markets Plc (CCMMF) Q4 2026 Earnings Call Prepared Remarks Transcript