April 27, 2026 07:00 ET | Source: Fulcrum Therapeutics, Inc.
― Presented positive clinical data for pociredir, demonstrating robust and rapid fetal hemoglobin (HbF) induction, improvements in markers of hemolysis and anemia, and encouraging trends in vaso-occlusive crisis (VOC) reduction ―
― Fulcrum plans to initiate a potential registration-enabling trial in the second half of 2026 ―
― Dosed first patient in an open-label, long-term dosing trial evaluating the long-term safety and durability of response to pociredir in participants previously enrolled in the PIONEER trial ―
― Appointed Josh Lehrer, M.D., M.Phil., FACC, an experienced leader in sickle cell disease drug development, to the Board of Directors ―
― Chief Financial Officer, Alan Musso plans to retire later this year and will continue in his role until a successor is named ―
― Ended the first quarter of 2026 with $333.3 million in cash, cash equivalents, and marketable securities; cash runway into 2029 ―
CAMBRIDGE, Mass., April 27, 2026 (GLOBE NEWSWIRE) -- Fulcrum Therapeutics, Inc.® (Fulcrum) (Nasdaq: FULC), a clinical-stage biopharmaceutical company focused on developing small molecules that improve the lives of patients with rare hematological disorders, today reported financial results for the first quarter of 2026 and provided a business update.
“The strength of the clinical data presented in the first quarter further reinforce our conviction in pociredir’s potential to address the underlying biology of sickle cell disease,” said Alex C. Sapir, Fulcrum’s President and Chief Executive Officer. “The magnitude of HbF induction and improvements in markers of hemolysis and anemia observed to date support our upcoming discussions with the FDA as we prepare for a potential registration-enabling study in the second half of 2026. With a strong balance sheet extending our cash runway into 2029, we are well positioned to advance pociredir through the next phase of clinical development.”
“I am also pleased to welcome Dr. Josh Lehrer to Fulcrum’s Board of Directors. Josh’s track record advancing transformative therapies for patients with sickle cell disease, most notably his experience with the development and approval of Oxbryta®, will be invaluable as we advance pociredir into the next phase of development. I would also like to thank Alan Musso, who will be retiring as CFO this year, for his years of dedication and unwavering commitment to Fulcrum’s success. During his tenure, he not only strengthened Fulcrum’s balance sheet through our recent financing, but also provided important strategic perspectives and instilled strong financial discipline across the organization.”
Recent Business Highlights
Presented positive clinical data from the 20 mg dose cohort of the Phase 1b PIONEER trial of pociredir in sickle cell disease (SCD) during the first quarter of 2026, demonstrating robust and rapid HbF induction, progression toward pan-cellular distribution, improvements in markers of hemolysis and anemia, and encouraging trends in VOC reduction. Pociredir continues to be generally well-tolerated, with no treatment-related serious adverse events reported to date.Fulcrum expects to provide an update on the design of its next trial in the second quarter of 2026 following receipt of meeting minutes from its End-of-Phase meeting with the U.S. Food and Drug Administration (FDA). Pending feedback from the FDA, Fulcrum plans to initiate a potential registration-enabling trial in the second half of 2026.Dosed first patient in an open-label, long-term dosing trial designed to evaluate the long-term safety and durability of response to pociredir in participants previously enrolled in the Phase 1b PIONEER trial.An abstract from the Phase 1b PIONEER trial of pociredir in sickle cell disease has been accepted for oral presentation at the Foundation for Sickle Cell Disease Research Symposium 2026, to be held in June 2026, featuring previously disclosed clinical data.Announced a patient-focused collaboration with MedicAlert Foundation and the Sickle Cell Disease Association of America to help improve access to patient-specific care information in emergency department settings for individuals living with sickle cell disease.Chief Financial Officer Alan Musso plans to retire later this year to spend more time with his family and other outside interests. Mr. Musso will remain in his role until a successor is named and has agreed to serve as a consultant thereafter to support a seamless transition. Fulcrum will initiate a search to identify a successor. First Quarter 2026 Financial Results
Cash Position: As of March 31, 2026, cash, cash equivalents, and marketable securities were $333.3 million, compared to $352.3 million as of December 31, 2025. The decrease of $19.0 million was primarily due to cash used to fund operating activities in 2026.R&D Expenses: Research and development expenses were $14.1 million for the three months ended March 31, 2026, compared to $13.4 million for the three months ended March 31, 2025. The increase of $0.7 million was primarily due to higher employee compensation costs, including $0.4 million of increased stock-based compensation expense.G&A Expenses: General and administrative expenses were $8.1 million for the three months ended March 31, 2026, compared to $7.0 million for three months ended March 31, 2025. The increase of $1.1 million was primarily driven by higher employee compensation costs, including $0.3 million of increased stock-based compensation expense, as well as higher professional services costs.Net Loss: Net loss was $18.9 million for the three months ended March 31, 2026, compared to a net loss of $17.7 million for the three months ended March 31, 2025. Cash Runway Guidance
Based on its current operating plans, Fulcrum expects that its current cash, cash equivalents, and marketable securities will be sufficient to fund its operating requirements into 2029.
About Fulcrum Therapeutics
Fulcrum Therapeutics is a clinical-stage biopharmaceutical company focused on developing small molecules that improve the lives of people with rare hematological disorders. The company’s lead clinical program is pociredir, a small molecule designed to increase expression of fetal hemoglobin (HbF) for the treatment of sickle cell disease (SCD). Fulcrum uses proprietary technology to identify drug targets that can modulate gene expression to treat the known root cause of genetically defined diseases. For more information, visit www.fulcrumtx.com and follow us on X (@FulcrumTx) and LinkedIn.
About Pociredir
Pociredir is an investigational oral small-molecule inhibitor of Embryonic Ectoderm Development (EED) that was discovered using Fulcrum’s proprietary discovery technology. Inhibition of EED leads to potent downregulation of key fetal globin repressors, including BCL11A, thereby causing an increase in HbF. Pociredir is being developed for the treatment of SCD. In the PIONEER Phase 1b clinical trial in people with SCD, pociredir has demonstrated dose-dependent increases in HbF, pan-cellular HbF induction, and improvements in markers of hemolysis and anemia. Across the 12 mg and 20 mg dose cohorts, pociredir has been generally well-tolerated with up to three months of exposure, with no treatment-related serious adverse events reported through the December 23, 2025 data cutoff date. Pociredir has been granted Fast Track and Orphan Drug Designation from the FDA for the treatment of SCD. To learn more about clinical trials of pociredir please visit ClinicalTrials.gov.
About Sickle Cell Disease
SCD is a genetic disorder of the red blood cells caused by a mutation in the HBB gene. This gene encodes a protein that is a key component of hemoglobin, a protein complex whose function is to transport oxygen in the body. The result of the mutation is less efficient oxygen transport and the formation of red blood cells that have a sickle shape. These sickle shaped cells are much less flexible than healthy cells and can block blood vessels or rupture cells. People with SCD typically suffer from serious clinical consequences, which may include anemia, pain, infections, stroke, heart disease, pulmonary hypertension, kidney failure, liver disease, and reduced life expectancy.
Forward-Looking Statements
This press release contains “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995 that involve substantial risks and uncertainties. All statements, other than statements of historical facts, contained in this press release are forward-looking statements, including express or implied statements regarding Fulcrum’s clinical development of pociredir, including the open-label extension trial, discussions with and receipt of feedback from regulators on trial design, and commencing a registrational trial; the potential of pociredir to increase HbF to levels that could ameliorate symptoms of SCD and transform the standard of care and Fulcrum’s projected cash runway, among others. The words “anticipate,” “believe,” “continue,” “could,” “estimate,” “expect,” “intend,” “may,” “plan,” “potential,” “predict,” “project,” “should,” “target,” “will,” “would” and similar expressions are intended to identify forward-looking statements, although not all forward-looking statements contain these identifying words. Any forward-looking statements are based on management’s current expectations of future events and are subject to a number of risks and uncertainties that could cause actual results to differ materially and adversely from those set forth in, or implied by, such forward-looking statements. These risks and uncertainties include, but are not limited to, risks associated with Fulcrum’s ability to continue to advance pociredir and any other product candidates in clinical trials, including progressing early stage candidates into the clinic; initiating and enrolling clinical trials on the timeline expected or at all; including receiving feedback from, and obtaining and maintaining necessary approvals from the FDA and other regulatory authorities; replicating in clinical trials positive results found in preclinical studies and/or earlier-stage clinical trials; obtaining, maintaining or protecting intellectual property rights related to its product candidates; managing expenses; and raising the substantial additional capital needed to achieve its business objectives, among others. For a discussion of other risks and uncertainties, and other important factors, any of which could cause Fulcrum’s actual results to differ from those contained in the forward-looking statements, see the “Risk Factors” section, as well as discussions of potential risks, uncertainties, and other important factors, in Fulcrum’s most recent filings with the Securities and Exchange Commission. In addition, the forward-looking statements included in this press release represent Fulcrum’s views as of the date hereof and should not be relied upon as representing Fulcrum’s views as of any date subsequent to the date hereof. Fulcrum anticipates that subsequent events and developments will cause Fulcrum’s views to change. However, while Fulcrum may elect to update these forward-looking statements at some point in the future, Fulcrum specifically disclaims any obligation to do so.
Fulcrum Therapeutics, Inc.Selected Consolidated Balance Sheet Data
(In thousands)
(Unaudited)
March 31,
2026 December 31,
2025 Cash, cash equivalents, and marketable securities$333,316 $352,306 Working capital(1) 328,805 344,432 Total assets 346,770 366,284 Total stockholders’ equity 333,303 349,000 (1) Fulcrum defines working capital as current assets minus current liabilities.
Fulcrum Therapeutics, Inc.Consolidated Statements of Operations
(In thousands, except per share data)
(Unaudited)
Three Months Ended
March 31, 2026 2025 Operating expenses: Research and development 14,084 13,404 General and administrative 8,102 6,999 Total operating expenses 22,186 20,403 Loss from operations (22,186) (20,403)Other income, net 3,295 2,748 Net loss$(18,891) $(17,655)Net loss per share, basic and diluted$(0.25) $(0.28)Weighted-average common shares outstanding, basic and diluted 76,215 62,479 Contact:
May 08, 2026 16:30 ET | Source: Fulcrum Therapeutics, Inc.
CAMBRIDGE, Mass., May 08, 2026 (GLOBE NEWSWIRE) -- Fulcrum Therapeutics, Inc.® (Nasdaq: FULC), a clinical-stage biopharmaceutical company focused on developing small molecules to improve the lives of patients with genetically defined rare diseases, today announced that the company granted non-statutory stock options to two new employees. Fulcrum granted stock options to purchase shares of the company’s common stock pursuant to the company’s 2022 Inducement Stock Incentive Plan, as amended, or the plan, as an inducement material to the new employees entering into employment with Fulcrum in accordance with Nasdaq Listing Rule 5635(c)(4).
Fulcrum granted the new employees 55,500 options to purchase shares of the company’s common stock at an exercise price of $7.02 per share, the closing price per share of Fulcrum’s common stock as reported on the grant effective date, May 4, 2026. The options have a ten-year term and vest over four years, with 25% of the original number of shares vesting on the first anniversary of the applicable employee’s start date and an additional 6.25% of the shares vesting in equal quarterly installments over the twelve successive quarters following the first anniversary, subject to the applicable employee’s continued service with the company through the applicable vesting dates.
About Fulcrum Therapeutics
Fulcrum Therapeutics is a clinical-stage biopharmaceutical company focused on developing small molecules that improve the lives of people with rare hematological disorders. The company’s lead clinical program is pociredir, a small molecule designed to increase expression of fetal hemoglobin (HbF) for the treatment of sickle cell disease (SCD). Fulcrum uses proprietary technology to identify drug targets that can modulate gene expression to treat the known root cause of genetically defined diseases. For more information, visit www.fulcrumtx.com and follow us on X (@FulcrumTx) and LinkedIn.
Fulcrum Therapeutics, Inc. (FULC - Free Report) has been beaten down lately with too much selling pressure. While the stock has lost 21.5% over the past four weeks, there is light at the end of the tunnel as it is now in oversold territory and Wall Street analysts expect the company to report better earnings than they predicted earlier.
We use Relative Strength Index (RSI), one of the most commonly used technical indicators, for spotting whether a stock is oversold. This is a momentum oscillator that measures the speed and change of price movements.
RSI oscillates between zero and 100. Usually, a stock is considered oversold when its RSI reading falls below 30.
Technically, every stock oscillates between being overbought and oversold irrespective of the quality of their fundamentals. And the beauty of RSI is that it helps you quickly and easily check if a stock's price is reaching a point of reversal.
So, by this measure, if a stock has gotten too far below its fair value just because of unwarranted selling pressure, investors may start looking for entry opportunities in the stock for benefiting from the inevitable rebound.
However, like every investing tool, RSI has its limitations, and should not be used alone for making an investment decision.
Why FULC Could Bounce Back Before LongThe heavy selling of FULC shares appears to be in the process of exhausting itself, as indicated by its RSI reading of 29.38. So, the trend for the stock could reverse soon for reaching the old equilibrium of supply and demand.
This technical indicator is not the only factor that calls for a potential rebound for the stock. There is a fundamental indicator as well. A strong agreement among sell-side analysts covering FULC in raising earnings estimates for the current year has led to an increase in the consensus EPS estimate by 9.6% over the last 30 days. And an upward trend in earnings estimate revisions usually translates into price appreciation in the near term.
Moreover, FULC currently has a Zacks Rank #2 (Buy), which means it is in the top 20% of more than 4,000 stocks that we rank based on trends in earnings estimate revisions and EPS surprises. This is a more conclusive indication of the stock's potential turnaround in the near term. You can see the complete list of today's Zacks Rank #1 (Strong Buy) stocks here >>>> .
June 01, 2026 16:05 ET | Source: Fulcrum Therapeutics, Inc.
― Decision follows FDA feedback regarding the implications of the secondary malignancies observed with Tazverik® (tazemetostat) and the product’s subsequent global withdrawal on the benefit-risk profile of pociredir in sickle cell disease (SCD) ―
― Company to explore strategic alternatives to maximize stockholder value ―
CAMBRIDGE, Mass., June 01, 2026 (GLOBE NEWSWIRE) -- Fulcrum Therapeutics, Inc.® (Fulcrum) (Nasdaq: FULC), a clinical-stage biopharmaceutical company focused on developing small molecules to improve the lives of patients with rare hematological disorders, today announced the discontinuation of its pociredir program for the treatment of SCD and the initiation of a comprehensive review of strategic alternatives to maximize stockholder value.
On May 28, 2026, Fulcrum received meeting minutes from recent end-of-phase interactions with the FDA. The minutes reflected heightened FDA concerns regarding pociredir's benefit-risk profile in SCD, stemming from an unexpectedly high rate of secondary hematologic malignancies observed with Tazverik® (tazemetostat), another PRC2 inhibitor, which was withdrawn from the global market in March 2026. Fulcrum submitted information to FDA supporting the position that mechanistic differences between EED (pociredir's target) and EZH2 (tazemetostat's target), which perform different biological roles, were relevant to the benefit-risk assessment. FDA considered this position but concluded that any pharmacological intervention targeting the PRC2 complex carries equivalent malignancy risk regardless of the specific subunit engaged. FDA’s position is informed by pociredir's previously disclosed preclinical malignancy observations and left no viable regulatory path forward for further clinical development of pociredir.
“Following a thorough review of regulatory feedback, the totality of available data, and the implications for a viable regulatory path, we have made the very difficult decision to discontinue development of pociredir,” said Alex C. Sapir, Fulcrum’s President and Chief Executive Officer. “While no new safety signals have been observed to date with pociredir, the FDA raised concerns regarding the potential malignancy risk associated with pociredir’s inhibition of the PRC2 complex given the experience with Tazverik that was recently withdrawn from the market. We arrived at this decision after discussion with the FDA, and despite robust elevations in fetal hemoglobin seen with pociredir and the potential for clinical benefit, we do not see a path forward with pociredir. We know the SCD community has faced many disappointments and setbacks related to innovation for this devastating disease, and we are not only humbled but forever grateful to the SCD warriors, investigators, and broader SCD community who have worked tirelessly alongside Fulcrum to evaluate new treatment options for this devastating disease.”
Fulcrum will explore potential strategic alternatives, including, but not limited to, a merger, acquisition, business combination, or other strategic transactions involving the company or its assets. In connection with this review, Fulcrum has initiated efforts to significantly reduce its operating expenses and preserve capital. Fulcrum has not set a timeline for the completion of this review and does not intend to provide further updates unless and until the Board of Directors has approved a course of action, the review process is concluded, or other disclosure is otherwise determined to be appropriate.
As of March 31, 2026, Fulcrum had $333.3 million in cash, cash equivalents, and marketable securities.
About Fulcrum Therapeutics
Fulcrum Therapeutics is a clinical-stage biopharmaceutical company focused on developing small molecules to improve the lives of patients with rare hematological disorders. Fulcrum’s lead clinical program was pociredir, a small molecule designed to increase expression of fetal hemoglobin (HbF) for the treatment of SCD. Fulcrum uses proprietary technology to identify drug targets that can modulate gene expression to treat the known root cause of genetically defined diseases. For more information, visit www.fulcrumtx.com and follow us on X (@FulcrumTx) and LinkedIn.
About Pociredir
Pociredir is an investigational oral small-molecule inhibitor of Embryonic Ectoderm Development (EED) that was discovered using Fulcrum’s proprietary discovery technology. Inhibition of EED leads to potent downregulation of key fetal globin repressors, including BCL11A, thereby causing an increase in HbF. Pociredir was being developed for the treatment of SCD. In the PIONEER Phase 1b clinical trial in people with SCD, pociredir has demonstrated dose-dependent increases in HbF, pan-cellular HbF induction, and improvements in markers of hemolysis and anemia. Across the 12 mg and 20 mg dose cohorts, pociredir has been generally well-tolerated with up to three months of exposure, with no treatment-related serious adverse events reported. Pociredir has been granted Fast Track and Orphan Drug Designation from the FDA for the treatment of SCD. To learn more about clinical trials of pociredir please visit ClinicalTrials.gov.
About Sickle Cell Disease
SCD is a genetic disorder of the red blood cells caused by a mutation in the HBB gene. This gene encodes a protein that is a key component of hemoglobin, a protein complex whose function is to transport oxygen in the body. The result of the mutation is less efficient oxygen transport and the formation of red blood cells that have a sickle shape. These sickle shaped cells are much less flexible than healthy cells and can block blood vessels or rupture cells. People with SCD typically suffer from serious clinical consequences, which may include anemia, pain, infections, stroke, heart disease, pulmonary hypertension, kidney failure, liver disease, and reduced life expectancy.
Forward-Looking Statements
This press release contains “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995 that involve substantial risks and uncertainties, including express or implied statements regarding the effects of the discontinuation of pociredir in SCD; the effects and outcome of the strategic review and ability to maximize stockholder value; the benefit-risk profile of pociredir in the SCD population; the corporate restructuring and ability to reduce operating expenses and preserve capital; among others. All statements, other than statements of historical facts, contained in this press release are forward-looking statements, including express or implied statements regarding Fulcrum’s strategy, future operations, future financial position, prospects, plans and objectives of management, are forward-looking statements. The words “anticipate,” “believe,” “continue,” “could,” “estimate,” “expect,” “intend,” “may,” “plan,” “potential,” “predict,” “project,” “should,” “target,” “will,” “would” and similar expressions are intended to identify forward-looking statements, although not all forward-looking statements contain these identifying words. Any forward-looking statements are based on management’s current expectations of future events and are subject to a number of risks and uncertainties that could cause actual results to differ materially and adversely from those set forth in, or implied by, such forward-looking statements. These risks and uncertainties include, but are not limited to, risks associated with Fulcrum’s decision to discontinue development of pociredir for SCD; the strategic review process, including identifying and executing one or more transactions that maximize stockholder value; implementing a restructuring and workforce reduction; as well as other more general risks associated with obtaining, maintaining or protecting intellectual property rights related to its product candidates and managing risks associated therewith; and managing expenses; among others. For a discussion of other risks and uncertainties, and other important factors, any of which could cause Fulcrum’s actual results to differ from those contained in the forward-looking statements, see the “Risk Factors” section, as well as discussions of potential risks, uncertainties, and other important factors, in Fulcrum’s most recent filings with the Securities and Exchange Commission. In addition, the forward-looking statements included in this press release represent Fulcrum’s views as of the date hereof and should not be relied upon as representing Fulcrum’s views as of any date subsequent to the date hereof. Fulcrum anticipates that subsequent events and developments will cause Fulcrum’s views to change. However, while Fulcrum may elect to update these forward-looking statements at some point in the future, Fulcrum specifically disclaims any obligation to do so.
CompaniesJune 1 (Reuters) - Fulcrum Therapeutics (FULC.O), opens new tab said on Monday it would stop developing its experimental sickle-cell disease drug after the U.S. Food and Drug Administration raised cancer-risk concerns, which left no viable regulatory path for the treatment.
The drug developer's shares slumped nearly 50% in extended trading.
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The drug, pociredir, was being developed as an oral treatment for sickle-cell disease, an inherited blood disorder that can cause pain, anemia, organ damage and reduced life expectancy.
Fulcrum said the FDA concerns were tied to secondary blood cancers seen with Ipsen's (IPN.PA), opens new tab cancer drug, Tazverik, which was withdrawn globally in March.
The company said it submitted information to the FDA supporting the position that mechanistic differences between the two drugs' target were relevant to the benefit-risk assessment.
The FDA, however, concluded that any drug that targets the protein PRC2 carries risk.
"We arrived at this decision after discussion with the FDA, and despite robust elevations in fetal hemoglobin seen with pociredir and the potential for clinical benefit, we do not see a path forward with pociredir," said Fulcrum CEO Alex Sapir.
Fetal hemoglobin is a form of hemoglobin linked to clinical benefit in sickle-cell disease.
Fulcrum will explore options including a merger, acquisition, business combination or other transaction, and has initiated efforts to cut operating expenses and preserve cash.
Reporting by Kunal Das in Bengaluru; Editing by Shilpi Majumdar
Our Standards: The Thomson Reuters Trust Principles., opens new tab
Fulcrum Therapeutics (NASDAQ:FULC) shares are trading sharply lower in after-hours trading on Monday.
FULC shares plunged 49.69% to $3.23 in after-hours trading after the company announced it was discontinuing pociredir, its lead experimental drug for sickle cell disease, and launched a strategic review process.
Fulcrum Therapeutics is a clinical-stage biopharmaceutical company focused on developing treatments for rare hematological disorders.
Program Discontinuation AnnouncementThe company said it is discontinuing development of pociredir for sickle cell disease following feedback from the Food and Drug Administration.
According to Fulcrum, the FDA raised concerns about the benefit-risk profile of pociredir after observing malignancy risks associated with Tazverik, another drug targeting the PRC2 pathway that was withdrawn from the global market earlier this year. The FDA concluded that therapies targeting the PRC2 complex may carry similar cancer-related risks, leaving no viable regulatory path forward for pociredir.
Strategic ReviewFollowing the decision, Fulcrum announced a comprehensive review of strategic alternatives, including a potential merger, acquisition, business combination or other transactions designed to maximize shareholder value.
The company also said it will significantly reduce operating expenses and preserve capital while evaluating its options. As of March 31, 2026, Fulcrum reported $333.3 million in cash, cash equivalents and marketable securities.
Trading AnalysisFulcrum Therapeutics currently has a market capitalization of approximately $427.79 million, with a 52-week high of $15.74 and a 52-week low of $5.88.
The stock is down 7.76% over the past 12 months.
Price Action: According to market data, FULC closed Monday’s regular trading session at $6.42. Shares later plunged 49.69% in after-hours trading to $3.23.
Benzinga Edge Stock Rankings indicate that FULC shares currently maintain negative short, medium and long-term price trends.
Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors
Market News and Data brought to you by Benzinga APIs
Signage is seen outside of the Food and Drug Administration (FDA) headquarters in White Oak, Maryland, U.S., August 29, 2020. REUTERS/Andrew Kelly/File Photo Purchase Licensing Rights, opens new tab
CompaniesJune 2 (Reuters) - Shares of Fulcrum Therapeutics (FULC.O), opens new tab plunged 52% on Tuesday after the company said it would abandon development of its experimental sickle-cell disease drug following cancer-risk concerns raised by the U.S. FDA, and explore strategic options including a potential sale or merger.
The oral drug, pociredir, was being tested to treat sickle-cell disease, an inherited blood disorder that can trigger pain, anemia and organ damage and reduce life expectancy.
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The setback adds to a string of challenges in sickle-cell drug development. In 2024, Pfizer (PFE.N), opens new tab withdrew its approved therapy Oxbryta and stopped related studies over safety concerns.
Pociredir was designed to increase levels of fetal hemoglobin by targeting a key sub-unit in the PRC2 protein complex, which normally suppresses its production.
Fulcrum's decision followed feedback from the U.S. Food and Drug Administration over safety concerns linked to drugs targeting the protein complex, after Ipsen's (IPN.PA), opens new tab cancer drug, Tazverik, was withdrawn globally earlier this year because of the risk of secondary blood cancers.
The company said it had submitted data arguing that pociredir, which targets a different component of the PRC2 complex than Tazverik, had a distinct risk profile. The FDA, however, concluded that all drugs acting on the complex pose similar malignancy risks.
Truist analyst Gregory Renza said the regulator did not differentiate between sub-units of the PRC2, instead viewing the entire complex as carrying a systemic cancer risk.
