LiveRamp oznámila, že výsledky za 1. fiskální čtvrtletí 2027 zveřejní 5. srpna po uzavření trhu. Kvůli čekající transakci s Publicis Groupe neuskuteční konferenční hovor ani neposkytne výhled.
SAN FRANCISCO, July 22, 2026 (GLOBE NEWSWIRE) -- LiveRamp® (NYSE: RAMP), the leading global data collaboration platform, today announced that its fiscal 2027 first quarter financial results will be released on Wednesday, August 5, 2026 after the financial markets close.
In light of the previously announced and still pending transaction with Publicis Groupe, LiveRamp will not host an earnings conference call or provide financial guidance in conjunction with the earnings release.
To automatically receive LiveRamp financial news by email, please visit the company’s Investor Relations website and subscribe to email alerts.
About LiveRamp
LiveRamp is a leading data collaboration technology company, empowering marketers and media owners to deliver and measure marketing performance everywhere it matters. LiveRamp’s data collaboration network seamlessly unites data across advertisers, platforms, publishers, data providers, and commerce media networks—unlocking deep insights, delivering transformational consumer experiences, and driving measurable growth.
Built on a foundation of strict neutrality, interoperability, and global scale, LiveRamp enables organizations to maximize the value of their data while accelerating innovation. Trusted by many of the world’s leading brands, retailers, financial services providers, and healthcare innovators, LiveRamp is helping shape the future of responsible data collaboration in an AI-driven, outcomes-focused world where advertisers reach intended audiences and consumers receive more relevant advertising messages.
LiveRamp is headquartered in San Francisco, California, with offices worldwide. Learn more at LiveRamp.com.
For more information, contact:
Drew Borst
LiveRamp Investor Relations [email protected]
3 Mid-Cap to Mega-Cap Stocks Have Announced Significant BuybacksSEI Investments NASDAQ: SEIC reported what executives described as an “outstanding” second quarter of 2026, with quarterly records for revenue, adjusted operating profit and adjusted earnings per share.
Chief Executive Officer Ryan Hicke said revenue rose 15% from the prior year, adjusted operating profit increased 36% and adjusted EPS grew 38%. Hicke told analysts the results reflected changes made over the past several years, including more disciplined capital allocation, an evolved value proposition and execution of strategic goals laid out at the company’s investor day.
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“This quarter is less about what happened during the last three months and more a reflection of the changes we have made over the past few years,” Hicke said.
Operating Leverage Drives Earnings Growth Chief Financial and Chief Operating Officer Sean Denham said the increase in adjusted EPS was driven primarily by core operating performance, including mid-teens revenue growth, 500 basis points of margin expansion and a 3% reduction in share count.
The quarter also included investment-related gains. Denham said SEI’s consolidated co-investment in an LSV hedge fund contributed $7.5 million through the net gain on variable interest entities line item. He said SEI invested $50 million in that strategy last year, and it has generated more than $12 million of gains over the last 12 months after excluding non-controlling interests. SEI also recognized nearly $4 million of mark-to-market gains across several other co-investments during the quarter.
Denham said revenue and operating profit increased across most of SEI’s businesses. Investment Managers Services generated 17% revenue growth, reflecting the conversion of prior sales into revenue. Private Banking revenue increased 11%, driven by growth within the existing client base. Advisors revenue rose 30%, benefiting from higher market values and the contribution from Stratos.
Institutional was the exception, with operating profit roughly flat from the prior year as SEI continued investing in asset management initiatives.
Sales Events Remain Elevated SEI reported $43 million of sales events during the quarter, following a record $67 million in the first quarter. Year-to-date sales events totaled $110 million.
Hicke said Investment Managers Services generated more than $32 million of sales events, driven by both new client wins and expanded relationships with existing clients. Denham said about three-quarters of IMS sales events came from alternative investments.
Private Banking produced more than $13 million of sales events, with activity tied to new regional bank wins, conversions from TRUST 3000 to the SEI Wealth Platform, and demand for professional services, including SEI Data Cloud. Denham said Private Banking also executed contract renewals representing $13 million of annualized revenue during the quarter, following $34 million in the first quarter.
Across Advisors and Institutional, net sales events were modestly negative. Denham said SEI continues to see demand for newer offerings such as ETFs and separately managed accounts, though those products generally carry lower fee rates than traditional mutual funds.
Private Markets, ETFs and Stratos Highlight Growth Plans Hicke pointed to several growth investments that he said currently contribute little to financial results but could become meaningful over time. One focus is expanding private markets into retail and retirement channels. He said SEI’s registered transfer agency, fund administration platform and trust company create a “full-stack capability” for managers seeking administration, transfer agency, investor servicing, compliance and operational infrastructure.
Hicke said SEI believes its retail alternatives and private markets retirement initiatives have the potential to become a business generating more than $100 million of annual run-rate revenue within five years.
SEI also continues to expand its asset management strategy. Hicke said the company launched its latest active factor ETF, SEUS, bringing its ETF lineup to 10 funds. He said SEI’s ETF business has grown from $3 billion to more than $8 billion over the past 12 months. He also cited SEI’s recently announced partnership with Carlyle as an example of product development tied to market opportunity.
Stratos, SEI’s advisor-focused platform, also remains a focus. Hicke said SEI advisors are showing interest in succession, liquidity and growth solutions without leaving the company’s ecosystem. Denham said Stratos contributed $21 million of revenue in the quarter, up 11% from the first quarter, and generated $2 million of operating profit before non-controlling interests. Excluding acquisition-related intangible amortization, Stratos EBITDA exceeded $9 million.
Technology and AI Investments Continue Management also emphasized investments in data, automation and artificial intelligence. Hicke said enhancements to SEI Data Cloud and the IMS platform are helping clients access information faster, simplify integrations, reduce operational complexity and make better use of data.
Sneha Shah, a member of SEI’s executive management team, said clients are asking SEI for help as they rethink operating models and evaluate where to use partners. She said SEI is seeing demand for SEI Data Cloud services and professional services tied to AI readiness.
Denham said SEI’s relationship with IBM is intended to support automation and help the company co-create agents for labor-intensive processes. Hicke said the IBM relationship is an enterprise-wide initiative, starting with IMS and expanding to other areas of the company.
Capital Returns and Outlook SEI ended the quarter with nearly $400 million of cash. The company repurchased $112 million of stock during the quarter at an average price of $87. Denham said repurchase activity was lower than in the first quarter, when market volatility created what SEI viewed as a significant opportunity, but said the company expects repurchases to increase from second-quarter levels.
Asked about balancing buybacks with acquisitions, Denham said SEI has roughly a $600 million revolving credit facility that is essentially untouched, giving the company capacity to support M&A activity, including Stratos-related opportunities.
SEI did not provide formal guidance. In response to an analyst question about sustaining low- to mid-teens revenue growth, Hicke said the company does not give guidance but described pipelines as “as strong as they’ve ever been” and said management is encouraged by what it sees for second-half revenue.
About SEI Investments (NASDAQ:SEIC)SEI Investments Company is a global provider of asset management, investment processing, and investment operations solutions. The firm offers a range of services designed to help financial institutions, private banks, wealth managers and family offices streamline back-office functions and enhance front-office capabilities. SEI's technology platforms support various stages of the investment lifecycle, including trade execution, performance reporting, risk analytics and client communications.
The company's core offerings include outsourced fund administration, custody and trust services, managed account solutions, and wealth management technology.
This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to [email protected].
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Alaska Air Group, Inc. (ALK) Q2 2026 Earnings Call July 22, 2026 11:30 AM EDT
Company Participants
Ryan St. John - Vice President of Finance, Planning & Investor Relations
Benito Minicucci - President, CEO & Director and CEO of Alaska Airlines
Andrew Harrison - Chief Commercial Officer & Executive VP
Shane Tackett - CFO & President of Alaska Airlines
Emily Halverson - VP of Finance and Treasury, Controller & Principal Accounting Officer of Alaska Airlines, Inc
Andrew Harrison - Executive VP & Chief Commercial Officer of Alaska Airlines Inc
Conference Call Participants
Atul Maheswari - UBS Investment Bank, Research Division
Duane Pfennigwerth - Evercore ISI Institutional Equities, Research Division
Conor Cunningham - Melius Research LLC
Savanthi Syth - Raymond James Ltd., Research Division
Brandon Oglenski - Barclays Bank PLC, Research Division
Catherine O'Brien - Goldman Sachs Group, Inc., Research Division
Thomas Fitzgerald - TD Cowen, Research Division
Michael Goldie - BMO Capital Markets Equity Research
Scott Group - Wolfe Research, LLC
Andrew Didora - BofA Securities, Research Division
Presentation
Operator
Good morning, ladies and gentlemen, and welcome to the Alaska Air Group 2026 Second Quarter Earnings Call. [Operator Instructions] Today's call is being recorded and will be accessible for future playback at alaskaair.com. [Operator Instructions]
I would now like to turn the call over to Alaska Air Group's Vice President of Finance, Planning and Investor Relations, Ryan St. John.
Ryan St. John
Vice President of Finance, Planning & Investor Relations
Thank you, operator, and good morning. Thanks for joining us today to discuss our second quarter 2026 earnings results. Yesterday, we issued our earnings release along with several accompanying slides detailing our results, which are available at investor.alaskaair.com. On today's call, you'll hear updates from Ben, Andrew and Shane. Several others of our management team are also on the line to answer your questions during the Q&A portion of the call.
Progress Software se dohodla na koupi téměř všech aktiv AI a datové platformy Domo za 400 milionů USD v hotovosti. Akvizice má rozšířit nabídku Progress v oblasti AI a dat.
Acquisition further strengthens the capabilities of Progress data platform offerings to provide organizations the context and control to securely turn fragmented enterprise knowledge into governed, AI-ready intelligence—improving accuracy, speed and cost.
BURLINGTON, Mass., July 22, 2026 (GLOBE NEWSWIRE) -- Progress Software (Nasdaq: PRGS), an AI infrastructure software leader, today announced that it entered into an agreement to acquire substantially all of the assets and assume certain liabilities of Domo, including its AI and data products platform.
The acquisition aligns with Progress’ strategy to deliver the context and control for AI so customers can achieve their business goals with confidence. Domo’s agentic platform for the intelligent enterprise complements and significantly broadens Progress’ data platform offerings, creating powerful synergies to deliver innovative, secure and scalable AI data readiness solutions worldwide.
“Effective AI starts with accurate, trusted data and content to provide the context for accurate and verifiable outcomes,” said Yogesh Gupta, CEO of Progress Software. “Domo is a leading AI and data platform that enables businesses to access, integrate and leverage their data at scale. Domo’s product capabilities, coupled with their team’s expertise in cloud architectures and analytics, are highly complementary to our expanding Progress data platform capabilities that significantly improve the security, governance and cost of our customers’ AI initiatives.”
Domo will add a customer base of over 2,400 businesses, as well as a global and strategic ecosystem of cloud data warehouse technology partnerships.
“We have built Domo around the simple idea that trusted data should help people make better decisions and take action,” said Josh James, founder and CEO of Domo. “The addition of our product capabilities to the Progress data platform will give customers a stronger foundation for building AI that understands their business, works from governed data and can be trusted to support meaningful decisions.”
The proposed acquisition of Domo’s AI and data platform business is another example of the continued execution of Progress’ Total Growth Strategy. Progress continues to maintain financial discipline while seeking to acquire strong businesses with products that complement its existing AI solutions portfolio, include a robust customer base with strong retention rates and solid recurring revenue, and align with its company culture.
Reiterating Guidance
Based on currently available information, Progress anticipates revenue and non-GAAP earnings per share for its fiscal third quarter will be within or above the high end of previously issued guidance provided on June 30, 2026. The company will discuss full financial results of its third quarter on a conference call on September 30, 2026.
Transaction Details
The transaction is structured as an asset purchase where Progress intends to acquire substantially all of the assets and assume certain liabilities of Domo for a cash purchase price of $400 million. The acquisition is currently expected to close within Progress’ fiscal year, ending November 30, 2026, subject to obtaining regulatory approvals and the satisfaction of other customary closing conditions as set forth in the definitive agreement.
Progress expects to finance the transaction with a combination of cash and Progress’ existing revolving credit facility.
Conference Call
Progress will host a conference call to review details of the transaction at 5 p.m. EDT today, Wednesday, July 22, 2026. A live webcast of the call will be available using this link. To access the conference call by phone, please use this link to retrieve dial-in details. Attendees must register for the conference call, and an archived version and support materials will be available on the Progress Investor Relations webpage shortly after the conference call concludes.
Advisors
Citi is serving as the exclusive financial advisor for Progress on this transaction, and DLA Piper LLP (US) is serving as Progress’ legal counsel. Jefferies LLC is serving as the exclusive financial advisor to Domo, and Goodwin Procter LLP is serving as legal counsel.
About Progress Software
Progress Software (Nasdaq: PRGS) provides the context and control organizations need to reliably extract value from AI — context drawn from an organization's data, content and workflows, and control over the security, governance and cost of their AI initiatives. Learn how hundreds of thousands of businesses, powering the work of tens of millions of professionals worldwide, realize value from trusted, enterprise-ready AI at www.progress.com.
About Domo
Domo (Nasdaq: DOMO) is an AI and Data Products platform that helps companies of all sizes leverage data and AI to drive value in today’s data-driven world. Built around our customers’ preferred data foundation, powered by our award-winning Domo.AI solution, and enriched with our partner ecosystem, the Domo platform enables users to prepare, visualize, automate, distribute, and build end-to-end data products that provide solutions across the entire data journey. From hydrating your data foundation, to building fully embedded applications that can be shared with your employees and customers, to deploying AI models across a variety of providers, Domo gives users the ability to build data products that generate measurable value for the business.
Note Regarding Forward-Looking Statements
This press release contains statements that are “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Progress has identified some of these forward-looking statements with words like “believe,” “may,” “could,” “would,” “might,” “should,” “expect,” “intend,” “plan,” “target,” “anticipate” and “continue,” the negative of these words, other terms of similar meaning or the use of future dates. Risks, uncertainties and other important factors that could cause actual results to differ from those expressed or implied in the forward-looking statements include: Progress’ ability to close the proposed transaction, the expected time of closing or the expected benefits therefore; uncertainties as to the effects of disruption from the acquisition of Domo making it more difficult to maintain relationships with employees, licensees, other business partners or governmental entities; other business effects, including the effects of industry, economic or political conditions outside of Progress’ control; transaction costs; actual or contingent liabilities; uncertainties as to whether anticipated synergies or tax benefits will be realized; and uncertainties as to whether Domo’s business will be successfully integrated with Progress’ business. For further information regarding risks and uncertainties associated with Progress’ business, please refer to Progress’ filings with the Securities and Exchange Commission, including its Annual Report on Form 10-K for the fiscal year ended November 30, 2025. Progress undertakes no obligation to update any forward-looking statements, which speak only as of the date of this press release.
Non-GAAP Financial Information
This press release contains certain non-GAAP financial measures. These measures are provided solely as supplemental information and are not intended to be considered in isolation or as a substitute for the comparable GAAP measures; these measures reflect assumptions and expected synergies from the transaction and are subject to risks and uncertainties. Progress is unable to provide a reconciliation of the projected non-GAAP measures provided herein to the relevant projected GAAP measures without unreasonable effort because certain items necessary to calculate such GAAP measures are inherently uncertain and dependent on future events.
Progress is a trademark or registered trademark of Progress Software Corporation and/or its subsidiaries or affiliates in the U.S. and other countries. Any other names contained herein may be trademarks of their respective owners.
Medpace Holdings (MEDP) ve středu po uzavření trhu vyskočila o dvouciferné procento díky silnému růstu zakázek. Poměr book-to-bill dosáhl 1,13x, nad očekáváním 0,95x až 1,01x.
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Newly Public Memory-Chip Maker SK Hynix Soars Nearly 14%, Leads 18 To Today's Best Stock Lists
Super Micro Soars Late On Booming Margins, Orders; Dell, HP Enterprise Also Rally
Stock Market Rally Defies Rising Oil, Bond Yields; Chips Lead As Seagate, Micron Make Bullish Moves Medpace Holdings (MEDP) stock surged by double digits late Wednesday, helped by a big bookings beat, rebounding from a poor start to the year. The contract research organization, or CRO, put up a book-to-bill ratio of 1.13x, easily above expectations for 0.95x to 1.01x, according to Leerink Partners analyst Michael Cherny. That means Medpace received more new orders than it…
Kinder Morgan (KMI - Free Report) came out with quarterly earnings of $0.37 per share, beating the Zacks Consensus Estimate of $0.31 per share. This compares to earnings of $0.28 per share a year ago. These figures are adjusted for non-recurring items.
This quarterly report represents an earnings surprise of +19.36%. A quarter ago, it was expected that this oil and natural gas pipeline and storage company would post earnings of $0.38 per share when it actually produced earnings of $0.48, delivering a surprise of +26.32%.
Over the last four quarters, the company has surpassed consensus EPS estimates three times.
Kinder Morgan, which belongs to the Zacks Oil and Gas - Production and Pipelines industry, posted revenues of $4.48 billion for the quarter ended June 2026, surpassing the Zacks Consensus Estimate by 4.33%. This compares to year-ago revenues of $4.04 billion. 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.
Kinder Morgan shares have added about 17.8% since the beginning of the year versus the S&P 500's gain of 9.7%.
What's Next for Kinder Morgan?While Kinder Morgan 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 Kinder Morgan was mixed. While the magnitude and direction of estimate revisions could change following the company's just-released earnings report, the current status translates into a Zacks Rank #3 (Hold) for the stock. So, the shares are expected to perform in line with the market in the near future. You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here.
It will be interesting to see how estimates for the coming quarters and the current fiscal year change in the days ahead. The current consensus EPS estimate is $0.33 on $4.42 billion in revenues for the coming quarter and $1.49 on $18.17 billion in revenues for the current fiscal year.
Investors should be mindful of the fact that the outlook for the industry can have a material impact on the performance of the stock as well. In terms of the Zacks Industry Rank, Oil and Gas - Production and Pipelines is currently in the bottom 11% of the 250 plus Zacks industries. Our research shows that the top 50% of the Zacks-ranked industries outperform the bottom 50% by a factor of more than 2 to 1.
Another stock from the same industry, Enbridge (ENB - Free Report) , has yet to report results for the quarter ended June 2026. The results are expected to be released on July 31.
This oil and natural gas transportation and power transmission company is expected to post quarterly earnings of $0.44 per share in its upcoming report, which represents a year-over-year change of -6.4%. The consensus EPS estimate for the quarter has been revised 1% lower over the last 30 days to the current level.
Enbridge's revenues are expected to be $11.03 billion, up 2.6% from the year-ago quarter.
PulteGroup oznámila výsledky za 2. čtvrtletí 2026. Na konferenčním hovoru vedení shrnulo provozní a finanční výsledky za období končící 30. června 2026.
PulteGroup, Inc. (PHM) Q2 2026 Earnings Call July 22, 2026 8:30 AM EDT
Company Participants
James Zeumer - Vice President of Investor Relations
Ryan Marshall - President, CEO & Director
James Ossowski - Executive VP & CFO
Conference Call Participants
John Lovallo - UBS Investment Bank, Research Division
Richard Reid - Wells Fargo Securities, LLC, Research Division
Matthew Bouley - Barclays Bank PLC, Research Division
Stephen Kim - Evercore ISI Institutional Equities, Research Division
Alan Ratner - Zelman & Associates LLC
Michael Dahl - RBC Capital Markets, Research Division
Anthony Pettinari - Citigroup Inc., Research Division
Trevor Allinson - Wolfe Research, LLC
Jonathan Bettenhausen - Truist Securities, Inc., Research Division
Rafe Jadrosich - BofA Securities, Research Division
Susan Maklari - Goldman Sachs Group, Inc., Research Division
Kenneth Zener - Seaport Research Partners
Ryan Gilbert - BTIG, LLC, Research Division
Presentation
Operator
Thank you for standing by. My name is Jordan, and I'll be your conference operator today. At this time, I'd like to welcome everyone to the PulteGroup, Inc. Q2 2026 Earnings Conference Call. [Operator Instructions]
Thank you. I would now like to turn the call over to Jim Zeumer. Please go ahead.
James Zeumer
Vice President of Investor Relations
Thank you, Jordan. Good morning. I want to welcome everyone to today's call to review PulteGroup's operating and financial results for our second quarter ended June 30, 2026. Joining me on today's call are Ryan Marshall, President and CEO; Jim Ossowski, Executive Vice President and CFO; and David Carrier, Senior VP, Finance.
In advance of this call, a copy of our Q2 earnings release and this morning's webcast presentation have been posted to our corporate website at pultegroup.com. We will also post an audio replay of this call later today. I would highlight that today's presentation includes forward-looking statements about the company's expected future performance. Actual results could differ materially from those suggested by our comments
QuantumScape oznámila výsledky za 2. čtvrtletí 2026, které skončilo 30. června. Firma zároveň zveřejnila dopis akcionářům s finančními výsledky a obchodním přehledem.
SAN JOSE, Calif., July 22, 2026 (GLOBE NEWSWIRE) -- QuantumScape Corporation (NASDAQ: QS), a global leader in next-generation solid-state lithium-metal battery technology, today announced its business and financial results for the second quarter of 2026, which ended June 30.
The company posted a letter to shareholders on its Investor Relations website, ir.quantumscape.com, that details second-quarter financial results and provides a business update.
QuantumScape will host a live webcast today at 2 p.m. Pacific Time (5 p.m. Eastern Time), accessible via its IR Events page. Siva Sivaram, chief executive officer, and Kevin Hettrich, chief financial officer, will participate on the call.
An archive of the webcast will be available shortly after the call for 12 months.
About QuantumScape Corporation
QuantumScape is on a mission to revolutionize energy storage to enable a sustainable future. The company’s next-generation batteries are designed to enable greater energy density, faster charging and enhanced safety to support the transition away from legacy energy sources toward a lower carbon future. For more information, visit www.quantumscape.com.
Penske Automotive Group obdržela nevyžádanou předběžnou nezávaznou nabídku na odkup zbývajících akcií za 210 USD za akcii. Penske Corporation a Mitsui už společně drží 72,6 % akcií.
, /PRNewswire/ -- Penske Automotive Group, Inc. (NYSE: PAG), a diversified international transportation services company and one of the world's premier automotive and commercial truck retailers, announced its Board of Directors ("Board") today received an unsolicited, preliminary and non-binding proposal ("Proposal") from Penske Corporation ("PC") and Mitsui & Co., Ltd. ("Mitsui") to acquire the remaining shares of the Company's common stock that they and their affiliates do not currently own for cash consideration of $210 per share. PC and Mitsui and their affiliates currently beneficially own collectively 72.6% of the Company's outstanding common stock. A copy of the Proposal is available as an exhibit to the Company's Current Report on Form 8-K which will be publicly filed today with the Securities and Exchange Commission.
The Board has established a special committee comprised of disinterested and independent directors to review and consider the Proposal. The special committee is authorized to retain advisors, including independent legal and financial advisors, to assist it in its work. There can be no assurance as to whether an agreement relating to any proposed transaction will be reached or as to the terms thereof if an agreement is reached. The Company does not intend to comment further or disclose any developments regarding the Proposal unless and until it deems further disclosure is appropriate or required. The Company's shareholders do not need to take any action at this time.
About Penske Automotive
Penske Automotive Group, Inc., (NYSE: PAG) headquartered in Bloomfield Hills, Michigan, is a diversified international transportation services company and one of the world's premier automotive and commercial truck retailers. PAG operates dealerships in the United States, the United Kingdom, Canada, Germany, Italy, Japan, and Australia and is one of the largest retailers of commercial trucks in North America for Freightliner. PAG also distributes and retails commercial vehicles, diesel and gas engines, power systems, and related parts and services principally in Australia and New Zealand. PAG employs over 28,800 people worldwide. Additionally, PAG owns 28.9% of Penske Transportation Solutions ("PTS"), a business that employs nearly 41,000 people worldwide, manages one of the largest, most comprehensive and modern trucking fleets in North America with over 387,500 trucks, tractors, and trailers under lease, rental, and/or maintenance contracts and provides innovative transportation, supply chain, and technology solutions to its customers. PAG is a member of the S&P Mid Cap 400, Fortune 500, Russell 1000, and Russell 3000 indexes. For additional information, visit the Company's website at www.penskeautomotive.com.
Caution Concerning Forward Looking Statements
Statements in this press release may involve forward-looking statements, including forward-looking statements regarding Penske Automotive Group, Inc.'s financial performance, expectations, and future plans. Actual results may vary materially because of risks and uncertainties that are difficult to predict. These risks and uncertainties include, among others, whether and on what terms any transaction will be consummated, those related to macro-economic, geo-political and industry conditions and events, including their impact on sales of new and used vehicles, service and parts, and repair and maintenance services, the availability of consumer credit, changes in consumer demand, consumer confidence levels, fuel prices, demand for trucks to move freight with respect to Penske Transportation Solutions ("PTS") and Premier Truck Group, and other freight metrics such as spot rates or miles driven, personal discretionary spending levels, interest rates, foreign currency exchange rates, and unemployment rates; our ability to obtain vehicles and parts from our manufacturers, especially in light of supply chain disruptions due to natural disasters, tariffs and non-tariff trade barriers, any shortages of vehicle components, international conflicts, challenges in sourcing labor, labor strikes, work stoppages, or other disruptions; the control our manufacturer partners can exert over our operations and our reliance on them for various aspects of our business; risks to our reputation and those of our manufacturer partners; changes in the retail model from direct sales by manufacturers, a transition to an agency model of sales, sales by online competitors, or from the expansion of electric vehicles; disruptions to the security and availability of our information technology systems and those of our third party providers, which systems are increasingly threatened by ransomware and other cyber-attacks; the effects of a pandemic on the global economy, including our ability to react effectively to changing business conditions in light of any pandemic; the impact of tariffs targeting imported vehicles and parts, as well as changes or increases in tariffs, trade restrictions, trade disputes, or non-tariff trade barriers; the rate of inflation, including its impact on vehicle affordability; our ability to consummate, integrate, and realize returns on our acquisitions; with respect to PTS, changes in the financial health of its customers, labor strikes, or work stoppages by its employees, a reduction in PTS' asset utilization rates, the cost of acquiring and the continued availability from truck manufacturers and suppliers of vehicles and parts for its fleet, including with respect to the effect of various regulations concerning its vehicle fleet, changes in values of used trucks which affects PTS' profitability on truck sales and regulatory risks and related compliance costs, our ability to realize returns on our significant capital investments in new and upgraded dealership facilities; our ability to navigate a rapidly changing automotive and truck landscape; our ability to respond to new or enhanced regulations in both our domestic and international markets relating to dealerships and vehicle sales, including those related to the sales process, emissions standards, or electrification; the success of our distribution of commercial vehicles, engines, and power systems; natural disasters; recall initiatives or other disruptions that interrupt the supply of vehicles or parts to us; risks and uncertainties relating to an unsolicited, preliminary and non-binding take private proposal received from Penske Corporation and Mitsui & Co., Ltd. and their affiliates to acquire all of the shares of the Company not already owned by them, including the possibility that any such transaction may not be pursued, approved, or consummated on the proposed terms, within any anticipated timeframe, or at all; the outcome of legal and administrative matters and other factors over which management has limited control. These forward-looking statements should be evaluated together with additional information about Penske Automotive Group's business, markets, conditions, risks, and other uncertainties, which could affect Penske Automotive Group's future performance. The risks and uncertainties discussed above are not exhaustive and additional risks and uncertainties are addressed in Penske Automotive Group's Form 10-K for the year ended December 31, 2025, its Form 10-Q for the quarterly period ended March 31, 2026, and its other filings with the Securities and Exchange Commission. This press release speaks only as of its date, and Penske Automotive Group disclaims any duty to update the information herein.
July 22, 2026 16:30 ET | Source: Enovix Corporation
FREMONT, Calif., July 22, 2026 (GLOBE NEWSWIRE) -- Enovix Corporation (Nasdaq: ENVX) (“Enovix”), a developer and manufacturer of advanced lithium-ion batteries, including proprietary silicon-anode architectures, today announced it will report financial results for the second quarter of 2026 on Wednesday, August 12, 2026, after the close of the market.
Enovix will hold a live audio-only call at 2:00 PM PT / 5:00 PM ET on August 12, 2026, to discuss the company’s recent business updates, commercialization progress, operational milestones, and financial results. To join the call, participants must use the following link to register: https://enovix-q2-2026.open-exchange.net/ This link will also be available via the Investor Relations section of Enovix’s website at https://ir.enovix.com. Investors may submit questions on the registration page that they would like addressed on the call by Enovix management.
About Enovix
Enovix develops and manufactures advanced lithium-ion batteries, including proprietary silicon-anode architectures for smartphones, smart eyewear, defense, industrial and emerging edge-AI applications. Its silicon-anode architecture enables higher energy density and performance in space-constrained devices while maintaining safety and reliability, supporting commercialization across consumer and industrial markets.
Enovix is headquartered in Silicon Valley with facilities in India, South Korea and Malaysia, serving customers globally. For more information visit https://enovix.com and follow us on LinkedIn.
FDA přijala k přezkumu žádost Revolution Medicines o schválení daraxonrasibu pro dříve léčený metastatický karcinom pankreatu. Žádost stojí na výsledcích fáze 3 RASolute 302.
REDWOOD CITY, Calif., July 22, 2026 (GLOBE NEWSWIRE) -- Revolution Medicines, Inc. (Nasdaq: RVMD), a late-stage clinical oncology company developing targeted therapies for patients with RAS-addicted cancers, today announced that the U.S. Food and Drug Administration (FDA) accepted for review the company’s New Drug Application (NDA) for daraxonrasib, an oral RAS(ON) multi-selective inhibitor, for previously treated metastatic pancreatic ductal adenocarcinoma (PDAC).
“The FDA’s acceptance of the daraxonrasib NDA is an important step in the regulatory review process and brings us closer to the possibility of offering patients a new targeted medicine for previously treated metastatic pancreatic cancer,” said Mark A. Goldsmith, M.D., Ph.D., chief executive officer and chairman of Revolution Medicines. “Daraxonrasib is an oral targeted medicine designed to inhibit RAS, the main cause of pancreatic cancer, and the application is supported by unprecedented results from the Phase 3 RASolute 302 trial. These findings underscore the potential for daraxonrasib to become a new standard of care and to help define a new class of RAS‑targeted medicines for this disease. We look forward to continuing to work closely with the FDA as the agency reviews the application, and with other global regulatory authorities as we advance our efforts to bring daraxonrasib to patients as quickly as possible.”
The NDA is based on results from the global, randomized Phase 3 RASolute 302 trial, evaluating daraxonrasib versus standard of care cytotoxic chemotherapy in patients with previously treated metastatic PDAC, with or without an identified tumor RAS mutation. The trial met all primary and key secondary endpoints, including unprecedented improvements in overall survival and progression-free survival. In addition, daraxonrasib exhibited a manageable safety profile and patients treated with daraxonrasib reported significantly delayed deterioration in cancer-related pain, overall global health status and quality of life, compared to those treated with chemotherapy. Results from the RASolute 302 trial were presented at the 2026 American Society of Clinical Oncology Annual Meeting with simultaneous publication in The New England Journal of Medicine.
Daraxonrasib was selected for the FDA Commissioner’s National Priority Voucher pilot program, which is designed to accelerate the review of medicines that address key national health priorities. The FDA previously granted daraxonrasib Breakthrough Therapy Designation and Orphan Drug Designation for the treatment of patients with previously treated metastatic PDAC.
The Company recently announced that the European Medicines Agency’s (EMA) Committee for Medicinal Products for Human Use has begun a phased review of daraxonrasib, allowing data to be evaluated as they become available before submission of a full marketing authorization application. Daraxonrasib has also received orphan medicine designation for the treatment of pancreatic cancer, and high-priority status under EMA’s Cancer Medicines Pathfinder project based on its potential to address a significant unmet need.
About Pancreatic Cancer and Pancreatic Ductal Adenocarcinoma
Pancreatic cancer is one of the most lethal malignancies, characterized by its typically late-stage diagnosis, resistance to standard chemotherapy, and high mortality rate. In the U.S., recent estimates indicate that annually approximately 60,000 people will be diagnosed with pancreatic cancer, and about 50,000 people will die from this aggressive disease.1 Due to the lack of early symptoms and detection methods, most patients are diagnosed with pancreatic ductal adenocarcinoma (PDAC) at an advanced or metastatic stage. Metastatic PDAC remains one of the most common causes of cancer-related deaths in the U.S., with a five-year survival rate of approximately 3%.2,3
About Daraxonrasib
Daraxonrasib is an investigational, oral RAS(ON) multi-selective, noncovalent tri-complex inhibitor that works by suppressing RAS signaling through inhibition of the interaction between both wild-type and mutant RAS(ON) proteins and their downstream effectors. It is designed to target cancers driven by a broad range of common RAS genotypes, including pancreatic ductal adenocarcinoma (PDAC), non-small cell lung cancer (NSCLC), and colorectal cancer. Daraxonrasib is being advanced through a global Phase 3 registrational program comprising four trials, including the completed RASolute 302 trial and three additional trials in patients with PDAC and metastatic RAS mutant NSCLC.
About the RASolute 302 Clinical Trial
RASolute 302 (NCT06625320) is a global, randomized Phase 3 registrational clinical trial designed to evaluate the efficacy and safety of daraxonrasib as a monotherapy in patients with previously treated metastatic pancreatic ductal adenocarcinoma (PDAC). In the trial, patients were randomized to receive either an oral dose of 300 mg daraxonrasib once daily or investigator’s choice of four different cytotoxic chemotherapy regimens, which represent standard of care across the globe. The trial enrolled patients with metastatic PDAC harboring a wide range of RAS variants, including those with RAS G12 mutations (such as G12D, G12V, and G12R), as well as patients without an identified tumor RAS mutation (wild type).
The primary endpoints of the RASolute 302 trial were progression-free survival (PFS), as assessed by a Blinded Independent Central Review according to RECIST 1.1, and overall survival (OS) in patients with tumors harboring RAS G12 mutations. Secondary endpoints included PFS and OS in all enrolled patients (the intent-to-treat population) encompassing patients with and without identified tumor RAS mutations, as well as objective response rate, duration of response, and patient-reported quality of life.
About Revolution Medicines, Inc.
Revolution Medicines is a company developing novel targeted therapies for patients with RAS-addicted cancers. The company’s R&D pipeline comprises RAS(ON) inhibitors designed to suppress diverse oncogenic variants of RAS proteins. The company’s RAS(ON) inhibitors daraxonrasib (RMC-6236), a RAS(ON) multi-selective inhibitor; elironrasib (RMC-6291), a RAS(ON) G12C-selective inhibitor; zoldonrasib (RMC-9805), a RAS(ON) G12D-selective inhibitor; and RMC-5127, a RAS(ON) G12V-selective inhibitor, are currently in clinical development. Additional development opportunities in the company’s pipeline focus on RAS(ON) mutant-selective inhibitors, including RMC-0708 (Q61H) and RMC-8839 (G13C). For more information, please visit www.revmed.com and follow us on LinkedIn.
Forward-Looking Statements
This press release contains forward-looking statements within the meaning of the U.S. Private Securities Litigation Reform Act of 1995. Any statements in this press release that are not historical facts may be considered “forward-looking statements,” including without limitation statements regarding the broad potential of RAS(ON) inhibition and the potential for a new class of RAS-targeted therapy to emerge; treatment practices for pancreatic cancer and the potential for daraxonrasib to become a standard of care; the company’s regulatory interactions; the company’s ability to bring daraxonrasib to patients; and progression of clinical studies and findings from these studies, including the tolerability, safety, and potential efficacy of the company’s candidates being studied.
Forward-looking statements are typically, but not always, identified by the use of words such as “aims,” “anticipate,” "believe," "estimate," "expect," "plan," “potential,” “project,” “up to,” "will" and other similar terminology indicating future results. Such forward-looking statements are subject to substantial risks and uncertainties that could cause the company’s development programs, future results, performance, or achievements to differ materially from those anticipated in the forward-looking statements. Such risks and uncertainties include without limitation risks and uncertainties inherent in the drug development process, including the company’s programs’ development stages, the process of designing and conducting preclinical and clinical trials, the regulatory approval processes, the timing of regulatory filings, the challenges associated with manufacturing drug products, the company’s ability to successfully establish, protect and defend its intellectual property, other matters that could affect the sufficiency of the company’s capital resources to fund operations, reliance on third parties for manufacturing and development efforts, changes in the competitive landscape, and the effects on the company’s business of the global events, such as international conflicts or global pandemics. For a further description of the risks and uncertainties that could cause actual results to differ from those anticipated in these forward-looking statements, as well as risks relating to the business of Revolution Medicines in general, see Revolution Medicines’ Quarterly Report on Form 10-Q filed with the Securities and Exchange Commission (the “SEC”) on May 6, 2026, and its future periodic reports to be filed with the SEC. Except as required by law, Revolution Medicines undertakes no obligation to update any forward-looking statements to reflect new information, events, or circumstances, or to reflect the occurrence of unanticipated events.
References
1 Siegel RL, Giaquinto AN, Jemal A. Cancer statistics, 2024. CA Cancer J Clin. 2024;74(1):12-49. doi:10.3322/caac.21820
2 Halbrook CJ, Lyssiotis CA, Pasca di Magliano M, Maitra A. Pancreatic cancer: Advances and challenges. Cell. 2023;186(8):1729-1754. doi:10.1016/j.cell.2023.02.014
3 American Cancer Society. Survival Rates for Pancreatic Cancer. Available at: https://www.cancer.org/cancer/types/pancreatic-cancer/detection-diagnosis-staging/survival-rates.html. Accessed July 2026.
Hillman Solutions uzavřela refinancování svého dluhu novým termínovaným úvěrem B za 735 milionů USD a revolvingovým úvěrem ABL za 375 milionů USD. Splatnost dluhu se prodloužila až do července 2033 a 2031.
CINCINNATI, July 22, 2026 (GLOBE NEWSWIRE) -- Hillman Solutions Corp. (Nasdaq: HLMN) (the "Company", “Hillman Group”, or "Hillman"), a leading provider of hardware and related products, announced the closing of the refinancing of its existing credit facilities, consisting of a new $735 million senior secured Term Loan B ("Term Loan B") and a $375 million asset-based revolving credit facility ("ABL Revolver").
Proceeds from the Term Loan B were primarily used to refinance the Company's existing term loan, repay amounts outstanding under its existing revolving credit facility, and pay related fees and expenses.
The Term Loan B matures in July 2033 and is currently priced at SOFR +200 basis points. The ABL Revolver, which currently has a zero balance, matures in July 2031 and is currently priced at SOFR +125 basis points. The pricing of both the Term Loan B and the ABL Revolver are consistent with the previous credit facilities.
"This refinancing meaningfully extends our debt maturity profile and enhances our financial flexibility,” said Jon Michael Adinolfi, Chief Executive Officer of Hillman. "It reflects the continued strength of our business and positions us well to invest in our core operations and pursue value-creating growth opportunities. These transactions give us a capital structure that supports our long-term strategic priorities including acquisitions."
Jefferies Finance LLC acted as Lead Left Arranger for the Term Loan B with U.S. Bank, BofA Securities, PNC Capital Markets LLC, and Fifth Third Bank, N.A. acting as Joint Lead Arrangers, and First Financial Bank also participating in the syndicate.
U.S. Bank acted as lead arranger and administrative agent for the ABL Revolver, with Bank of America, N.A., PNC Bank N.A., and Fifth Third Bank, N.A. acting as Joint Lead Arrangers, and First Financial Bank also participating in the syndicate.
About Hillman Solutions Corp.
Founded in 1964 and headquartered in Cincinnati, Hillman is a leading provider of hardware and related products serving retail, pro distribution, and industrial MRO customers. Over the last 60-plus years, Hillman has built a legacy of service and growth by forming strategic partnerships with North America's leading home improvement, hardware, and farm and fleet retailers. Hillman differentiates itself from the competition with its dedicated field sales team of 1,200+ associates, direct-to-store distribution capabilities, and world class global sourcing and supply chain expertise. The company offers an extensive product portfolio of more than 111,000 SKUs, including fasteners (power screws, nuts, bolts), hardware (builder's hardware, door hardware, rope & chain, accessories), project gear & supplies (gloves, work gear, paint & cleaning sundries), and key and engraving services (key duplication, auto keys, and engraving). Hillman is committed to delivering exceptional customer service, innovative products, and dependable solutions to its customers and regularly earns vendor of the year recognition from top customers. For more information on Hillman, visit www.hillman.com.
Forward-Looking Statements
All statements made in this press release that are considered to be forward-looking are made in good faith by the Company and are intended to qualify for the safe harbor from liability established by Section 27A of the Securities Act of 1933, Section 21E of the Securities Exchange Act of 1934, and the Private Securities Litigation Reform Act of 1995. You should not rely on these forward-looking statements as predictions of future events. Words such as "expect," "estimate," "project," "budget," "forecast," "anticipate," "intend," "plan," “target”, “goal”, "may," "will," "could," "should," "believes," "predicts," "potential," "continue," and similar expressions are intended to identify such forward-looking statements. These forward-looking statements include, without limitation, the Company’s expectations with respect to future performance and statements relating to the Transaction, which may not be consummated on the terms described in this press release, or at all. These forward-looking statements involve significant risks and uncertainties that could cause the actual results to differ materially from the expected results. Most of these factors are outside the Company's control and are difficult to predict. Factors that may cause such differences include, but are not limited to: (1) unfavorable economic conditions that may affect our and our customers’, suppliers’ and other business partners’ operations, financial condition and cash flows including spending on home renovation or construction projects, inflation, recessions, instability in the financial markets or credit markets; (2) increased supply chain costs, including tariffs, raw materials, sourcing, transportation and energy; (3) the highly competitive nature of the markets that we serve; (4) the ability to continue to innovate with new products and services; (5) seasonality; (6) large customer concentration; (7) the ability to recruit and retain qualified employees; (8) the outcome of any legal proceedings that may be instituted against the Company; (9) adverse changes in currency exchange rates; or (10) regulatory changes and potential legislation that could adversely impact financial results. The foregoing list of factors is not exclusive, and readers should also refer to those risks that are included in the Company’s filings with the Securities and Exchange Commission (“SEC”), including the Annual Report on Form 10-K filed on February 17, 2026. Given these uncertainties, current or prospective investors are cautioned not to place undue reliance on any such forward-looking statements.
Except as required by applicable law, the Company does not undertake or accept any obligation or undertaking to release publicly any updates or revisions to any forward-looking statements in this communication to reflect any change in its expectations or any change in events, conditions or circumstances on which any such statement is based.
Contact:
Michael Koehler
Vice President – Corporate Development, Investor Relations, Treasury
513-826-5495 [email protected]
Fulton Financial ve 2. čtvrtletí 2026 zvýšila čistý zisk pro kmenové akcionáře na 99,9 mil. USD, tedy 0,52 USD na akcii. Zisk podpořila akvizice Blue Foundry Bancorp.
, /PRNewswire/ -- Fulton Financial Corporation (NASDAQ: FULT) ("Fulton" or the "Corporation") reported net income available to common shareholders of $99.9 million, or $0.52 per diluted share, for the second quarter of 2026, an increase of $7.7 million, or $0.01 per diluted share, in comparison to the first quarter of 2026. Operating net income available to common shareholders for the three months ended June 30, 2026 was $115.9 million(1), or $0.60 per diluted share(1), an increase of $16.2 million, or $0.05 per diluted share, in comparison to the first quarter of 2026.
FFC Net income available to common shareholders for the six months ended June 30, 2026 was $192.1 million, or $1.02 per diluted share, an increase of $5.0 million, and unchanged on a per diluted share basis, in comparison to the six months ended June 30, 2025. Operating net income available to common shareholders for the six months ended June 30, 2026, was $215.5 million(1), or $1.15 per diluted share(1), an increase of $19.4 million, or $0.08 per diluted share, in comparison to the six months ended June 30, 2025.
"During the quarter, we achieved record financial results and successfully completed the acquisition of Blue Foundry Bancorp," said Curtis J. Myers, Fulton Chairman, CEO, and President. "With the successful integration of Blue Foundry Bank already occurring earlier this month, we are well positioned to deepen existing relationships and drive growth in this expanded footprint. Our ongoing strong performance is due to high demand for our community banking approach and the commitment of our dedicated team members to making banking personal. Our sustained focus on executing our strategic priorities is creating long-term value for our shareholders."
Blue Foundry Bancorp Transaction(2)
On April 1, 2026, the Corporation completed its acquisition of Blue Foundry Bancorp and Blue Foundry Bank became a wholly owned subsidiary of the Corporation. On July 11, 2026, Blue Foundry Bank merged with and into Fulton Bank. As a result of the Blue Foundry Bancorp Transaction, the Corporation acquired total assets with preliminary fair values of approximately $2.1 billion including total loans with a preliminary fair value of approximately $1.6 billion and investments with a fair value of $226.5 million. The Corporation assumed total liabilities with a fair value of $1.8 billion including total deposits with a fair value of $1.5 billion and borrowings with a fair value of $276.0 million. Financial Highlights
Second quarter of 2026 operating results of $0.60 per diluted share(1) were impacted by the following items:
Net interest margin remained solid at 3.60%, representing a two basis point increase from the prior quarter. Non-interest income increased $9.5 million to $79.3 million compared to $69.8 million in the prior quarter. Non-interest expense increased $30.7 million to $231.0 million compared to $200.3 million in the prior quarter. Operating non-interest expense increased $19.9 million to $210.6 million(1) compared to $190.7 million in the prior quarter. Provision for credit losses was $4.9 million resulting in an allowance for credit losses attributable to net loans of $382.6 million, or 1.48% of total net loans as of June 30, 2026. The initial allowance for credit losses on loans acquired in the Blue Foundry Bancorp Transaction was $31.0 million. Common equity tier 1 capital ratio(3) increased to approximately 12.1% compared to 11.9% in the prior quarter. During the second quarter of 2026, 525,000 shares of the Corporation's common stock were repurchased under the 2026 Repurchase Program(4) at a cost of $11.1 million or an average of $21.19 per share. As of June 30, 2026, the Corporation repurchased $35.6 million of common stock under the 2026 Repurchase Program. The following items highlight notable changes in the components of net income in the second quarter of 2026 compared to the first quarter of 2026:
Net interest income increased $22.2 million to $284.3 million driven by a $17.5 million increase attributable to the Blue Foundry Bancorp Transaction. A $32.6 million increase in interest income on net loans, a $2.9 million increase in interest income on investment securities and a $2.6 million increase in interest income in other interest-earning assets were partially offset by a $10.9 million increase in interest expense on deposits and a $4.9 million increase in interest expense on borrowings and other interest-bearing liabilities. Purchase loan mark accretion from loans acquired in the Republic Transaction(5) was $9.9 million in the second quarter of 2026 compared to $10.3 million in the prior quarter. Purchase loan mark accretion from loans acquired in the Blue Foundry Bancorp Transaction was $5.2 million in the second quarter of 2026. Interest expense on borrowings and other interest-bearing liabilities included approximately $2.4 million from the Corporation's $195.0 million aggregate principal amount of outstanding 3.250% Fixed-to-Floating Rate Subordinated Notes due 2030 that were redeemed on June 15, 2026. Non-interest income before investment securities gains (losses) was $79.3 million compared to $69.8 million in the prior quarter. The $9.5 million increase was primarily attributable to a $7.3 million increase in income from equity method investments, reflected in other income, that included $6.9 million of income recognized from an equity method investment that was sold during the quarter. Compared to the prior quarter, mortgage banking income increased by $1.0 million. Non-interest expense was $231.0 million compared to $200.3 million in the prior quarter. The $30.7 million increase was primarily due to an $11.2 million increase in acquisition-related expenses and a $10.3 million increase in salaries and employee benefits expense driven by a $6.2 million increase as a result of the Blue Foundry Bancorp Transaction and a $3.5 million increase in incentive compensation expense. Increases of $2.2 million and $1.8 million in other outside services expense and data processing and software expense, respectively, were primarily driven by the Blue Foundry Bancorp Transaction. Other non-interest expense for the second quarter of 2026 included a $2.1 million charge incurred related to merging two employee pension plans and $0.8 million of debt extinguishment costs. Balance Sheet Summary
Total net loans increased $1.7 billion to $25.9 billion compared to $24.3 billion as of March 31, 2026. The increase was primarily due to a $1.6 billion increase in loans, based on preliminary fair values, as a result of the Blue Foundry Bancorp Transaction. Excluding the Blue Foundry Bancorp Transaction, net loans increased $102.6 million with an increase of $206.9 million in consumer loans(6), partially offset by a decrease of $104.3 million in commercial loans(6). Deposits totaled $28.3 billion, a $1.5 billion increase compared to $26.8 billion as of March 31, 2026. The increase was primarily due to a $1.2 billion increase in deposits as a result of the Blue Foundry Bancorp Transaction. Excluding the Blue Foundry Bancorp Transaction, net deposits increased $249.2 million due to increases of $257.4 million in brokered deposits, $189.4 million in savings deposits and $76.4 million in time deposits, partially offset by decreases of $155.6 million in interest-bearing demand deposits and $118.5 million in noninterest-bearing demand deposits. On May 5, 2026, the Corporation issued $300.0 million aggregate principal amount of 5.950% Fixed-to-Floating Rate Subordinated Notes due 2036. On June 15, 2026, the Corporation redeemed $195.0 million aggregate principal amount of outstanding 3.250% Fixed-to-Floating Rate Subordinated Notes due 2030. Provision for Credit Losses and Asset Quality
The provision for credit losses totaled $4.9 million in the second quarter of 2026 compared to $14.4 million in the first quarter of 2026. The allowance for credit losses attributable to net loans was $382.6 million, or 1.48% of total net loans as of June 30, 2026, compared to $367.5 million, or 1.51% of total net loans as of March 31, 2026. The increase was largely due to a $28.7 million increase in the allowance for credit losses as a result of the Blue Foundry Bancorp Transaction. Non-performing assets were $187.1 million, or 0.54% of total assets, as of June 30, 2026, in comparison to $177.5 million, or 0.55% of total assets, as of March 31, 2026. Non-performing assets include $16.4 million from the Blue Foundry Bancorp Transaction. Annualized net charge-offs for the second quarter of 2026 were 0.34% of total average loans in comparison to 0.25% in the prior quarter. Additional information on Fulton is available at www.fultonbank.com.
(1)
Financial measure derived by methods other than generally accepted accounting principles ("GAAP"). Refer to the calculation on the page titled "Reconciliation of Non-GAAP Measures" at the end of the press release.
(2)
On April 1, 2026, the Corporation completed its previously announced acquisition of Blue Foundry Bancorp (the "Blue Foundry Bancorp Transaction"). Following the Blue Foundry Bancorp Transaction, Blue Foundry Bank, a New Jersey-chartered stock savings bank and wholly owned subsidiary of Blue Foundry Bancorp, operated as a separate, wholly owned subsidiary of the Corporation until Blue Foundry Bank merged with and into the Corporation's wholly owned subsidiary Fulton Bank, National Association ("Fulton Bank") on July 11, 2026, with Fulton Bank continuing as the surviving bank.
(3)
Regulatory capital ratios as of June 30, 2026 are preliminary estimates and prior periods are actual.
(4)
The 2026 Repurchase Program represents the authorization, commencing on January 1, 2026 and expiring on January 31, 2027, to repurchase up to $150 million, excluding fees, commissions, excise tax and other ancillary expenses, of the Corporation's common stock. Under this authorization, up to $25 million of the $150 million authorization may be used to repurchase the Corporation's preferred stock, outstanding subordinated notes due 2030 or outstanding subordinated notes due 2035. As permitted by securities laws and other legal requirements and subject to market conditions and other factors, purchases may be made from time to time under the 2026 Repurchase Program in open market or privately negotiated transactions, including without limitation, through accelerated share repurchase transactions. The 2026 Repurchase Program may be discontinued at any time.
(5)
On April 26, 2024, Fulton Bank acquired substantially all of the assets and assumed substantially all of the deposits and certain liabilities of Republic First Bank, doing business as Republic Bank ("Republic Bank"), from the Federal Deposit Insurance Corporation (the "FDIC"), as receiver for Republic Bank (the "Republic Transaction"), pursuant to the terms of the Purchase and Assumption Agreement - Whole Bank, All Deposits, effective as of April 26, 2024 among the FDIC, as receiver of Republic Bank, the FDIC and Fulton Bank.
(6)
Commercial loans, excluding those acquired in the Blue Foundry Bancorp Transaction, include decreases of $54.9 million in commercial and industrial loans, $29.7 million in commercial construction loans, reflected in real estate - construction, $18.8 million in real estate - commercial mortgage loans and $1.0 million in leases and other loans. Consumer loans, excluding those acquired in the Blue Foundry Bancorp Transaction, include increases of $132.3 million in real estate - residential mortgage loans, $48.7 million in real estate - home equity loans, $20.9 million in residential construction loans, reflected in real estate - construction and $5.0 million in consumer loans.
Note: Some numbers contained in this document may not sum due to rounding.
Forward-Looking Statements
This press release may contain forward-looking statements with respect to the Corporation's financial condition, results of operations and business. Forward-looking statements are any statement that does not relate to historical or current facts and can be identified by the use of words such as "may," "should," "will," "could," "estimates," "predicts," "potential," "continue," "anticipates," "believes," "plans," "expects," "future," "intends," "projects," the negative of these terms and other comparable terminology. These forward-looking statements may include projections of, or guidance on, the Corporation's future financial performance, expected levels of future expenses, including future credit losses, anticipated growth strategies, descriptions of new business initiatives and anticipated trends in the Corporation's business or financial results.
Forward-looking statements are neither historical facts, nor assurance of future performance. Instead, the statements are based on current beliefs, expectations and assumptions regarding the future of the Corporation's business, plans and strategies, projections, anticipated events and trends, the economy and other future conditions. Because forward-looking statements relate to the future, they are subject to inherent uncertainties, risks and changes in circumstances that are difficult to predict and many of which are outside of the Corporation's control, and actual results and financial condition may differ materially from those indicated in the forward-looking statements. Therefore, you should not unduly rely on any of these forward-looking statements. Any forward-looking statement is based only on information currently available and speaks only as of the date when made. The Corporation undertakes no obligation, other than as required by law, to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.
