AI-Driven Field Insights Drive Pharmaceutical Brand Performance in World’s Largest Market April 30, 2026 12:30 ET | Source: Syneos Health, Inc.
LONDON, April 30, 2026 (GLOBE NEWSWIRE) -- KAI Conversations, an AI-powered conversation intelligence platform purpose-built for the pharmaceutical industry, today announced a strategic partnership with Syneos Health®, a leading fully integrated biopharmaceutical solutions organization, to bring AI-driven field insights to the U.S. biopharma market.
Pharmaceutical companies invest an estimated 30–50% of revenue in field teams, yet the majority of HCP interactions fail to translate into meaningful impact. This collaboration is designed to address that gap by helping companies turn everyday field conversations into actionable insights, more effective engagement and stronger brand performance.
Through this strategic partnership, Syneos Health will embed KAI’s platform into its commercial solutions – among the broadest in the industry – further strengthening the Company’s ability to optimize field execution, accelerate behavior change and translate data-driven signals into measurable performance gains.
KAI’s platform, used by 10 of the top 20 global pharmaceutical companies across 15 therapeutic areas and multiple continents, analyzes conversations between field teams and healthcare professionals (HCPs). The platform delivers coaching to individual sales representatives while generating aggregated brand and customer intelligence for commercial and medical leaders.
“The U.S. market represents a critical opportunity for pharmaceutical innovation and commercialization,” said David Williams, Founder and CEO of KAI Conversations. “Partnering with Syneos Health enables us to scale our conversation intelligence through a trusted commercialization leader – equipping field teams with contextual coaching and insights to drive HCP engagement and stronger brand outcomes.”
“For years, valuable field insights were effectively invisible, locked inside everyday HCP conversations,” said Paul Mignon, Head of Deployment Solutions at Syneos Health. “With KAI, we’re surfacing real-time signals so our expert teams can optimize what works, predict what matters and automate next-best actions – driving precision performance to accelerate launch, adoption and growth.”
Together KAI and Syneos Health are advancing pharmaceutical commercialization by aligning AI-powered insights with integrated strategy, commercial execution and performance optimization.
About KAI Conversations
KAI Conversations is the world’s leading AI conversation intelligence platform purpose-built for the pharmaceutical industry. The platform reveals previously hidden human insights by analyzing conversations between pharmaceutical field teams and healthcare professionals. By providing actionable insights and coaching, KAI empowers individuals and central teams to drive more effective engagement, enhance commercial outcomes, and accelerate brand performance. For more information, visit kaiconversations.com.
Contact:
David Williams
Founder & CEO, KAI Conversations
Email: [email protected]
WESTFORD, Mass., April 30, 2026 (GLOBE NEWSWIRE) -- Kadant Inc. (NYSE: KAI) announced it will release its 2026 first quarter results after the market closes on Tuesday, May 5, 2026 and will hold a webcast the next day, Wednesday, May 6, 2026 at 11:00 a.m. Eastern Time. During the call the Company will discuss its first quarter financial performance and future expectations.
To listen to the live call and view the webcast, go to the “Investors” section of the Company’s website at kadant.com. Participants interested in joining the call’s live question and answer session are required to register by clicking here or selecting the Q&A link on our website to receive a dial-in number and unique PIN. It is recommended that you join the call 10 minutes prior to the start of the event. A replay of the webcast will be available on our website through June 5, 2026. The earnings release and webcast presentation will be posted in the “Investors” section of our website.
About Kadant
Kadant is a global supplier of technologies and engineered systems that drive Sustainable Industrial Processing®. The Company’s products and services play an integral role in enhancing efficiency, optimizing energy utilization, and maximizing productivity in process industries. Kadant is based in Westford, Massachusetts, with approximately 4,000 employees in 22 countries worldwide. For more information, visit kadant.com.
Contacts
Investor Contact Information:
Michael McKenney, 978-776-2000 [email protected]
Media Contact Information:
Wes Martz, 978-776-2000 [email protected]
WESTFORD, Mass., May 05, 2026 (GLOBE NEWSWIRE) -- Kadant Inc. (NYSE: KAI) reported its financial results for the first quarter ended April 4, 2026.
First Quarter Financial Highlights
Bookings increased 25% to a record $321 millionRevenue increased 18% to $282 millionGross margin decreased 110 basis points to 45.0%Net income increased 6% to $26 millionGAAP EPS increased 6% to $2.16 Adjusted EPS increased 14% to $2.84Adjusted EBITDA increased 19% to $57 million and represented 20.2% of revenueOperating cash flow decreased 4% to $22 millionBacklog was $326 million
Note: Percent changes above are based on comparison to the prior year period. All references to earnings per share (EPS) are to our EPS as calculated on a diluted basis. Adjusted EPS, adjusted EBITDA, adjusted EBITDA margin, free cash flow, and changes in organic revenue are non-GAAP financial measures that exclude certain items as detailed later in this press release under the heading “Use of Non-GAAP Financial Measures.”
Management Commentary
“We had an excellent start to the year highlighted by robust demand and solid earnings growth,” said Jeffrey L. Powell, president and chief executive officer of Kadant. “Strong demand for our aftermarket parts combined with our recent acquisitions led to record bookings and aftermarket parts revenue along with healthy margin performance.”
First Quarter 2026 Compared to 2025
Revenue increased 18 percent to $281.5 million compared to $239.2 million in 2025. Organic revenue decreased one percent, which excludes an increase of 14 percent from acquisitions. Gross margin was 45.0 percent, which includes a 50 basis point decrease from acquisition-related costs, compared to 46.1 percent in 2025.
Net income was $25.5 million, increasing six percent compared to $24.1 million in 2025. GAAP EPS increased six percent to $2.16 compared to $2.04 in 2025 and adjusted EPS increased 14 percent to $2.84 compared to $2.50 in 2025. Adjusted EPS excludes intangible asset amortization expense of $0.53 and acquisition-related costs of $0.15 in 2026, and intangible asset amortization expense of $0.40 and acquisition-related costs of $0.06 in 2025.
Adjusted EBITDA increased 19 percent to $56.8 million and represented 20.2 percent of revenue in 2026 compared to $47.9 million and 20.0 percent of revenue in 2025. Operating cash flow decreased four percent to $21.9 million compared to $22.8 million in 2025. Free cash flow decreased two percent to $18.7 million compared to $19.0 million in 2025.
Bookings increased 25 percent to a record $320.8 million compared to $256.2 million in 2025. Organic bookings increased ten percent, which excludes increases of 11 percent from acquisitions and four percent from the favorable effect of foreign currency translation.
Summary and Outlook
“Our strong start to the year is encouraging, and we expect capital project activity to continue improving,” Mr. Powell continued. “That said, project timing is more uncertain due to heightened geopolitical challenges. We are revising our guidance to reflect our recent acquisition and expect revenue of $1.178 to $1.203 billion in 2026, up from our previous guidance of $1.160 to $1.185 billion. We now expect GAAP EPS of $9.80 to $10.15 in 2026, revised from our previous guidance of $10.27 to $10.62, and adjusted EPS of $12.33 to $12.68, revised from our prior guidance of $12.53 to $12.88. The $0.20 decrease in adjusted EPS relates to our recent acquisition, which will be dilutive in the short term as income is deferred until Kadant's previously acquired inventory is sold to third-party customers. The 2026 adjusted EPS guidance excludes $2.53 of acquisition-related costs, revised from $2.26 in our previous guidance. For the second quarter of 2026, we expect revenue of $296 to $306 million, GAAP EPS of $2.26 to $2.36 and, after excluding $0.62 of acquisition-related costs, adjusted EPS of $2.88 to $2.98.”
Conference Call
Kadant will hold a webcast with a slide presentation for investors on Wednesday, May 6, 2026, at 11:00 a.m. Eastern Time to discuss its first quarter financial performance, as well as future expectations. To listen to the call live and view the webcast, go to the “Investors” section of the Company’s website at kadant.com. Participants interested in joining the call’s live question and answer session are required to register by clicking here or selecting the Q&A link on our website to receive a dial-in number and unique PIN. It is recommended that you join the call 10 minutes prior to the start of the event. A replay of the webcast presentation will be available on our website through June 5, 2026.
Prior to the call, our earnings release and the slides used in the webcast presentation will be filed with the Securities and Exchange Commission and will be available at sec.gov. After the webcast, Kadant will post its updated general investor presentation incorporating the first quarter results on its website at kadant.com under the “Investors” section.
Use of Non-GAAP Financial Measures
In addition to the financial measures prepared in accordance with generally accepted accounting principles (GAAP), we use certain non-GAAP financial measures, including increases or decreases in revenue excluding the effect of acquisitions and foreign currency translation (organic revenue), adjusted operating income, adjusted net income, adjusted EPS, earnings before interest, taxes, depreciation, and amortization (EBITDA), adjusted EBITDA, adjusted EBITDA margin, and free cash flow.
We use organic revenue to understand our trends and to forecast and evaluate our financial performance and compare revenue to prior periods. Organic revenue excludes revenue from acquisitions for the four quarterly reporting periods following the date of the acquisition and the effect of foreign currency translation. Revenue in the first quarter of 2026 included $34.0 million from acquisitions and a favorable foreign currency translation effect of $9.8 million compared to the first quarter of 2025. Our other non-GAAP financial measures exclude amortization expense related to acquired intangible assets, profit in inventory, and backlog (collectively, purchase accounting expenses); acquisition costs; and other income or expense, as indicated. We exclude purchase accounting expenses and acquisition costs to provide a more meaningful and consistent comparison of our operating results over time and with peer companies. While we have a history of acquisition activity, such transactions do not occur on a predictable cycle, and the size and nature of these transactions will vary. We believe it is important for investors to understand that these intangible assets were recorded as part of purchase accounting and that they contribute to revenue generation. We also exclude other items as they are not indicative of our core operating results and are not comparable to other periods, which have differing levels of incremental costs, expenditures or income, or none at all. Additionally, we use free cash flow in order to provide insight on our ability to generate cash for acquisitions and debt repayments, as well as for other investing and financing activities.
We believe these non-GAAP financial measures, when taken together with the corresponding GAAP financial measures, provide meaningful supplemental information regarding our performance by excluding certain items that may not be indicative of our core business, operating results, or future outlook. We believe that the inclusion of such measures helps investors gain an understanding of our underlying operating performance and future prospects, consistent with how management measures and forecasts our performance, especially when comparing such results to previous periods or forecasts and to the performance of our competitors. Such measures are also used by us in our financial and operating decision-making and for compensation purposes. We also believe this information is responsive to investors' requests and gives them additional measures of our performance.
The non-GAAP financial measures included in this press release are not meant to be considered superior to or a substitute for the results of operations or cash flows prepared in accordance with GAAP. In addition, the non-GAAP financial measures included in this press release have limitations associated with their use as compared to the most directly comparable GAAP measures, in that they may be different from, and therefore not comparable to, similar measures used by other companies.
First Quarter
Adjusted operating income, adjusted EBITDA, and adjusted EBITDA margin exclude:
Pre-tax intangible asset amortization expense of $8.4 million in 2026 and $6.3 million in 2025.Pre-tax profit in inventory and backlog amortization expense of $1.4 million in 2026 and $0.4 million in 2025.Pre-tax acquisition costs of $0.7 million in 2026 and $0.3 million in 2025.
Adjusted net income and adjusted EPS exclude:
After-tax intangible asset amortization expense of $6.3 million ($8.4 million plus tax of $2.1 million) in 2026 and $4.8 million ($6.3 million net of tax of $1.5 million) in 2025.After-tax profit in inventory and backlog amortization expense of $1.1 million ($1.4 million net of tax of $0.3 million) in 2026 and $0.3 million ($0.4 million net of tax of $0.1 million) in 2025.After-tax acquisition costs of $0.7 million in 2026 and $0.3 million in 2025.
Free cash flow is calculated as operating cash flow less:
Capital expenditures of $3.3 million in 2026 and $3.8 million in 2025.
Reconciliations of the non-GAAP financial measures to the most directly comparable GAAP financial measures are set forth in this press release.
Financial Highlights (unaudited)(In thousands, except per share amounts and percentages) Three Months EndedConsolidated Statement of Income April 4,
2026 March 29,
2025Revenue $281,505 $239,210 Costs and Operating Expenses: Cost of revenue 154,802 128,880 Selling, general, and administrative expenses 82,538 71,221 Research and development expenses 4,056 3,523 241,396 203,624 Operating Income 40,109 35,586 Interest Income 351 517 Interest Expense (4,484) (3,822)Other Expense, Net (13) (16)Income Before Provision for Income Taxes 35,963 32,265 Provision for Income Taxes 10,142 7,828 Net Income 25,821 24,437 Net Income Attributable to Noncontrolling Interests (312) (374)Net Income Attributable to Kadant $25,509 $24,063 Earnings per Share Attributable to Kadant: Basic $2.16 $2.05 Diluted $2.16 $2.04 Weighted Average Shares: Basic 11,794 11,760 Diluted 11,802 11,776 Three Months Ended Three Months EndedAdjusted Net Income and Adjusted Diluted EPS (a)April 4,
2026 April 4,
2026 March 29,
2025 March 29,
2025Net Income and Diluted EPS Attributable to Kadant, as Reported$25,509 $2.16 $24,063 $2.04Adjustments, Net of Tax: Intangible Asset Amortization 6,308 0.53 4,753 0.40 Profit in Inventory and Backlog Amortization 1,057 0.09 296 0.03 Acquisition Costs 671 0.06 315 0.03Adjusted Net Income and Adjusted Diluted EPS (a,b)$33,545 $2.84 $29,427 $2.50 Three Months Ended Increase (Decrease)
Excluding Acquisitions and FX (a,c)Revenue by Segment April 4,
2026 March 29,
2025 Increase Flow Control $98,608 $92,441 $6,167 $1,372 Industrial Processing 123,038 89,524 33,514 (3,957)Material Handling 59,859 57,245 2,614 1,058 $281,505 $239,210 $42,295 $(1,527) Percentage of Parts and Consumables Revenue 74% 75% Three Months Ended Increase
Increase (Decrease)
Excluding Acquisitions and FX (c)Bookings by Segment April 4,
2026 March 29,
2025 Flow Control $111,546 $99,987 $11,559 $6,392 Industrial Processing 144,502 92,366 52,136 21,022 Material Handling 64,747 63,865 882 (1,057) $320,795 $256,218 $64,577 $26,357 Percentage of Parts and Consumables Bookings 71% 74% Three Months EndedAdditional Segment Information April 4,
2026 March 29,
2025Gross Margin: Flow Control 52.7% 53.3% Industrial Processing 42.5% 44.1% Material Handling 37.5% 37.7% Consolidated 45.0% 46.1% Operating Income: Flow Control $24,204 $22,752 Industrial Processing 19,913 16,832 Material Handling 7,466 7,535 Corporate (11,474) (11,533) $40,109 $35,586 Adjusted Operating Income (a,b,d): Flow Control $25,474 $24,366 Industrial Processing 26,423 19,344 Material Handling 10,154 10,427 Corporate (11,474) (11,533) $50,577 $42,604 Capital Expenditures: Flow Control $1,022 $1,509 Industrial Processing 863 1,325 Material Handling 1,236 999 Corporate 137 3 $3,258 $3,836 Three Months EndedCash Flow and Other Data April 4,
2026 March 29,
2025Operating Cash Flow $21,916 $22,835 Capital Expenditures (3,258) (3,836)Free Cash Flow (a) $18,658 $18,999 Depreciation and Amortization Expense $14,647 $12,013 Balance Sheet Data April 4,
2026 January 3,
2026Assets Cash, Cash Equivalents, and Restricted Cash $119,817 $122,681 Accounts Receivable, Net 172,376 158,567 Inventories 214,831 206,854 Contract Assets 5,921 6,599 Property, Plant, and Equipment, Net 193,286 196,656 Intangible Assets 341,170 350,376 Goodwill 551,088 555,621 Other Assets 116,163 114,824 $1,714,652 $1,712,178 Liabilities and Stockholders' Equity Accounts Payable $55,481 $53,362 Debt Obligations 361,256 372,720 Other Borrowings 2,105 1,781 Other Liabilities 289,661 293,248 Total Liabilities 708,503 721,111 Stockholders' Equity 1,006,149 991,067 $1,714,652 $1,712,178 Three Months EndedAdjusted Operating Income and Adjusted EBITDA Reconciliation (a) April 4,
2026 March 29,
2025Consolidated Net Income Attributable to Kadant $25,509 $24,063 Net Income Attributable to Noncontrolling Interests 312 374 Provision for Income Taxes 10,142 7,828 Interest Expense, Net 4,133 3,305 Other Expense, Net 13 16 Operating Income 40,109 35,586 Intangible Asset Amortization Expense 8,385 6,320 Profit in Inventory Amortization Expense (e) 1,409 11 Backlog Amortization Expense (f) — 379 Acquisition Costs 674 337 Indemnification Asset Provision (g) — (29) Adjusted Operating Income (a,b) 50,577 42,604 Depreciation Expense 6,262 5,314 Adjusted EBITDA (a) $56,839 $47,918 Adjusted EBITDA Margin (a,h) 20.2% 20.0% Flow Control Operating Income $24,204 $22,752 Intangible Asset Amortization Expense 1,270 1,214 Profit in Inventory Amortization Expense (e) — 11 Backlog Amortization Expense (f) — 279 Acquisition Costs — 8 Indemnification Asset Reversal (g) — 102 Adjusted Operating Income (a,b) 25,474 24,366 Depreciation Expense 1,927 1,798 Adjusted EBITDA (a) $27,401 $26,164 Adjusted EBITDA Margin (a,h) 27.8% 28.3% Industrial Processing Operating Income $19,913 $16,832 Intangible Asset Amortization Expense 4,427 2,378 Profit in Inventory Amortization Expense (e) 1,409 — Acquisition Costs 674 340 Indemnification Asset Provision (g) — (206) Adjusted Operating Income (a,b) 26,423 19,344 Depreciation Expense 3,110 2,347 Adjusted EBITDA (a) $29,533 $21,691 Adjusted EBITDA Margin (a,h) 24.0% 24.2% Material Handling Operating Income $7,466 $7,535 Intangible Asset Amortization Expense 2,688 2,728 Backlog Amortization Expense (f) — 100 Acquisition Costs — (11) Indemnification Asset Reversal (g) — 75 Adjusted Operating Income (a,b) 10,154 10,427 Depreciation Expense 1,212 1,158 Adjusted EBITDA (a) $11,366 $11,585 Adjusted EBITDA Margin (a,h) 19.0% 20.2% Corporate Operating Loss $(11,474) $(11,533) Depreciation Expense 13 11 EBITDA (a) $(11,461) $(11,522) (a) Represents a non-GAAP financial measure. (b) Reflects new methodology, announced on February 19, 2026, to exclude intangible asset amortization expense. (c) Represents the increase (decrease) resulting from the exclusion of acquisitions and from the conversion of current period amounts reported in local currencies into U.S. dollars at the exchange rate of the prior period compared to the U.S. dollar amount reported in the prior period. (d) See reconciliation to the most directly comparable GAAP financial measure under “Adjusted Operating Income and Adjusted EBITDA Reconciliation.” (e) Represents amortization expense within cost of revenue associated with acquired profit in inventory. (f) Represents intangible amortization expense associated with acquired backlog. (g) Represents the reversal of or provision for indemnification assets related to the release of or establishment of tax reserves associated with uncertain tax positions. (h) Calculated as adjusted EBITDA divided by revenue in each period. About Kadant
Kadant Inc. is a global supplier of technologies and engineered systems that drive Sustainable Industrial Processing®. The Company’s products and services play an integral role in enhancing efficiency, optimizing energy utilization, and maximizing productivity in process industries. Kadant is based in Westford, Massachusetts, with approximately 4,000 employees in 22 countries worldwide. For more information, visit kadant.com.
Safe Harbor Statement
The following constitutes a “Safe Harbor” statement under the Private Securities Litigation Reform Act of 1995: This press release contains forward-looking statements that involve a number of risks and uncertainties, including forward-looking statements about our future financial and operating performance, demand for our products, and economic and industry outlook. These forward-looking statements represent our expectations as of the date of this press release. We undertake no obligation to publicly update any forward-looking statement, whether as a result of new information, future events, or otherwise. These forward-looking statements are subject to known and unknown risks and uncertainties that may cause our actual results to differ materially from these forward-looking statements as a result of various important factors, including those set forth under the heading “Risk Factors” in Kadant’s Annual Report on Form 10-K for the fiscal year ended January 3, 2026 and subsequent filings with the Securities and Exchange Commission. These include risks and uncertainties relating to adverse changes in global and local economic conditions; the variability and difficulty in accurately predicting revenues from large capital equipment and systems projects; our acquisition strategy; levels of residential construction activity; reductions by our wood processing customers of their capital spending or production of oriented strand board; changes to the global timber supply; development and use of digital media; cyclical economic conditions affecting the global mining industry; demand for coal, including economic and environmental risks associated with coal; failure of our information systems or breaches of data security and cybersecurity incidents; implementation of our internal growth strategy; competition; our ability to successfully manage our manufacturing operations; supply chain constraints, inflationary pressure, price increases or shortages in raw materials; loss of key personnel and effective succession planning; future restructurings; protection of intellectual property; changes to tax laws and regulations; climate change; adequacy of our insurance coverage; global operations; policies of the Chinese government; the variability and uncertainties in sales of capital equipment in China; currency fluctuations; changes to government regulations and policies around the world; compliance with government regulations and policies and compliance with laws; environmental laws and regulations; environmental, health and safety laws and regulations impacting the mining industry; our debt obligations; restrictions in our credit agreement and note purchase agreement; soundness of financial institutions; fluctuations in our share price; and anti-takeover provisions.
Contacts
Investor Contact Information:
Michael McKenney, 978-776-2000 [email protected]
Media Contact Information:
Wes Martz, 978-776-2000 [email protected]
Kadant (KAI - Free Report) came out with quarterly earnings of $2.84 per share, beating the Zacks Consensus Estimate of $2.35 per share. This compares to earnings of $2.1 per share a year ago. These figures are adjusted for non-recurring items.
This quarterly report represents an earnings surprise of +20.72%. A quarter ago, it was expected that this equipment supplier for the papermaking and paper recycling industries would post earnings of $2.19 per share when it actually produced earnings of $2.27, delivering a surprise of +3.65%.
Over the last four quarters, the company has surpassed consensus EPS estimates four times.
Kadant, which belongs to the Zacks Engineering - R and D Services industry, posted revenues of $281.51 million for the quarter ended March 2026, surpassing the Zacks Consensus Estimate by 2.73%. This compares to year-ago revenues of $239.21 million. The company has topped consensus revenue estimates four times over the last four quarters.
The sustainability of the stock's immediate price movement based on the recently-released numbers and future earnings expectations will mostly depend on management's commentary on the earnings call.
Kadant shares have added about 0.5% since the beginning of the year versus the S&P 500's gain of 5.2%.
What's Next for Kadant?While Kadant has underperformed the market so far this year, the question that comes to investors' minds is: what's next for the stock?
There are no easy answers to this key question, but one reliable measure that can help investors address this is the company's earnings outlook. Not only does this include current consensus earnings expectations for the coming quarter(s), but also how these expectations have changed lately.
Empirical research shows a strong correlation between near-term stock movements and trends in earnings estimate revisions. Investors can track such revisions by themselves or rely on a tried-and-tested rating tool like the Zacks Rank, which has an impressive track record of harnessing the power of earnings estimate revisions.
Ahead of this earnings release, the estimate revisions trend for Kadant was mixed. While the magnitude and direction of estimate revisions could change following the company's just-released earnings report, the current status translates into a Zacks Rank #3 (Hold) for the stock. So, the shares are expected to perform in line with the market in the near future. You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here.
It will be interesting to see how estimates for the coming quarters and the current fiscal year change in the days ahead. The current consensus EPS estimate is $3.22 on $294.6 million in revenues for the coming quarter and $12.63 on $1.18 billion in revenues for the current fiscal year.
Investors should be mindful of the fact that the outlook for the industry can have a material impact on the performance of the stock as well. In terms of the Zacks Industry Rank, Engineering - R and D Services is currently in the bottom 40% of the 250 plus Zacks industries. Our research shows that the top 50% of the Zacks-ranked industries outperform the bottom 50% by a factor of more than 2 to 1.
Another stock from the same industry, Amentum Holdings (AMTM - Free Report) , has yet to report results for the quarter ended March 2026. The results are expected to be released on May 12.
This government services company is expected to post quarterly earnings of $0.58 per share in its upcoming report, which represents a year-over-year change of +9.4%. The consensus EPS estimate for the quarter has remained unchanged over the last 30 days.
Amentum Holdings' revenues are expected to be $3.48 billion, down 0.4% from the year-ago quarter.
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On May 19, 2026, Kadant Inc KAI shares fell 3.4% to a current price of $303.59. The stock is currently trading within a 52-week range of $244.87 to $369.97, reflecting a notable decline in recent weeks.
GF Value™ verdict: Current price is $303.59, compared to a GF Value™ of $332.82, indicating the stock is 8.8% undervalued.GF Score™ of 90/100 suggests that KAI has strong fundamentals and is likely to generate higher long-term returns.Most notable signal: Insider activity shows that insiders sold $0.5M in the last 3 months without any buying. Is KAI Overvalued or Undervalued? The current price of Kadant Inc KAI at $303.59 is below the GF Value™ estimate of $332.82, suggesting that KAI is undervalued by approximately 8.8%. This presents a potential buying opportunity for investors looking for stocks with a favorable margin of safety. GF Value™ is GuruFocus' proprietary measure of intrinsic value, calculated from historical trading multiples, past business growth, and future performance estimates.
While the GF Valuation label indicates that KAI is fairly valued, the current undervaluation against GF Value™ suggests there may be opportunities for gains in the future. However, investors should be cautious of the recent insider selling, which may signal a lack of confidence from those closest to the company. Overall, KAI's current valuation appears favorable, but potential risks should be considered.
How Does KAI's Valuation Compare to Its History? Metric Current Historical P/E (TTM) 34.6x 31.1x Forward P/E 25.7x N/A Kadant Inc's current P/E (TTM) of 34.6x is above its 5-year median P/E of 31.1x, indicating that the stock is trading at a higher valuation compared to its historical averages. However, the forward P/E of 25.7x provides a more favorable outlook for future earnings. This P/E analysis aligns with the GF Value™ verdict, as it indicates that while KAI is currently above historical valuation levels, the stock's future potential may justify the current price.
What Does KAI's GF Score™ Tell Us? The GF Score™ ranks stocks from 0 to 100 based on five key aspects: Financial Strength, Profitability, Growth, Valuation, and Momentum. Stocks with higher GF Score™ values have been found to generate higher long-term returns (backtested 2006-2021).
Metric Rating GF Score™ 90 Financial Strength 7/10 Profitability 9/10 Growth 7/10 Valuation 9/10 Momentum 8/10 KAI's GF Score™ of 90 reflects strong fundamentals, particularly in Profitability and Valuation, where it scored 9/10. The Financial Strength score of 7/10 indicates a solid balance sheet, while the Growth and Momentum scores of 7/10 and 8/10 suggest reasonable growth prospects and positive price momentum. Overall, KAI exhibits robust characteristics, though a slightly lower Financial Strength score indicates there may be room for improvement in that area.
What Are Insiders Doing with KAI Stock? In the last three months, insiders have sold $0.5M worth of Kadant Inc stock, with no recorded purchases. This pattern of insider selling may suggest that those with the most insight into the company's operations believe the stock is overpriced or that they are taking advantage of the recent highs. While insider selling is not a definitive indicator of future performance, it can be a signal of caution for potential investors.
What This Means for Investors Based on the analysis, Kadant Inc KAI appears to be undervalued according to GF Value™, presenting an opportunity for investors. However, the recent insider selling and current valuation metrics suggest that caution is warranted. Investors should weigh these factors carefully before making any decisions.
For the complete analysis, visit the Kadant Inc KAI stock page. You can also explore the GF Value™ page for detailed valuation methodology, or use the GuruFocus Stock Screener to find similar opportunities.
Frequently Asked Questions What is KAI's GF Score™?
KAI's GF Score™ is 90/100, indicating strong fundamentals and the potential for higher long-term returns based on historical performance.
Is KAI overvalued or undervalued?
KAI is currently undervalued, with a GF Value™ of $332.82 compared to its current price of $303.59, suggesting an 8.8% upside.
What is KAI's P/E ratio?