We're a bit surprised by the discontinuation in light of strong efficacy data and unmet need, said Stifel analyst James Condulis.
At least three brokerages lowered their price targets and downgraded the stock following the development.
The company also said it would now consider strategic alternatives, including a potential sale or merger, and has begun cutting costs to preserve cash.
Fulcrum said no new safety concerns had emerged in clinical trials and that the drug had shown increases in fetal hemoglobin, which can help reduce disease severity in sickle-cell patients.
Reporting by Siddhi Mahatole in Bengaluru; Editing by Diti Pujara
Our Standards: The Thomson Reuters Trust Principles., opens new tab
ATLANTA, June 02, 2026 (GLOBE NEWSWIRE) -- Holzer & Holzer, LLC is investigating whether Fulcrum Therapeutics, Inc. (“Fulcrum” or the “Company”) (NASDAQ: FULC) complied with federal securities laws. On June 1, 2026, Fulcrum announced the discontinuation of its pociredir program for the treatment of sickle cell disease. The price of the Company’s stock dropped following this news.
If you purchased Fulcrum stock and suffered a loss on that investment, you are encouraged to contact Corey D. Holzer, Esq. at [email protected] or Joshua Karr, Esq. at [email protected], call our toll-free number at (888) 508-6832, or visit our website at www.holzerlaw.com/case/fulcrum-therapeutics/ to discuss your legal rights.
Holzer & Holzer, LLC, an ISS top rated securities litigation law firm for 2021, 2022, 2023, and 2025, dedicates its practice to vigorous representation of shareholders and investors in litigation nationwide, including shareholder class action and derivative litigation. Since its founding in 2000, Holzer & Holzer attorneys have played critical roles in recovering hundreds of millions of dollars for shareholders victimized by fraud and other corporate misconduct. More information about the firm is available through its website, www.holzerlaw.com, and upon request from the firm. Holzer & Holzer, LLC has paid for the dissemination of this promotional communication, and Corey Holzer is the attorney responsible for its content.
SAN DIEGO, June 02, 2026 (GLOBE NEWSWIRE) -- Johnson Fistel, PLLP is investigating whether Fulcrum Therapeutics, Inc. (NASDAQ: FULC) or certain of its executive officers violated federal securities laws. The investigation focuses on investors’ losses and whether they may be recovered under federal securities laws.
What if I purchased Fulcrum securities?
If you purchased Fulcrum securities and suffered losses on your investment, join our investigation now: Click Here to Join the Investigation.
Or for more information, contact Jim Baker at [email protected] or (619) 814-4471.
There is no cost or obligation to you.
Background of the Investigation
Fulcrum is a clinical-stage biopharmaceutical company. The Company’s lead sickle cell disease drug candidate was pociredir, which Fulcrum had described as advancing toward a potential registration-enabling study.
On June 1, 2026, Fulcrum announced that it was discontinuing development of pociredir and initiating a strategic review. Fulcrum stated that it had received the FDA meeting minutes on May 28, 2026, reflecting the FDA’s position regarding risks associated with therapies targeting the PRC2 complex. According to the Company, the FDA concluded that any pharmacological intervention targeting PRC2 carried equivalent malignancy risk, regardless of the specific subunit targeted.
Fulcrum further disclosed that, based on the FDA’s position, “no viable regulatory path forward” remained for continued development of pociredir.
Following this news, Fulcrum’s stock price declined sharply, causing significant harm to investors.
In light of this disclosure, Johnson Fistel is investigating whether Fulcrum complied with state and federal laws, including the federal securities laws. If you suffered losses, or are a long-term holder of Fulcrum stock, contact Johnson Fistel.
About Johnson Fistel, PLLP | Securities Fraud & Investor Rights
Johnson Fistel, PLLP is a nationally recognized shareholder rights law firm with offices in California, New York, Georgia, Idaho, and Colorado. The firm represents individual and institutional investors in shareholder class actions and derivative lawsuits. In 2024, Johnson Fistel was ranked as a Top 10 Plaintiff Law Firm by ISS Securities Class Action Services. The firm recovered approximately $90,725,000 for aggrieved clients in 2024.
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This press release may be considered Attorney Advertising in some jurisdictions under the applicable law and rules of ethics. Frank J. Johnson is the attorney responsible for this communication.
Contact:
Johnson Fistel, PLLP
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San Diego, CA 92101
James Baker, Investor Relations
– or –
Frank J. Johnson, Esq.
(619) 814-4471 [email protected] | [email protected]
Fulcrum Therapeutics, Inc. guided investors toward a Phase III future for pociredir while a $25.1 million facility lease locked the company into infrastructure now stranded by program termination.
, /PRNewswire/ -- Fulcrum Therapeutics, Inc. (NASDAQ: FULC) shareholders saw a roughly 50% single-session collapse after the company disclosed on June 1, 2026 that FDA safety concerns forced immediate discontinuation of pociredir and triggered a strategic review. Shareholders who lost money on FULC are encouraged to submit their information now. You may also contact Joseph E. Levi, Esq. at [email protected] or (212) 363-7500.
During the Q1 2026 earnings call on April 27, 2026, CEO Alex Sapir stated the company believed it had "about a 24-month head start over the next closest competitor" and would be "well underway, we believe, with our Phase III study." The company's 10-K filed February 24, 2026 disclosed a lease with a total commitment of approximately $25.1 million over its 10-year term covering 28,731 square feet of office and laboratory space. The Company's CAMP4 license agreement provided for up to $70 million in milestone payments plus royalties, while the upfront payment amount remained undisclosed.
Approximately five weeks after the Q1 2026 earnings call, Fulcrum discontinued the pociredir program following FDA feedback indicating no regulatory path forward and initiated strategic review. The company's existing ~$25.1 million long-term lease obligation and the CAMP4 licensing agreement—providing up to $70 million in milestones plus royalties with an undisclosed upfront payment—remained in place. Following the discontinuation, Fulcrum entered strategic review without a lead clinical candidate. Levi & Korsinsky is investigating whether these forward commitments and omissions may constitute potential securities law violations.
Those who purchased FULC and wish to discuss their legal rights may click here to get started. You may also reach Joseph E. Levi, Esq. at [email protected] or (212) 363-7500.
Levi & Korsinsky, LLP | Top 50 Securities Firm | (212) 363-7500 | www.zlk.com
Frequently Asked Questions About the FULC Investigation
Q: How much did FULC stock drop?A: Shares fell approximately 50% in a single session after Fulcrum Therapeutics disclosed FDA safety concerns that forced immediate discontinuation of pociredir and launch of a strategic review.
Q: Which statements are being investigated as potentially misleading?A: The investigation concerns whether Fulcrum Therapeutics made materially false or misleading statements regarding the forward outlook for pociredir, including Phase III timelines and competitive positioning, while simultaneously maintaining existing long-term financial commitments, including lease and licensing arrangements. When the program was discontinued, the stock declined sharply.
Q: What do FULC investors need to do right now?A: Gather brokerage records including purchase dates, share quantities, and prices paid. Contact Levi & Korsinsky for a free, no-obligation evaluation at [email protected] or (212) 363-7500. No immediate action is required to remain eligible to participate in the investigation.
Q: What does it cost me to participate?A: Nothing. Securities investigations and any resulting actions are handled on a pure contingency basis. No upfront fees, no retainer, no out-of-pocket costs.
Q: What if I already sold my FULC shares -- can I still recover losses?A: Yes. Eligibility is based on when you purchased, not whether you still hold the shares. Investors who bought FULC and sold at a loss may still participate in the investigation.
Q: Do I need to go to court or give testimony?A: No. Participating in the investigation does not require court appearances or depositions.
Q: What if I live outside the United States?A: U.S. securities fraud investigations generally cover purchases on U.S. exchanges regardless of the investor's country of residence.
CONTACT:
Levi & Korsinsky, LLP
Joseph E. Levi, Esq.
Ed Korsinsky, Esq.
33 Whitehall Street, 27th Floor
New York, NY 10004
[email protected]
Tel: (212) 363-7500
Fax: (212) 363-7171
SEC filings reflected insider equity holdings and awards totaling more than 264,000 shares
, /PRNewswire/ -- Fulcrum Therapeutics, Inc. (NASDAQ: FULC) lost approximately 50% of its value in a single session after disclosing on June 1, 2026, that the FDA had raised class-wide safety concerns about PRC2-targeting agents, leading the Company to discontinue the program of its lead candidate pociredir. Shareholders who lost money on their FULC investment are encouraged to submit their information here. You may also contact Joseph E. Levi, Esq. via email at [email protected] or by telephone at (888) SueWallSt.
In its 10-K filed February 24, 2026, Fulcrum disclosed insider equity positions totaling over 260,000 shares for certain executives. The stock traded above $20 in the months preceding the June 1, 2026 disclosure and declined to approximately $10 following the announcement.
The 10-K also disclosed a long-term lease commitment of approximately $25.1 million for office and laboratory space, and referenced a CAMP4 Therapeutics agreement valued at up to $70 million in milestones plus royalties, with the upfront payment not separately quantified.
If you purchased Fulcrum Therapeutics, Inc. shares and suffered a loss, click here to discuss your legal rights. You may also contact Joseph E. Levi, Esq. via email at [email protected] or by telephone at (888) SueWallSt.
SueWallSt -- Top 50 securities litigation firm (ISS, seven consecutive years). Over 70 professionals. Hundreds of millions recovered.
Frequently Asked Questions About the FULC Investigation
Q: Who is eligible to participate in the FULC investigation?A: Investors who purchased FULC stock or securities and suffered financial losses may be eligible. Eligibility is based on purchase date and documented losses -- not on whether you still hold the shares.
Q: Which statements are being investigated as potentially misleading?A: The investigation concerns whether Fulcrum Therapeutics made materially false or misleading statements regarding insider trading plan disclosures, financial commitments, and the status of its pociredir program. When the FDA's safety concerns were disclosed, the stock price declined approximately 50%.
Q: How much did FULC stock drop?A: Shares fell approximately 50% in a single session after the company disclosed FDA safety concerns about the PRC2 inhibitor class and simultaneously discontinued its lead candidate pociredir. Investors who purchased shares at higher prices may be entitled to compensation.
Q: What do FULC investors need to do right now?A: Gather brokerage records including purchase dates, share quantities, and prices paid. Contact SueWallSt for a free, no-obligation evaluation at [email protected] or (888) SueWallSt. No immediate action is required to remain eligible to participate in the investigation.
Q: What does it cost me to participate?A: Nothing. Securities investigations and any resulting actions are handled on a pure contingency basis. No upfront fees, no retainer, no out-of-pocket costs.
Q: What if I already sold my FULC shares -- can I still recover losses?A: Yes. Eligibility is based on when you purchased, not whether you still hold the shares. Investors who bought FULC and sold at a loss may still participate in the investigation.
Q: Do I need to go to court or give testimony?A: No. Participating in the investigation does not require court appearances or depositions. If legal action is later pursued, the overwhelming majority of affected investors never appear in court either.
CONTACT:
SueWallSt
Joseph E. Levi, Esq.
Ed Korsinsky, Esq.
33 Whitehall Street, 27th Floor
New York, NY 10004
[email protected]
Tel: (888) SueWallSt
Fax: (212) 363-7171
Key Takeaways Fulcrum Therapeutics discontinued pociredir after FDA concerns over potential malignancy risks.FDA cited PRC2 pathway risks and preclinical malignancy findings despite encouraging data.FULC is reviewing merger, acquisition and other options while cutting costs and preserving cash. Fulcrum Therapeutics (FULC - Free Report) saw its stock crash 51.1% on Tuesday after announcing the discontinuation of its lead candidate, pociredir, for sickle cell disease (SCD). The decision effectively pushes the company back to the pre-clinical stage, as pociredir was the only asset in its clinical pipeline. Investors reacted sharply to the loss of the program, which had been viewed as FULC’s primary value driver and its most advanced development candidate.
Pociredir is an investigational oral small-molecule EED inhibitor, a component of the PRC2 complex. Earlier clinical data from the phase Ib PIONEER study demonstrated dose-dependent increases in fetal hemoglobin (HbF), broad HbF induction across red blood cells and improvements in markers associated with anemia and hemolysis. The candidate had also received Fast Track and Orphan Drug designations from the FDA for the SCD indication.
FDA Safety Concerns End FULC’s Development of PociredirFulcrum Therapeutics’ decision followed feedback received from the FDA during end-of-phase discussions in May. Per FULC, the regulatory body raised significant concerns regarding the benefit-risk profile of pociredir in SCD after reviewing developments involving Tazverik (tazemetostat), another drug that targets the PRC2 pathway.
Tazverik, an EZH2 inhibitor, was withdrawn globally in March 2026 after reports of an unexpectedly high incidence of secondary hematologic malignancies. Although Fulcrum Therapeutics argued that pociredir targets EED rather than EZH2 and therefore operates through a distinct biological mechanism, the FDA concluded that pharmacological inhibition of any component of the PRC2 complex could potentially carry a similar malignancy risk.
Year to date, FULC stock has plummeted 72.2% compared with the industry’s 2.2% decline.
Image Source: Zacks Investment Research
The agency’s stance was further influenced by previously disclosed preclinical malignancy findings associated with pociredir. While no new safety signals had emerged in clinical studies and the drug continued to demonstrate encouraging biological activity, the FDA determined that the overall risk profile outweighed the potential benefits in the SCD setting.
As a result, Fulcrum Therapeutics concluded that there was no viable regulatory pathway available for continued clinical development of the candidate. The decision brings an abrupt end to a program that had generated optimism because of its ability to elevate HbF levels, a well-established strategy for reducing disease severity in SCD.
SCD remains an area of significant unmet medical need despite recent treatment advances. The inherited disorder causes abnormal, sickle-shaped red blood cells that can block blood vessels, trigger severe pain episodes, damage organs and reduce life expectancy. Although several therapies are available, many patients continue to face substantial disease burden, underscoring the need for more effective treatment options.
Fulcrum Explores Strategic Alternatives After SetbackWith its sole clinical-stage asset discontinued, Fulcrum Therapeutics has initiated a comprehensive review of strategic alternatives aimed at maximizing shareholder value. FULC stated that it will evaluate a range of options, including a merger, acquisition, business combination, or other transactions involving the company or its assets.
At the same time, management has begun implementing measures to significantly reduce operating expenses and preserve cash. As of March 31, 2026, Fulcrum Therapeutics reported cash, cash equivalents and marketable securities totaling $333.3 million. The company has not established a timeline for completing the strategic review and indicated that further updates will be provided only if the board approves a specific course of action or determines that additional disclosure is warranted.
The outcome of this review will likely determine Fulcrum Therapeutics’ future direction, as the company now faces the challenge of rebuilding value without a clinical-stage development program.
FULC’s Zacks Rank & Other Stocks to ConsiderFulcrum Therapeutics currently carries a Zacks Rank #2 (Buy).
Some other top-ranked stocks in the biotech sector are Liquidia Corporation (LQDA - Free Report) , Indivior Pharmaceuticals (INDV - Free Report) and Immunocore (IMCR - Free Report) , each sporting a Zacks Rank #1 (Strong Buy) at present. You can see the complete list of today’s Zacks #1 Rank stocks here.
Over the past 60 days, estimates for Liquidia Corporation’s 2026 EPS have increased from $1.50 to $2.97. Over the same period, EPS estimates for 2027 have also increased from $2.91 to $4.81. LQDA shares have rallied 59.8% year to date.
Liquidia Corporation’searnings beat estimates in three of the trailing four quarters and missed in the remaining one, with the average surprise being 54.40%.
Over the past 60 days, estimates for Indivior Pharmaceuticals’ 2026 earnings per share have increased from $3.33 to $4.05. Over the same period, EPS estimates for 2027 have risen to $4.27 from $3.66IMCR. INDV shares have lost 6.1% year to date.
Indivior Pharmaceuticals’ earnings beat estimates in each of the trailing four quarters, with the average surprise being 65.44%.
The estimate for Immunocore’s 2026 EPS is currently pegged at 6 cents. In the past 60 days, the estimates for its 2027 EPS have increased from 24 cents to 87 cents. IMCR shares have lost 2.2% year to date.
Immunocore’s earnings beat estimates in three of the trailing four quarters, while missing the same on the remaining occasion, with the average surprise being 46.66%.
The stock was down in a volatile premarket trading session.
Blood Disorder Drug Program HaltedFulcrum Therapeutics on Monday said it halted the development of pociredir due to concerns from the Food and Drug Administration (FDA) regarding its benefit-risk profile, particularly after observing malignancy risks associated with another drug targeting the same pathway.
In May, Fulcrum received meeting minutes from recent end-of-phase interactions with the FDA.
Mechanistic Differences Between Drug TargetsFulcrum submitted information to the FDA supporting the position that mechanistic differences between EED (pociredir’s target) and EZH2 (tazemetostat’s target), which perform different biological roles, were relevant to the benefit-risk assessment.
FDA considered this position but concluded that any pharmacological intervention targeting the PRC2 complex carries equivalent malignancy risk regardless of the specific subunit engaged.
FDA’s position is informed by pociredir’s previously disclosed preclinical malignancy observations, and left no viable regulatory path forward for further clinical development of pociredir.
Fulcrum’s Strategic Review To Evaluate AlternativesThe company is also launching a strategic review process to explore options that may include a merger or acquisition to maximize shareholder value.
FULC Technical Outlook: Bearish Trend And Key LevelsThe stock’s current price of $3.17 is significantly below its moving averages, with the 20-day simple moving average (SMA) at $6.38, indicating a bearish trend.
The Relative Strength Index (RSI) currently sits at 20.43, suggesting that the stock is oversold, which may indicate potential for a rebound if buying interest returns.
Additionally, the 50-day SMA is at $7.08, placing the stock 55.1% below this level, further confirming the bearish sentiment.
Key Resistance: $6.38 — This level represents the 20-day SMA, which has historically acted as a significant barrier for upward price movement. Key Support: $2.83 — This level is close to the 52-week low, providing a critical floor for the stock’s price.
Analyst Consensus & Recent Actions: The stock carries a Hold rating with an average price target of $8.67. Recent analyst moves include:
JP Morgan: Downgraded to Underweight (June 3) Stifel: Downgraded to Hold (Lowers Target to $3.00) (June 2) Piper Sandler: Downgraded to Underweight (Lowers Target to $3.00) (June 2) FULC Price Action: Fulcrum Therapeutics shares were up 2.17% at $3.29 at the time of publication on Thursday. The stock is near its 52-week low of $2.83, according to Benzinga Pro data.
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NEW YORK--(BUSINESS WIRE)--Shareholders of Fulcrum Therapeutics, Inc. (NASDAQ: FULC) saw the stock plunged roughly 50% on June 1, 2026, following disclosure of an FDA safety concerns related to the PRC2 inhibitor drug class. Those who lost money on FULC are encouraged to submit their information immediately. You may also contact Joseph E. Levi, Esq. via email at [email protected] or by telephone at (212) 363-7500. The single-session collapse followed Fulcrum's June 1, 2026 Form 8-K, which.
NEW YORK, June 05, 2026 (GLOBE NEWSWIRE) -- Fulcrum Therapeutics, Inc. (NASDAQ: FULC) shares fell approximately 50% on June 1, 2026, after the company disclosed that the FDA had raised class-wide safety concerns about PRC2-targeting agents -- the drug class to which Fulcrum's lead candidate pociredir belongs -- citing potential risk of secondary malignancies. Shareholders who lost money on their FULC investment are encouraged to submit their information here. You may also contact Joseph E. Levi, Esq. via email at [email protected] or by telephone at (212) 363-7500.
The disclosure, made via Form 8-K after market hours on June 1, 2026, announced that Fulcrum had immediately discontinued the pociredir program and launched a strategic review. Pociredir was the company's lead pipeline candidate for sickle cell disease and was in early clinical development. CEO Alex Sapir had stated during the Q1 2026 earnings call on April 27, 2026 that "pociredir has continued to be generally well tolerated with no treatment-related serious adverse events reported to date."
Levi & Korsinsky is investigating whether Fulcrum Therapeutics may have failed to adequately disclose material risks to investors prior to the June 1, 2026 announcement. The investigation also examines the company's 10-K filed February 24, 2026, which disclosed a $25.1 million long-term lease commitment, and assesses whether risk factor disclosures adequately described general clinical and regulatory uncertainties. The investigation also notes that proxy materials filed April 30, 2026 did not reference any strategic review, consistent with their focus on governance and compensation matters rather than operational updates.
If you purchased Fulcrum Therapeutics, Inc. shares and suffered a loss, click here to discuss your legal rights. You may also contact Joseph E. Levi, Esq. via email at [email protected] or by telephone at (212) 363-7500.
ABOUT LEVI & KORSINSKY, LLP -- Over the past 20 years, Levi & Korsinsky has secured hundreds of millions of dollars for aggrieved shareholders. The firm has extensive expertise in complex securities litigation and a team of over 70 employees. For seven consecutive years, Levi & Korsinsky has ranked in ISS Securities Class Action Services' Top 50 Report.
Frequently Asked Questions About the FULC Investigation
Q: What is the FULC securities investigation about? A: A securities investigation has been initiated concerning Fulcrum Therapeutics, Inc. (NASDAQ: FULC) regarding whether the company adequately disclosed material risks related to its lead candidate pociredir prior to the FDA's class-wide safety concerns about PRC2-targeting agents. Shares fell approximately 50% after the disclosure, causing significant losses for shareholders.
Q: Who is eligible to participate in the FULC investigation? A: Investors who purchased FULC stock or securities and suffered financial losses may be eligible. Eligibility is based on purchase date and documented losses -- not on whether you still hold the shares.
Q: What do FULC investors need to do right now? A: Gather brokerage records including purchase dates, share quantities, and prices paid. Contact Levi & Korsinsky for a free, no-obligation evaluation at [email protected] or (212) 363-7500. No immediate action is required to remain eligible to participate in the investigation.
Q: What is a lead plaintiff and why does it matter? A: If the investigation proceeds to legal action, a lead plaintiff is the investor the court appoints to represent the group of affected investors. Lead plaintiffs are typically investors with the largest documented losses. Contacting the firm during the investigation phase preserves that option.
Q: What if I already sold my FULC shares -- can I still recover losses? A: Yes. Eligibility is based on when you purchased, not whether you still hold the shares. Investors who bought FULC and sold at a loss may still participate in the investigation.
Q: What does it cost me to participate? A: Nothing. Securities investigations and any resulting actions are handled on a pure contingency basis. No upfront fees, no retainer, no out-of-pocket costs.
Q: Why should investors choose Levi & Korsinsky? A: Ranked among top securities litigation firms by ISS for seven consecutive years. Recovered hundreds of millions for shareholders with extensive federal court experience.
CONTACT:
Levi & Korsinsky, LLP
Joseph E. Levi, Esq.
Ed Korsinsky, Esq.
33 Whitehall Street, 27th Floor
New York, NY 10004 [email protected]
Tel: (212) 363-7500
Fax: (212) 363-7171
A downtrend has been apparent in Fulcrum Therapeutics, Inc. (FULC - Free Report) lately with too much selling pressure. The stock has declined 51% over the past four weeks. However, given the fact that it is now in oversold territory and Wall Street analysts are majorly in agreement about the company's ability to report better earnings than they predicted earlier, the stock could be due for a turnaround.
We use Relative Strength Index (RSI), one of the most commonly used technical indicators, for spotting whether a stock is oversold. This is a momentum oscillator that measures the speed and change of price movements.
RSI oscillates between zero and 100. Usually, a stock is considered oversold when its RSI reading falls below 30.
Technically, every stock oscillates between being overbought and oversold irrespective of the quality of their fundamentals. And the beauty of RSI is that it helps you quickly and easily check if a stock's price is reaching a point of reversal.
So, by this measure, if a stock has gotten too far below its fair value just because of unwarranted selling pressure, investors may start looking for entry opportunities in the stock for benefiting from the inevitable rebound.
However, like every investing tool, RSI has its limitations, and should not be used alone for making an investment decision.
Why FULC Could Bounce Back Before LongThe heavy selling of FULC shares appears to be in the process of exhausting itself, as indicated by its RSI reading of 21.62. So, the trend for the stock could reverse soon for reaching the old equilibrium of supply and demand.
This technical indicator is not the only factor that calls for a potential rebound for the stock. There is a fundamental indicator as well. A strong agreement among sell-side analysts covering FULC in raising earnings estimates for the current year has led to an increase in the consensus EPS estimate by 30% over the last 30 days. And an upward trend in earnings estimate revisions usually translates into price appreciation in the near term.
Moreover, FULC currently has a Zacks Rank #2 (Buy), which means it is in the top 20% of more than 4,000 stocks that we rank based on trends in earnings estimate revisions and EPS surprises. This is a more conclusive indication of the stock's potential turnaround in the near term. You can see the complete list of today's Zacks Rank #1 (Strong Buy) stocks here >>>> .
Fulcrum Therapeutics, Inc. stock lost roughly half its value after the FDA flagged class-wide safety concerns about the entire PRC2 inhibitor drug class -- forcing immediate discontinuation of pociredicr and a full strategic review.
, /PRNewswire/ -- Fulcrum Therapeutics, Inc. (NASDAQ: FULC) shares fell approximately 50% on June 1, 2026, after the company disclosed that the FDA had raised safety concerns about PRC2 inhibition. Shareholders who lost money on their FULC investment are encouraged to submit their information here. You may also contact Joseph E. Levi, Esq. via email at [email protected] or by telephone at (212) 363-7500.
Fulcrum disclosed that FDA feedback raised safety concerns related to PRC2 inhibition. Pociredir, the company's lead sickle-cell disease candidate, is a PRC2-targeting agent. On the same day, Fulcrum announced it was discontinuing the pociredir program and initiating a strategic review.