Numerous factors could cause the Corporation's actual results to differ materially from those described in the forward-looking statements, including, but not limited to, the following: the impact of adverse conditions in the economy and financial markets; trade policies and the imposition of tariffs and retaliatory tariffs; the impacts of events affecting the financial services industry; the effects of actions by the federal government, including those of the Board of Governors of the Federal Reserve System and other government agencies, that impact the money supply and market interest rates; the effects of market interest rates and the relative balances of interest rate-sensitive assets to interest rate-sensitive liabilities on net interest margin and net interest income; the composition of the Corporation's loan portfolio and potential exposure to increased credit risk; the effects of changes in interest rates; investment securities gains and losses, including declines in the fair value of securities; disruptions in liquidity markets; capital and liquidity strategies; the Corporation's ability to generate capital internally or raise capital on favorable terms; the effects of competition; possible goodwill impairment charges; the impact of operational risks; the loss of, or failure to safeguard, confidential or proprietary information; the Corporation's failure to identify and promptly address cybersecurity risks; the impact of failures of the Corporation's third-party vendors to perform in accordance with contractual arrangements; the effects of concerns about other financial institutions on the Corporation; potential losses in connection with repurchase and indemnification payments related to sold loans; the effects of climate change on the Corporation's business and results of operations; the effects of increases in non-performing assets; the determination of the allowance for credit losses; the effects of the extensive level of regulation and supervision to which the Corporation and Fulton Bank are subject; changes in law, regulation and government policy; the continuing impact of the Dodd-Frank Wall Street Reform and Consumer Protection Act; potential negative consequences resulting from regulatory violations, investigations and examinations; the effects of adverse outcomes in litigation and governmental or administrative proceedings; the effects of changes in U.S. federal, state or local tax laws; the effects of the significant amounts of time and expense associated with regulatory compliance and risk management; the Corporation's ability to realize anticipated reductions in non-interest expense and increases in revenue from strategic initiatives implemented from time to time; risks related to the acquisition of Blue Foundry Bancorp; completed and potential future acquisitions may affect costs and the Corporation may not be able to successfully integrate the acquired business or realize the anticipated benefits from such acquisitions; geopolitical conditions, including acts or threats of terrorism, actions taken by the United States or other governments in response to acts or threats of terrorism, military conflicts, wars and other international hostilities; public health crises and pandemics; the Corporation's ability to achieve its growth plans; the Corporation's ability to attract and retain talented personnel; the effects of competition from financial service companies and other companies offering bank services; the Corporation's ability to keep pace with technological changes; the Corporation's reliance on its subsidiaries for substantially all of its revenues; and the effects of negative publicity on the Corporation's reputation. For additional information about factors that could cause actual results to differ materially from those described in forward-looking statements, refer to the sections entitled "Risk Factors" and "Management's Discussion and Analysis of Financial Condition and Results of Operations" in the Corporation's Annual Report on Form 10-K for the year ended December 31, 2025, Quarterly Report on Form 10-Q for the quarter ended March 31, 2026 and other current and periodic reports, which have been, or will be, filed with the Securities and Exchange Commission (the "SEC") and are, or will be, available in the Investor Relations section of the Corporation's website (www.fultonbank.com) and on the SEC's website (www.sec.gov).
Non-GAAP Financial Measures
The Corporation uses certain financial measures in this press release that have been derived from methods other than GAAP. These non-GAAP financial measures are reconciled to the most comparable GAAP measures in tables at the end of this press release.
FULTON FINANCIAL CORPORATION
SUMMARY CONSOLIDATED FINANCIAL INFORMATION (UNAUDITED)
(dollars in thousands, except per share and shares data)
Three months ended
Jun 30
Mar 31
Dec 31
Sep 30
Jun 30
2026
2026
2025
2025
2025
Ending Balances
Investment securities(1)
$ 5,122,759
$ 4,861,967
$ 4,833,744
$ 5,045,270
$ 5,093,027
Net loans
25,934,293
24,266,345
24,144,884
24,041,489
24,012,539
Total assets
34,556,720
32,237,438
32,118,400
31,995,086
32,040,448
Deposits
28,250,342
26,768,335
26,589,407
26,332,490
26,138,067
Shareholders' equity
3,815,813
3,505,283
3,490,447
3,413,598
3,329,246
Average Balances
Investment securities(1)
4,983,015
4,785,276
4,921,669
5,025,072
5,084,371
Net loans
25,883,823
24,225,655
24,053,089
24,020,322
23,899,743
Total assets
34,193,608
31,999,228
32,013,163
31,924,038
31,901,574
Deposits
28,014,666
26,451,094
26,537,659
26,298,680
26,125,602
Shareholders' equity
3,788,421
3,543,911
3,464,539
3,361,368
3,304,015
Income Statement
Net interest income
284,252
262,023
266,042
264,198
254,921
Provision for credit losses
4,897
14,442
2,948
10,245
8,607
Non-interest income
79,306
69,841
69,980
70,407
69,148
Non-interest expense
230,954
200,294
212,986
196,574
192,811
Income before taxes
127,707
117,128
120,088
127,786
122,651
Net income available to common shareholders
99,852
92,199
96,408
97,892
96,636
Per Share
Net income available to common shareholders (basic)
$0.52
$0.51
$0.53
$0.54
$0.53
Net income available to common shareholders (diluted)
$0.52
$0.51
$0.53
$0.53
$0.53
Operating net income available to common shareholders(2)
$0.60
$0.55
$0.55
$0.55
$0.55
Cash dividends
$0.19
$0.19
$0.19
$0.18
$0.18
Common shareholders' equity
$18.92
$18.52
$18.33
$17.81
$17.20
Common shareholders' equity (tangible)(2)
$15.61
$15.12
$14.92
$14.39
$13.78
Weighted average shares (basic)
191,386
179,720
180,405
181,658
182,261
Weighted average shares (diluted)
192,997
181,655
182,197
183,349
183,813
(1) Includes related unrealized holding gains (losses) for available for sale ("AFS") securities.
(2) Non-GAAP financial measure. Refer to the calculation on the page titled "Reconciliation of Non-GAAP Measures" at the end of this press release.
Three months ended
Jun 30
Mar 31
Dec 31
Sep 30
Jun 30
2026
2026
2025
2025
2025
Asset Quality
Net charge-offs to average loans (annualized)
0.34 %
0.25 %
0.24 %
0.18 %
0.20 %
Non-performing loans to total net loans
0.70 %
0.72 %
0.76 %
0.83 %
0.89 %
Non-performing assets to total assets
0.54 %
0.55 %
0.58 %
0.63 %
0.67 %
ACL - loans(1) to total loans
1.48 %
1.51 %
1.51 %
1.57 %
1.57 %
ACL - loans(1) to non-performing loans
211 %
209 %
198 %
189 %
177 %
Profitability
Return on average assets
1.20 %
1.20 %
1.23 %
1.25 %
1.25 %
Operating return on average assets(2)
1.39 %
1.30 %
1.27 %
1.29 %
1.30 %
Return on average common shareholders' equity
11.14 %
11.16 %
11.69 %
12.26 %
12.46 %
Operating return on average common shareholders' equity (tangible)(2)
15.71 %
14.76 %
14.86 %
15.79 %
16.26 %
Net interest margin
3.60 %
3.58 %
3.59 %
3.57 %
3.47 %
Efficiency ratio(2)
57.3 %
56.7 %
60.0 %
56.5 %
57.1 %
Non-interest expense to total average assets
2.71 %
2.54 %
2.64 %
2.44 %
2.42 %
Operating non-interest expense to total average assets(2)
2.47 %
2.42 %
2.53 %
2.38 %
2.36 %
Capital Ratios(3)
Tangible common equity ratio ("TCE")(2)
8.8 %
8.6 %
8.5 %
8.3 %
8.0 %
Tier 1 leverage ratio
9.9 %
9.9 %
9.7 %
9.6 %
9.4 %
Common equity Tier 1 capital ratio
12.1 %
11.9 %
11.8 %
11.6 %
11.3 %
Tier 1 risk-based capital ratio
12.8 %
12.7 %
12.6 %
12.4 %
12.1 %
Total risk-based capital ratio
15.9 %
15.2 %
15.2 %
15.0 %
14.7 %
(1) "ACL - loans" relates to the allowance for credit losses ("ACL") specifically on "Net Loans" and does not include the ACL related to off-balance-sheet
("OBS") credit exposures.
(2) Non-GAAP financial measure. Refer to the calculation on the page titled "Reconciliation of Non-GAAP Measures" at the end of this press release.
(3) Regulatory capital ratios as of June 30, 2026 are preliminary estimates and prior periods are actual.
(1) "ACL - loans" relates to the ACL specifically on "Net Loans" and does not include the ACL related to OBS credit exposures.
(2) Includes equipment lease financing, overdraft and net origination fees and costs.
FULTON FINANCIAL CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED)
(dollars in thousands, except per share and share data)
Three months ended
Six months ended
Jun 30
Mar 31
Dec 31
Sep 30
Jun 30
Jun 30
2026
2026
2025
2025
2025
2026
2025
Net Interest Income:
Interest income
$ 428,154
$ 390,056
$ 403,416
$ 411,006
$ 402,761
$ 818,210
$ 802,452
Interest expense
143,902
128,033
137,374
146,808
147,840
271,935
296,345
Net Interest Income
284,252
262,023
266,042
264,198
254,921
546,275
506,107
Provision for credit losses
4,897
14,442
2,948
10,245
8,607
19,339
22,505
Net Interest Income after Provision
279,355
247,581
263,094
253,953
246,314
526,936
483,602
Non-Interest Income:
Wealth management
23,139
24,496
23,879
22,639
22,281
47,635
44,066
Commercial banking:
Merchant and card
7,496
6,343
6,847
7,327
7,376
13,839
13,967
Cash management
8,817
8,363
8,374
8,335
8,376
17,180
16,175
Capital markets
3,530
3,614
3,730
2,908
2,945
7,144
5,356
Other commercial banking
4,979
4,486
5,162
4,595
4,734
9,465
9,262
Total commercial banking
24,822
22,806
24,113
23,165
23,431
47,628
44,760
Consumer banking:
Card
8,596
7,887
8,366
8,246
7,958
16,483
15,502
Overdraft
3,858
3,798
4,109
4,153
3,817
7,656
7,112
Other consumer banking
2,891
2,491
2,967
2,775
2,753
5,382
4,982
Total consumer banking
15,345
14,176
15,442
15,174
14,528
29,521
27,596
Mortgage banking
4,938
3,955
3,636
3,711
3,991
8,893
7,130
Other
11,062
4,408
2,910
5,718
4,917
15,470
12,830
Non-interest income before investment securities (losses) gains
79,306
69,841
69,980
70,407
69,148
149,147
136,382
Investment securities (losses) gains, net
—
—
—
—
—
—
(2)
Total Non-Interest Income
79,306
69,841
69,980
70,407
69,148
149,147
136,380
Non-Interest Expense:
Salaries and employee benefits
120,184
109,917
121,632
111,265
107,123
230,101
210,649
Data processing and software
20,419
18,662
19,695
18,535
18,262
39,081
36,861
Net occupancy
17,841
18,229
17,554
15,954
16,410
36,070
34,617
Other outside services
14,999
12,750
13,105
12,951
12,009
27,749
23,846
Intangible amortization
5,910
5,349
5,365
5,368
5,460
11,260
11,729
FDIC insurance
4,430
4,249
4,540
5,089
4,951
8,679
10,549
Equipment
4,086
3,924
4,001
3,926
4,100
8,010
8,249
Marketing
2,818
2,331
1,694
2,470
2,604
5,149
5,124
Professional fees
2,342
2,239
2,088
2,320
2,163
4,581
1,085
Acquisition-related expenses
13,839
2,644
802
—
—
16,483
380
Other
24,086
20,000
22,510
18,696
19,729
44,085
39,181
Total Non-Interest Expense
230,954
200,294
212,986
196,574
192,811
431,248
382,270
Income Before Income Taxes
127,707
117,128
120,088
127,786
122,651
244,835
237,712
Income tax expense
25,293
22,367
21,118
27,332
23,453
47,660
45,527
Net Income
102,414
94,761
98,970
100,454
99,198
197,175
192,185
Preferred stock dividends
(2,562)
(2,562)
(2,562)
(2,562)
(2,562)
(5,124)
(5,124)
Net Income Available to Common Shareholders
$ 99,852
$ 92,199
$ 96,408
$ 97,892
$ 96,636
$ 192,051
$ 187,061
Three months ended
Six months ended
Jun 30
Mar 31
Dec 31
Sep 30
Jun 30
Jun 30
2026
2026
2025
2025
2025
2026
2025
PER SHARE:
Net income available to common shareholders:
Net income available to common shareholders (basic)
$0.52
$0.51
$0.53
$0.54
$0.53
$1.03
$1.03
Net income available to common shareholders (diluted)
$0.52
$0.51
$0.53
$0.53
$0.53
$1.02
$1.02
Cash dividends
$0.19
$0.19
$0.19
$0.18
$0.18
$0.38
$0.36
Weighted average shares (basic)
191,386
179,720
180,405
181,658
182,261
185,585
182,220
Weighted average shares (diluted)
192,997
181,655
182,197
183,349
183,813
187,377
183,999
FULTON FINANCIAL CORPORATION
CONDENSED CONSOLIDATED AVERAGE BALANCE SHEET ANALYSIS (UNAUDITED)
(dollars in thousands)
Three months ended
June 30, 2026
March 31, 2026
June 30, 2025
Average
Yield/
Average
Yield/
Average
Yield/
Balance
Interest(1)
Rate
Balance
Interest(1)
Rate
Balance
Interest(1)
Rate
ASSETS
Interest-earning assets:
Net loans(2)
$ 25,883,823
$ 374,426
5.80 %
$ 24,225,655
$ 341,843
5.70 %
$ 23,899,742
$ 349,490
5.86 %
Investment securities(3)
5,233,693
47,661
3.64 %
5,001,079
44,771
3.58 %
5,390,953
49,463
3.67 %
Other interest-earning assets
997,586
10,377
4.17 %
773,171
7,745
4.05 %
682,075
8,197
4.82 %
Total Interest-Earning Assets
32,115,102
432,464
5.40 %
29,999,905
394,359
5.31 %
29,972,770
407,150
5.44 %
Noninterest-earning assets:
Cash and due from banks
310,904
300,074
277,880
Premises and equipment
189,791
173,203
186,989
Other assets
1,978,494
1,896,687
1,848,891
Less: ACL - loans(4)
(400,683)
(370,641)
(384,956)
Total Assets
$ 34,193,608
$ 31,999,228
$ 31,901,574
LIABILITIES AND SHAREHOLDERS' EQUITY
Interest-bearing liabilities:
Demand deposits
$ 8,279,932
$ 32,443
1.57 %
$ 7,774,121
$ 29,036
1.51 %
$ 7,800,881
$ 34,745
1.79 %
Savings deposits
9,128,400
47,299
2.08 %
8,684,478
44,663
2.09 %
8,219,637
47,462
2.32 %
Brokered deposits
887,546
8,589
3.88 %
856,823
8,210
3.89 %
688,957
7,495
4.36 %
Time deposits
4,540,334
38,406
3.39 %
4,015,644
33,896
3.42 %
4,112,130
39,492
3.85 %
Total Interest-Bearing Deposits
22,836,212
126,737
2.23 %
21,331,066
115,805
2.20 %
20,821,605
129,194
2.49 %
Borrowings and other interest-bearing liabilities
1,744,871
17,165
3.95 %
1,359,113
12,228
3.65 %
1,756,246
18,646
4.26 %
Total Interest-Bearing Liabilities
24,581,083
143,902
2.35 %
22,690,179
128,033
2.29 %
22,577,851
147,840
2.62 %
Noninterest-bearing liabilities:
Demand deposits
5,178,454
5,120,028
5,303,997
Other liabilities
645,650
645,110
715,711
Total Liabilities
30,405,187
28,455,317
28,597,559
Total Deposits
28,014,666
1.81 %
26,451,094
1.78 %
26,125,602
1.98 %
Total interest-bearing liabilities and non-interest bearing deposits (cost of funds)
29,759,537
1.94 %
27,810,207
1.87 %
27,881,848
2.13 %
Shareholders' equity
3,788,421
3,543,911
3,304,015
Total Liabilities and Shareholders' Equity
$ 34,193,608
$ 31,999,228
$ 31,901,574
Net interest income/net interest margin (fully taxable equivalent)
288,562
3.60 %
266,326
3.58 %
259,310
3.47 %
Tax equivalent adjustment
(4,310)
(4,303)
(4,389)
Net Interest Income
$ 284,252
$ 262,023
$ 254,921
(1) Presented on a fully taxable-equivalent basis using a 21% federal tax rate and statutory interest expense disallowances.
(2) Average balances include non-performing loans.
(3) Average balances include amortized historical cost for AFS securities; the related unrealized holding gains (losses) are included in other assets.
(4) ACL - loans relates to the ACL for net loans and does not include the ACL related to OBS credit exposures, which is included in other liabilities.
FULTON FINANCIAL CORPORATION
AVERAGE LOANS, DEPOSITS AND BORROWINGS DETAIL (UNAUDITED)
(dollars in thousands)
Three months ended
Jun 30
Mar 31
Dec 31
Sep 30
Jun 30
2026
2026
2025
2025
2025
Loans, by type:
Real estate - commercial mortgage
$ 10,887,986
$ 9,930,713
$ 9,785,717
$ 9,721,395
$ 9,652,320
Commercial and industrial
4,602,800
4,522,694
4,473,522
4,494,662
4,530,085
Real estate - residential mortgage
7,189,941
6,696,646
6,646,318
6,560,413
6,448,443
Real estate - home equity
1,298,632
1,235,977
1,223,293
1,191,465
1,179,109
Real estate - construction
962,625
926,026
1,014,343
1,125,130
1,172,138
Consumer
592,106
576,852
577,136
590,658
599,505
Leases and other loans(1)
349,733
336,747
332,760
336,599
318,142
Total Net Loans
$ 25,883,823
$ 24,225,655
$ 24,053,089
$ 24,020,322
$ 23,899,742
Deposits, by type:
Noninterest-bearing demand
$ 5,178,454
$ 5,120,028
$ 5,243,390
$ 5,239,393
$ 5,303,997
Interest-bearing demand
8,279,932
7,774,121
7,984,980
7,876,227
7,800,881
Savings
9,128,400
8,684,478
8,519,075
8,391,379
8,219,637
Total demand and savings
22,586,786
21,578,627
21,747,445
21,506,999
21,324,515
Brokered
887,546
856,823
803,755
694,486
688,957
Time
4,540,334
4,015,644
3,986,459
4,097,195
4,112,130
Total Deposits
$ 28,014,666
$ 26,451,094
$ 26,537,659
$ 26,298,680
$ 26,125,602
Borrowings, by type:
Federal funds purchased
$ —
$ —
$ 54
$ —
$ 1,099
Federal Home Loan Bank advances
475,983
221,039
237,880
484,022
712,198
Senior debt and subordinated debt
509,493
367,679
367,598
367,517
367,438
Other borrowings and other interest-bearing liabilities
759,395
770,395
740,305
713,456
675,511
Total Borrowings
$ 1,744,871
$ 1,359,113
$ 1,345,837
$ 1,564,995
$ 1,756,246
(1) Includes equipment lease financing, overdraft and net origination fees and costs.
FULTON FINANCIAL CORPORATION
CONDENSED CONSOLIDATED AVERAGE BALANCE SHEET ANALYSIS (UNAUDITED)
(dollars in thousands)
Six months ended June 30,
2026
2025
Average
Yield/
Average
Yield/
Balance
Interest(1)
Rate
Balance
Interest(1)
Rate
ASSETS
Interest-earning assets:
Net loans(2)
$ 25,059,319
$ 716,268
5.75 %
$ 23,953,003
$ 697,115
5.86 %
Investment securities(3)
5,118,030
92,432
3.61 %
5,295,507
96,706
3.65 %
Other interest-earning assets
885,999
18,122
4.12 %
737,302
17,361
4.74 %
Total Interest-Earning Assets
31,063,348
826,822
5.35 %
29,985,812
811,182
5.44 %
Noninterest-Earning assets:
Cash and due from banks
305,519
289,822
Premises and equipment
181,545
189,108
Other assets
1,937,815
1,856,900
Less: ACL - loans(4)
(385,745)
(385,241)
Total Assets
$ 33,102,482
$ 31,936,401
LIABILITIES AND SHAREHOLDERS' EQUITY
Interest-Bearing liabilities:
Demand deposits
$ 8,028,425
$ 61,480
1.54 %
$ 7,777,364
$ 68,934
1.79 %
Savings deposits
8,907,666
91,961
2.08 %
8,134,377
92,563
2.29 %
Brokered deposits
872,269
16,798
3.88 %
796,243
17,533
4.44 %
Time deposits
4,279,437
72,304
3.41 %
4,081,913
81,055
4.00 %
Total Interest-Bearing Deposits
22,087,797
242,543
2.21 %
20,789,897
260,085
2.52 %
Borrowings and other interest-bearing liabilities
1,553,057
29,392
3.82 %
1,755,577
36,260
4.17 %
Total Interest-Bearing Liabilities
23,640,854
271,935
2.32 %
22,545,474
296,345
2.65 %
Noninterest-Bearing liabilities:
Demand deposits
5,149,402
5,357,731
Other liabilities
645,385
753,988
Total Liabilities
29,435,641
28,657,193
Total Deposits
27,237,199
1.80 %
26,147,628
2.01 %
Total interest-bearing liabilities and non-interest bearing deposits (cost of funds)
28,790,256
1.90 %
27,903,205
2.14 %
Shareholders' equity
3,666,841
3,279,208
Total Liabilities and Shareholders' Equity
$ 33,102,482
$ 31,936,401
Net interest income/net interest margin (fully taxable equivalent)
554,887
3.59 %
514,837
3.45 %
Tax equivalent adjustment
(8,612)
(8,730)
Net Interest Income
$ 546,275
$ 506,107
(1) Presented on a fully taxable-equivalent basis using a 21% federal tax rate and statutory interest expense disallowances.
(2) Average balances include non-performing loans.
(3) Average balances include amortized historical cost for AFS; the related unrealized holding gains (losses) are included in other assets.
(4) ACL - loans relates to the ACL for net loans and does not include the ACL related to OBS credit exposures, which is included in other liabilities.
FULTON FINANCIAL CORPORATION
AVERAGE LOANS, DEPOSITS AND BORROWINGS DETAIL (UNAUDITED)
(dollars in thousands)
Six months ended June 30,
2026
2025
Loans, by type:
Real estate - commercial mortgage
$ 10,403,830
$ 9,653,793
Commercial and industrial
4,571,311
4,569,027
Real estate - residential mortgage
6,944,657
6,408,432
Real estate - home equity
1,267,478
1,169,961
Real estate - construction
944,248
1,233,770
Consumer
584,521
607,578
Leases and other loans(1)
343,274
310,442
Total Net Loans
$ 25,059,319
$ 23,953,003
Deposits, by type:
Noninterest-bearing demand
$ 5,149,402
$ 5,357,731
Interest-bearing demand
8,028,425
7,777,364
Savings
8,907,666
8,134,377
Total demand and savings
22,085,493
21,269,472
Brokered
872,269
796,243
Time
4,279,437
4,081,913
Total Deposits
$ 27,237,199
$ 26,147,628
Borrowings, by type:
Federal funds purchased
$ —
$ 552
Federal Home Loan Bank advances
349,215
710,790
Senior debt and subordinated debt
438,978
367,398
Other borrowings and other interest-bearing liabilities
764,865
676,837
Total Borrowings
$ 1,553,058
$ 1,755,577
(1) Includes equipment lease financing, overdraft and net origination fees and costs.
FULTON FINANCIAL CORPORATION
ASSET QUALITY INFORMATION (UNAUDITED)
(dollars in thousands)
Three months ended
Six months ended
Jun 30
Mar 31
Dec 31
Sep 30
Jun 30
Jun 30
Jun 30
2026
2026
2025
2025
2025
2026
2025
Allowance for credit losses related to net loans:
Balance at beginning of period
$ 367,489
$ 364,462
$ 376,258
$ 377,337
$ 379,677
$ 364,462
$ 379,156
Initial allowance for credit losses on purchased loans
30,993
3,351
—
—
—
34,344
—
Loans charged off:
Real estate - commercial mortgage
(10,789)
(4,102)
(14,104)
(3,906)
(6,402)
(14,891)
(18,508)
Commercial and industrial
(12,015)
(10,545)
(5,295)
(5,847)
(5,780)
(22,560)
(9,645)
Real estate - residential mortgage
(121)
(391)
(58)
(394)
(258)
(512)
(601)
Consumer and home equity
(2,119)
(2,164)
(2,212)
(2,527)
(1,885)
(4,284)
(4,078)
Real estate - construction
—
—
—
(5,286)
(100)
—
(100)
Leases and other loans(1)
(966)
(1,116)
(1,140)
(1,479)
(1,491)
(2,081)
(3,018)
Total loans charged off
(26,010)
(18,318)
(22,809)
(19,439)
(15,916)
(44,328)
(35,950)
Recoveries of loans previously charged off:
Real estate - commercial mortgage
1,629
701
633
4,307
133
2,330
507
Commercial and industrial
1,280
740
6,592
3,205
2,628
2,020
8,580
Real estate - residential mortgage
197
72
230
33
203
268
377
Consumer and home equity
484
584
861
726
899
1,068
1,559
Real estate - construction
—
884
—
47
99
884
181
Leases and other loans(1)
404
429
146
192
240
834
441
Total recoveries of loans previously charged off
3,994
3,410
8,462
8,510
4,202
7,404
11,645
Net loans charged off
(22,016)
(14,908)
(14,347)
(10,929)
(11,714)
(36,924)
(24,305)
Provision for credit losses(2)
6,308
14,584
2,551
9,850
9,374
20,892
22,486
Other
(194)
—
—
—
—
(194)
—
Balance at end of period
$ 382,580
$ 367,489
$ 364,462
$ 376,258
$ 377,337
$ 382,580
$ 377,337
Net charge-offs to average loans(3)
0.34 %
0.25 %
0.24 %
0.18 %
0.20 %
0.30 %
0.20 %
Provision for credit losses related to OBS Credit Exposures
Provision for credit losses(2)
$ (1,411)
$ (142)
$ 397
$ 395
$ (767)
$ (1,553)
$ 19
NON-PERFORMING ASSETS:
Non-accrual loans
$ 146,457
$ 142,035
$ 153,872
$ 150,137
$ 182,942
Loans 90 days past due and accruing
34,815
33,816
29,924
48,597
29,949
Total non-performing loans
181,272
175,851
183,796
198,734
212,891
Other real estate owned
5,791
1,648
1,365
2,305
2,706
Total non-performing assets
$ 187,063
$ 177,499
$ 185,161
$ 201,039
$ 215,597
NON-PERFORMING LOANS, BY TYPE:
Commercial and industrial
$ 39,466
$ 47,759
$ 47,756
$ 48,817
$ 45,565
Real estate - commercial mortgage
66,445
64,890
74,981
87,789
90,852
Real estate - residential mortgage
56,821
47,826
45,569
44,689
37,703
Consumer and home equity
12,387
12,339
11,875
12,658
11,109
Real estate - construction
6,135
3,000
2,267
3,461
25,602
Leases and other loans(2)
18
37
1,348
1,320
2,060
Total non-performing loans
$ 181,272
$ 175,851
$ 183,796
$ 198,734
$ 212,891
(1) Includes equipment lease financing, overdrafts and net origination fees and costs.
(2) The sum of these amounts are reflected in the provision for credit losses in the Condensed Consolidated Statements of Income.
(3) Quarterly results are annualized.
FULTON FINANCIAL CORPORATION
RECONCILIATION OF NON-GAAP MEASURES (UNAUDITED)
(dollars in thousands, except per share and share data)
Explanatory note:
This press release contains supplemental financial information, as detailed below, that has been derived by methods other than GAAP. The Corporation has presented these non-GAAP financial measures because it believes that these measures provide useful and comparative information to assess trends in the Corporation's results of operations and financial condition. Presentation of these non-GAAP financial measures is consistent with how the Corporation evaluates its performance internally and these non-GAAP financial measures are frequently used by securities analysts, investors and other interested parties in the evaluation of companies in the Corporation's industry. Management believes that these non-GAAP financial measures, in addition to GAAP measures, are also useful to investors to evaluate the Corporation's results. Investors should recognize that the Corporation's presentation of these non-GAAP financial measures might not be comparable to similarly titled measures of other companies. These non-GAAP financial measures should not be considered a substitute for GAAP basis measures, and the Corporation strongly encourages a review of its condensed consolidated financial statements in their entirety. Reconciliations of these non-GAAP financial measures to the most directly comparable GAAP measure follow:
Three months ended
Jun 30
Mar 31
Dec 31
Sep 30
Jun 30
2026
2026
2025
2025
2025
Operating net income available to common shareholders
Net income available to common shareholders
$ 99,852
$ 92,199
$ 96,408
$ 97,892
$ 96,636
Less: Other (1)
—
—
(4,989)
(738)
(9)
Plus: Core deposit intangible amortization
5,816
5,255
5,255
5,255
5,346
Plus: Acquisition-related expense
13,839
2,644
802
—
—
Plus: FDIC special assessment
—
—
(95)
—
—
Plus: FultonFirst implementation and asset disposals
(189)
1,556
2,795
(207)
(270)
Plus: Debt extinguishment costs
787
—
—
—
—
Less: Tax impact of adjustments
(4,253)
(1,985)
(791)
(905)
(1,064)
Operating net income available to common shareholders (numerator)
$ 115,852
$ 99,669
$ 99,385
$ 101,297
$ 100,639
Weighted average shares (diluted) (denominator)
192,997
181,655
182,197
183,349
183,813
Operating net income available to common shareholders, per share (diluted)
$ 0.60
$ 0.55
$ 0.55
$ 0.55
$ 0.55
Common shareholders' equity (tangible), per share
Shareholders' equity
$ 3,815,813
$ 3,505,283
$ 3,490,447
$ 3,413,598
$ 3,329,246
Less: Preferred stock
(192,878)
(192,878)
(192,878)
(192,878)
(192,878)
Less: Goodwill and intangible assets
(633,485)
(607,647)
(612,996)
(618,361)
(623,729)
Tangible common shareholders' equity (numerator)
$ 2,989,450
$ 2,704,758
$ 2,684,573
$ 2,602,359
$ 2,512,639
Shares outstanding, end of period (denominator)
191,461
178,843
179,895
180,865
182,379
Common shareholders' equity (tangible), per share
$ 15.61
$ 15.12
$ 14.92
$ 14.39
$ 13.78
(1) Includes loan recovery adjustments of $5.0 million and $0.6 million in the fourth quarter of 2025 and the third quarter of 2025, respectively, reflected in the provision for credit losses related to a loan acquired in the Republic Transaction.
Three months ended
Jun 30
Mar 31
Dec 31
Sep 30
Jun 30
2026
2026
2025
2025
2025
Operating return on average assets
Net income
$ 102,414
$ 94,761
$ 98,970
$ 100,454
$ 99,198
Less: Other (1)
—
—
(4,989)
(738)
(9)
Plus: Core deposit intangible amortization
5,816
5,255
5,255
5,255
5,346
Plus: Acquisition-related expense
13,839
2,644
802
—
—
Plus: FDIC special assessment
—
—
(95)
—
—
Plus: FultonFirst implementation and asset disposals
(189)
1,556
2,795
(207)
(270)
Plus: Debt extinguishment costs
787
—
—
—
—
Less: Tax impact of adjustments
(4,253)
(1,985)
(791)
(905)
(1,064)
Operating net income (numerator)
$ 118,414
$ 102,231
$ 101,947
$ 103,859
$ 103,201
Total average assets
$ 34,193,608
$ 31,999,228
$ 32,013,163
$ 31,924,038
$ 31,901,574
Less: Average net core deposit intangible
(66,665)
(54,629)
(60,726)
(65,999)
(71,282)
Total operating average assets (denominator)
$ 34,126,943
$ 31,944,599
$ 31,952,437
$ 31,858,039
$ 31,830,292
Operating return on average assets(2)
1.39 %
1.30 %
1.27 %
1.29 %
1.30 %
Operating return on average common shareholders' equity (tangible)
Net income available to common shareholders
$ 99,852
$ 92,199
$ 96,408
$ 97,892
$ 96,636
Less: Other (1)
—
—
(4,989)
(738)
(9)
Plus: Intangible amortization
5,910
5,349
5,365
5,368
5,460
Plus: Acquisition-related expense
13,839
2,644
802
—
—
Plus: FDIC special assessment
—
—
(95)
—
—
Plus: FultonFirst implementation and asset disposals
(189)
1,556
2,795
(207)
(270)
Plus: Debt extinguishment costs
787
—
—
—
—
Less: Tax impact of adjustments
(4,273)
(2,005)
(814)
(929)
(1,088)
Adjusted net income available to common shareholders (numerator)
$ 115,926
$ 99,743
$ 99,472
$ 101,386
$ 100,729
Average shareholders' equity
$ 3,788,421
$ 3,543,911
$ 3,464,539
$ 3,361,368
$ 3,304,015
Less: Average preferred stock
(192,878)
(192,878)
(192,878)
(192,878)
(192,878)
Less: Average goodwill and intangible assets
(635,278)
(610,262)
(615,600)
(620,986)
(626,383)
Average tangible common shareholders' equity (denominator)
$ 2,960,265
$ 2,740,771
$ 2,656,061
$ 2,547,504
$ 2,484,754
Operating return on average common shareholders' equity (tangible)(2)
15.71 %
14.76 %
14.86 %
15.79 %
16.26 %
Tangible common equity to tangible assets (TCE Ratio)
Shareholders' equity
$ 3,815,813
$ 3,505,283
$ 3,490,447
$ 3,413,598
$ 3,329,246
Less: Preferred stock
(192,878)
(192,878)
(192,878)
(192,878)
(192,878)
Less: Goodwill and intangible assets
(633,485)
(607,647)
(612,996)
(618,361)
(623,729)
Tangible common shareholders' equity (numerator)
$ 2,989,450
$ 2,704,758
$ 2,684,573
$ 2,602,359
$ 2,512,639
Total assets
$ 34,556,720
$ 32,237,438
$ 32,118,400
$ 31,995,086
$ 32,040,448
Less: Goodwill and intangible assets
(633,485)
(607,647)
(612,996)
(618,361)
(623,729)
Total tangible assets (denominator)
$ 33,923,235
$ 31,629,791
$ 31,505,404
$ 31,376,725
$ 31,416,719
Tangible common equity to tangible assets
8.81 %
8.55 %
8.52 %
8.29 %
8.00 %
(1) Includes loan recovery adjustments of $5.0 million and $0.6 million in the fourth quarter of 2025 and the third quarter of 2025, respectively, reflected in the provision for credit losses related to a loan acquired in the Republic Transaction.
(2) Results are annualized.
Three months ended
Jun 30
Mar 31
Dec 31
Sep 30
Jun 30
2026
2026
2025
2025
2025
Efficiency ratio
Non-interest expense
$ 230,954
$ 200,294
$ 212,986
$ 196,574
$ 192,811
Less: Acquisition-related expense
(13,839)
(2,644)
(802)
—
—
Less: FDIC special assessment
—
—
95
—
—
Less: FultonFirst implementation and asset disposals
189
(1,556)
(2,795)
207
270
Less: Debt extinguishment costs
(787)
—
—
—
—
Less: Intangible amortization
(5,910)
(5,349)
(5,365)
(5,368)
(5,460)
Operating non-interest expense (numerator)
$ 210,607
$ 190,745
$ 204,119
$ 191,413
$ 187,621
Net interest income
$ 284,252
$ 262,023
$ 266,042
$ 264,198
$ 254,921
Tax equivalent adjustment
4,310
4,303
4,416
4,436
4,389
Plus: Total non-interest income
79,306
69,841
69,980
70,407
69,148
Less: Other revenue
—
—
11
(138)
(9)
Plus: Investment securities (gains) losses, net
—
—
—
—
—
Total revenue (denominator)
$ 367,868
$ 336,167
$ 340,449
$ 338,903
$ 328,449
Efficiency ratio
57.3 %
56.7 %
60.0 %
56.5 %
57.1 %
Operating non-interest expense to total average assets
Non-interest expense
$ 230,954
$ 200,294
$ 212,986
$ 196,574
$ 192,811
Less: Intangible amortization
(5,910)
(5,349)
(5,365)
(5,368)
(5,460)
Less: Acquisition-related expense
(13,839)
(2,644)
(802)
—
—
Less: FDIC special assessment
—
—
95
—
—
Less: FultonFirst implementation and asset disposals
189
(1,556)
(2,795)
207
270
Less: Debt extinguishment costs
(787)
—
—
—
—
Operating non-interest expense (numerator)
$ 210,607
$ 190,745
$ 204,119
$ 191,413
$ 187,621
Total average assets (denominator)
$ 34,193,608
$ 31,999,228
$ 32,013,163
$ 31,924,038
$ 31,901,574
Operating non-interest expenses to total average assets(1)
2.47 %
2.42 %
2.53 %
2.38 %
2.36 %
(1) Results are annualized.
Six months ended
Jun 30
Jun 30
2026
2025
Operating net income available to common shareholders
Net income available to common shareholders
$ 192,051
$ 187,061
Less: Other
—
(131)
Plus: Core deposit intangible amortization
11,070
11,501
Plus: Acquisition-related expense
16,483
380
Plus: FultonFirst implementation and asset disposals
1,367
(317)
Plus: Debt extinguishment costs
787
—
Less: Tax impact of adjustments
(6,238)
(2,401)
Operating net income available to common shareholders (numerator)
$ 215,520
$ 196,093
Weighted average shares (diluted) (denominator)
187,377
183,999
Operating net income available to common shareholders, per share (diluted)
Century Communities za 2. čtvrtletí vykázala čistý zisk 36,1 mil. USD, tedy 1,26 USD na akcii, a tržby 927,2 mil. USD. Počet otevřených komunit vzrostl na rekordních 330.
- Deliveries of 2,506 Homes Generating $927.2 Million in Total Revenues -
- Net New Home Contracts of 2,615 -
- Ending Community Count Increased Sequentially to 330, a Company Record -
- Net Income of $36.1 Million, or $1.26 Per Diluted Share -
- Book Value Per Share of $90.24, a Company Record -
, /PRNewswire/ -- Century Communities, Inc. (NYSE: CCS), one of the nation's largest homebuilders, today announced financial results for its second quarter ended June 30, 2026.
Second Quarter 2026 Highlights
Net income of $36.1 million, or $1.26 per diluted share Adjusted net income of $37.3 million, or $1.30 per diluted share Total revenues of $927.2 million Community count of 330, a Company record Deliveries of 2,506 homes Net new home contracts of 2,615 Homebuilding gross margin of 18.1% Adjusted homebuilding gross margin of 20.0% Repurchased 352,811 shares of common stock for $19.6 million "We delivered strong second quarter results despite continued headwinds from macro challenges and weak consumer sentiment, with earnings per diluted share of $1.26 increasing by 11% on a year-over-year basis and 50% sequentially," said Dale Francescon, Executive Chairman. "We continued to invest in our business and ended the quarter with 330 open communities, a Company record. Our balance sheet remains strong with $2.6 billion of stockholders' equity and $802 million of liquidity, and we repurchased 352,811 shares of our common stock for $19.6 million at a 38% discount to our Company record book value per share of $90.24 while maintaining our quarterly cash dividend of $0.32 per share and continuing to position Century for future growth."
Rob Francescon, Chief Executive Officer and President, said, "Our deliveries of 2,506 homes grew by 25% on a sequential basis and exceeded our guidance on stronger order activity, with our net orders of 2,615 homes increasing by 3% on a year-over-year basis and 10% sequentially. Our net orders were relatively stable throughout the quarter, with our traffic posting a sequential gain of 9% in the second quarter. Our adjusted homebuilding gross margin of 20.0% increased by 30 basis points on a sequential basis, benefitting from lower incentives and direct costs as we controlled our costs and inventory levels."
Second Quarter 2026 Results
Net income for the second quarter 2026 was $36.1 million, or $1.26 per diluted share. Adjusted net income was $37.3 million, or $1.30 per diluted share.
Total revenues were $927.2 million, with second quarter home sales revenues totaling $897.5 million. Deliveries totaled 2,506 homes. The average sales price of home deliveries for the second quarter 2026 was $358,200.
Net new home contracts in the second quarter 2026 were 2,615, and at the end of the second quarter 2026, the Company had 1,264 homes in backlog, representing $469.3 million of backlog dollar value.
Adjusted homebuilding gross margin percentage, excluding interest and purchase price accounting, was 20.0% in the second quarter of 2026, and homebuilding gross margin was 18.1%. Selling, general, and administrative expenses as a percent of home sales revenues was 14.2% in the quarter. Adjusted EBITDA and EBITDA for the second quarter 2026 were $78.2 million and $71.0 million, respectively.
Financial services revenues and pre-tax income were $25.4 million and $9.9 million, respectively, in the second quarter 2026.
Balance Sheet and Liquidity
The Company ended the second quarter 2026 with a strong financial position, including $2.6 billion of stockholders' equity and $802.4 million of total liquidity, including $132.0 million of cash, including cash equivalents and cash held in escrow.
Book value per share was $90.24, a Company record, as of June 30, 2026.
During the second quarter, consistent with Century's disciplined capital allocation approach to enhance the long-term value of the Company and return capital to our stockholders, Century maintained its quarterly cash dividend of $0.32 per share and repurchased 352,811 shares of common stock for $19.6 million.
As of June 30, 2026, homebuilding debt to capital equaled 34.2% and net homebuilding debt to net capital equaled 31.9%.
Full Year 2026 Outlook
Scott Dixon, Chief Financial Officer of the Company, commented, "We are raising the midpoint and low end of our full year 2026 home delivery guidance to be in the range of 9,750 to 10,500 homes, with our home sales revenues expected to be in the range of $3.5 billion to $3.8 billion."
Webcast and Conference Call
The Company will host a webcast and conference call on Wednesday, July 22, 2026, at 5:00 p.m. Eastern time, 3:00 p.m. Mountain time, to review the Company's second quarter 2026 results, provide commentary, and conduct a question-and-answer session. To participate in the call, please dial 833-461-5787 (domestic) or 585-542-9983 (international) and enter the conference ID 338 306 020. The live webcast will be available at www.centurycommunities.com in the Investors section. A replay of the webcast will be available on the Company's website for at least one year.
About Century Communities
Century Communities, Inc. (NYSE: CCS) is one of the nation's largest homebuilders and a recognized industry leader in online home sales. Newsweek has named the Company one of America's Most Trustworthy Companies for three consecutive years, and Century Communities has also been designated as one of U.S. News & World Report's Best Companies to Work For (2025-2026). Through its Century Communities and Century Complete brands, Century's mission is to build attractive, high-quality homes at affordable prices to provide its valued customers with A HOME FOR EVERY DREAM®. Century is engaged in all aspects of homebuilding — including the acquisition, entitlement and development of land, along with the construction, innovative marketing and sale of quality homes designed to appeal to a wide range of homebuyers. The Company operates in 16 states and over 45 markets across the U.S., and also offers mortgage, title, insurance brokerage, and escrow services in select markets through its Inspire Home Loans, Parkway Title, IHL Home Insurance Agency, and IHL Escrow subsidiaries. To learn more about Century Communities, please visit www.centurycommunities.com.
Non-GAAP Financial Measures
In addition to the Company's operating results presented in accordance with United States generally accepted accounting principles (GAAP), this press release includes the following non-GAAP financial measures: adjusted net income, adjusted diluted earnings per share, adjusted homebuilding gross margin, EBITDA, adjusted EBITDA, and ratio of net homebuilding debt to net capital. These non-GAAP financial measures should not be used as a substitute for the Company's operating results presented in accordance with GAAP, and an analysis of any non-GAAP financial measure should be used in conjunction with results presented in accordance with GAAP. Please refer to the reconciliation of each of the above referenced non-GAAP financial measures following the historical financial information presented in this press release.
Forward-Looking Statements
This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, and, as such, may involve known and unknown risks, uncertainties and assumptions. Forward-looking statements may be identified by the use of words such as "anticipate," "believe," "expect," "intend," "estimate," "plan," "continue," "will," "may," "should," "potential," "guidance" and "outlook" and other similar expressions that predict or indicate future events or trends or that are not statements of historical matters. Forward-looking statements in this release include the Company's operating and financial guidance for 2026, including anticipated home deliveries and home sales revenues. Forward-looking statements should not be read as a guarantee of future performance or results, and will not necessarily be accurate indications of the times at, or by, which such performance or results will be achieved. Forward-looking statements are based on historical information available at the time the statements are made and are based on management's reasonable belief or expectations with respect to future events, and are subject to risks and uncertainties, many of which are beyond the Company's control, that could cause actual performance or results to differ materially from the belief or expectations expressed in or suggested by the forward-looking statements. The following important factors could cause actual results to differ materially from those expressed in the forward-looking statements: changes in general economic conditions, including interest rates, inflation, and employment levels; consumer confidence and affordability concerns; the impact of geopolitical conflicts including in the Middle East, tariffs and increased costs, immigration reform and enforcement, global supply chain disruptions, labor, land and raw material or other resource shortages and delays, and municipal and utility delays on the Company's business, industry and the broader economy; the availability and cost of financing; home incentive levels; the ability to identify and acquire desirable land and dispose of land when appropriate; availability and pricing for land, labor and raw materials and other resources; reliance on contractors and key personnel; the effect of competition; risks associated with the Company's mortgage lending business and increased use of adjustable-rate mortgages; risks associated with the Company's multi-family rental businesses; future impairment and restructuring charges; the effect of tax changes; the effect of recent federal housing legislation; and the other factors included in the Company's most recent Annual Report on Form 10-K and subsequent Quarterly Reports on Form 10-Q. Forward-looking statements speak only as of the date on which they are made and the Company undertakes no obligation to update any forward-looking statement to reflect future events, developments or otherwise, except as may be required by applicable law.
Century Communities, Inc.
Consolidated Statements of Operations
(Unaudited)
(in thousands, except share and per share amounts)
Three Months Ended June 30,
Six Months Ended June 30,
2026
2025
2026
2025
Revenues
Homebuilding Revenues
Home sales revenues
$
897,528
$
976,467
$
1,631,634
$
1,860,204
Land sales and other revenues
4,255
483
37,426
1,445
Total homebuilding revenues
901,783
976,950
1,669,060
1,861,649
Financial services revenues
25,444
23,774
47,840
42,308
Total revenues
927,227
1,000,724
1,716,900
1,903,957
Homebuilding Cost of Revenues
Cost of home sales revenues
(735,368)
(804,522)
(1,338,659)
(1,512,437)
Cost of land sales and other revenues
(1,678)
(69)
(24,249)
(897)
Total homebuilding cost of revenues
(737,046)
(804,591)
(1,362,908)
(1,513,334)
Financial services costs
(15,548)
(17,550)
(30,299)
(33,724)
Selling, general, and administrative expense
(127,416)
(128,837)
(243,498)
(249,596)
Other income (expense), net
1,851
(2,663)
2,204
(7,702)
Income before income tax expense
49,068
47,083
82,399
99,601
Income tax expense
(12,920)
(12,229)
(21,842)
(25,363)
Net income
$
36,148
$
34,854
$
60,557
$
74,238
Earnings per share:
Basic
$
1.26
$
1.15
$
2.09
$
2.43
Diluted
$
1.26
$
1.14
$
2.09
$
2.40
Weighted average common shares outstanding:
Basic
28,637,901
30,366,109
28,912,225
30,582,376
Diluted
28,653,398
30,680,708
28,933,927
30,912,086
Century Communities, Inc.
Consolidated Balance Sheets
(in thousands, except share amounts)
June 30,
December 31,
2026
2025
Assets
(unaudited)
(audited)
Cash and cash equivalents
$
92,334
$
109,443
Cash held in escrow
39,709
48,571
Accounts receivable
64,824
57,242
Inventories
3,598,982
3,361,158
Mortgage loans held for sale
233,347
299,145
Prepaid expenses and other assets
511,559
435,683
Property and equipment, net
73,090
69,368
Deferred tax assets, net
36,317
38,176
Goodwill
41,109
41,109
Total assets
$
4,691,271
$
4,459,895
Liabilities and stockholders' equity
Liabilities:
Accounts payable
$
151,298
$
114,416
Accrued expenses and other liabilities
290,348
310,602
Notes payable
1,121,745
1,102,376
Revolving line of credit
329,600
51,500
Mortgage repurchase facilities
232,529
289,269
Total liabilities
2,125,520
1,868,163
Stockholders' equity:
Preferred stock, $0.01 par value, 50,000,000 shares authorized, none outstanding
—
—
Common stock, $0.01 par value, 100,000,000 shares authorized, 28,432,620 and 29,050,515 shares issued
and outstanding at June 30, 2026 and December 31, 2025, respectively
284
291
Additional paid-in capital
318,276
385,962
Retained earnings
2,247,191
2,205,479
Total stockholders' equity
2,565,751
2,591,732
Total liabilities and stockholders' equity
$
4,691,271
$
4,459,895
Century Communities, Inc.
Homebuilding Operational Data
(Unaudited)
Net New Home Contracts
Three Months Ended June 30,
Six Months Ended June 30,
2026
2025
% Change
2026
2025
% Change
West
309
323
(4.3)
%
645
715
(9.8)
%
Mountain
440
336
31.0
%
866
798
8.5
%
Texas
568
504
12.7
%
1,041
1,003
3.8
%
Southeast
386
384
0.5
%
745
771
(3.4)
%
Century Complete
912
999
(8.7)
%
1,697
1,951
(13.0)
%
Total
2,615
2,546
2.7
%
4,994
5,238
(4.7)
%
New Home Deliveries
(dollars in thousands)
Three Months Ended June 30,
2026
2025
% Change
Homes
Average Sales
Price
Homes
Average Sales
Price
Homes
Average Sales
Price
West
322
$
568.9
335
$
602.5
(3.9)
%
(5.6)
%
Mountain
416
476.5
396
521.0
5.1
%
(8.5)
%
Texas
527
290.8
501
294.2
5.2
%
(1.2)
%
Southeast
362
383.2
401
429.9
(9.7)
%
(10.9)
%
Century Complete
879
255.1
954
260.5
(7.9)
%
(2.1)
%
Total / Weighted Average
2,506
$
358.2
2,587
$
377.5
(3.1)
%
(5.1)
%
Six Months Ended June 30,
2026
2025
% Change
Homes
Average Sales
Price
Homes
Average Sales
Price
Homes
Average Sales
Price
West
599
$
568.8
638
$
601.0
(6.1)
%
(5.4)
%
Mountain
760
471.5
825
522.6
(7.9)
%
(9.8)
%
Texas
898
288.3
958
296.5
(6.3)
%
(2.8)
%
Southeast
677
388.2
704
435.7
(3.8)
%
(10.9)
%
Century Complete
1,585
259.3
1,746
260.5
(9.2)
%
(0.5)
%
Total / Weighted Average
4,519
$
361.1
4,871
$
381.9
(7.2)
%
(5.4)
%
Century Communities, Inc.
Homebuilding Operational Data
(Unaudited)
Selling Communities
As of June 30,
Increase/Decrease
2026
2025
Amount
% Change
West
40
36
4
11.1
%
Mountain
53
51
2
3.9
%
Texas
89
75
14
18.7
%
Southeast
36
43
(7)
(16.3)
%
Century Complete
112
122
(10)
(8.2)
%
Total
330
327
3
0.9
%
Backlog
(dollars in thousands)
As of June 30,
2026
2025
% Change
Homes
Dollar Value
Average Sales
Price
Homes
Dollar Value
Average Sales
Price
Homes
Dollar Value
Average Sales
Price
West
165
$
94,173
$
570.7
236
$
142,012
$
601.7
(30.1)
%
(33.7)
%
(5.2)
%
Mountain
214
110,273
515.3
122
66,572
545.7
75.4
%
65.6
%
(5.6)
%
Texas
279
83,386
298.9
222
67,939
306.0
25.7
%
22.7
%
(2.3)
%
Southeast
168
71,714
426.9
174
75,720
435.2
(3.4)
%
(5.3)
%
(1.9)
%
Century Complete
438
109,726
250.5
463
113,747
245.7
(5.4)
%
(3.5)
%
2.0
%
Total / Weighted Average
1,264
$
469,272
$
371.3
1,217
$
465,990
$
382.9
3.9
%
0.7
%
(3.0)
%
Lot Inventory
As of June 30,
2026
2025
% Change
Owned
Controlled
Total
Owned
Controlled
Total
Owned
Controlled
Total
West
3,546
2,488
6,034
3,948
3,097
7,045
(10.2)
%
(19.7)
%
(14.4)
%
Mountain
7,491
2,203
9,694
8,905
1,344
10,249
(15.9)
%
63.9
%
(5.4)
%
Texas
13,725
2,981
16,706
14,900
5,493
20,393
(7.9)
%
(45.7)
%
(18.1)
%
Southeast
4,864
6,247
11,111
5,095
8,392
13,487
(4.5)
%
(25.6)
%
(17.6)
%
Century Complete
4,055
12,528
16,583
4,571
12,956
17,527
(11.3)
%
(3.3)
%
(5.4)
%
Total
33,681
26,447
60,128
37,419
31,282
68,701
(10.0)
%
(15.5)
%
(12.5)
%
% of Total
56.0 %
44.0 %
100.0 %
54.5 %
45.5 %
100.0 %
Century Communities, Inc.
Reconciliation of Non-GAAP Financial Measures
(Unaudited)
Adjusted net income and adjusted diluted earnings per share ("Adjusted EPS") are non-GAAP financial measures that the Company believes are useful to management, investors and other users of its financial information in evaluating its operating results and understanding its operating trends without the effect of specified factors that management believes affect comparability. The Company believes excluding specified factors that management believes affect comparability provides more comparable assessment of its financial results from period to period. The Company defines adjusted net income as consolidated net income before (i) income tax expense; (ii) inventory impairment; (iii) abandonment of lot option contracts; (iv) restructuring costs; (v) loss on debt extinguishment; (vi) impairment on other investment; and (vii) purchase price accounting for acquired work in process inventory; in each case, as applicable during a period, less adjusted income tax expense, calculated using the Company's estimated annual effective tax rate after discrete items for the applicable period. Adjusted EPS is calculated by dividing adjusted net income by weighted average common shares – diluted.