KAI's P/E ratio is 34.6x (TTM), which is above its 5-year median P/E of 31.1x, indicating a higher valuation compared to its historical averages.
This stock alert was generated using automated technology and GuruFocus financial data to provide readers with timely and accurate market reporting. This content was reviewed by GuruFocus editorial team prior to publication. Please send any questions or comments about this story to [email protected].
WESTFORD, Mass., May 21, 2026 (GLOBE NEWSWIRE) -- Kadant Inc. (NYSE: KAI) announced today that its Board of Directors has approved a quarterly cash dividend to stockholders of $0.36 per share to be paid on August 13, 2026 to stockholders of record as of the close of business on July 16, 2026. Future declarations of dividends are subject to Board approval and may be adjusted as business needs or market conditions change.
About Kadant
Kadant Inc. is a global supplier of technologies and engineered systems that drive Sustainable Industrial Processing®. The Company’s products and services play an integral role in enhancing efficiency, optimizing energy utilization, and maximizing productivity in process industries. Kadant is based in Westford, Massachusetts, with approximately 4,000 employees in 22 countries worldwide. For more information, visit kadant.com.
Safe Harbor Statement
The following constitutes a “Safe Harbor” statement under the Private Securities Litigation Reform Act of 1995: This press release contains forward-looking statements that involve a number of risks and uncertainties, including forward-looking statements about our business, financial performance, and cash dividend program. These forward-looking statements represent our expectations as of the date of this press release. We undertake no obligation to publicly update any forward-looking statement, whether as a result of new information, future events, or otherwise. These forward-looking statements are subject to known and unknown risks and uncertainties that may cause our actual results to differ materially from these forward-looking statements as a result of various important factors, including those set forth under the heading “Risk Factors” in Kadant’s Annual Report on Form 10-K for the fiscal year ended January 3, 2026 and subsequent filings with the Securities and Exchange Commission. These include risks and uncertainties relating to adverse changes in global and local economic conditions; the variability and difficulty in accurately predicting revenues from large capital equipment and systems projects; our acquisition strategy; levels of residential construction activity; reductions by our wood processing customers of their capital spending or production of oriented strand board; changes to the global timber supply; development and use of digital media; cyclical economic conditions affecting the global mining industry; demand for coal, including economic and environmental risks associated with coal; failure of our information systems or breaches of data security and cybersecurity incidents; implementation of our internal growth strategy; competition; our ability to successfully manage our manufacturing operations; supply chain constraints, inflationary pressure, price increases or shortages in raw materials; loss of key personnel and effective succession planning; future restructurings; protection of intellectual property; changes to tax laws and regulations; climate change; adequacy of our insurance coverage; global operations; policies of the Chinese government; the variability and uncertainties in sales of capital equipment in China; currency fluctuations; changes to government regulations and policies around the world; compliance with government regulations and policies and compliance with laws; environmental laws and regulations; environmental, health and safety laws and regulations impacting the mining industry; our debt obligations; restrictions in our credit agreement and note purchase agreement; soundness of financial institutions; fluctuations in our share price; and anti-takeover provisions.
Contacts
Investor Contact Information:
Michael McKenney, 978-776-2000 [email protected]
Media Contact Information:
Wes Martz, 978-776-2000 [email protected]
WESTFORD, Mass., May 21, 2026 (GLOBE NEWSWIRE) -- Kadant Inc. (NYSE: KAI) announced today that its Board of Directors has authorized the repurchase of up to $50 million of its equity securities effective May 21, 2026 through May 21, 2027. Repurchases may be made in public or private transactions, including under Securities Exchange Act Rule 10b-5-1 trading plans. The timing and amount of any repurchases will be at the discretion of Company management and will be based on market conditions and other considerations, including limitations contained in our credit agreement entered into on March 1, 2017, as amended and restated. The Company has not repurchased any shares of its common stock under the $50 million authorization that expired on May 15, 2026.
About Kadant
Kadant Inc. is a global supplier of technologies and engineered systems that drive Sustainable Industrial Processing®. The Company’s products and services play an integral role in enhancing efficiency, optimizing energy utilization, and maximizing productivity in process industries. Kadant is based in Westford, Massachusetts, with approximately 4,000 employees in 22 countries worldwide. For more information, visit kadant.com.
Safe Harbor Statement
The following constitutes a “Safe Harbor” statement under the Private Securities Litigation Reform Act of 1995: This press release contains forward-looking statements that involve a number of risks and uncertainties, including forward-looking statements about our business, financial performance and any plans to repurchase our equity securities. These forward-looking statements represent our expectations as of the date of this press release. We undertake no obligation to publicly update any forward-looking statement, whether as a result of new information, future events, or otherwise. These forward-looking statements are subject to known and unknown risks and uncertainties that may cause our actual results to differ materially from these forward-looking statements as a result of various important factors, including those set forth under the heading “Risk Factors” in Kadant’s Annual Report on Form 10-K for the fiscal year ended January 3, 2026 and subsequent filings with the Securities and Exchange Commission. These include risks and uncertainties relating to adverse changes in global and local economic conditions; the variability and difficulty in accurately predicting revenues from large capital equipment and systems projects; our acquisition strategy; levels of residential construction activity; reductions by our wood processing customers of their capital spending or production of oriented strand board; changes to the global timber supply; development and use of digital media; cyclical economic conditions affecting the global mining industry; demand for coal, including economic and environmental risks associated with coal; failure of our information systems or breaches of data security and cybersecurity incidents; implementation of our internal growth strategy; competition; our ability to successfully manage our manufacturing operations; supply chain constraints, inflationary pressure, price increases or shortages in raw materials; loss of key personnel and effective succession planning; future restructurings; protection of intellectual property; changes to tax laws and regulations; climate change; adequacy of our insurance coverage; global operations; policies of the Chinese government; the variability and uncertainties in sales of capital equipment in China; currency fluctuations; changes to government regulations and policies around the world; compliance with government regulations and policies and compliance with laws; environmental laws and regulations; environmental, health and safety laws and regulations impacting the mining industry; our debt obligations; restrictions in our credit agreement and note purchase agreement; soundness of financial institutions; fluctuations in our share price; and anti-takeover provisions.
Contacts
Investor Contact Information:
Michael McKenney, 978-776-2000 [email protected]
or
Media Contact Information:
Wes Martz, 978-776-2000 [email protected]
WHY: Rosen Law Firm, a global investor rights law firm, continues to investigate potential securities claims on behalf of shareholders of PennyMac Financial Services, Inc. (NYSE: PFSI) resulting from allegations that PennyMac may have issued materially misleading business information to the investing public.
SO WHAT: If you purchased PennyMac securities you may be entitled to compensation without payment of any out of pocket fees or costs through a contingency fee arrangement. The Rosen Law Firm is preparing a class action seeking recovery of investor losses.
WHAT TO DO NEXT: To join the prospective class action, go to https://rosenlegal.com/submit-form/?case_id=51887 or call Phillip Kim, Esq. toll-free at 866-767-3653 or email [email protected] for information on the class action.
WHAT IS THIS ABOUT: On January 29, 2026, PennyMac filed a Current Report with the Securities and Exchange Commission on Form 8-K announcing PennyMac’s fourth quarter and full-year 2025 financial results. The report stated that PennyMac’s “servicing segment pretax income was $37.3 million, down from $157.4 million in the prior quarter and $87.3 million in the fourth quarter of 2024,” as well as “[retax income excluding valuation-related items was $47.8 million, down 70 percent from the prior quarter driven primarily by increased realization of mortgage servicing rights (MSR) cash flows as lower mortgage rates drove higher prepayment activity.”
On this news, PennyMac’s stock price fell $49.78 per share, or 33.3%, to close at $99.92 per share on January 30, 2026.
WHY ROSEN LAW: We encourage investors to select qualified counsel with a track record of success in leadership roles. Often, firms issuing notices do not have comparable experience, resources, or any meaningful peer recognition. Many of these firms do not actually litigate securities class actions. Be wise in selecting counsel. The Rosen Law Firm represents investors throughout the globe, concentrating its practice in securities class actions and shareholder derivative litigation. Rosen Law Firm achieved, at that time, the largest ever securities class action settlement against a Chinese Company. Rosen Law Firm was Ranked No. 1 by ISS Securities Class Action Services for number of securities class action settlements in 2017. The firm has been ranked in the top 4 each year since 2013 and has recovered hundreds of millions of dollars for investors. In 2019 alone the firm secured over $438 million for investors. In 2020, founding partner Laurence Rosen was named by law360 as a Titan of Plaintiffs’ Bar. Many of the firm’s attorneys have been recognized by Lawdragon and Super Lawyers.
Follow us for updates on LinkedIn: https://www.linkedin.com/company/the-rosen-law-firm, on Twitter: https://twitter.com/rosen_firm or on Facebook: https://www.facebook.com/rosenlawfirm/.
Attorney Advertising. Prior results do not guarantee a similar outcome.
Contact Information:
Laurence Rosen, Esq.
Phillip Kim, Esq.
The Rosen Law Firm, P.A.
275 Madison Avenue, 40th Floor
New York, NY 10016
Tel: (212) 686-1060
Toll Free: (866) 767-3653
Fax: (212) 202-3827 [email protected]
www.rosenlegal.com
New York, New York--(Newsfile Corp. - June 1, 2026) - WHY: Rosen Law Firm, a global investor rights law firm, continues to investigate potential securities claims on behalf of shareholders of PennyMac Financial Services, Inc. (NYSE: PFSI) resulting from allegations that PennyMac may have issued materially misleading business information to the investing public.
SO WHAT: If you purchased PennyMac securities you may be entitled to compensation without payment of any out of pocket fees or costs through a contingency fee arrangement. The Rosen Law Firm is preparing a class action seeking recovery of investor losses.
WHAT TO DO NEXT: To join the prospective class action, go to https://rosenlegal.com/submit-form/?case_id=51887 or call Phillip Kim, Esq. toll-free at 866-767-3653 or email [email protected] for information on the class action.
WHAT IS THIS ABOUT: On January 29, 2026, PennyMac filed a Current Report with the Securities and Exchange Commission on Form 8-K announcing PennyMac's fourth quarter and full-year 2025 financial results. The report stated that PennyMac's "servicing segment pretax income was $37.3 million, down from $157.4 million in the prior quarter and $87.3 million in the fourth quarter of 2024," as well as "[retax income excluding valuation-related items was $47.8 million, down 70 percent from the prior quarter driven primarily by increased realization of mortgage servicing rights (MSR) cash flows as lower mortgage rates drove higher prepayment activity."
On this news, PennyMac's stock price fell $49.78 per share, or 33.3%, to close at $99.92 per share on January 30, 2026.
WHY ROSEN LAW: We encourage investors to select qualified counsel with a track record of success in leadership roles. Often, firms issuing notices do not have comparable experience, resources, or any meaningful peer recognition. Many of these firms do not actually litigate securities class actions. Be wise in selecting counsel. The Rosen Law Firm represents investors throughout the globe, concentrating its practice in securities class actions and shareholder derivative litigation. Rosen Law Firm achieved, at that time, the largest ever securities class action settlement against a Chinese Company. Rosen Law Firm was Ranked No. 1 by ISS Securities Class Action Services for number of securities class action settlements in 2017. The firm has been ranked in the top 4 each year since 2013 and has recovered hundreds of millions of dollars for investors. In 2019 alone the firm secured over $438 million for investors. In 2020, founding partner Laurence Rosen was named by law360 as a Titan of Plaintiffs' Bar. Many of the firm's attorneys have been recognized by Lawdragon and Super Lawyers.
Follow us for updates on LinkedIn: https://www.linkedin.com/company/the-rosen-law-firm, on Twitter: https://twitter.com/rosen_firm or on Facebook: https://www.facebook.com/rosenlawfirm/.
Attorney Advertising. Prior results do not guarantee a similar outcome.
-------------------------------
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/299784
Source: The Rosen Law Firm PA
Ready to Announce with Confidence? Send us a message and a member of our TMX Newsfile team will contact you to discuss your needs.
New York, New York--(Newsfile Corp. - June 2, 2026) - WHY: Rosen Law Firm, a global investor rights law firm, continues to investigate potential securities claims on behalf of shareholders of PennyMac Financial Services, Inc. (NYSE: PFSI) resulting from allegations that PennyMac may have issued materially misleading business information to the investing public.
SO WHAT: If you purchased PennyMac securities you may be entitled to compensation without payment of any out of pocket fees or costs through a contingency fee arrangement. The Rosen Law Firm is preparing a class action seeking recovery of investor losses.
WHAT TO DO NEXT: To join the prospective class action, go to https://rosenlegal.com/submit-form/?case_id=51887 or call Phillip Kim, Esq. toll-free at 866-767-3653 or email [email protected] for information on the class action.
WHAT IS THIS ABOUT: On January 29, 2026, PennyMac filed a Current Report with the Securities and Exchange Commission on Form 8-K announcing PennyMac's fourth quarter and full-year 2025 financial results. The report stated that PennyMac's "servicing segment pretax income was $37.3 million, down from $157.4 million in the prior quarter and $87.3 million in the fourth quarter of 2024," as well as "[retax income excluding valuation-related items was $47.8 million, down 70 percent from the prior quarter driven primarily by increased realization of mortgage servicing rights (MSR) cash flows as lower mortgage rates drove higher prepayment activity."
On this news, PennyMac's stock price fell $49.78 per share, or 33.3%, to close at $99.92 per share on January 30, 2026.
WHY ROSEN LAW: We encourage investors to select qualified counsel with a track record of success in leadership roles. Often, firms issuing notices do not have comparable experience, resources, or any meaningful peer recognition. Many of these firms do not actually litigate securities class actions. Be wise in selecting counsel. The Rosen Law Firm represents investors throughout the globe, concentrating its practice in securities class actions and shareholder derivative litigation. Rosen Law Firm achieved, at that time, the largest ever securities class action settlement against a Chinese Company. Rosen Law Firm was Ranked No. 1 by ISS Securities Class Action Services for number of securities class action settlements in 2017. The firm has been ranked in the top 4 each year since 2013 and has recovered hundreds of millions of dollars for investors. In 2019 alone the firm secured over $438 million for investors. In 2020, founding partner Laurence Rosen was named by law360 as a Titan of Plaintiffs' Bar. Many of the firm's attorneys have been recognized by Lawdragon and Super Lawyers.
Follow us for updates on LinkedIn: https://www.linkedin.com/company/the-rosen-law-firm, on Twitter: https://twitter.com/rosen_firm or on Facebook: https://www.facebook.com/rosenlawfirm/.
Attorney Advertising. Prior results do not guarantee a similar outcome.
-------------------------------
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/299897
Source: The Rosen Law Firm PA
Ready to Announce with Confidence? Send us a message and a member of our TMX Newsfile team will contact you to discuss your needs.
NEW YORK, June 03, 2026 (GLOBE NEWSWIRE) -- Leading securities law firm Bleichmar Fonti & Auld LLP announces an investigation into PennyMac Financial Services, Inc. (NYSE:PFSI) for potential violations of the federal securities laws.
If you invested in PennyMac, you are encouraged to obtain additional information by visiting: https://www.bfalaw.com/cases/pennymac-class-action-lawsuit.
Why is PennyMac Being Investigated for Violations of the Federal Securities Laws?
PennyMac originates and services home mortgages. Recently, PennyMac increased its capacity to originate loans to better retain borrowers seeking to refinance their mortgages—a process known as “recapture” —as interest rates declined. During the relevant period, PennyMac touted the success of its recapture efforts, representing to investors that its recapture rates were improving.
BFA is investigating whether PennyMac misrepresented its ability to recapture customers refinancing their mortgages as interest rates declined.
Why did PennyMac’s Stock Drop?
On January 29, 2026, PennyMac reported disappointing 4Q 2025 financial results. During PennyMac’s earnings call held the same day, PennyMac senior management revealed that although PennyMac had increased its origination capacity to recapture more refinance business, many competitors had also added capacity, creating a highly competitive origination environment that constrained PennyMac’s ability to take advantage of refinance opportunities. This news caused the price of PennyMac stock to decline more than 37%, from $140.70 per share at the close of trading on January 29, 2026, to as low as $93.50 per share on January 30, 2026.
Click here for more information: https://www.bfalaw.com/cases/pennymac-class-action-lawsuit.
What Can You Do?
If you invested in PennyMac, you may have legal options and are encouraged to submit your information to the firm.
All representation is on a contingency fee basis, there is no cost to you. Shareholders are not responsible for any court costs or expenses of litigation. The firm will seek court approval for any potential fees and expenses.
BFA is a leading international law firm representing plaintiffs in securities class actions and shareholder litigation. It has been named a top plaintiff law firm by Chambers USA, The Legal 500, and ISS SCAS, and its attorneys have been named “Elite Trial Lawyers” by the National Law Journal, “Litigation Stars” by Benchmark Litigation, among the top “500 Leading Plaintiff Financial Lawyers” by Lawdragon, “Titans of the Plaintiffs’ Bar” by Law360 and “SuperLawyers” by Thomson Reuters. Among its recent notable successes, BFA recovered over $900 million in value from Tesla, Inc.’s Board of Directors, as well as $420 million from Teva Pharmaceutical Ind. Ltd.
For more information about BFA and its attorneys, please visit https://www.bfalaw.com.
New York, New York--(Newsfile Corp. - June 3, 2026) - WHY: Rosen Law Firm, a global investor rights law firm, continues to investigate potential securities claims on behalf of shareholders of PennyMac Financial Services, Inc. (NYSE: PFSI) resulting from allegations that PennyMac may have issued materially misleading business information to the investing public.
SO WHAT: If you purchased PennyMac securities you may be entitled to compensation without payment of any out of pocket fees or costs through a contingency fee arrangement. The Rosen Law Firm is preparing a class action seeking recovery of investor losses.
WHAT TO DO NEXT: To join the prospective class action, go to https://rosenlegal.com/submit-form/?case_id=51887 or call Phillip Kim, Esq. toll-free at 866-767-3653 or email [email protected] for information on the class action.
WHAT IS THIS ABOUT: On January 29, 2026, PennyMac filed a Current Report with the Securities and Exchange Commission on Form 8-K announcing PennyMac's fourth quarter and full-year 2025 financial results. The report stated that PennyMac's "servicing segment pretax income was $37.3 million, down from $157.4 million in the prior quarter and $87.3 million in the fourth quarter of 2024," as well as "[retax income excluding valuation-related items was $47.8 million, down 70 percent from the prior quarter driven primarily by increased realization of mortgage servicing rights (MSR) cash flows as lower mortgage rates drove higher prepayment activity."
On this news, PennyMac's stock price fell $49.78 per share, or 33.3%, to close at $99.92 per share on January 30, 2026.
WHY ROSEN LAW: We encourage investors to select qualified counsel with a track record of success in leadership roles. Often, firms issuing notices do not have comparable experience, resources, or any meaningful peer recognition. Many of these firms do not actually litigate securities class actions. Be wise in selecting counsel. The Rosen Law Firm represents investors throughout the globe, concentrating its practice in securities class actions and shareholder derivative litigation. Rosen Law Firm achieved, at that time, the largest ever securities class action settlement against a Chinese Company. Rosen Law Firm was Ranked No. 1 by ISS Securities Class Action Services for number of securities class action settlements in 2017. The firm has been ranked in the top 4 each year since 2013 and has recovered hundreds of millions of dollars for investors. In 2019 alone the firm secured over $438 million for investors. In 2020, founding partner Laurence Rosen was named by law360 as a Titan of Plaintiffs' Bar. Many of the firm's attorneys have been recognized by Lawdragon and Super Lawyers.
Follow us for updates on LinkedIn: https://www.linkedin.com/company/the-rosen-law-firm, on Twitter: https://twitter.com/rosen_firm or on Facebook: https://www.facebook.com/rosenlawfirm/.
Attorney Advertising. Prior results do not guarantee a similar outcome.
-------------------------------
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/300107
Source: The Rosen Law Firm PA
Ready to Announce with Confidence? Send us a message and a member of our TMX Newsfile team will contact you to discuss your needs.
New York, New York--(Newsfile Corp. - June 4, 2026) - WHY: Rosen Law Firm, a global investor rights law firm, continues to investigate potential securities claims on behalf of shareholders of PennyMac Financial Services, Inc. (NYSE: PFSI) resulting from allegations that PennyMac may have issued materially misleading business information to the investing public.
SO WHAT: If you purchased PennyMac securities you may be entitled to compensation without payment of any out of pocket fees or costs through a contingency fee arrangement. The Rosen Law Firm is preparing a class action seeking recovery of investor losses.
WHAT TO DO NEXT: To join the prospective class action, go to https://rosenlegal.com/submit-form/?case_id=51887 or call Phillip Kim, Esq. toll-free at 866-767-3653 or email [email protected] for information on the class action.
WHAT IS THIS ABOUT: On January 29, 2026, PennyMac filed a Current Report with the Securities and Exchange Commission on Form 8-K announcing PennyMac's fourth quarter and full-year 2025 financial results. The report stated that PennyMac's "servicing segment pretax income was $37.3 million, down from $157.4 million in the prior quarter and $87.3 million in the fourth quarter of 2024," as well as "[retax income excluding valuation-related items was $47.8 million, down 70 percent from the prior quarter driven primarily by increased realization of mortgage servicing rights (MSR) cash flows as lower mortgage rates drove higher prepayment activity."
On this news, PennyMac's stock price fell $49.78 per share, or 33.3%, to close at $99.92 per share on January 30, 2026.
WHY ROSEN LAW: We encourage investors to select qualified counsel with a track record of success in leadership roles. Often, firms issuing notices do not have comparable experience, resources, or any meaningful peer recognition. Many of these firms do not actually litigate securities class actions. Be wise in selecting counsel. The Rosen Law Firm represents investors throughout the globe, concentrating its practice in securities class actions and shareholder derivative litigation. Rosen Law Firm achieved, at that time, the largest ever securities class action settlement against a Chinese Company. Rosen Law Firm was Ranked No. 1 by ISS Securities Class Action Services for number of securities class action settlements in 2017. The firm has been ranked in the top 4 each year since 2013 and has recovered hundreds of millions of dollars for investors. In 2019 alone the firm secured over $438 million for investors. In 2020, founding partner Laurence Rosen was named by law360 as a Titan of Plaintiffs' Bar. Many of the firm's attorneys have been recognized by Lawdragon and Super Lawyers.
Follow us for updates on LinkedIn: https://www.linkedin.com/company/the-rosen-law-firm, on Twitter: https://twitter.com/rosen_firm or on Facebook: https://www.facebook.com/rosenlawfirm/.
Attorney Advertising. Prior results do not guarantee a similar outcome.
-------------------------------
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/300290
Source: The Rosen Law Firm PA
Ready to Announce with Confidence? Send us a message and a member of our TMX Newsfile team will contact you to discuss your needs.
WHY: Rosen Law Firm, a global investor rights law firm, continues to investigate potential securities claims on behalf of shareholders of PennyMac Financial Services, Inc. (NYSE: PFSI) resulting from allegations that PennyMac may have issued materially misleading business information to the investing public.
SO WHAT: If you purchased PennyMac securities you may be entitled to compensation without payment of any out of pocket fees or costs through a contingency fee arrangement. The Rosen Law Firm is preparing a class action seeking recovery of investor losses.
WHAT TO DO NEXT: To join the prospective class action, go to https://rosenlegal.com/submit-form/?case_id=51887 or call Phillip Kim, Esq. toll-free at 866-767-3653 or email [email protected] for information on the class action.
WHAT IS THIS ABOUT: On January 29, 2026, PennyMac filed a Current Report with the Securities and Exchange Commission on Form 8-K announcing PennyMac’s fourth quarter and full-year 2025 financial results. The report stated that PennyMac’s “servicing segment pretax income was $37.3 million, down from $157.4 million in the prior quarter and $87.3 million in the fourth quarter of 2024,” as well as “pretax income excluding valuation-related items was $47.8 million, down 70 percent from the prior quarter driven primarily by increased realization of mortgage servicing rights (MSR) cash flows as lower mortgage rates drove higher prepayment activity.”
On this news, PennyMac’s stock price fell $49.78 per share, or 33.3%, to close at $99.92 per share on January 30, 2026.
WHY ROSEN LAW: We encourage investors to select qualified counsel with a track record of success in leadership roles. Often, firms issuing notices do not have comparable experience, resources, or any meaningful peer recognition. Many of these firms do not actually litigate securities class actions. Be wise in selecting counsel. The Rosen Law Firm represents investors throughout the globe, concentrating its practice in securities class actions and shareholder derivative litigation. Rosen Law Firm achieved, at that time, the largest ever securities class action settlement against a Chinese Company. Rosen Law Firm was Ranked No. 1 by ISS Securities Class Action Services for number of securities class action settlements in 2017. The firm has been ranked in the top 4 each year since 2013 and has recovered hundreds of millions of dollars for investors. In 2019 alone the firm secured over $438 million for investors. In 2020, founding partner Laurence Rosen was named by law360 as a Titan of Plaintiffs’ Bar. Many of the firm’s attorneys have been recognized by Lawdragon and Super Lawyers.
Follow us for updates on LinkedIn: https://www.linkedin.com/company/the-rosen-law-firm, on Twitter: https://twitter.com/rosen_firm or on Facebook: https://www.facebook.com/rosenlawfirm/.
Attorney Advertising. Prior results do not guarantee a similar outcome.
-------------------------------
Contact Information:
Laurence Rosen, Esq.
Phillip Kim, Esq.
The Rosen Law Firm, P.A.
275 Madison Avenue, 40th Floor
New York, NY 10016
Tel: (212) 686-1060
Toll Free: (866) 767-3653
Fax: (212) 202-3827 [email protected]
www.rosenlegal.com
Why: Rosen Law Firm, a global investor rights law firm, continues to investigate potential securities claims on behalf of shareholders of PennyMac Financial Services, Inc. (NYSE: PFSI) resulting from allegations that PennyMac may have issued materially misleading business information to the investing public.
So What: If you purchased PennyMac securities you may be entitled to compensation without payment of any out of pocket fees or costs through a contingency fee arrangement. The Rosen Law Firm is preparing a class action seeking recovery of investor losses.
What to do next: To join the prospective class action, go to https://rosenlegal.com/submit-form/?case_id=51887 or call Phillip Kim, Esq. toll-free at 866-767-3653 or email [email protected] for information on the class action.
What is this about: On January 29, 2026, PennyMac filed a Current Report with the Securities Exchange Commission on Form 8-K announcing PennyMac's fourth quarter and full-year 2025 financial results. The report stated that PennyMac's "servicing segment pretax income was $37.3 million, down from $157.4 million in the prior quarter and $87.3 million in the fourth quarter of 2024," as well as "[retax income excluding valuation-related items was $47.8 million, down 70 percent from the prior quarter driven primarily by increased realization of mortgage servicing rights (MSR) cash flows as lower mortgage rates drove higher prepayment activity."
On this news, PennyMac's stock price fell $49.78 per share, or 33.3%, to close at $99.92 per share on January 30, 2026.
Why Rosen Law: We encourage investors to select qualified counsel with a track record of success in leadership roles. Often, firms issuing notices do not have comparable experience, resources, or any meaningful peer recognition. Many of these firms do not actually litigate securities class actions. Be wise in selecting counsel. The Rosen Law Firm represents investors throughout the globe, concentrating its practice in securities class actions and shareholder derivative litigation. Rosen Law Firm achieved, at that time, the largest ever securities class action settlement against a Chinese Company. Rosen Law Firm was Ranked No. 1 by ISS Securities Class Action Services for number of securities class action settlements in 2017. The firm has been ranked in the top 4 each year since 2013 and has recovered hundreds of millions of dollars for investors. In 2019 alone the firm secured over $438 million for investors. In 2020, founding partner Laurence Rosen was named by law360 as a Titan of Plaintiffs' Bar. Many of the firm's attorneys have been recognized by Lawdragon and Super Lawyers.
Follow us for updates on LinkedIn: https://www.linkedin.com/company/the-rosen-law-firm, on Twitter: https://twitter.com/rosen_firm or on Facebook: https://www.facebook.com/rosenlawfirm/.
Attorney Advertising. Prior results do not guarantee a similar outcome.
Contact Information:
Laurence Rosen, Esq.
Phillip Kim, Esq.
The Rosen Law Firm, P.A.