Prior to June 1, 2026, Fulcrum had been advancing pociredir through its Phase Ib clinical development for sickle cell disease. On the April 27, 2026 Q1 earnings call, CEO Alex Sapir stated that pociredir had "continued to be generally well tolerated with no treatment-related serious adverse events reported to date" and that the company believed it had "about a 24-month head start over the next closest competitor." On June 1, 2026, Fulcrum disclosed via Form 8-K that FDA feedback raised safety concerns related to PRC2 inhibition.
FULC investors who suffered losses are encouraged to click here to discuss their legal rights. You may also contact Joseph E. Levi, Esq. via email at [email protected] or by telephone at (212) 363-7500.
WHY LEVI & KORSINSKY -- Ranked in ISS Securities Class Action Services' Top 50 Report for seven consecutive years, Levi & Korsinsky, LLP is a nationally recognized leader in shareholder rights litigation. With a team of over 70 professionals, the firm has recovered hundreds of millions of dollars for investors.
Frequently Asked Questions About the FULC Investigation
Q: Who is conducting the FULC investigation?A: Levi & Korsinsky, LLP is investigating potential securities law violations on behalf of investors who purchased FULC securities and suffered financial losses. The firm is nationally recognized, ranked in the ISS Top 50 for seven consecutive years, and has recovered hundreds of millions of dollars for aggrieved investors.
Q: Which statements are being investigated as potentially misleading?A: The investigation concerns whether Fulcrum Therapeutics, Inc. made materially false or misleading statements regarding the safety profile and regulatory prospects of pociredir and the PRC2 inhibitor class. When the FDA's class-wide safety concern was disclosed, the stock declined approximately 50%.
Q: What do FULC investors need to do right now?A: Gather brokerage records including purchase dates, share quantities, and prices paid. Contact Levi & Korsinsky for a free, no-obligation evaluation at [email protected] or (212) 363-7500. No immediate action is required to remain eligible to participate in the investigation.
Q: What happens after I contact Levi & Korsinsky?A: An attorney will review your trading history at no cost and provide an initial assessment of your potential recovery.
Q: What if I already sold my FULC shares -- can I still recover losses?A: Yes. Eligibility is based on when you purchased, not whether you still hold the shares. Investors who bought FULC and sold at a loss may still participate in the investigation.
Q: Do I need to go to court or give testimony?A: No. Participating in the investigation does not require court appearances or depositions.
Q: What does it cost me to participate?A: Nothing. Securities investigations and any resulting actions are handled on a pure contingency basis. No upfront fees, no retainer, no out-of-pocket costs.
CONTACT:
Levi & Korsinsky, LLP
Joseph E. Levi, Esq.
Ed Korsinsky, Esq.
33 Whitehall Street, 27th Floor
New York, NY 10004
[email protected]
Tel: (212) 363-7500
Fax: (212) 363-7171
NEW YORK, April 27, 2026 (GLOBE NEWSWIRE) -- Marex Group plc (NASDAQ: MRX) today announced that it will release its fiscal 2026 first quarter results before market open on Wednesday, May 6, 2026. The earnings release and supplementary materials will be available through the "Investors" section of the Marex website at https://ir.marex.com/.
A conference call to discuss the results will take place at 9.30am ET the same day. If you would like to attend the live conference call you can access it here: https://events.q4inc.com/attendee/725545282
About Marex:
Marex Group plc (NASDAQ: MRX) provides market access, infrastructure services and essential liquidity to clients across global commodity and financial markets. The Group provides comprehensive breadth and depth of coverage across four services: Clearing, Agency and Execution, Market Making and Hedging and Investment Solutions. It has a leading franchise in many major metals, energy and agricultural products, with access to more than 60 exchanges. Marex has over 3,400 active clients, including some of the largest commodity producers, consumers and traders, banks, hedge funds and asset managers. With more than 50 offices worldwide, the Group has over 3000 employees across Europe, Asia and the Americas. For more information visit www.marex.com.
Have you been paying attention to shares of Marex Group PLC (MRX - Free Report) ? Shares have been on the move with the stock up 22.1% over the past month. The stock hit a new 52-week high of $53.99 in the previous session. Marex Group PLC has gained 38.5% since the start of the year compared to the -0.6% move for the Zacks Finance sector and the -8% return for the Zacks Financial - Miscellaneous Services industry.
What's Driving the Outperformance?The stock has an impressive record of positive earnings surprises, having beaten the Zacks Consensus Estimate in each of the last four quarters. In its last earnings report on March 3, 2026, Marex Group PLC reported EPS of $1.13 versus consensus estimate of $1.02.
For the current fiscal year, Marex Group PLC is expected to post earnings of $4.89 per share on $2.33 in revenues. This represents a 22.56% change in EPS on a 14.99% change in revenues. For the next fiscal year, the company is expected to earn $5.59 per share on $2.51 in revenues. This represents a year-over-year change of 14.31% and 7.71%, respectively.
Valuation MetricsMarex Group PLC may be at a 52-week high right now, but what might the future hold for the stock? A key aspect of this question is taking a look at valuation metrics in order to determine if the company has run ahead of itself.
On this front, we can look at the Zacks Style Scores, as these give investors a variety of ways to comb through stocks (beyond looking at the Zacks Rank of a security). These styles are represented by grades running from A to F in the categories of Value, Growth, and Momentum, while there is a combined VGM Score as well. Investors should consider the style scores a valuable tool that can help you to pick the most appropriate Zacks Rank stocks based on their individual investment style.
Marex Group PLC has a Value Score of B. The stock's Growth and Momentum Scores are B and D, respectively, giving the company a VGM Score of B.
In terms of its value breakdown, the stock currently trades at 10.9X current fiscal year EPS estimates, which is not in-line with the peer industry average of 12.2X. On a trailing cash flow basis, the stock currently trades at 11.4X versus its peer group's average of 9.4X. This isn't enough to put the company in the top echelon of all stocks we cover from a value perspective.
Zacks RankWe also need to consider the stock's Zacks Rank, as this supersedes any trend on the style score front. Fortunately, Marex Group PLC currently has a Zacks Rank of #1 (Strong Buy) thanks to a solid earnings estimate revision trend.
Since we recommend that investors select stocks carrying Zacks Rank of 1 (Strong Buy) or 2 (Buy) and Style Scores of A or B, it looks as if Marex Group PLC meets the list of requirements. Thus, it seems as though Marex Group PLC shares could have potential in the weeks and months to come.
How Does MRX Stack Up to the Competition?Shares of MRX have been soaring, and the company still appears to be a decent choice, but what about the rest of the industry? One industry peer that looks good is Piper Sandler Companies (PIPR - Free Report) . PIPR has a Zacks Rank of #2 (Buy) and a Value Score of B, a Growth Score of A, and a Momentum Score of C.
Earnings were strong last quarter. Piper Sandler Companies beat our consensus estimate by 45.76%, and for the current fiscal year, PIPR is expected to post earnings of $4.68 per share on revenue of $1.97 billion.
Shares of Piper Sandler Companies have gained 18.7% over the past month, and currently trade at a forward P/E of 18.82X and a P/CF of 16.8X.
The Financial - Miscellaneous Services industry is in the top 27% of all the industries we have in our universe, so it looks like there are some nice tailwinds for MRX and PIPR, even beyond their own solid fundamental situation.
Community Financial System (CBU - Free Report) came out with quarterly earnings of $1.09 per share, missing the Zacks Consensus Estimate of $1.1 per share. This compares to earnings of $0.93 per share a year ago. These figures are adjusted for non-recurring items.
This quarterly report represents an earnings surprise of -0.73%. A quarter ago, it was expected that this bank holding company would post earnings of $1.13 per share when it actually produced earnings of $1.07, delivering a surprise of -5.31%.
Over the last four quarters, the company has surpassed consensus EPS estimates just once.
Community Financial, which belongs to the Zacks Financial - Miscellaneous Services industry, posted revenues of $214.14 million for the quarter ended March 2026, missing the Zacks Consensus Estimate by 1.44%. This compares to year-ago revenues of $197.14 million. The company has topped consensus revenue estimates just once 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.
Community Financial shares have added about 10% since the beginning of the year versus the S&P 500's gain of 4.3%.
What's Next for Community Financial?While Community Financial has outperformed the market so far this year, the question that comes to investors' minds is: what's next for the stock?
There are no easy answers to this key question, but one reliable measure that can help investors address this is the company's earnings outlook. Not only does this include current consensus earnings expectations for the coming quarter(s), but also how these expectations have changed lately.
Empirical research shows a strong correlation between near-term stock movements and trends in earnings estimate revisions. Investors can track such revisions by themselves or rely on a tried-and-tested rating tool like the Zacks Rank, which has an impressive track record of harnessing the power of earnings estimate revisions.
Ahead of this earnings release, the estimate revisions trend for Community Financial was favorable. 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 #2 (Buy) for the stock. So, the shares are expected to outperform 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 $1.15 on $220.69 million in revenues for the coming quarter and $4.67 on $896.28 million 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, Financial - Miscellaneous Services is currently in the top 27% of the 250 plus Zacks industries. Our research shows that the top 50% of the Zacks-ranked industries outperform the bottom 50% by a factor of more than 2 to 1.
One other stock from the same industry, Marex Group PLC (MRX - Free Report) , is yet to report results for the quarter ended March 2026. The results are expected to be released on May 6.
This company is expected to post quarterly earnings of $1.30 per share in its upcoming report, which represents a year-over-year change of +42.9%. The consensus EPS estimate for the quarter has been revised 7.6% higher over the last 30 days to the current level.
Marex Group PLC's revenues are expected to be $687 million, up 47% from the year-ago quarter.
The market expects Marex Group PLC (MRX - Free Report) to deliver a year-over-year increase in earnings on higher revenues when it reports results for the quarter ended March 2026. This widely-known consensus outlook is important in assessing the company's earnings picture, but a powerful factor that might influence its near-term stock price is how the actual results compare to these estimates.
The earnings report, which is expected to be released on May 6, might help the stock move higher if these key numbers are better than expectations. On the other hand, if they miss, the stock may move lower.
While management's discussion of business conditions on the earnings call will mostly determine the sustainability of the immediate price change and future earnings expectations, it's worth having a handicapping insight into the odds of a positive EPS surprise.
Zacks Consensus EstimateThis company is expected to post quarterly earnings of $1.30 per share in its upcoming report, which represents a year-over-year change of +42.9%.
Revenues are expected to be $687 million, up 47% from the year-ago quarter.
Estimate Revisions TrendThe consensus EPS estimate for the quarter has been revised 7.6% higher over the last 30 days to the current level. This is essentially a reflection of how the covering analysts have collectively reassessed their initial estimates over this period.
Investors should keep in mind that an aggregate change may not always reflect the direction of estimate revisions by each of the covering analysts.
Price, Consensus and EPS Surprise
Earnings WhisperEstimate revisions ahead of a company's earnings release offer clues to the business conditions for the period whose results are coming out. Our proprietary surprise prediction model -- the Zacks Earnings ESP (Expected Surprise Prediction) -- has this insight at its core.
The Zacks Earnings ESP compares the Most Accurate Estimate to the Zacks Consensus Estimate for the quarter; the Most Accurate Estimate is a more recent version of the Zacks Consensus EPS estimate. The idea here is that analysts revising their estimates right before an earnings release have the latest information, which could potentially be more accurate than what they and others contributing to the consensus had predicted earlier.
Thus, a positive or negative Earnings ESP reading theoretically indicates the likely deviation of the actual earnings from the consensus estimate. However, the model's predictive power is significant for positive ESP readings only.
A positive Earnings ESP is a strong predictor of an earnings beat, particularly when combined with a Zacks Rank #1 (Strong Buy), 2 (Buy) or 3 (Hold). Our research shows that stocks with this combination produce a positive surprise nearly 70% of the time, and a solid Zacks Rank actually increases the predictive power of Earnings ESP.
Please note that a negative Earnings ESP reading is not indicative of an earnings miss. Our research shows that it is difficult to predict an earnings beat with any degree of confidence for stocks with negative Earnings ESP readings and/or Zacks Rank of 4 (Sell) or 5 (Strong Sell).
How Have the Numbers Shaped Up for Marex Group PLC?For Marex Group PLC, the Most Accurate Estimate is higher than the Zacks Consensus Estimate, suggesting that analysts have recently become bullish on the company's earnings prospects. This has resulted in an Earnings ESP of +8.19%.
On the other hand, the stock currently carries a Zacks Rank of #1.
So, this combination indicates that Marex Group PLC will most likely beat the consensus EPS estimate.
Does Earnings Surprise History Hold Any Clue?While calculating estimates for a company's future earnings, analysts often consider to what extent it has been able to match past consensus estimates. So, it's worth taking a look at the surprise history for gauging its influence on the upcoming number.
For the last reported quarter, it was expected that Marex Group PLC would post earnings of $1.02 per share when it actually produced earnings of $1.13, delivering a surprise of +10.78%.
Over the last four quarters, the company has beaten consensus EPS estimates four times.
Bottom LineAn earnings beat or miss may not be the sole basis for a stock moving higher or lower. Many stocks end up losing ground despite an earnings beat due to other factors that disappoint investors. Similarly, unforeseen catalysts help a number of stocks gain despite an earnings miss.
That said, betting on stocks that are expected to beat earnings expectations does increase the odds of success. This is why it's worth checking a company's Earnings ESP and Zacks Rank ahead of its quarterly release. Make sure to utilize our Earnings ESP Filter to uncover the best stocks to buy or sell before they've reported.
Marex Group PLC appears a compelling earnings-beat candidate. However, investors should pay attention to other factors too for betting on this stock or staying away from it ahead of its earnings release.
Expected Results of an Industry PlayerAnother stock from the Zacks Financial - Miscellaneous Services industry, CPI Card Group Inc. (PMTS - Free Report) , is soon expected to post earnings of $0.24 per share for the quarter ended March 2026. This estimate indicates a year-over-year change of -40%. Revenues for the quarter are expected to be $133.15 million, up 8.5% from the year-ago quarter.
Over the last 30 days, the consensus EPS estimate for CPI Card Group has been revised 7% down to the current level. Nevertheless, the company now has an Earnings ESP of -27.66%, reflecting a lower Most Accurate Estimate.
When combined with a Zacks Rank of #3 (Hold), this Earnings ESP makes it difficult to conclusively predict that CPI Card Group will beat the consensus EPS estimate. Over the last four quarters, the company surpassed EPS estimates just once.
Stay on top of upcoming earnings announcements with the Zacks Earnings Calendar.
Oportun Financial Corporation (OPRT - Free Report) is expected to deliver a year-over-year decline in earnings on lower revenues when it reports results for the quarter ended March 2026. This widely-known consensus outlook gives a good sense of the company's earnings picture, but how the actual results compare to these estimates is a powerful factor that could impact its near-term stock price.
The stock might move higher if these key numbers top expectations in the upcoming earnings report, which is expected to be released on May 7. On the other hand, if they miss, the stock may move lower.
While management's discussion of business conditions on the earnings call will mostly determine the sustainability of the immediate price change and future earnings expectations, it's worth having a handicapping insight into the odds of a positive EPS surprise.
Zacks Consensus EstimateThis company is expected to post quarterly earnings of $0.21 per share in its upcoming report, which represents a year-over-year change of -47.5%.
Revenues are expected to be $229.85 million, down 2.6% from the year-ago quarter.
Estimate Revisions TrendThe consensus EPS estimate for the quarter has been revised 4.17% lower over the last 30 days to the current level. This is essentially a reflection of how the covering analysts have collectively reassessed their initial estimates over this period.
Investors should keep in mind that an aggregate change may not always reflect the direction of estimate revisions by each of the covering analysts.
Price, Consensus and EPS Surprise
Earnings WhisperEstimate revisions ahead of a company's earnings release offer clues to the business conditions for the period whose results are coming out. This insight is at the core of our proprietary surprise prediction model -- the Zacks Earnings ESP (Expected Surprise Prediction).
The Zacks Earnings ESP compares the Most Accurate Estimate to the Zacks Consensus Estimate for the quarter; the Most Accurate Estimate is a more recent version of the Zacks Consensus EPS estimate. The idea here is that analysts revising their estimates right before an earnings release have the latest information, which could potentially be more accurate than what they and others contributing to the consensus had predicted earlier.
Thus, a positive or negative Earnings ESP reading theoretically indicates the likely deviation of the actual earnings from the consensus estimate. However, the model's predictive power is significant for positive ESP readings only.
A positive Earnings ESP is a strong predictor of an earnings beat, particularly when combined with a Zacks Rank #1 (Strong Buy), 2 (Buy) or 3 (Hold). Our research shows that stocks with this combination produce a positive surprise nearly 70% of the time, and a solid Zacks Rank actually increases the predictive power of Earnings ESP.
Please note that a negative Earnings ESP reading is not indicative of an earnings miss. Our research shows that it is difficult to predict an earnings beat with any degree of confidence for stocks with negative Earnings ESP readings and/or Zacks Rank of 4 (Sell) or 5 (Strong Sell).
How Have the Numbers Shaped Up for Oportun Financial?For Oportun Financial, the Most Accurate Estimate is lower than the Zacks Consensus Estimate, suggesting that analysts have recently become bearish on the company's earnings prospects. This has resulted in an Earnings ESP of -19.05%.
On the other hand, the stock currently carries a Zacks Rank of #3.
So, this combination makes it difficult to conclusively predict that Oportun Financial will beat the consensus EPS estimate.
Does Earnings Surprise History Hold Any Clue?Analysts often consider to what extent a company has been able to match consensus estimates in the past while calculating their estimates for its future earnings. So, it's worth taking a look at the surprise history for gauging its influence on the upcoming number.
For the last reported quarter, it was expected that Oportun Financial would post earnings of $0.26 per share when it actually produced earnings of $0.27, delivering a surprise of +3.85%.
Over the last four quarters, the company has beaten consensus EPS estimates four times.
Bottom LineAn earnings beat or miss may not be the sole basis for a stock moving higher or lower. Many stocks end up losing ground despite an earnings beat due to other factors that disappoint investors. Similarly, unforeseen catalysts help a number of stocks gain despite an earnings miss.
That said, betting on stocks that are expected to beat earnings expectations does increase the odds of success. This is why it's worth checking a company's Earnings ESP and Zacks Rank ahead of its quarterly release. Make sure to utilize our Earnings ESP Filter to uncover the best stocks to buy or sell before they've reported.
Oportun Financial doesn't appear a compelling earnings-beat candidate. However, investors should pay attention to other factors too for betting on this stock or staying away from it ahead of its earnings release.
Expected Results of an Industry PlayerMarex Group PLC (MRX - Free Report) , another stock in the Zacks Financial - Miscellaneous Services industry, is expected to report earnings per share of $1.3 for the quarter ended March 2026. This estimate points to a year-over-year change of +42.9%. Revenues for the quarter are expected to be $687 million, up 47% from the year-ago quarter.
Over the last 30 days, the consensus EPS estimate for Marex Group PLC has been revised 7.6% up to the current level. Nevertheless, the company now has an Earnings ESP of +8.19%, reflecting a higher Most Accurate Estimate.
This Earnings ESP, combined with its Zacks Rank #1 (Strong Buy), suggests that Marex Group PLC will most likely beat the consensus EPS estimate. The company beat consensus EPS estimates in each of the trailing four quarters.
Stay on top of upcoming earnings announcements with the Zacks Earnings Calendar.
NEW YORK, May 06, 2026 (GLOBE NEWSWIRE) -- Marex Group plc (‘Marex’ or the ‘Group’; Nasdaq: MRX) a diversified global financial services platform, providing market access, infrastructure services and essential liquidity, to clients across global markets, today reported financial results for the first quarter ('Q1 2026').
Ian Lowitt, Group Chief Executive Officer, stated: “This record result demonstrates the strength and resilience of our diversified business and our ability to continue to deliver consistent growth. This is our eighth quarter as a public company, and every quarter has demonstrated year-on-year profit growth, which illustrates our strengthening franchise. While all of our businesses performed well in the first quarter, elevated volatility supported particularly strong results in Market Making and Hedging and Investment Solutions. Performance in April has been positive thanks to favorable trading conditions and the continued growth of our platform. While we do not expect the extreme volatility seen in the first quarter to persist, thanks to the diversified business we have built we remain confident in our outlook for the full year."
Financial and Operational Highlights
Performance for the three months ended March 31, 2026
RevenueAdjusted Profit Before Tax1Profit Before Tax2Basic EPS$692.3m$152.7m$149.8m$1.52+48%+59%+53%+55%Q1 25: $467.3mQ1 25: $96.3mQ1 25: $98.0mQ1 25: $0.98 Record quarter driven by strong client activity and supportive market conditionsRevenue growth across all business segments, supported by elevated volatility and higher exchange volumes alongside continued structural growth and share gains, including with larger institutional clientsClearing balances increased to $16bn, driven by higher margin requirements, continued client wins and increased margin balances from larger clientsMarket Making benefited from elevated volatility, with strong client activity across asset classes, particularly in Metals and Energy as well as the strong contribution from WinterfloodAgency and Execution performed strongly across Energy and Securities, with Prime Services continuing to see strong client demand and ongoing growthHedging and Investment Solutions delivered a record quarter, benefiting from growing client activity and the investments we have made in technology and platform capabilitiesIncreased Q1 2026 dividend to $0.16 per share, to be paid in the second quarter of 2026, reflecting confidence in future growth prospects Strategic Execution
Sale of Winterflood custody business: Regulatory approval received, with an expected capital benefit of $40m in Q2 2026Completed successful USD senior unsecured debt issuance: Highly oversubscribed transaction with pricing tighter than the prior year, further diversifying funding sourcesProposed redomiciling to Bermuda: Continued progress with global regulatory approvals; shareholder vote scheduled for May 21, 2026, with implementation expected in the second half of 2026 Current trading
April trading performance remains strong, tracking above April 2025, driven by supportive market conditions and continued structural expansion of the platform Financial Highlights ($m)3 months ended
March 31, 20263 months ended
March 31, 2025ChangeRevenue692.3467.348%Profit Before Tax from Continuing Operations149.898.053%Profit Before Tax2Margin (%)21.6%21.0%60 bpsProfit After Tax from Continuing Operations112.372.555%Profit After Tax Margin from Continuing Operations (%)16.2%15.5%70 bpsReturn on Equity (%)34.4%28.7%570 bpsBasic Earnings per Share ($)1.520.9855%Diluted Earnings per Share ($)1.430.9255% Adjusted Profit Before Tax1152.796.359%Adjusted Profit Before Tax Margin122.1%20.6%150 bpsAdjusted Profit after Tax Attributable to Common Equity1112.968.266%Adjusted Return on Equity (%)137.4%29.9%750 bpsAverage Common Equity11,208.7913.732%Adjusted Basic Earnings per Share ($)11.570.9762%Adjusted Diluted Earnings per Share ($)11.480.9163% These are non-IFRS financial measures. See Appendix 1 “Non-IFRS Financial Measures and Key Performance Indicators” for additional information and for a reconciliation of each such IFRS measure to its most directly comparable IFRS measure.Profit before Tax refers to the Profit Before Tax from Continuing Operations. Conference Call Information:Marex’s management will host a conference call to discuss the Group's financial results today, May 6, 2026, at 9:30am Eastern Time. A live webcast of the call can be accessed from Marex’s Investor Relations website. An archived version will be available on the website after the call. To participate in the Conference Call, please register at the link here:
https://events.q4inc.com/attendee/725545282
The following table presents summary financial results and other data as of the dates and for the periods indicated:
Summary Financial Results
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March 31, 2025 $m$mChangeNet commission income295.7250.718%Net trading income332.3159.1109%Net interest income40.953.4(23)%Net physical commodities income23.44.1471%Revenue692.3467.348% Expenses Compensation and benefits(420.8)(291.7)44%Depreciation and amortization(11.7)(7.9)48%Other expenses(106.7)(73.8)45%Total expenses3(539.2)(373.4)44% Bargain purchase gain on acquisitions—3.4n.m.2Net provision for credit losses(7.0)—n.m.2Other income3.70.7429%Profit Before Tax from Continuing Operations149.898.053%Tax(37.5)(25.5)47%Profit After Tax from Continuing Operations112.372.555%Profit After Tax from Discontinued Operations0.1—n.m.2Profit After Tax112.472.555% Reconciliation to Adjusted Profit Before Tax¹: Profit Before Tax from Continuing Operations149.898.053%Bargain purchase gains—(3.4)n.m.2Amortization of acquired brands and customer lists2.91.3123%Owner fees—0.4n.m.2Adjusting items2.9(1.7)(271)%Adjusted Profit Before Tax1152.796.359% These are non-IFRS financial measures. See Appendix 1 “Non-IFRS Financial Measures and Key Performance Indicators” for additional information and for a reconciliation of each such IFRS measure to its most directly comparable IFRS measure.n.m. = not meaningful as a percentage.Compensation and benefits and other expenses are analyzed between Front Office and Control & Support. Total Front Office Costs for the Group for Q1 2026 are $374.3m (Q1 2025: $258.4m) and Control and Support Costs for the Group for Q1 2026 are $153.2m (Q1 2025: $106.8m). Certain expenses are considered non-operating in nature and are excluded from Adjusted Profit Before Tax. Refer to Appendix 1 for further detail on the Group’s Non-IFRS measures. Group Headcount
The following table provides a breakdown of Front Office and Control and Support Headcount:
Average Full Time Equivalent (‘FTE’) headcount13 months ended
March 31, 20263 months ended
March 31, 2025ChangeFront office1,6361,28427%Control and support1,6951,18343%Total23,3312,46735% For analysis purposes, average headcount is used in the performance commentary outlined below.Headcount table represents headcount for continuing operations and FTE associated with the Group's discontinued operation have been excluded for comparability. Performance for the three months ended March 31, 2026
Revenue increased by $225.0m to $692.3m (Q1 2025: $467.3m), a record first quarter, with broad-based revenue growth across all four business segments reflecting increased business with a growing number of clients alongside a supportive market environment.