Adjusted Net Income and Adjusted Diluted Earnings Per Share
(in thousands, except share and per share amounts)
Three Months Ended June 30,
Six Months Ended June 30,
2026
2025
2026
2025
Numerator
Net income
$
36,148
$
34,854
$
60,557
$
74,238
Denominator
Weighted average common shares outstanding - basic
28,637,901
30,366,109
28,912,225
30,582,376
Dilutive effect of stock-based compensation awards
15,497
314,599
21,702
329,710
Weighted average common shares outstanding - diluted
28,653,398
30,680,708
28,933,927
30,912,086
Earnings per share:
Basic
$
1.26
$
1.15
$
2.09
$
2.43
Diluted
$
1.26
$
1.14
$
2.09
$
2.40
Adjusted earnings per share
Numerator
Net income
$
36,148
$
34,854
$
60,557
$
74,238
Income tax expense
12,920
12,229
21,842
25,363
Income before income tax expense
49,068
47,083
82,399
99,601
Inventory impairment
—
7,360
—
7,771
Abandonment of lot option contracts(1)
1,125
2,642
2,079
4,148
Restructuring costs
—
—
—
1,505
Purchase price accounting for acquired work in process inventory
613
2,041
1,301
3,933
Adjusted income before income tax expense
50,806
59,126
85,779
116,958
Adjusted income tax expense(2)
(13,467)
(15,056)
(22,738)
(29,783)
Adjusted net income
$
37,339
$
44,070
$
63,041
$
87,175
Denominator - Diluted
28,653,398
30,680,708
28,933,927
30,912,086
Adjusted diluted earnings per share
$
1.30
$
1.44
$
2.18
$
2.82
(1)
Beginning in the third quarter of 2025, the Company added "Abandonment of lot option contracts" as an adjustment in its non-GAAP adjusted net income calculation. Accordingly, the corresponding prior period information has been recast to conform to the current presentation and calculation.
(2)
The tax rates used in calculating adjusted net income for the three and six months ended June 30, 2026 were each 26.5%, respectively, which are reflective of our GAAP tax rates for the six months ended June 30, 2026. The tax rates used in calculating adjusted net income for the three and six months ended June 30, 2025 were each 25.5%, respectively, which are reflective of our GAAP tax rates for the six months ended June 30, 2025.
Century Communities, Inc.
Reconciliation of Non-GAAP Financial Measures
(Unaudited)
Adjusted homebuilding gross margin excluding inventory impairment (if applicable), interest in cost of home sales revenues, and purchase price accounting for acquired work in process inventory (if applicable), is not a measurement of financial performance under GAAP; however, the Company's management believes that this information is meaningful as it isolates the impact that inventory impairment, indebtedness, and acquisitions have on homebuilding gross margin and permits the Company's stockholders to make better comparisons with the Company's competitors, who adjust gross margins in a similar fashion. This non-GAAP financial measure should not be used as a substitute for the Company's GAAP operating results. An analysis of any non-GAAP financial measure should be used in conjunction with results presented in accordance with GAAP.
and purchase price accounting for acquired work in process inventory
$
323,788
19.8
%
$
386,460
20.8
%
(1)
Beginning in the fourth quarter of 2025, inventory impairment was reclassified to be included in cost of home sales revenues in the Company's consolidated statements of operations rather than presented as a separate line item and prior year amounts have been reclassified to conform to this presentation.
Century Communities, Inc.
Reconciliation of Non-GAAP Financial Measures
(Unaudited)
EBITDA and Adjusted EBITDA
EBITDA and adjusted EBITDA are non-GAAP financial measures the Company uses as supplemental measures in evaluating operating performance. The Company defines EBITDA as net income before (i) income tax expense, (ii) interest in cost of home sales revenues, (iii) other interest expense (income), and (iv) depreciation and amortization expense. The Company defines adjusted EBITDA as EBITDA before inventory impairment, abandonment of lot option contracts, stock-based compensation expense, restructuring costs, loss on debt extinguishment, impairment on other investment, and purchase price accounting for acquired work in process inventory, in each case as applicable during a period. The Company believes EBITDA and adjusted EBITDA provide an indicator of general economic performance that is not affected by fluctuations in interest rates or effective tax rates, levels of depreciation or amortization, and other specified factors that management believes affect comparability. Accordingly, the Company's management believes that these measurements are useful for comparing general operating performance from period to period. EBITDA and adjusted EBITDA should be considered in addition to, and not as a substitute for, consolidated net income in accordance with GAAP as a measure of performance. The presentation of adjusted EBITDA should not be construed as an indication that the Company's future results will be unaffected by unusual or other specified factors that management believes affect comparability. Each of EBITDA and adjusted EBITDA is limited as an analytical tool, and should not be considered in isolation or as a substitute for analysis of the Company's results of operations as reported under GAAP.
(in thousands)
Three Months Ended June 30,
Six Months Ended June 30,
2026
2025
% Change
2026
2025
% Change
Net income
$
36,148
$
34,854
3.7
%
$
60,557
$
74,238
(18.4)
%
Income tax expense
12,920
12,229
5.7
%
21,842
25,363
(13.9)
%
Interest in cost of home sales revenues
16,342
14,204
15.1
%
29,512
26,989
9.3
%
Interest expense (income)
218
(1,229)
(117.7)
%
387
(431)
(189.8)
%
Depreciation and amortization expense
5,389
6,434
(16.2)
%
10,741
12,862
(16.5)
%
EBITDA
$
71,017
$
66,492
6.8
%
$
123,039
$
139,021
(11.5)
%
Inventory impairment
—
7,360
(100.0)
%
—
7,771
(100.0)
%
Abandonment of lot option contracts (1)
1,125
2,642
(57.4)
%
2,079
4,148
(49.9)
%
Stock-based compensation expense (2)
5,400
7,941
(32.0)
%
7,180
8,233
(12.8)
%
Restructuring costs
—
—
—
%
—
1,505
(100.0)
%
Purchase price accounting for acquired work in process inventory
613
2,041
(70.0)
%
1,301
3,933
(66.9)
%
Adjusted EBITDA
$
78,155
$
86,476
(9.6)
%
$
133,599
$
164,611
(18.8)
%
(1)
Beginning in the third quarter of 2025, the Company added "Abandonment of lot option contracts" as an adjustment in its non-GAAP adjusted EBITDA calculation. Accordingly, the corresponding prior period information has been recast to conform to the current presentation and calculation.
(2)
Beginning in the fourth quarter of 2025, the Company added "Stock-based compensation expense" as an adjustment in its non-GAAP adjusted EBITDA calculation. Accordingly, the corresponding prior period information has been recast to conform to the current presentation and calculation.
Century Communities, Inc.
Reconciliation of Non-GAAP Financial Measures
(Unaudited)
Ratio of Net Homebuilding Debt to Net Capital
The following table presents the Company's ratio of net homebuilding debt to net capital, which is a non-GAAP financial measure. The Company calculates this by dividing net homebuilding debt (homebuilding debt less cash and cash equivalents, and cash held in escrow) by net capital (net homebuilding debt plus total stockholders' equity). Homebuilding debt is total debt minus outstanding borrowings under construction loan agreement and mortgage repurchase facilities. The most directly comparable GAAP measure is the ratio of homebuilding debt to capital. The Company believes the ratio of net homebuilding debt to net capital is a relevant and useful financial measure to investors in understanding the leverage employed in its operations and as an indicator of the Company's ability to obtain external financing.
(in thousands)
June 30,
December 31,
2026
2025
Notes payable
$
1,121,745
$
1,102,376
Revolving line of credit
329,600
51,500
Construction loan agreements
(118,982)
(90,269)
Total homebuilding debt
1,332,363
1,063,607
Total stockholders' equity
2,565,751
2,591,732
Total capital
$
3,898,114
$
3,655,339
Homebuilding debt to capital
34.2 %
29.1 %
Total homebuilding debt
$
1,332,363
$
1,063,607
Cash and cash equivalents
(92,334)
(109,443)
Cash held in escrow
(39,709)
(48,571)
Net homebuilding debt
1,200,320
905,593
Total stockholders' equity
2,565,751
2,591,732
Net capital
$
3,766,071
$
3,497,325
Net homebuilding debt to net capital
31.9 %
25.9 %
Contact Information:
Tyler Langton, Senior Vice President of Investor Relations and Finance
303-268-8345
[email protected]
Raymond James Financial vykázala rekordní čtvrtletní tržby ve výši 3,93 miliardy USD a zisk 595 milionů USD, tedy 3,01 USD na akcii. Čistý přírůstek nových aktiv v domácí divizi Private Client Group dosáhl 21,7 miliardy USD.
ST. PETERSBURG, Fla., July 22, 2026 (GLOBE NEWSWIRE) --
Record quarterly net revenues of $3.93 billion, up 16% over the prior year’s fiscal third quarter and 2% over the preceding quarter Quarterly net income available to common shareholders of $595 million, or record $3.01 per diluted share, up 42% over the prior year’s fiscal third quarter and 11% over the preceding quarter; quarterly adjusted net income available to common shareholders of $620 million(1), or record $3.14 per diluted share(1)Domestic Private Client Group net new assets(2) of $21.7 billion for the fiscal third quarter, or annualized growth from beginning of quarter assets of 5.5%Record client assets under administration of $1.92 trillion, up 17% over June 2025 and 9% over March 2026Record quarter-end Private Client Group assets in fee-based accounts of $1.15 trillion, up 22% over June 2025 and 11% over March 2026Record net bank loans of $56.2 billion, up 13% over June 2025 and 3% over March 2026; Securities-based loans of $24.8 billion, up 34% over June 2025 and 8% over March 2026 Annualized return on common equity and annualized adjusted return on tangible common equity of 18.8% and 23.5%(1), respectively, for the fiscal third quarter Raymond James Financial, Inc. (NYSE: RJF) today reported net revenues of $3.93 billion and net income available to common shareholders of $595 million, or $3.01 per diluted share, for the fiscal third quarter ended June 30, 2026. Quarterly adjusted net income available to common shareholders, which excluded $25 million of acquisition-related expenses, net of tax, was $620 million(1), or $3.14 per diluted share(1).
“Results through the first nine months of the fiscal year were strong, with records set for net revenues, pre-tax income, net income and earnings per share, reflecting the continued execution of our long-term strategies and the strength of a culture built on putting people first and earning trust over generations,” said CEO Paul Shoukry. “Our consistent performance reflects our long-term approach, the resiliency of our diversified business model and the commitment of our associates and advisors to serving clients with integrity. These results were anchored by continued strength in the Private Client Group, where fee-based assets reached a quarter-end record of $1.15 trillion and annualized domestic PCG net new asset growth was 6.6% for the first nine months of the fiscal year. As we enter the fiscal fourth quarter, we do so with significant momentum, supported by historically strong business drivers, robust financial advisor recruiting and strong investment banking pipelines, as well as ample capital and liquidity to support continued growth.”
Record quarterly net revenues increased 16% over the prior year’s fiscal third quarter and 2% over the preceding quarter, largely driven by continued growth in asset management and related administrative fees which grew to approximately $2.1 billion. Quarterly pre-tax income increased 2% over the preceding quarter while net income available to common shareholders increased 10% largely due to a lower effective tax rate. For the fiscal third quarter, annualized return on common equity and annualized adjusted return on tangible common equity were 18.8% and 23.5%(1), respectively.
For the first nine months of the fiscal year, record net revenues of $11.5 billion increased 11%, record earnings per diluted share of $8.52 increased 16%, and record adjusted earnings per diluted share of $8.83(1) increased 17% over the first nine months of fiscal 2025. The Private Client Group and Asset Management segments generated record net revenues in the first nine months of fiscal 2026. The Asset Management and Bank segments produced record pre-tax income during the same period. Annualized return on common equity was 18.1% and annualized adjusted return on tangible common equity was 22.0%(1).
Segment Results
Private Client Group
Record quarterly net revenues of $2.84 billion, up 14% over the prior year’s fiscal third quarter and 1% over the preceding quarter Quarterly pre-tax income of $423 million, up 3% over the prior year’s fiscal third quarter and 2% over the preceding quarter Domestic Private Client Group net new assets(2) of $21.7 billion for the fiscal third quarter, or annualized growth from beginning of the quarter assets of 5.5% Record Private Client Group assets under administration of $1.86 trillion, up 18% over June 2025 and 9% over March 2026 Record quarter-end Private Client Group assets in fee-based accounts of $1.15 trillion, up 22% over June 2025 and 11% over March 2026 Total clients’ domestic cash sweep and Enhanced Savings Program balances of $58.8 billion, up 7% over June 2025 and 2% over March 2026 Record quarterly net revenues rose 14% year-over-year, primarily driven by higher asset management and related administrative fees, which grew 19% to $1.73 billion mainly due to market appreciation and net inflows into PCG fee-based accounts. Pre-tax income grew 3% over the year-ago quarter as the asset management fee revenue growth was partially offset by the impact of lower interest rates and investments in leading growth, including record recruiting results.
Capital Markets
Quarterly net revenues of $477 million, up 25% over the prior year’s fiscal third quarter and 3% over the preceding quarter Quarterly investment banking revenues of $285 million, up 40% over the prior year’s fiscal third quarter and 5% over the preceding quarter Quarterly pre-tax income of $48 million Quarterly net revenues increased 25% over the prior-year period, driven predominantly by higher M&A and advisory revenues and higher debt and equity underwriting revenues. Sequentially, quarterly net revenues grew 3%, largely due to higher M&A and advisory and debt underwriting revenues.
Asset Management
Record quarterly net revenues of $362 million, up 24% over the prior year’s fiscal third quarter and 11% over the preceding quarter Quarterly pre-tax income of $143 million, up 14% over the prior year’s fiscal third quarter and 4% over the preceding quarter Record financial assets under management of $345 billion, up 31% over June 2025 and 22% over March 2026, including $36 billion from the acquisition of Clark Capital(3) completed in the quarter Record quarterly net revenues increased 24% year-over-year, primarily driven by higher financial assets under management from market appreciation, net inflows into Private Client Group fee-based accounts, and the addition of Clark Capital(3).
Bank
Quarterly net revenues of $488 million, up 7% over the prior year’s fiscal third quarter and up slightly over the preceding quarter Record quarterly pre-tax income of $206 million, up 67% over the prior year’s fiscal third quarter and 24% over the preceding quarter Record net bank loans of $56.2 billion, up 13% over June 2025 and 3% over March 2026 Bank segment net interest income increased 7% over the prior year’s fiscal third quarter and approximated the preceding quarter Quarterly bank loan benefit for credit losses of $26 million Record net bank loans grew 13% over the prior year quarter, driven by continued growth in securities-based and residential mortgage loans, which rose by 34% and 13%, respectively. Net interest margin of 2.71% for the quarter was down 3 basis points compared to the prior year’s fiscal third quarter and 10 basis points compared to the preceding quarter. The credit quality of the loan portfolio remains strong.
Other Matters
The effective tax rate for the quarter was 20.7%, which reflects the favorable impact of nontaxable gains on our corporate-owned life insurance portfolio in the quarter.
During the fiscal third quarter, the firm repurchased $400 million of common stock at an average price of $152 per share. As of June 30, 2026, $1.1 billion remained available under the Board’s approved common stock repurchase authorization. At the end of the quarter, the total capital ratio was 22.5%(4) and the tier 1 leverage ratio was 11.7%(4), both well above regulatory requirements.
A conference call to discuss the results will take place today, Wednesday, July 22, at 5:00 p.m. ET. The live audio webcast, and the presentation which management will review on the call, will be available at www.raymondjames.com/investor-relations/financial-information/quarterly-earnings. An audio replay of the call will be available at the same location for 30 days. For a listen-only connection to the conference call, please dial: 888-330-3573 (conference code: 3778589).
Click here to view full earnings results, earnings supplement, and earnings presentation.
About Raymond James Financial, Inc.
Raymond James Financial, Inc. (NYSE: RJF) is a leading diversified financial services company providing private client group, capital markets, asset management, banking and other services to individuals, corporations and municipalities. Total client assets are $1.92 trillion. Public since 1983, the firm is listed on the New York Stock Exchange under the symbol RJF. Additional information is available at www.raymondjames.com.
Forward-Looking Statements
Certain statements made in this press release may constitute “forward-looking statements” under the Private Securities Litigation Reform Act of 1995. Forward-looking statements include information concerning future strategic objectives, business prospects, anticipated savings, financial results (including expenses, earnings, liquidity, cash flow and capital expenditures), industry or market conditions (including changes in interest rates and inflation), demand for and pricing of our products (including cash sweep and deposit offerings), anticipated timing and benefits of our acquisitions, including Clark Capital Management Group, Inc. (“Clark Capital”), and our level of success integrating acquired businesses, anticipated results of litigation, regulatory developments, and general economic conditions. In addition, future or conditional verbs such as “will,” “may,” “could,” “should,” and “would,” as well as any other statement that necessarily depends on future events, are intended to identify forward-looking statements. Forward-looking statements are not guarantees, and they involve risks, uncertainties and assumptions. Although we make such statements based on assumptions that we believe to be reasonable, there can be no assurance that actual results will not differ materially from those expressed in the forward-looking statements. We caution investors not to rely unduly on any forward-looking statements and urge you to carefully consider the risks described in our filings with the Securities and Exchange Commission (the “SEC”) from time to time, including our most recent Annual Report on Form 10-K, and subsequent Quarterly Reports on Form 10-Q and Current Reports on Form 8-K, which are available at www.raymondjames.com and the SEC’s website at www.sec.gov. We expressly disclaim any obligation to update any forward-looking statement in the event it later turns out to be inaccurate, whether as a result of new information, future events, or otherwise.
Mark Miller to Retire as Chief Executive Officer. Mark Jones, Jr. to Become President and Chief Executive Officer Effective January 1, 2027 July 22, 2026 16:05 ET | Source: Goosehead Insurance, Inc.
WESTLAKE, Texas, July 22, 2026 (GLOBE NEWSWIRE) -- Goosehead Insurance, Inc. ("Goosehead" or the "Company") (NASDAQ: GSHD), a rapidly growing, independent personal lines insurance agency, today announced that Mark Miller will retire as Chief Executive Officer effective December 31, 2026. Mark Jones, Jr., currently President and Chief Operating Officer, will succeed Mr. Miller as President and Chief Executive Officer effective January 1, 2027. Mr. Miller will continue to serve on Goosehead's Board of Directors.
Since joining Goosehead in 2022, Mr. Miller has led the Company through an important period of operational advancement, strengthening the executive leadership team, enhancing execution across the business, and helping position Goosehead for its next phase of growth.
"Mark Miller has been an exceptional leader and partner whose impact on Goosehead will extend well beyond his tenure as CEO," said Mark Jones, Co-Founder and Executive Chairman of Goosehead. "On behalf of our Board of Directors, I want to thank Mark for his leadership, integrity, and commitment to this company. We are equally confident that Mark Jones, Jr. is the right leader to guide Goosehead into its next chapter."
The leadership transition reflects the Company's long-term succession planning process. Mr. Jones, Jr. joined Goosehead in 2016 and has held executive leadership roles across finance and operations, most recently serving as President and Chief Operating Officer. Over the past decade, he has helped shape the Company's financial strategy, strengthen operational execution, and lead key strategic initiatives that support Goosehead's continued growth.
"It has been a privilege to serve as Goosehead's Chief Executive Officer," said Mark Miller. "I am incredibly proud of what our team has accomplished together and grateful for the opportunity to lead this remarkable company. I have complete confidence in Mark Jr., our leadership team, and Goosehead's future."
As President and Chief Executive Officer, Mr. Jones, Jr. will lead the continued execution of Goosehead's long-term strategy, with a focus on expanding the Company's technology platform, growing its distribution network, delivering exceptional client service, and creating long-term value for shareholders.
"Goosehead has an exceptional team, a differentiated business model, and tremendous opportunities ahead," said Mark Jones, Jr. "I look forward to building on the momentum we've created and continuing to execute our strategy for the benefit of our clients, partners, teammates, and shareholders."
About Goosehead
Goosehead (NASDAQ: GSHD) is a rapidly growing and innovative independent personal lines insurance agency that distributes its products and services through corporate and franchise locations throughout the United States. Goosehead was founded on the premise that the consumer should be at the center of our universe and that everything we do should be directed at providing extraordinary value by offering broad product choice and a world-class service experience. Goosehead represents over 200 insurance companies that underwrite personal and commercial lines. For more information, please visit goosehead.com or goosehead.com/become-a-franchisee.
Forward-Looking Statements
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements include, but are not limited to, expectations regarding the Company's leadership transition, strategic priorities, future growth, and business outlook. Forward-looking statements involve risks and uncertainties that could cause actual results to differ materially from those described in the Company's filings with the Securities and Exchange Commission. Goosehead undertakes no obligation to update any forward-looking statements except as required by law.
Contacts
Investor Contact:
Maddie Middleton
Senior Director of Investor Relations [email protected]
Goosehead Insurance oznámila za 2. čtvrtletí růst tržeb o 21 % na 113,4 mil. USD a čistého zisku na 17,0 mil. USD. Společnost zároveň zvýšila celoroční výhled organického růstu tržeb na 12 % až 19 %.
– Total Revenue Increased 21% and Core Revenue* Grew 10% over the Prior-Year Period –
– Total Written Premium increased 14% to $1.34 billion over the Prior-Year Period –
– Net Income of $17.0 million versus Net Income of $8.3 million a year ago –
– Adjusted EBITDA* up 30% over Prior-Year Period to $37.9 million –
– Policies in force growth accelerated to 15% from 14% in the Prior Quarter –
WESTLAKE, Texas, July 22, 2026 (GLOBE NEWSWIRE) -- Goosehead Insurance, Inc. (“Goosehead” or the “Company”) (NASDAQ: GSHD), a rapidly growing independent personal lines insurance agency, today announced results for the second quarter ended June 30, 2026.
Second Quarter 2026 Highlights
Total Revenues grew 21% over the prior-year period to $113.4 million in the second quarter of 2026Second quarter Core Revenues* of $95.6 million increased 10% over the prior-year periodSecond quarter net income of $17.0 million increased from net income of $8.3 million a year agoEPS of $0.42 per share increased 106% and Adjusted EPS* of $0.64 per share increased 32%, over the prior-year periodNet income margin for the second quarter was 15%Adjusted EBITDA* of $37.9 million increased 30% from $29.2 million in the prior-year periodAdjusted EBITDA Margin* increased 2 percentage points over the prior-year period to 33%Total written premiums placed for the second quarter increased 14% over the prior-year period to $1.34 billionPolicies in force grew 15% from the prior-year period to approximately 2.1 millionCorporate agent headcount of 583 increased 22% compared to the prior-year periodTotal franchise producers of 2,190 increased 5% from the prior-year period *Core Revenue, Adjusted EPS, Adjusted EBITDA, and Adjusted EBITDA Margin are non-GAAP measures. Reconciliations of Core Revenue to total revenues, Adjusted EPS to basic earnings per share and Adjusted EBITDA to net income, the most directly comparable financial measures presented in accordance with GAAP, are set forth in the reconciliation table accompanying this release.
“Today we are proud to announce our second quarter results which reflect accelerating momentum across our entire business,” said Mark Miller, CEO. “We delivered strong new business growth in every channel while improving client retention, accelerating premium and policy in force growth rates, and increasing productivity. Our distribution force is healthier than ever, our technology continues to evolve at a significant pace, and the product market is more favorable than it has been in years. We believe Goosehead is well-positioned for continued durable growth and profitability.”
Second Quarter 2026 Results
For the second quarter of 2026, total revenues were $113.4 million, an increase of 21% compared to the corresponding period in 2025. Core Revenues, a non-GAAP measure which excludes contingent commissions, initial franchise fees, interest income, and other franchise revenues, were $95.6 million, a 10% increase from $86.8 million in the prior-year period. Core Revenues are the most reliable revenue stream for the Company, consisting of New Business Commissions, Agency Fees, New Business Royalty Fees, Renewal Commissions, and Renewal Royalty Fees. Core Revenue growth was driven primarily by more policies in their renewal term, supported by an 86% Client Retention rate, and by more new policies placed, driven by growth in the number of Corporate and Franchise sales agents and improved Franchise productivity. This was partially offset by the prior-year recognition of $3.0 million of Renewal Commissions and $1.0 million of Renewal Royalty Fees tied to the release of a constraint on variable consideration for policies placed in earlier periods. The Company grew total written premiums, which we consider to be the leading indicator of future revenue growth, by 14% in the second quarter compared to the corresponding period in prior year.
Total operating expenses for the second quarter of 2026 were $86.8 million, up from $78.4 million in the prior-year period. Adjusted total operating expenses* for the second quarter of 2026 were $75.4 million, up 16% from $64.9 million in the prior-year period. Employee compensation and benefits increased to $54.3 million from $50.4 million in the prior-year period. Adjusted employee compensation and benefits* increased to $49.6 million from $44.4 million in the prior-year period. The increases were primarily due to investments in corporate producers and technology functions. Equity-based compensation decreased to $4.8 million for the period, compared to $6.0 million in the prior-year period. General and administrative expenses increased to $28.4 million from $24.6 million in the prior-year period. Adjusted general and administrative expenses*, increased to $25.4 million from $20.0 million primarily due to investments in technology and professional services to drive growth and continue to improve the client experience. Bad debt expense of $0.5 million decreased compared to the prior-year period.
Net income in the second quarter of 2026 was $17.0 million versus net income of $8.3 million in the prior-year period. Earnings per share and Net Income Margin for the second quarter of 2026 were $0.42 and 15%, respectively. Adjusted EPS* for the second quarter of 2026 was $0.64 per share. Total Adjusted EBITDA* was $37.9 million for the second quarter of 2026 compared to $29.2 million in the prior-year period. Adjusted EBITDA Margin* of 33% increased 2 percentage points in the quarter.
*Adjusted total operating expenses, adjusted employee compensation and benefits, adjusted general and administrative expenses, adjusted EPS, adjusted EBITDA, and adjusted EBITDA Margin are non-GAAP measures. For the definition and reconciliation of each non-GAAP measure, see “Reconciliation of Non-GAAP Measures to GAAP” below.
Liquidity and Capital Resources
As of June 30, 2026, the Company had cash and cash equivalents of $23.7 million. We have a line of credit of $75.0 million, of which $26.0 million was drawn as of June 30, 2026. Total outstanding notes payable was $323.0 million as of June 30, 2026. During the quarter ended June 30, 2026, the Company repurchased and retired 95 thousand shares at an average share price of $40.95. As of June 30, 2026, $144.6 million remained available under the share repurchase authorization.
2026 Outlook
We have increased our guidance for the full year 2026 as follows:
Total revenues are now expected to grow organically between 12% and 19%.Total written premiums are expected to grow between 12% and 20%. Conference Call Information
Goosehead will host a conference call and webcast today at 4:30 PM ET to discuss these results.
To access the call by phone, participants should go to this link (registration link), and you will be provided with the dial in details.
In addition, a live webcast of the conference call will also be available on Goosehead’s investor relations website at http://ir.gooseheadinsurance.com.
A webcast replay of the call will be available at http://ir.gooseheadinsurance.com for one year following the call.
About Goosehead
Goosehead (NASDAQ: GSHD) is a rapidly growing and innovative independent personal lines insurance agency that distributes its products and services through corporate and franchise locations throughout the United States. Goosehead was founded on the premise that the consumer should be at the center of our universe and that everything we do should be directed at providing extraordinary value by offering broad product choice and a world-class service experience. Goosehead represents over 200 insurance companies that underwrite personal and commercial lines. For more information, please visit goosehead.com or goosehead.com/become-a-franchisee.
Forward-Looking Statements
This press release may contain various “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995, which represent Goosehead’s expectations or beliefs concerning future events. Forward-looking statements are statements other than historical facts and may include statements that address future operating, financial or business performance or Goosehead’s strategies or expectations. In some cases, you can identify these statements by forward-looking words such as “may”, “might”, “will”, “should”, “expects”, “plans”, “anticipates”, “believes”, “estimates”, “predicts”, “projects”, “potential”, “outlook” or “continue”, or the negative of these terms or other comparable terminology. Forward-looking statements are based on management’s current expectations and beliefs and involve significant risks and uncertainties that could cause actual results, developments and business decisions to differ materially from those contemplated by these statements.
Factors that could cause actual results or performance to differ from the expectations expressed or implied in such forward-looking statements include, but are not limited to, conditions impacting insurance carriers or other parties with which Goosehead does business, the loss of one or more key executives or an inability to attract and retain qualified personnel and the failure to attract and retain highly qualified franchisees. These risks and uncertainties also include, but are not limited to, those described under the captions “1A. Risk Factors” in Goosehead’s Annual Report on Form 10-K for the year ended December 31, 2025 and in Goosehead’s other filings with the SEC, which are available free of charge on the Securities Exchange Commission's website at: www.sec.gov. Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those indicated. All forward-looking statements and all subsequent written and oral forward-looking statements attributable to Goosehead or to persons acting on behalf of Goosehead are expressly qualified in their entirety by reference to these risks and uncertainties. You should not place undue reliance on forward-looking statements. Forward-looking statements speak only as of the date they are made, and Goosehead does not undertake any obligation to update them in light of new information, future developments or otherwise, except as may be required under applicable law.
Goosehead Insurance, Inc.
Condensed Consolidated Statements of Operations
(Unaudited)
(In thousands, except per share amounts)
Three Months Ended
June 30, Six Months Ended
June 30, 2026 2025 2026 2025 Revenues: Commissions and agency fees $49,455 $38,076 $88,140 $67,499 Franchise revenues 63,839 55,772 118,113 101,744 Interest income 95 179 212 368 Total revenues 113,389 94,027 206,465 169,611 Operating Expenses: Employee compensation and benefits 54,328 50,388 104,855 98,722 General and administrative expenses 28,420 24,647 52,389 42,206 Bad debts 504 550 877 957 Depreciation and amortization 3,545 2,782 6,757 5,452 Total operating expenses 86,797 78,367 164,878 147,337 Income from operations 26,592 15,660 41,587 22,274 Other Income: Interest expense (5,714) (6,303) (11,186) (12,126)Other income 260 815 527 983 Income before taxes 21,138 10,172 30,928 11,131 Tax expense 4,124 1,889 5,869 202 Net Income 17,014 8,283 25,059 10,929 Less: net income attributable to noncontrolling interests 6,949 3,133 10,105 3,437 Net Income attributable to Goosehead Insurance, Inc. $10,065 $5,150 $14,954 $7,492 Earnings per share: Basic $0.42 $0.20 $0.62 $0.30 Diluted $0.41 $0.18 $0.60 $0.27 Weighted average shares of Class A common stock outstanding: Basic 23,718 25,216 23,992 25,005 Diluted 35,710 38,553 36,173 38,542 Goosehead Insurance, Inc.
Condensed Consolidated Statements of Operations
(Unaudited)
(In thousands, except per share amounts)
Three Months Ended
June 30, Six Months Ended
June 30, 2026 2025 2026 2025 Revenues: Core Revenue: Renewal Commissions(1) $21,034 $23,119 $39,196 $40,071 Renewal Royalty Fees(2) 52,507 45,381 96,101 82,625 New Business Commissions(1) 9,613 7,559 17,065 13,314 New Business Royalty Fees(2) 9,396 7,820 17,282 14,749 Agency Fees(1) 3,083 2,906 5,468 5,146 Total Core Revenue 95,633 86,785 175,112 155,905 Cost Recovery Revenue: Initial Franchise Fees(2) 1,360 1,247 2,969 2,589 Interest Income 95 179 212 368 Total Cost Recovery Revenue 1,455 1,426 3,181 2,957 Ancillary Revenue: Contingent Commissions(1) 15,725 4,492 26,411 8,968 Other Franchise Revenues(2) 576 1,324 1,761 1,781 Total Ancillary Revenue 16,301 5,816 28,172 10,749 Total Revenues 113,389 94,027 206,465 169,611 Adjusted Operating Expenses: Adjusted employee compensation and benefits 49,572 44,372 93,882 86,470 Adjusted general and administrative expenses 25,365 19,953 49,334 37,512 Bad debts 504 550 877 957 Adjusted Total Operating Expenses 75,441 64,875 144,093 124,939 Adjusted EBITDA 37,948 29,152 62,372 44,672 Adjusted EBITDA Margin 33% 31% 30% 26% Interest expense (5,714) (6,303) (11,186) (12,126)Depreciation and amortization (3,545) (2,782) (6,757) (5,452)Tax expense (4,124) (1,889) (5,869) (202)Equity-based compensation (4,756) (6,016) (10,973) (12,253)Impairment and other gains and losses — (4,694) — (4,694)Contract termination costs (3,055) — (3,055) — Other income 260 815 527 983 Net Income $17,014 $8,283 $25,059 $10,929 Net Income Margin 15% 9% 12% 6% (1) Renewal Commissions, New Business Commissions, Agency Fees, and Contingent Commissions are included in "Commissions and agency fees" as shown on the Condensed Consolidated Statements of Operations within Goosehead’s Form 10-Q.
(2) Renewal Royalty Fees, New Business Royalty Fees, Initial Franchise Fees, and Other Franchise Revenues are included in "Franchise revenues" as shown on the Condensed Consolidated Statements of Operations within Goosehead’s Form 10-Q.
Goosehead Insurance, Inc.
Condensed Consolidated Balance Sheets
(Unaudited)
(In thousands, except par value amounts)
June 30, December 31, 2026 2025 Assets Current Assets: Cash and cash equivalents $23,655 $34,390 Restricted cash 3,830 3,547 Commissions and agency fees receivable, net 24,726 36,613 Receivable from franchisees, net 18,531 11,141 Prepaid expenses 14,616 7,552 Total current assets 85,358 93,243 Receivable from franchisees, net of current portion 1,650 2,936 Property and equipment, net of accumulated depreciation 21,766 21,549 Right-of-use asset 31,264 34,087 Intangible assets, net of accumulated amortization 48,364 39,700 Deferred income taxes, net 209,795 216,371 Other assets 8,645 6,978 Total assets $406,842 $414,864 Liabilities and Stockholders’ Equity Current Liabilities: Accounts payable and accrued expenses $30,115 $33,629 Premiums payable 3,830 3,547 Lease liability 9,305 8,666 Contract liabilities 2,790 3,241 Note payable 2,993 2,993 Liabilities under tax receivable agreement 6,237 6,237 Total current liabilities 55,270 58,313 Lease liability, net of current portion 46,160 51,168 Note payable, net of current portion 314,379 289,461 Contract liabilities, net of current portion 11,289 13,025 Liabilities under tax receivable agreement, net of current portion 168,275 165,685 Total liabilities 595,373 577,652 Class A common stock, $0.01 par value per share - 300,000 shares authorized, 23,803 shares issued and outstanding as of June 30, 2026, 24,653 shares issued and outstanding as of December 31, 2025 238 247 Class B common stock, $0.01 par value per share - 50,000 shares authorized, 11,713 issued and outstanding as of June 30, 2026, 11,935 shares issued and outstanding as of December 31, 2025 117 119 Additional paid in capital 5,645 37,486 Accumulated deficit (118,402) (133,356)Total stockholders' equity (112,402) (95,504)Noncontrolling interests (76,129) (67,284)Total equity (188,531) (162,788)Total liabilities and equity $406,842 $414,864 Goosehead Insurance, Inc.
Reconciliation of Non-GAAP Measures to GAAP
This release includes certain financial performance measures that are not required by, nor presented in accordance with, generally accepted accounting principles in the United States (“GAAP”). The Company refers to these measures as “non-GAAP financial measures.” The Company uses these non-GAAP financial measures when planning, monitoring and evaluating its performance and considers these non-GAAP financial measures to be useful metrics for management and investors to facilitate operating performance comparisons from period to period by excluding potential differences caused by variations in capital structures, tax position, depreciation, amortization and certain other items that the Company believes are not representative of its core business. The Company uses these non-GAAP financial measures for business planning purposes and in measuring its performance relative to that of its competitors.
These non-GAAP financial measures are defined by the Company as follows:
"Core Revenue" is a supplemental measure of our performance and includes Renewal Commissions, Renewal Royalty Fees, New Business Commissions, New Business Royalty Fees, and Agency Fees. We believe that Core Revenue is an appropriate measure of operating performance because it summarizes all of our revenues from sales of individual insurance policies."Cost Recovery Revenue" is a supplemental measure of our performance and includes Initial Franchise Fees and Interest Income. We believe that Cost Recovery Revenue is an appropriate measure of operating performance because it summarizes revenues that are viewed by management as cost recovery mechanisms."Ancillary Revenue" is a supplemental measure of our performance and includes Contingent Commissions and Other Franchise Revenues. We believe that Ancillary Revenue is an appropriate measure of operating performance because it summarizes revenues that are ancillary to our core business."Adjusted EBITDA" is a supplemental measure of the Company's performance. We believe that Adjusted EBITDA is an appropriate measure of operating performance because it eliminates the impact of items that do not relate to business performance. Adjusted EBITDA is defined as net income (the most directly comparable GAAP measure) before interest, income taxes, depreciation and amortization, adjusted to exclude equity-based compensation, impairment and other gains and losses, contract termination costs, and other non-operating items, including, among other things, certain non-cash charges and certain non-recurring or non-operating gains or losses."Adjusted EBITDA Margin" is Adjusted EBITDA as defined above, divided by total revenue. Adjusted EBITDA Margin is helpful in measuring profitability of operations on a consolidated level."Adjusted EPS" is a supplemental measure of our performance, defined as earnings per share (the most directly comparable GAAP measure) before non-recurring or non-operating income and expenses. Adjusted EPS is a useful measure to management and our investors because it eliminates the impact of items that do not relate to business performance and helps measure our profitability on a consolidated level.“Adjusted total operating expenses” is defined as Total operating expenses (the most directly comparable GAAP measure) before equity-based compensation, depreciation and amortization, impairment and other gains and losses, and contract termination costs. This measure is useful to management and our investors as it eliminates the impact of certain non-cash and non-recurring charges.“Adjusted employee compensation and benefits” is defined as Employee compensation and benefits (the most directly comparable GAAP measure) before equity-based compensation. This measure is useful to management and our investors as it eliminates the impact of certain non-cash compensation charges.“Adjusted general and administrative expenses” is defined as general and administrative expenses (the most directly comparable GAAP measure) before impairment and other gains and losses and contract termination costs. This measure is useful to management and our investors as it eliminates the impact of certain non-cash and non-recurring charges. While the Company believes that these non-GAAP financial measures are useful in evaluating its business, this information should be considered as supplemental in nature and is not meant as a substitute for revenues, net income, or earnings per share, in each case as recognized in accordance with GAAP. In addition, other companies, including companies in the Company’s industry, may calculate such measures differently, which reduces their usefulness as comparative measures.
The following tables show a reconciliation from total revenues to Core Revenue, Cost Recovery Revenue, and Ancillary Revenue (non-GAAP basis) for the three and six months ended June 30, 2026 and 2025 (in thousands):
Three Months Ended
June 30, Six Months Ended
June 30, 2026 2025 2026 2025Total Revenues$113,389 $94,027 $206,465 $169,611 Core Revenue: Renewal Commissions(1)$21,034 $23,119 $39,196 $40,071Renewal Royalty Fees(2) 52,507 45,381 96,101 82,625New Business Commissions(1) 9,613 7,559 17,065 13,314New Business Royalty Fees(2) 9,396 7,820 17,282 14,749Agency Fees(1) 3,083 2,906 5,468 5,146Total Core Revenue 95,633 86,785 175,112 155,905Cost Recovery Revenue: Initial Franchise Fees(2) 1,360 1,247 2,969 2,589Interest Income 95 179 212 368Total Cost Recovery Revenue 1,455 1,426 3,181 2,957Ancillary Revenue: Contingent Commissions(1) 15,725 4,492 26,411 8,968Other Franchise Revenues(2) 576 1,324 1,761 1,781Total Ancillary Revenue 16,301 5,816 28,172 10,749Total Revenues$113,389 $94,027 $206,465 $169,611 (1) Renewal Commissions, New Business Commissions, Agency Fees, and Contingent Commissions are included in "Commissions and agency fees" as shown on the Condensed Consolidated Statements of Operations.
(2) Renewal Royalty Fees, New Business Royalty Fees, Initial Franchise Fees, and Other Franchise Revenues are included in "Franchise revenues" as shown on the Condensed Consolidated Statements of Operations.
The following tables show a reconciliation from net income to Adjusted EBITDA and Adjusted EBITDA Margin (non-GAAP basis) for the three and six months ended June 30, 2026 and 2025 (in thousands):
Three Months Ended
June 30, Six Months Ended
June 30, 2026 2025 2026 2025 Net Income $17,014 $8,283 $25,059 $10,929 Interest expense 5,714 6,303 11,186 12,126 Depreciation and amortization 3,545 2,782 6,757 5,452 Tax expense 4,124 1,889 5,869 202 Equity-based compensation 4,756 6,016 10,973 12,253 Impairment and other gains and losses — 4,694 — 4,694 Contract termination costs 3,055 — 3,055 — Other income (260) (815) (527) (983)Adjusted EBITDA $37,948 $29,152 $62,372 $44,672 Net Income Margin(1) 15% 9% 12% 6%Adjusted EBITDA Margin(2) 33% 31% 30% 26% (1) Net Income Margin is calculated as Net Income divided by Total Revenue: ($17,014/$113,389) and ($8,283/$94,027) for the three months ended June 30, 2026 and 2025, respectively. Net Income Margin is calculated as Net Income divided by Total Revenue ($25,059/$206,465) and ($10,929/$169,611) for the six months ended June 30, 2026 and 2025, respectively.
(2) Adjusted EBITDA Margin is calculated as Adjusted EBITDA divided by Total Revenue: ($37,948/$113,389), and ($29,152/$94,027) for the three months ended June 30, 2026 and 2025, respectively. Adjusted EBITDA Margin is calculated as Adjusted EBITDA divided by Total Revenue ($62,372/$206,465), and ($44,672/$169,611) for the six months ended June 30, 2026 and 2025, respectively.
The following tables show a reconciliation from basic earnings per share to Adjusted EPS (non-GAAP basis) for the three and six months ended June 30, 2026 and 2025:
Three Months Ended
June 30, Six Months Ended
June 30, 2026 2025 2026 2025Earnings per share - basic (GAAP) $0.42 $0.20 $0.62 $0.30Add: equity-based compensation(1) 0.13 0.16 0.31 0.33Add: impairment and other gains and losses(2) — 0.13 — 0.13Add: contract termination costs(3) 0.09 — 0.09 —Adjusted EPS (non-GAAP) $0.64 $0.49 $1.02 $0.76 (1) Calculated as equity-based compensation divided by sum of weighted average Class A and Class B shares: [$4.8 million/(23.7 million + 11.8 million)] and [$6.0 million/ (25.2 million + 12.3 million)] for the three months ended June 30, 2026 and 2025, respectively. Calculated as equity-based compensation divided by sum of weighted average Class A and Class B shares: [$11.0 million/ (24.0 million + 11.9 million)] and [$12.3 million/(25.0 million + 12.5 million)] for the six months ended June 30, 2026 and 2025, respectively.
(2) Calculated as impairment and other gains and losses divided by sum of weighted average Class A and Class B shares [$4.7 million/(25.2 million + 12.3 million)] for the three months ended June 30, 2025 and [$4.7 million/(25.0 million + 12.5 million)] for the six months ended June 30, 2025. No impairment and other gains and losses were recorded for the three and six months ended June 30, 2026.
(3) Calculated as contract termination costs divided by sum of weighted average Class A and Class B shares [$3.1 million/(23.7 million + 11.8 million)] for the three months ended June 30, 2026 and [$3.1 million/(24.0 million + 11.9 million)] for the six months ended June 30, 2026. No contract termination costs were recorded for the three and six months ended June 30, 2025.
The following table shows a reconciliation of total operating expenses to adjusted total operating expenses (non-GAAP basis) for the three and six months ended June 30, 2026 and 2025 (in thousands):
Three Months Ended
June 30, Six Months Ended
June 30, 2026 2025 2026 2025 Total operating expenses $86,797 $78,367 $164,878 $147,337 Less: Depreciation and amortization (3,545) (2,782) (6,757) (5,452)Less: Equity-based compensation (4,756) (6,016) (10,973) (12,253)Less: Impairment and other gains and losses — (4,694) — (4,694)Less: Contract termination costs (3,055) — (3,055) — Adjusted total operating expenses $75,441 $64,875 $144,093 $124,938 The following table shows a reconciliation of employee compensation and benefits to adjusted employee compensation and benefits (non-GAAP basis) for the three and six months ended June 30, 2026 and 2025 (in thousands):
Three Months Ended
June 30, Six Months Ended
June 30, 2026 2025 2026 2025 Employee compensation and benefits $54,328 $50,388 $104,855 $98,722 Less: Equity-based compensation (4,756) (6,016) (10,973) (12,253)Adjusted employee compensation and benefits $49,572 $44,372 $93,882 $86,469 The following table shows a reconciliation of general and administrative expenses to adjusted general and administrative expenses (non-GAAP basis) for the three and six months ended June 30, 2026 and 2025 (in thousands):
Three Months Ended
June 30, Six Months Ended
June 30, 2026 2025 2026 2025 General and administrative expenses $28,420 $24,647 $52,389 $42,206 Less: Impairment and other gains and losses — (4,694) — (4,694)Less: Contract termination costs (3,055) — (3,055) — Adjusted general and administrative expenses $25,365 $19,953 $49,334 $37,512 Goosehead Insurance, Inc.
Key Performance Indicators
June 30, 2026 December 31, 2025 June 30, 2025Corporate sales agents < 1 year tenured 323 261 282 Corporate sales agents > 1 year tenured 260 228 197 Operating franchises < 1 year tenured 69 87 95 Operating franchises > 1 year tenured 829 922 980 Franchise Producers < 1 Year 607 545 532 Franchise Producers > 1 Year 1,583 1,568 1,553 Total Franchise Producers 2,190 2,113 2,085 QTD Corporate Agent Productivity < 1 Year (1) $18,936 $13,728 $18,612 QTD Corporate Agent Productivity > 1 Year (1) $27,907 $22,735 $30,709 QTD Franchise Productivity < 1 Year (2) $30,253 $16,101 $17,837 QTD Franchise Productivity > 1 Year (2) $48,042 $34,413 $36,287 Policies in Force (in thousands) 2,053 1,900 1,793 Client Retention 86% 85% 84%Premium Retention 88% 90% 95%QTD Written Premium (in thousands) $1,335,338 $1,090,130 $1,175,909 Customer Satisfaction Score (CSAT) (3) 4.1 — — (1) - Corporate Productivity is New Business Production per Agent (Corporate): The New Business Revenue collected related to corporate sales, divided by the average number of full-time corporate sales agents for the same period. This calculation excludes interns, part-time sales agents and partial full-time equivalent sales managers.
(2) - Franchise Productivity is New Business Production per Agency: The gross commissions paid by Carriers and Agency Fees received related to policies in their first term sold by franchise sales agents, prior to paying Royalty Fees to the Company, divided by the average number of franchises for the same period.
(3) CSAT: Customer Satisfaction Score; the average of all client responses to a single survey question asking clients to rate their most recent interaction with us on a scale of 1 to 5, where 5 is most satisfied and 1 is least satisfied. The current period reflects all responses from October 1, 2025 through the end of the current period. It will be presented on a trailing twelve-month basis beginning with the period ending September 30, 2026.
Home BancShares zvýšila čtvrtletní hotovostní dividendu na 0,23 USD na akcii, což je o 9,5 % více než v předchozím čtvrtletí. Výplata proběhne 2. září 2026 pro akcionáře z rozhodného dne 12. srpna 2026.
July 22, 2026 17:15 ET | Source: Home BancShares, Inc.
CONWAY, Ark., July 22, 2026 (GLOBE NEWSWIRE) -- Home BancShares, Inc. (NYSE: HOMB), parent company of Centennial Bank, today announced that its Board of Directors has declared a regular $0.23 per share quarterly cash dividend payable September 2, 2026, to shareholders of record August 12, 2026. This cash dividend represents a $0.02, or 9.5%, increase over the $0.21 cash dividend paid during the second quarter of 2026 and a $0.03, or 15.0%, increase over the $0.20 cash dividend paid during the third quarter of 2025.
"A strong capital foundation is one of the key advantages of our franchise and provides us with the flexibility to invest in the future of the Company while rewarding our shareholders. Our consistent peer-leading profitability and performance metrics have enabled us to build capital, support growth, and return value to shareholders. This dividend increase reflects our confidence in the long-term earnings power of Home BancShares and our continued commitment to delivering value to those who have invested in our success," said John Allison, Chairman.
Home BancShares, Inc. is a bank holding company, headquartered in Conway, Arkansas. Its wholly-owned subsidiary, Centennial Bank, provides a broad range of commercial and retail banking plus related financial services to businesses, real estate developers, investors, individuals and municipalities. Centennial Bank has branch locations in Arkansas, Florida, Texas, Tennessee, South Alabama and New York City. The Company’s common stock is traded through the New York Stock Exchange under the symbol “HOMB.”
FOR MORE INFORMATION CONTACT:
Donna Townsell
Senior Executive Vice President &
Director of Investor Relations
(501) 328-4625
ELS ve 2. čtvrtletí zvýšil zisk na akcii na 0,50 USD z 0,42 USD a FFO na 0,77 USD z 0,69 USD. Zároveň potvrdil celoroční výhled Normalized FFO v rozmezí 3,13 až 3,23 USD na akcii.
, /PRNewswire/ -- Equity LifeStyle Properties, Inc. (NYSE: ELS) (referred to herein as "we," "us," and "our") today announced results for the quarter and six months ended June 30, 2026. All per share results are reported on a fully diluted basis unless otherwise noted.
FINANCIAL RESULTS
($ in millions, except per share data)
Quarters Ended June 30,
2026
2025
$ Change
% Change (1)
Net Income per Common Share
$ 0.50
$ 0.42
$ 0.08
19.1 %
Funds from Operations ("FFO") per Common Share and OP Unit
$ 0.77
$ 0.69
$ 0.08
11.7 %
Normalized Funds from Operations ("Normalized FFO") per Common Share and OP Unit
$ 0.74
$ 0.69
$ 0.05
7.7 %
Six Months Ended June 30,
2026
2025
$ Change
% Change (1)
Net Income per Common Share
$ 1.05
$ 0.99
$ 0.06
6.6 %
FFO per Common Share and OP Unit
$ 1.60
$ 1.52
$ 0.08
5.1 %
Normalized FFO per Common Share and OP Unit
$ 1.58
$ 1.52
$ 0.06
3.6 %
_____________________
1.
Calculations prepared using actual results without rounding.
Operations Update
Normalized FFO per Common Share and OP Unit for the quarter ended June 30, 2026 was $0.74, representing a 7.7% increase compared to the same period in 2025, performing above the midpoint of our previous guidance range of $0.69 to $0.75. Core Portfolio operations for the quarter ended June 30, 2026 generated 6.5% growth in income from property operations, excluding property management. These results reflect outperformance of our guidance for Core property operating revenues, Core property operating expenses, excluding property management, and Core income from property operations, excluding property management. Normalized FFO for the six months ended June 30, 2026 was $1.58 per Common Share and OP Unit, representing a 3.6% increase compared to the same period in 2025. For the six months ended June 30, 2026, Core property operating revenues increased 4.3%, Core property operating expenses, excluding property management, increased 2.3% and Core income from property operations, excluding property management, increased 5.7%, each as compared to the same period in 2025.
MH
Core MH base rental income for the quarter ended June 30, 2026 increased 5.8% compared to the same period in 2025. Occupied sites increased by 13 sites and new and used home sales totaled 235 during the quarter ended June 30, 2026. Core MH base rental income for the six months ended June 30, 2026 increased 5.7% compared to the same period in 2025. Occupied sites increased by 67 sites and new and used home sales totaled 463 during the six months ended June 30, 2026.
RV and Marina
Core RV and marina base rental income for the quarter ended June 30, 2026 increased 1.8% compared to the same period in 2025. Core RV and marina annual base rental income increased 5.4% for the quarter ended June 30, 2026 compared to the same period in 2025. Core RV and marina base rental income for the six months ended June 30, 2026 increased 0.1% compared to the same period in 2025. Core RV and marina annual base rental income increased 4.8% for the six months ended June 30, 2026 compared to the same period in 2025.
Property Operating Expenses
Core property operating expenses, excluding property management, for the quarter ended June 30, 2026 increased 2.9% compared to the same period in 2025. For the six months ended June 30, 2026, Core property operating expenses, excluding property management, increased 2.3% compared to the same period in 2025.
Guidance Update
Third quarter and full year 2026 guidance presented below represent management's estimate of a range of possible outcomes. The midpoint of the ranges reflect management's estimate of the most likely outcome based on our current view of existing market conditions and assumptions. Actual results could vary materially from management's estimate if any of our assumptions are incorrect. See Forward-Looking Statements in this press release for factors impacting our 2026 guidance assumptions. See Non-GAAP Financial Measures Definitions and Reconciliations at the end of the Supplemental Financial Information for additional information.
Income from property operations, excluding property management
5.7 %
6.0 %
______________________
1.
Core RV and marina annual base rental income represents approximately 73.2% and 75.4% of third quarter 2026 and full year 2026 RV and marina base rental income guidance, respectively. Core RV and marina annual base rental income third quarter 2026 growth rate range is 4.6% to 5.2% and the full year 2026 growth rate range is 4.3% to 5.3%. Our guidance provided on April 21, 2026 factored in a Core RV and marina annual base rental income growth rate range of 4.2% to 5.2% for full year 2026.
2.
Prior guidance issued on April 21, 2026.
About Equity LifeStyle Properties
We are a self-administered, self-managed real estate investment trust ("REIT") with headquarters in Chicago. As of June 30, 2026, we own or have an interest in 453 properties in 35 states and British Columbia consisting of 173,559 sites.
For additional information, please contact our Investor Relations Department at (800) 247-5279 or at [email protected].
Conference Call
A live audio webcast of our conference call discussing these results will take place tomorrow, Thursday, July 23, 2026, at 11:00 a.m. Central Time. Please visit the Investor Relations section at www.equitylifestyleproperties.com for the link. A replay of the webcast will be available for two weeks at this site.