275 Madison Avenue, 40th Floor
New York, NY 10016
Tel: (212) 686-1060
Toll Free: (866) 767-3653
Fax: (212) 202-3827
[email protected]
www.rosenlegal.com
Rosen Law Firm Encourages PennyMac Financial Services, Inc. Investors to Inquire About Securities Class Action Investigation - PFSI PR Newswire
NEW YORK, June 6, 2026
, /PRNewswire/ --
Why: Rosen Law Firm, a global investor rights law firm, continues to investigate potential securities claims on behalf of shareholders of PennyMac Financial Services, Inc. (NYSE: PFSI) resulting from allegations that PennyMac may have issued materially misleading business information to the investing public.
So What: If you purchased PennyMac securities you may be entitled to compensation without payment of any out of pocket fees or costs through a contingency fee arrangement. The Rosen Law Firm is preparing a class action seeking recovery of investor losses.
What to do next: To join the prospective class action, go to https://rosenlegal.com/submit-form/?case_id=51887 or call Phillip Kim, Esq. toll-free at 866-767-3653 or email [email protected] for information on the class action.
What is this about: On January 29, 2026, PennyMac filed a Current Report with the Securities Exchange Commission on Form 8-K announcing PennyMac's fourth quarter and full-year 2025 financial results. The report stated that PennyMac's "servicing segment pretax income was $37.3 million, down from $157.4 million in the prior quarter and $87.3 million in the fourth quarter of 2024," as well as "[retax income excluding valuation-related items was $47.8 million, down 70 percent from the prior quarter driven primarily by increased realization of mortgage servicing rights (MSR) cash flows as lower mortgage rates drove higher prepayment activity."
On this news, PennyMac's stock price fell $49.78 per share, or 33.3%, to close at $99.92 per share on January 30, 2026.
Why Rosen Law: We encourage investors to select qualified counsel with a track record of success in leadership roles. Often, firms issuing notices do not have comparable experience, resources, or any meaningful peer recognition. Many of these firms do not actually litigate securities class actions. Be wise in selecting counsel. The Rosen Law Firm represents investors throughout the globe, concentrating its practice in securities class actions and shareholder derivative litigation. Rosen Law Firm achieved, at that time, the largest ever securities class action settlement against a Chinese Company. Rosen Law Firm was Ranked No. 1 by ISS Securities Class Action Services for number of securities class action settlements in 2017. The firm has been ranked in the top 4 each year since 2013 and has recovered hundreds of millions of dollars for investors. In 2019 alone the firm secured over $438 million for investors. In 2020, founding partner Laurence Rosen was named by law360 as a Titan of Plaintiffs' Bar. Many of the firm's attorneys have been recognized by Lawdragon and Super Lawyers.
Follow us for updates on LinkedIn: https://www.linkedin.com/company/the-rosen-law-firm, on Twitter: https://twitter.com/rosen_firm or on Facebook: https://www.facebook.com/rosenlawfirm/.
Attorney Advertising. Prior results do not guarantee a similar outcome.
Contact Information:
Laurence Rosen, Esq.
Phillip Kim, Esq.
The Rosen Law Firm, P.A.
275 Madison Avenue, 40th Floor
New York, NY 10016
Tel: (212) 686-1060
Toll Free: (866) 767-3653
Fax: (212) 202-3827 [email protected]
www.rosenlegal.com
View original content to download multimedia:https://www.prnewswire.com/news-releases/rosen-law-firm-encourages-pennymac-financial-services-inc-investors-to-inquire-about-securities-class-action-investigation--pfsi-302793129.html
New York, New York--(Newsfile Corp. - June 7, 2026) - WHY: Rosen Law Firm, a global investor rights law firm, continues to investigate potential securities claims on behalf of shareholders of PennyMac Financial Services, Inc. (NYSE: PFSI) resulting from allegations that PennyMac may have issued materially misleading business information to the investing public.
SO WHAT: If you purchased PennyMac securities you may be entitled to compensation without payment of any out of pocket fees or costs through a contingency fee arrangement. The Rosen Law Firm is preparing a class action seeking recovery of investor losses.
WHAT TO DO NEXT: To join the prospective class action, go to https://rosenlegal.com/submit-form/?case_id=51887 or call Phillip Kim, Esq. toll-free at 866-767-3653 or email [email protected] for information on the class action.
WHAT IS THIS ABOUT: On January 29, 2026, PennyMac filed a Current Report with the Securities and Exchange Commission on Form 8-K announcing PennyMac's fourth quarter and full-year 2025 financial results. The report stated that PennyMac's "servicing segment pretax income was $37.3 million, down from $157.4 million in the prior quarter and $87.3 million in the fourth quarter of 2024," as well as "pretax income excluding valuation-related items was $47.8 million, down 70 percent from the prior quarter driven primarily by increased realization of mortgage servicing rights (MSR) cash flows as lower mortgage rates drove higher prepayment activity."
On this news, PennyMac's stock price fell $49.78 per share, or 33.3%, to close at $99.92 per share on January 30, 2026.
WHY ROSEN LAW: We encourage investors to select qualified counsel with a track record of success in leadership roles. Often, firms issuing notices do not have comparable experience, resources, or any meaningful peer recognition. Many of these firms do not actually litigate securities class actions. Be wise in selecting counsel. The Rosen Law Firm represents investors throughout the globe, concentrating its practice in securities class actions and shareholder derivative litigation. Rosen Law Firm achieved, at that time, the largest ever securities class action settlement against a Chinese Company. Rosen Law Firm was Ranked No. 1 by ISS Securities Class Action Services for number of securities class action settlements in 2017. The firm has been ranked in the top 4 each year since 2013 and has recovered hundreds of millions of dollars for investors. In 2019 alone the firm secured over $438 million for investors. In 2020, founding partner Laurence Rosen was named by law360 as a Titan of Plaintiffs' Bar. Many of the firm's attorneys have been recognized by Lawdragon and Super Lawyers.
Follow us for updates on LinkedIn: https://www.linkedin.com/company/the-rosen-law-firm, on Twitter: https://twitter.com/rosen_firm or on Facebook: https://www.facebook.com/rosenlawfirm/.
Attorney Advertising. Prior results do not guarantee a similar outcome.
-------------------------------
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/300419
Source: The Rosen Law Firm PA
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David Spector, Chairman & CEO of PennyMac Financial Services (PFSI +0.75%), reported the indirect sale of 10,000 shares of common stock valued at approximately $880,000 via multiple open-market transactions on May 12, 2026, according to an SEC Form 4 filing.
Transaction summaryMetricValueShares sold (indirect)10,000Transaction value$880,000Post-transaction shares (direct)504,401Post-transaction shares (indirect)60,604Post-transaction value (direct ownership)~$44.71 millionTransaction value based on SEC Form 4 weighted average sale price ($87.99); post-transaction value based on derived position value using trade-date close price.
Key questionsHow does the sale compare in scale to Spector’s prior trading activity?
This 10,000-share sale is consistent with Spector’s typical transaction size, with the average for sell transactions at approximately 11,100 shares and a historical range of 5,000-39,777 shares per trade, reflecting steady portfolio management.What is the impact on Spector’s overall equity exposure?
The transaction reduced Spector’s indirect ownership by 14.16%, but his direct stake of 504,401 shares remains unchanged, leaving his total beneficial ownership at 565,005 shares after the trade.Were the shares sold under a prearranged trading plan?
Yes, the filing indicates the sales were executed under a Rule 10b5-1 trading plan adopted on Aug. 8, 2025, which supports an interpretation of routine, scheduled diversification rather than discretionary selling.How does the transaction value relate to recent stock performance?
The sale price of around $87.99 per share is modestly above the company’s price of $85.69 as of May 17, 2026, with shares having declined 15.07% over the past year, indicating the transaction occurred near the upper end of the recent trading range.Company overviewMetricValueRevenue (TTM)$3.32 billionNet income (TTM)$507.12 millionDividend yield1.48%1-year price change(9.5%)Note: 1-year performance is calculated using May 12, 2026 as the reference date.
Company snapshotOffers mortgage origination, loan servicing, and investment management services, with revenue primarily from loan production and servicing fees.Operates a vertically integrated model, generating income through mortgage loan origination, acquisition, sale, and ongoing servicing of residential mortgages.Serves U.S. homeowners, mortgage investors, and institutional clients seeking residential mortgage products and servicing solutions.PennyMac Financial Services is a leading U.S. mortgage banking and investment management company with a diversified revenue base across production, servicing, and asset management.
Today's Change
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What this transaction means for investorsDavid Spector’s 10,000-share sale of PennyMac Financial Services came shortly after the mortgage services company reported its financial results for the first quarter of 2026. The company reported $104.7 million in pretax income, a decrease from the prior quarter, but a slight uptick year over year. Its loan production segment brought in $133.6 million, a big rise sequentially as well as year over year. Its loan servicing segment was a big drag on results, coming in at $12.7 million, down from $37.3 million in the prior quarter and $76 million in the first quarter of 2025. It also reported a larger pretax loss, both sequentially and year over year.
Spector’s transaction was pursuant to a Rule 10b5-1 trading plan, which means it was prearranged and not based on the insider’s conviction or relevant knowledge regarding the company’s results. In fact, the weighted average sale price around $88 is about in the range of where the stock has traded since February, after a big stumble to start the year. PennyMac stock is down almost 40% year to date as of June 8.
In addition to stubbornly high inflation and uncertainty regarding Federal Reserve rate cuts, PennyMac is also dealing with legal troubles. It’s under investigation by several securities law firms who claim the company violated federal securities laws by making false and misleading statements to investors regarding its ability to retain borrowers seeking to refinance their mortgages. Given its lackluster earnings report, macroeconomic headwinds, and ongoing legal troubles, investors may want to wait for some material improvement before adding shares of the mortgage services provider.
Sarah Sidlow has no position in any of the stocks mentioned. The Motley Fool has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy.
WHY: Rosen Law Firm, a global investor rights law firm, continues to investigate potential securities claims on behalf of shareholders of PennyMac Financial Services, Inc. (NYSE: PFSI) resulting from allegations that PennyMac may have issued materially misleading business information to the investing public.
SO WHAT: If you purchased PennyMac securities you may be entitled to compensation without payment of any out of pocket fees or costs through a contingency fee arrangement. The Rosen Law Firm is preparing a class action seeking recovery of investor losses.
WHAT TO DO NEXT: To join the prospective class action, go to https://rosenlegal.com/submit-form/?case_id=51887 or call Phillip Kim, Esq. toll-free at 866-767-3653 or email [email protected] for information on the class action.
WHAT IS THIS ABOUT: On January 29, 2026, PennyMac filed a Current Report with the Securities and Exchange Commission on Form 8-K announcing PennyMac’s fourth quarter and full-year 2025 financial results. The report stated that PennyMac’s “servicing segment pretax income was $37.3 million, down from $157.4 million in the prior quarter and $87.3 million in the fourth quarter of 2024,” as well as “[retax income excluding valuation-related items was $47.8 million, down 70 percent from the prior quarter driven primarily by increased realization of mortgage servicing rights (MSR) cash flows as lower mortgage rates drove higher prepayment activity.”
On this news, PennyMac’s stock price fell $49.78 per share, or 33.3%, to close at $99.92 per share on January 30, 2026.
WHY ROSEN LAW: We encourage investors to select qualified counsel with a track record of success in leadership roles. Often, firms issuing notices do not have comparable experience, resources, or any meaningful peer recognition. Many of these firms do not actually litigate securities class actions. Be wise in selecting counsel. The Rosen Law Firm represents investors throughout the globe, concentrating its practice in securities class actions and shareholder derivative litigation. Rosen Law Firm achieved, at that time, the largest ever securities class action settlement against a Chinese Company. Rosen Law Firm was Ranked No. 1 by ISS Securities Class Action Services for number of securities class action settlements in 2017. The firm has been ranked in the top 4 each year since 2013 and has recovered hundreds of millions of dollars for investors. In 2019 alone the firm secured over $438 million for investors. In 2020, founding partner Laurence Rosen was named by law360 as a Titan of Plaintiffs’ Bar. Many of the firm’s attorneys have been recognized by Lawdragon and Super Lawyers.
Follow us for updates on LinkedIn: https://www.linkedin.com/company/the-rosen-law-firm, on Twitter: https://twitter.com/rosen_firm or on Facebook: https://www.facebook.com/rosenlawfirm/.
Attorney Advertising. Prior results do not guarantee a similar outcome.
Contact Information:
Laurence Rosen, Esq.
Phillip Kim, Esq.
The Rosen Law Firm, P.A.
275 Madison Avenue, 40th Floor
New York, NY 10016
Tel: (212) 686-1060
Toll Free: (866) 767-3653
Fax: (212) 202-3827 [email protected]
www.rosenlegal.com
New York, New York--(Newsfile Corp. - June 9, 2026) - WHY: Rosen Law Firm, a global investor rights law firm, continues to investigate potential securities claims on behalf of shareholders of PennyMac Financial Services, Inc. (NYSE: PFSI) resulting from allegations that PennyMac may have issued materially misleading business information to the investing public.
SO WHAT: If you purchased PennyMac securities you may be entitled to compensation without payment of any out of pocket fees or costs through a contingency fee arrangement. The Rosen Law Firm is preparing a class action seeking recovery of investor losses.
WHAT TO DO NEXT: To join the prospective class action, go to https://rosenlegal.com/submit-form/?case_id=51887 or call Phillip Kim, Esq. toll-free at 866-767-3653 or email [email protected] for information on the class action.
WHAT IS THIS ABOUT: On January 29, 2026, PennyMac filed a Current Report with the Securities and Exchange Commission on Form 8-K announcing PennyMac's fourth quarter and full-year 2025 financial results. The report stated that PennyMac's "servicing segment pretax income was $37.3 million, down from $157.4 million in the prior quarter and $87.3 million in the fourth quarter of 2024," as well as "pretax income excluding valuation-related items was $47.8 million, down 70 percent from the prior quarter driven primarily by increased realization of mortgage servicing rights (MSR) cash flows as lower mortgage rates drove higher prepayment activity."
On this news, PennyMac's stock price fell $49.78 per share, or 33.3%, to close at $99.92 per share on January 30, 2026.
WHY ROSEN LAW: We encourage investors to select qualified counsel with a track record of success in leadership roles. Often, firms issuing notices do not have comparable experience, resources, or any meaningful peer recognition. Many of these firms do not actually litigate securities class actions. Be wise in selecting counsel. The Rosen Law Firm represents investors throughout the globe, concentrating its practice in securities class actions and shareholder derivative litigation. Rosen Law Firm achieved, at that time, the largest ever securities class action settlement against a Chinese Company. Rosen Law Firm was Ranked No. 1 by ISS Securities Class Action Services for number of securities class action settlements in 2017. The firm has been ranked in the top 4 each year since 2013 and has recovered hundreds of millions of dollars for investors. In 2019 alone the firm secured over $438 million for investors. In 2020, founding partner Laurence Rosen was named by law360 as a Titan of Plaintiffs' Bar. Many of the firm's attorneys have been recognized by Lawdragon and Super Lawyers.
Follow us for updates on LinkedIn: https://www.linkedin.com/company/the-rosen-law-firm, on Twitter: https://twitter.com/rosen_firm or on Facebook: https://www.facebook.com/rosenlawfirm/.
Attorney Advertising. Prior results do not guarantee a similar outcome.
-------------------------------
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/300784
Source: The Rosen Law Firm PA
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WESTLAKE VILLAGE, Calif.--(BUSINESS WIRE)--PennyMac Financial Services, Inc. (NYSE: PFSI) (Pennymac) announced today that Tiffany To, enterprise AI expert and CEO and Co-Founder of AI and operational intelligence software company Ontollo, has joined its Board of Directors. “We are pleased to welcome Tiffany to PFSI's Board of Directors,” said David Spector, Chairman and CEO of Pennymac. “She has spent her career at the forefront of AI and business transformation, building products, leading orga.
NEW YORK, June 10, 2026 (GLOBE NEWSWIRE) -- Leading securities law firm Bleichmar Fonti & Auld LLP announces an investigation into PennyMac Financial Services, Inc. (NYSE:PFSI) for potential violations of the federal securities laws.
If you invested in PennyMac, you are encouraged to obtain additional information by visiting: https://www.bfalaw.com/cases/pennymac-class-action-lawsuit.
Why is PennyMac Being Investigated for Violations of the Federal Securities Laws?
PennyMac originates and services home mortgages. Recently, PennyMac increased its capacity to originate loans to better retain borrowers seeking to refinance their mortgages—a process known as “recapture” —as interest rates declined. During the relevant period, PennyMac touted the success of its recapture efforts, representing to investors that its recapture rates were improving.
BFA is investigating whether PennyMac misrepresented its ability to recapture customers refinancing their mortgages as interest rates declined.
Why did PennyMac’s Stock Drop?
On January 29, 2026, PennyMac reported disappointing 4Q 2025 financial results. During PennyMac’s earnings call held the same day, PennyMac senior management revealed that although PennyMac had increased its origination capacity to recapture more refinance business, many competitors had also added capacity, creating a highly competitive origination environment that constrained PennyMac’s ability to take advantage of refinance opportunities. This news caused the price of PennyMac stock to decline more than 37%, from $140.70 per share at the close of trading on January 29, 2026, to as low as $93.50 per share on January 30, 2026.
Click here for more information: https://www.bfalaw.com/cases/pennymac-class-action-lawsuit.
What Can You Do?
If you invested in PennyMac, you may have legal options and are encouraged to submit your information to the firm.
All representation is on a contingency fee basis, there is no cost to you. Shareholders are not responsible for any court costs or expenses of litigation. The firm will seek court approval for any potential fees and expenses.
BFA is a leading international law firm representing plaintiffs in securities class actions and shareholder litigation. It has been named a top plaintiff law firm by Chambers USA, The Legal 500, and ISS SCAS, and its attorneys have been named “Elite Trial Lawyers” by the National Law Journal, “Litigation Stars” by Benchmark Litigation, among the top “500 Leading Plaintiff Financial Lawyers” by Lawdragon, “Titans of the Plaintiffs’ Bar” by Law360 and “SuperLawyers” by Thomson Reuters. Among its recent notable successes, BFA recovered over $900 million in value from Tesla, Inc.’s Board of Directors, as well as $420 million from Teva Pharmaceutical Ind. Ltd.
For more information about BFA and its attorneys, please visit https://www.bfalaw.com.
New York, New York--(Newsfile Corp. - June 10, 2026) - WHY: Rosen Law Firm, a global investor rights law firm, continues to investigate potential securities claims on behalf of shareholders of PennyMac Financial Services, Inc. (NYSE: PFSI) resulting from allegations that PennyMac may have issued materially misleading business information to the investing public.
SO WHAT: If you purchased PennyMac securities you may be entitled to compensation without payment of any out of pocket fees or costs through a contingency fee arrangement. The Rosen Law Firm is preparing a class action seeking recovery of investor losses.
WHAT TO DO NEXT: To join the prospective class action, go to https://rosenlegal.com/submit-form/?case_id=51887 or call Phillip Kim, Esq. toll-free at 866-767-3653 or email [email protected] for information on the class action.
WHAT IS THIS ABOUT: On January 29, 2026, PennyMac filed a Current Report with the Securities and Exchange Commission on Form 8-K announcing PennyMac's fourth quarter and full-year 2025 financial results. The report stated that PennyMac's "servicing segment pretax income was $37.3 million, down from $157.4 million in the prior quarter and $87.3 million in the fourth quarter of 2024," as well as "pretax income excluding valuation-related items was $47.8 million, down 70 percent from the prior quarter driven primarily by increased realization of mortgage servicing rights (MSR) cash flows as lower mortgage rates drove higher prepayment activity."
On this news, PennyMac's stock price fell $49.78 per share, or 33.3%, to close at $99.92 per share on January 30, 2026.
WHY ROSEN LAW: We encourage investors to select qualified counsel with a track record of success in leadership roles. Often, firms issuing notices do not have comparable experience, resources, or any meaningful peer recognition. Many of these firms do not actually litigate securities class actions. Be wise in selecting counsel. The Rosen Law Firm represents investors throughout the globe, concentrating its practice in securities class actions and shareholder derivative litigation. Rosen Law Firm achieved, at that time, the largest ever securities class action settlement against a Chinese Company. Rosen Law Firm was Ranked No. 1 by ISS Securities Class Action Services for number of securities class action settlements in 2017. The firm has been ranked in the top 4 each year since 2013 and has recovered hundreds of millions of dollars for investors. In 2019 alone the firm secured over $438 million for investors. In 2020, founding partner Laurence Rosen was named by law360 as a Titan of Plaintiffs' Bar. Many of the firm's attorneys have been recognized by Lawdragon and Super Lawyers.
Follow us for updates on LinkedIn: https://www.linkedin.com/company/the-rosen-law-firm, on Twitter: https://twitter.com/rosen_firm or on Facebook: https://www.facebook.com/rosenlawfirm/.
Attorney Advertising. Prior results do not guarantee a similar outcome.
-------------------------------
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/301027
Source: The Rosen Law Firm PA
Ready to Announce with Confidence? Send us a message and a member of our TMX Newsfile team will contact you to discuss your needs.
WHY: Rosen Law Firm, a global investor rights law firm, continues to investigate potential securities claims on behalf of shareholders of PennyMac Financial Services, Inc. (NYSE: PFSI) resulting from allegations that PennyMac may have issued materially misleading business information to the investing public.
SO WHAT: If you purchased PennyMac securities you may be entitled to compensation without payment of any out of pocket fees or costs through a contingency fee arrangement. The Rosen Law Firm is preparing a class action seeking recovery of investor losses.
WHAT TO DO NEXT: To join the prospective class action, go to https://rosenlegal.com/submit-form/?case_id=51887 or call Phillip Kim, Esq. toll-free at 866-767-3653 or email [email protected] for information on the class action.
WHAT IS THIS ABOUT: On January 29, 2026, PennyMac filed a Current Report with the Securities and Exchange Commission on Form 8-K announcing PennyMac’s fourth quarter and full-year 2025 financial results. The report stated that PennyMac’s “servicing segment pretax income was $37.3 million, down from $157.4 million in the prior quarter and $87.3 million in the fourth quarter of 2024,” as well as “[retax income excluding valuation-related items was $47.8 million, down 70 percent from the prior quarter driven primarily by increased realization of mortgage servicing rights (MSR) cash flows as lower mortgage rates drove higher prepayment activity.”
On this news, PennyMac’s stock price fell $49.78 per share, or 33.3%, to close at $99.92 per share on January 30, 2026.
WHY ROSEN LAW: We encourage investors to select qualified counsel with a track record of success in leadership roles. Often, firms issuing notices do not have comparable experience, resources, or any meaningful peer recognition. Many of these firms do not actually litigate securities class actions. Be wise in selecting counsel. The Rosen Law Firm represents investors throughout the globe, concentrating its practice in securities class actions and shareholder derivative litigation. Rosen Law Firm achieved, at that time, the largest ever securities class action settlement against a Chinese Company. Rosen Law Firm was Ranked No. 1 by ISS Securities Class Action Services for number of securities class action settlements in 2017. The firm has been ranked in the top 4 each year since 2013 and has recovered hundreds of millions of dollars for investors. In 2019 alone the firm secured over $438 million for investors. In 2020, founding partner Laurence Rosen was named by law360 as a Titan of Plaintiffs’ Bar. Many of the firm’s attorneys have been recognized by Lawdragon and Super Lawyers.
Follow us for updates on LinkedIn: https://www.linkedin.com/company/the-rosen-law-firm, on Twitter: https://twitter.com/rosen_firm or on Facebook: https://www.facebook.com/rosenlawfirm/.
Attorney Advertising. Prior results do not guarantee a similar outcome.
-------------------------------
Contact Information:
Laurence Rosen, Esq.
Phillip Kim, Esq.
The Rosen Law Firm, P.A.
275 Madison Avenue, 40th Floor
New York, NY 10016
Tel: (212) 686-1060
Toll Free: (866) 767-3653
Fax: (212) 202-3827 [email protected]
www.rosenlegal.com
Sands Gallery partners with academia to preserve and revitalise Macao's firecracker heritage
, /PRNewswire/ -- Sands China has long dedicated itself to supporting the development of Macao's cultural and artistic landscape and the revitalisation of historic districts, contributing to the city's diversified growth. Marking the centenary of the founding of Iec Long Firecracker Factory, Sands China proudly presents "A Century of Iec Long Firecracker Factory in Radiance – An Exhibition on the Resonant History and Aesthetic Memory of Macao Firecrackers" from now until Aug. 31 at Sands Gallery, The Grand Suites at Four Seasons Hotel Macao.
Distinguished guests officiate at the opening of “A Century of Iec Long Firecracker Factory in Radiance – An Exhibition on the Resonant History and Aesthetic Memory of Macao Firecrackers” at Sands Gallery Wednesday.
Bringing together more than 400 exhibits – including original manuscripts, firecracker-making tools, and packaging labels – the exhibition offers a richly layered narrative of the century-long history and cultural significance of Macao’s firecracker industry – once one of the city’s four major industries.
It represents the first exhibition to comprehensively trace, research, and present the development of Macao’s firecracker industry. Bringing together more than 400 exhibits – including original manuscripts, firecracker-making tools, and packaging labels – the exhibition offers a richly layered narrative of the century-long history and cultural significance of Macao's firecracker industry – once one of the city's four major industries. The exhibition also underscores Sands Gallery's role as an international cultural portal for Macao, using artistic interpretation to reanimate this industrial memory once exported worldwide, highlighting Macao's deep cultural roots and artistic spirit.
The exhibition is jointly presented in collaboration with the Library and Faculty of Humanities and Arts of the Macau University of Science and Technology (MUST), marking a cross-sector partnership between academia and industry. It was curated by Ung Vai Meng, distinguished professor at MUST, who has devoted three decades to the study of Macao's firecracker industry. Through systematic consolidation of academic research and rare archival materials, the exhibition is grounded in historical and scholarly foundations. Through innovative artistic transformation, the exhibition reinterprets the cultural memory of the firecracker industry – rooted in the spirit of "Made in Macao" – into participatory art experiences for the public. It also represents the first exhibition to comprehensively trace, research, and present the development of Macao's firecracker industry, further amplifying the revitalisation impact of Iec Long Firecracker Factory.
Structured in six thematic chapters, the exhibition interweaves collective memory and the evolving artistry of Macao's firecracker industry. Beginning with an immersive prologue experience, it extends through the industry's stories, the craftsmanship of artisans, historical archives, interactive experiences, and aesthetics of packaging design. It highlights both the industry's aesthetic value and practical realities involved in production, operations, transport, and export. The exhibition runs until Aug. 31, 2026, and is free to the public. It is organised by Sands China, curated by Professor Ung, and supported by the Cultural Affairs Bureau and the Macao Government Tourism Office, with academic contributions from the Macao Museum, the Archives of Macao, and MUST.
"Sands China has always been committed to fostering the development of Macao's diverse arts and culture," said Dr. Wilfred Wong, executive vice chairman of Sands China Ltd. "Since taking on the revitalisation of the Iec Long Firecracker Factory in 2023, we have actively invested resources to breathe new life into this important era of Macao's industrial history, reimagining it as a cultural symbol where heritage is renewed through innovation. In collaborating with MUST, the Macao Museum, and the Archives of Macao to provide historical exhibits and academic support, and by inviting Professor Ung Vai Meng as curator, we have harnessed the synergy of enterprise and academia to present the firecracker history in its fullest and most authentic form. By rejuvenating this integral chapter of Macao's past, Sands Gallery offers the public free access to discover the brilliance, creativity, and craftsmanship that underpinned the city's firecracker industry, inspiring younger generations and visitors to appreciate Macao's strongest competitive edge – its profound cultural heritage. We will continue to work closely with all sectors of society to support the integration of culture and tourism, promoting Macao's diverse arts and culture on an ever-expanding stage."
Professor Ung said: "Firecracker manufacturing was once one of Macao's most important traditional industries. For many older residents, it represents a shared collective memory of the last century. In the 1950s and 1960s, Macao-produced firecrackers accounted for an estimated 30% to over half of global output, holding a pivotal position in the international market. On the centenary of Iec Long Firecracker Factory, I am delighted to collaborate with Sands China to present this exhibition, enabling today's residents and visitors to gain deeper insight into this history and to appreciate the artistry of firecracker packaging labels. I hope the exhibition will transport audiences across time to hear the echoes of a century-long era that belongs uniquely to Macao."