Net trading income more than doubled, increasing by $173.2m to $332.3m (Q1 2025: $159.1m), driven by higher client activity and favorable market conditions across Market Making ($71.6m), Hedging and Investment Solutions ($62.9m) and Agency and Execution ($60.1m).
Net commission income increased by $45.0m to $295.7m (Q1 2025: $250.7m), driven by Clearing ($20.3m) and Agency and Execution ($24.7m) as heightened volatility resulted in increased volumes principally in the energy, securities and metals markets.
Net physical commodities income increased by $19.3m to $23.4m (Q1 2025: $4.1m) primarily from physical recycled metals, reflecting an increase in client demand.
Net interest income decreased by $12.5m to $40.9m (Q1 2025: $53.4m). Interest income grew, reflecting higher average balances of $22.1bn (Q1 2025: $17.1bn) which more than offset a 70 bps reduction in the average Fed Funds rate. However, higher interest expenses related to the Group’s $500m senior debt issuance (May 2025) and structured note issuance in Hedging and Investment Solutions brought net interest income lower overall.
Total expenses increased by $165.8m to $539.2m (Q1 2025: $373.4m), reflecting strong revenue performance which resulted in higher performance related pay and ongoing investment to support growth including the costs associated with acquisitions completed after Q1 2025, principally Aarna, Hamilton Court, Winterflood and Agrinvest.
Compensation and benefits increased by $129.1m to $420.8m (Q1 2025: $291.7m) reflecting higher performance related pay and a higher average FTE headcount.
Other expenses increased by $32.9m to $106.7m (Q1 2025: $73.8m) driven by the impact of acquisitions and continued investment in our technology infrastructure to accelerate business growth, alongside higher professional fees.
Reported Profit Before Tax increased by $51.8m to $149.8m (Q1 2025: $98.0m), with margin improving to 21.6% (Q1 2025: 21.0%), driven by margin growth across Agency and Execution, Market Making and Solutions. Adjusting items were $2.9m in Q1 2026 (Q1 2025: $(1.7)m) and related to the amortization of acquired brands and customer lists.
Adjusted Profit Before Tax¹ increased by $56.4m to $152.7m (Q1 2025: $96.3m), our strongest quarter on record, and the Adjusted Profit Before Tax Margin¹ increased to 22.1% (Q1 2025: 20.6%).
Net interest income1
3 months ended
March 31, 20263 months ended
March 31, 2025ChangeAverage Fed Funds %3.6%4.3%(70) bpsAverage balances ($bn)222.117.15.0Interest Income ($m)196.0178.917.1Interest paid out ($m)(68.9)(59.6)(9.3)Interest on balances ($m)127.1119.37.8Net Yield on balances %2.3%2.8%(50) bpsAverage notional debt securities ($bn)(6.4)(4.1)(2.3)Yield %5.5%6.6%(110) bpsInterest expense ($m)(86.2)(65.9)(20.3)Net Interest Income ($m)40.953.4(12.5) The interest income and interest expense amounts are presented net of certain elements which are presented gross within the IFRS Consolidated Income Statement. See Appendix 3 for quarter ended 31 March balances.Average balances are calculated using an average of the daily holdings in exchanges, banks and other investments over the period. Segmental performance
Clearing
Marex provides Clearing services across the full range of commodity and financial markets. We act as principal for our clients and provide direct access to more than 60 exchanges globally.
Performance for the three months ended March 31, 2026
Clearing revenue increased by $18.0m to $137.2m (Q1 2025: $119.2m), driven by record client balances and an increase in contracts cleared, with heightened client activity throughout the quarter. Growth was further supported by new client wins and the acquisition of Aarna, which completed in Q2 2025.
Net commission income increased by $20.3m to $88.1m (Q1 2025: $67.8m), reflecting higher client activity amid very elevated volatility, particularly in Energy and Metals markets, resulting in higher volume of contracts cleared.
Net interest income increased by $19.1m to $67.5m (Q1 2025: $48.4m), reflecting higher average client balances which increased from $12.0bn in Q1 2025 to $16.0bn in Q1 2026. This increase reflected increased margin requirements amid heightened volatility, as well as continued new client onboarding which more than offset a 70 bps reduction in the average Fed Funds rate over the same period.
Net trading income decreased by $21.4m to $(18.4)m (Q1 2025: $3.0m). This includes the impact of a default from a natural gas client, recognized across both trading income ($28.2m) and credit loss provisions ($5.7m). The loss arose from an idiosyncratic event during a period of exceptional volatility. The impact of the default is partly offset by lower performance related pay in the front office and in control and support.
Despite the client loss, our strong underlying performance drove Adjusted Profit Before Tax¹ to grow 2% to $58.0m (Q1 2025: $56.6m). Adjusted Profit Before Tax Margin¹ was 42.3% (Q1 2025: 47.5%), a reduction of 520 bps reflecting the impact of the client default. Front office headcount increased to 284 (Q1 2025: 273) reflecting continued investment in geographic expansion and product capabilities.
3 months ended
March 31, 20263 months ended
March 31, 2025 $m$mChangeNet commission income88.167.830%Net interest income67.548.439%Net trading income(18.4)3.0(713%)Revenue137.2119.215%Front office costs(49.5)(42.2)17%Control and support costs(22.8)(20.3)12%Net provision for credit losses(6.8)—n.m.3Depreciation and amortization(0.1)(0.1)—%Adjusted Profit Before Tax ($m)158.056.62%Adjusted Profit Before Tax Margin142.3%47.5%(520) bpsFront office headcount (No.)22842734%Clearing client balances (average) ($bn)416.012.033% These are non-IFRS financial measures. See Appendix 1 “Non-IFRS Financial Measures and Key Performance Indicators” for additional information and for a reconciliation of each such IFRS measure to its most directly comparable IFRS measure.The headcount is the average for the period.n.m. = not meaningful as a percentage.Clearing client balances represent the average daily balances placed by clients and held by Marex in the Quarter. Key Performance Indicators12 months ended March 31, 202612 months ended March 31, 2025ChangeMarex contracts cleared (m)1,3651,16118%Market volumes (m)112,90111,8918% “Market Volumes” are calculated as futures and options traded and/or cleared on Marex key exchanges (CBOT, CME, Eurex, Euronext, ICE, LME, NYMEX, COMEX, SGX). Agency and Execution
Agency and Execution provides essential liquidity and execution services to our clients primarily in the energy and financial securities markets.
Our Securities division provides essential liquidity and risk management solutions to clients across global financial markets. Leveraging our international network, we connect buyers and sellers in equities, credit, financing, foreign exchange (FX), and rates, enabling efficient price discovery and tailored hedging strategies. Through our Prime business we also deliver comprehensive solutions for institutional clients, including clearing, custody, capital introduction, portfolio financing, and outsourced trading.
Our Energy division provides essential liquidity to clients by connecting buyers and sellers in the energy markets. We have leading positions in many of the markets we operate in, including key gas and power markets in Europe; environmental and crude markets in North America; and oil products globally. We achieve this through the breadth and depth of the services we offer to customers, including market intelligence for each product we transact in, based on the extensive knowledge and experience of our teams.
Performance for the three months ended March 31, 2026
Revenue increased by $82.8m to $322.3m (Q1 2025: $239.5m), reflecting broad-based revenue growth across our Securities and Energy businesses.
Securities revenue increased by $62.7m to $213.7m (Q1 2025: $151.0m), driven by strong performance across most of our asset classes. Growth was underpinned by Prime ($21.6m) reflecting strong client demand. Revenues also benefited from market share gains in equities, increased client activity in rates, and continued momentum in FX following the integration of Hamilton Court, including expansion in Italy and Spain and the onboarding of new clients.
Energy revenue increased by $17.5m to $105.7m (Q1 2025: $88.2m), reflecting strong growth across the business, supported by higher client activity and trading volumes. Performance in Q1 2026 benefited from weather related disruption in the US in January and heightened volatility following developments in the Middle East in March, both of which contributed to record Energy revenues for the quarter.
Adjusted Profit Before Tax1 increased by $34.5m to $91.2m (Q1 2025: $56.7m), with Adjusted Profit Before Tax Margin1 increasing by 460 bps to 28.3% (Q1 2025: 23.7%), reflecting increasing contribution from higher margin activities, particularly Prime. Average front office headcount increased to 876 (Q1 2025: 670), reflecting the addition of Hamilton Court alongside continued investment in new trading desks and capabilities.
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March 31, 2025 $m$mChangeEquities62.849.327%Rates34.228.420%Credit10.614.4(26%)FX31.76.2411%Prime74.452.841%Other securities—(0.1)n.m.3Securities213.7151.042%Energy105.788.220%Other2.90.3867%Revenue322.3239.535%Front office costs(204.6)(161.7)27%Control and support costs(26.7)(21.0)27%Net provision for credit losses(0.1)—n.m.3Depreciation and amortization(0.1)(0.1)— %Other income0.4—n.m.3Adjusted Profit Before Tax ($m)191.256.761%Adjusted Profit Before Tax Margin128.3%23.7%460 bpsFront office headcount (No.)287667031% These are non-IFRS financial measures. See Appendix 1 “Non-IFRS Financial Measures and Key Performance Indicators” for additional information and for a reconciliation of each such IFRS measure to its most directly comparable IFRS measure.The headcount is the average for the period.n.m = not meaningful as a percentage. Key Performance Indicators12 months ended March 31, 202612 months ended March 31, 2025ChangeMarex volumes: Energy (m)1252023%Marex volumes: Securities (m)23303029% We have refined the Marex volumes data for Energy to better reflect trading activity in the business. Prior year comparatives have been revised for comparability.Volumes represent only a portion of Marex’s securities revenue, primarily volumes linked to exchange-traded derivatives. This measure excludes contributions from our prime business, securities lending, FX, repo and credit. Market Making
Our Market Making business provides direct liquidity to our clients across a variety of products across the Energy, Metals, Securities and Agriculture markets.
Performance for the three months ended March 31, 2026
Revenue increased by $86.7m to $139.6m (Q1 2025: $52.9m), driven by exceptional performance across our asset classes amid very elevated market volatility.
Metals revenue increased by $41.8m to $64.5m (Q1 2025: $22.7m), our best ever quarter driven by increased volatility and diversified client activity across base, precious and recycled metals markets. Market volatility resulted in wider bid-offer spreads, which created favorable trading opportunities.
Energy revenue increased by $23.4m to $32.0m (Q1 2025: $8.6m), reflecting heightened hedging activity from clients driven by price volatility linked to the conflict in the Middle East.
Securities revenue increased by $18.3m to $32.7m (Q1 2025: $14.4m), primarily reflecting the contribution from Winterflood following completion of the acquisition in December 2025.
Agriculture revenue increased by $3.2m to $10.4m (Q1 2025: $7.2m), driven by a more stable performance across the business compared with a more challenging market environment in the prior year.
Adjusted Profit Before Tax1 increased by $39.0m to $55.8m (Q1 2025: $16.8m), underpinned by the significant revenue growth. Adjusted Profit Before Tax Margin1 expanded by 820 bps to 40.0% (Q1 2025: 31.8%), reflecting strong operating leverage. Front office costs increased by $41.7m to $70.6m (Q1 2025: $28.9m), principally reflecting an increase in performance related pay alongside an increase in headcount primarily driven by the inclusion of Winterflood.
3 months ended
March 31, 20263 months ended
March 31, 2025 $m$mChangeMetals64.522.7184%Agriculture10.47.244%Energy32.08.6272%Securities32.714.4127%Revenue139.652.9164%Front office costs(70.6)(28.9)144%Control and support costs(12.2)(7.1)72%Depreciation and amortization(0.9)(0.1)800%Net provision for credit losses(0.2)—n.m.3Other income0.1—n.m.3Adjusted Profit Before Tax ($m)155.816.8232%Adjusted Profit Before Tax Margin140.0%31.8%820 bpsFront office headcount (No.)225914480% These are non-IFRS financial measures. See Appendix 1 “Non-IFRS Financial Measures and Key Performance Indicators” for additional information and for a reconciliation of each such IFRS measure to its most directly comparable IFRS measure.The headcount is the average for the period.n.m = not meaningful as a percentage. Hedging and Investment Solutions
Our Hedging and Investment Solutions business provides high quality bespoke hedging and investment solutions to our clients.
Tailored hedging solutions enable corporates to hedge their exposure to movements in energy and commodity prices, as well as currencies and interest rates, across a variety of different time horizons.
Financial products allow investors to gain exposure to a particular market or asset class, for example equity indices, in a cost effective manner through a structured product. We cover all asset classes with a global reach including digital assets and leverage our access to these markets supported by our new trading platforms.
Performance for the three months ended March 31, 2026
Hedging and Investment Solutions delivered a record quarter, with revenue increasing by $48.0m to $93.0m (Q1 2025: $45.0m), driven by growth across both Financial Products and Hedging Solutions.
Hedging Solutions revenue increased by $21.2m to $35.5m (Q1 2025: $14.3m), driven by higher client demand for hedging products across commodities and FX amid heightened volatility. Positive market dynamics were also supported by new client onboarding and regional expansion.
Financial Products revenue increased by $26.8m to $57.5m (Q1 2025: $30.7m), reflecting continued strength in structured products issuance across most asset classes with growth underpinned by strong performance in EMEA and APAC. This growth was supported by higher issuance volumes enabled by the rollout of our new technology platform.
Adjusted Profit Before Tax¹ increased by $21.6m to $32.7m (Q1 2025: $11.1m), representing growth of 195%. Adjusted Profit Before Tax Margin¹ expanded by 1,050 bps to 35.2% (Q1 2025: 24.7%) primarily reflecting operating leverage. Front office headcount increased by 20 to 217 (Q1 2025: 197), reflecting targeted additions across regions to support growth initiatives.
3 months ended
March 31, 20263 months ended
March 31, 2025 $m$mChangeHedging Solutions35.514.3148%Financial Products57.530.787%Revenue93.045.0107%Front office costs(49.6)(25.6)94%Control and support costs(10.6)(8.1)31%Depreciation and amortization(0.1)(0.2)(50)%Adjusted Profit Before Tax ($m)132.711.1195%Adjusted Profit Before Tax Margin135.2%24.7%1,050 bpsFront office headcount (No.)221719710%Structured notes balance ($bn)34.73.152% These are non-IFRS financial measures. See Appendix 1 “Non-IFRS Financial Measures and Key Performance Indicators” for additional information and for a reconciliation of each such IFRS measure to its most directly comparable IFRS measure.The headcount is the average for the period.The Structured Notes balance presented is for the period ending March 31, 2026, the balance consisted of 8,465 notes with an average maturity of 15 months and a total market value of $4,740m. The 31 March 2025 balance consisted of 5,099 notes with an average maturity of 16 months and a total market value of $3,123m. Corporate
Corporate manages the control and support functions of the Group and provides operational support to the business functions. In addition, Corporate manages the Group’s funding requirements. Interest expense is incurred through the issuance of senior debt and structured notes which is recharged to other segments through inter-segmental funding allocations to reflect their consumption of these resources. Revenues generated in Corporate decreased in Q1 2026 from the prior period as the Group maintained surplus levels of liquidity.
Control and support costs increased from the prior year reflecting an increase in salary and discretionary pay linked to the performance of the Group, the recently completed acquisitions and continued investment across our finance, risk, technology and compliance functions as we invest in our people and systems to support the Group's future growth.
3 months ended
March 31, 20263 months ended
March 31, 2025 $m$mChangeRevenue0.210.7(98)%Control and support costs(80.9)(50.3)61%Net recovery of credit losses0.2—n.m.3Depreciation and amortization(7.6)(6.0)27%Other income3.10.7343%Adjusted Loss Before Tax ($m)1(85.0)(44.9)89%Control and support headcount (No.)21,6951,18343% These are non-IFRS financial measures. See Appendix 1 “Non-IFRS Financial Measures and Key Performance Indicators” for additional information and for a reconciliation of each such IFRS measure to its most directly comparable IFRS measure.The headcount is the average for the period.n.m = not meaningful as a percentage. Summary Financial Position
Our balance sheet continues to consist of high-quality liquid assets which underpin client activity on our platform.
Total Assets rose from $34.7bn at December 31, 2025 to $36.5bn at March 31, 2026. This increase was largely driven by continued growth in the Group's Clearing business which resulted in a significant increase in the Group's Client Balances during Q1 2026. The growth was mainly driven by higher margin requirements due to market volatility, continued client acquisitions and increased margin balances from larger clients. This client activity was the main driver of the increase in Cash & Liquid Assets from $7.0bn to $8.6bn and the $1.8bn increase in Trade Payables to $14.8bn.
The Group's equity base increased during the three months ended March 31, 2026, with Total Equity increasing by 7% primarily driven by strong profitability in the period with Profit After Tax from Continuing Operations of $112.3m, partly offset by ordinary dividend payments of $10.8m.
March 31, 2026December 31, 2025 $m$mChangeCash & Liquid Assets18,638.37,017.923%Trade Receivables10,735.311,043.4(3%)Reverse Repo Agreements3,250.33,117.14%Securities29,638.89,782.3(1%)Derivative Instruments2,835.72,340.321%Other Assets3486.0681.3(29%)Goodwill and Intangibles331.9335.4(1%)Assets Held for Sale613.8357.472%Total Assets36,530.134,675.15%Trade Payables14,765.712,956.414%Repurchase Agreements3,900.84,148.9(6%)Securities46,682.27,712.4(13%)Debt Securities6,212.05,721.69%Derivative Instruments2,754.02,253.822%Other Liabilities5280.0323.6(13%)Liabilities Held for Sale588.9294.8100%Total Liabilities35,183.633,411.55%Total Equity1,346.51,263.67% Cash & Liquid Assets are cash and cash equivalents, treasury instruments (pledged as collateral and unpledged), treasury instruments (pledged) and assets held under agreements to sell (repledged) and fixed income securities (pledged as collateral and unpledged).Securities assets are equity instruments and stock borrowing.Other Assets are inventory, corporate income tax receivable, deferred tax, investments, right-of-use assets, and property plant and equipment.Securities liabilities are stock lending and short securities.Other Liabilities are deferred tax liability, lease liability, short term borrowings, provisions and corporation tax. Liquidity
March 31, 2026December 31, 2025 $m$mTotal available liquid resources2,991.32,747.1Liquidity headroom1,372.51,045.8 A prudent approach to capital and liquidity and commitment to maintain an investment grade credit rating are core principles which underpin the successful delivery of our growth strategy. As at March 31, 2026, the Group held $3.0bn of total available liquid resources, including the undrawn portion of the committed revolving credit facility (December 31, 2025: $2.7bn).
Group liquidity resources consist of cash and high-quality liquid assets that can be quickly converted to meet immediate and short-term obligations. The resources include non-segregated cash, short-term money market funds, unencumbered securities guaranteed by the U.S. Government, excess funds held at exchanges or brokers, and other liquid unencumbered securities post haircut. The Group also includes any undrawn portion of its revolving credit facility in its total available liquid resources. The unsecured revolving credit facility of $150.0m remains undrawn as at March 31, 2026 (FY 2025: $150.0m, undrawn). Facilities held by operating subsidiaries, and which are only available to the relevant subsidiary, have been excluded from these figures as they are not available to the Group.
Liquidity headroom is based on the Group’s Liquid Asset Threshold Requirement, which is prepared according to the principles of the UK Investment Firms Prudential Regime (IFPR). The requirement includes a liquidity stress impact calculated from a combination of systematic and idiosyncratic risk factors.
Regulatory capital
The Group is subject to consolidated supervision by the UK Financial Conduct Authority and has regulated subsidiaries in jurisdictions both inside and outside of the UK.
The Group is regulated as a MIFIDPRU investment firm under IFPR. The minimum capital requirement as at March 31, 2026 was determined by the Own Funds Threshold Requirement set via an assessment of the Group’s capital adequacy and risk assessment conducted annually and updated after the recent acquisitions in December 2025.
The Group and its subsidiaries are in compliance with their regulatory requirements and are appropriately capitalized relative to the minimum requirements as set by the relevant competent authority. The Group maintained a capital surplus over its regulatory requirements at all times.
Maintaining a prudent approach to capital and liquidity in order to maintain an investment grade credit rating are core principles which underpin the successful delivery of our growth strategy. The Group manages its capital structure in order to comply with regulatory requirements, ensuring its capital base is more than adequate to cover the risks inherent in the business and to maximize shareholder value through the strategic deployment of capital to support the Group’s growth and strategic development.
The Group performs business model assessment, business and capital forecasting, stress testing and recovery planning at least annually. The following table summarizes the Group’s capital position as at March 31, 2026 and December 31, 2025:
March 31, 2026December 31, 2025 $m$mCore equity Tier 1 Capital1920.7829.2Additional Tier 1 Capital (net of issuance costs)97.697.6Tier 2 Capital0.30.3Total Capital Resources1,018.6927.1 Own Funds Threshold Requirement2402.6402.6Total Capital Ratio3253%230% Total capital resources include unaudited results for the three months ended March 31, 2026.Own Funds Requirement presented as higher of K-factor requirements and the Own Funds Threshold Requirement (OFTR) based on the latest ICARA process.Total Capital Ratio expresses the Group’s total capital as a percentage of Own Funds Requirement. At March 31, 2026, the Group had a Total Capital Ratio of 253% (December 31, 2025: 230%), representing significant capital headroom to minimum requirements. The increase in the Total Capital Ratio resulted from an increase in Total Capital Resources due to profit (unaudited) in the three months ended March 31, 2026.
Dividend
The Board of Directors approved the payment of a dividend of $0.16 per share to be paid on June 3, 2026 to the shareholders on record at the close of business on May 18, 2026.
Forward Looking Statements:
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. All statements contained in this press release that do not relate to matters of historical fact should be considered forward-looking statements, including, without limitation, statements regarding expected financial results, the proposed redomiciliation to Bermuda, acquisitions, expected sale of Winterflood's custody business and any resulting capital therefrom, expected market volatility and dividend payments. In some cases, these forward-looking statements can be identified by words or phrases such as “may,” “will,” “expect,” “anticipate,” “aim,” “estimate,” “intend,” “plan,” “believe,” “potential,” “continue,” “is/are likely to” or other similar expressions.
These forward-looking statements are subject to risks, uncertainties and assumptions, some of which are beyond our control. In addition, these forward-looking statements reflect our current views with respect to future events and are not a guarantee of future performance. Actual outcomes may differ materially from the information contained in the forward-looking statements as a result of a number of factors, including, without limitation: subdued commodity market activity or pricing levels; the effects of geopolitical events, terrorism and wars, such as the effect of Russia’s military action in Ukraine or the ongoing conflicts in the Middle East, on market volatility, global macroeconomic conditions and commodity prices; changes to the U.S. regulatory regime, including with respect to tariffs; changes in interest rate levels or tariffs; the risk of our clients and their related financial institutions defaulting on their obligations to us; regulatory, reputational and financial risks as a result of our international operations; software or systems failure, loss or disruption of data or data security failures; risks associated with the use of artificial intelligence; an inability to adequately hedge our positions and limitations on our ability to modify contracts and the contractual protections that may be available to us in OTC derivatives transactions; market volatility, reputational risk and regulatory uncertainty related to commodity markets, equities, fixed income, foreign exchange and cryptocurrency; the impact of climate change and the transition to a lower carbon economy on supply chains and the size of the market for certain of our energy products; the impact of changes in judgments, estimates and assumptions made by management in the application of our accounting policies on our reported financial condition and results of operations; lack of sufficient financial liquidity; if we fail to comply with applicable law and regulation, we may be subject to enforcement or other action, forced to cease providing certain services or obliged to change the scope or nature of our operations; significant costs, including adverse impacts on our business, financial condition and results of operations, and expenses associated with compliance with relevant regulations; and if we fail to remediate the material weaknesses we identified in our internal control over financial reporting or prevent material weaknesses in the future, the accuracy and timing of our financial statements may be impacted, which could result in material misstatements in our financial statements or failure to meet our reporting obligations and subject us to potential delisting, regulatory investigations or civil or criminal sanctions; short seller activity and securities litigation, and other risks discussed under the caption “Risk Factors” in our Annual Report on Form 20-F for the year ended December 31, 2025 filed with the Securities and Exchange Commission (the “SEC”) as updated by our other reports filed with the SEC.
The forward-looking statements made in this press release relate only to events or information as of the date on which the statements are made in this press release. Except as required by law, we undertake no obligation to update or revise publicly any forward-looking statements, whether as a result of new information, future events or otherwise, after the date on which the statements are made or to reflect the occurrence of unanticipated events.
In addition, statements that “we believe” and similar statements reflect our beliefs and opinions on the relevant subject. These statements are based upon information available to us as of the date of this press release, and while we believe such information forms a reasonable basis for such statements, such information may be limited or incomplete, and our statements should not be read to indicate that we have conducted an exhaustive inquiry into, or review of, all potentially available relevant information. These statements are inherently uncertain, and investors are cautioned not to unduly rely upon these statements.