Forward-Looking Statements
In addition to historical information, this press release includes certain "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. When used, words such as "anticipate," "expect," "believe," "project," "estimate," "guidance," "intend," "may be" and "will be" and similar words or phrases, or the negative thereof, unless the context requires otherwise, are intended to identify forward-looking statements and may include, without limitation, information regarding our expectations, goals or intentions regarding the future, and the expected effect of our acquisitions. Forward-looking statements, including our guidance concerning Net Income, FFO and Normalized FFO per share data, and certain growth rates, by their nature, involve estimates, projections, goals, forecasts and assumptions and are subject to risks and uncertainties that could cause actual results or outcomes to differ materially from those expressed in a forward-looking statement due to a number of factors, which include, but are not limited to the following: (i) the mix of site usage within the portfolio; (ii) yield management on our short-term resort and marina sites; (iii) scheduled or implemented rate increases on community, resort and marina sites; (iv) scheduled or implemented rate increases in annual payments under membership subscriptions; (v) occupancy changes; (vi) our ability to attract and retain membership customers; (vii) change in customer demand regarding travel and outdoor vacation destinations; (viii) our ability to manage expenses in an inflationary environment, including the impact of changes in tariffs, as well as costs associated with supply chain disruptions; (ix) changes in debt service and interest rates; (x) our ability to integrate and operate recent acquisitions in accordance with our estimates; (xi) our ability to execute expansion/development opportunities in the face of changes impacting the supply chain or labor markets; (xii) completion of pending transactions in their entirety and on assumed schedule; (xiii) our ability to attract and retain property employees, particularly seasonal employees; (xiv) ongoing legal matters and related fees; (xv) costs to clean up and restore property operations and potential revenue losses following storms or other unplanned events; and (xvi) the potential impact of material weaknesses, if any, in our internal control over financial reporting. For further information on these and other factors that could impact us and the statements contained herein, refer to our filings with the Securities and Exchange Commission, including the "Risk Factors" and "Forward-Looking Statements" sections in our most recent Annual Report on Form 10-K and any subsequent Quarterly Reports on Form 10-Q. These forward-looking statements are based on management's present expectations and beliefs about future events. As with any projection or forecast, these statements are inherently susceptible to uncertainty and changes in circumstances. We are under no obligation to, and expressly disclaim any obligation to, update or alter our forward-looking statements whether as a result of such changes, new information, subsequent events or otherwise.
Supplemental Financial Information
Financial Highlights (1)(2)
(In millions, except Common Shares and OP Units outstanding and per share and ratio data, unaudited)
As of and for the Quarters Ended
June 30,
2026
Mar 31,
2026
Dec 31,
2025
Sep 30,
2025
June 30,
2025
Operating Information
Total revenues
$ 397.8
$ 397.6
$ 373.9
$ 393.3
$ 376.9
Consolidated net income
$ 99.5
$ 111.5
$ 103.8
$ 100.4
$ 83.5
Net income available for Common Stockholders
$ 96.3
$ 107.9
$ 100.5
$ 97.1
$ 79.7
Adjusted EBITDAre
$ 182.6
$ 201.1
$ 189.6
$ 183.3
$ 170.0
FFO available for Common Stock and OP Unit holders
$ 154.5
$ 166.1
$ 156.7
$ 154.1
$ 138.3
Normalized FFO available for Common Stock and OP Unit holders
$ 148.3
$ 167.3
$ 157.6
$ 150.5
$ 137.7
Funds Available for Distribution ("FAD") for Common Stock and OP Unit holders
$ 121.6
$ 149.1
$ 131.7
$ 124.2
$ 115.2
Common Shares and OP Units Outstanding (In thousands) and Per Share Data
Common Shares and OP Units, end of the period
200,405
200,377
200,284
200,278
200,272
Weighted average Common Shares and OP Units outstanding - Fully Diluted
200,209
200,176
200,162
200,126
200,095
Net Income per Common Share - Fully Diluted (3)
$ 0.50
$ 0.56
$ 0.52
$ 0.50
$ 0.42
FFO per Common Share and OP Unit - Fully Diluted
$ 0.77
$ 0.83
$ 0.78
$ 0.77
$ 0.69
Normalized FFO per Common Share and OP Unit - Fully Diluted
$ 0.74
$ 0.84
$ 0.79
$ 0.75
$ 0.69
Dividends per Common Share
$ 0.5425
$ 0.5425
$ 0.5150
$ 0.5150
$ 0.5150
Balance Sheet
Total assets
$ 5,801
$ 5,749
$ 5,745
$ 5,747
$ 5,721
Total liabilities
$ 3,984
$ 3,928
$ 3,931
$ 3,935
$ 3,908
Market Capitalization
Total debt (4)
$ 3,336
$ 3,314
$ 3,346
$ 3,302
$ 3,273
Total market capitalization (5)
$ 16,252
$ 15,822
$ 15,485
$ 15,459
$ 15,624
Ratios
Total debt / total market capitalization
20.5 %
20.9 %
21.6 %
21.4 %
20.9 %
Total debt / Adjusted EBITDAre (6)
4.4
4.5
4.5
4.5
4.5
Interest coverage (7)
5.6
5.6
5.7
5.8
5.6
Fixed charges (8)
5.6
5.6
5.7
5.7
5.5
____________________
1.
See Non-GAAP Financial Measures Definitions and Reconciliations at the end of the Supplemental Financial Information for definitions of fixed charges, FFO, Normalized FFO, FAD, Income from property operations excluding property management, EBITDAre, Adjusted EBITDAre, and a reconciliation of Consolidated net income to Income from property operations.
2.
See page 6 for a reconciliation of Net income available for Common Stockholders to Non-GAAP financial measures FFO available for Common Stock and OP Unit holders, Normalized FFO available for Common Stock and OP Unit holders and FAD for Common Stock and OP Unit holders.
3.
Net Income per Common Share - Fully Diluted is calculated before Income allocated to non-controlling interest - Common OP Units.
4.
Excludes Deferred financing costs, net of approximately $22.5 million as of June 30, 2026.
5.
See page 14 for the calculation of market capitalization as of June 30, 2026.
6.
Calculated using trailing twelve months Adjusted EBITDAre.
7.
Calculated by dividing trailing twelve months Adjusted EBITDAre by the interest expense incurred during the same period.
8.
Calculated by dividing trailing twelve months Adjusted EBITDAre by the sum of fixed charges and preferred stock dividends, if any, during the same period.
Consolidated Balance Sheets
(In thousands, except share and per share data)
June 30, 2026
December 31, 2025
(unaudited)
Assets
Investment in real estate:
Land
$ 2,104,661
$ 2,088,174
Land improvements
4,927,773
4,784,223
Buildings and other depreciable property
1,380,544
1,306,317
8,412,978
8,178,714
Accumulated depreciation
(2,941,941)
(2,838,344)
Net investment in real estate (1)
5,471,037
5,340,370
Cash and restricted cash
35,629
26,132
Notes receivable, net (1)
31,003
93,358
Investment in unconsolidated joint ventures (1)
40,304
85,041
Deferred commission expense
57,374
58,149
Other assets, net
165,328
142,343
Total Assets
$ 5,800,675
$ 5,745,393
Liabilities and Equity
Liabilities:
Mortgage notes payable, net
$ 2,747,378
$ 2,779,158
Term loans, net
437,863
437,455
Unsecured line of credit
127,500
105,000
Accounts payable and other liabilities
182,135
152,536
Deferred membership revenue
217,419
221,498
Accrued interest payable
10,889
11,333
Rents and other customer payments received in advance and security deposits
152,166
120,441
Distributions payable
108,720
103,146
Total Liabilities
3,984,070
3,930,567
Equity:
Preferred stock, $0.01 par value, 10,000,000 shares authorized as of June 30, 2026 and December 31, 2025; none issued and outstanding
—
—
Common stock, $0.01 par value, 600,000,000 shares authorized as of June 30, 2026 and December 31, 2025; 193,972,195 and 193,835,561 shares issued and outstanding as of June 30, 2026 and December 31, 2025, respectively
1,988
1,988
Paid-in capital
1,984,545
1,981,540
Distributions in excess of accumulated earnings
(231,263)
(225,045)
Accumulated other comprehensive income/(loss)
2,900
(2,208)
Total Stockholders' Equity
1,758,170
1,756,275
Non-controlling interests – Common OP Units
58,435
58,551
Total Equity
1,816,605
1,814,826
Total Liabilities and Equity
$ 5,800,675
$ 5,745,393
______________________
1.
On April 30, 2026, we acquired the remaining 20% ownership interests in certain RVC joint ventures for cash consideration of $4.4 million, which resulted in the consolidation of seven RV properties and one land parcel. As of June 30, 2026, the impact of consolidation resulted in an increase of $102.9 million in Net investment in real estate and decreases of $56.1 million in Notes receivable, net and $42.5 million in Investment in unconsolidated joint ventures, as compared to December 31, 2025.
Consolidated Statements of Income
(In thousands, unaudited)
Quarters Ended
Six Months Ended
June 30,
June 30,
2026
2025
2026
2025
Revenues:
Rental income
$ 330,430
$ 313,287
$ 669,476
$ 640,493
Annual membership subscriptions
18,819
16,902
37,118
33,244
Membership upgrade revenue
3,120
3,120
6,240
6,172
Other income
15,252
16,473
29,348
32,028
Gross revenues from home sales, brokered resales and ancillary services
22,805
22,798
41,901
43,721
Interest income
1,580
2,202
3,771
4,440
Income from other investments, net
5,809
2,084
7,583
4,102
Total revenues
397,815
376,866
795,437
764,200
Expenses:
Property operating and maintenance
132,267
127,845
253,307
246,411
Real estate taxes
21,826
21,845
43,926
43,488
Membership sales and marketing
4,551
4,062
8,388
7,993
Property management
21,845
20,723
40,516
41,153
Depreciation and amortization
53,637
52,649
106,773
103,591
Cost of home sales, brokered resales and ancillary services
16,903
16,476
30,503
30,168
Home selling expenses and ancillary operating expenses
7,618
6,988
14,441
13,156
General and administrative (1)
11,872
10,455
22,973
19,694
Casualty-related charges/(recoveries), net (2)
(7,094)
(541)
(7,026)
(324)
Other expenses
1,209
(59)
2,442
1,819
Interest and related amortization
33,824
32,200
67,469
63,336
Total expenses
298,458
292,643
583,712
570,485
Income before other items
99,357
84,223
211,725
193,715
Gain/(Loss) on sale of real estate and impairment, net
(507)
(683)
(507)
(683)
Equity in income/(loss) of unconsolidated joint ventures
668
(47)
(209)
4,854
Consolidated net income
99,518
83,493
211,009
197,886
Income allocated to non-controlling interests – Common OP Units
(3,194)
(3,777)
(6,781)
(8,978)
Redeemable perpetual preferred stock dividends
(8)
(8)
(8)
(8)
Net income available for Common Stockholders
$ 96,316
$ 79,708
$ 204,220
$ 188,900
______________________
1.
Includes $0.9 million and $2.0 million related to non-operating legal expenses during the quarter and six months ended June 30, 2026, respectively.
2.
Casualty-related charges/(recoveries), net for the quarter and six months ended June 30, 2026 includes insurance recovery revenue of $7.1 million for reimbursement of capital expenditures.
Non-GAAP Financial Measures
This document contains certain Non-GAAP measures used by management that we believe are helpful to understand our business. We believe investors should review these Non-GAAP measures along with GAAP net income and cash flows from operating activities, investing activities and financing activities, when evaluating an equity REIT's operating performance. Our definitions and calculations of these Non-GAAP financial and operating measures and other terms may differ from the definitions and methodologies used by other REITs and, accordingly, may not be comparable. These Non-GAAP financial and operating measures do not represent cash generated from operating activities in accordance with GAAP, nor do they represent cash available to pay distributions and should not be considered as an alternative to net income, determined in accordance with GAAP, as an indication of our financial performance, or to cash flows from operating activities, determined in accordance with GAAP, as a measure of our liquidity, nor are they indicative of funds available to fund our cash needs, including our ability to make cash distributions. For definitions and reconciliations of Non-GAAP measures to our financial statements as prepared under GAAP, refer to both Reconciliation of Net Income to Non-GAAP Financial Measures on page 6 and Non-GAAP Financial Measures Definitions and Reconciliations on pages 16-19.
Selected Non-GAAP Financial Measures (1)
(In millions, except per share data, unaudited)
Quarter Ended
June 30, 2026
Income from property operations, excluding property management - Core Portfolio (2)
$ 206.1
Income from property operations, excluding property management - Non-Core Portfolio (2)
2.9
Property management and general and administrative
(32.9)
Other income and expenses
6.0
Interest and related amortization
(33.8)
Normalized FFO available for Common Stock and OP Unit holders (3)
$ 148.3
Other items (4)
(0.9)
Insurance proceeds due to catastrophic weather events, net
7.1
FFO available for Common Stock and OP Unit holders (3)
$ 154.5
FFO per Common Share and OP Unit
$ 0.77
Normalized FFO per Common Share and OP Unit
$ 0.74
Normalized FFO available for Common Stock and OP Unit holders
$ 148.3
Non-revenue producing improvements to real estate
(26.7)
FAD for Common Stock and OP Unit holders (3)
$ 121.6
Weighted average Common Shares and OP Units - Fully Diluted
200.2
______________________
1.
See page 6 for a reconciliation of Net income available for Common Stockholders to FFO available for Common Stock and OP Unit holders, Normalized FFO available for Common Stock and OP Unit holders and FAD for Common Stock and OP Unit holders.
2.
See pages 8-9 for details of the Core Portfolio Income from Property Operations, excluding property management. See page 10 for details of the Non-Core Portfolio Income from Property Operations, excluding property management.
3.
Amounts may not foot due to rounding.
4.
Represents expenses of $0.9 million related to non-operating legal expenses during the quarter ended June 30, 2026.
Reconciliation of Net Income to Non-GAAP Financial Measures
(In thousands, except per share data, unaudited)
Quarters Ended
Six Months Ended
June 30,
June 30,
2026
2025
2026
2025
Net income available for Common Stockholders
$ 96,316
$ 79,708
$ 204,220
$ 188,900
Income allocated to non-controlling interests – Common OP Units
3,194
3,777
6,781
8,978
Depreciation and amortization
53,637
52,649
106,773
103,591
Depreciation on unconsolidated joint ventures
890
1,466
2,367
2,797
(Gain)/Loss on sale of real estate and impairment, net
507
683
507
683
FFO available for Common Stock and OP Unit holders
154,544
138,283
320,648
304,949
Insurance proceeds due to catastrophic weather events, net
(7,078)
(593)
(7,011)
(593)
Other items (1)
860
—
1,985
—
Normalized FFO available for Common Stock and OP Unit holders
148,326
137,690
315,622
304,356
Non-revenue producing improvements to real estate
(26,726)
(22,460)
(44,880)
(38,598)
FAD for Common Stock and OP Unit holders
$ 121,600
$ 115,230
$ 270,742
$ 265,758
Net Income per Common Share - Basic
$ 0.50
$ 0.42
$ 1.05
$ 0.99
Net Income per Common Share - Fully Diluted (2)
$ 0.50
$ 0.42
$ 1.05
$ 0.99
FFO per Common Share and OP Unit - Basic
$ 0.77
$ 0.69
$ 1.60
$ 1.52
FFO per Common Share and OP Unit - Fully Diluted
$ 0.77
$ 0.69
$ 1.60
$ 1.52
Normalized FFO per Common Share and OP Unit - Basic
$ 0.74
$ 0.69
$ 1.58
$ 1.52
Normalized FFO per Common Share and OP Unit - Fully Diluted
$ 0.74
$ 0.69
$ 1.58
$ 1.52
Weighted average Common Shares outstanding - Basic
193,727
190,992
193,702
190,958
Weighted average Common Shares and OP Units outstanding - Basic
200,164
200,060
200,144
200,044
Weighted average Common Shares and OP Units outstanding - Fully Diluted
200,209
200,095
200,193
200,084
____________________
1.
Represents expenses of $0.9 million and $2.0 million related to non-operating legal expenses during the quarter ended and six months ended June 30, 2026, respectively.
2.
Net Income per Common Share - Fully Diluted is calculated before Income allocated to non-controlling interest - Common OP Units.
Income from Property Operations - Total Portfolio (1)
Income from property operations, excluding property management
$ 209.0
$ 196.0
$ 436.6
$ 414.0
RV and marina base rental income:
Annual
$ 84.5
$ 79.8
$ 166.8
$ 158.2
Seasonal
6.9
7.7
32.2
36.3
Transient
19.1
18.6
32.7
33.2
Total RV and marina base rental income
$ 110.5
$ 106.1
$ 231.7
$ 227.7
______________________
1.
Excludes property management expenses.
2.
MH base rental income, Rental home income, RV and marina base rental income and Utility income, net of bad debt expense, are presented in Rental income in the Consolidated Statements of Income on page 3. Bad debt expense is presented in Insurance and other in this table.
3.
Includes approximately $2.2 million and $4.0 million of business interruption income from Hurricane Ian during the quarter and six months ended June 30, 2025, respectively.
Income from Property Operations - Core Portfolio (1)
Income from property operations, excluding property management
$ 2.9
$ 5.9
______________________
1.
Excludes property management expenses.
2.
Includes bad debt expense for the periods presented.
Home Sales and Rental Home Operations
(In thousands, except home sale volumes and occupied rentals, unaudited)
Home Sales - Select Data
Quarters Ended
Six Months Ended
June 30,
June 30,
2026
2025
2026
2025
Total new home sales volume
98
117
185
234
New home sales gross revenues
$ 9,028
$ 9,444
$ 16,736
$ 18,873
Total used home sales volume
137
85
279
142
Used home sales gross revenues
$ 698
$ 761
$ 1,526
$ 1,535
Brokered home resales volume
143
126
256
224
Brokered home resales gross revenues
$ 558
$ 454
$ 939
$ 850
Rental Homes - Select Data
Quarters Ended
Six Months Ended
June 30,
June 30,
2026
2025
2026
2025
Rental operations revenues (1)
$ 9,921
$ 8,749
$ 19,641
$ 17,143
Rental home operations expense (2)
1,420
1,300
2,767
2,446
Depreciation on rental homes (3)
2,799
2,878
5,441
5,123
Occupied rentals: (4)
New
1,962
1,816
Used
184
189
Total occupied rental sites
2,146
2,005
As of June 30, 2026
As of June 30, 2025
Cost basis in rental homes: (5)
Gross
Net of
Depreciation
Gross
Net of
Depreciation
New
$ 281,885
$ 237,937
$ 227,739
$ 188,686
Used
16,464
13,408
10,010
6,513
Total rental homes
$ 298,349
$ 251,345
$ 237,749
$ 195,199
______________________
1.
For the quarters ended June 30, 2026 and 2025, approximately $6.0 million and $5.2 million, respectively, of the rental operations revenue is included in the MH base rental income in the Income from Property Operations - Core Portfolio on pages 8-9. The remainder of the rental operations revenue for the quarters ended June 30, 2026 and 2025 is included in Rental home income in the Income from Property Operations - Core Portfolio on pages 8-9.
2.
Rental home operations expense is included in Rental home operating and maintenance in the Income from Property Operations - Total Portfolio on page 7. Rental home operations expense is included in Rental home operating and maintenance in the Income from Property Operations - Core Portfolio on pages 8-9.
3.
Depreciation on rental homes in our Core Portfolio is presented in Depreciation and amortization in the Consolidated Statements of Income on page 3.
4.
Includes occupied rental sites as of the end of the period in our Core Portfolio.
5.
Includes both occupied and unoccupied rental homes in our Core Portfolio.
Total Sites
(Unaudited)
Summary of Total Sites as of June 30, 2026
Sites (1)
MH sites (2)
75,900
RV sites:
Annual (2)
34,300
Seasonal
9,800
Transient (2)
20,700
Marina slips
6,900
Membership (3)
26,000
Total
173,600
______________________
1.
MH sites are generally leased on an annual basis to residents who own or lease factory-built homes, including manufactured homes. Annual RV and marina sites are leased on an annual basis to customers who generally have an RV, factory-built cottage, boat or other unit placed on the site, including those Northern properties that are open for the summer season. Seasonal RV and marina sites are leased to customers generally for one to six months. Transient RV and marina sites are sites without an annual or seasonal reservation and are available to be leased to customers on a short-term basis.
2.
MH, Annual RV and Transient RV sites include approximately 2,100, 200 and 300 joint venture sites, respectively.
3.
Sites primarily utilized by approximately 107,900 members. Includes approximately 6,000 sites rented on an annual basis.
Membership Campgrounds - Select Data
Years Ended December 31,
Six Months
Ended June 30,
Campground and Membership Revenue (1)
($ in thousands, unaudited)
2022
2023
2024
2025
2026
Annual membership subscriptions
$ 63,215
$ 65,379
$ 65,883
$ 69,266
$ 37,118
Annual RV base rental income
$ 25,945
$ 27,842
$ 29,282
$ 30,546
$ 16,079
Seasonal/Transient RV base rental income
$ 24,316
$ 20,996
$ 21,338
$ 19,959
$ 7,930
Membership upgrade revenue
$ 12,958
$ 14,719
$ 16,433
$ 12,412
$ 6,240
Utility and other income
$ 2,626
$ 2,544
$ 2,360
$ 2,390
$ 1,019
Membership Count
Total Memberships (2)
128,439
121,002
113,553
108,731
107,857
Paid Membership Origination
23,237
20,758
19,539
17,150
8,768
Promotional Membership Origination
28,178
25,232
23,552
23,002
10,838
Membership Upgrade Volume (3)
4,068
3,858
4,086
5,945
2,587
Campground Metrics
Membership Campground Count
82
82
82
82
82
Membership Campground RV Site Count
25,800
26,000
26,000
26,000
26,000
Annual Site Count (4)
6,390
6,154
5,902
6,014
6,017
______________________
1.
Membership upgrade product offerings include two- to four-year term subscription products with increased annual dues. The revenue associated with these subscription products is recognized as Annual membership subscriptions.
2.
Members who have entered into annual subscriptions with us that entitle them to use certain properties on a continuous basis for up to 21 days.
3.
Upgraded memberships provide enhanced benefits, including but not limited to longer stays, the ability to make earlier reservations, potential discounts on rental units, and potential access to additional properties.
4.
Sites that have been rented by members for an entire year.
Market Capitalization
(In millions, except share and OP Unit data, unaudited)
Capital Structure as of June 30, 2026
Total
Common
Shares/Units
% of Total
Common
Shares/Units
Total
% of Total
% of Total
Market
Capitalization
Secured Debt
$ 2,768
83.0 %
Unsecured Debt
568
17.0 %
Total Debt (1)
$ 3,336
100.0 %
20.5 %
Common Shares
193,972,195
96.8 %
OP Units
6,433,299
3.2 %
Total Common Shares and OP Units
200,405,494
100.0 %
Common Stock price at June 30, 2026
$ 64.45
Fair Value of Common Shares and OP Units
$ 12,916
100.0 %
Total Equity
$ 12,916
100.0 %
79.5 %
Total Market Capitalization
$ 16,252
100.0 %
______________________
1.
Excludes Deferred financing costs, net of approximately $22.5 million.
Debt Maturity Schedule
Debt Maturity Schedule as of June 30, 2026
(In thousands, unaudited)
Year
Outstanding
Debt
Weighted
Average
Interest Rate
% of Total
Debt
Weighted
Average
Years to
Maturity
Secured Debt
2026
—
— %
— %
—
2027
—
— %
— %
—
2028
187,577
4.19 %
5.62 %
2.2
2029
270,228
4.92 %
8.10 %
3.2
2030
275,385
2.69 %
8.26 %
3.7
2031
228,619
2.45 %
6.85 %
4.9
2032
202,000
2.47 %
6.06 %
6.2
2033
339,710
4.83 %
10.19 %
7.3
2034
198,956
3.44 %
5.97 %
7.9
2035
184,870
2.64 %
5.54 %
9.2
Thereafter
880,414
4.21 %
26.39 %
12.6
Total
$ 2,767,759
3.77 %
82.98 %
7.8
Unsecured Term Loans
2026
—
— %
— %
—
2027
200,000
4.88 %
6.00 %
0.6
2028
—
— %
— %
—
2029
—
— %
— %
—
2030
240,000
4.74 %
7.20 %
3.9
Thereafter
—
— %
— %
—
Total
$ 440,000
4.81 %
13.20 %
2.4
Total Secured and Unsecured
$ 3,207,759
3.91 %
96.18 %
7.0
Line of Credit Borrowing (1)
127,500
4.97 %
3.82 %
—
Deferred financing costs, net
(22,518)
Total Debt, Net
$ 3,312,741
4.12% (2)
100.00 %
_____________________
1.
The floating interest rate on the line of credit is SOFR plus 0.10% plus 1.25% to 1.65%. During the quarter ended June 30, 2026, the effective interest rate on the line of credit borrowings was 4.97%.
2.
Reflects effective interest rate for the quarter ended June 30, 2026, including interest associated with the line of credit and amortization of deferred financing costs.
Non-GAAP Financial Measures Definitions and Reconciliations
The following Non-GAAP financial measures definitions do not include adjustments in respect to membership upgrade revenue: (i) FFO; (ii) Normalized FFO; (iii) EBITDAre; (iv) Adjusted EBITDAre; (v) Property operating revenues; (vi) Property operating expenses, excluding property management; and (vii) Income from property operations, excluding property management.
FUNDS FROM OPERATIONS (FFO). We define FFO as net income, computed in accordance with GAAP, excluding gains or losses from sales of properties, depreciation and amortization related to real estate, impairment charges and adjustments to reflect our share of FFO of unconsolidated joint ventures. Adjustments for unconsolidated joint ventures are calculated to reflect FFO on the same basis. We compute FFO in accordance with our interpretation of standards established by the National Association of Real Estate Investment Trusts ("NAREIT"), which may not be comparable to FFO reported by other REITs that do not define the term in accordance with the current NAREIT definition or that interpret the current NAREIT definition differently than we do.
We believe FFO, as defined by the Board of Governors of NAREIT, is generally a measure of performance for an equity REIT. While FFO is a relevant and widely used measure of operating performance for equity REITs, it does not represent cash flow from operations or net income as defined by GAAP, and it should not be considered as an alternative to these indicators in evaluating liquidity or operating performance.
NORMALIZED FUNDS FROM OPERATIONS (NORMALIZED FFO). We define Normalized FFO as FFO excluding non-operating income and expense items, such as gains and losses from early debt extinguishment, including prepayment penalties, defeasance costs, transaction/pursuit costs and other, and other miscellaneous non-comparable items. Normalized FFO presented herein is not necessarily comparable to Normalized FFO presented by other real estate companies due to the fact that not all real estate companies use the same methodology for computing this amount.
FUNDS AVAILABLE FOR DISTRIBUTION (FAD). We define FAD as Normalized FFO less non-revenue producing capital expenditures.
We believe that FFO, Normalized FFO and FAD are helpful to investors as supplemental measures of the performance of an equity REIT. We believe that by excluding the effect of gains or losses from sales of properties, depreciation and amortization related to real estate and impairment charges, which are based on historical costs and may be of limited relevance in evaluating current performance, FFO can facilitate comparisons of operating performance between periods and among other equity REITs. We further believe that Normalized FFO provides useful information to investors, analysts and our management because it allows them to compare our operating performance to the operating performance of other real estate companies and between periods on a consistent basis without having to account for differences not related to our normal operations. For example, we believe that excluding the early extinguishment of debt and other miscellaneous non-comparable items from FFO allows investors, analysts and our management to assess the sustainability of operating performance in future periods because these costs do not affect the future operations of the properties. In some cases, we provide information about identified non-cash components of FFO and Normalized FFO because it allows investors, analysts and our management to assess the impact of those items.
INCOME FROM PROPERTY OPERATIONS, EXCLUDING PROPERTY MANAGEMENT. We define Income from property operations, excluding property management as rental income, membership subscriptions and upgrade sales, utility and other income less property and rental home operating and maintenance expenses, real estate taxes, membership sales and marketing expenses, excluding property management expenses. Property management represents the expenses associated with indirect costs such as off-site payroll and certain administrative and professional expenses. We believe exclusion of property management expenses is helpful to investors and analysts as a measure of the operating results of our properties, excluding items that are not directly related to the operation of the properties. For comparative purposes, we present bad debt expense within Insurance and other in the current and prior periods. We believe that this Non-GAAP financial measure is helpful to investors and analysts as a measure of the operating results of our properties.
The following table reconciles Net income available for Common Stockholders to Income from property operations:
Quarters Ended
Six Months Ended
June 30,
June 30,
(amounts in thousands)
2026
2025
2026
2025
Net income available for Common Stockholders
$ 96,316
$ 79,708
$ 204,220
$ 188,900
Redeemable perpetual preferred stock dividends
8
8
8
8
Income allocated to non-controlling interests – Common OP Units
3,194
3,777
6,781
8,978
Consolidated net income
99,518
83,493
211,009
197,886
Equity in (income)/loss of unconsolidated joint ventures
(668)
47
209
(4,854)
(Gain)/Loss on sale of real estate and impairment, net
507
683
507
683
Gross revenues from home sales, brokered resales and ancillary services
(22,805)
(22,798)
(41,901)
(43,721)
Interest income
(1,580)
(2,202)
(3,771)
(4,440)
Income from other investments, net
(5,809)
(2,084)
(7,583)
(4,102)
Property management
21,845
20,723
40,516
41,153
Depreciation and amortization
53,637
52,649
106,773
103,591
Cost of home sales, brokered resales and ancillary services
16,903
16,476
30,503
30,168
Home selling expenses and ancillary operating expenses
7,618
6,988
14,441
13,156
General and administrative (1)
11,872
10,455
22,973
19,694
Casualty-related charges/(recoveries), net (2)
(7,094)
(541)
(7,026)
(324)
Other expenses
1,209
(59)
2,442
1,819
Interest and related amortization
33,824
32,200
67,469
63,336
Income from property operations, excluding property management
208,977
196,030
436,561
414,045
Property management
(21,845)
(20,723)
(40,516)
(41,153)
Income from property operations
$ 187,132
$ 175,307
$ 396,045
$ 372,892
EARNINGS BEFORE INTEREST, TAX, DEPRECIATION AND AMORTIZATION FOR REAL ESTATE (EBITDAre) AND ADJUSTED EBITDAre. We define EBITDAre as net income or loss excluding interest income and expense, income taxes, depreciation and amortization, gains or losses from sales of properties, impairment charges, and adjustments to reflect our share of EBITDAre of unconsolidated joint ventures. We compute EBITDAre in accordance with our interpretation of the standards established by NAREIT, which may not be comparable to EBITDAre reported by other REITs that do not define the term in accordance with the current NAREIT definition or that interpret the current NAREIT definition differently than we do.
We define Adjusted EBITDAre as EBITDAre excluding non-operating income and expense items, such as gains and losses from early debt extinguishment, including prepayment penalties and defeasance costs, transaction/pursuit costs and other, and other miscellaneous non-comparable items.
We believe that EBITDAre and Adjusted EBITDAre may be useful to an investor in evaluating our operating performance and liquidity because the measures are widely used to measure the operating performance of an equity REIT.
______________________
1.
Includes $0.9 million and $2.0 million related to non-operating legal expenses during the quarter and six months ended June 30, 2026, respectively.
2.
Casualty-related charges/(recoveries), net for the quarter and six months ended June 30, 2026 includes insurance recovery revenue of $7.1 million for reimbursement of capital expenditures.
The following table reconciles Consolidated net income to EBITDAre and Adjusted EBITDAre:
Quarters Ended
Six Months Ended
June 30,
June 30,
(amounts in thousands)
2026
2025
2026
2025
Consolidated net income
$ 99,518
$ 83,493
$ 211,009
$ 197,886
Interest income
(1,580)
(2,202)
(3,771)
(4,440)
Real estate depreciation and amortization
53,637
52,649
106,773
103,591
Other depreciation and amortization
1,138
1,220
2,321
2,454
Interest and related amortization
33,824
32,200
67,469
63,336
(Gain)/Loss on sale of real estate and impairment, net
507
683
507
683
Adjustments to our share of EBITDAre of unconsolidated joint ventures
1,736
2,501
4,429
4,608
EBITDAre
188,780
170,544
388,737
368,118
Other items (1)
860
—
1,985
—
Insurance proceeds due to catastrophic weather events, net
(7,078)
(593)
(7,011)
(593)
Adjusted EBITDAre
$ 182,562
$ 169,951
$ 383,711
$ 367,525
CORE PORTFOLIO or CORE. The Core properties include properties we owned and operated during all of 2025 and 2026. We believe Core is a measure that is useful to investors for annual comparison as it removes the fluctuations associated with acquisitions, dispositions and significant transactions or unique situations.
NON-CORE PORTFOLIO or NON-CORE. The Non-Core properties in 2026 include properties that were not owned and operated during all of 2025 and 2026, including six properties in Florida impacted by Hurricane Ian, two properties in California that were impacted by storm and flooding events and seven acquired RVC properties. The 2026 guidance reflects Non-Core properties in 2026, which includes properties not owned and operated during all of 2025 and 2026.
NON-REVENUE PRODUCING IMPROVEMENTS. Represents capital expenditures that do not directly result in increased revenue or expense savings and are primarily comprised of common area improvements, furniture and mechanical improvements.
FIXED CHARGES. Fixed charges consist of interest expense, amortization of note premiums and debt issuance costs. The fixed charges ratio is calculated by dividing the trailing twelve months Adjusted EBITDAre by the sum of fixed charges and preferred stock dividends, if any, during the same period.
______________________
1.
Represents expenses of $0.9 million and $2.0 million related to non-operating legal expenses during the quarter ended and six months ended June 30, 2026, respectively.
FORWARD-LOOKING NON-GAAP MEASURES. The following table reconciles Net Income per Common Share - Fully Diluted guidance to FFO per Common Share and OP Unit - Fully Diluted guidance and Normalized FFO per Common Share and OP Unit - Fully diluted guidance:
(Unaudited)
Third Quarter
2026
Full Year
2026
Net Income per Common Share - Fully Diluted
$0.48 to $0.54
$2.05 to $2.15
Depreciation and amortization
0.28
1.10
Gain on sale of real estate and impairment, net
—
—
FFO per Common Share and OP Unit - Fully Diluted (1)
$0.76 to $0.82
$3.15 to $3.25
Other
—
(0.03)
Normalized FFO per Common Share and OP Unit - Fully Diluted (1)
$0.76 to $0.82
$3.13 to $3.23
______________________
1.
Amounts may not foot due to rounding.
This press release includes certain forward-looking information, including Core and Non-Core Income from property operations, excluding property management, that is not presented in accordance with GAAP. In reliance on the exception in Item 10(e)(1)(i)(B) of Regulation S-K, we do not provide a quantitative reconciliation of such forward-looking information to the most directly comparable financial measure calculated and presented in accordance with GAAP, where we are unable to provide a meaningful or accurate calculation or estimation of reconciling items and the information is not available without unreasonable effort. This includes, for example, (i) scheduled or implemented rate increases on community, resort and marina sites; (ii) scheduled or implemented rate increases in annual payments under membership subscriptions; (iii) occupancy changes; (iv) costs to restore property operations and potential revenue losses following storms or other unplanned events; and (v) other nonrecurring/unplanned income or expense items, which may not be within our control, may vary between periods and cannot be reasonably predicted. These unavailable reconciling items could significantly impact our future financial results.
Generální ředitel Domino's Pizza Russell J. Weiner prodal 10 850 akcií za 3,6 milionu USD v rámci předem naplánovaného plánu 10b5-1. Po transakci drží 47 161 akcií.
Russell J. Weiner, Chief Executive Officer of Domino's Pizza, Inc. (DPZ -2.00%), reported a sale of 10,850 shares of common stock on July 17, 2026, according to an SEC Form 4 filing.
Transaction summaryMetricValueTransaction value$3.6 millionShares sold10,850Post-transaction shares (total)47,161Post-transaction shares (directly held)43,828Post-transaction shares (indirectly held)3,333Post-transaction value$15.2 millionTransaction value based on SEC Form 4 weighted average sale price ($330.83); post-transaction value based on July 17, 2026, market close ($322.18).
Key questionsWhat was the structural nature of this disposition?
Russell J. Weiner employed an exercise-and-sell strategy, converting 10,850 options with a strike price of $136.89 into common stock, then immediately liquidating the shares at $330.83. This method allows executives to realize gains from equity compensation without an initial cash outlay for the exercise price.How is the insider's remaining equity distributed?
Following the transaction, the Chief Executive Officer retains 43,828 shares in direct ownership. Indirect exposure is maintained through 1,120 shares held by the Russell Weiner Trust Agreement U/A DTD 09/03/2003 and 2,213 shares held by the Russell J. Weiner 2023 Grantor Trust, totaling a $15.2 million stake.What governed the timing and execution of this trade?
The transaction was non-discretionary at the time of execution, as it was governed by a Rule 10b5-1 trading plan established on March 13, 2025, more than a year prior. This structural insulation means the trade was pre-scheduled regardless of the -31% one-year return for the stock as of the July 17, 2026, transaction date.What is the company's current financial profile relative to this activity?
Domino's Pizza continues to operate as a major global pizza purveyor with trailing twelve-month revenue of $5.0 billion and net income of $596.5 million. As of July 20, 2026, market close, the company had a market capitalization of $10.9 billion, with insiders collectively holding a 0.14% ownership stake.Company OverviewMetricValueShare Price (as of market close 2026-07-20)$328.97Market Capitalization$10.9 billionRevenue (TTM)$5.0 billionNet Income (TTM)$596.5 millionCompany SnapshotDomino's Pizza operates as a leading international and domestic pizza purveyor, generating revenue through the sale of Domino‘s-branded pizzas and complementary menu items, including oven-baked sandwiches, distributed across a vast network of corporate-owned and franchised outlets.The company operates through three distinct business segments—U.S. Stores, International Franchise, and Supply Chain—leveraging a franchise-based model that generates revenue from both direct store operations and royalties and fees from independent franchisees.Domino's serves consumers seeking convenient, value-oriented pizza delivery and carryout, with a primary customer base spanning residential and commercial markets across North America and internationally.Domino's Pizza has a market capitalization of $10.9 billion, TTM revenue of $5.0 billion, and net income of $596.5 million, positioning it as a significant player in the global quick-service restaurant sector. The company's franchise-centric operating model provides scalability and recurring revenue streams while minimizing capital intensity. Domino's competitive advantages include its established brand recognition, extensive distribution network spanning both domestic and international markets, and operational efficiency driven by technology-enabled ordering and delivery systems.
What this transaction means for investorsSince this transaction is part of a pre-planned, exercise-and-sell compensation strategy for Domino’s and its CEO, investors shouldn’t worry too much about it. We shouldn’t take this sale to heart too much in relation to DPZ stock or its recent performance.
From a Foolish perspective on Domino’s stock, I believe it is time for investors to start paying close attention to the steady-Eddie compounder. After completely reinventing its pizza in 2009, Domino’s went on to generate annualized total returns of 26% since -- even after the stock’s 34% pullback over the last year. While sales growth has slowed -- and the market may be sneaking up on saturation with over 22,500 locations globally -- the recent drawdown has Domino’s trading at a valuation it hasn’t seen since 2013.
Currently trading at just 17 times free cash flow (FCF), Domino’s would need to compound FCF by 5% annually over the long haul to live up to this discounted valuation, according to a reverse discounted cash flow calculation, which isn’t outrageous. Furthermore, the company has grown its dividend payments by 12% annually over the last decade, but these payments still use only 37% of Domino’s FCF, leaving ample room for further increases, and the 2.3% yield should be very secure. It may not be the most exciting investment right now, but Domino’s could be an excellent dividend-paying cornerstone for investors seeking more stability than many of today’s most popular AI or data center stocks offer.
Josh Kohn-Lindquist has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends Domino's Pizza. The Motley Fool has a disclosure policy.
Brookfield koupí Aypa Power od Blackstone za zhruba 7 miliard USD v hodnotě podniku. Aypa je největší samostatný vývojář bateriového úložiště v Severní Americe.
Aypa has approximately 6.5 GW of operating & contracted capacity and a >20 GW development pipeline
Acquisition provides a scale entry point into the North American battery energy storage market
Enhances our ability to provide integrated energy solutions to our customers
NEW YORK, July 22, 2026 (GLOBE NEWSWIRE) -- Brookfield today announced that it has entered into an agreement to acquire Aypa Power ("Aypa") from funds managed by Blackstone Energy Transition Partners (“Blackstone”) for approximately $7 billion enterprise value at closing, or an equity value of $3 billion. Aypa is the largest standalone battery storage developer in North America, with a highly contracted and diversified portfolio across attractive power markets in the United States and Canada.
Under the terms of the agreement, Brookfield will acquire Aypa's operating, under-construction and contracted project portfolio, together with its development platform and approximately 200-person team. The transaction provides Brookfield with a leading presence in the North American battery energy storage systems ("BESS") market, and will help Aypa deliver on its next phase of growth, supported by Brookfield's differentiated operating and development competencies, procurement, commercial and capital markets capabilities.
Brookfield is pursuing the investment through the second vintage of its flagship global transition strategy, alongside its institutional partners including Brookfield Renewable Partners (“Brookfield Renewable”).
Investment Highlights
Leading North American battery storage platform: Aypa is the largest standalone battery energy storage platform in North America, comprised of approximately 6.5 GW of operating, under-construction and contracted battery storage capacity, complemented by a >20 GW development pipeline. Its assets are strategically located in transmission and capacity-constrained regions experiencing favorable market dynamics. Highly contracted, resilient cash flows: Aypa’s operating and under-construction portfolio is 95% contracted under long-term agreements with investment-grade customers for an average remaining contract life of 17 years, providing strong cash flow visibility. Differentiated development platform: The platform has market-leading siting, transmission analytics, procurement and contracting capabilities, which contribute to strong development execution and project-level economics. Accelerating growth and expanding capabilities: Brookfield will partner with Aypa to accelerate the development of its pipeline by leveraging its operating and development expertise, access to capital, and global supplier and commercial relationships. Together, Brookfield and Aypa are well positioned to meet growing demand for reliable, flexible power by delivering integrated energy solutions to utilities, corporations and other large power customers. Jehangir Vevaina, Chief Investment Officer in Brookfield’s Energy group, said: “We are excited to partner with Aypa to deliver on the company’s scale growth pipeline. Battery storage is increasingly critical to the reliability and resilience of today’s energy systems, and bringing together this leading platform with Brookfield’s broad capabilities across technologies and geographies further strengthens our ability to deliver integrated energy solutions to the world’s largest buyers of power.”
Moe Hajabed, Founder and Chief Executive Officer of Aypa Power, said: "This is an extraordinary achievement for the team that built Aypa. Over the past six years, with Blackstone's partnership, we grew Aypa into the largest and most valuable storage-focused independent power producer in North America. Together, we helped establish battery storage as critical infrastructure, essential to a more reliable and resilient grid. I look forward to seeing Aypa flourish further under Brookfield’s ownership."
Bilal Khan, Senior Managing Director, and Mark Zhu, Managing Director, from Blackstone said: “We invested in Aypa based on our conviction that battery storage would become increasingly critical to supporting grid reliability and meeting growing electricity demand from AI and other use cases. Since then, the company has established itself as the leading battery storage platform in North America, supported by a premier development pipeline and strong customer relationships. We are proud to have partnered with Aypa and its exceptional management team, and look forward to its next phase of growth with Brookfield.”
The transaction is subject to customary regulatory approvals. Cantor Fitzgerald & Co. acted as lead financial advisor, with BofA also serving as financial advisor, to Aypa and Blackstone. Kirkland & Ellis acted as legal counsel to Aypa and Blackstone. White & Case acted as legal advisors to Brookfield.
About Aypa Power
Aypa Power is North America’s leading energy storage-focused independent power producer. Aypa develops, owns, and operates utility-scale energy storage and hybrid renewable energy projects across North America. With 35 projects currently in operation or under construction, and a development pipeline exceeding 20 gigawatts, the company delivers solutions that enhance grid reliability and enable the broader integration of renewable energy resources. Since launching its first project in 2018, Aypa has helped establish energy storage as a vital part of the grid and a core infrastructure asset class. For more information, visit www.aypa.com or follow Aypa Power on LinkedIn.
About Brookfield Asset Management
Brookfield Asset Management Ltd. (NYSE: BAM, TSX: BAM) is a leading global alternative asset manager, headquartered in New York, with over $1 trillion of assets under management across infrastructure, energy, private equity, real estate, and credit. We invest client capital for the long-term with a focus on real assets and essential service businesses that form the backbone of the global economy. We offer a range of alternative investment products to investors around the world — including public and private pension plans, endowments and foundations, sovereign wealth funds, financial institutions, insurance companies and private wealth investors. We draw on Brookfield’s heritage as an owner and operator to invest for value and generate strong returns for our clients, across economic cycles.
Brookfield operates Brookfield Renewable Partners (TSX: BEP.UN, BEPC; NYSE: BEP, BEPC), one of the world’s largest publicly traded platforms for renewable power and sustainable solutions. Our renewable power portfolio consists of hydroelectric, wind, utility-scale solar, distributed solar, and storage facilities and our sustainable solutions assets include our investment in a leading global nuclear services business and investments in carbon capture and storage capacity, agricultural renewable natural gas, materials recycling and eFuels manufacturing capacity, among others.
For more information, please visit our website at www.brookfield.com.
About Blackstone Energy Transition Partners
Blackstone Energy Transition Partners is Blackstone's strategy for control-oriented equity investments in energy-related businesses, with a successful long-term record, having invested over $28 billion of equity globally across a broad range of sectors across the energy transition landscape. Our investment philosophy is based on backing exceptional management teams with flexible capital to provide solutions that help energy companies grow and improve performance, thereby delivering more reliable, affordable and cleaner energy to meet the needs of the global community. In the process, we build stronger, larger scale enterprises, create jobs and generate lasting value for our investors, employees and all stakeholders. Further information is available at https://www.blackstone.com/our-businesses/blackstone-energy-transition-partners/.
Contact Information
Brookfield
Media
Simon Maine
Managing Director, Communications
Tel: +1 (332) 298 0447
Email: [email protected] Relations – Brookfield Renewable Partners
Alex Jackson
Vice President, Investor Relations
Tel: +1 (647) 484 8525
Email: [email protected]
Investor Relations – Brookfield Asset Management
Jason Fooks
Managing Director, Investor Relations
Tel: +1 (212) 417 2442
Email: [email protected]
Blackstone Media
Jennifer Heath
Public Affairs
Tel: +1 (347) 603 9256
Email: [email protected] Notice to Readers
This news release contains “forward-looking statements” within the meaning of the U.S. Securities Act of 1933, the U.S. Securities Exchange Act of 1934, “safe harbor” provisions of the United States Private Securities Litigation Reform Act of 1995 and “forward-looking information” within the meaning of other relevant securities legislation, including applicable securities laws in Canada, which reflect our current views with respect to, among other things, our operations and financial performance (collectively, “forward-looking statements”). Forward-looking statements include statements that are predictive in nature, depend upon or refer to future results, events or conditions, and include, but are not limited to, statements which reflect management’s current estimates, beliefs and assumptions and which are in turn based on our experience and perception of historical trends, current conditions and expected future developments, as well as other factors management believes are appropriate in the circumstances. The estimates, beliefs and assumptions of Brookfield are inherently subject to significant business, economic, competitive and other uncertainties and contingencies regarding future events and as such, are subject to change. Forward-looking statements are typically identified by words such as “expect”, “anticipate”, “believe”, “foresee”, “could”, “estimate”, “goal”, “intend”, “plan”, “seek”, “strive”, “will”, “may” and “should” and similar expressions. In particular, the forward-looking statements contained in this news release include statements referring to the impact of the investment on Brookfield and Aypa Power and the expected benefits of the investment.
Although Brookfield believes that such forward-looking statements are based upon reasonable estimates, beliefs and assumptions, certain factors, risks and uncertainties, which are described from time to time in our documents filed with the securities regulators in Canada and the United States, not presently known to Brookfield or that that Brookfield currently believes are not material, could cause actual results or events to differ materially from those contemplated or implied by forward-looking statements.
Readers are urged to consider these risks, as well as other uncertainties, factors and assumptions carefully in evaluating the forward-looking statements and are cautioned not to place undue reliance on such forward-looking statements, which are based only on information available to us as of the date of this news release. Except as required by law, Brookfield undertakes no obligation to publicly update or revise any forward-looking statements, whether written or oral, that may be as a result of new information, future events or otherwise.”
Sonoco ve 2. čtvrtletí vykázala tržby 1,9 mld. USD a čistý zisk 105 mil. USD, zatímco upravený zisk meziročně vzrostl o 10,6 % na 151 mil. USD. Zopakovala celoroční výhled.
HARTSVILLE, S.C., July 22, 2026 (GLOBE NEWSWIRE) -- Sonoco Products Company (“Sonoco” or the “Company”) (NYSE: SON), a Mid-cap Value global packaging company, today reported financial results for the second quarter ended June 28, 2026.
Summary:
Net sales in the second quarter were $1.9 billion Industrial Paper Packaging segment results exceeded expectations as North America uncoated recycled paperboard (URB) trade ton sales volume grew 6%EMEA/APAC paper cans sales volume up 9% Reported GAAP net income of $105 million, or $1.05 diluted earnings per share, compared to $493 million, or $4.96, in the same period in 2025, which included a gain from the sale of the Thermoformed and Flexibles Packaging and global Trident (“TFP”) business totaling $425 millionImproved quarterly adjusted net income by 10.6% to $151 million compared to the same period in 2025, and reported adjusted diluted earnings per share of $1.51Reported GAAP operating profit of $193 million in the second quarter of 2026, compared with $176 million in the same period in 2025Second quarter adjusted operating profit of $242 million and adjusted EBITDA of $324 millionGenerated a second quarter record operating cash flow of $301 million, and used $(67) million of operating cash flow year-to-date, which included approximately $103 million in one-time taxes paid in 2026 on gains from the sales of the divested TFP and ThermoSafe businesses in 2025 2026 Guidance:
Reaffirming full-year 2026 guidance for sales, adjusted EBITDA, adjusted earnings per share and operating cash flow as reported with our April first quarter results. *Note: References in today’s news release to 2025 consolidated “net sales,” “operating profit,” and “adjusted operating profit,” and Consumer Packaging “segment operating profit” and “segment adjusted EBITDA,” do not include results of TFP, which was sold in April 2025 and is accounted for as discontinued operations in periods prior to the sale. “GAAP” refers to U.S. generally accepted accounting principles.
Second Quarter2026Consolidated Results
(Dollars in millions except per share data)
Three Months Ended Six Months Ended GAAP ResultsJune 28, 2026June 29, 2025Change June 28, 2026June 29, 2025Change Net sales1 $1,885$1,910(1.3)% $3,562$3,620(1.6)% Net sales related to discontinued operations — —NM — 321NM Operating profit1 193 1769.8% 320 3035.8% Operating profit related to discontinued operations — 626NM — 664NM Net income attributable to Sonoco 105 493(78.7)% 172 548(68.5)% EPS (diluted) 1.05 4.96(78.8)% 1.73 5.51(68.6)% Three Months Ended Six Months Ended Non-GAAP Results2June 28, 2026June 29, 2025Change June 28, 2026June 29, 2025Change Adjusted operating profit1$242$247(1.8)% $443$460(3.6)% Adjusted EBITDA 324 328(1.2)% 601 666(9.8)% Adjusted net income attributable to Sonoco 151 13610.6% 270 273(1.1)% Adjusted EPS (diluted) 1.51 1.3710.2% 2.71 2.74(1.1)% NM = Not Meaningful 1Excludes results of discontinued operations. 2See the Company’s definitions of non-GAAP financial measures, explanations as to why they are used, and reconciliations to the most directly comparable GAAP financial measures later in this release. Second quarter 2026 net sales of $1.9 billion were down (1.3)% compared to the corresponding prior-year quarter, driven primarily by the November 3, 2025 divestiture of the ThermoSafe business. Additionally, net sales benefited from higher prices implemented to offset the effects of inflation and tariffs and from the favorable impact of foreign exchange rates, partially offset by lower volume/mix. GAAP operating profit for the second quarter was up 9.8% to $193 million compared to the corresponding prior-year quarter, due to productivity savings from fixed cost reduction initiatives and procurement savings. These positive factors were offset by the absence of operating profit from the divested ThermoSafe business and lower volume/mix. Effective tax rates on GAAP income from continuing operations before income taxes and adjusted income from continuing operations before income taxes, were 27.8% and 23.8%, respectively, in the second quarter, compared to 37.3% and 25.6%, respectively, in the same period in 2025. “Our Sonoco team delivered solid second quarter results that met our expectations and exceeded consensus estimates as productivity and cost control initiatives helped offset global inflation headwinds stemming from higher logistics, chemicals, resins and other raw material costs,” said Howard Coker, President and Chief Executive Officer. “Results from our Industrial Paper Packaging segment exceeded expectations with operating profit up 4% during the period and up 29% from the first quarter. The Industrial segment improvement was primarily driven by productivity gains which more than offset price/cost headwinds. North America URB trade tons grew 6% which boosted mill utilization to 95%, while the segment’s volume/mix was flat. Our Consumer Packaging segment operating profit declined approximately 5% during the period but was up 22% sequentially from the first quarter. Productivity and cost containment initiatives boosted Consumer segment results. Paper can volumes were up 9% in EMEA/APAC due to rising snack demand, but overall segment volumes were down 1.8% driven primarily by lower metal aerosol cans and adhesive and sealant tube demand.”
Paul Joachimczyk, Sonoco’s Chief Financial Officer, added, “Our businesses continue to demonstrate tremendous cash-generating capabilities, delivering a record second-quarter operating cash flow of $301 million and free cash flow of $237 million, increases of 56% and 139%, respectively, compared to the prior year. These results reflect disciplined working capital management and the earnings power of our portfolio. Year-to-date operating cash flow includes approximately $103 million of one-time tax payments related to gains from our 2025 divestitures, highlighting that our underlying cash flow performance is strong and supports our confidence in reaffirming full-year guidance.”
Second Quarter 2026 Segment Results
(Dollars in millions except per share data)
Sonoco reports its financial results in two reportable segments: Consumer Packaging (“Consumer”) and Industrial Paper Packaging (“Industrial”).
As previously announced, effective January 1, 2026, results of the Company’s industrial and specialty plastics business (“Industrial Plastics”), the only business remaining in the All Other group of businesses following the November 2025 divestiture of ThermoSafe, are now included in the Industrial segment. Therefore, the Company no longer provides results of the All Other group of businesses.