The exhibition's opening ceremony on Wednesday was attended by distinguished guests including: Xu Dongjie, deputy chief of the Division of the Department of Publicity and Culture of the Liaison Office of the Central People's Government in the Macao SAR; Maria Helena de Senna Fernandes, director of the Macao Government Tourism Office; Cheang Kai Meng, vice president of the Cultural Affairs Bureau; Cheang Hio Man, deputy director of the Economic and Technological Development Bureau; Chan Hong, Macao deputy to the 14th National People's Congress and vice principal of Hou Kong Middle School; Professor Zhang Zhiqing, dean of the Faculty of Humanities and Arts of MUST; Ni Jun Meng, senior search of MUST Library; Lok Hei, president of the Macau Artists Society; Professor Ung; Dr. Wong; Grant Chum, chief executive officer and executive director of Sands China Ltd.; and Dave Sun, executive vice president and chief financial officer of Sands China Ltd., and managing director of Venetian Macau Limited.
Enterprise-academia collaboration; Extending cultural reach
To further enhance community engagement, Sands China and MUST will extend exhibition elements to the university campus, launching an academic dialogue to guide the public in understanding how Macao's firecracker industry has left its mark across packaging labels and oral histories; additionally, two joint exhibitions will focus respectively on the visual aesthetics of Guangdong firecracker packaging and the archival documents of Macao's firecracker industry. Running from March to May, all events are free to the public, aiming to foster academic exchange and deepen young people's understanding of Macao's history and culture.
First Macao integrated tourism and leisure enterprise at Art Central; Bringing firecracker culture to the world
From March 25 to 29, Sands China will become the first integrated tourism and leisure enterprise from Macao to participate in Hong Kong's international art event Art Central as an Associate Partner. Sands Gallery will further leverage its role as an international cultural portal, bringing the stories and aesthetics of Macao's firecrackers to the global stage, exhibiting the industry's works alongside those of three contemporary young Macao artists: Lei Ieng Wai, Leong Chi Mou, and Dor Lio Hak Man. This initiative aims to connect with the concurrent exhibition held in Macao, guiding global audiences to experience Macao's rich cultural heritage that blends East and West, and encouraging them to explore the main exhibition venue in Macao. Professor Ung will also deliver a special lecture on March 29 at Art Central, analysing the evolution of design and documentation in the industry.
"A Century of Iec Long Firecracker Factory in Radiance – An Exhibition on the Resonant History and Aesthetic Memory of Macao Firecrackers" represents a major initiative by Sands China in support of the Macao SAR government's diversification development strategy, promoting the advancement of the city's arts and culture while revitalising its historic districts. In contribution to the building of a "Cultural Macao" and the city's positioning as a World Centre of Tourism and Leisure, Sands China has been actively participating in the revitalisation of Iec Long Firecracker Factory since 2023, under the direction of "Reshape. Rejuvenate. Reimagine."
For more information, please visit https://en.sandsresortsmacao.com/sands-lifestyle/sands-art-gallery/iec-long-exhibition-2026.html.
Curator's Profile
Born in Macao, Ung Vai Meng began his early artistic training under the guidance of painter Kam Cheong Ling, studying sketching and watercolour. In 1991, he travelled to Lisbon to study at the Ar.Co arts school. He earned a Master's degree from the Guangzhou Academy of Fine Arts in 2002 and a Doctorate in Fine Arts from the China Academy of Art in Hangzhou in 2010. In 1999, he served as the first Director of the Macao Museum of Art. He was appointed the Head of the Cultural Activities and Recreation Department of the former Civic and Municipal Affairs Bureau (IACM) in 2008, and from 2010 to 2017, he served as president of the Cultural Affair Bureau of Macao. Currently, he is a Distinguished Professor and Doctoral Supervisor at MUST. His long-term dedication to the creation of contemporary art has earned him multiple awards in various art and design competitions in Macao and abroad since 1989. He is a member of the Macau Artist Society and a founding member of the Circle of the Friends of Macao's Culture, he has presented numerous solo exhibitions in Macao, Hong Kong, the Chinese mainland, and Europe.
In 2019, he formed the "Yiima" art group with local artist Chan Hin Io. In the same year, they held their first major exhibition at the Berardo Collection Museum in Lisbon; in 2022, they represented the Macao SAR at the 59th Venice International Art Biennale. In 2023 and 2025, he curated large-scale contemporary art exhibitions for the 2nd and 3rd Macao International Art Biennale, respectively.
In the field of cultural heritage, Professor Ung has long engaged in the promotion and preservation of Macao's cultural heritage. He participated in the drafting of Macao's Cultural Heritage Protection Law and contributed to the restoration of the former Iec Long Firecracker Factory. Over more than three decades, he has systematically collected a large number of precious materials related to the development of Macao's fireworks industry and the Iec Long Firecracker Factory, including labels, paintings, invoices, and documents. He has donated the entire collection to the MUST library for permanent archive and public exhibition.
Exhibition and related activities
"A Century of Iec Long Firecracker Factory in Radiance – An Exhibition on the
Resonant History and Aesthetic Memory of Macao Firecrackers"
Exhibition Period: March 18 – August 31, 2026
Opening Hours: 11:00-19:00
Venue: Sands Gallery, Level 6, The Grand Suites at Four Seasons Hotel Macao
"Historical Memories of the Taipa Firecracker Factory" Academic Dialogue
Date: March 20, 2026
Time: 10:00-12:00
Venue: Block R Theatre (R103), Macau University of Science and Technology
Organisers: MUST Library, Faculty of Humanities and Arts of MUST, Sands China Ltd.
As one of the extended academic activities of "A Century of Iec Long Firecracker Factory in
Radiance – An Exhibition on the Resonant History and Aesthetic Memory of Macao
Firecrackers," the organisers have invited Professor Ung and firecracker historian Lai Hong
Kin to hold an academic dialogue. The session will guide audiences in understanding how
Macao's firecracker industry left its mark on history through both packaging design and oral
storytelling.
Seminar on "Aesthetics of a Square Inch: A Century of Visual Culture Change
Through Macao's Firecracker Packaging"
Date: March 29, 2026
Time: 15:30-16:30
Venue: Art Central Theatre (by Booth P5), Central Harbourfront, Hong Kong
With his profound artistic accomplishments and historical insights, Professor Ung will guide
the audience through the century-long history of Macao's firecracker industry. Beginning
with precious collections from the art archives in Macao, the seminar will trace the
development of the firecracker trade and focus on the aesthetic universe emanating from
the square-inch packaging paper. He will analyse how the printing techniques embody the
technological spirit of their time, explore the folk symbolism and aesthetic trends behind the
exquisite graphics, and examine how the packaging design adapted to cross-cultural market
demands. These seemingly ordinary firecracker packages are, in fact, unique artistic
vessels reflecting Macao's socio-economic landscape, cultural integration, and nostalgia.
"Historical Resonance: Firecracker Label Art from Eastern Guangdong"
Exhibition Period: From now until March 31, 2026
Venue: 3/F, Block R, MUST
Organisers: MUST Library, Faculty of Humanities and Arts of MUST, Sands China Ltd.
The exhibition features firecracker packaging labels from the Eastern Guangdong region,
spanning the late 19th to the 20th century. It encompasses labels from Macao, Hong Kong,
Guangzhou, Foshan, Nanhai, Dongguan, and Zhanjiang (formerly Guangzhou Bay),
showcasing the distinctive characteristics of Eastern Guangdong firecracker packaging.
"Timeless Treasures: Archival Materials of Macao's Firecracker Industry"
Exhibition Period: April 10 ‒ May 31, 2026
Venue: Lantai Jiying Exhibition Area, 4/F, MUST Library
Organisers: MUST Library, Faculty of Humanities and Arts of MUST, Sands China Ltd.
The exhibition weaves together a timeline and thematic sections to systematically trace the
trajectory of Macao's firecracker industry ‒ from its rise and expansion through to its
transformation ‒ telling the story of its historical development. Exhibits include newspapers,
tax records, invoices, packaging labels, telegrams, photographs, and maps, among other
documents. Through this act of "reading history," visitors can reconnect with the memory of
Macao's once-thriving industrial past.
###
About Sands China Ltd.
Sands China Ltd. (Sands China or the Company) is incorporated in the Cayman Islands with limited liability and is listed on The Stock Exchange of Hong Kong Limited (HKEx: 1928). Sands China is the largest operator of integrated resorts in Macao. The Company's integrated resorts on the Cotai Strip comprise The Venetian® Macao, The Plaza® Macao, The Parisian® Macao and The Londoner® Macao. The Company also owns and operates Sands® Macao on the Macao peninsula. The Company's portfolio features a diversified mix of leisure and business attractions and transportation operations, including large meeting and convention facilities; a wide range of restaurants; shopping malls; world-class entertainment at The Venetian Arena, The Londoner Arena, The Venetian Theatre, The Parisian Theatre, The Londoner Theatre and Sands Theatre; and a high-speed Cotai Water Jet ferry service between Hong Kong and Macao. The Company's Cotai Strip portfolio has the goal of contributing to Macao's transformation into a world centre of tourism and leisure. Sands China is a subsidiary of global resort developer Las Vegas Sands Corp. (NYSE: LVS).
For more information, please visit www.sandschina.com.
Media contacts:
Corporate Communications, Sands China Ltd.
Mabel Wu
Tel: +853 8118 2268
Email: [email protected]
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Sands Gallery as bridge bringing Macao artists onto international art stage
Contemporary artworks presented alongside century-old firecracker history
Showcasing vibrant energy of Macao's art and cultural scene
, /PRNewswire/ -- Sands China celebrated the grand opening of its Sands Gallery booth Tuesday at Art Central, Hong Kong's premier international art event. The booth features artworks by three of Macao's forward-looking, promising young artists – Lei Ieng Wai, Leong Chi Mou, and Dor Lio Hak Man – alongside a historical collection from "A Century of Iec Long Firecracker Factory in Radiance – An Exhibition on the Resonant History and Aesthetic Memory of Macao Firecrackers" currently on view at Sands Gallery in Macao. Together, the booth offers a magnificent display of Macao's enduring artistic charm to visitors.
Guests of honour officiate the opening ceremony of the Sands Gallery booth, presented by Sands China Tuesday at Art Central, Hong Kong’s annual premier international art event at Central Harbourfront.
The Sands Gallery booth features artworks by three of Macao’s forward-looking, promising young artists – Lei Ieng Wai, Leong Chi Mou, and Dor Lio Hak Man – alongside a historical collection from “A Century of Iec Long Firecracker Factory in Radiance – An Exhibition on the Resonant History and Aesthetic Memory of Macao Firecrackers” currently on view at Sands Gallery in Macao. Together, the booth offers a magnificent display of Macao’s enduring artistic charm to visitors.
The Sands Gallery booth features artworks by three of Macao’s forward-looking, promising young artists – Lei Ieng Wai, Leong Chi Mou, and Dor Lio Hak Man – alongside a historical collection from “A Century of Iec Long Firecracker Factory in Radiance – An Exhibition on the Resonant History and Aesthetic Memory of Macao Firecrackers” currently on view at Sands Gallery in Macao. Together, the booth offers a magnificent display of Macao’s enduring artistic charm to visitors.
The Sands Gallery booth features artworks by three of Macao’s forward-looking, promising young artists – Lei Ieng Wai, Leong Chi Mou, and Dor Lio Hak Man – alongside a historical collection from “A Century of Iec Long Firecracker Factory in Radiance – An Exhibition on the Resonant History and Aesthetic Memory of Macao Firecrackers” currently on view at Sands Gallery in Macao. Together, the booth offers a magnificent display of Macao’s enduring artistic charm to visitors.
Sands China celebrated the grand opening of its Sands Gallery booth Tuesday at Art Central, Hong Kong’s premier international art event. Sands China's participation in Art Central reaffirms the company's commitment to promoting the development of art and culture in Macao. Since the establishment of Sands Gallery as a permanent art space in 2022, the company has consistently leveraged the gallery as a bridge connecting Macao artists with the global art world. Its debut appearance at Art Central not only brings emerging Macao artists onto an international stage, but also reflects the growing recognition of Sands Gallery within the international art scene. The opening day welcomed nearly 100 distinguished guests from Hong Kong and Macao to mark a new milestone in the development of Macao's art scene.
Sands China is the first integrated tourism and leisure enterprise from Macao invited as an Associate Partner to join Art Central. In alignment with the Macao SAR government's policy of diversified development, Sands China has long supported the integration of culture and tourism. Through presenting Sands Gallery at Art Central, the company seeks to further strengthen the gallery's role as an international cultural portal for Macao – a portal that helps Macao artists expand onto global platforms, thereby elevating the international competitiveness of Macao's arts and cultural sector and its talent development, while constantly fostering the city's vibrant and diversified development.
The Sands Gallery booth will be open to the public March 25-29, presenting more than 40 artworks, including distinctive pieces from the three Macao artists. Their works and artistic visions demonstrate a high international standard, while reflecting deep connections to Macao's urban life and cultural identity. Lei draws on scientific theory as the foundation of aesthetics, transforming artificial spectra, proportional values, and geometric structures into repetitive, precise blocks of colour and surfaces of light that reflect the fluidity and changes of urban life. Leong interrogates shifting notions of value and cultural interfaces that shape identity, informed by his personal migration history. His works examine the tension and intricate relations between Macao culture and artistic essence. Lio blends Japanese manga and Western painting into his practice in a distinctive approach, creating imaginative narratives and artistic spaces that resonate with both ordinary and philosophical experiences.
Dr. Wilfred Wong, executive vice chairman of Sands China Ltd., said: "Since the establishment of Sands Gallery in 2022, Sands China has been committed to fostering cultural exchange between Macao and the world – by leveraging the gallery as a bridge that brings the world of international art into Macao, while carrying Macao's rich artistic vision to the world. After four years of dedicated efforts, we are honoured to be the first integrated tourism and leisure enterprise from Macao participating in Art Central as an Associate Partner. Today, we are delighted to introduce three exceptionally promising young artists from Macao — Lei Ieng Wai, Leong Chi Mou, and Dor Lio Hak Man — showcasing their creative flair to international audiences. Through the power of art, we hope to bring the world closer and deepen people's understanding of one another.
"Macao is a city shaped by over four centuries of cultural exchange between East and West. To reflect this heritage, we are also presenting elements of our special exhibition, 'A Century of Iec Long Firecracker Factory in Radiance,' currently on view at Sands Gallery in Macao, enabling global audiences to experience this shared memory of Macao's vibrant days. By participating in this year's Art Central, we aim for Macao to be a wider international cultural portal, highlighting the stories of Macao artists — and to leverage art as a bridge for global understanding, so we may flourish and grow together."
Lei said: "I would like to express my gratitude to Sands Gallery for supporting me on my artistic journey. From participating in the collateral exhibition for Art Macao at Sands Gallery a few years ago to being here at Art Central today, every step has held great significance for me. The three series on display took me 10 years to complete, and their rich content reflects my unwavering dedication to artistic practice and exploration. With the support of Sands Gallery, I believe that we can use Art Central as a platform to exchange ideas with artists from around the world while elevating my work to new heights."
Leong said: "It was an honour to participate in a collateral exhibition for Art Macao at Sands Gallery a few years ago. I am honoured to join hands with the gallery once again to bring my recognised works to Art Central. Our participation in this prestigious art event not only opens a window for the future development of Macao's art and cultural industry, but also allows the city's distinctive artistic and cultural heritage to shine on the global stage. With the support of Sands Gallery and the showcase of my multimedia works that blend Eastern and Western cultures, we can unleash more opportunities to establish a presence on the global art scene and allow Macao artists to be seen by wider audiences."
Lio said: "It is my first time participating in Art Central, and I am truly honoured to have been invited to an international platform outside Macao to showcase my works to global audiences and connect with artists from around the world. I am grateful to Sands Gallery for providing Macao artists with such a valuable opportunity to pave the way onto the global stage, showcasing the city's creative flair to the world. Through this exhibition, I hope my works can reach more people and bring them a sense of resonance and joy, while demonstrating the strength of Macao's art scene to the world."
Showcasing the diverse cultural heritage of Macao through contemporary art and century-old industrial craftsmanship
The Sands Gallery booth is also being presented in conjunction with "A Century of Iec Long Firecracker Factory in Radiance – An Exhibition on the Resonant History and Aesthetic Memory of Macao Firecrackers," currently on view at Sands Gallery in Macao. Marking the centenary of the Iec Long Firecracker Factory, the booth is also presenting original Macao firecracker packaging labels. Through artistic expression spanning different eras, the exhibition showcases the enduring innovation and creative vitality of Macao's arts and cultural landscape.
In addition, Professor Ung Vai Meng, distinguished professor of the Faculty of Humanities and Arts at the Macau University of Science and Technology and curator of the Iec Long firecracker exhibition, will host a seminar at the Art Central Theatre March 29. Titled "Aesthetics in a Square-Inch: A Century of Visual Culture Change Through Macao's Firecracker Packaging," the seminar will delve into the development and aesthetic spirit of Macao's firecracker industry, bringing the cherished memories of its century-old industrial heritage to the global stage.
The booth's opening brought together nearly 100 distinguished guests, including Macao government officials and representatives from the fields of art and culture, tourism, academia, and media. Moreover, Sands China specially arranged tours guided by professionals from Art Central for the guests to visit both the Sands Gallery booth and other participating galleries. The initiative aims to encourage Macao's various sectors to broaden their international horizons by fostering deeper exchanges with global artists, galleries, and collectors, thereby enhancing their artistic perspectives.
Guests of honour at Tuesday's opening ceremony were: Stanley Mok, general manager of the Macau Government Tourism Office Representative Office in Hong Kong; Corey Andrew Barr, fair director of Art Central; Lok Hei, president of the Macau Artist Society; Professor Ung;
Macao artists Lei, Leong, and Lio; Dr. Wong; and Devonne Iao, senior vice president and chief marketing officer of resort marketing for Sands China Ltd.
For more information about the Sands Gallery booth, please visit https://en.sandsresortsmacao.com/sands-lifestyle/sands-art-gallery/art-central-202603.html.
For more information about Art Central and ticketing, please visit artcentralhongkong.com.
About Sands Gallery
As an art space located at The Grand Suites at Four Seasons Hotel Macao, Sands Gallery is dedicated to bringing diverse art exhibitions to the city, fostering the sustainable development of Macao's cultural and creative industries.
Since its establishment in 2022, the gallery has hosted 12 exhibitions of varied styles, introducing artworks of international and national calibre while also providing opportunities for local artists to showcase their works and connect with the global art stage.
Through continued endeavours in Macao's arts and cultural sector, Sands China has built the Gallery into a platform of artistic weight and cultural depth, injecting multicultural vitality into Macao, enriching the artistic experiences of residents and visitors, and enhancing public appreciation of art. At the same time, it fully supports the Macao SAR government's policy of promoting travel development, contributing to Macao's growth as "a base for exchange and cooperation where Chinese culture is the mainstream and diverse cultures coexist."
About Sands China Ltd.
Sands China Ltd. (Sands China or the Company) is incorporated in the Cayman Islands with limited liability and is listed on The Stock Exchange of Hong Kong Limited (HKEx: 1928). Sands China is the largest operator of integrated resorts in Macao. The Company's integrated resorts on the Cotai Strip comprise The Venetian® Macao, The Plaza® Macao, The Parisian® Macao and The Londoner® Macao. The Company also owns and operates Sands® Macao on the Macao peninsula. The Company's portfolio features a diversified mix of leisure and business attractions and transportation operations, including large meeting and convention facilities; a wide range of restaurants; shopping malls; world-class entertainment at The Venetian Arena, The Londoner Arena, The Venetian Theatre, The Parisian Theatre, The Londoner Theatre and Sands Theatre; and a high-speed Cotai Water Jet ferry service between Hong Kong and Macao. The Company's Cotai Strip portfolio has the goal of contributing to Macao's transformation into a world centre of tourism and leisure. Sands China is a subsidiary of global resort developer Las Vegas Sands Corp. (NYSE: LVS).
For more information, please visit www.sandschina.com.
About Art Central
Art Central, a cornerstone event of Hong Kong Art Month, presents the next generation of talent from Asia's most forward-thinking galleries alongside celebrated artists from across the globe. Since its inaugural edition in 2015, Art Central has established itself as a leading platform for innovation in contemporary art, advancing the profiles of artists and galleries and reinforcing their presence within the international art landscape. Today, the Fair is recognised for the strength of its curatorial programming and as a vital meeting point for discovery and exchange among collectors and curators representing private, corporate, and institutional collections worldwide.
Media contacts:
Corporate Communications, Sands China Ltd.
Mabel Wu
Tel: +853 8118 2268
Email: [email protected]
Jesse Chiang
Tel: +853 8118 2054
Email: [email protected]
Artist Profiles
Lei Ieng Wai
The 39-year-old artist is a graduate of the Oil Painting Department of the Guangzhou Academy of Fine Arts, holding both bachelor's and master's degrees. He currently serves as director of the Macau Artist Society, and vice president of the Macau Youth Art Association, and is a renowned and influential artist in Macao.
Lei acquires creative inspirations from the tension of light and shadow in everyday life. He draws on scientific theory as the foundation of aesthetics, transforming artificial spectra, proportional values, and geometric structures into repetitive and precise blocks of colour and surfaces of light, exploring urban changes and the lives of city dwellers.
He has held solo exhibitions in Portugal, Taiwan region, and Macao SAR, and participated in group exhibitions in the Chinese mainland, Macao SAR, Portugal, the United Kingdom, Spain, Australia, and the United States, including Art Madrid 2018, Affordable Art Fair New York, Affordable Art Fair Hampstead, and the collateral exhibition of "Art Macao: Macau International Art Biennale 2023."
Leong Chi Mou
The 34-year-old artist graduated from the Macao Polytechnic University's Faculty of Art and Design with a Bachelor of Arts degree in Visual Arts (Oil Painting). He is a member of the Macau Artist Society and one of Macao's most influential emerging artists.
His works span both painting and installations. His practice interrogates shifting notions of value and the cultural interfaces that shape identity, informed by personal migration histories and Macao's post-colonial context. Through these inquiries, Leong's works examine the conditions of cultural survival and the intricate entanglements between artistic essence and value systems.
Beyond his solo exhibitions in Macao, he has participated in group exhibitions across the Chinese mainland, Portugal, Belgium, Japan, and other countries and regions. Notable appearances include the 23rd Shanghai Art Fair, the Shenzhen Art Fair, the Guangzhou International Art Fair, the collateral exhibition of "Art Macao: Macao International Art Biennale 2023," and the Belgian exhibition "Surrealistic Chinoiserie: Golden City of Seres – A Cultural and Artistic Exchange Exhibition and Performance between Macao and Antwerp."
Dor Lio Hak Man
The 49-year-old artist serves as vice-director of the Macau Artist Society, vice president of the Macau Youth Art Association, council member of the Society of Urban Sketchers Macao, and a member of Comic's Kingdom Macau. He teaches visual art at a Macao high school and via private lessons.
Born into an artistic family and graduating from City University of Macau, he channels influences from Japanese manga and Western painting into a practice grounded in everyday observation. His work records daily encounters, emotional impressions, and imaginative associations with a relaxed sensibility. He shapes a refined, philosophically attuned visual language that bridges interior experience with an outward-facing openness.
He has held solo exhibitions such as "Festa – Exhibition of Works by Lio Hak Man" in Macao and participated in group exhibitions in the Chinese mainland, Portugal, and South Korea, including "FEBRE: 15 Contemporary Artists from Macao" in Lisbon, "Beijing-Macao Art Teachers Group Exhibition," and the "South Korea-Hong Kong-Macao Joint Art Exhibition."
Sands Gallery booth garners high international recognition
Macao's emerging artists shine on global art stage
Extended activities engage community with firecracker seminar and art tour
Fostering cultural exchange between Macao and the world
, /PRNewswire/ -- Presented by Sands China, the Sands Gallery booth concluded successfully March 29 at Art Central, Hong Kong's premier annual international art event. Throughout the five-day exhibition, the booth attracted strong interest from international gallery representatives, collectors, and artists, fostering cross-cultural exchanges centred on the works of three young Macao artists — Lei leng Wai, Leong Chi Mou, and Dor Lio Hak Man. Additionally, the booth featured a curated firecracker catalogue and a precious collection of original firecracker packaging labels from "A Century of Iec Long Firecracker Factory in Radiance – An Exhibition on the Resonant History and Aesthetic Memory of Macao Firecrackers," currently on view at Sands Gallery in Macao. The display captivated a wide international audience, demonstrating the global appeal of Macao's cross-generational culture.
Sands Gallery’s participation in Art Central underscores its role as an international cultural portal for Macao. It not only leads Macao artists to shine on the global stage, but also highlights Macao’s rich cultural and artistic qualities, further enhancing the city’s international reputation and its influence in the field.
Presented by Sands China, the Sands Gallery booth concluded successfully March 29 at Art Central, Hong Kong’s premier annual international art event. This year’s Art Central was the largest edition to date, bringing together 117 galleries and over 500 international artists, attracting more than 40,000 visitors.
Throughout the five-day exhibition, the Sands Gallery booth attracted strong interest from international gallery representatives, collectors, and artists, fostering cross-cultural exchanges centred on the works of three young Macao artists — Lei leng Wai, Leong Chi Mou, and Dor Lio Hak Man.
Throughout the five-day exhibition, the Sands Gallery booth attracted strong interest from international gallery representatives, collectors, and artists, fostering cross-cultural exchanges centred on the works of three young Macao artists — Lei leng Wai, Leong Chi Mou, and Dor Lio Hak Man.
Throughout the five-day exhibition, the Sands Gallery booth attracted strong interest from international gallery representatives, collectors, and artists, fostering cross-cultural exchanges centred on the works of three young Macao artists — Lei leng Wai, Leong Chi Mou, and Dor Lio Hak Man.
The Sands Gallery booth also featured a curated firecracker catalogue and a precious collection of original firecracker packaging labels from “A Century of Iec Long Firecracker Factory in Radiance – An Exhibition on the Resonant History and Aesthetic Memory of Macao Firecrackers,” currently on view at Sands Gallery in Macao. The display captivated a wide international audience, demonstrating the global appeal of Macao’s cross-generational culture.
The Sands Gallery booth also featured a curated firecracker catalogue and a precious collection of original firecracker packaging labels from “A Century of Iec Long Firecracker Factory in Radiance – An Exhibition on the Resonant History and Aesthetic Memory of Macao Firecrackers,” currently on view at Sands Gallery in Macao. The display captivated a wide international audience, demonstrating the global appeal of Macao’s cross-generational culture.
Sands China invited distinguished Professor Ung Vai Meng of the Faculty of Humanities and Arts at the Macau University of Science and Technology, who curated the firecracker exhibition at Sands Gallery in Macao, to deliver a seminar March 29 at Art Central.
The seminar traced the development of the firecracker trade, focusing on the aesthetics emanating from the square-inch packaging paper, the folk symbolism and aesthetic trends behind the graphics, and how the packaging design responded to cross-cultural market demands.
Sands China specially arranged a guided tour at Art Central for representatives from four NGOs in Macao: Fuhong Society of Macau, Macau Special Olympics, the Noah Family Mutual Aid Association, and the Richmond Fellowship of Macau, allowing them to experience the international art event firsthand and enabling them to appreciate the power of diverse art and creativity, while paving the way to foster inclusion of art in the Macao community from a broader perspective. Sands Gallery's participation in Art Central underscores its role as an international cultural portal for Macao. It not only leads Macao artists to shine on a global stage, but also highlights Macao's rich cultural and artistic qualities, further enhancing the city's international reputation and its influence in the field of arts and culture.
Sands China is the first integrated tourism and leisure enterprise in Macao invited to join Art Central as an Associate Partner. This year's Art Central was the largest edition to date, bringing together 117 galleries and over 500 international artists, and attracting more than 40,000 visitors.
Since its establishment in 2022, Sands Gallery has consistently introduced international artworks to Macao, while providing a platform for Macao artists to showcase their works to an international audience. Such initiatives are designed to align with the Macao SAR government's directives on diversified development and cultural tourism. The Sands Gallery booth at Art Central featured more than 40 artworks, including the representative works by the three Macao contemporary artists and the original Macao firecracker packaging labels. In addition, the company arranged extended activities — a seminar on firecracker aesthetics and guided art tours — to further foster art and cultural exchange between Macao and the world.
Dr. Wilfred Wong, executive vice chairman of Sands China Ltd., said: "We are deeply honoured to join Art Central as Associate Partner, sincerely grateful to the organiser for their recognition and support in Sands Gallery. As a prominent platform in the global contemporary art scene, Art Central has provided a valuable opportunity for Sands Gallery to showcase Macao's cultural depth and artistic vitality to the world; the ensuing recognition received from the international art industry, academia, and visitors is deeply meaningful and profoundly encouraging to us. We are delighted to see the works of Lei leng Wai, Leong Chi Mou, and Dor Lio Hak Man garnering such high acclaim from collectors, visitors, and media from all over the world, which has enabled them to broaden their international perspectives and networks, and also laid a robust foundation for their future international advancement in the global art scene.