Appendix 1
Non-IFRS Financial Measures and Key Performance Indicators
This press release contains non-IFRS financial measures, including Adjusted Profit Before Tax, Adjusted Profit Before Tax Margin, Adjusted Basic Earnings per Share, Adjusted Diluted Earnings per Share, Adjusted Profit After Tax Attributable to Common Equity and Adjusted Return on Equity. These non-IFRS financial measures are presented for supplemental informational purposes only and should not be considered a substitute for profit after tax, profit margin, return on equity or any other financial information presented in accordance with IFRS and may be different from similarly titled non-IFRS financial measures used by other companies.
Adjusted Profit Before Tax
We define Adjusted Profit Before Tax as profit after tax adjusted for (i) tax, (ii) goodwill impairment charges, (iii) acquisition costs, (iv) bargain purchase gains, (v) owner fees, (vi) amortization of acquired brands and customer lists, (vii) activities in relation to shareholders, (viii) employer tax on the vesting of Growth Shares, (ix) IPO preparation costs, (x) fair value of the cash settlement option on the Growth Shares and (xi) public offering of ordinary shares. Items (i) to (xi) are referred to as “Adjusting Items.” Adjusting Items are excluded because they are not reflective of our ongoing underlying trading performance. They typically relate to acquisition accounting, shareholder-related activities and other non-recurring items, which can vary significantly between periods and are not considered part of the Group’s core operations.
Adjusted Profit Before Tax is the primary measure used by our management to evaluate and understand our underlying operations and business trends, forecast future results and determine future capital investment allocations. Adjusted Profit Before Tax is the measure used by our executive board to assess the financial performance of our business in relation to our trading performance. The most directly comparable IFRS Accounting Standards measure is profit after tax.
We believe Adjusted Profit Before Tax is a useful measure as it allows management to monitor our ongoing core operations and provides useful information to investors and analysts regarding the net results of the business. The core operations represent the primary trading operations of the business.
Adjusted Profit Before Tax Margin
We define Adjusted Profit Before Tax Margin as Adjusted Profit Before Tax (as defined above) divided by revenue. We believe that Adjusted Profit Before Tax Margin is a useful measure as it allows management to assess the profitability of our business in relation to revenue.
IFRS accounting standards do not define profit margin. Therefore the most directly comparable IFRS measure for profit margin is Profit After Tax divided by revenue.
Adjusted Profit After Tax Attributable to Common Equity
We define Adjusted Profit After Tax Attributable to Common Equity as profit after tax adjusted for the items outlined in the Adjusted Profit Before Tax paragraph above. Additionally, Adjusted Profit After Tax Attributable to Common Equity is also adjusted for (i) tax and the tax effect of the Adjusting Items to calculate Adjusted Profit Before Tax and (ii) profit attributable to AT1 note holders, which is the coupons on the AT1 issuance and accounted for as dividends, adjusted for the tax benefit of the coupons, and (iii) profit attributable to non-controlling interest.
We define Common Equity as being the equity belonging to the holders of the Group’s share capital. We believe Adjusted Profit After Tax Attributable to Common Equity is a useful measure as it allows management to assess the profitability of the equity belonging to the holders of the Group’s share capital.
The most directly comparable IFRS Accounting Standards measure is profit after tax.
Adjusted Return on Equity
We define the Adjusted Return on Equity as the Adjusted Profit After Tax Attributable to Common Equity (as defined above) divided by the average Common Equity for the period.
Common Equity is defined as being the equity belonging to the holders of the Group’s share capital. Average Common Equity for the three months ended March 31, 2026 and March 31, 2025 is calculated as the average of Common Equity as at 31 December of the prior period and 31 March of the current period. For the three months ended March 31, 2026 and March 31, 2025, Adjusted Return on Equity is calculated for comparison purposes on an annualized basis as Adjusted Profit After Tax Attributable to Common Equity for the period multiplied by four and then divided by average Common Equity for the period. It is presented on an annualized basis for comparison purposes. We believe Adjusted Return on Equity is a useful measure as it allows management to assess the return on the equity belonging to the holders of the Group’s share capital.
The most directly comparable IFRS Accounting Standards measure for Adjusted Return on Equity is Return on Equity, which is calculated as profit after tax for the period divided by average equity. Average equity is calculated as the average of total equity as at 31 December of the prior year and 31 March of the current year.
Adjusted Basic Earnings per Share and Adjusted Diluted Earnings per Share
Adjusted Basic Earnings per Share is defined as the Adjusted Profit After Tax Attributable to Common Equity for the period divided by the weighted average number of ordinary shares for the period. We believe Adjusted Basic Earnings per Share is a useful measure as it allows management to assess the profitability of our business per share. The most directly comparable IFRS Accounting Standards metric is Basic Earnings per Share. This metric has been designed to highlight the Adjusted Profit After Tax Attributable to Common Equity over the available share capital of the Group.
Adjusted Diluted Earnings per Share is defined as the Adjusted Profit After Tax Attributable to Common Equity for the period divided by the diluted weighted average shares for the period. We believe Adjusted Diluted Earnings per Share is a useful measure as it allows management to assess the profitability of our business per share on a diluted basis. Dilution is calculated in the same way as it has been for Diluted Earnings per Share. The most directly comparable IFRS Accounting Standards metric is Diluted Earnings per Share.
We believe that these non-IFRS financial measures provide useful information to both management and investors by excluding certain items that management believes are not indicative of our ongoing operations. Our management uses these non-IFRS financial measures to evaluate our business strategies and to facilitate operating performance comparisons from period to period. We believe that these non-IFRS financial measures provide useful information to investors because they improve the comparability of our financial results between periods and provide for greater transparency of key measures used to evaluate our performance. In addition these non-IFRS financial measures are frequently used by securities analysts, investors and other interested parties in their evaluation of companies comparable to us, many of which present related performance measures when reporting their results.
These non-IFRS financial measures are used by different companies for differing purposes and are often calculated in different ways that reflect the circumstances of those companies. In addition, certain judgments and estimates are inherent in our process to calculate such non-IFRS financial measures. You should exercise caution in comparing these non-IFRS financial measures as reported by other companies.
These non-IFRS financial measures have limitations as analytical tools, and you should not consider them in isolation or as substitutes for analysis of our results as reported under IFRS Accounting Standards. Some of these limitations are:
they do not reflect costs incurred in relation to the acquisitions that we have undertaken;they do not reflect impairment of goodwill;other companies in our industry may calculate these measures differently than we do, limiting their usefulness as comparative measures; andthe adjustments made in calculating these non-IFRS measures are those that management considers to be not representative of our core operations and, therefore, are subjective in nature. Accordingly, prospective investors should not place undue reliance on these non-IFRS financial measures.
Key Performance Indicators
We also use key performance indicators (“KPIs”) such as Average Balances and Contracts Cleared to assess the performance of our business and believe that these KPIs provide useful information to both management and investors by showing the growth of our business across the periods presented.
Our management uses these KPIs to evaluate our business strategies and to facilitate operating performance comparisons from period to period. We define certain terms used in this release as follows:
“FTE” means the number of our full-time equivalents as of the end of a given period, which includes permanent employees and contractors.
“Average FTE” means the average number of our full-time equivalents over the period, including permanent employees and contractors.
“Average Balances” means the average of the daily holdings in exchanges, banks and other investments over the period. Previously, average balances were calculated as the average month end amount of segregated and non-segregated client balances that generated interest income over a given period.
“Total Capital Ratio” means our total capital resources in a given period divided by the capital requirement for such period under the IFPR.
“Contracts Cleared” means the total number of contracts cleared in a given period.
“Volumes” means the volume of exchange traded derivatives transacted in a given period.
Clearing Market Volumes are calculated as futures and options traded and/or cleared on Marex key exchanges (CBOT, CME, Eurex, Euronext, ICE, LME, NYMEX, COMEX, SGX).
Reconciliation of Non-IFRS Financial Measures and Key Performance Indicators:
Q1 2026Q1 2025 $m$mProfit After Tax112.472.5Profit After Tax from Discontinued Operations(0.1)—Profit After Tax from Continuing Operations112.372.5Taxation charge37.525.5Profit Before Tax from Continuing Operations149.898.0Bargain purchase gain1—(3.4)Amortization of acquired brands and customer lists22.91.3Owner fees3—0.4Adjusted Profit Before Tax152.796.3Tax and the tax effect on Adjusting Items4(36.6)(24.8)Profit attributable to AT1 note holders5(3.3)(3.3)Loss attributable to non-controlling interest60.1—Adjusted Profit after Tax Attributable to Common Equity112.968.2 Profit After Tax Margin from Continuing Operations (%)16.2%15.5%Adjusted Profit Before Tax Margin722.1%20.6% Basic Earnings per Share ($)1.520.98Diluted Earnings per Share ($)81.430.92 Adjusted Basic Earnings per Share($)1.570.97Adjusted Diluted Earnings per Share ($)81.480.91 Weighted average number of shares71,783,24470,541,771Period end number of shares71,930,87071,231,706 Average Common Equity91,208.7913.7Adjusted Return on Equity(%)37.4%29.9% A bargain purchase gain was recognized as a result of the Group's acquisition of Darton Group Limited (“Darton”).This represents the amortization charge for the period of acquired brands and customers lists. Owner fees relate to management services to parties associated with the former ultimate controlling party based on a percentage of the Group’s profitability. Owner fees are excluded from operating expenses as they do not form part of the operation of the business and ceased to be incurred after the completion of our offering.Adjusted Operating Tax represents the tax effect on the Group's non-operating adjusting items and the tax benefit of the coupons.Profit attributable to Additional Tier 1 (AT1) note holders includes the coupons on the AT1 which are accounted for as dividends.Loss attributable to non-controlling interest relates to the Group's acquisition of Hamilton Court.Adjusted Profit Before Tax Margin is calculated by dividing Adjusted Profit Before Tax (as defined above) by Revenue for the period.The weighted average numbers of diluted shares used in the calculation of earnings per share are as follows: three months ended March 31, 2026 76,218,307 and three months ended March 31, 2025 74,934,788.Average Common Equity for each three-month period is calculated as the average balance of total equity minus additional Tier 1 capital and non-controlling interest as at 31 December of the prior year and 31 March of the current year. Appendix 2 – Supplementary Segmental Financial Information
Revenue
The following tables present the Group's segmental revenue for the periods indicated:
ClearingAgency and ExecutionMarket MakingHedging and Investment SolutionsCorporateTotalQ1 2026$m$m$m$m$m$mNet commission income/(expense)88.1207.6———295.7Net trading income(18.4)110.0126.5114.2—332.3Net interest income/(expense)67.52.4(8.0)(21.2)0.240.9Net physical commodities income—2.321.1——23.4Revenue137.2322.3139.693.00.2692.3 ClearingAgency and ExecutionMarket MakingHedging and Investment SolutionsCorporateTotalQ1 2025$m$m$m$m$m$mNet commission income/(expense)67.8182.9———250.7Net trading income3.049.954.951.3—159.1Net interest income/(expense)48.45.6(5.0)(6.3)10.753.4Net physical commodities income—1.13.0——4.1Revenue119.2239.552.945.010.7467.3 Appendix 3 – Supplementary IFRS Financial Information
Consolidated Income Statement
Quarter endedQuarter ended March 31, 2026March 31, 2025 $m$mCommission and fee income720.4503.7Commission and fee expense(424.7)(253.0)Net commission income295.7250.7Net trading income332.3159.1Interest income257.3198.8Interest expense(216.4)(145.4)Net interest income40.953.4Net physical commodities income23.44.1Revenue692.3467.3Expenses Compensation and benefits(420.8)(291.7)Depreciation and amortization(11.7)(7.9)Other expenses(106.7)(73.8)Total expenses(539.2)(373.4) Net provision for credit losses(7.0)—Bargain purchase gain on acquisitions—3.4Other income3.70.7Profit before tax from continuing operations149.898.0Tax(37.5)(25.5)Profit after tax from continuing operations112.372.5Profit after tax from discontinued operations0.1—Profit after tax112.472.5 Consolidated Statement of Financial Position
March 31, 2026December 31, 2025 $m$mAssets Non-current assets Goodwill237.2237.4Intangible assets94.798.0Property, plant and equipment35.034.0Right of use asset74.176.9Investments30.628.5Trade and other receivables50.850.2Derivative instruments6.519.6Deferred tax33.430.6Treasury instruments (unpledged)190.283.1Treasury instruments (pledged as collateral)353.1319.9Total non-current assets1,105.6978.2Current assets Corporate income tax receivable12.827.6Trade and other receivables10,684.510,993.2Inventory300.1483.7Equity instruments (unpledged)459.7586.9Equity instruments (pledged as collateral)6,305.36,337.2Derivative instruments2,829.22,320.7Stock borrowing2,873.82,858.2Treasury instruments (unpledged)474.7138.5Treasury instruments (pledged) and assets held under agreements to sell (repledged)4,431.73,496.8Fixed income securities (unpledged)14.616.0Fixed income securities (pledged as collateral)105.182.4Reverse repurchase agreements3,250.33,117.1Cash and cash equivalents3,068.92,881.2Assets classified as held for sale613.8357.4Total current assets35,424.533,696.9Total assets36,530.134,675.1 March 31, 2026December 31, 2025 $m$mLiabilities Current liabilities Repurchase agreements3,900.84,148.9Trade and other payables14,765.712,956.4Stock lending4,407.25,496.7Short securities2,275.02,215.7Short term borrowings155.0200.0Lease liability10.79.9Derivative instruments2,724.32,234.4Corporate tax12.08.5Debt securities3,932.93,394.3Provisions5.03.8Liabilities related to assets classified as held for sale588.9294.8Total current liabilities32,777.530,963.4Non-current liabilities Lease liability84.187.4Derivative instruments29.719.4Debt securities2,279.12,327.3Deferred tax liability13.214.0Total non-current liabilities2,406.12,448.1Total liabilities35,183.633,411.5Total net assets1,346.51,263.6Equity Share capital0.10.1Share premium227.2227.2Retained earnings1,081.7982.0Own shares(52.9)(58.5)Other reserves(4.9)15.4Total equity attributable to the ordinary shareholders of the Group1,251.21,166.2Non-controlling interest(2.3)(0.2)Additional Tier 1 capital (AT1)97.697.6Total equity1,346.51,263.6
Marex Group PLC (MRX - Free Report) came out with quarterly earnings of $1.48 per share, beating the Zacks Consensus Estimate of $1.4 per share. This compares to earnings of $0.91 per share a year ago. These figures are adjusted for non-recurring items.
This quarterly report represents an earnings surprise of +5.71%. A quarter ago, it was expected that this company would post earnings of $1.02 per share when it actually produced earnings of $1.13, delivering a surprise of +10.78%.
Over the last four quarters, the company has surpassed consensus EPS estimates four times.
Marex Group PLC, which belongs to the Zacks Financial - Miscellaneous Services industry, posted revenues of $692.3 million for the quarter ended March 2026, surpassing the Zacks Consensus Estimate by 0.77%. This compares to year-ago revenues of $467.3 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.
Marex Group PLC shares have added about 38.7% since the beginning of the year versus the S&P 500's gain of 6%.
What's Next for Marex Group PLC?While Marex Group PLC has outperformed the market so far this year, the question that comes to investors' minds is: what's next for the stock?
There are no easy answers to this key question, but one reliable measure that can help investors address this is the company's earnings outlook. Not only does this include current consensus earnings expectations for the coming quarter(s), but also how these expectations have changed lately.
Empirical research shows a strong correlation between near-term stock movements and trends in earnings estimate revisions. Investors can track such revisions by themselves or rely on a tried-and-tested rating tool like the Zacks Rank, which has an impressive track record of harnessing the power of earnings estimate revisions.
Ahead of this earnings release, the estimate revisions trend for Marex Group PLC 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 $1.16 on $570 million in revenues for the coming quarter and $5.14 on $2.33 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, Financial - Miscellaneous Services is currently in the top 35% 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.
Burford Capital Limited (BUR - Free Report) , another stock in the same industry, has yet to report results for the quarter ended March 2026. The results are expected to be released on May 8.
This company is expected to post quarterly loss of $1.90 per share in its upcoming report, which represents a year-over-year change of -1457.1%. The consensus EPS estimate for the quarter has been revised 0.9% lower over the last 30 days to the current level.
Burford Capital Limited's revenues are expected to be $124.6 million, up 4.8% from the year-ago quarter.
NEW YORK, May 07, 2026 (GLOBE NEWSWIRE) -- Marex Group plc (Nasdaq: MRX) (“Marex” or the “Company”), a diversified global financial services platform, announced today that it is soliciting consents (the “Consents”) from each registered holder of its 6.404% Senior Notes due 2029 (the “Notes”) with respect to the adoption of certain proposed amendments (the “Proposed Amendments”) to the Indenture, dated as of October 15, 2024 (the “Base Indenture”), as supplemented by the First Supplemental Indenture, dated as of November 4, 2024 (the “First Supplemental Indenture” and, together with the Base Indenture, the “Indenture”), each between Marex and Citibank, N.A., as the trustee (the “Consent Solicitation”). As used in this press release, the term “Group” refers to Marex Group plc, together with its consolidated subsidiaries, as a consolidated entity.
The Consent Solicitation commenced today and will expire at 5:00 p.m. (New York City time) on May 15, 2026, unless extended by Marex (such date and time, as the same may be extended, is referred to as the “Expiration Date”). To be eligible to receive a cash payment equal to $1.00 per $1,000 principal amount of Notes (the “Consent Payment”), holders of the Notes as of 5:00 p.m. (New York City time) on May 6, 2026 (such date and time, including as such date and time may be changed by Marex, from time to time, the “Record Date”) must deliver their consents on or prior to the Expiration Date. Consents may be revoked at 5:00 p.m. (New York City time) on May 15, 2026 (the “Revocation Deadline”).
The Consent Solicitation is made solely by means of the consent solicitation statement dated May 7, 2026 (the “Consent Solicitation Statement”). Capitalized terms used in this announcement but not defined herein have the meanings given to them in the Consent Solicitation Statement. The Consent Solicitation Statement contains important information that holders of Notes should carefully review before any decision is made with respect to the Consent Solicitation.
The purpose of the Consent Solicitation is to seek Consents from holders of the Notes with respect to the Proposed Amendments, so as to align the terms of the Notes and the Indenture with the existing terms of the recently issued 2031 Notes (as defined below) and 2031 Notes Indenture (as defined below).
As previously reported, on March 26, 2026, Marex announced its proposal to change the legal domicile of its parent holding company to Bermuda from England and Wales (the “Proposed Redomiciliation”) and to reorganize the Group. The principal objective of the Proposed Redomiciliation is to facilitate shareholder value creation by: (i) simplifying the Group’s corporate structure and regulatory framework and delivering cost savings and efficiencies by reducing administrative burdens and (ii) aligning the U.S. style corporate law of Bermuda with the Company’s listing on the Nasdaq Global Select Market (“Nasdaq”). If the requisite shareholder, court and regulatory approvals are obtained, the Proposed Redomiciliation will result in the reorganization of all Group subsidiaries into four regional sub-groups (U.K., U.S., EMEA and Rest of World) under a new Bermuda parent holding company (“New ParentCo”).
On April 21, 2026, the Company completed its previously announced public offering of the Company’s 5.680% Senior Notes due 2031 (the “2031 Notes”) issued pursuant to the Base Indenture, as amended by a third supplemental indenture on even date between the Company and Trustee (the “2031 Notes Indenture”). This follows the Company’s public offering of its 5.829% Senior Notes due 2028 (the “2028 Notes”) completed on May 8, 2025, and other public offerings of its SEC-registered structured notes (“Structured Notes”). Unlike the present Notes and the Indenture, the terms of the 2031 Notes, 2028 Notes and Structured Notes (collectively, the “Other Existing SEC-Registered Notes”) would allow a holding company of the Group that is incorporated in the UK overseas territory of Bermuda to, without the consent of the holders of the Other Existing SEC-Registered Notes, assume the Company’s obligations under the Other Existing SEC-Registered Notes and the relevant indentures governing them (collectively, the “Other Existing SEC-Registered Note Indentures”) and succeed to, and be substituted for, the Company under the Other Existing SEC-Registered Notes and the Other Existing SEC-Registered Note Indentures.
The purpose of the Consent Solicitation is to seek Consents from holders of the Notes with respect to the Proposed Amendments, so as to align the terms of the Notes and the Indenture with the existing terms of the 2031 Notes and 2031 Notes Indenture. The Proposed Amendments would permit a holding company of the Group that is incorporated in the UK overseas territory of Bermuda, such as New ParentCo, to assume the Company’s obligations under the Notes and Indenture, and succeed to, and be substituted for, the Company as issuer and obligor under the Notes and Indenture, in the same manner as such holding company or New ParentCo is currently permitted under the terms of the Other Existing SEC-Registered Notes and the Other Existing SEC-Registered Note Indentures to assume the Company’s obligations under the Other Existing SEC-Registered Notes and the Other Existing SEC-Registered Note Indentures, and succeed to, and be substituted for, the Company as issuer and obligor thereunder. If the requisite shareholder, court and regulatory approvals are obtained, and if the Proposed Amendments are approved, then, following the Proposed Redomiciliation, New ParentCo may assume the Notes and, upon such assumption, succeed to and be substituted for Marex Group plc, as obligor under and issuer of the Notes. Following the Proposed Redomiciliation, the Company expects to become a direct wholly-owned subsidiary of New ParentCo, and New ParentCo’s ordinary shares will be listed on Nasdaq in place of the Company’s ordinary shares.
Once Consents in respect of at least a majority in aggregate principal amount of the outstanding Notes (the “Requisite Consents”) have been validly received on or before the Expiration Date and not validly revoked before the Revocation Deadline, and the other conditions set forth in the Consent Solicitation Statement are satisfied or waived, the Company intends to execute and deliver to the Trustee a fourth supplemental indenture to the Indenture (the “Supplemental Indenture”) as soon as practicable, which will implement the adoption of the Proposed Amendments.
If the Requisite Consents are obtained, the other conditions are satisfied (or waived) and the Proposed Amendments become effective and operative, all Holders of the Notes will be bound by the terms of the Indenture as amended by the Supplemental Indenture giving effect to the Proposed Amendments, whether or not they deliver Consents. Non-consenting Holders, although bound by the Proposed Amendments, will not be entitled to any Consent Payment.
Marex’s obligation to accept, and pay for, Consents validly delivered and not revoked is conditioned upon satisfaction of certain conditions as described in the Consent Solicitation Statement, including the receipt of the Requisite Consents. The Company may, in its sole discretion, terminate the Consent Solicitation, allow the Consent Solicitation to lapse, extend the Consent Solicitation and continue soliciting Consents pursuant to the Consent Solicitation or otherwise amend the terms of the Consent Solicitation, including the waiver of any or all of the conditions set forth in the Consent Solicitation. No Consent Payment will be made if the Requisite Consents are not received, if the Consent Solicitation is terminated or if the Supplemental Indenture does not otherwise become effective for any reason.
Marex has retained Goldman Sachs & Co. LLC as solicitation agent (the “Solicitation Agent”).
Any questions or requests for assistance or for copies of the Consent Solicitation Statement or related documents may be directed to the Information and Tabulation Agent at its telephone numbers or e-mail address set forth below. A holder of Notes as of the Record Date also may contact the Solicitation Agent, at its telephone numbers or e-mail address set forth below, or such holder’s broker, dealer, commercial bank, trust company or other nominee for assistance concerning the Consent Solicitation.
The Solicitation Agent for the Consent Solicitation is:
Goldman Sachs & Co. LLC
200 West Street
New York, New York 10282
Telephone (U.S. Toll Free): +1 (800) 828-3182
Telephone (U.S. Collect): +1 (212) 902-6351
Telephone (London): +44 207 774 4836
Email: [email protected]
Attention: Liability Management Group
The Information and Tabulation Agent for the Consent Solicitation is:
Global Bondholder Services Corporation
65 Broadway, Suite 404
New York, New York 10006
Attention: Corporate Actions
Email: [email protected]
Banks and Brokers Call: (212) 430-3774
U.S. Toll-Free: (855) 654-2014
International Call: 001-212-430-3774
Copies of the Consent Solicitation Statement and other relevant documents are available at https://www.gbsc-usa.com/marex/.
This press release does not constitute an offer to sell or the solicitation of an offer to buy the Notes or any other security, and shall not constitute an offer, solicitation or sale in any jurisdiction in which such offer, solicitation or sale would be unlawful.
NONE OF THE COMPANY, THE SOLICITATION AGENT, THE INFORMATION AND TABULATION AGENT, THE TRUSTEE OR ANY OF THEIR RESPECTIVE DIRECTORS, OFFICERS, EMPLOYEES, AGENTS OR AFFILIATES MAKES ANY RECOMMENDATION AS TO WHETHER OR NOT HOLDERS SHOULD DELIVER CONSENTS PURSUANT TO THE CONSENT SOLICITATION. EACH HOLDER MUST MAKE ITS OWN DECISION AS TO WHETHER OR NOT TO DELIVER ITS CONSENT.
Forward looking statements
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. All statements contained in this press release that do not relate to matters of historical fact should be considered forward-looking statements, including, without limitation, the expected expiration or settlement date of the Consent Solicitation. In some cases, these forward-looking statements can be identified by words or phrases such as “may,” “will,” “expect,” “anticipate,” “aim,” “estimate,” “intend,” “plan,” “believe,” “potential,” “continue,” “is/are likely to” or other similar expressions.