Three Months Ended Six Months Ended ConsumerJune 28, 2026 June 29, 2025Change June 28, 2026 June 29, 2025Change Net sales1$1,242 $1,227 1.2% $2,339 $2,294 2.0% Segment operating profit1$152 $160 (5.4)% $277 $301 (7.9)% Segment operating profit margin1 12.2% 13.1% 11.9% 13.1% Segment Adjusted EBITDA1, 2$207 $213 (3.1)% $383 $403 (4.9)% Segment Adjusted EBITDA margin1, 2 16.6% 17.4% 16.4% 17.6% Consumer segment net sales grew 1.2%, reflecting successful pricing actions to recover inflation and tariff-related costs, along with favorable foreign exchange. Volume trends remained below prior-year levels.Solid manufacturing productivity improvements and disciplined cost management helped mitigate the impact of softer volumes on segment operating profit and adjusted EBITDA. Three Months Ended Six Months Ended IndustrialJune 28, 2026 June 29, 2025Change June 28, 2026 June 29, 2025Change Net sales3$643 $617 4.2% $1,223 $1,205 1.5% Segment operating profit3$89 $86 4.0% $159 $162 (2.2)% Segment operating profit margin 13.9% 13.9% 13.0% 13.5% Segment Adjusted EBITDA2, 3$122 $119 2.9% $222 $226 (1.9)% Segment Adjusted EBITDA margin2 19.0% 19.2% 18.1% 18.8% Industrial segment net sales increased 4.2% to $643 million, reflecting successful pricing actions and favorable foreign exchange.Segment operating profit margin remained resilient at 13.9%, consistent with the prior year, while adjusted EBITDA margin of 19.0% benefited from strong productivity initiatives related to procurement savings and fixed cost reduction that helped offset higher raw material, freight and other operating costs. 1 Excludes results of discontinued operations.
2 Segment adjusted EBITDA and adjusted EBITDA margin are non-GAAP financial measures. See the Company’s reconciliations of these non-GAAP financial measures to the most directly comparable GAAP financial measures later in this release.
3 Net sales, segment operating profit, and segment adjusted EBITDA for the three months ended June 29, 2025 include results from Industrial Plastics of $29 million, $5 million, and $6 million, respectively, previously included in All Other, to provide clearer year-over-year comparisons.
Balance Sheet and Cash Flow Highlights
The Company maintained strong liquidity of $1.3 billion at June 28, 2026, consisting of $1.1 billion of available borrowing capacity under its revolving credit facility and cash on hand.Cash and cash equivalents were $169 million as of June 28, 2026, compared to $378 million, as of December 31, 2025.Total debt and net debt were $4.5 billion and $4.3 billion, respectively, as of June 28, 2026, primarily reflecting seasonal working capital requirements within the Company's metal packaging business.Cash flow from operating activities for the period ended June 28, 2026 was a use of $(67) million, compared to a use of $(15) million in the same period of 2025. The main drivers of the year-over-year change in operating cash flow were a one-time payment of taxes in 2026 on the gains from the 2025 divestitures of the TFP and ThermoSafe businesses and the seasonal need for working capital for the Company’s metal packaging business.Capital expenditures, net of proceeds from sales of fixed assets, for 2026 were $124 million, compared to $186 million last year.Free Cash Flow for the period ended June 28, 2026 improved to $(191) million compared to $(201) million in the same period in 2025, reflecting the factors impacting operating cash flow discussed above.The Company returned $106 million to shareholders through dividends during the first half of 2026, compared to $104 million in the prior year period. Guidance(1)
Full-Year 2026
Net Sales: $7.25 billion to $7.75 billion, in line with previous guidanceAdjusted EPS(2): Maintaining annual adjusted EPS guidance of $5.80 to $6.20 per diluted share and continuing to expect results toward the low end of the rangeAdjusted EBITDA(2): Guidance of $1.25 billion to $1.35 billion is unchanged from previous guidanceCash flow from operating activities: Guidance remains unchanged at $700 million to $800 million, including the effect of payments of prior year taxes on gains from divestitures and restructuring costs Commenting on Sonoco’s outlook, Howard Coker said, “Entering the second half of the year we are encouraged that several key indicators are strengthening in our favor as we begin our busiest period of the year. Demand for our URB in North America is very strong as a result of entering new markets, such as saturating URB for laminated products, along with share gains that have expanded our backlogs and require that we import paper from our Europe and Latin America mills through the third quarter. In our Consumer segment, projected paper can growth in Europe, Asia, and South America has us exploring additional capacity expansion plans while customer promotions and new product launches are projected to lift both paper and metal can volumes as we enter the important seasonal pack season in both the U.S. and EMEA. While we remain mindful of external macroeconomic risks, we are confident in our strategy, portfolio and ability to execute through economic cycles.”
Joachimczyk added, “As pricing actions and contract resets take effect, we expect improved margin performance across our portfolio. Combined with ongoing productivity initiatives, disciplined cost management and execution of our profitability performance plan, we remain confident in achieving our long-term goal of improving margins by 200 basis points by the end of 2028.”
(1)Although the Company believes the assumptions reflected in the range of guidance are reasonable, given the uncertainty regarding the future performance of the overall economy, the effects of tariffs, trade policy and inflation, the challenges in global supply chains, potential changes in raw material prices, other costs, and the Company’s effective tax rate, as well as other risks and uncertainties, including those related to the integration of Eviosys and described below, actual results could vary substantially. Further information can be found in the section entitled “Forward-looking Statements” in this release.
(2) Full year 2026 GAAP guidance is not provided in this release due to the likely occurrence of one or more of the following, the timing and magnitude of which we are unable to reliably forecast without unreasonable efforts: restructuring costs and restructuring-related impairment charges, acquisition/divestiture-related costs, gains or losses from the sale of businesses and the income tax effects of these items and/or other income tax-related events. These items could have a significant impact on the Company’s future GAAP financial results. Accordingly, quantitative reconciliations of Adjusted EPS and Adjusted EBITDA guidance and net debt/Adjusted EBITDA targets to the nearest comparable GAAP measures have been omitted in reliance on the exception provided by Item 10 of Regulation S-K.
Earnings Conference Call Webcast
Sonoco’s management will host a conference call to discuss its second quarter 2026 results on Thursday, July 23, 2026, at 8:00 a.m. Eastern Time. The Company will provide prepared remarks, a presentation and host a question-and-answer session during the call. A live audio webcast of the call along with supporting materials will be available on the Sonoco Investor Relations website at https://investor.sonoco.com/. A webcast replay will be available on the Company’s website for at least 30 days following the call.
Time:Thursday, July 23, 2026, at 8:00 a.m. Eastern Time
Audience
Dial-In:To listen via telephone, please register in advance at:
https://events.q4inc.com/analyst/818434126?pwd=xd1mxKQrAfter registration, all telephone participants will receive the dial-in number along with a unique PIN number that can be used to access the call.
Webcast Link:https://events.q4inc.com/attendee/818434126 Contact Information:
Roger Schrum
Head of Investor Relations and Communications [email protected]
843-339-6018
About Sonoco
Sonoco (NYSE: SON) is a Mid-cap Value global packaging company. With sales of $7.5 billion from continuing operations in 2025, the Company has approximately 22,000 employees working in 265 operations in 37 countries, serving some of the world’s best-known brands. Guided by our purpose of Better Packaging. Better Life., we strive to foster a culture of innovation, collaboration and excellence to provide solutions that better serve all our stakeholders and support a more sustainable future. A Fortune 500 company, Sonoco was proudly named one of the World’s Most Admired Companies by Fortune in 2026 as well as one of America’s Most Trustworthy and Responsible Companies by Newsweek and USA Today’s Climate Leaders in 2025. For more information on the Company, visit our website at www.sonoco.com.
Forward-looking Statements
Statements included herein that are not historical in nature, are intended to be, and are hereby identified as “forward- looking statements” for purposes of the safe harbor provided by Section 21E of the Securities Exchange Act of 1934, as amended. In addition, the Company and its representatives may from time to time make other oral or written statements that are also “forward-looking statements.” Words such as “achieve,” “believe,” “can,” “continue,” “continuing,” “could,” “deliver,” “enhance,” “expect,” “forecast,” “focus,” “future,” “goal,” “guidance,” “improvement,” “likely,” “may,” “might,” “ongoing,” “outlook,” “plan,” “projected,” “remain,” “seek,” “should,” “strategy,” “target,” “will,” “would,” “working,” or the negative thereof, and similar expressions identify forward-looking statements.
Forward-looking statements in this communication include statements regarding, but not limited to: the Company’s future operating and financial performance, including full year 2026 outlook and the anticipated drivers thereof and cash flow in 2026; the Company’s ability to improve its competitive position and drive cost savings, including through its profitability performance plan; price/cost, customer demand and volume outlook; the continued focus on planned structural and operational savings actions to achieve long-term margin improvement goals; the effectiveness of and expected benefits from the Company’s strategy and strategic initiatives, including with respect to sustainable growth, margin improvement, and capital allocation, and focused metal and paper packaging portfolio; the effects of the changing macroeconomic and geopolitical environment, including trade policies and tariffs, market conditions, inflation and interest costs on the Company, its supply chain and its customers, and the Company’s ability to manage risks related thereto; and the Company’s ability to execute through economic cycles.
Such forward-looking statements are based on current expectations, estimates and projections about our industry, management’s beliefs and certain assumptions made by management. Such information includes, without limitation, discussions as to guidance and other estimates, perceived opportunities, expectations, beliefs, plans, strategies, goals and objectives concerning our future financial and operating performance. These statements are not guarantees of future performance and are subject to certain risks, uncertainties and assumptions that are difficult to predict.
Therefore, actual results may differ materially from those expressed or forecasted in such forward-looking statements.
Such risks, uncertainties and assumptions include, without limitation, those related to: the Company’s ability to execute on its strategy, including with respect to the integration of the Eviosys operations, divestitures, cost management, productivity improvements, restructuring and capital expenditures, and achieve the benefits it expects therefrom; conditions in the credit markets; the ability to retain key employees and successfully integrate Eviosys; the ability to realize estimated cost savings, synergies or other anticipated benefits of the Eviosys acquisition, or that such benefits may take longer to realize than expected; diversion of management’s attention; the potential impact of the consummation of the Eviosys acquisition on relationships with clients and other third parties; lower-than-projected financial performance of the Company’s European business, including as a result of loss or reduction in business from key customers, changes in our pricing model, or adverse changes in the macroeconomic or competitive environment in European markets; risks related to the impairment of goodwill and other intangibles; the operation of new manufacturing capabilities; the Company’s ability to achieve anticipated cost and energy savings; the availability, transportation and pricing of raw materials, energy and transportation, including the impact of changes in tariff or other trade policies or sanctions and escalating trade wars, and the impact of war, general regional instability and other geopolitical tensions (such as the ongoing conflicts between Russia and Ukraine and in the Middle East, the potential escalation of tensions between China and Taiwan and recent events in Venezuela), and the Company’s ability to continue to pass raw material, energy and transportation price increases and surcharges through to customers or otherwise manage these commodity pricing risks; the costs of labor; the effects of inflation, changes related to tariffs or other trade policies and global regulations, as well as the overall uncertainty surrounding international trade relations; fluctuations in consumer demand, volume softness, and other macroeconomic factors on the Company and the industries in which it operates and that it serves; the impact of changing laws and regulations, in the United States, on the Company; the Company’s ability to meet its environmental, sustainability and similar goals and other social and governance goals, including challenges in implementation thereof; natural disasters, severe weather events, and other unexpected disruptions to facility operations; and the other risks, uncertainties and assumptions discussed in the Company’s filings with the Securities and Exchange Commission, including its most recent reports on Forms 10-K and 10-Q, particularly under the heading “Risk Factors.” The Company undertakes no obligation to publicly update or revise forward-looking statements, whether as a result of new information, future events or otherwise. In light of these risks, uncertainties and assumptions, the forward-looking events discussed herein might not occur.
References to our Website Address
References to our website address and domain names throughout this release are for informational purposes only, or to fulfill specific disclosure requirements of the Securities and Exchange Commission’s rules or the New York Stock Exchange Listing Standards. These references are not intended to, and do not, incorporate the contents of our website by reference into this release.
CONDENSED CONSOLIDATED STATEMENTS OF INCOME (Unaudited)(Dollars and shares in thousands except per share data) Three Months Ended Six Months Ended June 28, 2026 June 29, 2025 June 28, 2026 June 29, 2025Net sales $1,885,485 $1,910,441 $3,561,927 $3,619,669 Cost of sales 1,493,108 1,504,164 2,823,922 2,859,705 Gross profit 392,377 406,277 738,005 759,964 Selling, general and administrative expenses 200,247 218,775 401,785 427,838 Restructuring/Asset impairment charges, net 1,933 9,752 17,066 23,333 Gain/(Loss) on divestiture of business 2,640 (2,083) 775 (6,266)Operating profit 192,837 175,667 319,929 302,527 Non-operating pension costs 2,920 2,982 5,416 6,103 Interest expense 45,478 64,367 89,972 120,394 Interest income 4,064 4,122 12,715 11,470 Other expense, net (6,191) (6,559) (18,499) (13,076)Income from continuing operations before income taxes 142,312 105,881 218,757 174,424 Provision for income taxes 39,551 39,500 49,061 60,647 Income before equity in earnings of affiliates 102,761 66,381 169,696 113,777 Equity in earnings of affiliates, net of tax 2,263 2,270 2,953 4,191 Net income from continuing operations 105,024 68,651 172,649 117,968 Net income from discontinued operations — 424,548 — 429,720 Net income 105,024 493,199 172,649 547,688 Net (income)/loss from continuing operations attributable to noncontrolling interests (130) 224 (154) 164 Net income attributable to Sonoco $104,894 $493,423 $172,495 $547,852 Weighted average common shares outstanding – diluted 99,781 99,539 99,748 99,453 Diluted earnings from continuing operations per common share $1.05 $0.69 $1.73 $1.19 Diluted earnings from discontinued operations per common share — 4.27 — 4.32 Diluted earnings attributable to Sonoco per common share $1.05 $4.96 $1.73 $5.51 Dividends per common share $0.54 $0.53 $1.07 $1.05 CONDENSED STATEMENTS OF INCOME FOR DISCONTINUED OPERATIONS (Unaudited)(Dollars and shares in thousands except per share data) Three Months Ended Six Months Ended June 29, 2025 June 29, 2025 Net sales$— $320,678Cost of sales — 250,854Gross profit — 69,824Selling, general, and administrative expenses — 31,607Restructuring/Asset impairment charges, net — 426Gain on divestiture of business 625,773 625,773Operating profit 625,773 663,564Other expense, net — 182Interest expense — 24,911Interest income — 281Income from discontinued operations before income taxes 625,773 638,752Provision for income taxes 201,225 209,032Net income from discontinued operations 424,548 429,720Net income from discontinued operations attributable to noncontrolling interests — —Net income attributable to discontinued operations$424,548 $429,720Weighted average common shares outstanding – diluted 99,539 99,453Diluted earnings from discontinued operations per common share$4.27 $4.32 FINANCIAL SEGMENT INFORMATION (Unaudited)(Dollars in thousands) Three Months Ended Six Months Ended June 28, 2026 June 29, 2025 June 28, 2026 June 29, 2025Net sales: Consumer Packaging$1,241,839 $1,227,033 $2,338,914 $2,293,626 Industrial Paper Packaging 643,646 617,661 1,223,013 1,205,193 Total reportable segments 1,885,485 1,844,694 3,561,927 3,498,819 All Other — 65,747 — 120,850 Net sales$1,885,485 $1,910,441 $3,561,927 $3,619,669 Operating profit: Consumer Packaging$151,705 $160,353 $277,354 $301,124 Industrial Paper Packaging 89,379 85,934 158,625 162,265 Segment operating profit 241,084 246,287 435,979 463,389 All Other — 8,406 — 15,125 Corporate Restructuring/Asset impairment charges, net (1,933) (9,752) (17,066) (23,333) Amortization of acquisition intangibles (45,570) (44,193) (89,890) (86,154) Gain/(Loss) on divestiture of business 2,640 (2,083) 775 (6,266) Acquisition, integration, and divestiture-related costs (2,083) (11,161) (8,421) (38,427) Other operating charges, net (1,301) (11,837) (1,448) (21,807) Operating profit$192,837 $175,667 $319,929 $302,527 CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited)(Dollars in thousands) Six Months Ended June 28, 2026 June 29, 2025 Net income$172,649 $547,688 Net loss/(gain) on divestiture of business, disposition of assets, and asset impairments 4,248 (612,543)Depreciation and amortization 256,125 250,967 Pension and postretirement plan contributions, net of non-cash expense (2,556) (1,727)Changes in working capital (301,117) (263,420)Changes in tax accounts (98,182) 142,031 Other operating activity (98,475) (77,649)Net cash used by operating activities (67,308) (14,653) Purchases of property, plant and equipment, net (123,873) (186,393)Proceeds from the sale of business, net1 (13,076) 1,814,930 Cost of acquisitions, net of cash acquired2 — 16,528 Net debt proceeds/(repayments) 116,078 (1,668,876)Cash dividends (105,790) (103,558)Payments for share repurchases (7,011) (10,576)Other (outflow)/inflow, including effects of exchange rates on cash (8,770) 39,338 Net decrease in cash and cash equivalents (209,750) (113,260)Cash and cash equivalents at beginning of period 378,398 443,060 Cash and cash equivalents at end of period$168,648 $329,800 12026 includes payments of $15,211 and $1,865 to the buyers of TFP and ThermoSafe, respectively, for final net working capital settlements on these 2025 divestitures.22025 includes a cash receipt of $16,528 for the final net working capital settlement related to the 2024 acquisition of Eviosys. CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited)(Dollars in thousands) June 28, 2026 December 31, 2025Assets Current Assets: Cash and cash equivalents$168,648 $378,398 Trade accounts receivable, net of allowances 1,011,392 842,810 Other receivables 184,121 178,755 Inventories, net 1,255,419 1,121,009 Prepaid expenses 167,778 125,352 Total Current Assets 2,787,358 2,646,324Property, plant and equipment, net 2,707,744 2,797,800Goodwill 2,463,738 2,511,611Other intangible assets, net 2,533,392 2,683,474Right of use asset-operating leases 302,699 307,450Deferred income taxes and other assets 179,152 215,675 Total Assets$10,974,083 $11,162,334Liabilities and Equity Current Liabilities: Payable to suppliers, accrued expenses and other payables$1,794,492 $1,861,904 Notes payable and current portion of long-term debt 968,752 537,952 Accrued taxes 38,583 128,821 Total Current Liabilities 2,801,827 2,528,677Long-term debt, net of current portion 3,484,464 3,788,973Noncurrent operating lease liabilities 259,244 263,192Pension and other postretirement benefits 169,527 177,976Deferred income taxes and other liabilities 660,498 771,684 Total Liabilities 7,375,560 7,530,502 Total Equity 3,598,523 3,631,832 Total Liabilities and Equity$10,974,083 $11,162,334 NON-GAAP FINANCIAL MEASURES
The Company’s results, determined in accordance with U.S. generally accepted accounting principles, are referred to as “as reported” or “GAAP” results. The Company uses certain financial performance measures, both internally and externally, that are not in conformity with GAAP (referred to as “non-GAAP financial measures”) to assess and communicate the financial performance of the Company. These non-GAAP financial measures, which are identified using the term “Adjusted” (for example, “Adjusted Operating Profit,” “Adjusted Net Income Attributable to Sonoco,” and “Adjusted Diluted EPS”), reflect adjustments to the Company’s GAAP operating results to exclude amounts, including the associated tax effects where applicable, relating to:
restructuring/asset impairment charges1;acquisition, integration and divestiture-related costs;gains or losses from the divestiture of businesses;losses from the early extinguishment of debt;non-operating pension costs;amortization expense on acquisition intangibles;changes in last-in, first-out (“LIFO”) inventory reserves;certain income tax events and adjustments;derivative gains/losses;other non-operating income and losses; andcertain other items, if any. 1Restructuring and restructuring-related asset impairment charges are a recurring item as the Company’s restructuring programs usually require several years to fully implement, and the Company is continually seeking to take actions that could enhance its efficiency. Although recurring, these charges are subject to significant fluctuations from period to period due to the varying levels of restructuring activity, the inherent imprecision in the estimates used to recognize the impairment of assets, and the wide variety of costs and taxes associated with severance and termination benefits in the countries in which the restructuring actions occur.
The Company’s management believes the exclusion of the amounts related to the above-listed items improves the period-to-period comparability and analysis of the underlying financial performance of the business.
In addition to the “Adjusted” results described above, the Company also uses Adjusted EBITDA, Segment Adjusted EBITDA, Segment Adjusted EBITDA Margin, and Net Debt. Adjusted EBITDA is defined as net income excluding the following: interest expense; interest income; provision for income taxes; depreciation and amortization expense; non-operating pension costs; net income/loss attributable to noncontrolling interests; restructuring/asset impairment charges; changes in LIFO inventory reserves; gains/losses from the divestiture of businesses; acquisition, integration and divestiture-related costs; other income; derivative gains/losses; and other non-GAAP adjustments, if any, that may arise from time to time. Segment Adjusted EBITDA is defined as segment operating profit plus depreciation and amortization expense and equity in earnings of affiliates, net of tax. Segment Adjusted EBITDA Margin is defined as Segment Adjusted EBITDA divided by segment net sales. Net Debt is defined as the total of the Company’s short and long-term debt less cash and cash equivalents.
Segment Adjusted EBITDA is reconciled to the closest GAAP measure of segment profitability, segment operating profit as the Company does not calculate net income by segment. Segment operating profit is the measure of segment profit or loss reported to the chief operating decision maker for purposes of making decisions about allocating resources to the segments and assessing their performance in accordance with Accounting Standards Codification 280 - “Segment Reporting,” as prescribed by the Financial Accounting Standards Board.
Segment results, which are reviewed by the Company’s management to evaluate segment performance, do not include the following: restructuring/asset impairment charges; amortization of acquisition intangibles; acquisition, integration and divestiture-related costs; changes in LIFO inventory reserves; gains/losses from the sale of businesses; gains/losses from derivatives; or certain other items, if any, the exclusion of which the Company believes improves the comparability and analysis of the ongoing operating performance of the business. Accordingly, the term “segment operating profit” is defined as the segment’s portion of “operating profit” excluding those items. All other general corporate expenses have been allocated as operating costs to each of the Company’s reportable segments, except for costs related to discontinued operations.
The Company’s non-GAAP financial measures are not calculated in accordance with, nor are they an alternative for, measures conforming to GAAP, and they may be different from non-GAAP financial measures used by other companies. In addition, these non-GAAP financial measures are not based on any comprehensive set of accounting rules or principles.
The Company presents these non-GAAP financial measures to provide investors with information to evaluate Sonoco’s operating results in a manner similar to how management evaluates business performance. The Company consistently applies its non-GAAP financial measures presented herein and uses them for internal planning and forecasting purposes, to evaluate its ongoing operations, and to evaluate the ultimate performance of management and each business unit against plans/forecasts. In addition, these same non-GAAP financial measures are used in determining incentive compensation for the entire management team and in providing earnings guidance to the investing community.
Material limitations associated with the use of such measures include that they do not reflect all period costs included in operating expenses and may not be comparable with similarly named financial measures of other companies. Furthermore, the calculations of these non-GAAP financial measures are based on subjective determinations of management regarding the nature and classification of events and circumstances that the investor may find material and view differently.
To compensate for any limitations in such non-GAAP financial measures, management believes that it is useful in evaluating the Company’s results to review both GAAP information, which includes all of the items impacting financial results, and the related non-GAAP financial measures that exclude certain elements, as described above. Further, Sonoco management does not, nor does it suggest that investors should, consider any non-GAAP financial measures in isolation from, or as a substitute for, financial information prepared in accordance with GAAP. Whenever reviewing a non-GAAP financial measure, investors are encouraged to review and consider the related reconciliation to understand how it differs from the most directly comparable GAAP measure.
Free Cash Flow
The Company uses the non-GAAP financial measure of “Free Cash Flow,” which it defines as cash flow from operations minus net capital expenditures. Net capital expenditures are defined as capital expenditures minus proceeds from the disposition of capital assets. Free Cash Flow may not represent the amount of cash flow available for general discretionary use because it excludes non-discretionary expenditures, such as mandatory debt repayments and required settlements of recorded and/or contingent liabilities not reflected in cash flow from operations.
QUARTERLY RECONCILIATIONS OF GAAP TO NON-GAAP FINANCIAL MEASURES
The following tables reconcile the Company’s non-GAAP financial measures to their most directly comparable GAAP financial measures in the Company’s Condensed Consolidated Statements of Income for the three-month periods ended June 28, 2026 and June 29, 2025.
Adjusted Operating Profit, Adjusted Income from Continuing Operations Before Income Taxes, Adjusted Provision for Income Taxes, Adjusted Net Income Attributable to Sonoco, and Adjusted Diluted EPS
For the three-month period ended June 28, 2026Dollars in thousands, except per share dataOperating ProfitIncome from Continuing Operations Before Income TaxesProvision for Income TaxesNet Income Attributable to SonocoDiluted EPSAs Reported (GAAP)$192,837 $142,312 $39,551 $104,894 $1.05 Acquisition, integration and divestiture-related costs1 2,083 2,083 (199) 2,282 0.02 Changes in LIFO inventory reserves 1,154 1,154 285 869 0.01 Amortization of acquisition intangibles 45,570 45,570 10,038 35,532 0.36 Restructuring/Asset impairment charges, net 1,933 1,940 17 1,930 0.02 Gain on divestiture of business2 (2,640) (2,640) (650) (1,990) (0.02)Non-operating pension costs — 2,920 749 2,171 0.02 Net losses from derivatives 254 254 63 191 — Other adjustments 1,231 1,231 (3,417) 4,648 0.05 Total adjustments 49,585 52,512 6,886 45,633 0.46 Adjusted$242,422 $194,824 $46,437 $150,527 $1.51 Due to rounding, individual items may not sum appropriately. 1 Acquisition, integration and divestiture-related costs relate primarily to the Company’s December 2024 acquisition of Eviosys.
2 Gain on divestiture of business reflects the gain of $2,640 from the sale of a recycling facility in Savannah, Georgia.
For the three-month period ended June 29, 2025Dollars in thousands, except per share dataOperating ProfitIncome from Continuing Operations Before Income TaxesProvision for Income TaxesNet Income Attributable to SonocoDiluted EPSAs Reported (GAAP)1$175,667$105,881$39,500 $493,423 $4.96 Acquisition, integration and divestiture-related costs2 11,161 11,161 2,120 9,041 0.09 Changes in LIFO inventory reserves 1,193 1,193 291 902 0.01 Amortization of acquisition intangibles 44,193 44,193 9,401 34,792 0.35 Restructuring/Asset impairment charges, net 9,752 9,752 2,197 7,173 0.07 Loss/(Gain) on divestiture of business 2,083 2,083 514 (422,979) (4.25)Non-operating pension costs — 2,982 761 2,221 0.02 Net losses from derivatives 2,154 2,154 548 1,606 0.02 Other adjustments3 735 735 (9,201) 9,936 0.10 Total adjustments 71,271 74,253 6,631 (357,308) (3.59)Adjusted$246,938$180,134$46,131 $136,115 $1.37 Due to rounding, individual items may not sum appropriately. 1 Operating profit, income from continuing operations before income taxes, and provision for income taxes exclude results related to discontinued operations of $625,773, $625,773 and $201,225, respectively.
2 Acquisition, integration and divestiture-related costs relate mostly to the Company’s December 2024 acquisition of Eviosys and the divestiture of TFP, which was completed on April 1, 2025.
3 Other adjustments include discrete tax items primarily related to tax rate changes on accumulated other comprehensive income (“AOCI”) and rate differences between non-US jurisdictions related to acquisitions/divestitures.
Adjusted EBITDA1 Three Months EndedDollars in thousandsJune 28, 2026June 29, 2025Net income attributable to Sonoco$104,894 $493,423 Adjustments: Interest expense 45,478 64,367 Interest income (4,064) (4,122)Provision for income taxes 39,551 240,725 Depreciation and amortization 131,096 129,475 Non-operating pension costs 2,920 2,982 Net income/(loss) attributable to noncontrolling interests 130 (224)Restructuring/Asset impairment charges, net 1,933 9,752 Changes in LIFO inventory reserves 1,154 1,193 Gain on divestiture of business (2,640) (623,690)Acquisition, integration and divestiture-related costs 2,083 11,161 Net loss from derivatives 254 2,154 Other non-GAAP adjustments 1,231 735 Adjusted EBITDA$324,020 $327,931 1 For the three-month period ended June 29, 2025, adjusted EBITDA is calculated on a total Company basis, including both continuing and discontinued operations.
Segment Adjusted EBITDA and Adjusted EBITDA Margin ReconciliationFor the Three Months Ended June 28, 2026 Dollars in thousandsConsumerIndustrialCorporateTotalSegment and Total Operating Profit1$151,705 $89,379 $(48,247)$192,837 Adjustments: Depreciation and amortization2 54,675 30,851 45,570 131,096 Other expense, net3 — — (6,191) (6,191)Equity in earnings of affiliates, net of tax 276 1,987 — 2,263 Restructuring/Asset impairment charges, net4 — — 1,933 1,933 Changes in LIFO inventory reserves5 — — 1,154 1,154 Acquisition, integration and divestiture-related costs6 — — 2,083 2,083 Gain on divestiture of business7 — — (2,640) (2,640)Net loss from derivatives8 — — 254 254 Other non-GAAP adjustments — — 1,231 1,231 Segment Adjusted EBITDA$206,656 $122,217 $(4,853)$324,020 Net Sales$1,241,839 $643,646 Segment Operating Profit Margin 12.2% 13.9% Segment Adjusted EBITDA Margin 16.6% 19.0% 1As previously announced, effective January 1, 2026, results for Industrial Plastics, previously included in the All Other group of businesses, are included in the Industrial segment. The Company no longer reports the results of any of its businesses in All Other.
2Included in Corporate is the amortization of acquisition intangibles associated with the Consumer segment of $40,507 and the Industrial segment of $5,063.
3These expenses relate to charges from third-party financial institutions related to our centralized treasury program under which the Company sells certain trade accounts receivables in order to accelerate its cash collection cycle, primarily within the Consumer segment.
4Included in Corporate are restructuring/asset impairment charges associated with the Consumer segment of $(170) and the Industrial segment of $1,237.
5Included in Corporate are changes in LIFO inventory reserves associated with the Consumer segment of $1,143 and the Industrial segment of $11.
6Included in Corporate are acquisition, integration and divestiture-related costs associated with the Consumer segment of $2,631and the Industrial segment of $152.
7Included in Corporate is a gain of $2,640 from the sale of a recycling operation in Savannah, Georgia, part of the Industrial segment.
8Included in Corporate are net losses from derivatives associated with the Consumer segment of $12 and the Industrial segment of $242.
Segment and All Other Adjusted EBITDA and Adjusted EBITDA Margin ReconciliationFor the Three Months Ended June 29, 2025Excludes results of discontinued operations Dollars in thousandsConsumerIndustrialAll OtherCorporateTotalSegment and Total Operating Profit$160,353 $85,934 $8,406 $(79,026)$175,667 Adjustments: Depreciation and amortization1 52,801 30,711 1,770 44,193 129,475 Other expense, net2 — — — (6,559) (6,559)Equity in earnings of affiliates, net of tax 170 2,100 — — 2,270 Restructuring/Asset impairment charges, net3 — — — 9,752 9,752 Changes in LIFO inventory reserves4 — — — 1,193 1,193 Acquisition, integration and divestiture-related costs5 — — — 11,161 11,161 Loss on divestiture of business6 — — — 2,083 2,083 Net loss from derivatives7 — — — 2,154 2,154 Other non-GAAP adjustments — — — 735 735 Segment Adjusted EBITDA$213,324 $118,745 $10,176 $(14,314)$327,931 Net Sales$1,227,033 $617,661 $65,747 Segment Operating Profit Margin 13.1% 13.9% 12.8% Segment Adjusted EBITDA Margin 17.4% 19.2% 15.5% 1Included in Corporate is the amortization of acquisition intangibles associated with the Consumer segment of $38,333, the Industrial segment of $5,655, and the All Other group of businesses of $205.
2These expenses relate to charges from third-party financial institutions related to our centralized treasury program under which the Company sells certain trade accounts receivables in order to accelerate its cash collection cycle, primarily within the Consumer segment.
3Included in Corporate are restructuring/asset impairment charges associated with the Consumer segment of $1,479, the Industrial segment of $8,228, and a gain in the All Other group of businesses of $5.
4Included in Corporate are changes in LIFO inventory reserves associated with the Consumer segment of $1,193.
5Included in Corporate are acquisition, integration and divestiture-related costs associated with the Consumer segment of $1,137 and the Industrial segment of $213.
6Included in Corporate is a loss on divestiture of business of $2,083 associated with the Industrial segment related to the sale of a recycling operation in Asheville, North Carolina.
7Included in Corporate are net losses from derivatives associated with the Consumer segment of $208, the Industrial segment of $1,864, and the All Other group of businesses of $82.
YEAR-TO-DATE RECONCILIATIONS OF GAAP TO NON-GAAP FINANCIAL MEASURES
The following tables reconcile the Company’s non-GAAP financial measures to their most directly comparable GAAP financial measures in the Company’s Condensed Consolidated Statements of Income for the six-month periods ended June 28, 2026 and June 29, 2025.
Adjusted Operating Profit, Adjusted Income from Continuing Operations Before Income Taxes, Adjusted Provision for Income Taxes, Adjusted Net Income Attributable to Sonoco, and Adjusted Diluted EPS
For the six-month period ended June 28, 2026Dollars in thousands, except per share dataOperating ProfitIncome from Continuing Operations Before Income TaxesProvision for Income TaxesNet Income Attributable to SonocoDiluted EPSAs Reported (GAAP)$319,929 $218,757 $49,061 $172,495 $1.73 Acquisition, integration and divestiture-related costs1 8,421 8,421 1,347 7,074 0.07 Changes in LIFO inventory reserves 5,521 5,521 1,367 4,154 0.04 Amortization of acquisition intangibles 89,890 89,890 19,800 70,090 0.70 Restructuring/Asset impairment charges, net 17,066 17,066 3,505 13,573 0.14 Gain on divestiture of business, net2 (775) (775) (188) (587) (0.01)Other expense, net3 — 6,592 — 6,592 0.07 Non-operating pension costs — 5,416 1,394 4,022 0.04 Net loss from derivatives 167 167 41 126 — Other adjustments4 3,027 3,027 10,687 (7,660) (0.07)Total adjustments 123,317 135,325 37,953 97,384 0.98 Adjusted$443,246 $354,082 $87,014 $269,879 $2.71 Due to rounding, individual items may not sum appropriately. 1 Acquisition, integration and divestiture-related costs relate primarily to the Company’s December 2024 acquisition of Eviosys and the November 2025 divestiture of ThermoSafe.
2 Gain on divestiture of business, net reflects the gain of $2,640 from the sale of a recycling operation in Savannah, Georgia, partially offset by a charge of $1,865 from the final net working capital settlement related to the November 2025 divestiture of ThermoSafe.
3 Amount relates to certain pre-acquisition liabilities related to the SMP EMEA business.
4 Other adjustments to the provision for income taxes include a benefit of $14,232 related to a provision-to-return adjustment for a retroactive U.S. tax election.
For the six-month period ended June 29, 2025Dollars in thousands, except per share dataOperating ProfitIncome from Continuing Operations Before Income TaxesProvision for Income TaxesNet Income Attributable to SonocoDiluted EPSAs Reported (GAAP)1$302,527 $174,424 $60,647 $547,852 $5.51 Acquisition, integration and divestiture-related costs2 38,427 38,427 8,757 39,336 0.40 Changes in LIFO inventory reserves 1,755 1,755 433 1,322 0.01 Amortization of acquisition intangibles 86,154 86,154 19,005 66,936 0.67 Restructuring/Asset impairment charges, net 23,333 23,333 5,397 17,888 0.18 Loss/(Gain) on divestiture of business3 6,266 6,266 886 (419,168) (4.21)Non-operating pension costs — 6,103 1,559 4,544 0.05 Net gains from derivatives (795) (795) (196) (599) (0.01)Other adjustments4 1,994 1,994 (9,804) 14,844 0.14 Total adjustments 157,134 163,237 26,037 (274,897) (2.77)Adjusted$459,661 $337,661 $86,684 $272,955 $2.74 Due to rounding, individual items may not sum appropriately. 1 Operating profit, income from continuing operations before income taxes, and provision for income taxes exclude results related to discontinued operations of $663,564, $638,752, and $209,032, respectively.
2 Acquisition, integration and divestiture related costs relate mostly to the Company’s December 2024 acquisition of Eviosys and the April 2025 divestiture of TFP.
3 Loss/(gain) on divestiture of business primarily consists of the gain on the sale of the Company’s Thermoformed and Flexibles Packaging business, included in “Net income from discontinued operations” in the Company’s Condensed Consolidated Statements of Income.
4 Other adjustments include discrete tax items primarily related to tax rate changes on AOCI and rate differences between non-U.S. jurisdictions related to acquisitions/divestitures.
Adjusted EBITDA1 Six Months EndedDollars in thousandsJune 28, 2026June 29, 2025 Net income attributable to Sonoco$172,495 $547,852 Adjustments: Interest expense 89,972 145,305 Interest income (12,715) (11,751)Provision for income taxes 49,061 269,679 Depreciation and amortization 256,125 250,967 Non-operating pension costs 5,416 6,103 Non-operating other expense 6,592 — Net income/(loss) attributable to noncontrolling interests 154 (164)Restructuring/Asset impairment charges, net 17,066 23,759 Changes in LIFO inventory reserves 5,521 1,755 Gain on divestiture of business (775) (619,507)Acquisition, integration and divestiture-related costs 8,421 51,103 Other income, net — — Net loss/(gain) from derivatives 167 (795)Other non-GAAP adjustments 3,027 1,381 Adjusted EBITDA$600,527 $665,687 1For the six-month period ended June 29, 2025, Adjusted EBITDA is calculated on a total Company basis, including both continuing and discontinued operations.
The following tables reconcile segment operating profit, the closest GAAP measure of profitability, to segment adjusted EBITDA.
Segment and All Other Adjusted EBITDA and Adjusted EBITDA Margin ReconciliationFor the Six Months Ended June 28, 2026Excludes results of discontinued operationsDollars in thousandsConsumerIndustrialCorporateTotalSegment and Total Operating Profit1$277,354 $158,625 $(116,050)$319,929 Adjustments: Depreciation and amortization2 105,625 60,610 89,890 256,125 Other expense, net3 — — (11,907) (11,907)Equity in earnings of affiliates, net of tax 274 2,679 — 2,953 Restructuring/Asset impairment charges, net4 — — 17,066 17,066 Changes in LIFO inventory reserves5 — — 5,521 5,521 Acquisition, integration and divestiture-related costs6 — — 8,421 8,421 Gain on divestiture of business7 — — (775) (775)Net loss from derivatives8 — — 167 167 Other non-GAAP adjustments — — 3,027 3,027 Segment Adjusted EBITDA$383,253 $221,914 $(4,640)$600,527 Net Sales$2,338,914 $1,223,013 Segment Operating Profit Margin 11.9% 13.0% Segment Adjusted EBITDA Margin 16.4% 18.1% 1 As previously announced, effective January 1, 2026, results for Industrial Plastics, previously included in the All Other group of businesses, are included in the Industrial segment. The Company no longer reports the results of any of its businesses in All Other.
2 Included in Corporate is the amortization of acquisition intangibles associated with the Consumer segment of $79,875 and the Industrial segment of $10,015.
3 These expenses relate to charges from third-party financial institutions related to our centralized treasury program under which the Company sells certain trade accounts receivable in order to accelerate its cash collection cycle primarily within the Consumer segment.
4 Included in Corporate are restructuring/asset impairment charges associated with the Consumer segment of $8,937 and the Industrial segment of $7,196.
5 Included in Corporate are changes in LIFO inventory reserves associated with the Consumer segment of $4,996 and the Industrial segment of $525.
6 Included in Corporate are acquisition, integration and divestiture-related costs associated with the Consumer segment of $3,274 and the Industrial segment of $152.
7 Included in Corporate is a gain of $2,640 from the sale of a recycling facility in Savannah, Georgia, part of the Industrial segment, partially offset by a charge of $1,865 from the final net working capital settlement related to the divestiture of ThermoSafe, previously part of the All Other group of businesses.
8 Included in Corporate are net losses from derivatives associated with the Consumer segment of $4 and the Industrial segment of $163.
Segment and All Other Adjusted EBITDA and Adjusted EBITDA Margin ReconciliationFor the Six Months Ended June 29, 2025Excludes results of discontinued operationsDollars in thousandsConsumerIndustrialAll OtherCorporateTotalSegment and Total Operating Profit$301,124 $162,265 $15,125 $(175,987)$302,527 Adjustments: Depreciation and amortization1 101,756 59,868 3,500 86,154 251,278 Other expense, net2 — — — (13,076) (13,076)Equity in earnings of affiliates, net of tax 119 4,072 — — 4,191 Restructuring/Asset impairment charges, net3 — — — 23,333 23,333 Changes in LIFO inventory reserves4 — — — 1,755 1,755 Acquisition, integration and divestiture-related costs5 — — — 38,427 38,427 Loss on divestiture of business6 — — — 6,266 6,266 Net gains from derivatives7 — — — (795) (795)Other non-GAAP adjustments — — — 1,994 1,994 Segment Adjusted EBITDA$402,999 $226,205 $18,625 $(31,929)$615,900 Net Sales$2,293,626 $1,205,193 $120,850 Segment Operating Profit Margin 13.1% 13.5% 12.5% Segment Adjusted EBITDA Margin 17.6% 18.8% 15.4% 1Included in Corporate is the amortization of acquisition intangibles associated with the Consumer segment of $74,835, the Industrial segment of $10,920, and All Other of $399.
2These expenses relate to charges from third-party financial institutions related to our centralized treasury program under which the Company sells certain trade accounts receivables in order to accelerate its cash collection cycle primarily within the Consumer segment.
3Included in Corporate are restructuring/asset impairment charges associated with the Consumer segment of $2,709, the Industrial segment of $20,726, and All Other of $10.
4Included in Corporate are changes in LIFO inventory reserves associated with the Consumer segment of $1,755.
5Included in Corporate are acquisition, integration and divestiture-related costs associated with the Consumer segment of $21,209 and the Industrial segment of $431.
6Included in Corporate are net losses from the divestiture of businesses within the Industrial segment of $6,266, including a loss of $2,083 from the sale of a recycling facility in Asheville, N.C. and losses totaling $4,183 related to the sale of a production facility in France and the entirety of our business in Venezuela.
7Included in Corporate are net gains from derivatives associated with the Consumer segment of $(76), the Industrial segment of $(688), and All Other of $(31).
FREE CASH FLOW
The reconciliation of the GAAP measure “Net cash used by operating activities” to the non-GAAP measure “Free cash flow” is set forth in the table below:
Six Months Ended June 28, 2026 June 29, 2025 Net cash used by operating activities$(67,308) $(14,653)Purchases of property, plant and equipment (125,756) (187,483)Proceeds from the sale of assets, net 1,883 1,090 Net capital expenditures (123,873) (186,393)Free cash flow$(191,181) $(201,046)
Encore Capital Group oznámila odkup všech svých konvertibilních dluhopisů v objemu 230,0 mil. USD s kupónem 4,00 % splatných v roce 2029. Splatnost je stanovena na 24. září 2026.
July 22, 2026 16:05 ET | Source: Encore Capital Group, Inc.
SAN DIEGO, July 22, 2026 (GLOBE NEWSWIRE) -- Encore Capital Group, Inc. (Nasdaq: ECPG) (“Encore” or the “Company”), an international specialty finance company, announced today that on July 22, 2026 (the “Redemption Notice Date”), it has issued a notice (the “Redemption Notice”) to holders of the Company’s 4.00% Convertible Senior Notes due 2029 (CUSIP No. 292554 AP7) (the “Notes”), calling all $230.0 million aggregate principal amount of the Notes for redemption on September 24, 2026 (the “Redemption Date”). The Company’s redemption right in respect of the Notes arises pursuant to Section 14.07 of the Indenture, dated as of March 3, 2023 (the “Indenture”), between the Company and Truist Bank, as trustee (the “Trustee”), as a result of the last reported sale price per share of the Company’s common stock having exceeded 130% of the conversion price on each of at least 20 trading days (whether or not consecutive) during the 30 consecutive trading days ending on, and including, the trading day immediately before the Redemption Notice Date.
Redemption Process
The redemption price will be payable on the Redemption Date in cash and equal to 100% of the principal amount of the Notes outstanding on the Redemption Date, plus accrued and unpaid interest on such Notes to, but excluding, the Redemption Date (the “Redemption Price”). For each $1,000 principal amount of Notes, the Redemption Price will be equal to approximately $1,001. Unless the Company defaults in making payment of the Redemption Price, interest on the Notes will cease to accrue on and after the Redemption Date.
For all Notes surrendered in book-entry form, payment of the Redemption Price will be made through the facilities of The Depository Trust Company (“DTC”), and all redeemed Notes in book-entry form will be surrendered for payment of the Redemption Price in accordance with the applicable rules and procedures of DTC.
Right to Convert the Notes
Holders of the Notes may surrender their Notes (or any portion thereof having a principal amount that is an integral multiple of $1,000) for conversion at any time prior to 5:00 p.m. (New York City time) on September 22, 2026 or, if the Company fails to pay the Redemption Price on the Redemption Date, such later date on which the Redemption Price is paid. To convert any Note, the holder must comply with the applicable rules and procedures of DTC. Upon conversion, a holder will not receive any separate cash payment for accrued and unpaid interest, and the Company’s settlement of the conversion obligation shall be deemed to satisfy in full its obligation to pay the principal amount of the Note and accrued and unpaid interest to, but excluding, the relevant conversion date. Any Notes submitted for conversion after they are called for redemption will be settled in cash. Any Notes not converted prior to the applicable deadline will be redeemed for the Redemption Price on the Redemption Date and will thereafter be canceled and cease to be outstanding.
As of the Redemption Notice Date, the conversion rate of the Notes is 15.1763 shares of common stock per $1,000 principal amount of Notes, which is equivalent to a conversion price of approximately $65.89 per share.
The sending of the Redemption Notice to the holders of the Notes constitutes a “Make-Whole Fundamental Change” under the Indenture, and therefore the conversion rate is required to be increased in accordance with Section 13.03 of the Indenture for Notes surrendered for conversion during the period beginning on, and including, the Redemption Notice Date, and ending at 5:00 p.m. (New York City time) on September 22, 2026 (the “Make-Whole Conversion Period”). The conversion rate applicable to such conversions will be increased by 1.0293 additional shares to 16.2056 shares of common stock per $1,000 principal amount of Notes, which is equivalent to a conversion price of approximately $61.71 per share. The conversion rate will remain subject to adjustment in accordance with the Indenture from time to time upon the occurrence of certain events.
Truist Bank is acting as Trustee, paying agent and conversion agent under the Indenture, and its address is 2713 Forest Hills Road, Building 2 - Floor 2, Wilson, North Carolina 27893, Attention: Encore Capital Group – Client Manager – Patrick Giordano.
Holders who have questions or who wish to discuss the redemption may contact the Company’s Investor Relations representative by email at [email protected].
This press release does not constitute a notice of redemption under the Indenture. The Redemption Notice is being delivered to holders separately in accordance with the terms of the Indenture. This press release is neither an offer to sell nor a solicitation of an offer to buy the Notes or any other securities and shall not constitute an offer to sell or a solicitation of an offer to buy, or a sale of, the Notes or any other securities in any jurisdiction in which such offer, solicitation or sale is unlawful. No representation is made as to the correctness or accuracy of the CUSIP number either as printed on the notes or as contained in this press release.
Capped Call Transactions
In connection with the pricing of the Notes in February 2023, the Company entered into privately negotiated capped call transactions with certain financial institutions (the “option counterparties”). In connection with the redemption, the Company expects that the capped call transactions will unwind and terminate in full. In connection with any such unwind and termination, the Company would receive from each option counterparty an amount of cash (or shares of the Company’s common stock if agreed with the applicable option counterparty) reflecting the then-current option value of such capped call transaction, as determined pursuant to the terms of such transaction or as otherwise agreed with the Company. The Company expects to enter into bilateral unwind agreements with each option counterparty to unwind and terminate its respective capped call transaction as of or shortly following the Redemption Date, with a termination value determined based on the market price of the Company’s common stock over a valuation period expected to end shortly prior to the Redemption Date and payable to the Company on or shortly following the Redemption Date, in each case, subject to extension.
In connection with unwinding and terminating the capped call transactions, the option counterparties and/or their respective affiliates are expected to unwind various derivative transactions with respect to the Company’s common stock and/or sell shares of the Company’s common stock or other securities of the Company in secondary market transactions. This activity may have the effect of decreasing (or reducing the size of any increase in) the market price of the Company’s common stock.
About Encore Capital Group, Inc.
Encore Capital Group is an international specialty finance company that provides debt recovery solutions and other related services for consumers across a broad range of financial assets. Through its subsidiaries around the globe, Encore purchases portfolios of consumer receivables from major banks, credit unions, and utility providers.
Encore partners with individuals as they repay their debt obligations, helping them on the road to financial recovery and ultimately improving their economic well-being. Encore is the first and only company of its kind to operate with a Consumer Bill of Rights that provides industry-leading commitments to consumers. Headquartered in San Diego, Encore is a publicly traded NASDAQ Global Select company (ticker symbol: ECPG) and a component stock of the Russell 2000, the S&P Small Cap 600 and the Wilshire 4500. More information about the company can be found at www.encorecapital.com.
The statements in this press release that are not historical facts, including, most importantly, those statements preceded by, or that include, the words “will,” “may,” “believe,” “projects,” “expects,” “anticipates” or the negation thereof, or similar expressions, constitute “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995 (the “Reform Act”). These statements may include, but are not limited to, statements regarding our future operating results, performance, liquidity, ability to access capital markets, business plans or prospects. For all “forward-looking statements,” the Company claims the protection of the safe harbor for forward-looking statements contained in the Reform Act. Such forward-looking statements involve risks, uncertainties and other factors which may cause actual results, performance or achievements of the Company and its subsidiaries to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. These risks, uncertainties and other factors are discussed in the reports filed by the Company with the Securities and Exchange Commission, including the most recent reports on Forms 10-K and 10-Q, each as it may be amended from time to time. The Company disclaims any intent or obligation to update these forward-looking statements.
SL Green podepsala novou 10letou nájemní smlouvu s nájemcem z oblasti AI na 98 420 čtverečních stop v 11 Madison Avenue. V roce 2026 už uzavřela nájemní smlouvy na 1 478 673 čtverečních stop.
2026 Office Leasing Volume Reaches 1.5M Square Feet July 22, 2026 16:10 ET | Source: SL Green Realty Corp
NEW YORK, July 22, 2026 (GLOBE NEWSWIRE) -- SL Green Realty Corp. (NYSE: SLG), Manhattan’s largest office landlord, today announced that a leading AI tenant has signed a new 10-year lease covering 98,420 square feet for the entire 11th floor at 11 Madison Avenue, demonstrating the on-going demand for premier office space in Midtown South.
With this transaction, SL Green has signed office leases totaling 1,478,673 square feet to date in 2026, while maintaining a current pipeline of over 900,000 square feet.
“We are excited to welcome another premier tenant to the already impressive tenant roster at 11 Madison Avenue which includes SONY, UBS, Jim Beam Brands, WME and Pinterest,” said Steven Durels, Executive Vice President, Director of Leasing and Real Property at SL Green. “This new lease is testament to the building’s status as one of the most prominent properties in the exciting Midtown South neighborhood and further evidence of the incremental demand that AI and technology tenants are bringing to an already strong leasing market.”
11 Madison Avenue is fully leased after signing an additional nearly 300,000 square feet of office leases from the beginning of 2025 to other AI and technology tenants which include Pinterest, Tempus AI and Clay Labs. SL Green’s One Madison Avenue, adjacent to 11 Madison Avenue, introduced approximately 1.4 million square feet of new office inventory to the Madison Square area and is also fully leased with industry-leading AI and technology tenants including Harvey AI, IBM, Palo Alto Networks, and Sigma Computing.
The tenant was represented by Justin Haber and Kyle Riker of JLL. SL Green was represented by Brian Waterman, Brent Ozarowski and Eric Harris of Newmark.
About SL Green Realty Corp.
SL Green Realty Corp., Manhattan’s largest office landlord, is a fully integrated real estate investment trust, or REIT, that is focused primarily on acquiring, managing and maximizing the value of Manhattan commercial properties. As of June 30, 2026, SL Green held interests in 54 buildings totaling 30.6 million square feet, which included ownership interests in 29.2 million square feet and 1.4 million square feet securing debt and preferred equity investments, excluding fund investments, and managed 4 buildings totaling 0.9 million square feet owned by third parties.
Forward Looking Statement
This press release includes certain statements that may be deemed to be "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995 and are intended to be covered by the safe harbor provisions thereof. All statements, other than statements of historical facts, included in this press release that address activities, events or developments that we expect, believe or anticipate will or may occur in the future, including such matters as future capital expenditures, dividends and acquisitions (including the amount and nature thereof), development trends of the real estate industry and the New York metropolitan area markets, occupancy, business strategies, expansion and growth of our operations and other similar matters, are forward-looking statements. These forward-looking statements are based on certain assumptions and analyses made by us in light of our experience and our perception of historical trends, current conditions, expected future developments and other factors we believe are appropriate. Forward-looking statements are not guarantees of future performance and actual results or developments may differ materially, and we caution you not to place undue reliance on such statements. Forward-looking statements are generally identifiable by the use of the words "may," "will," "should," "expect," "anticipate," "estimate," "believe," "intend," "project," "continue," or the negative of these words, or other similar words or terms.
Forward-looking statements contained in this press release are subject to a number of risks and uncertainties, many of which are beyond our control, that may cause our actual results, performance or achievements to be materially different from future results, performance or achievements expressed or implied by forward-looking statements made by us. Factors and risks to our business that could cause actual results to differ from those contained in the forward-looking statements include risks and uncertainties described in our filings with the Securities and Exchange Commission. Except to the extent required by law, we undertake no obligation to publicly update or revise any forward-looking statements, whether as a result of future events, new information or otherwise.
Cerebras Systems oznámila, že výsledky za 2. čtvrtletí 2026 zveřejní po uzavření trhu ve středu 12. srpna 2026. Téhož dne uspořádá konferenční hovor s investory.
July 22, 2026 16:03 ET | Source: Cerebras Systems Inc.
SUNNYVALE, Calif., July 22, 2026 (GLOBE NEWSWIRE) -- Cerebras Systems Inc. (NASDAQ: CBRS), maker of the world’s fastest AI infrastructure, announced it will release second-quarter 2026 financial results after the market closes on Wednesday, August 12, 2026.
Cerebras will host a conference call to discuss its financial results at 2 p.m. PT (5 p.m. ET) on the same day. The live webcast of the earnings conference call can be accessed at the Cerebras Systems Investor Relations website at investors.cerebras.ai. A replay of the webcast will be available at the same website.