"We also organised a seminar on firecracker aesthetics hosted by Professor Ung Vai Meng as an extended activity at Art Central, introducing Macao's century-old cultural legacy to international audiences through dialogues and exchanges. In this way, we hope to inspire international visitors to further discover Macao's history and heritage, strengthening the city's position as a World Centre of Tourism and Leisure. We would like to extend our heartfelt gratitude to the Macao SAR government and various sectors of society for their full support of Sands Gallery. Looking ahead, Sands China will continue to support the government's economic diversification plan, while expanding international platforms for Macao artists. Through the power of arts and culture, we aspire to foster a more diverse, visionary future for Macao."
Corey Andrew Barr, fair director of Art Central, said: "Sands China embodies a spirit of partnership that goes far beyond the conventional — building genuine pathways for the exchange of art and ideas between Macao and Hong Kong, rooted in a deep sense of shared heritage that binds our two cities like family. We are honoured to welcome Sands China as Associate Partner of Art Central, and to celebrate this relationship as one of our most meaningful."
Artist Lei Ieng Wai, said: "I sincerely thank Sands Gallery for its dedicated efforts in broadening international horizons for Macao artists and providing us with valuable opportunities to showcase our work to an international audience. This exhibition has been tremendously constructive, enabling us to forge connections with international collectors and art institutions while laying an important foundation for Macao artists to enter the global market. I am deeply grateful to Sands China and looking forward to further opportunities to participate in international art events, continuing to showcase the creative strengths of Macao artists with the world."
Artist Leong Chi Mou, said: "I am grateful to Sands China for fully supporting our participation in Art Central, which allowed us to engage with international galleries, curators and artists, and gain deeper insights into the preferences of global audiences and markets. This experience has been richly nourishing and has prompted me to reflect on how Macao's art can further connect with the world. From participating in Art Macao's collateral exhibition at Sands Gallery a few years ago to now standing together on this international stage through the gallery, I firmly believe that artistic strength nurtured by Sands Gallery will shine even more brightly on the world stage in the future."
Artist Dor Lio Hak Man, said: "I would like to express my gratitude to Sands Gallery for facilitating my debut at Art Central. Beyond the opportunity to present my work, this has been a cherished learning experience that has fostered significant growth. I was deeply inspired and impressed by the creations and perspectives of global artists on this international art stage, which has led me to further contemplate my own creative direction. Art is an endless journey; this experience has strengthened my resolve to achieve my goals, which are to create more impactful artworks, and continue to capture life and spread warmth through art."
French artist and collector Nicolas Deladerrière, who visited the booth, said: "It was truly refreshing to visit the Sands Gallery booth at Art Central. The collection is a brilliant cocktail of tradition and modernity — Macao's artists exploring everyday life with a sharp wit, while seamlessly revisiting centuries of graphic heritage. The highlight for me was seeing those beautiful, vintage firecracker labels. Created in Macao over a century, they built the graphic imagery of our childhoods all over the world. Seeing the thoughtful juxtaposition of Macao's history with the bold energy of these rising contemporary voices creates a powerful bridge between our past and the future of art that resonates with audiences across generations."
Seminar extends century-old firecracker aesthetics to showcase Macao's art and cultural heritage
To help international audiences better comprehend the aesthetic legacy of Macao's century-old firecracker industry, Sands China invited distinguished Professor Ung Vai Meng of the Faculty of Humanities and Arts at the Macau University of Science and Technology, who curated the firecracker exhibition at Sands Gallery in Macao, to deliver a seminar March 29 at Art Central. The seminar traced the development of the firecracker trade, focusing on the aesthetics emanating from the square-inch packaging paper, the folk symbolism and aesthetic trends behind the graphics, and how the packaging design responded to cross-cultural market demands.
The seminar was well received and sparked enthusiastic discussions on-site, connecting shared memories among audiences from Hong Kong and Macao through the genuine sharing of the speaker. The event also provided international audiences with a profound perspective into the industry's history, aesthetics, and urban memory, deepening their understanding of the cultural significance and warmth of Macao's firecracker heritage.
Participation in art tour connects the community
To broaden public engagement with art, Sands China specially arranged a guided tour at Art Central for representatives from four NGOs in Macao: the Fuhong Society of Macau, the Macau Special Olympics, the Noah Family Mutual Aid Association, and the Richmond Fellowship of Macau. Led by professionals from Art Central, participants visited the Sands Gallery booth and other exhibiting galleries, allowing NGO members to experience the international art event firsthand and enabling them to appreciate the power of diverse art and creativity, while paving the way to foster inclusion of art in the Macao community from a broader perspective.
Jennifer Chau, director of Fuhong Society of Macau, who participated in the art tour, said: "I would like to express my gratitude to Sands China for organising this art tour for NGOs. It provided us a valuable opportunity to appreciate the works of three Macao artists introduced by the Sands Gallery booth at Art Central, while also allowing us to visit other international galleries. This experience is a valuable source of inspiration, helping us gain a deeper understanding of international approaches to artistic expression and curatorial techniques, which is beneficial to the art development within our organisation. Looking ahead, we hope to foster more collaboration with Macao artists and jointly promote art inclusion. Together, we can further share the story of Macao and its art with the world."
About Sands Gallery
As an art space located at The Grand Suites at Four Seasons Hotel Macao, Sands Gallery is dedicated to bringing diverse art exhibitions to the city, fostering the sustainable development of Macao's cultural and creative industries.
Since its establishment in 2022, the gallery has hosted 12 exhibitions of varied styles, introducing artwork of international and national calibre while also providing opportunities for local artists to showcase their work and connect with the global art stage.
Through continued endeavours in Macao's arts and cultural sector, Sands China has built the Gallery into a platform of artistic weight and cultural depth, injecting multicultural vitality into Macao, enriching the artistic experiences of residents and visitors, and enhancing public appreciation of art. At the same time, it fully supports the Macao SAR government's policy of promoting non-gaming development, contributing to Macao's growth as "a base for exchange and cooperation where Chinese culture is the mainstream and diverse cultures coexist."
About Sands China Ltd.
Sands China Ltd. (Sands China or the Company) is incorporated in the Cayman Islands with limited liability and is listed on The Stock Exchange of Hong Kong Limited (HKEx: 1928). Sands China is the largest operator of integrated resorts in Macao. The Company's integrated resorts on the Cotai Strip comprise The Venetian® Macao, The Plaza® Macao, The Parisian® Macao and The Londoner® Macao. The Company also owns and operates Sands® Macao on the Macao peninsula. The Company's portfolio features a diversified mix of leisure and business attractions and transportation operations, including large meeting and convention facilities; a wide range of restaurants; shopping malls; world-class entertainment at The Venetian Arena, The Londoner Arena, The Venetian Theatre, The Parisian Theatre, The Londoner Theatre and Sands Theatre; and a high-speed Cotai Water Jet ferry service between Hong Kong and Macao. The Company's Cotai Strip portfolio has the goal of contributing to Macao's transformation into a world centre of tourism and leisure. Sands China is a subsidiary of global resort developer Las Vegas Sands Corp. (NYSE: LVS).
For more information, please visit www.sandschina.com.
About Art Central
Art Central, a cornerstone event of Hong Kong Art Month, presents the next generation of talent from Asia's most forward-thinking galleries alongside celebrated artists from across the globe. Since its inaugural edition in 2015, Art Central has established itself as a leading platform for innovation in contemporary art, advancing the profiles of artists and galleries and reinforcing their presence within the international art landscape. Today, the Fair is recognised for the strength of its curatorial programming and as a vital meeting point for discovery and exchange among collectors and curators representing private, corporate, and institutional collections worldwide.
Media contacts:
Corporate Communications, Sands China Ltd.
Mabel Wu
Tel: +853 8118 2268
Email: [email protected]
Two factors often determine stock prices in the long run: earnings and interest rates. Investors can't control the latter, but they can focus on a company's earnings results every quarter.
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The Zacks Earnings ESP, ExplainedThe Zacks Expected Surprise Prediction, or ESP, works by locking in on the most up-to-date analyst earnings revisions because they can be more accurate than estimates from weeks or even months before the actual release date. The thinking is pretty straightforward: analysts who provide earnings estimates closer to the report are likely to have more information.
Now that we understand the basic idea, let's look at how the Expected Surprise Prediction works. The ESP is calculated by comparing the Most Accurate Estimate to the Zacks Consensus Estimate, with the percentage difference between the two giving us the Zacks ESP figure.
In fact, when we combined a Zacks Rank #3 (Hold) or better and a positive Earnings ESP, stocks produced a positive surprise 70% of the time. Perhaps most importantly, using these parameters has helped produce 28.3% annual returns on average, according to our 10 year backtest.
Stocks with a ranking of #3 (Hold), or 60% of all stocks covered by the Zacks Rank, are expected to perform in-line with the broader market. Stocks with rankings of #2 (Buy) and #1 (Strong Buy), or the top 15% and top 5% of stocks, respectively, should outperform the market; Strong Buy stocks should outperform more than any other rank.
Should You Consider Las Vegas Sands?The final step today is to look at a stock that meets our ESP qualifications. Las Vegas Sands (LVS - Free Report) earns a #3 (Hold) 20 days from its next quarterly earnings release on April 22, 2026, and its Most Accurate Estimate comes in at $0.80 a share.
LVS has an Earnings ESP figure of +5.57%, which, as explained above, is calculated by taking the percentage difference between the $0.80 Most Accurate Estimate and the Zacks Consensus Estimate of $0.76. Las Vegas Sands is one of a large database of stocks with positive ESPs. Make sure to utilize our Earnings ESP Filter to uncover the best stocks to buy or sell before they've reported.
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For Peloton, the percentage difference between its Most Accurate Estimate and its Zacks Consensus Estimate of $0.06 is +13.95%.
Because both stocks hold a positive Earnings ESP, LVS and PTON could potentially post earnings beats in their next reports.
Find Stocks to Buy or Sell Before They're ReportedUse the Zacks Earnings ESP Filter to turn up stocks with the highest probability of positively, or negatively, surprising to buy or sell before they're reported for profitable earnings season trading. Check it out here >>
The company's new environmental, social and governance report recaps 2025 highlights and full reporting cycle accomplishments.
, /PRNewswire/ -- Las Vegas Sands (NYSE: LVS) has released its latest environmental, social and governance (ESG) report, highlighted by the accomplishment of its 2021-2025 ambitions in the areas of workforce development, community volunteerism and carbon emissions reduction. The company's goals align with its People, Communities and Planet corporate responsibility pillars.
At the close of 2025, Sands had spent more than $270 million on workforce development initiatives since 2021, surpassing its People pillar ambition to invest $200 million by 2025. In 2025, the company invested nearly $53 million in programs to advance job skills and career training for Team Members, hospitality industry professionals and the local labor pool in its regions.
Sands also surpassed its Communities pillar target of contributing 250,000 Team Member volunteer hours by 2025, with more than 290,000 hours amassed between 2021-2025 and nearly 35,000 volunteer hours logged for 82 nonprofit organizations in 2025.
Under the Planet pillar, Sands reduced its scope 1 and 2 emissions by 54% in 2025 from a 2018 base year, achieving its Science Based Targets Initiative (SBTi)-validated 17.5% reduction target as well as its 1.5°C-aligned 30% reduction target in line with the United Nations Paris Agreement. The company supported accomplishment of these targets by accelerating renewable energy use and increasing energy attribute certificate purchases from 8% to 31% during the reporting cycle.
In addition to these primary ambitions, Sands made advancements in other People, Communities and Planet priorities.
People – Beyond its 2021-2025 workforce development investment, which encompassed 235 partnerships with universities and 116 new Team Member development programs, Sands continued to place priority on working with local businesses and small and medium enterprises (SMEs) in support of its regions' economic health. In 2025, the company procured $2 billion in goods and services from local businesses in its regions, including $437 million from diverse businesses and SMEs. During the full 2021-2025 reporting period, the company spent $1.7 billion with SMEs in Macao alone.
Communities – Along with its priority on community volunteer service, Sands provided $11 million in philanthropic contributions to nonprofit organizations in 2025 and $53 million in sponsorships to support its regions' cultural events and programs during the 2021-2025 reporting cycle. Helping nonprofits build their capacity through funding and mentorship remained a top priority, headlined by the Sands Cares Accelerator, which incubates the strategic goals of nonprofits over three years and graduated its sixth member at the end of 2025.
Over the five-year reporting period, helping regions navigate the pandemic and other crisis situations was a primary focus, with Sands contributing substantial Team Member volunteer time, emergency-response supplies, in-kind donations and funding for COVID-19 support around the world. The company's regions also continued their long-standing tradition of aiding people facing hardships by assembling and donating more than 300,000 hygiene and emergency kits through the Sands Cares Global Hygiene Kit Build with Clean the World and other local emergency preparedness initiatives.
Planet – In addition to maintaining achievement of its emissions-reduction target, Sands achieved other milestones in its priority areas of waste diversion, incorporation of sustainable materials and resources, and water stewardship led by the Sands ECO360 global sustainability program. By the end of 2025, the company had increased operational waste diversion by 10% over a 2019 base year, surpassing its 5% target. Sands' properties also prevented, rescued or diverted 36% of food waste in 2025, well above the company's 25% target. In support of its global commitment to reduce food waste, Sands donated 52 metric tons of unserved food to local hunger relief organizations during the five-year reporting period.
In line with its focus on increasing use of sustainable materials and resources, Sands successfully transitioned all company-branded water bottles to reusable solutions or sustainable materials as of August 2025. The company also set a target to procure 100% cage-free eggs by 2028 and made strong progress by achieving 40% sourcing at the end of 2025. Finally, Sands reduced potable water use intensity by 8% in 2025 from the 2019 base year, surpassing its 3% reduction target.
"The 2021-2025 reporting period was a time of resilience and sheer determination to reach our targets with the significant challenges the pandemic brought to the hospitality industry in the early part of the cycle," Katarina Tesarova, senior vice president and chief sustainability officer, said. "We remained committed to our goals throughout every stage, and the credit for achievement of our ESG targets goes to our Team Members around the world."
Underscoring Sands' ESG performance in 2025, the company was included on Fortune's World's Most Admired Companies 2026 list, Newsweek's 2026 America's Greenest Companies and 2026 America's Most Responsible Companies lists, and CDP's 2025 A-List for Climate Change.
To read the company's 2025 ESG Report, visit: https://www.sands.com/resources/reports/.
About Sands (NYSE: LVS)
Sands is the leading global developer and operator of integrated resorts. The company's iconic properties drive valuable leisure and business tourism and deliver significant economic benefits, sustained job creation, financial opportunities for local businesses and community investment to help make its host regions ideal places to live, work and visit.
Sands' portfolio of properties includes Marina Bay Sands® in Singapore and The Venetian® Macao, The Londoner Macao®, The Parisian® Macao, The Plaza® Macao and Four Seasons® Hotel Macao, and Sands® Macao in Macao SAR, China, through majority ownership in Sands China Ltd.
Dedicated to being a leader in corporate responsibility, Sands is anchored by the core tenets of serving people, communities and the planet. The company's ESG leadership has led to inclusion on the Dow Jones Best-in-Class Indices for World and North America, as well as Fortune's list of the World's Most Admired Companies. To learn more, visit www.sands.com.
Net Revenue Increased 25.3% to $3.59 billion Net Income Increased 57.1% to $641 million Diluted Earnings per Share Increased 73.5% to $0.85 per Share Consolidated Adjusted Property EBITDA Increased 24.6% to $1.42 billion LVS Repurchased $740 million of Common Stock , /PRNewswire/ -- Las Vegas Sands (NYSE: LVS), the leading global developer and operator of Integrated Resorts, today reported financial results for the quarter ended March 31, 2026.
"We continued to execute our strategic objectives during the quarter as we delivered growth in both Singapore and Macao while continuing to increase the return of capital to shareholders," said Patrick Dumont, chairman and chief executive officer.
"Looking ahead, we remain confident that our people, our products and our focus on delivering outstanding service, hospitality and entertainment experiences to our customers will drive growth for the company and deliver strong returns to our shareholders in the years ahead."
Net revenue was $3.59 billion, compared to $2.86 billion in the prior year quarter. Operating income was $904 million, compared to $609 million in the prior year quarter. Net income in the first quarter of 2026 was $641 million, compared to $408 million in the first quarter of 2025.
Consolidated adjusted property EBITDA was $1.42 billion, compared to $1.14 billion in the prior year quarter.
Sands China Ltd. Consolidated Financial Results
On a GAAP basis, total net revenues for SCL increased 23.6% to $2.10 billion, compared to the first quarter of 2025. Net income for SCL increased 45.5% to $294 million, compared to $202 million in the first quarter of 2025.
Other Factors Affecting Earnings
Interest expense, net of amounts capitalized, was $188 million for the first quarter of 2026, compared to $174 million in the prior year quarter. Our weighted average debt balance was $16.0 billion during the first quarter of 2026, compared to $13.86 billion during the first quarter of 2025. Our weighted average borrowing cost was 4.6% during the first quarter of 2026, compared to 4.9% during the first quarter of 2025.
Our effective income tax rate for the first quarter of 2026 was 14.3%, compared to 13.4% in the prior year quarter. The income tax rate for the first quarter of 2026 was primarily driven by a 17% statutory rate on our Singapore operations.
Stockholder Returns
During the first quarter of 2026, we repurchased $740 million of our common stock (approximately 13 million shares at a weighted average price of $56.64). The remaining amount authorized under our share repurchase program was $817 million as of March 31, 2026. Since the resumption of our share repurchase program in the fourth quarter of 2023 through March 31, 2026, we have repurchased 14.3% of our outstanding shares, approximately 109 million shares of our common stock at an average price of $47.95, for a total investment of $5.24 billion. The timing and actual number of shares to be repurchased in the future will depend on a variety of factors, including the company's financial position, earnings, legal requirements, other investment opportunities and market conditions.
We paid a quarterly dividend of $0.30 per common share during the quarter. Our next quarterly dividend of $0.30 per common share will be paid on May 13, 2026, to Las Vegas Sands stockholders of record on May 5, 2026.
Balance Sheet Items
Unrestricted cash balances as of March 31, 2026 were $3.33 billion.
As of March 31, 2026, total debt outstanding, net of deferred offering costs and original issue discounts, excluding finance leases, was $15.57 billion.
In April 2026, the company repaid HKD 2.40 billion (approximately $307 million at exchange rates in effect at the time of the transaction) of the outstanding balance under the 2024 SCL Revolving Facility.
As of April 22, 2026, the company has access to $3.97 billion available for borrowing under our U.S., SCL and Singapore revolving credit facilities, net of outstanding letters of credit, and $4.94 billion available under a delayed draw term loan facility that may be used to finance development and construction costs, expenses, fees and other payments related to the MBS Expansion Project.
Capital Expenditures
Capital expenditures during the first quarter totaled $194 million, including construction, development and maintenance activities of $102 million at Marina Bay Sands and $89 million in Macao.
Conference Call Information
The company will host a conference call to discuss the company's results on Wednesday, April 22, 2026, at 1:30 p.m. Pacific Time. Interested parties may listen to the conference call through a webcast available on the company's website at www.sands.com.
About Sands (NYSE: LVS)
Sands is the leading global developer and operator of integrated resorts. The company's iconic properties drive valuable leisure and business tourism and deliver significant economic benefits, sustained job creation, financial opportunities for local businesses and community investment to help make its host regions ideal places to live, work and visit.
Sands' portfolio of properties includes Marina Bay Sands® in Singapore and The Venetian® Macao, The Londoner Macao®, The Parisian® Macao, The Plaza® Macao and Four Seasons® Hotel Macao, and Sands® Macao in Macao SAR, China, through majority ownership in Sands China Ltd.
Dedicated to being a leader in corporate responsibility, Sands is anchored by the core tenets of serving people, communities and the planet. The company's ESG leadership has led to inclusion on the Dow Jones Best-in-Class Indices for World and North America, as well as Fortune's list of the World's Most Admired Companies. To learn more, visit www.sands.com.
Forward-Looking Statements
This press release contains forward-looking statements made pursuant to the Safe Harbor Provisions of the Private Securities Litigation Reform Act of 1995. These forward-looking statements include the discussions of our business strategies and expectations concerning future operations, margins, profitability, liquidity and capital resources. In addition, in certain portions included in this press release, the words "anticipates," "believes," "can," "continues," "estimates," "expects," "goals," "intends," "looks forward to," "may," "opportunities," "plans," "positions," "remains," "seeks," "targets," "will," "would" and similar expressions, as they relate to our company or management, are intended to identify forward-looking statements. Although we believe these forward-looking statements are reasonable, we cannot assure you any forward-looking statements will prove to be correct. These statements represent our expectations, beliefs, intentions or strategies concerning future events that, by their nature, involve a number of risks, uncertainties or other factors beyond our control, which may cause our actual results, performance, achievements or other expectations to be materially different from any future results, performance, achievements or other expectations expressed or implied by these forward-looking statements. These factors include, but are not limited to, the risks associated with: our gaming license in Singapore and concession in Macao and amendments to Macao's gaming laws; general economic conditions; disruptions or reductions in travel and our operations due to natural or man-made disasters, pandemics, epidemics or outbreaks of infectious or contagious diseases; our ability to invest in future growth opportunities, or attempt to expand our business in new markets and new ventures, execute our capital expenditure programs at our existing properties and produce future returns; government regulation; the extent to which the laws and regulations of mainland China become applicable to our operations in Macao and Hong Kong; the possibility that economic, political and legal developments in Macao adversely affect our Macao operations, or that there is a change in the manner in which regulatory oversight is conducted in Macao; our subsidiaries' ability to make distribution payments to us; substantial leverage and debt service; fluctuations in currency exchange rates and interest rates; our ability to collect gaming receivables; win rates for our gaming operations; risk of fraud and cheating; competition; tax law changes; political instability, civil unrest, terrorist acts or war; legalization of gaming; insurance; the collectability of our outstanding loan receivable; limitations on the transfers of cash to and from our subsidiaries; limitations of the pataca exchange markets; restrictions on the export of the renminbi; and other risks and uncertainties detailed in Annual Reports on Form 10-K and Quarterly Reports on Form 10-Q filed by Las Vegas Sands Corp. with the Securities and Exchange Commission. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date such statement is made. Las Vegas Sands Corp. assumes no obligation to update any forward-looking statements and information.
Las Vegas Sands Corp.
First Quarter 2026 Results
Non-GAAP Financial Measures
Within the company's first quarter 2026 press release, the company makes reference to certain non-GAAP financial measures that supplement the company's consolidated financial information prepared in accordance with GAAP including "adjusted net income (loss)," "adjusted earnings (loss) per diluted share" and "consolidated adjusted property EBITDA," which have directly comparable GAAP financial measures. The company believes these measures represent important internal measures of financial performance. Set forth in the financial schedules accompanying this press release and presentations included on the company's website are reconciliations of the non-GAAP financial measures to the most directly comparable GAAP financial measures. The non-GAAP financial measure disclosure by the company has limitations and should not be considered a substitute for, or superior to, the financial measures prepared in accordance with GAAP. The definitions of our non-GAAP financial measures and the specific reasons why the company's management believes the presentation of the non-GAAP financial measures provides useful information to investors regarding the company's financial condition, results of operations and cash flows are presented below.
The following non-GAAP financial measures are used by management, as well as industry analysts, to evaluate the company's operations and operating performance. These non-GAAP financial measures are presented so investors have the same financial data management uses in evaluating financial performance with the belief it will assist the investment community in properly assessing the underlying financial performance of the company on a year-over-year and a quarter sequential basis.
Adjusted net income (loss), which is a non-GAAP financial measure, is net income (loss) attributable to Las Vegas Sands excluding pre-opening expense, development expense, gain or loss on disposal or impairment of assets, gain or loss on modification or early retirement of debt, other income or expense and certain nonrecurring corporate expenses, net of income tax. Adjusted net income (loss) and adjusted earnings (loss) per diluted share are presented as supplemental disclosures as management believes they are (1) each widely used measures of performance by industry analysts and investors and (2) a principal basis for valuation of Integrated Resort companies, as these non-GAAP financial measures are considered by many as alternative measures on which to base expectations for future results. These measures also form the basis of certain internal management performance expectations.
Consolidated adjusted property EBITDA, which is a non-GAAP financial measure, is net income (loss) before stock-based compensation expense, corporate expense, pre-opening expense, development expense, depreciation and amortization, amortization of leasehold interests in land, gain or loss on disposal or impairment of assets, interest, other income or expense, gain or loss on modification or early retirement of debt and income taxes. Management utilizes consolidated adjusted property EBITDA to compare the operating profitability of its operations with those of its competitors, as well as a basis for determining certain incentive compensation. Integrated Resort companies, including Las Vegas Sands, have historically reported adjusted property EBITDA as a supplemental performance measure to GAAP financial measures. In order to view the operations of their properties on a more stand-alone basis, Integrated Resort companies, including Las Vegas Sands, have historically excluded certain expenses that do not relate to the management of specific properties, such as pre-opening expense, development expense and corporate expense, from their adjusted property EBITDA calculations. Consolidated adjusted property EBITDA should not be interpreted as an alternative to income (loss) from operations (as an indicator of operating performance) or to cash flows from operations (as a measure of liquidity), in each case, as determined in accordance with GAAP. The company has significant uses of cash flow, including capital expenditures, dividend payments, interest payments, debt principal repayments, share repurchases and income tax payments, which are not reflected in consolidated adjusted property EBITDA. Not all companies calculate adjusted property EBITDA in the same manner. As a result, consolidated adjusted property EBITDA as presented by Las Vegas Sands may not be directly comparable to similarly titled measures presented by other companies.
Exhibit 1
Las Vegas Sands Corp. and Subsidiaries
Condensed Consolidated Statements of Operations
(In millions, except per share data)
(Unaudited)
Three Months Ended
March 31,
2026
2025
Revenues:
Casino
$ 2,739
$ 2,127
Rooms
377
324
Food and beverage
176
141
Mall
204
186
Convention, retail and other
89
84
Net revenues
3,585
2,862
Operating expenses:
Resort operations
2,167
1,723
Corporate
83
73
Pre-opening
4
4
Development
41
69
Depreciation and amortization
357
362
Amortization of leasehold interests in land
21
15
Loss on disposal or impairment of assets
8
7
2,681
2,253
Operating income
904
609
Other income (expense):
Interest income
35
42
Interest expense, net of amounts capitalized
(188)
(174)
Other expense
(3)
(1)
Loss on modification or early retirement of debt
—
(5)
Income before income taxes
748
471
Income tax expense
(107)
(63)
Net income
641
408
Net income attributable to noncontrolling interests
(74)
(56)
Net income attributable to Las Vegas Sands Corp.
$ 567
$ 352
Earnings per share:
Basic
$ 0.85
$ 0.49
Diluted
$ 0.85
$ 0.49
Weighted average shares outstanding:
Basic
669
712
Diluted
671
713
Exhibit 2
Las Vegas Sands Corp. and Subsidiaries
Net Revenues and Adjusted Property EBITDA
(In millions)
(Unaudited)
Three Months Ended
March 31,
2026
2025
Net Revenues
The Venetian Macao
$ 710
$ 638
The Londoner Macao
754
529
The Parisian Macao
229
227
The Plaza Macao and Four Seasons Macao
290
208
Sands Macao
93
75
Ferry Operations and Other
38
32
Macao Operations
2,114
1,709
Marina Bay Sands
1,487
1,163
Intercompany Royalties
87
61
Intersegment Eliminations(1)
(103)
(71)
$ 3,585
$ 2,862
Adjusted Property EBITDA
The Venetian Macao
$ 238
$ 225
The Londoner Macao
223
153
The Parisian Macao
46
66
The Plaza Macao and Four Seasons Macao
114
74
Sands Macao
9
10
Ferry Operations and Other
3
7
Macao Operations
633
535
Marina Bay Sands
788
605
$ 1,421
$ 1,140
Adjusted Property EBITDA as a Percentage of Net Revenues
The Venetian Macao
33.5 %
35.3 %
The Londoner Macao
29.6 %
28.9 %
The Parisian Macao
20.1 %
29.1 %
The Plaza Macao and Four Seasons Macao
39.3 %
35.6 %
Sands Macao
9.7 %
13.3 %
Ferry Operations and Other
7.9 %
21.9 %
Macao Operations
29.9 %
31.3 %
Marina Bay Sands
53.0 %
52.0 %
Total
39.6 %
39.8 %
____________________
(1)
Intersegment eliminations include royalties and other intercompany services.