These forward-looking statements are subject to risks, uncertainties and assumptions, some of which are beyond our control. In addition, these forward-looking statements reflect our current views with respect to future events and are not a guarantee of future performance. Actual outcomes may differ materially from the information contained in the forward-looking statements as a result of a number of factors, including, without limitation: subdued commodity market activity or pricing levels; the effects of geopolitical events, terrorism and wars, on market volatility, global macroeconomic conditions and commodity prices; our proposed redomiciliation; changes to the U.S. regulatory regime, including with respect to tariffs; changes in interest rate levels or tariffs; the risk of our clients and their related financial institutions defaulting on their obligations to us; regulatory, reputational and financial risks as a result of our international operations; software or systems failure, loss or disruption of data or data security failures; risks associated with the use of artificial intelligence; an inability to adequately hedge our positions and limitations on our ability to modify contracts and the contractual protections that may be available to us in OTC derivatives transactions; market volatility, reputational risk and regulatory uncertainty related to commodity markets, equities, fixed income, foreign exchange and cryptocurrency; the impact of climate change and the transition to a lower carbon economy on supply chains and the size of the market for certain of our energy products; the impact of changes in judgments, estimates and assumptions made by management in the application of our accounting policies on our reported financial condition and results of operations; lack of sufficient financial liquidity; if we fail to comply with applicable law and regulation, we may be subject to enforcement or other action, forced to cease providing certain services or obliged to change the scope or nature of our operations; significant costs, including adverse impacts on our business, financial condition and results of operations, and expenses associated with compliance with relevant regulations; if we fail to remediate the material weaknesses we identified in our internal control over financial reporting or prevent material weaknesses in the future, the accuracy and timing of our financial statements may be impacted, which could result in material misstatements in our financial statements or failure to meet our reporting obligations and subject us to potential delisting, regulatory investigations or civil or criminal sanctions; short seller activity and securities litigation; the inability to realize the anticipated benefits of the Consent Solicitation; the risk that the Consent Solicitation may not be consummated; the risks discussed under the caption “Certain Significant Considerations” in the Consent Solicitation Statement; and other risks discussed under the caption “Risk Factors” in our 2025 Annual Report on Form 20-F or as updated by any of our subsequent reports filed with the SEC.
The forward-looking statements made in this press release relate only to events or information as of the date on which the statements are made in this press release. Except as required by law, we undertake no obligation to update or revise publicly any forward-looking statements, whether as a result of new information, future events or otherwise, after the date on which the statements are made or to reflect the occurrence of unanticipated events.
Here are five stocks added to the Zacks Rank #1 (Strong Buy) List today:
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You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
NEW YORK, May 18, 2026 (GLOBE NEWSWIRE) -- Marex Group plc (Nasdaq: MRX) (“Marex” or the “Company”), a diversified global financial services platform, announced today that it has received the requisite consents from registered holders of its 6.404% Senior Notes due 2029 (the “Notes”) to approve certain proposed amendments (the “Proposed Amendments”) to the Indenture, dated as of October 15, 2024 (the “Base Indenture”), as supplemented by the First Supplemental Indenture, dated as of November 4, 2024 (the “First Supplemental Indenture” and, together with the Base Indenture, the “Indenture”), each between Marex and Citibank, NA, as the trustee (the “Trustee”), pursuant to the Company’s previously announced solicitation of consents for the Notes (the “Consent Solicitation”). As used in this press release, the term “Group” refers to Marex Group plc, together with its consolidated subsidiaries, as a consolidated entity.
The Consent Solicitation was made pursuant to the terms and conditions set forth in the consent solicitation statement dated May 7, 2026 (the “Consent Solicitation Statement”), and expired at 5:00 p.m., New York City time, on May 15, 2026 (the “Expiration Date”). Subject to the terms and conditions set forth in the Consent Solicitation Statement, holders of the Notes who validly delivered (and did not validly revoke) consents prior to the Expiration Date will receive a cash payment equal to $1.00 per $1,000 principal amount of the Notes (the “Consent Payment”) for which such consents were delivered (and not validly revoked). The Company expects to pay such holders the Consent Payment on May 19, 2026 (the “Settlement Date”). Holders who failed to validly deliver (or who validly revoked) their consents on or prior to the Expiration Date will not be entitled to receive the Consent Payment.
On March 26, 2026, Marex announced its proposal to change the legal domicile of its parent holding company to Bermuda from England and Wales (the “Proposed Redomiciliation”) and to reorganize the Group. If the requisite shareholder, court and regulatory approvals are obtained, the Proposed Redomiciliation will result in the reorganization of all Group subsidiaries into four regional sub-groups (UK, US, EMEA and Rest of World) under a new Bermuda parent holding company (“New ParentCo”).
As previously announced by Marex, consent was sought from holders of the Notes with respect to the Proposed Amendments to align the terms of the Notes and the Indenture with the existing terms of the Company’s recently issued 5.680% Senior Notes due 2031 (the “2031 Notes”) and the relevant indentures governing the 2031 Notes (the “2031 Notes Indenture”). The Proposed Amendments permit a holding company of the Group that is incorporated in the UK overseas territory of Bermuda, such as New ParentCo, to assume the Company’s obligations under the Notes and Indenture, and succeed to, and be substituted for, the Company as issuer and obligor under the Notes and Indenture, in the same manner as such holding company or New ParentCo is permitted under the terms of the 2031 Notes, the Company’s 5.829% Senior Notes due 2028 (the “2028 Notes”) and other SEC-registered structured notes (the “Structured Notes” and, together with the 2031 Notes and the 2028 Notes, the “Other Existing SEC-Registered Notes”) and the relevant indentures governing the Other Existing SEC-Registered Notes (the “Other Existing SEC-Registered Note Indentures”) to assume the Company’s obligations under the Other Existing SEC-Registered Notes and the Other Existing SEC-Registered Note Indentures, and succeed to, and be substituted for, the Company as issuer and obligor thereunder. If the requisite shareholder, court and regulatory approvals are obtained, then, following the Proposed Redomiciliation, New ParentCo may assume the Notes and, upon such assumption, succeed to and be substituted for Marex Group plc, as obligor under and issuer of the Notes.
As reported by the Information and Tabulation Agent, as of the Expiration Date, holders representing in excess of the majority of the outstanding aggregate principal of the Notes validly delivered (and not validly revoked) consents pursuant to the Consent Solicitation. The consents received in the Consent Solicitation are sufficient to effect the Proposed Amendments to the indenture governing the Notes. Accordingly, the Company intends to execute and deliver to the Trustee on the Settlement Date, a fourth supplemental indenture to the Indenture (the “Fourth Supplemental Indenture”) to effect the Proposed Amendments. The Proposed Amendments will become effective and operative upon the execution by the Company and Trustee of the Fourth Supplemental Indenture.
Goldman Sachs & Co. LLC acted as the solicitation agent in connection with the Consent Solicitation (the “Solicitation Agent”).
Any questions or requests for assistance may be directed to the Information and Tabulation Agent or the Solicitation Agent at their respective telephone numbers or e-mail address set forth below.
The Solicitation Agent for the Consent Solicitation is:
Goldman Sachs & Co. LLC
200 West Street
New York, New York 10282
Telephone (U.S. Toll Free): +1 (800) 828-3182
Telephone (U.S. Collect): +1 (212) 902-6351
Telephone (London): +44 207 774 4836
Email: [email protected]
Attention: Liability Management Group
The Information and Tabulation Agent for the Consent Solicitation is:
Global Bondholder Services Corporation
65 Broadway, Suite 404
New York, New York 10006
Attention: Corporate Actions
Email: [email protected]
Banks and Brokers Call: (212) 430-3774
U.S. Toll-Free: (855) 654-2014
International Call: 001-212-430-3774
This press release does not constitute an offer to sell or the solicitation of an offer to buy the Notes or any other security, and shall not constitute an offer, solicitation or sale in any jurisdiction in which such offer, solicitation or sale would be unlawful.
Forward looking statements
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. All statements contained in this press release that do not relate to matters of historical fact should be considered forward-looking statements, including, without limitation, the expected settlement date of the Consent Solicitation. In some cases, these forward-looking statements can be identified by words or phrases such as “may,” “will,” “expect,” “anticipate,” “aim,” “estimate,” “intend,” “plan,” “believe,” “potential,” “continue,” “is/are likely to” or other similar expressions.
These forward-looking statements are subject to risks, uncertainties and assumptions, some of which are beyond our control. In addition, these forward-looking statements reflect our current views with respect to future events and are not a guarantee of future performance. Actual outcomes may differ materially from the information contained in the forward-looking statements as a result of a number of factors, including, without limitation: subdued commodity market activity or pricing levels; the effects of geopolitical events, terrorism and wars, on market volatility, global macroeconomic conditions and commodity prices; our proposed redomiciliation; changes to the U.S. regulatory regime, including with respect to tariffs; changes in interest rate levels or tariffs; the risk of our clients and their related financial institutions defaulting on their obligations to us; regulatory, reputational and financial risks as a result of our international operations; software or systems failure, loss or disruption of data or data security failures; risks associated with the use of artificial intelligence; an inability to adequately hedge our positions and limitations on our ability to modify contracts and the contractual protections that may be available to us in OTC derivatives transactions; market volatility, reputational risk and regulatory uncertainty related to commodity markets, equities, fixed income, foreign exchange and cryptocurrency; the impact of climate change and the transition to a lower carbon economy on supply chains and the size of the market for certain of our energy products; the impact of changes in judgments, estimates and assumptions made by management in the application of our accounting policies on our reported financial condition and results of operations; lack of sufficient financial liquidity; if we fail to comply with applicable law and regulation, we may be subject to enforcement or other action, forced to cease providing certain services or obliged to change the scope or nature of our operations; significant costs, including adverse impacts on our business, financial condition and results of operations, and expenses associated with compliance with relevant regulations; if we fail to remediate the material weaknesses we identified in our internal control over financial reporting or prevent material weaknesses in the future, the accuracy and timing of our financial statements may be impacted, which could result in material misstatements in our financial statements or failure to meet our reporting obligations and subject us to potential delisting, regulatory investigations or civil or criminal sanctions; short seller activity and securities litigation; the inability to realize the anticipated benefits of the Consent Solicitation; the risks discussed under the caption “Certain Significant Considerations” in the Consent Solicitation Statement; and other risks discussed under the caption “Risk Factors” in our 2025 Annual Report on Form 20-F or as updated by any of our subsequent reports filed with the SEC.
The forward-looking statements made in this press release relate only to events or information as of the date on which the statements are made in this press release. Except as required by law, we undertake no obligation to update or revise publicly any forward-looking statements, whether as a result of new information, future events or otherwise, after the date on which the statements are made or to reflect the occurrence of unanticipated events.
Marex Group plc (MRX) delivered strong Q1 results, with revenues up 48% and adjusted profit before tax up 59%, driven by volatility in energy and metals. MRX's forward P/E of 11.5x and high 22.1% operating margin position it attractively versus peers, despite a cyclical, volatility-dependent business model. Revenue diversification into clearing, securities, and solutions segments reduces reliance on commodities, but future growth remains sensitive to macroeconomic cycles.
NEW YORK, May 28, 2026 (GLOBE NEWSWIRE) -- Marex Group plc (Nasdaq: MRX) (“Marex”), the diversified global financial services platform, announces that it will be participating in a fireside discussion at Piper Sandler's Global Exchange & FinTech Conference.
The presentation will be given by Ian Lowitt, Group Chief Executive Officer. The event will take place on Wednesday, June 3, 2026, at 10.30am ET and will be available via webcast which can be accessed here:
Marex Group plc (NASDAQ: MRX) provides market access, infrastructure services and essential liquidity to clients across global commodity and financial markets. The Group provides comprehensive breadth and depth of coverage across four services: Clearing, Agency and Execution, Market Making and Hedging and Investment Solutions. It has a leading franchise in many major metals, energy and agricultural products, with access to more than 60 exchanges. Marex has over 3,400 active clients, including some of the largest commodity producers, consumers and traders, banks, hedge funds and asset managers. With more than 50 offices worldwide, the Group has over 3000 employees across Europe, Asia and the Americas. For more information visit www.marex.com.
LONDON, June 01, 2026 (GLOBE NEWSWIRE) -- Marex Group plc (‘Marex’ or the ‘Group’; NASDAQ: MRX), the diversified global financial services platform, today announces it has acquired Levmet, further expanding its physical market making operations and adding capabilities in European power and gas trading.
Headquartered in Monaco, Levmet is a liquidity provider in both physical and derivatives markets across base metals, ferrous metals, energy and power. Acquiring Levmet adds new capabilities to Marex with which it can serve its clients and the broader commodity ecosystem, consistent with its strategy to diversify earnings.
Simon van den Born, Marex President commented: “The acquisition of Levmet is consistent with our strategy to add capabilities to further diversify our service offering. This is an exciting addition for Marex and we see significant opportunities to leverage Levmet’s relationships and capabilities. It is a well-run business with a robust focus on risk management.”
Andrew Campbell, CEO of Levmet, commented: “We are excited to join Marex’s global platform. Their dynamic culture, combined with the breadth and depth of their capabilities will give our team more ways to enhance our service and support the continued growth of the business. We look forward to the opportunities this creates for our counterparties and our people as part of Marex.”
Forward-Looking Statements:
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. All statements contained in this press release that do not relate to matters of historical fact should be considered forward-looking statements, including the expected acquisition of Winterflood Securities and the closing of the transaction as well as expected benefits from the acquisition. In some cases, these forward-looking statements can be identified by words or phrases such as “may,” “will,” “expect,” “anticipate,” “aim,” “estimate,” “intend,” “plan,” “believe,” “potential,” “continue,” “is/are likely to” or other similar expressions.
These forward-looking statements are subject to risks, uncertainties and assumptions, some of which are beyond our control. In addition, these forward-looking statements reflect our current views with respect to future events and are not a guarantee of future performance. Actual outcomes may differ materially from the information contained in the forward-looking statements as a result of a number of factors, including, without limitation, the risks discussed under the caption “Risk Factors” in our Annual Report on Form 20-F for the year ended December 31, 2024, filed with the Securities and Exchange Commission (the “SEC”) and our other reports filed with the SEC. The forward-looking statements made in this press release relate only to events or information as of the date on which the statements are made in this press release. Except as required by law, we undertake no obligation to update or revise publicly any forward-looking statements, whether as a result of new information, future events or otherwise, after the date on which the statements are made or to reflect the occurrence of unanticipated events. In addition, statements that “we believe” and similar statements reflect our beliefs and opinions on the relevant subject. These statements are based upon information available to us as of the date of this press release, and while we believe such information forms a reasonable basis for such statements, such information may be limited or incomplete, and our statements should not be read to indicate that we have conducted an exhaustive inquiry into, or review of, all potentially available relevant information. These statements are inherently uncertain, and investors are cautioned not to unduly rely upon these statements.
About Marex:
Marex Group plc (NASDAQ:MRX) provides market access, infrastructure services and essential liquidity to clients across global commodity and financial markets. The Group provides comprehensive breadth and depth of coverage across four services: Clearing, Agency and Execution, Market Making and Hedging and Investment Solutions. It has a leading franchise in many major metals, energy and agricultural products, with access to more than 60 exchanges. Marex has over 3,400 active clients, including some of the largest commodity producers, consumers and traders, banks, hedge funds and asset managers. With more than 50 offices worldwide, the Group has over 3000 employees across Europe, Asia and the Americas. For more information visit www.marex.com.
Marex Group (MRX) is the IPO Stock Of The Week amid this past week's rebound from a critical support level. Marex stock is near a new buy zone and is also featured on Investor's Business Daily's IPO Leaders screen.
U.K.-based Marex provides trading and financial services for commodity and other markets. It benefits from high levels of trading volumes amid volatile markets.
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On May 6, Marex reported adjusted earnings of $1.48 a share on sales of $692.3 million for the March-ended quarter. Profit jumped 63% vs. the year-ago period, while revenue grew 48%, according to IBD MarketSurge.
Elevated volatility supported particularly strong results in the company's Market Making and Hedging and Investment Solutions segments, Chief Executive Ian Lowitt said in the company's press release.
"Performance in April has been positive thanks to favorable trading conditions and the continued growth of our platform. While we do not expect the extreme volatility seen in the first quarter to persist, thanks to the diversified business we have built, we remain confident in our outlook for the full year," Lowitt said.
For the full year, Wall Street expects the company's earnings to rise 30% before an increase of 11% in 2027, per IBD MarketSurge.
Cybersecurity Giant Unlocks New Buy Zone While Flashing These Telltale Clues
Marex Rebounds From Support This past week, Marex stock rebounded from its 50-day moving average, placing the financial leader near a new buying zone, according to IBD MarketSurge. The successful test of support comes in the wake of a breakout move past a 44.63 buy point in early April.
On June 3, Marex stock tested and then decisively rebounded from the 50-day line. That starts the buying range at 50.99 and runs up to 53.54. Meanwhile, shares could be forming a new flat base that would eventually offer an entry at 58.62.
IBD Stock Checkup shows that Marex stock has a modest 79 out of a best-possible 99 for its IBD Composite Rating. That's most likely due to the stock's 59 Earnings Per Share Rating. The stock also has a solid 86 Relative Strength Rating.
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LONDON, June 08, 2026 (GLOBE NEWSWIRE) -- Marex Group plc (‘Marex’ or the ‘Group’; NASDAQ: MRX), the diversified global financial services platform, today announces it has appointed Georges Assi to the Group Board with immediate effect. Georges will serve as a member of the Risk Committee.
Georges is a fintech entrepreneur following many years as an investment banker in the credit and fixed income markets. He is the CEO of Sigma Lending, a fintech lender he founded in 2023 that provides UK small and medium-sized enterprises with access to working capital using technology-enabled underwriting. Georges is also the Co-Founder and Partner of Naviter Capital, an investment firm specialising in the private credit markets that he co-founded in 2013.
Prior to establishing Naviter in 2013, Georges worked as a Senior Managing Director at Nomura International. During his tenure, Georges ran the Global Credit business and the Fixed Income division in Europe. Before this, he spent eight years at Lehman Brothers in a variety of senior roles including Global Head of Structured Credit and European Head of Credit products, culminating in a role as co-Head of Fixed Income in Europe.
Robert Pickering, Chair of the Marex Board, commented:
“We are delighted to welcome Georges to the Marex Board. He brings a combination of demonstrable success as an entrepreneur and expertise in the fast-paced fintech industry, together with a solid grounding in investment banking and financial markets. We look forward to benefiting from his experience and insight, particularly in the use of innovation and technology to generate growth and scale at pace.”
Forward-Looking Statements:
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. All statements contained in this press release that do not relate to matters of historical fact should be considered forward-looking statements, including the expected contribution to the company. In some cases, these forward-looking statements can be identified by words or phrases such as "may," "will," "expect," "anticipate," "aim," "estimate," "intend," "plan," "believe," "potential," "continue," "is/are likely to" or other similar expressions.
These forward-looking statements are subject to risks, uncertainties and assumptions, some of which are beyond our control. In addition, these forward-looking statements reflect our current views with respect to future events and are not a guarantee of future performance. Actual outcomes may differ materially from the information contained in the forward-looking statements as a result of a number of factors, including, without limitation, the risks discussed under the caption "Risk Factors" in our Annual Report on Form 20-F for the year ended December 31, 2025, filed with the Securities and Exchange Commission (the "SEC") and our other reports filed with the SEC. The forward-looking statements made in this press release relate only to events or information as of the date on which the statements are made in this press release. Except as required by law, we undertake no obligation to update or revise publicly any forward-looking statements, whether as a result of new information, future events or otherwise, after the date on which the statements are made or to reflect the occurrence of unanticipated events. In addition, statements that "we believe" and similar statements reflect our beliefs and opinions on the relevant subject. These statements are based upon information available to us as of the date of this press release, and while we believe such information forms a reasonable basis for such statements, such information may be limited or incomplete, and our statements should not be read to indicate that we have conducted an exhaustive inquiry into, or review of, all potentially available relevant information. These statements are inherently uncertain, and investors are cautioned not to unduly rely upon these statements.
About Marex:
Marex Group plc (NASDAQ:MRX) provides market access, infrastructure services and essential liquidity to clients across global commodity and financial markets. The Group provides comprehensive breadth and depth of coverage across four services: Clearing, Agency and Execution, Market Making and Hedging and Investment Solutions. It has a leading franchise in many major metals, energy and agricultural products, with access to more than 60 exchanges. Marex has over 3,400 active clients, including some of the largest commodity producers, consumers and traders, banks, hedge funds and asset managers. With more than 50 offices worldwide, the Group has over 3000 employees across Europe, Asia and the Americas. For more information visit www.marex.com.
LONDON, June 09, 2026 (GLOBE NEWSWIRE) -- Marex Group plc (Nasdaq: MRX) (“Marex”), a diversified global financial services platform, today announced that it has completed its offering (the “Offering”) of U.S.$500 million perpetual subordinated resettable fixed rate notes (the “Notes”).
Marex intends to use the net proceeds from the Offering for general corporate purposes including (without limitation) (i) the funding of the purchase of any or all of Marex’s outstanding U.S.$100,000,000 13.250 per cent fixed rate reset perpetual subordinated contingent convertible notes pursuant to the tender offer announced by Marex on 1 June 2026 and (ii) the funding of acquisitions.
Ian Lowitt, CEO of Marex, commented:
“We are pleased to have successfully issued $500m of hybrid perpetual securities, which are expected to carry 100% equity credit from S&P post completion of our Bermuda redomiciliation. We achieved significantly lower pricing at 7.7%, compared to our previous AT1 issuance at 13.25%, which demonstrates the meaningful progress we have made over the past four years and the strength of our investment proposition. Our proposed Bermuda domicile enabled us to structure the security in a way that is attractive to investors, which led to strong oversubscription and underscores a further benefit of our redomiciliation. The breadth of participation, from both longstanding and new investors, is a further reflection of confidence in the continued growth of our business.”
Barclays Bank PLC, Goldman Sachs International and Jefferies International Limited are acting as Joint Bookrunners for the Offering.
Important information
The securities described herein and in the related Offering Memorandum have not been and will not be registered under the U.S. Securities Act of 1933, as amended (the “Securities Act”) and may not be offered, sold or delivered within the United States or to or for the account or benefit of U.S. persons, as defined in Regulation S under the Securities Act.
This communication is being distributed to and is directed only at persons in the United Kingdom (the “UK”) who have professional experience in matters relating to investments falling within Article 19(5) of the Financial Services and Markets Act 2000 (Financial Promotions) Order 2005, as amended (the “Order”) and persons falling within Article 49(2) of the Order (all such persons together being referred to as “relevant persons”). In the UK, this communication must not be acted on or relied on by persons who are not relevant persons. In the UK, any investment or investment activity to which this communication relates is available only to relevant persons and will be engaged in only with such persons.
UK MiFIR professionals/ECPs-only/No EEA PRIIPs KID or UK PRIIPs KID/CCI product summary: The manufacturers’ target market (UK MiFIR product governance) is eligible counterparties and professional clients only (all distribution channels). The Notes are not intended to be offered, sold, distributed or otherwise made available and should not be offered, sold, distributed or otherwise made available to retail clients in either the UK or the European Economic Area. Consequently, no key information document (KID) has been prepared under Regulation (EU) No. 1286/2014 and no disclosure document has been prepared under the FCA Product Disclosure Sourcebook.
This press release does not constitute an offer to sell or the solicitation of an offer to buy the Notes or any other security, and shall not constitute an offer, solicitation or sale in any jurisdiction in which such offer, solicitation or sale would be unlawful. No action has been taken that would permit an offering of securities or possession or distribution of this press release or the Offering Memorandum in any jurisdiction where action for that purpose is required. Persons into whose possession this press release or the Offering Memorandum comes are required to inform themselves about and to observe any such restrictions.
Forward looking statements
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. All statements contained in this press release that do not relate to matters of historical fact should be considered forward-looking statements, including, without limitation, the expected closing date of the Offering. In some cases, these forward-looking statements can be identified by words or phrases such as “may,” “will,” “expect,” “anticipate,” “aim,” “estimate,” “intend,” “plan,” “believe,” “potential,” “continue,” “is/are likely to” or other similar expressions.
These forward-looking statements are subject to risks, uncertainties and assumptions, some of which are beyond our control. In addition, these forward-looking statements reflect our current views with respect to future events and are not a guarantee of future performance. Actual outcomes may differ materially from the information contained in the forward-looking statements as a result of a number of factors, including, without limitation: subdued commodity market activity or pricing levels; the effects of geopolitical events, terrorism and wars, on market volatility, global macroeconomic conditions and commodity prices; our expected redomiciliation; changes to the U.S. regulatory regime, including with respect to tariffs; changes in interest rate levels or tariffs; the risk of our clients and their related financial institutions defaulting on their obligations to us; regulatory, reputational and financial risks as a result of our international operations; software or systems failure, loss or disruption of data or data security failures; risks associated with the use of artificial intelligence; an inability to adequately hedge our positions and limitations on our ability to modify contracts and the contractual protections that may be available to us in OTC derivatives transactions; market volatility, reputational risk and regulatory uncertainty related to commodity markets, equities, fixed income, foreign exchange and cryptocurrency; the impact of climate change and the transition to a lower carbon economy on supply chains and the size of the market for certain of our energy products; the impact of changes in judgments, estimates and assumptions made by management in the application of our accounting policies on our reported financial condition and results of operations; lack of sufficient financial liquidity; if we fail to comply with applicable law and regulation, we may be subject to enforcement or other action, forced to cease providing certain services or obliged to change the scope or nature of our operations; significant costs, including adverse impacts on our business, financial condition and results of operations, and expenses associated with compliance with relevant regulations; if we fail to remediate the material weaknesses we identified in our internal control over financial reporting or prevent material weaknesses in the future, the accuracy and timing of our financial statements may be impacted, which could result in material misstatements in our financial statements or failure to meet our reporting obligations and subject us to potential delisting, regulatory investigations or civil or criminal sanctions; short seller activity and securities litigation; and other risks discussed under the caption “Risk Factors” in the Offering Memorandum prepared in connection with the Offering.