About Cerebras Systems
Cerebras Systems (NASDAQ: CBRS) builds the world’s fastest AI infrastructure. The Cerebras team of pioneering computer architects, computer scientists, AI researchers, and engineers of all types came together to make AI blisteringly fast through innovation and invention. We believe that when AI is fast, it will change the world. Leading global corporations, research institutes, and governments choose Cerebras to run their AI workloads. Cerebras solutions are available on premises and in the cloud. Visit cerebras.ai for more.
Apple chystá zásadní obměnu celé řady Maců, včetně přepracovaného MacBooku Pro s čipem M6, aby uspokojila poptávku po AI počítačích. První modely mají přijít letos na podzim a až do roku 2027.
Apple reportedly wants to overhaul its Mac line as consumers seek artificial intelligence (AI)-powered computers.
The company plans to introduce new versions of every Mac product it sells, Bloomberg News reported Wednesday (July 22), citing unnamed sources with knowledge of the matter.
This will include long-awaited updates to the company’s desktops, several laptops and a revamped version of the MacBook Pro, all scheduled to roll out this fall and into 2027, the sources said.
The launches will begin with an updated low-end 14-inch MacBook Pro that will be among the first Macs to include a new M6 chip and the first new iMacs in two years, the sources added.
PYMNTS has contacted Apple for comment but has not yet received a reply.
Bloomberg noted that the Mac has seen a resurgence of late, with sales forecast to increase for the third straight year. These devices have become popular with people who run computing-intensive AI agents. At the same time, a dearth of memory chips strained manufacturing, causing Apple to increase prices, the report added.
Supply issues are such that new orders on some Mac mini and Mac Studio models won’t ship for at least three months, the report said, challenging Apple to introduce new models with its usual level of inventory, the report said.
Apple CEO Tim Cook had said in April that he thinks it could take “several months” for those machines to achieve supply demand balance, Bloomberg added. Apple raised prices on several products—though not its iPhone—in June.
A report earlier this month by Kiplinger said those price increases could lead to a years-long era of costlier electronics. Cook has blamed the price hikes on soaring memory chip costs, saying he’s never experienced anything like it in 40 years.
“We’re doing our best to mitigate the huge increases that are being passed to us, and we’ve been trying to shield our customers from the increases, but the situation has become unsustainable,” Cook told the Wall Street Journal last month.
Bloomberg had reported Tuesday (July 21) that the company was readying a leasing program known as Apple Upgrade. Set to launch next week, this service will reportedly support most iPhone, Mac, iPad and Apple Watch models and work like a subscription.
“Users can pay off devices early in their term, upgrade earlier to newer models, or keep the original device until the leasing period ends,” PYMNTS wrote in a report on the program. “As with a car lease, the device could be returned when the term is up.”
For all PYMNTS AI and digital transformation coverage, subscribe to the daily AI and Digital Transformation Newsletters.
A day after Snap tentatively settled with the plaintiff in a social media addiction lawsuit, leaving Meta as the only remaining defendant, the case has been dropped. In a statement, Meta said the plaintiff chose to drop his case against Meta without receiving any payment.
TikTok and Google’s YouTube had previously reached settlement agreements with the plaintiff. (Snap on Tuesday confirmed a tentative agreement had been reached.)
The bellwether jury trial had been set to begin next week in the Superior Court of California in Los Angeles.
The plaintiff, a Florida teenager known by the initials “R.K.C.,” had sued the social media companies for creating addictive platforms. It was one of thousands of similar lawsuits from teens, schools, and state attorneys general that had accused the big tech companies of knowingly creating addictive platforms.
The precedent that would have been set by this lawsuit and others could have impacted how the companies build their apps, known for features that keep people engaged, like the infinite scroll and their continual buzz of notifications.
The plaintiff’s decision to drop the case follows Meta’s loss in a New Mexico case earlier this year, which marked its first courtroom defeat over social media harms. Meta was ordered to pay $375 million in penalties after the company was found to have misled consumers about the safety of its platforms and endangered children.
In March, a Los Angeles jury also handed both Meta and Google another defeat, awarding the defendant in that case some $6 million in damages.
Meta had been prepared to argue that the plaintiff in this case had allegedly only used Facebook and Instagram accounts for minutes per day on average, and was planning to claim that most of his accounts had been created after hiring a lawyer.
In its statement, Meta said that, “this outcome makes clear that we will not back away from defending ourselves against baseless lawsuits.”
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Tesla ve 2. čtvrtletí vykázala tržby 28,24 miliardy USD, nad odhady, ale zisk na akcii 33 centů zaostal za očekáváním 50 centů. Cybercab už je ve výrobě a Optimus Bot má přijít „brzy“.
Tesla Inc (NASDAQ:TSLA) reported second-quarter financial results after market close Wednesday.
Here are the highlights.
Tesla Q2 EarningsTesla reported second-quarter revenue of $28.24 billion. The total beat a Street consensus estimate of $25.71 billion, according to data from Benzinga Pro.
Second-quarter earnings of 33 cents per share missed a Street consensus estimate of 50 cents per share.
Tesla previously reported second-quarter deliveries of 480,126 vehicles, up 25% year-over-year. The total beat a Street estimate of 406,000.
The company said it hit $100 billion in trailing twelve-month revenue for the first time in history in the second quarter.
Active FSD subscriptions hit 1.48 million in the second quarter, up 56% year-over-year and up from the 1.28 million reported in the first quarter.
Tesla ended the quarter with digital assets worth $674 million, made up primarily of Bitcoin (CRYPTO:BTC) holdings. This marks a significantly lower figure than the $786 million in the first quarter, with the leading cryptocurrency trading lower this year.
What’s Next for TeslaThe company said its first-generation production lines for Optimus Bot are being installed in anticipation of production in 2026, with the company saying production will happen "soon."
The Cybercab is listed as in production, an improvement from the company saying it expected volume production "this year" last quarter. Tesla said the vehicle began production in the quarter.
The Tesla Semi is listed as "commissioning" and the company said it remains on track for volume production this year.
"We are focused on maximum capacity utilization at our factories," the company said.
Tesla said deliveries and deployments will depend on demand.
"Tesla is in its largest and most exciting period of investment."
The company said it has "never been more optimistic about the future."
Tesla Stock Price ActionTesla stock is down 2.8% to $363.42 in after-hours trading Wednesday versus a 52-week trading range of $297.82 to $498.83.
Image via Shutterstock
Market News and Data brought to you by Benzinga APIs
Tesla is no longer planning to reach “volume production” of three of its newest products – the Cybercab, the Tesla Semi, and its Megapack 3 commercial energy storage solution – in 2026, according to a second-quarter shareholder letter published Wednesday. The company also removed language from its first-quarter letter about its Optimus robot reaching “volume production.”
The company said Wednesday that it’s trying to increase battery production, specifically around the company’s 4680 cell, in order to start building the Cybercab and Tesla Semi at scale. It did not offer a reason for pushing back volume production of the new Megapack, or say whether there are any holdups around Optimus.
Tesla started making the first production Cybercabs at its factory in Austin, Texas earlier this year, but said in the letter that it’s still building out the manufacturing lines for the Semi and Optimus. The company had said as recently as January that the Cybercab, Semi, and Megapack 3 would reach “volume production” this year.
The pullback comes as the company plows money into its next generation of products while attempting to shift from an EV maker to an AI and robotics company. Tesla’s results, which showed net income falling 5% year-over-year to $1.1 billion, capital expenditures more than doubling, and negative free cash flow, were slightly buoyed by an uptick in revenue.
Still that revenue boost wasn’t enough to offset the cost of business and Tesla’s push to develop and launch new products, which Tesla CFO Vaibhav Taneja previously said would lead to negative cash flow for the remainder of the year.
The company reported revenue of $28.2 billion, a 26% increase from the $22.5 billion it generated in the second quarter of 2025. Tesla’s second-quarter revenue also grew from the previous quarter’s haul of $22.38 billion.
The bulk of its revenue came from selling and leasing its EVs — and those results improved significantly this quarter.
The company reported automotive revenue of $20.5 billion in the second quarter, compared to $16.6 billion in the same-year ago period. Tesla delivered more than 480,000 vehicles in the second quarter, an increase of more than 120,000 from the first quarter.
It was Tesla’s best result for overall sales since the third quarter of last year, when it delivered nearly 500,000 vehicles. The increase was driven by record sales in several markets outside of the U.S., including South Korea, Australia, Colombia, Japan, Taiwan, Thailand, Portugal, the Philippines, Chile, Slovenia and Lithuania, the company said in its shareholder letter.
Tesla’s second-quarter revenue results improved from a year ago when the company suffered from a combination of falling EV sales, lower average selling prices, less cash from regulatory credits, and a drop in solar and energy revenue.
Sales of energy storage and solar also proved to be a standout, improving 13% to $3.1 billion. And subscriptions to Tesla’s advanced driver assistance system, known as Full Self-Driving (Supervised) continue to rise. The company reported 1.48 million subscriptions, a 56% increase from the same period last year.
Tesla’s bottom line, however, slipped as it poured money into new products and saw its gross margins squeezed.
Tesla reported net income of $1.1 billion, a 5% decrease from the same period a year ago. At the same time, its operating expenses ballooned by 47% to $4.3 billion. Meanwhile, Tesla had negative free cash flow of $1 billion in the second quarter, a stark change from the $1.44 billion in positive free cash flow it reported last quarter and the $146 million it had in the same period last year.
The company’s operating income was $398 million, a 57% drop from the $932 million it reported in the same period last year.
A year ago, Tesla called the second quarter of 2025 a “seminal point” in the company’s history and the beginning of its transition from a company that sells electric vehicles, solar, and energy storage to one that leads in “AI, robotics and related services.”
That transition is still underway and Tesla CEO Elon Musk has said the company would boost spending to achieve its goal. Tesla said its capital expenditure will be $25 billion in 2026, about three times more than it historically has spent.
This spring, the company ended production of its flagship Model S sedan and Model X SUV vehicles at its Fremont, California factory to make way for its Optimus humanoid robot. It is also bringing its Tesla Robotaxi service to new cities, albeit with a limited number of vehicles. And it’s still pushing to sell owners on Full Self-Driving (Supervised), and eventually make that product capable enough to handle all driving without the need of a human.
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Kirsten Korosec is a reporter and editor who has covered the future of transportation from EVs and autonomous vehicles to urban air mobility and in-car tech for more than a decade. She is currently the transportation editor at TechCrunch and co-host of TechCrunch’s Equity podcast. She is also co-founder and co-host of the podcast, “The Autonocast.” She previously wrote for Fortune, The Verge, Bloomberg, MIT Technology Review and CBS Interactive.
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Sean O’Kane is a reporter who has spent a decade covering the rapidly-evolving business and technology of the transportation industry, including Tesla and the many startups chasing Elon Musk. Most recently, he was a reporter at Bloomberg News where he helped break stories about some of the most notorious EV SPAC flops. He previously worked at The Verge, where he also covered consumer technology, hosted many short- and long-form videos, performed product and editorial photography, and once nearly passed out in a Red Bull Air Race plane.
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YouTube ve 2. čtvrtletí zvýšil reklamní příjmy o 13 % na 11,06 miliardy USD a pomohl mateřské společnosti Alphabet k silným výsledkům. Celkové tržby vzrostly o 24 % na 119,8 miliardy USD a EPS téměř zčtyřnásobil na 9,11 USD.
YouTube ad revenue increased 13% in the second quarter compared with the same period a year ago, helping to pace parent Alphabet‘s financial performance.
Total revenue rose 24% in the quarter to hit $119.8 billion, while earnings per share nearly quadrupled to $9.11. Both metrics were ahead of Wall Street expectations.
YouTube pulled in $11.06 billion in ad revenue, showing double-digit growth that has eluded its traditional media rivals in recent years. Along with its deep well of creator content, YouTube is increasingly looking to cross over into traditional entertainment, landing rights to the Academy Awards and NFL football games.
RELATED: The NFL Wants To Attract Younger Fans; YouTube Blitzed Super Bowl LX To Try To Make That Happen
In the company’s earnings release, Google and Alphabet CEO Sundar Pichai flagged YouTube’s popularity as a way for people to keep current. “Month over month, people turn to YouTube for major world events, with over 1.7 billion unique viewers watching World Cup-related videos during the FIFA World Cup,” he wrote.
Debate about the stocks of Alphabet and the other “magnificent seven” tech giants (Nvidia, Apple, Amazon, Meta, Tesla and Microsoft) preceded the earnings release. Some Wall Streeters fret about a recent divergence between the “mag seven” and semiconductor shares, given that chipmakers have slumped recently despite their key role in the AI boom.
RELATED: UK Government Unveils Plan For Midnight Social Media Curfew For Older Teens
Google, initially a laggard in AI, has moved the head of the sector during the past few quarters, though it also faces questions about strategic plans for Gemini and other tools.
Nvidia představila dosud nejpodrobnější podobu architektury Vera CPU a zdůrazňuje rychlejší dokončení úlohy jednoho AI agenta. Bank of America říká, že spor v oblasti AI infrastruktury se přesouvá k tomu, zda je důležitější výkon na agenta, nebo počet agentů na rack.
Nvidia Corp (NASDAQ:NVDA, XETRA:NVD) is drawing attention to the evolving competition in the AI server CPU market after providing its most detailed look yet at its Vera CPU architecture, with Bank of America highlighting a growing debate over how AI infrastructure performance should be measured.
In a note to clients, the bank wrote that the emerging competition centers on two different approaches to agentic AI. Nvidia is focused on reducing the "time-to-complete-an-agent," while Advanced Micro Devices (NASDAQ: AMD) is emphasizing the "number-of-agents-per-rack." Bank of America estimates the server CPU total addressable market could expand to approximately $170 billion by 2030.
According to the analysts, Nvidia's Vera architecture combines 88 custom ARM-based Olympus cores with 1.2TB/s of memory bandwidth and 3.4TB/s of on-die fabric bandwidth. The company argues that as agentic AI workloads become more common, CPU latency, memory responsiveness and GPU utilization will become increasingly important, making faster per-core performance a key advantage.
Bank of America noted that Nvidia's design also reflects a broader co-design strategy across its AI platform, including Rubin GPUs, networking and storage technologies.
The report comes ahead of AMD's AI Day on Thursday, where Bank of America expects the company to present its own view of AI infrastructure performance. Rather than focusing on faster individual agents, AMD is expected to emphasize rack-level throughput and the ability to support more concurrent AI workflows.
The analysts noted that AMD estimates its current EPYC 9965 (Turin) processor delivers roughly 2.4 times the rack-level throughput of Nvidia's Vera baseline in a modeled 100-kilowatt deployment, while its upcoming EPYC 6 (Venice) platform is projected to deliver up to 3.3 times the throughput.
Beyond performance metrics, Bank of America said the rivalry also reflects a broader architectural debate between ARM and x86 processors. Nvidia's approach suggests processor architecture is less important if higher single-thread performance improves AI agent execution, while AMD and Intel are expected to argue that x86 retains an advantage through its long-established software ecosystem and compatibility with enterprise applications.
Bank of America wrote that the central question for investors is whether future AI deployments will be constrained more by the speed at which an individual AI agent completes a task or by the number of AI agents that can operate simultaneously within a fixed power budget. The firm expects AMD's upcoming event to focus on shaping that discussion rather than benchmark comparisons alone.
Nvidia shares added 3% at $214, to mark an almost 15% gain so far this year.
JPMorgan Chase vykázala čtvrtletní zisk 21,2 miliardy USD, což je rekord v americkém bankovnictví a meziročně o 41 % více. EPS vzrostl o 47 % a všechny divize banky dosáhly rekordních výsledků.
JPMorgan Chase (JPM +0.86%) just did something no U.S. bank has ever done. It earned $21.2 billion in a single quarter, up 41% from a year earlier, the largest quarterly profit in the history of American banking. Earnings per share jumped 47%, and every one of the bank's business lines set a record.
Yet JPMorgan Chase CEO Jamie Dimon's reaction was telling. He called the environment "close to as good as it gets," then added, "We just don't know how long it's going to last."
This was a quarter supercharged by Wall Street activity. Equity trading revenue surged 86% to $6 billion, and a big reason was the record-shattering initial public offering of Space Exploration Technologies, the largest IPO ever, which sent a wave of fees to the banks that ran it. Investment banking fees climbed 30% to $3.3 billion, their highest level since 2021, led by strength in equity underwriting. Total revenue rose 27% to $58 billion. A one-time gain tied to the bank's stake in Visa also padded the bottom line.
There is a warning hidden in the good news Here is why I would not simply extrapolate this quarter, and I wouldn't expect continued optimism. Dimon's caveat, which he said during the earnings call, is the whole story. Trading booms and blockbuster IPOs are lumpy and unpredictable, and a deal like SpaceX's does not come along often. One-time gains, by definition, do not repeat.
When the head of the best-run bank in the country says conditions are about as good as they get and openly wonders how long that will hold, he is telling investors this is a high-water mark and really a new baseline. It is worth remembering he has also cautioned that artificial intelligence, for all its efficiency gains, is unlikely to widen the bank's margins because every rival is adopting it too.
Today's Change
(
0.86
%) $
2.98
Current Price
$
348.21
JPMorgan is executing at an extraordinary level, and this quarter is a testament to its scale and diversification across trading, dealmaking, and lending. But a record built on a once-in-history IPO, an 86% trading surge, and a one-off gain is a peak, not a run rate. I would admire the quality of this business without assuming the next few quarters will look anything like this one. The smartest investors treat a blowout like this as a reason to respect JPMorgan, not to bet that the good times never end.
JPMorgan Chase is an advertising partner of Motley Fool Money. Micah Zimmerman has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends JPMorgan Chase and Visa. The Motley Fool has a disclosure policy.
Federální soudce zpochybnil tvrzení asi 69 000 žalobců, že talek Johnson & Johnson způsobil rakovinu vaječníků, a žádá konkrétnější důkazy. Bez nich mohou být žaloby zamítnuty.
A bottle of Johnson and Johnson Baby Powder is seen in a photo illustration taken in New York, February 24, 2016. REUTERS/Mike Segar/Illustration/File Photo Purchase Licensing Rights, opens new tab
CompaniesJuly 22 (Reuters) - A federal judge cast doubt on Wednesday on claims by approximately 69,000 people alleging that Johnson & Johnson's (JNJ.N), opens new tab baby powder and other talc products caused ovarian cancer, saying plaintiffs must provide more specific evidence or risk having their lawsuits dismissed.
U.S. Magistrate Judge Rukhsanah Singh in Trenton, New Jersey, said that recent testimony by two of the plaintiffs' experts raised doubts about whether any plaintiffs can provide evidence admissible in court "that talcum powder use specifically caused her ovarian cancer."
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The two experts, Judith Wolf and Daniel Clarke-Pearson, testified in May in preparation for a set of six "bellwether," or test, trials for the thousands of court cases that have been consolidated in New Jersey's federal court. Verdicts in bellwether trials are used to assess the potential value of remaining claims and guide settlement talks.
J&J has denied the allegations that its talc products caused cancer, saying that talc was safe and did not contain asbestos.
A spokesperson for the company did not immediately respond to a request for comment, nor did a lead attorney for the plaintiffs.
Wolf and Clarke-Pearson said they could not completely rule out other possible causes of the plaintiffs' ovarian cancer, according to Singh's opinion.
"If such uncertainty is indeed reality, then how can any plaintiff here meet her burden on the merits of her claim?" Singh wrote.
Singh said that the debate over causation would not lead to "instant dismissal" of the thousands of cases in the consolidated federal litigation. The judge ordered plaintiffs to respond by November 19, and to explain why their case should not be dismissed over the failure to provide an admissible expert opinion that J&J talc caused their specific cancer.
Reporting by Dietrich Knauth in New York; Editing by Alexia Garamfalvi and Will Dunham
Our Standards: The Thomson Reuters Trust Principles., opens new tab
Pfizer získal od americké FDA prioritní přezkum pro rozšíření indikace kombinace Talzenna a Xtandi u rakoviny prostaty s metastázami a mutacemi HRR. Rozhodnutí se očekává ve 4. čtvrtletí roku 2026.
The Pfizer logo is seen in this illustration taken August 3, 2025. REUTERS/Dado Ruvic/Illustration/File Photo Purchase Licensing Rights, opens new tab
CompaniesJuly 22 (Reuters) - Pfizer (PFE.N), opens new tab said on Wednesday the U.S. Food and Drug Administration has granted priority review to its application seeking expanded approval for its prostate cancer treatment combination.
The company sought expanded approval to use a combination of two approved drugs branded as Talzenna and Xtandi in men with metastatic castration-sensitive prostate cancer, whose tumors have acquired gene changes known as HRR mutations.
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Talzenna and Xtandi are already approved in the United States for men whose prostate cancer has spread to other parts of the body and stopped responding to hormone therapy.
For the combination drug, Pfizer said the FDA had set a target decision date in the last quarter of 2026.
Reporting by Padmanabhan Ananthan in Bengaluru; Editing by Shailesh Kuber and Pooja Desai
Our Standards: The Thomson Reuters Trust Principles., opens new tab
IBM zvýšilo celoroční odhad růstu tržeb v konstantní měně na 4–5 % a dál čeká volný peněžní tok asi o 1 miliardu USD vyšší než loni. Ve 2. čtvrtletí tržby vzrostly na 17,2 miliardy USD.
, /PRNewswire/ -- IBM (NYSE: IBM) today announced second-quarter 2026 earnings results.
"We are confident in IBM's strategy and portfolio, and in our ability to capture growth opportunities ahead. We fundamentally believe that we are in the early innings of a structural shift for business, and that our portfolio - across software, infrastructure, and consulting - is well-positioned to help our clients tap the value, and manage the challenges, of an AI-driven future," said Arvind Krishna, IBM chairman, president and chief executive officer. "In addition, we are taking action to accelerate our revenue growth and profitability, driving productivity across the company with AI and automation, and heavily investing in commercializing innovation at speed and scale. We now expect constant currency revenue growth in the range of four-to-five percent, and we continue to expect free cash flow to increase by about $1 billion year-over-year for the full year."
Full-Year 2026 Expectations
Revenue: The company now expects full-year constant currency revenue growth in the range of four-to-five percent. At current foreign exchange rates, currency is expected to be neutral to growth for the year Free cash flow: The company continues to expect full-year free cash flow to increase by about $1 billion year-over-year Operational Focus Areas
High-Growth Portfolio: Areas of IBM's software business that help clients manage, deploy and build AI-ready solutions, like Red Hat, the watsonx portfolio, HashiCorp, and Confluent continue to deliver strong performance. Within Distributed Infrastructure, Power and Storage grew at a record pace in the second quarter, now having built up an order backlog of nearly $500 million. Together, these offerings closely map to where client demand is strongest. To capture these growth opportunities, IBM is accelerating changes to its go-to-market model by expanding sales coverage across thousands of additional clients where there is significant opportunity. As AI adoption moves from experimentation to enterprise-scale deployment, the company is also investing in more specialized technical and client-facing talent, including Forward Deployed Engineers. Rapid Innovation at Scale: IBM is acting decisively to capture new opportunities as they arise. Lightwell, a new capability to address open source security vulnerabilities, leverages IBM and Red Hat's trust within the open source community, unique approach to AI, and global scale. In the first two weeks of availability, Lightwell has already made more than 7,500 open source patches available to help clients secure vulnerabilities. Additionally, quantum computing continues to be an investment priority for the company. In May, with the U.S. Department of Commerce, IBM announced a letter of intent to build Anderon, the world's first pure-play quantum wafer foundry. IBM will invest more than $10 billion in quantum over the next five years, and remains on track to deliver the first large-scale fault-tolerant quantum computer by 2029. Productivity Enables Investment and Value: IBM is accelerating productivity by scaling software development leveraging AI, increasing the effectiveness of its sales and marketing organization, and optimizing its supply chain. These efforts help enhance margin and free cash flow, and strengthen the company's ability to capture significant growth opportunities. The company now expects improved pre-tax income margin expansion for the full year. "Although we faced revenue headwinds late in the second quarter, we continued to focus on the fundamentals of our business, including driving productivity, strengthening our portfolio, and generating free cash flow," said James Kavanaugh, IBM senior vice president and chief financial officer. "In a quarter like this, it is critical that our financial and operational discipline remains strong and that we continue to invest for growth while returning value to shareholders through our dividend."
SECOND-QUARTER 2026 INCOME STATEMENT SUMMARY
Revenue
Gross
Profit
Gross
Profit
Margin
Pre-tax
Income
Pre-tax
Income
Margin
Net
Income
Diluted
Earnings
Per Share
GAAP from
Continuing
Operations
$ 17.2 B
$ 9.9 B
57.7
%
$ 2.5 B
14.4
%
$ 2.2 B
$ 2.27
Year/Year
1
%
(1)
%
(1.0)
Pts
(5)
%
(0.9)
Pts
(1)
%
(2)
%
Operating
(Non-GAAP)
$ 10.2 B
59.4
%
$ 3.3 B
19.2
%
$ 2.8 B
$ 2.93
Year/Year
0
%
(0.7)
Pts
3
%
0.3
Pts
5
%
5
%
Segment Results for Second Quarter
Software — revenues of $7.8 billion, up 5 percent:
- Hybrid Cloud (Red Hat) up 11 percent
- Automation up 4 percent, up 3 percent at constant currency
- Data up 19 percent, up 18 percent at constant currency
- Transaction Processing down 8 percent, down 9 percent at constant currency Consulting — revenues of $5.3 billion, flat, up 1 percent at constant currency:
- Strategy and Technology flat, up 1 percent at constant currency
- Intelligent Operations flat, up 1 percent at constant currency Infrastructure — revenues of $3.8 billion, down 7 percent:
- Hybrid Infrastructure down 10 percent
-- IBM Z down 42 percent
-- Distributed Infrastructure up 37 percent
- Infrastructure Support down 1 percent Financing — revenues of $0.2 billion, up 12 percent, up 11 percent at constant currency Cash Flow and Balance Sheet
In the second quarter, the company generated net cash from operating activities of $2.6 billion, up $0.9 billion year to year. IBM's free cash flow was $2.5 billion, down $0.3 billion year to year. The company returned $1.6 billion to shareholders in dividends in the second quarter.
For the first six months of the year, the company generated net cash from operating activities of $7.8 billion, up $1.7 billion year to year. IBM's free cash flow was $4.8 billion, flat year to year.
IBM ended the second quarter with $8.2 billion of cash, restricted cash and marketable securities, down $6.3 billion from year-end 2025. The company invested $10.5 billion in acquisitions this year. Debt, including IBM Financing debt of $13.0 billion, totaled $62.0 billion, up $0.7 billion year to date.
Dividend Declaration
The IBM board of directors approved a regular quarterly cash dividend of $1.69 per common share, to stockholders of record on August 10, 2026. With payment of the September 10, 2026 dividend, IBM will have paid consecutive quarterly dividends every year since 1916.
Forward-Looking and Cautionary Statements
Except for the historical information and discussions contained herein, statements contained in this release may constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are based on the company's current assumptions regarding future business and financial performance. These statements involve a number of risks, uncertainties and other factors that could cause actual results to differ materially, including, but not limited to, the following: a downturn in economic environment and client spending budgets; a failure of the company's innovation initiatives; damage to the company's reputation; risks from investing in growth opportunities; failure of the company's intellectual property portfolio to prevent competitive offerings and the failure of the company to obtain necessary licenses; the company's ability to successfully manage acquisitions, alliances and divestitures, including integration challenges, failure to achieve objectives, the assumption or retention of liabilities and higher debt levels; fluctuations in financial results; impact of local legal, economic, political, health and other conditions; the company's failure to meet growth and productivity objectives; ineffective internal controls; the company's use of accounting estimates; impairment of the company's goodwill or amortizable intangible assets; the company's ability to attract and retain key employees and its reliance on critical skills; impacts of relationships with critical suppliers; product and service quality issues; the development and use of AI, including the company's increased AI solutions and use of AI technologies; impacts of business with government clients; reliance on third party distribution channels and ecosystems; cybersecurity and data protection considerations; adverse effects related to climate change and other environmental matters; tax matters; legal proceedings and investigatory risks; the company's pension plans; currency fluctuations and customer financing risks; impact of changes in market liquidity conditions and customer credit risk on receivables; risk factors related to IBM securities; and other risks, uncertainties and factors discussed in the company's Form 10-Qs, Form 10-K and in the company's other filings with the U.S. Securities and Exchange Commission or in materials incorporated therein by reference.
Any forward-looking statement in this release speaks only as of the date on which it is made. Except as required by law, the company assumes no obligation to update or revise any forward-looking statements.
Presentation of Information in this Press Release
In an effort to provide investors with additional information regarding the company's results as determined by generally accepted accounting principles (GAAP), the company has also disclosed in this press release the following non-GAAP information, which management believes provides useful information to investors:
adjusting for currency (i.e., at constant currency); presenting operating (non-GAAP) earnings per share amounts and related income statement items; free cash flow; net cash from operating activities excluding IBM Financing receivables; adjusted EBITDA; adjusted EBITDA margin. The rationale for management's use of these non-GAAP measures is included in Exhibit 99.2 in the Form 8-K that includes this press release and is being submitted today to the SEC.
Conference Call and Webcast
IBM's regular quarterly earnings conference call is scheduled to begin at 5:00 p.m. ET, today. The Webcast may be accessed via a link at https://www.ibm.com/investor/events/earnings-2q26. Presentation charts will be available shortly before the Webcast.
Financial Results Below (certain amounts may not add due to use of rounded numbers; percentages presented are calculated from the underlying whole-dollar amounts).
INTERNATIONAL BUSINESS MACHINES CORPORATION
COMPARATIVE FINANCIAL RESULTS
(Unaudited; $ in millions except per share amounts)
Three Months Ended
June 30,
Six Months Ended
June 30,
2026
2025
2026
2025
REVENUE BY SEGMENT
Software
$ 7,761
$ 7,387
$ 14,813
$ 13,722
Consulting
5,327
5,314
10,599
10,382
Infrastructure
3,835
4,142
7,161
7,027
Financing
186
166
406
357
Other
52
(31)
100
30
TOTAL REVENUE
17,162
16,977
33,079
31,519
GROSS PROFIT
9,907
9,977
18,857
18,008
GROSS PROFIT MARGIN
Software
82.6
%
83.9
%
82.7
%
83.7
%
Consulting
28.9
%
27.5
%
28.2
%
27.4
%
Infrastructure
58.4
%
61.5
%
57.7
%
57.9
%
Financing
42.5
%
45.7
%
43.0
%
45.8
%
TOTAL GROSS PROFIT MARGIN
57.7
%
58.8
%
57.0
%
57.1
%
EXPENSE AND OTHER INCOME
SG&A
4,981
5,027
10,071
9,913
R&D
2,311
2,097
4,485
4,047
Intellectual property and custom development income
(166)
(215)
(338)
(468)
Other (income) and expense
(185)
(39)
(186)
(204)
Interest expense
486
510
959
965
TOTAL EXPENSE AND OTHER INCOME
7,428
7,380
14,991
14,253
INCOME FROM CONTINUING OPERATIONS
BEFORE INCOME TAXES
2,479
2,597
3,866
3,755
Pre-tax income margin
14.4
%
15.3
%
11.7
%
11.9
%
Provision for/(benefit from) income taxes
313
404
484
507
Effective tax rate
12.6
%
15.5
%
12.5
%
13.5
%
INCOME FROM CONTINUING OPERATIONS
$ 2,166
$ 2,193
$ 3,382
$ 3,248
DISCONTINUED OPERATIONS
Income/(loss) from discontinued operations, net of
taxes
(1)
1
(1)
1
NET INCOME
$ 2,165
$ 2,194
$ 3,381
$ 3,249
EARNINGS PER SHARE OF COMMON STOCK
Assuming dilution
Continuing operations
$ 2.27
$ 2.31
$ 3.55
$ 3.43
Discontinued operations
$ 0.00
$ 0.00
$ 0.00
$ 0.00
TOTAL
$ 2.27
$ 2.31
$ 3.55
$ 3.43
Basic
Continuing operations
$ 2.30
$ 2.36
$ 3.60
$ 3.49
Discontinued operations
$ 0.00
$ 0.00
$ 0.00
$ 0.00
TOTAL
$ 2.30
$ 2.36
$ 3.60
$ 3.50
WEIGHTED-AVERAGE NUMBER OF COMMON
SHARES OUTSTANDING (M's)
Assuming dilution
953.3
948.0
952.7
946.7
Basic
941.2
930.8
939.9
929.4
INTERNATIONAL BUSINESS MACHINES CORPORATION
CONDENSED CONSOLIDATED BALANCE SHEET
(Unaudited)
($ in millions)
At June 30,
2026
At December 31,
2025
ASSETS:
Current assets:
Cash and cash equivalents
$ 7,172
$ 13,587
Restricted cash
45
54
Marketable securities
960
830
Notes and accounts receivable - trade, net
6,044
8,112
Short-term financing receivables
Held for investment, net
5,782
7,344
Held for sale
874
1,131
Other accounts receivable, net
1,348
1,052
Inventories
1,746
1,220
Deferred costs
1,238
1,084
Prepaid expenses and other current assets
3,188
2,530
Total current assets
28,398
36,944
Property, plant and equipment, net
5,736
5,899
Operating right-of-use assets, net
3,068
3,129
Long-term financing receivables, net
7,126
7,708
Prepaid pension assets
7,645
7,544
Deferred costs
835
825
Deferred taxes
8,709
8,610
Goodwill
74,599
67,717
Intangibles, net
13,955
11,391
Investments and sundry assets
2,028
2,112
Total assets
$ 152,099
$ 151,880
LIABILITIES:
Current Liabilities:
Taxes
$ 2,023
$ 2,347
Short-term debt
5,775
6,424
Accounts payable
4,395
4,756
Compensation and benefits
3,364
4,114
Deferred income
16,160
16,101
Operating lease liabilities
770
800
Other liabilities
3,425
4,116
Total current liabilities
35,912
38,658
Long-term debt
56,212
54,836
Retirement-related obligations
8,603
9,018
Deferred income
4,272
4,271
Operating lease liabilities
2,515
2,547
Other liabilities
10,044
9,810
Total liabilities
117,558
119,139
EQUITY:
IBM stockholders' equity:
Common stock
64,600
63,318
Retained earnings
155,937
155,648
Treasury stock - at cost
(170,934)
(170,605)
Accumulated other comprehensive income/(loss)
(15,151)
(15,713)
Total IBM stockholders' equity
34,452
32,648
Noncontrolling interests
89
93
Total equity
34,541
32,740
Total liabilities and equity
$ 152,099
$ 151,880
INTERNATIONAL BUSINESS MACHINES CORPORATION
STATEMENT OF CASH FLOWS
(Unaudited)
Three Months Ended
June 30,
Six Months Ended
June 30,
($ in millions)
2026
2025 (1)
2026
2025 (1)
Cash flows from operating activities:
Net income
$ 2,165
$ 2,194
$ 3,381
$ 3,249
Adjustments to reconcile net income to cash provided by operating
activities:
Depreciation (2)
533
578
1,088
1,114
Amortization of capitalized software and acquired intangible assets
817
687
1,535
1,328
Stock-based compensation
498
441
1,004
842
Net (gain)/loss on divestitures, asset sales and other
(67)
(18)
(78)
(40)
Changes in operating assets and liabilities, net of
acquisitions/divestitures
(1,349)
(2,180)
836
(421)
Net cash provided by operating activities
2,597
1,701
7,766
6,071
Cash flows from investing activities:
Payments for property, plant and equipment
(229)
(209)
(461)
(454)
Proceeds from disposition of property, plant and equipment/other
23
37
31
111
Investment in software
(154)
(164)
(313)
(314)
Purchases of marketable securities and other investments
(1,259)
(1,255)
(2,871)
(7,740)
Proceeds from disposition of marketable securities and other
investments
1,152
4,036
3,123
4,962
Acquisition of businesses, net of cash acquired
(15)
(747)
(10,480)
(7,845)
Divestiture of businesses, net of cash transferred
-
-
1
(1)
Net cash provided by/(used in) investing activities
(481)
1,698
(10,970)
(11,281)
Cash flows from financing activities:
Proceeds from new debt
0
7
7,437
8,385
Payments to settle debt
(4,213)
(1,308)
(7,141)
(2,565)
Short-term borrowings/(repayments) less than 90 days - net
1
0
0
(29)
Common stock repurchases for tax withholdings
(116)
(153)
(465)
(437)
Proceeds from issuance of shares
240
186
418
401
Financing - other
(49)
(22)
(91)
(54)
Cash dividends paid
(1,590)
(1,563)
(3,166)
(3,112)
Net cash provided by/(used in) financing activities
(5,728)
(2,855)
(3,008)
2,589
Effect of exchange rate changes on cash, cash equivalents and restricted
cash
(35)
320
(211)
487
Net change in cash, cash equivalents and restricted cash
(3,646)
865
(6,423)
(2,134)
Cash, cash equivalents and restricted cash at the beginning of the period
10,864
11,161
13,640
14,160
Cash, cash equivalents and restricted cash at the end of the period
$ 7,217
$ 12,026
$ 7,217
$ 12,026
_____________________
(1) Reclassified to align with the Consolidated Statement of Cash Flows presentation.
(2) Includes operating lease right-of-use assets amortization.
INTERNATIONAL BUSINESS MACHINES CORPORATION
GAAP NET INCOME TO ADJUSTED EBITDA RECONCILIATION
(Unaudited)
Three Months Ended
June 30,
Six Months Ended
June 30,
($ in billions)
2026
2025
Yr/Yr
2026
2025
Yr/Yr
Net income as reported (GAAP)
$ 2.2
$ 2.2
$ 0.0
$ 3.4
$ 3.2
$ 0.1
Less: income from discontinued operations, net of tax
0.0
0.0
0.0
0.0
0.0
0.0
Income from continuing operations
2.2
2.2
0.0
3.4
3.2
0.1
Provision for/(benefit from) income taxes from continuing ops.
0.3
0.4
(0.1)
0.5
0.5
0.0
Pre-tax income from continuing operations (GAAP)
2.5
2.6
(0.1)
3.9
3.8
0.1
Non-operating adjustments (before tax)
Acquisition-related charges (1)
0.7
0.6
0.1
1.4
1.1
0.2
Non-operating retirement-related costs/(income)
0.1
0.0
0.1
0.2
0.0
0.1
Operating (non-GAAP) pre-tax income from continuing ops.
3.3
3.2
0.1
5.4
4.9
0.5
Net interest expense
0.4
0.3
0.1
0.7
0.6
0.1
Depreciation/amortization of non-acquired intangible assets
0.7
0.7
0.0
1.4
1.4
0.0
Stock-based compensation
0.5
0.4
0.1
1.0
0.8
0.2
Workforce rebalancing charges
0.0
0.0
0.0
0.4
0.3
0.0
Corporate (gains) and charges (2)
(0.1)
0.0
(0.1)
(0.1)
0.0
(0.1)
Adjusted EBITDA
$ 4.8
$ 4.7
$ 0.1
$ 8.8
$ 8.1
$ 0.7
Revenue
$ 17.2
$ 17.0
1 %
$ 33.1
$ 31.5
5 %
GAAP net income margin
12.6 %
12.9 %
(0.3)pts
10.2 %
10.3 %
(0.1)pts
Adjusted EBITDA margin
27.8 %
27.6 %
0.2pts
26.5 %
25.7 %
0.8pts
___________________
(1) Primarily consists of amortization of acquired intangible assets.
(2) Primarily consists of unique corporate actions such as gains on divestitures and asset sales.
INTERNATIONAL BUSINESS MACHINES CORPORATION
SEGMENT DATA
(Unaudited)
Three Months Ended June 30, 2026
($ in millions)
Software
Consulting
Infrastructure
Financing
Revenue
$ 7,761
$ 5,327
$ 3,835
$ 186
Segment profit
$ 2,502
$ 647
$ 835
$ 108
Segment profit margin
32.2
%
12.1
%
21.8
%
58.0
%
Change YTY revenue
5.1
%
0.2
%
(7.4)
%
12.2
%
Change YTY revenue - constant currency
4.6
%
1.1
%
(7.4)
%
11.3
%
Three Months Ended June 30, 2025
($ in millions)
Software
Consulting
Infrastructure
Financing
Revenue
$ 7,387
$ 5,314
$ 4,142
$ 166
Segment profit
$ 2,296
$ 562
$ 965
$ 179
Segment profit margin
31.1
%
10.6
%
23.3
%
107.9
%
Six Months Ended June 30, 2026
(Dollars in Millions)
Software
Consulting
Infrastructure
Financing
Revenue
$ 14,813
$ 10,599
$ 7,161
$ 406
Segment Profit
$ 4,601
$ 1,205
$ 1,360
$ 226
Segment Profit Margin
31.1
%
11.4
%
19.0
%
55.8
%
Change YTY Revenue
7.9
%
2.1
%
1.9
%
13.6
%
Change YTY Revenue - Constant Currency
6.1
%
1.0
%
0.5
%
10.7
%
Six Months Ended June 30, 2025
(Dollars in Millions)
Software
Consulting
Infrastructure
Financing
Revenue
$ 13,722
$ 10,382
$ 7,027
$ 357
Segment Profit
$ 4,143
$ 1,121
$ 1,213
$ 248
Segment Profit Margin
30.2
%
10.8
%
17.3
%
69.3
%
INTERNATIONAL BUSINESS MACHINES CORPORATION
U.S. GAAP TO OPERATING (Non-GAAP) RESULTS RECONCILIATION
(Unaudited; $ in millions except per share amounts)
Three Months Ended June 30, 2026
Continuing Operations
GAAP
Acquisition-
Related
Adjustments (1)
Retirement-
Related
Adjustments (2)
Tax
Reform
Impacts
Operating
(Non-
GAAP)
Gross profit
$ 9,907
$ 287
$ —
$ —
$ 10,194
Gross profit margin
57.7
%
1.7
pts
—
pts
—
pts
59.4
%
SG&A
$ 4,981
$ (421)
$ —
$ —
$ 4,560
Other (income) & expense
(185)
1
(96)
—
(280)
Total expense & other (income)
7,428
(429)
(96)
—
6,903
Pre-tax income from continuing operations
2,479
716
96
—
3,290
Pre-tax income margin from continuing
operations
14.4
%
4.2
pts
0.6
pts
—
pts
19.2
%
Provision for/(benefit from) income taxes (3)
$ 313
$ 167
$ 20
$ (2)
$ 498
Effective tax rate
12.6
%
2.3
pts
0.2
pts
(0.1)
pts
15.1
%
Income from continuing operations
$ 2,166
$ 548
$ 76
$ 2
$ 2,792
Income margin from continuing operations
12.6
%
3.2
pts
0.4
pts
0.0
pts
16.3
%
Diluted earnings per share: continuing
operations
$ 2.27
$ 0.58
$ 0.08
$ 0.00
$ 2.93
Three Months Ended June 30, 2025
Continuing Operations
GAAP
Acquisition-
Related
Adjustments (1)
Retirement-
Related
Adjustments (2)
Tax
Reform
Impacts
Operating
(Non-
GAAP)
Gross profit
$ 9,977
$ 225
$ —
$ —
$ 10,202
Gross profit margin
58.8
%
1.3
pts
—
pts
—
pts
60.1
%
SG&A
$ 5,027
$ (348)
$ —
$ —
$ 4,679
Other (income) & expense
(39)
(1)
(25)
—
(65)
Total expense & other (income)
7,380
(350)
(25)
—
7,005
Pre-tax income from continuing operations
2,597
575
25
—
3,197
Pre-tax income margin from continuing
operations
15.3
%
3.4
pts
0.1
pts
—
pts
18.8
%
Provision for/(benefit from) income taxes (3)
$ 404
$ 132
$ 9
$ —
$ 545
Effective tax rate
15.5
%
1.3
pts
0.2
pts
—
pts
17.0
%
Income from continuing operations
$ 2,193
$ 443
$ 17
$ —
$ 2,652
Income margin from continuing operations
12.9
%
2.6
pts
0.1
pts
—
pts
15.6
%
Diluted earnings per share: continuing
operations
$ 2.31
$ 0.47
$ 0.02
$ —
$ 2.80
____________________
(1) Includes amortization of acquired intangible assets and acquisition-related charges such as in-process research and development, transaction
costs, applicable retention, restructuring and related expenses, tax charges related to acquisition integration, and pre-closing charges, such as
financing costs.
(2) Includes amortization of prior service costs, interest cost, expected return on plan assets, amortized actuarial gains/losses, the impacts of any plan
curtailments/settlements and pension insolvency costs and other costs.
(3) The tax impact on operating (non-GAAP) pre-tax income from continuing operations is calculated under the same accounting principles applied to
the GAAP pre-tax income.
INTERNATIONAL BUSINESS MACHINES CORPORATION
U.S. GAAP TO OPERATING (Non-GAAP) RESULTS RECONCILIATION
(Unaudited; $ in millions except per share amounts)
Six Months Ended June 30, 2026
Continuing Operations
GAAP
Acquisition-
Related
Adjustments (1)
Retirement-
Related
Adjustments (2)
Tax
Reform
Impacts
Operating
(Non-
GAAP)
Gross Profit
$ 18,857
$ 524
$ —
$ —
$ 19,380
Gross Profit Margin
57.0
%
1.6
pts
—
pts
—
pts
58.6
%
SG&A
$ 10,071
$ (829)
$ —
$ —
$ 9,242
Other (Income) & Expense
(186)
1
(192)
—
(378)
Total Expense & Other (Income)
14,991
(838)
(192)
—
13,961
Pre-tax Income from Continuing Operations
3,866
1,361
192
—
5,419
Pre-tax Income Margin from Continuing
Operations
11.7
%
4.1
pts
0.6
pts
—
pts
16.4
%
Provision for/(Benefit from) Income Taxes (3)
$ 484
$ 305
$ 23
$ (6)
$ 806
Effective Tax Rate
12.5
%
2.5
pts
0.0
pts
(0.1)
pts
14.9
%
Income from Continuing Operations
$ 3,382
$ 1,056
$ 169
$ 6
$ 4,613
Income Margin from Continuing Operations
10.2
%
3.2
pts
0.5
pts
0.0
pts
13.9
%
Diluted Earnings Per Share: Continuing
Operations
$ 3.55
$ 1.11
$ 0.18
$ 0.01
$ 4.84
Six Months Ended June 30, 2025
Continuing Operations
GAAP
Acquisition-
Related
Adjustments (1)
Retirement-
Related
Adjustments (2)
Tax
Reform
Impacts
Operating
(Non-
GAAP)
Gross Profit
$ 18,008
$ 426
$ —
$ —
$ 18,434
Gross Profit Margin
57.1
%
1.4
pts
—
pts
—
pts
58.5
%
SG&A
$ 9,913
$ (701)
$ —
$ —
$ 9,212
Other (Income) & Expense
(204)
(1)
(48)
—
(253)
Total Expense & Other (Income)
14,253
(706)
(48)
—
13,499
Pre-tax Income from Continuing Operations
3,755
1,132
48
—
4,935
Pre-tax Income Margin from Continuing
Operations
11.9
%
3.6
pts
0.2
pts
—
pts
15.7
%
Provision for/(Benefit from) Income Taxes (3)
$ 507
$ 260
$ (3)
$ 2
$ 766
Effective Tax Rate
13.5
%
2.2
pts
(0.2)
pts
0.0
pts
15.5
%
Income from Continuing Operations
$ 3,248
$ 872
$ 51
$ (2)
$ 4,169
Income Margin from Continuing Operations
10.3
%
2.8
pts
0.2
pts
0.0
pts
13.2
%
Diluted Earnings Per Share: Continuing
Operations
$ 3.43
$ 0.92
$ 0.05
$ 0.00
$ 4.40
____________________
(1) Includes amortization of acquired intangible assets, and acquisition-related charges such as in-process research and development, transaction
costs, applicable retention, restructuring and related expenses, tax charges related to acquisition integration, and pre-closing charges, such as
financing costs.
(2) Includes amortization of prior service costs, interest cost, expected return on plan assets, amortized actuarial gains/losses, the impacts of any plan
curtailments/settlements and pension insolvency costs and other costs.
(3) The tax impact on operating (non-GAAP) pre-tax income from continuing operations is calculated under the same accounting principles applied to
the GAAP pre-tax income.
INTERNATIONAL BUSINESS MACHINES CORPORATION
GAAP OPERATING CASH FLOW TO FREE CASH FLOW RECONCILIATION
(Unaudited)
Three Months Ended
June 30,
Six Months Ended
June 30,
($ in millions)
2026
2025
2026
2025
Net cash provided by operating activities per GAAP
$ 2,597
$ 1,701
$ 7,766
$ 6,071
Less: change in IBM Financing receivables
(302)
(1,480)
2,264
606
Net cash from operating activities excl. IBM Financing receivables
2,899
3,182
5,503
5,465
Capital expenditures, net
(359)
(336)
(743)
(657)
Free cash flow
$ 2,540
$ 2,845
$ 4,760
$ 4,808
INTERNATIONAL BUSINESS MACHINES CORPORATION
GAAP OPERATING CASH FLOW TO ADJUSTED EBITDA RECONCILIATION
(Unaudited)
Three Months Ended
June 30,
Six Months Ended
June 30,
($ in billions)
2026
2025
2026
2025
Net cash provided by operating activities
$ 2.6
$ 1.7
$ 7.8
$ 6.1
Add:
Net interest expense
0.4
0.3
0.7
0.6
Provision for/(benefit from) income taxes from continuing operations
0.3
0.4
0.5
0.5
Less change in:
Financing receivables
(0.3)
(1.5)
2.3
0.6
Net (gain)/loss on divestitures, assets sales and other (1)
(0.1)
0.0
(0.1)
0.0
Other assets and liabilities/other, net (1,2)
(1.1)
(0.7)
(2.0)
(1.5)
Adjusted EBITDA
$ 4.8
$ 4.7
$ 8.8
$ 8.1
Revenue
$ 17.2
$ 17.0
$ 33.1
$ 31.5
Net cash provided by operating activities margin
15.1 %
10.0 %
23.5 %
19.3 %
Adjusted EBITDA margin
27.8 %
27.6 %
26.5 %
25.7 %
____________________
(1) Reclassified to align with the presentation of similar line items in the Statement of Cash Flows.
(2) Mainly consists of Changes in operating assets and liabilities, net of acquisitions/divestitures in the Statement of Cash Flows chart,
workforce rebalancing charges, non-operating impacts, and corporate (gains) and charges, less the change in Financing receivables.
IBM snížila výhled růstu tržeb pro rok 2026 na 4 % až 5 % z více než 5 %, protože zákazníci přesouvají výdaje k AI infrastruktuře. Ve 2. čtvrtletí jí tržby z mainframů Z klesly o 42 %.
Item 1 of 2 IBM logo is seen near computer motherboard in this illustration taken January 8, 2024. REUTERS/Dado Ruvic/Illustration
[1/2]IBM logo is seen near computer motherboard in this illustration taken January 8, 2024. REUTERS/Dado Ruvic/Illustration Purchase Licensing Rights, opens new tab
SummaryCompaniesIBM now expects 2026 revenue growth of 4% to 5%, down from prior expectation of more than 5% growthZ mainframe revenue slumped 42% in the second quarterSecond-quarter adjusted profit was $2.93 per share, below $2.97 estimateJuly 22 (Reuters) - IBM cut its annual revenue growth forecast on Wednesday, days after shocking Wall Street with a warning that corporate spending was shifting toward AI-focused data-center gear at the expense of its software and mainframe computers.
The company (IBM.N), opens new tab also missed profit and revenue expectations for the second quarter ended June 30. Executives sought to reassure shareholders that customers prioritized spending on AI in the quarter but were not looking to move away from mainframes in the longer term.
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Shares of the Armonk, New York-based company were up over 2% in extended trading.
CEO Arvind Krishna said last week IBM had "faltered" in adapting and "numerous large deals" had slipped, sending the company's shares down 25%, its steepest one-day fall in more than a century.
The forecast spotlights how the scramble for AI hardware has stoked investor fears that companies rushing to secure scarce servers, chips and networking gear could be cutting back on spending on the wider software sector.
IBM now expects 2026 revenue growth between 4% and 5%, down from its previous expectations of more than 5% growth. The midpoint of the forecast is below analysts' average estimate of a 4.8% rise to $70.77 billion in revenue, according to data compiled by LSEG.
However, some analysts have said the impact on the rest of the software industry might be limited as Big Blue had attributed much of the weakness to its mainframe business, which processes millions of daily transactions across industries such as banking and airlines.
"For the broader software sector, this should be treated as a positive print, with IBM's software woes more likely to reflect specific IBM-related hardware issues, as management outlined in its investor letter last week," CFRA analyst Brooks Idlet said.
Revenue from IBM's Z mainframe slumped 42% in the second quarter, dragging infrastructure revenue down 7% to $3.84 billion.
"That mainframe stack of hardware and transaction processing software impacted IBM's growth by over five points in the quarter," IBM finance chief James Kavanaugh told Reuters. "We were only expecting about a point or two of an impact."
He said IBM sees "no evidence of clients moving off a mainframe," adding that it expects "significant outperformance in the program to continue through the second half."
Software revenue in the second quarter rose 5% to $7.76 billion but missed an average estimate of $7.88 billion.
The company's second-quarter revenue ticked up 1% to $17.16 billion, missing estimates of $17.58 billion. IBM reported a net profit of $2.17 billion, a dip from a year earlier, while adjusted profit of $2.93 per share missed an average estimate of $2.97.
Reporting by Anhata Rooprai in Bengaluru; Editing by Pooja Desai and Rod Nickel
Our Standards: The Thomson Reuters Trust Principles., opens new tab
, /PRNewswire/ -- Globe Life Inc. (NYSE: GL) reported today that for the quarter ended June 30, 2026, net income was $3.65 per diluted common share, compared with $3.05 per diluted common share for the year-ago quarter. Net operating income was $3.61 per diluted common share, compared with $3.27 per diluted common share for the year-ago quarter. The Company also increased full-year 2026 earnings guidance to a range of $15.55 to $15.95, an increase of $0.10 at the midpoint.