Exhibit 3
Las Vegas Sands Corp. and Subsidiaries
Non-GAAP Financial Measure Reconciliation
(In millions)
(Unaudited)
The following is a reconciliation of Net Income to Consolidated Adjusted Property EBITDA:
Three Months Ended
March 31
2026
2025
Net income
$ 641
$ 408
Add (deduct):
Income tax expense
107
63
Loss on modification or early retirement of debt
—
5
Other expense
3
1
Interest expense, net of amounts capitalized
188
174
Interest income
(35)
(42)
Loss on disposal or impairment of assets
8
7
Amortization of leasehold interests in land
21
15
Depreciation and amortization
357
362
Development expense
41
69
Pre-opening expense
4
4
Stock-based compensation(1)
3
1
Corporate expense
83
73
Consolidated Adjusted Property EBITDA
$ 1,421
$ 1,140
____________________
(1)
During the three months ended March 31, 2026 and 2025, the company recorded stock-based compensation expense of $24 million and $9 million, respectively, of which $21 million and $8 million, respectively, was included in corporate expense in the accompanying condensed consolidated statements of operations.
Exhibit 4
Las Vegas Sands Corp. and Subsidiaries
Non-GAAP Financial Measure Reconciliation
(In millions, except per share data)
(Unaudited)
The following is a reconciliation of Net Income Attributable to LVS to Adjusted Net Income:
Three Months Ended
March 31,
2026
2025
Net income attributable to LVS
$ 567
$ 352
Pre-opening expense
4
4
Development expense
41
69
Loss on disposal or impairment of assets
8
7
Other expense
3
1
Loss on modification or early retirement of debt
—
5
Income tax impact on net income adjustments(1)
(9)
(14)
Noncontrolling interest impact on net income adjustments
(2)
(3)
Adjusted net income attributable to LVS
$ 612
$ 421
The following is a reconciliation of Net Income per Diluted Share to Adjusted Earnings per Diluted Share:
Three Months Ended
March 31,
2026
2025
Per diluted share of common stock:
Net income attributable to LVS
$ 0.85
$ 0.49
Pre-opening expense
0.01
0.01
Development expense
0.06
0.10
Loss on disposal or impairment of assets
0.01
0.01
Loss on modification or early retirement of debt
—
0.01
Income tax impact on net income adjustments
(0.02)
(0.03)
Adjusted earnings per diluted share
$ 0.91
$ 0.59
Weighted average diluted shares outstanding
671
713
____________________
(1)
The income tax impact for each adjustment is derived by applying the effective tax rate, including current and deferred income tax expense, based upon the jurisdiction and the nature of the adjustment.
Exhibit 5
Las Vegas Sands Corp. and Subsidiaries
Supplemental Data
(In millions)
(Unaudited)
The following reflects the impact on Net Revenues for hold-adjusted
win percentage:
Three Months Ended
March 31,
2026
2025
Macao Operations
$ (25)
$ 17
Marina Bay Sands(1)
7
8
$ (18)
$ 25
The following reflects the impact on Adjusted Property EBITDA for
hold-adjusted win percentage:
Three Months Ended
March 31,
2026
2025
Macao Operations
$ (15)
$ 10
Marina Bay Sands(1)
6
6
$ (9)
$ 16
____________________
Note:
These amounts represent the estimated impact of the hold adjustment that would have occurred had the company's Rolling Chip win percentage for the three months ended March 31, 2026 and 2025, equaled 3.3% for the Macao operations and 3.6% and 3.8%, respectively, for Marina Bay Sands. Included are the estimated commissions paid, discounts and other incentives rebated directly or indirectly to customers, gaming taxes and bad debt expense that would have been incurred or avoided.
(1)
Beginning with the three months ended September 30, 2025, we revised our expected hold-adjusted win percentage for Marina Bay Sands to be based on the theoretical hold percentage measured by technology-enabled gaming tables. Presentation of the prior year period has been revised to be consistent with that methodology.
Exhibit 6
Las Vegas Sands Corp. and Subsidiaries
Supplemental Data
(Unaudited)
Three Months Ended
March 31,
2026
2025
Casino Statistics:
The Venetian Macao:
Table games win per unit per day(1)
$ 10,557
$ 8,834
Slot machine win per unit per day(2)
$ 481
$ 367
Average number of table games
638
668
Average number of slot machines
1,457
1,683
The Londoner Macao:
Table games win per unit per day(1)
$ 15,992
$ 10,437
Slot machine win per unit per day(2)
$ 630
$ 420
Average number of table games
498
495
Average number of slot machines
1,457
1,557
The Parisian Macao:
Table games win per unit per day(1)
$ 8,997
$ 8,205
Slot machine win per unit per day(2)
$ 368
$ 284
Average number of table games
241
248
Average number of slot machines
1,280
1,292
The Plaza Macao and Four Seasons Macao :
Table games win per unit per day(1)
$ 29,872
$ 21,638
Slot machine win per unit per day(2)
$ —
$ 107
Average number of table games
112
105
Average number of slot machines(3)
4
49
Sands Macao:
Table games win per unit per day(1)
$ 5,789
$ 6,130
Slot machine win per unit per day(2)
$ 267
$ 237
Average number of table games
144
112
Average number of slot machines
1,187
798
Marina Bay Sands:
Table games win per unit per day(1)
$ 24,834
$ 16,846
Slot machine win per unit per day(2)
$ 1,014
$ 931
Average number of table games
568
543
Average number of slot machines
2,982
2,999
____________________
(1)
Table games win per unit per day is shown before discounts, commissions, deferring revenue associated with the company's loyalty programs and allocating casino revenues related to goods and services provided to patrons on a complimentary basis.
(2)
Slot machine win per unit per day is shown before deferring revenue associated with the company's loyalty programs and allocating casino revenues related to goods and services provided to patrons on a complimentary basis.
(3)
Slot machines were relocated to other properties during the three months ended March 31, 2026.
Exhibit 7
Las Vegas Sands Corp. and Subsidiaries
Supplemental Data
(Unaudited)
Three Months Ended
The Venetian Macao
March 31,
(Dollars in millions)
2026
2025
Change
Revenues:
Casino
$ 556
$ 495
$ 61
Rooms
51
53
(2)
Food and beverage
19
15
4
Mall
66
60
6
Convention, retail and other
18
15
3
Net revenues
$ 710
$ 638
$ 72
Adjusted Property EBITDA
$ 238
$ 225
$ 13
EBITDA Margin %
33.5 %
35.3 %
(1.8)pts
Gaming Statistics
(Dollars in millions)
Rolling Chip volume
$ 957
$ 862
$ 95
Rolling Chip win %(1)
3.85 %
2.18 %
1.67 pts
Non-Rolling Chip drop
$ 2,584
$ 2,260
$ 324
Non-Rolling Chip win %
22.0 %
22.7 %
(0.7)pts
Slot handle
$ 1,541
$ 1,404
$ 137
Slot hold %
4.1 %
4.0 %
0.1 pts
Hotel Statistics
Occupancy %
98.9 %
99.8 %
(0.9)pts
Average daily room rate (ADR)
$ 202
$ 204
$ (2)
Revenue per available room (RevPAR)
$ 200
$ 204
$ (4)
____________________
(1)
This compares to our expected Rolling Chip win percentage of 3.3% (calculated before discounts, commissions, deferring revenue associated with the company's loyalty programs and allocating casino revenues related to goods and services provided to patrons on a complimentary basis).
Las Vegas Sands Corp. and Subsidiaries
Supplemental Data
(Unaudited)
Three Months Ended
The Londoner Macao
March 31,
(Dollars in millions)
2026
2025
Change
Revenues:
Casino
$ 584
$ 402
$ 182
Rooms
104
73
31
Food and beverage
34
24
10
Mall
25
21
4
Convention, retail and other
7
9
(2)
Net revenues
$ 754
$ 529
$ 225
Adjusted Property EBITDA
$ 223
$ 153
$ 70
EBITDA Margin %
29.6 %
28.9 %
0.7 pts
Gaming Statistics
(Dollars in millions)
Rolling Chip volume
$ 4,683
$ 1,712
$ 2,971
Rolling Chip win %(1)
3.31 %
3.56 %
(0.25)pts
Non-Rolling Chip drop
$ 2,435
$ 1,755
$ 680
Non-Rolling Chip win %
23.1 %
23.0 %
0.1 pts
Slot handle
$ 2,219
$ 1,668
$ 551
Slot hold %
3.7 %
3.5 %
0.2 pts
Hotel Statistics
Occupancy %
97.8 %
98.1 %
(0.3)pts
Average daily room rate (ADR)
$ 271
$ 291
$ (20)
Revenue per available room (RevPAR)
$ 265
$ 286
$ (21)
____________________
(1)
This compares to our expected Rolling Chip win percentage of 3.3% (calculated before discounts, commissions, deferring revenue associated with the company's loyalty programs and allocating casino revenues related to goods and services provided to patrons on a complimentary basis).
Las Vegas Sands Corp. and Subsidiaries
Supplemental Data
(Unaudited)
Three Months Ended
The Parisian Macao
March 31,
(Dollars in millions)
2026
2025
Change
Revenues:
Casino
$ 176
$ 173
$ 3
Rooms
33
35
(2)
Food and beverage
14
12
2
Mall
4
5
(1)
Convention, retail and other
2
2
—
Net revenues
$ 229
$ 227
$ 2
Adjusted Property EBITDA
$ 46
$ 66
$ (20)
EBITDA Margin %
20.1 %
29.1 %
(9.0)pts
Gaming Statistics
(Dollars in millions)
Rolling Chip volume
$ 1,348
$ 709
$ 639
Rolling Chip win %(1)
1.11 %
4.25 %
(3.14)pts
Non-Rolling Chip drop
$ 886
$ 728
$ 158
Non-Rolling Chip win %
20.3 %
21.0 %
(0.7)pts
Slot handle
$ 1,143
$ 889
$ 254
Slot hold %
3.7 %
3.7 %
— pts
Hotel Statistics
Occupancy %
98.7 %
99.8 %
(1.1)pts
Average daily room rate (ADR)
$ 148
$ 154
$ (6)
Revenue per available room (RevPAR)
$ 146
$ 154
$ (8)
____________________
(1)
This compares to our expected Rolling Chip win percentage of 3.3% (calculated before discounts, commissions, deferring revenue associated with the company's loyalty programs and allocating casino revenues related to goods and services provided to patrons on a complimentary basis).
Las Vegas Sands Corp. and Subsidiaries
Supplemental Data
(Unaudited)
Three Months Ended
The Plaza Macao and Four Seasons Macao
March 31,
(Dollars in millions)
2026
2025
Change
Revenues:
Casino
$ 212
$ 132
$ 80
Rooms
30
29
1
Food and beverage
7
7
—
Mall
40
39
1
Convention, retail and other
1
1
—
Net revenues
$ 290
$ 208
$ 82
Adjusted Property EBITDA
$ 114
$ 74
$ 40
EBITDA Margin %
39.3 %
35.6 %
3.7 pts
Gaming Statistics
(Dollars in millions)
Rolling Chip volume
$ 2,195
$ 2,132
$ 63
Rolling Chip win %(1)
5.54 %
2.40 %
3.14 pts
Non-Rolling Chip drop
$ 881
$ 686
$ 195
Non-Rolling Chip win %
20.3 %
22.2 %
(1.9)pts
Slot handle
$ —
$ 21
$ (21)
Slot hold %
— %
2.2 %
(2.2)pts
Hotel Statistics
Occupancy %
94.9 %
97.2 %
(2.3)pts
Average daily room rate (ADR)
$ 520
$ 502
$ 18
Revenue per available room (RevPAR)
$ 493
$ 488
$ 5
____________________
(1)
This compares to our expected Rolling Chip win percentage of 3.3% (calculated before discounts, commissions, deferring revenue associated with the company's loyalty programs and allocating casino revenues related to goods and services provided to patrons on a complimentary basis).
Las Vegas Sands Corp. and Subsidiaries
Supplemental Data
(Unaudited)
Three Months Ended
Sands Macao
March 31,
(Dollars in millions)
2026
2025
Change
Revenues:
Casino
$ 85
$ 68
$ 17
Rooms
4
5
(1)
Food and beverage
3
2
1
Convention, retail and other
1
—
1
Net revenues
$ 93
$ 75
$ 18
Adjusted Property EBITDA
$ 9
$ 10
$ (1)
EBITDA Margin %
9.7 %
13.3 %
(3.6)pts
Gaming Statistics
(Dollars in millions)
Rolling Chip volume
$ 29
$ 59
$ (30)
Rolling Chip win %(1)
3.63 %
4.23 %
(0.60)pts
Non-Rolling Chip drop
$ 531
$ 380
$ 151
Non-Rolling Chip win %
14.0 %
15.6 %
(1.6)pts
Slot handle
$ 1,419
$ 582
$ 837
Slot hold %
2.0 %
2.9 %
(0.9)pts
Hotel Statistics
Occupancy %
99.0 %
98.8 %
0.2 pts
Average daily room rate (ADR)
$ 163
$ 174
$ (11)
Revenue per available room (RevPAR)
$ 161
$ 172
$ (11)
____________________
(1)
This compares to our expected Rolling Chip win percentage of 3.3% (calculated before discounts, commissions, deferring revenue associated with the company's loyalty programs and allocating casino revenues related to goods and services provided to patrons on a complimentary basis).
Las Vegas Sands Corp. and Subsidiaries
Supplemental Data
(Unaudited)
Three Months Ended
Marina Bay Sands
March 31,
(Dollars in millions)
2026
2025
Change
Revenues:
Casino
$ 1,126
$ 857
$ 269
Rooms
155
129
26
Food and beverage
99
81
18
Mall
69
62
7
Convention, retail and other
38
34
4
Net revenues
$ 1,487
$ 1,163
$ 324
Adjusted Property EBITDA
$ 788
$ 605
$ 183
EBITDA Margin %
53.0 %
52.0 %
1.0 pts
Gaming Statistics
(Dollars in millions)
Rolling Chip volume
$ 17,965
$ 8,028
$ 9,937
Rolling Chip win %(1)
3.56 %
3.70 %
(0.14)pts
Non-Rolling Chip drop
$ 2,925
$ 2,304
$ 621
Non-Rolling Chip win %
21.5 %
22.8 %
(1.3)pts
Slot handle
$ 6,613
$ 5,812
$ 801
Slot hold %
4.1 %
4.3 %
(0.2)pts
Hotel Statistics
Occupancy %
95.7 %
95.6 %
0.1 pts
Average daily room rate (ADR)
$ 1,006
$ 925
$ 81
Revenue per available room (RevPAR)
$ 963
$ 884
$ 79
____________________
(1)
This compares to our theoretical Rolling Chip win percentage of 3.6% and 3.8% for the three months ended March 31, 2026 and 2025, respectively (calculated before discounts, commissions, deferring revenue associated with the company's loyalty programs and allocating casino revenues related to goods and services provided to patrons on a complimentary basis).
Beginning with the three months ended September 30, 2025, we revised our expected hold-adjusted win percentage for Marina Bay Sands to be based on the theoretical hold percentage measured by technology-enabled gaming tables.
Las Vegas Sands Corp. and Subsidiaries
Supplemental Data - Asian Retail Mall Operations
(Unaudited)
For the Three Months Ended March 31, 2026
TTM
March 31,
2026
(Dollars in millions except per
square foot data)
Gross
Revenue(1)
Operating
Profit
Operating
Profit
Margin
Gross
Leasable
Area (sq. ft.)
Occupancy %
at End
of Period
Tenant Sales
Per Sq. Ft.(2)
Shoppes at Venetian
$ 66
$ 57
86.4 %
829,874
89.1 %
$ 2,137
Shoppes at Four Seasons
Luxury Retail
30
28
93.3 %
163,929
100.0 %
5,658
Other Stores
10
8
80.0 %
91,388
84.5 %
2,077
40
36
90.0 %
255,317
94.4 %
4,606
Shoppes at Londoner
25
22
88.0 %
518,122
78.0 %
1,765
Shoppes at Parisian
4
2
50.0 %
253,806
72.4 %
430
Total Cotai Strip in Macao
135
117
86.7 %
1,857,119
84.4 %
2,282
The Shoppes at Marina Bay Sands
69
62
89.9 %
620,562
96.6 %
3,068
Total
$ 204
$ 179
87.7 %
2,477,681
87.5 %
$ 2,512
____________________
Note:
This table excludes the results of our retail outlets at Sands Macao.
(1)
Gross revenue figures are net of intersegment revenue eliminations.
(2)
Tenant sales per square foot reflect sales from tenants only after the tenant has been open for a period of 12 months.
Fully supporting Macao SAR government's directives on sustainable community development with new initiatives
, /PRNewswire/ -- Sands China announced its new Community Revitalization Programme 2.0 for Rua das Estalagens Wednesday at a press conference at The Londoner® Macao. This second edition of the programme is presenting two related initiatives. Firstly, through the launch of Sands China's Entrepreneurship Recruitment Programme 2.0 for Rua das Estalagens, the company continues to demonstrate its unwavering support for the Macao SAR government's directive on promoting and fostering the city's economic diversification. The initiative seeks to recruit a new batch of local SMEs to establish businesses on Rua das Estalagens, re-energising the district's economic vitality. Secondly, the inaugural Shop Rebranding Programme aims to embrace the company's business philosophy of supporting local SMEs by empowering businesses already on the street to innovate, strengthen their brands, and enhance their operational capability. Centred on the principle of "integrating the old with the new, bridging the past into future," this new edition of the Community Revitalization Programme strives for the sustainable development of Rua das Estalagens by injecting fresh energy into this historic street of distinctive cultural value while rekindling its past vibrancy and charm.
Sands China announced its new Community Revitalization Programme 2.0 for Rua das Estalagens Wednesday, continuing to demonstrate its unwavering support for the Macao SAR government’s directive on promoting and fostering the city’s economic diversification. The initiative seeks to recruit a new batch of local SMEs to establish businesses on Rua das Estalagens, re-energising the street’s economic vitality. At the same time, the new Shop Rebranding Programme further leverages the company’s business philosophy of supporting local SMEs, empowering existing businesses on Rua das Estalagens to innovate and upgrade, thereby enhancing operational capability.
At Wednesday’s press conference, representatives from four distinguished businesses from the first Community Revitalization Programme for Rua das Estalagens share their experiences of starting a business on Rua das Estalagens.
Officiating guests gather at Wednesday’s press conference at The Londoner Macao.
Officiating guests attend the press conference for Sands China’s “Community Revitalization Programme 2.0 for Rua das Estalagens,” at The Londoner Macao Wednesday. The second edition of the programme continues Sands China’s support of the Macao SAR government’s policy of promoting and facilitating the diversification of the economy. It is recruiting local SMEs to set up business on Rua das Estalagens to revitalise the street’s economy, as well as empower existing businesses on Rua das Estalagens to innovate and upgrade, thereby enhancing their business dynamism. Since the Macao SAR government launched its revitalisation plan in 2023, Sands China has invested resources, integrated innovative ideas, and collaborated across sectors to promote the long-term development of the city's historic districts. In April 2024, the company launched the first-of-its-kind Entrepreneurship Recruitment Programme for Rua das Estalagens to an overwhelming response. Seven enterprises were selected from 128 applications, encompassing cultural and creative retail, food and beverage specialities, and other diversified businesses. Over the past two years, this initiative has brought a refreshing vibe into the historic street, thrusting the district into the public spotlight.
In operation for two years now, the Community Revitalization Programme for Rua das Estalagens has helped shops gain a reputation, with some becoming viral hotspots — breathing new life into the entire district. To extend the effectiveness of the programme, Sands China is now launching the Entrepreneurship Recruitment Programme 2.0 for Rua das Estalagens. With the principle of "integrating the old with the new," the initiative encourages Macao entrepreneurs to submit business proposals that align with the street's revitalisation strategy, further boosting the district's economic strength. Applicants must commit to a self-invested initial operating capital of no less than MOP 300,000. Selected applications can receive subsidies equivalent to one to two times the amount of the self-invested capital, with a capped amount of MOP 1 million per applicant. A judging panel will assess the subsidy amount based on a comprehensive evaluation of factors, such as the creativity and market potential of the submitted proposal, and the experience of the operating team.
Meanwhile, the inaugural Shop Rebranding Programme empowers shops currently operating on Rua das Estalagens to enhance their brand appeal and elevate their operational capability, under the principle of "bridging the past into future." Applicants need to commit to a minimum self-invested capital of MOP 50,000. Selected applications can receive subsidies equivalent to one to three times the amount of the self-invested capital, capped at MOP 500,000 per applicant. The programme encompasses brand image innovation, product packaging, and storefront beautification, all designed to bolster the market competitiveness and vibrancy of the street's existing stores.
Speaking at the press conference, Yau Yun Wah, director of the Economic and Technological Development Bureau of the Macao SAR government, said: "Launched in 2024, the first edition of the Entrepreneurship Recruitment Programme 2.0 for Rua das Estalagens not only captured the attention of local young entrepreneurs, but also successfully helped put a series of creative business plans into action. This encouraging result has infused Rua das Estalagens with new commercial vision and vitality. Meanwhile, the inaugural Shop Rebranding Programme under the company's Community Revitalization Programme 2.0 for Rua das Estalagens aims to empower existing shops to strengthen their brands through upgrades and transformation, thereby enhancing their competitiveness. These initiatives are highly aligned with the Macao SAR government's vision of supporting the high-standard development of local SMEs and boosting community economic development. SMEs are the cornerstone of Macao's economic development, and supporting their growth has always been a policy priority for the SAR government. Beyond government support, it is crucial that enterprises actively leverage the spirit of creativity, while all sectors of society participate and promote this vision. The Community Revitalization Programme for Rua das Estalagens has exemplified the success that stems from such cross-sector collaboration. We hope that the community will continue to unite with the SAR government to jointly drive the sustainable development of Macao's community economy."
Dr. Wilfred Wong, executive vice chairman of Sands China Ltd., said: "Rua das Estalagens stands as a pivotal testament to the history and development of Macao, embodying profound cultural value and memories of a past economy. The first phase of Sands China's Entrepreneurship Recruitment Programme for Rua das Estalagens attracted a group of young entrepreneurs to devote themselves to the future development of the street, fully demonstrating the strength, perseverance, and dedication of Macao's new generation. Building upon this achievement, we remain steadfast in our commitment to growing alongside the Macao community with the launch of the Community Revitalization Programme 2.0 for Rua das Estalagens. This initiative seeks to recruit a new cohort of SMEs to start businesses on the historic street, providing a platform for Macao entrepreneurs to flourish while further re-energising the district's cultural, tourism, and economic vitality. Additionally, through our inaugural Shop Rebranding Programme, we aim to help the street's existing businesses optimise and upgrade their brands, ensuring the sustainable development of Macao's revitalised districts.
"True to our business philosophy of growing alongside SMEs, we are dedicated to uniting the strengths of the government, business sectors and the community. Our goal is to preserve the historical and cultural heritage of Rua das Estalagens while reinvigorating the street's commercial growth, thereby collectively contributing to Macao's economic diversification and community development. We are grateful to the various SAR government departments, public sector entities, the banking sector, community associations, and the businesses on Rua das Estalagens for their unwavering support of this revitalisation programme. Their backing represents a collective effort to empower local SMEs and revive the cultural and tourism charm of the area, showcasing the vitality of Macao's community tourism."
Joao Ma, vice president of the board of directors of the Macao Chamber of Commerce, said: "Looking back to 2024, Sands China launched the inaugural Entrepreneurship Recruitment Programme for Rua das Estalagens under the philosophy of growing with SMEs. The programme successfully attracted entrepreneurs to set up businesses in the historic district, bringing tangible changes to the street. The newly launched Community Revitalization Programme 2.0 for Rua das Estalagens not only continues to recruit new entrepreneurship proposals, but is also introducing the new Shop Rebranding Programme, encouraging existing merchants to enhance their competitiveness and respond proactively to changing market needs. This represents a deeper and more concrete implementation of the concept of 'integrating the old with the new.'
"We are delighted to once again serve as a supporting organisation, working alongside Sands China to support local entrepreneurs and SMEs in taking opportunities and contributing to the growth of the community economy. SMEs are a vital pillar of Macao's economy, and the entrepreneurial spirit is a driving force for social progress. The Macao Chamber of Commerce will continue to play its role as a bridge, supporting greater numbers of reliable enterprises and promoting diversified development of community economies. We firmly believe that through the collective efforts of the government, enterprises, and chambers of commerce, Macao's traditional commercial districts will not merely remain historic streets, but will evolve into exemplary districts that showcase the city's innovative vitality and rich cultural heritage."
Representatives of the enterprises selected for the first edition of the Entrepreneurship Recruitment Programme for Rua das Estalagens attended the press conference Wednesday to share their entrepreneurial journeys, insights, and operational experiences. They noted that through the collective efforts of Sands China and various sectors of society, the programme has successfully helped them establish businesses on Rua das Estalagens and provided strong support for their steady growth. Additionally, Sands China has invested its resources to help shops on the street achieve sustainable development across multiple areas. The representatives expressed their enthusiasm for the new set of entrepreneurs soon to join the district, whose presence will inject new elements into the area and help build a robust operating environment.
A series of free events is set to launch to support the new round of the Community Revitalization Programme, including:
Briefing Session (May 8): A representative will introduce the two initiatives in detail, with government officials and public utility representatives invited to share essential information on starting a business; SME Training Courses (May 14): Titled "Macao SMEs: Effective Business Plan and Marketing Strategy" and "Macao SMEs: From Transformation of Traditions to Startup Innovation," these two sessions aim to help Macao enterprises enhance their marketing writing, operational knowledge, and market insights, equipping them with the necessary knowledge for the initiative; Rua das Estalagens Open Day (May 15 and 17, June 12 and 14): Interested parties are welcome to join these sessions to inspect the district and shop conditions, prior to embarking on their entrepreneurial journeys. Sands China has long been committed to providing a platform for Macao's SMEs to grow. Beyond providing entrepreneurship and rebranding subsidies, the Community Revitalization Programme for Rua das Estalagens has offered a range of practical support, such as inviting selected enterprises to participate in the company's large-scale events and activities. For two consecutive years, Sands China has hosted a food fest for the programme's inaugural cohort. These food festivals, held at the back-of-house area of The Venetian® Macao and The Londoner® Macao respectively, have helped participating shops promote their brands and increase visibility, drawing 11,000 Sands China team members across both editions.
Furthermore, for two consecutive years, the company has distributed discount vouchers of these selected enterprises to participants of the Sands China Macao International 10K, encouraging runners to visit Rua das Estalagens. The company has also invited selected enterprises to set up booths at events such as the Sands Shopping Carnival, Macao's largest sales event, allowing local SMEs to reach beyond their immediate neighbourhoods and engage with a broader audience of residents and tourists, thereby enhancing their brand influence and market competitiveness.
The Entrepreneurship Recruitment Programme 2.0 for Rua das Estalagens is organised by Sands China Ltd. and co-organised by the Macao Chamber of Commerce. The Secretariat for Economy and Finance of the Macao SAR government is the programme's advisory body, with the following serving as supporting units: Economic and Technological Development Bureau, Macao Government Tourism Office, Commerce and Investment Promotion Institute, Cultural Affairs Bureau, Municipal Affairs Bureau, General Union of Neighbourhood Associations of Macao, Macau Artist Society, Companhia de Electricidade de Macau - CEM, S.A. (CEM), The Macao Water Supply Company Limited, Bank of China Macau Branch, Industrial and Commercial Bank of China (Macau), and Banco Nacional Ultramarino (BNU). The programme operates under Sands China's F.I.T. local SME support programme and the Sands Resorts Incubation Center.