The forward-looking statements made in this press release relate only to events or information as of the date on which the statements are made in this press release. Except as required by law, we undertake no obligation to update or revise publicly any forward-looking statements, whether as a result of new information, future events or otherwise, after the date on which the statements are made or to reflect the occurrence of unanticipated events.
HomeIndustriesConstruction/Real EstateThe Ratings GameThe Ratings GameSeaport analyst says the ‘bottoming process’ they previously saw appears to have come undone due to the weak outlook for job growthPublished: April 7, 2026 at 10:15 a.m. ET
A Seaport analyst has turned bearish on multiple home-builder stocks, saying the outlook for job growth could be worse for the housing market over the long term than the recent jump in oil prices. Photo: Getty ImagesShares of home builders were losing ground in early Tuesday trading after a Seaport analyst downgraded all the stocks he covered, giving up on his previous view that housing demand was starting to bottom.
Wall Street has been focused on the recent surge in oil and gasoline prices, which reduces the buying power of potential home buyers, but that’s not the main reason for analyst Kenneth Zener’s U-turn on home builders. What undermines the view that demand for new homes was stabilizing, he said, is data showing that job growth has been weak and that the break-even employment rate — the hiring needed to offset job losses — appears to be in long-term decline.
One problem with lowering the cost of capital is when you have to raise it. That's the overly simplistic issue pitting prospective homebuyers against a market with a chronic lack of supply.
Mortgage rates may not be high by historical standards. But compared to the last 15 years, many would-be homebuyers are priced out. As of April 14, the 10-year Treasury note shows no signs of relief. It acts as a spread for the 30-year fixed mortgage.
This stings after the Great Relocation of 2020–2021, when homes changed hands at breakneck speed and record prices. Today, few homeowners are willing to trade a 3% mortgage for one near 7%.
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That lock-in effect has frozen existing inventory. New construction is often the only housing available. For risk-tolerant investors, that creates a real, if nuanced, opportunity. But first, it’s important to understand the nature of the crisis.
The Supply Crisis That Won't Fix Itself Before examining individual stocks, the macro backdrop matters. The U.S. housing supply gap widened to an estimated 4.03 million homes in 2025. That figure has grown every year for over a decade.
The White House economists estimate the shortage could be as large as 10 million homes. The gap reflects years of underbuilding, zoning restrictions, and labor shortages. None of those issues can be resolved quickly.
Even under an optimistic scenario—construction up 50%, pent-up demand fully absorbed—closing the gap takes roughly seven years. That's a long structural tailwind for builders and something that investors can profit from.
There's also a generational demand reservoir building. An estimated 1.82 million Millennial and Gen Z households were "missing" in 2025. High costs have delayed their entry into the market. That demand doesn't disappear. It waits.
Why High Rates Are a Double-Edged Sword for Builders Here's the counterintuitive core of this story. The same rates that crush affordability are also keeping existing homeowners in place. Sellers don't want to trade a 3% mortgage for 7%. So they stay put.
That freeze drains resale inventory. It pushes buyers who can still qualify toward new construction. Builders become the only game in town. Now here are three stocks to consider.
D.R. Horton (DHI): Built for This Market D.R. Horton NYSE: DHI is the largest homebuilder in the U.S. by volume. Its focus on entry-level, affordably priced homes is precisely what this market demands most. That positioning is not an accident.
D.R. Horton Today
$153.99 +7.28 (+4.96%)
As of 06/11/2026 03:59 PM Eastern
This is a fair market value price provided by Massive. Learn more.
52-Week Range$119.54▼
$184.54Dividend Yield1.17%
P/E Ratio14.43
Price Target$168.54
D.R. Horton's strategy is often summarized as "pace over price." The company would rather offer incentives to keep inventory moving than hold out for peak margins. In a high-rate, affordability-constrained market, that philosophy works.
DHI operates in-house mortgage and financial services divisions. These allow it to fund rate buydowns directly. It captures buyers who otherwise couldn't qualify at prevailing market rates. Smaller builders simply can't compete with that.
The company's three-to-five-year earnings per share (EPS) growth rate is pegged near 18%. That suggests the market may be underpricing the durability of its model. The primary risk is sustained high rates pushing buydown costs higher and compressing margins further into 2027.
Lennar (LEN): Pivoting to Asset-Light at Scale Lennar Corp. NYSE: LEN is executing one of the most deliberate strategic pivots in the sector. It is actively moving toward an asset-light model. LEN offloads land development to third-party entities to reduce balance sheet exposure.
Lennar Today
$94.95 +5.10 (+5.68%)
As of 06/11/2026 03:59 PM Eastern
This is a fair market value price provided by Massive. Learn more.
52-Week Range$81.18▼
$144.24Dividend Yield2.11%
P/E Ratio13.64
Price Target$97.27
In Q1 2026, Lennar delivered 16,863 homes, down 5% year-over-year. But new orders rose 1% to 18,515 homes. That order growth matters. It signals demand is holding even as the company reshapes its cost structure.
The concern is incentive spending. Lennar has been allocating roughly 14% of its sales price to mortgage rate buydowns and closing cost assistance. That preserves volume. It also compresses margins.
If rates remain elevated through late 2026, that incentive load may have to climb higher still. Investors should watch gross margin trends closely each quarter.
Lennar's scale gives it staying power. But this is a transition story, and transitions carry risk.
NVR Inc.: The Capital Efficiency Blueprint NVR Inc. NYSE: NVR is architecturally different from its two larger peers. It owns almost no land outright. Instead, it controls lots through options contracts, which give it the right, but not the obligation, to buy.
NVR Today
$6,470.01 +164.97 (+2.62%)
As of 06/11/2026 04:00 PM Eastern
52-Week Range$5,501.01▼
$8,618.28P/E Ratio15.77
Price Target$7,649.33
That distinction is everything. If market conditions deteriorate, NVR walks away from an option and loses only a small fee. D.R. Horton and Lennar, holding owned land, face a much steeper cost of being wrong.
That model produces exceptional capital returns. NVR posted a sector-leading return on equity of 34.7% in 2025, which was nearly double the industry average. Berkshire Hathaway has held a long-term stake in NVR, a signal of confidence in the model's durability.
The tradeoffs are real. NVR's geographic concentration in the Mid-Atlantic and Midwest limits its exposure to the high-growth Sun Belt markets. NVR has a premium valuation, trading around 15x earnings versus the sector's 10–12x average. That leaves less margin for error. However, for investors who prioritize capital efficiency over growth, NVR remains the sector's gold standard.
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NVR (NVR - Free Report) is expected to deliver a year-over-year decline in earnings on lower revenues when it reports results for the quarter ended March 2026. This widely-known consensus outlook gives a good sense of the company's earnings picture, but how the actual results compare to these estimates is a powerful factor that could impact its near-term stock price.
The earnings report might help the stock move higher if these key numbers are better than expectations. On the other hand, if they miss, the stock may move lower.
While management's discussion of business conditions on the earnings call will mostly determine the sustainability of the immediate price change and future earnings expectations, it's worth having a handicapping insight into the odds of a positive EPS surprise.
Zacks Consensus EstimateThis homebuilder is expected to post quarterly earnings of $78.25 per share in its upcoming report, which represents a year-over-year change of -17.5%.
Revenues are expected to be $1.99 billion, down 15.2% from the year-ago quarter.
Estimate Revisions TrendThe consensus EPS estimate for the quarter has been revised 1.91% lower over the last 30 days to the current level. This is essentially a reflection of how the covering analysts have collectively reassessed their initial estimates over this period.
Investors should keep in mind that the direction of estimate revisions by each of the covering analysts may not always get reflected in the aggregate change.
Price, Consensus and EPS Surprise
Earnings WhisperEstimate revisions ahead of a company's earnings release offer clues to the business conditions for the period whose results are coming out. Our proprietary surprise prediction model -- the Zacks Earnings ESP (Expected Surprise Prediction) -- has this insight at its core.
The Zacks Earnings ESP compares the Most Accurate Estimate to the Zacks Consensus Estimate for the quarter; the Most Accurate Estimate is a more recent version of the Zacks Consensus EPS estimate. The idea here is that analysts revising their estimates right before an earnings release have the latest information, which could potentially be more accurate than what they and others contributing to the consensus had predicted earlier.
Thus, a positive or negative Earnings ESP reading theoretically indicates the likely deviation of the actual earnings from the consensus estimate. However, the model's predictive power is significant for positive ESP readings only.
A positive Earnings ESP is a strong predictor of an earnings beat, particularly when combined with a Zacks Rank #1 (Strong Buy), 2 (Buy) or 3 (Hold). Our research shows that stocks with this combination produce a positive surprise nearly 70% of the time, and a solid Zacks Rank actually increases the predictive power of Earnings ESP.
Please note that a negative Earnings ESP reading is not indicative of an earnings miss. Our research shows that it is difficult to predict an earnings beat with any degree of confidence for stocks with negative Earnings ESP readings and/or Zacks Rank of 4 (Sell) or 5 (Strong Sell).
How Have the Numbers Shaped Up for NVR?For NVR, the Most Accurate Estimate is higher than the Zacks Consensus Estimate, suggesting that analysts have recently become bullish on the company's earnings prospects. This has resulted in an Earnings ESP of +2.39%.
On the other hand, the stock currently carries a Zacks Rank of #4.
So, this combination makes it difficult to conclusively predict that NVR will beat the consensus EPS estimate.
Does Earnings Surprise History Hold Any Clue?Analysts often consider to what extent a company has been able to match consensus estimates in the past while calculating their estimates for its future earnings. So, it's worth taking a look at the surprise history for gauging its influence on the upcoming number.
For the last reported quarter, it was expected that NVR would post earnings of $104.96 per share when it actually produced earnings of $121.54, delivering a surprise of +15.80%.
Over the last four quarters, the company has beaten consensus EPS estimates three times.
Bottom LineAn earnings beat or miss may not be the sole basis for a stock moving higher or lower. Many stocks end up losing ground despite an earnings beat due to other factors that disappoint investors. Similarly, unforeseen catalysts help a number of stocks gain despite an earnings miss.
That said, betting on stocks that are expected to beat earnings expectations does increase the odds of success. This is why it's worth checking a company's Earnings ESP and Zacks Rank ahead of its quarterly release. Make sure to utilize our Earnings ESP Filter to uncover the best stocks to buy or sell before they've reported.
NVR doesn't appear a compelling earnings-beat candidate. However, investors should pay attention to other factors too for betting on this stock or staying away from it ahead of its earnings release.
Expected Results of an Industry PlayerAnother stock from the Zacks Building Products - Home Builders industry, PulteGroup (PHM - Free Report) , is soon expected to post earnings of $1.8 per share for the quarter ended March 2026. This estimate indicates a year-over-year change of -30%. Revenues for the quarter are expected to be $3.38 billion, down 13% from the year-ago quarter.
The consensus EPS estimate for PulteGroup has remained unchanged over the last 30 days. However, a higher Most Accurate Estimate has resulted in an Earnings ESP of +1.48%.
This Earnings ESP, combined with its Zacks Rank #4 (Sell), makes it difficult to conclusively predict that PulteGroup will beat the consensus EPS estimate. The company beat consensus EPS estimates in each of the trailing four quarters.
Stay on top of upcoming earnings announcements with the Zacks Earnings Calendar.
, /PRNewswire/ -- NVR, Inc. (NYSE: NVR), one of the nation's largest homebuilding and mortgage banking companies, announced net income for its first quarter ended March 31, 2026 of $198.4 million, or $67.76 per diluted share. Net income and diluted earnings per share for the first quarter ended March 31, 2026 decreased 34% and 29%, respectively, when compared to 2025 first quarter net income of $299.6 million, or $94.83 per diluted share. Consolidated revenues for the first quarter of 2026 totaled $1.88 billion, which decreased 22% from $2.40 billion in the first quarter of 2025.
Homebuilding
New orders in the first quarter of 2026 increased by 7% to 5,738 units, when compared to 5,345 units in the first quarter of 2025. The average sales price of new orders in the first quarter of 2026 was $440,100, a decrease of 2% when compared with the first quarter of 2025. The cancellation rate in the first quarter of 2026 was 14% compared to 16% in the first quarter of 2025. Settlements in the first quarter of 2026 decreased by 22% to 4,015 units, compared to 5,133 units in the first quarter of 2025. The decrease in settlements was primarily attributable to a 15% lower backlog balance of homes sold but not settled entering the first quarter of 2026 compared to the same period in 2025. The average settlement price in the first quarter of 2026 was $457,000, which remained relatively flat when compared to the first quarter of 2025. As of March 31, 2026 our backlog of homes totaled 10,171 units, which was flat compared to March 31, 2025, while the dollar value of backlog declined 3% to $4.70 billion.
Homebuilding revenues of $1.83 billion in the first quarter of 2026 decreased by 22% compared to homebuilding revenues of $2.35 billion in the first quarter of 2025. Gross profit margin in the first quarter of 2026 decreased to 19.6%, compared to 21.9% in the first quarter of 2025. Gross profit margin was negatively impacted by continued pricing pressure and higher lot costs. Income before tax from the homebuilding segment totaled $224.6 million in the first quarter of 2026, a decrease of 39% when compared to the first quarter of 2025.
Mortgage Banking
Mortgage closed loan production in the first quarter of 2026 totaled $1.05 billion, a decrease of 27% when compared to the first quarter of 2025. Income before tax from the mortgage banking segment totaled $27.1 million in the first quarter of 2026, a decrease of 17% when compared to $32.5 million in the first quarter of 2025.
Effective Tax Rate
Our effective tax rate for the three months ended March 31, 2026 was 21.2% compared to 25.5% for the three months ended March 31, 2025. The decrease in the effective tax rate in the first quarter of 2026 was primarily attributable to a higher income tax benefit recognized for excess tax benefits from stock option exercises, which totaled $12.6 million and $2.7 million for the three months ended March 31, 2026 and March 31, 2025, respectively.
About NVR
NVR, Inc. operates in two business segments: homebuilding and mortgage banking. The homebuilding segment sells and builds homes under the Ryan Homes, NVHomes and Heartland Homes trade names, and operates in thirty-seven metropolitan areas in sixteen states and Washington, D.C. For more information about NVR, Inc. and its brands, see www.nvrinc.com, www.ryanhomes.com, www.nvhomes.com and www.heartlandluxuryhomes.com.
Some of the statements in this release made by the Company constitute "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Certain, but not necessarily all, of such forward-looking statements can be identified by the use of forward-looking terminology, such as "believes," "expects," "may," "will," "should," "could," or "anticipates" or the negative thereof or other comparable terminology. All statements other than of historical facts are forward-looking statements. Forward-looking statements contained in this document may include those regarding market trends, NVR's financial position and financial results, business strategy, the outcome of pending litigation, investigations or similar contingencies, and projected plans and objectives of management for future operations. Such forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause the actual results or performance of NVR to be materially different from future results, performance or achievements expressed or implied by the forward-looking statements. Such risk factors include, but are not limited to the following: general economic and business conditions (on both a national and regional level); interest rate changes; access to suitable financing by NVR and NVR's customers; increased regulation in the mortgage banking industry; the ability of our mortgage banking subsidiary to sell loans it originates into the secondary market; competition; the availability and cost of land and other raw materials used by NVR in its homebuilding operations; shortages of labor; the economic impact of a major epidemic or pandemic; weather related slow-downs; building moratoriums; governmental regulation; fluctuation and volatility of stock and other financial markets; mortgage financing availability; and other factors over which NVR has little or no control. NVR undertakes no obligation to update such forward-looking statements except as required by law.
NVR, Inc.
Consolidated Statements of Income
(in thousands, except per share data)
(unaudited)
Three Months Ended March 31,
2026
2025
Homebuilding:
Revenues
1,834,879
$ 2,350,445
Other income
28,049
26,712
Cost of sales
(1,474,539)
(1,835,375)
Selling, general and administrative
(156,971)
(165,117)
Interest expense
(6,854)
(7,181)
Homebuilding income
224,564
369,484
Mortgage Banking:
Mortgage banking fees
46,184
52,587
Interest income
3,629
3,806
Other income
777
1,093
General and administrative
(23,127)
(24,693)
Interest expense
(333)
(273)
Mortgage banking income
27,130
32,520
Income before taxes
251,694
402,004
Income tax expense
(53,335)
(102,428)
Net income
$ 198,359
$ 299,576
Basic earnings per share
$ 71.33
$ 100.41
Diluted earnings per share
$ 67.76
$ 94.83
Basic weighted average shares outstanding
2,781
2,984
Diluted weighted average shares outstanding
2,928
3,159
NVR, Inc.
Consolidated Balance Sheets
(in thousands, except share and per share data)
(unaudited)
March 31, 2026
December 31, 2025
ASSETS
Homebuilding:
Cash and cash equivalents
$ 1,645,786
$ 1,883,844
Restricted cash
40,606
34,348
Receivables
35,423
32,742
Inventory:
Lots and housing units, covered under sales agreements with customers
1,652,220
1,410,695
Unsold lots and housing units
244,499
252,029
Land under development
19,433
39,312
Building materials and other
22,358
21,524
1,938,510
1,723,560
Contract land deposits, net
938,981
851,458
Property, plant and equipment, net
100,899
103,770
Operating lease right-of-use assets
108,985
110,535
Other assets
335,331
349,306
5,144,521
5,089,563
Mortgage Banking:
Cash and cash equivalents
36,281
32,642
Restricted cash
7,014
6,047
Mortgage loans held for sale, net
287,475
571,596
Property and equipment, net
7,892
7,727
Operating lease right-of-use assets
23,035
23,953
Other assets
79,560
125,402
441,257
767,367
Total assets
$ 5,585,778
$ 5,856,930
NVR, Inc.
Consolidated Balance Sheets (Continued)
(in thousands, except share and per share data)
(unaudited)
March 31, 2026
December 31, 2025
LIABILITIES AND SHAREHOLDERS' EQUITY
Homebuilding:
Accounts payable
$ 332,321
$ 259,244
Accrued expenses and other liabilities
374,987
376,976
Customer deposits
273,422
249,210
Operating lease liabilities
116,040
117,589
Senior notes
908,662
909,160
2,005,432
1,912,179
Mortgage Banking:
Accounts payable and other liabilities
61,162
53,738
Operating lease liabilities
25,150
26,144
86,312
79,882
Total liabilities
2,091,744
1,992,061
Commitments and contingencies
Shareholders' equity:
Common stock, $0.01 par value; 60,000,000 shares authorized; 20,555,330 shares issued as of both March 31, 2026 and December 31, 2025
206
206
Additional paid-in capital
3,202,642
3,155,367
Deferred compensation trust – 106,697 shares of NVR, Inc. common stock as of both March 31, 2026 and December 31, 2025
(16,710)
(16,710)
Deferred compensation liability
16,710
16,710
Retained earnings
16,585,128
16,386,769
Less treasury stock at cost – 17,823,503 and 17,755,943 shares as of March 31, 2026 and December 31, 2025, respectively
(16,293,942)
(15,677,473)
Total shareholders' equity
3,494,034
3,864,869
Total liabilities and shareholders' equity
$ 5,585,778
$ 5,856,930
NVR, Inc.
Operating Activity
(dollars in thousands)
(unaudited)
Three Months Ended March 31,
2026
2025
Units
Average
Price
Units
Average
Price
New orders, net of cancellations:
Mid Atlantic (1)
1,917
$ 499.3
1,866
$ 514.5
North East (2)
469
$ 612.0
377
$ 695.0
Mid East (3)
1,183
$ 425.3
1,098
$ 419.9
South East (4)
2,169
$ 358.8
2,004
$ 356.3
Total
5,738
$ 440.1
5,345
$ 448.5
Three Months Ended March 31,
2026
2025
Units
Average
Price
Units
Average
Price
Settlements:
Mid Atlantic (1)
1,418
$ 520.4
2,050
$ 527.9
North East (2)
366
$ 657.1
471
$ 613.2
Mid East (3)
722
$ 430.0
1,013
$ 407.1
South East (4)
1,509
$ 361.7
1,599
$ 354.6
Total
4,015
$ 457.0
5,133
$ 457.9
As of March 31,
2026
2025
Units
Average
Price
Units
Average
Price
Backlog:
Mid Atlantic (1)
3,659
$ 515.7
3,884
$ 535.7
North East (2)
1,076
$ 625.6
961
$ 694.4
Mid East (3)
2,094
$ 431.4
2,130
$ 422.6
South East (4)
3,342
$ 369.6
3,190
$ 372.9
Total
10,171
$ 462.0
10,165
$ 475.9
NVR, Inc.
Operating Activity (Continued)
(dollars in thousands)
(unaudited)
Three Months Ended March 31,
2026
2025
Average active communities:
Mid Atlantic (1)
124
120
North East (2)
31
24
Mid East (3)
99
93
South East (4)
178
164
Total
432
401
Three Months Ended March 31,
2026
2025
Homebuilding data:
New order cancellation rate
14 %
16 %
Lots controlled at end of period
181,700
167,600
Mortgage banking data:
Loan closings
$ 1,052,984
$ 1,432,922
Capture rate
83 %
86 %
Common stock information:
Shares outstanding at end of period
2,731,827
2,944,615
Number of shares repurchased
90,180
77,120
Aggregate cost of shares repurchased
$ 631,956
$ 583,394
(1)
Maryland, Virginia, West Virginia, Delaware and Washington, D.C.
(2)
New Jersey and Eastern Pennsylvania
(3)
New York, Ohio, Western Pennsylvania, Indiana and Illinois
(4)
North Carolina, South Carolina, Tennessee, Florida, Georgia and Kentucky
NVR (NVR - Free Report) came out with quarterly earnings of $67.76 per share, missing the Zacks Consensus Estimate of $78.25 per share. This compares to earnings of $94.83 per share a year ago. These figures are adjusted for non-recurring items.
This quarterly report represents an earnings surprise of -13.41%. A quarter ago, it was expected that this homebuilder would post earnings of $104.96 per share when it actually produced earnings of $121.54, delivering a surprise of +15.8%.
Over the last four quarters, the company has surpassed consensus EPS estimates three times.
NVR, which belongs to the Zacks Building Products - Home Builders industry, posted revenues of $1.83 billion for the quarter ended March 2026, missing the Zacks Consensus Estimate by 7.93%. This compares to year-ago revenues of $2.35 billion. The company has topped consensus revenue estimates three 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.
NVR shares have lost about 4.9% since the beginning of the year versus the S&P 500's gain of 3.2%.
What's Next for NVR?While NVR 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 NVR was unfavorable. 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 #4 (Sell) for the stock. So, the shares are expected to underperform 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 $100.59 on $2.42 billion in revenues for the coming quarter and $402.87 on $9.63 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, Building Products - Home Builders is currently in the bottom 10% of the 250 plus Zacks industries. Our research shows that the top 50% of the Zacks-ranked industries outperform the bottom 50% by a factor of more than 2 to 1.
One other stock from the same industry, Smith Douglas Homes Corp. (SDHC - Free Report) , is yet to report results for the quarter ended March 2026. The results are expected to be released on April 29.
This company is expected to post quarterly earnings of $0.05 per share in its upcoming report, which represents a year-over-year change of +133.3%. The consensus EPS estimate for the quarter has remained unchanged over the last 30 days.
Smith Douglas Homes Corp.'s revenues are expected to be $199.2 million, down 11.4% from the year-ago quarter.
Is NVR Inc. (NVR) Still Undervalued After Q1 2026 Miss? EPS $67.76 (miss vs. $79.53 est.), Revenue $1.88B (miss vs. $2.069B est.); GF Score 87/100, 13.3% Undervalued Orders improved, settlements declined, and margins compressed amid pricing pressure and higher lot costs
Q1 2026 revenue was $1.88 billion, down 22% year over year.Diluted EPS was $67.76, down 29% year over year.EPS of $67.76 was below the $79.53 analyst estimate.Revenue of $1.88 billion was below the $2.069 billion analyst estimate.New orders were 5,738 units, up 7% year over year.Settlements were 4,015 units, down 22% year over year.Homebuilding gross margin was 19.6%, down from 21.9% a year ago.Backlog stood at 10,171 units (flat), with backlog value at $4.70 billion (down 3%).Share repurchases totaled 90,180 shares for $631.96 million in Q1. On April 22, 2026, NVR Inc NVR released its 8-K filing reporting first-quarter 2026 results. Net income was $198.4 million, or $67.76 per diluted share, compared with $299.6 million, or $94.83 per diluted share, in the prior-year period. Consolidated revenue was $1.88 billion, down from $2.40 billion a year earlier.
NVR Inc NVR is engaged in the construction and sale of residential properties, including single-family detached homes, townhomes, and condominium buildings, built on a pre-sold basis. The company also provides mortgage banking and title services. Its operating segments are Homebuilding and Mortgage Banking. Geographically, it serves the Mid Atlantic, North East, Mid East, and South East regions of the U.S. The majority of revenue is derived from the Homebuilding Mid Atlantic segment, which includes Maryland, Virginia, West Virginia, Delaware, and Washington, D.C.
Quarterly performance versus expectations Diluted EPS of $67.76 was below the $79.53 analyst estimate. Revenue of $1.88 billion was below the $2.069 billion analyst estimate. Year over year, net income decreased 34% and diluted EPS decreased 29%, reflecting lower settlements and margin compression.