HIGHLIGHTS:
Net income per share increased 20% and net operating income per share increased 10% over the year-ago quarter. Globe Life has produced double-digit growth in net operating income per share in eight of the last nine quarters. Net income as an ROE was 18.4% for the six months ended June 30, 2026. Book value per share was $78.18, an increase of 18% over the year-ago quarter. Net operating income as an ROE excluding accumulated other comprehensive income (AOCI) was 14.3% for the six months ended June 30, 2026. Book value per share excluding AOCI was $100.04, an increase of 11% over the year-ago quarter. Total premium revenue grew 7% over the year-ago quarter. At the American Income Life Division, life premium increased 5% and life underwriting margin increased 4% over the year-ago quarter. At the Liberty National Division, life underwriting margin increased 10% and life net sales increased 6% over the year-ago quarter. Additionally, the average producing agent count increased 8% over the year-ago quarter. At the Family Heritage Division, health underwriting margin increased 10%, health premium increased 9%, and health net sales increased 4% over the year-ago quarter. Additionally, the average producing agent count increased 7% over the year-ago quarter. At the Direct to Consumer Division, life underwriting margin increased 10% over the year-ago quarter. At the United American Division, health premium increased 29% and health net sales increased 10% over the year-ago quarter. 1.1 million shares of Globe Life Inc. common stock were repurchased during the quarter at a total cost of $175 million. Note: As used in the earnings release, "Globe Life," the "Company," "we," "our," and "us" refer to Globe Life Inc., a Delaware corporation incorporated in 1979, its subsidiaries and affiliates.
GLOBE LIFE INC.
Earnings Release—Q2 2026
(Dollar amounts in thousands, except share and per share data)
(Unaudited)
RESULTS OF OPERATIONS
Net operating income, a non-GAAP(1) financial measure, has been used consistently by Globe Life's management for many years to evaluate the operating performance of the Company, and is a measure commonly used in the life insurance industry. It differs from net income primarily because it excludes certain non-operating items such as realized investment gains and losses and certain significant and unusual items included in net income. Management believes an analysis of net operating income is important in understanding the profitability and operating trends of the Company's business. Net income is the most directly comparable GAAP measure.
The following table represents Globe Life's operating summary for the three months ended June 30, 2026 and 2025:
Operating Summary
Per Share
Three Months Ended
June 30,
Three Months Ended
June 30,
2026
2025
%
Chg.
2026
2025
%
Chg.
Insurance underwriting income(2)
$ 4.69
$ 4.28
10
$ 370,289
$ 354,176
5
Excess investment income(2)
0.49
0.42
17
38,315
34,828
10
Interest on debt
(0.46)
(0.42)
10
(36,050)
(34,885)
3
Parent company expense
(0.06)
(0.04)
(4,569)
(3,555)
Income tax expense
(0.89)
(0.82)
9
(70,202)
(68,062)
3
Stock compensation benefit (expense), net of tax
(0.17)
(0.14)
(13,098)
(11,407)
Net operating income
3.61
3.27
10
284,685
271,095
5
Reconciling items, net of tax:
Realized gain (loss)
0.07
(0.18)
5,639
(14,674)
Legal proceedings
(0.03)
(0.04)
(2,577)
(3,672)
Net income(3)
$ 3.65
$ 3.05
$ 287,747
$ 252,749
Weighted average diluted shares outstanding
78,909
82,793
(1)
GAAP is defined as accounting principles generally accepted in the United States of America.
(2)
Definitions included within this document.
(3)
A GAAP-basis condensed consolidated statement of operations is included in the appendix of this report.
Note: Tables in this earnings release may not sum due to rounding.
GLOBE LIFE INC.
Earnings Release—Q2 2026
(Dollar amounts in thousands, except share and per share data)
(Unaudited)
MANAGEMENT VS. GAAP MEASURES
Shareholders' equity, excluding AOCI, and book value per share, excluding AOCI, are non-GAAP measures that are utilized by management to view the business without the effect of changes in AOCI, which are primarily attributable to fluctuation in interest rates. Management views the business in this manner because it creates more meaningful and easily identifiable trends, as we exclude fluctuations resulting from changes in interest rates. Shareholders' equity and book value per share are the most directly comparable GAAP measures.
Six Months Ended
June 30,
2026
2025
Net income
$ 558,273
$ 507,312
Net operating income
558,205
530,432
Net income as an ROE(1)
18.4 %
18.8 %
Net operating income as an ROE (excluding AOCI)(1)
14.3 %
14.4 %
June 30,
2026
2025
Shareholders' equity
$ 6,155,815
$ 5,419,030
Impact of adjustment to exclude AOCI
1,721,729
1,983,868
Shareholders' equity, excluding AOCI
$ 7,877,544
$ 7,402,898
Book value per share
$ 78.18
$ 66.07
Impact of adjustment to exclude AOCI
21.86
24.19
Book value per share, excluding AOCI
$ 100.04
$ 90.26
(1)
Calculated using average shareholders' equity for the measurement period.
GLOBE LIFE INC.
Earnings Release—Q2 2026
(Dollar amounts in thousands, except share and per share data)
(Unaudited)
INSURANCE OPERATIONS:
Life insurance accounted for 78% of the Company's insurance underwriting margin for the quarter and 66% of total premium revenue.
Health insurance accounted for 22% of the Company's insurance underwriting margin for the quarter and 34% of total premium revenue.
The following table summarizes Globe Life's premium revenue by product type for the three months ended June 30, 2026 and 2025:
Insurance Premium Revenue
Quarter Ended
June 30, 2026
June 30, 2025
%
Chg.
Life insurance
$ 860,767
$ 839,544
3
Health insurance
436,855
378,099
16
Total
$ 1,297,622
$ 1,217,643
7
INSURANCE UNDERWRITING INCOME
Insurance underwriting margin is management's measure of profitability of the Company's life and health segments' underwriting performance, and consists of premiums less policy obligations (excluding interest on policy liabilities), commissions and other acquisition expenses. Insurance underwriting income is the sum of the insurance underwriting margins of the life and health segments, plus annuity and other income, less administrative expenses. It excludes the investment segment, interest on debt, Parent Company expense, stock compensation expense and income taxes. Management believes this information helps provide a better understanding of the business and a more meaningful analysis of underwriting results by distribution channel. Insurance underwriting income, a non-GAAP measure, is a component of net operating income, which is reconciled to net income in the Results of Operations section above.
The following table summarizes Globe Life's insurance underwriting income by segment for the three months ended June 30, 2026 and 2025:
Insurance Underwriting Income
Quarter Ended
June 30, 2026
% of
Premium
June 30, 2025
% of
Premium
%
Chg.
Insurance underwriting margins:
Life
$ 359,350
42
$ 340,074
41
6
Health
99,285
23
98,057
26
1
458,635
438,131
5
Annuity and other income
3,100
2,092
Administrative expenses
(91,446)
(86,047)
Insurance underwriting income
$ 370,289
$ 354,176
5
Per share
$ 4.69
$ 4.28
10
The ratio of administrative expenses to premium was 7.0%, compared with 7.1% for the year-ago quarter.
GLOBE LIFE INC.
Earnings Release—Q2 2026
(Dollar amounts in thousands, except share and per share data)
(Unaudited)
LIFE INSURANCE RESULTS BY DISTRIBUTION CHANNEL
Our distribution channels consist of the following exclusive divisions: American Income Life Division (American Income), Liberty National Division (Liberty National), Family Heritage Division (Family Heritage), Direct to Consumer Division (Direct to Consumer); and an independent agency, United American Division (United American).
Total premium, underwriting margins, first-year collected premium and net sales by all distribution channels are shown at https://investors.globelifeinsurance.com at "Financial Reports and Other Financial Information."
Life Underwriting Margin
Quarter Ended
June 30,
2026
2025
Amount
% of Premium
Amount
% of Premium
% Chg.
American Income
$ 213,604
46
$ 204,533
46
4
Direct to Consumer
75,876
31
68,959
28
10
Liberty National
36,652
36
33,446
34
10
Other
33,218
67
33,136
66
—
Total
$ 359,350
42
$ 340,074
41
6
Life Premium
Quarter Ended
June 30,
2026
2025
%
Chg.
American Income
$ 466,334
$ 445,511
5
Direct to Consumer
244,220
246,223
(1)
Liberty National
100,516
97,263
3
Other
49,697
50,547
(2)
Total
$ 860,767
$ 839,544
3
Life Net Sales(1)
Quarter Ended
June 30,
2026
2025
%
Chg.
American Income
$ 94,733
$ 96,227
(2)
Direct to Consumer
26,578
31,096
(15)
Liberty National
26,131
24,615
6
Other
2,165
2,947
Total
$ 149,607
$ 154,885
(3)
(1)
Net sales is calculated as annualized premium issued, net of cancellations in the first thirty days after issue, except in the case of Direct to Consumer, where net sales is annualized premium issued at the time the first full premium is paid after any introductory offer period (typically 1 month) has expired. Management considers net sales to be a better indicator of premium growth than annualized premium issued since annualized premium issued is before cancellations, as cancellations do not contribute to premium income.
GLOBE LIFE INC.
Earnings Release—Q2 2026
(Dollar amounts in thousands, except share and per share data)
(Unaudited)
HEALTH INSURANCE RESULTS BY DISTRIBUTION CHANNEL
Health Underwriting Margin
Quarter Ended
June 30,
2026
2025
Amount
% of Premium
Amount
% of Premium
% Chg.
United American
$ 10,914
5
$ 12,402
8
(12)
Family Heritage
45,087
36
40,927
35
10
Liberty National
23,145
49
24,372
51
(5)
American Income
18,221
59
19,325
62
(6)
Direct to Consumer
1,918
9
1,031
5
Total
$ 99,285
23
$ 98,057
26
1
Health Premium
Quarter Ended
June 30,
2026
2025
%
Chg.
United American
$ 211,416
$ 163,978
29
Family Heritage
126,273
115,856
9
Liberty National
47,403
47,631
—
American Income
30,805
31,422
(2)
Direct to Consumer
20,958
19,212
9
Total
$ 436,855
$ 378,099
16
Health Net Sales(1)
Quarter Ended
June 30,
2026
2025
%
Chg.
United American
$ 27,894
$ 25,454
10
Family Heritage
30,725
29,561
4
Liberty National
6,991
8,182
(15)
American Income
4,093
4,749
(14)
Direct to Consumer
696
786
(11)
Total
$ 70,399
$ 68,732
2
(1)
Net sales is calculated as annualized premium issued, net of cancellations in the first thirty days after issue, except in the case of Direct to Consumer, where net sales is annualized premium issued at the time the first full premium is paid after any introductory offer period (typically 1 month) has expired. Management considers net sales to be a better indicator of premium growth than annualized premium issued since annualized premium issued is before cancellations, as cancellations do not contribute to premium income.
GLOBE LIFE INC.
Earnings Release—Q2 2026
(Dollar amounts in thousands, except share and per share data)
(Unaudited)
PRODUCING EXCLUSIVE AGENT COUNT RESULTS BY DISTRIBUTION CHANNEL
Quarterly Average
Producing Agent Count(1)
Quarter Ended
Quarter Ended
June 30,
March 31,
2026
2025
% Chg.
2026
American Income
11,391
12,241
(7)
11,064
Liberty National
4,194
3,882
8
4,031
Family Heritage
1,608
1,498
7
1,561
(1)
The quarterly average producing agent count is based on the actual count at the beginning and end of each week during the period.
INVESTMENTS
Management uses excess investment income as the measure to evaluate the performance of the investment segment. It is defined as net investment income less the required interest attributable to policy liabilities. We also view excess investment income per diluted common share as an important and useful measure to evaluate performance of the investment segment, since it takes into consideration our stock repurchase program.
The following table summarizes Globe Life's investment income, excess investment income, and excess investment income per diluted common share.
Excess Investment Income
Quarter Ended
June 30,
2026
2025
%
Chg.
Net investment income
$ 293,820
$ 282,169
4
Required interest on policy liabilities(1)
(255,505)
(247,341)
3
Excess investment income
$ 38,315
$ 34,828
10
Per share
$ 0.49
$ 0.42
17
(1)
Interest on policy liabilities, at original discount rates, is a component of total policyholder benefits, a GAAP measure.
Net investment income increased 4% and average invested assets increased 2%. Required interest on policy liabilities increased 3% and average policy liabilities increased 4%.
GLOBE LIFE INC.
Earnings Release—Q2 2026
(Dollar amounts in thousands, except share and per share data)
(Unaudited)
The composition of the investment portfolio at book value at June 30, 2026 is as follows:
Investment Portfolio
As of
June 30, 2026
Amount
% of Total
Fixed maturities at fair value(1)
$ 17,940,189
86
Mortgage loans
425,513
2
Policy loans
758,676
4
Other long-term investments(2)
1,466,858
7
Short-term investments
198,327
1
Total
$ 20,789,563
(1)
As of June 30, 2026, fixed maturities at amortized cost were $19.3 billion, net of $3.3 million of allowance for credit losses.
(2)
Includes $1.10 billion of investments accounted for under the fair value option which have a cost of $1.08 billion as of June 30, 2026.
Fixed maturities at amortized cost, net of allowance for credit losses, by asset class as of June 30, 2026 are as follows:
Fixed Maturity Portfolio by Sector
As of
June 30, 2026
Investment
Grade
Below
Investment
Grade
Total
Amortized
Cost, net
Corporate bonds
$ 14,797,965
$ 470,927
$ 15,268,892
Municipals
3,423,079
1,959
3,425,038
Government, agencies, and GSEs(1)
464,427
—
464,427
Other asset-backed securities
102,711
42,930
145,641
Total
$ 18,788,182
$ 515,816
$ 19,303,998
(1)
Government-Sponsored Enterprises
Below are fixed maturities available for sale by amortized cost, allowance for credit losses, and fair value at June 30, 2026 and the corresponding amounts of net unrealized gains and losses recognized in accumulated other comprehensive income (loss).
As of
Amortized
Cost
Allowance for
Credit Losses
Net Unrealized
Gains (Losses)
Fair
Value
June 30, 2026
$ 19,307,295
$ (3,297)
$ (1,363,809)
$ 17,940,189
At amortized cost, net of allowance for credit losses, and at fair value, 97% of fixed maturities were rated "investment grade." The fixed maturity portfolio earned an annual taxable equivalent effective yield of 5.30% during the second quarter of 2026, compared with 5.29% in the year-ago quarter.
Globe Life is not a party to any credit default swaps and does not participate in securities lending.
GLOBE LIFE INC.
Earnings Release—Q2 2026
(Dollar amounts in thousands, except share and per share data)
(Unaudited)
Comparable information for acquisitions of fixed maturity and other investments is as follows:
Fixed Maturity Acquisitions
Quarter Ended
June 30,
2026
2025
Amount
$ 399,143
$ 263,252
Average annual effective yield
6.3 %
6.4 %
Average rating
A
A
Average life (in years) to:
Next call
32.0
31.2
Maturity
36.1
33.8
Other Investment Acquisitions
Quarter Ended
June 30,
2026
2025
Limited partnerships
$ 63,728
$ 36,985
Mortgage loans
25,179
31,215
Common stock
2,340
1,342
Company owned life insurance
—
—
Total
$ 91,247
$ 69,542
SHARE REPURCHASES:
During the quarter, the Company repurchased 1.1 million shares of Globe Life Inc. common stock at a total cost of $175 million and an average share price of $154.28.
LIQUIDITY/CAPITAL:
Globe Life's operations consist primarily of writing basic protection life and supplemental health insurance policies which generate strong and stable cash flows. These cash flows are not impacted by volatile equity markets. Liquidity at the Parent Company is sufficient to meet additional capital needs of the insurance companies.
NON-GAAP MEASURES:
In this news release, Globe Life includes non-GAAP measures to enhance investors' understanding of management's view of the business. The non-GAAP measures are not a substitute for GAAP, but rather a supplement to increase transparency by providing broader perspective. Globe Life's definitions of non-GAAP measures may differ from other companies' definitions. More detailed financial information, including various GAAP and non-GAAP measurements, is located at https://investors.globelifeinsurance.com on the Investors page under "Financial Reports and Other Financial Information."
CAUTION REGARDING FORWARD-LOOKING STATEMENTS:
This press release may contain forward-looking statements within the meaning of the federal securities laws. These prospective statements reflect management's current expectations, but are not guarantees of future performance. Whether or not actual results differ materially from forward-looking statements may depend on numerous foreseeable and unforeseeable events or developments, which may be national in scope, related to the insurance industry generally, or applicable to the Company specifically. Such events or developments could include, but are not necessarily limited to:
1) Economic and other conditions, including the impact of inflation, immigration, geopolitical events, escalating tariff and non-tariff trade measures imposed by the U.S. and other countries, and other governmental actions on the U.S. economy and/or U.S. consumer confidence, leading to unexpected changes in lapse rates and/or sales of our policies, as well as levels of mortality, morbidity, and utilization of health care services that differ from Globe Life's assumptions;
2) Regulatory developments, including changes in accounting standards or governmental regulations (particularly those impacting taxes and changes to the Federal Medicare program that would affect Medicare Supplement);
3) Market trends in the senior-aged health care industry that provide alternatives to traditional Medicare (such as Health Maintenance Organizations and other managed care or private plans) and that could affect the sales of traditional Medicare Supplement insurance;
4) Ratings changes with respect to our financial strength and credit ratings and potential adverse impacts to liquidity;
6) General economic, industry sector or individual debt issuers' financial conditions (including developments and volatility arising from geopolitical events, particularly in certain industries that may compromise part of our investment portfolio) that may affect the current market value of securities we own, or that may impair an issuer's ability to make principal and/or interest payments due on those securities;
7) Changes in the competitiveness of the Company's products and pricing;
8) Litigation results and regulatory actions;
9) Levels of administrative and operational efficiencies that differ from our assumptions (including any reduction in efficiencies resulting from increased costs arising from the impact of higher than anticipated inflation);
10) The ability to obtain timely and appropriate premium rate increases for health insurance policies from our regulators;
11) The ability of our subsidiaries to pay dividends to the Parent Company and to receive required regulatory approvals on such amounts;
12) The customer response to new products and marketing initiatives;
13) Reported amounts in the consolidated financial statements which are based on management estimates and judgments which may differ from the actual amounts ultimately realized;
14) Compromise by a malicious actor or other event that causes a loss of secure data from, or inaccessibility to, our computer and other information technology systems;
15) The Company's ability to attract and retain agents;
16) The severity, magnitude, and impact of natural or man-made catastrophic events, including but not limited to pandemics, tornadoes, hurricanes, earthquakes, war and terrorism, on our operations and personnel, commercial activity and demand for our products; and
17) Globe Life's ability to access the commercial paper and debt markets, particularly if such markets become unpredictable or unstable for a certain period.
Readers are also directed to consider other risks and uncertainties described in other documents on file with the Securities and Exchange Commission, including those described in the "Risk Factors" section of our most recent Annual Report on Form 10-K. Globe Life specifically disclaims any obligation to update or revise any forward-looking statement because of new information, future developments or otherwise.
EARNINGS RELEASE CONFERENCE CALL WEBCAST:
Globe Life will provide a live audio webcast of its second quarter 2026 earnings release conference call with financial analysts at 11:00 am (Eastern) tomorrow, July 23, 2026. Access to the live webcast and replay will be available at https://investors.globelifeinsurance.com on the Calls and Meetings page, at the Conference Calls on the Web icon. Immediately following this press release, supplemental financial reports will be available before the conference call on the Investors page menu of the Globe Life website at "Financial Reports."
APPENDIX
GLOBE LIFE INC.
GAAP CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
Three Months Ended
June 30,
Six Months Ended
June 30,
2026
2025
2026
2025
Revenue:
Life premium
$ 860,767
$ 839,544
$ 1,713,972
$ 1,669,407
Health premium
436,855
378,099
853,763
747,890
Total premium
1,297,622
1,217,643
2,567,735
2,417,297
Net investment income
293,820
282,169
583,644
562,783
Realized gains (losses)
7,138
(18,574)
5,660
(18,489)
Other income
1,150
49
2,310
118
Total revenue
1,599,730
1,481,287
3,159,349
2,961,709
Benefits and expenses:
Life policyholder benefits(1)
513,959
519,355
1,032,809
1,029,111
Health policyholder benefits(2)
277,012
229,924
540,746
463,853
Other policyholder benefits
7,280
6,719
14,280
13,799
Total policyholder benefits
798,251
755,998
1,587,835
1,506,763
Amortization of deferred acquisition costs
120,537
111,401
238,819
216,916
Commissions, premium taxes, and non-deferred acquisition costs
173,754
157,411
343,640
321,734
Other operating expense
116,251
108,293
229,986
217,039
Interest expense
36,050
34,885
70,050
69,877
Total benefits and expenses
1,244,843
1,167,988
2,470,330
2,332,329
Income before income taxes
354,887
313,299
689,019
629,380
Income tax benefit (expense)
(67,140)
(60,550)
(130,746)
(122,068)
Net income
$ 287,747
$ 252,749
$ 558,273
$ 507,312
Basic net income per common share
$ 3.71
$ 3.09
$ 7.16
$ 6.13
Diluted net income per common share
$ 3.65
$ 3.05
$ 7.04
$ 6.07
(1)
Net of total remeasurement gain of $23.5 million before tax for the three months ended June 30, 2026 and a total remeasurement gain of $16.7 million before tax for the same period in 2025. Net of total remeasurement gain of $42.4 million for the six months ended June 30, 2026, and a total remeasurement gain of $25.3 million for the same period in 2025.
(2)
Net of total remeasurement gain of $1.3 million before tax for the three months ended June 30, 2026 and a total remeasurement gain of $3.9 million before tax for the same period in 2025. Net of a total remeasurement gain of $7.3 million for the six months ended June 30, 2026, and a total remeasurement gain of $4.3 million for the same period in 2025.
Unity Software před výsledky za 2. čtvrtletí získává podporu Wall Street; Wedbush zvedl cílovou cenu na 36 USD. Analytici čekají, že se na platformu Vector přesunulo asi 60 % výdajů z ironSource.
Unity Software Inc (NYSE:U) is drawing renewed optimism from Wall Street ahead of its second-quarter earnings.
Wedbush is raising its price target on the stock to $36 as Unity works through a significant business transition. The company's ironSource Ad Network is being sunset effective April 30, and its Supersonic unit is slated for divestiture, leaving Unity's business increasingly concentrated on its Vector advertising platform and core game engine.
Wedbush analysts said they had confidence in Unity's ability to recapture ad spend that had been flowing through the winding down ironSource network. According to the analysts, roughly 60% of ironSource spend has already migrated to Vector, and one advisor's firm now allocates about 20% of its budget to Vector, up sharply from around 5% before Unity overhauled its algorithm last year.
That data point is driving Wedbush to lift its longer term estimates, with the firm now projecting Unity's adjusted EBITDA will reach $915 million by fiscal 2028.
Unity is scheduled to report second quarter results before the market opens on August 6.
TSMC ve 2. čtvrtletí zvýšila tržby téměř o 34 % a EPS o 77 %, ale poptávka po čipech pro AI už naráží na kapacitu. Nedostatek kapacit otevírá dveře Intelu a Samsungu.
Taiwan Semiconductor's (TSM -0.64%) second quarter results were stellar. Revenue soared nearly 34% year over year, earnings per share jumped by 77%, and operating margin topped 60%. TSMC's 2nm process is ramping up, accounting for 3% of total wafer revenue so far, and advanced processes now generate more than three-quarters of total wafer revenue.
Booming demand for AI accelerators, CPUs, and other chips destined for AI data centers is maxing out TSMC's capacity, and the company is unable to keep pace. TSMC is ramping up capital spending, including a $100 billion commitment to its fabs in Arizona, but CEO C.C. Wei would only say during the earnings call that he expected "very strong" demand through 2030. It's unlikely that TSMC's supply will catch up with demand anytime soon.
Image source: Getty Images.
A golden opportunity for the competition TSMC dominates the foundry market, but the best demand environment the company has ever seen is opening a door for Intel (INTC -2.47%) and Samsung (SSNLF +0.00%). With TSMC unable to fully meet demand, chip designers are actively looking elsewhere.
Both Intel and Samsung are making progress chipping away at TMSC's lead. Intel and its Intel 14A process node are involved in Elon Musk's Terafab project, and the Wall Street Journal reported in May that Apple reached a preliminary deal to use Intel for manufacturing some chips. Just this week, Intel inked a deal with Fortinet to design, manufacture, and package a custom chip on the Intel 4 process. Momentum appears to be building, and Intel's push into custom chip design is helping the cause.
Samsung is also winning major customers, signing a major deal with Tesla last year to manufacture AI chips over multiple years. Other companies, including AMD and Alphabet, are reportedly considering Samsung for future products. Samsung could be churning out AMD's server CPUs and Alphabet's TPUs if it wins those deals.
Both Intel and Samsung have distinct advantages that TSMC can't match. For Intel, it's U.S. government support, via an equity stake and its status as the only U.S.-based advanced logic semiconductor manufacturer. For Samsung, it's a memory chip manufacturing business that is currently printing cash. Wei pointed to both in response to an analyst's question about the competition.
TSMC isn't going to lose its crown, but the AI boom that's delivering record profits is also giving a serious boost to the competition.
Today's Change
(
-0.64
%) $
-2.70
Current Price
$
421.91
Keep an eye on Intel Intel is scheduled to report its quarterly results on Thursday. The company is unlikely to announce specific foundry customer wins, but management has previously said that it expects to lock down multiple design wins this year as it ramps the Intel 18A process and continues work on the upcoming Intel 14A process.
Apple is one of TSMC's largest customers, and all signs point to the iPhone giant tapping Intel for at least some chip manufacturing. TSMC doesn't have the capacity to fully meet demand, so it's not losing business per se. However, Apple having a second supplier gives the company more leverage when TSMC floats price increases.
While TSMC is printing record profits, the company's era of complete and utter dominance may be slowly coming to an end.
Timothy Green has positions in Intel. The Motley Fool has positions in and recommends Advanced Micro Devices, Alphabet, Apple, Fortinet, Intel, and Taiwan Semiconductor Manufacturing. The Motley Fool has a disclosure policy.
Texas Instruments oznámila ve 2. čtvrtletí tržby 5,46 miliardy USD, čistý zisk 1,98 miliardy USD a EPS 2,14 USD. Tržby meziročně vzrostly o 23 % a společnost očekává ve 3. čtvrtletí tržby 5,65 až 6,15 miliardy USD a EPS 2,23 až 2,57 USD.
Conference call at 3:30 p.m. Central time today on ti.com/ir
, /PRNewswire/ -- Texas Instruments Incorporated (TI) (Nasdaq: TXN) today reported second quarter revenue of $5.46 billion, net income of $1.98 billion and earnings per share of $2.14. Earnings per share included a 5-cent benefit that was not in the company's original guidance.
Regarding the company's performance and returns to shareholders, Haviv Ilan, TI's chairman, president and CEO, made the following comments:
"Revenue increased 13% sequentially and 23% from the same quarter a year ago with broad growth led by industrial, data center and automotive. "Our cash flow from operations of $8.7 billion for the trailing 12 months again underscored the strength of our business model, the quality of our product portfolio and the benefit of 300mm production. Free cash flow for the same period was $6.5 billion. "Over the past 12 months we invested $3.9 billion in R&D and SG&A, invested $3.3 billion in capital expenditures and returned $5.8 billion to owners. "TI's third quarter outlook is for revenue in the range of $5.65 billion to $6.15 billion and earnings per share between $2.23 and $2.57." Free cash flow, a non-GAAP financial measure, is cash flow from operations less capital expenditures, plus proceeds from U.S. CHIPS and Science Act (CHIPS Act) incentives.
Earnings summary
(In millions, except per-share amounts)
Q2 2026
Q2 2025
Change
Revenue
$
5,463
$
4,448
23 %
Operating profit
$
2,310
$
1,563
48 %
Net income
$
1,980
$
1,295
53 %
Earnings per share
$
2.14
$
1.41
52 %
Cash generation
Trailing 12 Months
(In millions)
Q2 2026
Q2 2026
Q2 2025
Change
Cash flow from operations
$
2,703
$
8,667
$
6,439
35 %
Free cash flow
$
2,738
$
6,534
$
1,763
271 %
Free cash flow % of revenue
33.6 %
10.6 %
Cash return
Trailing 12 Months
(In millions)
Q2 2026
Q2 2026
Q2 2025
Change
Dividends paid
$
1,295
$
5,112
$
4,900
4 %
Stock repurchases
$
27
$
707
$
1,810
(61) %
Total cash returned
$
1,322
$
5,819
$
6,710
(13) %
TEXAS INSTRUMENTS INCORPORATED AND SUBSIDIARIES
Consolidated Statements of Income
For Three Months Ended
June 30,
(In millions, except per-share amounts)
2026
2025
Revenue
$
5,463
$
4,448
Cost of revenue (COR)
2,111
1,873
Gross profit
3,352
2,575
Research and development (R&D)
535
527
Selling, general and administrative (SG&A)
490
485
Acquisition charges
17
—
Operating profit
2,310
1,563
Other income (expense), net (OI&E)
69
48
Interest and debt expense
141
133
Income before income taxes
2,238
1,478
Provision for income taxes
258
183
Net income
$
1,980
$
1,295
Diluted earnings per common share
$
2.14
$
1.41
Average shares outstanding:
Basic
912
908
Diluted
920
912
Cash dividends declared per common share
$
1.42
$
1.36
Supplemental Information
(Quarterly, except as noted)
Provision for income taxes is based on the following:
Operating taxes (calculated using the estimated annual effective tax rate)
$
309
$
199
Discrete tax items
(51)
(16)
Provision for income taxes (effective taxes)
$
258
$
183
A portion of net income is allocated to unvested restricted stock units (RSUs) on which we pay dividend equivalents. Diluted
EPS is calculated using the following:
Net income
$
1,980
$
1,295
Income allocated to RSUs
(11)
(7)
Income allocated to common stock for diluted EPS
$
1,969
$
1,288
TEXAS INSTRUMENTS INCORPORATED AND SUBSIDIARIES
Consolidated Balance Sheets
June 30,
(In millions, except par value)
2026
2025
Assets
Current assets:
Cash and cash equivalents
$
3,660
$
3,044
Short-term investments
3,341
2,315
Accounts receivable, net of allowances of ($22) and ($24)
Common stock, $1 par value. Shares authorized – 2,400; shares issued – 1,741
1,741
1,741
Paid-in capital
5,129
4,245
Retained earnings
53,161
52,249
Treasury common stock at cost
Shares: June 30, 2026 – 828; June 30, 2025 – 832
(41,941)
(41,676)
Accumulated other comprehensive income (loss), net of taxes (AOCI)
(83)
(156)
Total stockholders' equity
18,007
16,403
Total liabilities and stockholders' equity
$
35,882
$
34,933
TEXAS INSTRUMENTS INCORPORATED AND SUBSIDIARIES
Consolidated Statements of Cash Flows
For Three Months Ended
June 30,
(In millions)
2026
2025
Cash flows from operating activities
Net income
$
1,980
$
1,295
Adjustments to net income:
Depreciation
547
460
Amortization of capitalized software
21
21
Stock compensation
127
129
Gains on sales of assets
(8)
—
Deferred taxes
(62)
(50)
Increase (decrease) from changes in:
Accounts receivable
(275)
(74)
Inventories
90
(125)
Prepaid expenses and other current assets
2
(9)
Accounts payable and accrued expenses
101
92
Accrued compensation
142
172
Income taxes payable
(14)
(71)
Changes in funded status of retirement plans
3
(18)
Other
49
38
Cash flows from operating activities
2,703
1,860
Cash flows from investing activities
Capital expenditures
(514)
(1,305)
Proceeds from CHIPS Act incentives
549
—
Proceeds from asset sales
32
—
Purchases of short-term investments
(2,407)
(1,192)
Proceeds from short-term investments
636
1,131
Other
2
31
Cash flows from investing activities
(1,702)
(1,335)
Cash flows from financing activities
Proceeds from issuance of long-term debt
—
1,199
Dividends paid
(1,295)
(1,235)
Stock repurchases
(27)
(302)
Proceeds from common stock transactions
445
115
Other
(13)
(21)
Cash flows from financing activities
(890)
(244)
Net change in cash and cash equivalents
111
281
Cash and cash equivalents at beginning of period
3,549
2,763
Cash and cash equivalents at end of period
$
3,660
$
3,044
Supplemental cash flow information
Investment tax credit (ITC) used to reduce income taxes payable
$
301
$
203
Proceeds from CHIPS Act incentives
549
—
Total cash benefit related to the CHIPS Act
$
850
$
203
Segment results
(In millions)
Q2 2026
Q2 2025
Change
Analog:
Revenue
$
4,365
$
3,452
26 %
Operating profit
$
1,992
$
1,325
50 %
Embedded Processing:
Revenue
$
788
$
679
16 %
Operating profit
$
168
$
85
98 %
Other:
Revenue
$
310
$
317
(2) %
Operating profit *
$
150
$
153
(2) %
* Includes Acquisition charges
Non-GAAP financial information
This release includes references to free cash flow and ratios based on that measure. These are financial measures that were not prepared in accordance with GAAP. Free cash flow is calculated as cash flows from operating activities (also referred to as cash flow from operations) less capital expenditures, plus proceeds from CHIPS Act incentives.
We believe that free cash flow and the associated ratios provide insight into our liquidity, our cash-generating capability and the amount of cash potentially available to return to shareholders, as well as insight into our financial performance. These non-GAAP measures are supplemental to the comparable GAAP measures.
Reconciliation to the most directly comparable GAAP measures is provided in the table below.
For Three
Months
Ended
June 30,
For 12
Months
Ended
June 30,
(In millions)
2026
2026
2025
Change
Cash flow from operations (GAAP) *
$
2,703
$
8,667
$
6,439
35 %
Capital expenditures
(514)
(3,312)
(4,936)
Proceeds from CHIPS Act incentives
549
1,179
260
Free cash flow (non-GAAP)
$
2,738
$
6,534
$
1,763
271 %
Revenue
$
19,453
$
16,675
Cash flow from operations as a percentage of revenue (GAAP)
44.6 %
38.6 %
Free cash flow as a percentage of revenue (non-GAAP)
33.6 %
10.6 %
* Includes cash benefits of $301 million, $433 million and $479 million from the CHIPS Act ITC used to reduce income taxes payable for the three
months ended June 30, 2026, and the twelve months ended June 30, 2026 and 2025, respectively.
This release also includes references to operating taxes, a non-GAAP term we use to describe taxes calculated using the estimated annual effective tax rate, a GAAP measure that by definition does not include discrete tax items. We believe the term operating taxes helps to differentiate from effective taxes, which include discrete tax items.
Notice regarding forward-looking statements
This release includes forward-looking statements intended to qualify for the safe harbor from liability established by the Private Securities Litigation Reform Act of 1995. These forward-looking statements generally can be identified by phrases such as TI or its management "believes," "expects," "anticipates," "foresees," "forecasts," "estimates" or other words or phrases of similar import. Similarly, statements herein that describe TI's business strategy, outlook, objectives, plans, intentions or goals also are forward-looking statements. All such forward-looking statements are subject to certain risks and uncertainties that could cause actual results to differ materially from those in forward-looking statements.
We urge you to carefully consider the following important factors that could cause actual results to differ materially from the expectations of TI or our management:
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Live Coverage Updates appear automatically as they are published.
Live Updates Pinned 1 hour ago
Live
This live blog is being updated by Thomas Richmond, a 24/7 Wall St. contributor. You’ll get expert analysis of ServiceNow’s Q2 earnings.
Simply stay on this page, and new updates will appear below automatically. We expect ServiceNow to release earnings shortly after 4:10 p.m. ET.
19 minutes ago
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ServiceNow closed 123 transactions worth more than $1 million in net new annual contract value during Q2, an increase of nearly 40% year over year.
The company finished the quarter with 658 customers generating more than $5 million in ACV, up approximately 23%. Total remaining performance obligations increased 21% to $29.0 billion, supported by longer customer commitments and stronger partner demand.
Current remaining performance obligations reached $13.20 billion, also up 21%, providing substantial visibility into revenue expected over the next 12 months.
The deal data reinforces the idea that large enterprises are consolidating more workflows, security functions, and AI deployments onto ServiceNow’s platform.
20 minutes ago
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ServiceNow’s Q2 subscription revenue reached $3.88 billion, exceeding the high end of its guidance by 150 basis points and rising 24.5% year over year.
However, investors should note that part of the upside came from strong U.S. federal demand accelerating some on-premise subscription revenue from Q3 into Q2. That timing benefit helps explain why management expects Q3 subscription revenue growth to moderate to 20.5%.
Q3 cRPO growth is also expected to slow to 19.5% on a reported basis, or 20% in constant currency, compared with 21% reported growth in Q2.
The quarter was fundamentally strong, but the pull-forward means investors should avoid extrapolating all of the Q2 outperformance into the second half of the year.
24 minutes ago
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ServiceNow raised its full-year subscription revenue guidance to between $15.76 and $15.78 billion, representing approximately 22.5% growth.
The previous outlook called for $15.53 billion to $15.57 billion, meaning the midpoint increased by roughly $220 million. Management attributed the raise to stronger-than-expected net new annual contract value.
For Q3, ServiceNow expects subscription revenue of $3.975 billion to $3.980 billion, representing 20.5% reported growth. The company maintained its full-year non-GAAP operating margin target of 31.5% and free cash flow margin target of 35%.
The higher revenue outlook suggests enterprise demand remains durable despite the stock’s steep year-to-date decline.
27 minutes ago
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ServiceNow reached a major AI monetization milestone during Q2, with its AI products surpassing $1 billion in annual contract value.
Management said agentic AI deployments increased ninefold over the past nine months, while AI net new ACV growth continued to exceed its expectations. The company’s AI Control Tower is also driving additional demand across its Security and Risk business.
ServiceNow ultimately expects AI products to generate 30% of companywide ACV by 2030. Crossing $1 billion this early provides tangible evidence that its AI strategy is producing commercial results rather than remaining a long-term promise.
51 minutes ago
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ServiceNow just reported Q2 earnings, with shares initially up 2% following the report. Here are the key numbers:
Revenue: $3.99 billion vs. $3.93 billion expected EPS: $0.90 vs. $0.86 expected Quick Read:
ServiceNow beat expectations on both the top and bottom lines, with revenue rising 24% year over year and 6% sequentially.
EPS increased 10% year over year despite declining 7% from the previous quarter, while the positive initial reaction suggests the results cleared investors’ lowered expectations.
53 minutes ago
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ServiceNow CEO Bill McDermott previously delivered one of the boldest forecasts on Wall Street: “ServiceNow will become a $1 trillion company by 2030.”
With ServiceNow currently valued at just under $100 billion, McDermott is effectively calling for the company’s market value to increase tenfold within four years. He has also put his own money behind the business, purchasing about $3 million of NOW shares at $107 apiece.
Nvidia CEO Jensen Huang has reportedly suggested ServiceNow could eventually grow 100-fold, while President Trump purchased approximately $5 million of the stock.
Amazon, Microsoft, Alphabet, OpenAI, and Anthropic are also expanding their partnerships with the enterprise software leader.
The bull case is that ServiceNow is becoming the essential operating system for AI-powered enterprise workflows. Building a custom alternative through “vibe coding” could reportedly cost 5-10x more than adopting ServiceNow’s platform.
After the stock’s brutal decline, investors now face a remarkable question: Is ServiceNow one of the strongest buying opportunities in the market?
Act now: the analyst who called NVIDIA in 2010 just named his top 10 AI stocks — and ServiceNow didn't make the cut. Grab the names FREE today.
1 hour ago
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ServiceNow (NYSE:NOW | NOW Price Prediction) reports Q2 earnings tonight.
The Consensus Bar EPS estimate: $0.40, versus $0.82 in Q2 2025 (pre-split) Subscription revenue guide: $3.650B–$3.655B, +21.5% GAAP cRPO growth guide: 22.5% GAAP Non-GAAP operating margin: 31.5% Price and Positioning NOW last traded at $95.66, off 6.27% intraday, -8.08% on the week, and -37.59% YTD.
The full-chain put/call has slipped to 0.53, and the July 24 expiry shows 27,419 calls versus 19,615 puts, pricing in an outsized move.
What Triggers a Rebound A cRPO print above 23% GAAP, a Now Assist update pacing toward the $1B ACV target, and an FY2026 subscription raise above $15.57B would reset the narrative.
A subscription cut below $15.53B, margin under 31.5%, or vague AI monetization language could extend the stock’s drawdown.
1 hour ago
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With shares trading at $95.84, down 6.09% intraday ahead of the 4:10 PM ET Q2 earnings release, here is what to listen for on tonight’s call.
Top 5 Analyst Questions Is Now Assist tracking to the $1B ACV target by 2026? How much cRPO was pulled forward by the July 1 pricing change? Financial exposure from CVE-2026-6875? Armis, Veza, and Moveworks integration timeline? Federal deal slippage quantified? Key Topics Management Must Address Subscription gross margin trajectory after the drop to 82.5% Pace of the $2B accelerated buyback H2 guidance framing Buzzwords to Listen For “AI control tower,” “agentic operating system,” “Rule of 55+,” “platinum standard” Red Flags cRPO growth below 22.5% guidance Operating margin softer than 31.5% Any FY2026 subscription cut below $15.53B Vague AI monetization metrics 1 hour ago
Live
Several wildcards could swing tonight’s reaction for ServiceNow’s (NYSE:NOW) Q2 earnings.
Security Exploit in the Wild A critical sandbox-escape flaw, CVE-2026-6875 with a CVSS score of 9.5, is being actively exploited, and 31% of tested instances exposed data without credentials.
Management commentary on remediation costs is a swing factor.
Pricing Pull-Forward A new pricing model effective July 1, 2026, triggered early renewals, which Jefferies flagged and KeyBanc cited in its Underweight, $85 target.
cRPO strength could potentially be borrowed from the upcoming Q3 quarter.
Mix Shift and M&A Drag Self-hosted-to-hosted conversion carries a ~150bps subscription headwind, while Armis, Veza, and Moveworks integration adds noise.
Options positioning is calm, with a full-chain put/call ratio of 0.54.
1 hour ago
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ServiceNow reports Q2 FY2026 earnings at 4:10 PM ET tonight after the closing bell, with shares down 33.38% year to date.
The central question is whether the company’s underlying growth remains strong enough to justify a rebound. Revenue is still growing 22.1%, while Now Assist net new annual contract value more than doubled year over year in Q4, keeping the company’s $1 billion AI target within reach.
Investors will also measure the results against ServiceNow’s FY2026 subscription revenue guidance of $15.53 billion to $15.57 billion. Current remaining performance obligations, or cRPO, will be one of the most important indicators of future demand.
Wall Street remains firmly bullish, with 43 buy ratings, only one sell rating, and an average price target of $141.64. A strong cRPO result could reestablish ServiceNow as a durable software compounder.
ServiceNow (NYSE:NOW) reports Q2 FY2026 earnings results tonight at 4:10 PM ET after today’s close. With shares down 46.84% over the past year and trading at $95.61, this earnings report carries unusual weight for Bill McDermott’s AI narrative.
Momentum Meets a Reset in Sentiment ServiceNow closed out fiscal year 2025 in a big way. Revenue hit $3.568B (+20.66% YoY), subscription revenue reached $3.466B (+21% YoY), and cRPO climbed to $12.85B, up 25%. Free cash flow of $2.0B pushed Q4 FCF margin to 57%.
However, the stock’s performance tells a different story. A 5-for-1 split took effect December 2025, and shares have since compressed, sitting roughly 55% below the 52-week high of $210.20. The stock’s forward P/E of 25 reflects that reset. Reddit’s r/stockmarket flagged the disconnect, noting NOW has been “growing free cash flow per share by over 20% per year for over a decade.”
Consensus Estimates Metric Q2 FY26 Guide YoY FY26 Guide Subscription Revenue N/A (Q1 guide: $3,650M-$3,655M) ~21.5% GAAP $15,530M-$15,570M Non-GAAP Op Margin Q1: 31.5% expanding 32% FCF Margin (FY) – – 36% Growth is expected to hold in the low 20s, but a ~150bps self-hosted-to-hosted mix headwind and ~100bps Moveworks drag weigh on Q1 optics. That means any softening in cRPO could suggest deceleration is coming.
What I’m Watching: AI Monetization, Margins, and M&A Tonight, I’ll be watching how ServiceNow frames Now Assist against the $1B ACV target originally set for 2026. Q4’s 244 transactions above $1M in net new ACV raised the bar, and repeat traction here anchors the agentic AI thesis.
Investors will also focus on subscription gross margin, which slipped to 82.5% in Q4 from 84.5% on AI infrastructure spend. FY26 is guided to 82%, so any further slippage complicates the operating margin path to 32%.
Integration cadence for Moveworks and the pending Armis and Veza acquisitions are also important factors. So does U.S. Federal commentary given upcoming agency budget tightening.
Earnings History Quarter EPS Surprise 1-Day Move 1-Week Move 30-Day Move Q4 25 +3.37% +0.24% -12.08% -3.03% Q3 25 +13.00% -1.65% -8.12% -11.80% Q2 25 +14.63% -2.75% -5.33% -11.67% Q1 25 +5.36% +0.71% +2.06% +9.46% On average, shares moved -5.87% one week after earnings over the past year.
Act now: the analyst who called NVIDIA in 2010 just named his top 10 AI stocks — and ServiceNow didn't make the cut. Grab the names FREE today.
Leidos rozšiřuje více než 10letou spolupráci se ServiceNow a zavádí ServiceNow AI Platform pro autonomní pracovní postupy s využitím AI. Cílem je snížit náklady a zlepšit efektivitu i zaměstnaneckou zkušenost.
Fortune 500® national security technology leader is expanding its 10+ year relationship with ServiceNow – deploying the ServiceNow AI Platform to provide autonomous, AI-driven workflows designed to cut costs, improve employee experiences, and free employees for mission critical work.
SANTA CLARA, Calif. & RESTON, Va.--(BUSINESS WIRE)--ServiceNow (NYSE: NOW), the AI control tower for business reinvention, and Leidos (NYSE: LDOS), a Fortune 500 industry and technology leader serving government and commercial customers, today announced that Leidos is expanding its use of the ServiceNow AI Platform to power employee experiences and efficient operations with agentic AI. The collaboration is focused on deploying autonomous, AI-driven workflows designed to cut costs, improve employee experiences and satisfaction, scale IT self-service, and centralize AI agent governance with the ServiceNow AI Platform. The deployment runs across FedRAMP environments, supporting the use of AI within government-grade compliance guardrails.
Leidos delivers advanced technology solutions across defense, intelligence, civil, and health markets, supporting some of the most demanding national security programs in the world. With approximately 50,000 employees and $17B+ annual revenue, Leidos operates at a scale where efficient, secure employee services are key for program performance, compliance, and workforce onboarding.
The challenge: expanding the self-service IT experience
As a ServiceNow customer for over 10 years, Leidos was already driving efficiencies with ServiceNow IT, Creator, and Asset Management workflows. As it grew, however, it sought new opportunities to help address rising IT and HR tickets. Leidos turned to ServiceNow to give employees a seamless, AI-enabled self-service experience.
The solution: ServiceNow connects IT, HR, and shared services on a single AI platform
Leidos is expanding its relationship with ServiceNow and deploying the ServiceNow AI Platform across its enterprise – providing autonomous, AI-driven workflows designed to cut costs, improve employee experiences, and free employees for mission critical work.
Leidos is deploying Now Assist and embedding AI across all areas of the business, unifying its employee experience life cycle with ServiceNow EmployeeWorks and HR Service Delivery; the AI Control Tower will further the company’s automated governance and agent orchestration for secure enterprise management. The implementation is expected to significantly reduce manual work and tickets, and free up IT, HR, and shared services resources to help focus on mission-critical tasks. In addition, Leidos’ ServiceNow deployment runs across FedRAMP environments, allowing the company to securely manage data for sensitive digital workflows, IT services, and conversational AI.
Key projected outcomes include:
$3M+ projected annual savings: As a result of AI-driven IT help desk automation, Level 1 incident resolution time is expected to be reduced from days to minutes.Up to 60% autonomous IT ticket resolution: AI agents are targeted to fully resolve the majority of IT support requests without human intervention, with the potential to eliminate approximately 80,000 tickets annually.Automated employee services for increased efficiency: ServiceNow EmployeeWorks to provide a fast, seamless conversational AI front door for everyday employee requests, helping accelerate productivity for Leidos employees and reduce ticket requests for service teams.Visibility and control of AI agents: AI Control Tower governs and orchestrates across the portfolio of AI agents and workflows, designed to help ensure that models and actions remain compliant, auditable, and aligned with Leidos’ security posture.Comments on the news:
"When you're managing national security workflows, you can't move fast without visibility and governance," said Paul Fipps, president of global customer operations at ServiceNow. "By unifying HR, IT, and shared services on the ServiceNow AI Platform, with AI Control Tower governing the deployment, Leidos can identify workflows and scale AI-enabled operations without adding complexity."
“We’re advancing our use of the ServiceNow AI Platform to augment our AI capabilities to make it easier for employees to deliver mission-critical outcomes at speed and scale, with the security our work demands,” said Alexandra Guenther, chief information officer at Leidos. “ServiceNow AI is helping us automate routine requests so our service desk teams can focus on more complex issues, improving both the employee experience and operational efficiency. By connecting employees with the right information when they need it, we’re enabling our employees to stay focused on solving our customers’ toughest challenges and turning technology into advantage.”
About Leidos
Leidos is an industry and technology leader serving government and commercial customers with smarter, more efficient digital and mission innovations. Headquartered in Reston, Virginia, with approximately 50,000 global employees, Leidos reported annual revenues of approximately $17.2 billion for the fiscal year ended Jan. 2, 2026. For more information, visit www.Leidos.com.
About ServiceNow
ServiceNow (NYSE: NOW) is the AI control tower for business reinvention. The ServiceNow AI Platform integrates with any cloud, any model, and any data source to orchestrate how work flows across the enterprise. By unifying legacy systems, departmental tools, cloud applications, and AI agents, ServiceNow provides a single pane of glass that connects intelligence to execution across every corner of business. With more than 100 billion workflows running on the platform each year, ServiceNow helps organizations turn fragmented operations into coordinated, autonomous workflows that deliver measurable results. Learn how ServiceNow puts AI to work for people at www.servicenow.com.
Leidos Forward-Looking Statements
Certain statements in this announcement constitute “forward-looking statements” within the meaning of the rules and regulations of the U.S. Securities and Exchange Commission (SEC). These statements are based on management’s current beliefs and expectations and are subject to significant risks and uncertainties. These statements are not guarantees of future results or occurrences. A number of factors could cause our actual results, performance, achievements, or industry results to be different from the results, performance, or achievements expressed or implied by such forward-looking statements. These factors include, but are not limited to, the “Risk Factors” set forth in Leidos’ Annual Report on Form 10-K for the fiscal year ended January 2, 2026, and other such filings that Leidos makes with the SEC from time to time. Readers are cautioned not to place undue reliance on such forward-looking statements, which speak only as of the date hereof. Leidos does not undertake to update forward-looking statements to reflect the impact of circumstances or events that arise after the date the forward-looking statements were made.
ServiceNow Forward-Looking Statements
This press release contains “forward-looking statements” about the expectations, beliefs, plans, and intentions relating to ServiceNow’s expanded relationship with Leidos. Such statements include statements regarding future product capabilities and offerings and expected benefits to ServiceNow. Forward-looking statements are subject to known and unknown risks and uncertainties and are based on potentially inaccurate assumptions that could cause actual results to differ materially from those expected or implied by the forward-looking statements. If any such risks or uncertainties materialize or if any of the assumptions prove incorrect, ServiceNow’s results could differ materially from the results expressed or implied by the forward-looking statements made. ServiceNow undertakes no obligation, and does not intend to update the forward-looking statements. Factors that may cause actual results to differ materially from those in any forward-looking statements include: (i) delays and unexpected difficulties and expenses in executing the product capabilities and offerings, (ii) changes in the regulatory landscape related to AI and (iii) uncertainty as to whether sales will justify the investments in the product capabilities and offerings. Further information on factors that could affect ServiceNow’s financial and other results is included in the filings ServiceNow makes with the Securities and Exchange Commission from time to time.
ServiceNow oznámil silný rozmach ve veřejném sektoru ve téměř všech 50 státech USA pro svou AI platformu. V Raleighu agenti AI už autonomně řeší téměř polovinu IT požadavků.
Nearly all 50 U.S. states join ~90% of the Fortune 500 in putting AI to work with the ServiceNow AI Platform
California, Hawaii, North Carolina, and Washington, D.C. are among the state and local agencies using ServiceNow to improve citizen experiences and modernize operations
SANTA CLARA, Calif.--(BUSINESS WIRE)-- ServiceNow (NYSE: NOW), the AI control tower for business reinvention, today announced strong momentum in the public sector, with nearly all 50 U.S. states transforming mission outcomes with the ServiceNow AI Platform. State and local agencies in California, Hawaii, North Carolina, and Washington, D.C. are among those using the ServiceNow AI Platform to help deliver better citizen services and modernized operations on a trusted and integrated government-grade platform designed for the scale and efficiency public sector missions demand.
With the ServiceNow AI Platform, we're creating one unified front door for employee requests, so our workforce can spend less time navigating systems and more time serving the District.
ShareTurning government complexity into coordinated action
ServiceNow helps state and local governments modernize operations, unlock the value of their data, and strengthen cybersecurity, designed to deliver strong ROI on every dollar invested. With an autonomous workforce of AI specialists, employees gain a teammate to work alongside them—helping to cut wait times on things like permits, benefits, and constituent requests—all while maintaining government-grade security across any cloud, AI model, data source, and system.
“State and local leaders are redefining what government can deliver, and ServiceNow is proud to be the platform making it possible,” said Mike Hurt, group vice president of U.S. Public Sector at ServiceNow. “We bring AI that's governed by design through our AI Control Tower, built to scale across agency missions, and designed to keep humans in the loop so agencies can earn and keep the citizen trust their missions depend on.”