Guests of honour at the press conference were Sun Yaohua, director of the Economic Affairs Department of the Liaison Office of the Central People's Government in the Macao SAR; Yau Yun Wah; Maria Helena de Senna Fernandes, director of the Macao Government Tourism Office; Mak Kim Meng, acting chairman of the Administration Committee on Municipal Affairs of the Municipal Affairs Bureau; Christy Mai, adviser to the Office of the Secretary for Economy and Finance; Sou Kin Meng, head of the department of Cultural Heritage of the Cultural Affairs Bureau; Joao Ma; Ng Siu Lai, president of the General Union of Neighbourhood Associations of Macau; Ip Sio Kai, chairman of The Macau Association of Banks; Nacky Kuan, executive director of The Macao Water Supply Company Limited; Carlos Cid Álvares, chief executive officer of BNU Macau; Huang Xianjun, deputy chief executive officer of ICBC Macau; Xu Zhiyu, managing director of Bank of China Macau Branch; Lok Hei, president of the Macau Artists Society; Cecilia Nip, director of the CEM Regulatory Affairs and Corporate Communications Office; Dr. Wong; Grant Chum, chief executive officer and executive director of Sands China Ltd.; and Dave Sun, executive vice president and chief financial officer of Sands China Ltd. and managing director of Venetian Macau Limited.
Interested individuals can visit https://tinyurl.com/RuadasEstalagens2026 or scan the QR code below to view details and register for the Entrepreneurship Recruitment Programme 2.0 for Rua das Estalagens and its relevant events. The application period is open now and will close at 5 p.m. on June 30.
###
About Sands China Ltd.
Sands China Ltd. (Sands China or the Company) is incorporated in the Cayman Islands with limited liability and is listed on The Stock Exchange of Hong Kong Limited (HKEx: 1928). Sands China is the largest operator of integrated resorts in Macao. The Company's integrated resorts on the Cotai Strip comprise The Venetian® Macao, The Plaza® Macao, The Parisian® Macao and The Londoner® Macao. The Company also owns and operates Sands® Macao on the Macao peninsula. The Company's portfolio features a diversified mix of leisure and business attractions and transportation operations, including large meeting and convention facilities; a wide range of restaurants; shopping malls; world-class entertainment at The Venetian Arena, The Londoner Arena, The Venetian Theatre, The Parisian Theatre, The Londoner Theatre and Sands Theatre; and a high-speed Cotai Water Jet ferry service between Hong Kong and Macao. The Company's Cotai Strip portfolio has the goal of contributing to Macao's transformation into a world centre of tourism and leisure. Sands China is a subsidiary of global resort developer Las Vegas Sands Corp. (NYSE: LVS).
For more information, please visit www.sandschina.com.
Subsidiary Sands China Ltd. repeats on the Dow Jones Best-in-Class World, Asia Pacific indices.
, /PRNewswire/ -- Las Vegas Sands (NYSE: LVS) has been recognized on the Dow Jones Best-in-Class World and North America 2026 indices, maintaining its position on both lists since 2020. Sands China Ltd., the company's Asian subsidiary, was named to the Dow Jones Best-in-Class World and Asia Pacific 2026 indices, continuing its inclusion on both lists since 2022.
Out of 16 companies invited to participate in the Casino and Gaming category, Sands and Sands China are the only two companies included on the Dow Jones Best-in-Class World index this year. Sands is the only company in the Casino and Gaming category listed on the North America index, and Sands China is one of only two companies in the Casino and Gaming category listed on the Asia Pacific index.
The Dow Jones Best-in-Class World Index comprises global sustainability leaders as identified by S&P Global through the Corporate Sustainability Assessment (CSA). It represents the top 10% of the largest 2,500 companies in the S&P Global Broad Market Index (BMI) based on long-term economic, environmental and social criteria. The Dow Jones Best-in-Class North America and Asia Pacific indices represent the top 20% of the 600 largest North American companies and the top 20% of the 600 largest companies in the Asia-Pacific developed region in the S&P Global BMI based on the same criteria.
"Our continued inclusion among this prestigious group of companies underscores our commitment to advancing a robust and disciplined environmental, social and governance program that is embedded with rigor, accountability and transparency," Katarina Tesarova, senior vice president and chief sustainability officer, said. "Our placements also demonstrate the ESG leadership position we hold in the hospitality and gaming industry, which is driven by our People, Communities and Planet corporate responsibility pillars."
Under the People pillar of its corporate responsibility program, Sands surpassed its 2021-2025 ambition of investing $200 million in workforce development programs, with more than $270 million spent at the end of 2025. Sands also exceeded its Communities pillar target of contributing 250,000 Team Member volunteer hours between 2021-2025, with more than 290,000 hours amassed by the close of 2025.
In out-performing its 2021-2025 Planet pillar ambition, Sands reduced its scope 1 and 2 emissions by 54% at the end 2025 from a 2018 base year, exceeding both its Science Based Targets initiative-validated 17.5% reduction target as well as its 1.5°C-aligned 30% reduction target.
Sands has leveraged the CSA along with a number of external benchmarks and industry standards to shape its corporate responsibility programs and targets, which helped the company gain recognition on the Dow Jones Best-in-Class indices as well as other corporate responsibility rankings. Sands also was included on Fortune's World's Most Admired Companies 2026 list, Newsweek's 2026 America's Most Responsible Companies and 2026 America's Greenest Companies lists, and CDP's 2025 A-List for Climate Change.
The Dow Jones Best-in-Class index family, including the Dow Jones Best-in-Class World Index (DJ BIC World), was originally launched in 1999 as the pioneering series of global sustainability best-in-class benchmarks available in the market and is comprised of global, regional and country benchmarks. The S&P Global CSA covers 12,000 companies globally and is an annual evaluation of corporate sustainability practices. It benchmarks performance on a wide range of industry-specific economic, environmental, and social criteria that are relevant to the growing number of sustainability-focused investors and expected to be financially relevant to corporate success.
To learn more about Sands' ESG initiatives, read its latest ESG report here: https://www.sands.com/resources/reports/.
About Sands (NYSE: LVS)
Sands is the leading global developer and operator of integrated resorts. The company's iconic properties drive valuable leisure and business tourism and deliver significant economic benefits, sustained job creation, financial opportunities for local businesses and community investment to help make its host regions ideal places to live, work and visit.
Sands' portfolio of properties includes Marina Bay Sands® in Singapore and The Venetian® Macao, The Londoner Macao®, The Parisian® Macao, The Plaza® Macao and Four Seasons® Hotel Macao, and Sands® Macao in Macao SAR, China, through majority ownership in Sands China Ltd.
Dedicated to being a leader in corporate responsibility, Sands is anchored by the core tenets of serving people, communities and the planet. The company's ESG leadership has led to inclusion on the Dow Jones Best-in-Class Indices for World and North America, as well as Fortune's list of the World's Most Admired Companies. To learn more, visit www.sands.com.
Driving the development of Macao as World Centre of Tourism and Leisure through integration, innovation, and inclusion
, /PRNewswire/ -- At Tuesday's opening ceremony of G2E Asia 2026, the annual trade show and conference for the Asian gaming industry, Grant Chum, chief executive officer and executive director of Sands China Ltd., delivered the keynote address to 200 industry leaders and tourism stakeholders from across the region at The Venetian® Macao. The keynote shed light on insights to Macao's integrated tourism development and pathways to its citywide diversification.
At G2E Asia 2026 on Tuesday, Grant Chum, chief executive officer and executive director of Sands China Ltd., delivers a keynote address to 200 industry leaders and tourism stakeholders from across the region. The keynote shed light on insights to Macao’s integrated tourism development and pathways to its citywide diversification.
At G2E Asia 2026 on Tuesday, Grant Chum, chief executive officer and executive director of Sands China Ltd., delivers a keynote address to 200 industry leaders and tourism stakeholders from across the region. The keynote shed light on insights to Macao’s integrated tourism development and pathways to its citywide diversification.
Following his keynote address at G2E Asia 2026, Chum (centre) gathers with Bill Miller (left), president and CEO of the American Gaming Association, and J.B. Son (right), senior vice president of Reed Exhibitions, Asia Pacific. Themed "Evolving Together: Advancing Macao's Diversification Through Integration, Innovation, and Inclusion," the keynote speech outlined how Sands China's visionary integration, transformative innovation, and inclusive growth have collectively shaped a blueprint for Macao's sustainable development.
Such a forward-looking blueprint traces back to the far-sighted vision of Sheldon G. Adelson, the late founder of Las Vegas Sands Corp. Under his leadership, the group's first property in Macao, Sands® Macao, was launched in 2004; it was followed by the 2007 launch of The Venetian® Macao, the city's first large-scale integrated resort that merges retail, entertainment, hospitality, and MICE facilities. Ever since, Sands China has laid the foundation for the Cotai Strip, ushering in a new era for Macao's tourism industry.
To support Macao's economic diversification, Sands China has continuously invested in a holistic focus on hospitality, MICE, entertainment, and retail. Its 14,000-seat Venetian Arena, constantly staging large-scale concerts and performances by international superstars, has played a key role in positioning Macao more prominently on the global stage.
The company also operates over 1.6 million square feet of MICE facilities, instrumental in drawing world-class MICE events and a large flow of business visitors to Macao, extending visitors' stay, and further strengthening Macao's status as a leading business tourism destination in Asia. In addition, Sands China owns the city's largest retail offering, comprising nearly 780 world-renowned duty-free retail outlets, providing strong support for the development of Macao's retail sector.
As the pioneer of the integrated resort model in Macao, Sands China has remained steadfast in fostering the city's economic diversification for over 20 years and continues to hold strong confidence in its future development. With the leadership of the central and the Macao SAR governments, Macao's long-term political stability under the "One Country, Two Systems" framework has positioned the city as a safe, resilient operating environment for long-term investment, sustained development, and high-quality growth. Macao further benefits from strong organic demand – driven by its proximity to a population of nearly 90 million in the Greater Bay Area and its connectivity to key global markets. Together with tourism infrastructure developed by Sands China and industry peers over years, the synergy that has formed enables Macao to continuously attract diverse groups of tourists and effectively capture visitor demand.
Furthermore, Macao's supply advantage in having an unmatched critical mass of high-quality integrated resorts, together with government-backed infrastructure such as the Hong Kong–Zhuhai–Macao Bridge, have further enabled the scale and efficiency of Macao's tourism ecosystem and sustained its competitiveness.
Looking ahead, Chum underscored the growing importance of the "Event Economy" as a key driver of the next phase of Macao's diversification journey, with purposeful programming playing an increasingly strategic role in attracting international visitors and facilitating further economic diversification. The future focus for Sands China is on the curation of globally significant events to maximize impact and long-term value. Crucially, such events generate a broader spillover effect across the city's economy, benefitting a wider scope of industries.
Flagship entertainment and sports events are also identified as powerful brand amplifiers for the city. In particular, The NBA China Games in October 2025 marked a significant milestone. It generated approximately 3 billion online impressions on social media platforms across the Chinese mainland and significantly enhanced Macao's visibility within global sports and entertainment networks. Around the event, Sands China curated around 100 extended activities and initiatives, including NBA House, the Impact Week community event, fan engagement, and Macao's first NBA flagship store, ensuring the impact extended beyond the arena into the wider community.
The significance of sustainable diversification lies not only in tourism benefits, but also in creating meaningful and lasting contributions to the local community. By extending the synergy from large-scale events, Sands China has endeavoured to promote community care, bolstering volunteer service, fostering the development of Macao's arts and culture, empowering SMEs, and advancing community revitalization – ensuring tourism growth drives broader participation and shared benefits across society.
Sands China reaffirms its unwavering confidence in Macao's future and pledges to continue investing in high-quality non-gaming projects, working closely with the government, industry and Macao community to further facilitate the city's development as a World Centre of Tourism and Leisure.
About Sands China Ltd.
Sands China Ltd. (Sands China or the Company) is incorporated in the Cayman Islands with limited liability and is listed on The Stock Exchange of Hong Kong Limited (HKEx: 1928). Sands China is the largest operator of integrated resorts in Macao. The Company's integrated resorts on the Cotai Strip comprise The Venetian® Macao, The Plaza® Macao, The Parisian® Macao and The Londoner® Macao. The Company also owns and operates Sands® Macao on the Macao peninsula. The Company's portfolio features a diversified mix of leisure and business attractions and transportation operations, including large meeting and convention facilities; a wide range of restaurants; shopping malls; world-class entertainment at The Venetian Arena, The Londoner Arena, The Venetian Theatre, The Parisian Theatre, The Londoner Theatre and Sands Theatre; and a high-speed Cotai Water Jet ferry service between Hong Kong and Macao. The Company's Cotai Strip portfolio has the goal of contributing to Macao's transformation into a world centre of tourism and leisure. Sands China is a subsidiary of global resort developer Las Vegas Sands Corp. (NYSE: LVS).
For more information, please visit www.sandschina.com.
Media contacts:
Corporate Communications, Sands China Ltd.
Mabel Wu
Tel: +853 8118 2268
Email: [email protected]
Las Vegas Sands and Sands China will support the organization in advancing technology to convert food waste into useful products during its three-year membership in the exclusive program.
, /PRNewswire/ -- Las Vegas Sands (NYSE: LVS) and Sands China today announced that Macao nongovernmental organization Sustaincia has joined the Sands Cares Accelerator, a three-year membership program aimed at advancing nonprofits to deliver greater community impact. Sustaincia is committed to using technology and social affairs to encourage sustainable development.
The organization's strategic goal for its Sands Cares Accelerator membership is to perfect the use of advanced technology in converting food waste from bakery items, rice and cooking oil into useful products. Related to this goal, Sustaincia also will focus on establishing its community lab as a hub for technology innovation and research in food waste valorization, as well as leverage this circular framework to create opportunities for local entrepreneurs and scientists.
"Sands and Sands China are providing us with vital resources to realize our vision for improving food waste processes through advanced technology, while driving business and job prospects to further sustainable impact," Terence Lee, president of Sustaincia, said. "We believe the progress we make in our identified focus areas over the next three years in the Sands Cares Accelerator can have impact in Macao for years to come."
Sustaincia's approach centers on food waste valorization, the process of transforming discarded materials into valuable commodities, and establishing a vital, community-driven laboratory in Macao. Recognizing the enormous volume of food waste generated daily by integrated resorts and high-volume tourism, Sustaincia is building a comprehensive platform for participatory science and sustainable waste management.
The laboratory acts as a collaborative hub, bringing together partners and members from diverse academic and industrial backgrounds, including co-founder Dr. Bashir Saidu and Collab researchers Rana Elromh and Bryan Lee, to tackle challenges of the circular economy. Through this model, Sustaincia is transforming food waste into valuable, commercially viable products, creating an entirely new and inclusive industry that proves that Macao can be a leader in sustainability and environmental betterment.
Sustaincia is the second Macao nongovernmental organization to join the Sands Cares Accelerator, which helps fast-track nonprofit organizations on the tipping point of increasing community impact. Inspired by the entrepreneurial and philanthropic spirit of Sands' founder Sheldon G. Adelson, the program carries on his legacy of building successful businesses and giving back to communities by helping advance the capabilities of nonprofit organizations so they can better serve their missions.
During their three-year membership, members focus on building their capacity in a strategic area or enhancing a program offering. Sands serves as a catalyst and mentor for helping organizations achieve their goals via funding to support their identified focus area, facilitation to build and achieve plans, and guidance and consulting from the company.
"Beyond having a solid vision to improve food waste management in Macao, Sustaincia was a great selection for our program because of its alignment with our own sustainable food initiatives," Ron Reese, senior vice president of global communications and corporate affairs at Sands, said. "Another factor we look for is the ability of an organization to sustain their goal after they leave the Sands Cares Accelerator, and we believe Sustaincia has established a strong plan for long-term impact."
Sustaincia is the second member of the Sands Cares Accelerator in Macao. Other global members have included The LGBTQ+ Center of Las Vegas (graduate), Green Our Planet (graduate), Nevada Partnership for Homeless Youth (graduate), the Inspiring Children Foundation (graduate) and the Asian Community Development Council (current member) in Las Vegas; and The Food Bank Singapore (current member) and Art Outreach (graduate) in Singapore.
To learn more about the Sands Cares Accelerator, visit https://www.sands.com/responsibility/communities/#our-program-sands-cares.
About Sustaincia
Established in Macao in 2020, Sustaincia's mission is to create a community with opportunities for dialogue and exchange of ideas under the premises of economic development, social responsibility and environmental betterment. Sustaincia provides an online management platform for sustainable industry projects and activities spanning education, inspiration, connection, coordination and verification of sustainable efforts. Sustaincia also organizes events on green mobility and energy transitions, biotechnology exchange, global trends in technology and future career paths for young people. To explore our projects and join our mission, please visit the Community Laboratory section at sustaincia.org.
About Sands (NYSE: LVS)
Sands is the leading global developer and operator of integrated resorts. The company's iconic properties drive valuable leisure and business tourism and deliver significant economic benefits, sustained job creation, financial opportunities for local businesses and community investment to help make its host regions ideal places to live, work and visit.
Sands' portfolio of properties includes Marina Bay Sands® in Singapore and The Venetian® Macao, The Londoner Macao®, The Parisian® Macao, The Plaza® Macao and Four Seasons® Hotel Macao, and Sands® Macao in Macao SAR, China, through majority ownership in Sands China Ltd.
Dedicated to being a leader in corporate responsibility, Sands is anchored by the core tenets of serving people, communities and the planet. The company's ESG leadership has led to inclusion on the Dow Jones Best-in-Class Indices for World and North America, as well as Fortune's list of the World's Most Admired Companies. To learn more, visit www.sands.com.
Two factors often determine stock prices in the long run: earnings and interest rates. Investors can't control the latter, but they can focus on a company's earnings results every quarter.
The earnings figure itself is key, of course, but a beat or miss on the bottom line can sometimes be just as, if not more, important. Therefore, investors should consider paying close attention to these earnings surprises, as a big beat can help a stock climb and vice versa.
Now that we know how important earnings and earnings surprises are, it's time to show investors how to take advantage of these events to boost their returns by utilizing the Zacks Earnings ESP filter.
The Zacks Earnings ESP, ExplainedThe Zacks Earnings ESP, or Expected Surprise Prediction, aims to find earnings surprises by focusing on the most recent analyst revisions. The basic premise is that if an analyst reevaluates their earnings estimate ahead of an earnings release, it means they likely have new information that could possibly be more accurate.
With this in mind, the Expected Surprise Prediction compares the Most Accurate Estimate (being the most recent) against the overall Zacks Consensus Estimate. The percentage difference provides the ESP figure. The system also utilizes our core Zacks Rank to provide a stronger system for identifying stocks that might beat their next quarterly earnings estimate and possibly see the stock price climb.
In fact, when we combined a Zacks Rank #3 (Hold) or better and a positive Earnings ESP, stocks produced a positive surprise 70% of the time. Perhaps most importantly, using these parameters has helped produce 28.3% annual returns on average, according to our 10 year backtest.
Stocks with a #3 (Hold) ranking, which is most stocks covered at 60%, are expected to perform in-line with the broader market. But stocks that fall into the #2 (Buy) and #1 (Strong Buy) ranking, or the top 15% and top 5% of stocks, respectively, should outperform the market. Strong Buy stocks should outperform more than any other rank.
Should You Consider Lululemon?Now that we understand what the ESP is and how beneficial it can be, let's dive into a stock that currently fits the bill. Lululemon (LULU - Free Report) earns a #3 (Hold) right now and its Most Accurate Estimate sits at $1.70 a share, just 14 days from its upcoming earnings release on June 4, 2026.
By taking the percentage difference between the $1.70 Most Accurate Estimate and the $1.69 Zacks Consensus Estimate, Lululemon has an Earnings ESP of +0.47%. Investors should also know that LULU is one of a large group of stocks with positive ESPs. Make sure to utilize our Earnings ESP Filter to uncover the best stocks to buy or sell before they've reported.
LULU is just one of a large group of Consumer Discretionary stocks with a positive ESP figure. Las Vegas Sands (LVS - Free Report) is another qualifying stock you may want to consider.
Las Vegas Sands is a Zacks Rank #3 (Hold) stock, and is getting ready to report earnings on July 22, 2026. LVS' Most Accurate Estimate sits at $0.79 a share 62 days from its next earnings release.
Las Vegas Sands' Earnings ESP figure currently stands at +0.90% after taking the percentage difference between its Most Accurate Estimate and its Zacks Consensus Estimate of $0.78.
Because both stocks hold a positive Earnings ESP, LULU and LVS could potentially post earnings beats in their next reports.
Find Stocks to Buy or Sell Before They're ReportedUse the Zacks Earnings ESP Filter to turn up stocks with the highest probability of positively, or negatively, surprising to buy or sell before they're reported for profitable earnings season trading. Check it out here >>
, /PRNewswire/ -- Las Vegas Sands (NYSE: LVS) will participate in the 42nd Annual Bernstein Strategic Decisions Conference in New York, NY on Wednesday, May 27, 2026.
Mr. Patrick Dumont, Chairman and Chief Executive Officer, will participate in a discussion which is scheduled to begin at approximately 4:30 p.m. Eastern Time.
A webcast of the discussion will be available at www.investor.sands.com.
About Sands (NYSE: LVS)
Sands is the leading global developer and operator of integrated resorts. The company's iconic properties drive valuable leisure and business tourism and deliver significant economic benefits, sustained job creation, financial opportunities for local businesses and community investment to help make its host regions ideal places to live, work and visit.
Sands' portfolio of properties includes Marina Bay Sands® in Singapore and The Venetian® Macao, The Londoner Macao®, The Parisian® Macao, The Plaza® Macao and Four Seasons® Hotel Macao, and Sands® Macao in Macao SAR, China, through majority ownership in Sands China Ltd.
Dedicated to being a leader in corporate responsibility, Sands is anchored by the core tenets of serving people, communities and the planet. The company's ESG leadership has led to inclusion on the Dow Jones Best-in-Class Indices for World and North America, as well as Fortune's list of the World's Most Admired Companies. To learn more, visit www.sands.com.
Earned Top 1% rankings in both Global and China editions
Distinguished as 'Industry Mover' in China edition for second consecutive year
Demonstrates the company's exceptional performance in ESG
, /PRNewswire/ -- Sands China Ltd. has once again been recognised by the S&P Global Sustainability Yearbook, earning Top 1% rankings in the Corporate Sustainability Assessment (CSA) scores of the 2026 yearbook's Global and China editions. The company also received the 'Industry Mover' distinction in the China edition for the second consecutive year, making it the only integrated tourism and leisure enterprise worldwide to earn any of these three accolades this year. These recognitions underscore Sands China's sustained international acclaim for its outstanding achievements in ESG (environmental, social and governance).
Chief Executive Officer and Executive Director of Sands China Ltd. Grant Chum (centre), Executive Vice President, General Counsel and Company Secretary Dylan Williams (sixth from left), Vice President of Sustainability and Environmental, Social and Governance Pranav Jampani (sixth from right), and other team members display the company’s certificates and trophies from the S&P Global Sustainability Yearbook 2025. Fourth consecutive Top 1% CSA score in yearbook's China edition
The S&P Global Sustainability Yearbook is regarded as one of the most prestigious publications for evaluating sustainability efforts in the business world. Assessments are based on a company's score in the CSA. For this year's China edition, S&P Global assessed nearly 1,800 companies from the Chinese mainland, Hong Kong and Macao, with 193 companies across 56 industries selected for the yearbook. Sands China is one of only 36 companies to rank in the Top 1% of CSA scores in the China edition, marking its fourth consecutive year to earn this accolade. The company was furthermore named the Industry Mover for its industry category for the second year, another significant recognition of its ESG efforts.
To become an Industry Mover, a company's CSA score must increase by more than 5 percent from the prior year, while also achieving outstanding results in its industry category. Sands China accomplished both, increasing its CSA score by more than 6 percent.
Third consecutive Top 1% CSA score in yearbook's Global edition
The Global edition of the yearbook assessed more than 9,200 companies worldwide, with 848 companies across 59 industries selected for the yearbook. Sands China is among only 71 companies with a Top 1% CSA score, marking its third straight year in the global leading position.
S&P Global's CSA is an evaluation of the sustainability practices and achievements of companies from around the world. To be included in the Global Sustainability Yearbook, a company must earn a CSA score that not only ranks within the top 15 percent of its industry by number, but also falls within 30% of the top score in the industry.
Grant Chum, chief executive officer and executive director of Sands China Ltd., said: "Sustainability is the cornerstone of corporate resilience and long-term development. Sands China is very honoured to be once again ranked in the Top 1% in both the Global and China editions of the S&P Global Sustainability Yearbook. These recognitions fully affirm our continued investment and achievements in innovation and long-term planning. As the company continues to enhance the guest experience, we have also proactively implemented sustainable operating strategies, striving to reduce environmental impact and generate positive social outcomes. We would like to extend our sincere gratitude to the Macao SAR government for their continuous guidance in leading Macao toward a sustainable future. We are also grateful to our community partners from various sectors and our 28,000 dedicated team members for their collaboration and support. Together, these concerted efforts have enabled us to achieve these remarkable international recognitions."
Sands China's commitment to exceptional ESG performance is exemplified in efforts like delivering 1.8 million hours of workforce training in 2025. The company also reduced its scope 1 and 2 emissions by 61% from a 2018 base year, exceeding both the 17.5% Science Based Targets initiative (SBTi)-validated and 1.5°C-aligned 30% reduction targets, in alignment with the Paris Agreement. Additionally, the company's volunteer team has engaged in more than 362,000 hours of community service since 2009, bringing positive impact to the community. Moreover, the company achieved its core ESG targets for the 2021-2025 reporting cycle – a phase that marked Sands China's evolution and upgrades, and its unwavering commitment to operational excellence and the creation of positive long-term social impact, even amidst market challenges.
Sands China executes its ESG efforts within the context of the People, Community, and Planet pillars of the company's corporate social responsibility platform. This holistic approach is brought to life through a variety of flagship initiatives such as the Sands ECO360 global sustainability programme, the Sands Cares corporate giving and community engagement programme, and the Sands China Academy team member professional development programme – all designed to carry out the company's social responsibility work in the community. By intertwining economic success with social responsibility, Sands China remains dedicated to uplifting the Macao community and fostering a thriving environment to live and work.
About Sands China Ltd.
Sands China Ltd. (Sands China or the Company) is incorporated in the Cayman Islands with limited liability and is listed on The Stock Exchange of Hong Kong Limited (HKEx: 1928). Sands China is the largest operator of integrated resorts in Macao. The Company's integrated resorts on the Cotai Strip comprise The Venetian® Macao, The Plaza® Macao, The Parisian® Macao and The Londoner® Macao. The Company also owns and operates Sands® Macao on the Macao peninsula. The Company's portfolio features a diversified mix of leisure and business attractions and transportation operations, including large meeting and convention facilities; a wide range of restaurants; shopping malls; world-class entertainment at The Venetian Arena, The Londoner Arena, The Venetian Theatre, The Parisian Theatre, The Londoner Theatre and Sands Theatre; and a high-speed Cotai Water Jet ferry service between Hong Kong and Macao. The Company's Cotai Strip portfolio has the goal of contributing to Macao's transformation into a world centre of tourism and leisure. Sands China is a subsidiary of global resort developer Las Vegas Sands Corp. (NYSE: LVS).
For more information, please visit www.sandschina.com.
Media contacts:
Corporate Communications, Sands China Ltd.
Mabel Wu
Tel: +853 8118 2268
Email: [email protected]
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 rely on traditional forms of analysis on key valuation metrics to find stocks that they believe are undervalued, leaving room for profits.
Luckily, Zacks has developed its own Style Scores system in an effort to find stocks with specific traits. Value investors will be interested in the system's "Value" category. Stocks with both "A" grades in the Value category and high Zacks Ranks are among the strongest value stocks on the market right now.
One company value investors might notice is Arrow Electronics (ARW - Free Report) . ARW is currently sporting a Zacks Rank #2 (Buy), as well as a Value grade of A. The stock has a Forward P/E ratio of 9.44. This compares to its industry's average Forward P/E of 16.55. Over the past year, ARW's Forward P/E has been as high as 11.05 and as low as 8.04, with a median of 9.71.
ARW is also sporting a PEG ratio of 0.46. This figure is similar to the commonly-used P/E ratio, with the PEG ratio also factoring in a company's expected earnings growth rate. ARW's PEG compares to its industry's average PEG of 0.83. Over the past 52 weeks, ARW's PEG has been as high as 0.55 and as low as 0.40, with a median of 0.49.
We should also highlight that ARW has a P/B ratio of 0.98. Investors use the P/B ratio to look at a stock's market value versus its book value, which is defined as total assets minus total liabilities. ARW's current P/B looks attractive when compared to its industry's average P/B of 2.34. ARW's P/B has been as high as 1.22 and as low as 0.78, with a median of 1.02, over the past year.