Homebuilding revenue declined 22% to $1.83 billion. Homebuilding income before taxes fell 39% to $224.6 million. Mortgage banking income before taxes decreased 17% to $27.1 million as closed loan production dropped 27% to $1.05 billion.
Homebuilding and demand indicators New orders rose 7% to 5,738 units. The average sales price of new orders decreased 2% to $440,100. The cancellation rate was 14%, down from 16% a year ago, indicating slightly better buyer follow-through. Settlements fell 22% to 4,015 units, driven by a lower entering backlog. Management noted:
The decrease in settlements was primarily attributable to a 15% lower backlog balance of homes sold but not settled entering the first quarter of 2026 compared to the same period in 2025.Backlog units ended the quarter at 10,171 (flat year over year), while backlog value declined 3% to $4.70 billion. Average active communities increased to 432 from 401, and lots controlled rose to 181,700 from 167,600—both supportive of future capacity. The average settlement price was $457,000, relatively flat versus last year.
Homebuilding gross profit margin contracted to 19.6% from 21.9%, with the filing stating:
Gross profit margin was negatively impacted by continued pricing pressure and higher lot costs.Mortgage banking trends Mortgage closed loan production totaled $1.05 billion, down 27% year over year, consistent with lower settlements and a still-challenging rate environment for buyers. The capture rate was 83%, down from 86% in the prior year period. Income before taxes from Mortgage Banking declined 17% to $27.1 million.
Financial statements and capital allocation The effective tax rate was 21.2%, down from 25.5% in the prior-year quarter, aided by stock-option related tax benefits:
The decrease in the effective tax rate in the first quarter of 2026 was primarily attributable to a higher income tax benefit recognized for excess tax benefits from stock option exercises, which totaled $12.6 million and $2.7 million for the three months ended March 31, 2026 and March 31, 2025, respectively.Cash and cash equivalents in the Homebuilding segment were $1.65 billion at March 31, 2026, compared with $1.88 billion at December 31, 2025. Mortgage loans held for sale were $287.5 million, down from $571.6 million at year-end. Total liabilities were $2.09 billion, up from $1.99 billion at year-end, and shareholders’ equity was $3.49 billion, down from $3.86 billion, reflecting significant share repurchases.
NVR repurchased 90,180 shares during the quarter for an aggregate cost of $631.96 million. Diluted weighted average shares outstanding decreased to 2.928 million from 3.159 million a year earlier, which partially offsets EPS pressure in a down revenue environment.
Metric Q1 2026 Q1 2025 Change / Notes Consolidated Revenue $1.88B $2.40B -22% Net Income $198.4M $299.6M -34% Diluted EPS $67.76 $94.83 -29% Homebuilding Revenue $1.83B $2.35B -22% Homebuilding Gross Margin 19.6% 21.9% -230 bps Homebuilding Income (Pre-Tax) $224.6M $369.5M -39% Mortgage Closed Loan Production $1.05B $1.43B -27% Mortgage Banking Income (Pre-Tax) $27.1M $32.5M -17% New Orders (Units) 5,738 5,345 +7% New Order ASP $440,100 $448,500 -2% Settlements (Units) 4,015 5,133 -22% Cancellation Rate 14% 16% Improved Backlog (Units) 10,171 10,165 Flat Backlog (Dollar Value) $4.70B — -3% YoY Effective Tax Rate 21.2% 25.5% Lower Shares Repurchased 90,180 77,120 HigherWhy these metrics matter to homebuilding Orders and cancellation rates are leading indicators of future settlements and revenue. The 7% order growth and lower cancellations suggest stable underlying demand. However, flat unit backlog and a 3% decline in backlog value point to limited near-term growth if conversion does not accelerate. Gross margin compression to 19.6% reflects pricing pressure and higher lot costs, which directly affect profitability in a cost-sensitive, cyclical industry. Active communities and lots controlled (181,700) underpin future land supply and volume potential. In Mortgage Banking, production, capture rate, and gain-on-sale economics influence segment earnings and complement the core homebuilding cycle.
Analysis NVR Inc NVR missed consensus on both revenue and EPS as fewer settlements and lower gross margins outweighed an improving order trend. The mix of higher active communities and increased lots controlled positions the company to meet demand, yet conversion from backlog remains the key swing factor after a 22% decline in settlements. Margin headwinds from pricing and lot costs pressured profitability, while mortgage production fell alongside lower home closings. A lower tax rate provided a partial offset. Robust buybacks reduced the share count and supported per-share results, but the pace of repurchases also lowered shareholders’ equity.
GuruFocus Valuation Check Based on GuruFocus’s proprietary model, the GF Value for NVR Inc NVR is $7,677.14 versus a current price of $6,655.07, indicating the shares appear 13.3% undervalued. This suggests a margin of safety according to the GF Value framework.
The company’s GF Score is 87/100, which is considered strong. Financial Strength is 9/10 and Profitability Rank is 9/10, underscoring a solid balance sheet and consistent earnings power typical of high-quality operators in homebuilding. Growth Rank is 6/10, pointing to moderate expansion prospects, while a 5-star Predictability rating highlights a historically stable performance pattern. A Moat Score of 6/10 implies notable competitive advantages, albeit in a cyclical and competitive industry.
Insider Activity shows insiders sold $9.0 million over the last three months with no reported buying, which is a data point that may warrant caution for some investors. For a deeper dive, visit the NVR Inc stock page on GuruFocus.
Explore the complete 8-K earnings release (here) from NVR Inc for further details.
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].
Key Takeaways NVR's Q1 EPS fell 29% to $67.76 and homebuilding revenues fell 22% to $1.83B, missing estimates.Settlements dropped 21.8% to 4,015 units as the opening backlog was 15% lower; gross margin fell to 19.6%.Orders rose 7% and cancellations eased to 14%, but mortgage loan production slid 27% to $1.05B. NVR, Inc. (NVR - Free Report) reported first-quarter fiscal 2026 results, with earnings and Homebuilding revenues missing the Zacks Consensus Estimate. Both earnings and Homebuilding revenues also declined on a year-over-year basis.
The first-quarter results reflect a period of resilient demand tempered by significant operational and cost-related headwinds. On the positive side, the company saw a healthy uptick in new orders and a favorable decrease in cancellation rates, suggesting sustained buyer interest.
However, these gains were largely offset by a lower opening backlog, which constrained settlement volumes and drove a significant decline in homebuilding revenues. Profitability in the segment was further impacted by continued pricing pressure and elevated lot costs, leading to margin compression. Performance was also weighed down by lower loan production and a reduced capture rate within the mortgage banking segment, alongside broader industry obstacles.
Following the results, NVR stock declined 4.7% during yesterday’s trading hours.
Inside NVR’s Q1 HeadlinesDiluted earnings were $67.76 per share, down 29% from $94.83 a year ago and missing the Zacks Consensus Estimate of $78.25 by 13.4%.
Homebuilding revenues of $1.83 billion also missed the consensus mark of $1.99 billion by 7.9%. Consolidated revenues (Homebuilding & Mortgage Banking fees combined) amounted to $1.88 billion, down 22% on a year-over-year basis. Results reflected a sharp decline in homebuilding settlements, partially offset by stronger order activity and a lower cancellation rate.
Segment Details of NVR
NVR Sees Homebuilding Setbacks From Fewer ClosingsHomebuilding remained the central swing factor. Segment revenues decreased 22% year over year due to settlements declining 21.8% to 4,015 units from 5,133 units in the prior-year quarter. Management attributed the decline largely to a 15% lower backlog entering the quarter versus the comparable period last year. Our model predicted settlements to decline 12.6% year over year to 4,488 units. The average selling price (ASP) for settlements remained flat year over year at $457,000. Our estimate for the metric was $450,800.
Margin performance also tightened. Homebuilding gross profit margin fell to 19.6% from 21.9% a year ago, pressured by continued pricing pressure and higher lot costs. Our estimate for the metric was 18.9%. As a result, homebuilding income fell to $224.6 million from $369.5 million in the prior-year quarter.
Mortgage Banking Slows With Lower Loan VolumeMortgage banking results moderated as origination volume declined. Mortgage closed loan production totaled $1.05 billion, down 27% year over year, reflecting weaker volume flowing through the channel. Mortgage banking income before taxes decreased 17% to $27.1 million from $32.5 million a year ago.
Fee revenues also moved lower. Mortgage banking fees were $46.2 million versus $52.6 million in the year-ago quarter. The capture rate was 83% compared with 86% a year earlier, indicating a modest decline in the share of homebuyers using NVR’s mortgage platform.
NVR Shows Better Orders, Lower Cancellations in Q1While deliveries were down, demand signals improved in key measures. New orders increased 7% year over year to 5,738 units, and the cancellation rate improved to 14% from 16% a year ago. The ASP of new orders was $440,100, down 2% from the prior-year quarter. Our model predicted the ASP of new orders at $476,600.
Backlog stability was another constructive indicator. As of March 31, 2026, backlog totaled 10,171 units, essentially flat versus March 31, 2025, though the dollar value of backlog declined 3% to $4.7 billion. NVR also reported average active communities of 432, up from 401 in the prior-year period, supporting a broader selling footprint despite the near-term settlement decline.
NVR Maintains Liquidity While Continuing Share RepurchasesBalance sheet liquidity remained meaningful, though cash balances declined from year-end levels. Homebuilding cash and cash equivalents were $1.65 billion on March 31, 2026, versus $1.88 billion as of Dec. 31, 2025. Mortgage banking cash and cash equivalents were $36.3 million versus $32.6 million at year-end.
Capital return activity continued at a sizable pace. During the first quarter of fiscal 2026, NVR repurchased 90,180 shares at an aggregate cost of $632 million. Shares outstanding at quarter end were 2,731,827, reflecting ongoing share count reduction alongside a housing market backdrop that remained challenging for near-term volumes.
You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
D.R. Horton (DHI - Free Report) delivered second-quarter fiscal 2026 results with earnings beating the Zacks Consensus Estimate but revenues missing the same. The quarter was marked by an 11% jump in net sales orders and progress in tightening finished inventory, even as affordability constraints kept incentives elevated.
D.R. Horton updated fiscal 2026 consolidated revenue guidance to $33.5-$34.5 billion compared with the prior expectation of $33.5-$35 billion. This compares with $34.25 billion in fiscal 2025. It now expects homebuilding closings of 86,000-87,500 homes compared with the earlier guidance of 86,000-88,000. This compares with 84,863 in fiscal 2025.
KB Home (KBH - Free Report) reported first-quarter fiscal 2026 results. The company’s quarterly earnings came in line with the Zacks Consensus Estimate, while total revenues missed the same. Both metrics decreased on a year-over-year basis.
For the second quarter of fiscal 2026, KB Home is expecting housing revenues to be in the $1.05-$1.15 billion band, down from $1.52 billion reported in the year-ago period. It expects deliveries to be in the range of 2,250-2,450 homes compared with 3,120 homes delivered in the year-ago period.
Lennar Corporation (LEN - Free Report) reported tepid results for the first quarter of fiscal 2026, wherein its adjusted earnings and total revenues missed the Zacks Consensus Estimate and declined year over year.
For the fiscal second quarter, Lennar expects deliveries to be in the range of 20,000-21,000 homes compared with 20,131 homes delivered in the year-ago period. Lennar expects the ASP of the delivered homes to be in the range of $370,000-$375,000, down from $389,000 reported a year ago.
Homebuilders have been going through a rough patch as of late. Across top homebuilding stocks, analysts expected revenues and earnings to fall considerably in Q1 2026, and this is exactly what happened.
For over a year, stocks in this industry have been range-bound. The SPDR S&P Homebuilders ETF NYSEARCA: XHB is a commonly used proxy for this industry, tracking the performance of over 30 homebuilders or housing-related stocks. The fund has delivered an approximate total return of just 5% since the start of 2025. With interest rates still relatively high and housing affordability low, stocks in this space have struggled to gain much momentum.
Three of the top U.S. homebuilders just reported earnings; here’s how they stacked up and what it signals about the industry going forward.
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Pulte’s EPS Falls 30%, Analysts Point to Moderate UpsidePulte Group NYSE: PHM is one of the more diversified U.S. homebuilders targeting a balanced mix of market segments. In Q1, 38% of the company’s sales came from first-time buyers, while “move-up” buyers accounted for 39%. Its “active adult” buyer group, which includes sales in 55+ communities, accounted for 23% of sales.
PulteGroup Today
$123.88 +5.39 (+4.55%)
As of 06/11/2026 03:59 PM Eastern
This is a fair market value price provided by Massive. Learn more.
52-Week Range$98.27▼
$144.49Dividend Yield0.84%
P/E Ratio11.98
Price Target$140.71
Pulte saw its sales fall by 12% year over year (YOY) to $3.41 billion, essentially in line with estimates.
The significant decline came even as the company offered much greater incentives to home buyers. This led to a substantial 310 basis point compression in gross home sales margin.
In turn, adjusted earnings per share (EPS) tanked by just over 30% to $1.79, 1 cent short of estimates. The company’s new orders grew moderately by 3% YOY, similar to the 4% increase seen in Q4 2025, but Pulte did not change its guidance for the full year.
Still, Pulte saw a modest 2.4% gain after its report, indicating that the results were better than some investors had feared.
Several analysts tracked by MarketBeat raised their price targets after the report, with updates averaging around $147. This figure implies healthy upside in shares and is slightly above the MarketBeat consensus price target of around $141.
D.R. Horton Outperforms Against Low Expectations, Targets SpreadHomebuilding behemoth D.R. Horton NYSE: DHI was a clear standout. The company, which focuses on first-time home buyers, posted revenue of $7.56 billion. This marked a moderate 2% YOY drop, roughly in line with expectations and by far the best figure among this group. The firm also posted a solid bottom-line beat, with adjusted EPS of $2.24 versus estimates of $2.15. The figure fell by 13% YOY.
D.R. Horton Today
$153.99 +7.28 (+4.96%)
As of 06/11/2026 03:59 PM Eastern
This is a fair market value price provided by Massive. Learn more.
52-Week Range$119.54▼
$184.54Dividend Yield1.17%
P/E Ratio14.43
Price Target$168.54
Forward-looking metrics were particularly strong, with home orders rising by 11% YOY, the highest rate among these names. The company did slightly lower the top end of its full-year guidance to $34.5 billion, but its midpoint estimate of $34 billion still exceeded estimates.
D.R. Horton also saw considerable margin compression, with the firm’s adjusted home sales gross margin declining by 230 basis points to 19.7%. Overall, these results allowed DHI shares to soar by nearly 6% post-earnings.
The MarketBeat consensus price target near $169 implies only around 5% upside in shares. Notably, all analysts who issued updates after the report raised their price targets; however, updated targets averaged around $165. They also showed significant variance, ranging from $206 to $123. These figures imply upside of more than 25% and downside of more than 20%, respectively.
NVR: Sales Plummet, Order Growth Ticks UpNVR NYSE: NVR sits more in the middle of the market, with its average home selling price coming in at $457,000 in Q1 2026. This was squarely between Pulte’s $542,000 average selling price and D.R. Horton’s $362,000, showing the differences in income among their respective customers.
NVR Today
$6,470.01 +164.97 (+2.62%)
As of 06/11/2026 04:00 PM Eastern
52-Week Range$5,501.01▼
$8,618.28P/E Ratio15.77
Price Target$7,649.33
The company saw its revenues take a 21.7% hit, falling to $1.91 billion. This significantly missed the estimates of $2.09 billion. EPS fell by 28.6% to $67.76, missing estimates of $79.97 by a wide margin. The company’s gross margin compression mirrored D.R. Horton, with the figure falling 230 basis points to 19.6%.
However, like the other two names, new orders saw a moderate increase, rising by 7%. This was an improvement over the 4% increase in the prior quarter. NVR’s average selling price remained flat YOY, while the metric fell by 3% at Pulte and 5% at D.R. Horton. Combined with rising orders, this is a positive sign for NVR, showing that the company isn’t compromising on price to drive demand. Notably, NVR does not provide forward guidance. NVR shares fell 4.7% following the results.
Multiple analysts dropped their targets after the report, with updates averaging approximately $7,465, moderately below the consensus target near $7,650. This updated average target implies just under 15% upside in shares.
Homebuilders Continue to Face a Difficult EnvironmentEarnings across these three names showed a trend: revenue and margin hits across the industry. D.R. Horton was a bright spot, with the lowest sales decline and the highest order growth. Encouragingly, orders rose across all names, but the industry is still in a rut. Price targets remain relatively subdued, but point to upside ahead, indicating a degree of optimism among the analyst community.
Fixed rates on 30-year mortgages briefly fell below 6% prior to the conflict in the Middle East. Rates have since risen back to 6.2%. A clear end to the conflict would be a meaningful positive for homebuilders, likely helping rates approach 6% again, improving demand.
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NVR, Inc. demonstrates resilience amid soft housing markets, leveraging an asset-light model and East Coast focus for sustained profitability. NVR maintains a robust net income margin of 10.4% in Q1 2026, outperforming peers, despite a 21.4% YoY revenue decline. Valuation metrics (P/S 1.87x, P/B 5.09x) indicate NVR is underpriced, with target prices suggesting upside potential.
NVR, Inc. (NVR) is upgraded from Sell to Hold as forward indicators improve, but P&L remains under pressure. Q1 2026 saw new orders rise 7% y/y, community count increase, and cancellations improve, signaling demand stabilization. Despite better forward metrics, revenue fell 22% y/y, gross margin declined 230bps, and homebuilding income before tax dropped 39% y/y.
On April 24, 2026, Magnolia Group, LLC disclosed a sale of 1,170,437 shares of Alliance Resource Partners (ARLP 0.47%), an estimated $30.30 million trade based on quarterly average pricing, according to a new SEC filing.
Alliance Resource Partners, L.P. operates seven mining complexes and manages coal, mineral, and royalty assets across key U.S. basins.
Sold 1,170,437 shares; estimated transaction value $30.30 million (quarterly average pricing)Quarter-end position value decreased $20.95 million, reflecting both share sale and price changesTotal 13F reportable AUM decreased 11.4% quarter over quarter, from $606.51 million to $537.51 millionPost-trade holding: 1,411,260 shares valued at $39.02 millionAlliance Resource Partners, L.P. now accounts for 7.26% of fund AUM, the fund's fifth-largest positionWhat happenedAccording to a SEC filing dated April 24, 2026, Magnolia Group, LLC sold 1,170,437 shares of Alliance Resource Partners, L.P. The estimated transaction value was $30.30 million, based on the mean unadjusted closing price during the 2026 first quarter. The fund's quarter-end position in Alliance Resource Partners, L.P. was valued at $39.02 million, a $20.95 million decrease from the prior quarter, reflecting both trading activity and market price changes.
What else to knowThe April 24, 2026, filing shows a sell transaction; Alliance Resource Partners, L.P. now represents 7.26% of Magnolia Group, LLC's $537.51 million 13F reportable AUM.Top holdings after the filing:NYSE:NNI: $215.23 million (40.0% of AUM)NYSE:BOC: $65.28 million (12.1% of AUM)NYSE:CNR: $63.10 million (11.7% of AUM)NYSE:ABG: $56.28 million (10.5% of AUM)NASDAQ:ARLP: $39.02 million (7.26% of AUM)As of April 23, 2026, Alliance Resource Partners, L.P. shares were priced at $25.23, up 2.4% over the prior year, underperforming the S&P 500 by 29.88 percentage points.Company overviewMetricValueRevenue (TTM)$2.19 billionNet Income (TTM)$311.16 millionDividend Yield9.65%Price (as of market close April 23, 2026)$25.23Company snapshotARLP produces and markets thermal and metallurgical coal, manages coal loading terminals, and owns oil and gas royalty interests; also offers mining technology solutions.Alliance Group generates revenue primarily through coal sales to utilities and industrial users, as well as from leasing mineral rights and providing mining-related services.The company serves electric utilities, industrial customers, and oil & gas operators across the United States.Alliance Resource Partners, L.P. is a leading U.S. natural resource company focused on coal production and mineral leasing, with a diversified portfolio spanning coal mining, royalty interests, and mining technology. The company operates seven underground mining complexes and manages significant coal reserves and mineral rights in key U.S. basins. Its integrated approach and broad customer base provide resilience and scale within the energy sector.
What this transaction means for investorsThe headline number — 1,170,437 shares sold — doesn't tell you much on its own. What matters is the proportion. Magnolia cut its ARLP stake by roughly 45%, dropping from 2,581,697 shares to 1,411,260. That's meaningful in any context, but it's especially notable inside a portfolio that holds only 12 names and concentrates 40% of its $537 million in 13F AUM in a single position. Concentrated funds don't trim casually — every move reshapes the book. Magnolia hasn't said publicly why it sold, so readers shouldn't fill in a thesis. What the filing does show is that this wasn't an isolated coal call. The fund also exited Lamb Weston Holdings (LW +2.20%) entirely, opened a small new position in NVR (NVR +2.77%), and saw total AUM drop about 11% quarter over quarter. The ARLP sale sits inside a wider portfolio reshape rather than standing alone. For investors who watch 13F filings to mirror manager moves, that distinction is the whole game: copying one trade out of a coordinated rebalance is not the same as copying one trade out of an otherwise stable book. The latter implies a thesis change on the stock itself. The former implies the fund is in motion, and the trade you're mirroring may be a portfolio-construction decision rather than a view on the underlying business. Knowing which one you're copying is what separates a useful 13F signal from a noisy one.
The housing market has been nearly frozen since the pandemic.
A combination of high mortgage rates and the "lock-in effect" from low rates during the pandemic has kept existing home sales at unusually low levels and has pushed up home prices as there's not enough inventory for prospective buyers.
As the chart below shows, existing home sales have been hovering around an average annual rate of 4 million, well below the 5.5 million they were at before the pandemic.
US Existing Home Sales data by YCharts
The lack of available homes for sale has created an opportunity for homebuilders, and for a while, they were taking advantage of that, but homebuilder stocks have slumped since peaking in late 2024 as expectations for interest rate cuts only modestly materialized, and a weakening labor market has pressured demand.
Now, homebuilder stocks are falling again as mortgage rates move higher due to the war in Iran.
Image source: Getty Images.
Mortgage rates are going up Mortgage rates hit their highest level since April 3, with rates on the 30-year fixed mortgage rising to 6.45%, according to Mortgage News Daily.
As the blockade of the Strait of Hormuz continues, investors seem to be betting that interest rates are more likely to go up as inflation makes rate cuts less likely from the Fed, and could even persuade the central bank to raise rates.
Mortgage applications jumped 21% from a year ago last week, according to the Mortgage Bankers Association, showing increasing interest in home-buying as the spring season enters its peak.
NYSEMKT: XHBSPDR Series Trust - State Street SPDR S&P Homebuilders ETF
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Homebuilder stocks have mostly slipped this week and have had mixed results over the last year.
If you're looking to get exposure to the sector, an easy way to do it is with an ETF like State Street SPDR S&P Homebuilders ETF (XHB +4.20%), which holds homebuilders like D.R. Horton (DHI +5.26%) and Lennar, as well as building materials companies like Owens-Corning and home furnishing companies like Williams-Sonoma, which tend to be exposed to similar forces as homebuilders. The ETF currently trades at a price-to-earnings ratio of 17.5.
Homebuilders that have reported earnings this quarter have mostly delivered middling results. At D.R. Horton, the country's largest homebuilder, revenue fell 2.3% to $7.56 billion, and earnings per share declined as well, even as the company aggressively bought back stock over the last year.
NVR's (NVR +2.77%) revenue declined 22% to $1.88 billion, and Pulte Group (PHM +4.65%) reported a 12% decline in revenue to $3.41 billion.
Considering those results, it's clear that the weakness in the housing market remains, and a surge in homebuilding seems unlikely without lower interest rates, especially with the labor market weak.
Outgoing Fed Chair Jerome Powell was careful to not promise any moves by the Fed, and noted the uncertainty from the war, but some oil executives have said that high prices and disruptions could persist through 2027.
Against that backdrop, homebuilder stocks look set to remain stuck in neutral for the foreseeable future. While there remains a housing shortage in the country, and we could see a surge in home sales and homebuilding if rates come down, that could still be years away.
Resources Investor Relations Journalists Agencies Client Login Send a Release News Products Contact , /PRNewswire/ -- NVR, Inc. (NYSE: NVR) announces that its Board of Directors has authorized the repurchase of up to an aggregate of $750 million of its outstanding common stock. The repurchase authorization does not have an expiration date. The purchases will occur from time to time in the open market and/or in privately negotiated transactions as market conditions permit. The Company indicated that the authorization is a continuation of the stock repurchase program that began in 1994 and is consistent with NVR's strategy of maximizing shareholder value. Consistent with prior authorizations, this new authorization prohibits the Company from purchasing shares from the Company's officers, directors, Profit Sharing/401(k) Plan Trust or Employee Stock Ownership Plan Trust. As of May 7, 2026, NVR had 2,699,292 total shares of common stock outstanding.
About NVR
NVR, Inc. operates in two business segments: homebuilding and mortgage banking. The homebuilding segment sells and builds homes under the Ryan Homes, NVHomes and Heartland Homes trade names, and operates in thirty-seven metropolitan areas in sixteen states and Washington, D.C. For more information about NVR, Inc. and its brands, see www.nvrinc.com, www.ryanhomes.com, www.nvhomes.com and www.heartlandluxuryhomes.com.
Wall Street is rediscovering the stock split playbook. In May 2026, KLA (NASDAQ: KLAC | KLAC Price Prediction) announced a 10-for-1 forward stock split alongside a fiscal Q3 earnings beat and a roughly 21% dividend hike, with shares trading in the $1,800 range.