Putting AI to work for mission-critical services
State and local agencies are achieving durable value ROI from the ServiceNow AI Platform, including:
California: The California Housing Finance Agency (CalHFA) is using ServiceNow’s AI-powered Public Sector Digital Services to provide AI assistance to human call center agents and agentic AI ticket resolution to help manage thousands of calls and questions related to services they provide: low-interest rate home loans, down payment assistance, and financing for the development of affordable rental and ownership housing. With ServiceNow’s multi-channel self-service capabilities, auto-generated case summaries, and AI-powered case resolution, CalHFA has reduced costs while improving the citizen experience.Hawaii: Launched the ServiceNow AI Platform in just six weeks, establishing a shared enterprise service platform for the State of Hawaii. The platform reflects the State's vision for digital transformation. Today, it powers the statewide HIP help desk, AI-enabled self-service, knowledge management, and enterprise IT service management, creating a scalable foundation for future statewide adoption.North Carolina: The City of Raleigh became the first municipal government to deploy ServiceNow’s L1 AI Specialist in production, with no in-house AI engineering bench behind it. The city is using ServiceNow AI agents to route service tickets with precision and speed, cutting service desk costs by 66% and returning more than 1,300 staff hours a year. Now they’re extending that same AI-powered service to all 500,000 residents.Washington, D.C.: The Office of the Chief Technology Officer (OCTO) is replacing a patchwork of contact center and workflow tools with the ServiceNow AI Platform, using EmployeeWorks to give every DC Government employee a single conversational entry point for service requests and agentic AI to automate fulfillment on the backend. The new experience is expected to enable employees to resolve most routine requests on their own, reducing wait times and allowing IT and HR teams to focus on more complex work. OCTO is also extending the platform to grants management with Public Sector Digital Services, targeting reducing processing time in half and clearer visibility for agencies overseeing awards. OCTO also plans to use ServiceNow AI Control Tower to gain visibility into every AI model and agent in production, helping govern AI at scale.“Our ServiceNow AI Platform represents the new path we're charting for the future of government in Hawaii,” said Darren Cantrill, information system manager, State of Hawaii. “In just six weeks, we built a shared enterprise service platform that's already changing how agencies collaborate and how quickly we can respond to the people we serve. This is just the beginning of our modernization journey, creating a foundation that agencies across Hawaii can continue to build upon.”
“We are a long-time ServiceNow customer and we've continued to expand our use of the platform to transform how we serve both employees and our community,” said Mark Wittenburg, chief information officer, City of Raleigh. “Today, ServiceNow AI agents are autonomously resolving nearly half of our IT support requests, and our goal is to reach 85% as we continue to automate routine work and empower our teams to focus on more complex, high-value services. Together, we're building a more efficient, responsive government while taking a thoughtful, responsible approach to AI that puts people first.”
“Our goal is to make DC Government simpler on the front end and smarter on the back end,” said Stephen N. Miller, chief technology officer, the District of Columbia. “With the ServiceNow AI Platform, we're creating one unified front door for employee requests, so our workforce can spend less time navigating systems and more time serving the District. On that same platform, we're reimagining grants management, where we expect to reduce processing time by 60 percent. All of this is built on the foundation of DC's AI Values—and with AI Control Tower giving us visibility across every AI agent and model in production, we're building government that's simpler, faster, and more trusted.”
About ServiceNow
ServiceNow (NYSE: NOW) is the AI control tower for business reinvention. The ServiceNow AI Platform integrates with any cloud, any model, and any data source to orchestrate how work flows across the enterprise. By unifying legacy systems, departmental tools, cloud applications, and AI agents, ServiceNow provides a single pane of glass that connects intelligence to execution across every corner of business. With more than 100 billion workflows running on the platform each year, ServiceNow helps organizations turn fragmented operations into coordinated, autonomous workflows that deliver measurable results. Learn how ServiceNow puts AI to work for people at www.servicenow.com.
ServiceNow podruhé zvýšila celoroční výhled tržeb z předplatného na 15,760–15,780 mld. USD díky silné poptávce po softwaru s AI. Ve 2. čtvrtletí překonala odhady tržeb i zisku.
Bill McDermott, chairman and CEO of ServiceNow, speaks during an interview on the floor at the New York Stock Exchange (NYSE) in New York City, U.S., October 26, 2023. REUTERS/Brendan McDermid Purchase Licensing Rights, opens new tab
July 22 (Reuters) - ServiceNow (NOW.N), opens new tab on Wednesday raised its forecast for annual subscription revenue for the second time after beating second-quarter revenue and profit estimates, driven by growing demand for its AI-powered software.
Shares of ServiceNow rose over 5% in volatile extended trading. They have fallen about 37% so far this year.
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The results come as software giants are grappling with concerns of a "SaaSpocalypse" - a term reflecting the gloom around software-as-a-service companies amid growing capabilities of new AI tools provided by startups like OpenAI and Anthropic.
But ServiceNow is expanding its AI agent portfolio across domains like IT and customer service, helping enterprise clients to automate complex, time-consuming workflows.
Earlier this year, ServiceNow launched Otto, an AI experience designed to handle requests from employees and complete complex cross-department workflows. It also enhanced its capabilities by acquiring cybersecurity startup Armis and AI startup Moveworks.
ServiceNow said its AI platform has seen widespread adoption across the public sector, with nearly all 50 U.S. states now using it to improve citizen services and modernize operations.
The company now expects full-year 2026 subscription revenue of $15.760 billion to $15.780 billion, up from its earlier projection of $15.735 billion to $15.775 billion.
Second-quarter subscription revenue of $3.88 billion and adjusted profit per share of 90 cents exceeded LSEG-compiled analysts' average estimates of $3.82 billion and 85 cents, respectively.
However, the company's forecast for third-quarter subscription revenue of $3.975 billion to $3.980 billion came in below the average estimate of about $4 billion.
ServiceNow said its current remaining performance obligations, contract revenue expected to be recognized within the next 12 months, hit $13.20 billion as of June 30, a 21% increase from a year earlier.
"Our $29 billion in remaining performance obligations is fueled by longer customer commitments and skyrocketing demand from our partner ecosystem," CEO Bill McDermott said in a statement.
Reporting by Jaspreet Singh in Bengaluru; Editing by Shailesh Kuber
Our Standards: The Thomson Reuters Trust Principles., opens new tab
ServiceNow oznámila zisk 90 centů na akcii, nad odhadem 85 centů, a tržby 3,99 miliardy USD, také nad konsensem. Akcie NOW v prodlouženém obchodování vzrostly o 4,78 % na 100 USD.
Here’s a look at the key metrics from the quarter.
NOW stock is moving. Watch the price action here. ServiceNow reported quarterly earnings of 90 cents per share, which beat the Street estimate of 85 cents, according to Benzinga Pro data.
Quarterly revenue clocked in at $3.99 billion, which beat the analyst consensus estimate of $3.93 billion and was up from $3.22 billion in the same period last year.
ServiceNow reported the following second-quarter highlights:
“ServiceNow’s exceptional Q2 results solidify our position as the fastest-growing major enterprise software and cybersecurity company,” said ServiceNow CEO Bill McDermott.
“The company’s sterling fundamentals have us operating to the Rule of 56, well on our way to the Rule of 60,” McDermott added.
NOW Stock Price Activity: According to data from Benzinga Pro, ServiceNow stock was up 4.78% to $100 in Wednesday’s extended trading.
Photo: Shutterstock
Market News and Data brought to you by Benzinga APIs
Reliance oznámila za 2. čtvrtletí tržby ve výši 4,63 miliardy USD, EPS 6,29 USD a zisk před zdaněním 429,8 milionu USD. EPS i tržby překonaly očekávání a meziročně vzrostly.
- Net sales of $4.63 billion, up 15% sequentially with record tons sold up 7.0%
- EPS of $6.29; non-GAAP EPS of $6.27, up 42% year-over-year, exceeding expectations
- Pretax income of $429.8 million, up 41% year-over-year
PHOENIX, July 22, 2026 (GLOBE NEWSWIRE) -- Reliance, Inc. (NYSE: RS) (‘Reliance,’ the ‘Company,’ ‘we,’ ‘our,’ or ‘us’) today reported its financial results for the second quarter ended June 30, 2026.
(in millions, except tons sold in thousands, per ton and per share amounts)
Seq. Six Months Ended
June 30,
YoY YoY Q2 2026
Q1 2026
Chg 2026 2025 Chg Q2 2025
Chg Income Statement Summary: Net sales$4,630.0 $4,026.0 15.0% $8,656.0 $7,144.5 21.2% $3,659.8 26.5% Gross profit1$1,300.5 $1,171.9 11.0% $2,472.4 $2,121.2 16.6% $1,087.9 19.5% Gross profit margin1 28.1% 29.1% (1.0) pts 28.6% 29.7% (1.1) pts 29.7% (1.6) pts Non-GAAP gross profit margin1,2 28.1% 29.1% (1.0) pts 28.6% 29.8% (1.2) pts 29.9% (1.8) pts Non-GAAP gross profit margin – FIFO1,2 30.5% 30.1% 0.4 pts 30.3% 30.5% (0.2) pts 30.6% (0.1) pts LIFO expense$112.5 $37.5 $150.0 $50.0 $25.0 LIFO expense (% of sales) 2.4% 0.9% 1.5 pts 1.7% 0.7% 1.0 pts 0.7% 1.7 pts LIFO expense per diluted share, net of tax$1.64 $0.54 $2.17 $0.71 $0.35 Non-GAAP pretax (income) expense adjustments2$(1.1) $4.3 $3.2 $3.4 $1.1 Pretax income$429.8 $349.5 23.0% $779.3 $566.7 37.5% $304.3 41.2% Non-GAAP pretax income2$428.7 $353.8 21.2% $782.5 $570.1 37.3% $305.4 40.4% Non-GAAP pretax income – FIFO2$541.2 $391.3 38.3% $932.5 $620.1 50.4% $330.4 63.8% Pretax income margin 9.3% 8.7% 0.6 pts 9.0% 7.9% 1.1 pts 8.3% 1.0 pts Non-GAAP pretax income margin2 9.3% 8.8% 0.5 pts 9.0% 8.0% 1.0 pts 8.3% 1.0 pts Non-GAAP pretax income margin – FIFO2 11.7% 9.7% 2.0 pts 10.8% 8.7% 2.1 pts 9.0% 2.7 pts Net income – Reliance$322.9 $264.9 21.9% $587.8 $433.4 35.6% $233.7 38.2% Diluted EPS$6.29 $5.10 23.3% $11.38 $8.15 39.6% $4.42 42.3% Non-GAAP diluted EPS2$6.27 $5.16 21.5% $11.42 $8.20 39.3% $4.43 41.5% Non-GAAP diluted EPS – FIFO2$7.91 $5.70 38.8% $13.59 $8.91 52.5% $4.78 65.5% Balance Sheet and Cash Flow Data: Cash provided by operations$162.2 $151.4 7.1% $313.6 $293.5 6.8% $229.0 (29.2%)Free cash flow2$68.8 $87.2 (21.1%) $156.0 $119.0 31.1% $141.4 (51.3%)Net debt / total capital2 16.2% 16.9% 16.2% 14.1% 14.1% Net debt / EBITDA2 0.9x 1.0x 0.9x 0.9x 0.9x Total debt / EBITDA2 1.1x 1.2x 1.1x 1.1x 1.1x Capital Allocation Data: Acquisitions$— $— $— $2.8 $2.8 Capital expenditures$93.4 $64.2 $157.6 $174.5 $87.6 Dividends$63.8 $66.6 $130.4 $128.3 $63.1 Share repurchases$— $234.2 $234.2 $333.1 $79.9 Key Business Metrics: Tons sold 1,790.1 1,672.7 7.0% 3,462.8 3,243.9 6.7% 1,615.0 10.8% Average selling price per ton sold$2,602 $2,414 7.8% $2,511 $2,208 13.7% $2,273 14.5% Please refer to the footnotes at the end of this press release for additional information.
Management Commentary
“Reliance delivered another excellent quarter, building on the positive momentum of the first quarter,” said Karla Lewis, President and Chief Executive Officer of Reliance. “Market conditions remained constructive, supported by improving customer activity, extended mill lead times, and strong pricing across our broad product portfolio. We achieved the second highest quarterly revenue in our history, as well as record quarterly tons sold, and continued to outperform industry shipment trends. In April, we began to see initial contributions from the U.S. Department of Homeland Security border wall contract we were awarded earlier this year with activity levels well above our expectations delivering a meaningful contribution to our second quarter earnings. Elevated pricing levels, along with strong execution by our teams, also drove meaningful growth in our profitability, including a 40% increase in non-GAAP pretax income year-over-year and non-GAAP earnings per share of $6.27, our highest results since the second quarter of 2023.”
Mrs. Lewis continued, “Our balance sheet and liquidity remain key competitive advantages, supporting disciplined capital deployment including strategic growth investments and ongoing returns to stockholders. Additionally, our scale, processing expertise, and strong mill partnerships are increasingly important as lead times extend and inventories tighten, ensuring dependable material availability and positioning us to better serve our existing customers and capture new opportunities. As customer optimism builds and activity strengthens across infrastructure, semiconductor, general manufacturing and aerospace, Reliance remains exceptionally well positioned to capitalize on the many meaningful opportunities that will continue to emerge throughout the second half of 2026 and into next year.”
Second Quarter 2026 Financial Highlights
Earnings per share of $6.29 and non‑GAAP earnings per share of $6.27 exceeded the high end of management’s guidance range of $5.15 to $5.35 and were up 42% year-over-year. Results included $1.64 per share of LIFO expense compared to management’s expectation of $0.54, representing an incremental $1.10 per share negative impact, primarily due to higher-than-anticipated carbon steel and aluminum product costs. Earnings also included a $0.41 per share contribution from the U.S. border wall project, more than doubling our expectation of $0.15 to $0.20 per share.
Quarterly tons sold increased 7.0% sequentially, exceeding management’s expectation of a 1.0% to 3.0% increase. Notably, the sequential increase in second quarter tons sold included a 5.1% contribution from the U.S. border wall project. Reliance’s second quarter year-over-year growth in tons sold of 10.8% outperformed the industry-wide increase of 5.5% reported by the Metals Service Center Institute (“MSCI”) by over 5 percentage points.
Average selling price per ton sold increased 7.8% sequentially, also surpassing management’s expectation of a 1.5% to 3.5% increase, supported by higher carbon steel and aluminum pricing. The U.S. border wall project impacted our product mix, offsetting the sequential growth in average selling price per ton sold by 1.6% due to higher than anticipated shipment levels during the quarter.
Gross profit dollars per ton continued to rise across the majority of our product categories. However, gross profit margin of 28.1% decreased 100 basis points sequentially mainly due to increased LIFO expense and the impact of the border wall project. Excluding LIFO, non‑GAAP FIFO gross profit margin, which represents management’s ongoing assessment of operating performance, increased sequentially to 30.5% from 30.1% in the first quarter of 2026, including the negative impact of 40 basis points attributable to the U.S. border wall project. Importantly, the project’s below-average operating costs per ton more than offset its impact on gross profit margin, adding approximately 30 basis points of expansion to pretax income margin in the second quarter.
Higher shipments and improved gross profit dollars per ton, supported by strong pricing discipline, continued market share gains, and contributions from the U.S. border wall project, drove strong growth in pretax income of 41% year-over-year to $429.8 million.
End Market Commentary
Non-residential construction demand (including infrastructure), Reliance’s largest end market by tons, improved compared to the second quarter of 2025. The Company expects non-residential construction demand to continue to improve, with potential headwinds from supply availability in the third quarter of 2026, supported by strong activity across data centers, energy infrastructure, and public infrastructure projects.
Demand across the broader manufacturing end market Reliance serves improved compared to the second quarter of 2025, supported by continued strength in industrial machinery, shipbuilding, military, consumer products and construction machinery sectors. The Company anticipates demand for its products across the broader manufacturing sector will remain healthy in the third quarter of 2026 and experience its customary seasonal decline from the second quarter.
Demand in aerospace improved compared to the second quarter of 2025. Reliance anticipates commercial aerospace demand to modestly improve in the third quarter of 2026 with gradual build-rate increases and growing backlogs supporting continued improvement throughout the year. Demand in the defense and space related portions of Reliance’s aerospace business is expected to remain robust in the third quarter of 2026.
Demand for the toll processing services Reliance provides to the automotive market improved from the second quarter of 2025. The Company expects demand for automotive toll processing to remain relatively steady at healthy levels in the third quarter of 2026. Reliance’s toll processing operations remain flexible and able to quickly adapt to the variable demands of the automotive market.
Demand for certain products Reliance sells into the semiconductor market meaningfully improved compared to the second quarter of 2025 supported by increasing data center activity. The Company anticipates demand for its semiconductor products will continue to improve in the third quarter of 2026.
Balance Sheet, Cash Flow and Stockholder Returns
As of June 30, 2026, Reliance had $235.4 million of cash and cash equivalents and total debt of $1.7 billion, including $520 million outstanding under its $1.5 billion revolving credit facility. We generated $162.2 million of cash flow from operations in the second quarter of 2026, despite a significant working capital increase related to strong shipment volume and higher metals pricing.
Reliance returned $63.8 million to stockholders through dividend payments in the second quarter of 2026. Although no shares were repurchased during the second quarter, Reliance has repurchased $3.4 billion of its common stock since 2021 at an average price of approximately $234 per share, reducing shares outstanding by 22%. As of June 30, 2026, approximately $529 million remained available under our share repurchase program.
On July 17, 2026, our Board of Directors declared a quarterly cash dividend of $1.25 per share of common stock, payable on August 28, 2026 to stockholders of record as of August 14, 2026.
Third Quarter 2026 Business Outlook
Reliance anticipates third quarter 2026 demand and pricing to remain generally consistent at healthy to improving levels across the key products and end markets it serves, despite ongoing domestic and international trade policy uncertainty and the continued conflict in Iran, which could pose supply availability and macroeconomic risks.
Excluding the impact of the border wall project, the Company expects third quarter tons sold to be down 2% to 4% compared to the second quarter of 2026 due to normal seasonality and average selling price per ton sold to be up 1% to 3%.
Including an estimated 2% sequential and 7.5% year-over-year contribution from the U.S. border wall project, we anticipate tons sold will be up 9% to 11% compared to the third quarter of 2025. Additionally, we anticipate our average selling price per ton sold in the third quarter to be flat to up 2.0% compared to the second quarter of 2026, which includes an estimated mix-related 1% reduction in consolidated average selling price per ton sold attributable to the U.S. border wall project.
Based on these assumptions, and inclusive of LIFO expense of $75.0 million, or $1.10 per diluted share, the Company anticipates non‑GAAP earnings per diluted share in the range of $6.40 to $6.60 for the third quarter of 2026, representing year‑over‑year growth ranging from 76% to 81%. This outlook includes approximately $0.60 of earnings per share from shipments associated with the U.S. border wall project at pretax income margin levels above the Company average.
Conference Call Details
A conference call and simultaneous webcast to discuss Reliance’s second quarter 2026 financial results and business outlook will be held on Thursday, July 23, 2026 at 11:00 a.m. Eastern Time / 8:00 a.m. Pacific Time. To listen to the live call by telephone, please dial (877) 407-0792 (U.S. and Canada) or (201) 689-8263 (International) approximately 10 minutes prior to the start time and use conference ID: 13761219. The call will also be broadcast live over the Internet hosted on the Investors section of the Company's website at investor.reliance.com.
For those unable to participate during the live broadcast, a replay of the call will also be available beginning that same day at 2:00 p.m. Eastern Time until 11:59 p.m. Eastern Time on August 6, 2026, by dialing (844) 512-2921 (U.S. and Canada) or (412) 317-6671 (International) and entering the conference ID: 13761219. The webcast will remain posted on the Investors section of Reliance’s website at reliance.com for 90 days.
About Reliance, Inc.
With over 85 years of operating experience, Reliance, Inc. (NYSE: RS) is a leading global diversified metal solutions provider and the largest metals service center company in North America. Through a network of approximately 310 locations in 41 states and 10 countries outside of the United States, Reliance provides value-added metals processing services and distributes a full line of over 100,000 metal products to more than 125,000 customers in a broad range of industries. Reliance focuses on small orders with quick turnaround and value-added processing services. In 2025, Reliance’s average order size was $3,120, approximately 49% of orders included value-added processing, and approximately 40% of orders were delivered within 24 hours. Reliance’s press releases and additional information are available on the Company’s website at reliance.com.
Forward-Looking Statements
This press release contains certain statements that are, or may be deemed to be, forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements may include, but are not limited to, discussions of Reliance’s: industry and end markets; business strategies; acquisitions; expectations concerning the Company’s future growth and profitability; ability to generate industry leading returns for its stockholders; future demand and metals pricing; results of operations; margins; profitability; taxes; liquidity; cash flows; capital expenditures; expectations for and impacts from macroeconomic conditions, including inflation and the possibility of an economic recession or slowdown; anticipated effects from regulations and regulatory changes, including taxation, tariffs and other trade barriers; litigation matters and capital resources. In some cases, you can identify forward-looking statements by terminology such as “may,” “will,” “should,” “could,” “would,” “expect,” “plan,” “anticipate,” “believe,” “estimate,” “predict,” “potential,” “preliminary,” “range,” “intend” and “continue,” the negative of these terms, and similar expressions.
These forward-looking statements are based on management's estimates, projections and assumptions as of today’s date that may not prove to be accurate. Forward-looking statements involve known and unknown risks and uncertainties and are not guarantees of future performance. Actual outcomes and results may differ materially from what is expressed or forecasted in these forward-looking statements as a result of various important factors, including, but not limited to, actions taken by Reliance, as well as developments beyond its control, including, but not limited to: changes in domestic and worldwide political and economic conditions; changes in U.S. and foreign trade policies and programs, including tariffs and trade policies and programs specifically affecting metals product markets and pricing; slowing economic growth, inflation, rising unemployment or other macroeconomic factors that could materially impact Reliance, its customers and suppliers; metals pricing; demand for Reliance’s products and services; the possibility that the expected benefits of government contracts, including the U.S. border wall project, acquisitions and capital expenditures may not materialize as expected; and the impacts of labor constraints and supply chain disruptions. Deteriorations in economic conditions, including as a result of tariffs or trade barriers, economic policies, inflation, economic recession, slowing growth, outbreaks of infectious disease, or geopolitical conflicts such as in Ukraine and Iran, could lead to a decline in demand for the Company’s products and services and negatively impact its business, and may also impact financial markets and corporate credit markets which could adversely impact the Company’s access to financing or the terms of any financing. The Company cannot at this time predict all of the impacts of domestic and foreign tariffs and trade policies, inflation, product price fluctuations, economic recession, outbreaks of infectious disease, or geopolitical conflicts and related economic effects, but these factors, individually or in any combination, could have a material adverse effect on the Company’s business, financial position, results of operations and cash flows.
The statements contained in this press release speak only as of the date hereof, and Reliance disclaims any and all obligations to publicly update or revise any forward-looking statements, whether as a result of new information, future events or for any other reason, except as may be required by law. Important risks and uncertainties about Reliance’s business can be found in “Item 1A. Risk Factors” of the Company’s Annual Report on Form 10-K for the year ended December 31, 2025 and in other documents Reliance files or furnishes with the United States Securities and Exchange Commission.
Q2 2026 Major Commodity Metrics Tons Sold (tons in thousands; % chg) Avg. Selling Price per Ton
Sold (% chg) Q2 2026
Q1 2026
Seq. Chg
Q2 2025
YoY Chg
Seq. Chg
YoY Chg
Carbon steel 1,480.2 1,383.9 7.0% 1,326.4 11.6% 10.5% 14.9% Aluminum 86.0 85.1 1.1% 83.8 2.6% 9.8% 31.7% Stainless steel 81.3 78.2 4.0% 75.5 7.7% 6.1% 13.0% Alloy 36.6 33.0 10.9% 31.1 17.7% (7.0%) (5.4%)Copper & brass 5.8 4.9 18.4% 5.5 5.5% 3.9% 19.3% Sales ($'s in millions; % chg) Q2 2026
Q1 2026
Seq. Chg
Q2 2025
YoY Chg
Carbon steel$2,621.4 $2,218.1 18.2% $2,044.2 28.2% Aluminum$837.9 $754.6 11.0% $619.9 35.2% Stainless steel$595.2 $539.0 10.4% $489.2 21.7% Alloy$186.2 $180.6 3.1% $167.5 11.2% Copper & brass$123.7 $101.9 21.4% $98.9 25.1% Year-to-Date (6 Months) Major Commodity Metrics Tons Sold (tons in thousands; % chg) Avg. Selling
Price per Ton
Sold (% chg) 2026
2025
YoY Chg
YoY Chg
Carbon steel 2,864.1 2,670.8 7.2% 14.3% Aluminum 171.1 167.9 1.9% 27.5% Stainless steel 159.5 151.5 5.3% 8.6% Alloy 69.6 62.6 11.2% 1.3% Copper & brass 10.7 10.5 1.9% 22.9% Sales ($'s in millions; % chg) 2026
2025
YoY Chg
Carbon steel$4,839.5 $3,948.4 22.6% Aluminum$1,592.5 $1,225.5 29.9% Stainless steel$1,134.2 $992.4 14.3% Alloy$366.8 $325.9 12.5% Copper & brass$225.6 $180.6 24.9% Sales by Product Six Months Ended
June 30,
Q2 2026
Q1 2026
Q2 2025
2026
2025
Carbon steel structurals 12% 12% 12% 12% 12% Carbon steel tubing 12% 9% 10% 11% 9% Carbon steel plate 11% 11% 12% 11% 12% Hot-rolled steel sheet & coil 9% 9% 8% 9% 8% Galvanized steel sheet & coil 5% 5% 5% 5% 5% Carbon steel bar 4% 5% 5% 4% 5% Cold-rolled steel sheet & coil 2% 2% 2% 2% 2% Carbon steel 55% 53% 54% 54% 53% Heat-treated aluminum plate 5% 6% 5% 6% 5% Aluminum bar & tube 5% 5% 5% 5% 5% Common alloy aluminum sheet & coil 5% 5% 4% 5% 5% Common alloy aluminum plate 1% 1% 1% 1% 1% Heat-treated aluminum sheet & coil 1% 1% 1% 1% 1% Aluminum 17% 18% 16% 18% 17% Stainless steel bar & tube 6% 6% 6% 6% 6% Stainless steel sheet & coil 4% 5% 5% 5% 5% Stainless steel plate 2% 2% 2% 2% 2% Stainless steel 12% 13% 13% 13% 13% Alloy 4% 4% 4% 4% 4% Copper & brass 3% 3% 3% 3% 3% Miscellaneous* 5% 5% 6% 4% 6% Toll processing & logistics 4% 4% 4% 4% 4% Other 9% 9% 10% 8% 10% Total 100% 100% 100% 100% 100% * Includes titanium, fabricated parts, PVC pipe and scrap. RELIANCE, INC.UNAUDITED CONSOLIDATED STATEMENTS OF INCOME(in millions, except shares in thousands and per share amounts) Three Months Ended
Six Months Ended
June 30,
June 30,
2026 2025 2026 2025 Net sales$4,630.0 $3,659.8 $8,656.0 $7,144.5 Costs and expenses: Cost of sales (exclusive of depreciation and amortization shown below) 3,329.5 2,571.9 6,183.6 5,023.3 Warehouse, delivery, selling, general and administrative ("SG&A") 789.4 706.0 1,524.2 1,396.2 Depreciation and amortization 69.5 69.7 138.7 138.4 4,188.4 3,347.6 7,846.5 6,557.9 Operating income 441.6 312.2 809.5 586.6 Other (income) expense: Interest expense 18.2 14.3 33.6 25.8 Other income, net (6.4) (6.4) (3.4) (5.9)Income before income taxes 429.8 304.3 779.3 566.7 Income tax provision 106.2 70.1 190.1 132.0 Net income 323.6 234.2 589.2 434.7 Less: net income – noncontrolling interests 0.7 0.5 1.4 1.3 Net income – Reliance$322.9 $233.7 $587.8 $433.4 Earnings per share: Basic$6.33 $4.44 $11.45 $8.20 Diluted$6.29 $4.42 $11.38 $8.15 Weighted average shares outstanding: Basic 51,050 52,610 51,340 52,841 Diluted 51,375 52,923 51,673 53,160 Cash dividends declared per common share$1.25 $1.20 $2.50 $2.40 RELIANCE, INC.UNAUDITED CONSOLIDATED BALANCE SHEETS(in millions, except shares in thousands and par value) June 30,
December 31,
2026
2025*
AssetsCurrent assets: Cash and cash equivalents$235.4 $216.6 Accounts receivable, less allowance for credit losses of $22.3 and $22.1 2,210.4 1,539.9 Inventories 2,325.4 2,187.8 Prepaid expenses and other current assets 152.2 165.6 Income taxes receivable — 31.2 Total current assets 4,923.4 4,141.1 Property, plant and equipment, net 2,652.1 2,633.3 Operating lease right-of-use assets 326.8 315.2 Goodwill 2,173.8 2,169.9 Intangible assets, net 945.0 960.1 Cash surrender value of life insurance policies, net 37.4 48.0 Other long-term assets 106.7 105.7 Total assets$11,165.2 $10,373.3 Liabilities and EquityCurrent liabilities: Accounts payable$627.3 $375.2 Accrued expenses 160.8 150.0 Accrued compensation and retirement benefits 212.0 198.1 Accrued insurance costs 61.3 56.4 Current maturities of long-term debt — 0.7 Current maturities of operating lease liabilities 67.3 67.7 Income taxes payable 17.2 — Total current liabilities 1,145.9 848.1 Long-term debt 1,663.9 1,420.2 Operating lease liabilities 264.0 250.9 Long-term retirement benefits 26.4 24.9 Other long-term liabilities 79.4 74.1 Deferred income taxes 574.4 575.6 Total liabilities 3,754.0 3,193.8 Commitments and contingencies Equity: Preferred stock, $0.001 par value: 5,000 shares authorized; none issued or outstanding — — Common stock and additional paid-in capital, $0.001 par value and 200,000 shares authorized Issued and outstanding shares—51,053 and 51,735 23.4 0.1 Retained earnings 7,477.5 7,257.6 Accumulated other comprehensive loss (99.4) (87.6)Total Reliance stockholders’ equity 7,401.5 7,170.1 Noncontrolling interests 9.7 9.4 Total equity 7,411.2 7,179.5 Total liabilities and equity$11,165.2 $10,373.3 * Derived from audited financial statements. RELIANCE, INC.UNAUDITED CONSOLIDATED STATEMENTS OF CASH FLOWS(in millions) Six Months Ended
June 30, 2026 2025 Operating activities: Net income$589.2 $434.7 Adjustments to reconcile net income to net cash provided by operating activities: Depreciation and amortization 138.7 138.4 Stock-based compensation 36.7 28.1 Other (0.8) (5.2)Changes in operating assets and liabilities: Accounts receivable (673.3) (326.8)Inventories (139.1) (219.8)Prepaid expenses and other assets 86.0 117.6 Accounts payable and other liabilities 276.2 126.5 Net cash provided by operating activities 313.6 293.5 Investing activities: Acquisitions — (2.8)Purchases of property, plant and equipment (157.6) (174.5)Proceeds from sales of property, plant and equipment 15.4 12.9 Other (4.6) 5.6 Net cash used in investing activities (146.8) (158.8) Financing activities: Proceeds from long-term debt borrowings 1,577.0 1,063.0 Principal payments on long-term debt (1,334.7) (781.0)Cash dividends and dividend equivalents (130.4) (128.3)Share repurchases (234.2) (333.1)Taxes paid on net-settled restricted stock units (14.8) (11.6)Excise tax on repurchase of common shares (5.4) (10.0)Other (3.7) (21.0)Net cash used in financing activities (146.2) (222.0)Effect of exchange rate changes on cash and cash equivalents (1.8) 8.7 Increase (decrease) in cash and cash equivalents 18.8 (78.6)Cash and cash equivalents, beginning balance 216.6 318.1 Cash and cash equivalents, ending balance$235.4 $239.5 Supplemental cash flow information: Interest paid$32.7 $24.0 Income taxes paid, net$142.7 $71.0 RELIANCE, INC.NON-GAAP RECONCILIATION(in millions, except per share amounts) Net Income Diluted EPS June 30,
March 31,
June 30,
June 30,
March 31,
June 30,
Three Months Ended2026 2026 2025 2026 2026 2025 Net income – Reliance$322.9 $264.9 $233.7 $6.29 $5.10 $4.42 Restructuring charges 1.1 3.8 10.2 0.02 0.07 0.18 Settlement charges, net 1.5 0.5 — 0.03 0.01 — Gains on non-core asset sales (3.7) — (9.1) (0.07) — (0.17)Income tax expense (benefit) on adjustments 0.3 (1.1) (0.2) — (0.02) — Non-GAAP net income – Reliance 322.1 268.1 234.6 6.27 5.16 4.43 LIFO expense, net of tax 84.4 28.1 18.8 1.64 0.54 0.35 Non-GAAP net income – FIFO$406.5 $296.2 $253.4 $7.91 $5.70 $4.78 Net Income Diluted EPS June 30,
June 30,
June 30,
June 30,
Six Months Ended 2026 2025 2026 2025 Net income – Reliance $587.8 $433.4 $11.38 $8.15 Restructuring charges 4.9 12.5 0.09 0.24 Settlement charges, net 2.0 — 0.04 — Gains on non-core asset sales (3.7) (9.1) (0.07) (0.17) Income tax benefit on adjustments (0.8) (0.8) (0.02) (0.02) Non-GAAP net income – Reliance 590.2 436.0 11.42 8.20 LIFO expense, net of tax 112.5 37.5 2.17 0.71 Non-GAAP net income – FIFO $702.7 $473.5 $13.59 $8.91 Three Months Ended Six Months Ended June 30,
March 31,
June 30,
June 30,
June 30,
2026 2026 2025 2026 2025 Pretax income$429.8 $349.5 $304.3 $779.3 $566.7 Restructuring charges 1.1 3.8 10.2 4.9 12.5 Settlement charges, net 1.5 0.5 — 2.0 — Gains on non-core asset sales (3.7) — (9.1) (3.7) (9.1) Non-GAAP pretax (income) expense adjustments (1.1) 4.3 1.1 3.2 3.4 Non-GAAP pretax income 428.7 353.8 305.4 782.5 570.1 LIFO expense 112.5 37.5 25.0 150.0 50.0 Non-GAAP pretax income – FIFO$541.2 $391.3 $330.4 $932.5 $620.1 Three Months Ended Six Months Ended June 30,
March 31,
June 30,
June 30,
June 30,
2026 2026 2025 2026 2025 Gross profit – LIFO$1,300.5 $1,171.9 $1,087.9 $2,472.4 $2,121.2 Restructuring charges 0.4 1.0 6.3 1.4 8.1 Non-GAAP gross profit 1,300.9 1,172.9 1,094.2 2,473.8 2,129.3 LIFO expense 112.5 37.5 25.0 150.0 50.0 Non-GAAP gross profit – FIFO$1,413.4 $1,210.4 $1,119.2 $2,623.8 $2,179.3 Gross profit margin – LIFO 28.1% 29.1% 29.7% 28.6% 29.7% Restructuring charges (% of sales) — — 0.2% — 0.1% Non-GAAP gross profit margin 28.1% 29.1% 29.9% 28.6% 29.8% LIFO expense (% of sales) 2.4% 0.9% 0.7% 1.7% 0.7% Non-GAAP gross profit margin – FIFO 30.5% 30.1% 30.6% 30.3% 30.5% Certain percentages may not calculate due to rounding.
June 30,
March 31,
June 30,
2026 2026 2025 Total debt$1,670.0 $1,700.0 $1,433.1 Less: unamortized discounts and costs (6.1) (6.5) (7.4) Carrying amount of debt 1,663.9 1,693.5 1,425.7 Less: cash and cash equivalents (235.4) (249.7) (239.5) Net debt 1,428.5 1,443.8 1,186.2 Total Reliance stockholders' equity 7,401.5 7,122.9 7,234.1 Total capital$8,830.0 $8,566.7 $8,420.3 Net debt / total capital 16.2% 16.9% 14.1% June 30,
March 31,
June 30,
Twelve Months Ended2026 2026 2025 Net income$896.1 $806.7 $740.6 Depreciation and amortization 278.5 278.7 276.9 Impairment 9.9 9.9 11.7 Interest expense 63.5 59.6 46.7 Income taxes 285.7 249.6 220.1 EBITDA$1,533.7 $1,404.5 $1,296.0 Net debt / EBITDA 0.9x 1.0x 0.9x Total debt / EBITDA 1.1x 1.2x 1.1x Three Months Ended Six Months Ended June 30,
March 31,
June 30,
June 30,
June 30,
2026 2026 2025 2026 2025 Cash provided by operations$162.2 $151.4 $229.0 $313.6 $293.5 Less: capital expenditures (93.4) (64.2) (87.6) (157.6) (174.5) Free cash flow$68.8 $87.2 $141.4 $156.0 $119.0 Reliance presents certain non‑GAAP measures, including non‑GAAP gross profit, pretax income, net income and earnings per share, to provide meaningful period‑to‑period comparisons of its operating performance. These non‑GAAP measures reflect adjustments for certain items, including impairment and restructuring charges related to the closure or reorganization of certain locations, non-recurring settlement charges and credits, and gains on the sale of non‑core property, plant and equipment, which can reduce the comparability of GAAP results across periods.
Reliance uses first‑in, first‑out (“FIFO”) gross profit, margin, and other FIFO‑based non-GAAP performance measures to assess its ongoing operating performance and provide a basis for comparison with competitors that do not use the last‑in, first‑out (“LIFO”) inventory accounting method. See footnote 1 for additional information regarding the Company’s gross profit and gross profit margin. In addition, Reliance presents net debt‑to‑EBITDA and total debt‑to‑EBITDA as measures of leverage used by management to monitor debt levels relative to operating performance, for which EBITDA is used as a proxy. Free cash flow is presented as a measure of cash generated by operations that may be used to repay scheduled debt maturities, fund additional growth initiatives, or be returned to stockholders. Footnotes 1 Gross profit (calculated as net sales less cost of sales) and gross profit margin (calculated as gross profit divided by net sales) are non-GAAP financial measures as they exclude depreciation and amortization expense associated with the corresponding sales. About half of Reliance's orders are basic distribution with no processing services performed. For the remainder of its sales orders, Reliance performs “first-stage” processing, which is generally not labor intensive as it is simply cutting the metal to size. Because of this, the amount of related labor and overhead, including depreciation and amortization, is not significant and is excluded from cost of sales. Therefore, Reliance’s cost of sales is substantially comprised of the cost of the material it sells. Reliance uses gross profit and gross profit margin, as shown, as measures of operating performance. Gross profit and gross profit margin are important operating and financial measures, as their fluctuations can have a significant impact on Reliance's earnings. Gross profit and gross profit margin, as presented, are not necessarily comparable with similarly titled measures for other companies.2 See accompanying Non-GAAP Reconciliation.
Annaly Capital Management uspořádala konferenční hovor k výsledkům hospodaření za 2. čtvrtletí 2026. V úvodu zaznělo, že materiály k dnešnímu hovoru jsou k dispozici na webu a že hovor obsahuje výhledová prohlášení a ne-GAAP ukazatele.
Annaly Capital Management, Inc. (NLY) Q2 2026 Earnings Call July 22, 2026 9:00 AM EDT
Company Participants
Sean Kensil
David Finkelstein - CEO, Co-Chief investment Officer & Director
Serena Wolfe - Chief Financial Officer
Michael Fania - Co-Chief Investment Officer & Head of Residential Credit
Ken Adler - Head of Mortgage Servicing Rights & Portfolio Analytics
Conference Call Participants
Bose George - Keefe, Bruyette, & Woods, Inc., Research Division
Crispin Love - Piper Sandler & Co., Research Division
Ameeta Lobo Nelson - UBS Investment Bank, Research Division
Douglas Harter - BTIG, LLC, Research Division
Harsh Hemnani - Green Street Advisors, LLC, Research Division
Jason Stewart - Compass Point Research & Trading, LLC, Research Division
Hong Zhang - JPMorgan Chase & Co, Research Division
Trevor Cranston - Citizens JMP Securities, LLC, Research Division
Kenneth Lee - RBC Capital Markets, Research Division
Presentation
Operator
Thank you for standing by, and welcome, everyone, to the Annaly Capital Management, Second Quarter 2026 Earnings Conference Call.
[Operator Instructions]
At this time, I would like to turn the conference over to Sean Kensil, Director of Investor Relations. Please go ahead.
Sean Kensil
Good morning, and welcome to the Second Quarter 2026 Earnings Call for Annaly Capital Management. Please note that this call is being recorded. As a reminder, materials for today's call are available on our website at www.annaly.com. Today's call may include forward-looking statements, which are subject to certain risks and uncertainties that could cause actual results to differ materially and refer to certain non-GAAP measures. Please see the notices in our earnings release for important information regarding forward-looking statements and non-GAAP measures.
Participants on this morning's call include David Finkelstein, Chief Executive Officer and Co-Chief Investment Officer; Serena Wolfe, Chief Financial Officer; Mike Fania, Co-Chief Investment Officer and Head of Residential Credit; V.S. Srinivasan, Head of Agency; and Ken Adler, Head of Mortgage Servicing Rights.
LTC Properties oznámila nákup komunity SHOP ve Wisconsinu za 40 milionů USD, čímž její letošní investice do SHOP vzrostly téměř na 285 milionů USD. Objekt s 147 jednotkami bude dál spravovat Health Dimensions Group.
– Enters into New Relationship with Health Dimensions Group –
WESTLAKE VILLAGE, Calif.--(BUSINESS WIRE)--LTC Properties, Inc. (NYSE: LTC) (“LTC” or the “Company”), a real estate investment trust specializing in seniors housing and health care properties, today announced the $40 million SHOP acquisition of a community in Wisconsin that includes 147 independent living, assisted living and memory care units. Health Dimensions Group (“HDG”), a SHOP operator new to LTC, will continue to manage the property.
The acquisition was completed at a cap rate of approximately 7.2%, with an anticipated unlevered IRR in the low- to mid-teens, and was funded with proceeds from ATM sales. During the 2026 second quarter, LTC sold 4.1 million shares of common stock for $154.7 million in net proceeds under its equity distribution agreement.
The Company also announced that it expects to acquire $95 million of SHOP communities within the next month.
“We are excited to welcome HDG to the LTC family with this off-market acquisition. Their passion for delivering care and fostering culture is evident,” said Michael Bowden, LTC’s Senior Vice President of Investments. “Each new relationship we build continues to drive our SHOP transformation.”
“LTC is an excellent growth partner for HDG as we continue to expand our Caring Above and Beyond® approach, a proven process designed to make a real difference in the senior living experience,” said Erin Schvetzoff Hennessey, Chief Executive Officer and Principal of HDG. “We look forward to continuing to provide vibrant, caring environments for older adults and their families, and to mutual success through our collaboration with LTC.”
LTC’s SHOP Snapshot
Since launching SHOP in May 2025, LTC has grown its portfolio to 37 properties, which represents 35% of the Company’s total gross real estate investments. The platform spans 12 operators, 10 of which are new LTC relationships.
About LTC
LTC is a real estate investment trust (REIT) focused on seniors housing and health care properties, principally investing through SHOP, as well as triple-net leases, and joint ventures. The Company’s portfolio includes nearly 190 properties throughout the United States. Based on gross real estate investments, nearly 70% of the Company’s assets are seniors housing communities with the remainder skilled nursing centers. Learn more at www.ltcreit.com.
Forward-Looking Statements
This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, adopted pursuant to the Private Securities Litigation Reform Act of 1995. Statements that are not purely historical may be forward-looking. You can identify some of the forward-looking statements by their use of forward-looking words, such as “believes,” “expects,” “may,” “will,” “could,” “would,” “should,” “seeks,” “approximately,” “intends,” “plans,” “estimates” or “anticipates,” or the negative of those words or similar words. Examples of forward-looking statements include statements regarding anticipated unlevered IRR, expected acquisition of $95 million of SHOP communities over the next month, SHOP growth and other statements regarding future strategy. Forward-looking statements involve inherent risks and uncertainties regarding events, conditions and financial trends that may affect the Company’s future plans of operation, business strategy, results of operations and financial position. A number of important factors could cause actual results to differ materially from those included within or contemplated by such forward-looking statements, including, but not limited to, operational and legal risks and liabilities under the Company’s new SHOP segment; the Company’s dependence on the ability of its third-party independent operators to successfully manage and operate the Company’s SHOP communities; the Company’s dependence on its operators for revenue and cash flow; government regulation of the health care industry; changes in federal, state, or local laws limiting REIT investments in the health care sector; federal and state health care cost containment measures including reductions in reimbursement from third-party payors such as Medicare and Medicaid; required regulatory approvals for operation of health care facilities; a failure to comply with applicable law or regulations for the operation of health care facilities; the adequacy of insurance coverage maintained by the Company’s operators; the Company’s reliance on a few major operators; the Company’s ability to find suitable replacement operators for its SHOP communities; the Company’s ability to renew leases or enter into favorable terms of renewals or new leases; the impact of inflation; operator financial or legal difficulties; the sufficiency of collateral securing mortgage loans; an impairment of the Company’s real estate investments; the relative illiquidity of the Company’s real estate investments; the Company’s ability to develop and complete construction projects; the Company’s ability to invest cash proceeds for health care properties; a failure to qualify as a REIT; the Company’s ability to grow if access to capital is limited; and a failure to maintain or increase the Company’s dividend. For a discussion of these and other factors that could cause actual results to differ from those contemplated in the forward-looking statements, please see the discussion under “Risk Factors” contained in the Company’s Annual Report on Form 10‑K for the fiscal year ended December 31, 2025, the Company’s subsequent Quarterly Reports on Form 10‑Q, and the Company’s publicly available filings with the Securities and Exchange Commission. The Company does not undertake any responsibility to update or revise any of these factors or to announce publicly any revisions to forward-looking statements, whether as a result of new information, future events or otherwise. Although the Company’s management believes that the assumptions and expectations reflected in such forward-looking statements are reasonable, no assurance can be given that such expectations will prove to have been correct. The actual results achieved by the Company may differ materially from any forward-looking statements due to the risks and uncertainties of such statements.
3 Multi-Metal Stocks for Income and Long-Term GrowthSouthern Copper NYSE: SCCO reported record quarterly sales, adjusted EBITDA and net income for the second quarter of 2026, as sharply higher metals prices offset lower copper production in Peru, Chief Financial Officer Raúl Jacob Ruisánchez told investors on the company’s earnings call.
Jacob, Southern Copper’s vice president of finance, treasurer and CFO, said the company’s results reflected “operating excellence” amid sustained demand for copper and its by-products. He was joined on the call by Leonardo Contreras, Southern Copper’s CEO and board member.
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Copper Cools After Record January—But This ETF Is a Buy-the-Dip OpportunitySales for the quarter rose 41% year over year to $4.3 billion, an increase of $1.2 billion from the second quarter of 2025. Adjusted EBITDA reached a record $2.96 billion, up 60% from $1.79 billion a year earlier, while adjusted EBITDA margin expanded to 67% from 59%. Net income rose 72% to a record $1.67 billion, compared with $973 million in the prior-year quarter. Net income margin increased to 39% from 32%.
For the first six months of 2026, adjusted EBITDA rose 58% to $5.57 billion, while net income was 69% higher than in the same period of 2025. Cash flow from operating activities totaled $3.68 billion in the first half, up 117% year over year, which Jacob attributed to stronger operating cash generation from higher sales and a $719 million decrease in operating asset and liability requirements.
Higher Metals Prices Drive Revenue Growth The Copper Barbell: How to Profit From the Shortage—and Avoid the Dilution TrapJacob said the London Metal Exchange copper price averaged $6.04 per pound in the second quarter, up 30% from $4.32 per pound in the same quarter of 2025. COMEX copper averaged $6.16 per pound, up 31% year over year. Based on current supply and demand dynamics, Southern Copper estimates a slight copper market deficit for 2026.
Global copper inventories across London Metal Exchange, COMEX, Shanghai and London warehouses totaled 1.123 million tons as of July 21, which Jacob said represented roughly 15 days of global demand.
Copper represented 73% of Southern Copper’s sales in the quarter. Copper sales increased 38% despite a 1.5% decline in volume, reflecting the higher pricing environment. Among by-products, molybdenum sales rose 34%, zinc sales increased 24% and silver sales climbed 86%, with all three benefiting from higher prices that were partially offset by lower volumes.
Molybdenum prices averaged $29.44 per pound, up 43% from the prior-year quarter, while silver prices averaged $73.49 per ounce, up 118%. Zinc averaged $1.57 per pound, a 31% increase from the second quarter of 2025.
Production Falls in Peru, Rises in Mexico Southern Copper produced 230,662 tons of copper in the second quarter, down 3.5% from the same period last year. Jacob said the decline reflected a 12% drop in production in Peru, mainly due to lower ore grades and recoveries at Toquepala and Cuajone. That was partially offset by a 3.2% increase in Mexican operations, driven by higher production at Buenavista, La Caridad and Inca.
In response to a question from Barclays analyst Richard Garchitorena, Jacob said the lower production was mainly tied to ore grades at Cuajone, which translated into about 35,000 tons of lower copper production, with the remaining decline coming from Toquepala. He said Southern Copper now expects to produce 917,000 tons of copper in 2026, above its initial plan of about 910,000 tons.
Molybdenum production fell 11% year over year due to lower ore grades at all mines, though the company now expects to produce 27,900 tons in 2026, 7% above its initial plan. Silver production declined 4% in the quarter, despite higher output at La Caridad and Inca, because of lower production at Toquepala, Cuajone and Buenavista. Southern Copper expects to meet its plan to produce 24 million ounces of silver this year. Mine zinc production fell 14% to 39,250 tons, and the company expects 2026 zinc production of 163,900 tons.
Jacob said he expects sales volumes to improve somewhat in the second half of the year as material processed in the first half becomes available for sale.
Costs Rise, but Margins Improve Total operating costs and expenses increased $202 million, or 14%, from the second quarter of 2025. Jacob cited higher operating materials, purchased copper, diesel and fuel, workers’ participation, translation differences and other factors. These were partly offset by lower repair materials and inventory consumption.
Southern Copper reported operating cash costs before by-product credits of $2.29 in the second quarter, down $0.02 from the first quarter. Including by-product credits, operating cash costs were $0.05, compared with negative $0.11 in the first quarter. Jacob said the company still considered that “an excellent mark.”
By-product credits totaled $1.11 billion, or $2.24, in the second quarter, down 7% from the first quarter. Credits increased for molybdenum and zinc but declined for silver and sulfuric acid.
Capital Projects Advance in Peru and Mexico Southern Copper’s capital investment program for the decade exceeds $20.5 billion, including projects in Peru and Mexico. The company spent $423 million on capital investments in the second quarter, up 79% year over year, and $865 million in the first half, up 56% from the prior-year period.
In Peru, Jacob said the company remains committed to advancing Tia Maria, Los Chancas and Michiquillay, which together represent about $10.3 billion of investment. At Tia Maria in Arequipa, the project was 42% complete at the end of June, with 5,817 new jobs created, including 1,254 filled by local applicants. Jacob said mass earthworks were in their final stage and civil works and steel structure assembly had begun in key facilities.
Goldman Sachs analyst Emerson Vieira asked about the desalination plant for Tia Maria and potential delays. Jacob said purchase orders and contracts were being placed for major equipment, including the desalination plant, and that the company did not currently expect a delay.
At Los Chancas in Apurímac, Jacob said illegal miners remain in the project area despite enforcement efforts, hindering progress. At Michiquillay in Cajamarca, reserve estimation, mine planning, hydrologic and hydrogeological assessments, and technical research are underway.
In Mexico, Jacob said El Pilar in Sonora has received the necessary environmental permits and will begin early site preparation work in September. Construction is expected to start in the first quarter of 2027, with production projected for the second half of 2029. The $551 million open-pit project is expected to produce 36,000 tons of copper cathode annually over an 18-year mine life.
Debt Issuance and Dividend Southern Copper issued $1.25 billion of 10-year fixed-rate senior unsecured notes on June 24, due in 2036 with a 5.35% annual interest rate. Jacob said demand totaled $4 billion, or 3.2 times the amount issued. Proceeds will be used by Southern Peru Copper Corporation to develop Tia Maria, finance its capital expenditure program and for general corporate purposes.
The company announced a quarterly cash dividend of $1.10 per share and a stock dividend of 0.012 shares per common share, payable Aug. 27 to shareholders of record as of Aug. 11. Jacob said the total estimated dividend payment, including the cash dividend and equivalent value of the stock dividend, was $3.23 per share.
Looking ahead, Jacob said Southern Copper expects 2027 copper production to be roughly in line with 2026, with some contribution from Tia Maria late in the year. He said production is expected to rise to about 970,000 tons in 2028 and exceed 1 million tons in 2029, supported by Tia Maria, El Pilar and improved ore grades. The company’s longer-term goal remains more than 1.6 million tons of copper by 2033 or 2034 through organic growth.
About Southern Copper (NYSE:SCCO)Southern Copper Corporation NYSE: SCCO is a large, integrated copper producer whose operations span the full value chain from exploration and mining to smelting, refining and the sale of copper and other metal products. The company produces a range of copper products including copper concentrate and refined cathodes, and recovers valuable byproducts such as molybdenum, silver and zinc. Southern Copper concentrates on high-volume, long-life assets designed to support steady production and processing capabilities.
Southern Copper's operations are concentrated in Peru and Mexico, where it owns and operates multiple large-scale mining and processing facilities.
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Southern Copper Corporation (SCCO) Q2 2026 Earnings Call July 22, 2026 11:00 AM EDT
Company Participants
Raul Jacob - VP of Finance, Treasurer & CFO
Conference Call Participants
Richard Garchitorena - Barclays Bank PLC, Research Division
Emerson Vieira - Goldman Sachs Group, Inc., Research Division
Rafael Barcellos - Banco Bradesco BBI S.A., Research Division
Tingshuai Feng - China International Capital Corporation Limited, Research Division
John Tumazos - John Tumazos Very Independent Research, LLC
Presentation
Operator
Good morning, and welcome to Southern Copper Corporation's Second Quarter and 6 Months 2026 Results Conference Call. With us this morning, we have Southern Copper Corporation's Mr. Raul Jacob, Vice President, Finance, Treasurer and CFO, who will discuss the results of the company for the second quarter and 6 months 2026 as well as answer any questions that you may have. The information discussed on today's call may include forward-looking statements regarding the company's results and prospects, which are subject to risks and uncertainties. Actual results may differ materially, and the company cautions not to place undue reliance on these forward-looking statements. Southern Copper Corporation undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. All results are expressed in full U.S. GAAP. Now I'll pass the call on to Mr. Raul Jacob.
Raul Jacob
VP of Finance, Treasurer & CFO
Thank you very much, Carmen. Good morning, everyone, and welcome to Southern Copper's Second Quarter of 2026 Results Conference Call. At today's conference, I'm accompanied by Mr. Leonardo Contreras, CEO of Southern Copper and also a Board member. Let me first begin by mentioning that Southern Copper delivered another exceptional quarter, registering record-breaking results in sales, adjusted EBITDA and net income. These outstanding achievements are driven by operating excellence and reflect our commitment to creating long-term value for our stakeholders in a context marked by sustained