Value investors also love the P/S ratio, which is calculated by simply dividing a stock's price with the company's sales. This is a popular metric because sales are harder to manipulate on an income statement, so they are often considered a better performance indicator. ARW has a P/S ratio of 0.3. This compares to its industry's average P/S of 0.51.
Finally, we should also recognize that ARW has a P/CF ratio of 9.63. This metric focuses on a firm's operating cash flow and is often used to find stocks that are undervalued based on the strength of their cash outlook. This company's current P/CF looks solid when compared to its industry's average P/CF of 20.20. Over the past 52 weeks, ARW's P/CF has been as high as 11.55 and as low as 8.13, with a median of 10.03.
These figures are just a handful of the metrics value investors tend to look at, but they help show that Arrow Electronics is likely being undervalued right now. Considering this, as well as the strength of its earnings outlook, ARW feels like a great value stock at the moment.
On May 11, 2026, Arrow Electronics Inc ARW shares rose 3.9%, bringing the current price to $202.56. Over the past month, the stock has experienced impressive momentum, gaining 28.1%, and it has soared 83.8% year-to-date. The shares are currently trading within a 52-week range of $101.79 to $199.47.
GF Value™ verdict: Current price of $202.56 is 39.8% above GF Value™ of $144.86, indicating the stock is overvalued.GF Score™ of 84/100 signifies a strong overall rating based on various factors.Notable signal: Insider activity shows net selling of $3.3M over the last 3 months, suggesting caution. Is ARW Overvalued or Undervalued? The current price of Arrow Electronics Inc ARW stands at $202.56, while the GF Value™ is calculated at $144.86. This indicates that the stock is 39.8% overvalued, which presents a significant margin of safety for potential investors considering valuation. The GF Valuation label classifies ARW as "Significantly Overvalued," highlighting the risks associated with investing at this price point. With such a substantial discrepancy between the current price and the GF Value™, investors should be cautious as the stock may not provide favorable returns if the market corrects its valuation.
GF Value™ is GuruFocus' proprietary measure of intrinsic value, calculated from historical trading multiples, past business growth, and future performance estimates. Given the significant overvaluation, this could lead to a potential price correction in the future, which would be a risk for current shareholders.
How Does ARW's Valuation Compare to Its History? Metric Current Historical P/E (TTM) 14.5x 9.7x Forward P/E 12.2x N/A Arrow Electronics' current P/E ratio of 14.5x is significantly above its 5-year median P/E of 9.7x, indicating that the stock is trading at a premium compared to its historical valuation metrics. The forward P/E of 12.2x also suggests a higher valuation expectation. This P/E analysis aligns with the GF Value™ verdict that ARW is overvalued, reinforcing the caution indicated by the valuation measures.
What Does ARW's GF Score™ Tell Us? Metric Rating GF Score™ 84/100 Financial Strength 6/10 Profitability 7/10 Growth 7/10 Valuation 5/10 Momentum 10/10 The GF Score™ of 84/100 indicates that Arrow Electronics has strong potential based on its financial metrics and performance indicators. The strongest areas are momentum (10/10), reflecting the recent price appreciation, and profitability (7/10) along with growth (7/10), suggesting a solid operational performance. However, the valuation score of 5/10 highlights the concern regarding its current price level relative to intrinsic value, indicating that while the company is performing well, the valuation may not be justified at this time.
What Are Insiders Doing with ARW Stock? In the last three months, insider activity has shown mixed signals, with insiders purchasing $0.6 million worth of stock but also selling $3.9 million. This net selling behavior may suggest that insiders are taking profits or expressing caution about the company's future performance. While insider buying can be a positive indicator, the selling could indicate a lack of confidence in the stock’s current valuation or future prospects.
What This Means for Investors Based on the GF Value™ of $144.86 and the current market price of $202.56, Arrow Electronics Inc ARW is considered significantly overvalued. While the stock has shown strong momentum and good financial metrics, the substantial overvaluation presents risks for potential investors.
For the complete analysis, visit the Arrow Electronics Inc ARW stock page. You can also explore the GF Value™ page for detailed valuation methodology, or use the GuruFocus Stock Screener to find similar opportunities.
Frequently Asked Questions What is ARW's GF Score™?
The GF Score™ for Arrow Electronics is 84/100, indicating a strong overall rating based on financial metrics and performance.
Is ARW overvalued or undervalued?
ARW is currently overvalued, with a GF Value™ of $144.86 compared to the current price of $202.56.
What is ARW's P/E ratio?
ARW's P/E (TTM) ratio is 14.5x, which is significantly above its 5-year median of 9.7x, indicating a higher valuation than its historical norms.
This stock alert was generated using automated technology and GuruFocus financial data to provide readers with timely and accurate market reporting. This content was reviewed by GuruFocus editorial team prior to publication. Please send any questions or comments about this story to [email protected].
Investors might want to bet on Arrow Electronics (ARW - Free Report) , as earnings estimates for this company have been showing solid improvement lately. The stock has already gained solid short-term price momentum, and this trend might continue with its still improving earnings outlook.
The rising trend in estimate revisions, which is a result of growing analyst optimism on the earnings prospects of this electronics maker, should get reflected in its stock price. After all, empirical research shows a strong correlation between trends in earnings estimate revisions and near-term stock price movements. This insight is at the core of our stock rating tool -- the Zacks Rank.
The five-grade Zacks Rank system, which ranges from a Zacks Rank #1 (Strong Buy) to a Zacks Rank #5 (Strong Sell), has an impressive externally-audited track record of outperformance, with Zacks #1 Ranked stocks generating an average annual return of +25% since 2008.
For Arrow Electronics, there has been strong agreement among the covering analysts in raising earnings estimates, which has helped push consensus estimates considerably higher for the next quarter and full year.
The chart below shows the evolution of forward 12-month Zacks Consensus EPS estimate:
12 Month EPS
Current-Quarter Estimate RevisionsThe company is expected to earn $3.62 per share for the current quarter, which represents a year-over-year change of +49.0%.
The Zacks Consensus Estimate for Arrow Electronics has increased 56.18% over the last 30 days, as one estimate has gone higher compared to no negative revisions.
Current-Year Estimate RevisionsFor the full year, the company is expected to earn $15.11 per share, representing a year-over-year change of +37.1%.
The revisions trend for the current year also appears quite promising for Arrow Electronics, with two estimates moving higher over the past month compared to no negative revisions. The consensus estimate has also received a boost over this time frame, increasing 14.12%.
Favorable Zacks RankThanks to promising estimate revisions, Arrow Electronics currently carries a Zacks Rank #1 (Strong Buy). The Zacks Rank is a tried-and-tested rating tool that helps investors effectively harness the power of earnings estimate revisions and make the right investment decision.
You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here.
Our research shows that stocks with Zacks Rank #1 (Strong Buy) and 2 (Buy) significantly outperform the S&P 500.
Bottom LineArrow Electronics shares have added 15.8% over the past four weeks, suggesting that investors are betting on its impressive estimate revisions. So, you may consider adding it to your portfolio right away to benefit from its earnings growth prospects.
CENTENNIAL, Colo.--(BUSINESS WIRE)--The Board of Directors of Arrow Electronics, Inc. (NYSE:ARW) has authorized a new share repurchase program of up to $1 billion of the company's outstanding common stock. Effective May 12, 2026, this program replaces the company's existing share repurchase program. This authorization will permit the company to repurchase shares of its common stock as market and business conditions warrant through open market purchases, privately negotiated transactions, or oth.
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.
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 is a unique set of guidelines that rates stocks based on three popular investing types, and were developed as complementary indicators for the Zacks Rank. This combination helps investors choose securities with the highest chances of beating the market over the next 30 days.
Each stock is assigned a rating of A, B, C, D, or F based on their value, growth, and momentum characteristics. Just like in school, an A is better than a B, a B is better than a C, and so on -- that means the better the score, the better chance the stock will outperform.
The Style Scores are broken down into four categories:
Value ScoreFinding good stocks at good prices, and discovering which companies are trading under their true value, are what value investors like to focus on. So, the Value Style Score takes into account ratios like P/E, PEG, Price/Sales, Price/Cash Flow, and a host of other multiples to highlight the most attractive and discounted stocks.
Growth ScoreWhile good value is important, growth investors are more focused on a company's financial strength and health, and its future outlook. The Growth Style Score takes projected and historic earnings, sales, and cash flow into account to uncover stocks that will see long-term, sustainable growth.
Momentum ScoreMomentum traders and investors live by the saying "the trend is your friend." This investing style is all about taking advantage of upward or downward trends in a stock's price or earnings outlook. Employing factors like one-week price change and the monthly percentage change in earnings estimates, the Momentum Style Score can indicate favorable times to build a position in high-momentum stocks.
VGM ScoreWhat if you like to use all three types of investing? The VGM Score is a combination of all Style Scores, making it one of the most comprehensive indicators to use with the Zacks Rank. It rates each stock on their combined weighted styles, which helps narrow down the companies with the most attractive value, best growth forecast, and most promising momentum.
How Style Scores Work with the Zacks Rank A proprietary stock-rating model, the Zacks Rank utilizes the power of earnings estimate revisions, or changes to a company's earnings outlook, to help investors create a successful portfolio.
It's highly successful, with #1 (Strong Buy) stocks producing an unmatched +23.7% average annual return since 1988. That's more than double the S&P 500. But because of the large number of stocks we rate, there are over 200 companies with a Strong Buy rank, plus another 600 with a #2 (Buy) rank, on any given day.
This totals more than 800 top-rated stocks, and it can be overwhelming to try and pick the best stocks for you and your portfolio.
That's where the Style Scores come in.
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.
Here's an example: a stock with a #4 (Sell) or #5 (Strong Sell) rating, even one with Style Scores of A and B, still has a downward-trending earnings outlook, and a bigger chance its share price will decrease too.
Thus, the more stocks you own with a #1 or #2 Rank and Scores of A or B, the better.
Stock to Watch: Arrow Electronics (ARW - Free Report) New York-based Arrow Electronics Inc. is one of the world’s largest distributors of electronic components and enterprise computing products. Arrow provides one of the broadest product ranges in the electronic components and enterprise computing solutions distribution industries. Along with these, the company provides a wide range of value-added services to help customers reduce their marketing time, lower the total cost of ownership, introduce innovative products through demand creation opportunities and enhance their overall competitiveness.
ARW is a #1 (Strong Buy) 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 12.39; value investors should take notice.
Two analysts revised their earnings estimate upwards in the last 60 days for fiscal 2026. The Zacks Consensus Estimate has increased $3.02 to $16.26 per share. ARW boasts an average earnings surprise of +33.7%.
With a solid Zacks Rank and top-tier Value and VGM Style Scores, ARW should be on investors' short list.
Key Takeaways DOW, ARW and LITE are flagged as broker-upgrade picks amid uneven U.S. equity gains.Dow's 2026 earnings are expected to soar 352.1% YoY, alongside a 4.8% broker-rating lift.ARW's 2026 earnings are projected to jump 63.1% YoY, with broker ratings up 20% in four weeks. U.S. equities have been resilient but extremely uneven year to date, recovering from early volatility and pushing higher as strong corporate earnings, artificial intelligence (AI)-linked optimism and a still-supportive economy offset macro worries. Sentiment has been shaped by shifting Fed-rate expectations, Treasury-yield swings, oil-price volatility, geopolitical risks (mainly related to Middle East tension) and trade developments with China. Further, tech fatigue and bond-market pressure have created choppier trading.
Against such a backdrop, it is not easy for retail investors to choose stocks for generating solid returns over time. One way to cut short this task is to follow brokers’ recommendations. In this regard, stocks such as Dow Inc. (DOW - Free Report) , Arrow Electronics, Inc. (ARW - Free Report) and Lumentum Holdings Inc. (LITE - Free Report) are worth betting on.
Broker views are shaped by a combination of direct management access, scrutiny of public disclosures, earnings-call participation and sector-wide research. This broader coverage allows brokers to assess a company’s fundamentals not in isolation, but against macroeconomic trends, industry dynamics, competitive positioning and peer performance. So, broker opinions can help investors better understand the factors that may influence a stock’s future trajectory.
A broker upgrade usually reflects a meaningful change in the analyst’s expectations. This may stem from stronger guidance, positive channel checks, improving demand trends, margin recovery, better execution, or revised operating assumptions. When these developments are not yet fully captured in consensus forecasts or market pricing, an upgrade may point to a potential inflection in earnings momentum or valuation perception.
Yet, a broker upgrade should not be treated as an investment thesis on its own. It is best viewed as one signal within a broader decision-making framework. Sustainable long-term returns depend on business quality, valuation, industry structure, competitive advantages, catalysts, execution risks and the investor’s own risk appetite, time horizon and portfolio objectives.
Selecting the Winning StrategyWe have a screening strategy that may help you identify potential winners.
Broker Rating Upgrades (Four Weeks) of 1% or More: The screen selects stocks that have witnessed broker rating upgrades of 1% or more over the past four weeks.
Current Price Greater Than $5: The stocks must trade above $5.
Average 20-Day Volume Greater Than 100,000: A large trading volume guarantees that the stock is easily tradable.
Zacks Rank Equal to #1 (Strong Buy) or 2 (Buy): Despite good or bad market conditions, stocks with a Zacks Rank #1 or 2 have a proven record of success. You can see the complete list of today’s Zacks #1 Rank stocks here.
VGM Score of A or B: Our research shows that stocks with a VGM Score of A or B, when combined with a Zacks Rank #1 or 2, offer the best upside potential.
3 Stocks With Upgraded Broker Ratings to InvestMidland, MI-based Dow is a material science company, providing a world-class portfolio of advanced, sustainable and leading-edge products. DOW’s broad portfolio of higher-value functional polymers, significant low-cost global feedstock positions, global footprint and market reach, and manufacturing sites in every geographic region place it in an advantageous position against competitors.
Dow’s 2026 earnings are expected to soar 352.1% year over year. DOW, which currently carries a Zacks Rank #2, has witnessed a 4.8% upward revision in broker ratings over the past four weeks.
Arrow Electronics, based in Centennial, CO, is one of the world’s largest distributors of electronic components and enterprise computing products. ARW provides one of the broadest product ranges in the electronic components and enterprise computing solutions distribution industries.
ARW’s 2026 earnings are projected to jump 63.1% on a year-over-year basis. Arrow Electronics, sporting a Zacks Rank #1 at present, has witnessed a 20% upward revision in broker ratings over the past four weeks.
Based in San Jose, CA, Lumentum is a provider of optical and photonic products serving cloud, AI, machine learning, telecommunications, consumer and industrial end markets. LITE’s portfolio spans semiconductor laser chips and sub-assemblies, wavelength management systems, optical modules, optical circuit switches and industrial lasers used in precision materials processing.
Lumentum’s fiscal 2026 earnings are expected to surge 298.5% year over year. LITE, which currently carries a Zacks Rank #2, has witnessed a 4.8% upward revision in broker ratings over the past four weeks.
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Published in basic-materials computers tech-stocks
Key Takeaways ARW's ECS sales jumped 39% in Q1 2026, driven by strong demand for AI and cloud infrastructure.AVT reported strong AI infrastructure growth, but gross margin fell 68 basis points in Q3 FY26.ARW is witnessing stronger upward EPS estimate revisions compared with AVT for 2026 and 2027. Avnet Inc. (AVT - Free Report) and Arrow Electronics Inc. (ARW - Free Report) are two of the world’s largest players operating in the electronic components industry. Avnet is engaged in the distribution of semiconductors and Interconnect, passive and electromechanical devices (IP&E) and provides supply chain management services. Arrow Electronics focuses on selling semiconductor products, IP&E components and IT hardware and software to original equipment manufacturers and electronics manufacturing services providers.
Both AVT and ARW play key roles in the global technology supply chain by helping manufacturers and businesses source semiconductors, electronic components and infrastructure solutions. However, from an investment point of view, one stock offers a more favorable outlook than the other right now. Let’s break down their fundamentals, growth prospects, market challenges and valuation to determine which stock offers a more compelling investment case.
The Case for AVT StockAvnet is benefiting from strong demand in AI infrastructure, networking and industrial markets. In the third quarter of fiscal 2026, the company reported revenues of $7.1 billion, up 34% year over year and 13% sequentially. Management stated that AI data center, networking and industrial markets were the biggest growth drivers during the third quarter. The company also delivered record sales of $6.67 billion in its Electronic Components business, which increased 34.7% year over year on the back of robust demand across most end markets.
AI-related demand is becoming a larger part of AVT’s business. In the third quarter of fiscal 2026, management stated that the company’s direct exposure to AI and data center customers has increased from around 5-7% previously to nearly 10-15% now. Most of this business is tied to Asia, especially Taiwan, where demand from hyperscalers and server customers remains strong. Networking demand also improved across regions, with the Americas showing strong growth during the third quarter.
The company is also benefiting from demand for components that support AI infrastructure. AI buildouts are increasing demand for products tied to power management, cooling systems, connectors, capacitors, resistors and sensors. This helped AVT’s interconnect, passive and electromechanical (IP&E) business grow 25% year over year in the third quarter.
However, one of the weaker areas in AVT’s third quarter was gross margin performance. AVT’s gross margin in the third quarter contracted 68 basis points year over year to 10.4%. A major problem is the growing dependence on Asia. Asia now contributes nearly half of AVT’s total revenues. The region usually operates at lower margins because pricing is highly competitive and customers buy in large volumes. As a result, as Asia becomes a larger part of the business, it puts pressure on AVT’s consolidated gross margins.
The Case for ARW StockArrow Electronics is witnessing strong growth in its Enterprise Computing Solutions (ECS) business on the back of strong demand for AI and cloud infrastructure. In the first quarter of 2026, ECS sales increased 39% year over year to $2.8 billion, while billings also rose 39% to $6.4 billion. Management stated growth was driven by cloud, AI, infrastructure software, cybersecurity and data intelligence demand. This shows that the company continues to benefit from rising enterprise spending on AI workloads and data center expansion.
Arrow Electronics also saw stronger demand for storage and computing products during the first quarter. Management stated that memory supply constraints encouraged customers to place orders earlier to secure product availability. Hyperscaler customers accelerated data center deployments into the first quarter, which supported ECS growth and increased supply chain services revenues. Arrow Electronics expects AI-related infrastructure demand to remain healthy through the rest of the year.
Another important factor is the diversified nature of the ECS business. The Hardware business contributes only about 25% of ECS revenues. The remaining contribution comes from software, cloud and infrastructure-related offerings. This reduces Arrow Electronics’ dependence on hardware demand alone and may help support more stable growth over time. If memory shortages continue, customers could shift more workloads toward public cloud solutions, which may further benefit ARW’s cloud business.
Arrow Electronics is also expanding its digital platform, Arrowsphere, which helps customers source, manage and scale cloud technologies. Management believes the platform supports recurring revenue growth and deeper customer relationships. While some of the growth in the first quarter benefited from extra shipping days and accelerated customer orders, ARW’s strong exposure to AI infrastructure, cloud and enterprise software markets could continue supporting ECS momentum in 2026.
AVT vs. ARW: Earnings Estimate TrendThe earnings estimate revision trend for the two companies reflects that analysts are turning more bullish toward ARW.
The Zacks Consensus Estimate for AVT’s 2026 and 2027 EPS is pegged at $5.12 per share and $7.30 per share, respectively. The estimates for 2026 and 2027 have been revised up by 4.1% and 3%, respectively, over the past seven days.
Image Source: Zacks Investment Research
The Zacks Consensus Estimate for ARW’s 2026 and 2027 EPS is pinned at $17.97 per share and $19.48 per share, respectively. The estimates for 2026 and 2027 have been revised up by 10.5% and 8.5%, respectively, over the past seven days.
Image Source: Zacks Investment Research
AVT vs. ARW: Price Performance and ValuationYear to date, shares of AVT and ARW have surged 73% and 88.7%, respectively.
AVT vs. ARW: YTD Price Return Performance
Image Source: Zacks Investment Research
Currently, AVT is trading at a forward sales multiple of 0.25X, lower than ARW’s forward sales multiple of 0.30X. ARW does seem pricey compared with AVT. However, ARW’s robust financial performance and stronger earnings estimate revisions justify its higher valuations.
AVT vs. ARW: Forward 12-Month P/S Ratio
Image Source: Zacks Investment Research
Conclusion: ARW Has an Edge Over AVTBoth AVT and ARW are key players in the electronic components industry. However, AVT continues to face pressure on gross margins as Asia becomes a larger part of its revenue mix. In contrast, ARW is seeing strong results supported by rising AI and cloud spending, demand for its products remains strong, and earnings estimates are moving higher.
Currently, ARW sports a Zacks Rank #1 (Strong Buy), making the stock a clear winner over AVT, which has a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
CENTENNIAL, Colo.--(BUSINESS WIRE)--Arrow Electronics, Inc. (NYSE:ARW) today announced its management is scheduled to present at the following investor event to discuss Arrow's business and strategy: On Jun. 02 at 1:00 p.m. ET, William Austen, interim president and chief executive officer, will participate in a fireside chat at the 2026 Bank of America Global Technology Conference. Live webcasts and replays can be accessed via the events page on Arrow's Investor Relations website, investor.arro.
Data analysis science and big data with AI technology. Analyst or Scientist uses a computer and dashboard for analysis of information on complex data sets on computer. Insights development engineer
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Artificial intelligence (AI) has been the driving force behind equity markets for some time now.
Each quarter we get rosy forecasts for future revenue potential and headlines that fuel the hype train.
But behind the headlines, lies the truth: AI is taking all the cash from the biggest names in the market. In fact, in just five quarters (2025 through 1Q26), Alphabet (GOOGL), Microsoft (MSFT), Meta (META), Amazon (AMZN), and Oracle (ORCL) burned a combined $563 billion in free cash flow (FCF).
Armed with the latest data from 1Q26 filings, I update my AI Winners and Losers series to show how AI is killing the cash flows and crushing the balance sheets of the biggest AI companies.
AI’s Cash IncineratorAs first noted in Danger Zone: The Losers in the AI Arms Race, the AI race has turned cash printing machines into huge cash incinerators.
Figure 1 shows the latest quarterly free cash flow figures, and the picture is clearer than it was in November 2025 and February 2026. Only Apple (AAPL) remains free cash flow positive.
All other AI giants burned billions in cash over the trailing-twelve-months (TTM).
Figure 1: TTM Free Cash Flow (FCF) of the Top Spenders in the AI Race
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AI Spenders FCF TTM 1Q26
New Constructs, LLC
Due to fiscal years, Oracle data is the TTM ended February 28, 2026. Apple data is the TTM ended March 28, 2026. All other data is TTM ended March 31, 2026
From calendar 2015 through 1Q26, each of the companies in Figure 1 generated the following cumulative FCF:
Apple: $734 billionAlphabet: $259 billionMicrosoft: $63 billionMeta: ($19) billionOracle: ($182) billionAmazon: ($397) billionFigure 2 illustrates the recent decline in FCF between Apple and the rest of the AI spenders. Microsoft is particularly noteworthy. From calendar 2015-2022, Microsoft generated $174 billion cumulative FCF. From calendar 2023 through 1Q26, the company burned $111 billion in cumulative FCF.
Figure 2: Cumulative FCF of AI Spenders: 2015 – 1Q26
AI FCF Apple Vs Big Spenders
New Constructs, LLC
Due to fiscal years, Oracle data is from November 2015 through February 2026. Apple data is from December 26, 2015 through March 28, 2026. All other data is from December 31, 2015 through March 31, 2026
Decades of Cash Generation GoneThe cash burn is even more alarming when I analyze the group as a whole.
From 2015-2024, Apple, Amazon, Alphabet, Meta, Microsoft, and Oracle generated a combined $897 billion in cumulative FCF.
In calendar 2025 and 1Q26, those companies burned a combined $440 billion in FCF. Figure 3 illustrates the stark drop in FCF since 2024.
When I remove Apple, the combined cumulative FCF of Amazon, Alphabet, Meta, Microsoft, and Oracle from calendar 2015 through 1Q26 is actually -$277 billion. From 2015-2024, the cumulative FCF of these companies was $286 billion. In other words, from calendar 2025 through 1Q26, these five companies burned $563 billion in FCF.
AI wiped out many years of positive FCF generation, and we’re just getting started.
Figure 3: Combined Cumulative FCF of AI Spenders: 2015 – 1Q26
Combined Cumulative FCF of AI Spenders 2015-1Q26
New Constructs, LLC
Companies in the “Combined Cumulative FCF” analysis include Apple, Amazon, Alphabet, Meta, Microsoft, and Oracle.
Due to fiscal years, Oracle data is from November 2015 through February 2026. Apple data is from December 26, 2015 through March 28, 2026. All other data is from December 31, 2015 through March 31, 2026
Off-Balance Sheet Debt Continues to SoarIn my original analysis, I revealed that the true spending on AI emerges only fully when you look at the footnotes and find the off-balance sheet debt.
Not-yet-commenced leases are a new way to hide debt off the balance sheet post recent accounting rule changes (ASC 842 and IFRS 16). I find and include these lease obligations in my total debt and invested capital calculations to ensure I capture all the capital companies employ to generate revenue.
Since that original report, the liabilities associated with the AI race have soared even higher.
From calendar 2023 to calendar 1Q26, the value of not-yet-commenced leases at Apple, Alphabet, Amazon, Meta, Microsoft, and Oracle increased $671 billion.
Combined, these companies hold $823 billion in not-yet-commenced leases off-balance sheet, which is up from just $152 billion at the end of calendar 2023. See Figure 4.
Figure 4: Not-Yet-Commenced Leases: AI Spenders: 2023 – 1Q26
Not Yet Commenced Leases AI Spenders 2023-TTM1Q26
New Constructs, LLC
Due to fiscal years, Oracle’s data is from November 2023 through February 28, 2026. Apple’s data is from December 30, 2023 through March 28, 2026. All other data is from December 31, 2023 through March 31, 2026
I think most investors are unaware of the huge increase in liabilities for these companies, and as a result, are missing the huge drain on cash flows highlighted above.
The increase in not-yet-commenced leases in one quarter alone illustrates the speed at which AI spend is rising:
Figure 5: Not-Yet-Commenced Leases Rise in 1Q26
Not Yet Commenced Leases AI Spenders 2025-TTM1Q26
New Constructs, LLC
Due to fiscal years, Oracle’s data is from November 30, 2025 through February 28, 2026. All other data is from December 31, 2025 through March 31, 2026
We’re Going to Need a Bigger Fire Extinguisher to Put Out This FireIn an attempt to ease the massive cash burn, companies are laying off thousands of employees.
I pointed out how these corporate actions are just a band-aid, and not a long-term solution, in my report Shareholders Vs. Employees: The Next AI Tradeoff.
Since then, the layoffs have only accelerated.
“Amazon laying off about 14,000 corporate workers as it invests more in AI” – Oct 2025“Amazon laying off about 16,000 corporate workers in latest anti-bureaucracy push” – Jan 2026“Oracle cutting thousands in latest layoff round as company continues to ramp AI spending” – Mar 2026Meta to cut one in 10 jobs after spending billions on AI – Apr 2026Microsoft Offers Buyouts to About 7% of US Workers – Apr 2026Bloomberg noted the Meta and Microsoft layoffs were part of an effort to (emphasis added) “streamline operations and offset heavy spending on artificial intelligence.“
These cuts will no doubt free up some cash and allow each company to remain in the AI race a little longer.
However, they function more like a hand- held fire extinguisher on a five-alarm fire. There is a limit to how many employees a company can lay off before seeing diminishing returns. Without a change in AI spend, the cash burn looks as if it will force some major companies to quit or go bankrupt.
Diligence Drives AlphaLong before I provided a deep dive on the peril of top AI spenders, I scoured the market for undervalued AI stocks that were poised to win big in the AI boom.
Through this work, I found two companies:
Photronics (PLAB) – Photomasks & Microchips – October 19, 2023Arrow Electronics (ARW) – An AI/Semiconductor Stock that the Market Is Missing – July 10, 2024Since my original reports, PLAB and ARW are up 180% and 60%, respectively, and have outperformed the S&P 500 by 105% and 27%, respectively.
Meanwhile, since I first warned about Oracle and its weak standing in the AI race on November 10, 2025, the stock is down 17%.
Since that warning, PLAB is up 144%, ARW is up 77%, and the S&P 500 is up 8%.
Superior fundamental data doesn’t just identify potential risks, it also finds winners in a crowded market.
Figure 6 shows the performance of PLAB, ARW, and ORCL since I published my reports on each.
Figure 6: Performance of AI Picks: Through May 8, 2026
